Common Stock Options (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2016

Dec. 31, 2015

Common Stock Options Tables

Stock Option Activity

The following table summarizes stock option activity for the period ended September 30, 2016:

	Number of Options		Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value ($)
Outstanding at December 31, 2015		257,500		1.07
Grants		187,500		1.92
Outstanding at September 30, 2016		445,000		1.43	8.62 years		81,125
Exercisable at September 30, 2016		357,500		1.41	8.63 years		73,625
Available for grant at September 30, 2016		19,555,000

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

Assumption of stock option activity

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

	2016			2015
Risk-free interest rate	1.23%-1.41		%	1.49%-1.70		%
Expected life in years		5.5			5.0
Weighted Avg. Expected Volatility		92	%	88.4–105.3		%
Expected dividend yield		0			0

Summary of share-based compensation

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Stock based compensation expense	$	12,951	$	18,879	$	287,238	$	39,542

Summary of stock options outstanding and exercisable

The following table summarizes information about stock options outstanding and exercisable at September 30, 2016:

		Stock Options Outstanding						Stock Options Exercisable
Range of Exercise Prices		Number of Shares Subject to Outstanding Options		Weighted Average Contractual Life (years)		Weighted Average Exercise Price		Number of Shares Subject To Options Exercise		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price
$	0.75		40,000		7.17	$	0.75		40,000		7.17	$	0.75
	0.80		90,000		7.87		0.80		90,000		7.87		0.80
	1.05		55,000		7.50		1.05		25,000		7.50		1.05
	1.25		7,500		8.71		1.25		7,500		8.71		1.25
	1.34		7,500		8.75		1.34		7,500		8.75		1.34
	1.65		50,000		9.09		1.65		-		9.09		1.65
	1.70		7,500		9.04		1.70		7,500		9.04		1.70
	1.91		180,000		9.46		1.91		180,000		9.46		1.91
	2.28		7,500		9.81		2.28		-		9.81		2.28
Total			445,000		8.62	$	1.43		357,500		8.63	$	1.41

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