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Stock Options and Restricted Stock Units (Tables) | 12 Months Ended
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Dec. 31, 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 years ended December 31:
|  | 2024 |  |  | 2023 |
Risk-free interest rates |  |  | 3.8 |  |  |  | 3.70% - 3.97 | %
Expected life (in years) |  |  | 2.7 |  |  |  | 2.50 - 3.5 |
Expected volatility |  |  | 64 | % |  |  | 61 | %
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 December 31, 2024 and 2023, and changes during the two years then ended are presented below.
|  |  |  |  | Wtd. Avg. |
|  |  |  |  | Exercise |
|  | Options |  |  | 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 |  |  | (15,229 | ) |  |  | 3.45 |
Terminated/Expired during the period |  |  | (109,638 | ) |  |  | 9.86 |
Balance, December 31, 2024 |  |  | 417,003 |  |  | $ | 7.00 |
Exercisable at December 31, 2024 |  |  | 372,005 |  |  | $ | 7.41 |
Schedule of Summarizes Information About Outstanding Stock Options | The following table summarizes information about outstanding stock options at December 31, 2024:
|  |  |  |  |  |  |  | Wtd. Avg. |
Range of Exercise Price |  |  | Number Outstanding |  |  | Wtd. Avg. Life |  | Exercise Price |
$3.43 - $23.80 |  |  |  | 417,003 |  |  | 2.8 years |  | $ | 7.00 |
Schedule of Company’s RSUs | A summary of the status of the Company’s RSUs as of December 31, 2024 is presented below:
|  | Number of Units |  |  | Weighted Average Grant Date Fair Value per Unit |
Unvested Units at January 1, 2024 |  |  | - |  |  | $ | - |
Granted during the period |  |  | 282,628 |  |  |  | 6.06 |
Vested during the period |  |  | - |  |  |  | - |
Terminated/Forfeited during the period |  |  | - |  |  |  | - |
Unvested Units at December 31, 2024 |  |  | 282,628 |  |  | $ | 6.06 |
Vested Units at December 31, 2024 |  |  | - |  |  | $ | - |

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