STOCK OPTIONS (Tables)
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12 Months Ended |
Dec. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] |
These options granted and revalued during the year ended December 31, 2015 were valued using the Black-Scholes option pricing model with the following key assumptions: | | Expected life | | Risk | | | Dividend | | | Forfeiture | | | Expected | | Grant date | | Grant date | | in years | | free rate | | | rate | | | rate | | | volatility | | fair value | | February 17, 2015 | | | 5.00 | | | 1.59 | % | | | 0 | % | | | 0 | % | | | 114 | % | $ | 136,613 | | July 1, 2014 | | | 4.35 | | | 1.59 | % | | | 0 | % | | | 0 | % | | | 114 | % | $ | 1,259,487 | | June 20, 2014 | | | 6.32 | | | 1.59 | % | | | 0 | % | | | 0 | % | | | 114 | % | $ | 118,957 | | April 11, 2014 | | | 4.14 | | | 1.59 | % | | | 0 | % | | | 0 | % | | | 114 | % | $ | 230,930 | | November 24, 2015 | | | 7 | | | 1.59 | % | | | 0 | % | | | 0 | % | | | 114 | % | $ | 694,384 | | December 14, 2015 | | | 7 | | | 1.59 | % | | | 0 | % | | | 0 | % | | | 114 | % | $ | 1,260,437 | |
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Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] |
A summary of the Company’s outstanding options is as follows
| | | | Weighted-Average | | | | Number of Options | | Exercise Price ($) | | Outstanding, December 31, 2013 | | 1,310,665 | | | 0.19 | | Exercised | | (1,310,665) | | | 0.19 | | Issued | | 3,894,252 | | | 0.22 | | Cancelled | | (125,824) | | | 0.17 | | Outstanding, December 31, 2014 | | 3,768,428 | | | 0.22 | | Cancelled as a result of Merger | | (3,768,428) | | | 0.22 | | Re-issued as part of Merger | | 3,768,428 | | | 0.22 | | Issued | | 3,459,560 | | | 0.97 | | Cancelled | | (267,379) | | | 0.22 | | Outstanding, December 31, 2015 | | 6,960,609 | | | 0.59 | |
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Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block] |
The following is a summary of stock options outstanding and exercisable as of December 31, 2015:
| | | | | | Number of | | Exercise Price ($) | | Number of Options | | Expiry Date | | Exercisable Options | | 0.165 | | | 500,150 | | April 1, 2021 | | | 354,404 | | 0.23 | | | 106,950 | | June 20, 2021 | | | 71,300 | | 0.23 | | | 2,972,592 | | July 1, 2021 | | | 2,972,592 | | 0.23 | | | 235,917 | | February 17, 2022 | | | 78,643 | | 1.22 | | | 650,000 | | November 24, 2022 | | | - | | 1.00 | | | 2,495,000 | | December 14, 2022 | | | - | | | | | 6,960,609 | | | | | 3,476,939 | |
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