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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

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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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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