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EQUITY COMPENSATION PLANS (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount | Stock-based compensation expense included the following components:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Stock options | $ | 81,695 |  |  | $ | 242,180 |  |  | $ | 242,602 |  |  | $ | 1,047,324 |
Performance share units | 75,227 |  |  | 229,639 |  |  | 286,318 |  |  | 289,044 |
Total stock-based compensation | $ | 156,922 |  |  | $ | 471,819 |  |  | $ | 528,920 |  |  | $ | 1,336,368 |
Schedule of Weighted Average of Stock Options Granted | The weighted average assumptions used for the stock options granted during the nine months ended September 30, 2023 were as follows:
| Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023
Exercise price | $ | 1.03 |  | $ | 0.80 |
Expected life | 4 years | 6 years
Expected volatility | 69 | % | 95 | %
Dividend yield | 0 | % | 0 | %
Risk-free interest rate | 3.55 | % | 3.59 | %
Schedule of Activity in Stock Option | Activity in stock options for the nine month periods ended September 30, 2024 and September 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 | 677,500 |  | $ | 1.03 |  |  |  |  |
Exercised/Released | - |  |  |  |  |  |
Canceled/ Forfeited | (1,500) |  | 0.79 |  |  |  |  | 480 |
Expired | (55,000) |  | 8.00 |  |  |  |  | - |
Outstanding at September 30, 2024 | 5,073,447 |  | $ | 1.43 |  |  | 6.46 |  | $ | 525,296 |
Vested and exercisable at September 30, 2024 | 3,660,278 |  | $ | 1.57 |  |  | 6.46 |  | $ | 393,901 |
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 |
Canceled/ Forfeited | (1,105,900) |  | 1.91 |  |  |  |  |
Outstanding at September 30, 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 |
Share-Based Payment Arrangement, Performance Shares, Activity | Activity in performance share units for the nine months ended September 30, 2024 and September 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 September 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 September 30, 2023 | 1,250,000 |  | $ | 0.78 |

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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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