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Stockholders' Equity (Tables)

6 Months Ended

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

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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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