Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2016

Share-based Compensation [Abstract]

Schedule of stock option activity

A summary of all stock option activity at and for the three months ended March 31, 2016 is presented below:

	# of Options			Weighted- Average Exercise Price
Outstanding at December 31, 2015		2,200,000	(1)	$	0.40
Options granted		-			-
Options exercised		-			-
Options canceled		(98,958	)		1.75
Outstanding at March 31, 2016		2,101,042		$	0.59
Exercisable at March 31, 2016		1,094,792		$	0.52

(1) 1,200,000 options granted under 2015 Stock Incentive Plan;

Schedule of Black-Scholes assumptions in arriving at the fair value

The following weighted-average assumptions were used in the Black-Scholes valuation model for options granted during the year ended December 31, 2015:

Risk-free interest rate	0.84	%
Expected term (in years)	2.46
Dividend yield	-
Expected volatility	74	%