Lightwave Logic (LWLG) 10-Q 9 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 09, 2020
Document and Entity Information [Abstract]
Entity Central Index Key	0001325964
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2020
Entity File Number	0-52567
Entity Registrant Name	Lightwave Logic, Inc.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	82-0497368
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		95,192,065

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Sep. 30, 2020	Dec. 31, 2019
CURRENT ASSETS
Cash and cash equivalents	$ 2,200,311	$ 2,236,344
Prepaid expenses and other current assets	627,383	372,549
Total Current Assets	2,827,694	2,608,893
PROPERTY AND EQUIPMENT - NET	1,935,437	2,416,503
OTHER ASSETS
Intangible assets - net	916,483	939,481
Operating Lease - Right of Use - Building	743,542	859,979
TOTAL OTHER ASSETS	1,660,025	1,799,460
TOTAL ASSETS	6,423,156	6,824,856
CURRENT LIABILITIES
Accounts payable	275,172	88,423
Current portion of equipment purchase	185,078	630,329
Accounts payable and accrued expenses - related parties	70,901	14,805
Deferred lease liability	41,778	41,778
PPP advance	410,700
Operating lease liability	164,323	156,524
Accrued expenses	53,023	65,769
TOTAL CURRENT LIABILITIES	1,200,975	997,628
LONG TERM LIABILITIES
Deferred lease liability	132,298	163,632
Operating lease liability	579,219	703,455
Long term portion of equipment purchase		52,427
TOTAL LONG TERM LIABILITIES	711,517	919,514
TOTAL LIABILITIES	1,912,492	1,917,142
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, 93,916,931 and 87,409,600 issued and outstanding at September 30, 2020 and December 31, 2019	93,917	87,410
Additional paid-in-capital	73,781,668	69,076,240
Accumulated deficit	(69,364,921)	(64,255,936)
TOTAL STOCKHOLDERS' EQUITY	4,510,664	4,907,714
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 6,423,156	$ 6,824,856

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
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
Preferred stock, shares outstanding
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	93,916,931	87,409,600
Common stock, shares outstanding	93,916,931	87,409,600

STATEMENTS OF OPERATIONS (UNAUD

STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
NET SALES
COST AND EXPENSE
Research and development	1,145,314	1,134,372	3,392,555	3,355,887
General and administrative	444,182	441,575	1,625,410	1,514,231
TOTAL COST AND EXPENSE	1,589,496	1,575,947	5,017,965	4,870,118
LOSS FROM OPERATIONS	(1,589,496)	(1,575,947)	(5,017,965)	(4,870,118)
OTHER INCOME (EXPENSE)
Interest income	303	63	628	187
Commitment fee	(28,690)	(33,328)	(91,648)	(373,888)
NET LOSS	$ (1,617,883)	$ (1,609,212)	$ (5,108,985)	$ (5,243,819)
Basic and Diluted Loss per Share	$ (0.02)	$ (0.02)	$ (0.06)	$ (0.06)
Basic and Diluted Weighted Average Number of Shares	92,768,633	84,083,452	90,641,901	82,341,821

STATEMENT OF STOCKHOLDERS' EQUI

STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2018	$ 79,177	$ 62,356,854	$ (57,528,969)	$ 4,907,062
Balance, shares at Dec. 31, 2018	79,176,330
Common stock issued to institutional investor	$ 5,450	4,160,135		4,165,585
Common stock issued to institutional investor, shares	5,450,000
Common stock issued for commitment shares	$ 485	373,403		373,888
Common stock issued for commitment shares, shares	485,385
Options issued for services		500,591		500,591
Warrants issued for services		57,005		57,005
Net loss			(5,243,819)	(5,243,819)
Balance at Sep. 30, 2019	$ 85,112	67,447,988	(62,772,788)	4,760,312
Balance, shares at Sep. 30, 2019	85,111,715
Balance at Dec. 31, 2018	$ 79,177	62,356,854	(57,528,969)	4,907,062
Balance, shares at Dec. 31, 2018	79,176,330
Balance at Sep. 30, 2020	$ 93,917	73,781,668	(69,364,921)	$ 4,510,664
Balance, shares at Sep. 30, 2020				93,916,931
Balance at Jun. 30, 2019	$ 83,193	65,904,260	(61,163,576)	$ 4,823,877
Balance, shares at Jun. 30, 2019	83,192,958
Common stock issued to institutional investor	$ 1,875	1,344,500		1,346,375
Common stock issued to institutional investor, shares	1,875,000
Common stock issued for commitment shares	$ 44	33,284		33,328
Common stock issued for commitment shares, shares	43,757
Options issued for services		149,768		149,768
Warrants issued for services		16,176		16,176
Net loss			(1,609,212)	(1,609,212)
Balance at Sep. 30, 2019	$ 85,112	67,447,988	(62,772,788)	4,760,312
Balance, shares at Sep. 30, 2019	85,111,715
Balance at Dec. 31, 2019	$ 87,410	69,076,240	(64,255,936)	$ 4,907,714
Balance, shares at Dec. 31, 2019	87,409,600			87,409,600
Common stock issued to institutional investor	$ 6,375	4,065,176		$ 4,071,551
Common stock issued to institutional investor, shares	6,375,000
Common stock issued for commitment shares	$ 132	91,516		91,648
Common stock issued for commitment shares, shares	132,331
Options issued for services		474,090		474,090
Warrants issued for services		74,646		74,646
Net loss			(5,108,985)	(5,108,985)
Balance at Sep. 30, 2020	$ 93,917	73,781,668	(69,364,921)	$ 4,510,664
Balance, shares at Sep. 30, 2020				93,916,931
Balance at Jun. 30, 2020	$ 91,875	72,302,294	(67,747,038)	$ 4,647,131
Balance, shares at Jun. 30, 2020	91,874,367
Common stock issued to institutional investor	$ 2,000	1,307,625		1,309,625
Common stock issued to institutional investor, shares	2,000,000
Common stock issued for commitment shares	$ 42	28,648		28,690
Common stock issued for commitment shares, shares	42,564
Options issued for services		119,132		119,132
Warrants issued for services		23,969		23,969
Net loss			(1,617,883)	(1,617,883)
Balance at Sep. 30, 2020	$ 93,917	$ 73,781,668	$ (69,364,921)	$ 4,510,664
Balance, shares at Sep. 30, 2020				93,916,931

STATEMENTS OF CASH FLOW (UNAUDI

STATEMENTS OF CASH FLOW (UNAUDITED) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (5,108,985)	$ (5,243,819)
Adjustments to reconcile net loss to net cash used in operating activities
Warrants issued for services	74,646	57,005
Stock options issued for services	474,090	500,591
Common stock issued for services and fees	91,648	373,888
Depreciation and amortization of patents	589,358	499,197
Decrease (increase) in assets
Prepaid expenses and other current assets	(254,834)	269,630
Increase (decrease) in liabilities
Accounts payable	186,749	(39,051)
Accounts payable and accrued expenses- related parties	56,096	24,201
Deferred lease liability	(31,334)	(25,394)
PPP advance	410,700
Accrued expenses	(12,746)	29,354
Net cash used in operating activities	(3,524,612)	(3,554,398)
CASH FLOWS FROM INVESTING ACTIVITIES
Cost of intangibles	(39,564)	(52,022)
Purchase of property and equipment	(45,730)	(215,513)
Net cash used in investing activities	(85,294)	(267,535)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of common stock, institutional investor	4,071,551	4,165,585
Repayment of equipment purchase payable	(497,678)	(350,500)
Net cash provided by financing activities	3,573,873	3,815,085
NET DECREASE IN CASH AND CASH EQUIVALENTS	(36,033)	(6,848)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	2,236,344	2,174,625
CASH AND CASH EQUIVALENTS - END OF PERIOD	2,200,311	2,167,777
Supplemental Disclosure of Non-cash investing and financing activities:
Operating Lease - Right of Use - Building and Operating lease liability		885,094
Equipment acquisition funded by liability		$ 774,081

NATURE OF BUSINESS AND SUMMARY

NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [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 Accounting Policies included in the 2019 Annual Report on Form 10K. 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 Company’s Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the Securities and Exchange Commission. The interim operating results for the three and nine months ending September 30, 2020 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 datacom and telecom devices, sales of non-linear optical polymers, and product development agreements prior to moving into full-scale production. 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. In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic which continues to spread throughout the United States. In mid-March 2020 the Governor of Colorado declared a health emergency and issued an order to close all nonessential businesses. The Company temporarily curtailed most of its business operations from mid-March 2020 through May 1, 2020. The Company is currently operating under the guidelines of the State of Colorado Department of Public Health and Environment and the Governor of Colorado’s Executive Order, Safer-at Home, as amended. 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 Company estimates the fair value of stock-based 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. 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 2020 and 2019, 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. 7 Index LIGHTWAVE LOGIC, INC. NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2020 AND 2019 NOTE 1 – NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Comprehensive Income The Company follows FASB ASC 220.10, “Reporting Comprehensive Income.” Comprehensive income 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, comprehensive income (loss) is equal to net income (loss). Recently Issued Accounting Pronouncements Not Yet Adopted As of September 30, 2020, 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 September 30, 2020 and for the period then ended, there are no recently adopted accounting standards that have a material effect on the Company’s financial statements.

MANAGEMENT'S PLANS

MANAGEMENT'S PLANS	9 Months Ended
	Sep. 30, 2020
MANAGEMENT'S PLANS [Abstract]
MANAGEMENT'S PLANS	NOTE 2 – MANAGEMENT’S PLANS Our future expenditures and capital requirements will depend on numerous factors, including: the impact of the COVID-19 pandemic; 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. From late March through May 1, 2020, the Company curtailed most operations due to the COVID-19 pandemic. On April 24, 2020, the Company received $410,700 in loan funding from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) Paycheck Protection Program, administered by the U.S. Small Business Administration (See Note 8). We expect that we will incur approximately $600,000 of expenditures per month over the next 12 months. Our current cash position enables us to finance our operations through January 2021 before we will be required to replenish our cash reserves pursuant to the Lincoln Park financing. Subject to any additional impact of the COVID-19 pandemic, we expect our Lincoln Park financing (described in Note 10) to provide us with sufficient funds to maintain our operations over that period of time and until May 2022. Our cash requirements are expected to increase at a rate consistent with the Company’s path to revenue growth as we expand our activities and operations with the objective of commercializing our electro-optic polymer technology. We currently have no debt to service other than the loan under the Paycheck Protection Program. The loan is eligible for forgiveness as part of the CARES Act if certain requirements currently in effect are met. The Company has submitted a loan forgiveness application under the provisions of the CARES Act that allow for forgiveness; and believes the Company has met the requirements for the loan to be entirely forgiven pursuant to loan forgiveness standards currently in effect.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	9 Months Ended
	Sep. 30, 2020
Prepaid Expense, Current [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: September 30, 2020 December 31, 2019 Other $ 221,393 $ 58,756 Insurance 147,553 89,828 Research & Development Credit 126,066 158,612 Prototype Devices 95,846 27,810 Rent 36,525 36,525 Prepaid Material — 1,018 $ 627,383 $ 372,549

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 4 – PROPERTY AND EQUIPMENT Property and equipment consists of the following: September 30, 2020 December 31, 2019 Office equipment $ 84,751 $ 84,751 Lab equipment 3,773,822 3,733,057 Furniture 33,128 33,128 Leasehold Improvements 234,366 229,401 4,126,067 4,080,337 Less: Accumulated depreciation 2,190,630 1,663,834 $ 1,935,437 $ 2,416,503 Depreciation expense for the nine months ending September 30, 2020 and 2019 was $526,796 and $438,417. Depreciation expense for the three months ending September 30, 2020 and 2019 was $172,415 and $180,098. During the three and nine months ending September 30, 2020 and 2019, the Company did not retire property and equipment.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	NOTE 5 – 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. 9 Index LIGHTWAVE LOGIC, INC. NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2020 AND 2019 NOTE 5 – INTANGIBLE ASSETS (CONTINUED) Patents consist of the following: September 30, 2020 December 31, 2019 Patents $ 1,306,641 $ 1,267,077 Less: Accumulated amortization 390,158 327,596 $ 916,483 $ 939,481 Amortization expense for the nine months ending September 30, 2020 and 2019 was $62,562 and $60,780. Amortization expense for the three months ending September 30, 2020 and 2019 was $20,842 and $20,206. There were no patent costs written off for the three and nine months ending September 30, 2020 and 2019.

LONG TERM EQUIPMENT PURCHASE PA

LONG TERM EQUIPMENT PURCHASE PAYABLE	9 Months Ended
	Sep. 30, 2020
Payables and Accruals [Abstract]
LONG TERM EQUIPMENT PURCHASE PAYABLE	NOTE 6 – LONG TERM EQUIPMENT PURCHASE PAYABLE Outstanding long term equipment purchase payable is comprised of the following: Final Year of Maturity Classification Interest Rate September 30, 2020 December 31, 2019 Current 0.00 % $ 185,078 $ 630,329 2021 Long term 0.00 % — 52,427 $ 185,078 $ 682,756

COMMITMENTS

COMMITMENTS	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS	NOTE 7 – COMMITMENTS On October 30, 2017, the Company entered into a new lease to lease approximately 13,420 square feet of office, laboratory and research and development space located in Colorado for the Company’s new principal executive offices and research and development facility. The term of the lease is sixty- one (61) months, beginning on November 1, 2017 and ending on November 30, 2022. The term shall be extended for an additional twenty-four (24) months, subject to certain conditions, waivable solely by Landlord in its sole and absolute discretion. Base rent for the first year of the lease term is approximately $168,824, with an increase in annual base rent of approximately 3% in each subsequent year of the lease term. As specified in the lease, the Company paid the landlord (i) all base rent for the period November 1, 2017 and ending on October 31, 2019, in the sum of $347,045; and (ii) the estimated amount of tenant’s proportionate share of operating expenses for the same period in the sum of $186,293. Commencing on November 1, 2019, monthly installments of base rent and one-twelfth of landlord’s estimate of tenant’s proportionate share of annual operating expenses shall be due on the first day of each calendar month. The lease also provides that (i) on November 1, 2019 landlord shall pay the Company for the cost of the cosmetic improvements in the amount of $3.00 per rentable square foot of the premises, and (ii) on or prior to November 1, 2019, the Company shall deposit with Landlord the sum of $36,524 as a security deposit which shall be held by landlord to secure the Company’s obligations under the lease. The lease contains an option to extend the term to October 31, 2024. On October 30, 2017, the Company entered into an agreement with the tenant leasing the premise from the landlord (“Original Lessee”) whereby the Original Lessee agreed to pay the Company the sum of $260,000 in consideration of the Company entering into the lease and landlord agreeing to the early termination of the Original Lessee’s lease agreement with landlord. The consideration of $260,000 was received on November 1, 2017. 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%. The minimum lease payments do not include common area annual expenses which are considered to be nonlease components. 10 Index LIGHTWAVE LOGIC, INC. NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2020 AND 2019 NOTE 7 – COMMITMENTS (CONTINUED) As of January 1, 2019 the operating lease right-of-use asset and operating lease liability amounted to $885,094 with no cumulative-effect adjustment to the opening balance of retained earnings/accumulated deficit. 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 an operating lease for office and laboratory space. The aggregate minimum future lease payments under the operating leases, including the extended term are as follows: YEARS ENDING DECEMBER 31, AMOUNT 2020 $ 49,632 2021 201,501 2022 207,563 2023 213,781 2024 182,624 855,101 Less discounted interest (111,559 ) TOTAL $ 743,542 Rent expense amounting to $97,077 and $32,359 is included in research and development and general and administrative expenses for the nine months ended September 30, 2020. Rent expense amounting to $84,582 and $28,194 is included in research and development and general and administrative expenses for the nine months ended September 30, 2019. Rent expense amounting to $32,359 and $10,786 is included in research and development and general and administrative expenses for the three months ended September 30, 2020. Rent expense amounting to $27,764 and $9,254 is included in research and development and general and administrative expenses for the three months ended September 30, 2019.

PPP ADVANCE

PPP ADVANCE	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
PPP ADVANCE	NOTE 8 – PPP ADVANCE On April 24, 2020, the Company received $410,700 in loan funding from the Paycheck Protection Program, established pursuant to the recently enacted Coronavirus Aid, Relief, and Economic Security Act and administered by the U.S. Small Business Administration. The unsecured loan is evidenced by a promissory note of the Company dated April 23, 2020 in the principal amount of $410,700, to Community Banks of Colorado, a division of NBH Bank, the lender. The loan proceeds have been used to cover payroll costs, rent and utility costs. The loan is eligible for forgiveness as part of the CARES Act if certain requirements currently in effect are met. The Company has submitted a loan forgiveness application under the provisions of the CARES Act that allow for forgiveness and believes the Company has met the requirements for the loan to be entirely forgiven pursuant to loan forgiveness standards currently in effect.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 9 – INCOME TAXES There is no income tax benefit for the losses for the nine months ended September 30, 2020 and 2019 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, 2020, 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 September 30, 2020. The Company did not recognize any interest or penalties during 2019 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, 2016 and thereafter are subject to examination by the relevant taxing authorities.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 10 – 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 2016 Purchase Agreement In January 2016, the Company signed a Purchase Agreement with an institutional investor to sell up to $20,000,000 of common stock. The Company also entered into a registration rights agreement with the institutional investor whereby the Company agreed to file a registration statement related to the transaction with the U.S. Securities and Exchange Commission registering 5,000,000 shares of the Company’s common stock. The registration statement was filed on March 25, 2016. The registration statement became effective April 7, 2016. The Company registered an additional 5,000,000 shares pursuant to a registration statement filed on April 19, 2017 which became effective June 15, 2017. The Company registered an additional 5,000,000 shares pursuant to a registration statement filed on May 2, 2018 which became effective May 11, 2018. Under the Purchase Agreement and at Company’s sole discretion, the institutional investor has committed to invest up to $20,000,000 in common stock over a 36-month period. The Company issued 350,000 shares of restricted common stock to the institutional investor as an initial commitment fee valued at $237,965, fair value, and 650,000 shares of common stock are reserved for additional commitment fees to the institutional investor in accordance with the terms of the Purchase Agreement. During the three month period ending March 31, 2019, the institutional investor purchased 1,550,000 shares of common stock for proceeds of $1,011,585 and the Company issued 32,879 shares of common stock as additional commitment fee, valued at $24,162, fair value. The 2016 Purchase Agreement expired in April 2019. 2019 Purchase Agreement In January 2019, the Company signed a Purchase Agreement with the institutional investor to sell up to $25,000,000 of common stock. The Company registered 9,500,000 shares pursuant to a registration statement filed on January 30, 2019 which became effective February 13, 2019. The Company issued 350,000 shares of common stock to the institutional investor as an initial commitment fee valued at $258,125, fair value, and 812,500 shares of common stock are reserved for additional commitment fees to the institutional investor in accordance with the terms of the Purchase Agreement. The Company registered an additional 6,000,000 shares pursuant to a registration statement filed on January 24, 2020 which became effective February 4, 2020. During the period January 2019 through September 30, 2020, the institutional investor purchased 12,525,000 shares of common stock for proceeds of $8,698,925 and the Company issued 282,722 shares of common stock as additional commitment fee, valued at $217,153, fair value, leaving 529,778 in reserve for additional commitment fees. During the nine month period ending September 30, 2020, the institutional investor purchased 6,375,000 shares of common stock for proceeds of $4,071,551 and the Company issued 132,331 shares of common stock as additional commitment fee, valued at $91,648, fair value. During the three month period ending September 30, 2020, the institutional investor purchased 2,000,000 shares of common stock for proceeds of $1,309,625 and the Company issued 42,564 shares of common stock as additional commitment fee, valued at $28,690, fair value. During October through November 2020, the institutional investor purchased 1,250,000 shares of common stock for proceeds of $733,375 and the Company issued 25,134 shares of common stock as additional commitment fee, valued at $17,614, fair value, leaving 504,644 in reserve for additional commitment fees.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
STOCK BASED COMPENSATION	NOTE 11 – 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 Plan, the Company is authorized to grant options to purchase up to 10,000,000 shares of common stock to directors, officers, employees and consultants who provide services to the Company. The Plan is intended to permit stock options granted to employees under the 2007 Plan to qualify as incentive stock options under Section 422 of the Internal Revenue Code of 1986, as amended (“Incentive Stock Options”). All options granted under the 2007 Plan, which are not intended to qualify as Incentive Stock Options are deemed to be non-qualified options (“Non-Statutory Stock Options”). Effective June 24, 2016, the 2007 Plan was terminated. As of September 30, 2020, options to purchase 4,450,000 shares of common stock have been issued and are outstanding. During 2016, the Board of Directors of the Company adopted the 2016 Equity Incentive Plan (“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 to 8,000,000 shares. As of September 30, 2020, options to purchase 3,702,500 shares of common stock have been issued and are outstanding and 4,297,500 shares of common stock remain available for grants under the 2016 Plan. Both plans are administered by the 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, 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 years from the date of grant and may vest on the grant date, another specified date or over a period of time. The Company uses the Black-Scholes option pricing model to calculate the grant-date fair value of an award, with the following assumptions for 2020: no dividend yield in all years, expected volatility, based on the Company’s historical volatility, 64% to 78%, risk-free interest rate between 0.30% to 1.82% and expected option life of 4.6 to 10 years. The expected life is based on the estimated average of the life of options using the “simplified” method, as prescribed in FASB ASC 718, due to insufficient historical exercise activity during recent years. As of September 30, 2020, there was $213,732 of unrecognized compensation expense related to non-vested market-based share awards that is expected to be recognized through August 2022. Share-based compensation was recognized as follows: For the Nine Months Ending September 30, 2020 For the Nine Months Ending September 30, 2019 2007 Employee Stock Option Plan $ — $ — 2016 Equity Incentive Plan 474,090 500,591 Warrants 74,646 57,005 Total share-based compensation $ 548,736 $ 557,596 13 Index LIGHTWAVE LOGIC, INC. NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2020 AND 2019 NOTE 11 – STOCK BASED COMPENSATION (CONTINUED) The following tables summarize all stock option and warrant activity of the Company during the nine months ended September 30, 2020: Non-Qualified Stock Options and Warrants Outstanding and Exercisable Number of Shares Exercise Price Weighted Average Exercise Price Outstanding, December 31, 2019 16,302,517 $0.57 - $1.69 $ 0.85 Granted 592,500 $0.51 - $0.83 $ 0.76 Expired (2,941,199 ) $0.85 - $1.02 $ 0.90 Forfeited (8,750 ) $1.10 $ 1.10 Outstanding, September 30, 2020 13,945,068 $0.51 - $1.69 $ 0.83 Exercisable, September 30, 2020 13,459,872 $0.51 - $1.69 $ 0.83 The aggregate intrinsic value of options and warrants outstanding and exercisable as of September 30, 2020 was $2,825. The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and warrants and the closing stock price of $0.575 for the Company’s common stock on September 30, 2020. No options or warrants were exercised during the nine and three month period ending September 30, 2020 and 2019. Non-Qualified Stock Options and Warrants Outstanding Range of Exercise Prices Number Outstanding Currently Exercisable at September 30, 2020 Weighted Average Remaining Contractual Life Weighted Average Exercise Price of Options and Warrants Currently Exercisable $0.51 - $1.69 13,459,872 3.87 Years $0.83

RELATED PARTY

RELATED PARTY	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
RELATED PARTY	NOTE 12 – RELATED PARTY At September 30, 2020 the Company had a legal accrual to related party of $64,501, travel and office expense accruals of officers in the amount of $5,840 and accounting service fee accrual to a related party of $560. At December 31, 2019 the Company had a legal accrual to related party of $10,152 and travel and office expense accruals of officers in the amount of $4,653. During July 2018, the Company issued a warrant to purchase 100,000 shares of common stock at a purchase price of $1.15 per share for professional services to be rendered over a twelve month period commencing July 1, 2018. The warrant was valued at $62,637, fair value upon issuance, using the Black-Scholes Option Pricing Formula. The expense is being recognized based on service terms of the agreement over a twelve month period. For the nine and three months ending September 30, 2019, the Company recognized $31,319 and $0 of expense.

RETIREMENT PLAN

RETIREMENT PLAN	9 Months Ended
	Sep. 30, 2020
Retirement Benefits [Abstract]
RETIREMENT PLAN	NOTE 13 – RETIREMENT PLAN The Company established a 401(k) retirement plan covering all eligible employees beginning November 15, 2013. For the nine months ending September 30, 2020 and 2019, a contribution of $39,811 and $32,974 was charged to expense for all eligible non-executive participants. For the three months ending September 30, 2020 and 2019, a contribution of $13,875 and $11,817 was charged to expense for all eligible non-executive participants.

NATURE OF BUSINESS AND SUMMAR_2

NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [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 Accounting Policies included in the 2019 Annual Report on Form 10K. 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 Company’s Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the Securities and Exchange Commission. The interim operating results for the three and nine months ending September 30, 2020 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 datacom and telecom devices, sales of non-linear optical polymers, and product development agreements prior to moving into full-scale production. 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. In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic which continues to spread throughout the United States. In mid-March 2020 the Governor of Colorado declared a health emergency and issued an order to close all nonessential businesses. The Company temporarily curtailed most of its business operations from mid-March 2020 through May 1, 2020. The Company is currently operating under the guidelines of the State of Colorado Department of Public Health and Environment and the Governor of Colorado’s Executive Order, Safer-at Home, as amended.
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 Company estimates the fair value of stock-based 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.
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 2020 and 2019, 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.” Comprehensive income 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, 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 September 30, 2020, 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 September 30, 2020 and for the period then ended, there are no recently adopted accounting standards that have a material effect on the Company’s financial statements.

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	9 Months Ended
	Sep. 30, 2020
Prepaid Expense, Current [Abstract]
Schedule of Prepaid expenses and other current assets	Prepaid expenses and other current assets consist of the following: September 30, 2020 December 31, 2019 Other $ 221,393 $ 58,756 Insurance 147,553 89,828 Research & Development Credit 126,066 158,612 Prototype Devices 95,846 27,810 Rent 36,525 36,525 Prepaid Material — 1,018 $ 627,383 $ 372,549

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consists of the following: September 30, 2020 December 31, 2019 Office equipment $ 84,751 $ 84,751 Lab equipment 3,773,822 3,733,057 Furniture 33,128 33,128 Leasehold Improvements 234,366 229,401 4,126,067 4,080,337 Less: Accumulated depreciation 2,190,630 1,663,834 $ 1,935,437 $ 2,416,503

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Patents	Patents consist of the following: September 30, 2020 December 31, 2019 Patents $ 1,306,641 $ 1,267,077 Less: Accumulated amortization 390,158 327,596 $ 916,483 $ 939,481

LONG TERM EQUIPMENT PURCHASE _2

LONG TERM EQUIPMENT PURCHASE PAYABLE (Tables)	9 Months Ended
	Sep. 30, 2020
Payables and Accruals [Abstract]
Schedule of Outstanding Long Term Equipment Purchase Payable	Outstanding long term equipment purchase payable is comprised of the following: Final Year of Maturity Classification Interest Rate September 30, 2020 December 31, 2019 Current 0.00 % $ 185,078 $ 630,329 2021 Long term 0.00 % — 52,427 $ 185,078 $ 682,756

COMMITMENTS (Tables)

COMMITMENTS (Tables)	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Lease Payments of Operating Leases	The Company is obligated under an operating lease for office and laboratory space. The aggregate minimum future lease payments under the operating leases, including the extended term are as follows: YEARS ENDING DECEMBER 31, AMOUNT 2020 $ 49,632 2021 201,501 2022 207,563 2023 213,781 2024 182,624 855,101 Less discounted interest (111,559 ) TOTAL $ 743,542

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Plans	Share-based compensation was recognized as follows: For the Nine Months Ending September 30, 2020 For the Nine Months Ending September 30, 2019 2007 Employee Stock Option Plan $ — $ — 2016 Equity Incentive Plan 474,090 500,591 Warrants 74,646 57,005 Total share-based compensation $ 548,736 $ 557,596
Schedule of Non-Qualified Stock Options and Warrants Outstanding and Exercisable	The aggregate intrinsic value of options and warrants outstanding and exercisable as of September 30, 2020 was $2,825. The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and warrants and the closing stock price of $0.575 for the Company’s common stock on September 30, 2020. No options or warrants were exercised during the nine and three month period ending September 30, 2020 and 2019. Non-Qualified Stock Options and Warrants Outstanding Range of Exercise Prices Number Outstanding Currently Exercisable at September 30, 2020 Weighted Average Remaining Contractual Life Weighted Average Exercise Price of Options and Warrants Currently Exercisable $0.51 - $1.69 13,459,872 3.87 Years $0.83
Schedule of Non-Qualified Stock Options and Warrants Outstanding, by Exercise Price Range	The following tables summarize all stock option and warrant activity of the Company during the nine months ended September 30, 2020: Non-Qualified Stock Options and Warrants Outstanding and Exercisable Number of Shares Exercise Price Weighted Average Exercise Price Outstanding, December 31, 2019 16,302,517 $0.57 - $1.69 $ 0.85 Granted 592,500 $0.51 - $0.83 $ 0.76 Expired (2,941,199 ) $0.85 - $1.02 $ 0.90 Forfeited (8,750 ) $1.10 $ 1.10 Outstanding, September 30, 2020 13,945,068 $0.51 - $1.69 $ 0.83 Exercisable, September 30, 2020 13,459,872 $0.51 - $1.69 $ 0.83

MANAGEMENT'S PLANS (Details)

MANAGEMENT'S PLANS (Details) - USD ($)	Apr. 24, 2020	Apr. 24, 2020
Expected expenditures per month		$ 600,000
Paycheck Protection Program [Member]
Proceeds from unsecured loan	$ 410,700

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Schedule of Prepaid expenses and other current assets consist) (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Prepaid Expense, Current [Abstract]
Other	$ 221,393	$ 58,756
Insurance	147,553	89,828
Research & Development Credit	126,066	158,612
Prototype Devices	95,846	27,810
Rent	36,525	36,525
Prepaid material		1,018
Prepaid expenses and other current assets	$ 627,383	$ 372,549

PROPERTY AND EQUIPMENT (Schedul

PROPERTY AND EQUIPMENT (Schedule of Equipment) (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 4,126,067	$ 4,080,337
Less: Accumulated depreciation	2,190,630	1,663,834
Property and equipment, net	1,935,437	2,416,503
Office equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	84,751	84,751
Lab equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,773,822	3,733,057
Furniture [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	$ 234,366	$ 229,401

PROPERTY AND EQUIPMENT (Narrati

PROPERTY AND EQUIPMENT (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 172,415	$ 180,098	$ 526,796	$ 438,417

INTANGIBLE ASSETS (Schedule of

INTANGIBLE ASSETS (Schedule of Patents) (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Patents	$ 1,306,641	$ 1,267,077
Less: Accumulated amortization	390,158	327,596
Intangible assets - net	$ 916,483	$ 939,481

INTANGIBLE ASSETS (Narrative) (

INTANGIBLE ASSETS (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 20,842	$ 20,206	$ 62,562	$ 60,780
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Patent costs written off

LONG TERM EQUIPMENT PURCHASE _3

LONG TERM EQUIPMENT PURCHASE PAYABLE (Schedule of Outstanding Long Term Equipment Purchase Payable (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Interest rate	0.00%	0.00%
Current portion of equipment purchase	$ 185,078	$ 630,329
Outstanding long term equipment purchase payable		52,427
Total outstanding equipment purchase payable	$ 185,078	$ 682,756
Long term [Member]
Final Year of Maturity	2021

COMMITMENTS (Narrative) (Detail

COMMITMENTS (Narrative) (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Nov. 30, 2017	Oct. 30, 2017	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Jan. 02, 2019
Other Commitments [Line Items]
Lease term		61 months
Lease term beginning		Nov. 1, 2017
Lease term ending		Nov. 30, 2022
Additional Lease term		24 months
Lease rent for first year		$ 168,824
Percentage of rent increase annual base rent		3.00%
Prepaid rent for November 1, 2017 through October 31, 2019		$ 347,045
Prepaid estimated tenant's proportionate share of operating expenses		186,293
Security deposit		$ 36,524
Rental income received from current premise tenant	$ 260,000
Percentage of estimated incremental borrowing rate	6.50%
Right-of-use asset			$ 743,542		$ 743,542		$ 859,979	$ 885,094
Operating lease liability			743,542		743,542			$ 885,094
Research and Development Expense [Member]
Other Commitments [Line Items]
Rent expense			32,359	$ 27,764	97,077	$ 84,582
General and Administrative Expense [Member]
Other Commitments [Line Items]
Rent expense			$ 10,786	$ 9,254	$ 32,359	$ 28,194

COMMITMENTS (Schedule of Future

COMMITMENTS (Schedule of Future Lease Payments of Operating Leases) (Details) - USD ($)	Sep. 30, 2020	Jan. 02, 2019
Commitments and Contingencies Disclosure [Abstract]
2020	$ 49,632
2021	201,501
2022	207,563
2023	213,781
2024	182,624
Total operating lease obligation	855,101
Less discounted interest	(111,559)
TOTAL	$ 743,542	$ 885,094

PPP ADVANCE (Narrative) (Detail

PPP ADVANCE (Narrative) (Details) - Paycheck Protection Program [Member] - USD ($)	1 Months Ended
	Apr. 24, 2020	Apr. 23, 2020
Proceeds From Issuance Of Debt	$ 410,700
Debt Instrument Face Amount		$ 410,700

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - USD ($)	Feb. 04, 2020	Feb. 13, 2019	Jan. 31, 2019	Jan. 31, 2016	Nov. 30, 2020	Sep. 30, 2020	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2020	May 11, 2018	Jun. 15, 2017
Subsequent Event [Member]
Equity Issuance [Line Items]
Common stock issued to institutional investor as commitment fee, shares					25,134
Common stock issued to institutional investor as commitment fee, value					$ 17,614
Common stock reserved for additional commitment fees to the institutional investor					504,644
Shares sold to institutional investor pursuant to purchase agreement, shares					1,250,000
Proceeds from sale of stock pursuant to purchase agreement with institutional investor					$ 733,375
Institutional Investor [Member]
Equity Issuance [Line Items]
Agreement with an institutional investor to sell common stock and investor committed to invest in common stock (upper limit)				$ 20,000,000
Agreement with institutional investor term				36 months
Common stock issued to institutional investor as commitment fee, shares				350,000			32,879	132,331
Common stock issued to institutional investor as commitment fee, value				$ 237,965		$ 42,564	$ 24,162	$ 91,648
Common stock reserved for additional commitment fees to the institutional investor				650,000		28,690
Registering shares of common stock				5,000,000						5,000,000	5,000,000
Shares sold to institutional investor pursuant to purchase agreement, shares						2,000,000	1,550,000	6,375,000
Proceeds from sale of stock pursuant to purchase agreement with institutional investor						$ 1,309,625	$ 1,011,585	$ 4,071,551
Institutional Investor Two [Member]
Equity Issuance [Line Items]
Agreement with an institutional investor to sell common stock and investor committed to invest in common stock (upper limit)			$ 25,000,000
Agreement with institutional investor term			36 months
Common stock issued to institutional investor as commitment fee, shares		350,000							282,722
Common stock issued to institutional investor as commitment fee, value		$ 258,125							$ 217,153
Common stock reserved for additional commitment fees to the institutional investor	6,000,000	812,500							529,778
Registering shares of common stock		9,500,000
Shares sold to institutional investor pursuant to purchase agreement, shares									12,525,000
Proceeds from sale of stock pursuant to purchase agreement with institutional investor									$ 8,698,925

STOCK BASED COMPENSATION (Narra

STOCK BASED COMPENSATION (Narrative) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	May 16, 2019	May 15, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pricing model used in calculation of grant-date fair value	Black-Scholes
Expected dividend yield
Unrecognized compensation expense related to non-vested market-based share awards	$ 213,732
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	64.00%
Risk-free interest rate	0.30%
Expected option life	4 years 7 months 6 days
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	78.00%
Risk-free interest rate	1.82%
Expected option life	10 years
Non Qualified Stock Options And Warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of options and warrants outstanding and exercisable	$ 2,825
Closing stock price of common stock	$ 0.575
2007 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	4,450,000
2016 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	3,702,500
Number of shares authorized under plan		8,000,000	3,000,000
Common stock remaining for grants	4,297,500
Exercisable period	10 years

STOCK BASED COMPENSATION (Sched

STOCK BASED COMPENSATION (Schedule of Stock-based Compensation Plans) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	$ 548,736	$ 557,596
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation
2016 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	474,090	500,591
Warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	$ 74,646	$ 57,005

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] - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Number of Shares
Outstanding	16,302,517
Granted	592,500
Expired	(2,941,199)
Forfeited	(8,750)
Outstanding	13,945,068	16,302,517
Exercisable	13,459,872
Exercise Price
Outstanding (Lower Limit)		$ 0.57
Outstanding (Upper Limit)	$ 1.69	1.69
Granted (Lower Limit)	0.51
Granted (Upper Limit)	0.83
Expired (Lower Limit)	0.85
Expired (Upper Limit)	1.02
Forfeited	1.10
Outstanding (Lower Limit)	0.51
Outstanding (Upper Limit)	1.69	1.69
Exercisable (Lower Limit)	0.51
Exercisable (Upper Limit)	1.69
Weighted Average Exercise Price
Outstanding	0.85
Granted	0.76
Expired	0.90
Forfeited	1.10
Outstanding	0.83	$ 0.85
Exercisable	$ 0.83

STOCK BASED COMPENSATION (Summa

STOCK BASED COMPENSATION (Summary of Stock Option and Warrant Outstanding) (Details) - Non Qualified Stock Options And Warrants [Member] - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Prices (Lower Limit)	$ 0.51
Exercise Prices (Upper Limit)	1.69	$ 1.69
$0.51 - $1.69 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Prices (Lower Limit)	0.51
Exercise Prices (Upper Limit)	$ 1.69
Number Outstanding Currently Exercisable	13,459,872
Weighted Average Remaining Contractual Life	3 years 10 months 13 days
Weighted Average Exercise Price of Options and Warrants Currently Exercisable	$ 0.83

RELATED PARTY (Details)

RELATED PARTY (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Jul. 31, 2018
Related Party Transaction [Line Items]
Stock option expense		$ 474,090	$ 500,591
Issued Warrant For Accounting Services [Member]
Related Party Transaction [Line Items]
Stock option expense	$ 0		$ 31,319
Warrant to purchase common stock					100,000
Warrants purchase price					$ 1.15
Warrants value					$ 62,637
Related Party [Member]
Related Party Transaction [Line Items]
Legal accrual		64,501		$ 10,152
Accounting service fee accrual		560
Officer [Member]
Related Party Transaction [Line Items]
Travel and office expense accruals		$ 5,840		$ 4,653

RETIREMENT PLAN (Narrative) (De

RETIREMENT PLAN (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Exercise Price Range Lower Range Limit
Expenses related to contribution to retirement plan	$ 13,875	$ 11,817	$ 39,811	$ 32,974