NOTE 6 - STOCK OPTIONS
|6 Months Ended|
Jun. 30, 2016
|Note 6 - Stock Options|
|NOTE 6 - STOCK OPTIONS||
NOTE 6 STOCK OPTIONS
During the six months ended June 30, 2016 no stock options were issued. During the six months ended June 30, 2015, the Company issued 300,000 options to the Companys directors. The directors, each received 100,000 options for serving as board members in 2015. An additional 300,000 options were issued to the Chief Financial Officer of the Company. The stock options allow each director to purchase 100,000 shares of the Companys common stock at $0.13 per share per each individual option. The stock options to the Companys Chief Financial Officer allow for the purchase of 300,000 shares of the Companys common stock at $0.13 per share per each individual option. The options expire on June 29, 2020.
During the six months ended June 30, 2015, the Company recorded an option expense of $77,820 equal to the estimated fair value of the options at the date of grants. The fair market value was calculated using the Black-Scholes options pricing model, assuming approximately 1.63% risk-free interest, 0% dividend yield, 175% volatility, and expected life of 5 years. No stock options were exercised during the six months ended June 30, 2015.
During the six months ended June 30, 2016 and June 30, 2015, no stock options or warrants were exercised.
Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.
Reference 1: http://www.xbrl.org/2003/role/presentationRef