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COMMON STOCK, STOCK-BASED COMPENSATION AND WARRANTS (Tables)

3 Months Ended

Mar. 31, 2025

COMMON STOCK, STOCK-BASED COMPENSATION AND WARRANTS

Schedule of stock were valued on the date of issuance using the Monte Carlo pricing model with the following assumptions

​

​	​	​	​	​	​	​	​
​		Series A Right Warrant			Series B Right Warrant		​
Common Stock Price as of Issuance Date	​	$	0.94	​	$	0.94	​
Risk-Free Rate	​	​	4.31	%		4.27	%
Dividend Rate	​	​	0.00	%		0.00	%
Volatility	​	​	88.90	%		97.19	%
Minimum Exercise Price	​	$	1.00	​	$	2.00	​
Maximum Exercise Price	​	$	2.00	​	$	4.00	​
Formula for Exercise Price	​	​	90% of the 5-day volume weighted average stock price as of the exercise date rounded down to the nearest cent, not to fall outside the range of the maximum and minimum exercise prices.				​

Schedule of stock-based compensation expense

​

​	​	​	​	​	​	​
​		Three Months Ended March 31,
Stock-based compensation expense by category	​	2025			2024
Stock-options	​	$	679,148	​	$	734,210
Restricted stock-units (“RSUs”)	​		139,278	​		225,255
Total stock-based compensation expense	​	$	818,426	​	$	959,465

​

Schedule of stock options activity

​

​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	Weighted
​	​	​	​	Weighted		​	Average
​	​	​	​	Average		​	Remaining
​	​	​	​	Exercise Price		​	Contractual
​		Shares		per Share			Life (Years)
Outstanding, December 31, 2024		12,341,914	​	$	3.55	​	6.81
Granted		39,500	​	​	1.03		—
Forfeited		(46,876)	​	​	2.05		—
Expired		(34,781)	​	​	5.27		—
Outstanding, March 31, 2025		12,299,757	​	$	3.54		6.74

Schedule of fair value of each stock option estimated using the Black-Scholes pricing model

The Company estimated the fair value of stock options granted during the three months ended March 31, 2025 using a Black-Scholes pricing model, which used the following inputs:

​

​	​	​	​	​
Exercise price (per share)	​	$	1.01 - $1.30	​
Expected volatility	​		80.7	%
Expected term*	​		6 years	​
Risk free rate	​		4.01% - 4.40	%
Dividends	​		0	%

Schedule of intrinsic value

The intrinsic value is calculated as the difference between the market value of the shares as of March 31, 2025, of $1.00 and the exercise price of the shares.

​

​	​	​	​	​	​	​	​	​	​	​
Options Outstanding
​	​	Number	​	Weighted		​	Weighted	​	​	​
Range of	​	Outstanding at	​	Average		​	Average	​	Aggregate
Exercise	​	March 31,	​	Exercise		​	Remaining	​	Intrinsic
Price		2025		Price			Life (Years)		Value
$0.84 - $13.20		12,299,757	​	$	3.54	​	6.74	​	$	138,015

​

​	​	​	​	​	​	​
Options Exercisable
Number	​	Weighted		​
Exercisable at	​	Average		​	Aggregate
March 31,	​	Exercise		​	Intrinsic
2025		Price			Value
6,949,591	​	$	4.98	​	$	32,038

Schedule of company's non-vested options

​

​	​	​	​	​	​
​	​	​	​	Weighted
​	​	​	​	Average
​	​	​	​	Grant Date
​		Shares		Fair Value
​	​	​	​	​	​
Non-vested, December 31, 2024		6,234,550	​	$	1.09
Granted		39,500	​	$	0.75
Forfeited		(46,876)	​	$	1.34
Vested		(877,008)	​	$	1.02
Non-vested, March 31, 2025		5,350,166	​	$	1.10

Schedule of outstanding balance of restricted stock units

​

​	​	​	​	​	​
​	​	Total	​	Intrinsic Value
Outstanding, December 31, 2024		2,809,500		$	2,556,645
Granted		43,500		​	—
Vested	​	(35,000)	​	​	—
Forfeited		(30,500)		​	—
Outstanding, March 31, 2025		2,787,500	​	$	2,787,500

Schedule of the restricted stock unit activity

​

​	​	​	​	​	​
​	​	​	​	Weighted
​	​	​	​	Average
​	​	​	​	Grant Date
​		Shares		Fair Value
Non-vested, January 1, 2025		641,336	​	$	1.31
Granted	​	35,000	​	​	1.03
Vested		(65,000)	​	​	0.96
Non-vested, March 31, 2025		611,336	​	$	1.33

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