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Stockholders’ Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Summary of Changes in Warrants Outstanding

The following is a summary of changes in warrants outstanding for the years ended December 31, 2023 and 2022:

 Summary of Changes in Warrants Outstanding

		Number of warrants
Outstanding at December 31,2021			1,287,404
Exercised			(986	)
Expired			(106,228	)
Outstanding at December 31, 2022			1,180,190
Expired			(936,375	)
Outstanding at December 31, 2023			243,815

Summary of Outstanding Warrants

The following is a summary of all outstanding warrants as of December 31, 2023:

 Summary of Outstanding Warrants

Warrant issuance event		Number of warrants				Weighted average exercise price				Exercise price per share				Remaining term in years				Intrinsic value at date of grant
Settlement of deferred compensation			243,815			$	6.32			$	3.51 - 9.10				0.74			$	-

Summary of Stock Options Activity

The following is a summary of stock option activity:

 Summary of Stock Options Activity

		Number of Options				Weighted average exercise price per share				Remaining term in years
Outstanding on December 31, 2021			635,889			$	7.41				3.8
Issued			64,672			$	5.72				8.0
Cancelled/expired			(17,622	)		$	5.08
Outstanding on December 31, 2022			682,939			$	7.30				3.2
Issued			65,468			$	1.50				8.0
Cancelled/expired			(161,316	)		$	7.92
Outstanding on December 31, 2023			587,091			$	6.50				3.6
Exercisable, December 31, 2023			526,389			$	6.73				3.2

Summary of Fair Value of Options Using Black-Sholes Option Pricing Model

The fair value of the options issued was calculated using the Black-Sholes option pricing model, based on the criteria shown below:

 Summary of Fair Value of Options Using Black-Sholes Option Pricing Model

		2023				2022
Expected term (in years)			8				5.5 - 8
Weighted average expected volatility			84.4	%			82.8% - 85.7	%
Weighted average risk-free interest rate			3.7	%			1.5% - 3.9	%
Expected dividends		$	-			$	-
Weighted average grant date fair value per share		$	1.21			$	4.53

Summary of Restricted Stock Award and Restricted Stock Unit Activity

The following is a summary of restricted stock award and restricted stock unit activity:

 Summary of Restricted Stock Award and Restricted Stock Unit Activity

		Number of shares				Weighted average grant date fair value
Unvested at January 1, 2022			-			$	-
Granted			46,554			$	4.96
Forfeited			(4,631	)		$	5.38
Unvested at December 31, 2022			41,923			$	4.92
Granted			5,000			$	1.25
Vested			(4,386	)		$	5.06
Forfeited			(9,931	)		$	3.33
Unvested at December 31, 2023			32,606			$	4.82

Summary of Performance Stock Unit Activity

The following is a summary of PSU activity:

 Summary of Performance Stock Unit Activity

		Number of shares				Weighted average grant date fair value
Unvested at January 1, 2022			-			$	-
Granted			123,512			$	4.50
Forfeited			(105,834	)		$	4.50
Unvested at December 31, 2022			17,678			$	4.50
Cash settled			(17,678	)		$	4.50
Granted			288,469			$	1.70
Forfeited			(179,330	)		$	1.67
Unvested and expected to vest at December 31, 2023			63,888			$	1.84

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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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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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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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