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Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Summary of Stock Option Activity

A summary of the Company’s stock option activity for the Current Year is as follows:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	Weighted	​	​	​
​	​	​	​	​	​	​	Average	​	​	​
​	​	​	​	Weighted		​	Remaining	​	​	​
​	​	​	​	Average		​	Contractual	​	Aggregate
​	​	Number of	​	Exercise		​	Life	​	Intrinsic
​		Options		Price			(in Years)		Value
Outstanding at January 1, 2023		5,614,310	​	$	2.12		4.76	​	$	—
Granted		200,000	​		1.51			​
Exercised		(87,750)	​		0.80			​
Expired/Forfeited		(578,020)	​		2.96			​
Outstanding at December 31, 2023, and expected to vest		5,148,540	​	$	2.03		4.26	​	$	—
Exercisable at December 31, 2023		1,398,540	​	$	2.88		1.66	​	$	—

​

Schedule of Black-Scholes Assumptions for Fair Value of Options Granted

The fair values of the options granted were estimated at the respective dates of grant using the Black-Scholes option pricing model with the following range of assumptions:

​

​	​	​	​	​	​
​	​	Year Ended December 31,
​		2023		2022
Expected Volatility		89 – 90	%	57 – 93	%
Expected Dividend Yield		—	%	—	%
Expected Life (Term, in years)		2.75 – 10		0.67 – 3.25	​
Risk-Free Interest Rate		4.0 – 4.7	%	1.6 – 2.8	%

Schedule of options vesting upon achievement of target price

​

​	​	​
Target Prices		Number of Options Vesting
$3.00	​	1,000,000
$5.00	​	850,000
$7.00	​	700,000
$9.00	​	550,000
$11.00	​	400,000

Summary of Stock Option Activity for Non-Vested Options

The following table summarizes the Company’s stock option activity for non-vested options for the Current Year:

​

​	​	​	​	​	​
​		​		Weighted
​	​	​	​	Average
​	​	Number of	​	Grant Date
​		Options		Fair Value
Balance at January 1, 2023		3,697,500	​	$	0.05
Granted		200,000	​		0.68
Vested		(135,000)	​	​	0.68
Forfeited or Canceled		(12,500)	​		0.89
Balance at December 31, 2023		3,750,000	​	$	0.05

Summary of Restricted Stock Activity

A summary of the Company’s restricted stock activity for the Current Year is as follows:

​

​	​	​	​	​	​
​	​	​	​	Weighted
​	​	Number of	​	Average
​	​	Restricted	​	Grant Date
​		Shares		Fair Value
Outstanding at January 1, 2023		333,333	​	$	3.71
Granted		113,968	​		1.01
Vested		(108,968)	​		1.08
Expired/Forfeited		(5,000)	​		1.62
Outstanding at December 31, 2023		333,333	​	$	3.69

​

Schedule Of Common Stock Repurchased

The following table provides information with respect to restricted stock purchased and retired by the Company during the Current Year and Prior Year:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	Number of	​	​	​
​	​	​	​	​	​	​	Shares	​	​	​
​	​	​	​	​	​	​	Purchased as	​	​	​
​	​	​	​	​	​	​	Part of	​	​	​
​	​	Total Number	​	Actual		​	Publicly	​	Fair value of
​	​	of Shares	​	Price Paid		​	Announced	​	Re-Purchased
Date		Purchased		per Share			Plan		Shares
None		—	​		—		—	​		—
Total 2023		—	​	$	—		—	​	$	—
​	​	​	​	​	​	​	​	​	​	​
April 20, 2022 (i)	​	53,882	​		1.57		—	​		84,000
May 31, 2022 (i)		240,000	​		1.49		—	​		358,000
Total 2022		293,882	​	$	1.50		—	​	$	442,000

​

(i) The shares were exchanged from employees and directors in connection with the income tax withholding obligations on behalf of such employees and directors from the vesting of restricted stock or the receipt of stock awards. The 2011 Plan and 2021 Plan allow for award holders to surrender vested shares to cover withholding tax liabilities.

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