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Equity Compensation Plans (Tables)
6 Months Ended
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