Stock Options and Warrants (Tables)

9 Months Ended

Sep. 30, 2020

Disclosure Text Block Supplement [Abstract]

Schedule of Stock Options Roll Forward [Table Text Block]

The following table sets forth the activity of the options to purchase common stock under the 2019 Plan. The prices represent the closing price of the Company’s Common Stock on the OTCQB Market on the respective dates.

	Options Outstanding								Options Exercisable
	Number of Shares		Price per Share Range		Weighted Average Exercise Price		Aggregate Intrinsic Value (1)		Number of Shares		Weighted Average Exercise Price		Aggregate Intrinsic Value (1)
Balance at December 31, 2019		260,018	$	8.16-9.25	$	8.41	$	-		11,256	$	8.16	$	-
Forfeited		-	$	-	$	-		-		-		-		-
Vested		-		-		-		-		140,399		6.48		-
Exercised		-	$	-	$	-		-		-		-		-
Granted		328,303	$	5.76-8.32	$	6.47		-		-		-		-
Balance at September 30, 2020		588,321	$	5.76-9.25	$	7.32	$	-		151,655	$	7.16	$	-

(1) The intrinsic value of an option represents the amount by which the market value of the stock exceeds the exercise price of the option of in-the-money options only.

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The fair value of each option granted is estimated as of the grant date using the Black-Scholes option pricing model with the following assumptions:

	Nine Months ended September 30,
	2020			2019
Risk-free interest rate range		0.48 to 1.65	%		-	%
Expected life of option-years		5.20 to 5.77			-
Expected stock price volatility		110.8 to 128.0	%		-	%
Expected dividend yield		-	%		-	%

	Nine Months ended September 30,
	2020			2019
Risk-free interest rate range		0.33% - 0.39	%		-	%
Stock Price	$3.00 - $3.95				-	%
Expected life of warrants and option (years)		5.00			-	%
Expected stock price volatility		108.2% - 112.5	%		-	%
Expected dividend yield		0	%		-	%

Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block]

The risk-free interest rate is based on U.S. Treasury interest rates, the terms of which are consistent with the expected life of the stock options. Expected volatility is based upon the average historical volatility of the Company’s common stock over the period commensurate with the expected term of the related instrument. The expected life and estimated post-employment termination behavior is based upon historical experience of homogeneous groups, executives and non-executives, within the Company. The Company does not currently pay dividends on its common stock nor does it expect to do so in the foreseeable future.

			Options Outstanding						Options Exercisable
	Range of Exercise Prices		Options Outstanding		Weighted Average Remaining Life in Years		Weighted Average Exercise Price		Options Exercisable		Weighted Average Exercise Price of Options Exercisable
Year ended December 31, 2019	$	8.16-9.25		260,018		2.6	$	8.41		11,256	$	8.16
Nine Months ended September 30, 2020	$	5.76-9.25		588,321		3.7	$	7.32		151,655	$	7.16

	Total Intrinsic Value of Options Exercised		Total Fair Value of Options Vested
Year ended December 21, 2019		-		69,787
Nine months ended September 30, 2020	$	-	$	910,444

Nonvested Restricted Stock Shares Activity [Table Text Block]

The following table summarizes the Company’s aggregate restricted stock awards and restricted stock unit activity during the nine months ended September 30, 2020:

	Number of Unvested Shares			Weighted Average Grant Date Fair Value		Aggregate Value of Unvested Shares
Balance at December 31, 2019		10,417		$	9.60	$	100,000
Granted		56,509		$	6.98	$	394,280
Vested		(50,871	)	$	7.63	$	(388,173	)
Forfeitures		(-	)	$	-	$	(-	)
Balance at September 30, 2020		16,055		$	6.61	$	106,107