Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Summary of Stock Option Activity

A summary of all stock option activity at and for the years ended December 31, 2020 and 2019 is presented below:

	# of Options			Weighted-Average Exercise Price
Outstanding as of 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 as of December 31, 2019		784,101		$	5.65
Options granted		22,000			0.65
Options canceled		(671,587	)		5.77
Outstanding as of December 31, 2020		134,514		$	4.40
Exercisable as of December 31, 2020		88,222		$	4.04

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, 2020:

Risk-free interest rate	0.93	%
Expected term (in years)	5.0
Dividend yield	-
Expected volatility	75	%

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 public offering 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

A summary of activity in warrants was as follows:

	Warrants			Weighted-Average Remaining Life (Years)		Weighted-Average Exercise Price		Aggregate Intrinsic Value
Outstanding as of December 31, 2019		736,559			1.2	$	6.95	$	-
Granted		100,000			4.8		3.94		-
Exercised		-			-		-		-
Forfeited and cancelled		(596,281	)		0.5		7.31		-
Outstanding as of December 31, 2020		240,278			3.2	$	4.85	$	-