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Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2021

Stockholders' Equity

Schedule of Black-Scholes option pricing model to stock options granted

In applying the Black-Scholes option pricing model to stock options granted, the Company used the following approximate assumptions:

	For the Three Months Ended
	March 31,
	2021		2020
Expected term (years)	5.85		5.85
Risk free interest rate	0.92	%	1.32	%
Expected volatility	96	%	101	%
Expected dividends	0.00	%	0.00	%

Schedule of the stock option activity

A summary of the option activity during the three months ended March 31, 2021 is presented below:

							Weighted
				Weighted			Average
				Average			Remaining		Aggregate
		Number of		Exercise			Life		Intrinsic
		Options		Price			In Years		Value
Outstanding January 1, 2021		3,427,705		$	3.37
Granted		1,637			5.11
Outstanding March 31, 2021		3,429,342		$	3.37		7.7		$	7,126,014
Exercisable March 31, 2021		1,862,537		$	3.54		6.7		$	3,889,820

Schedule of information related to stock options

The following table presents information related to stock options as of March 31, 2021:

Options Outstanding					Options Exercisable
					Weighted
			Outstanding		Average		Exercisable
Exercise			Number of		Remaining Life		Number of
Price			Options		In Years		Options
$	1.24		260,000		4.0		260,000
$	1.95		673,544		6.3		673,544
$	2.72		764,419		—		—
$	2.74		6,000		7.8		4,333
$	2.89		263,500		—		—
$	3.11		659,849		8.4		369,646
$	3.43		58,920		—		—
$	3.48		45,000		—		—
$	3.71		43,000		—		—
$	4.00		2,000		7.6		1,556
$	4.68		25,000		8.8		9,029
$	5.10		6,000		7.4		5,000
$	5.11		1,637		—		—
$	5.19		16,500		7.4		13,750
$	5.25		26,668		5.5		26,668
$	5.77		50,000		—		—
$	6.20		300,387		7.3		283,298
$	6.30		60,000		7.3		53,333
$	8.72		166,918		7.0		162,380
			3,429,342		6.7		1,862,537

Summary of the Warrant activity and related information

A summary of the Warrant activity for the three months ended March 31, 2021 is presented below:

							Weighted
				Weighted			Average
				Average			Remaining		Aggregate
		Number of		Exercise			Life		Intrinsic
		Warrants		Price			In Years		Value
Outstanding January 1, 2021		2,011,313		$	2.43
Exercised		(644,992)			2.37
Outstanding March 31, 2021		1,366,321		$	2.51		4.0		$	3,530,228
Exercisable March 31, 2021		1,366,321		$	2.51		4.0		$	3,530,228

The following table presents information related to Warrants as of March 31, 2021:

Warrants Outstanding		Warrants Exercisable
				Weighted
		Outstanding		Average		Exercisable
Exercise		Number of		Remaining Life		Number of
Price		Warrants		In Years		Warrants
$2.4696		1,149,941		4.0		1,149,941
$2.7240		216,380		4.0		216,380
		1,366,321		4.0		1,366,321

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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.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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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.

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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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