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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Fair Value of Each Option Award Estimated Assumption | For stock options requiring an assessment of value during the six months ended June 30, 2024, the fair value of each stock option award was estimated using the Black-Scholes option-pricing model with the following assumptions: Schedule of Fair Value of Each Option Award Estimated Assumption
Risk-free interest rate |  |  | 4.290 | %
Expected dividend yield |  |  | 0 | %
Expected volatility |  |  | 126.45 | %
Expected life |  |  | 2.5 to 3.5 years |
For stock options requiring an assessment of value during the six months ended June 30, 2023, the fair value of each stock option award was estimated using the Black-Scholes option-pricing model with the following assumptions:
Risk-free interest rate |  |  | 4.565 | %
Expected dividend yield |  |  | 0 | %
Expected volatility |  |  | 138.05 | %
Expected life |  |  | 3.5 years |
Summary of Stock-based Compensation Costs | A summary of stock-based compensation costs for the three months and six months ended June 30, 2024 and 2023 is as follows: Summary of Stock-based Compensation Costs
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Related parties |  | $ | 130,691 |  |  | $ | 280,060 |  |  | $ | 233,618 |  |  | $ | 557,040 |
Non-related parties |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total stock-based compensation costs |  | $ | 130,691 |  |  | $ | 280,060 |  |  | $ | 233,618 |  |  | $ | 557,040 |
Summary of Stock Option Activity Including Options Form of Warrants | A summary of stock option activity, including options issued in the form of warrants, during the six months ended June 30, 2024 is as follows: Summary of Stock Option Activity Including Options Form of Warrants
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (in Years) |
Stock options outstanding at December 31, 2023 |  |  | 552,083 |  |  | $ | 15.330 |  |  |  |  |
Granted |  |  | 56,598 |  |  |  | 2.370 |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |  |
Expired |  |  | (3,333 | ) |  |  | 66.000 |  |  |  |  |
Stock options outstanding at June 30, 2024 |  |  | 605,348 |  |  | $ | 13.840 |  |  |  | 3.51 |
Stock options exercisable at December 31, 2023 |  |  | 252,292 |  |  | $ | 28.387 |  |  |  |  |
Stock options exercisable at June 30, 2024 |  |  | 327,849 |  |  | $ | 21.961 |  |  |  | 2.85 |
Schedule of Exercise Prices of Common Stock Options Outstanding and Exercisable Including Options Form of Warrants | At June 30, 2024, the outstanding common stock options, including options issued in the form of warrants, are exercisable at the following prices per common share: Schedule of Exercise Prices of Common Stock Options Outstanding and Exercisable Including Options Form of Warrants
Exercise Prices |  |  | Options Outstanding (Shares) |  |  | Options Exercisable (Shares) |
$ | 1.950 |  |  |  | 250,000 |  |  |  | 62,499 |
$ | 2.370 |  |  |  | 56,598 |  |  |  | 16,598 |
$ | 5.025 |  |  |  | 8,750 |  |  |  | 8,750 |
$ | 5.880 |  |  |  | 40,000 |  |  |  | 20,000 |
$ | 7.400 |  |  |  | 55,000 |  |  |  | 55,002 |
$ | 20.000 |  |  |  | 65,000 |  |  |  | 35,000 |
$ | 20.600 |  |  |  | 20,000 |  |  |  | 20,000 |
$ | 28.000 |  |  |  | 25,000 |  |  |  | 25,000 |
$ | 30.300 |  |  |  | 30,000 |  |  |  | 30,000 |
$ | 32.100 |  |  |  | 10,000 |  |  |  | 10,000 |
$ | 60.000 |  |  |  | 16,667 |  |  |  | 16,667 |
$ | 71.400 |  |  |  | 20,000 |  |  |  | 20,000 |
$ | 120.000 |  |  |  | 8,333 |  |  |  | 8,333 |
|  |  |  |  | 605,348 |  |  |  | 327,849 |

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- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -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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