Stockholders' Equity (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

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 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

Summary of warrants outstanding

The following table summarizes information about warrants outstanding at September 30, 2016:

	Shares of Common Stock		Exercise Price		Expiration Date
Series A		960,000	$	0.35	July 12, 2019
Series B		1,326,087	$	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
Series E		584,416	$	1.13	September 8, 2021
Outstanding as of September 30, 2016		7,380,503

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