Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement, Disclosure [Abstract]  
Schedule of Fair Value of Options Weighted Average Assumptions

The fair values for the options granted were estimated at the date of grant using the Black Scholes option-pricing model with the following weighted average assumptions:

 

   

Six Months Ended

June 30, 2020

    

Six Months Ended

June 30, 2019

  
Risk free interest rate     1.05 %     1.56 %
Expected life (in years)     7.3       10  
Expected volatility     62.82 %     63.65 %
Expected dividend yield     0 %     0 %
Stock price   $ 8.14     $ 1.07  
Schedule of Option Activity

The following table summarizes option activity during the year ended December 31, 2019 and the six months ended June 30, 2020, respectively.

 

    Options
Outstanding		     Weighted
Average
Exercise
Price		     Weighted
Average
Fair
Value		     Weighted
Average
Remaining
Contractual
Life (years)		  
Outstanding at January 1, 2019     1,172,707     $ 2.23     $ 1.09       8.72  
Options granted     890,000       1.07       0.52       9.66  
Expired     —       —       —       —  
Forfeited options     (40,890 )     (3.85 )     (1.59 )     (8.04 )
Exercised     —       —       —       —  
Outstanding at December 31, 2019     2,021,817     $ 1.69     $ 0.83       8.73  
                                 
Options granted     150,000       8.14       4.70       7.30  
Expired     —       —       —       —  
Forfeited options     —       —       —       —  
Exercised     (420,289)       (1.53)       (0.79)       (7.62)  
                                 
Outstanding at June 30, 2020     1,751,528     $ 2.28     $ 1.21       8.50  
Schedule of Warrant Activity

The following table summarizes warrant activity during the year ended December 31, 2019 and the six months ended June 30, 2020, respectively.

 

    Warrants
Outstanding		     Weighted
Average
Exercise
Price		     Weighted
Average
Fair
Value		     Weighted
Average
Remaining
Contractual
Life (years)		  
Outstanding at January 1, 2019     483,535       4.92       1.99       3.29  
Warrants issued     500,000       1.53       1.46       5.00  
Expired     —       —       —       —  
Forfeited warrants     —       —       —       —  
Exercised     —       —       —       —  
Outstanding at December 31, 2019     983,535     $ 1.44     $ 1.03       3.34  
                                 
Warrants issued     20,000       16.49       15.19       5.00  
Expired     —       —       —       —  
Forfeited warrants     —       —       —       —  
Exercised     (894,445 )     (1.37 )     (1.05 )     (2.80 )
                                 
Outstanding at June 30, 2020     109,090     $ 2.06     $ 1.17       3.62  
Schedule of Unrecognized Stock-based Compensation

The Company expects to recognize the aggregate amount of this compensation expense over the next years in accordance with contractual provisions and vesting as follows:

 

Year   Amount  
2020   $ 198,148  
2021     234,149  
2022     35,998  
Total   $ 468,295