Annual report pursuant to Section 13 and 15(d)

Stock Options

v3.19.1
Stock Options
 12 Months Ended
Dec. 31, 2018
Equity [Abstract]  
Stock Options

NOTE 13 – STOCK OPTIONS

 

During 2018, the Company granted options to purchase 4.72 million shares of common stock at exercise prices ranging from $0.14 to $3.73 and expiring between December 2020 and November 2024. Of the total 4.72 million options issued, 3.15 million were vested upon issuance and 1.57 million have vesting periods that span six to thirty months. The fair value of these options, measured on grant date, of approximately $5.9 million is being amortized over the respective vesting periods, of which approximately $3.9 million was amortized during the year ended December 31, 2018.

 

During 2017, the Company granted options to purchase 550,000 shares of common stock at exercise prices ranging from $0.26 to $0.55, vesting from the grant date through March 2019, and expiring between September 2020 and October 2021. The fair value of these options, measured on grant date, was approximately $159,000, of which approximately $74,000 was amortized in 2017, $58,000 was amortized in 2018, and $27,000 was forfeited prior to vesting.

 

During the years ended December 31, 2018 and 2017, options to purchase 760,000 and 4,800,000 shares of common stock, respectively, were exercised at exercise prices ranging from $0.08 to $0.63 per share, and $0.01 to $0.03 per share, respectively. Of these exercised options, during 2018 and 2017, 460,000 and 4,500,000 options, respectively, were cashless exercises, with the exercise price paid via the surrender of 105,398 and 90,000 shares of common stock.

 

The following table summarizes the Company’s stock option transactions during the 2018 and 2017 fiscal years:

 

    Number of
Stock Options 		    Weighted-Average Exercise Price  
Outstanding at December 31, 2016     9,250,000     $ 0.100  
Granted     550,000       0.458  
Exercised     (4,800,000 )     0.011  
Forfeited/Expired     (200,000 )     0.025  
Outstanding at December 31, 2017     4,800,000       0.234  
Granted     4,720,000       1.805  
Exercised     (760,000 )     0.216  
Forfeited/Expired     (450,000 )     0.433  
Outstanding at December 31, 2018     8,310,000     $ 1.117  

 

Stock options outstanding and exercisable as of December 31, 2018 were:

 

Exercise Price     Shares Under Option     Remaining  
per Share     Outstanding     Exercisable     Life in Years  
$ 0.08       250,000       250,000       0.08  
$ 0.08       100,000       100,000       0.97  
$ 0.13       200,000       200,000       1.50  
$ 0.14       650,000       650,000       2.00  
$ 0.15       1,000,000       1,000,000       0.74  
$ 0.25       1,000,000       1,000,000       0.74  
$ 0.26       50,000       50,000       2.25  
$ 0.33       50,000       25,000       2.19  
$ 0.35       1,000,000       1,000,000       0.74  
$ 0.45       190,000       190,000       2.76  
$ 0.55       100,000       100,000       1.74  
$ 0.55       100,000       100,000       1.74  
$ 0.55       20,000       20,000       2.02  
$ 0.63       300,000       300,000       3.00  
$ 0.77       300,000       300,000       4.00  
$ 0.90       50,000       50,000       4.37  
$ 0.95       50,000       10,000       4.00  
$ 2.32       300,000       -       4.70  
$ 2.45       2,000,000       2,000,000       5.85  
$ 2.50       100,000       -       4.66  
$ 2.65       200,000       -       4.73  
$ 2.85       75,000       -       3.95  
$ 2.85       100,000       -       4.95  
$ 3.00       25,000       -       4.96  
$ 3.73       200,000       -       4.94  
          8,310,000       7,425,000