Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS' EQUITY (Tables)

v3.8.0.1
STOCKHOLDERS' EQUITY (Tables)
9 Months Ended
Sep. 30, 2017
Equity [Abstract]  
Schedule of fair value of the options using the Black-Scholes option-pricing model

The fair value of the options was $602,224 which was determined using the Black-Scholes option-pricing model and using the following assumptions:

 

Dividend rate 0
Terms (in years) 5.0-10.0
Volatility 327.82% to 534.84%
Risk-free interest rate 1.88% to 2.40%
Schedule of stock option activities

Stock Option activities for the nine months ended September 30, 2017 were as follows:

 

      Number of Options     Weighted Average Exercise Price  
Balance at December 31, 2016           $  
Granted       484,448       0.58  
Exercised              
Balance at September 30, 2017       484,448       0.58  
Option exercisable at September 30, 2017       484,448     $ 0.58  
Schedule of stock options outstanding

The following table summarizes the shares of the Company’s common stock issuable upon exercise of options outstanding at September 30, 2017:

 

  Options Outstanding       Options Exercisable  
  Range of
Exercise
Price
      Number
Outstanding at September 30,
2017
      Range of Weighted Average Remaining Contractual Life
(Years)
      Weighted
Average
Exercise
Price
      Number
Exercisable at September 30,
2017
      Weighted
Average
Exercise Price
 
$ 0.50       444,448       9.71     $ 0.50       444,448     $ 0.50  
  1.49       40,000       4.63       1.49       40,000       1.49  
$ 0.50–1.49       484,448       9.29     $ 0.58       484,448     $ 0.58