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STOCK BASED COMPENSATION
9 Months Ended
Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Shareholders' Equity and Share-based Payments [Text Block]
NOTE 6 – STOCK BASED COMPENSATION
 
In July and September 2016, the Company granted 10-year options to two parties for accepting appointment to the Company’s scientific advisory board. Each award consisted of options to purchase up to 250,000 shares at $0.175 per share. The options vest at a rate of 50,000 on each anniversary date of the respective grants.
 
On April 27, 2017, the Company issued 250,000 shares of common stock to a single party for consulting services. The Company determined the value of such shares to be $112,500. The values were based upon the fair market value of the Company’s common stock on the date of performance, which in most cases is the agreement date. Services performed in connection with this issuance relate to assignment to advisory services related to capital markets.
 
The fair value of each option award is estimated using the Black-Scholes valuation model. Assumptions used in calculating the fair value at September 30, 2017 were as follows:
 
 
 
Weighted
Average
Inputs Used
 
 
 
 
 
 
Annual dividend yield
 
$
-
 
Expected life (years)
 
 
6.3 to 6.5
 
Risk-free interest rate
 
 
1.42
%
Expected volatility
 
 
111.59
%
Common stock price
 
$
0.20
 
 
Since the expected life of the options was greater than the Company’s historical stock information available, the Public Company determined the expected volatility based on price fluctuations of comparable public companies.
 
Stock based compensation was $1,689 and $144,112 for the three and nine month periods ended September 30, 2017, respectively. These costs are included with general and administrative expenses on the accompanying unaudited condensed consolidated statement of operations. As of September 30, 2017, future estimated stock based compensation to be recorded was $72,808 which will be recognized through 2021.