Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.21.2
Stockholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2021
Stockholders' Equity Note [Abstract]  
Schedule of net proceeds of the public offering
Gross Proceeds:      
Firm shares and exercise of over-allotment option closing   $ 51,520,000  
Offering Costs:        
Underwriting discounts and commissions     (3,806,400 )
Other offering costs     (190,031 )
Net Proceeds   $ 47,523,569  

 
Schedule of warrants activity
                Weighted  
          Weighted     Average  
    Number of     Average     Remaining  
    Shares Under     Exercise     Contractual  
    Warrant     Price     Life  
Balance on December 31, 2020     1,879,803     $ 9.16       2.2  
Issued    
-
      
-
      
 
  
Exercised     (131,271 )   $ 9.75      
 
  
Expired    
-
      
-
      
 
  
Canceled    
-
      
-
      
 
  
Balance on March 31, 2021     1,748,532     $ 9.12       2.1  
Issued    
-
      
-
      
 
  
Exercised     (6,667 )   $ 9.75      
 
  
Expired    
-
      
-
      
 
  
Canceled    
-
      
-
      
 
  
Balance on June 30, 2021     1,741,865     $ 9.11       1.8  
Issued     1,565,656     $ 7.89       4.7  
Exercised    
-
      
-
      
 
  
Expired    
-
      
-
      
 
  
Canceled    
-
      
-
      
 
  
Balance on September 30, 2021     3,307,521     $ 8.53       5.5  

 
Schedule of assumptions used in black-scholes model
    Three months
ended
September 30,		     Three months
ended
June 30,		     Three months
ended
March 31,		     Three months
ended
September 30,		  
    2021     2021     2021     2020  
Stock Price   $ 8.72     $ 8.00     $ 12.92     $ 2.00  
Risk-free interest rate     0.72 %     0.35 %     0.57 %     0.37 %
Volatility     53.99 %     53.14 %     52.80 %      42.03-42.19 %
Expected life in years     5       3       5       5.5-5.8  
Dividend yield     0.00 %     0.00 %     0.00 %     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, 2020     568,006     $ 7.39       9.4  
Granted     25,000     $ 12.92       0.2  
Expired    
-
      
-
          
Terminated    
-
      
-
          
Canceled    
-
      
-
          
Balance on March 31, 2021     593,006     $ 7.63       9.2  
Granted     50,000     $ 8.72       0.2  
Expired    
-
      
-
          
Terminated    
-
      
-
          
Canceled    
-
      
-
          
Balance on June 30, 2021     643,006     $ 7.03       9.0  
Granted     236,038     $ 2.77       2.5  
Expired    
-
      
-
      
 
  
Terminated    
-
      
-
      
 
  
Canceled    
-
      
-
      
 
  
Balance on September 30, 2021     879,044     $ 6.39       8.7  
Vested and Exercisable at September 30, 2021     545,435     $ 7.48       8.5