Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2015

Stockholders Equity Tables

Stock Option Activity

The following table summarizes stock option activity for the year ended December 31, 2015.

	Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
Balance January 1, 2015		185,000		$	0.83		9.12		-
Options granted		80,000		$	1.54		-		-
Options cancelled		(7,500	)		1.43		-		-
Balance December 31, 2015		257,500		$	1.04		8.58	$	146,825
Exercisable at December 31, 2015		160,000		$	0.82		8.22	$	124,825

Assumptions required for the Black-Scholes model

The assumptions for volatility, expected life, dividend yield and risk-free interest rate are presented in the table below:

	2015	2014
Risk-free interest rate	1.58 – 1.72%	1.58 – 1.62%
Expected life in years	5.50	5.50
Weighted Avg Expected Volatility	75.1% - 98.1%	94.4% – 105.3%
Expected dividend yield	0%	0%

Stock Options Outstanding

The following table summarizes information about stock options outstanding and exercisable under our stock incentive plan at December 31, 2015:

	Number Outstanding		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price
$0.50 to $1.00		130,000		8.07	$	0.74		130,000		8.07	$	0.74
$1.01 to $1.50		127,500		9.10		1.35		30,000		8.85		1.17
		257,500		8.58		1.04		160,000		8.22		0.82

Warrants outstanding

The following table summarizes information about warrants outstanding at December 31, 2015:

	Shares of Common Stock	Exercise Price		Expiration Date
Series A	1,003,188	$	0.35	July 12, 2019
Series B	3,500,000	$	0.46	November 29, 2018
Series C	3,500,000	$	0.49	November 29, 2018
Series D	1,010,000	$	1.10	June 5, 2020
Outstanding as of December 31, 2015	9,013,188