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STOCK OPTION EXERCISES
12 Months Ended
Dec. 31, 2014
STOCK OPTION EXERCISES  
STOCK OPTION EXERCISES

13.STOCK OPTION EXERCISES

 

On July 10, 2012, the Chief Executive Officer of the Company exercised a portion of his stock option.  The Company issued 2,000,000 shares of Common Stock to him at an exercise price of $0.81 (aggregate consideration of $1,620,000).

 

Some employees exercised stock options at various dates in 2014 and 2013 and, consequently, they were issued a total of 418,195 shares of Common Stock in 2014 and a total of 584,450 shares of Common Stock in 2013 for an aggregate payment of $398,328 in 2014 and $536,925 in 2013 to exercise such options.  These options were granted in 2008 and 2009 at exercise prices of $0.81 and $1.30.