Stock-based compensation

9 Months Ended

Sep. 30, 2015

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

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

6.  Stock-based compensation

For the nine months ended September 30, 2015, the Company had no other activity related to stock options except that the Company extended the exercisable period of 25,000 fully vested share options held by one of its directors upon the director’s resignation. The impact on stock compensation expense resulted from this modification is immaterial. As of September 30, 2015, a summary of options outstanding under the Company’s 2014 options grant was as follows:

						Weighted-				Weighted-
Range of		Weighted-				Average				Average
Exercise		Average Remaining		Number		Exercise		Number		Exercise
Price		Contractual Life (Years)		Outstanding		Price		Exercisable		Price
$	0.17		3.21		200,000	$	0.17		200,000	$	0.17

The Company agreed to compensate two of its four directors by issuing common stock and two directors in cash for services rendered in 2015 and 2014. These two directors are affiliated with the advisory services firm that is currently providing investment banking services to the Company.   The number of shares issued to each director was determined based upon the equivalent cash compensation accrued divided by the closing price of the Company’s common stock on the date that the compensation is fully earned each quarter, which is the last day of such quarter. The Company recorded stock-based compensation of $12,500 for the three months ended September 30, 2015 for two directors, which is recorded as common stock to be issued.

On January 8, 2015, the Company issued 41,667 shares of common stock to each of two directors as compensation for the three months ended December 31, 2014. These shares, totaling 83,334, were valued at a per share price of $0.15, or a total of $12,500 (unaudited).

On April 13, 2015, the Company issued 41,667 shares of common stock to each of two directors as compensation for the three months ended March 31, 2015. These shares, totaling 83,334, were valued at a per share price of $0.15, or a total of $12,500 (unaudited).

On July 10, 2015, the Company issued 41,667 shares of common stock to each of two directors as compensation for the three months ended June 30, 2015. These shares, totaling 83,334, were valued at a per share price of $0.15, or a total of $12,500 (unaudited).

On October 12, 2015, the Company issued 41,667 shares of common stock to each of two directors as compensation for the three months ended September 30, 2015. These shares, totaling 83,334, were valued at a per share price of $0.15, or a total of $12,500 (unaudited).