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STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION (Tables)

12 Months Ended

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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