Quarterly report pursuant to Section 13 or 15(d)

Share-based Payments (Tables)

v3.5.0.2
Share-based Payments (Tables)
 9 Months Ended
Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Operations and Comprehensive Loss

The calculated fair value of the options was distributed to the following categories on the condensed consolidated statement of operations and comprehensive income:

 

    Three months ended     Nine months ended  
    September 30,     September 30,  
Expense Category   2016     2015     2016     2015  
Cost of Goods   $-     $-     $-     $-  
General & Administrative     -       -       -       -  
Sales & Marketing     22,828       -       31,069       -  
Research & Development     15,435       -       15,435       -  
    $ 38,263     $ -     $ 46,504     $ -  

Schedule of Options and Warrants Valuation Assumptions Under Black Scholes Pricing Model

The assumptions utilized in calculating the value of the issued options under Black Scholes are as follows:

 

    2016     2015  
Expected option term     5 yrs        n/a  
Expected volatility     93.08 %      n/a  
Expected divident yeild     0.00 %      n/a  
Risk free interest rate     1.25 %      n/a  

Summary of Stock Options Activity

The following table summarizes the option activities for the nine months ended September 30, 2016:

 

                  Weighted        
                  Average        
            Weighted     Remaining     Aggregate  
      Number of     Average     Contractual     Intrinsic  
      Shares     Exercise Price     Term (years)     Value  
Balance at December 31, 2015       220,500     $ 4.38                  
Granted       38,500       3.40                  
Exercised       -       -                  
Forfeited       -       -                  
Canceled/Expired       -       -                  
Balance at September 30, 2016       259,000     $ 4.23                  
Exercisable as of September 30, 2016       239,167     $ 4.31       3.30     $ 64,853