Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.22.2
STOCK-BASED COMPENSATION (Tables)
6 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]  
SCHEDULE OF STOCK-BASED COMPENSATION

Stock-based compensation, including restricted stock awards, stock options and warrants is included in the unaudited condensed consolidated statement of operations as follows:

 

                                 
    Three Months Ended June 30,     Six Months Ended June 30,  
    2022     2021     2022     2021  
Research and development   $ (6,904 )   $ 20,708     $ 9,800   $ 44,194  
Sales and marketing     870       60,633       13,815       124,082  
General and administrative     309,587       1,556,730       568,048       3,169,218  
Total   $ 303,553     $ 1,638,071     $ 591,663     $ 3,337,494  
SCHEDULE OF STOCK-BASED COMPENSATION, STOCK OPTIONS, ACTIVITY

The following table reflects the stock option activity:

 SCHEDULE OF STOCK-BASED COMPENSATION, STOCK OPTIONS, ACTIVITY

    Number of Shares     Weighted Average
Exercise Price
   

Contractual Life

(Years)

 
Outstanding at December 31, 2021     1,338,675     $ 5.14       8.26  
Granted     173,500       0.97          
Forfeitures     (723,629 )     3.14          
Outstanding at June 30, 2022     788,546     $ 6.08       8.13  
SCHEDULE OF FUTURE STOCK OPTION COMPENSATION EXPENSE

The Company uses the following inputs when valuing stock-based awards.

 

   

For the six months ended June 30, 2022

 
Company Common Stock as of Grant Date May 6, 2022     0.97  
Time to Maturity     6  
Dividend     -  
Annual risk-free interest rate     2.04 %
Annualized volatility     130.23 %
Black-Scholes Value     0.87  
SCHEDULE OF STOCK-BASED COMPENSATION, STOCK OPTIONS, ACTIVITY

 

    Number of
Shares
    Weighted
Average Grant
Price
 
Outstanding at December 31, 2021     450,000     $ 2.48  
Granted     442,248       1.29  
Vested     (110,562 )     1.29  
Outstanding at June 30, 2022     781,686     $ 1.98