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v3.23.2

Equity Compensation Plans (Tables) | 6 Months Ended
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Jun. 30, 2023
Equity Compensation Plans [Abstract] |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense include the following components:
|  | Three Months ended June 30, |  |  | Six Months ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Stock options |  | $ | 384,396 |  |  | $ | 232,824 |  |  | $ | 805,144 |  |  | $ | 524,107 |
Performance share units |  |  | 59,404 |  |  |  | 24,652 |  |  |  | 59,404 |  |  |  | 38,598 |
Total stock-based compensation |  | $ | 443,800 |  |  | $ | 257,476 |  |  | $ | 864,548 |  |  | $ | 562,705 |
Schedule of Measured the Fair Value of Each Stock Option Award | The fair value of stock options is recognized as compensation expense using the straight-line method over the vesting period. The Company measured the fair value of each stock option award on the date of grant using the Black-Scholes-Merton (BSM) pricing model with the following weighted average assumptions:
|  | Six Months ended June 30, 2023 |  |  | Six Months ended June 30, 2022 |
Exercise price |  | $ | 0.79 |  |  | $ | 1.48 |
Expected life |  |  | 6 years |  |  |  | 6 years |
Expected volatility |  |  | 96 | % |  |  | 68 | %
Dividend yield |  |  | 0 | % |  |  | 0 | %
Risk-free interest rate |  |  | 3.54 |  |  |  | 2.04 | %
Schedule of Stock Option | Activity in stock options for the six month periods ended June 30, 2023 and June 30, 2022 was as follows:
|  | Number of options |  |  | Weighted average exercise price |  |  | Weighted average contractual term (years) |  |  | Aggregate intrinsic value |
Outstanding at January 1, 2023 |  |  | 3,919,228 |  |  | $ | 1.97 |  |  |  |  |  |  | $ | 52,223 |
Granted |  |  | 1,517,844 |  |  |  | 0.79 |  |  |  |  |  |  |  | 75 |
Exercised |  |  | (1,500 | ) |  |  | 0.79 |  |  |  |  |  |  |  | 345 |
Outstanding at June 30, 2023 |  |  | 5,435,572 |  |  | $ | 1.64 |  |  |  | 7.27 |  |  | $ | 1,102,624 |
Vested and exercisable at June 30, 2023 |  |  | 4,049,004 |  |  | $ | 1.84 |  |  |  | 6.66 |  |  | $ | 580,962 |
Outstanding at January 1, 2022 |  |  | 3,080,904 |  |  | $ | 2.06 |  |  |  |  |  |  | $ | 1,923,642 |
Granted |  |  | 1,050,468 |  |  |  | 1.48 |  |  |  |  |  |  |  | — |
Exercised |  |  | (162,956 | ) |  |  | .84 |  |  |  |  |  |  |  | 204,030 |
Forfeited |  |  | (7,333 | ) |  |  | 2.22 |  |  |  |  |  |  |  | 2,273 |
Expired |  |  | (25,000 | ) |  |  | 1.70 |  |  |  |  |  |  |  | — |
Outstanding at June 30, 2022 |  |  | 3,936,083 |  |  | $ | 1.96 |  |  |  | 7.17 |  |  | $ | 39,412 |
Vested and exercisable at June 30, 2022 |  |  | 2,707,122 |  |  | $ | 2.06 |  |  |  | 6.58 |  |  | $ | 39,412 |
Schedule of Activity in Performance Share Units | Activity in performance share units for the six months ended June 30, 2023 and June 30, 2022 was as follows:
|  | Number of performance share units |  |  | Weighted average grant date fair value |
Non- vested at January 1, 2023 |  |  | 790,327 |  |  | $ | 1.53 |
Granted |  |  | 1,250,000 |  |  |  | 0.78 |
Forfeited/ unearned |  |  | (790,327 | ) |  |  | 1.53 |
Vested |  |  | — |  |  |  | — |
Non- vested at June 30, 2023 |  |  | 1,250,000 |  |  | $ | 0.78 |
Non- vested at January 1, 2022 |  |  | — |  |  | $ | — |
Granted |  |  | 790,327 |  |  |  | 1.53 |
Forfeited/ unearned |  |  | — |  |  |  | — |
Vested |  |  | — |  |  |  | — |
Non- vested at June 30, 2022 |  |  | 790,327 |  |  | $ | 1.53 |

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