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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
SUMMARY OF STOCK OPTIONS OUTSTANDING | Activity in the various Plans during the years ended December 31, 2021 and 2020 is reflected in the following table: SUMMARY OF STOCK OPTIONS OUTSTANDING
Options |  | Number of Shares |  |  | Weighted Average Exercise Price |
Outstanding at January 1, 2020 |  |  | 589,125 |  |  | $ | 3.74 |
Granted |  |  | 255,000 |  |  |  | 2.09 |
Exercised |  |  | (1,875 | ) |  |  | 4.16 |
Forfeited |  |  | (3,937 | ) |  |  | (12.14 | )
Outstanding at December 31, 2020 |  |  | 838,313 |  |  | $ | 3.20 |
Exercisable at December 31, 2020 |  |  | 725,813 |  |  | $ | 3.37 |
Options |  | Number of Shares |  |  | Weighted Average Exercise Price |
Outstanding at January 1, 2021 |  |  | 838,313 |  |  | $ | 3.20 |
Granted |  |  | 300,000 |  |  |  | 1.67 |
Exercised |  |  | — |  |  |  | — |
Forfeited |  |  | (52,250 | ) |  |  | (11.61 | )
Outstanding at December 31, 2021 |  |  | 1,086,063 |  |  | $ | 2.37 |
Exercisable at December 31, 2021 |  |  | 936,063 |  |  | $ | 2.48 |
SCHEDULE OF FAIR VALUE OF STOCK OPTIONS ASSUMPTION | The Company has utilized the following assumptions in its Black-Scholes option valuation model to calculate the estimated grant date fair value of the options during the years ended December 31, 2021 and 2020: SCHEDULE OF FAIR VALUE OF STOCK OPTIONS ASSUMPTION
|  | 2021 |  |  | 2020 |
|  | Assumptions |  |  | Assumptions |
Volatility – range |  |  | 113 | % |  |  | 104 | %
Risk-free rate |  |  | 1.30 | % |  |  | 0.28 | %
Expected term |  |  | 10.0 years |  |  |  | 5.5 years |
Exercise price |  | $ | 1.67 |  |  | $ | 2.09 |
SCHEDULE OF SHARES AUTHORIZED UNDER STOCK OPTION PLANS BY EXERCISE PRICE RANGE | The following table summarizes the range of exercise prices and weighted average remaining contractual life for outstanding and exercisable options under the Company’s option plans as of December 31, 2021: SCHEDULE OF SHARES AUTHORIZED UNDER STOCK OPTION PLANS BY EXERCISE PRICE RANGE
|  |  | Outstanding options |  |  | Exercisable options |
Exercise price range |  |  | Number of options |  |  | Weighted average remaining contractual life |  |  | Number of options |  |  | Weighted average remaining contractual life |
$ | 0.01 to $2.49 |  |  |  | 715,000 |  |  |  | 8.6 years |  |  |  | 565,000 |  |  |  | 8.3 years |
$ | 2.50 to $3.49 |  |  |  | 310,313 |  |  |  | 6.3 years |  |  |  | 310,313 |  |  |  | 6.3 years |
$ | 3.50 to $4.49 |  |  |  | 45,750 |  |  |  | 3.1 years |  |  |  | 45,750 |  |  |  | 3.1 years |
$ | 4.50 to $6.99 |  |  |  | 15,000 |  |  |  | 0.1 years |  |  |  | 15,000 |  |  |  | 0.1 years |
|  |  |  |  | 1,086,063 |  |  |  | 7.6 years |  |  |  | 936,063 |  |  |  | 7.3 years |
SUMMARY OF RESTRICTED STOCK ACTIVITY | A summary of all restricted stock activity under the equity compensation plans for the years ended December 31, 2021 and 2020 is as follows: SUMMARY OF RESTRICTED STOCK ACTIVITY
|  | Number of Restricted shares |  |  | Weighted average grant date fair value |
Nonvested balance, January 1, 2020 |  |  | 514,875 |  |  | $ | 2.97 |
Granted |  |  | 846,591 |  |  |  | 1.02 |
Vested |  |  | (604,591 | ) |  |  | (1.85 | )
Forfeited |  |  | (36,750 | ) |  |  | (1.84 | )
Nonvested balance, December 31, 2020 |  |  | 720,125 |  |  | $ | 1.69 |
|  | Number of Restricted shares |  |  | Weighted average grant date fair value |
Nonvested balance, January 1, 2021 |  |  | 720,125 |  |  | $ | 1.69 |
Granted |  |  | 856,000 |  |  |  | 2.07 |
Vested |  |  | (511,250 | ) |  |  | (1.94 | )
Forfeited |  |  | (7,500 | ) |  |  | (1.08 | )
Nonvested balance, December 31, 2021 |  |  | 1,057,375 |  |  | $ | 1.87 |
SCHEDULE OF NON-VESTED BALANCE OF RESTRICTED STOCK | The nonvested balance of restricted stock vests as follows: SCHEDULE OF NON-VESTED BALANCE OF RESTRICTED STOCK
Years ended |  | Number of shares |
2022 |  |  | 585,375 |
2023 |  |  | 358,000 |
2024 |  |  | 54,000 |
2025 |  |  | 30,000 |
2026 |  |  | 30,000 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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