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Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule of Fair Value of Options Weighted Average Assumptions

The fair values for the options granted were estimated at the date of grant using the Black Scholes option-pricing model with the following weighted average assumptions:

		Year Ended December 31, 2019				Year Ended December 31, 2018
Risk free interest rate			1.56	%			2.95	%
Expected life (in years)			10.0				5.5
Expected volatility			63.65	%			47.75	%
Expected dividend yield			0.00	%			0.00	%
Stock price		$	1.07			$	2.63

Summary of Option Activity

The following table summarizes option activity during the years ended December 31, 2019 and December 31, 2018, respectively.

		Options Outstanding				Weighted Average Exercise Price				Weighted Average Fair Value				Weighted Average Remaining Contractual Life (years)
Outstanding at January 1, 2018			332,707			$	1.29			$	0.70				7.05
Options granted			850,000				2.63				1.24				9.73
Expired			—				—				—				—
Forfeited options			—				—				—				—
Exercised			—				—				—				—
Outstanding at December 31, 2018			1,172,707			$	2.23			$	1.09				8.72
Options granted			890,000				1.07				0.52				9.66
Expired			—				—				—				—
Forfeited options			(40,890	)			(3.85	)			(1.59	)			(8.04	)
Exercised			—				—				—				—
Outstanding at December 31, 2019			2,021,817			$	1.69			$	0.83				8.73

Schedule of Fair Value of Warrants Assumptions

The fair values for the warrants issued were estimated at the date of grant using the Black Scholes option-pricing model with the following weighted average assumptions:

		Year Ended December 31, 2019				Year Ended December 31, 2018
Risk free interest rate			1.98	%			2.94	%
Expected life (in years)			5.0				5.0
Expected volatility			50.88	%			47.95	%
Expected dividend yield			0.00	%			0.00	%
Stock price		$	1.53			$	2.41

Summary of Warrant Activity

The following table summarizes warrant activity during the years ended December 31, 2019 and 2018, respectively.

		Warrants Outstanding				Weighted Average Exercise Price				Weighted Average Fair Value				Weighted Average Remaining Contractual Life (years)
Outstanding at January 1, 2018			706,262			$	3.27			$	1.48				4.22
Warrants issued			50,000				2.00				1.22				5.00
Expired			—				—				—				—
Forfeited warrants			—				—				—				—
Exercised			272,727				0.11				0.54				3.39
Outstanding at December 31, 2018			483,535			$	4.92			$	1.99				3.29
Warrants issued			500,000				1.53				1.46				5.00
Expired			—				—				—				—
Forfeited warrants			—				—				—				—
Exercised			—				—				—				—
Outstanding at December 31, 2019			983,535			$	1.44			$	1.03				3.34

Summary of Stock Option and Warrant Outstanding

The following table summarizes information about stock options and warrants outstanding at December 31, 2019.

				Outstanding												Exercisable
Range of								Weighted Average Remaining				Weighted Average								Weighted Average
Exercise Prices				Number Outstanding				Contractual Life (years)				Exercise Price				Number Exercisable				Exercise Price
$	0.01-1.40				1,855,151				6.69			$	0.82				1,328,484			$	0.70
	2.00-3.85				1,055,445				7.87				2.54				772,112				2.51
	5.61-7.20				94,756				2.37				6.64				94,756				6.64
$	0.01-7.20				3,005,352				6.97			$	1.61				2,195,352			$	1.60

Schedule of Unrecognized Stock-based Compensation

Total unrecognized stock-based compensation was $459,560 at December 31, 2019 which the Company expects to recognize as follows:

Year		Amount
2020		$	369,379
2021			90,181
Total		$	459,560

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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