Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Option Activity

The following table summarizes option activity during the three months ended March 31, 2022:

 

   Number of Options   Weighted Average Exercise Price   Weighted Average Fair Value   Weighted Average Remaining Contractual Life (Years) 
Outstanding at December 31, 2021   1,111,363   $2.12   $1.31    6.62 
Granted   -    -    -      
Expired   -    -    -      
Forfeited/Cancelled   -    -    -      
Exercised   (45,456)   1.10    0.51      
Outstanding at March 31, 2022   1,065,907   $2.17   $1.35    6.65 
                     
Exercisable at March 31, 2022   1,049,241   $2.05   $1.21    6.63 
Schedule of Outstanding Restricted Stock Units and Related Activity

The grant date fair value of RSUs granted is determined using the closing market price of the Company’s common stock on the grant date with the associated compensation expense amortized over the vesting period of the awards. The following table sets forth the outstanding RSUs and related activity for the three months ended March 31, 2022:

 

   Number of RSUs   Weighted Average Grant Date Fair Value 
Unvested at December 31, 2021   1,267,415   $9.94 
Granted   -    - 
Vested   (68,750)   10.23 
Forfeited/Cancelled   -    - 
Unvested at March 31, 2022   1,198,665   $9.92 
Schedule of Warrant Activity

The following table summarizes warrant activity during the three months ended March 31, 2022:

 

   Number of Warrants   Weighted Average Exercise Price   Weighted Average Fair Value   Weighted Average Remaining Contractual Life (Years) 
Outstanding at December 31, 2021   526,281   $8.15   $4.01    4.7 
Granted   -    -    -      
Expired   -    -    -      
Forfeited/Cancelled   -    -    -      
Exercised   (50,000)   2.00    1.22      
Outstanding at March 31, 2022   476,281   $8.80   $2.82    4.8 
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 March 31, 
   2022   2021 
Options  $40,874   $76,672 
Restricted stock units   1,334,223    1,396,440 
Stock   -    39,900 
Total stock-based compensation expense  $1,375,097   $1,513,012