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Stock Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Stock Based Compensation [Abstract] |
Schedule of Recognized Stock Based Compensation Expense | The Company recognized stock-based compensation expense during the year ended December 31, 2024 and 2023, as follows:
|  | December 31, |
|  | 2024 |  |  | 2023 |
Performance-based restricted stock awards* |  | $ | 81,984 |  |  | $ | (423,360 | )
Service-based restricted stock awards |  |  | 12,655,884 |  |  |  | 7,522,436 |
Stock issued to consultants |  |  | 100,000 |  |  |  | 307,069 |
Common Stock warrant expense |  |  | - |  |  |  | 1,835,166 |
Option expense |  |  | 1,227,015 |  |  |  | 1,593,527 |
Total stock-based compensation |  | $ | 14,064,883 |  |  | $ | 10,834,838 |
| * | 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 restricted stock awards activity:
|  | Number of shares |  |  | Weighted Average Remaining Contractual Life (in years) |
Outstanding as of December 31, 2023 |  |  | 75,545 |  |  |  | 8.58 |
Exercised |  |  | - |  |  |  | - |
Expired/forfeited |  |  | (3,444 | ) |  |  | - |
Outstanding as of December 31, 2024 |  |  | 72,101 |  |  |  | 7.56 |
Exercisable as of December 31, 2024 |  |  | 61,617 |  |  |  | 6.48 |
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 |  |  | (2,147,649 | ) |  |  | - |
Forfeited/cancelled |  |  | (1,396,817 | ) |  |  | - |
Outstanding as of December 31, 2024 |  |  | 14,178,458 |  |  |  | 1.30 |
Exercisable as of December 31, 2024 |  |  | 16,804 |  |  |  | 0.01 |
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, 2023 |  |  | 3,500,417 |  |  | $ | 1.23 |  |  |  | 9.70 |  |  | $ | 6,923,000 |
Issued |  |  | 1,750,000 |  |  |  | 0.79 |  |  |  | - |  |  |  | - |
Cancelled |  |  | (1,750,000 | ) |  |  | 0.94 |  |  |  | - |  |  |  | - |
Outstanding as of December 31, 2024 |  |  | 3,500,417 |  |  | $ | 1.07 |  |  |  | 9.20 |  |  | $ | - |
Exercisable as of December 31, 2024 |  |  | 417 |  |  | $ | - |  |  |  | - |  |  | $ | - |

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