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EQUITY (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

SCHEDULE OF STOCK OPTIONS FAIR VALUE ASSUMPTIONS ESTIMATED USING BLACK-SCHOLES PRICING MODEL

The Company utilized the Black-Scholes option-pricing model to estimate fair value, utilizing the following assumptions for the respective years (all in weighted averages):

SCHEDULE OF STOCK OPTIONS FAIR VALUE ASSUMPTIONS ESTIMATED USING BLACK-SCHOLES PRICING MODEL 

		2023				2022
Risk-free interest rate			4.0	%			1.8	%
Expected term of options, in years			4.01				3.86
Expected annual volatility			85.0	%			93.7	%
Expected dividend yield			—	%			—	%
Determined weighted average grant date fair value per option		$	3.16			$	5.85

SUMMARY OF STOCK OPTION ACTIVITY

A summary of the Company’s option plans as of December 31, 2023 and 2022, as well as changes during each of the years then ended, is presented below:

SUMMARY OF STOCK OPTION ACTIVITY 

		2023								2022
		Number of Options (in shares)				Weighted Average Exercise Price				Number of Options (in shares)				Weighted Average Exercise Price
Outstanding at beginning of year			58,966			$	6.72				52,044			$	6.24
Granted at market price			14,936			$	5.33				9,110			$	8.80
Exercised			—			$	—				(2,188	)		$	(2.88	)
Forfeited or expired			2,009			$	7.15				—			$	—
Outstanding at end of year			71,893			$	6.41				58,966			$	6.72
Exercisable at end of year			64,366			$	6.44				51,166			$	6.55

SUMMARY OF INFORMATION REGARDING TO OPTIONS OUTSTANDING AND EXERCISABLE

Summary information regarding the options outstanding and exercisable at December 31, 2023 is as follows:

SUMMARY OF INFORMATION REGARDING TO OPTIONS OUTSTANDING AND EXERCISABLE 

		Outstanding												Exercisable
Range of Exercise Prices		Number Outstanding				Weighted Average Remaining Contractual Life				Weighted Average Exercise Price				Number Exercisable				Weighted Average Exercise Price
		(in shares)				(in years)								(in shares)
$2.88 – $6.08			41,316				3.60			$	5.13				37,254			$	5.15
$6.10 – $10.08			30,577				3.98			$	8.14				27,112			$	8.21
			71,893												64,366

SUMMARY OF WARRANT ACTIVITY

The Company has issued warrants at exercise prices equal to or greater than the market value of the Company’s common stock at the date of issuance. A summary of warrant activity follows:

SUMMARY OF WARRANT ACTIVITY 

		2023								2022
		Number of Shares Underlying Warrants				Weighted Average Exercise Price				Number of Shares Underlying Warrants				Weighted Average Exercise Price
Outstanding at beginning of year			2,187			$	2.08				2,187			$	2.08
Granted			—			$	—				—			$	—
Exercised			(2,187	)		$	(2.08	)			—			$	—
Forfeited or expired			—			$	—				—			$	—
Outstanding and exercisable at end of year			—			$	—				2,187			$	2.08

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Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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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.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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