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STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION (Tables)
3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
SCHEDULE OF STOCK OPTION PLAN ACTIVITY

A summary of stock option activity under the Plans for the three months ended March 31, 2022 is as follows:

 

   Number of Shares   Weighted Average Exercise Price   Weighted Average Remaining Contractual Life   Aggregate Intrinsic Value 
Options outstanding – January 1, 2022   3,039,546   $5.52           
Options granted   170,250   $7.60           
Options exercised   (126,000)  $2.41           
Options cancelled/forfeited   -   $-           
Options outstanding – March 31, 2022   3,083,796   $5.76    5.01   $4,781,000 
Options exercisable   2,408,629   $5.29    4.61   $4,639,000 
Options vested and expected to vest   3,083,796   $5.76    5.01   $4,781,000 
SCHEDULE OF FAIR VALUE ASSUMPTIONS

The table below illustrates the fair value per share determined using the Black-Scholes-Merton option pricing model with the following assumptions used for valuing options granted to employees:

 

   2022 
Weighted-average fair value of options granted  $4.65 
Expected terms (in years)   6.11 
Expected volatility   70%
Risk-free interest rate   1.54%
Dividend yield   - 
SCHEDULE OF STOCK OPTION OUTSTANDING AND EXERCISABLE

The following table summarizes information about stock options outstanding and exercisable at March 31, 2022:

 

    Options Outstanding   Options Exercisable 
                      
Range of Exercise Prices  

Number

Outstanding

  

Weighted

Average

Remaining

Contractual

Life in Years

   Weighted Average Exercise Price  

Number

Exercisable

   Weighted Average Exercise Price 
$1.47 - $1.73    312,887    5.70   $1.72    312,887   $1.72 
$2.23 - $2.60    313,068    4.84   $2.26    312,943   $2.26 
$2.76 - $3.50    25,500    7.95   $3.49    12,906   $3.48 
$3.95    370,000    4.00   $3.95    370,000   $3.95 
$4.08 - $6.30    578,850    5.71   $5.76    525,027   $5.85 
$6.81 - $7.37    388,995    6.27   $7.30    297,495   $7.30 
$7.52 - $7.79    221,823    8.33   $7.61    49,323   $7.66 
$7.87    600,000    3.33   $7.87    300,000   $7.87 
$7.89 - $8.98    92,673    7.47   $8.16    48,048   $8.22 
$8.99    180,000    1.09   $8.99    180,000   $8.99 
$1.47 - $8.99    3,083,796    5.01   $5.76    2,408,629   $5.29 
SCHEDULE OF RESTRICTED STOCK UNITS ACTIVITY

A summary of the Company’s RSU activity (including performance stock units) and related information for the three months ended March 31, 2022 is as follows:

 

   Number of RSUs   Weighted Average Grant Date Fair Value 
RSUs unvested - January 1, 2022   2,233,202   $6.78 
RSUs granted   -   $- 
RSUs vested   (144,644)  $6.57 
RSUs cancelled/forfeited   -    - 
RSUs unvested at March 31, 2022   2,088,558   $6.79 
SCHEDULE OF WARRANTS ACTIVITY

A summary of warrant activity for the three months ended March 31, 2022 is as follows:

 

  

Number of

Shares Subject

to Warrants Outstanding

  

Weighted

Average

Exercise Price

 
Warrants outstanding - January 1, 2022   373,847   $2.08 
Granted   -      
Exercised   -      
Expired   -      
Warrants outstanding and exercisable - March 31, 2022   373,847   $2.08 
Weighted average remaining contractual life of the outstanding warrants in years - March 31, 2022   2.3      
SCHEDULE OF WARRANTS OUTSTANDING AND WARRANTS EXERCISABLE

Warrants outstanding and exercisable as of March 31, 2022 are as follows:

 

Warrant Series  Issue Date 

Warrants

Outstanding

  

Exercise

Price

  

Expiration

Date

Lender warrants  7/19/2017   373,847   $2.08   7/19/2024
SCHEDULE OF STOCK BASED COMPENSATION GRANTED TO EMPLOYEES DIRECTORS CONSULTANTS

The Company recorded stock-based compensation related to equity instruments granted to employees, directors and consultants as follows:

 

         
   For the Three Months Ended 
   March 31, 
   2022   2021 
Employees - selling, general and administrative  $1,676,000   $755,000 
Employees – research and development   186,000    - 
Directors - selling, general and administrative   100,000    100,000 
Consultants – research and development   54,000    - 
Total  $2,016,000   $855,000