Stock-Based Compensation Plans and Awards (Tables)

12 Months Ended

Dec. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Fair Value of Stock Options

The per-share fair value of each stock option granted during the year ended December 31, 2014 was determined on the date of grant using the Black-Scholes option pricing model using the following assumptions:

	2015
Expected life (in years)		7.00
Risk-free interest rate		0.02	%
Expected volatility		193.57
Expected dividend yield		0	%

Summary of Stock Option Activity

A summary of stock option activity for the years ended December 31, 2015 and 2014 is as follows:

	Outstanding			Weighted-Average		Aggregate
	Stock Options			Exercise Price		Intrinsic Value (1)
Balance as of December 31, 2013		6,806,000		$	1.21	$	-
Cancelled		(650,000	)		1.50		-
Granted		50,000			0.05		2,000.00
Exercised		-			-		-
Expired		(902,666	)		0.38		-
Balance as of December 31, 2014		5,303,334		$	1.30	$	-
Expired		(3,675,334	)		0.74		-
Balance as of December 31, 2015		1,628,000		$	1.09	$	-
Equity awards available for grant, net of restricted stock (811,576) at December 31, 2015		7,560,424

(1)  Amounts represent the difference between the exercise price and the fair value of common stock at period end for all in the money options outstanding based on the fair value per share of common stock. As of December 31, 2014, 50,000 options that had been granted were “in the money.”