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STOCKHOLDER'S EQUITY (Tables) | 3 Months Ended
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Mar. 31, 2017
Equity [Abstract] |
Schedule of warrant activity | The following is a summary of the Company’s warrant activity for the three months ended March 31, 2017:
|  |  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Life |
Outstanding at December 31, 2016 |  |  |  | 51,138,697 |  |  | $ | 0.11 |  |  |  | 3.8 Years |
Cancelled |  |  |  | (3,600,000 | ) |  | $ | 0.08 |  |  |  | 3.9 Years |
Outstanding at March 31, 2017 |  |  |  | 47,538,697 |  |  | $ | 0.08 |  |  |  | 3.5 Years |
Schedule of black - scholes option-pricing model valuation assumption | The Company determined the grant date fair value of the options granted during the three months ended March 31, 2017 using the Black Scholes Method and the following assumptions: Expected Volatility – 85% Expected Term – 5.0 Years Risk Free Rate – 1.92% Dividend Rate – 0.00%
Schedule of outstanding stock options | Activity related to stock options for the three months ended March 31, 2017 is summarized as follows:
|  |  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Contractual Term (Yrs.) |  |  | Aggregate Intrinsic Value |
Outstanding as of December 31, 2016 |  |  | 86,925,000 |  |  | $ | 0.21 |  |  |  | 9.5 |  |  | $ | 10,023,400 |
Granted |  |  | 20,000,000 |  |  | $ | 0.10 |  |  |  | 9.8 |  |  | $ | — |
Forfeitures |  |  | (875,000 | ) |  | $ | 0.10 |  |  |  | 8.8 |  |  | $ | — |
Outstanding as of March 31, 2017 |  |  | 106,050,000 |  |  | $ | 0.19 |  |  |  | 9.1 |  |  | $ | 16,594,997 |
Exercisable as of March 31, 2017 |  |  | 72,575,000 |  |  | $ | 0.16 |  |  |  | 8.9 |  |  | $ | 9,411,664 |
Schedule of stock option | The following table summarizes stock option information as of March 31, 2017:
Exercise Prices |  |  | Outstanding |  |  | Weighted Average Contractual Life |  |  | Exercisable |
$ | 0.0001 |  |  |  | 3,500,000 |  |  |  | 8.5 Years |  |  |  | 3,062,500 |
$ | 0.05 |  |  |  | 36,500,000 |  |  |  | 9.4 Years |  |  |  | 21,750,000 |
$ | 0.10 |  |  |  | 27,250,000 |  |  |  | 9.6 Years |  |  |  | 12,520,834 |
$ | 0.15 |  |  |  | 6,300,000 |  |  |  | 8.4 Years |  |  |  | 3,641,666 |
$ | 0.25 |  |  |  | 500,000 |  |  |  | 9.0 Years |  |  |  | 100,000 |
$ | 0.40 |  |  |  | 1,000,000 |  |  |  | 8.9 Years |  |  |  | 1,000,000 |
$ | 0.45 |  |  |  | 31,000,000 |  |  |  | 8.5 Years |  |  |  | 30,500,000 |
| Total |  |  |  | 106,050,000 |  |  |  | 9.1 Years |  |  |  | 72,575,000 |

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- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the change in stock options. + References No definition available. + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(i)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5047-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68057994&loc=d3e25284-112666 + Details
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