7. Stockholders' equity

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Note 7. Stockholders' equity

The holders of common stock are entitled to one vote for each share held.  There are no restrictions that limit the Company's ability to pay dividends on its common stock.  The Company has not declared any dividends since incorporation.  The Company's common stock has no par value per common stock.

(a) Common stock issuances:

During the year ended December 31, 2015, the holders of 515,000 stock options exercised their options for 515,000 shares for $77,250 at an exercise price of $0.15 per share.

During the year ended December 31, 2014, the Company repurchased 15,000,000 shares previously issued to Unibet Group Inc. at $0.40 per share. (Note 9) These shares were originally issued at $0.15 per share raising $2,250,000. Effective December 31, 2014, the Company reduced stockholders equity by $2,250,000 and $3,750,000 reduced opening deficit.

During the year ended December 31, 2014, the Company completed two separate private placements of a combined 1,750,000 common shares at $0.40 per share. Total proceeds of both offerings was $700,000.

During the year ended December 31, 2014, a holder of stock options exercised their options for 55,000 shares for $9,350 at an exercise price of $0.17 per share.

During the year ended December 31, 2014, the Company completed a private placement of 1,000,000 common shares at $0.70 per share. Total proceeds of the offering was $700,000.

(b) Stock option plans:

(i)  1999 stock option plan:

The Company has reserved a total of 1,895,000 common shares for issuance under its 1999 stock option plan.  The plan provides for the granting of non-qualified stock options to directors, officers, eligible employees and contractors of the Company. The Board of Directors determines the terms of the options granted, including the number of options granted, the exercise price and their vesting schedule.

As at December 31, 2015, there were a total of nil stock options (2014 - nil) outstanding. During the year ended December 31, 2015, there were nil options exercised (2014 - nil) and nil options expired unexercised (2014 - nil).

(ii) 2001 stock option plan:

During the year ended December 31, 2001, the Company's Board of Directors adopted the 2001 stock option plan. The Company has reserved a total of 5,424,726 common shares for issuance under the 2001 stock option plan. The plan provides for the granting of incentive and non-qualified stock options to directors, officers, eligible employees and contractors of the Company. The Board of Directors determines the terms of the options granted, including the number of options granted, the exercise price and their vesting schedule.

As at December 31, 2015, there were a total of 1,989,700 stock options (2014 - 1,989,700 stock options) issued, of which 1,989,700 (2014 - 1,989,700) had been exercised as at December 31, 2015. During the year ended December 31, 2015, nil options were exercised (2014 - 55,000) and nil (2014 - 550,000) stock options expired unexercised. Therefore as at December 31, 2015, there were nil (2014 - nil) stock options outstanding.

During the year ended December 31, 2012, the expiry date on 75,000 options with an expiry date of February 28, 2012 and an exercise price of $0.27 per share, was extended for 2 years. During the year ended December 31, 2014, these options expired unexercised.

(iii) 2005 stock option plan:

During the year ended December 31, 2005, the Company's Board of Directors adopted the 2005 stock option plan, which was approved by the shareholders at the Annual General meeting. The Company has reserved a total of 2,000,000 common shares for issuance under the 2005 stock option plan. The Plan is intended to provide incentive to employees, directors, advisors and consultants of the Company to encourage proprietary interest in the Company, to encourage such employees to remain in the employ of the Company or such directors, advisors and consultants to remain in the service of the Company, and to attract new employees, directors, advisors and consultants with outstanding qualifications. The Board of Directors determines the terms of the options granted, including the number of options granted, the exercise price and their vesting schedule.

As at December 31, 2015, there were a total of nil (2014 - 520,000) stock options outstanding at exercise prices of $0.15 per share. During the year ended December 31, 2015, 515,000 (2014 – nil) stock options were exercised at exercise prices of $0.15 per share raising $77,250. During the year ended December 31, 2015, 5,000 (2014 - 285,000) stock options expired unexercised.

During the year ended December 31, 2012, the expiry date on 285,000 options with an expiry date of February 28, 2012 and an exercise price of $0.27 per share, was extended for a further 2 years.  During the year ended December 31, 2014, these options expired unexercised.

A summary of stock option activity for the stock option plans for the years ended December 31, 2015 and 2014 are as follows:

			Number of options		Weighted average exercise price
	Outstanding, December 31, 2013		1,410,000	$	0.19
	Granted		-		-
	Exercised		(55,000)		0.17
	Expired		(835,000)		0.21
	Outstanding, December 31, 2014		520,000	$	0.15
Granted		-				-
Exercised		(515,000)				0.15
Expired		(5,000)				0.15
Outstanding, December 31, 2015		-		$		-

The aggregate intrinsic value for options as of December 31, 2015 was $nil (2014 - $286,000).