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Stockholders’ Equity (Tables)
6 Months Ended
Jun. 30, 2022
Stockholders' Equity Note [Abstract]  
Schedule of net proceeds of the offering
Gross Proceeds:    
Initial Closing  $44,800,000 
Over-allotment Closing   6,720,000 
    51,520,000 
Offering Costs:     
Underwriting discounts and commissions   (3,806,400)
Other offering costs   (190,031)
Net Proceeds  $47,523,569 

 

Schedule of assumptions used in the black-scholes model
   Six months ended,  
   June 30,
2022
 
Stock price  $ 4.99-6.55  
Risk-free interest rate   1.82-3.00 %
Volatility   46.42-56.81 %
Expected life in years   2.9-6.3  
Dividend yield   0.00 %

 

Schedule of stock option activity
           Weighted 
       Weighted   Average 
   Number of   Average   Remaining 
   Shares Under   Exercise   Contractual 
   Option   Price   Life 
Balance on December 31, 2021   687,448   $6.79    8.2 
Granted   1,658,000   $5.12    9 
Expired   (3,015)   
-
      
Terminated   
-
    
-
      
Canceled   
-
    
-
      
Balance on March 31, 2022   2,342,433   $5.62    8.6 
Granted   216,500    6.79    9.9 
Exercised   
 
           
Terminated   (131,090)   2.09      
Canceled   
 
    
 
      
Balance on June 30, 2022   2,427,843    5.90    8.7 
Vested and Exercisable at June 30, 2022   598,046   $7.77    7.4 

 

Schedule of restricted stock unit activity
       Weighted 
       Average 
   Shares   Grant Date Fair Value 
Unvested balance on December 31, 2021   1,385,000   $7.82 
Granted   14,800   $7.19 
Vested   (12,043)   10.16 
Unvested balance on March 31, 2022   1,387,757   $7.96 
Granted   13,900    5.78 
Vested   (12,043)   10.16 
Unvested balance on June 30, 2022   1,389,614    8.10