Options and Warrants

6 Months Ended

Jun. 30, 2018

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

Options and Warrants

NOTE 8 – OPTIONS AND WARRANTS

The Company uses the Black-Scholes option pricing model to determine the fair value of options granted.

The following tables summarize all options grants to employees for the six months ended June 30, 2018 and the related changes during the period presented below.

	Number of Options			Weighted Average Exercise Price
Stock Options
Balance at December 31, 2017		1,000,000		$	0.18
Granted		—			—
Exercised		—			—
Cancelled/Forfeited		(250,000	)		0.20
Balance at June 30, 2018		750,000		$	0.17

	Options Outstanding						Options Exercisable
Price Range	Number Outstanding at June 30, 2018		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Number Exercisable at June 30, 2018		Weighted Average Exercise Price
$.001 - $0.50		750,000		.81	$	0.17		750,000	$	0.17

During the six months ended June 30, 2018, the Company recorded total option expense of $8,620. As of June 30, 2018, the Company has no stock-based compensation related to stock options that is yet to be vested. The intrinsic value of the vested stock options at June 30, 2018 was $392,000, calculated based on the fair value of the Company’s common stock at June 30, 2018.

During the three months ended June 30, 2018, the Company recorded total option expense of $3,448. During the three months ended June 30, 2017, the Company recorded total option expense of $69,485.

The following tables summarize all warrant grants during the six months ended June 30, 2018 and the related changes during the period are presented below.

	Number of Warrants		Weighted Average Exercise Price
Stock Warrants
Balance at December 31, 2017		769,107	$	0.42
Granted		—		—
Exercised		—		—
Expired		—		—
Balance at June 30, 2018		769,107	$	0.42