Annual report pursuant to Section 13 and 15(d)

STOCK OPTIONS

v3.22.0.1
STOCK OPTIONS
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
STOCK OPTIONS

NOTE 15 – STOCK OPTIONS

 

During 2021, the Company granted three- and five-year options to purchase up to 30,873,921 shares of common stock at exercise prices ranging from $0.30 to $1.00 per share. The fair value of these options of approximately $18,690,000 in the aggregate is being amortized to compensation expense over the respective option vesting periods, of which approximately $12,281,000 was amortized in 2021. Additionally, compensation expense in 2021 for options issued in previous years, and continuing to be amortized over their respective vesting periods, approximated $235,000.

 

During 2020, five-year options to purchase up to 4,494,500 shares of common stock were issued to employees at exercise prices ranging from $0.14 to $0.30 per share. The fair value of these options of approximately $501,000 in the aggregate is being amortized to compensation expense over their respective vesting periods, of which approximately $282,000 was amortized in 2020. Additionally, compensation expense in 2020 for options issued in previous years, and continuing to be amortized over their respective vesting periods, approximated $801,000.

 

During 2021, options to purchase 496,000 shares of common stock were exercised at prices ranging from $0.14 to $0.63 per share. Of these exercised options, 325,000 were exercised on a cashless basis with the exercise prices paid via the surrender of 218,627 shares of common stock.

 

During 2019, options to purchase 3,667,499 shares of common stock were exercised at prices ranging from $0.8 to $0.77 per share. Of these exercised options, 2,167,499 were exercised on a cashless basis with the exercise prices paid via the surrender of 405,691 shares of common stock.

 

During 2021 and 2020, options to purchase 362,000 and 200,000 shares of common stock, respectively, were forfeited or expired, resulting in an aggregate reduction of amortized compensation expense of approximately $42,000 in 2021 and $113,000 in 2020.

 

Stock options outstanding and exercisable as of December 31, 2021 were:

 

Exercise Price     Shares Under Option     Remaining Life  
per Share     Outstanding     Exercisable     in Years  
$ 0.140       80,000       80,000       3.52  
$ 0.149       500,000       500,000       4.00  
$ 0.169       200,000       200,000       3.87  
$ 0.225       2,000,000       1,437,500       3.86  
$ 0.250       50,000       50,000       3.17  
$ 0.250       20,000       20,000       3.41  
$ 0.250       50,000       25,000       3.82  
$ 0.250       800,000       800,000       3.87  
$ 0.250       80,000       80,000       3.90  
$ 0.300       398,000       398,000       3.25  
$ 0.417       900,000       900,000       2.98  
$ 0.505       100,000       75,000       4.01  
$ 0.505       800,000       300,000       4.03  
$ 0.590       15,000       15,000       2.93  
$ 0.690       15,000       -       4.92  
$ 0.693       500,000       -       4.94  
$ 0.700       650,000       50,000       4.92  
$ 0.740       520,000       425,625       4.33  
$ 0.755       1,050,000       550,000       4.98  
$ 0.770       200,000       200,000       1.00  
$ 0.800       25,000       -       4.89  
$ 0.830       287,000       215,250       4.23  
$ 0.830       600,000       150,000       4.41  
$ 0.840       878,921       600,000       4.54  
$ 0.840       99,000       39,600       4.59  
$ 0.850       90,000       41,250       4.45  
$ 0.850       72,500       -       4.88  
$ 0.870       250,000       -       5.00  
$ 0.880       11,550,000       5,925,000       4.52  
$ 0.880       15,000       625       4.62  
$ 0.880       410,000       -       4.84  
$ 0.890       10,000       2,500       4.06  
$ 0.892       40,000       20,000       4.05  
$ 0.895       25,000       18,750       4.07  
$ 0.898       11,250,000       5,625,000       4.75  
$ 0.900       50,000       50,000       1.36  
$ 0.910       50,000       50,000       0.81  
$ 0.920       300,000       18,750       4.51  
$ 0.928       500,000       100,000       4.61  
$ 0.950       50,000       50,000       1.00  
$ 0.970       100,000       75,000       4.45  
$ 0.983       145,000       36,250       4.49  
$ 0.990       500,000       -       4.72  
$ 0.992       300,000       300,000       2.74  
$ 1.000       15,000       15,000       2.46  
$ 1.000       125,000       125,000       2.84  
$ 1.350       100,000       100,000       1.58  
$ 1.950       375,000       375,000       1.50  
$ 2.320       100,000       100,000       1.69  
$ 2.450       2,000,000       2,000,000       0.98  
$ 2.500       100,000       100,000       1.65  
$ 2.650       200,000       200,000       1.73  
$ 2.850       56,250       56,250       0.95  
$ 2.850       100,000       100,000       1.95  
$ 3.000       25,000       25,000       1.96  
$ 3.725       100,000       100,000       1.94  
          39,821,671       22,720,350