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Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Fair Value of Each Option Award Estimated Assumption

For stock options requiring an assessment of value during the six months ended June 30, 2021, the fair value of each stock option award was estimated using the Black-Scholes option-pricing model with the following assumptions:

 

      
Risk-free interest rate   0.89%
Expected dividend yield   0%
Expected volatility   198.79%
Expected life   3.5 to 3.6 years 
Summary of Stock-based Compensation Costs

A summary of stock-based compensation costs for the three months and six months ended June 30, 2021 and 2020 is as follows:

 

                         
   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2021   2020   2021   2020 
                 
Related parties  $850,804   $—   $1,506,836   $— 
Non-related parties   —    —    —    — 
Total stock-based compensation costs  $850,804   $—   $1,506,836   $— 
Summary of Stock Option Activity Including Options Form of Warrants

A summary of stock option activity, including options issued in the form of warrants, during the six months ended June 30, 2021 is presented below.

 

  

Number of

Shares

  

Weighted

Average

Exercise

Price

  

Weighted

Average Remaining Contractual

Life (in Years)

 
             
Stock options outstanding at December 31, 2020   1,475,000   $4.136      
Granted   1,200,000    3.048      
Exercised   (125,001)   0.808      
Expired   —    —      
Adjustment attributable to reverse stock split   1    —      
Stock options outstanding at June 30, 2021   2,550,000   $3.787    3.79 
                
Stock options exercisable at June 30, 2021   1,650,000   $3.831    3.24 
Schedule of Exercise Prices of Common Stock Options Outstanding and Exercisable Including Options Form of Warrants

The exercise prices of common stock options outstanding and exercisable, including options issued in the form of warrants, at June 30, 2021 are as follows:

 

Exercise

Prices

  

Options

Outstanding
(Shares)

  

Options

Exercisable
(Shares)

 
          
$0.900    33,333    33,333 
$1.200    83,333    83,333 
$1.680    66,667    66,667 
$2.800    250,000    125,000 
$3.000    666,667    666,667 
$3.030    500,000    — 
$3.200    250,000    125,000 
$3.210    200,000    200,000 
$6.000    166,667    166,667 
$6.600    50,000    50,000 
$7.140    200,000    50,000 
$12.000    83,333    83,333 
      2,550,000    1,650,000