What littlefish88 said is correct. You currently paying for the...

fkn love your username mate

What littlefish88 said is correct. You currently paying for the OPTION to buy shares at 35c... that have that option now you gotta pay 15c...
Its a Call option btw... there are other types of options called Put options if you interested in looking it up where you have the Option to SELL at a certain price... in which case you actually want the SP to go down... this is the basis on how shorting works... and if you wanna be real leveraged you borrow money and dont even own the shares you selling.... but thats how you potentially end up owing money.

last question @Littlefish88 also nailed. so give him a lightbulb