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Stockholders’ Equity (Tables)
 3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Schedule of Changes in Stockholders' Equity

The following are changes in stockholders’ equity for the three months ended March 31, 2021 and March 31, 2022:

 

                     
           Additional         
   Common Stock   paid in   Accumulated     
   Shares   Amount   Capital   (Deficit)   Total 
Balance December 31, 2020   11,471,797   $12   $53,223,803   $(50,899,629)  $2,324,186 
Equity based compensation   -    -    (34,585)   -    (34,585)
Net loss   -    -    -    (591,519)   (591,519)
Balance March 31, 2021   11,471,797   $12   $53,189,218   $(51,491,148)  $1,698,082 

 

           Additional         
   Common Stock   paid in   Accumulated     
   Shares   Amount   Capital   (Deficit)   Total 
Balance December 31, 2021    12,905,112   $13   $60,340,620   $(52,164,775)  $8,175,858 
Shares issued for warrant exercise   986         5,000    -    5,000 
Equity based compensation    -    -    28,036    -    28,036 
Issuance of stock for services   13,801         98,332    -    98,332 
Net loss    -    -    -    (894,509)   (894,509)
Balance March 31, 2022   12,919,899   $13   $60,471,988   $(53,059,284)  $7,412,717 
Summary of Stock Options Activity

The following is a summary of stock option activity for the three months ended March 31, 2022:

 

   Number of Options   Weighted average exercise price per share   Remaining term in years 
Outstanding on December 31, 2021   625,016   $7.55    3.8 
Issued   25,385   $5.58      
Cancelled/expired   (11,541)  $4.94      
Outstanding on March 31, 2022   638,860   $7.52    3.5 
                
Exercisable, March 31, 2022   539,345   $7.92    3.0 
Summary of Fair Value of Options Using Black-Sholes Option Pricing Model

The fair value of the options issued (approximately $105,000, in the aggregate) was calculated using the Black-Sholes option pricing model, based on the following:

 

   2021 
Expected term (in years)   5.5 
Expected volatility   85.7%
Risk-free interest rate   1.5 - 1.6%
Expected dividends  $- 
Weighted average grant date fair value per share  $4.15 
Summary of Restricted Stock Award and Restricted Stock Unit Activity

The following is a summary of restricted stock award and restricted stock unit activity for the three months ended March 31, 2022:

 

   Number of shares   Weighted average grant date fair value 
Unvested at January 1, 2022   -   $- 
Granted   40,554   $5.36 
Unvested at March 31, 2022   40,554   $5.36