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Stockholders’ Equity (Tables)
12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Non-vested Shares Related Parties

The following is a summary of the Company’s non-vested shares at December 31, 2024 and 2023.

 

       Weighted Average 
Non-Vested Shares  Number of Shares   Grant Date Fair Value 
Balance - December 31, 2022   -   $- 
Granted   695,000    5.24 
Vested   -    - 
Cancelled/Forfeited   -    - 
Balance - December 31, 2023   695,000   $5.24 
Granted   644,640   $7.60 
Vested   (1,000,000)   6.55 
Cancelled/Forfeited   -    - 
Balance - December 31, 2024   339,640   $5.30 
           
Unrecognized Compensation  $973,253      
           
Weighted average period (years)   3.72      
Schedule of Stock Granted

The following is a detail of the common stock granted, which is subject to the vesting provisions noted above at December 31, 2024 and December 31, 2023, respectively.

 

               Director of     
   CEO   CFO   Directors   Human Resources/Legal   Total 
Balance - December 31, 2022   -    -    -    -    - 
Granted   -    600,000    95,000    -    695,000 
Vested   -    -    -    -    - 
Cancelled/Forfeited   -    -    -    -    - 
Balance - December 31, 2023   -    600,000    95,000    -    695,000 
Granted   500,000    -    44,640    100,000    644,640 
Vested   (500,000)   (400,000)   -    (100,000)   (1,000,000)
Cancelled/Forfeited   -    -    -    -    - 
Balance - December 31, 2024   -    200,000    139,640    -    339,640 
                          
Unrecognized Compensation  $-   $479,077   $494,176   $-   $973,253 
                          
Weighted average period (years)   -    1.00    2.72    -    3.72 
Schedule of Stock Option Transactions

Stock option transactions for the years ended December 31, 2024 and 2023 are summarized as follows:

 

           Weighted       Weighted 
           Average       Average 
       Weighted   Remaining   Aggregate   Grant 
   Number of   Average   Contractual   Intrinsic   Date 
Stock Options  Options   Exercise Price   Term (Years)   Value   Fair Value 
Outstanding - December 31, 2022   17,004   $    16.00    4.16   $         -                    
Vested and Exercisable - December 31, 2022   6,801   $16.00    4.16   $-      
Unvested and non-exercisable - December 31, 2022   10,203   $16.00    4.16   $-      
Granted   104,272   $6.45             $5.53 
Exercised   -   $-                
Cancelled/Forfeited   -   $-                
Outstanding - December 31, 2023   121,276   $7.79    6.47   $-      
Vested and Exercisable - December 31, 2023   116,174   $7.43    6.61   $-      
Unvested and non-exercisable - December 31, 2023   5,101   $16.00    3.16   $-      
Granted   1,054,603   $1.78                
Exercised   -   $-                
Cancelled/Forfeited   (9,798)  $6.45                
Outstanding - December 31, 2024   2,220,684   $2.09    6.92   $-      
Vested and Exercisable - December 31, 2024   2,220,684   $2.09    6.92   $-      
Unvested and non-exercisable - December 31, 2024   -   $-    -   $-      
Schedule of Fair Value of Stock Options

The fair value of these stock options was determined using a Black-Scholes option pricing model with the following inputs:

 

Expected term   7 years 
Expected volatility   104%
Expected dividends   0%
Risk free interest rate   4.48%
Schedule of Stock Based Compensation Expense

Stock-based compensation expense for the years ended December 31, 2024 and 2023 was as follows:

 

Year Ended December 31, 
2024   2023 
$1,609,193   $613,801 
Schedule of Fair Value of Stock Options

The fair value of these stock options was determined using a Black-Scholes option pricing model with the following inputs:

 

Expected term   7 years 
Expected volatility   106%
Expected dividends   0%
Risk free interest rate   3.88%
Schedule of Warrants Activity

Warrant activity for the years ended December 31, 2024 and 2023 are summarized as follows:

 

           Weighted     
           Average     
       Weighted   Remaining   Aggregate 
   Number of   Average   Contractual   Intrinsic 
Warrants  Warrants   Exercise Price   Term (Years)   Value 
Outstanding - December 31, 2022   5,681,392   $5.05    1.85   $10,026,387 
Vested and Exercisable - December 31, 2022   5,681,392   $5.05    1.85   $10,026,387 
Unvested - December 31, 2022   -   $-    0.00   $- 
Granted   -   $-           
Exercised   (43,814)  $4.73           
Cancelled/Forfeited   (63,325)  $26.39           
Outstanding - December 31, 2023   5,574,253   $4.81    0.86   $9,348,348 
Vested and Exercisable - December 31, 2023   5,574,253   $4.81    0.86   $9,348,348 
Unvested - December 31, 2023   -   $-    -   $- 
Granted   -   $-           
Exercised   (1,953,308)  $4.73           
Cancelled/Forfeited   (3,524,945)  $4.86           
Outstanding - December 31, 2024   96,000   $4.73    0.37   $- 
Vested and Exercisable - December 31, 2024   96,000   $4.73    0.37   $- 
Unvested and non-exercisable - December 31, 2024   -   $-    -   $-