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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

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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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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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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