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Equity Compensation Plans (Tables) | 9 Months Ended
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Sep. 30, 2023
Equity Compensation Plans [Abstract] |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense include the following components:
|  | Three Months ended September 30, |  |  | Nine Months ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Stock options |  | $ | 242,180 |  |  | $ | 238,233 |  |  | $ | 1,047,323 |  |  | $ | 762,340 |
Performance share units |  |  | 229,639 |  |  |  | 149,065 |  |  |  | 289,044 |  |  |  | 187,663 |
Total stock-based compensation |  | $ | 471,819 |  |  | $ | 387,298 |  |  | $ | 1,336,367 |  |  | $ | 950,003 |
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:
|  | Nine Months ended September 30, 2023 |  |  | Nine Months ended September 30, 2022 |
Exercise price |  | $ | 0.8 |  |  | $ | 1.5 |
Expected life |  |  | 6 years |  |  |  | 6 years |
Expected volatility |  |  | 95 | % |  |  | 69 | %
Dividend yield |  |  | 0 | % |  |  | 0 | %
Risk-free interest rate |  |  | 3.59 | % |  |  | 2.12 | %
Schedule of Stock Option | Activity in stock options for the nine month periods ended September 30, 2023 and September 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 |  |  | 1,596,567 |  |  |  | 0.80 |  |  |  |  |  |  |  | 75 |
Exercised |  |  | (1,500 | ) |  |  | 0.79 |  |  |  |  |  |  |  | 345 |
Forfeited |  |  | (1,105,900 | ) |  |  | 1.91 |  |  |  |  |  |  |  | - |
Outstanding at September, 2023 |  |  | 4,408,395 |  |  | $ | 1.56 |  |  |  | 7.56 |  |  | $ | 561,402 |
Vested and exercisable at September 30, 2023 |  |  | 3,183,408 |  |  | $ | 1.74 |  |  |  | 7.12 |  |  | $ | 328,031 |
Outstanding at January 1, 2022 |  |  | 3,080,904 |  |  | $ | 2.06 |  |  |  |  |  |  | $ | 1,923,642 |
Granted |  |  | 1,094,002 |  |  |  | 1.50 |  |  |  |  |  |  |  | - |
Exercised |  |  | (308,526 | ) |  |  | 0.85 |  |  |  |  |  |  |  | 480,029 |
Forfeited |  |  | (7,333 | ) |  |  | 2.22 |  |  |  |  |  |  |  | 2,273 |
Expired |  |  | (25,000 | ) |  |  | 1.70 |  |  |  |  |  |  |  | - |
Outstanding at September 30, 2022 |  |  | 3,834,047 |  |  | $ | 2.00 |  |  |  | 6.96 |  |  | $ | 1,219,962 |
Vested and exercisable at September 30, 2022 |  |  | 2,694,862 |  |  | $ | 2.10 |  |  |  | 6.48 |  |  | $ | 928,330 |
Schedule of Activity in Performance Share Units | Activity in performance share units for the nine months ended September 30, 2023 and September 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 September 30, 2023 |  |  | 1,250,000 |  |  | $ | 0.78 |
Non- vested at January 1, 2022 |  |  | - |  |  | $ | - |
Granted |  |  | 790,327 |  |  |  | 1.53 |
Forfeited/ unearned |  |  | - |  |  |  | - |
Vested |  |  | - |  |  |  | - |
Non- vested at September 30, 2022 |  |  | 790,327 |  |  | $ | 1.53 |

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