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Warrants | 12 Months Ended
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Dec. 31, 2014
Warrants |
Warrants | NOTE 9 - WARRANTS Pursuant to the terms and conditions of the merger agreement dated August 12, 2013, the Company issued 51,440 warrants. The aggregate fair value of the warrants totaled $3,975 based on the Black Scholes Merton pricing model using the following estimates: exercise price of $0.25, 1.39% risk free rate, 207% volatility and expected life of the warrants of 5 years. Pursuant to the terms and conditions of the convertible note dated November 2, 2013, the Company issued 400,000 warrants. The aggregate fair value of the warrants totaled $14,034 based on the Black Scholes Merton pricing model using the following estimates exercise price of $0.13, .61% risk free rate, 169% volatility and expected life of the warrants of 3 years. Pursuant to the terms and conditions of the common stock purchase agreement dated November 2, 2013, the Company issued 266,667 warrants. The aggregate fair value of the warrants totaled $17,580 based on the Black Scholes Merton pricing model using the following estimates: exercise price of $0.13, .61% risk free rate, 169% volatility and expected life of the warrants of 3 years. Pursuant to the terms and conditions of the consulting agreement dated January 2, 2014, the Company issued 1,000,000 warrants. The aggregate fair value of the warrants totaled $23,831 based on the Black Scholes Merton pricing model using the following estimates: exercise price of $0.075 .13% risk free rate, 150% volatility and expected life of the warrants of 5 years. Pursuant to the terms and conditions of the consulting agreement dated January 2, 2014, the Company issued 1,000,000 warrants. The aggregate fair value of the warrants totaled $25,589 based on the Black Scholes Merton pricing model using the following estimates: exercise price of $0.10, .13% risk free rate, 150% volatility and expected life of the warrants of 7 years. On January 27, 2014, the Company issued 10,000,000 warrants in conjunction with a promissory note. The aggregate fair value of the warrants totaled $36,127 based on the Black Scholes Merton pricing model using the following estimates exercise price of $0.05 .76% risk free rate, 222% volatility and expected life of the warrants of 3 years. Pursuant to the terms and conditions of the consulting agreement dated February 12, 2014, the Company issued 2,000,000 warrants. The aggregate fair value of the warrants totaled $51,842 based on the Black Scholes Merton pricing model using the following estimates: exercise price of $0.05 .12% risk free rate, 144% volatility and expected life of the warrants of 5 years. On February 17, 2014, the Company issued 500,000 warrants. The aggregate fair value of the warrants totaled $5,716 based on the Black Scholes Merton pricing model using the following estimates exercise price of $0.05 .12% risk free rate, 62% volatility and expected life of the warrants of 3 years. A summary of the status of the Company’s outstanding stock warrants as of December 31, 2014 and changes during the periods is presented below:
|  | Warrants |  | Weighted Average Price |  | Weighted Average Fair Value
Outstanding, December 31, 2013 |  |  |  | 718,107 |  |  |  | 0.21 |  |  | $ | 0.07 |
|  |  |  |  |  |  |  |  |  |  |  | — |
Issued |  |  |  | 14,500,000 |  |  |  | 0.06 |  |  |  | 0.02 |
Exercised |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  |  | — |  |  |  | — |  |  |  | — |
Expired |  |  |  | — |  |  |  | — |  |  |  | — |
Outstanding, December 31, 2014 |  |  |  | 15,218,107 |  |  |  | 0.07 |  |  | $ | 0.02 |
Exercisable, December 31, 2014 |  |  |  | 8,551,400 |  |  |  | 0.07 |  |  | $ | 0.02 |
Range of Exercise Prices |  | Number Outstanding at December 31, 2014 |  | Weighted Average Remaining Contractual Life |  | Weighted Average Exercise Price
| $ 0.05-0.25 |  |  |  | 15,218,107 |  |  |  | 3.2 Years |  |  | $ | 0.07 |

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