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Stock Options (Tables)

12 Months Ended

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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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

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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-Name Accounting Standards Codification
-Section 50
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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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-Topic 718
-SubTopic 10
-Subparagraph (f)(2)
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
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