STOCKHOLDERS' EQUITY (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| STOCKHOLDERS' EQUITY |
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| Schedule of stock based compensation expense related to stock options and common stock |
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For the Years Ended |
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December 31, |
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2021 |
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2020 |
Sales and marketing |
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$ |
270,460 |
|
$ |
54,723 |
Technology |
|
|
31,631 |
|
|
13,891 |
General and administrative |
|
|
421,951 |
|
|
399,602 |
Total |
|
$ |
724,042 |
|
$ |
468,216 |
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| Summary of Black-Scholes Pricing Model Stock Options |
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For the Years Ended |
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December 31, |
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2021 |
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2020 |
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Expected term (years) |
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N/A |
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6.08 |
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Expected volatility |
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N/A |
|
55.8%-56.3% |
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Risk free interest rate |
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N/A |
|
0.57%-1.65% |
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Expected dividends |
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N/A |
|
0.00% |
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| Summary of stock option activity |
A summary of the Company’s stock option activity during the year ended December 31, 2021 is as follows:
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Weighted Average |
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Number |
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Weighted Average |
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Remaining Term |
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Intrinsic |
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of Options |
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Exercise Price |
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(Years) |
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Value |
Outstanding at January 1,2021 |
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118,412 |
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$ |
15.22 |
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|
|
|
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Granted |
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— |
|
|
— |
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|
|
|
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Forfeited |
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(21,150) |
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|
33.16 |
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|
|
|
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Exercised |
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(2,815) |
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|
2.97 |
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|
|
|
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Outstanding at December 31, 2021 |
|
94,447 |
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$ |
11.56 |
|
4.4 |
|
$ |
6,339 |
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|
|
|
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|
|
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Exercisable at December 31, 2021 |
|
66,240 |
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$ |
9.49 |
|
2.9 |
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$ |
3,276 |
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| Summary of stock option exercise price |
The following table presents information related to stock options as of December 31, 2021:
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Options Outstanding |
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Options Exercisable |
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Weighted |
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Outstanding |
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Average |
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Exercisable |
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Number of |
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Remaining Life |
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Number of |
Exercise Price |
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Options |
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In Years |
|
Options |
$ |
2.81 |
|
20,000 |
|
8.9 |
|
5,416 |
$ |
2.97 |
|
42,779 |
|
0.7 |
|
42,779 |
$ |
4.95 |
|
5,556 |
|
0.9 |
|
4,255 |
$ |
33.75 |
|
26,112 |
|
7.8 |
|
13,790 |
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|
|
94,447 |
|
2.9 |
|
66,240 |
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| Summary of assumptions fair value of warrants |
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For the Years Ended |
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|
December 31, |
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|
|
2021 |
|
2020 |
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Expected term (years) |
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N/A |
|
3.86-4.75 |
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Expected volatility |
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N/A |
|
58.0%-61.2% |
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Risk free interest rate |
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N/A |
|
0.24%-0.39% |
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Expected dividends |
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N/A |
|
0.00% |
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| Summary of the warrant activity |
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Weighted |
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Weighted |
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Average |
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Average |
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Remaining |
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Number of |
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Exercise |
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Life |
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Intrinsic |
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Warrants |
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Price |
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In Years |
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Value |
Outstanding, January 1, 2021 |
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6,167,745 |
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$ |
5.26 |
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Issued |
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867,286 |
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|
5.50 |
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Exercised |
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(2,281,668) |
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|
5.04 |
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Expired |
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— |
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— |
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Outstanding, December 31, 2021[1] |
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4,753,363 |
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$ |
5.42 |
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3.5 |
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$ |
— |
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Exercisable, December 31, 2021 |
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4,753,363 |
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$ |
5.35 |
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3.5 |
|
$ |
— |
[1] Excludes five-year warrants to purchase 368,711 shares of common stock at an exercise price of $5.50 per share that are issuable upon exercise of certain warrants.
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| Summary of stock warrants |
The following table presents information related to stock warrants as of December 31, 2021:
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Warrants Outstanding |
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Warrants Exercisable |
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Weighted |
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|
Outstanding |
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Average |
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Exercisable |
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|
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Number of |
|
Remaining Life |
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Number of |
Exercise Price |
|
Warrants |
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In Years |
|
Warrants |
$ |
4.20 |
|
368,711 |
|
2.7 |
|
368,711 |
$ |
4.95 |
|
177,223 |
|
1.3 |
|
177,223 |
$ |
5.50 |
|
3,998,459 |
|
3.7 |
|
3,998,459 |
$ |
6.25 |
|
32,500 |
|
3.6 |
|
32,500 |
$ |
6.38 |
|
176,470 |
|
4.0 |
|
176,470 |
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|
|
4,753,363 |
|
3.5 |
|
4,753,363 |
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