STOCK OPTIONS	9 Months Ended
Sep. 30, 2016
STOCK OPTIONS
STOCK OPTIONS	9. STOCK OPTIONS On September 9, 2016, the Compensation and Benefits Committee approved grants of incentive stock options to the Company’s employees under the First Amended 2008 Stock Option Plan with exercise prices at fair market value ($2.75 per share), a ten-year term, and one-year vesting period, except to the extent that such vesting period would violate the First Amended 2008 Stock Option Plan. In total, once vested, the stock options will be exercisable into 500,400 shares of Common Stock. The value of an option for the purchase of one underlying common share is valued at $2.03, using the Black Scholes Option Pricing Model using a risk-free rate of 1.61% and a volatility factor of 67.6%.

STOCK OPTIONS

9 Months Ended

Sep. 30, 2016

9. STOCK OPTIONS

On September 9, 2016, the Compensation and Benefits Committee approved grants of incentive stock options to the Company’s employees under the First Amended 2008 Stock Option Plan with exercise prices at fair market value ($2.75 per share), a ten-year term, and one-year vesting period, except to the extent that such vesting period would violate the First Amended 2008 Stock Option Plan. In total, once vested, the stock options will be exercisable into 500,400 shares of Common Stock. The value of an option for the purchase of one underlying common share is valued at $2.03, using the Black Scholes Option Pricing Model using a risk-free rate of 1.61% and a volatility factor of 67.6%.