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Stockholders' Equity (Tables) | 6 Months Ended
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Jun. 30, 2024
Stockholders' Equity [Abstract] |
Schedule of Outstanding Stock Warrants | The Company recognized stock-based compensation expense during the three and six months ended June 30, 2024 and 2023, as follows:
|  | For the three-months ended June 30, |  |  | For the six-months ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Performance-based restricted stock awards |  | $ | 20,173 |  |  | $ | 166,779 |  |  | $ | 76,155 |  |  | $ | 333,558 |
Service-based restricted stock awards |  |  | 854,866 |  |  |  | 19,997 |  |  |  | 7,035,394 |  |  |  | 49,992 |
Stock issued to consultants |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 307,069 |
Warrant expense |  |  | - |  |  |  | 500,500 |  |  |  | - |  |  |  | 1,001,000 |
Option expense* |  |  | 178,209 |  |  |  | - |  |  |  | (1,156,818 | ) |  |  | - |
Total stock-based compensation** |  | $ | 1,053,248 |  |  | $ | 687,276 |  |  | $ | 5,954,731 |  |  | $ | 1,691,619 |
| * | The option expense for the six-month period to June 30, 2024 contains a reversal of stock-based compensation expenses from 2023 for cancelled option awards, offset by option expense incurred during the period.
| ** | Stock-based compensation expense in the consolidated, condensed unaudited statement of operations includes $5.95 million of stock-based compensation, less $0.93 million for surrendered shares.
Schedule of Service-Based 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, 2023 |  |  | 75,545 |  |  |  | 8.58 |
Expired/forfeited |  |  | (3,444 | ) |  |  | - |
Outstanding as of June 30, 2024 |  |  | 72,101 |  |  |  | 8.06 |
Exercisable as of June 30, 2024 |  |  | 61,617 |  |  |  | 6.91 |
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, 2023 |  |  | 5,242,393 |  |  |  | 2.28 |
Issued |  |  | 3,505,383 |  |  |  | - |
Exercised |  |  | (1,482,226 | ) |  |  | - |
Outstanding as of June 30, 2024 |  |  | 7,265,550 |  |  |  | 1.48 |
Exercisable as of June 30, 2024 |  |  | 135,199 |  |  |  | 0.02 |
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, 2023 |  |  | 3,500,417 |  |  | $ | 1.23 |  |  |  | 9.70 |  |  | $ | 6,923,000 |
Cancelled |  |  | (1,750,000 | ) |  |  | 0.94 |  |  |  | - |  |  |  | - |
Outstanding as of June 30, 2024 |  |  | 1,750,417 |  |  | $ | 0.56 |  |  |  | 9.40 |  |  | $ | 1,533,000 |
Exercisable as of June 30, 2024 |  |  | 417 |  |  | $ | 0.01 |  |  |  | - |  |  | $ | - |

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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 -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -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 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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