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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:

 

           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:

 

        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