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11. Stock Options
 9 Months Ended
Sep. 30, 2018
Notes  
11. Stock Options

11.          Stock Options

 

In 2017, the Company granted a total of 662,500 options to consultants and employees of the Company. These options vest in 2018. The options had a fair value of $66,539 which is being recognized ratably over the vesting period. Compensation cost of $34,580 was recognized in the first nine months of 2018. The remaining unrecognized compensation cost of $7,440 is expected to be recognized in the remainder of 2018.

 

Stock based compensation costs are included in management, production, exploration, and general and administrative expenses where applicable.

 

 

 

 

Number of Options

 

Exercise Prices

Balance December 31, 2016

 

7,500,000

 

0.10-0.15

Expired

 

(500,000)

 

0.10

Issued

 

662,500

 

0.15-0.18

Balance December 31, 2017

 

7,662,500

 

0.10-0.18

Expired

 

(500,000)

 

0.10

Exercised

 

(108,000)

 

0.15

Balance September 30, 2018

 

7,054,500

 

0.10-0.18

Exercisable at September 30, 2018

 

6,792,000

$

0.10-0.15

 

 

At September 30, 2018, outstanding stock options have a weighted average remaining term of one and one half years and an intrinsic value of approximately $160,000. During the nine months ended September 30, 2018, stock options for 108,000 shares of common stock with an exercise rate of $0.15 were exercised for total proceeds of $16,200. The intrinsic value of the options on the date of exercise was $1,340.