XML 24 R14.htm IDEA: XBRL DOCUMENT

Warrants

9 Months Ended

Sep. 30, 2015

8.	Warrants

A summary of warrant activity as of September 30, 2015 and changes during the three months ended are presented below:

	Number of Warrants		Weighted Average Exercise Price Per Share		Weighted Average Remaining Terms (in years)		Aggregate Intrinsic Value

Outstanding - December 31, 2014		25,572,059	$	0.27		3.89		-
Issued		-		-
Exercised		-		-
Forfeited		-		-
Outstanding - September 30, 2015		25,572,059	$	0.27		3.14	$	-

Exercisable - September 30, 2015		25,572,059	$	0.27		3.14	$	-

The change in fair value of all of the Company’s outstanding warrants of $131,289 and ($340,459) is included in the accompanying condensed consolidated statements of operations for the three months ended September 30, 2015 and 2014, respectively. The change in fair value of all of the Company’s outstanding warrants of $536,671 and ($421,057) is included in the accompanying condensed consolidated statements of operations for the nine months ended September 30, 2015 and 2014, respectively.

Subsequent to September 30, 2015, in connection with the Plan, all of the outstanding warrants were cancelled in accordance with the Plan as disclosed in Note 12.