Stockholders' Equity

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

Stockholders' Equity

Note 7 – Stockholders’ Equity

The Company’s authorized capital stock consists of 100,000,000 shares, of which 80,000,000 are for shares of common stock, par value $0.0001 per share, and 20,000,000 are for shares of preferred stock, par value $0.0001 per share, of which 50,000 have been designated as Series A Cumulative Convertible Preferred Stock. As of June 30, 2016 and December 31, 2015, there were 51,368,386 shares of our common stock issued and outstanding. Each share of our common stock entitles its holder to one vote on each matter submitted to the shareholders.

Stock Options

The following is a summary of the Company’s option activity:

	Options		Weighted Average Exercise Price
Outstanding – December 31, 2015		9,933,500	$	0.70
Exercisable – December 31, 2015		4,332,500	$	0.41
Granted		1,100,000	$	0.53
Exercised		-	$	-
Forfeited/Cancelled		824,500	$	0.46
Outstanding – June 30, 2016		10,209,000	$	0.70
Exercisable – June 30, 2016		5,160,500	$	0.49

		Options Outstanding				Options Exercisable
	Exercise Price	Number Outstanding	Weighted Average Remaining Contractual Life (in years)	Weighted Average Exercise Price		Number Exercisable	Weighted Average Exercise Price
$	0.40 - 1.50	10,209,000	2.52 years	$	0.70	5,160,500	$	0.49

At June 30, 2016, the total intrinsic value of options outstanding and exercisable was $124,099 and $223,325, respectively.

The Company recognized an aggregate of $459,269 and $683,197 in compensation expense during the periods ended June 30, 2016 and 2015, respectively, related to option awards.