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Stock Options (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Option Activity | The following table summarizes the stock option activity during the years ended December 31, 2023 and 2022:
| Number of Shares |  | Weighted- Average Remaining Contractual Life |  | Weighted- Average Exercise Price
Outstanding at December 31, 2021 | 1,019,732 |  | 7.96 |  | $ | 17.50 |
Granted | 441,981 |  | 4.49 |  | $ | 10.59 |
Exercised | – |  | – |  | $ | – |
Forfeited/Cancelled | (110,292) |  | – |  | $ | – |
Expired | – |  | – |  | $ | – |
Outstanding at December 31, 2022 | 1,351,421 |  | 6.49 |  | $ | 15.09 |
Granted | 25,000 |  | 4.96 |  | $ | 1.43 |
Exercised | – |  | – |  | $ | – |
Forfeited/Cancelled | (175,497) |  | – |  | $ | – |
Expired | (17,016) |  | – |  | $ | – |
Outstanding at December 31, 2023 | 1,183,908 |  | 5.56 |  | $ | 14.96 |
Unvested at December 31, 2023 | 167,527 |  | 3.96 |  | $ | 6.83 |
Vested and exercisable December 31, 2023 | 1,016,381 |  | 5.83 |  | $ | 16.30 |
Schedule of Assumptions Used | The fair value of the options granted during the years ended December 31, 2023 and December 31, 2022 were calculated using the BSM option pricing model based on the following assumptions:
| Year Ended December 31,
| 2023 |  | 2022
Exercise Price | $ | 1.43 |  |  | $5.10 - $9.00
Dividend Yield | – | % |  | – | %
Volatility | 98.78 | % |  | 100% - 123%
Risk-free interest rate | 3.90 | % |  | 0.41% - 3.75%
Expected life of options | 5.0 years |  | 3.0 - 5.0 years

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- Definition Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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