Lightwave Logic (LWLG) 10-K 1 Mar 22 2021 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 28, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	001-40766
Entity Registrant Name	Lightwave Logic, Inc.
Entity Central Index Key	0001325964
Entity Tax Identification Number	82-0497368
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	369 Inverness Parkway
Entity Address, Address Line Two	Suite 350
Entity Address, City or Town	Englewood
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80112
City Area Code	720
Local Phone Number	340-4949
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	LWLG
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 1,542,324,261
Entity Common Stock, Shares Outstanding		110,978,886
ICFR Auditor Attestation Flag	true
Auditor Name	Morison Cogen LLP
Auditor Firm ID	536
Auditor Location	Blue Bell, Pennsylvania

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Dec. 31, 2021	Dec. 31, 2020
CURRENT ASSETS
Cash and cash equivalents	$ 23,432,612	$ 3,306,590
Prepaid expenses and other current assets	232,308	567,185
Total Current Assets	23,664,920	3,873,775
PROPERTY AND EQUIPMENT - NET	2,179,075	1,873,549
OTHER ASSETS
Intangible assets - net	848,133	916,000
Operating Lease - Right of Use - Building	536,447	703,454
TOTAL OTHER ASSETS	1,384,580	1,619,454
TOTAL ASSETS	27,228,575	7,366,778
CURRENT LIABILITIES
Accounts payable	215,734	169,247
Accrued bonuses and accrued expenses	1,118,080	81,396
Current portion of equipment purchase		13,107
Accounts payable and accrued expenses - related parties	32,189	49,797
Deferred lease liability	41,778	41,778
Paycheck Protection Program advance		410,700
Operating lease liability	178,192	167,007
TOTAL CURRENT LIABILITIES	1,585,973	933,032
LONG TERM LIABILITIES
Deferred lease liability	80,075	121,853
Operating lease liability	358,255	536,447
TOTAL LONG TERM LIABILITIES	438,330	658,300
TOTAL LIABILITIES	2,024,303	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, 110,555,459 and 97,775,789 issued and outstanding at December 31, 2021 and December 31, 2020	110,556	97,776
Additional paid-in-capital	114,696,597	76,649,170
Accumulated deficit	(89,602,881)	(70,971,500)
TOTAL STOCKHOLDERS' EQUITY	25,204,272	5,775,446
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 27,228,575	$ 7,366,778

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 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	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	110,555,459	97,775,789
Common stock, shares outstanding	110,555,459	97,775,789

STATEMENTS OF COMPREHENSIVE LOS

STATEMENTS OF COMPREHENSIVE LOSS - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
NET SALES
COST AND EXPENSE
Research and development	12,476,040	4,590,545
General and administrative	4,520,403	2,009,429
TOTAL COST AND EXPENSE	16,996,443	6,599,974
LOSS FROM OPERATIONS	(16,996,443)	(6,599,974)
OTHER INCOME (EXPENSE)
Paycheck Protection Program loan forgiveness	410,700
Interest income	13,826	776
Commitment fee	(2,059,464)	(116,366)
NET LOSS	$ (18,631,381)	$ (6,715,564)
Basic and Diluted Loss per Share	$ (0.18)	$ (0.07)
Basic and Diluted Weighted Average Number of Shares	105,223,959	91,859,025

STATEMENT OF STOCKHOLDERS' EQUI

STATEMENT OF STOCKHOLDERS' EQUITY - 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	$ 8,125	5,165,175		5,173,300
Common stock issued to institutional investor, shares	8,125,000
Common stock issued for commitment shares	$ 168	116,198		116,366
Common stock issued for commitment shares, shares	168,137
Exercise of warrants	$ 2,073	1,656,369		1,658,442
Exercise of warrants, shares	2,073,052
Options issued for services		539,414		539,414
Warrants issued for services		95,774		95,774
Net loss			(6,715,564)	(6,715,564)
Ending balance, value at Dec. 31, 2020	$ 97,776	76,649,170	(70,971,500)	5,775,446
Ending balance, shares at Dec. 31, 2020	97,775,789
Common stock issued to institutional investor	$ 9,291	30,341,383		30,350,674
Common stock issued to institutional investor, shares	9,290,011
Common stock issued for commitment shares	$ 514	2,058,950		2,059,464
Common stock issued for commitment shares, shares	514,536
Exercise of options	$ 2,046	1,948,829		1,950,875
Exercise of options, shares	2,046,250
Cashless exercise of 445,252 options	$ 252	2,236,606		2,236,858
Cashless exercise of 445,252 options, shares	251,873
Exercise of warrants	$ 677	427,673		428,350
Exercise of warrants, shares	677,000
Options issued for services		1,022,985		1,022,985
Warrants issued for services		11,001		11,001
Net loss			(18,631,381)	(18,631,381)
Ending balance, value at Dec. 31, 2021	$ 110,556	$ 114,696,597	$ (89,602,881)	$ 25,204,272
Ending balance, shares at Dec. 31, 2021	110,555,459

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (18,631,381)	$ (6,715,564)
Adjustments to reconcile net loss to net cash used in operating activities
Warrants issued for services	11,001	95,774
Stock options issued for services	1,022,985	539,414
Cashless option exercise	3,672,823
Common stock issued for services and fees	2,059,464	116,366
Depreciation and amortization of patents	878,520	784,419
Paycheck Protection Program loan forgiveness	(410,700)
Decrease (increase) in assets
Prepaid expenses and other current assets	334,877	(194,636)
Increase (decrease) in liabilities
Accounts payable	46,487	80,824
Accrued bonuses and accrued expenses	1,036,684	15,627
Accounts payable and accrued expenses-related parties	(17,608)	34,992
Deferred lease liability	(41,778)	(41,779)
Paycheck Protection Program advance		410,700
Net cash used in operating activities	(10,038,626)	(4,873,863)
CASH FLOWS FROM INVESTING ACTIVITIES
Cost of intangibles	(18,649)	(59,923)
Purchase of property and equipment	(1,097,530)	(158,061)
Net cash used in investing activities	(1,116,179)	(217,984)
CASH FLOWS FROM FINANCING ACTIVITIES
Exercise of options and warrants	2,379,225	1,658,442
Cashless option exercise tax payments	(1,435,965)
Issuance of common stock, institutional investor	30,350,674	5,173,300
Repayment of equipment purchase payable	(13,107)	(669,649)
Net cash provided by financing activities	31,280,827	6,162,093
NET INCREASE IN CASH AND CASH EQUIVALENTS	20,126,022	1,070,246
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR	3,306,590	2,236,344
CASH AND CASH EQUIVALENTS - END OF YEAR	$ 23,432,612	$ 3,306,590

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES History and Nature of Business Lightwave Logic, Inc. is a technology company focused on the development of next generation photonic devices and non-linear optical polymer materials systems for applications in high speed fiber-optic data communications and optical computing markets. Currently the Company is in various stages of photonic device and materials development and evaluation with potential customers and strategic partners. The Company expects to obtain a revenue stream from technology licensing agreements, technology transfer agreements and the production and direct sale of its own electro-optic device components. The Company’s current development activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize the Company’s technology now under development. Lightwave Logic, Inc. (the “Company”) was organized under the laws of the State of Nevada in 1997, and the Company commenced with its current business plan in 2004. Basis of Presentation The accompanying financial statements are presented in accordance with accounting principles generally accepted in the United States of America. For the statements of comprehensive loss, stockholders’ equity and cash flows for the year ended December 31, 2019 refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future, actual results could differ from the estimates. Cash Equivalents For the purposes of the statement of cash flows, the Company considers all highly liquid instruments with maturities of three months or less at the time of purchase to be cash equivalents. Concentration of Credit Risk Certain financial instruments potentially subject the Company to concentrations of credit risk. These financial instruments consist primarily of cash. At December 31, 2021, the Company did have deposits with a financial institution that exceed the Federal Depository Insurance coverage. Property and Equipment Equipment is stated at cost. Depreciation is principally provided by use of straight-line methods for financial and tax reporting purposes over the estimated useful lives of the assets, generally 5 Intangible Assets Definite-lived intangible assets are stated at cost. Patents are amortized over their estimated useful lives, commencing from the date of grant for the remaining legal lives of the patents. The patents generally have a term of up to 20 Fair Value of Financial Instruments The carrying value of the Company’s short-term financial instruments such as cash, accounts payable and accrued expenses approximate their fair values because of their short maturities. Revenue Recognition In accordance with FASB ASC 606, Revenue from Contracts with Customers 1. Identify the contract with the customer. 2. Identify the performance obligations in the contract. 3. Determine the transaction price. 4. Allocate the transaction price to the performance obligations in the contract. 5. Recognize revenue as (or when) the performance obligations are satisfied. For product sales, revenue will be recognized at a point in time when the product is shipped or is delivered to the customer’s location. For services performed, revenue will be recognized at a point in time when the service is performed. However, for certain contracts, revenue will be recognized over time as the customer simultaneously receives and consumes the benefits of performance as the Company performs the service. Income Taxes The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed annually for temporary differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities. Stock-based Payments The Company accounts for stock-based compensation under the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 718, "Compensation - Stock Compensation", which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The Company estimates the fair value of stock-based awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight-line method. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting (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. Recoverability of Long-Lived Assets The Company follows FASB ASC 360, “Property, Plant, and Equipment”. Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amount may not be recoverable. When required, impairment losses on assets to be held and used are recognized based on the excess of the asset’s carrying amount. Comprehensive Income (Loss) 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 Adopted Accounting Pronouncements As of December 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. Recently Issued Accounting Pronouncements Not Yet Adopted As of December 31, 2021, there are no recently issued accounting standards not yet adopted which would have a material effect on the Company’s financial statements. Reclassifications Certain reclassifications have been made to the 2020 financial statement in order to conform to the 2021 financial statement presentation.

MANAGEMENT_S PLANS

MANAGEMENT’S PLANS	12 Months Ended
	Dec. 31, 2021
Managements Plans
MANAGEMENT’S PLANS	NOTE 2 – MANAGEMENT’S PLANS 1,015,000 33,000,000 3,173,743 13,448,832

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	12 Months Ended
	Dec. 31, 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 December 31, 2021 December 31, 2020 Insurance $ 123,877 $ 93,569 Other 33,041 40,134 Rent 36,525 36,525 License 38,865 36,728 Deposit for Equipment — 140,394 Prototype Devices — 118,206 Research & Development Credit — 101,629 Prepaid expenses and other current assets $ 232,308 $ 567,185

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 4 – PROPERTY AND EQUIPMENT Property and equipment consist of the following: Schedule of Property and Equipment December 31, 2021 December 31, 2020 Office equipment $ 95,516 $ 86,097 Lab equipment 4,952,933 3,884,807 Furniture 33,128 33,128 Leasehold improvements 254,350 234,366 5,335,927 4,238,398 Less: Accumulated depreciation 3,156,852 2,364,849 $ 2,179,075 $ 1,873,549 Depreciation expense for the years ending December 31, 2021 and 2020 was $ 792,004 701,015

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Dec. 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 on these applications have yet to be granted. Intangible assets consist of the following: Schedule of Patents December 31, 2021 December 31, 2020 Patents $ 1,345,649 $ 1,327,000 Less: Accumulated amortization 497,516 411,000 Intangible assets - net $ 848,133 $ 916,000 Amortization expense for the years ending December 31, 2021 and 2020 was $ 86,516 83,404 no

COMMITMENTS

COMMITMENTS	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS	NOTE 6 – 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 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 $ 36,524 260,000 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 The Company is obligated under an operating lease for office and laboratory space. The aggregate minimum future lease payments under the operating lease, including the extended term are as follows: Schedule of Future Lease Payments of Operating Leases YEARS ENDING DECEMBER 31, AMOUNT 2022 $ 207,563 2023 213,781 2024 182,624 Total operating lease obligation 603,968 Less discounted interest (67,521 ) TOTAL $ 536,447 Rent expense totaling $ 134,243 44,747 129,806 43,269

PAYCHECK PROTECTION PROGRAM ADV

PAYCHECK PROTECTION PROGRAM ADVANCE	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
PAYCHECK PROTECTION PROGRAM ADVANCE	NOTE 7 – PAYCHECK PROTECTION PROGRAM ADVANCE On April 24, 2020, the Company received $ 410,700 410,700

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 8 – INCOME TAXES As discussed in Note 1, the Company utilizes the asset and liability method of accounting for income taxes in accordance with FASB ASC 740. The income tax (benefit) provision consists of the following: Schedule of Income Tax (Benefit) Provision 2021 2020 Current $ — $ — Deferred (3,692,000 ) (1,972,000 ) Change in valuation allowance 3,692,000 1,972,000 Total $ — $ — The reconciliation of the statutory federal rate to the Company’s effective income tax rate is as follows: Schedule of Reconciliation of Statutory Federal Rate to Effective Income Tax Rate 2021 2020 Amount % Amount % Income tax benefit at U.S. federal income tax rate $ (3,913,000 ) ( 21 ) $ (1,544,000 ) ( 21 ) State tax benefit, net of federal tax effect (838,000 ) ( 4 ) (441,000 ) ( 6 ) Federal deduction net of tax 38,000 — — — Tax exempt income (111,000 ) ( 1 ) — — Non-deductible share-based compensation 899,000 5 13,000 — Change in valuation allowance 3,692,000 20 1,972,000 27 Other 233,000 1 — — $ — — $ — — The components of deferred tax assets as of December 31, 2021 and 2020 are as follows: Schedule of Components of Deferred Tax Assets 2021 2020 Deferred tax asset for NOL carryforwards $ 19,966,000 $ 15,338,000 Share-based compensation 1,242,000 2,178,000 Valuation allowance (21,208,000 ) (17,516,000 ) Total $ — $ — The valuation allowance for deferred tax assets as of December 31, 2021 and 2020 was $ 21,208,000 17,516,000 3,692,000 1,972,000 73,950,000 December 31, 2038 35,670,000 The timing and manner in which the Company can utilize operating loss carryforwards in any year may be limited by provisions of the Internal Revenue Code regarding changes in ownership of corporations. Such limitation may have an impact on the ultimate realization of its carryforwards and future tax deductions. The Company follows FASB ASC 740.10, which provides guidance for the recognition and measurement of certain tax positions in an enterprise’s financial statements. Recognition involves a determination of whether it is more likely than not that a tax position will be sustained upon examination with the presumption that the tax position will be examined by the appropriate taxing authority having full knowledge of all relevant information. The adoption of FASB ASC 740.10 did not require an adjustment to the Company’s financial statements. 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 and no charge during 2021, and accordingly, the Company did not recognize any interest or penalties during 2021 related to unrecognized tax benefits. There is no accrual for uncertain tax positions as of December 31, 2021. The Company files U.S. income tax returns and a state income tax return. With few exceptions, the U.S. and state income tax returns filed for the tax years ending on December 31, 2018 and thereafter are subject to examination by the relevant taxing authorities.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
STOCKHOLDERS’ EQUITY	NOTE 9 – STOCKHOLDERS’ EQUITY Preferred Stock Pursuant to the Company’s Articles of Incorporation, the Company’s board of directors is empowered, without stockholder approval, to issue series of preferred stock with any designations, rights and preferences as they may from time to time determine. The rights and preferences of this preferred stock may be superior to the rights and preferences of the Company’s common stock; consequently, preferred stock, if issued could have dividend, liquidation, conversion, voting or other rights that could adversely affect the voting power or other rights of the common stock. Additionally, preferred stock, if issued, could be utilized, under special circumstances, as a method of discouraging, delaying or preventing a change in control of the Company’s business or a takeover from a third party. Common Stock Options and Warrants In January 2019, the Company signed a purchase agreement with the institutional investor to sell up to $ 25,000,000 9,500,000 350,000 258,125 812,500 6,000,000 8,000,000 22,337,500 23,773,924 772,666 1,575,509 39,834 8,062,500 13,973,249 454,138 1,333,628 On July 2, 2021, the Company filed a $100,000,000 universal shelf registration statement with the U.S. Securities and Exchange Commission which became effective on July 9, 2021. On October 4, 2021, the Company entered into a purchase agreement with the institutional investor to sell up to $ 33,000,000 30,312 279,174 60,623 1,227,511 16,377,425 30,086 446,663 30,537 400,000 3,173,743 5,831 53,123 24,706

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
STOCK BASED COMPENSATION	NOTE 10 – STOCK BASED COMPENSATION During 2007, the Board of Directors of the Company adopted the 2007 Employee Stock Plan (“2007 Plan”) that was approved by the shareholders. Under the 2007 Plan, the Company is authorized to grant options to purchase up to 10,000,000 3,085,000 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 3,000,000 8,000,000 3,663,248 3,210,250 Both plans are administered by the Board of Directors or its compensation committee which determines the persons to whom awards will be granted, the number of awards to be granted, and the specific terms of each grant. Subject to the provisions regarding Ten Percent Shareholders, the exercise price per share of each option cannot be less than 100% of the fair market value of a share of common stock on the date of grant. Options granted under the 2016 Plan are generally exercisable for a period of 10 The Company uses the Black-Scholes no 70.4 77.1 1.15 1.73 10 no 64 78 0.30 1.82 4.6 10 As of December 31, 2021, there was $ 1,087,645 Share-based compensation was recognized as follows: Schedule of Stock-based Compensation Plans 2021 2020 2007 Employee Stock Option Plan $ — $ — 2016 Equity Incentive Plan 1,022,985 539,414 Warrants 11,001 95,774 Total share-based compensation $ 1,033,986 $ 635,188 The following tables summarize all stock option and warrant activity of the Company during the years ended December 31, 2021 and 2020: Schedule of Non-Qualified Stock Options and Warrants Outstanding and Exercisable Number of Exercise Weighted Average Shares Price Exercise Price Outstanding, December 31, 2019 16,302,517 $ 0.57 1.69 $ 0.85 Granted 647,500 $ 0.51 0.86 $ 0.76 Expired (4,845,715 ) $ 0.80 1.02 $ 0.86 Forfeited (8,750 ) $ 1.10 $ 1.10 Exercised (2,073,052 ) $ 0.80 $ 0.80 Outstanding, December 31, 2020 10,022,500 $ 0.57 1.69 $ 0.85 Granted 1,061,000 $ 1.27 16.81 $ 2.32 Forfeited (28,750 ) $ 0.64 0.86 $ 0.82 Exercised (3,168,502 ) $ 0.60 1.50 $ 0.88 Outstanding, December 31, 2021 7,886,248 $ 0.51 16.81 $ 1.02 Exercisable, December 31, 2021 7,403,249 $ 0.51 16.81 $ 0.89 The aggregate intrinsic value of options and warrants outstanding and exercisable as of December 31, 2021 was $ 103,604,322 14.88 2,046,250 1,950,875 677,000 428,350 445,252 2,073,052 1,658,442 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 December 31, 2021 Contractual Life Warrants Currently Exercisable $ 0.51 16.81 7,403,249 5.0 $0.89

RELATED PARTY

RELATED PARTY	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTY	NOTE 11 – RELATED PARTY At December 31, 2021 the Company had office expense accruals of officers in the amount of $ 24,000 6,130 2,059 30,100 10,000 7,177 2,520

RETIREMENT PLAN

RETIREMENT PLAN	12 Months Ended
	Dec. 31, 2021
Retirement Benefits [Abstract]
RETIREMENT PLAN	NOTE 12 – RETIREMENT PLAN The Company established a 401(k) retirement plan covering all eligible employees beginning November 15, 2013. A contribution of $ 53,035 53,832

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
History and Nature of Business	History and Nature of Business Lightwave Logic, Inc. is a technology company focused on the development of next generation photonic devices and non-linear optical polymer materials systems for applications in high speed fiber-optic data communications and optical computing markets. Currently the Company is in various stages of photonic device and materials development and evaluation with potential customers and strategic partners. The Company expects to obtain a revenue stream from technology licensing agreements, technology transfer agreements and the production and direct sale of its own electro-optic device components. The Company’s current development activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize the Company’s technology now under development. Lightwave Logic, Inc. (the “Company”) was organized under the laws of the State of Nevada in 1997, and the Company commenced with its current business plan in 2004.
Basis of Presentation	Basis of Presentation The accompanying financial statements are presented in accordance with accounting principles generally accepted in the United States of America. For the statements of comprehensive loss, stockholders’ equity and cash flows for the year ended December 31, 2019 refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
Estimates	Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future, actual results could differ from the estimates.
Cash Equivalents	Cash Equivalents For the purposes of the statement of cash flows, the Company considers all highly liquid instruments with maturities of three months or less at the time of purchase to be cash equivalents.
Concentration of Credit Risk	Concentration of Credit Risk Certain financial instruments potentially subject the Company to concentrations of credit risk. These financial instruments consist primarily of cash. At December 31, 2021, the Company did have deposits with a financial institution that exceed the Federal Depository Insurance coverage.
Property and Equipment	Property and Equipment Equipment is stated at cost. Depreciation is principally provided by use of straight-line methods for financial and tax reporting purposes over the estimated useful lives of the assets, generally 5
Intangible Assets	Intangible Assets Definite-lived intangible assets are stated at cost. Patents are amortized over their estimated useful lives, commencing from the date of grant for the remaining legal lives of the patents. The patents generally have a term of up to 20
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying value of the Company’s short-term financial instruments such as cash, accounts payable and accrued expenses approximate their fair values because of their short maturities.
Revenue Recognition	Revenue Recognition In accordance with FASB ASC 606, Revenue from Contracts with Customers 1. Identify the contract with the customer. 2. Identify the performance obligations in the contract. 3. Determine the transaction price. 4. Allocate the transaction price to the performance obligations in the contract. 5. Recognize revenue as (or when) the performance obligations are satisfied. For product sales, revenue will be recognized at a point in time when the product is shipped or is delivered to the customer’s location. For services performed, revenue will be recognized at a point in time when the service is performed. However, for certain contracts, revenue will be recognized over time as the customer simultaneously receives and consumes the benefits of performance as the Company performs the service.
Income Taxes	Income Taxes The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed annually for temporary differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities.
Stock-based Payments	Stock-based Payments The Company accounts for stock-based compensation under the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 718, "Compensation - Stock Compensation", which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The Company estimates the fair value of stock-based awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight-line method. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting (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.
Recoverability of Long-Lived Assets	Recoverability of Long-Lived Assets The Company follows FASB ASC 360, “Property, Plant, and Equipment”. Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amount may not be recoverable. When required, impairment losses on assets to be held and used are recognized based on the excess of the asset’s carrying amount.
Comprehensive Income (Loss)	Comprehensive Income (Loss) 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 Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements As of December 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.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted As of December 31, 2021, there are no recently issued accounting standards not yet adopted which would have a material effect on the Company’s financial statements.
Reclassifications	Reclassifications Certain reclassifications have been made to the 2020 financial statement in order to conform to the 2021 financial statement presentation.

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2021 December 31, 2020 Insurance $ 123,877 $ 93,569 Other 33,041 40,134 Rent 36,525 36,525 License 38,865 36,728 Deposit for Equipment — 140,394 Prototype Devices — 118,206 Research & Development Credit — 101,629 Prepaid expenses and other current assets $ 232,308 $ 567,185

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Schedule of Property and Equipment December 31, 2021 December 31, 2020 Office equipment $ 95,516 $ 86,097 Lab equipment 4,952,933 3,884,807 Furniture 33,128 33,128 Leasehold improvements 254,350 234,366 5,335,927 4,238,398 Less: Accumulated depreciation 3,156,852 2,364,849 $ 2,179,075 $ 1,873,549

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Patents	Schedule of Patents December 31, 2021 December 31, 2020 Patents $ 1,345,649 $ 1,327,000 Less: Accumulated amortization 497,516 411,000 Intangible assets - net $ 848,133 $ 916,000

COMMITMENTS (Tables)

COMMITMENTS (Tables)	12 Months Ended
	Dec. 31, 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 2022 $ 207,563 2023 213,781 2024 182,624 Total operating lease obligation 603,968 Less discounted interest (67,521 ) TOTAL $ 536,447

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Income Tax (Benefit) Provision	Schedule of Income Tax (Benefit) Provision 2021 2020 Current $ — $ — Deferred (3,692,000 ) (1,972,000 ) Change in valuation allowance 3,692,000 1,972,000 Total $ — $ —
Schedule of Reconciliation of Statutory Federal Rate to Effective Income Tax Rate	Schedule of Reconciliation of Statutory Federal Rate to Effective Income Tax Rate 2021 2020 Amount % Amount % Income tax benefit at U.S. federal income tax rate $ (3,913,000 ) ( 21 ) $ (1,544,000 ) ( 21 ) State tax benefit, net of federal tax effect (838,000 ) ( 4 ) (441,000 ) ( 6 ) Federal deduction net of tax 38,000 — — — Tax exempt income (111,000 ) ( 1 ) — — Non-deductible share-based compensation 899,000 5 13,000 — Change in valuation allowance 3,692,000 20 1,972,000 27 Other 233,000 1 — — $ — — $ — —
Schedule of Components of Deferred Tax Assets	Schedule of Components of Deferred Tax Assets 2021 2020 Deferred tax asset for NOL carryforwards $ 19,966,000 $ 15,338,000 Share-based compensation 1,242,000 2,178,000 Valuation allowance (21,208,000 ) (17,516,000 ) Total $ — $ —

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Plans	Schedule of Stock-based Compensation Plans 2021 2020 2007 Employee Stock Option Plan $ — $ — 2016 Equity Incentive Plan 1,022,985 539,414 Warrants 11,001 95,774 Total share-based compensation $ 1,033,986 $ 635,188
Schedule of Non-Qualified Stock Options and Warrants Outstanding and Exercisable	Schedule of Non-Qualified Stock Options and Warrants Outstanding and Exercisable Number of Exercise Weighted Average Shares Price Exercise Price Outstanding, December 31, 2019 16,302,517 $ 0.57 1.69 $ 0.85 Granted 647,500 $ 0.51 0.86 $ 0.76 Expired (4,845,715 ) $ 0.80 1.02 $ 0.86 Forfeited (8,750 ) $ 1.10 $ 1.10 Exercised (2,073,052 ) $ 0.80 $ 0.80 Outstanding, December 31, 2020 10,022,500 $ 0.57 1.69 $ 0.85 Granted 1,061,000 $ 1.27 16.81 $ 2.32 Forfeited (28,750 ) $ 0.64 0.86 $ 0.82 Exercised (3,168,502 ) $ 0.60 1.50 $ 0.88 Outstanding, December 31, 2021 7,886,248 $ 0.51 16.81 $ 1.02 Exercisable, December 31, 2021 7,403,249 $ 0.51 16.81 $ 0.89
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 December 31, 2021 Contractual Life Warrants Currently Exercisable $ 0.51 16.81 7,403,249 5.0 $0.89

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Estimated useful lives of assets	5 years
Estimated useful life of patents	20 years

MANAGEMENT_S PLANS (Details Nar

MANAGEMENT’S PLANS (Details Narrative) - USD ($)	Oct. 04, 2021	Feb. 28, 2022	Dec. 31, 2021
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Approximate monthly expenditures			$ 1,015,000
Institutional Investor [Member] | Two Thousand Twenty One Purchase Agreement [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Agreement with an institutional investor to sell common stock and investor committed to invest in common stock (upper limit)	$ 33,000,000
Institutional Investor [Member] | Two Thousand Twenty One Purchase Agreement [Member] | Subsequent Event [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Purchase agreement amount received		$ 3,173,743
Agreement to sell invest common stock value remaing amount available		$ 13,448,832

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Schedule of Prepaid expenses and other current assets consist) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Insurance	$ 123,877	$ 93,569
Other	33,041	40,134
Rent	36,525	36,525
License	38,865	36,728
Deposit for Equipment		140,394
Prototype Devices		118,206
Research & Development Credit		101,629
Prepaid expenses and other current assets	$ 232,308	$ 567,185

PROPERTY AND EQUIPMENT (Schedul

PROPERTY AND EQUIPMENT (Schedule of Equipment) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,335,927	$ 4,238,398
Less: Accumulated depreciation	3,156,852	2,364,849
Property and equipment, net	2,179,075	1,873,549
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	95,516	86,097
Other Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,952,933	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	$ 254,350	$ 234,366

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 792,004	$ 701,015

INTANGIBLE ASSETS (Schedule of

INTANGIBLE ASSETS (Schedule of Patents) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Patents	$ 1,345,649	$ 1,327,000
Less: Accumulated amortization	497,516	411,000
Intangible assets - net	$ 848,133	$ 916,000

INTANGIBLE ASSETS (Details Narr

INTANGIBLE ASSETS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 86,516	$ 83,404
Impairment of capitalized patent costs	$ 0	$ 0

COMMITMENTS (Schedule of Future

COMMITMENTS (Schedule of Future Lease Payments of Operating Leases) (Details)	Dec. 31, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 207,563
2023	213,781
2024	182,624
Total operating lease obligation	603,968
Less discounted interest	(67,521)
TOTAL	$ 536,447

COMMITMENTS (Details Narrative)

COMMITMENTS (Details Narrative) - USD ($)	Nov. 02, 2019	Nov. 30, 2017	Oct. 30, 2017	Dec. 31, 2021	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%
Operating lease right of use asset				$ 536,447	$ 703,454	$ 885,094
Research and Development Expense [Member]
Loss Contingencies [Line Items]
Rent expense				134,243	129,806
General and Administrative Expense [Member]
Loss Contingencies [Line Items]
Rent expense				$ 44,747	$ 43,269

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

INCOME TAXES (Schedule of Incom

INCOME TAXES (Schedule of Income Tax (Benefit) Provision) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Current
Deferred	(3,692,000)	(1,972,000)
Change in valuation allowance	3,692,000	1,972,000
Total

INCOME TAXES (Schedule of Recon

INCOME TAXES (Schedule of Reconciliation of Statutory Federal Rate to Effective Income Tax Rate) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax benefit at U.S. federal income tax rate	$ (3,913,000)	$ (1,544,000)
Income tax benefit at U.S. federal income tax rate, percentage	21.00%	21.00%
State tax benefit, net of federal tax effect	$ (838,000)	$ (441,000)
State tax benefit, net of federal tax effect, percentage	4.00%	6.00%
Federal deduction net of tax	$ 38,000
Federal deduction net of tax, percentage
Tax exempt income	$ (111,000)
Tax exempt income, percentage	1.00%
Non-deductible share-based compensation	$ 899,000	$ 13,000
Non-deductible share-based compensation, percentage	5.00%
Change in valuation allowance	$ 3,692,000	$ 1,972,000
Change in valuation allowance, percentage	20.00%	27.00%
Other	$ 233,000
Other, percentage	1.00%
Total
Total percentage

INCOME TAXES (Schedule of Compo

INCOME TAXES (Schedule of Components of Deferred Tax Assets) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Deferred tax asset for NOL carryforwards	$ 19,966,000	$ 15,338,000
Share-based compensation	1,242,000	2,178,000
Valuation allowance	(21,208,000)	(17,516,000)
Total

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jan. 02, 2021
Income Tax Disclosure [Abstract]
Valuation allowance	$ 21,208,000	$ 17,516,000
Increase (decrease) in valuation allowance	3,692,000	$ 1,972,000
Net operating loss carry forwards	$ 73,950,000		$ 35,670,000
Operating Loss Carryforwards, Expiration Date	Dec. 31, 2038

STOCKHOLDERS_ EQUITY (Details N

STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)	Oct. 04, 2021	Jan. 31, 2019	Feb. 28, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Nov. 20, 2020	Feb. 04, 2020	Feb. 13, 2019
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Share issued, value				$ 2,059,464	$ 116,366
Institutional Investor [Member] | 2019 Purchase Agreement [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Agreement with an institutional investor to sell common stock and investor committed to invest in common stock (upper limit)		$ 25,000,000
Registering shares of common stock							8,000,000	6,000,000	9,500,000
Common stock issued to institutional investor as commitment fee, shares		350,000
Common stock issued to institutional investor as commitment fee		$ 258,125
Common stock reserved for additional commitment fees to the institutional investor		812,500				39,834
Share issued, shares				8,062,500		22,337,500
Share issued, value				$ 13,973,249		$ 23,773,924
Additional shares issued				454,138		772,666
Additional shares issued, amount				$ 1,333,628		$ 1,575,509
Institutional Investor [Member] | Two Thousand Twenty One Purchase Agreement [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Common stock reserved for additional commitment fees to the institutional investor	60,623			30,537
Share issued, shares				1,227,511
Share issued, value				$ 16,377,425
Additional shares issued	30,312			30,086
Additional shares issued, amount	$ 279,174			$ 446,663
Agreement with an institutional investor to sell common stock and investor committed to invest in common stock (upper limit)	$ 33,000,000
Institutional Investor [Member] | Two Thousand Twenty One Purchase Agreement [Member] | Subsequent Event [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Common stock reserved for additional commitment fees to the institutional investor			24,706
Share issued, shares			400,000
Share issued, value			$ 3,173,743
Additional shares issued			5,831
Additional shares issued, amount			$ 53,123

STOCK BASED COMPENSATION (Sched

STOCK BASED COMPENSATION (Schedule of Stock-based Compensation Plans) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	$ 1,033,986	$ 635,188
Share-based Payment Arrangement, 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	1,022,985	539,414
Warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	$ 11,001	$ 95,774

STOCK BASED COMPENSATION (Sch_2

STOCK BASED COMPENSATION (Schedule of Stock Option and Warrant Outstanding and Exercisable) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding (Lower Limit)	$ 0.51
Outstanding (Upper Limit)	$ 16.81
Non Qualified Stock Options And Warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	10,022,500	16,302,517
Outstanding (Lower Limit)	$ 0.57	$ 0.57
Outstanding (Upper Limit)	1.69	1.69
Outstanding	$ 0.85	$ 0.85
Granted	1,061,000	647,500
Granted (Lower Limit)	$ 1.27	$ 0.51
Granted (Upper Limit)	16.81	0.86
Granted	$ 2.32	$ 0.76
Expired		(4,845,715)
Expired (Lower Limit)		$ 0.80
Expired (Upper Limit)		1.02
Expired		$ 0.86
Forfeited	(28,750)	(8,750)
Forfeited (Upper Limit)	$ 0.86	$ 1.10
Forfeited	$ 0.82	$ 1.10
Exercised	(3,168,502)	(2,073,052)
Exercised (Lower Limit)	$ 0.60	$ 0.80
Exercised	0.88	$ 0.80
Forfeited (Lower Limit)	0.64
Exercised (Upper Limit)	$ 1.50
Outstanding	7,886,248	10,022,500
Outstanding	$ 1.02	$ 0.85
Exercisable	7,403,249
Exercisable (Lower Limit)	$ 0.51
Exercisable (Upper Limit)	16.81
Exercisable	$ 0.89

STOCK BASED COMPENSATION (Summa

STOCK BASED COMPENSATION (Summary of Stock Option and Warrant Outstanding) (Details) - Non Qualified Stock Options And Warrants [Member]	12 Months Ended
	Dec. 31, 2021$ / sharesshares
$0.51 - $1.69 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number Outstanding Currently Exercisable | shares	7,403,249
Weighted Average Remaining Contractual Life	5 years
Exercise Price	$ 0.89
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Prices (Upper Limit)	0.51
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Prices (Upper Limit)	$ 16.81

STOCK BASED COMPENSATION (Detai

STOCK BASED COMPENSATION (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	May 16, 2019	May 15, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used	Black-Scholes
Expected dividend yield	0.00%	0.00%
Expected volatility, minimum	70.40%	64.00%
Expected volatility, maximum	77.10%	78.00%
Risk-free interest rate, minimum	1.15%	0.30%
Risk-free interest rate, maximum	1.73%	1.82%
Unrecognized compensation expense related to non-vested market-based share awards	$ 1,087,645
Warrants exercised	677,000	2,073,052
Proceeds from warrants exercised	$ 428,350	$ 1,658,442
[custom:NumberOfWarrantsOptionExercised]	445,252
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	$ 103,604,322
Closing stock price of common stock	$ 14.88
Warrants exercised	2,046,250
Proceeds from warrants exercised	$ 1,950,875
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected option life	10 years	10 years
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected option life		4 years 7 months 6 days
2007 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized under plan	10,000,000
Number of common shares available to be purchased through options, issued and outstanding	3,085,000
2016 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized under plan	3,000,000		8,000,000	3,000,000
Number of common shares available to be purchased through options, issued and outstanding	3,663,248
Common stock remain available for grants	3,210,250
Exercisable period	10 years

RELATED PARTY (Details Narrativ

RELATED PARTY (Details Narrative) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Officer [Member]
Related Party Transaction [Line Items]
Travel and office expense accruals	$ 24,000	$ 7,177
Related Party [Member]
Related Party Transaction [Line Items]
Legal accrual	6,130	30,100
Accounting service fee accrual	$ 2,059	2,520
Director [Member]
Related Party Transaction [Line Items]
Accrued director fees		$ 10,000

RETIREMENT PLAN (Details Narrat

RETIREMENT PLAN (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Contributions to 401k plan	$ 53,035	$ 53,832