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STOCK AWARDS, WARRANTS AND OPTIONS (Tables)
9 Months Ended
Sep. 30, 2022
Warrant [Member]  
Summary of warrant activity

The following table summarizes all warrant activity for the nine months ended September 30, 2022:

Weighted Average

    

Warrants

    

Exercise Price

Outstanding at December 31, 2021

 

105,782

$

1.37

Granted

Exercised

Outstanding at September 30, 2022

 

105,782

$

1.37

Schedule of outstanding warrants

The following table summarizes all outstanding warrants to purchase shares of the Company’s common stock:

Warrants Outstanding

September 30, 

December 31, 

Exercise Price

Expiration

Type

    

Grant Date

    

2022

    

2021

    

per Share

    

Date

Common Warrants

12/19/2019

40,782

 

40,782

$

1.10

12/19/2024

Common Warrants

3/27/2020

65,000

 

65,000

$

1.5313

3/27/2025

105,782

105,782

Stock Option [Member]  
Schedule of fair value of option using Black-Scholes option

The Company estimates the fair value of each option award using the Black-Scholes option-pricing model. The Company used the following assumptions to estimate the fair value of stock options issued in the nine months ended September 30, 2022 and 2021:

    

September 30, 2022

    

September 30, 2021

 

Expected volatility

 

123 - 124

%  

123 - 124

%

Expected term

 

6 - 7 years

 

6 years

Dividend yield

 

0

%  

0

%

Risk-free interest rates

 

1.5 - 3.9

%  

0.5 - 1.1

%

Schedule of employee and non-employee stock based compensation expense

Employee and non-employee stock-based compensation expense was as follows:

    

Three months ended September 30, 

Nine months ended September 30, 

    

2022

    

2021

    

2022

    

2021

General and administrative

$

943,075

$

654,744

$

2,711,296

$

1,913,005

Research and development

 

144,058

 

65,537

 

599,070

 

272,537

Total

$

1,087,133

$

720,281

$

3,310,366

$

2,185,542

Schedule of employee and non-employee stock option

The following is a schedule summarizing employee and non-employee stock option activity for the nine months ended September 30, 2022:

Number of

Weighted Average

Aggregate

    

Options

    

Exercise Price

    

Intrinsic Value

Outstanding at December 31, 2021

 

3,793,824

$

2.68

 

$

3,104,631

Granted

 

2,817,370

 

3.46

 

  

Exercised

 

(270,735)

 

1.39

 

$

614,699

Expired/Cancelled

 

(386,689)

 

4.36

 

  

Outstanding at September 30, 2022

 

5,953,770

$

3.00

$

17,861,893

Exercisable at September 30, 2022

 

2,262,485

$

2.49

$

7,957,503