XML 40 R28.htm IDEA: XBRL DOCUMENT v3.25.1
Stockholders’ Equity (Deficit) (Tables)
 12 Months Ended
Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]  
Summary of Option Activity

A summary of options activity under the Company’s stock option plan for the years ended December 31, 2024 and 2023 are presented below:

  

Number of

Shares

  

Weighted

Average

Exercise

Price

  

Total

Intrinsic

Value

  

Weighted

Average

Remaining

Contractual Life (in years)

 
Options outstanding as of December 31, 2022   1,150,000   $2.15   $-    3.3 
Employee options granted   85,000    1.29    -    5.0 
Employee options forfeited   (35,000)   1.02    11,100    - 
Options outstanding as of December 31, 2023   1,200,000   $2.12   $8,700    2.4 
Options vested and exercisable as of December 31, 2023   1,145,000   $2.15   $-    2.3 

 

  

Number of

Shares

  

Weighted

Average

Exercise

Price

  

Total

Intrinsic

Value

  

Weighted

Average

Remaining

Contractual

Life (in years)

 
Options outstanding as of December 31, 2023   1,200,000   $2.12   $8,700    2.4 
Employee options granted   120,000    1.52    -    4.6 
Employee options expired   (17,500)   10.30    -    - 
Options outstanding as of December 31, 2024   1,302,500   $1.96   $804,300    1.7 
Options vested and exercisable as of December 31, 2024   1,141,250   $2.02   $649,125    1.3 
Schedule of Weighted-Average Assumptions Used to Estimate Fair Value

The fair value of market-based LTI RSUs is estimated using a Monte Carlo simulation. The following assumptions were used to determine fair value as of the January 1, 2023, modification date:

 

  

January 1, 2023

(Modification)

 
Vesting Hurdle Price  $ 3.81 - $30.52   
Term (years)   4.00 
Expected stock price volatility   97.30%
Risk-free rate of interest   4.10%
Summary of Restricted Stock

The following table summarizes RSU activity under the 2021 Plan for the years ended December 31, 2024 and 2023:

 

  

Number of

Restricted

Stock Units

  

Weighted

Average Grant

Date Fair

Value

 
Nonvested as of December 31, 2022   1,590,553   $3.34 
Granted   50,000    0.63 
Vested   (34,180)   3.55 
Nonvested as of December 31, 2023   1,606,373   $3.25 
Granted   300,000    1.71 
Vested   (445,350)   3.13 
Vested and converted to restricted common shares   (220,052)   2.04 
Forfeited   (100,000)   1.63 
Nonvested as of December 31, 2024   1,140,971   $3.27 
Schedule of Stock-based Compensation Expense

Stock-based compensation expenses are recorded as a part of general and administrative expenses, compensation expenses and cost of revenues. Stock-based compensation expenses for the years ended December 31, 2024 and 2023 were as follows:

 

   2024   2023 
   For the Year Ended December 31, 
   2024   2023 
Employee stock option awards  $2,973,503   $11,726 
Employee restricted stock unit awards   1,188,963    956,526 
Employee stock-based salary payments and bonus awards   1,176,679    675,061 
Non-employee restricted stock awards   165,011    195,784 
Stock-based compensation  $5,504,156   $1,839,097 
Summary of Warrant Activity

The following is a summary of warrant activity for the years ended December 31, 2024 and 2023:

 

  

Number of

Warrants

 
Outstanding as of December 31, 2022   912,500 
Expiration of warrants   (200,000)
Outstanding as of December 31, 2023   712,500 
Expiration of warrants   - 
Outstanding as of December 31, 2024   712,500 
Common Stock [Member]  
Accumulated Other Comprehensive Income (Loss) [Line Items]  
Summary of Restricted Stock

The following table summarizes restricted Common Stock activity under the 2021 Plan for the years ended December 31, 2024 and 2023:

  

Number of

Restricted Shares

of Common Stock

 
Outstanding and nonvested as of December 31, 2023   - 
Converted from restricted stock units   220,052 
Granted   12,500 
Outstanding and nonvested as of December 31, 2024   232,552 
2021 Equity Incentive Plan [Member]  
Accumulated Other Comprehensive Income (Loss) [Line Items]  
Schedule of Weighted-Average Assumptions Used to Estimate Fair Value

Schedule of Weighted-Average Assumptions Used to Estimate Fair Value 

  

For the Year Ended

December 31,

 
   2024   2023 
Exercise price  $1.52   $1.29 
Term (years)   5.00    5.00 
Expected stock price volatility   141.86%    151.32% 
Risk-free rate of interest   4.50%    3.97%