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SHARE-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2025
SHARE-BASED COMPENSATION [Abstract] |
Stock Option Activity | The following table summarizes stock option activity for the year ended December 31, 2025:
|  |  |  |  | Weighted Average |  |  |  |
|  | Options on Common Shares |  |  |  | Exercise Price |  |  |  | Remaining Contractual Term |  |  |  | Aggregate Intrinsic Value |
Outstanding January 1, 2025 |  | 3,944,284 |  |  | $ | 2.12 |  |  |  | 8.30 |  |  | $ | 1,486 |
Granted |  | 5,273,927 |  |  |  | 1.98 |  |  |  | - |  |  |  | - |
Exercised |  | (171,415 | ) |  |  | 1.43 |  |  |  | - |  |  |  | - |
Forfeited, cancelled, expired |  | (2,597,262 | ) |  |  | 2.05 |  |  |  | - |  |  |  | - |
Outstanding December 31, 2025 |  | 6,449,534 |  |  | $ | 2.05 |  |  |  | 8.56 |  |  | $ | 3,469 |
Exercisable December 31, 2025 |  | 1,713,774 |  |  | $ | 2.41 |  |  |  | 7.37 |  |  | $ | 936 |
Stock Option Activity, Fair Value of Assumptions | The Company uses the Black-Scholes option pricing model to determine the fair value of service-based options granted. The following table summarizes the assumptions used to compute the fair value of options granted to employees and non-employees:
| For the Year Ended December 31,
|  | 2025 |  |  |  | 2024 |
Expected stock price volatility |  | 76 | % |  |  | 76 | %
Risk-free interest rate |  | 4.06 | % |  |  | 3.82 | %
Expected dividend yield |  | 0 | % |  |  | 0 | %
Expected life of options |  | 6 |  |  |  | 6 |
Weighted-average fair value of options granted | $ | 1.38 |  |  | $ | 1.44 |
Stock Option Outstanding | The following table summarizes information about stock options outstanding at December 31, 2025:
|  |  |  |  |  |  |  |  | Weighted |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Average |  |  | Weighted |  |  |  |  |  |  | Weighted |
|  |  |  |  |  |  |  |  | Remaining |  |  | Average |  |  |  |  |  |  | Average |
Range of |  |  | Number |  |  | Contractual |  |  | Exercise |  |  | Number |  |  | Exercise |
Exercise Prices |  |  | Outstanding |  |  | Life (Years) |  |  | Price |  |  | Exercisable |  |  | Price |
$1.00 | – | $2.00 |  |  |  | 4,282,059 |  |  |  | 8.60 |  |  | $ | 1.58 |  |  |  | 982,542 |  |  | $ | 1.43 |
$2.01 | – | $3.00 |  |  |  | 1,735,000 |  |  |  | 9.26 |  |  | $ | 2.48 |  |  |  | 398,758 |  |  | $ | 2.45 |
$3.01 | – | $4.00 |  |  |  | 150,000 |  |  |  | 8.09 |  |  | $ | 3.88 |  |  |  | 49,999 |  |  | $ | 3.88 |
$4.01 | – | $5.00 |  |  |  | 83,975 |  |  |  | 5.02 |  |  | $ | 4.37 |  |  |  | 83,975 |  |  | $ | 4.37 |
$5.01 | – | $6.58 |  |  |  | 198,500 |  |  |  | 3.54 |  |  | $ | 5.96 |  |  |  | 198,500 |  |  | $ | 5.96 |
Restricted Stock Units Activity | The 2017 Plan provides for the grant of restricted stock units (“RSUs”). RSUs are settled in shares of the Company’s Common Stock as the RSUs become vested. The following table summarizes RSU activity for the years ended December 31, 2025 and 2024:
|  |  |  |  |  | Weighted |  |  |  | Weighted |
|  | Service-Based |  |  |  | Average Grant |  |  |  | Average Vesting |
|  | RSU's |  |  |  | Date Fair Value |  |  |  | Period (Years) |
Unvested at December 31, 2023 |  | 810,588 |  |  |  | 1.73 |  |  |  | 2.52 |
Granted-service based |  | 881,004 |  |  |  | 2.60 |  |  |  |  |
Vested |  | (465,763 | ) |  |  | 2.03 |  |  |  |  |
Forfeited and cancelled |  | (237,727 | ) |  |  | 2.26 |  |  |  |  |
Unvested at December 31, 2024 |  | 988,102 |  |  | $ | 2.25 |  |  |  | 3.67 |
Granted-service based |  | 897,225 |  |  |  | 1.88 |  |  |  | - |
Vested |  | (870,794 | ) |  |  | 1.89 |  |  |  | - |
Forfeited and cancelled |  | - |  |  |  | - |  |  |  | - |
Unvested at December 31, 2025 |  | 1,014,563 |  |  | $ | 2.23 |  |  |  | 3.62 |
Share-based Compensation for Options and Restricted Stock Units | The Company recorded share-based compensation in its statements of operations for the relevant periods for options and RSUs as follows:
| For the Year ended December 31,
|  | 2025 |  |  |  | 2024 |
Selling, general, and administrative | $ | 4,076 |  |  | $ | 2,296 |
Research and development |  | - |  |  |  | 137 |
Total share-based expense | $ | 4,076 |  |  | $ | 2,433 |

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