Shareholders' Equity (Details Textual) - USD ($) |
1 Months Ended | 9 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 21, 2020 |
Jun. 11, 2020 |
Feb. 22, 2019 |
Sep. 30, 2020 |
Sep. 29, 2020 |
Sep. 21, 2020 |
Jul. 31, 2020 |
Mar. 03, 2020 |
Jan. 31, 2019 |
Jan. 22, 2019 |
Oct. 09, 2017 |
Sep. 02, 2017 |
Sep. 30, 2020 |
|
Stockholders' Deficit (Textual) | |||||||||||||
Shares issued | 2,820,000 | 22,311 | 250,000 | ||||||||||
Options for purchase | 1,255,000 | ||||||||||||
Warrants for purchase | $ 2,115,000 | $ 226,354 | $ 225,000 | $ 1,354 | $ 65,130 | $ 300,000 | $ 226,354 | ||||||
Equity-based compensation expense | 1,420,505 | ||||||||||||
Outstanding options intrinsic value | $ 1,051,006 | 1,051,006 | |||||||||||
Common stock exercise price | $ 2.00 | $ 4.99 | $ 3.75 | ||||||||||
Interest and financing charges | |||||||||||||
Exercise price | $ 2.00 | $ 0.005 | |||||||||||
Weighted average remaining vesting period | 1 year 9 months 25 days | ||||||||||||
Common stock, description | The Company concluded a follow-on offering of 2,475,000 shares of common stock and warrants to purchase 1,856,250 shares of common stock at an exercise price of $4.0625 per share. The shares of common stock and accompanying warrants were sold to the public at a price of $3.25 per share and warrant. The underwriters were granted an over-allotment option to purchase up to 371,250 shares of common stock and warrants to purchase 278,437 shares of common stock at a price of $3.25 per share of common stock and warrant. The underwriters partially exercised their over-allotment option by purchasing 370,000 shares of common stock and warrants to purchase 277,500 shares common stock. Gross proceeds of the offering, totaled $9,246,249, which after offering expenses, resulted in net proceeds of $8,195,673. | The Compensation Committee of Board of Directors of the Company awarded the Company's executive officers, William B. Stilley, Chief Executive Officer, and Joseph Truluck, Chief Financial Officer, performance bonuses for 2019, partially paid in common stock of the Company to preserve cash, of $42,000 and $21,000 in cash, respectively, and 54,167 and 27,084 shares of the Company's common stock, respectively, which shares are subject to a six-month contractual restriction on sale. Of the $180,002 total cost of these bonuses, $150,000 were recognized in the year ended December 31, 2019 as expected under these executives' contracts, and the remaining $30,002 in bonus was recognized upon Board approval. | |||||||||||
Common stock market price | $ 1.85 | ||||||||||||
Proceeds of offering, description | Gross proceeds of the offering totaled $500,000, with no material expenses. | Gross proceeds of the offering, totaled $5,217,000, which after offering expenses, resulted in net proceeds of $4,657,215. | |||||||||||
Cash payment for warrants | $ 450,000 | $ 8 | $ 450,008 | ||||||||||
Unrecognized compensation expense | 2,688,650 | ||||||||||||
Consultants Services [Member] | |||||||||||||
Stockholders' Deficit (Textual) | |||||||||||||
Shares issued | 446,251 | ||||||||||||
Consultants at a total cost | $ 655,827 | $ 655,827 | |||||||||||
Private Placement [Member] | |||||||||||||
Stockholders' Deficit (Textual) | |||||||||||||
Unregistered shares of common stock | 357,143 | ||||||||||||
Gross proceeds | $ 50,000 | ||||||||||||
Option [Member] | |||||||||||||
Stockholders' Deficit (Textual) | |||||||||||||
Common stock exercise price | $ 1.13 | $ 1.13 | |||||||||||
Common stock issued, shares | 2,529,180 | ||||||||||||
2017 Equity Incentive Plan [Member] | |||||||||||||
Stockholders' Deficit (Textual) | |||||||||||||
Common stock issued, shares | 1,750,000 | 55,000,00. | 799,438 | ||||||||||
Common Stock | Private Placement [Member] | |||||||||||||
Stockholders' Deficit (Textual) | |||||||||||||
Common stock market price | $ 1.40 | $ 1.40 | |||||||||||
Consultant [Member] | |||||||||||||
Stockholders' Deficit (Textual) | |||||||||||||
Options for purchase | 72,000 | ||||||||||||
Warrants for purchase | $ 73,914 | $ 73,914 | |||||||||||
Fair value of assumptions, description | Using the Black Scholes model assuming an underlying security value of $1.30 and volatility rate of 103.83%, a risk-free rate of 0.49%, and an expected term of 5.75 years. | ||||||||||||
Officers and Director [Member] | |||||||||||||
Stockholders' Deficit (Textual) | |||||||||||||
Common stock issued price | $ 468,750 |