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10. STOCK OPTIONS AND WARRANTS
 9 Months Ended
Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
10. STOCK OPTIONS AND WARRANTS

Stock Options

 

On April 7, 2015, the Company issued a total of 150,000 stock options to two of its non executive employees.  These stock options will vest over four years and were valued using the Black-Scholes option pricing model.  The options are exercisable at a price of $0.13 per share for a period of 10 years from the date of grant, with a combined total valuation of $18,483.  The assumptions used in the valuation of these options include volatility of 169.62%, expected dividends of 0.0%, a discount rate of 0.66%, and expected terms, applying the simplified method, of 7 years.

 

During the nine months ended September 30, 2015, the Company recorded stock option based compensation of $12,909.

 

Warrants

 

There was no warrant activity during the nine months ended September 30, 2015.