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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Schedule of stock-based compensation expense

The amount of stock-based compensation expense is as follows:

 

    Year ended December 31,  
    2019     2018  
Stock options   $ 146,731     $ 94,751  
Restricted stock awards     15,674       66,377  
Total   $ 162,405     $ 161,128  
Schedule of unrecognized compensation cost from unvested awards

As of December 31, 2019, the estimated unrecognized compensation cost from unvested awards which will be recognized ratably over the remaining vesting phase is as follows: 

 

Years ended December 31st:     Unvested stock
options		     Unvested
restricted stock
awards		     Total
unrecognized
compensation
expense		  
2020     $ 113,378     $ 4,251     $ 117,629  
2021       70,896       706       71,602  
2022       3,722       —       3,722  
2023       —       —       —  
      $ 187,996     $ 4,957     $ 192,953  
Schedule of estimated fair value of stock options

The Company estimated the fair value of stock options using the Black-Scholes-Merton option-pricing model with the following assumptions:

 

    Year ended December 31,  
    2019     2018  
Number of options awarded to purchase common shares     10,000       183,750  
Risk-free interest rate     1.50%       2.6% - 3.0%  
Expected volatility     100.3%       115.9 - 154.3%  
Assumed dividend yield     N/A       N/A  
Expected life of options from the date of grant     9.8 years       9.8 years  
Schedule of stock option activity under Equity Incentive Plan

Stock option activity during 2019 and 2017 is summarized as follows:

  

      Number of
awards		     Weighted avg.
exercise price
per share		     Weighted avg.
grant date fair
value per share		     Weighted avg.
remaining
contractual life
(in years)		     Aggregate
intrinsic value		  
                                 
Outstanding, January 1, 2018       266,585     $ 1.23     $ 1.22       6.06     $ 462,508  
Granted       183,750     $ 1.91     $ 1.85       9.68          
Exercised       —     $ —     $ —       —          
Expired/Forfeited       (15,884 )   $ 1.85     $ 1.83       7.86          
Outstanding, December 31, 2018       434,451     $ 1.49     $ 1.47       6.91     $ 230,039  
Granted       10,000     $ 1.71     $ 1.53       9.80          
Exercised       —     $ —     $ —       —          
Expired/Forfeited       (7,325 )   $ 1.86     $ 1.83       7.55          
Outstanding, December 31, 2019       437,126     $ 1.46     $ 1.49       5.97     $ 150,417  
Exercisable, December 31, 2019                                     $ 310,728  
Unvested, December 31, 2019                                     $ 126,398  
Schedule of restricted stock activity under Equity Incentive Plan

The following table summarizes activity for restricted stock awards for the fiscal years presented:

 

    Number of
options		     Weighted avg.
grant date
fair value		  
Non-vested restricted shares, January 1, 2018     99,000     $ 2.56  
Granted     5,000     $ 2.55  
Vested     (74,000 )   $ 2.63  
Forfeited     —     $ —  
Non-vested restricted shares, December 31, 2018     30,000     $ 2.38  
Granted     —     $ —  
Vested     (25,000 )   $ 2.35  
Forfeited     —     $ —  
Non-vested restricted shares, December 31, 2019     5,000     $ 2.55