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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation

Stock-Based Compensation

The Company has granted options/warrants to consultants. GAAP requires that all stock-based compensation be recognized as an expense in the financial statements and that such costs be measured at the fair value of the award. These awards generally vest ratably over 12 to 60 months from the date of grant and the Company charges to operations quarterly the current market value of the options using the Black-Scholes method. During the six months ended June 30, 2016 there were no charges related to options granted to consultants. During the six months ended June 30, 2015 a charge of $10,007 was recorded to operations reflecting the fair value of the options using the Black-Scholes method with the following weighted average assumptions:

2015
Risk free interest rate 1.7%
Option Life 8.9 years
Volatility 65%

The Company did not grant any stock options to employees and directors during the three and six months ended June 30, 2016 and 2015.

In connection with the restricted stock grants to employees and directors, the Company charged $57,967 to operations during the three months ended June 30, 2015 and $115,923 was charged to operations during the six months ended June 30, 2015. During the six months ended June 30, 2016 there were no charges related to options granted to employees and directors.