STOCK BASED COMPENSATION

3 Months Ended

12 Months Ended

Mar. 31, 2016

Dec. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

STOCK BASED COMPENSATION

NOTE 7 – STOCK BASED COMPENSATION

The Company uses the Black-Scholes option pricing model to calculate the grant-date fair value of an award, with the following assumptions for 2016: no dividend yield, expected volatility, based on the Company’s historical volatility, 74% to 78%, risk-free interest rate 1.39 to 1.80% and expected option life of 5 to 5.4 years.

As of March 31, 2016, there was $262,726 of unrecognized compensation expense related to non-vested market-based share awards that is expected to be recognized through August 2018.

The following tables summarize all stock option and warrant activity of the Company during the three months ended March 31, 2016:

	Non-Qualified Stock Options and Warrants Outstanding and Exercisable
						Weighted
						Average
	Number of			Exercise		Exercise
	Shares			Price		Price
Outstanding, December 31, 2015		18,528,367		$	0.63 - $1.69	$	0.92
Granted		525,000		$	0.60 - $0.86	$	0.70
Expired		(35,000	)	$	1.00	$	1.00
Forfeited
Exercised
Outstanding, March 31, 2016		19,018,367		$	0.60 - $1.69	$	0.91
Exercisable, March 31, 2016		18,271,486		$	0.60 - $1.69	$	0.92

The aggregate intrinsic value of options and warrants outstanding and exercisable as of March 31, 2016 was $125. The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and warrants and the closing stock price of $.6025 for our common stock on March 31, 2016. No options or warrants were exercised during the three month period ending March 31, 2016.

Non-Qualified Stock Options and Warrants Outstanding
	Number Outstanding	Weighted Average	Weighted Average
Range of	Currently Exercisable	Remaining	Exercise Price of Options and
Exercise Prices	at March 31, 2016	Contractual Life	Warrants Currently Exercisable
$0.60 - $1.69	18,271,486	4.73 Years	$0.92

NOTE 8 – STOCK BASED COMPENSATION

The Company uses the Black-Scholes option pricing model to calculate the grant-date fair value of an award, with the following assumptions for 2015 and 2014: no dividend yield in both years, expected volatility, based on the Company’s historical volatility, 75% to 79% in 2015 and between 70.25% to 109% in 2014, risk-free interest rate between 1.44% to 1.70% in 2015 and between 0.58% to 2.08% in 2014 and expected option life of 5 to 5.75 years in 2015 and 2.13 to 7.25 years in 2014.

As of December 31, 2015, there was $209,618 of unrecognized compensation expense related to non-vested market-based share awards that is expected to be recognized through August 2018.

The following tables summarize all stock option and warrant activity of the Company during the year ended December 31, 2015 and 2014:

	Non-Qualified Stock Options and Warrants  Outstanding and Exercisable
					Weighted
					Average
	Number of			Exercise	Exercise
	Shares			Price	Price
Outstanding, December 31, 2013		7,146,000		$0.25 - $1.75	$	1.16
Granted		5,257,600		$0.72 - $1.25	$	1.07
Expired		(10,000	)	$1.25	$	1.25
Forfeited		(125,000	)	$0.92 - $1.03	$	0.93
Exercised		(449,000	)	$0.25 - $0.345	$	0.34
Outstanding, December 31, 2014		11,819,600		$0.25 - $1.75	$	1.15
Granted		9,746,267		$0.67 - $1.02	$	0.81
Expired		(2,837,500	)	$1.00 - $1.75	$	1.52
Forfeited		(200,000	)	$0.92 - $1.16	$	1.01
Exercised		—
Outstanding, December 31, 2015		18,528,367		$0.63 - $1.69	$	0.92
Exercisable, December 31, 2015		18,006,488		$0.63 - $1.69	$	0.92

The aggregate intrinsic value of options and warrants outstanding and exercisable as of December 31, 2015 was $0. The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and warrants and the closing stock price of $.585 for our common stock on December 31, 2015. The total intrinsic value of options and warrants exercised during the year ended December 31, 2014 was $232,139. No options or warrants were exercised during 2015.

Non-Qualified Stock Options and Warrants Outstanding
	Number Outstanding	Weighted Average	Weighted Average
Range of	Currently Exercisable	Remaining	Exercise Price of Options and
Exercise Prices	at December 31, 2015	Contractual Life	Warrants Currently Exercisable
$0.63 - $1.69	18,006,488	4.86 Years	$0.92