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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 11. Stock-Based Compensation From time to time, we issue stock options and restricted stock as compensation for services rendered by our directors and employees. Restricted Stock On March 19, 2024, we granted 127,500 shares of restricted common stock to certain employees. The grants of restricted common stock had a per share fair value of $8.83, were made in accordance with the 2015 Plan, and were subject to vesting, as follows: 42,495 shares vested on March 19, 2024; 42,495 shares vest on April 2, 2025, and 42,510 shares vest on April 2, 2026. As of April 2, 2024, 10,315 shares, representing an amount of $69,525, were cancelled for payment of payroll taxes as part of a cashless grant, in accordance with the 2015 Plan, resulting in a net of 32,180 shares vested. Stock compensation of $805,955 was recorded on the issuance of the common stock for the year ended December 31, 2024. On December 28, 2023, we issued 39,864 shares of restricted common stock to our directors as part of their annual compensation plan. The grants of restricted common stock were made in accordance with our 2023 Non-Employee Director Compensation Plan and were not subject to vesting. Stock compensation of $147,500 was recorded on this issuance of restricted common stock for the year ended December 31, 2023. Stock Options On August 16, 2024, we granted non-employee directors stock options to purchase 36,000 shares at an exercise price of $8.78 per share, the fair market value of the shares on the grant date, under the 2023 Non-Employee Director Compensation Plan, with 100% vesting upon grant. The total fair value of $241,735 for these stock options was recognized upon grant. On September 4, 2024, we granted employees stock options to purchase 14,500 shares at an exercise price of $10.12 per share, the fair market value of the shares on the grant date, under the 2015 Plan, with annual vesting through 2027 based on service time. The total fair value of $118,347 for these stock options is being recognized over the vesting period. We did not make any stock option grants during the twelve months ended December 31, 2023. The weighted-average grant date fair value of options granted during the twelve months ended December 31, 2024 was $7.13. The weighted average assumptions that were used in calculating such values during the twelve months ended December 31, 2024, as well as the assumptions that were used in calculating such values, were based on estimates at the grant date in the table as follows: Schedule of Estimated Values of Stock Option Grants Valuation Assumptions
|  | Grant Date August 16, 2024 |  |  | Grant Date September 4, 2024 |
Risk-free interest rate |  |  | 3.77 | % |  |  | 3.61 | %
Weighted average expected term |  |  | 5 years |  |  |  | 6 years |
Expected volatility |  |  | 100.97 | % |  |  | 101.00 | %
Expected dividend yield |  |  | 0.00 | % |  |  | 0.00 | %
A summary of stock option activity during the years ended December 31, 2024 and 2023 is as follows: Schedule of Stock Options Activity
|  |  |  |  |  |  |  | Weighted- |  |  |  |
|  |  |  |  | Weighted- |  |  | Average |  |  |  |
|  |  |  |  | Average |  |  | Remaining |  |  | Aggregate |
|  | Shares |  |  | Exercise |  |  | Contractual |  |  | Intrinsic |
|  | Under Option |  |  | Price |  |  | Life |  |  | Value |
Outstanding at January 1, 2024 |  |  | 357,887 |  |  | $ | 5.69 |  |  |  | 8 years |  |  | $ | - |
Granted |  |  | 50,500 |  |  |  | 9.16 |  |  |  |  |  |  |  |  |
Exercised |  |  | (29,976 | ) |  |  | 5.07 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (4,000 | ) |  |  | 4.63 |  |  |  |  |  |  |  | - |
Outstanding at December 31, 2024 |  |  | 374,411 |  |  | $ | 6.22 |  |  |  | 7 years |  |  | $ | - |
Exercisable at December 31, 2024 |  |  | 284,912 |  |  | $ | 6.06 |  |  |  | 7 years |  |  | $ | - |
|  |  |  |  |  |  |  | Weighted- |  |  |  |
|  |  |  |  | Weighted- |  |  | Average |  |  |  |
|  |  |  |  | Average |  |  | Remaining |  |  | Aggregate |
|  | Shares |  |  | Exercise |  |  | Contractual |  |  | Intrinsic |
|  | Under Option |  |  | Price |  |  | Life |  |  | Value |
Outstanding at January 1, 2023 |  |  | 365,447 |  |  | $ | 5.89 |  |  |  | 8 years |  |  | $ | 19,200 |
Forfeited |  |  | (7,560 | ) |  |  | 15.34 |  |  |  |  |  |  |  | (19,200 | )
Outstanding at December 31, 2023 |  |  | 357,887 |  |  | $ | 5.69 |  |  |  | 8 years |  |  | $ | - |
Exercisable at December 31, 2023 |  |  | 186,594 |  |  | $ | 5.60 |  |  |  | 7 years |  |  | $ | - |
During the years ended December 31, 2024 and 2023, stock-based compensation for options was $690,819 and $464,529, respectively. As of December 31, 2024 and 2023, there was $213,247 and $547,981, respectively, of total unrecognized compensation costs related to stock options granted under our stock option agreements. The unrecognized compensation cost is expected to be recognized over a weighted-average period of two years. The total fair value of stock options that vested during the years ended December 31, 2024 and 2023 was $696,620 and $467,771, respectively. Issues of Stock-Based Compensation The following represent grants of stock options, including the fair value recognized or to be recognized over the requisite service period: Schedule of Stock Options Grant
Grant date |  | Shares granted (canceled) |  |  | Exercise price |  |  | Date fully vested |  | Fair value |
February 10, 2016 |  |  | 4,200 |  |  | $ | 48.00 |  |  | February 10, 2020 |  | $ | 174,748 |
December 6, 2016 |  |  | 2,000 |  |  |  | 38.00 |  |  | December 6, 2020 |  |  | 63,937 |
September 25, 2017 |  |  | 15,000 |  |  |  | 15.00 |  |  | September 25, 2019 |  |  | 194,149 |
September 25, 2017 |  |  | 10,000 |  |  |  | 19.00 |  |  | September 25, 2019 |  |  | 126,862 |
January 30, 2019 |  |  | 250 |  |  |  | 45.00 |  |  | January 30, 2019 |  |  | 885 |
March 11, 2019 |  |  | (33,200 | ) |  |  | - |  |  | - |  |  | - |
March 11, 2019 |  |  | 33,200 |  |  |  | 6.50 |  |  | December 6, 2020 |  |  | 24,898 | (1)
March 11, 2019 |  |  | 10,100 |  |  |  | 6.50 |  |  | March 11, 2023 |  |  | 44,591 |
September 2, 2020 |  |  | 99,000 |  |  |  | 4.00 |  |  | September 2, 2024 |  |  | 327,181 |
April 14, 2022 |  |  | 220,587 |  |  |  | 6.08 |  |  | April 14, 2025 |  |  | 1,152,470 |
August 16, 2024 |  |  | 36,000 |  |  |  | 8.78 |  |  | August 16, 2024 |  |  | 241,735 |
September 4, 2024 |  |  | 14,500 |  |  |  | 10.12 |  |  | September 4, 2027 |  |  | 118,347 |
| (1) | Represents incremental fair value of replacement shares compared to canceled shares.

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