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Stock-Based Compensation (Tables)
 6 Months Ended
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 

             
   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