Quarterly report pursuant to Section 13 or 15(d)

Options and Warrants, Disclosure

v3.7.0.1
Options and Warrants, Disclosure
6 Months Ended
Jun. 30, 2017
Notes  
Options and Warrants, Disclosure

NOTE 11 - OPTIONS AND WARRANTS

 

On October 29, 2012, our stockholders approved the 2012 Stock Incentive Plan (the “Plan”) that governs equity awards to our management, employees, directors and consultants. On November 7, 2013, our stockholders approved an amendment to the Plan which increased the total authorized amount of common stock issuable under the Plan from 3,000,000 to 6,000,000 shares.

 

Options:

 

During the three months ended March 31, 2017, the Company granted 690,000 options to employees and consultants to purchase shares of common stock at an exercise price of $0.23 per share, with grant date fair values of $0.05. The options vest ratably on an annual basis over three years, and expire ten years from grant date.  There were no options granted during the three months ended June 30, 2017.

 

Number of Options

Weighted-Average

Exercise Price

Weighted Average

Remaining

Contractual Life

(in years)

Outstanding at December 31, 2015

2,990,000

$0.426

8.10

  Granted

--

--

--

  Exercised

--

--

--

  Forfeited/Cancelled

(1,442,500)

--

--

Outstanding at December 31, 2016

1,547,500

$0.357

7.56

Exercisable at December 31, 2016

1,431,666

$0.345

7.44

Outstanding at December 31, 2016

1,547,500

$0.357

7.56

  Granted

690,000

$0.230

9.50

  Exercised

--

--

--

  Forfeited/Cancelled

--

--

--

Outstanding at June 30, 2017

2,237,500

$0.318

7.82

Exercisable at June 30, 2017

1,547,500

$0.357

7.06

 

Warrants:

 

In conjunction with the sale of Spindle assets, during the three months ended March 31, 2017, the Company granted common stock purchase warrants that entitle the buyer to purchase 50,000 additional shares of Spindle common stock at a price of $0.135 per share. The holder may exercise his purchase rights at any time up to the third anniversary of the agreement.

 

In conjunction with the Stock Purchase Agreements in three months ended March 31, 2017 (“SPA”), the Company granted common stock purchase warrants that entitle the holders to purchase 200,000 additional shares of Spindle common stock at a price of $0.135 per share. The holder may exercise his purchase rights at any time up to the third anniversary of the agreement.

 

In conjunction with the Bridge Loan Agreements in the three months ended March 31, 2017, the Company granted common stock purchase warrants that entitle the holder to purchase 92,000 additional shares of Spindle at a price of $0.135 per share. The holder may exercise his purchase rights at any time up to the third anniversary of the agreement.

 

No warrants were granted during the three months ended June 30, 2017.

 

The following is a summary of the status of the Company’s stock warrants as of June 30, 2017:

 

Number of Warrants

Weighted-Average

Exercise Price

Weighted Average

Remaining

Contractual Life

(in years)

Outstanding at December 31, 2015

600,000

$0.500

1.47

  Granted

883,420

-

--

  Exercised

--

-

--

  Forfeited/Cancelled

(200,000)

-

--

Outstanding at December 31, 2016

1,283,420

$0.249

2.99

Exercisable at December 31, 2016

1,183,420

$0.228

3.12

Outstanding at December 31, 2016

1,283,420

$0.249

2.99

  Granted

342,000

$0.135

2.66

  Exercised

--

--

--

  Forfeited/Cancelled

--

--

--

Outstanding at June 30, 2017

1,625,420

$0.225

2.53

Exercisable at June 30, 2017

1,575,420

$0.216

2.24