Stereotaxis
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S-1/A
STEREOTAXIS, INC. filed this Form S-1/A on 06/17/2004
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STEREOTAXIS, INC.

NOTES TO FINANCIAL STATEMENTS — (Continued)

(Information as of March 31, 2004 and for the three months ended
March 31, 2003 and 2004 is unaudited)

stock option arrangements. The intrinsic value of these options related to the unvested portion of these options is being amortized to compensation expense over the remaining vesting period. In addition, in February 2002, the Board accelerated vesting on certain stock options granted to certain advisors to the Company and to nonemployee Board members.

       As of December 31, 2001, 2002, and 2003, 514,594, 606,666, and 1,787,573 outstanding options were vested under all stock plans, respectively, and as of March 31, 2004, 1,775,096 outstanding options were vested, respectively.

       A summary of the options outstanding is as follows:

                         
Weighted
Number of Range of Average Price
Shares Exercise Price per Share



Outstanding, December 31, 2000
    2,663,539       $0.04-$0.30     $ 0.20  
Granted
    1,931,000       $0.30-$0.45     $ 0.44  
Repurchased
    14,375       $0.15     $ 0.15  
Exercised
    (1,495,565 )     $0.07-$0.45     $ 0.28  
Forfeited
    (426,959 )     $0.07-$0.45     $ 0.28  
     
                 
Outstanding, December 31, 2001
    2,686,390       $0.04-$0.45     $ 0.32  
Granted
    2,792,500       $1.32-$1.65     $ 1.38  
Exercised
    (461,242 )     $0.07-$0.45     $ 0.66  
Forfeited
    (371,768 )     $0.15-$1.65     $ 0.20  
     
                 
Outstanding, December 31, 2002
    4,645,880       $0.04-$1.65     $ 0.93  
Granted
    2,289,500       $1.65     $ 1.65  
Repurchased
    51,563       $0.30-$0.38     $ 0.30  
Exercised
    (450,818 )     $0.07-$1.65     $ 0.71  
Forfeited
    (501,732 )     $0.15-$1.65     $ 1.20  
     
                 
Outstanding, December 31, 2003
    6,034,393       $0.07-$1.65     $ 1.19  
Granted (unaudited)
    1,677,000       $1.65-$1.88     $ 1.85  
Repurchased (unaudited)
    417       $0.22     $ 0.22  
Exercised (unaudited)
    (158,821 )     $0.07-$1.65     $ 1.01  
Forfeited (unaudited)
    (134,679 )     $0.22-$1.88     $ 1.61  
     
                 
Outstanding, March 31, 2004 (unaudited)
    7,418,310       $0.07-$1.88     $ 1.33  
     
                 

       As of December 31, 2003 and March 31, 2004, the weighted average remaining contractual life of the options outstanding was 8.0 years and 8.3 years, respectively.

Deferred Compensation

       For the years ended December 31, 2001, 2002, and 2003, the Company recorded stock-based compensation expense related primarily to grants of non-qualified options to consultants and other nonemployees of $622,299, $483,638, and $492,168, respectively. For the three month periods ended March 31, 2003 and 2004, the Company recorded stock-based compensation expense related primarily to grants of non-qualified options to consultants and other nonemployees of $125,001 and $183,553, respectively. As further described in Note 2, the Company records stock-based compensation expense to non-employees under EITF No. 96-18 based on the fair value of the equity

F-21


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