Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2016

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The weighted average estimated values of employee stock option grants, as well as the weighted average assumptions that were used in calculating such values during the three months ended March 31, 2016, were based on estimates at the date of grant as follows:

	January 1, 2016 Grant			February 10, 2016 Grant
Risk-free interest rate		1.76	%		1.15	%
Weighted average expected term		5 years			5 years
Expected volatility		134.18	%		132.97	%
Expected dividend yield		0.00	%		0.00

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

A summary of stock option activity during the three months ended March 31, 2016 under our stock option agreements is as follows:

					Weighted-
			Weighted-		Average
	Shares		Average		Remaining		Aggregate
	Under		Exercise		Contractual		Intrinsic
	Option		Price		Life		Value
Outstanding at January 1, 2016		768,000	$	0.75		9 years	$	115,200
Granted		460,000		0.93
Exercised		-
Forfeited and expired		-

Outstanding at March 31, 2016		1,228,000	$	0.82		9 years	$	115,200

Exercisable at March 31, 2016		590,500	$	0.77		9 years	$	79,200