10. STOCK OPTIONS (Tables)

3 Months Ended

Mar. 31, 2015

Stock Options Tables

Stock option activity

	Number of shares			Exercise price per share		Weighted average exercise price
Balance, December 31, 2013		1,164,000		$	1.21 – 2.45	$	1.73
Granted		227,000		$	1.00 – 1.21	$	1.01
Cancelled or expired		(265,000	)	$	1.00 – 2.25	$	1.91
Balance, December 31, 2014		1,126,000		$	1.00 – 2.45	$	1.54
Granted		159,000		$	1.05	$	1.05
Cancelled or expired		(59,000	)	$	1.00 - 2.22	$	1.55
Balance, March 31, 2015		1,226,000		$	1.00 – 2.45	$	1.48
Exercisable, March 31, 2015		1,014,000		$	1.00 – 2.45	$	1.54

Fair value of each option grant

	2015			2014
Expected life – years		3.0			3.0
Interest rate		1.07	%		0.78	%
Volatility		61	%		58	%
Dividend yield		--	%		--	%
Weighted average fair value of options granted	$	0.49		$	0.36