EQUITY INCENTIVE PLAN (Tables)

3 Months Ended

Mar. 31, 2021

EQUITY INCENTIVE PLAN [Abstract]

Stock-Based Compensation Expense (Net of Recovery) Recognized

Stock-based compensation expense (net of recovery) recognized in the condensed consolidated statements of operations was classified as follows:

	For the three months ended March 31
	2021		2020
Cost of product sales	$	28,768	$	6,300
Research and development expenses		90,920		63,813
Selling, general and administrative expenses		460,101		316,788
Severance and related costs		-		(423,984	)
	$	579,789	$	(37,083	)

Assumptions Made in Calculating Fair Values of Options

The weighted-average assumptions made in calculating the fair values of options are as follows:

	For the three months ended March 31, 2021
Expected term (in years)		5.0
Expected volatility		78.29	%
Expected dividend yield		1	%
Risk-free interest rate		2.95	%

Stock Option Activity

The following table provides stock option activity for the three months ended March 31, 2021:

Stock Options	Number of Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contract Term	Aggregate Intrinsic Value
Outstanding at December 31, 2020	974,778	$	4.12	2.87 years	$	1,520,910
Granted	899,550		4.72			-
Exercised	-		-			-
Forfeited	1,042		5.39			-
Expired	25,000		5.64
Outstanding at March 31, 2021	1,848,286	$	4.40	5.98 years	$	731,819
Exercisable at March 31, 2021	408,079	$	5.36	4.21 years	$	202,248

Stock Options Outstanding

The following table summarizes information about stock options outstanding at March 31, 2021:

	Stock Options Outstanding								Stock Options Exercisable
Range of Exercise Prices	Number of Shares		Average Remaining Contract Term (Year)		Weighted Average Exercise Price		Aggregate Intrinsic Value		Number of Shares		Weighted Average Exercise Price		Aggregate Intrinsic Value
_$1 to $2.79999		636,364		5.95	$	2.36	$	731,819		175,868	$	2.36	$	202,248
2.8 to 4.59999		1,103		9.97		4.10		-		-		-		-
4.6 to 6.39999		956,069		6.86		4.77		-		14,961		5.49		-
6.4 to 8.19999		161,000		2.80		7.31		-		161,000		7.22		-
8.2 to 12		93,750		2.35		11.45		-		56,250		11.45		-
Total		1,848,286		5.98	$	4.40	$	731,819		408,079	$	5.36	$	202,248

Summary of Restricted Stock and Restricted Stock Units Outstanding

The following table summarizes information about the number of shares of common stock underlying restricted stock, restricted stock units and performance stock units outstanding as of March 31, 2021:

	Number of Shares		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2020		603,531	$	3.08
Granted		323,243		4.71
Vested		77,863		2.36
Forfeited		1,116		5.39
Outstanding at March 31, 2021		847,795	$	3.63