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Equity Compensation Plans (Tables) | 3 Months Ended
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Mar. 31, 2024
Equity Compensation Plans [Abstract] |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense include the following components:
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Stock options |  | $ | 80,444 |  |  | $ | 420,748 |
Performance share units (“PSU”) |  |  | 136,681 |  |  |  | - |
Total stock-based compensation |  | $ | 217,125 |  |  | $ | 420,748 |
Schedule of Activity in Stock Option | Activity in stock options for the three months period ended March 31, 2024 and March 31, 2023 was as follows:
|  | Number of options |  |  | Weighted average exercise price |  |  | Weighted average contractual term (years) |  |  | Aggregate intrinsic value |
Outstanding at January 1, 2024 |  |  | 4,452,447 |  |  | $ | 1.57 |  |  |  |  |  |  | $ | 2,152,602 |
Expired |  |  | (55,000 | ) |  |  | 8.00 |  |  |  |  |  |  |  | - |
Outstanding at March 31, 2024 |  |  | 4,397,447 |  |  | $ | 1.49 |  |  |  | 7.18 |  |  | $ | 1,630,800 |
Vested and exercisable at March 31, 2024 |  |  | 3,661,778 |  |  | $ | 1.56 |  |  |  | 6.96 |  |  | $ | 1,257,638 |
Outstanding at January 1, 2023 |  |  | 3,919,228 |  |  | $ | 1.97 |  |  |  |  |  |  | $ | 52,223 |
Exercised |  |  | (1,500 | ) |  |  | 0.79 |  |  |  |  |  |  |  | 345 |
Outstanding at March 31, 2023 |  |  | 3,917,728 |  |  | $ | 1.97 |  |  |  | 6.54 |  |  | $ | 3,016 |
Vested and exercisable at March 31, 2023 |  |  | 3,555,094 |  |  | $ | 1.98 |  |  |  | 6.47 |  |  | $ | 3,016 |
Schedule of Activity in Performance Share Units | Activity in performance share units for the three months period ended March 31, 2024 was as follows:
|  | Number of performance share units |  |  | Weighted average grant date fair value |
Non- vested at January 1, 2024 |  |  | 1,250,000 |  |  | $ | 0.78 |
Granted |  |  | - |  |  |  | - |
Forfeited/ unearned |  |  | - |  |  |  | - |
Vested |  |  | - |  |  |  | - |
Non- vested at March 31, 2024 |  |  | 1,250,000 |  |  | $ | 0.78 |
Non- vested at January 1, 2023 |  |  | 790,327 |  |  | $ | 1.53 |
Granted |  |  | - |  |  |  | - |
Forfeited/ unearned |  |  | - |  |  |  | - |
Vested |  |  | - |  |  |  | - |
Non- vested at March 31, 2023 |  |  | 790,327 |  |  | $ | 1.53 |

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