NOTE 14 – STOCK OPTIONS

During 2019, the Company granted options to purchase 2,565,000 shares of common stock, expiring four and five years from their grant dates, at exercise prices ranging from $0.42 to $1.95 per share. The fair value of these option grants of approximately $1,502,000 is being amortized over their respective vesting periods, of which approximately $544,000 was amortized in 2019.

During 2018, the Company granted options to purchase 4,720,000 shares of common stock, expiring four and five years from their grant dates, at exercise prices ranging from $0.14 to $3.72 per share. The fair value of these option grants of approximately $5,897,000 is being amortized over their respective vesting periods, of which approximately $3,339,000 and $1,534,000 was amortized in 2019 and 2018, respectively.

During 2019, options to purchase 3,667,499 shares of common stock were exercised at prices ranging from $0.08 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 2018, options to purchase 760,000 shares of common stock were exercised at prices ranging from $0.08 to $0.63 per share. Of these exercised options exercised in 2018, 460,000 were exercised on a cashless basis with the exercise price paid via the surrender of 105,398 shares of common stock.

During 2019, options to purchase 117,501 shares of common stock expired, and options to purchase 818,750 shares of common stock were forfeited, resulting in an aggregate reduction of amortization expense of approximately $432,000 in 2019. During 2018, options to purchase 200,000 shares of common stock expired, and options to purchase 250,000 shares of common stock were forfeited, resulting in an aggregate reduction of amortization expense of approximately $71,000 in 2018.

Stock options outstanding and exercisable as of December 31, 2019 were: