Stock Options and Warrants

6 Months Ended

Jun. 30, 2015

Stock Options and Warrants [Abstract]

12.

Stock Options and Warrants

For the three and six months ended June 30, 2015 and June 30, 2014, respectively, the Company recorded non-cash stock-based compensation expense of $33,588, $81,992, $30,172 and $69,477, relating to employee stock options and warrants issued for consulting services.

Stock options and warrants issued to consultants and other non-employees as compensation for services provided to the Company are accounted for based on the fair value of the services provided or the estimated fair market value of the option or warrant, whichever is more reliably measurable in accordance with FASB ASC 505, Equity, and FASB ASC 718, Compensation – Stock Compensation. The related expense is recognized over the period the services are provided. Unrecognized expense remaining at June 30, 2015 and 2014 for the options is $163,571 and $115,744, respectively, and will be recognized through June 30, 2018.

A summary of the Company's stock option plans as of June 30, 2015, and changes during the six month period then ended is presented below:


	Six Months Ended June 30, 2015
	Number of Options			Weighted Average Exercise Price
Options outstanding at December 31, 2014		3,560,065		$	0.24
Options granted		755,000			0.16
Options exercised		—			—
Options cancelled		—			—
Options expired		(413,176	)		0.36
Options at end of period		3,901,889		$	0.21
Options exercisable at June 30, 2015		2,731,055		$	0.23

Changes in the Company's nonvested options for the six months ended June 30, 2015 are summarized as follows:


	Six Months Ended June 30, 2015
	Number of Options			Weighted Average Exercise Price
Nonvested options at December 31, 2014		675,014		$	0.16
Granted		755,000			0.16
Vested		(259,180	)		0.14
Forfeited		—			—
Nonvested options at June 30, 2015		1,170,834		$	0.17


	Options Outstanding						Options Exercisable
Range of Exercise Price	Number Outstanding		Remaining Average Contractual Life (In Years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
0.16 – 0.34		3,901,889		5.63	$	0.21		2,731,055	$	0.23
Totals		3,901,889		5.63	$	0.21		2,731,055	$	0.23

A summary of the Company's warrant activity as of June 30, 2015 and changes during the six month period then ended is presented below:


	Six months ended June 30, 2015
	Weighted Average Exercise
	Warrants			Price
Warrants outstanding at December 31, 2014		1,068,280		$	0.37
Granted		264,585			0.25
Exercised		—			—
Expired		(47,619	)		0.50
Warrants outstanding at June 30, 2015		1,285,246		$	0.34


	Warrants Outstanding
Range of Exercise Price	Number Outstanding	Remaining Average Contractual Life (In Years)		Weighted Average Exercise Price
$0.25 - $0.50	1,285,246	2.51	$	0.34
Totals	1,285,246	2.51	$	0.34