9.	STOCK OPTIONS

For the period ended December 31, 2015, the Company recorded share based compensation expense related to stock options in the amount of $68,654 (September 30, 2015 – $1,116,544) on the stock options that were previously granted. As of December 31, 2015, there was remaining unrecognized compensation cost of $171,631 related to the non-vested portion of these unit option awards. Compensation expense is based upon straight-line depreciation of the grant-date fair value over the vesting period of the underlying unit option.

	Shares Underlying Options Outstanding						Shares Underlying Options Exercisable
Range of Exercise Price	Shares Underlying Options Outstanding		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Shares Underlying Options Exercisable		Weighted Average Exercise Price

$0.14 at December 31, 2015		900,000		0.23	$	0.14		900,000	$	0.14
$0.05 at December 31, 2015		3,450,000		2.47		0.05		3,450,000		0.05
$0.30 at December 31, 2015		250,000		2.83		0.30		250,000		0.30
$0.34 at December 31, 2015		450,000		2.93		0.34		450,000		0.34
$0.38 at December 31, 2015		6,780,000		3.72		0.38		5,320,000		0.38
$0.23 at December 31, 2015		600,000		3.88		0.23		400,000		0.23
		12,430,000		3.08	$	0.26		10,770,000	$	0.25

The aggregate intrinsic value of exercisable options as of December 31, 2015, was $Nil (September 30, 2015 - $Nil).

The following is a summary of stock option activity as at December 31, 2015:

	Number of Underlying Shares		Weighted Average Exercise Price		Weighted Average Fair Market Value

Balance, September 30, 2015		12,430,000	$	0.26	$	0.20

Balance, December 31, 2015		12,430,000	$	0.26	$	0.21

Exercisable, December 31, 2015		10,770,000	$	0.25	$	0.20

There were 1,660,000 unvested stock options outstanding as of December 31, 2015 (September 30, 2015 – 2,010,000).