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Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2022

Stockholders Equity Note [Abstract]

Summary of Stock Option Activity

A summary of stock option activity under each of the Company’s equity incentive plans during the three month period ended March 31, 2022, is as follows:

		Stock Options Outstanding
		Number of Shares				Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (in years)				Aggregate Intrinsic Value
Outstanding on January 1, 2022			1,025,499			$	2.01				6.35			$	1,867,324
Granted			-				-				-				-
Forfeited / Canceled			-				-				-				-
Exercised			(37,368	)			-				-				-
Outstanding on March 31, 2022			988,131			$	2.06				6.31			$	1,754,249
Exercisable as of March 31, 2022			981,461			$	2.05				6.30			$	1,746,779
Vested and expected to vest as of March 31, 2022			988,131			$	2.06				6.31			$	1,754,249

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

There were no options granted during the three month periods ended March 31, 2022 and 2021. The following table presents the grant date fair value of options vested and the intrinsic value of options exercised:   

		For the Three Months Ended March 31,
		2022				2021
Grant date fair value of options vested		$	2,014,092			$	1,160,847
Intrinsic value of options exercised		$	113,076			$	1,047,002

Schedule of RSU Activity

The Company’s RSU activity for the three months ended March 31, 2022, is as follows:

		Restricted Stock Units
		Number of Shares				Weighted Average Grant Date Fair Value
Unvested on January 1, 2022			604,800			$	4.30
Granted			669,950			$	3.91
Vested			(73,662	)		$	4.83
Canceled			-			$	-
Unvested on March 31, 2022			1,201,088			$	4.05

Summary of Stock-Based Compensation Expense

Stock-based compensation expense for the three month periods ended March 31, 2022 and 2021, was comprised of the following:

		For the Three Months Ended March 31,
Stock-based compensation classified as:		2022				2021
General and administrative		$	202,095			$	401,000
Production			55,456				14,659
Marketing and selling			82,180				15,397
Research and development			43,097				7,338
		$	382,828			$	438,394

Schedule of Warrant Activity

The following table summarizes the Company’s warrant activity during the three months ended March 31, 2022:

		Number of Warrants				Weighted Average Exercise Price
Warrants outstanding – January 1, 2022			451,112			$	5.37
Warrants granted			-			$	-
Warrants exercised			-			$	-
Warrants outstanding – March 31, 2022			451,112			$	5.37

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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value.

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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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