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Stock Options (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2022

Dec. 31, 2021

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Options Granted and Outstanding

A summary of options granted and outstanding is presented below:

Schedule of Stock Options Granted and Outstanding

		September 30, 2022
		Shares				Weighted Average Exercise Price
Outstanding at beginning of period			1,137,479			$	5.18
Options granted			367,500				1.63
Outstanding at end of period			1,504,979			$	4.32
Exercisable at end of period			1,208,015			$	4.48

A summary of options granted and outstanding is presented below.

Schedule of Stock Options Granted and Outstanding

		2021								2020
		Shares				Weighted Average Exercise Price				Shares				Weighted Average Exercise Price
Outstanding at Beginning of year			792,857			$	3.64				540,000			$	2.98
Granted			511,764				7.00				267,143				4.66
Cancelled			(21,985	)			(4.38	)
Forfeited			(145,157	)		$	(2.57	)			(14,286	)		$	(1.75	)
Outstanding at end of year			1,137,479			$	5.18				792,857			$	3.64
Exercisable at end of year			825,847			$	5.38				561,870			$	3.22

Schedule of Information About Options Outstanding

The following table summarizes information about options outstanding at September 30, 2022:

Schedule of Information About Options Outstanding 

Exercise Prices				Shares Outstanding				Weighted Average Remaining Contractual Life				Shares Exercisable
$	1.08 to 1.39				317,500			$	4.67				152,915
$	1.75				97,143			$	.75				97,143
$	2.80				155,714			$	1.00				155,714
$	4.25				50,000			$	4.75				31,250
$	4.38				344,286			$	2.75				346,929
$	7.00				540,336			$	3.75				424,064

The following table summarizes information about options outstanding at December 31, 2021:

Schedule of Information About Options Outstanding

Exercise Prices				Shares Outstanding				Aggregate Intrinsic Value				Weighted Average Remaining Contractual Life				Shares Exercisable				Aggregate Intrinsic Value on Exercisable Shares
$	1.75				97,143			$	510,000				1.37				97,143			$	510,000
$	2.80				155,714			$	654,000				1.58				155,714			$	654,000
$	4.38				344,286			$	903,750				3.24				279,589			$	733,900
$	7.00				540,336			$	-				4.39				293,401			$	-

Schedule of Fair Value of Stock Option Awards

The fair value of stock option awards accounted for under ASC 718 was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions:

 Schedule of Fair Value of Stock Option Awards

		Year Ended December 31, 2021				Year Ended December 31, 2020
Expected term (years)			2.50 to 3.25				1.62 to 3.50
Expected volatility			97.26% to 116.06	%			72.67% to 90.82	%
Risk-free interest rate			0.18% to 0.81	%			0.16% - 1.37	%
Dividend rate			0	%			0	%

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Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
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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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