STOCK OPTIONS

In accordance with ASC 718, the Company had no stock option expense for the three and nine months ended September 30, 2016 and September 30, 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 nine months ended September 30, 2016 or the nine months ended September 30, 2015.

The following table summarized options outstanding at September 30, 2016



	Number of Shares		Weighted Average Exercise Price
Balance, December 31, 2015	190,933		$	1.77
Granted	—		—
Forfeited	(60,000	)	(2.21		)
Exercised	(40,000	)	(1.21		)

Outstanding options at September 30, 2016	90,933		$	1.72

Outstanding exercisable options at September 30, 2016	90,933		$	1.72

The intrinsic value of outstanding and exercisable options at September 30, 2016 was approximately $67,000.