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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of time based stock options | The following table summarizes the activities for our stock options with time based vesting for the years ended December 31, 2023, and 2022. Schedule of time based stock options
|  | December 31, |
|  | 2023 |  | 2022 |
Dividend yield |  |  | 0.00% |  |  | 0.00% |
Expected Volatility |  |  | 51.9% - 61.3% |  |  | 65.29% - 77.5% |
Weighted-average volatility |  |  | — |  |  | — |
Expected dividends |  |  | — |  |  | — |
Expected term (in years) |  |  | 10 |  |  | 10 |
Risk-free rate |  |  | 3.50% - 4.53% |  |  | 1.81% - 4.02% |
Schedule of status of time based stock options | The following table summarizes the status of the time-based stock options: Schedule of status of time based stock options
|  | Years Ended December 31, |
|  | 2023 |  | 2022 |
|  | Shares |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Exercise Price |
Outstanding at January 1 |  | 3,035,000 |  | $ | 3.93 |  | 3,672,500 |  | $ | 3.42 |
Granted |  | 430,000 |  | $ | 2.66 |  | 920,000 |  | $ | 2.62 |
Exercised |  | — |  | $ | — |  | 1,031,250 |  | $ | 1.57 |
Forfeited |  | 208,750 |  | $ | 5.45 |  | 526,250 |  | $ | 2.73 |
Outstanding at December 31 |  | 3,256,250 |  | $ | 3.66 |  | 3,035,000 |  | $ | 3.93 |
Options exercisable at December 31 |  | 1,458,750 |  | $ | 4.42 |  | 737,500 |  | $ | 4.93 |
Weighted average fair value of options granted during the period |  | — |  | $ | 1.84 |  | — |  | $ | 1.99 |
Stock-based compensation expense |  | — |  | $ | 1,940,720 |  | — |  | $ | 2,083,397 |
Schedule of information pertaining to options outstanding | The following table presents information pertaining to time- based stock options outstanding at December 31, 2023: 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 |
$2.18-$9.49 |  | 3,256,250 |  | 8.3 years |  | $ | 3.66 |  | 1,458,750 |  | $ | 4.42 |
The following table summarizes the activities for our unvested performance stock option awards for the twelve months ended December 31, 2023, and 2022. | Pursuant to an employment agreement entered into on November 6, 2023, with the Company’s Chief Commercial Officer, and as an inducement to his employment, the Company issued a non-qualified option to purchase 200,000 shares of common stock that vest upon achievement of sales growth milestones. The following table summarizes the activities for our unvested performance stock option awards for the twelve months ended December 31, 2023, and 2022.
|  | Twelve Months Ended December 31, |
|  | 2023 |  | 2022 |
|  | Shares |  | Weighted Average Grant-Date Fair Value |  | Shares |  | Weighted Average Grant-Date Fair Value |
Unvested at January 1 |  | — |  | $ | — |  | — |  | $ | — |
Granted |  | 200,000 |  | $ | 1.48 |  | — |  | $ | — |
Vested |  | — |  | $ | — |  | — |  | $ | — |
Forfeited/canceled |  | — |  | $ | — |  | — |  | $ | — |
Unvested at December 31 |  | 200,000 |  | $ | 1.48 |  | — |  | $ | — |
The following table summarizes the activities for our unvested restricted stock awards for the twelve months ended December 31, 2023, and 2022. | The following table summarizes the activities for our unvested restricted stock awards for the twelve months ended December 31, 2023, and 2022.
|  | Twelve Months Ended December 31, |
|  | 2023 |  | 2022 |
|  | Shares |  | Weighted Average Grant-Date Fair Value |  | Shares |  | Weighted Average Grant-Date Fair Value |
Unvested at January 1 |  | 950,000 |  | $ | 3.04 |  | 1,000,000 |  | $ | 3.01 |
Granted |  | 54,496 |  | $ | 3.68 |  | — |  | $ | — |
Vested |  | 100,000 |  | $ | 3.31 |  | 50,000 |  | $ | 3.31 |
Forfeited/canceled |  | — |  | $ | — |  | — |  | $ | — |
Unvested at December 31 |  | 904,496 |  | $ | 2.77 |  | 950,000 |  | $ | 3.04 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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