Stockholders' Equity (Tables)
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12 Months Ended |
Dec. 31, 2013
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Equity [Abstract] |
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Schedule of Common Stock Shares Issued |
During the year ended December 31, 2013, we issued shares of
common stock as follows:
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Common Stock
Shares |
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Amount |
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Common stock issued for services
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69,017 |
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$ |
198,858 |
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Common stock issued for Quest acquisition
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22,000,000 |
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55,000,000 |
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Note and interest conversions
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8,472,539 |
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3,148,493 |
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Warrant conversions
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7,232,779 |
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21,698,338 |
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37,774,335 |
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$ |
80,045,689 |
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Summary of Warrants Issued and Outstanding |
The following table summarizes the warrants issued and outstanding
as of December 31, 2013:
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Warrants Issued and Outstanding as of
December 31, 2013
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Date of |
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Exercise
Price |
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Shares
of |
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Description
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Issuance |
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Expiration |
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Common Stock |
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Exercisable warrants
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Warrant 1-1
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03/22/12 |
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03/21/17 |
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$ |
0.37 |
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1,381,115 |
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Warrant 1-5
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10/10/12 |
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10/09/17 |
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$ |
0.37 |
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5,524,461 |
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Warrant 1-6
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03/29/13 |
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03/21/17 |
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$ |
0.37 |
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500,000 |
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Less warrants exercised
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(7,405,576 |
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Total exercisable warrants
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— |
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Contingent warrants
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Warrant 1-2
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03/22/12 |
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03/21/17 |
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$ |
0.37 |
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345,278 |
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Warrant 1-3
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03/22/12 |
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03/21/17 |
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$ |
0.37 |
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345,278 |
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Warrant 1-4
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03/22/12 |
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03/21/17 |
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$ |
0.37 |
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690,557 |
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Less warrants cancelled
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(1,381,113 |
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Total contingent warrants
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— |
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Total warrants issued and outstanding
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— |
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Summary of Stock Option Activity |
Following is a summary of
stock option activity from January 1, 2012 through
December 31, 2013:
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Stock Options |
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Number
of
Shares |
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Exercise Price
Per Share |
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Weighted-
Average
Exercise Price
Per Share |
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Outstanding at
January 1, 2012
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1,381,115 |
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$ |
2.35 |
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$ |
2.35 |
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Granted
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1,969,000 |
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2.00 –
2.79 |
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2.10 |
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Canceled/Forfeited
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— |
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— |
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— |
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Outstanding at
December 31, 2012
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3,350,115 |
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2.00 – 2.79 |
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2.20 |
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Granted
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1,150,500 |
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2.05 –
2.65 |
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2.11 |
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Canceled/Forfeited
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358,667 |
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2.10 –
2.79 |
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2.18 |
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Outstanding at
December 31, 2013
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4,141,948 |
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2.00 –
3.25 |
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2.48 |
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Summary of Stock Option Outstanding |
The following additional information applies to options outstanding
at December 31, 2013:
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Ranges of
Exercise
Prices
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Outstanding at
December 31,
2013 |
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Weighted-
Average
Remaining
Contractual
Life |
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Weighted-
Average
Exercise
Price |
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Exercisable at
December 31,
2013 |
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Weighted-
Average
Exercise
Price |
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$2.00 – $3.25
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4,141,948 |
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8.5 |
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$ |
2.48 |
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2,939,448 |
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$ |
2.63 |
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The following additional information applies to options outstanding
at December 31, 2012:
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Ranges of
Exercise
Prices
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Outstanding at
December 31,
2012 |
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Weighted-
Average
Remaining
Contractual
Life |
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Weighted-
Average
Exercise
Price |
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Excercisable at
December 31,
2012 |
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Weighted-
Average
Exercise
Price |
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$2.00 – $2.79
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3,350,115 |
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9.6 |
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$ |
2.20 |
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1,922,782 |
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$ |
2.27 |
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Schedule of Weighted-Average Estimated Value of Employee Stock Options Granted |
The weighted-average estimated value of employee stock options
granted during the years ended December 31, 2013 and 2012 were
estimated using the Black-Scholes-Merton option pricing model with
the following weighted-average assumptions:
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Years Ended December 31, |
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2013 |
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2012 |
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Expected volatility
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105 |
% |
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155 |
% |
Risk-free interest rate
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1.51 |
% |
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0.70 |
% |
Expected dividends
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0.00 |
% |
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0.00 |
% |
Expected term in years
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5.8 |
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5.4 |
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