Quarterly report pursuant to Section 13 or 15(d)

Stock Options

v3.19.2
Stock Options
6 Months Ended
Jun. 30, 2019
Stock Options [Abstract]  
STOCK OPTIONS

NOTE 6 – STOCK OPTIONS

 

The following table summarizes stock option activity:

 

    Number of     Weighted Average
Exercise
 
    Options     Price  
Outstanding, December 31, 2018     360,000     $ 5.28  
Granted            
Exercised            
Outstanding, June 30, 2019 (unaudited)     360,000     $ 5.28  
Exercisable, June 30, 2019 (unaudited)            

 

Effective July 8, 2016 the Company’s board of directors approved the Polar Power 2016 Omnibus Incentive Plan (the “2016 Plan”), authorizing the issuance of up to 1,754,385 shares of common stock as incentives to employees and consultants to the Company with awards limited to a maximum of 350,877 shares in any calendar year.

 

During the six months ended June 30, 2019, the Company expensed total stock-based compensation related to the vested options of $128,383, and the remaining unamortized cost of the outstanding options at June 30, 2019 was approximately $553,000. This cost will be amortized on a straight-line basis over the weighted average remaining vesting period of 3 years.

 

There was no intrinsic value of the outstanding and exercisable options at June 30, 2019.