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Stockholders' Equity (Tables) | 12 Months Ended
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Dec. 31, 2020
Equity [Abstract] |
Schedule of Fair Value of Share Based Payment | The fair value of share-based payment units was estimated using the Black-Scholes option pricing model with the following assumptions and weighted average fair values as follows:
|  | Year Ended December 31, 2019 |
Valuation assumptions: |  |  |  |
Grant price |  | $ | 2.68 |
Exercise price |  | $ | 2.68 |
Expected dividend yield |  |  | 0 | %
Expected volatility |  |  | 84.92 | %
Expected life (in years) |  |  | 5 |
Risk-free interest rate |  |  | 2.49 | %
Schedule of Stock Option Activity | Stock option activity under the Plans during the periods indicated below is as follows:
|  | Number of Shares Subject to Issuance |  |  | Weighted- average Exercise Price |  |  | Weighted- average Remaining Contractual Term |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2018 |  |  | 1,072,332 |  |  | $ | 1.44 |  |  | 1.85 years |  |  | - |
Granted |  |  | 444,163 |  |  |  | 2.68 |  |  |  |  |  |  |
Exercised |  |  | (94,872 | ) |  |  | 2.08 |  |  |  |  |  |  |
Outstanding at December 31, 2019 |  |  | 1,421,623 |  |  | $ | 1.78 |  |  | 1.96 years |  | $ | 8,113,777 |
Granted |  |  | - |  |  |  | - |  |  |  |  |  |  |
Exercised |  |  | (783,741 | ) |  |  | 1.20 |  |  |  |  |  |  |
Outstanding at December 31, 2020 |  |  | 637,882 |  |  | $ | 2.50 |  |  | 2.55 years |  | $ | 5,686,421 |
Exercisable at December 31, 2020 |  |  | 359,967 |  |  | $ | 2.33 |  |  | 2.20 years |  | $ | 3,269,723 |
Summary of Stock Options | The following is a summary of stock options as of December 31, 2020:
|  | Options Outstanding |  |  | Options Exercisable |
Range of Exercise Prices |  | Number of Options |  |  | Weighted- average Remaining Life |  | Weighted- average Exercise Price |  |  | Number of Options |  |  | Weighted- average Exercise Price |
$1.01 to $1.56 |  |  | 71,719 |  |  | 0.17 years |  | $ | 1.02 |  |  |  | 71,719 |  |  | $ | 1.16 |
$1.75 to $2.87 |  |  | 566,163 |  |  | 2.85 years |  | $ | 2.68 |  |  |  | 288,248 |  |  | $ | 2.65 |
|  |  | 637,882 |  |  | 2.55 years |  | $ | 2.50 |  |  |  | 359,967 |  |  | $ | 2.33 |
Schedule of Restricted Stock Units Outstanding | Restricted stock unit activity under the Plans during the periods indicated below is as follows:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2018 |  |  | - |  |  | $ | - |  |  |  | - |
Granted |  |  | 12,477 |  |  |  | 5.53 |  |  |  |  |
Vested and Settled in shares |  |  | (9,807 | ) |  |  | 5.00 |  |  |  |  |
Outstanding at December 31, 2019 |  |  | 2,670 |  |  | $ | 7.49 |  |  | $ | - |
Granted |  |  | 38,855 |  |  |  | 5.78 |  |  |  |  |
Vested and Settled in shares |  |  | (39,771 | ) |  |  | 5.65 |  |  |  |  |
Outstanding December 31, 2020 |  |  | 1,754 |  |  | $ | 11.40 |  |  | $ | - |
Schedule of Performance Stock Units Outstanding |
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2019 |  |  | - |  |  | $ | - |  |  | $ | - |
Granted |  |  | 265,942 |  |  |  | 7.91 |  |  |  |  |
Outstanding at December 31, 2020 |  |  | 265,942 |  |  | $ | 7.91 |  |  | $ | - |
Schedule of Share Based Compensation Expense | Share based compensation expense for the years ended December 31, 2020 and 2019 is as follows:
|  | Years Ended December 31, |
Compensation cost recognized: |  | 2020 |  |  | 2019 |
Stock options |  | $ | 198,407 |  |  | $ | 515,805 |
Restricted stock units |  |  | 140,000 |  |  |  | 69,060 |
Performance stock units |  |  | 71,070 |  |  |  | - |
|  | $ | 409,477 |  |  | $ | 584,865 |
Schedule of Stock Based Compensation | Share based compensation is included in operating expenses as follows:
|  | Years Ended December 31, |
|  | 2020 |  |  | 2019 |
Selling, general and administrative |  | $ | 366,780 |  |  | $ | 561,391 |
Research and development |  |  | 42,697 |  |  |  | 23,474 |
|  | $ | 409,477 |  |  | $ | 584,865 |

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- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + 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 -URI http://asc.fasb.org/extlink&oid=120381028&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 http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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