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Stock Based Compensation (Tables)

12 Months Ended

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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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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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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