Lightwave Logic (LWLG) 10-Q 17 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 14, 2021
Document and Entity Information [Abstract]
Entity Central Index Key	0001325964
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
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	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		103,790,623

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Mar. 31, 2021	Dec. 31, 2020
CURRENT ASSETS
Cash and cash equivalents	$ 6,521,425	$ 3,306,590
Prepaid expenses and other current assets	226,285	567,185
Total Current Assets	6,747,710	3,873,775
PROPERTY AND EQUIPMENT - NET	2,185,951	1,873,549
OTHER ASSETS
Intangible assets - net	900,659	916,000
Operating Lease - Right of Use - Building	662,712	703,454
TOTAL OTHER ASSETS	1,563,371	1,619,454
TOTAL ASSETS	10,497,032	7,366,778
CURRENT LIABILITIES
Accounts payable	108,240	169,247
Current portion of equipment purchase		13,107
Accounts payable and accrued expenses - related parties	30,712	49,797
Deferred lease liability	41,778	41,778
Paycheck Protection Program advance		410,700
Operating lease liability	169,736	167,007
Accrued expenses	27,313	81,396
TOTAL CURRENT LIABILITIES	377,779	933,032
LONG TERM LIABILITIES
Deferred lease liability	111,409	121,853
Operating lease liability	492,976	536,447
TOTAL LONG TERM LIABILITIES	604,385	658,300
TOTAL LIABILITIES	982,164	1,591,332
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, 101,758,709 and 97,775,789 issued and outstanding at March 31, 2021 and December 31, 2020	101,759	97,776
Additional paid-in-capital	82,119,653	76,649,170
Accumulated deficit	(72,706,544)	(70,971,500)
TOTAL STOCKHOLDERS' EQUITY	9,514,868	5,775,446
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 10,497,032	$ 7,366,778

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
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	101,758,709	97,775,789
Common stock, shares outstanding	101,758,709	97,775,789

STATEMENTS OF COMPREHENSIVE LOS

STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
NET SALES
COST AND EXPENSE
Research and development	1,347,543	1,189,771
General and administrative	548,229	606,425
TOTAL COST AND EXPENSE	1,895,772	1,796,196
LOSS FROM OPERATIONS	(1,895,772)	(1,796,196)
OTHER INCOME (EXPENSE)
Paycheck Protection Program loan forgiveness	410,700
Interest income	309	30
Commitment fee	(250,281)	(31,008)
NET LOSS	$ (1,735,044)	$ (1,827,174)
Basic and Diluted Loss per Share	$ (0.02)	$ (0.02)
Basic and Diluted Weighted Average Number of Shares	99,788,436	88,398,378

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, 2019	$ 87,410	$ 69,076,240	$ (64,255,936)	$ 4,907,714
Balance, shares at Dec. 31, 2019	87,409,600
Common stock issued to institutional investor	$ 2,125	1,349,988		1,352,113
Common stock issued to institutional investor, shares	2,125,000
Common stock issued for commitment shares	$ 44	30,964		31,008
Common stock issued for commitment shares, shares	43,947
Options issued for services		206,437		206,437
Warrants issued for services		26,924		26,924
Net loss for the year ending			(1,827,174)	(1,827,174)
Balance at Mar. 31, 2020	$ 89,579	70,690,553	(66,083,110)	4,697,022
Balance, shares at Mar. 31, 2020	89,578,547
Balance at Dec. 31, 2020	$ 97,776	76,649,170	(70,971,500)	$ 5,775,446
Balance, shares at Dec. 31, 2020	97,775,789			97,775,789
Common stock issued to institutional investor	$ 3,792	4,950,180		$ 4,953,972
Common stock issued to institutional investor, shares	3,791,911
Common stock issued for commitment shares	$ 161	250,120		250,281
Common stock issued for commitment shares, shares	161,009
Exercise of options	$ 30	20,970		$ 21,000
Exercise of options, shares	30,000			30,000
Options issued for services		241,248		$ 241,248
Warrants issued for services		7,965		7,965
Net loss for the year ending			(1,735,044)	(1,735,044)
Balance at Mar. 31, 2021	$ 101,759	$ 82,119,653	$ (72,706,544)	$ 9,514,868
Balance, shares at Mar. 31, 2021	101,758,709			101,758,709

STATEMENTS OF CASH FLOW (UNAUDI

STATEMENTS OF CASH FLOW (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (1,735,044)	$ (1,827,174)
Adjustment to reconcile net loss to net cash used in operating activities
Warrants issued for services	7,965	26,924
Stock options issued for services	241,248	206,437
Common stock issued for services and fees	250,281	31,008
Depreciation and amortization of patents	196,578	199,171
Paycheck Protection Program loan forgiveness	(410,700)
Decrease (increase) in assets
Prepaid expenses and other current assets	340,900	(8,877)
Increase (decrease) in liabilities
Accounts payable	(61,007)	84,628
Accounts payable and accrued expenses-related parties	(19,085)	24,010
Deferred lease liability	(10,444)	(10,445)
Accrued expenses	(54,083)	(47,931)
Net cash used in operating activities	(1,253,391)	(1,322,249)
CASH FLOWS FROM INVESTING ACTIVITIES
Cost of intangibles	(7,232)	(8,149)
Purchase of property and equipment	(486,407)	(5,355)
Net cash used in investing activities	(493,639)	(13,504)
CASH FLOWS FROM FINANCING ACTIVITIES
Exercise of options	21,000
Issuance of common stock, institutional investor	4,953,972	1,352,113
Repayment of equipment purchase payable	(13,107)	(224,445)
Net cash provided by financing activities	4,961,865	1,127,668
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	3,214,835	(208,085)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	3,306,590	2,236,344
CASH AND CASH EQUIVALENTS - END OF PERIOD	$ 6,521,425	$ 2,028,259

NATURE OF BUSINESS AND SUMMARY

NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2021
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 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, 2020, as filed with the Securities and Exchange Commission on March 31, 2021 (the “2020 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 2020 Annual Report. The interim operating results for the three months ending March 31, 2021 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 spread throughout the United States. 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 6 LIGHTWAVE LOGIC, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2021 AND 2020 NOTE 1 – NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Stock-based Payments (Continued) 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 2021 and 2020, 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, 2021, 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, 2021 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	3 Months Ended
	Mar. 31, 2021
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. We expect that we will incur approximately $706,000 of expenditures per month over the next 12 months. Our current cash position enables us to finance our operations through April 2022. Pursuant to a 7 LIGHTWAVE LOGIC, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2021 AND 2020 NOTE 2 – MANAGEMENT’S PLANS (CONTINUED) purchase agreement with an institutional investor (described in Note 10), a remaining available amount of $7,459,403 is available to the Company per the agreement. 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.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	3 Months Ended
	Mar. 31, 2021
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: March 31, 2021 December 31, 2020 Insurance $ 67,135 $ 93,569 Research & Development Credit 49,288 101,629 Other 37,603 51,384 Rent 36,525 36,525 License 35,734 25,478 Deposit for Equipment - 140,394 Prototype Devices - 118,206 $ 226,285 $ 567,185

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 4 – PROPERTY AND EQUIPMENT Property and equipment consist of the following: March 31, 2021 December 31, 2020 Office equipment $ 86,097 $ 86,097 Lab equipment 4,368,538 3,884,807 Furniture 33,128 33,128 Leasehold improvements 237,042 234,366 4,724,805 4,238,398 Less: Accumulated depreciation 2,538,854 2,364,849 $ 2,185,951 $ 1,873,549 8 LIGHTWAVE LOGIC, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2021 AND 2020 NOTE 4 – PROPERTY AND EQUIPMENT (CONTINUED) Depreciation expense for the three months ending March 31, 2021 and 2020 was $174,005 and $178,293. During the three months ending March 31, 2021 and 2020, the Company did not retire or sell any property and equipment.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2021
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. Patents consists of the following: March 31, 2021 December 31, 2020 Patents $ 1,334,232 $ 1,327,000 Less: Accumulated amortization 433,573 411,000 $ 900,659 $ 916,000 Amortization expense for the three months ending March 31, 2021 and 2020 was $22,573 and $20,878. There were no patent costs written off for the three months ending March 31, 2021 and 2020.

LONG TERM EQUIPMENT PURCHASE PA

LONG TERM EQUIPMENT PURCHASE PAYABLE	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 December 31, 2020 Current 0.00 % $ - $ 13,107 Long term 0.00 % - - $ - $ 13,107

COMMITMENTS

COMMITMENTS	3 Months Ended
	Mar. 31, 2021
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) 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 9 LIGHTWAVE LOGIC, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2021 AND 2020 NOTE 7 – COMMITMENTS (CONTINUED) 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. 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 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: YEARS ENDING DECEMBER 31, AMOUNT 2021 $ 151,378 2022 207,563 2023 213,781 2024 182,624 755,346 Less discounted interest (92,634 ) TOTAL $ 662,712 Rent expense totaling $33,466 and $11,155 is included in research and development and general and administrative expenses for the three months ended March 31, 2021. Rent expense totaling $32,359 and $10,786 is included in research and development and general and administrative expenses for the three months ended March 31, 2020. 10 LIGHTWAVE LOGIC, INC.

PAYCHECK PROTECTION PROGRAM ADV

PAYCHECK PROTECTION PROGRAM ADVANCE	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
PAYCHECK PROTECTION PROGRAM ADVANCE	NOTE 8 – PAYCHECK PROTECTION PROGRAM ADVANCE On April 24, 2020, the Company received $410,700 in loan funding from the Paycheck Protection Program, established pursuant to the Coronavirus Aid, Relief, and Economic Security Act enacted on March 27, 2020 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 was eligible for forgiveness as part of the CARES Act if certain requirements were met. The loan was forgiven by the Small Business Administration in its entirety on January 22, 2021.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 9 – INCOME TAXES There is no income tax benefit for the losses for the three months ended March 31, 2021 and 2020 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, 2021, 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, 2021. The Company did not recognize any interest or penalties during 2020 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, 2017 and thereafter are subject to examination by the relevant taxing authorities.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2021
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 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 11 LIGHTWAVE LOGIC, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2021 AND 2020 NOTE 10 – STOCKHOLDERS’ EQUITY (CONTINUED) Common Stock Options and Warrants (Continued) 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. The Company registered an additional 8,000,000 shares pursuant to a registration statement filed on November 20, 2020 which became effective November 20, 2020. During the period January 2019 through March 31, 2021, the institutional investor purchased 18,066,911 shares of common stock for proceeds of $14,754,647 and the Company issued 479,537 shares of common stock as additional commitment fee, valued at $492,162, fair value, leaving 332,963 in reserve for additional commitment fees. During the three month period ending March 31, 2021, the institutional investor purchased 3,791,911 shares of common stock for proceeds of $4,953,972 and the Company issued 161,009 shares of common stock as additional commitment fee, valued at $250,281, fair value. During April through May 2021, the institutional investor purchased 1,900,000 shares of common stock for proceeds of $2,785,950 with $7,459,403 as the remaining purchase amount available and the Company issued 90,545 shares of common stock as additional commitment fee, valued at $147,491, fair value.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	3 Months Ended
	Mar. 31, 2021
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 2007 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 2007 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 March 31, 2021, options to purchase 4,420,000 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 March 31, 2021, options to purchase 4,131,250 shares of common stock have been issued and are outstanding and 3,868,750 shares of common stock remain available for grants under the 2016 Plan. 12 LIGHTWAVE LOGIC, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2021 AND 2020 NOTE 11 – STOCK BASED COMPENSATION (CONTINUED) 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 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 2021: no dividend yield in all years, expected volatility, based on the Company's historical volatility, 70.4% to 71.4%, risk-free interest rate between 1.15% to 1.73% and expected option life of 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 March 31, 2021, there was $318,229 of unrecognized compensation expense related to non-vested market-based share awards that is expected to be recognized through March 31, 2023. Share-based compensation was recognized as follows: For the Three Months Ending March 31, 2021 For the Three Months Ending March 31, 2020 2007 Employee Stock Option Plan $ - $ - 2016 Equity Incentive Plan 241,248 206,437 Warrants 7,965 26,924 Total share-based compensation $ 249,213 $ 233,361 The following tables summarize all stock option and warrant activity of the Company during the three months ended March 31, 2021: Non-Qualified Stock Options and Warrants Outstanding and Exercisable Number of Shares Exercise Price Weighted Average Exercise Price Outstanding, December 31, 2020 10,022,500 $0.51 - $1.69 $ 0.84 Granted 380,000 $1.27 - $1.46 $ 1.28 Forfeited (6,250 ) $1.27 $ 1.27 Exercised (30,000 ) $0.70 $ 0.70 Outstanding, March 31, 2021 10,366,250 $0.51 - $1.69 $ 0.86 Exercisable, March 31, 2021 9,874,796 $0.51 - $1.69 $ 0.85 13 LIGHTWAVE LOGIC, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2021 AND 2020 NOTE 11 – STOCK BASED COMPENSATION (CONTINUED) The aggregate intrinsic value of options and warrants outstanding and exercisable as of March 31, 2021 was $5,718,637. 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 $1.42 for the Company’s common stock on March 31, 2021. During the three month period ending March 31, 2021, 30,000 options were exercised for proceeds of $21,000. No warrants were exercised during the three month period ending March 31, 2021. Non-Qualified Stock Options and Warrants Outstanding Range of Exercise Prices Number Outstanding Currently Exercisable at March 31, 2021 Weighted Average Remaining Contractual Life Weighted Average Exercise Price of Options and Warrants Currently Exercisable $0.51 - $1.69 9,874,796 5.02 $0.85

RELATED PARTY

RELATED PARTY	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTY	NOTE 12 – RELATED PARTY At March 31, 2021 the Company had a legal accrual to related party of $44,731, travel and office expense accruals of officers in the amount of $2,969 and accounting service fee accrual to a related party of $6,712 offset by prepaid director operations committee fees in the amount of $23,700. At December 31, 2020, the Company had a legal accrual to related party of $30,100, director fees accrued in the amount of $10,000, travel and office expense accruals of officers in the amount of $7,177 and accounting service fee accrual to a related party of $2,520.

RETIREMENT PLAN

RETIREMENT PLAN	3 Months Ended
	Mar. 31, 2021
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 three months ending March 31, 2021 and 2020, a contribution of $14,009 and $13,080 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)	3 Months Ended
	Mar. 31, 2021
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 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, 2020, as filed with the Securities and Exchange Commission on March 31, 2021 (the “2020 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 2020 Annual Report. The interim operating results for the three months ending March 31, 2021 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 spread throughout the United States. 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 6 LIGHTWAVE LOGIC, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2021 AND 2020 NOTE 1 – NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Stock-based Payments (Continued) 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 2021 and 2020, 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, 2021, 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, 2021 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)	3 Months Ended
	Mar. 31, 2021
Prepaid Expense, Current [Abstract]
Schedule of Prepaid expenses and other current assets	Prepaid expenses and other current assets consist of the following: March 31, 2021 December 31, 2020 Insurance $ 67,135 $ 93,569 Research & Development Credit 49,288 101,629 Other 37,603 51,384 Rent 36,525 36,525 License 35,734 25,478 Deposit for Equipment - 140,394 Prototype Devices - 118,206 $ 226,285 $ 567,185

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consist of the following: March 31, 2021 December 31, 2020 Office equipment $ 86,097 $ 86,097 Lab equipment 4,368,538 3,884,807 Furniture 33,128 33,128 Leasehold improvements 237,042 234,366 4,724,805 4,238,398 Less: Accumulated depreciation 2,538,854 2,364,849 $ 2,185,951 $ 1,873,549

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Patents	Patents consists of the following: March 31, 2021 December 31, 2020 Patents $ 1,334,232 $ 1,327,000 Less: Accumulated amortization 433,573 411,000 $ 900,659 $ 916,000

LONG TERM EQUIPMENT PURCHASE _2

LONG TERM EQUIPMENT PURCHASE PAYABLE (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 December 31, 2020 Current 0.00 % $ - $ 13,107 Long term 0.00 % - - $ - $ 13,107

COMMITMENTS (Tables)

COMMITMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Lease Payments of 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: YEARS ENDING DECEMBER 31, AMOUNT 2021 $ 151,378 2022 207,563 2023 213,781 2024 182,624 755,346 Less discounted interest (92,634 ) TOTAL $ 662,712

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Plans	Share-based compensation was recognized as follows: For the Three Months Ending March 31, 2021 For the Three Months Ending March 31, 2020 2007 Employee Stock Option Plan $ - $ - 2016 Equity Incentive Plan 241,248 206,437 Warrants 7,965 26,924 Total share-based compensation $ 249,213 $ 233,361
Schedule of Non-Qualified Stock Options and Warrants Outstanding and Exercisable	The following tables summarize all stock option and warrant activity of the Company during the three months ended March 31, 2021: Non-Qualified Stock Options and Warrants Outstanding and Exercisable Number of Shares Exercise Price Weighted Average Exercise Price Outstanding, December 31, 2020 10,022,500 $0.51 - $1.69 $ 0.84 Granted 380,000 $1.27 - $1.46 $ 1.28 Forfeited (6,250 ) $1.27 $ 1.27 Exercised (30,000 ) $0.70 $ 0.70 Outstanding, March 31, 2021 10,366,250 $0.51 - $1.69 $ 0.86 Exercisable, March 31, 2021 9,874,796 $0.51 - $1.69 $ 0.85
Schedule of Non-Qualified Stock Options and Warrants Outstanding, by Exercise Price Range	Non-Qualified Stock Options and Warrants Outstanding Range of Exercise Prices Number Outstanding Currently Exercisable at March 31, 2021 Weighted Average Remaining Contractual Life Weighted Average Exercise Price of Options and Warrants Currently Exercisable $0.51 - $1.69 9,874,796 5.02 $0.85

MANAGEMENT'S PLANS (Details)

MANAGEMENT'S PLANS (Details)	3 Months Ended
	Mar. 31, 2021USD ($)
Expected expenditures per month	$ 706,000
Purchase agreement with Institutional Investor [Member]
Remaining available amount	$ 7,459,403

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, 2021	Dec. 31, 2020
Prepaid Expense, Current [Abstract]
Insurance	$ 67,135	$ 93,569
Research & Development Credit	49,288	101,629
Other	37,603	51,384
Rent	36,525	36,525
License	35,734	25,478
Deposit for Equipment		140,394
Prototype Devices		118,206
Prepaid expenses and other current assets	$ 226,285	$ 567,185

PROPERTY AND EQUIPMENT (Schedul

PROPERTY AND EQUIPMENT (Schedule of Equipment) (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 4,724,805	$ 4,238,398
Less: Accumulated depreciation	2,538,854	2,364,849
Property and equipment, net	2,185,951	1,873,549
Office equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	86,097	86,097
Lab equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,368,538	3,884,807
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	$ 237,042	$ 234,366

PROPERTY AND EQUIPMENT (Narrati

PROPERTY AND EQUIPMENT (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 174,005	$ 178,293

INTANGIBLE ASSETS (Schedule of

INTANGIBLE ASSETS (Schedule of Patents) (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Patents	$ 1,334,232	$ 1,327,000
Less: Accumulated amortization	433,573	411,000
Intangible assets - net	$ 900,659	$ 916,000

INTANGIBLE ASSETS (Narrative) (

INTANGIBLE ASSETS (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 22,573	$ 20,878
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 ($)	Mar. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Interest rate	0.00%	0.00%
Current portion of equipment purchase		$ 13,107
Outstanding long term equipment purchase payable
Total outstanding equipment purchase payable		$ 13,107

COMMITMENTS (Narrative) (Detail

COMMITMENTS (Narrative) (Details) - USD ($)	1 Months Ended		3 Months Ended
	Nov. 30, 2017	Oct. 30, 2017	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	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			$ 662,712		$ 703,454	$ 885,094
Operating lease liability			662,712			$ 885,094
Research and Development Expense [Member]
Other Commitments [Line Items]
Rent expense			33,466	$ 32,359
General and Administrative Expense [Member]
Other Commitments [Line Items]
Rent expense			$ 11,155	$ 10,786

COMMITMENTS (Schedule of Future

COMMITMENTS (Schedule of Future Lease Payments of Operating Leases) (Details) - USD ($)	Mar. 31, 2021	Jan. 02, 2019
Commitments and Contingencies Disclosure [Abstract]
2021	$ 151,378
2022	207,563
2023	213,781
2024	182,624
Total operating lease obligation	755,346
Less discounted interest	(92,634)
TOTAL	$ 662,712	$ 885,094

PAYCHECK PROTECTION PROGRAM A_2

PAYCHECK PROTECTION PROGRAM 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) - Institutional Investor [Member] - USD ($)	Feb. 04, 2020	Nov. 20, 2020	Feb. 13, 2019	Jan. 31, 2019	May 31, 2021	Mar. 31, 2020	Mar. 31, 2021
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
Common stock issued to institutional investor as commitment fee, shares			350,000			161,009	479,537
Common stock issued to institutional investor as commitment fee, value			$ 258,125			$ 250,281	$ 492,162
Common stock reserved for additional commitment fees to the institutional investor	6,000,000	8,000,000	812,500				332,963
Registering shares of common stock			9,500,000
Shares sold to institutional investor pursuant to purchase agreement, shares						3,791,911	18,066,911
Proceeds from sale of stock pursuant to purchase agreement with institutional investor						$ 4,953,972	$ 14,754,647
Subsequent Event [Member]
Equity Issuance [Line Items]
Common stock issued to institutional investor as commitment fee, shares					90,545
Common stock issued to institutional investor as commitment fee, value					$ 147,491
Shares sold to institutional investor pursuant to purchase agreement, shares					1,900,000
Proceeds from sale of stock pursuant to purchase agreement with institutional investor					$ 2,785,950
Remaining available amount					$ 7,459,403

STOCK BASED COMPENSATION (Narra

STOCK BASED COMPENSATION (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 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
Expected option life	10 years
Unrecognized compensation expense related to non-vested market-based share awards	$ 318,229
Options exercised	30,000
Proceeds from Options exercised	$ 21,000
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	$ 5,718,637
Closing stock price of common stock	$ 1.42
Options exercised	30,000
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	70.40%
Risk-free interest rate	1.15%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	71.40%
Risk-free interest rate	1.73%
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	4,420,000
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	4,131,250
Number of shares authorized under plan			8,000,000	3,000,000
Common stock remaining for grants	3,868,750
Exercisable period	10 years

STOCK BASED COMPENSATION (Sched

STOCK BASED COMPENSATION (Schedule of Stock-based Compensation Plans) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	$ 249,213	$ 233,361
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	241,248	206,437
Warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	$ 7,965	$ 26,924

STOCK BASED COMPENSATION (Sch_2

STOCK BASED COMPENSATION (Schedule of Stock Option and Warrant Outstanding and Exercisable) (Details)	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Number of Shares
Exercised | shares	(30,000)
Non Qualified Stock Options And Warrants [Member]
Number of Shares
Outstanding | shares	10,022,500
Granted | shares	380,000
Forfeited | shares	(6,250)
Exercised | shares	(30,000)
Outstanding | shares	10,366,250
Exercisable | shares	9,874,796
Exercise Price
Outstanding (Lower Limit)	$ 0.51
Outstanding (Upper Limit)	1.69
Granted (Lower Limit)	1.27
Granted (Upper Limit)	1.46
Forfeited	1.27
Exercised	0.70
Outstanding (Lower Limit)	0.51
Outstanding (Upper Limit)	1.69
Exercisable (Lower Limit)	0.51
Exercisable (Upper Limit)	1.69
Weighted Average Exercise Price
Outstanding	0.84
Granted	1.28
Forfeited	1.27
Exercised	0.70
Outstanding	0.86
Exercisable	$ 0.85

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, 2021$ / sharesshares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Prices (Lower Limit)	$ 0.51
Exercise Prices (Upper Limit)	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 | shares	9,874,796
Weighted Average Remaining Contractual Life	5 years 7 days
Weighted Average Exercise Price of Options and Warrants Currently Exercisable	$ 0.85

RELATED PARTY (Details)

RELATED PARTY (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Related Party [Member]
Related Party Transaction [Line Items]
Legal accrual	$ 44,731	$ 30,100
Accounting service fee accrual	6,712	2,520
Director [Member]
Related Party Transaction [Line Items]
Accrued director fees		10,000
Committee fees	23,700
Officer [Member]
Related Party Transaction [Line Items]
Travel and office expense accruals	$ 2,969	$ 7,177

RETIREMENT PLAN (Narrative) (De

RETIREMENT PLAN (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
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	$ 14,009	$ 13,080