Quarterly report pursuant to Section 13 or 15(d)

Stockholders??? Equity (Tables)

v3.23.2
Stockholders’ Equity (Tables)
 6 Months Ended
Jun. 30, 2023
Stockholders' Equity Note [Abstract]  
Schedule of Assumptions Used in the Black-Scholes Model The assumptions used in the Black-Scholes Model are set forth in the table below.
    Six months ended,  
    June 30, 2023  
Stock price   $ 1.85  
Risk-free interest rate     4.21-4.70 %
Volatility     50.64-55.34 %
Expected life in years     0.12-1.63  
Dividend yield     0.00 %

 

    Six months ended,  
    June 30, 2023  
Stock price     $1.46-2.06  
Risk-free interest rate     3.61-4.82 %
Volatility     49.83-58.92 %
Expected life in years     0.12-6.25  
Dividend yield     0.00 %
Schedule of Warrants Activity A summary of our Warrants activity for the six months ended June 30, 2023 and related information follows:
                Weighted  
          Weighted     Average  
    Number of     Average     Remaining  
    Shares Under     Exercise     Contractual  
    Warrant     Price     Life  
Balance on January 1, 2023     1,901,802     $ 7.63       7.47  
Issued     586,440     $ 9.95          
Expired     (122,150 )   $ 12.35          
Balance on June 30, 2023     2,366,092     $ 7.96       5.78  
Schedule of Stock Option Activity A summary of our Option activity for the three and six months ended June 30, 2023 and related information follows:
                Weighted  
          Weighted     Average  
    Number of     Average     Remaining  
    Shares Under     Exercise     Contractual  
    Option     Price     Life  
Balance on January 1, 2023     2,412,286     $ 5.77       7.58  
Granted     3,206,821     $ 3.80          
Forfeited     (153,709 )   $ 5.01          
Balance on March 31, 2023     5,465,398     $ 4.64       8.47  
Exercised     (1,539 )   $ 0.49          
Forfeited     (368,224 )   $ 3.59          
Balance on June 30, 2023     5,095,635     $ 4.71       7.59  
Vested and Exercisable at June 30, 2023     2,273,227     $ 6.02       5.60  
Schedule of Stock-Based Compensation Expense for Stock Options Total stock-based compensation expense for stock options for the three and six months ended June 30, 2023 and 2022 is as follows:
    Three months ended
June 30,		     Six months ended
June 30,		  
    2023     2022     2023     2022  
General and administrative   $ 88,271     $ 124,984     $ 207,470     $ 205,464  
Sales and marketing     128,840       126,564       258,587       262,547  
Research and development     78,311       279,868       131,602       396,047  
Cost of goods sold     16,330      
-
       19,022      
-
  
Total stock-based expense related to options   $ 311,752     $ 531,416     $ 616,681     $ 864,058  

 
Schedule of Restricted Stock Unit Activity The following is a summary of restricted stock unit activity for the three and six months ended June 30, 2023:
    RSUs     Weighted
Average
Grant Date
Fair Value		     Weighted
Average
Vesting
Period
(Years)		  
Unvested balance at January 1, 2023     1,110,027     $ 6.89       1.52  
Granted     69,000     $ 2.06          
Vested     (43,040 )   $ 2.45          
Cancelled     (14,800 )   $ 7.19          
Unvested balance at March 31, 2023     1,121,187     $ 6.76       1.25  
Vested     (47,490 )   $ 2.40          
Cancelled     (412,500 )   $ 7.78          
Unvested balance at June 30, 2023     661,197     $ 6.43       0.35  
Schedule of Stock-Based Compensation Expense for Restricted Stock Total stock-based compensation expense for restricted stock units for the three and six months ended June 30, 2023 and 2022 is as follows:
    Three months ended
June 30,		     Six months ended
June 30,		  
    2023     2022     2023     2022  
General and administrative   $ 855,468     $ 656,142     $ 1,473,307     $ 1,302,994  
Sales and marketing     9,498       5,428       18,893       5,428  
Research and development     463,151       362,198       794,344       711,099  
Total stock-based expense related to restricted stock units   $ 1,328,117     $ 1,023,768     $ 2,286,544     $ 2,019,521