STOCK OPTIONS AND WARRANTS

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

STOCK OPTIONS AND WARRANTS

11. STOCK OPTIONS AND WARRANTS

Stock Options

During the six months ended June 30, 2021, there were no stock options granted.

During the six months ended June 30, 2021 and 2020, the Company recorded non-cash stock option based compensation expense of $126,588 and $54,136, respectively. As of June 30, 2021, there was $646,242 of unrecognized stock option-based compensation expense that will be recognized over the next 3.25 years.

During the six months ended June 30, 2021, 5,953 stock options were exercised on a cashless basis for 2,380 shares of common stock at a weighted average exercise price of $14.38. The Company withheld shares to cover income and payroll taxes totaling $81,039, which was charged to additional paid in capital.

There were stock options outstanding to purchase 333,980 shares of common stock at a weighted average exercise price of $11.09 at June 30, 2021. During the six months ended June 30, 2021, 1,875 stock options terminated.

Warrants

During the six months ended June 30, 2021, warrants to purchase 416,249 shares of the Company’s common stock were exercised generating $2,643,493. At June 30, 2021, there were warrants outstanding to purchase up to 549,335 shares of the Company’s common stock at a weighted average exercise price of $6.31.