STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

NOTE 8 - STOCKHOLDERS' EQUITY

The Company's 2008 Stock Awards Plan was approved April 9, 2008 by the Board of Directors and ratified at the Company's annual meeting of stockholders held on June 3, 2008. The 2008 Plan became effective April 9, 2008 and will terminate on April 8, 2018. Subject to certain adjustments, the number of shares of Common Stock that may be issued pursuant to awards under the 2008 Plan is 2,000,000 shares. A maximum of 80,000 shares may be granted in any one year in any form to any one participant, of which a maximum of (i) 50,000 shares may be granted to a participant in the form of stock options and (ii) 30,000 shares may be granted to a participant in the form of Common Stock or restricted stock. The 2008 Plan will be administered by a committee of the Board of Directors. Employees, including any employee who is also a director or an officer, consultants, and outside directors of the Company are eligible to participate in the 2008 Plan.

The following table summarizes all stock option activity under the plans:

	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
Outstanding at January 1, 2016		300,000	$	0.03		2.48	$	-
Granted		-		-		-		-
Exercised		-		-		-		-
Forfeited/expired		-		-		-		-
Outstanding at December 31, 2016		300,000	$	0.03		1.48	$
Exercisable at December 31, 2016		300,000	$	0.03		1.48	$	-