Stock Options

3 Months Ended

Mar. 31, 2016

Stock Options

Stock Options

NOTE 8 – STOCK OPTIONS

There were no options granted during the three months ended March 31, 2016 and 2015, respectively. As of March 31, 2016, 1,540,000 options are fully vested.

A summary of stock option activity for the three months ended March 31, 2016 is as follows:

	Outstanding			Weighted-Average		Aggregate
	Stock Options			Exercise Price		Intrinsic Value (1)
Balance as of December 31, 2015		1,628,000		$	1.30	$	-
Expired		(88,000	)		0.74		-
Balance as of March 31, 2016		1,540,000		$	1.09	$	-
Equity awards available for grant, net of restricted stock (811,576) at March 31, 2016		7,648,424

(1) Amounts represent the difference between the exercise price and the fair value of common stock at period end for all in the money options outstanding based on the fair value per share of common stock.