Stockholders’ Equity (Tables)
|
9 Months Ended |
Sep. 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.
| |
|
Nine months ended, |
|
| |
|
September 30,
2023 |
|
| Stock price |
|
$ |
1.14-2.00 |
|
| Risk-free interest rate |
|
|
4.09-4.70 |
% |
| Volatility |
|
|
50.64-55.34 |
% |
| Expected life in years |
|
|
0.12-5.00 |
|
| Dividend yield |
|
|
0.00 |
% |
| |
|
Nine months ended, |
|
| |
|
September 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 nine months ended September 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 |
|
| Issued |
|
|
10,200,000 |
|
|
$ |
0.89 |
|
|
|
|
|
| Balance on September 30, 2023 |
|
|
12,566,092 |
|
|
$ |
2.22 |
|
|
|
4.96 |
|
|
| Schedule of Stock Option Activity |
A summary of our Option activity
for the three and nine months ended September 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 |
|
| Exercised |
|
|
(21,940 |
) |
|
$ |
0.49 |
|
|
|
|
|
| Forfeited |
|
|
(116,396 |
) |
|
$ |
4.49 |
|
|
|
|
|
| Expired |
|
|
(112,250 |
) |
|
$ |
4.62 |
|
|
|
|
|
| Balance on September 30, 2023 |
|
|
4,845,049 |
|
|
$ |
4.74 |
|
|
|
7.34 |
|
| Vested and Exercisable at September 30, 2023 |
|
|
2,225,405 |
|
|
$ |
6.43 |
|
|
|
5.21 |
|
|
| Schedule of Stock-Based Compensation Expense for Stock Options |
Total stock-based compensation
expense for stock options for the three and nine months ended September 30, 2023 and 2022 is as follows:
| |
|
Three months ended
September 30, |
|
|
Nine months ended
September 30, |
|
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| General and administrative |
|
$ |
1,843 |
|
|
$ |
134,989 |
|
|
$ |
209,313 |
|
|
$ |
340,453 |
|
| Sales and marketing |
|
|
126,868 |
|
|
|
123,796 |
|
|
|
385,455 |
|
|
|
386,343 |
|
| Research and development |
|
|
103,962 |
|
|
|
186,169 |
|
|
|
235,564 |
|
|
|
582,216 |
|
| Cost of goods sold |
|
|
16,144 |
|
|
|
- |
|
|
|
35,166 |
|
|
|
- |
|
| Total stock-based expense related to options |
|
$ |
248,817 |
|
|
$ |
444,954 |
|
|
$ |
865,498 |
|
|
$ |
1,309,012 |
|
|
| Schedule of Restricted Stock Unit Activity |
The following is a summary
of restricted stock unit activity for the three and nine months ended September 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 |
|
| Granted |
|
|
180,000 |
|
|
$ |
0.88 |
|
|
|
|
|
| Vested |
|
|
(737,907 |
) |
|
$ |
5.67 |
|
|
|
|
|
| Cancelled |
|
|
(27,800 |
) |
|
$ |
2.06 |
|
|
|
|
|
| Unvested balance at September 30, 2023 |
|
|
75,490 |
|
|
$ |
2.27 |
|
|
|
0.34 |
|
|
| Schedule of Stock-Based Compensation Expense for Restricted Stock |
Total stock-based compensation expense for restricted stock units for the three and nine months ended September
30, 2023 and 2022 is as follows:
| |
|
Three months ended
September 30, |
|
|
Nine months ended
September 30, |
|
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| General and administrative |
|
$ |
(1,751,531 |
) |
|
$ |
662,201 |
|
|
$ |
(278,224 |
) |
|
$ |
1,965,195 |
|
| Sales and marketing |
|
|
62,403 |
|
|
|
9,603 |
|
|
|
81,296 |
|
|
|
15,031 |
|
| Research and development |
|
|
(826,564 |
) |
|
|
366,397 |
|
|
|
(32,220 |
) |
|
|
1,077,496 |
|
| Total stock-based expense related to restricted stock units |
|
$ |
(2,515,692 |
) |
|
$ |
1,038,201 |
|
|
$ |
(229,148 |
) |
|
$ |
3,057,722 |
|
|