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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of time based stock options | Schedule of time based stock options
|  | December 31, 2022 |  | December 31, 2021 |
Dividend yield |  |  | 0.00% |  |  | 0.00% |
Expected volatility |  |  | 65.29% – 77.5% |  |  | 74.01 – 77.91% |
Weighted-average volatility |  |  | — |  |  | — |
Expected dividends |  |  | — |  |  | — |
Expected term (in years) |  |  | 10 Years |  |  | 10 Years |
Risk-free rate |  |  | 1.81 – 4.02% |  |  | 1.20 – 1.62% |
Schedule of status of time based stock options | The following table summarizes the status of the Company’s stock option plan: Schedule of status of time based stock options
|  | December 31, 2022 |  | December 31, 2021 |
|  | Shares |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Exercise Price |
Outstanding at January 1 |  |  | 3,672,500 |  | $ | 3.42 |  |  | 2,922,494 |  | $ | 2.46 |
Granted |  |  | 445,000 |  | $ | 2.57 |  |  | 2,000,000 |  | $ | 3.64 |
Exercised |  |  | 1,031,250 |  | $ | 1.57 |  |  | 1,062,500 |  | $ | 1.19 |
Forfeited |  |  | 526,250 |  | $ | 2.73 |  |  | 187,494 |  | $ | 3.36 |
Outstanding at year end |  |  | 2,560,000 |  | $ | 4.15 |  |  | 3,672,500 |  | $ | 3.42 |
Options exercisable |  |  | 737,500 |  | $ | 4.93 |  |  | 983,750 |  | $ | 2.73 |
Weighted average fair value of options granted during the period |  |  | — |  | $ | 1.98 |  |  | — |  | $ | 2.85 |
Stock-based compensation expense |  |  | — |  | $ | 1,925,861 |  |  | — |  | $ | 2,457,788 |
Schedule of information pertaining to options outstanding | The following table presents information pertaining to options outstanding as of December 31, 2022: Schedule of information pertaining to options outstanding
Range of Exercise Price |  | Number Outstanding |  | Weighted Average Remaining Contractual Life |  | Weighted Average Exercise Price |  | Number Exercisable |  | Weighted Average Exercise Price |
$2.25 - $9.49 |  | 2,560,000 |  | 8.8 years |  | $ | 4.15 |  | 737,500 |  | $ | 4.93 |
Schedule of time based stock options | Schedule of time based stock options
|  | December 31, |
|  | 2022 |  | 2021 |
Dividend yield |  |  | 0.00% |  |  | 0.00% |
Expected Volatility |  |  | 65.9% |  |  | 0% – 0% |
Weighted-average volatility |  |  | — |  |  | — |
Expected dividends |  |  | — |  |  | — |
Expected term (in years) |  |  | 10 |  |  | 0 |
Risk-free rate |  |  | 2.99% |  |  | 0% – 0% |
Schedule of status of time based stock options | The following table summarizes the status of the 2021 Plan with respect to time based stock options: Schedule of status of time based stock options
|  | Year Ended December 31, |
|  | 2022 |  | 2021 |
|  | Shares |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Exercise Price |
Outstanding at January 1 |  | 0 |  | $ | 0 |  |  | — |  | $ | — |
Granted |  | 475,000 |  | $ | 2.67 |  |  | — |  | $ | — |
Exercised |  | 0 |  | $ | — |  |  | — |  | $ | — |
Forfeited |  | 0 |  | $ | — |  |  | — |  | $ | — |
Outstanding at year end |  | 475,000 |  | $ | 2.67 |  |  | — |  | $ | — |
Options exercisable |  | 0 |  | $ | — |  |  | — |  | $ | — |
Weighted average fair value of options granted during the period |  | — |  | $ | 1.99 |  |  | — |  | $ | — |
Stock-based compensation expense |  | — |  | $ | 157,536 |  |  | — |  | $ | — |
Schedule of information pertaining to options outstanding | The following table presents information pertaining to options outstanding at December 31, 2022: Schedule of information pertaining to options outstanding
Range of Exercise Price |  | Number Outstanding |  | Weighted Average Remaining Contractual Life |  | Weighted Average Exercise Price |  | Number Exercisable |  | Weighted Average Exercise Price |
$2.67 |  | 475,000 |  | 9.3 years |  | $ | 2.67 |  | 0 |  | $ | 0 |
Schedule of performance base options outstanding | The following table summarizes the status of the 2015 Plan with respect to performance-based stock options as of December 31, 2022 and 2021: Schedule of performance base options outstanding
|  | December 31, 2022 |  |  | December 31, 2021 |
|  | Shares |  | Weighted Average Exercise Price |  |  | Shares |  | Weighted Average Exercise Price |
Outstanding at January 1 |  | — |  | $ | — |  |  |  | 1,000,000 |  | $ | 1.70 |
Granted |  | — |  | $ | — |  |  |  | — |  | $ | — |
Exercised |  | — |  | $ | — |  |  |  | — |  | $ | — |
Forfeited |  | — |  | $ | — |  |  |  | — |  | $ | — |
Outstanding at year end |  | — |  | $ | — |  |  |  | 1,000,000 |  | $ | 1.70 |
Options exercisable |  | — |  | $ | — |  |  |  | — |  | $ | — |
Weighted average fair value of options granted during the period |  | — |  | $ | — |  |  |  | — |  | $ | — |
Stock-based compensation expense |  | — |  | $ | — |  |  |  | — |  | $ | (408,747 | )
The following table summarizes the activities for our unvested restricted stock awards for the twelve months ended December 31, 2022, and 2021. | The following table summarizes the activities for our unvested restricted stock awards for the twelve months ended December 31, 2022, and 2021.
|  | Twelve Months Ended December 31, |
|  | 2022 |  | 2021 |
|  | Shares |  | Weighted Average Grant-Date Fair Value |  | Shares |  | Weighted Average Grant-Date Fair Value |
Unvested at January 1 |  | 1,000,000 |  | $ | 3.01 |  | — |  | $ | — |
Granted |  | — |  | $ | — |  | 1,000,000 |  | $ | 3.01 |
Vested |  | 50,000 |  | $ | 3.31 |  | — |  | $ | — |
Forfeited/canceled |  | — |  | $ | — |  | — |  | $ | — |
Unvested at December 31 |  | 950,000 |  | $ | 3.04 |  | 1,000,000 |  | $ | 3.01 |

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