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Stock Options and Restricted Stock Units (Tables)
9 Months Ended
Sep. 30, 2024
Stock Options and Restricted Stock Units [Abstract]  
Schedule of Estimated Using the Black-Sholes Option-Pricing Model The fair values of stock options granted were estimated using the Black-Sholes option-pricing model with the following assumptions for the nine months ended September 30:
   2024   2023 
Risk-free interest rates   3.80%   3.90%
Expected life (in years)   2.7    2.7 
Expected volatility   63.6%   61.0%
Dividend yield   0.00%   0.00%
           
Weighted-average grant date fair value per share  $3.75   $3.46 
Schedule of Company’s Stock Options A summary of the status of the Company’s stock options as of September 30, 2024 and December 31, 2023, and changes during the periods then ended are presented below.
   Options   Wtd. Avg. Exercise Price 
Balance, January 1, 2023   303,050   $11.70 
Granted during the period   189,620    3.46 
Exercised during the period   
-
    
-
 
Terminated/Expired during the period   (30,800)   13.60 
Balance, December 31, 2023   461,870   $8.34 
Granted during the period   80,000    3.75 
Exercised during the period   (32,867)   3.45 
Terminated/Expired during the period   (91,000)   9.84 
Balance, September 30, 2024   418,003   $7.01 
           
Exercisable at September 30, 2024   353,005   $7.63 
Schedule of Summarizes Information About Outstanding Stock Options The following table summarizes information about outstanding stock options at September 30, 2024:
Range of
Exercise Price
   Number
Outstanding
   Wtd. Avg, Life  Wtd. Avg.
Exercise Price
 
$3.46 - $15.60    418,003   2.8 Years  $ 7.63 
The following table summarizes information about outstanding stock options at December 31, 2023:
Range of
Exercise Price
   Number Exercisable   Wtd. Avg, Life  Wtd. Avg.
Exercise Price
 
$3.46 - $15.60    461,870   2.9 Years  $ 8.34 
Schedule of Company’s RSUs A summary of the status of the Company’s RSUs as of September 30, 2024 is presented below.
   Number of
Units
   Wtd. Avg. Grant Date
Fair Value
per Unit
 
Unvested units as of January 1, 2024   
-
   $
-
 
Granted during the period   282,628    6.06 
Vested during the period   
-
    
-
 
Forfeited During the period   
-
    
-
 
Unvested Units as of September 30, 2024   282,628   $6.06 
           
Vested as of September 30, 2024   
-
   $
-