Quarterly report pursuant to Section 13 or 15(d)

7. STOCK OPTION PLAN AND STOCK-BASED COMPENSATION (Tables)

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7. STOCK OPTION PLAN AND STOCK-BASED COMPENSATION (Tables)
9 Months Ended
Sep. 30, 2016
Stock Option Plan And Stock-based Compensation Tables  
Assumptions for fair value of stock options
  2016   2015  
Risk-free interest rate     1.1 %     1.3% - 1.9 %
Expected dividend yield     0 %     0 %
Volatility factor     213 %     79 – 91 %
Expected life of option 5 years   4.60 to 10 years  
Activity under Stock Plans
    Shares     Exercise Price per Share    

Weighted Average

Exercise Price per Share

 
Outstanding as of December 31, 2015     6,289,000     $ 0.10-1.21     $ 0.37  
      Granted     6,000,000     $ 0.20-0.60     $ 0.40  
      Exercised     -       -       -  
      Options forfeited/cancelled     -       -       -  
Outstanding as of September 30, 2016     12,289,000     $ 0.10-1.21     $ 0.39  
Information about stock options vested or expected to vest
Vested or Expected to Vest   Exercisable Options  
        Weighted   Weighted           Weighted   Weighted      
        Average   Average           Average   Average      
        Exercise   Remaining   Aggregate   Number   Exercise   Remaining   Aggregate  
Exercise   Number of   Price Per   Contractual   Intrinsic   of   Price   Contractual   Intrinsic  
Price   Options   Share   Life (Years)   Value   Options   Per Share   Life (Years)   Value  
  $ 0.10       1,795,000     $ 0.10       1.00     $ -       1,795,000     $ 0.10       1.00     $ -  
    0.18       934,000       0.18       6.75       -       934,000       0.18       6.75       -  
    0.20       2,150,000       0.20       5.24       -       2,150,000       0.20       5.24       -  
    0.37       58,000       0.37       5.93       -       58,000       0.37       5.93       -  
    0.40       2,000,000       0.40       4.92       122,798       -       0.40       4.92       -  
    0.42       63,000       0.42       4.26       -       63,000       0.42       4.26       -  
    0.50       2,810,000       0.50       1.35       -       2,810,000       0.50       1.35       -  
    0.60       2,000,000       0.60       4.92       121,836       -       040       4.92       -  
    0.69       100,000       0.69       7.63       -       100,000       0.69       7.63       -  
    1.21       379,000       1.21       7.57       -       379,000       1.21       7.57       -  
  $ 0.10-1.21       12,289,000     $ 0.39       4.34     $ 244,634       8,289,000     $ 0.33       4.03     $ -