Annual report pursuant to Section 13 and 15(d)

4. Stock Option Plan (Tables)

v3.8.0.1
4. Stock Option Plan (Tables)
 12 Months Ended
Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock option activity
              Options Outstanding  
      Options Available       Number of Options       Weighted-Average Exercise Price  
Balances at January 1, 2016     —         —       $ —    
Initial option pool     700,000       —         —    
Granted (1)     (280,000 )     280,000       0.001  
Forfeited     —         —         —    
Exercised     —         —         —    
Balances at December 31, 2016     420,000       280,000       0.001  
Option pool increase (2)     900,000       —         —    
Granted (3)     (378,592 )     378,592       1.63  
Forfeited     —         —         —    
Exercised     —         —         —    
Balances at December 31, 2017     941,408       658,592       0.94  

  

(1) 273,000 options vested 50% upon grant date, 25% upon the 6-month anniversary of grant date and 25% upon the 1-year anniversary of grant date; 7,000 options vested monthly over 6 months.

 

(2) In October 2017, the Company’s Board of Directors increased the option pool to 1,600,000 shares.

 

(3) 336,544 options vest 6/48ths at the six-month anniversary of grant date and 1/48th per month thereafter 21,024 options vest 6/24ths on the six-month anniversary of grant date and 1/24th per month thereafter; and 21,024 options vest 6/42nds on the six-month anniversary of grant date and 1/42nd per month thereafter.

  
Summary of options outstanding
Exercise Prices   Number of Shares Outstanding   Weighted Average Remaining Contractual Term   Number of Shares Fully Vested and Exercisable   Weighted Average Remaining Contractual Term
$ 0.001       555,520        8.7 years       337,400       8.4 years  
$ 6.00       103,072        9.6 years       —         N/A  
          658,592               337,400