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Options and Warrants (Tables)

12 Months Ended

Dec. 31, 2016

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

Schedule of options

The following are details related to options issued by the Company:

						Weighted				Weighted Avg. Remaining
		Options for				Average				Contractual				Aggregate
		Shares				Exercise Price				Life (yrs)				Intrinsic Value

Outstanding as of January 1, 2016			11,612,302			$	0.68				7
Granted			75,000				0.10				10
Exercised			-				-				-
Forfeited			(3,654,409	)			0.66				-
Expired			(82,800	)			0.50				-
Outstanding as of December 31, 2016			7,950,093			$	0.69				6			$	-
Options exercisable as of December 31, 2016			7,867,593			$	0.69				6			$	-
Options exercisable and expected to vest as of December 31, 2016			7,950,093			$	0.69				6			$	-

Schedule of value of employee stock options by using black schole model

The estimated value of employee stock options granted during the years ended December 31, 2016 and 2015 were estimated using the BSM option pricing model with the following assumptions:

		Years Ended December 31,
		2016				2015
Expected volatility			100%				86 – 110%
Risk-free interest rate			1.90%				0.89 – 1.21%
Expected dividends			0.00%				0.00%
Expected term in years			3 – 5				3 – 5

Schedule of warrants issued

The following are details related to warrants issued by the Company:

						Weighted
		Warrants for				Average
		Shares				Exercise Price

Outstanding as of January 1, 2016			16,567,326			$	1.02
Granted (see Note 8)			5,656,250			$	0.08
Exercised			-			$	-
Forfeited			-			$	-
Cancelled			-			$	-
Expired			(8,301,187	)		$	1.06
Outstanding and exercisable as of December 31, 2016			13,922,387			$	0.61

Schedule of weighted-average estimated fair value of warrants by using black-schole model

The weighted-average estimated fair value of warrants granted during the year ended December 31, 2016 were estimated using the BSM option pricing model with the following assumptions:

		Year Ended December 31,
		2016
Expected volatility			110.1	%
Risk-free interest rate			1.58	%
Expected dividends			0.00	%
Expected term in years			3

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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