NOTE 19 - EMPLOYEE OPTIONS (Tables)

9 Months Ended

Sep. 30, 2016

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

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

For the quarter ending September 30, 2016, the Company estimated the fair value of the stock options based on the following weighted average assumptions:

Risk-free interest rate		1.58	%
Expected life	10 years
Expected volatility		119	%
Dividend yield		0.0	%

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

The summary activity for the nine months ended September 30, 2016 under the Plan, as amended is as follows:

	September 30, 2016
	Shares			Weighted Average Exercise Price			Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life
Outstanding at beginning of period		242,100		$	4.99		$	-
Granted		60,000		$	1.68		$	-
Exercised		–		$	0.00		$	-
Shares Repriced		–		$	(3.34	)
Forfeited/ Cancelled		(31,267	)	$	3.11		$	-
Outstanding at period end		270,833		$	2.12		$	-		6.47
Options vested and exercisable at period end		181,065		$	2.22		$	-		5.16
Weighted average grant-date fair value of options granted during the period				$	1.63

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]

The following table summarizes significant ranges of outstanding and exercisable options as of September 30, 2016:

		Options Outstanding						Options Exercisable
Range of Exercise Prices		Options Outstanding		Weighted Average Remaining Contractual Life (in years)		Weighted Average Exercise Price		Number Outstanding		Weighted Average Exercise Price
$	1.65 – $ 2.22		270.833		6.47	$	2.12		181,065	$	2.22

Schedule of Nonvested Share Activity [Table Text Block]

A summary of the status of the Company’s non-vested option shares as of September 30, 2016 is as follows:

Non-vested Shares	Shares			Weighted Average Grant-Date Fair Value
Non-vested at January 1, 2016		66.969		$	6.34
Granted		60,000		$	1.68
Forfeited		(21,267	)	$	2.16
Vested		(15,934	)	$	12.26
Non-vested at September 30, 2016		89,768		$	1.92