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Stock Options | 6 Months Ended
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Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock Options | Note 13 – Stock Options On July 4, 2016, the Company granted 500,000 options with an exercise price of $0.70 per share to an employee of the Company. During 2017, 333,333 unvested options were cancelled due to termination of employee. On October 10, 2017, the Company granted 1,000,000 options with an exercise price of $0.70 per share to an employee of the Company. On October 16, 2017, the Company granted 1,500,000 options with an exercise price of $0.55 per share to an employee of the Company. On October 18, 2017, the Company granted 200,000 options with an exercise price of $0.70 per share to an employee of the Company. The following table summarizes the options outstanding, option exercisability and the related prices for the shares of the Company’s common stock issued to employees and consultants under the Plan at June 30, 2018:
|  |  | Options Outstanding |  |  | Options Exercisable |
Exercise Prices ($) |  |  | Number Outstanding |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Weighted Average Exercise Price ($) |  |  | Number Exercisable |  |  | Weighted Average Exercise Price ($) |
$ | 0.25 - $0.70 |  |  |  | 8,666,667 |  |  |  | 6.72 |  |  | $ | 0.51 |  |  |  | 6,458,334 |  |  | $ | 0.47 |
The stock option activity for the six months ended June 30, 2018 is as follows:
|  | Options Outstanding |  |  | Weighted Average Exercise Price |
Outstanding at December 31, 2017 |  |  | 8,666,667 |  |  | $ | 0.51 |
Granted |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  | - |
Expired or canceled |  |  | - |  |  |  | - |
Outstanding at June 30, 2018 |  |  | 8,666,667 |  |  | $ | 0.51 |
Stock-based compensation expense related to vested options was $119,769 and $239,386 during the three and six months ended June 30, 2018, respectively, which is a component of general and administrative expense in the statement of income. The Company determined the value of share-based compensation for options vesting during the period using the Black-Scholes fair value option-pricing model with the following weighted average assumptions: estimated fair value of Company’s common stock of $0.40-0.74, risk-free interest rate of 0.90-2.23%, volatility of 135-160%, expected lives of 3-10 years, and dividend yield of 0%. Stock options outstanding as of June 30, 2018, as disclosed in the above table, have an intrinsic value of $300,000. As of June 30, 2018, unamortized stock-based compensation costs related to options was $950,997, and will be recognized over a period of 2.25 years.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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