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Stockholders' Equity (Tables) | 9 Months Ended
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Sep. 30, 2023
Stockholders Equity [Abstract] |
Schedule of Recognized Stock-Based Compensation Expense | The Company recognized stock-based compensation expense during the three and nine months ended September 30, 2023, and 2022 as follows:
|  | For the three months ended September 30, |  |  | For the nine months ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Performance-based restricted stock awards* |  | $ | (812,901 | ) |  | $ | 163,865 |  |  | $ | (479,343 | ) |  | $ | 517,789 |
Service-based restricted stock awards |  |  | 4,096,717 |  |  |  | 133,465 |  |  |  | 4,146,709 |  |  |  | 439,052 |
Stock issued to consultants |  |  | - |  |  |  | - |  |  |  | 307,069 |  |  |  | - |
Common stock warrant expense |  |  | 500,500 |  |  |  | 500,500 |  |  |  | 1,501,500 |  |  |  | 1,167,833 |
Total stock-based compensation |  | $ | 3,784,316 |  |  | $ | 797,830 |  |  | $ | 5,475,935 |  |  | $ | 2,124,674 |
* | The performance-based restricted stock awards contain reversal of share-based payment expenses from 2021 onwards for forfeited awards due to staff departures.
Schedule of Summary of the Company’s Performance-Based Awards 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 Remaining Contractual Life (in years) |
Outstanding as of December 31, 2022 |  |  | 342,310 |  |  |  | 8.33 |
Issued |  |  | - |  |  |  |  |
Exercised |  |  | (100,000 | ) |  |  |  |
Expired/forfeited |  |  | (66,765 | ) |  |  |  |
Outstanding as of September 30, 2023 |  |  | 175,545 |  |  |  | 8.41 |
Exercisable as of September 30, 2023 |  |  | 144,327 |  |  |  | 6.65 |
Schedule of Service-Based Awards | The following table presents a summary of the Company’s service-based awards activity:
|  | Number of shares |  |  | Weighted Average Remaining Contractual Life (in years) |
Outstanding as of December 31, 2022 |  |  | 74,246 |  |  |  | 8.42 |
Issued |  |  | 6,143,346 |  |  |  |  |
Exercised |  |  | (77,092 | ) |  |  |  |
Expired/forfeited |  |  | (655,619 | ) |  |  |  |
Outstanding as of September 30, 2023 |  |  | 5,484,881 |  |  |  | 2.47 |
Exercisable as of September 30, 2023 |  |  | 233,014 |  |  |  | 0.07 |
Schedule of Summary of the 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 September 30, 2023 |  |  | 1,750,417 |  |  | $ | 1.90 |  |  |  | 9.75 |
Exercisable as of September 30, 2023 |  |  | 417 |  |  | $ | 35.90 |  |  |  | 1.26 |
Schedule of Outstanding Stock Warrants and Changes | A summary of the status of the Company’s outstanding stock warrants and changes during the nine months ended September 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 |  |  |  | 4.17 |  |  |  | 3.54 |
Issued |  |  | 2,967,512 |  |  |  | - |  |  |  | - |
Exercised |  |  | (246,668 | ) |  |  | - |  |  |  | - |
Expired |  |  | - |  |  |  | - |  |  |  | - |
Outstanding as of September 30, 2023 |  |  | 5,546,122 |  |  | $ | 14.31 |  |  |  | 3.44 |
Warrants exercisable as of September 30, 2023 |  |  | 5,546,122 |  |  | $ | 14.31 |  |  |  | 3.44 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -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 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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -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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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-1 + Details
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