Stock Incentive Plan and Warrants

12 Months Ended

Dec. 31, 2018

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

Stock Incentive Plan and Warrants

8. Stock Incentive Plan and Warrants

The Provectus Biopharmaceuticals, Inc. 2014 Equity Compensation Plan provides for the issuance of up to 20,000,000 shares of common stock pursuant to stock options for the benefit of eligible employees and directors of the Company. Options granted under the 2014 Equity Compensation Plan are either “incentive stock options” within the meaning of Section 422 of the Internal Revenue Code or options which are not incentive stock options. The stock options are exercisable over a period determined by the Board of Directors (through its Compensation Committee), but generally no longer than 10 years after the date they are granted. As of December 31, 2018, there were 18,900,000 shares available for issuance under the 2014 Equity Compensation Plan.

There were no stock options granted to employees during 2018 or 2017.

The following table summarizes option activity during the year ended December 31, 2018 and 2017:

	Shares			Weighted Average Exercise Price
Outstanding and exercisable at December 31, 2017		3,350,000		$	0.90
Granted		-			-
Exercised		-			-
Forfeited		(150,000	)		0.89
		`
Outstanding and exercisable at December 31, 2018		3,200,000		$	0.89

The following table summarizes information about stock options outstanding at December 31, 2018.

		Number Outstanding		Weighted Average Remaining Contractual		Number Exercisable
Exercise Price		at December 31, 2018		Life		at December 31, 2018
$	0.67		200,000		4.60		200,000
$	0.75		950,000		5.11		950,000
$	0.84		150,000		3.50		150,000
$	0.88		150,000		5.60		150,000
$	0.93		575,000		2.76		575,000
$	0.99		50,000		2.50		50,000
$	1.00		525,000		1.60		525,000
$	1.04		400,000		1.50		400,000
$	1.16		200,000		1.50		200,000
			3,200,000		3.31		3,200,000

As of December 31, 2018, there was no intrinsic value of outstanding and exercisable options.

Warrants

During the year-ended December 31, 2018, holders of warrants exercised warrants to purchase 12,653,077 shares of common stock at a price of $0.053 per share. In connection with the exercises, the Company received cash proceeds of $674,409 and issued 12,653,077 shares of common stock.

The following table summarizes warrant activity during the year ended December 31, 2018 and 2017:

				Weighted Average
	Warrants			Exercise Price
Outstanding and exercisable at January 1, 2017		189,991,541		$	0.44
Granted		-			-
Exercised		(234,308	)		0.05
Forfeited		(2,884,201	)		1.04
Outstanding and exercisable at December 31, 2017		186,873,032		$	0.43
Granted		-			-
Exercised		(12,653,077	)		0.05
Forfeited		(37,395,817	)		1.00
Outstanding and exercisable at December 31, 2018		136,824,138		$	0.27

The following table summarizes information about warrants outstanding at December 31, 2018.

		Number Outstanding		Weighted Average Remaining Contractual		Number Exercisable
Exercise Price		at December 31, 2018		Life		at December 31, 2018
$	0.053		99,677,583		2.66		99,677,583
$	0.85		28,482,344		1.48		28,482,344
$	1.00		2,875,115		1.38		2,875,115
$	1.25		4,474,520		0.93		4,474,520
$	2.00		100,000		0.00		100,000
$	2.50		280,276		0.33		280,276
$	3.00		934,300		0.33		934,300
			136,824,138		1.02		136,824,138

As of December 31, 2018, there was no intrinsic value of outstanding and exercisable warrants. Holders of the outstanding warrants are not entitled to vote and the exercise prices of such warrants are subject to customary anti-dilution provisions.