Quarterly report pursuant to Section 13 or 15(d)

6. Stock Options and Warrants (Tables)

6. Stock Options and Warrants (Tables)

9 Months Ended

Sep. 30, 2014

Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]

Stock option activity for the period December 31, 2013 up to September 30, 2014, was as follows:

	Options			Weighted Avg. Exercise Price
December 31, 2013		20,309,908		$	0.28
Granted		557,122			0.85
Exercised		(20,000	)		0.30
Forfeited		(90,000	)		0.91
September 30, 2014		20,757,030		$	0.29

Options outstanding and exercisable

The weighted average exercise prices, remaining contractual lives for options granted, exercisable, and expected to vest as of September 30, 2014 were as follows:

	Outstanding Options				Exercisable Options
Option Exercise Price Per Share	Shares		Life (Years)	Weighted Average Exercise Price	Shares		Weighted Average Exercise Price
$ 0.21 - $ 0.99		20,493,801	6.4	$0.28		18,229,381	$0.28
$ 1.00 - $ 1.99		263,229	5.5	$1.22		263,229	$1.22
		20,757,030	6.5	$0.29		18,492,610	$0.29

Warrant activity

The following table summarizes certain information about the Company’s stock purchase warrants activity for the period starting December 31, 2013 up to September 30, 2014.

	Warrants			Weighted Avg. Exercise Price
December 31, 2013		11,763,966		$	0.34
Granted		490,000			0.77
Exercised		(4,690,947	)		0.30
Cancelled		(2,141,969	)		0.46
Outstanding, September 30, 2014		5,421,050		$	0.37

Warrants outstanding and exercisable

The weighted average exercise prices, remaining contractual lives for warrants granted, exercisable, and expected to vest as of September 30, 2014 were as follows:

	Outstanding Warrants				Exercisable Warrants
Warrant Exercise Price Per Share	Shares		Life (Years)	Weighted Average Exercise Price	Shares		Weighted Average Exercise Price
$ 0.25 - $ 0.99		5,301,050	3.5	$0.35		4,981,050	$0.33
$ 1.00 - $ 1.99		120,000	0.3	$1.01		120,000	$1.01
		5,421,050	3.1	$0.37		5,101,050	$0.34

- Definition

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.

+ References + Details