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10. Stock Options
 9 Months Ended
Sep. 30, 2016
Notes  
10. Stock Options

10.  Stock Options

 

On December 30, 2015, 1,500,000 options were granted to management, 750,000 options vested immediately and the remaining 750,000 will vest on December 30, 2016. The options expire 5 years after their corresponding vesting date. Each option allows the holder to purchase one share of the Company’s stock at $0.10 prior to expiration. Compensation cost of $110,208 is associated with the options. Of this, $55,104 was recorded as a general and administrative expense in 2015 and $41,328 has been recognized in the first nine months of 2016. The remaining unrecognized compensation cost of $13,776 is expected to be recognized in the fourth quarter of 2016.

 

On April 30, 2014, 2,250,000 options were issued to management, 750,000 options vested immediately and the remaining 1,500,000 vested at a rate of 750,000 each year on the anniversary for 2 additional years, and they expire 3 years after vesting date. Each option allows the holder to purchase one share of the Company’s stock at $0.10 prior to expiration. Compensation costs of $173,844 are associated with these options.  Of this, $159,357 was recorded as a general and administrative expense in 2014 and 2015.  The remaining $14,487 has been recognized in the first nine months of 2016

 

 

 

 

 

Number of Options

 

Exercise Prices

 

Weighted Average Remaining Term (years)

Balance December 31, 2014

 

4,500,000

 

0.10-0.15

 

 

Cancelled

 

(250,000)

 

0.15

 

 

Issued

 

1,500,000

 

0.10

 

 

Balance December 31, 2015 and September 30, 2016

 

5,750,000

 

0.10-0.15

 

2.85

Exercisable at September 30, 2016

 

5,000,000

 

0.10-0.15

 

2.49

 

 

Outstanding options had no intrinsic value at September 30, 2016.