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EQUITY COMPENSATION PLANS (Tables)

9 Months Ended

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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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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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.

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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.

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