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STOCKHOLDERS’ EQUITY (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
SCHEDULE OF FAIR VALUE OF SHARE BASED PAYMENT | The fair value of the Company’s stock options granted in 2021 that are being classified as equity awards were estimated using the Black-Scholes option pricing model with the following assumptions and weighted average fair values: SCHEDULE OF FAIR VALUE OF SHARE BASED PAYMENT
|  | Year Ended December 31, 2021 |
Valuation assumptions: |  |  |  |
Grant price |  |  | $7.78 – $11.50 |
Exercise price |  |  | $7.78 – $11.50 |
Expected dividend yield |  |  | 0 | %
Expected volatility |  |  | 84.24% – 90.94 | %
Expected life (in years) |  |  | 5 |
Risk-free interest rate |  |  | 0.80% – 0.89 | %
SCHEDULE OF STOCK OPTION ACTIVITY | Stock option activity during the periods indicated below was as follows: SCHEDULE OF STOCK OPTION ACTIVITY
|  | Number of Shares Subject to Issuance |  |  | Weighted- average Exercise Price |  |  | Weighted- average Remaining Contractual Term |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2019 |  |  | 1,421,623 |  |  | $ | 1.78 |  |  |  | 1.96 years |  |  | $ | 8,113,777 |  |
Granted |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Forfeited |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Exercised |  |  | (783,741 | ) |  |  | 1.20 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2020 |  |  | 637,882 |  |  | $ | 2.50 |  |  |  | 2.55 years |  |  | $ | 5,686,421 |
Granted |  |  | 221,843 |  |  |  | 10.38 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (3,000 | ) |  |  | 2.79 |  |  |  |  |  |  |  |  |
Exercised |  |  | (360,301 | ) |  |  | 2.34 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2021 |  |  | 496,424 |  |  | $ | 6.13 |  |  |  | 3.03 years |  |  | $ | 527,937 |
Exercisable at December 31, 2021 |  |  | 129,859 |  |  | $ | 2.72 |  |  |  | 1.98 years |  |  | $ | 247,176 |
SUMMARY OF STOCK OPTIONS | The following is a summary of stock options as of December 31, 2021: SUMMARY OF STOCK OPTIONS
|  | 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 |
$1.75 to $2.87 |  |  | 249,581 |  |  | 1.09 years |  | $ | 2.68 |  |  |  | 104,859 |  |  | $ | 2.68 |
$7.78 to $11.50 |  |  | 246,843 |  |  | 1.94 years |  | $ | 9.62 |  |  |  | 25,000 |  |  | $ | 2.87 |
|  |  | 496,424 |  |  | 3.03 years |  | $ | 6.13 |  |  |  | 129,859 |  |  | $ | 2.72 |
SCHEDULE OF RESTRICTED STOCK UNITS OUTSTANDING | Restricted stock unit activity during the periods indicated below is as follows: SCHEDULE OF RESTRICTED STOCK UNITS OUTSTANDING
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Outstanding at December 31, 2019 |  |  | 2,670 |  |  | $ | 7.49 |
Granted |  |  | 38,855 |  |  |  | 5.78 |
Forfeited |  |  | - |  |  |  | - |
Vested and Settled in shares |  |  | (39,771 | ) |  |  | 5.65 |
Outstanding at December 31, 2020 |  |  | 1,754 |  |  | $ | 11.40 |
Granted |  |  | 443,442 |  |  |  | 10.30 |
Forfeited |  |  | (4,650 | ) |  |  | 11.50 |
Vested and Settled in shares |  |  | (32,170 | ) |  |  | 8.47 |
Outstanding December 31, 2021 |  |  | 408,376 |  |  | $ | 10.43 |
SCHEDULE OF PERFORMANCE STOCK UNITS OUTSTANDING | SCHEDULE OF PERFORMANCE STOCK UNITS OUTSTANDING
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Outstanding at December 31, 2019 |  |  | - |  |  | $ | - |
Granted |  |  | 265,942 |  |  |  | 7.91 |
Forfeited |  |  | - |  |  |  | - |
Outstanding at December 31, 2020 |  |  | 265,942 |  |  | $ | 7.91 |
Forfeited |  |  | (37,444 | ) |  |  | 7.91 |
Outstanding at December 31, 2021 |  |  | 228,498 |  |  | $ | 7.91 |
SCHEDULE OF EQUITY COMPENSATION EXPENSE | Equity compensation expense for the years ended December 31, 2021 and 2020 is as follows: SCHEDULE OF EQUITY COMPENSATION EXPENSE
|  | Years Ended December 31, |
|  | 2021 |  |  | 2020 |
Stock options |  | $ | 4,143 |  |  | $ | 3,240 |
Restricted stock units |  |  | 1,956 |  |  |  | 140 |
Performance stock units |  |  | 301 |  |  |  | 71 |
Equity Compensation, Total |  | $ | 6,400 |  |  | $ | 3,451 |
SCHEDULE OF EQUITY COMPENSATION | Equity compensation is included in operating expenses as follows: SCHEDULE OF EQUITY COMPENSATION
|  | Years Ended December 31, |
|  | 2021 |  |  | 2020 |
Selling, general and administrative |  | $ | 5,782 |  |  | $ | 3,408 |
Research and development |  |  | 618 |  |  |  | 43 |
|  | $ | 6,400 |  |  | $ | 3,451 |
Liability Awards [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
SCHEDULE OF FAIR VALUE OF SHARE BASED PAYMENT | The fair value of the Company’s stock options granted in the years ended December 31, 2016, December 31, 2018 and December 31, 2019, that no longer qualify as equity awards and instead are being classified as liability awards were marked-to-market using the Black-Scholes option pricing model with the following assumptions and weighted average fair values: SCHEDULE OF FAIR VALUE OF SHARE BASED PAYMENT
|  | Year Ended December 31, 2021 |
Valuation assumptions: |  |  |  |
Exercise price range |  | $ | 2.68 – $2.87 |
Expected dividend yield |  |  | 0 | %
Expected volatility range for grants after mark-to-market adjustment |  |  | 81.66 | %
Expected life (in years) for grants after mark-to-market adjustment |  |  | 0.54 – 1.08 |
Risk-free interest rate range for grants after mark-to-market adjustment |  |  | 0.19% - 0.39 | %

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