Quarterly report pursuant to Section 13 or 15(d)

STOCK OPTIONS (Tables)

v3.3.1.900
STOCK OPTIONS (Tables)
9 Months Ended
Sep. 30, 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 September 30, 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
 
 
5.00
 
 
 
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 Merger
 
 
(3,768,428)
 
 
0.22
 
Re-issued as part of Merger
 
 
3,768,428
 
 
0.22
 
Issued
 
 
314,560
 
 
0.23
 
Cancelled
 
 
(157,281)
 
 
0.23
 
Outstanding, September 30, 2015
 
 
3,925,707
 
 
0.22
 
Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block]
The following is a summary of stock options outstanding and exercisable as of September 30, 2015:
 
Exercise Price ($)
 
Number of Options
 
Expiry Date
 
Number of
Exercisable Options
 
 
0.165
 
 
531,606
 
April 1, 2021
 
 
354,404
 
 
0.23
 
 
159,377
 
June 20, 2021
 
 
123,727
 
 
0.23
 
 
2,972,592
 
July 1, 2021
 
 
2,972,592
 
 
0.23
 
 
262,132
 
February 17, 2022
 
 
104,857
 
 
 
 
 
3,925,707
 
 
 
 
3,555,580