Stock-Based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2021 |
|---|
| Share-based Payment Arrangement [Abstract] |
|
| Schedule of Fair Value of Each Option Award Estimated Assumption |
For
stock options requiring an assessment of value during the nine months ended September 30, 2021, the fair value of each stock option award
was estimated using the Black-Scholes option-pricing model with the following assumptions:
Schedule of Fair Value of Each Option Award Estimated Assumption
| Risk-free interest rate |
|
|
0.89 |
% |
| Expected dividend yield |
|
|
0 |
% |
| Expected volatility |
|
|
198.79 |
% |
| Expected life |
|
|
3.5 to 3.6 years |
|
For
stock options requiring an assessment of value during the nine months ended September 30, 2020, the fair value of each stock option award
was estimated using the Black-Scholes option-pricing model with the following assumptions:
| Risk-free interest rate |
|
|
0.23% to 0.31
|
% |
| Expected dividend yield |
|
|
0 |
% |
| Expected volatility |
|
|
207.67 |
% |
| Expected life |
|
|
4 to 5 years |
|
|
| Summary of Stock-based Compensation Costs |
A
summary of stock-based compensation costs for the three months and nine months ended September 30, 2021 and 2020 is as follows:
Summary of Stock-based Compensation Costs
| |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
| |
|
Three Months Ended |
|
|
Nine Months Ended |
|
| |
|
September 30, |
|
|
September 30, |
|
| |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Related parties |
|
$ |
347,222 |
|
|
$ |
394,031 |
|
|
$ |
1,854,058 |
|
|
$ |
394,031 |
|
| Non-related parties |
|
|
— |
|
|
|
670,715 |
|
|
|
— |
|
|
|
670,715 |
|
| Total stock-based compensation costs |
|
$ |
347,222 |
|
|
$ |
1,064,746 |
|
|
$ |
1,854,058 |
|
|
$ |
1,064,746 |
|
|
| Summary of Stock Option Activity Including Options Form of Warrants |
A
summary of stock option activity, including options issued in the form of warrants, during the nine months ended September 30, 2021 is
presented below.
Summary of Stock Option Activity Including Options Form of Warrants
| |
|
Number of Shares
|
|
|
Weighted Average Exercise Price
|
|
|
Weighted Average
Remaining Contractual Life (in Years)
|
|
| |
|
|
|
|
|
|
|
|
|
| Stock options outstanding at December 31, 2020 |
|
|
1,475,000 |
|
|
$ |
4.136 |
|
|
|
|
|
| Granted |
|
|
1,200,000 |
|
|
|
3.048 |
|
|
|
|
|
| Exercised |
|
|
(208,334 |
) |
|
|
0.965 |
|
|
|
|
|
| Expired |
|
|
— |
|
|
|
— |
|
|
|
|
|
| Rounding adjustment attributable to reverse stock split |
|
|
1 |
|
|
|
— |
|
|
|
|
|
| Stock options outstanding at September 30, 2021 |
|
|
2,466,667 |
|
|
$ |
3.032 |
|
|
|
3.66 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Stock options exercisable at September 30, 2021 |
|
|
1,710,417 |
|
|
$ |
3.971 |
|
|
|
1.83 |
|
|
| Schedule of Exercise Prices of Common Stock Options Outstanding and Exercisable Including Options Form of Warrants |
The
exercise prices of common stock options outstanding and exercisable, including options issued in the form of warrants, at September 30,
2021 are as follows:
Schedule of Exercise Prices of Common Stock Options Outstanding and Exercisable Including Options Form of Warrants
|
Exercise Prices
|
|
|
Options Outstanding
(Shares)
|
|
|
Options Exercisable
(Shares)
|
|
| |
|
|
|
|
|
|
|
| $ |
0.900 |
|
|
|
33,333 |
|
|
|
33,333 |
|
| $ |
1.680 |
|
|
|
66,667 |
|
|
|
66,667 |
|
| $ |
2.800 |
|
|
|
250,000 |
|
|
|
140,625 |
|
| $ |
3.000 |
|
|
|
666,667 |
|
|
|
666,667 |
|
| $ |
3.030 |
|
|
|
500,000 |
|
|
|
62,500 |
|
| $ |
3.200 |
|
|
|
250,000 |
|
|
|
140,625 |
|
| $ |
3.210 |
|
|
|
200,000 |
|
|
|
200,000 |
|
| $ |
6.000 |
|
|
|
166,667 |
|
|
|
166,667 |
|
| $ |
6.600 |
|
|
|
50,000 |
|
|
|
50,000 |
|
| $ |
7.140 |
|
|
|
200,000 |
|
|
|
100,000 |
|
| $ |
12.000 |
|
|
|
83,333 |
|
|
|
83,333 |
|
| |
|
|
|
|
2,466,667 |
|
|
|
1,710,417 |
|
|