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Equity Compensation Plans (Tables) | 6 Months Ended
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Jun. 30, 2024
Equity Compensation Plans [Abstract] |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense included the following components:
|  | Three Months ended June 30, |  |  | Six Months ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Stock options |  | $ | 80,463 |  |  | $ | 384,396 |  |  | $ | 160,907 |  |  | $ | 805,144 |
Performance share units |  |  | 74,410 |  |  |  | 59,404 |  |  |  | 211,091 |  |  |  | 59,404 |
Total stock-based compensation |  | $ | 154,873 |  |  | $ | 443,800 |  |  | $ | 371,998 |  |  | $ | 864,548 |
Schedule of Weighted Average of Stock Options Granted | The weighted average assumptions used for the stock options granted during the six months ended June 30, 2023 were as follows:
|  | Six Months ended June 30, 2023 |
Exercise price |  | $ | 0.79 |
Expected life |  |  | 6 years |
Expected volatility |  |  | 96 | %
Dividend yield |  |  | 0 | %
Risk-free interest rate |  |  | 3.54 | %
Schedule of Activity in Stock Option | Activity in stock options for the six month periods ended June 30, 2024 and June 30, 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 |
Granted |  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |
Exercised/Released |  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |
Expired |  |  | (55,000 | ) |  |  | 8.00 |  |  |  |  |  |  |  | - |
Outstanding at June 30, 2024 |  |  | 4,397,447 |  |  | $ | 1.49 |  |  |  | 6.93 |  |  | $ | 1,118,281 |
Vested and exercisable at June 30, 2024 |  |  | 3,661,778 |  |  | $ | 1.56 |  |  |  | 6.71 |  |  | $ | 855,491 |
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 |
Schedule of Activity in Performance Share Units | Activity in performance share units for the six months ended June 30, 2024 and June 30, 2023 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 |
Exercised/Released |  |  | (312,501 | ) |  |  | 0.78 |
Non- vested at June 30, 2024 |  |  | 937,499 |  |  | $ | 0.78 |
Non- vested at January 1, 2023 |  |  | 790,327 |  |  | $ | 1.53 |
Granted |  |  | 1,250,000 |  |  |  | 0.78 |
Forfeited/ unearned |  |  | (790,327 | ) |  |  | 1.53 |
Non- vested at June 30, 2023 |  |  | 1,250,000 |  |  | $ | 0.78 |

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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the changes in outstanding nonvested shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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