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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
SUMMARY OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION AWARDS | The Company has recorded stock-based compensation expense related to the issuance of restricted stock awards in the following line items in the accompanying consolidated statement of operations: SUMMARY OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION AWARDS
|  | 2023 |  |  | 2022 |
Research and development |  | $ | 37,131 |  |  | $ | 7,832 |
Selling, general and administrative |  |  | 711,692 |  |  |  | 240,760 |
Total stock-based compensation expense |  | $ | 748,823 |  |  | $ | 248,592 |
SUMMARY OF OPTION ACTIVITY | The following table summarizes stock option activity under the Plan: SUMMARY OF OPTION ACTIVITY
|  | Number of options |  |  | Weighted- average exercise price |  |  | Weighted- average remaining contractual term (in years) |  |  | Aggregate intrinsic value |
Outstanding at December 31, 2022 |  |  | 806,392 |  |  | $ | 4.33 |  |  |  | 4.0 |  |  |  | 164,255 |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | (122,697 | ) |  |  | 5.86 |  |  |  | — |  |  |  | — |
Outstanding at December 31, 2023 |  |  | 683,695 |  |  | $ | 3.99 |  |  |  | 2.9 |  |  | $ | 158,332 |
Vested and exercisable at December 31, 2023 |  |  | 682,306 |  |  | $ | 3.98 |  |  |  | 2.9 |  |  | $ | 158,010 |
SCHEDULE OF FAIR VALUE ASSUMPTIONS | The following table summarizes weighted-average assumptions using the Black-Scholes option-pricing model used on the date of the grants issued during the years ended December 31, 2023, and 2022, respectively: SCHEDULE OF FAIR VALUE ASSUMPTIONS
|  | 2023 |  |  | 2022 |
Fair value of Common Stock |  | $ | — |  |  | $ | 4.62 |
Volatility |  |  | — | % |  |  | 63.9 | %
Expected term (years) |  |  | — |  |  |  | 6.0 |
Risk-free interest rate |  |  | — | % |  |  | 2.20 | %
Dividend yield |  |  | — | % |  |  | 0 | %
SUMMARY OF RESTRICTED STOCK AWARD | The following table summarizes restricted stock award activity under the Plan: SUMMARY OF RESTRICTED STOCK AWARD
|  | Number of restricted stock awards (RSA) |  |  | Weighted- average grant price |  |  | FMV on grant date |  |  | Vested number of RSA |  |  | Unvested number of RSA |
Balance at December 31, 2022 |  |  | 114,920 |  |  | $ | 3.56 |  |  | $ | 409,437 |  |  |  | 96,041 |  |  |  | 18,879 |
Granted |  |  | 431,028 |  |  |  | 1.89 |  |  |  | 813,717 |  |  |  | 339,263 |  |  |  | 91,765 |
Forfeited |  |  | (4,979 | ) |  |  | 2.76 |  |  |  | (13,754 | ) |  |  | (4,979 | ) |  |  | — |
Balance at December 31, 2023 |  |  | 540,969 |  |  | $ | 2.24 |  |  | $ | 1,209,400 |  |  |  | 430,325 |  |  |  | 110,644 |

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