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STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

SUMMARY OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION AWARDS

The Company has recorded stock-based compensation expense (credit) related to the issuance of stock option awards in the following line items in the accompanying condensed consolidated statement of operations:

SUMMARY OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION AWARDS

		2023				2022
		Three Months Ended March 31,
		2023				2022
Research and development		$	11,268			$	4,643
General and administrative			146,345				101,404
Total stock-based compensation expense		$	157,613			$	106,047

SUMMARY OF OPTION ACTIVITY

The following table summarizes stock option activity under the Plan:

SUMMARY OF OPTION ACTIVITY

		Number of options				Weighted-average exercise price				Weighted-average remaining contractual term (in years)				Aggregate intrinsic value
Outstanding at December 31, 2022			806,392			$	4.33
Granted			—				—
Exercised			—				—
Forfeited			—				—
Outstanding at March 31, 2023			806,392			$	4.33				3.8			$	271,298
Vested and exercisable at March 31, 2023			803,218			$	4.31				3.7			$	271,298

SCHEDULE OF FAIR VALUE ASSUMPTIONS

The following table summarizes weighted-average assumptions using the Black-Scholes option-pricing model used on the date of the grants issued during the three months ended March 31, 2022:

SCHEDULE OF FAIR VALUE ASSUMPTIONS

		2022
Fair value of Common Stock		$	4.62
Volatility			63.9	%
Expected term (years)			6.0
Risk-free interest rate			2.20	%
Dividend yield			0	%

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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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