Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 04, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | QUOTEMEDIA INC | |
Entity Central Index Key | 1,101,433 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 90,477,798 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 318,101 | $ 251,834 |
Accounts receivable, net | 424,128 | 419,098 |
Prepaid expenses | 79,980 | 82,285 |
Other current assets | 61,689 | 47,287 |
Total current assets | 883,898 | 800,504 |
Deposits | 20,036 | 18,971 |
Property and equipment, net | 1,379,202 | 1,403,765 |
Goodwill | 110,000 | 110,000 |
Intangible assets | 75,047 | 76,531 |
Total assets | 2,468,183 | 2,409,771 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,506,778 | 1,309,746 |
Deferred revenue | 549,363 | 607,024 |
Total current liabilities | 2,056,141 | 1,916,770 |
Long-term portion of amounts due to related parties | $ 9,901,146 | $ 9,436,923 |
Stockholders' deficit: | ||
Preferred stock, nondesignated, 10,000,000 shares authorized, none issued | ||
Common stock, $0.001 par value, 150,000,000 shares authorized, 90,477,798 and 90,477,798 shares issued and outstanding | $ 90,479 | $ 90,479 |
Additional paid-in capital | 9,308,715 | 9,301,338 |
Accumulated deficit | (18,888,298) | (18,335,739) |
Total stockholders' deficit | (9,489,104) | (8,943,922) |
Total liabilities and stockholders' deficit | $ 2,468,183 | $ 2,409,771 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Stockholders' equity: | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 90,477,798 | 90,477,798 |
Common stock, shares outstanding | 90,477,798 | 90,477,798 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Consolidated Statements Of Operations | ||
LICENSING FEES | $ 2,168,866 | $ 2,188,317 |
COST OF REVENUE | 1,283,138 | 1,261,398 |
GROSS PROFIT | 885,728 | 926,919 |
OPERATING EXPENSES | ||
Sales and marketing | 363,091 | 380,680 |
General and administrative | 499,989 | 483,418 |
Software development | 221,681 | 260,340 |
Total operating expenses | 1,084,761 | 1,124,438 |
OPERATING LOSS | (199,033) | (197,519) |
OTHER INCOME AND (EXPENSE) | ||
Foreign exchange gain (loss) | (113,605) | 97,998 |
Interest expense (related party) | (239,193) | (209,251) |
Total other income and (expense) | (352,798) | (111,253) |
LOSS BEFORE INCOME TAXES | (551,831) | (308,772) |
Income tax expense | (728) | (808) |
NET LOSS | $ (552,559) | $ (309,580) |
LOSS PER SHARE | ||
Basic and diluted loss per share | $ (0.01) | $ 0 |
WEIGHTED AVERAGE SHARES OUTSTANDING | ||
Basic and diluted | 90,477,798 | 90,444,162 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
OPERATING ACTIVITIES | ||
Net loss | $ (552,559) | $ (309,580) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 216,116 | 222,129 |
Bad debt expense | 19,080 | 18,991 |
Stock-based compensation expense | 7,377 | 3,900 |
Changes in assets and liabilities: | ||
Accounts receivable | (24,110) | (79,995) |
Prepaid expenses | 2,305 | (17,494) |
Other current assets | (14,402) | 7,883 |
Deposits | (1,065) | 1,365 |
Accounts payable and amounts due to related parties | 661,255 | 187,321 |
Deferred revenue | (57,661) | (17,935) |
Net cash provided by operating activities | 256,336 | 16,585 |
INVESTING ACTIVITIES | ||
Purchase of fixed assets | (17,191) | (68,724) |
Capitalized application software | (172,878) | (175,217) |
Net cash used in investing activities | (190,069) | (243,941) |
Net increase (decrease) in cash | 66,267 | (227,356) |
Cash and equivalents, beginning of period | 251,834 | 423,053 |
Cash and equivalents, end of period | $ 318,101 | $ 195,697 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Note 1. BASIS OF PRESENTATION | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the generally accepted accounting principles for interim financial statements and instructions for Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation, have been included. Operating results for any quarter are not necessarily indicative of the results for any other quarter or for a full year. In connection with the preparation of the condensed consolidated financial statements the Company evaluated subsequent events after the balance sheet date of March 31, 2016 through the filing of this report and determined no disclosures were required. For the three months ended March 31, 2016, the Company has a net loss of $552,559 and has a working capital deficit of $1,172,243. The Company has a plan in place for the next 12 months to ensure ongoing expenditures are balanced with the expected growth rate, and believes cash on hand and cash generated will be sufficient to fund operations for the next 12 months. See Liquidity and Capital Resources in Item 2 below. These financial statements should be read in conjunction with our financial statements and the notes thereto for the fiscal year ended December 31, 2015 contained in our Form 10-K filed with the Securities and Exchange Commission dated March 30, 2016. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Note 2. SIGNIFICANT ACCOUNTING POLICIES | a) Nature of operations We are a software developer and distributor of financial market data and related services to a global marketplace. We specialize in the collection, aggregation, and delivery of both delayed and real-time financial data content via the Internet. We develop and license software components that deliver dynamic content to banks, brokerage firms, financial institutions, mutual fund companies, online information and financial portals, media outlets, public companies, and corporate intranets. b) Basis of consolidation The consolidated financial statements include the operations of Quotemedia, Ltd., a wholly owned subsidiary of Quotemedia, Inc. All intercompany transactions and balances have been eliminated. c) Foreign currency translation and transactions The U.S. dollar is the functional currency of all our company's operations. Foreign currency asset and liability amounts are remeasured into U.S. dollars at end-of-period exchange rates, except for equipment and intangible assets, which are remeasured at historical rates. Foreign currency income and expenses are remeasured at average exchange rates in effect during the period, except for expenses related to balance sheet amounts remeasured at historical exchange rates. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in earnings in the period in which they occur. d) Allowances for doubtful accounts We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of the Company's customers to make required payments. The Company determines the allowance by reviewing the age of the receivables and assessing the anticipated ability of customers to pay. No collateral is required for any of the receivables and the Company does not usually apply financing charges to outstanding accounts receivable balances. If the financial condition of our customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required. The allowance for doubtful accounts was $90,000 as at March 31, 2016 and December 31, 2015. e) Accounting Pronouncements Accounting Pronouncements Adopted During the Current Year In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. The amendment requires that all costs incurred to issue debt be presented in the balance sheet as a direct deduction from the carrying value of the debt. The new standard is limited to the presentation of debt issuance costs and does not affect the recognition or measurement of debt issuance costs. This update will become effective for all annual periods and interim reporting periods beginning after December 15, 2015. The adoption of this standard did not have a material impact on our consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. This standard describes how an entity's management should assess whether there are conditions and events that raise substantial doubt about an entity's ability to continue as a going concern within one year after the date that the financial statements are issued. Management should consider both quantitative and qualitative factors in making its assessment. If after considering management's plans, substantial doubt about an entity's going concern is alleviated, an entity shall disclose information in the footnotes that enables the users of the financial statements to understand the events that raised the going concern and how management's plan alleviated this concern. If after considering management's plans, substantial doubt about an entity's going concern is not alleviated, the entity shall disclose in the footnotes indicating that a substantial doubt about the entity's going concern exists within one year of the date of the issued financial statements. Additionally, the entity shall disclose the events that led to this going concern and management's plans to mitigate them. We adopted this standard on January 1, 2016. Our adoption of this standard did not have a material impact on our consolidated financial statements and related disclosures. Accounting Pronouncements Not Yet Adopted There have been no developments to recently issued accounting standards, including the expected dates of adoption and estimated effects on our consolidated financial statements, from those disclosed in our Form 10-K for the year ending December 31, 2015, except for the following: In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842) which amends lease accounting by lessors and lessees. This new standard will require, among other things, that lessees recognize a right-to-use asset and related lease liability for all significant financing and operating leases, and specifies where in the statement of cash flows the related lease payments are to be presented. The standard is effective for years beginning after December 15, 2018, including interim periods within those years (beginning in calendar year 2019 for the Company), and early adoption is permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2016-02 will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718). This ASU changes how companies account for certain aspects of share-based payment awards to employees, including accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. We are currently evaluating the impact of adopting this ASU and expect this standard to not have a significant impact on our consolidated financial statements and related disclosures, which is effective for us in our fiscal year beginning January 1, 2017. Early adoption is permitted. Other accounting standards that have been issued by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company's consolidated financial statements upon adoption. |
RELATED PARTIES
RELATED PARTIES | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Note 3. RELATED PARTIES | The following table summarizes amounts due to related parties at March 31, 2016 and December 31, 2015: March 31, 2016 December 31, 2015 Purchase of business unit $ 175,202 $ 159,790 Computer hosting services 83,230 60,122 Office rent 1,080,951 967,839 Other 17,276 17,276 Loan 934,417 894,952 Lead generation services 1,314,626 1,282,300 Due to Management 6,295,444 6,054,644 $ 9,901,146 $ 9,436,923 As a matter of policy all related party transactions are subject to review and approval by the Company's Board of Directors. All amounts due to related parties have been classified as non-current liabilities as we do not expect to repay amounts due to related parties within a year of the March 31, 2016 balance sheet date. Repayments are subject to our company having sufficient cash on hand and are intended not to impair continuing business operations. Our related party creditors have agreed to these repayment terms. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Note 4. STOCK-BASED COMPENSATION | FASB ASC 718, Stock Compensation requires all share-based payments to employees, including grants of employee stock options, to be recognized as compensation expense over the service period (generally the vesting period) in the consolidated financial statements based on their fair values. The impact of forfeitures that may occur prior to vesting is also estimated and considered in the amount recognized. Total estimated stock-based compensation expense, related to all of the Company's stock-based awards, recognized for the three months ended March 31, 2016 and 2015 was comprised as follows: Three months ended March 31, 2016 2015 Sales and marketing $ 5,376 $ 1,899 General and administrative 2,001 2,001 Total stock-based compensation $ 7,377 $ 3,900 At March 31, 2016 there was $92,077 of unrecognized compensation cost related to non-vested share-based payments which is expected to be recognized over a weighted-average period of 4.21 years. There was no stock option and warrant activity for the three months ended March 31, 2016. As of March 31, 2016 there were a total of 13,372,803 options and warrants outstanding at a weighted average exercise price of $0.04. The following table summarizes our non-vested stock option and warrant activity for the three months ended March 31, 2016: Weighted- Average Options and Warrants Grant Date Fair value Non-vested stock options and warrants at December 31, 2015 1,878,319 $ 0.06 Vested during the period (255,001 ) $ 0.03 Non-vested stock options and warrants at March 31, 2016 1,623,318 $ 0.06 Options and Warrants Outstanding Options and Warrants Exercisable Number Outstanding at March 31, 2016 Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number Exercisable at March 31, 2016 Weighted Average Exercise Price $0.03-0.07 13,372,803 8.79 $ 0.04 11,749,485 $ 0.04 As at March 31, 2016 all stock options and warrants have been granted with exercise prices equal to or greater than the market value of the underlying common shares on the date of grant. At March 31, 2016 the aggregate intrinsic value of options and warrants outstanding and exercisable was $289,101. The intrinsic value of stock options and warrants are calculated as the amount by which the market price of our common stock exceeds the exercise price of the option or warrant. |
LOSS PER SHARE
LOSS PER SHARE | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Note 5. LOSS PER SHARE | The basic and diluted net loss per share was $(0.01) and $(0.00) per share for the three months ended March 31, 2016 and 2015, respectively. There were 13,372,803 stock options and warrants excluded from the calculation of dilutive loss per share for the three months ended March 31, 2016 and 2015 because they were anti-dilutive. |
SIGNIFICANT ACCOUNTING POLICI11
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Significant Accounting Policies Policies | |
Nature of operations | We are a software developer and distributor of financial market data and related services to a global marketplace. We specialize in the collection, aggregation, and delivery of both delayed and real-time financial data content via the Internet. We develop and license software components that deliver dynamic content to banks, brokerage firms, financial institutions, mutual fund companies, online information and financial portals, media outlets, public companies, and corporate intranets. |
Basis of consolidation | The consolidated financial statements include the operations of Quotemedia, Ltd., a wholly owned subsidiary of Quotemedia, Inc. All intercompany transactions and balances have been eliminated. |
Foreign currency translation and transactions | The U.S. dollar is the functional currency of all our company's operations. Foreign currency asset and liability amounts are remeasured into U.S. dollars at end-of-period exchange rates, except for equipment and intangible assets, which are remeasured at historical rates. Foreign currency income and expenses are remeasured at average exchange rates in effect during the period, except for expenses related to balance sheet amounts remeasured at historical exchange rates. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in earnings in the period in which they occur. |
Allowances for doubtful accounts | We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of the Company's customers to make required payments. The Company determines the allowance by reviewing the age of the receivables and assessing the anticipated ability of customers to pay. No collateral is required for any of the receivables and the Company does not usually apply financing charges to outstanding accounts receivable balances. If the financial condition of our customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required. The allowance for doubtful accounts was $90,000 as at March 31, 2016 and December 31, 2015. |
Accounting Pronouncements | Accounting Pronouncements Adopted During the Current Year In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. The amendment requires that all costs incurred to issue debt be presented in the balance sheet as a direct deduction from the carrying value of the debt. The new standard is limited to the presentation of debt issuance costs and does not affect the recognition or measurement of debt issuance costs. This update will become effective for all annual periods and interim reporting periods beginning after December 15, 2015. The adoption of this standard did not have a material impact on our consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. This standard describes how an entity's management should assess whether there are conditions and events that raise substantial doubt about an entity's ability to continue as a going concern within one year after the date that the financial statements are issued. Management should consider both quantitative and qualitative factors in making its assessment. If after considering management's plans, substantial doubt about an entity's going concern is alleviated, an entity shall disclose information in the footnotes that enables the users of the financial statements to understand the events that raised the going concern and how management's plan alleviated this concern. If after considering management's plans, substantial doubt about an entity's going concern is not alleviated, the entity shall disclose in the footnotes indicating that a substantial doubt about the entity's going concern exists within one year of the date of the issued financial statements. Additionally, the entity shall disclose the events that led to this going concern and management's plans to mitigate them. We adopted this standard on January 1, 2016. Our adoption of this standard did not have a material impact on our consolidated financial statements and related disclosures. Accounting Pronouncements Not Yet Adopted There have been no developments to recently issued accounting standards, including the expected dates of adoption and estimated effects on our consolidated financial statements, from those disclosed in our Form 10-K for the year ending December 31, 2015, except for the following: In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842) which amends lease accounting by lessors and lessees. This new standard will require, among other things, that lessees recognize a right-to-use asset and related lease liability for all significant financing and operating leases, and specifies where in the statement of cash flows the related lease payments are to be presented. The standard is effective for years beginning after December 15, 2018, including interim periods within those years (beginning in calendar year 2019 for the Company), and early adoption is permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2016-02 will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718). This ASU changes how companies account for certain aspects of share-based payment awards to employees, including accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. We are currently evaluating the impact of adopting this ASU and expect this standard to not have a significant impact on our consolidated financial statements and related disclosures, which is effective for us in our fiscal year beginning January 1, 2017. Early adoption is permitted. Other accounting standards that have been issued by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company's consolidated financial statements upon adoption. |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Related Parties Tables | |
Amounts due to related parties | March 31, 2016 December 31, 2015 Purchase of business unit $ 175,202 $ 159,790 Computer hosting services 83,230 60,122 Office rent 1,080,951 967,839 Other 17,276 17,276 Loan 934,417 894,952 Lead generation services 1,314,626 1,282,300 Due to Management 6,295,444 6,054,644 $ 9,901,146 $ 9,436,923 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Stock-based Compensation Tables | |
Stock option and warrant activity | Three months ended March 31, 2016 2015 Sales and marketing $ 5,376 $ 1,899 General and administrative 2,001 2,001 Total stock-based compensation $ 7,377 $ 3,900 |
Nonvested stock option and warrant activity | Weighted- Average Options and Warrants Grant Date Fair Value Non-vested stock options and warrants at December 31, 2015 1,878,319 $ 0.06 Vested during the period (255,001 ) $ 0.03 Non-vested stock options and warrants at March 31, 2016 1,623,318 $ 0.06 |
Option and Warrats | Options and Warrants Outstanding Options and Warrants Exercisable Number Outstanding at March 31, 2016 Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number Exercisable at March 31, 2016 Weighted Average Exercise Price $0.03-0.07 13,372,803 8.79 $ 0.04 11,749,485 $ 0.04 |
BASIS OF PRESENTATION (Details
BASIS OF PRESENTATION (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Basis Of Presentation Details Narrative | ||
Net loss | $ (552,559) | $ (309,580) |
Working capital deficit | $ 1,172,243 |
SIGNIFICANT ACCOUNTING POLICI15
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Significant Accounting Policies Details Narrative | ||
Allowance for doubtful accounts | $ 90,000 | $ 90,000 |
RELATED PARTIES (Details)
RELATED PARTIES (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Due to related parties | $ 9,901,146 | $ 9,436,923 |
Purchase of Business Unit [Member] | ||
Due to related parties | 175,202 | 159,790 |
Computer Hosting Services [Member] | ||
Due to related parties | 83,230 | 60,122 |
Office Rent [Member] | ||
Due to related parties | 1,080,951 | 967,839 |
Other [Member] | ||
Due to related parties | 17,276 | 17,276 |
Loan [Member] | ||
Due to related parties | 934,417 | 894,952 |
Lead Generation Services [Member] | ||
Due to related parties | 1,314,626 | 1,282,300 |
Due to Management [Member] | ||
Due to related parties | $ 6,295,444 | $ 6,054,644 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Stock-based Compensation Details | ||
Sales and marketing | $ 5,376 | $ 1,899 |
General and administrative | 2,001 | 2,001 |
Total stock-based compensation | $ 7,377 | $ 3,900 |
STOCK-BASED COMPENSATION (Det18
STOCK-BASED COMPENSATION (Details 1) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Options and Warrants | |
Outstanding - Opening Balance | shares | 1,878,319 |
Vested during the period | shares | (255,001) |
Outstanding - Ending Balance | shares | 1,623,318 |
Weighted-Average Exercise Price | |
Weighted-Average Exercise Price Outstanding - Opening Balance | $ / shares | $ 0.06 |
Vested during the period | $ / shares | 0.03 |
Weighted-Average Exercise Price Outstanding - Ending Balance | $ / shares | $ 0.06 |
STOCK-BASED COMPENSATION (Det19
STOCK-BASED COMPENSATION (Details 2) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Stock-based Compensation Details 2 | |
Number Outstanding | shares | 13,372,803 |
Weighted Average Remaining Contractual Life | 8 years 9 months 15 days |
Weighted-Average Exercise Price | $ / shares | $ 0.04 |
Number Exercisable | shares | 11,749,485 |
Weighted-Average Exercise Price | $ / shares | $ 0.04 |
STOCK-BASED COMPENSATION (Det20
STOCK-BASED COMPENSATION (Details Narrative) | 3 Months Ended |
Mar. 31, 2016USD ($)$ / shares | |
Stock-based Compensation Details Narrative | |
unrecognized compensation cost | $ 92,077 |
weighted-average period | 4 years 2 months 16 days |
Aggregate intrinsic value of options and warrants outstanding | $ 13,372,803 |
Aggregate intrinsic value of options and warrants exercisable | $ 289,101 |
weighted average exercise price | $ / shares | $ 0.04 |
LOSS PER SHARE (Details Narrati
LOSS PER SHARE (Details Narrative) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Loss Per Share Details Narrative | ||
Basic and diluted loss per share | $ (0.01) | $ 0 |
Stock options and warrants | 13,372,803 | 13,372,803 |