Lightwave Logic (LWLG) 10-Q 9 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Aug. 09, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	001-40766
Entity Registrant Name	Lightwave Logic, Inc.
Entity Central Index Key	0001325964
Entity Tax Identification Number	82-0497368
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	369 Inverness Parkway
Entity Address, Address Line Two	Suite 350
Entity Address, City or Town	Englewood
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80112
City Area Code	720
Local Phone Number	340-4949
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	LWLG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		112,086,109

BALANCE SHEETS (Unaudited)

BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
CURRENT ASSETS
Cash and cash equivalents	$ 24,829,749	$ 23,432,612
Prepaid expenses and other current assets	783,296	232,308
TOTAL CURRENT ASSETS	25,613,045	23,664,920
PROPERTY AND EQUIPMENT - NET	2,098,819	2,179,075
OTHER ASSETS
Intangible assets - net	846,405	848,133
Operating Lease - Right of Use - Building	448,795	536,447
TOTAL OTHER ASSETS	1,295,200	1,384,580
TOTAL ASSETS	29,007,064	27,228,575
CURRENT LIABILITIES
Accounts payable	333,147	215,734
Accrued bonuses and accrued expenses	76,447	1,118,080
Accounts payable and accrued expenses - related parties	88,534	32,189
Deferred lease liability	41,778	41,778
Operating lease liability	184,062	178,192
TOTAL CURRENT LIABILITIES	723,968	1,585,973
LONG TERM LIABILITIES
Deferred lease liability	59,186	80,075
Operating lease liability	264,733	358,255
TOTAL LONG TERM LIABILITIES	323,919	438,330
TOTAL LIABILITIES	1,047,887	2,024,303
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, 111,887,124 and 110,555,459 issued and outstanding at June 30, 2022 and December 31, 2021	111,888	110,556
Additional paid-in-capital	125,040,332	114,696,597
Deferred compensation	(231,803)
Accumulated deficit	(96,961,240)	(89,602,881)
TOTAL STOCKHOLDERS' EQUITY	27,959,177	25,204,272
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 29,007,064	$ 27,228,575

BALANCE SHEETS (Unaudited) (Pa

BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
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	111,887,124	110,555,459
Common stock, shares outstanding	111,887,124	110,555,459

STATEMENTS OF COMPREHENSIVE LOS

STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
NET SALES
COST AND EXPENSE
Research and development	2,781,215	2,797,505	5,406,355	4,160,308
General and administrative	987,137	658,738	1,872,566	1,191,706
TOTAL COST AND EXPENSE	3,768,352	3,456,243	7,278,921	5,352,014
LOSS FROM OPERATIONS	(3,768,352)	(3,456,243)	(7,278,921)	(5,352,014)
OTHER INCOME (EXPENSE)
Paycheck Protection Program loan forgiveness				410,700
Interest income	13,398	105	28,419	413
Commitment fee	(47,644)	(1,083,347)	(107,857)	(1,333,628)
NET LOSS	$ (3,802,598)	$ (4,539,485)	$ (7,358,359)	$ (6,274,529)
LOSS PER SHARE
Basic	$ (0.03)	$ (0.04)	$ (0.07)	$ (0.06)
Diluted	$ (0.03)	$ (0.04)	$ (0.07)	$ (0.06)
WEIGHTED AVERAGE NUMBER OF SHARES
Basic	111,593,709	104,125,843	111,243,676	101,969,122
Diluted	111,593,709	104,125,843	111,243,676	101,969,122

TATEMENT OF STOCKHOLDERS' EQUIT

TATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Deferred Compensation, Share-Based Payments [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 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
Cashless exercise of 210,627 options	$ 133	863,705			863,838
Cashless exercise of 4,375 options shares	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
Ending 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 4,375 options shares	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
Ending balance, shares at Jun. 30, 2021	107,335,110
Beginning balance, value at Dec. 31, 2021	$ 110,556	114,696,597		(89,602,881)	25,204,272
Beginning balance, shares at Dec. 31, 2021	110,555,459
Common stock issued to institutional investor	$ 875	6,704,818			6,705,693
Common stock issued to institutional investor, shares	875,000
Common stock issued for commitment shares	$ 12	107,845			107,857
Common stock issued for commitment shares, shares	12,319
Exercise of options	$ 238	181,937			182,175
Exercise of options, shares	238,250
Cashless exercise of 210,627 options	$ 3	35,015			35,018
Cashless exercise of 4,375 options shares	2,596
Exercise of warrants	$ 175	240,575			240,750
Exercise of warrants, shares	175,000
Options issued for services		2,798,550			2,798,550
Restricted stock awards issued for future services	$ 29	274,995	(275,024)
Restricted stock awards issued for future services, shares	28,500
Deferred compensation			43,221		43,221
Net loss				(7,358,359)	(7,358,359)
Ending balance, value at Jun. 30, 2022	$ 111,888	125,040,332	(231,803)	(96,961,240)	27,959,177
Ending balance, shares at Jun. 30, 2022	111,887,124
Beginning balance, value at Mar. 31, 2022	$ 111,099	120,118,908	(252,094)	(93,158,642)	26,819,271
Beginning balance, shares at Mar. 31, 2022	111,098,328
Common stock issued to institutional investor	$ 400	3,018,476			3,018,876
Common stock issued to institutional investor, shares	400,000
Common stock issued for commitment shares	$ 6	47,638			47,644
Common stock issued for commitment shares, shares	5,546
Exercise of options	$ 208	155,117			155,325
Exercise of options, shares	208,250
Exercise of warrants	$ 175	240,575			240,750
Exercise of warrants, shares	175,000
Options issued for services		1,459,618			1,459,618
Deferred compensation			20,291		20,291
Net loss				(3,802,598)	(3,802,598)
Ending balance, value at Jun. 30, 2022	$ 111,888	$ 125,040,332	$ (231,803)	$ (96,961,240)	$ 27,959,177
Ending balance, shares at Jun. 30, 2022	111,887,124

STATEMENTS OF CASH FLOW (Unaudi

STATEMENTS OF CASH FLOW (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (7,358,359)	$ (6,274,529)
Adjustment to reconcile net loss to net cash used in operating activities
Warrants issued for services		10,242
Stock options issued for services	2,798,550	528,249
Amortization of deferred compensation	43,221
Cashless option exercise	106,659	1,317,223
Common stock issued for services and fees	107,857	1,333,628
Depreciation and amortization of patents	496,549	417,414
Paycheck Protection Program loan forgiveness		(410,700)
(Increase) decrease in assets
Prepaid expenses and other current assets	(550,988)	134,668
(Decrease) increase in liabilities
Accounts payable	117,413	(34,357)
Accrued bonuses and accrued expenses	(1,041,633)	(15,022)
Accounts payable and accrued expenses- related parties	56,345	22,194
Deferred lease liability	(20,889)	(20,889)
Net cash used in operating activities	(5,245,275)	(2,991,879)
CASH FLOWS FROM INVESTING ACTIVITIES
Cost of intangibles	(41,905)	(18,221)
Purchase of property and equipment	(372,660)	(636,478)
Net cash used in investing activities	(414,565)	(654,699)
CASH FLOWS FROM FINANCING ACTIVITIES
Exercise of options and warrants	422,925	746,750
Cashless option exercise tax payments	(71,641)	(453,385)
Issuance of common stock, institutional investor	6,705,693	13,973,249
Repayment of equipment purchase payable		(13,107)
Net cash provided by financing activities	7,056,977	14,253,507
NET INCREASE IN CASH AND CASH EQUIVALENTS	1,397,137	10,606,929
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	23,432,612	3,306,590
CASH AND CASH EQUIVALENTS - END OF PERIOD	$ 24,829,749	$ 13,913,519

NATURE OF BUSINESS AND SUMMARY

NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2022
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, 2021, as filed with the Securities and Exchange Commission on March 1, 2022 (the “2021 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 2021 Annual Report. The interim operating results for the three and six months ending June 30, 2022 may not be indicative of operating results expected for the full year. Nature of Business Lightwave Logic, Inc. is a technology company focused on the development of next generation photonic devices and non-linear optical polymer materials systems for applications in high speed fiber-optic data communications and optical computing markets. Currently the Company is in various stages of photonic device and materials development and evaluation with potential customers and strategic partners. The Company expects to obtain a revenue stream from technology licensing agreements, technology transfer agreements and the production and direct sale of its own electro-optic device components. The Company’s current development activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize the Company’s technology now under development. Stock-based Payments The Company accounts for stock-based compensation under the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 718, "Compensation - Stock Compensation", which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The fair value of restricted stock awards is estimated by the market price of the Company’s common stock at the date of grant. Restricted stock awards are being amortized to expense over the vesting period. The Company estimates the fair value of option and warrant awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight-line method. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting (the “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 2022 and 2021, 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, 2022, 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, 2022 and for the period then ended, there are no recently adopted accounting standards that have a material effect on the Company’s financial statements. Reclassifications Certain reclassifications have been made to the 2021 financial statement in order to conform to the 2022 financial statement presentation.

MANAGEMENT_S PLANS

MANAGEMENT’S PLANS	6 Months Ended
	Jun. 30, 2022
Managements Plans
MANAGEMENT’S PLANS	NOTE 2 – MANAGEMENT’S PLANS Our future expenditures and capital requirements will depend on numerous factors, including: the progress of our research and development efforts; the rate at which we can, directly or through arrangements with original equipment manufacturers, introduce and sell products incorporating our polymer materials technology; the costs of filing, prosecuting, defending and enforcing any patent claims and other intellectual property rights; market acceptance of our products and competing technological developments; and our ability to establish cooperative development, joint venture and licensing arrangements. We expect that we will incur approximately $ 1,300,000 33,000,000 1,612,350 8,304,532

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	6 Months Ended
	Jun. 30, 2022
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 $ 430,633 $ 123,877 Equipment deposit 138,474 — Licence 88,093 38,865 Investor expenses 40,500 — Rent 36,525 36,525 Other 49,071 33,041 Prepaid expenses and other current assets $ 783,296 $ 232,308

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	6 Months Ended
	Jun. 30, 2022
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 June 30, December 31, Office equipment $ 109,274 $ 95,516 Lab equipment 5,311,836 4,952,933 Furniture 33,128 33,128 Leasehold improvements 183,387 254,350 5,637,625 5,335,927 Less: Accumulated depreciation 3,538,806 3,156,852 $ 2,098,819 $ 2,179,075 Depreciation expense for the six months ending June 30, 2022 and 2021 was $ 452,916 373,527 230,827 199,522 no

INTANGIBLE ASSETS

INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2022
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 $ 1,387,554 $ 1,345,649 Less: Accumulated amortization 541,149 497,516 Intangible assets - net $ 846,405 $ 848,133 Amortization expense for the six months ending June 30, 2022 and 2021 was $ 43,633 43,887 21,554 21,314 no

COMMITMENTS

COMMITMENTS	6 Months Ended
	Jun. 30, 2022
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 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 2022 $ 104,296 2023 213,781 2024 182,624 Total operating lease obligation 500,701 Less discounted interest (51,906 ) TOTAL $ 448,795 Rent expense amounting to $ 69,197 23,066 66,933 22,311 34,599 11,533 33,466 11,155

PAYCHECK PROTECTION PROGRAM ADV

PAYCHECK PROTECTION PROGRAM ADVANCE	6 Months Ended
	Jun. 30, 2022
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	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 8 – INCOME TAXES There is no income tax benefit for the losses for the six months ended June 30, 2022 and 2021 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, 2022, 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, 2022. The Company did not recognize any interest or penalties during 2021 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, 2018 and thereafter are subject to examination by the relevant taxing authorities.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	6 Months Ended
	Jun. 30, 2022
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 Common Stock, Options and Warrants (Continued) 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 2,102,511 23,083,117 42,405 554,520 18,218 875,000 6,705,693 12,319 107,857 400,000 3,018,876 5,546 47,644 175,000 1,612,350 2,960 30,393 15,258 Restricted Stock Awards On January 18, 2022, the Compensation Committee of the Board of Directors approved grants totaling 28,500 9.65 9,504 9,498 9,498

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
STOCK BASED COMPENSATION	NOTE 10 – STOCK BASED COMPENSATION During 2007, the Board of Directors of the Company adopted the 2007 Employee Stock Plan (“2007 Plan”) that was approved by the shareholders. Under the 2007 Plan, the Company is authorized to grant options to purchase up to 10,000,000 2,895,000 During 2016, the Board of Directors of the Company adopted the 2016 Plan that was approved by the shareholders at the 2016 annual meeting of shareholders on May 20, 2016. Under the 2016 Plan, the Company is authorized to grant awards of incentive and non-qualified stock options and restricted stock to purchase up to 3,000,000 shares of common stock to employees, directors and consultants. Effective May 16, 2019, the number of shares of the Company’s common stock available for issuance under the 2016 Plan was increased from 3,000,000 8,000,000 4,332,123 28,500 2,435,250 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 74.7 75.3 1.87 3.46 10 As of June 30, 2022, there was $ 3,808,205 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, 2022 June 30, 2021 2007 Employee stock option Plan $ — $ — 2016 Equity Incentive Plan 2,798,550 528,249 2016 Equity Incentive Plan restricted stock awards — 10,242 Warrants — — Total share-based compensation $ 2,798,550 $ 538,491 The following tables summarize all stock option and warrant activity of the Company during the six months ended June 30, 2022: Schedule of Non-Qualified Stock Options and Warrants Outstanding and Exercisable Non-Qualified Stock Options and Warrants Outstanding and Exercisable Number of Exercise Weighted Average Shares Price Exercise Price Outstanding, December 31, 2021 7,886,248 $ 0.51 - $ 16.81 $ 1.02 Granted 746,500 $ 5.81 - $ 9.65 $ 9.38 Expired (25,000 ) $ 1.69 $ 1.69 Exercised (417,625 ) $ 0.64 - $ 1.48 $ 1.02 Outstanding, June 30, 2022 8,190,123 $ 0.51 - $ 16.81 $ 1.78 Exercisable, June 30, 2022 7,463,530 $ 0.51 - $ 16.81 $ 1.28 The aggregate intrinsic value of options and warrants outstanding and exercisable as of June 30, 2022 was $ 40,374,965 6.54 238,250 182,175 4,375 175,000 240,750 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, 2022 Contractual Life Warrants Currently Exercisable $ 0.51 16.81 7,463,530 5.12 $1.28 The fair value of restricted stock awards is estimated by the market price of the Company’s common stock at the date of grant. Restricted stock activity during the six and three month period ending June 30, 2022 and 2021 are as follows: Schedule of Nonvested Restricted Stock Units Activity Restricted Stock Awards Six month period ended June 30, 2022 June 30, 2021 Weighted Average Weighted Average Number of Grant Date Fair Number of Grant Date Fair Shares Value per Share Shares Value per Share Non-vested, beginning of period — $ — — $ — Granted 28,500 9.65 — — Vested — — — — Cancelled and forfeited — — — — Non-vested, end of period 28,500 $ 9.65 — $ — Restricted stock awards are being amortized to expense over the vesting period. As of June 30, 2022 and 2021, the unamortized value of the RSAs was $ 231,803 0

RELATED PARTY

RELATED PARTY	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
RELATED PARTY	NOTE 11 – RELATED PARTY At June 30, 2022 the Company had a legal accrual to a related party of $ 81,950 28,519 2,065 24,000 24,000 6,130 2,059

RETIREMENT PLAN

RETIREMENT PLAN	6 Months Ended
	Jun. 30, 2022
Retirement Benefits [Abstract]
RETIREMENT PLAN	NOTE 12 – RETIREMENT PLAN The Company established a 401(k) retirement plan covering all eligible employees beginning November 15, 2013. For the six months ending June 30, 2022 and 2021, a contribution of $ 27,087 28,431 13,999 15,127

NATURE OF BUSINESS AND SUMMAR_2

NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2022
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, 2021, as filed with the Securities and Exchange Commission on March 1, 2022 (the “2021 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 2021 Annual Report. The interim operating results for the three and six months ending June 30, 2022 may not be indicative of operating results expected for the full year.
Nature of Business	Nature of Business Lightwave Logic, Inc. is a technology company focused on the development of next generation photonic devices and non-linear optical polymer materials systems for applications in high speed fiber-optic data communications and optical computing markets. Currently the Company is in various stages of photonic device and materials development and evaluation with potential customers and strategic partners. The Company expects to obtain a revenue stream from technology licensing agreements, technology transfer agreements and the production and direct sale of its own electro-optic device components. The Company’s current development activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize the Company’s technology now under development.
Stock-based Payments	Stock-based Payments The Company accounts for stock-based compensation under the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 718, "Compensation - Stock Compensation", which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The fair value of restricted stock awards is estimated by the market price of the Company’s common stock at the date of grant. Restricted stock awards are being amortized to expense over the vesting period. The Company estimates the fair value of option and warrant awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight-line method. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting (the “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 2022 and 2021, 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, 2022, 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, 2022 and for the period then ended, there are no recently adopted accounting standards that have a material effect on the Company’s financial statements.
Reclassifications	Reclassifications Certain reclassifications have been made to the 2021 financial statement in order to conform to the 2022 financial statement presentation.

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	6 Months Ended
	Jun. 30, 2022
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 $ 430,633 $ 123,877 Equipment deposit 138,474 — Licence 88,093 38,865 Investor expenses 40,500 — Rent 36,525 36,525 Other 49,071 33,041 Prepaid expenses and other current assets $ 783,296 $ 232,308

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	Schedule of property and equipment June 30, December 31, Office equipment $ 109,274 $ 95,516 Lab equipment 5,311,836 4,952,933 Furniture 33,128 33,128 Leasehold improvements 183,387 254,350 5,637,625 5,335,927 Less: Accumulated depreciation 3,538,806 3,156,852 $ 2,098,819 $ 2,179,075

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Patents	Schedule of Patents June 30, December 31, Patents $ 1,387,554 $ 1,345,649 Less: Accumulated amortization 541,149 497,516 Intangible assets - net $ 846,405 $ 848,133

COMMITMENTS (Tables)

COMMITMENTS (Tables)	6 Months Ended
	Jun. 30, 2022
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 $ 104,296 2023 213,781 2024 182,624 Total operating lease obligation 500,701 Less discounted interest (51,906 ) TOTAL $ 448,795

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 June 30, 2021 2007 Employee stock option Plan $ — $ — 2016 Equity Incentive Plan 2,798,550 528,249 2016 Equity Incentive Plan restricted stock awards — 10,242 Warrants — — Total share-based compensation $ 2,798,550 $ 538,491
Schedule of Non-Qualified Stock Options and Warrants Outstanding and Exercisable	Schedule of Non-Qualified Stock Options and Warrants Outstanding and Exercisable Non-Qualified Stock Options and Warrants Outstanding and Exercisable Number of Exercise Weighted Average Shares Price Exercise Price Outstanding, December 31, 2021 7,886,248 $ 0.51 - $ 16.81 $ 1.02 Granted 746,500 $ 5.81 - $ 9.65 $ 9.38 Expired (25,000 ) $ 1.69 $ 1.69 Exercised (417,625 ) $ 0.64 - $ 1.48 $ 1.02 Outstanding, June 30, 2022 8,190,123 $ 0.51 - $ 16.81 $ 1.78 Exercisable, June 30, 2022 7,463,530 $ 0.51 - $ 16.81 $ 1.28
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, 2022 Contractual Life Warrants Currently Exercisable $ 0.51 16.81 7,463,530 5.12 $1.28
Schedule of Nonvested Restricted Stock Units Activity	Schedule of Nonvested Restricted Stock Units Activity Restricted Stock Awards Six month period ended June 30, 2022 June 30, 2021 Weighted Average Weighted Average Number of Grant Date Fair Number of Grant Date Fair Shares Value per Share Shares Value per Share Non-vested, beginning of period — $ — — $ — Granted 28,500 9.65 — — Vested — — — — Cancelled and forfeited — — — — Non-vested, end of period 28,500 $ 9.65 — $ —

MANAGEMENT_S PLANS (Details Nar

MANAGEMENT’S PLANS (Details Narrative) - USD ($)		1 Months Ended	6 Months Ended
	Oct. 04, 2021	Jan. 31, 2019	Jun. 30, 2022
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Expected expenditures per month			$ 1,300,000
Agreement to sell invest common stock value remaing amount available			8,304,532
Institutional Investor [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Agreement to sell invest common stock value upper limit institutional investor	$ 33,000,000	$ 25,000,000
Purchase agreement amount received			$ 1,612,350

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, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Insurance	$ 430,633	$ 123,877
Equipment deposit	138,474
Licence	88,093	38,865
Investor expenses	40,500
Rent	36,525	36,525
Other	49,071	33,041
Prepaid expenses and other current assets	$ 783,296	$ 232,308

PROPERTY AND EQUIPMENT (Schedul

PROPERTY AND EQUIPMENT (Schedule of Equipment) (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,637,625	$ 5,335,927
Less: Accumulated depreciation	3,538,806	3,156,852
Property and equipment, net	2,098,819	2,179,075
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	109,274	95,516
Other Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,311,836	4,952,933
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	$ 183,387	$ 254,350

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 230,827	$ 199,522	$ 452,916	$ 373,527
Retire property and equipment	$ 0	$ 0	$ 0	$ 0

INTANGIBLE ASSETS (Schedule of

INTANGIBLE ASSETS (Schedule of Patents) (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Patents	$ 1,387,554	$ 1,345,649
Less: Accumulated amortization	541,149	497,516
Intangible assets - net	$ 846,405	$ 848,133

INTANGIBLE ASSETS (Details Narr

INTANGIBLE ASSETS (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 21,554	$ 21,314	$ 43,633	$ 43,887
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Patent costs written off	$ 0	$ 0	$ 0	$ 0

COMMITMENTS (Schedule of Future

COMMITMENTS (Schedule of Future Lease Payments of Operating Leases) (Details) - USD ($)	Jun. 30, 2022	Jan. 02, 2019
Commitments and Contingencies Disclosure [Abstract]
2022	$ 104,296
2023	213,781
2024	182,624
Total operating lease obligation	500,701
Less discounted interest	(51,906)
TOTAL	$ 448,795	$ 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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jan. 02, 2019
Loss Contingencies [Line Items]
Lease term		61 months
Lease term Beginning		Nov. 01, 2017
Lease term ending		Nov. 30, 2022
Lease term		24 months
Base rent for the first year		$ 168,824
Percentage of rent increase annual base rent		3%
Prepaid rent for November 1, 2017 through October 31, 2019		$ 347,045
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 liability			$ 448,795		$ 448,795		$ 885,094
Research and Development Expense [Member]
Loss Contingencies [Line Items]
Rent expense			34,599	$ 33,466	69,197	$ 66,933
General and Administrative Expense [Member]
Loss Contingencies [Line Items]
Rent expense			$ 11,533	$ 11,155	$ 23,066	$ 22,311

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
Principal amount		$ 410,700

STOCKHOLDERS_ EQUITY (Details N

STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)			1 Months Ended						2 Months Ended	3 Months Ended	6 Months Ended		9 Months Ended	42 Months Ended
	Oct. 04, 2021	Feb. 04, 2020	Aug. 31, 2022	Jul. 31, 2022	Jan. 18, 2022	Nov. 20, 2020	Feb. 13, 2019	Jan. 31, 2019	May 31, 2022	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2022
Restricted Stock Units (RSUs) [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Option granted					28,500
Grant date fair value											$ 9.65
Restricted Stock Units (RSUs) [Member] | Equity Incentive Plan [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
2022															9,504
2023															9,498
2024															9,498
Institutional Investor [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Agreement To Sell Invest Common Stock Value Upper Limit Institutional Investor	$ 33,000,000							$ 25,000,000
Registering shares of common stock							9,500,000
Common stock issued for commitment shares	30,312						350,000		5,546		12,319		42,405	772,666
Common stock issued for commitment amount	$ 279,174						$ 258,125		$ 47,644		$ 107,857		$ 554,520	$ 1,575,509
Common stock reserved for additional commitment fees to the institutional investor	60,623	6,000,000				8,000,000	812,500							39,834
Stock Issued During Period, Shares, New Issues										400,000	875,000		2,102,511	22,337,500
Proceeds from Issuance or Sale of Equity										$ 3,018,876	$ 6,705,693		$ 23,083,117	$ 23,773,924
Reserve balance of additional commitment fees, shares													18,218
Institutional Investor [Member] | Subsequent Event [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Common stock issued for commitment shares			2,960	2,960
Common stock issued for commitment amount			$ 30,393	$ 30,393
Stock Issued During Period, Shares, New Issues			175,000	175,000
Proceeds from Issuance or Sale of Equity			$ 1,612,350	$ 1,612,350
Reserve balance of additional commitment fees, shares			15,258	15,258

STOCK BASED COMPENSATION (Sched

STOCK BASED COMPENSATION (Schedule of Stock-based Compensation Plans) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation	$ 2,798,550	$ 538,491
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	2,798,550	528,249
Twenty Sixteen Equity Incentive Plan Restricted [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation		10,242
Warrants [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation

STOCK BASED COMPENSATION (Sch_2

STOCK BASED COMPENSATION (Schedule of Stock Option and Warrant Outstanding and Exercisable) (Details) - Non Qualified Stock Options And Warrants [Member] - $ / shares	6 Months Ended
	Jun. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding	7,886,248
[custom:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimits]	$ 0.51
[custom:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlanExercisePriceRangeUpperRangeLimit]	16.81
Outstanding	$ 1.02
Granted	746,500
[custom:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodExercisePriceRangeLowerRangeLimit]	$ 5.81
[custom:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodExercisePriceRangeUpperRangeLimit]	9.65
Granted	$ 9.38
Expired	(25,000)
[custom:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeitedInPeriodExercisePriceRangeLowerRangeLimit]	$ 1.69
Expired	$ 1.69
Exercised	(417,625)
[custom:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodExercisePriceRangeLowerRangeLimit]	$ 0.64
[custom:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodExercisePriceRangeUpperRangeLimit]	1.48
Exercised	$ 1.02
Outstanding	8,190,123
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit	$ 0.51
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit	16.81
Outstanding	$ 1.78
Exercisable	7,463,530
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableExercisePriceRangeLowerRangeLimit]	$ 0.51
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableExercisePriceRangeUpperRangeLimit]	16.81
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 1.28

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, 2022 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise Prices (Lower Limit)	$ 0.51
Exercise Prices (Upper Limit)	16.81
Exercise Price Range One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise Prices (Lower Limit)	0.51
Exercise Prices (Upper Limit)	$ 16.81
Number Outstanding Currently Exercisable | shares	7,463,530
Weighted Average Remaining Contractual Life	5 years 1 month 13 days
Weighted Average Exercise Price of Options and Warrants Currently Exercisable	$ 1.28

STOCK BASED COMPENSATION (Restr

STOCK BASED COMPENSATION (Restricted Stock activity) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Non vested outstanding, beginning
Weighted average grant date fair value per share, beginning
Granted	28,500
Weighted average grant date fair value per share, granted	$ 9.65
Vested
Weighted average grant date fair value per share, vested
Cancelled and forfeited
Weighted average grant date fair value per share, cancelled and forfeited
Non vested outstanding, ending	28,500
Weighted average grant date fair value per share, ending	$ 9.65

STOCK BASED COMPENSATION (Detai

STOCK BASED COMPENSATION (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	May 16, 2019	May 15, 2019
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock remaining for grants	28,500		28,500
Pricing model used in calculation of grant-date fair value			Black-Scholes
Expected dividend yield			0%
Expected option life			10 years
Unrecognized compensation expense related to non-vested market-based share awards	$ 3,808,205		$ 3,808,205
Aggregate intrinsic value of options and warrants outstanding and exercisable	$ 40,374,965		$ 40,374,965
Closing stock price of common stock	$ 6.54		$ 6.54
Proceeds from Options exercised			$ 182,175
Cashless options exercised			4,375
Unamortized value	$ 231,803	$ 0	$ 231,803	$ 0
Warrant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of warrants exercised			175,000
Proceed from warrants exercised			$ 240,750
Common Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options exercised	208,250	680,000	238,250	710,000
Number of warrants exercised	175,000	200,000	175,000	200,000
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility			74.70%
Risk-free interest rate			1.87%
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility			75.30%
Risk-free interest rate			3.46%
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		10,000,000
Number of shares authorized under plan	2,895,000		2,895,000
Two Thousands Sixteen Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common shares available to be purchased through options, issued and outstanding	4,332,123		4,332,123
Number of shares authorized under plan					8,000,000	3,000,000
Common stock remaining for grants	2,435,250		2,435,250
Exercisable period			10 years

RELATED PARTY (Details Narrativ

RELATED PARTY (Details Narrative) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Related Party [Member]
Related Party Transaction [Line Items]
Legal accrual	$ 81,950	$ 6,130
Accounting service fee accrual	2,065	2,059
Officer [Member]
Related Party Transaction [Line Items]
Travel and office expense accruals	28,519	$ 24,000
Director [Member]
Related Party Transaction [Line Items]
Accrued director fees	$ 24,000

RETIREMENT PLAN (Details Narrat

RETIREMENT PLAN (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Retirement Benefits [Abstract]
Expenses related to contribution to retirement plan	$ 13,999	$ 15,127	$ 27,087	$ 28,431