Annual report pursuant to Section 13 and 15(d)

STOCK OPTIONS

v3.21.1
STOCK OPTIONS
 12 Months Ended
Dec. 31, 2020
Stock Options  
STOCK OPTIONS

NOTE 15 – STOCK OPTIONS

 

In 2020, the Company granted five-year options to purchase up to 4,494,500 shares of common stock at exercise prices ranging from $0.14 and $0.30 per share. The fair values of these options of approximately $501,000 in the aggregate are being amortized to compensation expense over their 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.

 

In 2019, the Company granted options to purchase up to 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 values of these options of approximately $1,502,000 in the aggregate are being amortized to compensation expense over their vesting periods, of which approximately $544,000 was amortized in 2019. Additionally, compensation expense in 2019 for options issued in previous years, and continuing to be amortized over their respective vesting periods, approximated $144,000.

 

In 2020, options to purchase 550,000 shares of common stock were exercised at prices of $0.13 to $0.14 per share. In 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.

 

In 2020 and 2019, options to purchase 200,000 and 936,251 shares of common stock, respectively, were forfeited or expired, resulting in an aggregate reduction of amortized compensation expense of approximately $113,000 and $527,000, respectively.

 

Stock options outstanding and exercisable as of December 31, 2020 were:

 

      Shares Under Option        
Exercise Price
per Share		     Outstanding     Exercisable     Remaining Life
in Years		  
  $0.140       160,000       -       4.52  
  $0.149       500,000       500,000       5.00  
  $0.169       200,000       200,000       4.87  
  $0.210       70,000       -       4.90  
  $0.225       2,000,000       687,500       4.86  
  $0.250       20,000       10,000       4.41  
  $0.250       50,000       -       4.82  
  $0.250       800,000       -       4.87  
  $0.250       80,000       20,000       4.90  
  $0.250       50,000       50,000       4.17  
  $0.300       554,500       277,250       4.25  
  $0.330       50,000       50,000       0.19  
  $0.417       900,000       875,000       3.98  
  $0.450       125,000       125,000       0.75  
  $0.590       15,000       15,000       3.93  
  $0.630       300,000       300,000       1.00  
  $0.770       200,000       200,000       2.00  
  $0.900       50,000       50,000       2.36  
  $0.910       50,000       50,000       1.81  
  $0.950       50,000       50,000       2.00  
  $0.992       300,000       300,000       3.74  
  $1.000       125,000       125,000       3.84  
  $1.350       100,000       50,000       2.58  
  $1.950       375,000       375,000       2.50  
  $2.320       100,000       100,000       2.69  
  $2.450       2,000,000       2,000,000       1.98  
  $2.500       100,000       100,000       2.65  
  $2.650       200,000       200,000       2.73  
  $2.850       56,250       56,250       1.95  
  $2.850       100,000       100,000       2.95  
  $3.000       25,000       25,000       2.96  
  $3.725       100,000       100,000       2.94  
          9,805,750       6,991,000