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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Option Activity

The following table summarizes option activity during the years ended December 31, 2021 and 2020:

Schedule of Option Activity 

			Number of Options				Weighted Average Exercise Price				Weighted Average Fair Value				Weighted Average Remaining Contractual Life (Years)
Outstanding at December 31, 2019				2,021,817			$	1.69			$	0.83
Granted				150,000				8.14				4.74
Expired				-				-				-
Forfeited/Cancelled				-				-				-
Exercised				(871,229	)			1.68				0.89
Outstanding at December 31, 2020				1,300,588			$	2.44			$	1.24
Granted				-				-				-
Expired				-				-				-
Forfeited/Cancelled				-				-				-
Exercised				(189,225	)			2.38				1.12
Outstanding at December 31, 2021				1,111,363			$	2.12			$	1.31				6.62
Exercisable at December 31, 2021				1,094,697			$	2.01			$	1.18				6.59

Schedule of Fair Value of Options Weighted Average Assumptions

Schedule of Fair Value of Options Weighted Average Assumptions 

		Years Ended December 31,
		2021				2020
Risk-free interest rate			-				1.05	%
Expected life (years)			-				7.3
Expected volatility			-				62.82	%
Expected dividend yield			-				None

Schedule of Outstanding Restricted Stock Units and Related Activity

The grant date fair value of RSUs granted is determined using the closing market price of the Company’s common stock on the grant date with the associated compensation expense amortized over the vesting period of the awards. The following table sets forth the outstanding RSUs and related activity for the years ended December 31, 2021 and 2020:

Schedule of Outstanding Restricted Stock Units and Related Activity 

		Number of RSUs				Weighted Average Grant Date Fair Value
Unvested at December 31, 2019			-			$	-
Granted			549,500				10.49
Vested			(27,000	)			10.49
Forfeited/Cancelled			-				-
Unvested at December 31, 2020			522,500			$	10.49
Granted			1,217,500				9.76
Vested			(438,502	)			10.10
Forfeited/Cancelled			(34,083	)			9.91
Unvested at December 31, 2021			1,267,415			$	9.94

Schedule of Warrant Activity

The following table summarizes warrant activity during the years ended December 31, 2021 and 2020:

Schedule of Warrant Activity 

			Number of Warrants				Weighted Average Exercise Price				Weighted Average Fair Value				Weighted Average Remaining Contractual Life (Years)
Outstanding at December 31, 2019				983,535			$	1.44			$	1.03
Granted				20,000				1.40				15.19
Expired				(9,090	)			6.00				0.17
Forfeited/Cancelled				-				-				-
Exercised				(924,445	)			1.42				1.43
Outstanding at December 31, 2020				70,000			$	1.83			$	5.21				3.3
Granted				456,281				9.13				3.83
Expired				-				-				-
Forfeited/Cancelled				-				-				-
Exercised				-				-				-
Outstanding at December 31, 2021				526,281			$	8.15			$	4.01				4.7

Schedule of Fair Value of Warrants Assumptions

Schedule of Fair Value of Warrants Assumptions 

		Year Ended December 31,
		2020
Risk-free interest rate			0.34	%
Expected life (years)			5.0
Expected volatility			61.42	%
Expected dividend yield			None

Schedule of Recognized Stock-based Compensation Expense

The Company recognized stock-based compensation expense related to the types of awards discussed above as follows:

Schedule of Recognized Stock-based Compensation Expense 

		2021				2020
		Years Ended December 31,
		2021				2020
Options		$	292,754			$	901,345
Restricted stock units			5,164,750				500,861
Warrants			-				303,802
Stock			51,900				1,032,033
Total stock-based compensation expense		$	5,509,404			$	2,738,041

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Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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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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