Quarterly report pursuant to Section 13 or 15(d)

STOCK OPTIONS

v3.20.2
STOCK OPTIONS
6 Months Ended
Jun. 30, 2020
Stock Options  
STOCK OPTIONS

NOTE 13 – STOCK OPTIONS

 

During the six months ended June 30, 2020, five-year options to purchase up to 564,500 common shares were issued to employees at an exercise price of $0.30 per share. The fair value of these options on grant date of approximately $67,000 will be charged to compensation expense over the vesting period, of which approximately $25,000 was charged during the six months ended June 30, 2020. No options were granted during the six months ended June 20, 2019.

 

During the six months ended June 30, 2020 and 2019, the charge to compensation expense for previously issued stock options which are being amortized over their vesting periods approximated $544,000 and $930,000, respectively.

 

During the six months ended June 30, 2019, options to purchase 270,000 shares of common stock were exercised at prices ranging from $0.26 to $0.77 per share. Of these exercised options, 220,000 were exercised on a cashless basis with the exercise prices paid via the surrender of 40,945 shares of common stock. No options were exercised during the six months ended June 30, 2020.

 

During the six months ended June 30, 2020, options to purchase 30,000 shares of common stock were forfeited, resulting in an aggregate reduction of amortization expense of approximately $19,000. No options were forfeited during the three months ended June 30, 2019.

 

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

 

Exercise Price     Shares Under Option     Remaining  
per Share     Outstanding     Exercisable     Life in Years  
$ 0.130       200,000       200,000       0.10  
$ 0.140       550,000       550,000       0.50  
$ 0.300       564,500       -       4.75  
$ 0.330       50,000       50,000       0.69  
$ 0.417       900,000       350,000       4.49  
$ 0.450       125,000       125,000       1.26  
$ 0.590       15,000       15,000       4.44  
$ 0.630       300,000       300,000       1.50  
$ 0.770       200,000       200,000       2.50  
$ 0.900       50,000       50,000       2.87  
$ 0.910       50,000       50,000       2.31  
$ 0.950       50,000       30,000       2.50  
$ 0.992       300,000       300,000       4.24  
$ 1.000       170,000       75,000       4.34  
$ 1.350       100,000       25,000       3.08  
$ 1.950       500,000       125,000       3.00  
$ 2.320       100,000       100,000       3.20  
$ 2.450       2,000,000       2,000,000       2.48  
$ 2.500       100,000       75,000       3.16  
$ 2.650       200,000       150,000       3.24  
$ 2.850       56,250       43,750       2.45  
$ 2.850       100,000       75,000       3.45  
$ 3.000       25,000       25,000       3.46  
$ 3.725       100,000       100,000       3.44  
          6,805,750       5,013,750