Stock Options (Tables)

6 Months Ended

Jun. 30, 2017

Stock Options Tables

Summary of stock option activity

The following table summarizes stock option activity for the six months ended June 30, 2017:

	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
Forfeitures	(40,000)	1.65
Exercises	(20,000)	0.80
Outstanding at December 31, 2016	385,000	1.42
Grants	310,000	4.20
Exercises	(150,000)	1.12
Outstanding at June 30, 2017	545,000	3.09	9.12 years	501,425
Exercisable at June 30, 2017	375,000	2.75	8.94 years	447,425
Available for grant at June 30, 2017	19,338,572

Summary of 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:

	2017			2016
Risk-free interest rate	1.93% - 2.39		%	1.23%- 1.41		%
Expected life in years	5.5 - 10.0				5.5
Weighted Avg. Expected Volatility	98% - 106		%		92	%
Expected dividend yield		0			0

Stock-based compensation included in consolidated statement of operations

Stock-based compensation has been included in the Consolidated Statement of Operations as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Research and development	$	64,790	$	-	$	64,790	$	-
General and administrative		553,088		1,171		556,082		274,287
Total	$	617,878	$	1,171	$	620,872	$	274,287

Summary of stock options outstanding and exercisable

The following table summarizes information about stock options outstanding and exercisable at June 30, 2017:

	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
0.80	10,000	7.13	0.80	10,000	7.13	0.80
1.05	55,000	6.76	1.05	35,000	6.76	1.05
1.25	7,500	7.96	1.25	7,500	7.96	1.25
1.34	7,500	8.01	1.34	7,500	8.01	1.34
1.65	10,000	8.34	1.65	10,000	8.34	1.65
1.70	7,500	8.30	1.70	7,500	8.30	1.70
1.91	130,000	8.71	1.91	130,000	8.71	1.91
2.28	7,500	9.06	2.28	7,500	9.06	2.28
4.20	310,000	9.87	4.20	160,000	9.87	4.20
Total	545,000	9.12	$3.09	375,000	8.94	$2.75