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Stockholders' Equity | 6 Months Ended
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Jun. 30, 2022
Stockholders' Equity Note [Abstract] |
STOCKHOLDERS' EQUITY | NOTE 9 – STOCKHOLDERS’ EQUITY Common Stock Common Stock Issued for Services During the three and six months ended June 30, 2022, the Company issued an aggregate 56,579 and 107,898, respectively, of immediately vested shares of the Company’s common stock as compensation to consultants, directors, and officers, with an aggregate issuance date fair value of $75,627 and $225,346, respectively, which was charged immediately to the condensed consolidated statement of operations for the three and six months ended June 30, 2022. Restricted Stock Shares During the three and six months ended June 30, 2022, the Company issued 12,000 restricted shares of the Company's common stock, or Restricted Stock Shares, as of the end of both periods as compensation to consultants with an issuance date fair value of $48,600 as of the end of both periods. Per the two year consulting agreement, the Restricted Stock Shares are issued at the beginning of the contract term and annually and vest monthly over a period of 24 months. The Company recognized stock-based compensation expense related to the amortization of the Restricted Stock Shares of $8,100 and $14,175 for the three and six months ended June 30, 2022. Below is a table summarizing the Restricted Stock Shares granted and outstanding as of and for the six months ended June 30, 2022:
|  | Unvested Restricted |  |  | Weighted Average Grant Date |
|  | Stock |  |  | FV Price |
Unvested as of January 1, 2022 |  |  | - |  |  | $ | - |
Granted |  |  | 12,000 |  |  |  | 4.05 |
Vested |  |  | 3,500 |  |  |  | 4.05 |
Unvested as of June 30, 2022 |  |  | 8,500 |  |  |  | 4.05 |
Total unrecognized expense remaining |  | $ | 34,425 |  |  |  |  |
Weighted-average years expected to be recognized over |  |  | 1.5 |  |  |  | - |
Stock Options A summary of the option activity during the six months ended June 30, 2022 is presented below:
|  |  |  |  | Weighted |  |  | Weighted |  |  |  |
|  |  |  |  | Average |  |  | Average |  |  |  |
|  | Number of |  |  | Exercise |  |  | Remaining |  |  | Intrinsic |
|  | Options |  |  | Price |  |  | Term (Years) |  |  | Value |
Outstanding, January 1, 2022 |  |  | 2,741,000 |  |  |  | 4.77 |  |  |  | 9.4 |  |  |  | 70,500 |
Granted |  |  | 518,121 |  |  |  | 1.36 |  |  |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Expired |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Forfeited |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Outstanding, June 30, 2022 |  |  | 3,259,121 |  |  |  | 4.23 |  |  |  | 9.1 |  |  | $ | - |
Exercisable, June 30, 2022 |  |  | 1,473,391 |  |  |  | 4.10 |  |  |  | 9.0 |  |  | $ | - |
For options issued during the six months ended June 30, 2022, the assumptions used in the Black Scholes valuation method were as follows:
Risk-free interest rate |  | 2.88%
Expected term in years |  | 5.00-5.77
Expected volatility |  | 91.00%
Expected dividends |  | 0%
A summary of outstanding and exercisable stock options as of June 30, 2022 is presented below:
Stock Options Outstanding |  |  | Stock Options Exercisable |
|  |  |  |  |  | Weighted |  |  |  |
|  |  |  |  |  | Average |  |  |  |
Exercise |  |  | Number of |  |  | Remaining |  |  | Number of |
Price |  |  | Shares |  |  | Life in Years |  |  | Shares |
$ | 2.49 |  |  |  | 50,000 |  |  |  | 8.4 |  |  |  | 50,000 |
$ | 4.43 |  |  |  | 1,580,000 |  |  |  | 8.7 |  |  |  | 877,778 |
$ | 7.56 |  |  |  | 436,000 |  |  |  | 9.1 |  |  |  | 99,917 |
$ | 3.95 |  |  |  | 675,000 |  |  |  | 9.4 |  |  |  | 255,729 |
$ | 1.36 |  |  |  | 518,121 |  |  |  | 9.9 |  |  |  | 189,967 |
|  |  |  |  | 3,259,121 |  |  |  | 9.0 |  |  |  | 1,473,391 |
The Company recognized stock-based compensation expense of $855,674 and $1,601,854 for the three and six months ended June 30, 2022, respectively, related to the amortization of stock options and Restricted Stock Shares. Expense of $711,264 and $1,375,673 is included within general and administrative expenses on the condensed consolidated statements of operations for the three and six month periods, respectively, and expense of $144,410 and $226,181 is included within research and development expenses on the condensed consolidated statements of operations for the three and six month periods, respectively. The full amount of stock-based compensation recognized for the three and six month periods ended June 30, 2022 is considered to be related party expense. Stock-based compensation expense related to the amortization of stock options for the three and six months ended June 30, 2021 was $344,095 and $1,436,494, respectively; these expenses were included within general and administrative expenses on the condensed consolidated statement of operations for both of those periods. The full amount of stock-based compensation recognized for the three and six month periods ended June 30, 2021, respectively, was considered to be related party expense. As of June 30, 2022, there was $5,432,652 of unrecognized stock-based compensation expense related to stock options that will be recognized over the weighted average remaining vesting period of 2.6 years, as well as $34,425 of unrecognized expense related to Restricted Stock Shares that will be recognized over the weighted average remaining vesting period of 1.5 years.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI https://asc.fasb.org/topic&trid=2208762 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 6 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008 + Details
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