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Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2020

Stockholders Equity Note [Abstract]

Summary of Stock Option Activity

A summary of stock option activity under each of the Company’s stock option plans during the nine months period ended September 30, 2020:

		Stock Options Outstanding
		Number of Shares				Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (in years)				Aggregate Intrinsic Value
Outstanding at January 1, 2020			1,686,444			$	1.30				4.22			$	1,535,987
Granted			432,125			$	2.71
Forfeited / Cancelled			(38,197	)		$	2.51
Exercised			(744,951	)		$	0.87
Outstanding at  September 30, 2020			1,335,421			$	1.81				6.66			$	616,432
Exercisable at September 30, 2020			845,649			$	1.53				5.01			$	616,323
Vested and expected to vest at September 30, 2020			1,320,728			$	1.81				6.63			$	616,429

Schedule of Assumption to Calculate Weighted Average Grant Date Fair Value of Options Grant

The following table presents details of the assumptions used to calculate the weighted-average grant date fair value of common stock options granted by the Company:

		For the Nine Months Ended September 30,
		2020				2019
Expected term (in years)		5.04				4.65 - 5.87
Expected volatility		43.5 - 47.80%				43.7 - 44.4%
Risk-free interest rate			0.33	%		2.49 - 2.55%
Weighted average grant date fair value per share		$	0.83			$	1.07
Grant date fair value of options vested		$	545,388			$	574,524
Intrinsic value of options exercised		$	917,625			$	551,134

Schedule of Restricted Stock Unit Activity

The Company’s restricted stock unit activity for the nine months ended September 30, 2020 is as follows:

		Restricted Stock Units
		Number of Shares				Weighted Average Grant Date Fair Value
Unvested at January 1, 2020			216,670			$	3.02
Granted			554,251			$	2.51
Vested			(148,751	)		$	3.15
Cancelled			(38,333	)		$	2.41
Unvested at September 30, 2020			583,837			$	2.54

Summary of Stock-Based Compensation Expense

Stock-based compensation expense for the three and nine month periods ended September 30, 2020 and 2019 was comprised of the following:

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
Stock-based compensation classified as:		2020				2019				2020				2019
General and administrative		$	171,636			$	120,188			$	373,667			$	357,679
Production			15,118				18,140				50,856				52,131
Marketing and selling			15,696				15,011				50,062				44,472
Research and development			7,830				11,518				28,834				35,858
		$	210,280			$	164,857			$	503,419			$	490,140

Schedule of Warrant Activity

The following table summarizes the Company’s warrant activity during the nine months ended September 30, 2020:

		Number of Warrants				Weighted Average Exercise Price
Warrants outstanding – January 1, 2020			630,947			$	4.16
Warrants granted			-			$	-
Warrants exercised			(78,948	)		$	0.76
Warrants outstanding – September 30, 2020			551,999			$	4.65

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Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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