Annual report pursuant to Section 13 and 15(d)

STOCKHOLDERS??? EQUITY (Tables)

v3.20.4
STOCKHOLDERS’ EQUITY (Tables)
 12 Months Ended
Dec. 31, 2020
STOCKHOLDERS’ EQUITY (Tables) [Line Items]  
Schedule of net proceeds of the Offering
Gross Proceeds:      
Initial Closing   $ 6,065,000  
Second Closing     515,000  
Third Closing     634,000  
      7,214,000  
Offering Costs:        
Placement Agent fees     (721,400 )
Other offering costs     (382,878 )
Net Proceeds   $ 6,109,722  

 
Schedule of stock Option activity
    Number of Shares Under Option     Weighted
Average
Exercise
Price		     Weighted
Average
Remaining
Contractual
Life		  
Balance on December 31, 2018    
-
     $
-
      
-
  
Granted     225,001     $ 9.75          
Balance on December 31, 2019     225,001     $ 9.75       4.7  
Granted     596,216     $ 7.36          
Expired     (16,876 )                
Terminated     (4,792 )                
Canceled     (231,543 )                
Balance on December 31, 2020     568,006     $ 7.39       9.4  
Vested and Exercisable at December 31, 2020     389,338     $ 7.85       9.5  

 
Public Offering [Member]  
STOCKHOLDERS’ EQUITY (Tables) [Line Items]  
Schedule of net proceeds of the Offering
Gross Proceeds:      
Initial Closing   $ 30,000,000  
Over-allotment Closing     4,500,000  
      34,500,000  
Offering Costs:        
Underwriting discounts and commissions     (2,415,000 )
Other offering costs     (831,003 )
Net Proceeds   $ 31,253,997  

 
Warrants [Member]  
STOCKHOLDERS’ EQUITY (Tables) [Line Items]  
Schedule of assumptions used in Black-Scholes Model
    2020     2019  
Stock price   $ 6.00     $ 7.50  
Risk-free interest rate     0.24 %     1.58-1.63 %
Volatility     45.17 %     38.50-39.57 %
Expected life in years     3       3-5  
Dividend yield     0.00 %     0.00 %

 
Stock Option [Member]  
STOCKHOLDERS’ EQUITY (Tables) [Line Items]  
Schedule of assumptions used in Black-Scholes Model
    2020     2019  
Stock price   $ 6.00-$12.72     $ 7.50  
Risk-free interest rate     0.37-1.56 %     1.56 %
Volatility     42.03-52.67 %     38.08 %
Expected life in years     3-10       5  
Dividend yield     0.00 %     0.00 %