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2. SHARE BASED PAYMENT

3 Months Ended

Mar. 31, 2016

NOTE 2 - SHARE BASED PAYMENT

The Company has outstanding stock options issued to employees and Board members which are exercisable at $0.23 per share. The options vest 20% each year over a five year period and expire after ten years. As of March 31, 2016, there were no unvested options. There was no stock option expense recognized for the three months ended March 31, 2016 or 2015 in the accompanying condensed consolidated statements of income.

A summary of stock option activity as of March 31, 2016, and changes during the period then ended is presented below.

				Weighted-
			Weighted-	Average
			Average	Remaining		Aggregate
			Exercise	Contractual		Intrinsic
	Options		Price	Life (Years)		Value

Outstanding at December 31, 2015	385,000	$	0.23	2.66	$	-
Granted	-		-	-		-
Exercised	-		-	-		-
Forfeited	-		-	-		-
Outstanding at March 31, 2016 (unaudited)	385,000	$	0.23	2.41	$	-

Vested and expected to vest
at March 31, 2016 (unaudited)	385,000	$	0.23	2.41	$	-

Exercisable at March 31, 2016 (unaudited)	385,000	$	0.23	2.41	$	-

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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