Annual report pursuant to Section 13 and 15(d)

STOCK OPTIONS (Tables)

v3.3.1.900
STOCK OPTIONS (Tables)
12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
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
 
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
 
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