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Stockholders’ Equity (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Summary of Changes in Warrants Outstanding

The following is a summary of changes in warrants outstanding for the years ended December 31, 2021 and 2020:

 Summary of Changes in Warrants Outstanding

		Number of warrants
Outstanding at December 31,2019			2,014,694
Issued			655,763
Expired			(466,154	)
Outstanding at December 31, 2020			2,204,303
Issued			10,550
Expired			(927,449	)
Outstanding at December 31, 2021			1,287,404

Summary of Outstanding Warrants

The following is a summary of all outstanding warrants as of December 31, 2021:

 Summary of Outstanding Warrants

Warrant issuance event		Number of warrants				Weighted average exercise price				Exercise price per share				Remaining term in years				Intrinsic value at date of grant
Private placements of common stock			818,683			$	7.65			$	6.89 - 7.80				1.28			$	-
Private placement of notes			214,356			$	8.39			$	7.80 - 9.10				0.76			$	-
Settlement of deferred compensation			243,815			$	6.32			$	3.51 - 9.10				2.74			$	-
Settlement of services			10,550			$	4.15			$	3.12 - 5.46				0.62			$	-
			1,287,404			$	7.49			$	3.12 - 9.10				1.47			$	-

Summary of Stock Options Activity

The following summarizes activity related to stock options for the years ended December 31, 2021 and 2020:

Summary of Stock Options Activity

		Number of Options				Exercise price per share				Remaining term in years
Outstanding January 1, 2020			554,076				$5.20 - $11.31				4.6
Issued			82,258				$4.42 - $5.72
Cancelled/expired			(48,109	)
Outstanding on December 31, 2020			588,225				$4.42 - $11.31				3.5
Issued			58,113				$4.94 - $6.37
Cancelled/expired			(44,187	)
Outstanding on December 31, 2021			602,151				$4.42 - $11.31				3.8
Exercisable, December 31, 2021			513,416				$4.42 - $11.31				3.3

Summary of Fair Value of Options Using Black-Sholes Option Pricing Model

The fair value of the options issued was calculated using the Black-Sholes option pricing model, based on the criteria shown below:

 Summary of Fair Value of Options Using Black-Sholes Option Pricing Model

		2021				2020
Expected term (in years)			5.5 - 8.0				5.5 - 8.0
Expected volatility			85.0% - 89.4	%			73.4% - 75.8	%
Risk-free interest rate			0.7% - 1.3	%			0.3% - 1.6%
Expected dividends		$	-			$	-
Weighted average grant date fair value per share		$	4.04			$	2.65

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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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