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STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION (Tables)
6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
SCHEDULE OF STOCK OPTION PLAN ACTIVITY

A summary of stock option activity under the Plans for the six months ended June 30, 2022 is as follows:

 

 

  

Number of

Shares

   Weighted
Average
Exercise
Price
  

Weighted

Average

Remaining

Contractual

Life

  

Aggregate

Intrinsic

Value

 
Options outstanding – January 1, 2022   3,039,546   $5.52           
Options granted   281,250   $7.38           
Options exercised   (128,000)  $2.45           
Options cancelled/forfeited   (14,500)  $7.60           
Options outstanding – June 30, 2022   3,178,296   $5.80    4.92   $5,539,000 
Options exercisable   2,444,993   $5.32    4.42   $5,366,000 
Options vested and expected to vest   3,178,296   $5.80    4.92   $5,539,000 
SCHEDULE OF FAIR VALUE ASSUMPTIONS

The table below illustrates the fair value per share determined using the Black-Scholes-Merton option pricing model with the following assumptions used for valuing options granted to employees:

 

 

   2022 
Weighted-average fair value of options granted  $4.54 
Expected terms (in years)   6.11 
Expected volatility   68-70%
Risk-free interest rate   1.54-2.78%
Dividend yield   - 
SCHEDULE OF STOCK OPTION OUTSTANDING AND EXERCISABLE

The following table summarizes information about stock options outstanding and exercisable at June 30, 2022:

 

 

    Options Outstanding   Options Exercisable 
Range of Exercise Prices  

Number

Outstanding

  

Weighted

Average

Remaining

Contractual

Life in Years

   Weighted
Average
Exercise
Price
   Number
Exercisable
   Weighted
Average
Exercise
Price
 
$1.47 - $2.23    595,887    5.04   $1.97    595,887   $1.97 
$2.40 - $3.50    53,568    6.05   $3.00    42,507   $2.88 
$3.95    370,000    3.75   $3.95    370,000   $3.95 
$4.08 - $6.30    578,850    5.47   $5.76    534,605   $5.83 
$6.80 - $7.30    409,995    7.81   $7.21    230,370   $7.27 
$7.37 - $7.79    297,323    6.34   $7.54    139,699   $7.47 
$7.87    600,000    3.08   $7.87    300,000   $7.87 
$7.89 - $8.75    82,673    7.06   $8.06    48,800   $8.16 
$8.98    10,000    8.59   $8.98    3,125   $8.98 
$8.99    180,000    0.84   $8.99    180,000   $8.99 
$1.47 - $8.99    3,178,296    4.92   $5.80    2,444,993   $5.32 
SCHEDULE OF RESTRICTED STOCK UNITS ACTIVITY

A summary of the Company’s RSU activity (including performance stock units) and related information for the six months ended June 30, 2022 is as follows:

 

 

   Number of RSUs  

Weighted Average

Grant Date

Fair Value

 
RSUs unvested - January 1, 2022   2,233,202   $6.78 
RSUs granted   65,615   $7.62 
RSUs vested   (204,288)  $6.52 
RSUs cancelled/forfeited   -    - 
RSUs unvested - June 30, 2022   2,094,529   $6.83 
SCHEDULE OF WARRANTS ACTIVITY

A summary of warrant activity for the six months ended June 30, 2022 is as follows:

 

 

  

Number of

Shares Subject

to Warrants

Outstanding

  

Weighted

Average

Exercise Price

 
Warrants outstanding– January 1, 2022   373,847   $2.08 
Granted   -      
Exercised   -      
Expired   -      
Warrants outstanding and exercisable – June 30, 2022   373,847   $2.08 
Weighted average remaining contractual life of the outstanding warrants in years – June 30, 2022   2.1      
SCHEDULE OF WARRANTS OUTSTANDING AND WARRANTS EXERCISABLE

Warrants outstanding and exercisable as of June 30, 2022 are as follows:

 

 

Warrant Series  Issue Date 

Warrants

Outstanding

  

Exercise

Price

  

Expiration

Date

Lender warrants  7/19/2017   373,847   $2.08   7/19/2024
SCHEDULE OF STOCK BASED COMPENSATION GRANTED TO EMPLOYEES DIRECTORS CONSULTANTS

The Company recorded stock-based compensation related to equity instruments granted to employees, directors and consultants as follows:

 

 

   2022   2021   2022   2021 
  

For the

Three Months Ended

June 30,

  

For the

Six Months Ended

June 30,

 
   2022   2021   2022   2021 
Employees – selling, general and administrative  $1,655,000   $923,000   $3,331,000   $1,678,000 
Employees – R&D   176,000    55,000    362,000    55,000 
Directors – selling, general and administrative   112,000    100,000    212,000    200,000 
Consultants – R&D   50,000    -    104,000    - 
Total  $1,993,000   $1,078,000   $4,009,000   $1,933,000