Transition report pursuant to Rule 13a-10 or 15d-10

STOCK OPTIONS (Tables)

v3.5.0.1
STOCK OPTIONS (Tables)
3 Months Ended
Mar. 31, 2016
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 March 31, 2016 were valued using the Black-Scholes option pricing model with the following key assumptions:
 
Grant date
 
Expected life
in years
 
Risk
free rate
 
Dividend
rate
 
Forfeiture
rate
 
Expected
volatility
 
Grant date
fair value
 
February 17, 2015
 
 
5
 
 
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:
 
 
 
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
 
Outstanding March 31, 2015
 
 
4,082,988
 
 
0.22
 
Issued
 
 
3,145,000
 
 
1.05
 
Cancelled
 
 
(267,379)
 
 
0.22
 
Outstanding, December 31, 2015
 
 
6,960,609
 
 
0.59
 
Cancelled
 
 
(355,729)
 
 
0.97
 
Outstanding, March 31, 2016
 
 
6,604,880
 
 
0.57
 
Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block]
The following is a summary of stock options outstanding and exercisable as of March 31, 2016:
 
Exercise Price ($)
 
Number of Options
 
Expiry Date
 
Number of
Exercisable Options
 
 
0.165
 
 
437,236
 
April 1, 2021
 
 
291,492
 
 
0.23
 
 
99,610
 
June 20, 2021
 
 
67,107
 
 
0.23
 
 
2,972,592
 
July 1, 2021
 
 
2,972,592
 
 
0.23
 
 
225,442
 
February 17, 2022
 
 
157,285
 
 
1.22
 
 
400,000
 
November 24, 2022
 
 
-
 
 
1.00
 
 
2,470,000
 
December 14, 2022
 
 
-
 
 
 
 
 
6,604,880
 
 
 
 
3,488,476