Quarterly report pursuant to Section 13 or 15(d)

Stockholders??? Equity (Tables)

v3.22.2.2
Stockholders’ Equity (Tables)
9 Months Ended
Sep. 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
    Nine months
ended,
 
    September 30,
2022
 
Stock price   $ 4.57-6.55  
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 January 1, 2022     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  
Granted     86,500       4.58       9.8  
Exercised     (31,057 )     2.09          
Terminated     (20,500 )     4.68          
Canceled    
 
     
 
         
Balance on September 30, 2022     2,462,786       5.91       8.7  
Vested and Exercisable at September 30, 2022     530,286     $ 7.86       7.4  

 

Schedule of restricted stock unit activity
          Weighted  
          Average  
    Shares     Grant Date Fair Value  
Unvested balance on January 1, 2022     1,931,922     $ 6.57  
Granted     14,800     $ 7.19  
Vested     (12,043 )     10.16  
Unvested balance on March 31, 2022     1,928,429     $ 6.54  
Granted     13,900       5.78  
Vested     (512,043 )     2.97  
Unvested balance on June 30, 2022     1,430,286       7.80  
Granted    
-
     
-
 
Vested     (470,376 )     7.84  
Unvested balance on September 30, 2022     959,910       7.78  
Vested but not issued     1,000,712       5.39