Transition report pursuant to Rule 13a-10 or 15d-10

STOCK OPTIONS (Tables)

v3.3.1.900
STOCK OPTIONS (Tables)
12 Months Ended
Dec. 31, 2015
STOCK OPTIONS [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, 2013     --   $ --       --  
Options issued     833,000     0.13       9.5  
Options exercised     --     --       --  
Options cancelled     (119,000)   0.12       9.5  
Balance, December 31, 2014     714,000     0.11       9.1  
Options issued     1,076,580     0.30       9.2  
Options exercised     --     --       --  
Options cancelled     (45,100)     0.30       9.7  
Balance, December 31, 2015     1,745,480   $ 0.30       9.1  
Vested and Exercisable Options at Period End
                         
   

Exercisable/

Vested

Options

Outstanding

   

Weighted

Avg.

Exercise Price

   

Weighted

Avg.

Remaining

Contractual

Life (Years)

 
Balance, December 31, 2015     1,155,480     $ 0.30       8.9  
Stock Option Fair Value Assumptions

 

Year Ended

December 31,

2015

Year Ended

December 31,

2014

Risk free interest rate

1.93%

-

2.35%

2.15%

-

2.58%

Expected volatility

109.95%

-

152.10%

149.4%

-

163.15%

Expected dividend yield

0%

 

 

0%

 

 

Expected term in years

 

3.5

 

 

3.5

 

Average value per options

$0.178

-

$0.230

$0.101

-

$0.249