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11. STOCK OPTIONS AND WARRANTS
 3 Months Ended
Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK OPTIONS AND WARRANTS

Stock Options

 

There were no stock options issued during the three months ended March 31, 2017.

 

During the three months ended March 31, 2017, the Company recorded stock option based compensation of $39,111 related to prior grants As of March 31, 2017 there is $152,870 of unrecognized stock option based compensation expense that will be recognized over the next three years.

 

Warrants

 

There was no warrant activity during the three months ended March 31, 2017. However, pursuant to a private placement, the Company is obligated to issue 10,000 warrants as an offering cost to a third party, each with a 5 year term and a strike price of $0.15 per share, at the close of the private placement offering.  There will be no accounting effect for the issuance of these warrants as their fair value will be charged to additional paid-in-capital as an offering cost and offset by a credit to additional paid-in-capital for their fair value when issuing these warrants.