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Equity Compensation Plans (Tables)
3 Months Ended
Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of stock-based compensation expense
    Three months
ended
March 31,
2022
    Three months
ended
March 31,
2021
 
Stock options   $ 291,283     $ 380,263  
Performance share units     13,946      
-
 
Total stock-based compensation     305,229       380,263  

Schedule of measured fair value of each option award grant using the black-scholes-merton (BSM) pricing model
   Three months
ended
March 31,
2022
    Three months
ended
March 31,
2021
 
Exercise price  $1.53 to 1.71    $2.38 to 2.76 
Expected life   6 years     5 years 
Expected volatility   66.7%    93%
Dividend yield   0%    0%
Risk-free interest rate   1.8 to 2.4%    0.31 to 0.93%

 

Schedule of stock option
   Number of
options
   Weighted
average
exercise
price
   Weighted
average
contractual
term
(years)
   Aggregate
intrinsic
value
 
Outstanding at January 1, 2022   3,080,904   $2.06    
 
   $1,923,642 
Granted   951,944    1.54         
-
 
Exercised   (162,956)   .84         204,030 
Forfeited   (7,333)   2.22         2,273 
Expired   (25,000)   1.70         - 
Outstanding at March 31, 2022   3,837,559   $1.98    7.34   $925,306 
Vested and exercisable at March 31, 2022   2,508,822   $1.25    6.58   $731,891 
                     
Outstanding at January 1, 2021   2,595,700   $1.92        $
-
 
Granted   543,397    2.48         
-
 
Exercised   (16,000)   .81         40,010 
Forfeited   (4,667)   .82         9,564 
Outstanding at March 31, 2021   3,118,730   $2.03    7.39   $2,681,180 
Vested and exercisable at March 31, 2021   1,819,541   $1.95    7.68   $2,029,793 

 

Schedule of activity in performance share units
   Number of
performance
share units
   Weighted
average
grant date
fair value
 
Non- vested at January 1, 2022  -   - 
Granted   790,327   $1.53 
Forfeited/ unearned   
-
    - 
Vested   
                 -
    - 
Non- vested at March 31, 2022   790,327   $1.53