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10. Stock Options
 6 Months Ended
Jun. 30, 2017
Notes  
10. Stock Options

10.          Stock Options

 

In the fourth quarter of 2016, the Company granted 2,750,000 options to management, directors, consultants, and employees of the Company. Of these options 1,225,000 vested in the fourth quarter of 2016 and the remaining 1,525,000 vest in 2017. The options had a fair value of $268,032 which is being recognized ratable over the vesting period. Compensation costs of $151,143 was recognized as a general and administrative expense in the fourth quarter of 2016 and $33,504 was recognized in each of the first two quarters of 2017. The remaining unrecognized compensation cost of $49,881 is expected to be recognized in the remainder of 2017.

 

 

In the second quarter of 2017, the Company granted 400,000 options to consultants and employees of the Company. These options vest in the second quarter of 2018. The options had a fair value of $36,777 which is being recognized ratable over the vesting period. Compensation cost of $6,129 was recognized as a production cost in the second quarter of 2017 and the remaining unrecognized compensation cost of $30,648 is expected to be recognized in the remainder of 2017 and the first half of 2018.

 

 

 

 

Number of Options

 

Exercise Prices

Balance January 1, 2016

 

5,750,000

$

0.10-0.15

   Exercised

 

(500,000)

 

0.10

Issued

 

2,750,000

 

0.15

Expired

 

(500,000)

 

0.11

Balance December 31, 2016

 

7,500,000

$

0.10-0.15

Expired

 

(500,000)

 

0.10

Issued

 

400,000

 

0.15

Balance June 30, 2017

 

7,400,000

$

0.10-0.15

 

 

 

 

 

Exercisable at June 30, 2017

 

5,475,000

$

0.10-0.15

 

 

At June 30, 2017, the stock options have an intrinsic value of approximately $82,500 and have a weighted average remaining term of 2.7 years.