Stockholders' Equity

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Stockholders' Equity

Note 8 – 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 September 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		$	0.45
Granted		1,100,000		$	0.53
Exercised		-		$	-
Forfeited/Cancelled		(6,614,500	)	$	-
Outstanding – September 30, 2016		4,419,000		$	0.57
Exercisable – September 30, 2016		1,240,000		$	0.46

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 - 0.94		4,419,000	3.11 years	$	0.57		1,240,500	$	0.46

At September 30, 2016, the total intrinsic value of options outstanding and exercisable was $0 and $0, respectively.

The Company recognized an aggregate of $642,708 and $999,278 in compensation expense during the periods ended September 30, 2016 and 2015, respectively, related to option awards.