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Stockholders' Equity (Tables)
9 Months Ended
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