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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement, Disclosure [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:

		Six months ended June 30,
		2020				2019
Risk-free interest rate			1.05	%			1.56	%
Expected life (years)			7.3				10.0
Expected volatility			62.82	%			63.65	%
Expected dividend yield			None				None
Stock price		$	8.14			$	1.07

Schedule of Option Activity

The following table summarizes option activity during the year ended December 31, 2019 and the six months ended June 30, 2020, respectively.

		Number of Options				Weighted Average Exercise Price				Weighted Average Fair Value				Weighted Average Remaining Contractual Life (Years)
Outstanding at January 1, 2019			1,172,707			$	1.85			$	1.09				8.72
Granted			890,000				1.07				0.52				9.66
Expired			-				-				-				-
Forfeited/Cancelled			(40,890	)			3.85				1.59				8.04
Exercised			-				-				-				-
Outstanding at December 31, 2019			2,021,817			$	1.69			$	0.83				8.73
Granted			150,000				8.14				4.70				7.30
Expired			-				-				-				-
Forfeited/Cancelled			-				-				-				-
Exercised			(420,289	)			1.53				0.79				7.62
Outstanding at June 30, 2020			1,751,528			$	2.28			$	1.21				8.50

Schedule of Warrant Activity

The following table summarizes warrant activity during the year ended December 31, 2019 and the six months ended June 30, 2020, respectively.

		Number of Warrants				Weighted Average Exercise Price				Weighted Average Fair Value				Weighted Average Remaining Contractual Life (Years)
Outstanding at January 1, 2019			483,535			$	4.92			$	1.99				3.29
Granted			500,000				1.53				1.46				5.00
Expired			-				-				-				-
Forfeited/Cancelled			-				-				-				-
Exercised			-				-				-				-
Outstanding at December 31, 2019			983,535			$	1.44			$	1.03				3.34
Granted			20,000				16.49				15.19				5.00
Expired			-				-				-				-
Forfeited/Cancelled			-				-				-				-
Exercised			(894,445	)			1.37				1.05				2.80
Outstanding at June 30, 2020			109,090			$	2.06			$	1.17				3.62

Schedule of Unrecognized Stock-based Compensation

The Company expects to recognize the aggregate amount of this compensation expense over the next years in accordance with contractual provisions and vesting as follows:

Year Ending December 31,
2020		$	198,148
2021			234,149
2022			35,998
Total		$	468,295

X

- Definition

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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Tabular disclosure of cost not yet recognized and weighted-average period over which cost is expected to be recognized for nonvested award under share-based payment arrangement.

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