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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of fair value of the stock options granted Black-Scholes option valuation model | The per share weighted average fair value of stock options granted during the years ended December 31, 2021, and December 31, 2020 was $2.85 and $6.53, respectively. The fair value of each award is estimated on the grant date using the Black-Scholes option pricing model with the following weighted average assumptions used for grants in the years ended December 31, 2021, and December 31, 2020. Historical information was the primary basis for the selection of the expected volatility, expected dividend yield and the expected lives of the options. The risk-free interest rate was selected based upon yields of the U.S. Treasury issues with a term equal to the expected life of the option being valued. The following table summarizes the assumptions used in determining fair value. These assumptions are subjective and generally require significant analysis and judgment to develop. We have recognized tax benefits associated with stock-based compensation of $175,257 and $62,393 for the years ended December 31, 2021 and 2020, respectively. Schedule of fair value of the stock options granted Black-Scholes option valuation model
|  | December 31, 2021 |  | December 31, 2020 |
Dividend yield |  |  | 0.00% |  |  | 0.00% |
Expected volatility |  |  | 74.01 – 77.91% |  |  | 62.11 - 62.18% |
Weighted-average volatility |  |  | — |  |  | — |
Expected dividends |  |  | — |  |  | — |
Expected term (in years) |  |  | 10 Years |  |  | 10 Years |
Risk-free rate |  |  | 1.20-1.62% |  |  | 0.63 - 0.64% |
Schedule of stock option plan | The following table summarizes the status of the Company’s stock option plan: Schedule of stock option plan
|  | December 31, 2021 |  | December 31, 2020 |
|  | Shares |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Exercise Price |
Outstanding at January 1 |  |  | 2,922,494 |  | $ | 2.46 |  |  | 3,647,000 |  | $ | 1.32 |
Granted |  |  | 2,000,000 |  | $ | 3.64 |  |  | 360,000 |  | $ | 9.54 |
Exercised |  |  | 1,062,500 |  | $ | 1.19 |  |  | 884,506 |  | $ | 0.71 |
Forfeited |  |  | 187,494 |  | $ | 3.36 |  |  | 200,000 |  | $ | 2.09 |
Outstanding at year end |  |  | 3,672,500 |  | $ | 3.42 |  |  | 2,922,494 |  | $ | 2.46 |
Options exercisable |  |  | 983,750 |  | $ | 2.73 |  |  | 906,244 |  | $ | 1.40 |
Weighted average fair value of options granted during the period |  |  | — |  | $ | 2.85 |  |  | — |  | $ | 6.53 |
Stock-based compensation expense |  |  | — |  | $ | 2,457,788 |  |  | — |  | $ | 874,869 |
Schedule of information pertaining to options outstanding | The following table presents information pertaining to options outstanding as of December 31, 2021: Schedule of information pertaining to options outstanding
Range of Exercise Price |  | Number Outstanding |  | Weighted Average Remaining Contractual Life |  | Weighted Average Exercise Price |  | Number Exercisable |  | Weighted Average Exercise Price |
$1.57 - $9.76 |  | 3,672,500 |  | 8.5 years |  | $ | 3.42 |  | 983,750 |  | $ | 2.73 |
Schedule of performance base options outstanding | The following table summarizes the status of the 2015 Plan with respect to performance-based stock options as of December 31, 2021: Schedule of performance base options outstanding
|  | December 31, 2021 |  |  | December 31, 2020 |
|  | Shares |  | Weighted Average Exercise Price |  |  | Shares |  | Weighted Average Exercise Price |
Outstanding at January 1 |  | 1,000,000 |  | $ | 1.70 |  |  |  | 1,000,000 |  | $ | 1.70 |
Granted |  | — |  | $ | — |  |  |  | — |  | $ | — |
Exercised |  | — |  | $ | — |  |  |  | — |  | $ | — |
Forfeited |  | 1,000,000 |  | $ | 1.70 |  |  |  | — |  | $ | — |
Outstanding at year end |  | — |  | $ | — |  |  |  | 1,000,000 |  | $ | 1.70 |
Options exercisable |  | — |  | $ | — |  |  |  | 333,333 |  | $ | 1.70 |
Weighted average fair value of options granted during the period |  | — |  | $ | — |  |  |  | — |  | $ | — |
Stock-based compensation expense |  | — |  | $ | (408,747 | ) |  |  | — |  | $ | 502,904 |
The following table summarizes the activities for our unvested restricted stock awards for the twelve months ended December 31, 2021, and 2020. | On April 12, 2021, pursuant to an employment agreement entered into on March 15, 2021, with Linda Tharby, the Company’s President and Chief Executive Officer and as an inducement to her employment, the Company issued three restricted stock awards for an aggregate 1,000,000 shares of common stock for an aggregate stock price of $3,310,000 and each vesting subject to employment on the respective vesting date. The following table summarizes the activities for our unvested restricted stock awards for the twelve months ended December 31, 2021, and 2020.
|  | Twelve Months Ended December 31, |
|  | 2021 |  | 2020 |
|  | Shares |  | Weighted Average Grant-Date Fair Value |  | Shares |  | Weighted Average Grant-Date Fair Value |
Unvested at January 1 |  | — |  | $ | — |  | — |  | $ | — |
Granted |  | 1,000,000 |  | $ | 3.01 |  | — |  | $ | — |
Vested |  | — |  | $ | — |  | — |  | $ | — |
Forfeited/canceled |  | — |  | $ | — |  | — |  | $ | — |
Unvested at December 31 |  | 1,000,000 |  | $ | 3.01 |  | — |  | $ | — |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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