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Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Stock Based Compensation [Abstract]

Schedule of Recognized Stock Based Compensation Expense

The Company recognized stock-based compensation expense during the year ended December 31, 2023 and 2022, as follows:

		December 31,
		2023				2022
Performance-based restricted stock awards*		$	(423,360	)		$	643,350
Service-based restricted stock awards			7,522,436				700,797
Stock issued to consultants			307,069				-
Common stock warrant expense			1,835,166				1,668,333
Option expense			1,593,527				-
Total stock-based compensation		$	10,834,838			$	3,012,480

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 Company’s Performance-Based Awards and Service Based Restricted Stock Awards

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
Exercised			(100,000	)			-
Expired/forfeited			(166,765	)			-
Outstanding as of December 31, 2023			75,545				8.58
Exercisable as of December 31, 2023			44,327				4.60

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			(203,760	)			-
Expired/forfeited			(771,439	)			-
Outstanding as of December 31, 2023			5,242,393				2.28
Exercisable as of December 31, 2023			16,804				0.03

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)				Aggregate Intrinsic Value
Outstanding as of December 31, 2022			417			$	35.90				1.26			$	-
Issued			3,500,000				1.22				-				6,923,000
Outstanding as of December 31, 2023			3,500,417			$	1.23				9.70			$	6,923,000
Exercisable as of December 31, 2023			417			$	-				-			$	-

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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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.

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