Stockholders’ Equity (Tables)
|
12 Months Ended |
Dec. 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 |
| |
|
2021 |
|
| Stock price |
|
$ |
7.78 |
|
| Risk-free interest rate |
|
|
1.23 |
% |
| Volatility |
|
|
46.91 |
% |
| Expected life in years |
|
|
10 |
|
| Dividend yield |
|
|
0.00 |
% |
| |
|
2022 |
|
2021 |
| Stock price |
|
$3.81 - $6.55 |
|
$7.50 - $12.92 |
| Risk-free interest rate |
|
1.82 - 3.95% |
|
0.35 - 0.87% |
| Volatility |
|
46.42 - 48.96% |
|
45.53 - 53.99% |
| Expected life in years |
|
5.80 - 6.30 |
|
3.00 - 5.89 |
| 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 January 1, 2021 |
|
|
1,879,803 |
|
|
$ |
9.16 |
|
|
|
2.20 |
|
| Issued |
|
|
1,565,656 |
|
|
$ |
7.89 |
|
|
|
4.50 |
|
| Exercised |
|
|
(139,605 |
) |
|
$ |
9.75 |
|
|
|
|
|
| Balance on December 31, 2021 |
|
|
3,305,854 |
|
|
$ |
8.53 |
|
|
|
5.20 |
|
| Expired |
|
|
(1,404,052 |
) |
|
$ |
9.75 |
|
|
|
|
|
| Balance on December 31, 2022 |
|
|
1,901,802 |
|
|
$ |
7.63 |
|
|
|
7.47 |
|
|
| Schedule of stock option activity |
| |
|
Number of Shares Under Option |
|
|
Weighted Average Exercise Price |
|
|
Weighted
Average
Remaining
Contractual
Life |
|
| Balance on January 1, 2021 |
|
|
568,006 |
|
|
$ |
7.39 |
|
|
|
9.40 |
|
| Granted |
|
|
336,038 |
|
|
$ |
4.91 |
|
|
|
|
|
| Exercised |
|
|
(47,846 |
) |
|
$ |
2.09 |
|
|
|
|
|
| Canceled |
|
|
(168,750 |
) |
|
$ |
6.39 |
|
|
|
|
|
| Balance on December 31, 2021 |
|
|
687,448 |
|
|
$ |
6.79 |
|
|
|
8.20 |
|
| Granted |
|
|
2,094,000 |
|
|
$ |
5.17 |
|
|
|
|
|
| Exercised |
|
|
(31,057 |
) |
|
$ |
2.09 |
|
|
|
|
|
| Forfeited |
|
|
(168,105 |
) |
|
$ |
2.77 |
|
|
|
|
|
| Canceled |
|
|
(170,000 |
) |
|
$ |
6.43 |
|
|
|
|
|
| Balance on December 31, 2022 |
|
|
2,412,286 |
|
|
$ |
5.77 |
|
|
|
7.58 |
|
| Vested and Exercisable at December 31, 2022 |
|
|
635,288 |
|
|
$ |
7.88 |
|
|
|
5.78 |
|
|
| Schedule of Share based compensation expense for stock options |
| |
|
Years Ended
December 31, |
|
| |
|
2022 |
|
|
2021 |
|
| General and administrative |
|
$ |
536,269 |
|
|
$ |
306,055 |
|
| Sales and marketing |
|
|
509,789 |
|
|
|
- |
|
| Research and development |
|
|
720,554 |
|
|
|
- |
|
| Total stock-based expense related to options |
|
$ |
1,766,612 |
|
|
$ |
306,055 |
|
|
| Schedule of restricted stock unit activity |
| |
|
RSUs |
|
|
Weighted Average Grant Date Fair Value |
|
|
Weighted
Average
Vesting Period (Years) |
|
| Unvested balance at January 1, 2021 |
|
|
625,000 |
|
|
$ |
2.80 |
|
|
|
1.25 |
|
| Granted |
|
|
1,458,172 |
|
|
$ |
7.98 |
|
|
|
|
|
| Vested |
|
|
(526,250 |
) |
|
$ |
3.75 |
|
|
|
|
|
| Cancelled |
|
|
(125,000 |
) |
|
$ |
2.80 |
|
|
|
|
|
| Unvested balance at December 31, 2021 |
|
|
1,431,922 |
|
|
$ |
12.12 |
|
|
|
2.5 |
|
| Granted |
|
|
190,860 |
|
|
$ |
2.52 |
|
|
|
|
|
| Vested |
|
|
(512,755 |
) |
|
$ |
8.06 |
|
|
|
|
|
| Unvested balance at December 31, 2022 |
|
|
1,110,027 |
|
|
$ |
6.89 |
|
|
|
1.52 |
|
|
| Schedule of stock based compensation RSUs |
| |
|
Years Ended
December 31, |
|
| |
|
2022 |
|
|
2021 |
|
| General and administrative |
|
$ |
3,259,648 |
|
|
$ |
2,947,585 |
|
| Sales and marketing |
|
|
24,632 |
|
|
|
- |
|
| Research and development |
|
|
806,543 |
|
|
|
- |
|
| Total stock-based expense related to RSUs |
|
$ |
4,090,823 |
|
|
$ |
2,947,585 |
|
|