Quarterly report pursuant to Section 13 or 15(d)

NOTE 7 - STOCK OPTIONS

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NOTE 7 - STOCK OPTIONS
 3 Months Ended
Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
NOTE 7 - STOCK OPTIONS

NOTE 7 – STOCK OPTIONS

During the three months ended March 31, 2017, no stock options or warrants were exercised. 

During the three months ended March 31, 2016, the Company issued 40,000 warrants and recorded a warrant expense of $5,154 equal to the estimated fair value of the warrants at the date of grants. The fair market value was calculated using the Black-Scholes options pricing model, assuming approximately 1.24% risk-free interest, 0% dividend yield, 298% volatility, and expected life of 3 years. There were no stock options issued during the three months ended March 31, 2016.

Stock options outstanding and exercisable as of March 31, 2017 are as follows:
 
         
Exercise Price per Share   Shares Under Option   Remaining Life in Years
  Outstanding                  
$ 0.08       450,000       1.75  
$ 0.025       200,000       0.75  
$ 0.025       500,000       0.72  
$ 0.01       4,500,000       0.42  
$ 0.13       600,000       3.25  
$ 0.15       1,000,000       2.14  
$ 0.25       1,000,000       2.14  
$ 0.35       1,000,000       2.14  
          9,250,000          
  Exercisable                  
$ 0.08       450,000       1.75  
$ 0.025       200,000       0.75  
$ 0.025       500,000       0.72  
$ 0.01       4,500,000       0.42  
$ 0.13       600,000       3.25  
$ 0.15       1,000,000       2.14  
$ 0.25       1,000,000       2.14  
          8,250,000