Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2017

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

Schedule of Stock Incentive Plan and Stock-based Compensation

Issuance of restricted shares – directors, officers and employees

	Number of shares		Weighted average grant date fair value
Non–vested at December 31, 2016		1,000,000	$	2.31
Granted		550,000		0.81
Vested		–		–
Forfeited		–		–
Non–vested at March 31, 2017		1,550,000	$	1.78

Schedule of Stock Options Activity

The following is a summary of the Company’s option activity:

	Options		Weighted Average Exercise Price
Outstanding – January 1, 2017		6,000,000	$	0.71
Exercisable – January 1, 2017		500,000	$	0.71
Granted		–		–
Exercised		–		–
Forfeited/Cancelled		–		–
Outstanding – March 31, 2017		6,000,000	$	0.71
Exercisable – March 31, 2017		1,250,000	$	0.71

Schedule of Stock Option Plans, by Exercise Price Range

Exercise price		Number outstanding		Weighted average remaining contractual life (in years)	Weighted average exercise price		Number exercisable		Weighted average exercise price
$	0.71		6,000,000	4.64 years	$	0.71		1,250,000	$	0.71

Summary of Warrant Outstanding

The following table summarizes information about shares issuable under warrants outstanding at March 31, 2017:

	Warrant shares outstanding		Weighted average exercise price
At January 1, 2017		100,000	$	3.75
Issued		5,275,000		0.75
Exercised		–		–
Expired		–		–
At March 31, 2017		5,375,000	$	0.82