Annual report pursuant to Section 13 and 15(d)

Stockholders??? Equity (Tables)

v3.22.1
Stockholders’ Equity (Tables)
 12 Months Ended
Dec. 31, 2021
Stockholders' Equity Note [Abstract]  
Schedule of net proceeds of the offering
Gross Proceeds:      
Initial Closing   $ 44,800,000  
Over-allotment Closing     6,720,000  
      51,520,000  
Offering Costs:        
Underwriting discounts and commissions     (3,806,400 )
Other offering costs     (190,031 )
Net Proceeds   $ 47,523,569  

 

Gross Proceeds:      
Initial Closing   $ 30,000,000  
Over-allotment Closing     4,500,000  
      34,500,000  
Offering Costs:        
Underwriting discounts and commissions     (2,415,000 )
Other offering costs     (831,003 )
Net Proceeds   $ 31,253,997  

 
Schedule of assumptions used in the black-scholes model
    2021     2020  
Stock price   $ 7.78     $ 6.00  
Risk-free interest rate     1.23 %     0.24 %
Volatility     46.91 %     45.17 %
Expected life in years     10       3  
Dividend yield     0.00 %     0.00 %

 

    2021     2020  
Stock price     $7.50-$12.92       $6.00-$12.72  
Risk-free interest rate     0.35-0.87%       0.37-1.56%  
Volatility     45.53-53.99%       42.03-52.67%  
Expected life in years     3-5.89       3-10  
Dividend yield     0.00%     0.00%

 
Schedule of warrants activity
                Weighted  
          Weighted     Average  
    Number of     Average     Remaining  
    Shares Under     Exercise     Contractual  
    Warrant     Price     Life  
Balance on December 31, 2020     1,879,803     $ 9.16       2.2  
Issued     1,565,656     $ 7.89       4.5  
Exercised     (139,605 )   $ 9.75          
Expired    
-
      
-
          
Canceled    
-
      
-
          
Balance on December 31, 2021     3,305,854     $ 8.53       5.2  

 
Schedule of stock option activity
    Number of Shares Under Option     Weighted Average Exercise Price     Weighted
Average
Remaining
Contractual
Life		  
Balance on December 31, 2019     225,001     $ 9.75       4.7  
Granted     596,216     $ 7.36          
Expired     (16,876 )                
Terminated     (4,792 )                
Canceled     (231,543 )                
Balance on December 31, 2020     568,006     $ 7.39       9.4  
Granted     336,038     $ 4.91          
Exercised     (47,846 )                
Expired     (168,750 )                
Terminated    
-
                  
Canceled    
-
                  
Balance on December 31, 2021     687,448     $ 6.79       8.2  
Vested and Exercisable at December 31, 2021 536,078 $ 7.95 7.9