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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 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 year ended December 31, 2024, 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     3.550% to 4.290 %
Expected dividend yield     0 %
Expected volatility     125.59% to 126.45 %
Expected life     2.5 to 3.5 years  

  

For stock options requiring an assessment of value during the year ended December 31, 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% to 4.843 %
Expected dividend yield     0 %
Expected volatility     138.05 %
Expected life     4.0 years  
Summary of Stock-based Compensation Costs

A summary of stock-based compensation costs for the years ended December 31, 2024 and 2023 is as follows:

 

   

   2024   2023 
   Years Ended 
   December 31, 
   2024   2023 
         
Related parties  $418,422   $773,203 
Non-related parties        
Total stock-based compensation costs  $418,422   $773,203 
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 years ended December 31, 2024 and 2023 is as follows:

  

 

   Number of Shares  

Weighted Average

Exercise Price

  

Weighted Average

Remaining

Contractual Life

(in Years)

 
             
Stock options outstanding at December 31, 2022   389,479   $29.183      
Granted   290,000    2.492      
Exercised   (1,250)   5.025      
Expired   (126,146)   28.687      
Stock options outstanding at December 31, 2023   552,083    15.330      
Granted   92,815    2.259      
Exercised             
Expired   (31,666)   35.368      
Stock options outstanding at December 31, 2024   613,232   $12.317    3.08 
                
Stock options exercisable at December 31, 2023   252,292   $28.387      
Stock options exercisable at December 31, 2024   409,897   $17.100    2.75 
Schedule of Exercise Prices of Common Stock Options Outstanding and Exercisable Including Options Form of Warrants

At December 31, 2024, the outstanding common stock options, including options issued in the form of warrants, are exercisable at the following prices per common share:

 

 

Exercise Prices   Options
Outstanding (Shares)
  

Options

Exercisable (Shares)

 
          
$1.870    21,217    21,217 
$1.950    250,000    104,165 
$2.370    56,598    26,598 
$2.390    15,000    2,500 
$5.025    8,750    8,750 
$5.880    40,000    30,000 
$7.400    55,000    55,000 
$20.000    45,000    40,000 
$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    8,333    8,333 
$71.400    20,000    20,000 
$120.000    8,334    8,334 
      613,232    409,897