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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

SCHEDULE OF STOCK OPTION GRANTED MEASURED USING BLACK SCHOLES VALUATION

The fair value of the stock options granted was measured using the Black-Scholes valuation model with the following assumptions:

SCHEDULE OF STOCK OPTION GRANTED MEASURED USING BLACK SCHOLES VALUATION 

		Year Ended December 31,
		2023			2022
Expected term (years)		5.0 - 6.0			5.5
Risk-free interest rate		3.5% - 4.4%			2.9%
Expected volatility		110.0% - 112.1%			31.1%
Expected dividends		0.0%			0.0%

SUMMARY OF STOCK OPTION ACTIVITY

A summary of stock option activity for the year ended December 31, 2023 is presented below:

SUMMARY OF STOCK OPTION ACTIVITY 

		Stock options				Weighted average exercise price				Weighted average remaining contractual term				Aggregate intrinsic value
Outstanding as of January 1, 2023			670,667			$	5.45
Granted			97,500				5.80
Exercised			(15,000	)			3.31
Forfeited/Expired			(47,000	)			6.16
Outstanding as of December 31, 2023			706,167			$	5.49				5.50			$	1,262
Exercisable as of December 31, 2023			611,167			$	5.45				4.90			$	1,147

SCHEDULE OF WEIGHTED AVERAGE GRANT DATE FAIR VALUE OF OPTIONS

SCHEDULE OF WEIGHTED AVERAGE GRANT DATE FAIR VALUE OF OPTIONS 

		2023				2022
		Year Ended December 31,
		2023				2022
Weighted-average fair value of options granted (per share)		$	0.97			$	1.09
Intrinsic value gain (loss) of options exercised			52				(6	)
Cash receipts from exercise of options			50				17

SCHEDULE OF INFORMATION RELATED TO OPTIONS OUTSTANDING AND EXERCISABLE

The following table presents information related to stock options as of December 31, 2023:

SCHEDULE OF INFORMATION RELATED TO OPTIONS OUTSTANDING AND EXERCISABLE 

	Options outstanding								Options exercisable
					Outstanding				Weighted average				Exercisable
					number of				remaining life				number of
	Exercise price				options				in years				options
$	1.68				50,000				6.2				50,000
$	3.17				27,000				8.4				27,000
$	3.31				221,667				7.4				221,667
$	3.68				5,000				2.2				5,000
$	5.25				70,000				0.0				-
$	5.60				6,000				4.3				6,000
$	6.10				10,000				0.0				-
$	7.25				5,000				0.0				-
$	7.30				236,000				3.2				236,000
$	7.49				2,500				9.5				2,500
$	7.61				2,500				0.0				-
$	8.27				5,000				0.0				-
$	8.50				2,500				0.0				-
$	8.98				6,000				1.2				6,000
$	10.21				57,000				0.2				57,000
					706,167								611,167

SCHEDULE OF RESTRICTED STOCK UNITS

A summary of restricted stock unit (“RSU”) activity during the year ended December 31, 2023 is as follows:

SCHEDULE OF RESTRICTED STOCK UNITS 

						Weighted-average				Weighted-average
						grant-date				grant-date
		Number of units				fair value per share				fair value
Unvested restricted stock units as of January 1, 2023			250,000			$	4.35			$	1,087
Units granted			100,000				5.75				575
Units vested			(225,000	)			4.97				(1,119	)
Units forfeited			-				-				-
Unvested restricted stock units as of December 31, 2023			125,000			$	4.35			$	543

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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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