Annual report pursuant to Section 13 and 15(d)

Stockholders??? Equity (Tables)

v3.22.4
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