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Stock Options (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Assumptions Used | The fair value of the options granted during the six months ended June 30, 2024 were calculated using the Black-Scholes Merton (“BSM”) option pricing model based on the following assumptions:
Exercise Price | $ | 0.95 |  |
Dividend Yield | – | % |
Volatility | 92.1 | % |
Risk-free interest rate | 4.3 | % |
Expected life of options | 5.0 years |
Schedule of Stock Option Activity | The following table summarizes the Company’s option activity:
| Stock Options |  | Weighted-Average Remaining Contractual Life |  | Weighted-Average Exercise Price per Share
Outstanding at December 31, 2023 | 1,183,908 |  | 5.56 |  | $ | 14.96 |
Granted | 35,000 |  | 4.97 |  | $ | 0.95 |
Exercised | – |  | – |  | $ | – |
Forfeited/Cancelled | (254,302) |  | – |  | $ | 21.00 |
Expired | (5,800) |  | – |  | $ | 19.90 |
Outstanding at June 30, 2024 | 958,806 |  | 5.27 |  | $ | 12.81 |
Unvested at June 30, 2024 | 107,349 |  | 4.48 |  | $ | 4.40 |
Vested and exercisable at June 30, 2024 | 851,457 |  | 5.37 |  | $ | 13.87 |

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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 -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -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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