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STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
SCHEDULE OF STOCK OPTION PLAN ACTIVITY | A summary of stock option activity under the Plan for the year ended December 31, 2024 is as follows: SCHEDULE OF STOCK OPTION PLAN ACTIVITY
|  | Number of shares |  |  | Weighted Avg. Exercise Price |  |  | Weighted Avg. Remaining Contractual Life |  |  | Aggregate Intrinsic Value |
Options outstanding – January 1, 2024 |  |  | 2,711,317 |  |  | $ | 6.25 |  |  |  |  |  |  |  |  |
Options granted |  |  | 152,500 |  |  | $ | 17.36 |  |  |  |  |  |  |  |  |
Options exercised |  |  | (281,812 | ) |  | $ | 7.23 |  |  |  |  |  |  |  |  |
Options cancelled/forfeited |  |  | (113,406 | ) |  | $ | 13.51 |  |  |  |  |  |  |  |  |
Options outstanding – December 31, 2024 |  |  | 2,469,099 |  |  | $ | 6.49 |  |  |  | 3.19 |  |  | $ | 67,035,000 |
Options exercisable |  |  | 2,226,858 |  |  | $ | 5.52 |  |  |  | 2.59 |  |  | $ | 62,413,000 |
Options vested and expected to vest |  |  | 2,438,378 |  |  | $ | 6.35 |  |  |  | 3.12 |  |  | $ | 66,501,000 |
A summary of stock option activity under the Plan for the year ended December 31, 2023 is as follows:
|  | Number of shares |  |  | Weighted Avg. Exercise Price |  |  | Weighted Avg. Remaining Contractual Life |  |  | Aggregate Intrinsic Value |
Options outstanding – January 1, 2023 |  |  | 3,027,701 |  |  | $ | 5.90 |  |  |  |  |  |  |  |  |
Options granted |  |  | 135,500 |  |  | $ | 17.81 |  |  |  |  |  |  |  |  |
Options exercised |  |  | (355,148 | ) |  | $ | 7.36 |  |  |  |  |  |  |  |  |
Options cancelled/forfeited |  |  | (96,736 | ) |  | $ | 7.49 |  |  |  |  |  |  |  |  |
Options outstanding – December 31, 2023 |  |  | 2,711,317 |  |  | $ | 6.25 |  |  |  | 4.00 |  |  | $ | 14,303,000 |
Options exercisable |  |  | 2,432,826 |  |  | $ | 5.55 |  |  |  | 3.45 |  |  | $ | 13,760,000 |
Options vested and expected to vest |  |  | 2,673,670 |  |  | $ | 6.15 |  |  |  | 3.93 |  |  | $ | 14,243,000 |
SCHEDULE OF FAIR VALUE ASSUMPTIONS | The table below illustrates the fair value per share determined using the Black-Scholes-Merton option pricing model with the following assumptions used for valuing options granted to employees: SCHEDULE OF FAIR VALUE ASSUMPTIONS
|  | 2024 |  |  | 2023 |
Weighted-average fair value of options granted |  | $ | 11.46 |  |  | $ | 11.49 |
Expected terms (in years) |  |  | 6.11 |  |  |  | 6.11 |
Expected volatility |  |  | 68 – 73% |  |  |  | 68 – 70% |
Risk-free interest rate |  |  | 3.72 – 4.48% |  |  |  | 3.59 – 4.80% |
Dividend yield |  |  | - |  |  |  | - |
SCHEDULE OF STOCK OPTION OUTSTANDING AND EXERCISABLE | The following table summarizes information about stock options outstanding and exercisable at December 31, 2024: SCHEDULE OF STOCK OPTION OUTSTANDING AND EXERCISABLE
|  |  | Options Outstanding |  |  | Options Exercisable |
Range of Exercise Prices |  |  | Number Outstanding |  |  | Weighted Average Remaining Contractual Life in Years |  |  | Weighted Average Exercise Price |  |  | Number Exercisable |  |  | Weighted Average Exercise Price |
$ | 1.47 - $1.70 |  |  |  | 31,942 |  |  |  | 2.71 |  |  | $ | 1.68 |  |  |  | 31.942 |  |  | $ | 1.68 |
$ | 1.73 |  |  |  | 250,000 |  |  |  | 3.00 |  |  | $ | 1.73 |  |  |  | 250,000 |  |  | $ | 1.73 |
$ | 2.23 |  |  |  | 270,000 |  |  |  | 2.09 |  |  | $ | 2.23 |  |  |  | 270,000 |  |  | $ | 2.23 |
$ | 2.40- $2.60 |  |  |  | 14,068 |  |  |  | 2.07 |  |  | $ | 2.57 |  |  |  | 14,068 |  |  | $ | 2.57 |
$ | 3.95 |  |  |  | 308,500 |  |  |  | 1.25 |  |  | $ | 3.95 |  |  |  | 308,500 |  |  | $ | 3.95 |
$ | 4.49- $5.72 |  |  |  | 92,300 |  |  |  | 4.61 |  |  | $ | 5.53 |  |  |  | 92,300 |  |  | $ | 5.53 |
$ | 6.30 |  |  |  | 285,000 |  |  |  | 4.14 |  |  | $ | 6.30 |  |  |  | 285,000 |  |  | $ | 6.30 |
$ | 6.75- $7.26 |  |  |  | 44,006 |  |  |  | 7.41 |  |  | $ | 6.84 |  |  |  | 21,319 |  |  | $ | 6.79 |
$ | 7.30 |  |  |  | 274,500 |  |  |  | 5.01 |  |  | $ | 7.30 |  |  |  | 274,500 |  |  | $ | 7.30 |
$ | 7.60 - $45.64 |  |  |  | 898,783 |  |  |  | 3.06 |  |  | $ | 10.09 |  |  |  | 679,229 |  |  | $ | 8.10 |
$ | 1.47 - $45.64 |  |  |  | 2,469,099 |  |  |  | 3.19 |  |  | $ | 6.49 |  |  |  | 2,226,858 |  |  | $ | 5.52 |
SCHEDULE OF PERFORMANCE STOCK UNITS | SCHEDULE OF PERFORMANCE STOCK UNITS
Tranche |  | Number of Shares |  |  | Target Share Price* |
Tranche 1 |  |  | 223,988 |  |  | $ | 25.00 |
Tranche 2 |  |  | 335,981 |  |  | $ | 35.00 |
Tranche 3 |  |  | 447,975 |  |  | $ | 45.00 |
Tranche 4 |  |  | 559,969 |  |  | $ | 50.00 |
* | Target Share Price assumes that no dividends or like distributions are made to stockholders of the Company. If such distributions are made, the Target Share Price would decrease accordingly, to the benefit of the employee, to account for the dividend/distribution as a part of the Target Share Price.
SCHEDULE OF PERFORMANCE STOCK UNITS ACTIVITY | A summary of the Company’s PSU activity and related information for the year ended December 31, 2024 is as follows: SCHEDULE OF PERFORMANCE STOCK UNITS ACTIVITY
|  | Number of PSUs |  |  | Weighted Average Grant Date Fair Value |
PSUs unvested – January 1, 2024 |  |  | 1,567,913 |  |  | $ | 18.56 |
PSUs granted |  |  | - |  |  | $ | - |
PSUs vested |  |  | - |  |  | $ | - |
PSUs cancelled/forfeited |  |  | - |  |  | $ | - |
PSUs unvested – December 31, 2024 |  |  | 1,567,913 |  |  | $ | 18.56 |
A summary of the Company’s PSU activity and related information for the year ended December 31, 2023 is as follows:
|  | Number of PSUs |  |  | Weighted Average Grant Date Fair Value |
PSUs unvested – January 1, 2023 |  |  | 1,567,913 |  |  | $ | 6.45 |
PSUs granted |  |  | 1,567,913 |  |  | $ | 18.56 |
PSUs vested |  |  | (1,567,913 | ) |  | $ | 6.45 |
PSUs cancelled/forfeited |  |  | - |  |  | $ | - |
PSUs unvested – December 31, 2023 |  |  | 1,567,913 |  |  | $ | 18.56 |
SCHEDULE OF RESTRICTED STOCK UNITS ACTIVITY | A summary of the Company’s RSU activity and related information for the year ended December 31, 2024 is as follows: SCHEDULE OF RESTRICTED STOCK UNITS ACTIVITY
|  | Number of RSUs |  |  | Weighted Average Grant Date Fair Value |
RSUs unvested – January 1, 2024 |  |  | 363,029 |  |  | $ | 9.23 |
RSUs granted |  |  | 327,831 |  |  | $ | 24.64 |
RSUs vested |  |  | (327,998 | ) |  | $ | 10.22 |
RSUs cancelled/forfeited |  |  | (9,750 | ) |  | $ | 11.64 |
RSUs unvested at December 31, 2024 |  |  | 353,112 |  |  | $ | 22.55 |
A summary of the Company’s RSU activity and related information for the year ended December 31, 2023 is as follows:
|  | Number of RSUs |  |  | Weighted Average Grant Date Fair Value |
RSUs unvested – January 1, 2023 |  |  | 493,806 |  |  | $ | 7.99 |
RSUs granted |  |  | 128,174 |  |  | $ | 11.68 |
RSUs vested |  |  | (175,643 | ) |  | $ | 8.67 |
RSUs cancelled/forfeited |  |  | (83,308 | ) |  | $ | 6.84 |
RSUs unvested at December 31, 2023 |  |  | 363,029 |  |  | $ | 9.23 |
SCHEDULE OF STOCK BASED COMPENSATION GRANTED TO EMPLOYEES, DIRECTORS AND CONSULTANTS | The Company recorded total stock-based compensation (including issuance of common stock for services and accrual for stock-based compensation) related to equity instruments granted to employees, directors and consultants as follows: SCHEDULE OF STOCK BASED COMPENSATION GRANTED TO EMPLOYEES, DIRECTORS AND CONSULTANTS
|  | 2024 |  |  | 2023 |
|  | For the Years Ended December 31, |
|  | 2024 |  |  | 2023 |
Employees – selling, general and administrative |  | $ | 14,812,000 |  |  | $ | 13,279,000 |
Employees – R&D |  |  | 1,722,000 |  |  |  | 1,662,000 |
Directors – selling, general and administrative |  |  | 800,000 |  |  |  | 688,000 |
Consultants – selling, general and administrative |  |  | 285,000 |  |  |  | 67,000 |
Total |  | $ | 17,619,000 |  |  | $ | 15,696,000 |

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