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Stock Options and Grants
 9 Months Ended
Sep. 30, 2015
Stock Options and Grants [Abstract]  
Stock Options and Grants
9.Stock Options and Grants

 

A summary of stock option activity as of September 30, 2015 and changes during the nine months then ended are presented below:

 

  Shares  Weighted Average Fair Value Per Share  Weighted Average Exercise Price Per Share  Weighted Average Remaining Terms (in years)  Aggregate Intrinsic Value 
                
Outstanding - December 31, 2014  15,425,001  $0.11  $0.30   8.00   112,500 
Granted  -   -   -   -   - 
Exercised  -   -   -   -   - 
Cancelled  -   -   -   -   - 
Outstanding - September 30, 2015  15,425,001  $0.11  $0.30   7.51  $- 
                     
Exercisable - December 31, 2014  11,625,835  $0.09  $0.33   7.50  $37,500 
Exercisable - September 30, 2015  13,220,002  $0.11  $0.31   7.48  $- 

 

For the three months and nine ended September 30, 2015, the Company recognized stock-based compensation expense of $48,921 and $145,843, respectively, which is included in payroll and related expenses in the accompanying condensed consolidated statements of operations. For the three months and nine ended September 30, 2014, the Company recognized stock-based compensation expense of $130,114 and $203,695, respectively, which is included in payroll and related expenses in the accompanying condensed consolidated statements of operations.

 

As of September 30, 2015, there was $166,079 of total unrecognized compensation costs related to non-vested stock options, which will be expensed over a weighted average period of 0.91 years. The intrinsic value is calculated as the difference between the fair value as of the balance sheet date and the exercise price of each of the outstanding stock options. The fair value at September 30, 2015 and December 31, 2014 was $0.02 and $0.14 per share, respectively, as determined by using the weighted average bulletin board price.

 

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