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Stockholders’ Equity (Tables) | 12 Months Ended
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Dec. 31, 2023
Stockholders’ Equity [Abstract] |
Schedule of Assumptions Used in the Black-Scholes Model | The assumptions used in the Black-Scholes Model are set forth in the table below.
|  | December 31, 2023 |
Stock price |  | $ | 1.14-2.00 |
Risk-free interest rate |  |  | 4.09-4.70% |
Volatility |  |  | 50.64-55.34% |
Expected life in years |  |  | 0.12-5.00 |
Dividend yield |  |  | 0.00% |
|  | 2023 |  |  | 2022 |
Stock price |  | $ | 1.24 – $2.06 |  |  | $ | 3.81 – $6.55 |
Risk-free interest rate |  |  | 3.61 – 4.82% |  |  |  | 1.82 – 3.95% |
Volatility |  |  | 49.83 – 58.92% |  |  |  | 46.42 – 48.96% |
Expected life in years |  |  | 0.12 – 6.25 |  |  |  | 5.80 – 6.30 |
Dividend yield |  |  | 0.00% |  |  |  | 0.00% |
Schedule of Warrants Activity | A summary of our Warrants activity and related information follows:
|  | Number of Shares Under Warrant |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life |
Balance as of January 1, 2022 |  |  | 3,305,854 |  |  | $ | 8.53 |  |  |  | 5.20 |
Expired |  |  | (1,404,052 | ) |  | $ | 9.75 |  |  |  |  |
Balance as of December 31, 2022 |  |  | 1,901,802 |  |  | $ | 7.63 |  |  |  | 7.47 |
Granted |  |  | 10,786,440 |  |  | $ | 1.38 |  |  |  |  |
Expired |  |  | (122,150 | ) |  | $ | 12.35 |  |  |  |  |
Balance as of December 31, 2023 |  |  | 12,566,092 |  |  | $ | 2.22 |  |  |  | 4.71 |
Schedule of Stock Option Activity | A summary of our Option activity and related information follows:
|  | Number of Shares Under Option |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life |
Balance as of January 1, 2022 |  |  | 687,448 |  |  | $ | 6.79 |  |  |  | 8.20 |
Granted |  |  | 2,094,000 |  |  | $ | 5.17 |  |  |  |  |
Exercised |  |  | (31,057 | ) |  | $ | 2.09 |  |  |  |  |
Forfeited |  |  | (168,105 | ) |  | $ | 2.77 |  |  |  |  |
Canceled |  |  | (170,000 | ) |  | $ | 6.43 |  |  |  |  |
Balance as of December 31, 2022 |  |  | 2,412,286 |  |  | $ | 5.77 |  |  |  | 7.58 |
Granted |  |  | 3,451,321 |  |  | $ | 3.63 |  |  |  |  |
Exercised |  |  | (89,042 | ) |  | $ | 0.49 |  |  |  |  |
Forfeited |  |  | (673,292 | ) |  | $ | 3.90 |  |  |  |  |
Canceled |  |  | (246,766 | ) |  | $ | 6.03 |  |  |  |  |
Balance as of December 31, 2023 |  |  | 4,854,507 |  |  | $ | 4.59 |  |  |  | 7.34 |
Vested and Exercisable as of December 31, 2023 |  |  | 2,118,648 |  |  | $ | 6.62 |  |  |  | 5.19 |
Schedule of Stock-Based Compensation Expense for Stock Options | Total stock-based compensation expense for stock options for the years ended December 31, 2023 and 2022 is as follows:
|  | Years Ended December 31, |
|  | 2023 |  |  | 2022 |
General and administrative |  | $ | 343,371 |  |  | $ | 536,269 |
Sales and marketing |  |  | 523,798 |  |  |  | 509,789 |
Research and development |  |  | 223,513 |  |  |  | 720,554 |
Cost of goods sold |  |  | 50,341 |  |  |  | - |
Total stock-based expense related to options |  | $ | 1,141,023 |  |  | $ | 1,766,612 |
Total stock-based compensation expense for RSUs for the years ended December 31, 2023 and 2022 is as follows:
|  | Years Ended December 31, |
|  | 2023 |  |  | 2022 |
General and administrative |  | $ | (152,814 | ) |  | $ | 3,259,648 |
Sales and marketing |  |  | 90,899 |  |  |  | 24,632 |
Research and development |  |  | (31,710 | ) |  |  | 806,543 |
Total stock-based expense related to RSUs |  | $ | (93,625 | ) |  | $ | 4,090,823 |
Schedule of Restricted Stock Unit Activity | A summary of our RSUs activity and related information follows:
|  | RSUs |  |  | Weighted Average Grant Date Fair Value |  |  | Weighted Average Vesting Period (Years) |
Unvested balance at January 1, 2022 |  |  | 1,431,922 |  |  | $ | 12.12 |  |  |  | 2.5 |
Granted |  |  | 190,860 |  |  | $ | 2.52 |  |  |  |  |
Vested |  |  | (512,755 | ) |  | $ | 8.06 |  |  |  |  |
Canceled |  |  | - |  |  | $ | - |  |  |  |  |
Unvested balance at December 31, 2022 |  |  | 1,110,027 |  |  | $ | 6.89 |  |  |  | 1.52 |
Granted |  |  | 722,682 |  |  | $ | 0.66 |  |  |  |  |
Vested |  |  | (823,143 | ) |  | $ | 5.00 |  |  |  |  |
Canceled |  |  | (455,100 | ) |  |  | 7.41 |  |  |  |  |
Unvested balance at December 31, 2023 |  |  | 554,466 |  |  | $ | 1.14 |  |  |  | 0.66 |

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-1 + Details
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