Stockholder's Equity (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Summary of Stock Option Activity

A summary of all stock option activity at and for the years ended December 31, 2019 and 2018 is presented below:

	# of Options			Weighted- Average Exercise Price
Outstanding at December 31, 2017		369,006		$	6.47
Options granted		654,000			5.47
Options exercised		(48,715	)		4.56
Options canceled		(78,433	)		4.86
Outstanding at December 31, 2018		895,858		$	5.62
Options granted		79,000			5.01
Options exercised		(3,167	)		4.04
Options canceled		(187,590	)		4.61
Outstanding at December 31, 2019		784,101		$	5.65
Exercisable at December 31, 2019		556,420		$	5.59

Schedule of Weighted-average Assumptions Used in Black-scholes Valuation Method

The following weighted-average assumptions were used in the Black-Scholes valuation model for options granted during the year ended December 31, 2019:

Risk-free interest rate	2.22	%
Expected term (in years)	6.50
Dividend yield	-
Expected volatility	31	%

Schedule of Weighted-average Assumptions for Warrants

The estimated fair value of the warrants at issuance was $297,417, based on a combination of closing market trading price on the date of issuance for the public offering warrants, and the Black-Scholes option-pricing model using the weighted-average assumptions below:

Volatility		31	%
Risk-free interest rate		2.16	%
Expected term (in years)		2.78
Expected dividend yield		-
Fair value of common stock	$	5.61

Summary of Warrant Activity

A summary of activity in warrants is as follows:

	Warrants			Weighted Average Remaining Life		Weighted Average Exercise Price		Aggregate Intrinsic Value
Outstanding at December 31, 2018		1,083,435			1.04 years	$	6.83	$	-
Twelve months ended December 31, 2019:
Granted		316,540			2.14 years	$	6.78	$	-
Exercised		-			-	$	-		-
Forfeited and cancelled		(663,416	)		-	$	6.61		-
Outstanding at December 31, 2019		736,559			1.18 years	$	6.95	$	-