Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 09, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Period Focus | Q3 | |
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, $0.001 par value per share | |
Trading Symbol | LWLG | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 112,577,460 |
BALANCE SHEETS (Unaudited)
BALANCE SHEETS (Unaudited) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 25,021,642 | $ 23,432,612 |
Prepaid expenses and other current assets | 647,074 | 232,308 |
Loan receivable | 588,180 | |
TOTAL CURRENT ASSETS | 26,256,896 | 23,664,920 |
PROPERTY AND EQUIPMENT - NET | 2,651,182 | 2,179,075 |
OTHER ASSETS | ||
Intangible assets - net | 836,976 | 848,133 |
Operating Lease - Right of Use - Building | 403,892 | 536,447 |
TOTAL OTHER ASSETS | 1,240,868 | 1,384,580 |
TOTAL ASSETS | 30,148,946 | 27,228,575 |
CURRENT LIABILITIES | ||
Accounts payable | 582,782 | 215,734 |
Accrued bonuses and accrued expenses | 113,999 | 1,118,080 |
Accounts payable and accrued expenses - related parties | 163,557 | 32,189 |
Deferred lease liability | 41,778 | 41,778 |
Operating lease liability | 187,069 | 178,192 |
TOTAL CURRENT LIABILITIES | 1,089,185 | 1,585,973 |
LONG TERM LIABILITIES | ||
Deferred lease liability | 48,741 | 80,075 |
Operating lease liability | 216,823 | 358,255 |
TOTAL LONG TERM LIABILITIES | 265,564 | 438,330 |
TOTAL LIABILITIES | 1,354,749 | 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, 112,374,427 and 110,555,459 issued and outstanding at September 30, 2022 and December 31, 2021 | 112,375 | 110,556 |
Additional paid-in-capital | 130,654,002 | 114,696,597 |
Deferred compensation | (207,557) | |
Accumulated deficit | (101,764,623) | (89,602,881) |
TOTAL STOCKHOLDERS' EQUITY | 28,794,197 | 25,204,272 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 30,148,946 | $ 27,228,575 |
BALANCE SHEETS (Unaudited) (Pa
BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Sep. 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 | 112,374,427 | 110,555,459 |
Common stock, shares outstanding | 112,374,427 | 110,555,459 |
STATEMENTS OF COMPREHENSIVE LOS
STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
NET SALES | ||||
COST AND EXPENSE | ||||
Research and development | 3,587,692 | 3,600,793 | 8,994,047 | 7,761,101 |
General and administrative | 1,144,624 | 649,361 | 3,017,191 | 1,841,066 |
TOTAL COST AND EXPENSE | 4,732,316 | 4,250,154 | 12,011,238 | 9,602,167 |
LOSS FROM OPERATIONS | (4,732,316) | (4,250,154) | (12,011,238) | (9,602,167) |
OTHER INCOME (EXPENSE) | ||||
Paycheck Protection Program loan forgiveness | 410,700 | |||
Interest income | 29,125 | 2,032 | 57,545 | 2,444 |
Commitment fee | (73,170) | (181,027) | (1,333,628) | |
Other Expense | (27,022) | (27,022) | ||
NET LOSS | $ (4,803,383) | $ (4,248,122) | $ (12,161,742) | $ (10,522,651) |
LOSS PER SHARE | ||||
Basic | $ (0.04) | $ (0.04) | $ (0.11) | $ (0.10) |
Diluted | $ (0.04) | $ (0.04) | $ (0.11) | $ (0.10) |
WEIGHTED AVERAGE NUMBER OF SHARES | ||||
Basic | 112,111,706 | 107,730,515 | 111,536,100 | 103,910,690 |
Diluted | 112,111,706 | 107,730,515 | 111,536,100 | 103,910,690 |
STATEMENT OF STOCKHOLDERS' EQUI
STATEMENT 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 | $ 1,196 | 1,004,679 | 1,005,875 | ||
Exercise of options, shares | 1,196,250 | ||||
Cashless exercise of 203,125 options | $ 251 | 2,217,952 | 2,218,203 | ||
Cashless exercise of 4,375 options shares | 250,920 | ||||
Exercise of warrants | $ 627 | 394,973 | 395,600 | ||
Exercise of warrants, shares | 627,000 | ||||
Options issued for services | 788,196 | 788,196 | |||
Warrants issued for services | 11,001 | 11,001 | |||
Net loss | (10,522,651) | (10,522,651) | |||
Ending balance, value at Sep. 30, 2021 | $ 108,367 | 96,364,331 | (81,494,151) | 14,978,547 | |
Ending balance, shares at Sep. 30, 2021 | 108,366,597 | ||||
Beginning balance, value at Jun. 30, 2021 | $ 107,336 | 94,095,566 | (77,246,029) | 16,956,873 | |
Beginning balance, shares at Jun. 30, 2021 | 107,335,110 | ||||
Exercise of options | $ 486 | 385,889 | 386,375 | ||
Exercise of options, shares | 486,250 | ||||
Cashless exercise of 203,125 options | $ 118 | 1,354,247 | 1,354,365 | ||
Cashless exercise of 4,375 options shares | 118,237 | ||||
Exercise of warrants | $ 427 | 267,923 | 268,350 | ||
Exercise of warrants, shares | 427,000 | ||||
Options issued for services | 259,947 | 259,947 | |||
Warrants issued for services | 759 | 759 | |||
Net loss | (4,248,122) | (4,248,122) | |||
Ending balance, value at Sep. 30, 2021 | $ 108,367 | 96,364,331 | (81,494,151) | 14,978,547 | |
Ending balance, shares at Sep. 30, 2021 | 108,366,597 | ||||
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 | $ 1,325 | 10,707,968 | 10,709,293 | ||
Common stock issued to institutional investor, shares | 1,325,000 | ||||
Common stock issued for commitment shares | $ 19 | 181,008 | 181,027 | ||
Common stock issued for commitment shares, shares | 19,672 | ||||
Exercise of options | $ 268 | 229,672 | 229,940 | ||
Exercise of options, shares | 268,200 | ||||
Cashless exercise of 203,125 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 | 4,288,172 | 4,288,172 | |||
Restricted stock awards issued for future services | $ 29 | 274,995 | (275,024) | ||
Restricted stock awards issued for future services, shares | 28,500 | ||||
Deferred compensation | 67,467 | 67,467 | |||
Net loss | (12,161,742) | (12,161,742) | |||
Ending balance, value at Sep. 30, 2022 | $ 112,375 | 130,654,002 | (207,557) | (101,764,623) | 28,794,197 |
Ending balance, shares at Sep. 30, 2022 | 112,374,427 | ||||
Beginning balance, value at Jun. 30, 2022 | $ 111,888 | 125,040,332 | (231,803) | (96,961,240) | 27,959,177 |
Beginning balance, shares at Jun. 30, 2022 | 111,887,124 | ||||
Common stock issued to institutional investor | $ 450 | 4,003,150 | 4,003,600 | ||
Common stock issued to institutional investor, shares | 450,000 | ||||
Common stock issued for commitment shares | $ 7 | 73,163 | 73,170 | ||
Common stock issued for commitment shares, shares | 7,353 | ||||
Exercise of options | $ 30 | 47,735 | 47,765 | ||
Exercise of options, shares | 29,950 | ||||
Options issued for services | 1,489,622 | 1,489,622 | |||
Deferred compensation | 24,246 | 24,246 | |||
Net loss | (4,803,383) | (4,803,383) | |||
Ending balance, value at Sep. 30, 2022 | $ 112,375 | $ 130,654,002 | $ (207,557) | $ (101,764,623) | $ 28,794,197 |
Ending balance, shares at Sep. 30, 2022 | 112,374,427 |
STATEMENTS OF CASH FLOW (Unaudi
STATEMENTS OF CASH FLOW (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (12,161,742) | $ (10,522,651) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Warrants issued for services | 11,001 | |
Stock options issued for services | 4,288,172 | 788,196 |
Amortization of deferred compensation | 67,467 | |
Cashless option exercise | 118,224 | 3,530,191 |
Common stock issued for services and fees | 181,027 | 1,333,628 |
Depreciation and amortization of patents | 758,285 | 642,150 |
Paycheck Protection Program loan forgiveness | (410,700) | |
(Increase) decrease in assets | ||
Prepaid expenses and other current assets | (414,766) | 220,616 |
(Decrease) increase in liabilities | ||
Accounts payable | 367,048 | 18,259 |
Accrued bonuses and accrued expenses | (1,004,081) | 108,802 |
Accounts payable and accrued expenses- related parties | 131,368 | 12,342 |
Deferred lease liability | (31,334) | (31,333) |
Net cash used in operating activities | (7,700,332) | (4,299,499) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Cost of intangibles | (47,705) | (15,400) |
Purchase of property and equipment | (1,171,530) | (846,576) |
Issuance of loan | (588,180) | |
Net cash used in investing activities | (1,807,415) | (861,976) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Exercise of options and warrants | 470,690 | 1,401,475 |
Cashless option exercise tax payments | (83,206) | (1,311,988) |
Issuance of common stock, institutional investor | 10,709,293 | 13,973,249 |
Repayment of equipment purchase payable | (13,107) | |
Net cash provided by financing activities | 11,096,777 | 14,049,629 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 1,589,030 | 8,888,154 |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 23,432,612 | 3,306,590 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | $ 25,021,642 | $ 12,194,744 |
NATURE OF BUSINESS AND SUMMARY
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 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 nine months ending September 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 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 September 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 September 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 | 9 Months Ended |
Sep. 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 $ 1,380,000 33,000,000 970,225 4,943,057 |
PREPAID EXPENSES AND OTHER CURR
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 9 Months Ended |
Sep. 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 September 30, December 31, Insurance $ 310,392 $ 123,877 Legal 80,720 — Equipment deposit 66,140 — Licence 60,442 38,865 Investor expenses 20,250 — Rent 36,525 36,525 Other 59,538 33,041 Prototype Devices 13,067 — Prepaid expenses and other current assets $ 647,074 $ 232,308 |
LOAN RECEIVABLE
LOAN RECEIVABLE | 9 Months Ended |
Sep. 30, 2022 | |
Credit Loss [Abstract] | |
LOAN RECEIVABLE | NOTE 4 – LOAN RECEIVABLE On September 7, 2022, the Company entered into a convertible loan agreement (the “Loan”) with an entity and issued a loan on September 12, 2022 in the amount of EUR 600,000 7 March 31, 2023 2,164 588,180 2,143 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 5 – PROPERTY AND EQUIPMENT Property and equipment consist of the following: Schedule of property and equipment September 30, December 31, Office equipment $ 119,404 $ 95,516 Lab equipment 6,099,120 4,952,933 Furniture 33,128 33,128 Leasehold Improvements 184,843 254,350 6,436,495 5,335,927 Less: Accumulated depreciation 3,785,313 3,156,852 $ 2,651,182 $ 2,179,075 Depreciation expense for the nine months ending September 30, 2022 and 2021 was $ 699,423 576,948 246,507 203,421 70,963 no |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | NOTE 6 – INTANGIBLE ASSETS This represents legal fees and patent fees associated with the prosecution of patent applications. The Company has recorded amortization expense on patents granted, which are amortized over the remaining legal life. Maintenance patent fees are paid to a government patent authority to maintain a granted patent in force. Some countries require the payment of maintenance fees for pending patent applications. Maintenance fees paid after a patent is granted are expensed, as these are considered ongoing costs to “maintain a patent”. Maintenance fees paid prior to a patent grant date are capitalized to patent costs, as these are considered “patent application costs”. No amortization expense has been recorded on the remaining patent applications since patents have yet to be granted. Patents consist of the following: Schedule of Patents September 30, December 31, Patents $ 1,393,354 $ 1,345,649 Less: Accumulated amortization 556,378 497,516 Intangible assets - net $ 836,976 $ 848,133 Amortization expense for the nine months ending September 30, 2022 and 2021 was $ 58,862 65,202 15,229 21,314 no |
COMMITMENTS
COMMITMENTS | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | NOTE 7 – COMMITMENTS On October 30, 2017, the Company entered into a lease agreement to lease approximately 13,420 square feet of office, laboratory and research and development space located in Colorado for the Company’s principal executive offices and research and development facility. The term of the lease is sixty- one ( 61 November 1, 2017 November 30, 2022 24 Base rent for the first year of the lease term is approximately $ 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 $ 52,662 2023 213,781 2024 182,624 Total operating lease obligation 449,067 Less discounted interest (45,175 ) TOTAL $ 403,892 Rent expense amounting to $ 103,796 34,599 100,399 33,466 34,599 11,533 33,466 11,155 |
PAYCHECK PROTECTION PROGRAM ADV
PAYCHECK PROTECTION PROGRAM ADVANCE | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
PAYCHECK PROTECTION PROGRAM ADVANCE | NOTE 8 – PAYCHECK PROTECTION PROGRAM ADVANCE On April 24, 2020, the Company received $ 410,700 410,700 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 9 – INCOME TAXES There is no income tax benefit for the losses for the nine months ended September 30, 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 September 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 | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 10 – STOCKHOLDERS’ EQUITY Preferred Stock Pursuant to the Company’s Articles of Incorporation, the Company’s board of directors is empowered, without stockholder approval, to issue series of preferred stock with any designations, rights and preferences as they may from time to time determine. The rights and preferences of this preferred stock may be superior to the rights and preferences of the Company’s common stock; consequently, preferred stock, if issued could have dividend, liquidation, conversion, voting or other rights that could adversely affect the voting power or other rights of the common stock. Additionally, preferred stock, if issued, could be utilized, under special circumstances, as a method of discouraging, delaying or preventing a change in control of the Company’s business or a takeover from a third party. Common Stock, Options and Warrants In January 2019, the Company signed a purchase agreement with the institutional investor to sell up to $ 25,000,000 9,500,000 350,000 258,125 812,500 6,000,000 8,000,000 22,337,500 23,773,924 772,666 1,575,509 39,834 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 2,552,511 27,086,717 49,758 627,690 10,865 1,325,000 10,709,293 19,672 181,027 450,000 4,003,600 7,353 73,170 150,000 970,225 1,783 12,651 9,082 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 | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK BASED COMPENSATION | NOTE 11 – STOCK BASED COMPENSATION During 2007, the Board of Directors of the Company adopted the 2007 Employee Stock Plan (“2007 Plan”) that was approved by the shareholders. Under the 2007 Plan, the Company is authorized to grant options to purchase up to 10,000,000 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 4,347,298 28,500 2,390,125 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 76.3 1.87 3.84 10 As of September 30, 2022, there was $ 2,685,819 Share-based compensation was recognized as follows: Schedule of Stock-based Compensation Plans For the Nine For the Nine Months Ending Months Ending September 30, September 30, 2007 Employee Stock Option Plan $ — $ — 2016 Equity Incentive Plan 4,288,172 788,196 2016 Equity Incentive Plan restricted stock awards 67,467 — Warrants — 11,001 Total share-based compensation $ 4,355,639 $ 799,197 The following tables summarize all stock option and warrant activity of the Company during the nine months ended September 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 793,500 $ 5.81 10.86 $ 9.41 Expired (26,875 ) $ 1.50 1.69 $ 1.68 Exercised (447,575 ) $ 0.64 5.81 $ 1.06 Outstanding, September 30, 2022 8,205,298 $ 0.51 16.81 $ 1.83 Exercisable, September 30, 2022 7,693,505 $ 0.51 16.81 $ 1.47 The aggregate intrinsic value of options and warrants outstanding and exercisable as of September 30, 2022 was $ 46,370,301 7.34 268,200 229,940 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 September 30, 2022 Contractual Life Warrants Currently Exercisable $ 0.51 16.81 7,693,505 4.89 $1.47 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 nine and three month period ending September 30, 2022 and 2021 are as follows: Schedule of Nonvested Restricted Stock Units Activity Restricted Stock Awards Nine month period ended September 30, 2022 September 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 September 30, 2022 and 2021, the unamortized value of the RSAs was $ 207,557 0 |
RELATED PARTY
RELATED PARTY | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY | NOTE 12 – RELATED PARTY At September 30, 2022 the Company had fees and travel expense accruals to directors in the amount of $ 52,291 46,500 37,096 14,558 13,112 24,000 6,130 2,059 |
RETIREMENT PLAN
RETIREMENT PLAN | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
RETIREMENT PLAN | NOTE 13 – RETIREMENT PLAN The Company established a 401(k) retirement plan covering all eligible employees beginning November 15, 2013. For the nine months ending September 30, 2022 and 2021, a contribution of $ 40,585 40,894 13,498 12,463 |
NATURE OF BUSINESS AND SUMMAR_2
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 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 nine months ending September 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 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 September 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 September 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) | 9 Months Ended |
Sep. 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 September 30, December 31, Insurance $ 310,392 $ 123,877 Legal 80,720 — Equipment deposit 66,140 — Licence 60,442 38,865 Investor expenses 20,250 — Rent 36,525 36,525 Other 59,538 33,041 Prototype Devices 13,067 — Prepaid expenses and other current assets $ 647,074 $ 232,308 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | Schedule of property and equipment September 30, December 31, Office equipment $ 119,404 $ 95,516 Lab equipment 6,099,120 4,952,933 Furniture 33,128 33,128 Leasehold Improvements 184,843 254,350 6,436,495 5,335,927 Less: Accumulated depreciation 3,785,313 3,156,852 $ 2,651,182 $ 2,179,075 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Patents | Schedule of Patents September 30, December 31, Patents $ 1,393,354 $ 1,345,649 Less: Accumulated amortization 556,378 497,516 Intangible assets - net $ 836,976 $ 848,133 |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 9 Months Ended |
Sep. 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 $ 52,662 2023 213,781 2024 182,624 Total operating lease obligation 449,067 Less discounted interest (45,175 ) TOTAL $ 403,892 |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock-based Compensation Plans | Schedule of Stock-based Compensation Plans For the Nine For the Nine Months Ending Months Ending September 30, September 30, 2007 Employee Stock Option Plan $ — $ — 2016 Equity Incentive Plan 4,288,172 788,196 2016 Equity Incentive Plan restricted stock awards 67,467 — Warrants — 11,001 Total share-based compensation $ 4,355,639 $ 799,197 |
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 793,500 $ 5.81 10.86 $ 9.41 Expired (26,875 ) $ 1.50 1.69 $ 1.68 Exercised (447,575 ) $ 0.64 5.81 $ 1.06 Outstanding, September 30, 2022 8,205,298 $ 0.51 16.81 $ 1.83 Exercisable, September 30, 2022 7,693,505 $ 0.51 16.81 $ 1.47 |
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 September 30, 2022 Contractual Life Warrants Currently Exercisable $ 0.51 16.81 7,693,505 4.89 $1.47 |
Schedule of Nonvested Restricted Stock Units Activity | Schedule of Nonvested Restricted Stock Units Activity Restricted Stock Awards Nine month period ended September 30, 2022 September 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 ($) | 9 Months Ended | |
Oct. 04, 2021 | Sep. 30, 2022 | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Expected expenditures per month | $ 1,380,000 | |
Agreement to sell invest common stock value remaing amount available | 4,943,057 | |
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 | |
Purchase agreement amount received | $ 970,225 |
PREPAID EXPENSES AND OTHER CU_3
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Schedule of Prepaid expenses and other current assets consist) (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Insurance | $ 310,392 | $ 123,877 |
Legal | 80,720 | |
Equipment deposit | 66,140 | |
Licence | 60,442 | 38,865 |
Investor expenses | 20,250 | |
Rent | 36,525 | 36,525 |
Other | 59,538 | 33,041 |
Prototype Devices | 13,067 | |
Prepaid expenses and other current assets | $ 647,074 | $ 232,308 |
LOAN RECEIVABLE (Details Narrat
LOAN RECEIVABLE (Details Narrative) - Convertible Loan Agreement [Member] | 3 Months Ended | |
Sep. 12, 2022 EUR (€) | Sep. 30, 2022 USD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Principal amount | € 600,000 | $ 588,180 |
Interest rate | 7% | |
Maturity date | Mar. 31, 2023 | |
Interest income | 2,164 | |
Interest receivable | $ 2,143 |
PROPERTY AND EQUIPMENT (Schedul
PROPERTY AND EQUIPMENT (Schedule of Equipment) (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 6,436,495 | $ 5,335,927 |
Less: Accumulated depreciation | 3,785,313 | 3,156,852 |
Property and equipment, net | 2,651,182 | 2,179,075 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 119,404 | 95,516 |
Other Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 6,099,120 | 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 | $ 184,843 | $ 254,350 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 246,507 | $ 203,421 | $ 699,423 | $ 576,948 |
Retire property and equipment | $ 70,963 | $ 0 | $ 70,963 | $ 0 |
INTANGIBLE ASSETS (Schedule of
INTANGIBLE ASSETS (Schedule of Patents) (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Patents | $ 1,393,354 | $ 1,345,649 |
Less: Accumulated amortization | 556,378 | 497,516 |
Intangible assets - net | $ 836,976 | $ 848,133 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 15,229 | $ 21,314 | $ 58,862 | $ 65,202 |
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 ($) | Sep. 30, 2022 | Jan. 02, 2019 |
Commitments and Contingencies Disclosure [Abstract] | ||
2022 | $ 52,662 | |
2023 | 213,781 | |
2024 | 182,624 | |
Total operating lease obligation | 449,067 | |
Less discounted interest | (45,175) | |
TOTAL | $ 403,892 | $ 885,094 |
COMMITMENTS (Details Narrative)
COMMITMENTS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 11 Months Ended | ||||
Nov. 01, 2017 | Oct. 30, 2017 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Nov. 01, 2019 | 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 | $ 403,892 | $ 403,892 | $ 885,094 | |||||
Research and Development Expense [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Rent expense | 34,599 | $ 33,466 | 103,796 | $ 100,399 | ||||
General and Administrative Expense [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Rent expense | $ 11,533 | $ 11,155 | $ 34,599 | $ 33,466 |
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 | 9 Months Ended | 45 Months Ended | |||||||||
Oct. 04, 2021 | Feb. 04, 2020 | Nov. 09, 2022 | Jan. 18, 2022 | Nov. 20, 2020 | Feb. 13, 2019 | Jan. 31, 2019 | May 31, 2022 | Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 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 | |||||||||||||
Registering shares of common stock | 9,500,000 | |||||||||||||
Common stock issued for commitment shares | 30,312 | 350,000 | 7,353 | 49,758 | 19,672 | 772,666 | ||||||||
Common stock issued for commitment amount | $ 279,174 | $ 258,125 | $ 73,170 | $ 627,690 | $ 181,027 | $ 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 | 450,000 | 2,552,511 | 1,325,000 | 22,337,500 | ||||||||||
Proceeds from Issuance or Sale of Equity | $ 4,003,600 | $ 27,086,717 | $ 10,709,293 | $ 23,773,924 | ||||||||||
Reserve balance of additional commitment fees, shares | 10,865 | |||||||||||||
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 | 1,783 | |||||||||||||
Common stock issued for commitment amount | $ 12,651 | |||||||||||||
Stock Issued During Period, Shares, New Issues | 150,000 | |||||||||||||
Proceeds from Issuance or Sale of Equity | $ 970,225 | |||||||||||||
Reserve balance of additional commitment fees, shares | 9,082 | |||||||||||||
Institutional Investor [Member] | Purchase Agreement [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 | $ 25,000,000 |
STOCK BASED COMPENSATION (Sched
STOCK BASED COMPENSATION (Schedule of Stock-based Compensation Plans) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Total share-based compensation | $ 4,355,639 | $ 799,197 |
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 | 4,288,172 | 788,196 |
Twenty Sixteen Equity Incentive Plan Restricted [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Total share-based compensation | 67,467 | |
Warrants [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Total share-based compensation | $ 11,001 |
STOCK BASED COMPENSATION (Sch_2
STOCK BASED COMPENSATION (Schedule of Stock Option and Warrant Outstanding and Exercisable) (Details) - Non Qualified Stock Options And Warrants [Member] - $ / shares | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Outstanding, beginning | 7,886,248 |
Exercise Price, beginning | $ 0.51 |
Exercise Price, beginning | 16.81 |
Weighted average exercise price, beginning | $ 1.02 |
Granted | 793,500 |
Exercise Price, Granted | $ 5.81 |
Exercise Price, Granted | 10.86 |
Granted | $ 9.41 |
Expired | (26,875) |
Exercise Price, Expired | $ 1.50 |
Exercise Price, Expired | 1.69 |
Expired | $ 1.68 |
Exercised | (447,575) |
Exercise Price, Exercised | $ 0.64 |
Exercise Price, Exercised | 5.81 |
Exercised | $ 1.06 |
Outstanding, ending | 8,205,298 |
Exercise Price, ending | $ 0.51 |
Exercise Price, ending | 16.81 |
Weighted average exercise price, ending | $ 1.83 |
Exercisable | 7,693,505 |
Exercise Price, Exercisable | $ 0.51 |
Exercise Price, Exercisable | 16.81 |
Weighted average exercise price, Exercisable | $ 1.47 |
STOCK BASED COMPENSATION (Summa
STOCK BASED COMPENSATION (Summary of Stock Option and Warrant Outstanding) (Details) - Non Qualified Stock Options And Warrants [Member] | 9 Months Ended |
Sep. 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 | 7,693,505 |
Weighted Average Remaining Contractual Life | 4 years 10 months 20 days |
Weighted Average Exercise Price of Options and Warrants Currently Exercisable | $ 1.47 |
STOCK BASED COMPENSATION (Restr
STOCK BASED COMPENSATION (Restricted Stock activity) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Non vested outstanding, ending | ||
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 | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 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 | $ 2,685,819 | $ 2,685,819 | ||||
Aggregate intrinsic value of options and warrants outstanding and exercisable | $ 46,370,301 | $ 46,370,301 | ||||
Closing stock price of common stock | $ 7.34 | $ 7.34 | ||||
Proceeds from Options exercised | $ 229,940 | |||||
Cashless options exercised | 4,375 | |||||
Unamortized value | $ 207,557 | $ 0 | $ 207,557 | $ 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 | 29,950 | 486,250 | 268,200 | 1,196,250 | ||
Number of warrants exercised | 427,000 | 175,000 | 627,000 | |||
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 | 76.30% | |||||
Risk-free interest rate | 3.84% | |||||
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 | 4,347,298 | 4,347,298 | ||||
Number of shares authorized under plan | 8,000,000 | 3,000,000 | ||||
Common stock remaining for grants | 2,390,125 | 2,390,125 | ||||
Exercisable period | 10 years |
RELATED PARTY (Details Narrativ
RELATED PARTY (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||||
Fees travel expenses | $ 27,022 | $ 27,022 | |||
Related Party [Member] | |||||
Related Party Transaction [Line Items] | |||||
Fees travel expenses | 14,558 | ||||
Legal accrual | 46,500 | 46,500 | $ 6,130 | ||
Accounting service fee accrual | 2,059 | ||||
Officer [Member] | |||||
Related Party Transaction [Line Items] | |||||
Travel and office expense accruals | 37,096 | 37,096 | $ 24,000 | ||
Director [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accrued director fees | $ 13,112 | 13,112 | |||
Director [Member] | |||||
Related Party Transaction [Line Items] | |||||
Fees travel expenses | $ 52,291 |
RETIREMENT PLAN (Details Narrat
RETIREMENT PLAN (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Retirement Benefits [Abstract] | ||||
Expenses related to contribution to retirement plan | $ 13,498 | $ 12,463 | $ 40,585 | $ 40,894 |