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Stock Options and Warrants (Tables)
9 Months Ended
Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Stock Option Transactions

Stock option transactions during the nine months ended September 30, 2015 were as follows:

 

    Nine months ended September 30, 2015  
    Shares     Weighted-
Average Exercise Price
 
Outstanding at Beginning of Year     5,953,227     $ 1.03  
Granted     291,000       0.77  
Exercised     (1,140 )     0.10  
Forfeited or Canceled     (429,083 )     1.16  
Outstanding at End of Period     5,814,004       0.97  
Options Exercisable at End of Period     5,750,379     $ 0.98  
Weighted-Average Fair Value of Options Granted During the Period   $ 0.16          

Schedule of Stock Options Outstanding and Exercisable

Information with respect to stock options outstanding and exercisable as of September 30, 2015 is as follows:

 

      Options Outstanding     Options Exercisable  
Range of
Exercise
Prices
    Number
Outstanding
at September 30, 2015
    Weighted-
Average
Remaining
Contractual Life
    Weighted-
Average
Exercise
Price
    Number
Exercisable at
September 30, 2015
    Weighted-
Average Exercise
Price
 
  $0.10 - $1.75       5,814,004       7     $ 0.97       5,750,379     $ 0.98  
                                             

Schedule of Black-Scholes Option-Pricing Model

The fair value of each option granted is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used for options granted:

 

    2015  
Expected Life     6.25 yrs  
Dividend Yield     0 %
Expected Volatility     18.35 %
Risk-Free Interest Rate     1.99 %

Schedule of Warrant Transactions

Warrant transactions during the nine months ended September 30, 2015 were as follows:

 

Outstanding at December 31, 2014     3,749,550  
Granted     4,369,162  
Exercised     -  
Forfeited or Canceled     (508,409 )
Warrants Redeemable at September 30, 2015     7,610,303