Quarterly report pursuant to Section 13 or 15(d)

STOCK OPTIONS

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STOCK OPTIONS
9 Months Ended
Sep. 30, 2020
Stock Options  
STOCK OPTIONS

NOTE 13 – STOCK OPTIONS

 

During the nine months ended September 30, 2020, the Company granted five-year options to purchase up to 1,064,500 shares of common stock at exercise prices of $0.15 and $0.30 per share. During the same period in 2019, the Company granted options to purchase up to 900,000 shares of common stock, expiring four and five years from their grant dates, at exercise prices ranging from $0.99 to $1.95 per share.

 

The fair values of the aforementioned options granted in 2020 and 2019 of approximately $117,000 and $876,000, respectively, are being amortized to compensation expense over their vesting periods, of which approximately $100,000 and $101,000 was amortized during the nine months ended September 30, 2020 and 2019, respectively.

 

During the nine months ended September 30, 2019, options to purchase 3,585,000 shares of common stock were exercised at prices ranging from $0.08 to $0.77 per share. Of these exercised options, 2,285,000 were exercised on a cashless basis with the exercise prices paid via the surrender of 523,192 shares of common stock. No options were exercised during the nine months ended September 30, 2020.

 

During the nine months ended September 30, 2020 and 2019, options to purchase 210,000 and 80,000 shares of common stock, respectively, were forfeited, resulting in an aggregate reduction of amortized compensation expense of approximately $208,000 and $170,000, respectively.

 

Stock options outstanding and exercisable as of September 30, 2020 were:

 

Exercise Price     Shares Under Option     Remaining  
per Share     Outstanding     Exercisable     Life in Years  
$ 0.130       200,000       200,000       0.01  
$ 0.140       550,000       550,000       0.25  
$ 0.149       500,000       500,000       5.25  
$ 0.300       554,500       -       4.50  
$ 0.330       50,000       50,000       0.44  
$ 0.417       900,000       400,000       4.24  
$ 0.450       125,000       125,000       1.01  
$ 0.590       15,000       15,000       4.19  
$ 0.630       300,000       300,000       1.25  
$ 0.770       200,000       200,000       2.25  
$ 0.900       50,000       50,000       2.62  
$ 0.910       50,000       50,000       2.06  
$ 0.950       50,000       30,000       2.25  
$ 0.992       300,000       300,000       3.99  
$ 1.000       125,000       75,000       4.09  
$ 1.350       100,000       50,000       2.83  
$ 1.950       375,000       250,000       2.75  
$ 2.320       100,000       100,000       2.95  
$ 2.450       2,000,000       2,000,000       2.23  
$ 2.500       100,000       100,000       2.91  
$ 2.650       200,000       200,000       2.98  
$ 2.850       56,250       43,750       2.20  
$ 2.850       100,000       75,000       3.20  
$ 3.000       25,000       25,000       3.21  
$ 3.725       100,000       100,000       3.19  
          7,125,750       5,788,750