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STOCK-BASED COMPENSATION PLANS (Tables)

3 Months Ended

Mar. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Fair Value of Stock Options Grants

The Company used the Black Scholes option pricing model to determine the fair value of stock option grants, using the following assumptions during the three months ended March 31, 2016:

			2016
Weighted average expected term			6.23 years
Weighted average volatility			121.85 %
Weighted average risk-free interest rate			1.67 %
Dividend yield			0%

Summary of Stock Option Activity Under the Option Plan

A summary of stock option activity under all equity compensation plans for the three months ended March 31, 2016, is presented below:

								Weighted
					Weighted			Average
		Shares			Average			Remaining		Aggregate
		Under			Exercise			Contractual		Intrinsic
		Option			Price			Life		Value
Outstanding at January 1, 2016			1,685,250		$	0.46
Granted			484,000		$	0.25
Exercised			-
Forfeited			(1,000)		$	0.43
Outstanding at March 31, 2016			2,168,250		$	0.41		7.31 years		$	-
Exercisable at March 31, 2016			1,391,204		$	0.47		6.66 years		$	-

Summary of Status of the Company's Non-Vested Shares Under Option

A summary of status of the Company’s non-vested share awards as of and for the nine months ended March 31, 2016, is presented below:

		Nonvested Shares			Weighted Average
		Under Option			Grant Date Fair Value
Non-vested at January 1, 2016			672,155		$	0.31
Granted			484,000		$	0.25
Vested			(378,109)		$	0.23
Forfeited			(1,000)		$	0.43
Non-vested at March 31, 2016			777,046		$	0.31

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Tabular disclosure of the changes in outstanding nonvested shares.

+ 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)(2)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

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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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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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