| Warrants outstanding |
The Company has the following shares of common
stock reserved for the warrants outstanding as of September 30, 2014:
| |
|
September 30, 2014 |
|
|
|
Shares
|
|
|
Weighted Average Exercise
Price |
|
| Warrants outstanding beginning of year |
|
|
19,550,817 |
|
|
$ |
0.17 |
|
| Warrants exercised |
|
|
(9,367,287 |
) |
|
|
0.19 |
|
| Warrants granted |
|
|
11,491,227 |
|
|
|
0.30 |
|
| Warrants expired |
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Warrants outstanding end of period |
|
|
21,674,757 |
|
|
$ |
0.23 |
|
|
The Company has the following shares of common
stock reserved for the warrants outstanding as of December 31, 2013:
| |
|
December 31, 2013 |
|
| |
|
|
|
|
Weighted |
|
| |
|
|
|
|
Average |
|
| |
|
|
|
|
Exercise |
|
| |
|
Shares |
|
|
Price |
|
| Warrants outstanding beginning of year |
|
|
6,711,733 |
|
|
$ |
0.35 |
|
| Warrants exercised |
|
|
- |
|
|
|
- |
|
| Warrants granted |
|
|
12,839,084 |
|
|
|
0.08 |
|
| Warrants expired |
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Warrants outstanding end of period |
|
|
19,550,817 |
|
|
$ |
0.17 |
|
|
| Weighted exercise price and weighted fair value of the warrants granted |
The weighted exercise price and weighted fair
value of the warrants granted by the Company as of September 30, 2014, are as follows:
| |
|
September 30, 2014 |
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Weighted
Average
Fair Value
|
|
| |
|
|
|
|
|
|
| Weighted average of warrants granted during the three months whose exercise price exceeded fair market value at the date of grant |
|
$ |
0.30 |
|
|
$ |
0.45 |
|
| |
|
|
|
|
|
|
|
|
| Weighted average of warrants granted during the nine months whose exercise price was equal or lower than fair market value at the date of grant |
|
$ |
- |
|
|
$ |
- |
|
|
The weighted exercise price and weighted fair
value of the warrants granted by the Company as of December 31, 2013, are as follows:
| |
|
December 31, 2013 |
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Weighted
Average
Fair Value
|
|
| |
|
|
|
|
|
|
| Weighted average of warrants granted during the nine months whose exercise price exceeded fair market value at the date of grant |
|
$ |
0.32 |
|
|
$ |
0.46 |
|
| |
|
|
|
|
|
|
|
|
| Weighted average of warrants granted during the nine months whose exercise price was equal or lower than fair market value at the date of grant |
|
$ |
- |
|
|
$ |
- |
|
|
| Summarizes information about fixed-price warrants outstanding |
The following table summarizes information
about fixed-price warrants outstanding:
| Range of Exercise
Prices |
|
Number Outstanding at September
30, 2014 |
|
Average Remaining
Contractual Life |
|
Weighted Average
Exercise Price |
| $ |
0.33 |
|
|
|
5,540,400 |
|
|
|
10 Months |
|
|
$ |
0.33 |
|
| $ |
0.46 |
|
|
|
600,000 |
|
|
|
10 Months |
|
|
$ |
0.46 |
|
| $ |
0.46 |
|
|
|
150,000 |
|
|
|
4 Months |
|
|
$ |
0.46 |
|
| $ |
0.85 |
|
|
|
40,000 |
|
|
|
7 Months |
|
|
$ |
0.85 |
|
| $ |
0.40 |
|
|
|
333,333 |
|
|
|
11 Months |
|
|
$ |
0.40 |
|
| $ |
0.33 |
|
|
|
439,637 |
|
|
|
14 Months |
|
|
$ |
0.33 |
|
| $ |
0.16 |
|
|
|
750,000 |
|
|
|
18 Months |
|
|
$ |
0.16 |
|
| $ |
0.06 |
|
|
|
7,067,002 |
|
|
|
48 Months |
|
|
$ |
0.06 |
|
| $ |
0.30 |
|
|
|
964,912 |
|
|
|
44 Months |
|
|
$ |
0.30 |
|
| $ |
0.30 |
|
|
|
964,912 |
|
|
|
45 Months |
|
|
$ |
0.30 |
|
| $ |
0.30 |
|
|
|
4,824,561 |
|
|
|
46 Months |
|
|
$ |
0.30 |
|
| |
|
|
|
|
21,674,757 |
|
|
|
|
|
|
|
|
|
|
The following table summarizes information
about fixed-price warrants outstanding:
| |
|
|
Number |
|
Average |
|
|
|
| Range of |
|
|
Outstanding at |
|
Remaining |
|
Weighted |
|
| Exercise |
|
|
December 31, |
|
Contractual |
|
Average |
|
| Prices |
|
|
2013 |
|
Life |
|
Exercise Price |
|
| $ |
0.33 |
|
|
|
5,588,400 |
|
9 Months |
|
$ |
0.33 |
|
| $ |
0.46 |
|
|
|
600,000 |
|
20 Months |
|
$ |
0.46 |
|
| $ |
0.46 |
|
|
|
150,000 |
|
25 Months |
|
$ |
0.46 |
|
| $ |
0.85 |
|
|
|
40,000 |
|
16 Months |
|
$ |
0.85 |
|
| $ |
0.40 |
|
|
|
333,333 |
|
20 Months |
|
$ |
0.40 |
|
| $ |
0.33 |
|
|
|
515,637 |
|
48 Months |
|
$ |
0.33 |
|
| $ |
0.13 |
|
|
|
352,978 |
|
51 Months |
|
$ |
0.13 |
|
| $ |
0.16 |
|
|
|
875,000 |
|
51 Months |
|
$ |
0.16 |
|
| $ |
0.12 |
|
|
|
116,674 |
|
52 Months |
|
$ |
0.12 |
|
| $ |
0.11 |
|
|
|
102,733 |
|
52 Months |
|
$ |
0.11 |
|
| $ |
0.05 |
|
|
|
267,391 |
|
55 Months |
|
$ |
0.05 |
|
| $ |
0.06 |
|
|
|
10,608,671 |
|
57 Months |
|
$ |
0.06 |
|
| |
|
|
|
|
19,550,817 |
|
|
|
|
|
|
|