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Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2021
Stockholders' Equity Note [Abstract]  
Schedule of Company Recognized Stock-Based Compensation Expense

For the years ended December 31, 2021 and 2020, the Company recognized stock compensation expense as follows:

 

 

Years Ended December 31,

 

 

2021

 

2020

Cost of services

$

10,299

$

2,927

Research and development

232,319

62,783

General and administrative

553,557

231,010

Sales and marketing

82,400

19,366

$

878,575

$

316,086

Schedule of Status of Options Granted

A summary of the status of options granted is presented below as of and for the years ended December 31, 2021 and 2020:

Number of

Options

Weighted-

Average

Exercise

Price

Weighted-

Average

Remaining

Contractual

Life (in years)

Aggregate

Intrinsic

Value

Outstanding at December 31, 2019

9,654

$

418.10

8.0

$

Granted

1,525,000

$

2.13

Exercised

$

Assumed in business combination

134,371

$

48.40

Forfeited

(3,631

)

$

21.11

Expired

(872

)

$

473.92

Outstanding at December 31, 2020

1,664,522

$

7.99

9.4

$

Granted

415,000

$

1.99

Exercised

$

Forfeited

(363,554

)

$

2.17

Expired

(2,619

)

$

544.38

Outstanding at December 31, 2021

1,713,349

$

6.88

8.5

$

Vested and expected to vest

1,713,349

$

6.88

8.5

$

Exercisable at December 31, 2021

731,090

$

10.45

8.0

$

Schedule of Fair Value of Option Grant Estimated Using Black-Scholes Option Pricing Model

The total fair value of options vested in the years ended December 31, 2021 and 2020 was $622,757 and $549,341, respectively. The fair value of each option grant was estimated at the date of grant using the Black-Scholes option pricing model based on the assumptions below:

 

 

Years Ended December 31,

 

 

2021

 

2020

Annual dividend

Expected life (in years)

5.75 - 6.00

5.25 - 6.25

Risk free interest rate

0.9% - 1.1%

0.3% - 0.5%

Expected volatility

121.3% - 123.1%

40.9% - 46.6%

Schedule of Status of Restricted Stock Units Granted

A summary of the status of restricted stock units granted is presented below as of and for the years ended December 31, 2021 and 2020:

Number of

Units

Weighted-Average

Grant Date

Fair Value

Unvested at December 31, 2019

14,975

$

8.76

Granted

$

Vested

(5,924

)

$

8.51

Forfeited

(933

)

$

8.84

Unvested at December 31, 2020

8,118

$

8.93

Granted

360,000

$

1.99

Vested

(3,768

)

$

8.94

Forfeited

(78,085

)

$

2.23

Unvested at December 31, 2021

286,265

$

2.03

Schedule of Warrants to Purchase Shares of Common Stock

At December 31, 2021 and 2020, the following warrants to purchase shares of common stock were outstanding:

Outstanding at December 31,

Issuance

Exercise Price

Expiration

2021 (1)

2020 (1)

November 2011

$

3,955.00

November 2021

15

December 2011

$

3,955.00

December 2021

2

February 2015

$

3,300.00

February 2025

451

451

May 2016

$

656.20

May 2021

9,483

June 2016

$

656.20

May 2021

4,102

June 2017

$

390.00

June 2022

938

938

July 2017

$

345.00

July 2022

318

318

July 2017

$

250.00

July 2022

2,501

2,501

July 2017

$

212.60

July 2022

50,006

50,006

February 2018

$

81.25

February 2023

9,232

9,232

February 2018

$

65.00

February 2023

92,338

92,338

October 2019

$

2.00

October 2024

354,000

359,000

October 2019

$

2.60

October 2024

235,000

235,000

November 2020

$

1.94

May 2026

4,842,615

November 2020

$

2.68

May 2026

242,130

242,130

February 2021

$

3.55

August 2026

4,166,666

February 2021

$

3.90

August 2026

416,666

March 2021

$

3.56

March 2026

3,147,700

October 2021

$

2.05

April 2027

7,500,000

16,217,946

5,848,131

The warrants listed above were issued in connection with various equity, debt, preferred stock or development contract agreements.

 

(1)

Warrants to purchase fractional shares of common stock resulting from the reverse stock split on August 22, 2019 were rounded up to the next whole share of common stock on a holder by holder basis.