Accounting for Share-Based Payments (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Stock Based Compensation Expense

We recorded stock-based compensation expense as follows:

	Year Ended December 31,
	2021		2020
General and administrative	$	3,267,349	$	1,798,288
Research and development	1,401,466		581,072
Total stock-based compensation expense	$	4,668,815	$	2,379,360

Summary of Stock Option Activity

A summary of stock option activity under the Plan is presented below:

	Number of Options	Exercise Price Per Share					Weighted Average Exercise Price Per Share		Intrinsic Value		Weighted Average Remaining Contractual Team
Balance outstanding, December 31, 2020	2,460,677	$	1.63	-	$	2,452.80	$	4.17	$	990,930	9.40 years
Granted	6,315,000	$	1.70	-	$	—	$	1.70	$	—
Exercised	—	$	—	-	$	—	$	—	$	—
Forfeited	—	$	—	-	$	—	$	—	$	—
Cancelled	(703)	$	—	-	$	—	$	820.13	$	—
Balance outstanding, December 31, 2021	8,774,974	$	1.63	-	$	2,016.00	$	2.33	$	—	9.10 years
Awards outstanding, vested awards and those expected to vest at December 31, 2021	8,569,714	$	1.63	-	$	2,016.00	$	2.34	$	—	9.10 years
Vested and exercisable at December 31, 2021	1,274,076	$	1.63	-	$	2,016.00	$	5.32	$	—	8.40 years

Schedule of Weighted Average Assumptions used Black Scholes Model

The following weighted-average assumptions are used in the Black-Scholes valuation model to estimate fair value of stock option awards when granted to employees.

	Year Ended December 31,
	2021			2020
Stock price	$	1.70		$	2.50
Risk-free interest rate	1.35		%	0.34		%
Dividend yield	—			—
Expected volatility	119.2		%	126.3		%
Expected term (in years)	5.9			6.0