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Non-Controlling Interest (Tables) | 6 Months Ended
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Jun. 30, 2023
Noncontrolling Interest [Abstract] |
Schedule of preferred stock | At June 30, 2023, Series B Preferred Stock consisted of the following:
Shares Authorized |  | Shares Issued and Outstanding |  | Stated Value per Share |  | Initial Carrying Value |  | Cumulative Unpaid Accrued Preferred Dividends |  | Liquidation Preference
1,000,000 |  |  | 3,138 |  |  | $ | 1,000 |  |  | $ | 3,138,000 |  |  | $ | 466,576 |  |  | $ | 3,604,576 |
Schedule of condensed financial statements | The following table summarizes Levo non-controlling interests presented as a separate component of stockholders’ equity on the Company’s condensed consolidated balance sheet at June 30, 2023:
| June 30, 2023 |  | December 31, 2022
Balance at December 31, 2022 | $ | (3,950,186) |  |  | (2,501,633) |
Net income (loss) attributable to non-controlling interests | $ | 14,754 |  |  | (538,841) |
Less: dividends paid to non-controlling interests | 139,970 |  |  | 263,846 |
Less: Preferred share accretion adjustment | 322,932 |  |  | 645,866 |
Non-controlling interests | $ | (4,398,334) |  |  | $ | (3,950,186) |
Schedule of condensed income statement | The following table summarizes Levo non-controlling interests presented as a separate component of the Company’s condensed consolidated statements of operations as of June 30, 2023:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Net income (loss) attributable to non-controlling interests | $ | 8,466 |  |  | $ | (189,945) |  |  | $ | 14,754 |  |  | $ | (290,878) |
Schedule of redeemable noncontrolling interest | Redeemable Non-controlling Interest Reconciliation — Mezzanine Equity
|  |  | June 30, 2023 |  | December 31, 2022
Beginning balance |  |  | $ | 3,547,765 |  |  | $ | 2,901,899 |
Preferred share Accretion adjustment |  |  | 322,932 |  |  | 645,866 |
Ending balance |  |  | $ | 3,870,697 |  |  | $ | 3,547,765 |
Schedule of black-scholes option pricing model to estimate the fair value of stock options | The following assumptions were used in the Monte Carlo Simulation model to calculate the fair value of Class D Incentive Units outstanding as of June 30, 2023.
| Class D Units
Expected life of Class D Incentive Units (in years) (1) | 5.5
Risk-free interest rate (2) | 3.02 | %
Volatility (3) | 69.50 | %
__________________ (1)The expected life of options is the average of the contractual term of the Class D Incentive Units and the vesting period. (2)The risk-free interest rate is based on the yields on U.S. Treasury debt securities with maturities approximating the estimated life of the options. (3)Volatility is estimated by management. As the Company has been a private company for most of its existence, there is not enough historical volatility data related to the Company’s Common stock as a public entity. Therefore, this estimate is based on the average volatility of certain public company peers within the Company’s industry.
Schedule of stock option activity | The following is a summary of the stock option activity under the 2010 Plan for the six months ended June 30, 2023:
| Shares |  | Weighted- Average Exercise Price per Share($) |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value($)
Outstanding - December 31, 2022 | 853,507 |  |  | 2.91 |  |  | 5.70 |  | — |
Granted | — |  |  | — |  |  | — |  |  | — |
Exercised | — |  |  | — |  |  | — |  |  | — |
Forfeited | (8,409) |  |  | 4.66 |  |  | — |  |  | — |
Expired/Cancelled | (23,893) |  |  | 6.54 |  |  | — |  |  | — |
Outstanding - June 30, 2023 | 821,205 |  |  | 2.58 |  |  | 5.44 |  | — |
Options Exercisable at June 30, 2023 | 798,366 |  |  | 2.60 |  |  | 3.67 |  | — |
Option Vested at June 30, 2023 | 798,366 |  |  | 2.60 |  |  | 3.67 |  | — |
The following is a summary of the stock option activity under the 2020 Plan for the six months ended June 30, 2023:
| Shares |  | Weighted- Average Exercise Price per Share ($) |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value($)
Outstanding - December 31, 2022 | 1,711,112 |  |  | 11.71 |  |  | 8.46 |  | — |
Granted | 115,800 |  |  | 0.57 |  |  | — |  |  | — |
Exercised | — |  |  | — |  |  | — |  |  | — |
Forfeited | (24,638) |  |  | 6.52 |  |  | — |  |  | — |
Expired/Cancelled | (7,887) |  |  | 10.43 |  |  | — |  |  | — |
Outstanding - June 30, 2023 | 1,794,387 |  |  | 11.07 |  |  | 8.06 |  | 8,928 |
Options Exercisable at June 30, 2023 | 794,849 |  |  | 13.25 |  |  | 7.66 |  | — |
Option Vested at June 30, 2023 | 794,849 |  |  | 13.25 |  |  | 7.66 |  | — |
A summary of the status of the Company’s Class D Incentive Units as of December 31, 2022, and changes during the six months ended June 30, 2023, is presented below:
| Shares |  | Weighted- Average Grant Date Fair Value($)
Nonvested at December 31, 2022 | 250,000 |  |  | 13.28 |
Granted | — |  |  | — |
Vested | — |  |  | — |
Cancelled (1) | 200,000 |  |  | 12.49 |
Nonvested and Outstanding at June 30, 2023 | 50,000 |  |  | 12.49 |
__________________ (1) Cancelled units represents unvested units granted to cliff vest on the grant anniversary date. However, the employees were terminated before the grant date anniversary. As a result, the previously recognized expenses of $421,371 was reversed.

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