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8. STOCKHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2016

Options [Member]

Summary of stock options outstanding

		March 31, 2016 (Unaudited)								December 31, 2015
		Number of Options				Weighted Average Exercise Price				Number of Options				Weighted Average Exercise Price
Outstanding, beginning of period			100,000			$	0.96				60,000			$	1.42
Granted			100,000				0.55				40,000				0.27
Exercised			-				-				-				-
Outstanding, end of period			200,000			$	0.76				100,000			$	0.96

Options outstanding and exercisable by price range

Outstanding Options								Average Weighted				Exercisable Options
Range				Number				Remaining Contractual Life in Years				Number				Weighted Average Exercise Price

$	2.10				40,000				3.76				40,000			$	2.10
$	0.05				20,000				4.77				20,000			$	0.05
$	0.27				40,000				8.77				40,000			$	0.27
$	0.55				100,000				9.85				100,000			$	0.55
					200,000								200,000

Warrant [Member]

Summary of stock warrants outstanding

		March 31, 2016 (Unaudited)								December 31, 2015
		Number of Warrants				Weighted Average Exercise Price				Number of Warrants				Weighted Average Exercise Price
Outstanding, beginning of period			35,676,413			$	0.30				28,051,408			$	0.23
Granted			350,000				0.51				7,625,005				0.58
Outstanding, end of period			36,026,413			$	0.31				35,676,413			$	0.30

Warrants outstanding and exercisable by price range

Outstanding Warrants												Exercisable Warrants
Range				Number				Average Weighted Remaining Contractual Life in Years				Number				Weighted Average Exercise Price
$	0.01				1,575,000				1.28				1,575,000			$	0.01
$	0.05				975,000				1.37				975,000			$	0.05
$	0.15				7,750,000				1.55				7,750,000			$	0.15
$	0.26				100,000				2.24				100,000			$	0.26
$	0.29				10,125,613				4.56				10,125,613			$	0.29
$	0.30				11,925,800				2.50				11,825,800			$	0.30
$	0.33				75,000				2.50				75,000			$	0.33
$	0.50				325,000				4.32				325,000			$	0.50
$	0.55				100,000				4.83				100,000			$	0.55
$	0.62				75,000				2.30				75,000			$	0.62
$	1.00				3,000,000				4.09				3,000,000			$	1.00
					36,026,413								35,926,413

Unvested warrants outstanding

Unvested Warrants

Weighted

Average

Exercise Price

Number

Average

Weighted

Remaining

Contractual

Life in Years

$

0.30

100,000

5.00

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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