Lightwave Logic (LWLG) 10-Q 10 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 10, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-40766
Entity Registrant Name	Lightwave Logic, Inc.
Entity Central Index Key	0001325964
Entity Tax Identification Number	82-0497368
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	369 Inverness Parkway
Entity Address, Address Line Two	Suite 350
Entity Address, City or Town	Englewood
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80112
City Area Code	720
Local Phone Number	340-4949
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	LWLG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		114,410,947

BALANCE SHEETS (Unaudited)

BALANCE SHEETS (Unaudited) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 26,168,214	$ 24,102,151
Prepaid expenses and other current assets	703,198	611,345
Loan receivable		642,120
TOTAL CURRENT ASSETS	26,871,412	25,355,616
PROPERTY AND EQUIPMENT - NET	2,509,395	2,519,267
OTHER ASSETS
Intangible assets - net	1,117,459	1,030,335
Operating Lease - Right of Use - Building	311,873	358,254
TOTAL OTHER ASSETS	1,429,332	1,388,589
TOTAL ASSETS	30,810,139	29,263,472
CURRENT LIABILITIES
Accounts payable	364,539	791,671
Accrued bonuses and accrued expenses	132,129	380,280
Accounts payable and accrued expenses - related parties	98,802	100,169
Deferred lease liability	41,778	41,778
Operating lease liability	193,232	190,125
TOTAL CURRENT LIABILITIES	830,480	1,504,023
LONG TERM LIABILITIES
Deferred lease liability	27,852	38,297
Operating lease liability	118,641	168,129
TOTAL LONG TERM LIABILITIES	146,493	206,426
TOTAL LIABILITIES	976,973	1,710,449
STOCKHOLDERS' EQUITY
Preferred stock, $0.001 par value, 1,000,000 authorized, no shares issued or outstanding
Common stock $0.001 par value, 250,000,000 authorized, 114,103,523 and 112,882,793 issued and outstanding at March 31, 2023 and December 31, 2022	114,104	112,883
Additional paid-in-capital	142,608,263	134,406,825
Deferred compensation	(579,822)	(133,324)
Accumulated deficit	(112,309,379)	(106,833,361)
TOTAL STOCKHOLDERS' EQUITY	29,833,166	27,553,023
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 30,810,139	$ 29,263,472

BALANCE SHEETS (Unaudited) (Par

BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	114,103,523	112,882,793
Common stock, shares outstanding	114,103,523	112,882,793

STATEMENTS OF COMPREHENSIVE LOS

STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
NET SALES
COST AND EXPENSE
Research and development	3,799,707	2,625,138
General and administrative	1,360,170	885,430
TOTAL COST AND EXPENSE	5,159,877	3,510,568
LOSS FROM OPERATIONS	(5,159,877)	(3,510,568)
OTHER INCOME (EXPENSE)
Interest income	53,287	15,020
Commitment fee	(361,694)	(60,213)
Other Expense	(7,734)
NET LOSS	$ (5,476,018)	$ (3,555,761)
LOSS PER SHARE
Basic	$ (0.05)	$ (0.03)
Diluted	$ (0.05)	$ (0.03)
WEIGHTED AVERAGE NUMBER OF SHARES
Basic	113,270,655	110,889,453
Diluted	113,270,655	110,889,453

STATEMENT OF STOCKHOLDERS' EQUI

STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Deferred Compensation, Share-Based Payments [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2021	$ 110,556	$ 114,696,597		$ (89,602,881)	$ 25,204,272
Beginning balance, shares at Dec. 31, 2021	110,555,459
Common stock issued to institutional investor	$ 475	3,686,342			3,686,817
Common stock issued to institutional investor, shares	475,000
Common stock issued for commitment shares	$ 7	60,206			60,213
Common stock issued for commitment shares, shares	6,773
Exercise of options	$ 30	26,820			26,850
Exercise of options, shares	30,000
Cashless exercise of 4,375 options	$ 3	35,015			35,018
Cashless exercise of 4,375 options, shares	2,596
Options issued for services		1,338,932			1,338,932
Restricted stock awards issued for future services	$ 28	274,996	(275,024)
Restricted stock awards issued for future services, shares	28,500
Deferred compensation			22,930		22,930
Net loss				(3,555,761)	(3,555,761)
BALANCE AT MARCH 31, 2022  (UNAUDITED) at Mar. 31, 2022	$ 111,099	120,118,908	(252,094)	(93,158,642)	26,819,271
Ending balance, shares at Mar. 31, 2022	111,098,328
Beginning balance, value at Dec. 31, 2022	$ 112,883	134,406,825	(133,324)	(106,833,361)	27,553,023
Beginning balance, shares at Dec. 31, 2022	112,882,793
Common stock issued to institutional investor	$ 1,020	5,498,357			5,499,377
Common stock issued to institutional investor, shares	1,020,455
Common stock issued for commitment shares	$ 66	361,628			361,694
Common stock issued for commitment shares, shares	65,659
Exercise of options	$ 10	6,990			7,000
Exercise of options, shares	10,000
Exercise of warrants	$ 25	18,725			18,750
Exercise of warrants, shares	25,000
Options issued for services		1,795,842			1,795,842
Restricted stock awards issued for future services	$ 100	519,896	(519,996)
Restricted stock awards issued for future services, shares	99,616
Deferred compensation			73,498		73,498
Net loss				(5,476,018)	(5,476,018)
BALANCE AT MARCH 31, 2022  (UNAUDITED) at Mar. 31, 2023	$ 114,104	$ 142,608,263	$ (579,822)	$ (112,309,379)	$ 29,833,166
Ending balance, shares at Mar. 31, 2023	114,103,523

STATEMENT OF STOCKHOLDERS' EQ_2

STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Cahless exercise of options	25,000	4,375

STATEMENTS OF CASH FLOW (Unaudi

STATEMENTS OF CASH FLOW (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (5,476,018)	$ (3,555,761)
Adjustment to reconcile net loss to net cash used in operating activities
Stock options issued for services	1,795,842	1,338,932
Amortization of deferred charges	73,498	22,930
Cashless option exercise		76,115
Common stock issued for services and fees	361,694	60,213
Depreciation and amortization of patents	275,276	244,168
Amortization of right of use asset	46,381	43,471
(Increase) decrease in assets
Prepaid expenses and other current assets	(91,853)	18,090
Increase (decrease) in liabilities
Accounts payable	(427,132)	180,445
Accrued bonuses, accrued expenses and other liabilities	(294,532)	(1,091,392)
Accounts payable and accrued expenses-related parties	(1,367)	127,545
Deferred lease liability	(10,445)	(10,445)
Net cash used in operating activities	(3,748,656)	(2,545,689)
CASH FLOWS FROM INVESTING ACTIVITIES
Cost of intangibles	(106,475)	(39,706)
Purchase of property and equipment	(246,053)	(182,285)
Loan repayment	642,120
Net cash used in investing activities	289,592	(221,991)
CASH FLOWS FROM FINANCING ACTIVITIES
Exercise of options and warrants	25,750	26,850
Cashless option exercise tax payments		(41,097)
Issuance of common stock, institutional investor	5,499,377	3,686,817
Net cash provided by financing activities	5,525,127	3,672,570
NET INCREASE IN CASH AND CASH EQUIVALENTS	2,066,063	904,890
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	24,102,151	23,432,612
CASH AND CASH EQUIVALENTS - END OF PERIOD	$ 26,168,214	$ 24,337,502

NATURE OF BUSINESS AND SUMMARY

NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 – NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Financial Statements The accompanying unaudited financial statements have been prepared by Lightwave Logic, Inc. (the “Company”). These statements include all adjustments (consisting only of its normal recurring adjustments) which management believes necessary for a fair presentation of the statements and have been prepared on a consistent basis using the accounting polices described in the Summary of Significant Accounting Policies included in the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission on March 1, 2023 (the “2022 Annual Report”). Certain financial information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although the Company firmly believes that the accompanying disclosures are adequate to make the information presented not misleading. The financial statements should be read in conjunction with the financial statements and notes thereto included in the 2022 Annual Report. The interim operating results for the three months ending March 31, 2023 may not be indicative of operating results expected for the full year. Nature of Business Lightwave Logic, Inc. is a technology company focused on the development of next generation photonic devices and non-linear optical polymer materials systems for applications in high speed fiber-optic data communications and optical computing markets. Currently the Company is in various stages of photonic device and materials development and evaluation with potential customers and strategic partners. The Company expects to obtain a revenue stream from technology licensing agreements, technology transfer agreements and the production and direct sale of its own electro-optic device components. The Company’s current development activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize the Company’s technology now under development. Stock-based Payments The Company accounts for stock-based compensation under the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 718, "Compensation - Stock Compensation", which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The fair value of restricted stock awards is estimated by the market price of the Company’s common stock at the date of grant. Restricted stock awards are being amortized to expense over the vesting period. The Company estimates the fair value of option and warrant awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight-line method. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting The Company has elected to account for forfeiture of stock-based awards as they occur. Loss Per Share The Company follows FASB ASC 260, “Earnings per Share”, resulting in the presentation of basic and diluted earnings per share. Because the Company reported a net loss in 2023 and 2022, common stock equivalents, including stock options and warrants were anti-dilutive; therefore, the amounts reported for basic and dilutive loss per share were the same. Comprehensive Income The Company follows FASB ASC 220.10, “Reporting Comprehensive Income (Loss).” Comprehensive income (loss) is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income (loss). Since the Company has no items of other comprehensive income (loss), comprehensive income (loss) is equal to net income (loss). Recently Issued Accounting Pronouncements Not Yet Adopted As of March 31, 2023, there are no recently issued accounting standards not yet adopted which would have a material effect on the Company’s financial statements. Recently Adopted Accounting Pronouncements As of March 31, 2023 and for the period then ended, there are no recently adopted accounting standards that have a material effect on the Company’s financial statements. Reclassifications Certain reclassifications have been made to the 2022 financial statement in order to conform to the 2023 financial statement presentation.

MANAGEMENT_S PLANS

MANAGEMENT’S PLANS	3 Months Ended
	Mar. 31, 2023
Managements Plans
MANAGEMENT’S PLANS	NOTE 2 – MANAGEMENT’S PLANS Our future expenditures and capital requirements will depend on numerous factors, including: the progress of our research and development efforts; the rate at which we can, directly or through arrangements with original equipment manufacturers, introduce and sell products incorporating our polymer materials technology; the costs of filing, prosecuting, defending and enforcing any patent claims and other intellectual property rights; market acceptance of our products and competing technological developments; and our ability to establish cooperative development, joint venture and licensing arrangements. We expect that we will incur approximately $ 1,675,000 33,000,000 1,347,933 30,000,000 0 26,999,998 35,000,000

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	3 Months Ended
	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
PREPAID EXPENSES AND OTHER CURRENT ASSETS	NOTE 3 – PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following: Schedule of prepaid expenses and other current assets March 31, 2023 December 31, 2022 Deposit for Equipment $ 210,012 $ 59,850 License 131,011 94,195 Insurance 116,188 218,767 Investor relations 76,583 18,250 Other 75,446 45,675 Prototype Devices 40,473 40,473 Rent 36,525 36,525 Legal 16,960 83,941 Loan interest receivable — 13,669 Prepaid expenses and other current assets $ 703,198 $ 611,345

LOAN RECEIVABLE

LOAN RECEIVABLE	3 Months Ended
	Mar. 31, 2023
Credit Loss [Abstract]
LOAN RECEIVABLE	NOTE 4 – LOAN RECEIVABLE On September 7, 2022, the Company entered into a convertible loan agreement (the “Loan”) with an entity and issued a loan on September 12, 2022 in the amount of EUR 600,000 7 March 31, 2023 11,125

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 5 – PROPERTY AND EQUIPMENT Property and equipment consist of the following: Schedule of property and equipment March 31, 2023 December 31, 2022 Office equipment $ 131,814 $ 119,404 Lab equipment 6,468,420 6,234,777 Furniture 33,128 33,128 Leasehold improvements 184,843 184,843 6,818,205 6,572,152 Less: Accumulated depreciation 4,308,810 4,052,885 $ 2,509,395 $ 2,519,267 Depreciation expense for the three months ending March 31, 2023 and 2022 was $ 255,925 222,089 no

INTANGIBLE ASSETS

INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	NOTE 6 – INTANGIBLE ASSETS This represents legal fees and patent fees associated with the prosecution of patent applications. The Company has recorded amortization expense on patents granted, which are amortized over the remaining legal life. Maintenance patent fees are paid to a government patent authority to maintain a granted patent in force. Some countries require the payment of maintenance fees for pending patent applications. Maintenance fees paid after a patent is granted are expensed, as these are considered ongoing costs to “maintain a patent”. Maintenance fees paid prior to a patent grant date are capitalized to patent costs, as these are considered “patent application costs”. No amortization expense has been recorded on the remaining patent applications since patents have yet to be granted. Patents consists of the following: Schedule of Patents March 31, 2023 December 31, 2022 Patents $ 1,712,539 $ 1,606,064 Less: Accumulated amortization 595,080 575,729 Intangible assets - net $ 1,117,459 $ 1,030,335 Amortization expense for the three months ending March 31, 2023 and 2022 was $ 19,351 22,079 no

COMMITMENTS

COMMITMENTS	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS	NOTE 7 – COMMITMENTS On October 30, 2017, the Company entered into a lease agreement to lease approximately 13,420 square feet of office, laboratory and research and development space located in Colorado for the Company’s principal executive offices and research and development facility. The term of the lease is sixty- one ( 61 November 1, 2017 November 30, 2022 24 168,824 3 347,045 186,293 36,524 Due to the adoption of the new lease standard, the Company has capitalized the present value of the minimum lease payments commencing November 1, 2019, including the additional option period using an estimated incremental borrowing rate of 6.5 As of January 1, 2019 the operating lease right-of-use asset and operating lease liability amounted to $ 885,094 On November 22, 2022, the Company entered into an amendment to the Lease (“the Amended Lease”) to lease an additional approximately 9,684 square feet of adjacent office and warehouse space. The Amended Lease is contingent upon the landlord entering into a written agreement with the existing tenant occupying the expanded premise (“the Existing Tenant Lease Termination”) to terminate its lease prior to the expiration date thereof, and to surrender the expansion premises to the landlord. The term of the Amended Lease is one hundred twenty ( 120 June 1, 2023 30,517 377,288 3 38,736 The Company has elected not to recognize right-of-use assets and lease liabilities arising from short-term leases. There are no other material operating leases. The Company is obligated under the operating lease for office and laboratory space. The aggregate minimum future lease payments under the operating leases, including the extended term are as follows: Schedule of Future Lease Payments of Operating Leases YEARS ENDING DECEMBER 31, AMOUNT 2023 $ 160,604 2024 182,624 Total operating lease obligation 343,228 Less discounted interest (31,355 ) TOTAL $ 311,873 Rent expense totaling $ 36,142 12,047 34,599 11,533

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 8 – INCOME TAXES There is no income tax benefit for the losses for the three months ended March 31, 2023 and 2022 since management has determined that the realization of the net deferred tax asset is not assured and has created a valuation allowance for the entire amount of such benefits. The Company’s policy is to record interest and penalties associated with unrecognized tax benefits as additional income taxes in the statement of operations. As of January 1, 2023, the Company had no unrecognized tax benefits, or any tax related interest or penalties. There were no changes in the Company’s unrecognized tax benefits during the period ended March 31, 2023. The Company did not recognize any interest or penalties during 2022 related to unrecognized tax benefits. With few exceptions, the U.S. and state income tax returns filed for the tax years ending on December 31, 2019 and thereafter are subject to examination by the relevant taxing authorities.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
STOCKHOLDERS’ EQUITY	NOTE 9 – STOCKHOLDERS’ EQUITY Preferred Stock Pursuant to the Company’s articles of incorporation, the Company’s Board of Directors is empowered, without stockholder approval, to issue series of preferred stock with any designations, rights and preferences as they may from time to time determine. The rights and preferences of this preferred stock may be superior to the rights and preferences of the Company’s common stock; consequently, preferred stock, if issued could have dividend, liquidation, conversion, voting or other rights that could adversely affect the voting power or other rights of the common stock. Additionally, preferred stock, if issued, could be utilized, under special circumstances, as a method of discouraging, delaying or preventing a change in control of the Company’s business or a takeover from a third party. Common Stock, Options and Warrants In January 2019, the Company signed a purchase agreement with the institutional investor to sell up to $ 25,000,000 9,500,000 350,000 258,125 812,500 6,000,000 8,000,000 22,337,500 23,773,924 772,666 1,575,509 39,834 no On July 2, 2021, the Company filed a $100,000,000 universal shelf registration statement with the U.S. Securities and Exchange Commission which became effective on July 9, 2021. On October 4, 2021, the Company entered into a purchase agreement with the institutional investor to sell up to $ 33,000,000 30,312 279,174 60,623 3,327,511 31,652,068 58,144 682,796 2,479 475,000 2,499,375 4,590 26,424 304,945 1,347,933 2,479 11,735 0 On February 28, 2023, the Company entered into a purchase agreement with an institutional investor to sell up to $ 30,000,000 50,891 279,391 101,781 545,455 3,000,002 10,178 55,877 91,603 0 0 0 0 91,603 On December 9, 2022, the Company entered into a sales agreement with an investment banking company. In accordance with the terms of this sales agreement, the Company may offer and sell shares of its common stock having an aggregate offering price of up to $ 35,000,000 3 Restricted Stock Awards On March 16, 2023, the Compensation Committee of the Board of Directors approved grants totaling 99,616 5.22 8,338 2,766

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
STOCK BASED COMPENSATION	NOTE 10 – STOCK BASED COMPENSATION During 2007, the Board of Directors of the Company adopted the 2007 Employee Stock Plan (“2007 Plan”) that was approved by the shareholders. Under the 2007 Plan, the Company is authorized to grant options to purchase up to 10,000,000 2,895,000 During 2016, the Board of Directors of the Company adopted the 2016 Plan that was approved by the shareholders at the 2016 annual meeting of shareholders on May 20, 2016. Under the 2016 Plan, the Company is authorized to grant awards of incentive and non-qualified stock options and restricted stock to purchase up to 3,000,000 shares of common stock to employees, directors and consultants. Effective May 16, 2019, the number of shares of the Company’s common stock available for issuance under the 2016 Plan was increased from 3,000,000 8,000,000 5,712,923 122,936 885,314 Both plans are administered by the Company’s Board of Directors or its compensation committee which determines the persons to whom awards will be granted, the number of awards to be granted, and the specific terms of each grant. Subject to the provisions regarding Ten Percent Shareholders, (as defined in the 2016 Plan), the exercise price per share of each option cannot be less than 100% of the fair market value of a share of common stock on the date of grant. Options granted under the 2016 Plan are generally exercisable for a period of 10 The Company uses the Black-Scholes no 73.7 76.9 3.49 3.94 10 As of March 31, 2023, there was $ 5,427,714 Share-based compensation was recognized as follows: Schedule of Stock-based Compensation Plans For the Three For the Three Months Ending Months Ending March 31, 2023 March 31, 2022 2007 Employee Stock Option Plan $ — $ — 2016 Equity Incentive Plan option awards 1,795,842 1,338,932 2016 Equity Incentive Plan restricted stock awards 73,498 22,930 Warrants — — Total share-based compensation $ 1,869,340 $ 1,361,862 The following tables summarize all stock option and warrant activity of the Company during the three months ended March 31, 2023: Schedule of Non-Qualified Stock Options and Warrants Outstanding and Exercisable Non-Qualified Stock Options and Warrants Outstanding and Exercisable Number of Exercise Weighted Average Shares Price Exercise Price Outstanding, December 31, 2022 8,073,173 $ 0.51 16.81 $ 1.91 Granted 1,355,000 $ 4.53 6.25 $ 5.20 Forfeited (22,250 ) $ 6.25 7.50 $ 7.00 Exercised (35,000 ) $ 0.70 0.75 $ 0.74 Outstanding, March 31, 2023 9,370,923 $ 0.51 16.81 $ 2.38 Exercisable, March 31, 2023 8,075,171 $ 0.51 16.81 $ 1.84 The aggregate intrinsic value of options and warrants outstanding and exercisable as of March 31, 2023 was $ 30,696,511 5.23 10,000 7,000 25,000 18,750 Schedule of Non-Qualified Stock Options and Warrants Outstanding, by Exercise Price Range Non-Qualified Stock Options and Warrants Outstanding Weighted Average Range of Number Outstanding Currently Exercisable Weighted Average Remaining Exercise Price of Options and Exercise Prices at March 31, 2023 Contractual Life Exercisable $ 0.51 16.81 8,075,171 5.31 $1.84 The fair value of restricted stock awards is estimated by the market price of the Company’s common stock at the date of grant. Restricted stock activity during the three month period ending March 31, 2023 is as follows: Schedule of Nonvested Restricted Stock Units Activity Weighted Average Number of Grant Date Fair Shares Value per Share Non-vested, beginning of period 13,816 $ 9.65 Granted 99,616 5.22 Vested (8,338 ) 5.22 Cancelled and forfeited — — Non-vested, end of period 105,094 $ 5.80 Restricted stock awards are being amortized to expense over the vesting period. As of March 31, 2023, the unamortized value of the RSAs was $ 579,822

RELATED PARTY

RELATED PARTY	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY	NOTE 11 – RELATED PARTY At March 31, 2023 the Company had a legal accrual to related party of $ 44,600 22,125 19,750 12,327 60,577 18,000 13,500 4,859 3,233

RETIREMENT PLAN

RETIREMENT PLAN	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
RETIREMENT PLAN	NOTE 12 – RETIREMENT PLAN The Company established a 401(k) retirement plan covering all eligible employees beginning November 15, 2013. For the three months ending March 31, 2023 and 2022, a contribution of $ 15,521 13,088

NATURE OF BUSINESS AND SUMMAR_2

NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Financial Statements	Financial Statements The accompanying unaudited financial statements have been prepared by Lightwave Logic, Inc. (the “Company”). These statements include all adjustments (consisting only of its normal recurring adjustments) which management believes necessary for a fair presentation of the statements and have been prepared on a consistent basis using the accounting polices described in the Summary of Significant Accounting Policies included in the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission on March 1, 2023 (the “2022 Annual Report”). Certain financial information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although the Company firmly believes that the accompanying disclosures are adequate to make the information presented not misleading. The financial statements should be read in conjunction with the financial statements and notes thereto included in the 2022 Annual Report. The interim operating results for the three months ending March 31, 2023 may not be indicative of operating results expected for the full year.
Nature of Business	Nature of Business Lightwave Logic, Inc. is a technology company focused on the development of next generation photonic devices and non-linear optical polymer materials systems for applications in high speed fiber-optic data communications and optical computing markets. Currently the Company is in various stages of photonic device and materials development and evaluation with potential customers and strategic partners. The Company expects to obtain a revenue stream from technology licensing agreements, technology transfer agreements and the production and direct sale of its own electro-optic device components. The Company’s current development activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize the Company’s technology now under development.
Stock-based Payments	Stock-based Payments The Company accounts for stock-based compensation under the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 718, "Compensation - Stock Compensation", which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The fair value of restricted stock awards is estimated by the market price of the Company’s common stock at the date of grant. Restricted stock awards are being amortized to expense over the vesting period. The Company estimates the fair value of option and warrant awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight-line method. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting The Company has elected to account for forfeiture of stock-based awards as they occur.
Loss Per Share	Loss Per Share The Company follows FASB ASC 260, “Earnings per Share”, resulting in the presentation of basic and diluted earnings per share. Because the Company reported a net loss in 2023 and 2022, common stock equivalents, including stock options and warrants were anti-dilutive; therefore, the amounts reported for basic and dilutive loss per share were the same.
Comprehensive Income	Comprehensive Income The Company follows FASB ASC 220.10, “Reporting Comprehensive Income (Loss).” Comprehensive income (loss) is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income (loss). Since the Company has no items of other comprehensive income (loss), comprehensive income (loss) is equal to net income (loss).
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted As of March 31, 2023, there are no recently issued accounting standards not yet adopted which would have a material effect on the Company’s financial statements.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements As of March 31, 2023 and for the period then ended, there are no recently adopted accounting standards that have a material effect on the Company’s financial statements.
Reclassifications	Reclassifications Certain reclassifications have been made to the 2022 financial statement in order to conform to the 2023 financial statement presentation.

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	3 Months Ended
	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of prepaid expenses and other current assets	Schedule of prepaid expenses and other current assets March 31, 2023 December 31, 2022 Deposit for Equipment $ 210,012 $ 59,850 License 131,011 94,195 Insurance 116,188 218,767 Investor relations 76,583 18,250 Other 75,446 45,675 Prototype Devices 40,473 40,473 Rent 36,525 36,525 Legal 16,960 83,941 Loan interest receivable — 13,669 Prepaid expenses and other current assets $ 703,198 $ 611,345

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	Schedule of property and equipment March 31, 2023 December 31, 2022 Office equipment $ 131,814 $ 119,404 Lab equipment 6,468,420 6,234,777 Furniture 33,128 33,128 Leasehold improvements 184,843 184,843 6,818,205 6,572,152 Less: Accumulated depreciation 4,308,810 4,052,885 $ 2,509,395 $ 2,519,267

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Patents	Schedule of Patents March 31, 2023 December 31, 2022 Patents $ 1,712,539 $ 1,606,064 Less: Accumulated amortization 595,080 575,729 Intangible assets - net $ 1,117,459 $ 1,030,335

COMMITMENTS (Tables)

COMMITMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Lease Payments of Operating Leases	Schedule of Future Lease Payments of Operating Leases YEARS ENDING DECEMBER 31, AMOUNT 2023 $ 160,604 2024 182,624 Total operating lease obligation 343,228 Less discounted interest (31,355 ) TOTAL $ 311,873

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Plans	Schedule of Stock-based Compensation Plans For the Three For the Three Months Ending Months Ending March 31, 2023 March 31, 2022 2007 Employee Stock Option Plan $ — $ — 2016 Equity Incentive Plan option awards 1,795,842 1,338,932 2016 Equity Incentive Plan restricted stock awards 73,498 22,930 Warrants — — Total share-based compensation $ 1,869,340 $ 1,361,862
Schedule of Non-Qualified Stock Options and Warrants Outstanding and Exercisable	Schedule of Non-Qualified Stock Options and Warrants Outstanding and Exercisable Non-Qualified Stock Options and Warrants Outstanding and Exercisable Number of Exercise Weighted Average Shares Price Exercise Price Outstanding, December 31, 2022 8,073,173 $ 0.51 16.81 $ 1.91 Granted 1,355,000 $ 4.53 6.25 $ 5.20 Forfeited (22,250 ) $ 6.25 7.50 $ 7.00 Exercised (35,000 ) $ 0.70 0.75 $ 0.74 Outstanding, March 31, 2023 9,370,923 $ 0.51 16.81 $ 2.38 Exercisable, March 31, 2023 8,075,171 $ 0.51 16.81 $ 1.84
Schedule of Non-Qualified Stock Options and Warrants Outstanding, by Exercise Price Range	Schedule of Non-Qualified Stock Options and Warrants Outstanding, by Exercise Price Range Non-Qualified Stock Options and Warrants Outstanding Weighted Average Range of Number Outstanding Currently Exercisable Weighted Average Remaining Exercise Price of Options and Exercise Prices at March 31, 2023 Contractual Life Exercisable $ 0.51 16.81 8,075,171 5.31 $1.84
Schedule of Nonvested Restricted Stock Units Activity	Schedule of Nonvested Restricted Stock Units Activity Weighted Average Number of Grant Date Fair Shares Value per Share Non-vested, beginning of period 13,816 $ 9.65 Granted 99,616 5.22 Vested (8,338 ) 5.22 Cancelled and forfeited — — Non-vested, end of period 105,094 $ 5.80

MANAGEMENT_S PLANS (Details Nar

MANAGEMENT’S PLANS (Details Narrative) - USD ($)		1 Months Ended		3 Months Ended
	Dec. 09, 2022	Apr. 30, 2023	Feb. 28, 2023	Mar. 31, 2023	May 31, 2023	Oct. 04, 2021
Subsequent Event [Line Items]
Expected expenditures per month				$ 1,675,000
Agreement to sell invest common stock value upper limit instutionalInvestor						$ 33,000,000
Institutional Investor [Member] | Sales Agreement [Member]
Subsequent Event [Line Items]
Aggregate offering price	$ 35,000,000		$ 30,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Purchase agreement amount received		$ 0
Agreement to sell invest common stock value remaing amount available					$ 26,999,998
Subsequent Event [Member] | Institutional Investor [Member]
Subsequent Event [Line Items]
Purchase agreement amount received		$ 1,347,933

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Schedule of Prepaid expenses and other current assets consist) (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deposit for Equipment	$ 210,012	$ 59,850
License	131,011	94,195
Insurance	116,188	218,767
Investor relations	76,583	18,250
Other	75,446	45,675
Prototype Devices	40,473	40,473
Rent	36,525	36,525
Legal	16,960	83,941
Loan interest receivable		13,669
Prepaid expenses and other current assets	$ 703,198	$ 611,345

LOAN RECEIVABLE (Details Narrat

LOAN RECEIVABLE (Details Narrative) - Convertible Loan Agreement [Member]		3 Months Ended
	Sep. 12, 2022 EUR (€)	Mar. 31, 2023 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal amount | €	€ 600,000
Interest rate	7%
Maturity date	Mar. 31, 2023
Interest income | $		$ 11,125

PROPERTY AND EQUIPMENT (Schedul

PROPERTY AND EQUIPMENT (Schedule of Equipment) (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6,818,205	$ 6,572,152
Less: Accumulated depreciation	4,308,810	4,052,885
Property and equipment, net	2,509,395	2,519,267
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	131,814	119,404
Other Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	6,468,420	6,234,777
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	33,128	33,128
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 184,843	$ 184,843

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 255,925	$ 222,089
Retire property and equipment	$ 0	$ 0

INTANGIBLE ASSETS (Schedule of

INTANGIBLE ASSETS (Schedule of Patents) (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Patents	$ 1,712,539	$ 1,606,064
Less: Accumulated amortization	595,080	575,729
Intangible assets - net	$ 1,117,459	$ 1,030,335

INTANGIBLE ASSETS (Details Narr

INTANGIBLE ASSETS (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 19,351	$ 22,079
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Patent costs written off	$ 0	$ 0

COMMITMENTS (Schedule of Future

COMMITMENTS (Schedule of Future Lease Payments of Operating Leases) (Details)	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 160,604
2024	182,624
Lessee, Operating Lease, Liability, to be Paid	343,228
Less discounted interest	(31,355)
Operating Lease, Liability	$ 311,873

COMMITMENTS (Details Narrative)

COMMITMENTS (Details Narrative) - USD ($)		1 Months Ended		3 Months Ended
	Nov. 02, 2019	Nov. 22, 2022	Oct. 30, 2017	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Jan. 02, 2019
Loss Contingencies [Line Items]
Lease term		120 months	61 months
Lease term beginning			Nov. 01, 2017
Lease term		Jun. 01, 2023	Nov. 30, 2022
Lessee, Operating Lease, Renewal Term			24 months
Lease rent for next ful year		$ 377,288	$ 168,824
Percentage of rent increase annual base rent		3%	3%
Prepaid Rents			$ 347,045
Prepaid estimated tenant's proportionate share of operating expenses			186,293
Security Deposit			$ 36,524
Percentage of estimated incremental borrowing rate	6.50%
Operating lease right of use asset				$ 311,873		$ 358,254	$ 885,094
Base rent		$ 30,517
Lease allowance		$ 38,736
Research and Development Expense [Member]
Loss Contingencies [Line Items]
Rent expense				36,142	$ 34,599
General and Administrative Expense [Member]
Loss Contingencies [Line Items]
Rent expense				$ 12,047	$ 11,533

STOCKHOLDERS_ EQUITY (Details N

STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)			1 Months Ended			2 Months Ended	3 Months Ended		18 Months Ended	51 Months Ended
	Dec. 09, 2022	Oct. 04, 2021	Mar. 16, 2023	Feb. 28, 2023	Jan. 31, 2019	May 31, 2023	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2023	Nov. 20, 2020	Feb. 04, 2020	Feb. 13, 2019
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Stock Issued During Period, Value, New Issues							$ 361,694	$ 60,213
Agreement to sell invest common stock value upper limit instutional investor		$ 33,000,000
Restricted Stock Units (RSUs) [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Option granted			99,616
Grant date fair value			$ 5.22
Restricted Stock Units (RSUs) [Member] | Equity Incentive Plan [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Vested due next twelve months			8,338
Remaining vested due next twelve months			2,766
Institutional Investor [Member] | Sales Agreement [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Aggregate offering price	$ 35,000,000			$ 30,000,000
Agreement commision rate	3%
Institutional Investor [Member] | Two Thousand Nineteen Purchase Agreement [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Agreement with an institutional investor to sell common stock and investor committed to invest in common stock upper limit					$ 25,000,000
Registering shares of common stock											8,000,000	6,000,000	9,500,000
Common stock issued to institutional investor as commitment fee, shares					350,000
Common stock issued to institutional investor as commitment fee					$ 258,125
Common stock reserved for additional commitment fees to the institutional investor					812,500					39,834
Stock Issued During Period, Shares, New Issues							0			22,337,500
Stock Issued During Period, Value, New Issues										$ 23,773,924
Additional shares issued										772,666
Additional shares issued, amount										$ 1,575,509
Institutional Investor [Member] | Two Thousand Twenty One Purchase Agreement [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Common stock reserved for additional commitment fees to the institutional investor		60,623		101,781					2,479
Stock Issued During Period, Shares, New Issues							475,000		3,327,511
Stock Issued During Period, Value, New Issues							$ 2,499,375		$ 31,652,068
Additional shares issued		30,312		50,891			4,590		58,144
Additional shares issued, amount		$ 279,174		$ 279,391			$ 26,424		$ 682,796
Agreement to sell invest common stock value upper limit instutional investor		$ 33,000,000		$ 30,000,000
Institutional Investor [Member] | Two Thousand Twenty One Purchase Agreement [Member] | Subsequent Event [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Common stock reserved for additional commitment fees to the institutional investor						0
Stock Issued During Period, Shares, New Issues						304,945
Stock Issued During Period, Value, New Issues						$ 1,347,933
Additional shares issued						2,479
Additional shares issued, amount						$ 11,735
Institutional Investor One [Member] | Two Thousand Twenty One Purchase Agreement [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Common stock reserved for additional commitment fees to the institutional investor							91,603
Stock Issued During Period, Shares, New Issues							545,455
Stock Issued During Period, Value, New Issues							$ 3,000,002
Additional shares issued							10,178
Additional shares issued, amount							$ 55,877
Institutional Investor One [Member] | Two Thousand Twenty One Purchase Agreement [Member] | Subsequent Event [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Common stock reserved for additional commitment fees to the institutional investor						91,603
Stock Issued During Period, Shares, New Issues						0
Stock Issued During Period, Value, New Issues						$ 0
Additional shares issued						0
Additional shares issued, amount						$ 0

STOCK BASED COMPENSATION (Sched

STOCK BASED COMPENSATION (Schedule of Stock-based Compensation Plans) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation	$ 1,869,340	$ 1,361,862
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation
Twenty Sixteen Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation	1,795,842	1,338,932
Twenty Sixteen Equity Incentive Plan Restricted [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation	73,498	22,930
Warrants [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation

STOCK BASED COMPENSATION (Sch_2

STOCK BASED COMPENSATION (Schedule of Stock Option and Warrant Outstanding and Exercisable) (Details) - Non Qualified Stock Options And Warrants [Member]	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding, beginning | shares	8,073,173
Exercise Price, beginning	$ 0.51
Exercise Price, beginning	16.81
Weighted average exercise price, beginning	$ 1.91
Granted | shares	1,355,000
Exercise Price, Granted	$ 4.53
Exercise Price, Granted	6.25
Granted	$ 5.20
Expired | shares	(22,250)
Exercise Price, Expired	$ 6.25
Exercise Price, Expired	7.50
Expired	$ 7
Exercised | shares	(35,000)
Exercise Price, Exercised	$ 0.70
Exercise Price, Exercised	0.75
Exercised	$ 0.74
Outstanding, ending | shares	9,370,923
Exercise Price, ending	$ 0.51
Exercise Price, ending	16.81
Weighted average exercise price, ending	$ 2.38
Exercisable | shares	8,075,171
Exercise Price, Exercisable	$ 0.51
Exercise Price, Exercisable	16.81
Weighted average exercise price, Exercisable	$ 1.84

STOCK BASED COMPENSATION (Summa

STOCK BASED COMPENSATION (Summary of Stock Option and Warrant Outstanding) (Details) - Non Qualified Stock Options And Warrants [Member]	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise Prices (Lower Limit)	$ 0.51
Exercise Prices (Upper Limit)	16.81
Exercise Price Range One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise Prices (Lower Limit)	0.51
Exercise Prices (Upper Limit)	$ 16.81
Number Outstanding Currently Exercisable | shares	8,075,171
Weighted Average Remaining Contractual Life	5 years 3 months 21 days
Weighted Average Exercise Price of Options and Warrants Currently Exercisable	$ 1.84

STOCK BASED COMPENSATION (Restr

STOCK BASED COMPENSATION (Restricted Stock activity) (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Non vested outstanding, beginning | shares	13,816
Weighted average grant date fair value per share, beginning | $ / shares	$ 9.65
Granted | shares	99,616
Weighted average grant date fair value per share, granted | $ / shares	$ 5.22
Vested | shares	(8,338)
Weighted average grant date fair value per share, vested | $ / shares	$ 5.22
Cancelled and forfeited | shares
Weighted average grant date fair value per share, cancelled and forfeited | $ / shares
Non vested outstanding, ending | shares	105,094
Weighted average grant date fair value per share, ending | $ / shares	$ 5.80

STOCK BASED COMPENSATION (Detai

STOCK BASED COMPENSATION (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	May 16, 2019	May 15, 2019
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock remaining for grants	122,936
Pricing model used in calculation of grant-date fair value	Black-Scholes
Expected dividend yield	0%
Expected option life	10 years
Unrecognized compensation expense related to non-vested market-based share awards	$ 5,427,714
Aggregate intrinsic value of options and warrants outstanding and exercisable	$ 30,696,511
Closing stock price of common stock	$ 5.23
Proceeds from Options exercised	$ 7,000
Cashless options exercised	25,000	4,375
Unamortized value	$ 579,822
Warrant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Proceed from warrants exercised	$ 18,750
Common Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options exercised	10,000	30,000
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	73.70%
Risk-free interest rate	3.49%
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	76.90%
Risk-free interest rate	3.94%
Two Thousands Seven Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common shares available to be purchased through options, issued and outstanding	10,000,000
Number of shares authorized under plan	2,895,000
Two Thousands Sixteen Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common shares available to be purchased through options, issued and outstanding	5,712,923
Number of shares authorized under plan			8,000,000	3,000,000
Common stock remaining for grants	885,314
Exercisable period	10 years

RELATED PARTY (Details Narrativ

RELATED PARTY (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Other service fees to related parties	$ 12,327
Director [Member]
Related Party Transaction [Line Items]
Director and operations committee fees	19,750
Related Party [Member]
Related Party Transaction [Line Items]
Legal accrual	44,600	$ 60,577
Fees and consulting expense		18,000
Accounting service fee accrual		3,233
Officer [Member]
Related Party Transaction [Line Items]
Travel and office expense accruals	$ 22,125	4,859
Director [Member]
Related Party Transaction [Line Items]
Director fees		$ 13,500

RETIREMENT PLAN (Details Narrat

RETIREMENT PLAN (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Retirement Benefits [Abstract]
Expenses related to contribution to retirement plan	$ 15,521	$ 13,088