8. STOCK OPTIONS

12 Months Ended

Dec. 31, 2017

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

STOCK OPTIONS

The shareholders approved, by a majority vote, the adoption of the 1998 Stock Incentive Plan (the “Plan”). As amended on August 11, 2003, the Plan reserves 20,000,000 shares of common stock for issuance upon the exercise of options which may be granted from time-to-time to officers, directors, certain employees and consultants of the Company or its subsidiaries by the Board of Directors. The Plan permits the award of both qualified and non-qualified incentive stock options.

During the year ended December 31, 2015, the Company issued 100,000 options to an investor who simultaneously purchased common shares of the Company, 2,800,000 options to officers and directors for services, and 500,000 options to a director in connection with a loan made to the Company.

A summary of the Company’s stock option awards as of December 31, 2017, and changes during the two years then ended is as follows:

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contract Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2015		2,800,000		0.05		2.09	$	–
Granted		–	$	–
Exercised		–	$	–
Forfeited or expired		–	$	–
Outstanding at December 31, 2016		2,800,000		0.05		1.08	$	–
Granted		–	$	–
Exercised		–	$	–
Forfeited or expired		–	$	–
Outstanding and exercisable at December 31, 2017		2,800,000	$	0.05		.08	$	–

The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based on our closing stock price of $0.0040 as of December 31, 2017, which would have been received by the holders of in-the-money options had the option holders exercised their options as of that date.