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Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2015
Stockholders Equity Tables  
Summary of Fair Value of Valuation Assumptions

A summary of quantitative information with respect to valuation methodology for the three months ended March 31, 2015 is as follows:

 

Date of valuation   February 18, 2015       February 18, 2015       March 5, 2015  
Fair value of Common Stock   $ 0.32     $ 0.32     $ 0.24  
Dividend yield (per share)     0       0       0  
Strike price   $ 0.26     $ 0.26     $ 0.26  
Volatility (annual)     123.36 %     123.36 %     124.56 %
Risk-free rate     0.23 %     0.23 %     0.25 %
Expected life (years)     5       5       5  
Summary of Warrant Activity

The following is a summary of warrant activity for the three months ended March 31, 2015:

 

    Number of     Weighted Average  
    Warrants     Exercise Price  
Outstanding as of December 31, 2014     875,000     $ 0.10  
Issuance of warrants with Units – January 19, 2015*     10,825,000       0.10  
Outstanding as of March 31, 2015 **     11,700,000     $ 0.10  

 

* The warrants contain most favor nation and call provision and the Company classifies these warrant instruments as liabilities measured at fair value and re-measures these instruments at fair value each reporting period. (See FN 9)