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Stockholders' Equity (Tables)
9 Months Ended
Sep. 30, 2024
Stockholders  
Schedule of Outstanding Stock Warrants The Company recognized stock-based compensation expense during the three and nine months ended September 30, 2024 and 2023, as follows:
   For the Three-Months ended
September 30,
   For the Nine-Months ended
September 30,
 
   2024   2023   2024   2023 
Performance-based restricted stock awards  $2,913   $(812,901)  $79,070   $(479,343)
Service-based restricted stock awards   4,125,992    4,096,717    11,161,386    4,146,709 
Stock issued to consultants   
-
    
-
    
-
    307,069 
Warrant expense   
-
    500,500    
-
    1,501,500 
Option expense*   1,191,918    
-
    35,098    
-
 
Total stock-based compensation**  $5,320,823   $3,784,316   $11,275,554   $5,475,935 
*The option expense for the nine-month period to September 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 $11.28 million of stock-based compensation.
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 September 30, 2024   72,101    7.81 
Exercisable as of September 30, 2024   61,617    6.70 
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   12,480,531    - 
Exercised   (3,459,720)   - 
Outstanding as of September 30, 2024   14,263,204    1.54 
Exercisable as of September 30, 2024   16,804    0.01 
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    -    
-
 
Issued   1,750,000    0.94    -    - 
Outstanding as of September 30, 2024   3,500,417   $1.07    9.45   $605,500 
Exercisable as of September 30, 2024   417   $0.00    -   $
-