Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Schedule of Stockholders' Equity

	Common Stock				Paid-in		Accumulated			Total Stockholders’
	Shares		Amount		Capital		Deficit			Equity
Balance, December 31, 2019		9,675,028	$	967	$	51,566,438	$	(44,234,087	)	$	7,333,318
Issuance of common stock for services by third parties		170,944		17		234,039		-			234,056
Issuance of common stock for services by employees		303,280		30		468,132		-			468,162
Amortization of non-deal warrant grants		-		-		18,791		-			18,791
Issuance of warrants for secured credit facility		-		-		97,800		-			97,800
Stock-based compensation		-		-		223,816		-			223,816
Net loss attributable to common shareholders		-		-		-		(7,461,985	)		(7,461,985	)
Balance, September 30, 2020		10,149,252	$	1,014	$	52,609,016	$	(51,696,072	)	$	913,958

Summary of Stock Option Activity

A summary of all stock option activity at and for the nine months ended September 30, 2020 is presented below:

	# of Options			Weighted- Average Exercise Price
Outstanding at December 31, 2019		784,101		$	5.65
Options granted		-		$	-
Options exercised		-		$	-
Options canceled		(218,001	)	$	6.76
Outstanding at September 30, 2020		566,100		$	5.22
Exercisable at September 30, 2020		454,767		$	5.05

Schedule of Weighted-average Assumptions for Warrants

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

Volatility		40	%
Risk-free interest rate		1.54	%
Expected term (in years)		5.0
Expected dividend yield		-
Fair value of common stock	$	3.20

Summary of Warrant Activity

No warrants were exercised during the nine months ended September 30, 2020.

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, 2019		736,559			1.18 years	$	6.95	$	-
Nine months ended September 30, 2020:
Granted		100,000			4.79 years	$	3.94	$	-
Exercised		-			-	$	-		-
Forfeited and cancelled		(556,281	)		0.53 years	$	7.51		-
Outstanding at September 30, 2020		280,278			2.84 years	$	4.76	$	-