Annual report pursuant to Section 13 and 15(d)

Share-based Payments (Tables)

v3.8.0.1
Share-based Payments (Tables)
 12 Months Ended
Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Options and Warrants Valuation Assumptions Under Black Scholes Pricing Model

The options issued under the above plan were valued using a Black Scholes option pricing model. The assumptions utilized in calculating the value of the issued options under Black Scholes are as follows:

 

    2017     2016    
Expected option term     -       5 yrs    
Expected volatility     -       95.02 %  
Expected divident yeild     -       0.00 %  
Risk free interest rate     -       1.76 %  

Summary of Stock Options Activity

The following table summarizes the option activities for the years ended December 31, 2017 and 2016:

 

                Weighted        
          Weighted     Average        
          Average     Remaining     Aggregate  
    Number of     Exercise     Contractual     Intrinsic  
    Shares     Price     Term (years)     Value  
Balance at December 31, 2015     220,500     $ 4.38       3.81     $ -  
Granted     38,500       3.40       4.43       -  
Exercised     -       -       -       -  
Forfeited     -       -       -       -  
Canceled/Expired     -       -       -       -  
Balance at December 31, 2016     259,000     $ 4.23       3.05     $ 20,100  
Exercisable as of December 31, 2016     239,167     $ 4.31       2.92     $ 20,100  
                                 
Balance at December 31, 2016     259,000     $ 4.23       3.05     $ 20,100  
Granted     -       -       -       -  
Exercised     -       -       -       -  
Forfeited     (4,000 )     3.25       3.63       -  
Canceled/Expired     -       -       -       -  
Balance at December 31, 2017     255,000     $ 4.25       2.02     $ -  
Exercisable as of December 31, 2017     250,334     $ 4.27       1.99     $ -  

Schedule of Non Vested Share Activity

A summary of the Company’s non-vested shares as of December 31, 2017 and the changes during the period then ended are as follows:

 

          Weighted  
          Average Grant  
Non-Vested Shares   Shares     Date Fair Value  
Non-vested at December 31, 2015     -     $ -  
Granted     38,500       1.98  
Vested     (18,666 )     1.90  
Forfeited     -       -  
Non-vested at December 31, 2016     19,834     $ 2.36  
                 
Non-vested at December 31, 2016     19,834     $ 2.36  
Granted     -       -  
Vested     (11,168 )     2.07  
Forfeited     (4,000 )     2.36  
Non-vested at December 31, 2017     4,666     $ 2.36  

Summary of Warrant Activity

The table below summarizes the warrant activity for the year ended December 31, 2017:

 

                Weighted  
          Weighted     Average  
          Average     Remaining  
    Number of     Exercise     Contractual  
    Warrants     Price     Term (years)  
Balance at December 31, 2016     -     $ -       -  
Granted     50,415,571       0.24       4.94  
Exercised     (925,000 )     1.11       -  
Forfeited     -       -       -  
Canceled/Expired     -       -       -  
Balance at December 31, 2017     49,490,571     $ 0.22       4.95  
Exercisable as of December 31, 2017     48,766,371     $ 0.22       4.95