Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement, Disclosure [Abstract]  
Schedule of Option Activity

The following table summarizes option activity during the nine months ended September 30, 2020:

 

    Number of Options     Weighted Average Exercise Price     Weighted Average Fair Value     Weighted Average Remaining Contractual Life (Years)  
Outstanding at December 31, 2019     2,021,817     $ 1.69     $ 0.83          
Granted     150,000       8.14       4.75          
Expired     -       -       -          
Forfeited/Cancelled     -       -       -          
Exercised     (528,623 )     1.74       0.88          
Outstanding at September 30, 2020     1,643,194     $ 2.26     $ 1.21       8.50  
Schedule of Fair Value of Options Weighted Average Assumptions

The following weighted average assumptions were used in estimating the grant date fair value of options:

 

    Nine months ended
September 30,		  
    2020     2019  
Risk-free interest rate     1.05 %     1.56 %
Expected life (years)     7.3       10.0  
Expected volatility     62.82 %     63.65 %
Expected dividend yield     None       None  
Schedule of Warrant Activity

The following table summarizes warrant activity during nine months ended September 30, 2020

 

    Number of Warrants     Weighted Average Exercise Price     Weighted Average Fair Value    

Weighted

Average Remaining Contractual Life (Years)

  
Outstanding at December 31, 2019     983,535     $ 1.44     $ 1.03          
Granted     20,000       16.49       15.19          
Expired     -       -       -          
Forfeited/Cancelled     -       -       -          
Exercised     (894,445 )     1.37       1.05          
Outstanding at September 30, 2020     109,090     $ 2.06     $ 1.17       3.37  
Schedule of Recognized Stock-based Compensation Expense

The Company recognized stock-based compensation expense related to the types of awards discussed above as follows:

 

    Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
    2020     2019     2020     2019  
Options   $ 158,344     $ 253,798     $ 831,541     $ 468,076  
Warrants     -       -       303,802       -  
Stock     914,790       22,135       1,032,033       102,556  
Total stock-based compensation expense   $ 1,073,134     $ 275,933     $ 2,167,376     $ 570,632