Quarterly report pursuant to Section 13 or 15(d)

STOCK OPTIONS (Tables)

v2.4.1.9
STOCK OPTIONS (Tables)
3 Months Ended
Mar. 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 period ended March 31, 2015 were valued using the Black-Scholes option pricing model with the following key assumptions:
 
 
 
February 17,
2015
 
 
July 1,
2014
 
 
June 20,
2014
 
 
April 11,
2014
 
Expected life in years
 
 
5
 
 
 
4.35
 
 
 
6.32
 
 
 
4.14
 
Risk free rate
 
 
1.59
%
 
 
1.59
%
 
 
1.59
%
 
 
1.59
%
Dividend yield
 
 
0
%
 
 
0
%
 
 
0
%
 
 
0
%
Forfeiture rate
 
 
0
%
 
 
0
%
 
 
0
%
 
 
0
%
Expected volatility
 
 
114
%
 
 
114
%
 
 
114
%
 
 
114
%
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of the Company’s outstanding options is as follows:
 
 
 
Number of Options
 
Weighted-Average 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 Acquisition Transaction
 
 
(3,768,428)
 
 
0.22
 
Re-issued as part of Acquisition Transaction
 
 
3,768,428
 
 
0.22
 
Issued
 
 
314,560
 
 
0.23
 
Outstanding, March 31, 2015
 
 
4,082,988
 
 
0.22
 
Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block]
The following is a summary of stock options outstanding as of March 31, 2015:
 
Exercise Price ($)
 
Number of Options
 
Expiry Date
 
Number of Exercisable
Options
 
0.165
 
531,606
 
April 11, 2021
 
177,202
 
0.23
 
264,230
 
June 20, 2021
 
88,077
 
0.23
 
2,972,592
 
July 1, 2021
 
-
 
0.23
 
314,560
 
February 17, 2012
 
104,853
 
 
 
4,082,988
 
 
 
370,132