Capital Stock (Tables)

12 Months Ended

Dec. 31, 2015

A summary of the Company’s share purchase warrants as of December 31, 2015 and changes during the period is presented below:


	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Life

Balance, December 31, 2014		2,659,417			1.83		4.15
Issued		86,730,975			0.54		4.30
Exercised		(37,079,990	)		0.25		—
Extinguished or expired		(203,905	)		2.39		—

Balance, December 31, 2015		52,106,497		$	0.74		4.24

Share Purchase Options

A summary of the Company’s stock options as of December 31, 2015 and 2014 and changes during the years is presented below:


	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Life		Intrinsic Value

Outstanding at January 1, 2014		65,430			18.00		5.04	$	—
Issued		—			—		—		—
Cancelled/Forfeited		—			—		—		—

Outstanding at January 1, 2015		65,430			18.00		4.04		—
Issued		3,540,000			0.55		4.39		—
Cancelled/Forfeited		(21,280	)		17.00		—		—

Outstanding at December 31, 2015		3,584,150		$	0.77		9.69	$	177,000


Exercisable at December 31, 2015		1,987,000		$	0.92		9.59	$	132,000

Weighted Average Assumptions

The following weighted average assumptions were used for the Black-Scholes option-pricing model to value stock options granted in 2015:


	2015
Expected life of options in years		9.08
Weighted-average volatility		230	%
Risk-free rate		2.10	%
Expected dividend rate		0	%

- 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 + Details