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Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2023

Stockholders Equity [Abstract]

Schedule of Stock-Based Compensation Expense

The Company recognized stock-based compensation expense during the three and six months ended June 30, 2023 and 2022 as follows:

		For the three months ended June 30,								For the six months ended June 30,
		2023				2022				2023				2022
Performance-based restricted stock awards		$	166,779			$	187,648			$	333,558			$	353,924
Service-based restricted stock awards			19,997				248,086				49,992				305,586
Stock issued to consultants			-				-				307,069				-
Common stock warrant expense			500,500				500,500				1,001,000				667,333
Total stock-based compensation		$	687,276			$	936,234			$	1,691,619			$	1,326,843

Schedule of Restricted Stock Awards Activity

The following table presents a summary of the Company’s performance-based awards restricted stock awards activity:

		Number of shares				Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (in years)				Aggregate Intrinsic Value
Outstanding as of December 31, 2022			342,310				-				8.33			$	472,388
Issued			-				-
Exercised			(100,000	)			-								318,000
Expired			-				-
Outstanding as of June 30, 2023			242,310				-				9.04			$	457,966
Exercisable as of June 30, 2023			144,327				-				4.97			$	272,778

Schedule of Service-Based Awards

The following table presents a summary of the Company’s service-based awards activity:

		Number of shares				Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (in years)				Aggregate Intrinsic Value
Outstanding as of December 31, 2022			74,246				-				8.42				102,459
Issued			4,140,720				-
Exercised			(13,760	)			-								43,744
Expired			-				-
Outstanding as of June 30, 2023			4,201,206				-				2.84				7,940,279
Exercisable as of June 30, 2023			60,486				-				0.13				114,319

Schedule of Stock Options Awards Activity

The following table presents a summary of the Company’s Stock options awards activity:

		Number of shares				Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (in years)
Outstanding as of December 31, 2022			417			$	35.90				1.26
Issued			1,750,000				1.89
Exercised			-				-
Expired			-				-
Outstanding as of June 30, 2023			1,750,417			$	1.90				10.0
Exercisable as of June 30, 2023			417			$	35.90				1.26

Schedule of Outstanding Stock Warrants

A summary of the status of the Company’s outstanding stock warrants and changes during the six months ended June 30, 2023, is as follows:

		Number of Warrants				Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (in years)
Outstanding as of December 31, 2022			2,825,278
Issued			2,967,512				14.31				3.69
Exercised			(246,668	)			-				-
Expired			-				-				-
Outstanding as of June 30, 2023			5,546,122			$	14.31				3.39
Warrants exercisable as of June 30, 2023			5,546,122			$	14.31				3.69

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Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value.

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Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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