13.
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Stock Compensation (continued).
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Stock Options
As of September 30, 2019, there were outstanding stock options to purchase 10,135,334 shares of common stock, of which stock options to
purchase 5,345,825 shares of common stock were exercisable as of September 30, 2019.
During the three and nine-month periods ended
September 30, 2019, the Company granted seven-year term options to purchase an aggregate of 172,500 and 484,500 shares, respectively, of the Companys common stock to employees. The Company recorded stock-based compensation related to
stock options totaling $817,060 and $2,675,467, respectively, during the three and nine-month periods ended September 30, 2019. During the three and nine-month periods ended September 30, 2019, respectively, 74,998 and 1,365,827 options
vested.
During the three and nine-month periods ended September 30, 2018, the Company granted seven-year term options to purchase an
aggregate of 550,000 and 3,267,500 shares, respectively, of the Companys common stock to employees and directors. The Company recorded stock-based compensation related to stock options totaling $758,176 and $2,506,026, respectively, during the
three and nine-month periods ended September 30, 2018. During the three and nine-month periods ended September 30, 2018, respectively, 5,000 and 1,314,998 options vested.
During the three and nine-month periods ended September 30, 2019, options to purchase 108,332 shares and 298,332 shares, respectively, of
the Companys common stock were exercised, with proceeds of $256,062 and $537,962, respectively, to the Company. During both the three and nine-month periods ended September 30, 2019, options to purchase 6,666 shares of the Companys
common stock were exercised on a cashless basis, resulting in the issuance of an aggregate of 3,444 shares of the Companys common stock.
During the three and nine-month periods ended September 30, 2018, options to purchase 89,999 shares and 136,665 shares, respectively, of
the Companys common stock were exercised, with proceeds of $104,532 and $146,064, respectively, to the Company.
As of
September 30, 2019, there was approximately $6,400,076 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 2.0 years.
Common Stock
There were no grants of common stock to employees during the three and nine-month periods ended September 30, 2019. During both the three
and nine-month periods ended September 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 $0 and
approximately $15,000, respectively, during the three and nine-month periods ended September 30, 2018.
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