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STOCK-BASED COMPENSATION (Tables) | 6 Months Ended
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Jun. 30, 2022
Share-Based Payment Arrangement [Abstract] |
SUMMARY OF STOCK OPTIONS OUTSTANDING | A summary of all stock option activity under the Plans for the six months ended June 30, 2022 is as follows: SUMMARY OF STOCK OPTIONS OUTSTANDING
Options |  | Number of Shares |  |  | Weighted Average Exercise Price |
Outstanding at December 31, 2021 |  |  | 1,086,063 |  |  | $ | 2.37 |
Granted |  |  | 25,000 |  |  |  | 0.98 |
Exercised |  |  | — |  |  |  | — |
Forfeited |  |  | (23,750 | ) |  |  | (4.33 | )
Outstanding at June 30, 2022 |  |  | 1,087,313 |  |  | $ | 2.30 |
Exercisable at June 30, 2022 |  |  | 999,813 |  |  | $ | 2.36 |
SCHEDULE OF FAIR VALUE OF STOCK OPTIONS ASSUMPTION | SCHEDULE OF FAIR VALUE OF STOCK OPTIONS ASSUMPTION
Volatility – range |  |  | 111.67 | %
Risk-free rate |  |  | 1.8 | %
Contractual term |  |  | 10.0 years |
Exercise price |  | $ | 0.98 |
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 June 30, 2022: 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 |  |  |  | 740,000 |  |  | 8.1 years |  |  | 652,500 |  |  | 8.0 years
$ | 2.50 to $3.49 |  |  |  | 310,313 |  |  | 5.8 years |  |  | 310,313 |  |  | 5.8 years
$ | 3.50 to $4.49 |  |  |  | 37,000 |  |  | 3.3 years |  |  | 37,000 |  |  | 3.3 years
|  |  |  |  | 1,087,313 |  |  | 7.3 years |  |  | 999,813 |  |  | 7.1 years
SUMMARY OF RESTRICTED STOCK ACTIVITY | A summary of all restricted stock activity under the Plans for the six months ended June 30, 2022 is as follows: SUMMARY OF RESTRICTED STOCK ACTIVITY
|  | Number of Restricted shares |  |  | Weighted average grant date fair value |
Nonvested balance, December 31, 2021 |  |  | 1,057,375 |  |  | $ | 1.87 |
Granted |  |  | 715,000 |  |  |  | 1.07 |
Vested |  |  | (463,375 | ) |  |  | (1.89 | )
Forfeited |  |  | (65,000 | ) |  |  | (1.06 | )
Nonvested balance, June 30, 2022 |  |  | 1,244,000 |  |  | $ | 1.45 |
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 (July 1, 2022 through December 31, 2022) |  |  | 119,500 |
2023 |  |  | 663,000 |
2024 |  |  | 279,000 |
2025 |  |  | 80,000 |
2026 |  |  | 72,500 |
2027 |  |  | 30,000 |

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- Definition 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. + 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 -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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