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STOCK OPTION EXERCISES
12 Months Ended
Dec. 31, 2013
STOCK OPTION EXERCISES  
STOCK OPTION EXERCISES

14.

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 2013 and, consequently, they were issued a total of 584,450 shares of Common Stock for an aggregate payment of $536,925 to exercise such options. These options were granted in 2008 and 2009 at exercise prices of $0.81 and $1.30.