Quarterly report pursuant to Section 13 or 15(d)

Stockholders??? Equity (Tables)

v3.22.2
Stockholders’ Equity (Tables)
 6 Months Ended
Jun. 30, 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
    Six months ended,  
    June 30,
2022		  
Stock price   $  4.99-6.55  
Risk-free interest rate     1.82-3.00 %
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       9  
Expired     (3,015 )    
-
          
Terminated    
-
      
-
          
Canceled    
-
      
-
          
Balance on March 31, 2022     2,342,433     $ 5.62       8.6  
Granted     216,500       6.79       9.9  
Exercised    
 
                  
Terminated     (131,090 )     2.09          
Canceled    
 
      
 
          
Balance on June 30, 2022     2,427,843       5.90       8.7  
Vested and Exercisable at June 30, 2022     598,046     $ 7.77       7.4  

 
Schedule 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     (12,043 )     10.16  
Unvested balance on March 31, 2022     1,387,757     $ 7.96  
Granted     13,900       5.78  
Vested     (12,043 )     10.16  
Unvested balance on June 30, 2022     1,389,614       8.10