Quarterly report pursuant to Section 13 or 15(d)

Stockholders??? Equity (Tables)

v3.22.1
Stockholders’ Equity (Tables)
 3 Months Ended
Mar. 31, 2022
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  

 
Schedule of assumptions used in the black-scholes model
    Three months ended,  
    March 31,
2022		  
Stock price   $ 4.99-6.55  
Risk-free interest rate     1.82-2.16 %
Volatility     46.42-56.81 %
Expected life in years     2.9-6.3  
Dividend yield     0.00 %

 
Schedule of stock option activity
                Weighted  
          Weighted     Average  
    Number of     Average     Remaining  
    Shares Under     Exercise     Contractual  
    Option     Price     Life  
Balance on December 31, 2021     687,448     $ 6.79       8.2  
Granted     1,658,000     $ 5.12       5.3  
Expired     (3,015 )    
-
          
Terminated    
-
      
-
          
Canceled    
-
      
-
          
Balance on March 31, 2022     2,342,433     $ 5.62       6.1  
Vested and Exercisable at March 31, 2022     558,046     $ 7.88       7.7  

 
Schedule of summary of restricted stock unit activity
          Weighted  
          Average  
    Shares     Grant Date Fair Value  
Unvested balance on December 31, 2021     1,385,000     $ 7.82  
Granted     14,800     $ 7.19  
Vested     (2,500 )     12.72  
Unvested balance on March 31, 2022     1,397,300     $ 7.80