13.
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Stock Compensation (continued).
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Stock Options
As of June 30, 2019, there were outstanding stock options to purchase 10,427,832 shares of common stock, of which stock options to
purchase 5,385,825 shares of common stock were exercisable as of June 30, 2019.
During the three and
six-month
periods ended June 30, 2019, the Company granted seven-year term options to purchase an aggregate of 105,000 and 312,000 shares, respectively, of the Companys common stock to employees.
The Company recorded stock-based compensation related to stock options totaling $924,996 and $1,858,407, respectively, during the three and
six-month
periods ended June 30, 2019. During the three and
six-month
periods ended June 30, 2019, respectively, 306,665 and 1,290,829 options vested.
During the three and
six-month
periods ended June 30, 2018, the Company granted seven-year term
options to purchase an aggregate of 945,000 and 2,717,500 shares, respectively, of the Companys common stock to employees and directors. The Company recorded stock-based compensation related to stock options totaling $776,510 and $1,747,850,
respectively, during the three and
six-month
periods ended June 30, 2018. During the three and
six-month
periods ended June 30, 2018, respectively, 565,000 and
1,309,998 options vested.
During the three and
six-month
periods ended
June 30, 2019, options to purchase 125,000 shares and 190,000 shares, respectively, of the Companys common stock were exercised, with proceeds of $192,550 and $281,900, respectively, to the Company.
During the three and
six-month
periods ended June 30, 2018, options to purchase 10,000 shares and
46,666 shares, respectively, of the Companys common stock were exercised, with proceeds of $8,500 and $41,532, respectively, to the Company.
As of June 30, 2019, there was approximately $7,234,145 of unrecognized compensation expense related to
non-vested
stock option awards granted under the 2014 and 2018 Stock Incentive Plans. The cost is expected to be recognized over a weighted average period of approximately 2.20 years.
Common Stock
There were no grants of
common stock to employees during the three and
six-month
periods ended June 30, 2019. During both the three and
six-month
periods ended June 30, 2018, the
Company granted 3,094 net shares of common stock to employees as compensation. The Company recorded stock-based compensation related to common stock issued to employees totaling approximately $15,000 during both the three and
six-month
periods ended June 30, 2018.
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