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8. SHAREHOLDERS' EQUITY (DEFICIENCY) (Tables)

15 Months Ended

3 Months Ended

Mar. 31, 2014

Options [Member]

Mar. 31, 2014

Warrant [Member]

Summary of stock options outstanding

The following table summarizes stock options outstanding as of March 31, 2014:

		March 31, 2014
		Number of Options				Weighted Average Exercise Price
Outstanding, January 1, 2014			60,000			$	1.42
Granted			20,000				.44
Exercised			-				-
Outstanding, March 31, 2014			80,000			$	1.17

Options outstanding and exercisable by price range

Options outstanding and exercisable by price range as of March 31, 2014 were as follows:

Outstanding Options								Average Weighted				Exercisable Options
Range				Number				Remaining Contractual Life in Years				Number				Weighted Average Exercise Price

$	0.05				20,000				6.77				20,000			$	0.05
$	2.10				40,000				5.77				40,000			$	2.10
$	0.44				20,000				9.76				20,000			$	9.76

Summary of outstanding common stock warrants

The following table summarizes the outstanding common stock warrants as of March 31, 2014:

		March 31, 2014
						Weighted Average
		Number of Warrants				Exercise Price
Outstanding, January 1, 2014			19,325,800			$	0.21
Granted			9,300,000				0.30
Exercised			-				-
Outstanding, March 31, 2014			28,625,800			$	0.24

Warrants outstanding and exercisable by price range

Warrants outstanding and exercisable by price range as of March 31, 2014 were as follows:

Outstanding Warrants								Average Weighted				Exercisable Warrants
Range				Number				Remaining Contractual Life in Years				Number				Weighted Average Exercise Price
$	0.01				1,575,000				3.28				1,575,000			$	0.01
$	0.05				975,000				3.37				975,000			$	0.05
$	0.15				7,750,000				3.55				7,750,000			$	0.15
$	0.261				100,000				4.24				100,000			$	0.261
$	0.30				17,925,800				4.61				11,725,800			$	0.30
$	0.77				300,000				4.49				100,000			$	0.77

Unvested warrants outstanding

Unvested warrants outstanding as of March 31, 2014 were as follows:

Unvested Warrants								Average Weighted
Weighted Average Exercise Price				Number				Remaining Contractual Life in Years
$	0.77				200,000				4.49
$	0.30				6,200,000				4.87

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.

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