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Stockholders’ Equity (Tables)
12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Summary of Changes in Warrants Outstanding

The following is a summary of changes in warrants outstanding for the years ended December 31, 2022 and 2021:

 

   Number of
warrants
 
Outstanding at December 31,2020   2,204,303 
Issued   10,550 
Expired   (927,449)
Outstanding at December 31, 2021   1,287,404 
Exercised   (986)
Expired   (106,228)
Outstanding at December 31, 2022   1,180,190 
Summary of Outstanding Warrants

The following is a summary of all outstanding warrants as of December 31, 2022:

 

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   $6.03   $5.856.89    0.28   $           - 
Private placement of notes   117,692   $5.85   $5.85    0.22   $- 
Settlement of deferred compensation   243,815   $6.32   $3.51 - 9.10    1.74   $- 
    1,180,190   $6.07   $3.51 - 9.10    0.58   $- 
Summary of Stock Options Activity

The following is a summary of stock option activity:

   Number of
Options
   Weighted
average
exercise price
per share
   Remaining
term in years
 
             
Outstanding on December 31, 2020   614,271   $7.61    3.8 
Issued   65,805   $5.63      
Cancelled/expired   (44,187)  $5.08      
Outstanding on December 31, 2021   635,889   $7.41    3.8 
Issued   64,672   $5.72      
Cancelled/expired   (17,622)  $5.08      
Outstanding on December 31, 2022   682,939   $7.30    3.2 
                
Exercisable, December 31, 2022   595,829   $7.54    2.7 
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:

 

   2022   2021 
Expected term (in years)   5.5 - 8     5.5 - 8  
Expected volatility   82.8% - 85.7%   85.0% - 89.4%
Risk-free interest rate   1.5% - 3.9%   0.7% - 1.3%
Expected dividends  $-   $- 
Weighted average grant date fair value per share  $4.53   $4.04 
Summary of Restricted Stock Award and Restricted Stock Unit Activity

The following is a summary of restricted stock award and restricted stock unit activity:

 

  

Number of

shares

  

Weighted

average grant

date fair value

 
Unvested at January 1, 2021   -   $- 
Unvested at January 1, 2022   -   $- 
Granted   46,554   $4.96 
Forfeited   (4,631)  $5.38 
Unvested at December 31, 2022   41,923   $4.91 
Summary of Performance Stock Unit Activity

The following is a summary of PSU activity:

 

  

Number of

shares

  

Weighted

average grant

date fair value

 
Unvested at January 1, 2022   -   $- 
Granted   123,512   $4.50 
Forfeited   (105,834)  $4.50 
Unvested at December 31, 2022   17,678   $4.50