STOCK OPTIONS

In accordance with ASC 718, the Company had no stock option expense for the three months ended March 31, 2016 and March 31, 2015 . The Company uses the Black-Scholes option-pricing model to measure the fair value of stock options granted to employees. The Company did not not issue any stock options for the three months ended March 31, 2016 or for the three months ended March 31, 2015.

The following table summarized options outstanding at March 31, 2016



	Number of Shares		Weighted Average Exercise Price
Balance, December 31, 2015	190,933		$	1.77
Granted	—		—
Forfeited	(5,000	)	1.77
Exercised	—		—

Outstanding options at March 31, 2016	185,933		$	1.77

Outstanding exercisable options at March 31, 2016	185,933		$	1.77

The intrinsic value of outstanding and exercisable options at March 31, 2016 was approximately $127,000.