Quarterly report pursuant to Section 13 or 15(d)

Stock Options

v3.19.3
Stock Options
9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Stock Options

NOTE 14 – STOCK OPTIONS

 

During the nine months ended September 30, 2019, the Company granted options to purchase 900,000 shares of common stock, expiring four and five years from their grant dates, with exercise prices ranging from $0.99 to $1.95 per share. During the same period in 2018, the Company granted five-year options to purchase 2,300,000 shares of common stock at exercise prices ranging from $0.14 to $2.65 per share.

 

The fair values of the aforementioned options granted in 2019 and 2018 of approximately $876,000 and $2,102,000, respectively, are being amortized over their vesting periods, of which approximately $101,000 and $1,743,000 was amortized at September 30, 2019 and 2018, respectively.

 

During the nine months ended September 30, 2019, options to purchase 3,585,000 shares of common stock were exercised at exercise prices ranging from $0.08 to $0.77 per share. At September 30, 2019 , 2,644,456 shares of common stock related to these exercises had yet to be issued by the Company as previously disclosed in Note 13 – Equity under the section entitled Common Stock Issuance Obligations. Accordingly, such shares were reflected within Common Stock Subscribed But Not Issued on the September 30, 2019 balance sheet. Of the options exercised in 2019, 2,285,000 were exercised on a cashless basis with the exercise prices paid via the surrender of 523,192 shares of common stock.

 

During the nine months ended September 30, 2018, options to purchase 700,000 shares of common stock were exercised at exercise prices ranging from $0.08 to $0.63 per share. Of the options exercised in 2018, 400,000 were exercised on a cashless basis with the exercise price paid via the surrender of 98,000 shares of common stock.

 

During the nine months ended September 30, 2019 and 2018, options to purchase 80,000 and 300,000, respectively, were forfeited, resulting in a reduction of amortization of approximately $170,000 in 2019, and zero in 2018.

 

Stock options outstanding and exercisable as of September 30, 2019 were:

 

Exercise Price     Shares Under Option     Remaining  
per Share     Outstanding     Exercisable     Life in Years  
$ 0.080       100,000       100,000       0.22  
$ 0.130       200,000       200,000       0.75  
$ 0.140       100,000       100,000       0.25  
$ 0.140       550,000       550,000       1.25  
$ 0.330       50,000       50,000       1.44  
$ 0.450       125,000       125,000       2.01  
$ 0.630       300,000       300,000       2.25  
$ 0.770       200,000       200,000       3.25  
$ 0.900       50,000       50,000       3.62  
$ 0.950       50,000       10,000       3.25  
$ 0.992       300,000       -       4.99  
$ 1.350       100,000       -       3.83  
$ 1.950       500,000       -       3.75  
$ 2.320       220,000       100,000       3.95  
$ 2.450       2,000,000       2,000,000       3.23  
$ 2.500       100,000       50,000       3.91  
$ 2.650       200,000       150,000       3.99  
$ 2.850       75,000       18,750       3.20  
$ 2.850       100,000       25,000       4.20  
$ 3.000       25,000       12,500       4.21  
$ 3.725       200,000       50,000       4.19  
          5,545,000       4,091,250