Quarterly report pursuant to Section 13 or 15(d)

STOCK OPTIONS AND RESTRICTED STOCK UNITS (Tables)

v3.7.0.1
STOCK OPTIONS AND RESTRICTED STOCK UNITS (Tables)
9 Months Ended
Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Common Stock Options Issued Under Option Plans
                 
 

Number

Outstanding

 

Weighted Avg.

Exercise Price

 

Weighted Avg.

Remaining

Contractual Life

(Years)

Balance, December 31, 2015   1,745,480     0.30   9.1  
Options issued   3,610,000     0.48   5.3  
Options exercised   --     --   --  
Options cancelled   (40,000)     (0.30)   --  
Balance, September 30, 2016   5,315,480   $ 0.42   6.8  
Vested and Exercisable Options at Period End
                 
 

Exercisable/

Vested

Options

Outstanding

 

Weighted

Avg.

Exercise Price

 

Weighted

Avg.

Remaining

Contractual

Life (Years)

Balance, September 30, 2016   3,148,813   $ 0.41     7.8
Stock Option Fair Value Assumptions
                                 
     

Nine Months Ended

September 30, 2016

Risk free interest rate       0.97 %     -       1.22 %  
Expected volatility       77.53 %     -       83.14 %  
Expected dividend yield               0%            
Expected term in years               3.5            
Average value per options       $0.10       -       $0.12