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Share-Based Compensation (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Schedule of Stock Option Activities | The following table summarizes the stock option activities for the six months ended June 30, 2025: Schedule of Stock Option Activities
|  |  |  |  |  |  |  | Weighted-Average |  |  |  |
|  |  |  |  | Weighted-Average |  |  | Remaining Contractual |  |  | Aggregate Intrinsic |
|  | Shares |  |  | Exercise Price |  |  | Term (Years) |  |  | Value |
Outstanding at December 31, 2024 |  |  | 5,788,597 |  |  | $ | 2.97 |  |  |  | 5.34 |  |  | $ | 655,578 |
Granted (1) |  |  | 698,500 |  |  |  | 1.71 |  |  |  |  |  |  |  |  |
Exercised (2) |  |  | (55,000 | ) |  |  | 1.17 |  |  |  |  |  |  |  |  |
Canceled (3) |  |  | (432,500 | ) |  |  | 3.13 |  |  |  |  |  |  |  |  |
Outstanding at June 30, 2025 |  |  | 5,999,597 |  |  | $ | 2.83 |  |  |  | 5.60 |  |  | $ | — |
Exercisable at June 30, 2025 |  |  | 4,768,372 |  |  | $ | 3.09 |  |  |  | 4.77 |  |  | $ | — |
Notes:
(1) | Represents the following options granted:
| ● | Annual share-based compensation awards on January 2, 2025, with an exercise price of $1.74, including: (a) 356,500 stock options granted to executives and key personnel, vesting upon one year anniversary, or annually in equal installments over four years, (b) 277,500 stock options granted to members of the Board of Directors, vesting upon one year anniversary, (c) 19,500 stock options granted to employees, vesting annually in equal installments over four years, and (d) 20,000 stock options granted to a consultant, vesting upon one year anniversary.
| ● | One time share-based compensation award on May 30, 2025, with an exercise price of $1.04, of 25,000 stock options granted to an executive, vesting annually in equal installments over four years.
(2) | Represents the following options exercised:
(a) 25,000 stock options with an exercise price of $0.97 per share exercised by a board member (b) 30,000 stock options with an exercise price of $1.33 per share exercised by a board member.
(3) | Represents the following options canceled:
(a) 55,000 stock options with an exercise price of $1.75 per share granted to a consultant, (b) 75,000 stock options with an exercise price of $4.10 per share granted to key personnel, (c) 37,500 stock options with an exercise price of $2.23 per share granted to a consultant, and (d) 265,000 stock options with a weighted average exercise price of $3.28 per share granted to a former board member.
Schedule of Restricted Stock Award Activity | The following table summarizes the restricted stock award activity for the six months ended June 30, 2025: Schedule of Restricted Stock Award Activity
|  |  |  |  |  | Weighted-Average |
|  |  |  |  |  | Grant Date |
|  |  | Shares |  |  | Fair Value |
Outstanding at December 31, 2024 |  |  |  | 117,925 |  |  | $ | 1.59 |
Granted (1) |  |  |  | 230,023 |  |  |  | 1.74 |
Vested (2) |  |  |  | (272,516 | ) |  |  | 1.67 |
Forfeited (3) |  |  |  | (10,776 | ) |  |  | 1.74 |
Outstanding at June 30, 2025 |  |  |  | 64,656 |  |  | $ | 1.74 |
Notes:
(1) | On January 2, 2025, the Company granted 96,984 restricted stock units, vesting upon one year anniversary, to the Board of Directors as a result of reduction in director cash compensation of 2025, and an aggregate of 133,039 restricted stock units, vested in full, to executives and key personnel in lieu of cash bonus earned for the year ended December 31, 2024.
(2) | Represents the vesting 133,039 RSUs granted to executives and key personnel, and 139,477 RSUs granted to the Board of Directors.
(3) | Represents the cancellation of unvested RSUs granted to a former member of the Board of Directors.
Schedule of Non-cash Share-based Compensation Expense | Total non-cash share-based compensation expense was allocated among the following expense categories: Schedule of Non-cash Share-based Compensation Expense
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
General and administrative |  | $ | 323,321 |  |  | $ | 285,372 |  |  | $ | 531,317 |  |  | $ | 579,406 |
Research and development |  |  | 17,141 |  |  |  | 12,231 |  |  |  | 34,175 |  |  |  | 24,675 |
Total |  | $ | 340,462 |  |  | $ | 297,603 |  |  | $ | 565,492 |  |  | $ | 604,081 |
The following table summarizes the Company’s non-cash share-based compensation expense allocation between options and restricted stock units:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Share based compensation expense - stock option |  | $ | 304,861 |  |  | $ | 243,538 |  |  | $ | 482,155 |  |  | $ | 433,807 |
Share based compensation expense - restricted stock units |  |  | 35,601 |  |  |  | 54,065 |  |  |  | 83,337 |  |  |  | 170,274 |
Total |  | $ | 340,462 |  |  | $ | 297,603 |  |  | $ | 565,492 |  |  | $ | 604,081 |
Valuation Technique, Black-Scholes-Merton Model [Member] |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Schedule of Stock Options | The assumptions used in the Black-Scholes option pricing model for stock options granted for the six months ended June 30, 2025, are as follows: Schedule of Stock Options
Risk-Free interest rate |  |  | 4.1% - 4.4% |
Expected dividend yield |  |  | —% |
Expected stock price volatility |  |  | 65.1-65.4% |
Expected life of options (in years) |  |  | 0.8-6.3 |

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