• Filing Date: 2016-03-30
  • Form Type: 10-K
  • Description: Annual report
v3.3.1.900
8. STOCK OPTION PLANS
12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
STOCK OPTION PLANS

           Weighted     
       Weighted   Average     
       Average   Remaining   Aggregate 
       Exercise   Contractual   Intrinsic 
   Share   Price   Term   Value 
Outstanding, January 1, 2015   16,980,000   $.51    8.36    168,150 
Granted   3,370,000   $.43    6.47    500 
Exercised                
Cancelled / Expired   (1,010,000)            
                     
Outstanding, December 31, 2015   19,340,000   $.39    7.97    2,500 
                     
Options exercisable, December 31, 2015   15,940,000   $.39    7.88    2,500 

 

The weighted-average grant-date fair value of options granted during the years ended December 31, 2015 and 2014 was $.30 and $.31, respectively. The aggregate intrinsic value of options outstanding and options exercisable at December 31, 2015 is calculated as the difference between the exercise price of the underlying options and the market price of the Company’s common stock for the shares that had exercise prices, that were lower than the $.15 closing price of the Company’s common stock on December 31, 2015.

 

As of December 31, 2015, the fair value of unamortized compensation cost related to unvested stock option awards was $1,089,145

 

The option information provided above includes options granted outside of the Plans, which total 3,915,000 as of December 31, 2015.

 

 

The weighted average assumptions made in calculating the fair value of warrants granted during the years ended December 31, 2015 and 2014 are as follows:

 

   Years Ended 
   2015   2014 
Expected volatility   158.35%    156.68% 
Expected dividend yield   0     
Risk-free interest rate   .30%    1.69% 
Expected term (in years)   .50    5 

 

            Weighted     
        Weighted   Average     
        Average   Remaining   Aggregate 
        Exercise   Contractual   Intrinsic 
    Share   Price   Term   Value 
Outstanding, January 1, 2015    23,773,914   $.59    2.46    32,500 
Granted    12,741,668   $.44    4.31     
Exercised                 
Cancelled/Expired    (78,800)            
Outstanding, December 31, 2015    36,436,782   $.51    4.58    24,800 
                       
Warrants exercisable, December 31, 2015    36,436,782   $.51    4.58    24,800