10. STOCK OPTIONS (Tables)

3 Months Ended

Mar. 31, 2016

Stock Options Tables

Stock option activity

	Number of shares			Exercise price per share		Weighted average exercise price
Balance, December 31, 2014		1,126,000		$	1.21 – 2.45	$	1.54
Granted		317,000		$	0.75 – 1.05	$	0.89
Cancelled or expired		(245,000	)	$	1.05 – 2.22	$	1.72
Granted		8,000		$	1.00	$	1.00
Balance, December 31, 2015		1,190,000		$	0.75 – 2.45	$	1.34
Cancelled or expired		(355,000	)	$	1.50 - 2.00	$	1.56
Balance, March 31, 2016		835,000		$	0.75 – 2.45	$	1.24
Exercisable, March 31, 2016		677,000		$	1.00 – 2.45	$	1.36

Fair value of each option grant

	2015
Expected life – years		3.0
Interest rate		0.78 – 1.16	%
Volatility		58 - 77	%
Dividend yield		--	%
Weighted average fair value of options granted	$	0.36– 0.37