Lightwave Logic (LWLG) 10-Q 16 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Aug. 16, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	0-52567
Entity Registrant Name	Lightwave Logic, Inc.
Entity Central Index Key	0001325964
Entity Tax Identification Number	82-0497368
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	369 Inverness Parkway
Entity Address, Address Line Two	Suite 350
Entity Address, City or Town	Englewood
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80112
City Area Code	720
Local Phone Number	340-4949
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		107,764,931

BALANCE SHEETS (Unaudited)

BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
CURRENT ASSETS
Cash and cash equivalents	$ 13,913,519	$ 3,306,590
Prepaid expenses and other current assets	432,517	567,185
Total Current Assets	14,346,036	3,873,775
PROPERTY AND EQUIPMENT - NET	2,136,500	1,873,549
OTHER ASSETS
Intangible assets - net	890,334	916,000
Operating Lease - Right of Use - Building	621,304	703,454
Total Other Assets	1,511,638	1,619,454
TOTAL ASSETS	17,994,174	7,366,778
CURRENT LIABILITIES
Accounts payable	134,890	169,247
Current portion of equipment purchase		13,107
Accounts payable and accrued expenses - related parties	71,991	49,797
Deferred lease liability	41,778	41,778
Paycheck Protection Program advance		410,700
Operating lease liability	172,509	167,007
Accrued expenses	66,374	81,396
Total Current Liabilities	487,542	933,032
LONG TERM LIABILITIES
Deferred lease liability	100,964	121,853
Operating lease liability	448,795	536,447
Total Long Term Liabilities	549,759	658,300
TOTAL LIABILITIES	1,037,301	1,591,332
STOCKHOLDERS' EQUITY
Preferred stock, $0.001 par value, 1,000,000 authorized, No shares issued or outstanding	0	0
Common stock $0.001 par value, 250,000,000 authorized, 107,335,110 and  97,775,789 issued and outstanding at June 30, 2021 and December 31, 2020	107,336	97,776
Additional paid-in-capital	94,095,566	76,649,170
Accumulated deficit	(77,246,029)	(70,971,500)
TOTAL STOCKHOLDERS' EQUITY	16,956,873	5,775,446
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 17,994,174	$ 7,366,778

BALANCE SHEETS (Unaudited) (Par

BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 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	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	107,335,110	97,775,789
Common stock, shares outstanding	107,335,110	97,775,789

STATEMENTS OF COMPREHENSIVE LOS

STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
NET SALES
COST AND EXPENSE
Research and development	2,782,243	1,057,470	4,129,785	2,247,241
General and administrative	674,000	574,803	1,222,229	1,181,228
TOTAL COST OF EXPENSE	3,456,243	1,632,273	5,352,014	3,428,469
LOSS FROM OPERATIONS	(3,456,243)	(1,632,273)	(5,352,014)	(3,428,469)
OTHER INCOME (EXPENSE)
Paycheck Protection Program loan forgiveness			410,700
Interest income	105	295	413	325
Commitment fee	(1,083,347)	(31,950)	(1,333,628)	(62,958)
NET LOSS	$ (4,539,485)	$ (1,663,928)	$ (6,274,529)	$ (3,491,102)
Basic and Diluted Loss per Share	$ (0.04)	$ (0.02)	$ (0.06)	$ (0.04)
Basic and Diluted Weighted Average Number of Shares	104,125,843	90,641,867	101,969,122	89,566,849

STATEMENT OF STOCKHOLDERS' EQUI

STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2019	$ 87,410	$ 69,076,240	$ (64,255,936)	$ 4,907,714
Beginning balance, Shares at Dec. 31, 2019	87,409,600
Common stock issued to institutional investor	$ 4,375	2,757,551		2,761,926
Common stock issued to institutional investor, shares	4,375,000
Common stock issued for commitment shares	$ 90	62,868		62,958
Common stock issued for commitment shares, shares	89,767
Options issued for services		354,958		354,958
Warrants issued for services		50,677		50,677
Net loss			(3,491,102)	(3,491,102)
Ending balance, value at Jun. 30, 2020	$ 91,875	72,302,294	(67,747,038)	4,647,131
End balance, Shares at Jun. 30, 2020	91,874,367
Beginning balance, value at Mar. 31, 2020	$ 89,579	70,690,553	(66,083,110)	4,697,022
Beginning balance, Shares at Mar. 31, 2020	89,578,547
Common stock issued to institutional investor	$ 2,250	1,407,563		1,409,813
Common stock issued to institutional investor, shares	2,250,000
Common stock issued for commitment shares	$ 46	31,904		31,950
Common stock issued for commitment shares, shares	45,820
Options issued for services		148,521		148,521
Warrants issued for services		23,753		23,753
Net loss			(1,663,928)	(1,663,928)
Ending balance, value at Jun. 30, 2020	$ 91,875	72,302,294	(67,747,038)	4,647,131
End balance, Shares at Jun. 30, 2020	91,874,367
Beginning balance, value at Dec. 31, 2020	$ 97,776	76,649,170	(70,971,500)	5,775,446
Beginning balance, Shares at Dec. 31, 2020	97,775,789
Common stock issued to institutional investor	$ 8,063	13,965,186		13,973,249
Common stock issued to institutional investor, shares	8,062,500
Common stock issued for commitment shares	$ 454	1,333,174		1,333,628
Common stock issued for commitment shares, shares	454,138
Exercise of options	$ 710	618,790		$ 619,500
Exercise of options, shares	710,000			710,000
Cashless exercise of 210,627 options	$ 133	863,705		$ 863,838
Cashless exercise of 240,627 options	132,683
Exercise of warrants	$ 200	127,050		127,250
Exercise of warrants, shares	200,000
Options issued for services		528,249		528,249
Warrants issued for services		10,242		10,242
Net loss			(6,274,529)	(6,274,529)
Ending balance, value at Jun. 30, 2021	$ 107,336	94,095,566	(77,246,029)	16,956,873
End balance, Shares at Jun. 30, 2021	107,335,110
Beginning balance, value at Mar. 31, 2021	$ 101,759	82,119,653	(72,706,544)	9,514,868
Beginning balance, Shares at Mar. 31, 2021	101,758,709
Common stock issued to institutional investor	$ 4,271	9,015,006		9,019,277
Common stock issued to institutional investor, shares	4,270,589
Common stock issued for commitment shares	$ 293	1,083,054		1,083,347
Common stock issued for commitment shares, shares	293,129
Exercise of options	$ 680	597,820		598,500
Exercise of options, shares	680,000
Cashless exercise of 210,627 options	$ 133	863,705		863,838
Cashless exercise of 240,627 options	132,683
Exercise of warrants	$ 200	127,050		127,250
Exercise of warrants, shares	200,000
Options issued for services		287,001		287,001
Warrants issued for services		2,277		2,277
Net loss			(4,539,485)	(4,539,485)
Ending balance, value at Jun. 30, 2021	$ 107,336	$ 94,095,566	$ (77,246,029)	$ 16,956,873
End balance, Shares at Jun. 30, 2021	107,335,110

STATEMENTS OF CASH FLOW (UNAUDI

STATEMENTS OF CASH FLOW (UNAUDITED) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (6,274,529)	$ (3,491,102)
Adjustment to reconcile net loss to net cash used in operating activities
Warrants issued for services	10,242	50,677
Stock options issued for services	528,249	354,958
Cashless option exercise	1,317,223
Common stock issued for services and fees	1,333,628	62,958
Depreciation and amortization of patents	417,414	396,101
Paycheck Protection Program loan forgiveness	(410,700)
(Increase) decrease in assets
Prepaid expenses and other current assets	134,668	(183,862)
(Decrease) increase in liabilities
Accounts payable	(34,357)	48,430
Accounts payable and accrued expenses- related parties	22,194	60,455
Deferred lease liability	(20,889)	(20,890)
Paycheck Protection Program loan		410,700
Accrued expenses	(15,022)	(32,626)
Net cash used in operating activities	(2,991,879)	(2,344,201)
CASH FLOWS FROM INVESTING ACTIVITIES
Cost of intangibles	(18,221)	(29,101)
Purchase of property and equipment	(636,478)	(9,877)
Net cash used in investing activities	(654,699)	(38,978)
CASH FLOWS FROM FINANCING ACTIVITIES
Exercise of options and warrants	746,750
Cashless option exercise tax payments	(453,385)
Issuance of common stock, institutional investor	13,973,249	2,761,926
Repayment of equipment purchase payable	(13,107)	(392,778)
Net cash provided by financing activities	14,253,507	2,369,148
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	10,606,929	(14,031)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	3,306,590	2,236,344
CASH AND CASH EQUIVALENTS - END OF PERIOD	$ 13,913,519	$ 2,222,313

NATURE OF BUSINESS AND SUMMARY

NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1- NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Financial Statements The accompanying unaudited financial statements have been prepared by Lightwave Logic, Inc. (the “Company”). These statements include all adjustments (consisting only of its normal recurring adjustments) which management believes necessary for a fair presentation of the statements and have been prepared on a consistent basis using the accounting polices described in the Summary of Significant Accounting Policies included in the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 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 and six months ending June 30, 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 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 (the “2018 Update). The amendments in the 2018 Update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. Prior to the 2018 Update, Topic 718 applied only to share-based transactions to employees. Consistent with the accounting requirement for employee share-based payment awards, nonemployee share-based payment awards within the scope of Topic 718 are measured at grant-date fair value of the equity instruments that an entity is obligated to issue when the good has been delivered or the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied. The Company has elected to account for forfeiture of stock-based awards as they occur. Loss Per Share The Company follows FASB ASC 260, “Earnings per Share”, resulting in the presentation of basic and diluted earnings per share. Because the Company reported a net loss in 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 June 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 2021
Managements Plans
MANAGEMENT’S PLANS	NOTE 2 – MANAGEMENT’S PLANS 816,000

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	6 Months Ended
	Jun. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
PREPAID EXPENSES AND OTHER CURRENT ASSETS	NOTE 3 – PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following: Schedule of Prepaid expenses and other current assets June 30, December 31, Insurance $ 232,254 $ 93,569 License 86,415 25,478 Other 60,907 51,384 Rent 36,525 36,525 Research & Development Credit 16,416 101,629 Deposit for Equipment — 140,394 Prototype Devices — 118,206 Prepaid expenses and other current assets $ 432,517 $ 567,185

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 4 – PROPERTY AND EQUIPMENT Property and equipment consists of the following: Schedule of Property and Equipment June 30, December 31, Office equipment $ 86,097 $ 86,097 Lab equipment 4,518,608 3,884,807 Furniture 33,128 33,128 Leasehold improvements 237,043 234,366 4,874,876 4,238,398 Less: Accumulated depreciation 2,738,376 2,364,849 $ 2,136,500 $ 1,873,549 Depreciation expense for the six months ending June 30, 2021 and 2020 was $ 373,527 354,381 199,522 176,088 no

INTANGIBLE ASSETS

INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 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 on these applications have yet to be granted. Patents consist of the following: Schedule of Patents June 30, December 31, Patents $ 1,345,221 $ 1,327,000 Less: Accumulated amortization 454,887 411,000 Intangible assets - net $ 890,334 $ 916,000 Amortization expense for the six months ending June 30, 2021 and 2020 was $ 43,887 41,720 21,314 20,842 no

LONG TERM EQUIPMENT PURCHASE PA

LONG TERM EQUIPMENT PURCHASE PAYABLE	6 Months Ended
	Jun. 30, 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: Schedule of Outstanding Long Term Equipment Purchase Payable Interest June 30, December 31, Classification Rate 2021 2020 Current 0.00 % $ — $ 13,107 Long term 0.00 % — — $ — $ 13,107

COMMITMENTS

COMMITMENTS	6 Months Ended
	Jun. 30, 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 November 1, 2017 November 30, 2022 24 168,824 3 347,045 186,293 36,524 260,000 Due to the adoption of the new lease standard, the Company has capitalized the present value of the minimum lease payments commencing November 1, 2019, including the additional option period using an estimated incremental borrowing rate of 6.5 As of January 1, 2019 the operating lease right-of-use asset and operating lease liability amounted to $ 885,094 There are no other material operating leases. The Company is obligated under the operating lease for office and laboratory space. The aggregate minimum future lease payments under the operating leases, including the extended term are as follows: Schedule of Future Lease Payments of Operating Leases YEARS ENDING DECEMBER 31, AMOUNT 2021 101,254 2022 207,563 2023 213,781 2024 182,624 Total operating lease obligation 705,222 Less discounted interest (83,918 ) TOTAL $ 621,304 Rent expense amounting to $ 66,933 22,311 64,718 21,573 33,466 11,155 32,359 10,786

PAYCHECK PROTECTION PROGRAM ADV

PAYCHECK PROTECTION PROGRAM ADVANCE	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
PAYCHECK PROTECTION PROGRAM ADVANCE	NOTE 8 – PAYCHECK PROTECTION PROGRAM ADVANCE On April 24, 2020, the Company received $ 410,700 410,700

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 9 – INCOME TAXES There is no income tax benefit for the losses for the six months ended June 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 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 9,500,000 350,000 258,125 812,500 6,000,000 8,000,000 22,337,500 23,773,924 772,666 1,575,509 39,834 8,062,500 13,973,249 454,138 1,333,628 4,270,589 9,019,277 293,129 1,083,347 On July 2, 2021, the Company filed a $100,000,000 universal shelf registration statement with the U.S. Securities and Exchange Commission which became effective on July 9, 2021.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	6 Months Ended
	Jun. 30, 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 4,040,000 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 8,000,000 4,175,623 3,283,750 Both plans are administered by the Company’s Board of Directors or its compensation committee which determines the persons to whom awards will be granted, the number of awards to be granted, and the specific terms of each grant. Subject to the provisions regarding Ten Percent Shareholders, (as defined in the 2016 Plan), the exercise price per share of each option cannot be less than 100% of the fair market value of a share of common stock on the date of grant. Options granted under the 2016 Plan are generally exercisable for a period of 10 The Company uses the Black-Scholes no 70.4 71.8 1.15 1.73 10 As of June 30, 2021, there was $ 779,323 Share-based compensation was recognized as follows: Schedule of Stock-based Compensation Plans For the Six For the Six Months Ending Months Ending June 30, 2021 June 30, 2020 2007 Employee Stock Option Plan $ — $ — 2016 Equity Incentive Plan 528,249 354,958 Warrants 10,242 50,677 Total share-based compensation $ 538,491 $ 405,635 The following tables summarize all stock option and warrant activity of the Company during the six months ended June 30, 2021: Schedule of Non-Qualified Stock Options and Warrants Outstanding and Exercisable Non-Qualified Stock Options and Warrants Number of Exercise Weighted Average Shares Price Exercise Price Outstanding, December 31, 2020 10,022,500 $ 0.51 1.69 $ 0.84 Granted 965,000 $ 1.27 1.60 $ 1.46 Forfeited (6,250 ) $0.83 $ 0.83 Exercised (1,150,627 ) $ 0.63 1.50 $ 0.84 Outstanding, June 30, 2021 9,830,623 $ 0.51 1.69 $ 0.90 Exercisable, June 30, 2021 9,002,292 $ 0.51 1.69 $ 0.86 The aggregate intrinsic value of options and warrants outstanding and exercisable as of June 30, 2021 was $ 122,380,234 14.45 710,000 619,500 200,000 127,250 240,627 Schedule of Non-Qualified Stock Options and Warrants Outstanding, by Exercise Price Range Non-Qualified Stock Options and Warrants Outstanding Number Outstanding Weighted Average Weighted Average Range of Currently Exercisable Remaining Exercise Price of Options and Exercise Prices at June 30, 2021 Contractual Life Warrants Currently Exercisable $ 0.51 1.69 9,002,292 5.04 $0.86

RELATED PARTY

RELATED PARTY	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
RELATED PARTY	NOTE 12 – RELATED PARTY At June 30, 2021 the Company had a legal accrual to related party of $ 66,253 3,338 2,400 30,100 10,000 7,177 2,520

RETIREMENT PLAN

RETIREMENT PLAN	6 Months Ended
	Jun. 30, 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 six months ending June 30, 2021 and 2020, a contribution of $ 28,431 27,828 15,127 14,748

NATURE OF BUSINESS AND SUMMAR_2

NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Financial Statements	Financial Statements The accompanying unaudited financial statements have been prepared by Lightwave Logic, Inc. (the “Company”). These statements include all adjustments (consisting only of its normal recurring adjustments) which management believes necessary for a fair presentation of the statements and have been prepared on a consistent basis using the accounting polices described in the Summary of Significant Accounting Policies included in the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 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 and six months ending June 30, 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 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 (the “2018 Update). The amendments in the 2018 Update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. Prior to the 2018 Update, Topic 718 applied only to share-based transactions to employees. Consistent with the accounting requirement for employee share-based payment awards, nonemployee share-based payment awards within the scope of Topic 718 are measured at grant-date fair value of the equity instruments that an entity is obligated to issue when the good has been delivered or the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied. The Company has elected to account for forfeiture of stock-based awards as they occur.
Loss Per Share	Loss Per Share The Company follows FASB ASC 260, “Earnings per Share”, resulting in the presentation of basic and diluted earnings per share. Because the Company reported a net loss in 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 June 30, 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 June 30, 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)	6 Months Ended
	Jun. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Prepaid expenses and other current assets	Schedule of Prepaid expenses and other current assets June 30, December 31, Insurance $ 232,254 $ 93,569 License 86,415 25,478 Other 60,907 51,384 Rent 36,525 36,525 Research & Development Credit 16,416 101,629 Deposit for Equipment — 140,394 Prototype Devices — 118,206 Prepaid expenses and other current assets $ 432,517 $ 567,185

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Schedule of Property and Equipment June 30, December 31, Office equipment $ 86,097 $ 86,097 Lab equipment 4,518,608 3,884,807 Furniture 33,128 33,128 Leasehold improvements 237,043 234,366 4,874,876 4,238,398 Less: Accumulated depreciation 2,738,376 2,364,849 $ 2,136,500 $ 1,873,549

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Patents	Schedule of Patents June 30, December 31, Patents $ 1,345,221 $ 1,327,000 Less: Accumulated amortization 454,887 411,000 Intangible assets - net $ 890,334 $ 916,000

LONG TERM EQUIPMENT PURCHASE _2

LONG TERM EQUIPMENT PURCHASE PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
Schedule of Outstanding Long Term Equipment Purchase Payable	Schedule of Outstanding Long Term Equipment Purchase Payable Interest June 30, December 31, Classification Rate 2021 2020 Current 0.00 % $ — $ 13,107 Long term 0.00 % — — $ — $ 13,107

COMMITMENTS (Tables)

COMMITMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Lease Payments of Operating Leases	Schedule of Future Lease Payments of Operating Leases YEARS ENDING DECEMBER 31, AMOUNT 2021 101,254 2022 207,563 2023 213,781 2024 182,624 Total operating lease obligation 705,222 Less discounted interest (83,918 ) TOTAL $ 621,304

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Plans	Schedule of Stock-based Compensation Plans For the Six For the Six Months Ending Months Ending June 30, 2021 June 30, 2020 2007 Employee Stock Option Plan $ — $ — 2016 Equity Incentive Plan 528,249 354,958 Warrants 10,242 50,677 Total share-based compensation $ 538,491 $ 405,635
Schedule of Non-Qualified Stock Options and Warrants Outstanding and Exercisable	Schedule of Non-Qualified Stock Options and Warrants Outstanding and Exercisable Non-Qualified Stock Options and Warrants Number of Exercise Weighted Average Shares Price Exercise Price Outstanding, December 31, 2020 10,022,500 $ 0.51 1.69 $ 0.84 Granted 965,000 $ 1.27 1.60 $ 1.46 Forfeited (6,250 ) $0.83 $ 0.83 Exercised (1,150,627 ) $ 0.63 1.50 $ 0.84 Outstanding, June 30, 2021 9,830,623 $ 0.51 1.69 $ 0.90 Exercisable, June 30, 2021 9,002,292 $ 0.51 1.69 $ 0.86
Schedule of Non-Qualified Stock Options and Warrants Outstanding, by Exercise Price Range	Schedule of Non-Qualified Stock Options and Warrants Outstanding, by Exercise Price Range Non-Qualified Stock Options and Warrants Outstanding Number Outstanding Weighted Average Weighted Average Range of Currently Exercisable Remaining Exercise Price of Options and Exercise Prices at June 30, 2021 Contractual Life Warrants Currently Exercisable $ 0.51 1.69 9,002,292 5.04 $0.86

MANAGEMENT_S PLANS (Details Nar

MANAGEMENT’S PLANS (Details Narrative)	6 Months Ended
	Jun. 30, 2021USD ($)
Managements Plans
Expected expenditures per month	$ 816,000

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Schedule of Prepaid expenses and other current assets consist) (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Insurance	$ 232,254	$ 93,569
License	86,415	25,478
Other	60,907	51,384
Rent	36,525	36,525
Research & Development Credit	16,416	101,629
Deposit for Equipment		140,394
Prototype Devices		118,206
Prepaid expenses and other current assets	$ 432,517	$ 567,185

PROPERTY AND EQUIPMENT (Schedul

PROPERTY AND EQUIPMENT (Schedule of Equipment) (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 4,874,876	$ 4,238,398
Less: Accumulated depreciation	2,738,376	2,364,849
Property and equipment, net	2,136,500	1,873,549
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	86,097	86,097
Other Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,518,608	3,884,807
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	33,128	33,128
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 237,043	$ 234,366

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 199,522	$ 176,088	$ 373,527	$ 354,381
Sale of property and equipment			$ 0	$ 0

INTANGIBLE ASSETS (Schedule of

INTANGIBLE ASSETS (Schedule of Patents) (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Patents	$ 1,345,221	$ 1,327,000
Less: Accumulated amortization	454,887	411,000
Intangible assets - net	$ 890,334	$ 916,000

INTANGIBLE ASSETS (Details Narr

INTANGIBLE ASSETS (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 21,314	$ 20,842	$ 43,887	$ 41,720
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Patent costs written off			$ 0	$ 0

LONG TERM EQUIPMENT PURCHASE _3

LONG TERM EQUIPMENT PURCHASE PAYABLE (Schedule of Outstanding Long Term Equipment Purchase Payable (Details) - USD ($)	Jun. 30, 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 (Schedule of Future

COMMITMENTS (Schedule of Future Lease Payments of Operating Leases) (Details) - USD ($)	Jun. 30, 2021	Jan. 02, 2019
Commitments and Contingencies Disclosure [Abstract]
2021	$ 101,254
2022	207,563
2023	213,781
2024	182,624
Total operating lease obligation	705,222
Less discounted interest	(83,918)
TOTAL	$ 621,304	$ 885,094

COMMITMENTS (Details Narrative)

COMMITMENTS (Details Narrative) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended
	Nov. 30, 2017	Oct. 30, 2017	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Jan. 02, 2019
Loss Contingencies [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			$ 621,304		$ 621,304		$ 703,454	$ 885,094
Operating lease liability			621,304		621,304			$ 885,094
Research and Development Expense [Member]
Loss Contingencies [Line Items]
Rent expense			33,466	$ 32,359	66,933	$ 64,718
General and Administrative Expense [Member]
Loss Contingencies [Line Items]
Rent expense			$ 11,155	$ 10,786	$ 22,311	$ 21,573

PAYCHECK PROTECTION PROGRAM A_2

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

STOCKHOLDERS_ EQUITY (Details N

STOCKHOLDERS’ EQUITY (Details Narrative) - Institutional Investor [Member] - USD ($)	Feb. 04, 2020	Nov. 20, 2020	Feb. 13, 2019	Jan. 31, 2019	May 31, 2021	Jun. 30, 2020	Jun. 30, 2021
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Agreement with an institutional investor to sell common stock and investor committed to invest in common stock (upper limit)				$ 25,000,000
Registering shares of common stock			9,500,000
Common stock issued to institutional investor as commitment fee, shares			350,000		(293,129)	454,138	772,666
Common stock issued to institutional investor as commitment fee, value			$ 258,125		$ (1,083,347)	$ 1,333,628	$ 1,575,509
Common stock reserved for additional commitment fees to the institutional investor	6,000,000	8,000,000	812,500				39,834
Shares sold to institutional investor pursuant to purchase agreement, shares					4,270,589	8,062,500	22,337,500
Proceeds from sale of stock pursuant to purchase agreement with institutional investor					$ 9,019,277	$ 13,973,249	$ 23,773,924
Common stock issued to institutional investor as commitment fee, shares			(350,000)		293,129	(454,138)	(772,666)
Common stock issued to institutional investor as commitment fee, value			$ (258,125)		$ 1,083,347	$ (1,333,628)	$ (1,575,509)

STOCK BASED COMPENSATION (Sched

STOCK BASED COMPENSATION (Schedule of Stock-based Compensation Plans) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	$ 538,491	$ 405,635
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation
Twenty Sixteen Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	528,249	354,958
Warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	$ 10,242	$ 50,677

STOCK BASED COMPENSATION (Sch_2

STOCK BASED COMPENSATION (Schedule of Stock Option and Warrant Outstanding and Exercisable) (Details) - $ / shares	6 Months Ended
	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercised	(710,000)
Non Qualified Stock Options And Warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	10,022,500
Outstanding (Lower Limit)	$ 0.51
Outstanding (Upper Limit)	1.69
Outstanding	$ 0.84
Granted	965,000
Granted (Lower Limit)	$ 1.27
Granted (Upper Limit)	1.60
Granted	$ 1.46
Forfeited	(6,250)
Forfeited	$ 0.83
Forfeited	$ 0.83
Exercised	(1,150,627)
Exercised (Lower Limit)	$ 0.63
Exercised (Upper Limit)	1.50
Exercised	$ 0.84
Outstanding	9,830,623
Outstanding (Lower Limit)	$ 0.51
Outstanding	$ 0.90
Exercisable	9,002,292
Exercisable (Lower Limit)	$ 0.51
Exercisable (Upper Limit)	1.69
Exercisable	$ 0.86

STOCK BASED COMPENSATION (Summa

STOCK BASED COMPENSATION (Summary of Stock Option and Warrant Outstanding) (Details) - Non Qualified Stock Options And Warrants [Member]	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Prices (Lower Limit)	$ 0.51
Exercise Prices (Upper Limit)	1.69
Exercise Price Range One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Prices (Lower Limit)	0.51
Exercise Prices (Upper Limit)	$ 1.69
Number Outstanding Currently Exercisable | shares	9,002,292
Weighted Average Remaining Contractual Life	5 years 14 days
Weighted Average Exercise Price of Options and Warrants Currently Exercisable	$ 0.86

STOCK BASED COMPENSATION (Detai

STOCK BASED COMPENSATION (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2021	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	0.00%
Expected option life	10 years
Unrecognized compensation expense related to non-vested market-based share awards	$ 779,323
Aggregate intrinsic value of options and warrants outstanding and exercisable	$ 122,380,234
Closing stock price of common stock	$ 14.45
Options exercised	710,000
Proceeds from Options exercised	$ 619,500
Warrants exercised	200,000
Proceed from warrant exercised	$ 127,250
Cashless options exercised	240,627
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	71.80%
Risk-free interest rate	1.73%
Two Thousands Seven Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares available to be purchased through options, issued and outstanding	10,000,000
Number of shares authorized under plan	4,040,000
Two Thousands Sixteen Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares available to be purchased through options, issued and outstanding	4,175,623
Number of shares authorized under plan		8,000,000	3,000,000
Common stock remaining for grants	3,283,750
Exercisable period	10 years

RELATED PARTY (Details Narrativ

RELATED PARTY (Details Narrative) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Related Party [Member]
Related Party Transaction [Line Items]
Legal accrual	$ 66,253	$ 30,100
Accounting service fee accrual	2,400	2,520
Officer [Member]
Related Party Transaction [Line Items]
Travel and office expense accruals	$ 3,338	7,177
Director [Member]
Related Party Transaction [Line Items]
Accrued director fees		$ 10,000

RETIREMENT PLAN (Details Narrat

RETIREMENT PLAN (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Retirement Benefits [Abstract]
Expenses related to contribution to retirement plan	$ 15,127	$ 14,748	$ 28,431	$ 27,828