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Stockholders’ Equity (Tables)
9 Months Ended
Sep. 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
   Nine months
ended,
 
   September 30,
2022
 
Stock price  $ 4.57-6.55 
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 January 1, 2022   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 
Granted   86,500    4.58    9.8 
Exercised   (31,057)   2.09      
Terminated   (20,500)   4.68      
Canceled   
 
    
 
      
Balance on September 30, 2022   2,462,786    5.91    8.7 
Vested and Exercisable at September 30, 2022   530,286   $7.86    7.4 

 

Schedule of restricted stock unit activity
       Weighted 
       Average 
   Shares   Grant Date Fair Value 
Unvested balance on January 1, 2022   1,931,922   $6.57 
Granted   14,800   $7.19 
Vested   (12,043)   10.16 
Unvested balance on March 31, 2022   1,928,429   $6.54 
Granted   13,900    5.78 
Vested   (512,043)   2.97 
Unvested balance on June 30, 2022   1,430,286    7.80 
Granted   
-
    
-
 
Vested   (470,376)   7.84 
Unvested balance on September 30, 2022   959,910    7.78 
Vested but not issued   1,000,712    5.39