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Stock Option Plans (Tables)

9 Months Ended

Sep. 30, 2015

Stock option plans

A summary of stock option activity for the nine months ended September 30, 2015 is as follows:

					Weighted
			Number of		Average
		Shares			Exercise Price
Outstanding at December 31, 2014			720,551		$	4.46
Granted			254,000		$	5.45
Exercised			(15,833)		$	2.60
Expired or Forfeited			(34,167)		$	3.38
Outstanding at September 30, 2015			924,551		$	4.81

Summary of assumptions used to compute the fair value of stock options granted

The following summary table shows the assumptions used to compute the fair value of warrants granted during the nine month period ended September 30, 2015 for investor relations services and their estimated value:

·	Expected term in years		2.8 to 3.0 years
·	Volatility		122.8 to 122.9%
·	Risk-free interest rate		0.90 to 0.99%
·	Expected annual dividends		None
·	Fair value of warrants issued		$260,373

Equity Option [Member]

Summary of assumptions used to compute the fair value of stock options granted

The following summary table shows the assumptions used to compute the fair value of options granted during the nine month period ended September 30, 2015 and their estimated value:

·	Expected term in years		6.0 years
·	Volatility		111.1% to 113.5%
·	Risk-free interest rate		1.74% to 1.84%
·	Expected annual dividends		None
·	Fair value of options issued		$1,159,754

X

- Definition

Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 718



-SubTopic 10



-Section 50



-Paragraph 2



-Subparagraph (c)(1)



-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

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X

- Definition

Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 718



-SubTopic 10



-Section 50



-Paragraph 2



-Subparagraph (f)(2)



-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

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