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Stockholders’ Equity (Tables)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

 Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

		Three Months Ended June 30,								Six Months Ended June 30,
		2021				2020				2021				2020
Research and development		$	69,483			$	199,777			$	136,369			$	334,441
General and administrative			77,264				265,281				157,944				452,530
Allocated Share-based Compensation Expense		$	146,747			$	465,058			$	294,313			$	786,971

Schedule of Key Assumption of Fair Value of Stock Options Granted

 Schedule of Key Assumption of Fair Value of Stock Options Granted

		2021				2020
Expected term			5.70 years				5.81 years
Risk-free interest rate			0.52	%			1.33	%
Expected dividend yield			—				—
Expected volatility			95.52	%			99.52	%

Schedule of Stock Option Activity

A summary of stock option activity is as follows:

Schedule of Stock Option Activity 

		Outstanding stock options
		Number of shares				Weighted average exercise price
Balance at December 31, 2020			3,564,458			$	3.36
Options granted			376,000				1.44
Options exercised			(4,584	)			1.46
Options forfeited			-				-
Options cancelled			(20,084	)			6.45
Balance at June 30, 2021			3,915,790				3.16
Options exercisable at June 30, 2021			2,528,729				4.24

Schedule of Share-based Compensation of Stock Options Outstanding and Exercisable

The following table summarizes information about stock options outstanding and exercisable at June 30, 2021:

 Schedule of Share-based Compensation of Stock Options Outstanding and Exercisable

Options outstanding														Options exercisable
Number outstanding		Weighted average remaining contractual life (Years)				Weighted average exercise price				Aggregate intrinsic value				Number exerciseable		Weighted average remaining contractual life (Years)				Weighted average exercise price				Aggregate intrinsic value
3,915,790			6.39			$	3.16			$	636,639			2,528,729			4.84			$	4.24			$	311,190

Schedule of Fair Value of Warrants

 Schedule of Fair Value of Warrants

		June 30, 2021				December 31, 2020
Expected life in years			3.38				3.88
Risk-free interest rate			0.46	%			0.27	%
Dividend yield			—				—
Volatility			72.62	%			88.46	%
Stock price		$	1.40			$	1.36

Schedule of Reconciliation of Warrant Liability

 Schedule of Reconciliation of Warrant Liability

		Warrant Liability
Balance at December 31, 2020		$	1,170,051
Settlement of liability on warrant exercise			(18,365	)
Change in fair value of common stock warrants			(26,257	)
Balance at June 30, 2021		$	1,125,429

Schedule of Number of Warrants Outstanding and the Weighted Average Exercise Price

The following table summarizes the number of common stock warrants outstanding and the weighted average exercise price:

Schedule of Number of Warrants Outstanding and the Weighted Average Exercise Price

		Warrants				Weighted Average Exercise Price
Outstanding at December 31, 2020			1,944,366			$	0.51
Issued			-				-
Exercised			(10,000	)			0.50
Expired			-				-
Cancelled			-				-
Forfeited			-				-
Balance at June 30, 2021			1,934,366			$	0.51

The following table summarizes information about common stock warrants outstanding at June 30, 2021:

Warrants outstanding
Number exercisable		Weighted average remaining contractual life (Years)				Weighted average exercise price				Aggregate intrinsic value
1,934,366			3.50			$	0.51			$	1,715,719

 

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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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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Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for exercisable or convertible options that are fully vested and expected to vest. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur.

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