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STOCK-BASED COMPENSATION PLANS (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2016:

			2016
Weighted average expected term			6.25 years
Weighted average volatility			122.61	%
Weighted average risk-free interest rate			1.54	%
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 six months ended June 30, 2016, is presented below:

		Shares  Under  Option			Weighted  Average  Exercise  Price			Weighted  Average  Remaining  Contractual  Life			Aggregate  Intrinsic  Value
Outstanding at January 1, 2016			1,685,250		$	0.46
Granted			754,000		$	0.27
Exercised			-
Forfeited			(1,000)		$	0.43
Outstanding at June 30, 2016			2,438,250		$	0.41			7.37 years		$	-
Exercisable at June 30, 2016			1,469,599		$	0.47			6.37 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 six months ended June 30, 2016, is presented below:

		Non-vested Shares Under Option			Weighted Average Grant Date Fair Value
Non-vested at January 1, 2016			672,155		$	0.31
Granted			754,000		$	0.27
Vested			(456,504)		$	0.27
Forfeited			(1,000)		$	0.43
Non-vested at June 30, 2016			968,651		$	0.30

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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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