Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2016

The stock-based compensation expense recorded was allocated as follows:

	Three months ended March 31,
	2016		2015
Operations and development costs	$	50,654	$	-
Business development and management costs		157,530		-
Total	$	208,184	$	-

The following assumptions were used in the Black-Scholes-Merton pricing model to estimate the fair value of the options.

Expected stock volatility	80	%
Risk free interest rate	1.11% - 1.77	%
Expected years until exercise	3.50
Dividend yield	0.00	%

The following assumptions were used in the Black-Scholes-Merton pricing model to estimate the fair value of the warrant.

Expected stock volatility	80	%
Risk free interest rate	0.97	%
Expected years until exercise	1.25
Dividend yield	0.00	%