Annual report pursuant to Section 13 and 15(d)

STOCK COMPENSATION (Tables)

v3.7.0.1
STOCK COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Assumptions Used in Valuing Stock Options

The following table summarizes the assumptions the Company utilized to record compensation expense for stock options granted during the years ended December 31, 2016 and 2015:


Assumptions:

2016

 

2015

Expected term (years)

6.25

 

 

6.8

 

Expected volatility

63

%

 

63

%

Risk-free interest rate

0.01% - 2.07

%

 

0.01% - 2.07

%

Dividend yield

0

%

 

0

%

Expected forfeiture rate

0

%

 

0

%

Summary of Stock Option Activity

 

 

 

Number of

Options

 

 

Weighted
Average

Exercise

Price

 

 

Weighted
Average

Remaining

Contractual

Term

 

 

Aggregate

Intrinsic

Value

 

Balance Outstanding, December 31, 2014

 

 

1,565,000

 

 

$

0.30

 

 

 

7.5

 

 

 

349,983

 

Granted

 

 

200,000

 

 

 

0.67

 

 

 

 

 

 

 

Exercised

 

 

(64,000

)

 

 

0.50

 

 

 

 

 

 

 

Forfeited

 

 

 

 

 

 

0.50

 

 

 

 

 

 

 

Expired

 

 

 

 

 

 

 

 

 

 

 

 

Balance Outstanding, December 31, 2015

 

 

1,701,000

 

 

 

0.34

 

 

 

6.8

 

 

 

337,984

 

Granted

 

 

580,000

 

 

 

0.81

 

 

 

 

 

 

 

Exercised

 

 

-

 

 

 

 

 

 

 

 

 

 

Forfeited

 

 

-

 

 

 

 

 

 

 

 

 

Expired

 

 

 

 

 

 

 

 

 

 

 

 

Balance Outstanding, December 31, 2016

 

 

2,281,000

 

 

$

0.47

 

 

 

6.8

 

 

$

795,185

 

Exercisable at December 31, 2016

 

 

1,476,000

 

 

$

0.31

 

 

 

5.60

 

 

$

865,635

 

Schedule of options outstanding under the option plans

Summarized information with respect to options outstanding under the two option plans at December 31, 2016 is as follows:


 

 

Options Outstanding

 

Options Exercisable

Range or

Exercise Price

 

Number

Outstanding

 

Remaining

Average

Contractual

Life (In Years)

 

Weighted

Average

Exercise

Price

 

Number

Exercisable

 

Weighted

Average

Exercise

Price

0.14 - 0.24

 

720,000

 

1.3

 

$

0.14

 

720,000

 

$

0.14

0.25 - 0.49

 

351,000

 

.9

 

$

0.28

 

306,000

 

$

0.286

0.50 - 0.85

 

1,210,000

 

4.7

 

$

0.70

 

450,000

 

$

0.61

 

 

2,281,000

 

6.9

 

$

0.47

 

1,476,000

 

$

0.31


Summarized information with respect to options outstanding under the three option plans at December 31, 2015 is as follows:


 

 

Options Outstanding

 

Options Exercisable

Range or

Exercise Price

 

Number

Outstanding

 

Remaining

Average

Contractual

Life (In Years)

 

Weighted

Average

Exercise

Price

 

Number

Exercisable

 

Weighted

Average

Exercise

Price

0.14 - 0.24

 

720,000

 

2.1

 

$

0.06

 

720,000

 

$

0.09

0.25 - 0.49

 

351,000

 

1.5

 

$

0.05

 

207,000

 

$

0.05

0.50 - 0.78

 

630,000

 

3.2

 

$

0.23

 

187,500

 

$

0.09

 

 

1,701,000

 

6.8

 

$

0.34

 

1,114,500

 

$

0.23