Quarterly report pursuant to Section 13 or 15(d)

STOCK OPTIONS, WARRANTS AND RESTRICTED STOCK UNITS

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STOCK OPTIONS, WARRANTS AND RESTRICTED STOCK UNITS
9 Months Ended
Sep. 30, 2018
Stock Options Warrants And Restricted Stock Units  
STOCK OPTIONS, WARRANTS AND RESTRICTED STOCK UNITS

NOTE 8 — STOCK OPTIONS, WARRANTS AND RESTRICTED STOCK UNITS

 

Options

 

The following table presents information related to stock options at September 30, 2018:

 

Options Outstanding    
Exercise
Price
  Number of
Options
  Weighted Average
Remaining Life in Years
  Exercisable Number
of Options
$ 1.35       3,000,000       5.25        
                             

 

Transactions involving stock options issued are summarized as follows:

 

    Number of 
Shares
  Weighted 
Average Price 
Per Share
Outstanding at December 31, 2017       3,000,000       1.35  
Granted              
Exercised              
Expired              
Outstanding at September 30, 2018       3,000,000     $ 1.35  

 

The aggregate intrinsic value of all outstanding options of $0 represents the total intrinsic value, based on options with an exercise price less than the Company’s stock price of $1.15 as of September 30, 2018, which would have been received by the option holders had those option holders exercised their options as of that date.

 

Restricted Stock Units (“RSU”)

 

Transactions involving restricted stock units issued are summarized as follows:

 

Restricted share units as of December 31, 2017       921,100  
Granted       443,386  
Forfeited       (71,667 )
Unvested restricted shares as of September 30, 2018       1,292,819  

 

During the nine months ended September 30, 2018, the Company granted 443,386 performance-based, restricted stock units vesting up to five years depending on the grant. The estimated fair value of the granted restricted stock units of $443,386 is being recognized over the vesting periods.

 

As of September 30, 2018, stock-based compensation related to restricted stock awards of $508,577 remains unamortized and is expected to be amortized over the weighted average remaining period of 2.65 years.

 

Warrants

 

The Company previously issued 1,875,000 warrants in 2011, which will expire on December 23, 2018. As of September 30, 2018, the aggregate intrinsic value of all warrants outstanding and exercisable was zero.