EQUITY INCENTIVE PLAN (Tables)

3 Months Ended

Mar. 31, 2022

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
	2022		2021
Cost of product sales	$	54,250	$	28,768
Research and development expenses		91,189		90,920
Selling, general and administrative expenses		605,464		460,101
	$	750,903	$	579,789

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)		6.0
Expected volatility		91.40	%
Expected dividend yield		N/A
Risk-free interest rate		1.91	%

Stock Option Activity

The following table provides stock option activity for the three months ended March 31, 2022:

Stock Options	Number of Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contract Term	Aggregate Intrinsic Value
Outstanding at December 31, 2021	1,600,372	$	4.18	6.59 years	$	-
Granted	2,358,539		1.23			-
Exercised	-		-			-
Forfeited	14,883		2.42			-
Expired	183,241		5.63
Outstanding at March 31, 2022	3,760,787	$	2.27	8.65 years	$	-
Exercisable at March 31, 2022	565,215	$	3.68	5.89 years	$	-

Stock Options Outstanding

The following table summarizes information about stock options outstanding at March 31, 2022:

	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		2,863,910		8.83	$	1.44	$	-		317,758	$	2.36	$	-
2.8 to 4.59999		30,795		9.19		3.05		-		-		-		-
4.6 to 6.39999		819,207		8.43		4.81		-		209,957		4.88		-
6.4 to 8.19999		46,875		1.11		8.15		-		37,500		8.15		-
Total		3,760,787		8.65	$	2.27	$	-		565,215	$	3.69	$	-

Summary of Restricted Stock and Restricted Stock Units Outstanding

The following table summarizes information about restricted stock, restricted stock units and performance stock units outstanding as of March 31, 2022:

	Number of Shares & Units		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2021		705,325	$	3.34
Granted		1,210,448		0.76
Vested		167,782		3.60
Forfeited		8,047		2.31
Outstanding at March 31, 2022		1,739,944	$	1.52