Stock Options (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2017

Dec. 31, 2016

Stock Options Tables

Summary of stock option activity

The following table summarizes stock option activity for the nine months ended September 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 September 30, 2017		545,000			3.09	8.86 years		339,275
Exercisable at September 30, 2017		375,000			2.75	8.69 years		299,075
Available for grant at September 30, 2017		19,338,572

	Number of Options			Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value ($)
Outstanding at December 31, 2014		185,000			0.83
Grants		80,000			1.54
Forfeitures		(7,500	)		1.43
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	8.30 years	277,625
Exercisable at December 31, 2016		347,500			1.44	8.36 years	244,925
Available for grant at December 31, 2016		19,595,000

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

	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

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 September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Research and development	$	10,725	$	-	$	75,515	$	-
General and administrative		116,753		12,951		672,835		287,238
Total	$	127,478	$	12,951	$	748,350	$	287,238

Summary of stock options outstanding and exercisable

The following table summarizes information about stock options outstanding and exercisable at September 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		6.87		0.80		10,000		6.87		0.80
1.05		55,000		6.50		1.05		35,000		6.50		1.05
1.25		7,500		7.71		1.25		7,500		7.71		1.25
1.34		7,500		7.75		1.34		7,500		7.75		1.34
1.65		10,000		8.09		1.65		10,000		8.09		1.65
1.70		7,500		8.04		1.70		7,500		8.04		1.70
1.91		130,000		8.46		1.91		130,000		8.46		1.91
2.28		7,500		8.81		2.28		7,500		8.81		2.28
4.20		310,000		9.62		4.20		160,000		9.62		4.20
Total		545,000		8.86	$	3.09		375,000		8.69	$	2.75

		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
$	0.65		40,000		7.01	$	0.65		40,000		7.01	$	0.65
	0.75		40,000		6.92		0.75		40,000		6.92		0.75
	0.80		30,000		7.62		0.80		30,000		7.62		0.80
	1.05		55,000		7.25		1.05		25,000		7.25		1.05
	1.25		7,500		8.46		1.25		7,500		8.46		1.25
	1.34		7,500		8.50		1.34		7,500		8.50		1.34
	1.65		10,000		8.84		1.65		10,000		8.84		1.65
	1.70		7,500		8.79		1.70		7,500		8.79		1.70
	1.91		180,000		9.21		1.91		180,000		9.21		1.91
	2.28		7,500		9.56		2.28		-		9.56		2.28
Total			385,000		8.30	$	1.42		347,500		8.36	$	1.44