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Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Stockholders' Equity [Abstract]

Schedule of Stock Options Expected Option Term and Expected Volatility

During the years ended December 31, 2023 and 2022, the stock options were valued at the grant date using a Black-Scholes option pricing model with the following assumptions. The simplified method was used for the expected option term and expected volatility was based on historical volatility:

		2023			2022
Dividend rate		—	%		—	%
Term (in years)		3 years			2 to 3 years
Volatility		137.0% to 168.0	%		155.8% to 160.0	%
Risk—free interest rate		3.96% - 4.73	%		1.53% to 2.93	%

Schedule of Stock Option Activity

The following is a summary of the Company’s stock option activity for the years ended December 31, 2023 and 2022 as presented below:

		Number of Options				Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (Years)
Balance on December 31, 2021			105,420			$	146.60				4.64
Granted			56,000				40.00				-
Cancelled			(1,000	)			(62.50	)			-
Balance on December 31, 2022			160,420				109.90				3.91
Granted			39,000				13.14				-
Cancelled			(40,750	)			35.35				-
Balance on December 31, 2023			158,670			$	105.30				3.12
Options exercisable on December 31, 2023			136,795			$	116.87				3.03
Weighted average fair value of options granted during the 2023 period						$	4.76

Schedule of Warrants

A summary of the Company’s outstanding stock warrants, including 44,252 Series A public warrants, is presented below:

		Number of Warrants				Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (Years)
Balance on December 31, 2021			73,635			$	45.90				4.30
Cancelled			(6,250	)
Balance on December 31, 2022			67,385				49.80				3.65
Granted			-				-				-
Balance on December 31, 2023			67,385				49.80				2.65
Warrants exercisable on December 31, 2023			67,385			$	49.80				2.65

X

- 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.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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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.

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