WARRANTS

9 Months Ended

Sep. 30, 2016

Stock Options And Warrants

WARRANTS

Warrants

A summary of the Company’s warrant activity for the three and nine months ended September 30, 2016 is presented below:

	Warrants Outstanding			Weighted Average Exercise Price
Outstanding, December 31, 2015		66,919,107		$	0.18
Granted		3,362,746			0.16
Exercised		(200,000	)		0.15
Expired		(61,453	)		30.00
Outstanding, March 31, 2016		70,020,400		$	0.16
Granted		16,666,667			0.15
Exercised		(100,000	)		0.15
Expired		—			—
Outstanding, June 30, 2016		86,587,067		$	0.16
Granted		16,666,670			0.15
Exercised		—			—
Expired		—			—
Outstanding, September 30, 2016		103,253,737		$	0.16

As of September 30, 2016, the Company had the following outstanding warrants to purchase shares of its Common Stock:

Warrants Outstanding		Weighted Average Exercise Price Per Share		Weighted Average Remaining Life (Yrs.)
	1,474,435	$	0.38		1.03
	1,120,479	$	0.25		1.24
	1,164,476	$	0.19		4.26
	1,029,413	$	0.17		4.56
	98,464,934	$	0.15		3.90
	103,253,737	$	0.16		4.10

Non-Qualified Stock Options

The Company granted options to purchase an aggregate total of 3,460,000 shares of Common Stock during the three months and nine months ended September 30, 2016.

The weighted average estimated fair value per share of the stock options at grant date was $0.06 per share. Such fair values were estimated using the Black-Scholes stock option pricing model and the following weighted average assumptions.

	2016
Expected life	2.5 years
Estimated volatility		75.0	%
Risk-free interest rate		0.66	%
Dividends		-

Stock option activity during the nine months ended September 30, 2016 is summarized as follows:

		Options Outstanding		Weighted Average Exercise Price
Options outstanding at December 31, 2015		-		$-
Exercised		-		-
Granted		-		-
Forfeited		-		-
Expired		-		-
Options outstanding at March 31, 2016		-		$-
Exercised		-		-
Granted		-		-
Forfeited		-		-
Expired		-		-
Options outstanding at June 30, 2016		-		$-
	Exercised		—		—
	Granted		3,460,000	$	0.15
	Forfeited		—		—
	Expired		—		—
	Options outstanding at September 30, 2016		3,460,000	$	0.15