Shareholders' Deficit

6 Months Ended

Jun. 30, 2016

Stockholders' Equity Note [Abstract]

Shareholders' Deficit

4. Shareholders’ Deficit

Common Stock

During the six months ended June 30, 2016, holders of Convertible Debentures with a face value of $84,356 and accrued interest of $4,194 converted their debentures into 241,929,674 shares of common stock. In addition, associated with these debentures, the Company recorded a gain on extinguishment of debt of $50,595.

Warrants

During the six months ended June 30, 2016, in conjunction with the sale of Convertible Debentures, the Company issued five-year common stock purchase warrants to acquire up to 15,000,000 shares to holders of the Debentures. These warrants have an exercise price of $0.02 per share.

In March 2016, the Company issued a warrant exercisable into up to 1,000,000 shares of common stock in exchange for services provided by a consultant. The value of these warrants, $1,652, was determined using the Black-Sholes Option pricing model and was included as non-cash expenses and additional paid-in capital during the six months ended June 30, 2016.

The balance of all warrants outstanding as of June 30, 2016 is as follows:

			Weighted
			Average
			Exercise
	Warrants		Price
Outstanding at January 1, 2016		116,875,170	$	0.08
Granted		16,000,000	$	0.02
Cancelled		-	$	-
Exercised		-	$	-
Outstanding at June 30, 2016		132,875,170	$	0.08
Exercisable at June 30, 2016		132,875,170	$	0.08

Stock Options

Options outstanding as of June 30, 2016 are as follows:

			Weighted Average		Weighted Average Remaining		Aggregate
			Exercise Price		Contractual		Intrinsic
	Options		Per Share		Term (years)		Value (1)
Outstanding at January 1, 2016		34,168,800	$	0.02		8.03
Granted		-	$	-		-
Cancelled		-	$	-		-
Exercised		-	$	-		-
Outstanding at June 30, 2016		34,168,800	$	0.02		7.54	$	-
Exercisable at June 30, 2016		22,727,003	$	0.02		7.54	$	-
Weighted average fair value of options granted during the period		-	$	-

(1) These amounts represent the excess, if any, between the exercise price and $0.004, the closing market price of the Company’s common stock on June 30, 2016 as quoted on the Over-the-Counter Bulletin Board under the symbol “SCIE”.

At June 30, 2016, total unrecognized estimated employee compensation cost related to non-vested stock options granted prior to that date is $253,326, which we expect to be recognized over the next four years.

Series AA Preferred Shares

On April 15, 2016, the Board of Directors of the Company authorized an amendment to the Company’s Articles of Incorporation, as amended (the “Articles of Incorporation”), in the form of a Certificate of Designation that authorized the issuance of up to three thousand (3,000) shares of a new series of preferred stock, par value $0.0001 per share, designated “Series AA Super Voting Preferred Stock,” for which the board of directors established the rights, preferences and limitations thereof.

Each holder of outstanding shares of Series AA Super Voting Preferred Stock shall be entitled to one million (1,000,000) votes for each share of Series AA Super Voting Preferred Stock held on the record date for the determination of stockholders entitled to vote at each meeting of stockholders of the Company. The holders are restricted from voting the preferred shares for any proposal on the election of directors.