Share-Based Compensation	9 Months Ended
Sep. 30, 2020
Share-Based Compensation
Share-Based Compensation	(10) Share-Based Compensation Effective upon the closing of the Company’s IPO on January 31, 2020, the Company’s 2019 Equity Incentive Plan (the “2019 Plan”) became effective, succeeding the Company’s previous plan (see Note 1). The previous plan had 352,282 options outstanding as of the effective date of the 2019 Plan. Under the 2019 Plan, 1,000,000 additional shares are authorized to be issued, and no new awards may be issued under the previous plan, although shares subject to grants which are cancelled or forfeited will again be available under the 2019 Plan. As of September 30, 2020, 186,283 shares were available for future grants. During the nine months ended September 30, 2020, the Company granted options to purchase 600,000 shares of common stock at an exercise price of $3.13 per share and 210,000 shares of common stock at an exercise price of $4.39 per share. Under the grant agreements, 50,000 of the options vest after one year and the remainder of the options were vested and exercisable upon grant. These options have a 10-year term. There were no options issued during the nine months ended September 30, 2019. The options granted during the nine months ended September 30, 2020 were valued using the Black Scholes option pricing model using the following weighted average assumptions: expected term of 5.0 years; risk free interest rate of 0.3% to 0.4%; expected volatility of 80.0%; and dividend yield of 0.0%. The weighted-average grant date fair value of options issued by the Company during the nine months ended September 30, 2020 was $2.19 per share. During the nine months ended September 30, 2020, the Company granted stock awards of 5,000 shares to consultants and advisors for services rendered with an aggregate fair value of $21,950, based on the closing price of the Company’s common stock on the NYSE American on the date of grant. There were no stock awards issued during the nine months ended September 30, 2019. Share‑based compensation expense, including the fair value of stock awards to consultants and advisors for services rendered, for the three months ended September 30, 2020 and 2019 was $629,017 and $0, respectively, and for the nine months ended September 30, 2020 and 2019 was $1,740,289 and $8,859, respectively. As of September 30, 2020, there were 1,113,847 options outstanding, of which 1,063,847 were vested and exercisable. As of December 31, 2019, there were 352,282 options outstanding, all of which were vested and exercisable.

(10) Share-Based Compensation

Effective upon the closing of the Company’s IPO on January 31, 2020, the Company’s 2019 Equity Incentive Plan (the “2019 Plan”) became effective, succeeding the Company’s previous plan (see Note 1). The previous plan had 352,282 options outstanding as of the effective date of the 2019 Plan. Under the 2019 Plan, 1,000,000 additional shares are authorized to be issued, and no new awards may be issued under the previous plan, although shares subject to grants which are cancelled or forfeited will again be available under the 2019 Plan. As of September 30, 2020, 186,283 shares were available for future grants.

During the nine months ended September 30, 2020, the Company granted options to purchase 600,000 shares of common stock at an exercise price of $3.13 per share and 210,000 shares of common stock at an exercise price of $4.39 per share. Under the grant agreements, 50,000 of the options vest after one year and the remainder of the options were vested and exercisable upon grant. These options have a 10-year term. There were no options issued during the nine months ended September 30, 2019.

The options granted during the nine months ended September 30, 2020 were valued using the Black Scholes option pricing model using the following weighted average assumptions: expected term of 5.0 years; risk free interest rate of 0.3% to 0.4%; expected volatility of 80.0%; and dividend yield of 0.0%. The weighted-average grant date fair value of options issued by the Company during the nine months ended September 30, 2020 was $2.19 per share.

During the nine months ended September 30, 2020, the Company granted stock awards of 5,000 shares to consultants and advisors for services rendered with an aggregate fair value of $21,950, based on the closing price of the Company’s common stock on the NYSE American on the date of grant. There were no stock awards issued during the nine months ended September 30, 2019.

Share‑based compensation expense, including the fair value of stock awards to consultants and advisors for services rendered, for the three months ended September 30, 2020 and 2019 was $629,017 and $0, respectively, and for the nine months ended September 30, 2020 and 2019 was $1,740,289 and $8,859, respectively.

As of September 30, 2020, there were 1,113,847 options outstanding, of which 1,063,847 were vested and exercisable. As of December 31, 2019, there were 352,282 options outstanding, all of which were vested and exercisable.