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Stockholders' Equity (Tables) | 9 Months Ended
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Sep. 30, 2024
Stockholders |
Schedule of Stock Options Expected Option Term and Expected Volatility | During the nine months ended September 30, 2023, the stock options were valued at the grant date using a Black-Scholes option pricing model with the following assumptions. During the nine months ended September 30, 2024, the Company did not issue any stock options. The simplified method was used for the expected option term and expected volatility was based on historical volatility:
|  | 2023 |
Dividend rate |  |  | — | %
Term (in years) |  |  | 3 years |
Volatility |  |  | 168.0 | %
Risk—free interest rate |  |  | 3.96 | %
Schedule of Stock Option Activity | The following is a summary of the Company’s stock option activity for the nine months ended September 30, 2024 as presented below:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (Years) |
Balance on December 31, 2023 |  |  | 158,670 |  |  | $ | 105.30 |  |  |  | 3.12 |
Granted |  |  | - |  |  |  | - |  |  |  | - |
Cancelled |  |  | (18,100 | ) |  |  | 32.69 |  |  |  | - |
Balance on September 30, 2024 |  |  | 140,570 |  |  | $ | 114.65 |  |  |  | 2.26 |
Options exercisable on September 30, 2024 |  |  | 139,320 |  |  | $ | 115.56 |  |  |  | 2.25 |
Weighted average fair value of options granted during the 2024 period |  |  |  |  |  | $ | - |  |  |  |  |
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, 2023 |  |  | 67,385 |  |  | $ | 49.80 |  |  |  | 2.65 |
Issued |  |  | 590,000 |  |  |  | - |  |  |  | - |
Exercised |  |  | (590,000 | ) |  |  | - |  |  |  | - |
Balance on September 30, 2024 |  |  | 67,385 |  |  |  | 49.80 |  |  |  | 1.90 |
Warrants exercisable on September 30, 2024 |  |  | 67,385 |  |  | $ | 49.80 |  |  |  | 1.90 |

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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 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -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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