Warrants

12 Months Ended

Dec. 31, 2015

Warrants and Rights Note Disclosure [Abstract]

Warrants

15. Warrants

At December 31, 2015 and 2014, 1,099,915 and 1,068,280 shares, respectively, of common stock have been reserved for issuance under outstanding warrants. All of the warrants are fully vested and began expiring on March 24, 2013 with the remaining warrants expiring at various dates through October 1, 2019. Information concerning the Company’s warrant activity is as follows:

	2015					2014
	Weighted Average Exercise					Weighted Average Exercise
	Warrants			Price		Warrants			Price
Outstanding, at the beginning of year		1,068,280		$	0.37		2,271,483		$	0.46
Granted		264,585			0.25		158,751			0.25
Exercised							—			—
Expired		(232,950	)		0.50		(1,361,954	)		0.50
Outstanding, at the end of year		1,099,915		$	0.32		1,068,280		$	0.37

	Warrants Outstanding – December 31, 2015
Range of Exercise Price	Number Outstanding		Remaining Average Contractual Life (In Years)		Weighted Average Exercise Price
$0.25 - $0.50		1,099,915		2.42	$	.32
Totals		1,099,915		2.42	$	.32

On July 11, 2014, the Company board of directors resolved to extend the expiration date by an additional two years past the original individual expiration dates of 482,830 Class A warrants to purchase common stock at a price of $0.35 per share, which were previously awarded to certain stockholder as part of private offerings. The Company did not incur a charge for the extension of the warrants.

As partial compensation per an agreement dated October 1, 2014, for consultant work, the Company issued to Catalyst Global LLC the following:

On January 1, 2015, warrants to purchase 52,917 shares of its common stock, priced at $0.25 per share. The warrants vest immediately and expire October 1, 2019. The quoted market price of the common stock at the time of issuance of the options was $0.22 per share. The fair value of the options totaled $11,242 using the Black-Scholes option pricing model with the following assumptions: i) risk free interest rate of 0.96%, ii) expected life of 5 years, iii) dividend yield of 0%, iv) expected volatility of 173%.

On February 3, 2015, warrants to purchase 52,917 shares of its common stock, priced at $0.25 per share. The warrants vest immediately and expire October 1, 2019. The quoted market price of the common stock at the time of issuance of the options was $0.21 per share. The fair value of the options totaled $10,385 using the Black-Scholes option pricing model with the following assumptions: i) risk free interest rate of 1.06%, ii) expected life of 5 years, iii) dividend yield of 0%, iv) expected volatility of 173%.

On March 1, 2015, warrants to purchase 52,917 shares of its common stock, priced at $0.25 per share. The warrants vest immediately and expire October 1, 2019. The quoted market price of the common stock at the time of issuance of the options was $0.19 per share. The fair value of the options totaled $9,331 using the Black-Scholes option pricing model with the following assumptions: i) risk free interest rate of 0.90%, ii) expected life of 5 years, iii) dividend yield of 0%, iv) expected volatility of 173%.

On April 1, 2015, warrants to purchase 52,917 shares of its common stock, priced at $0.25 per share. The warrants vest immediately and expire October 1, 2019. The quoted market price of the common stock at the time of issuance of the options was $0.19 per share. The fair value of the options totaled $9,504 using the Black-Scholes option pricing model with the following assumptions: i) risk free interest rate of 0.99%, ii) expected life of 5 years, iii) dividend yield of 0%, iv) expected volatility of 171%.

On May 1, 2015, warrants to purchase 52,917 shares of its common stock, priced at $0.25 per share. The warrants vest immediately and expire October 1, 2019. The quoted market price of the common stock at the time of issuance of the options was $0.18 per share. The fair value of the options totaled $8,691 using the Black-Scholes option pricing model with the following assumptions: i) risk free interest rate of 1.02%, ii) expected life of 5 years, iii) dividend yield of 0%, iv) expected volatility of 169%.