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CAPITAL STOCK, STOCK PLANS, WARRANTS AND STOCK BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
SCHEDULE OF STOCK OPTIONS VALUATION ASSUMPTIONS | SCHEDULE OF STOCK OPTIONS VALUATION ASSUMPTIONS
|  | 2023 |  |  | 2022 |
|  | Employee Stock Options Granted |
|  | 2023 |  |  | 2022 |
Weighted-average fair value per share |  | $ | 2.07 |  |  |  | 2.71 |
Risk -free interest rate (1) |  |  | 3.48%-4.98 | % |  |  | 3.00 | %
Expected volatility of stock (2) |  |  | 55.19%-58.78 | % |  |  | 55.72 | %
Dividend yield (3) |  |  | None |  |  |  | None |
Expected option life (years) (4) |  |  | 5.0 - 5.6 |  |  |  | 5.0 |
|  | 2023 |  |  | 2022 |
|  | Outside Director Stock Options Granted |
|  | 2023 |  |  | 2022 |
Weighted-average fair value per share |  | $ | 6.46 |  |  | $ | 3.61 |
Risk -free interest rate (1) |  |  | 3.85 | % |  |  | 2.91 | %
Expected volatility of stock (2) |  |  | 54.31 | % |  |  | 55.04 | %
Dividend yield (3) |  |  | None |  |  |  | None |
Expected option life (years) (4) |  |  | 10.0 |  |  |  | 10.0 |
(1) |  | The risk-free interest rate is based on the U.S. Treasury yield in effect at the grant date over the expected term of the option.
(2) |  | The expected volatility is based on historical volatility from our traded Common Stock over the expected term of the option.
(3) |  | The Company has never paid any dividends on its Common Stock. Our Loan Agreement prohibits the Company from paying any cash dividends without prior approval from our lender.
(4) |  | The expected option life is based on historical exercises and post-vesting data.
SCHEDULE OF SHARE-BASED COMPENSATION, ALLOCATION OF RECOGNIZED PERIOD COSTS | The following table summarizes stock-based compensation recognized (within SG&A expenses) for fiscal years 2023 and 2022. SCHEDULE OF SHARE-BASED COMPENSATION, ALLOCATION OF RECOGNIZED PERIOD COSTS
|  | 2023 |  |  | 2022 |
|  | Year Ended |
|  | 2023 |  |  | 2022 |
Employee Stock Options |  | $ | 367,000 |  |  | $ | 313,000 |
Director Stock Options |  |  | 181,000 |  |  |  | 95,000 |
Total |  | $ | 548,000 |  |  | $ | 408,000 |
SCHEDULE OF STOCK OPTIONS ROLL FORWARD | The summary of the Company’s total plans as of December 31, 2023, and 2022, and changes during the period then ended are presented as follows: SCHEDULE OF STOCK OPTIONS ROLL FORWARD
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value (4) |
Options outstanding January 1, 2023 |  |  | 1,018,400 |  |  | $ | 5.02 |  |  |  |  |  |  |  |  |
Granted |  |  | 370,000 |  |  | $ | 3.15 |  |  |  |  |  |  |  |  |
Exercised |  |  | (320,400 | ) |  | $ | 3.72 |  |  |  |  |  |  | $ | 2,335,042 |
Forfeited/expired |  |  | (73,500 | ) |  | $ | 3.77 |  |  |  |  |  |  |  |  |
Options outstanding end of period (1) |  |  | 994,500 |  |  | $ | 5.57 |  |  |  | 5.0 |  |  | $ | 2,417,081 |
Options exercisable at December 31, 2023(2) |  |  | 319,300 |  |  | $ | 5.46 |  |  |  | 4.1 |  |  | $ | 766,037 |
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value (4) |
Options outstanding January 1, 2022 |  |  | 1,019,400 |  |  | $ | 4.91 |  |  |  |  |  |  |  | - |
Granted |  |  | 94,000 |  |  | $ | 5.20 |  |  |  |  |  |  |  |  |
Exercised |  |  | (52,400 | ) |  | $ | 4.04 |  |  |  |  |  |  | $ | 97,856 |
Forfeited/expired |  |  | (42,600 | ) |  | $ | 4.08 |  |  |  |  |  |  |  |  |
Options outstanding end of period (3) |  |  | 1,018,400 |  |  | $ | 5.02 |  |  |  | 3.8 |  |  | $ | 44,262 |
Options exercisable at December 31, 2022(3) |  |  | 530,900 |  |  | $ | 4.27 |  |  |  | 2.4 |  |  | $ | 30,962 |
(1) | Options with exercise prices ranging from $3.15 to $9.81
(2) | Options with exercise prices ranging from $3.15 to $7.50
(3) | Options with exercise prices ranging from $2.79 to $7.50
(4) | The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price
SCHEDULE OF NON VESTED OPTIONS | The summary of the Company’s nonvested options as of December 31, 2023, and changes during the period then ended are presented as follows: SCHEDULE OF NON VESTED OPTIONS
|  |  |  |  | Weighted Average |
|  |  |  |  | Grant-Date |
|  | Shares |  |  | Fair Value |
Non-vested options January 1, 2023 |  |  | 487,500 |  |  | $ | 3.32 |
Granted |  |  | 370,000 |  |  |  | 2.90 |
Vested |  |  | (119,300 | ) |  |  | 3.27 |
Forfeited |  |  | (63,000 | ) |  |  | 3.22 |
Non-vested options at December 31, 2023 |  |  | 675,200 |  |  | $ | 3.12 |

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