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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity

A summary of stock option activity during the years ended December 31, 2021 and 2020 is as follows:

 

           Weighted-     
       Weighted-   Average     
   Shares   Average   Remaining   Aggregate 
   Under   Exercise   Contractual   Intrinsic 
   Option   Price   Life   Value 
Outstanding at January 1, 2021   145,360   $5.61    9 years   $19,200 
Granted   -    -           
Forfeited and expired   (500)   6.50           
                     
Outstanding at December 31, 2021   144,860   $5.61    8 years   $19,200 
                     
Exercisable at December 31, 2021   66,060   $7.35    8 years   $19,200 

 

           Weighted-     
       Weighted-   Average     
   Shares   Average   Remaining   Aggregate 
   Under   Exercise   Contractual   Intrinsic 
   Option   Price   Life   Value 
Outstanding at January 1, 2020   46,860   $9.02    9 years    19,200 
Granted   99,000    4.00           
Forfeited and expired   (500)   6.50           
Outstanding at December 31, 2020   145,360   $5.61    9 years   $19,200 
                     
Exercisable at December 31, 2020   39,160   $9.51    8 years   $19,200 
Schedule of Grants of Stock Options Over Requisite Service Period

The following represent grants of stock options, including the fair value recognized or to be recognized over the requisite service period:

Grant date  Shares granted (canceled)   Exercise price   Date fully vested   Fair value 
                 
February 10, 2016   4,200   $48.00    February 10, 2020   $174,748 
December 6, 2016   2,000    38.00    December 6, 2020    63,937 
September 25, 2017   15,000    15.00    September 25, 2019    194,149 
September 25, 2017   10,000    19.00    September 25, 2019    126,862 
January 30, 2019   250    45.00    January 30, 2019    885 
March 11, 2019   (33,200)   -    -    - 
March 11, 2019   33,200    6.50    December 6, 2020    24,898(1)
March 11, 2019   10,100    6.50    March 11, 2023    44,591 
September 2, 2020   99,000    4.00    September 2, 2024    327,181 

 

(1)Represents incremental fair value of replacement shares compared to canceled shares.
Schedule of Estimated Values of Stock Option Grants Valuation Assumptions

The weighted average estimated values of director and employee stock option grants, as well as the weighted average assumptions that were used in calculating such values during the years ended December 31, 2021 and 2020, were based on estimates at the date of grant as follows:

 

   April 30,   January 1,   February 10, 
   2015 Grant   2016 Grant   2016 Grant 
Risk-free interest rate   1.43%   1.76%   1.15%
Weighted average expected term   5 years    5 years    5 years 
Expected volatility   143.10%   134.18%   132.97%
Expected dividend yield   0.00%   0.00%   0.00%

 

   December 6,   September 25,   January 30, 
   2016 Grant   2017 Grant   2019 Grant 
Risk-free interest rate   1.84%   1.85%   2.54%
Weighted average expected term   5 years    5 years    5 years 
Expected volatility   123.82%   130.79%   115.80%
Expected dividend yield   0.00%   0.00%   0.00%

 

   March 11,   September 2, 
   2019 Grant   2020 Grant 
Risk-free interest rate   2.44%   0.26%
Weighted average expected term   5 years    5 years 
Expected volatility   116.46%   121.33%
Expected dividend yield   0.00%   0.00%