PRIVATE PLACEMENT OFFERING (Tables)

3 Months Ended

Mar. 31, 2016

Private Placement Offering Tables

Allocated to the instruments as follows

Average risk-free interest rate	0.10	%
Average expected life-years	1
Expected volatility	56.64	%
Expected dividends	4.01	%

Warrants

2014 Extension of Warrant Terms

Average risk-free interest rate	0.10	%
Average expected life- years	1
Expected volatility	56.64	%
Expected dividends	4.01	%

2015 Extension of Warrant Terms

Average risk-free interest rate	0.71	%
Average expected life- years	2
Expected volatility	49.01	%
Expected dividends	4.01	%

Assumptions for the valuation of the fair value of the warrant liability

	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Outstanding at December 31, 2014		6,909,000		$	0.15		0.19
Granted		-
Exercised		-
Extended		6,909,000			0.15		2
Forfeited/expired		(6,909,000	)		0.15
Outstanding at December 31, 2015		6,909,000			0.15		1.69
Granted		-
Exercised		-
Forfeited/expired		-
Outstanding at March 31, 2016		6,909,000		$	0.15		1.44
Exercisable at March 31, 2016		6,909,000		$	0.15		1.44