Quarterly report pursuant to Section 13 or 15(d)

Stock Option Plans

v3.20.1
Stock Option Plans
3 Months Ended
Mar. 31, 2020
Stock Option Plans  
Stock Option Plans

Note 11 – Stock Option Plans

A summary of stock option activity for the three months ended March 31, 2020 is as follows:

 

 

 

 

 

 

 

 

    

 

    

Weighted

 

 

 

 

Average

 

 

Number of

 

Exercise

 

 

Options

 

Price

 

 

 

 

 

 

Outstanding at December 31, 2019

 

1,383,591

 

$

4.77

Granted

 

 

 

Exercised

 

 

 

Expired or Forfeited

 

 

 

 

 

 

 

 

 

Outstanding at March 31, 2020

 

1,383,591

 

$

4.77

 

The weighted average remaining contractual term for all options as of March 31, 2020 and December 31, 2019 was 6.0 years and 6.3 years, respectively.

As of March 31, 2020, there were 1,058,503 options that were fully vested and exercisable at a weighted average exercise price of $4.67 per share. The weighted average remaining contractual term on the vested options is 5.3 years.

As of March 31, 2020, there were 325,088 unvested options exercisable at a weighted average exercise price of $5.12 per share. The weighted average remaining contractual term on the unvested options is 8.3 years.

The weighted average fair value of option grants was calculated using the Black-Scholes-Merton option pricing method. At March 31, 2020, the Company had approximately $1,394,000 of unrecognized stock compensation expense, which will be recognized over a weighted average period of approximately 2.1 years.

For the three months ended March 31, 2020 and 2019, the Company recorded total stock-based compensation expense, including stock awards, of approximately $282,201 and $489,754, respectively.