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Stockholders' Equity (Tables) | 6 Months Ended
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Jun. 30, 2023
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 six month period ended June 30, 2023, was as follows:
|  | Stock Options Outstanding |
|  | Number of Underlying Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (in years) |  |  | Aggregate Intrinsic Value |
Outstanding on January 1, 2023 |  |  | 970,680 |  |  | $ | 2.07 |  |  |  | 5.61 |  |  | $ | 864,762 |
Granted |  |  | 400,000 |  |  | $ | 2.95 |  |  |  | 9.94 |  |  |  | - |
Forfeited / Canceled |  |  | (1,250 | ) |  | $ | 2.10 |  |  |  | - |  |  | $ | 962 |
Exercised |  |  | (20,935 | ) |  | $ | 0.61 |  |  |  | - |  |  | $ | 47,233 |
Outstanding on June 30, 2023 |  |  | 1,348,495 |  |  | $ | 2.35 |  |  |  | 2.24 |  |  | $ | 816,567 |
Exercisable as of June 30, 2023 |  |  | 948,495 |  |  | $ | 2.10 |  |  |  | 2.24 |  |  | $ | 816,567 |
Vested and expected to vest as of June 30, 2023 |  |  | 948,495 |  |  | $ | 2.10 |  |  |  | 2.24 |  |  | $ | 816,567 |
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. There were no options granted under the Company's 2017 Plan during the six month period ended June 30, 2022. The following table presents the grant date fair value of options vested and the intrinsic value of options exercised:
|  | For the Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |
Expected term (in years) |  |  | 6.16 |  |  |  | - |
Expected volatility |  |  | 72.73 | % |  |  | 0.00 | %
Risk-free interest rate |  |  | 3.79 | % |  |  | 0.00 | %
Weighted average grant date fair value per share |  | $ | 2.95 |  |  | $ | - |
Grant date fair value of options vested |  | $ | 933,399 |  |  | $ | 2,005,285 |
Intrinsic value of options exercised |  | $ | 47,233 |  |  | $ | 119,927 |
Schedule of RSU Activity | The Company’s RSU activity for the six months ended June 30, 2023, was as follows:
|  | Restricted Stock Units |
|  | Number of Underlying Shares |  |  | Weighted Average Grant Date Fair Value |
Unvested on January 1, 2023 |  |  | 907,507 |  |  | $ | 4.04 |
Granted |  |  | 889,528 |  |  | $ | 2.80 |
Vested |  |  | (512,805 | ) |  | $ | 3.79 |
Canceled |  |  | (97,798 | ) |  | $ | 4.32 |
Unvested on June 30, 2023 |  |  | 1,186,432 |  |  | $ | 3.19 |
Summary of Stock-Based Compensation Expense | Stock-based compensation expense for the three and six month periods ended June 30, 2023 and 2022, was comprised of the following:
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
Stock-based compensation classified as: |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
General and administrative |  | $ | 651,291 |  |  | $ | 300,346 |  |  | $ | 945,286 |  |  | $ | 502,441 |
Production |  |  | 86,528 |  |  |  | 70,959 |  |  |  | 153,969 |  |  |  | 126,415 |
Marketing and selling |  |  | 86,516 |  |  |  | 104,364 |  |  |  | 146,504 |  |  |  | 186,544 |
Research and development |  |  | 73,674 |  |  |  | 56,967 |  |  |  | 126,458 |  |  |  | 100,064 |
|  | $ | 898,009 |  |  | $ | 532,636 |  |  | $ | 1,372,217 |  |  | $ | 915,464 |
Schedule of Warrant Activity | The following table summarizes the Company’s warrant activity during the six months ended June 30, 2023:
|  | Number of Warrants |  |  | Weighted Average Exercise Price |
Warrants outstanding – January 1, 2023 |  |  | 451,112 |  |  | $ | 5.37 |
Warrants granted |  |  | - |  |  | $ | - |
Warrants expired |  |  | (380,000 | ) |  | $ | 6.00 |
Warrants exercised |  |  | (28,090 | ) |  | $ | 1.78 |
Warrants outstanding – June 30, 2023 |  |  | 43,022 |  |  | $ | 2.15 |

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- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + 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 (c)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition 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. + 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 (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section S99 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775 + Details
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