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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
SUMMARY OF STOCK OPTIONS OUTSTANDING | Activity in the various Plans during the years ended December 31, 2022 and 2021 is reflected in the following table: SUMMARY OF STOCK OPTIONS OUTSTANDING
Options |  | Number of Shares |  |  | Weighted Average Exercise Price |
Outstanding at January 1, 2021 |  |  | 41,916 |  |  | $ | 64.00 |
Granted |  |  | 15,000 |  |  |  | 33.40 |
Exercised |  |  | — |  |  |  | — |
Forfeited |  |  | (2,613 | ) |  |  | (232.20 | )
Outstanding at December 31, 2021 |  |  | 54,303 |  |  | $ | 47.40 |
Exercisable at December 31, 2021 |  |  | 46,803 |  |  | $ | 49.60 |
Options |  | Number of Shares |  |  | Weighted Average Exercise Price |
Outstanding at January 1, 2022 |  |  | 54,303 |  |  | $ | 47.40 |
Granted |  |  | 1,250 |  |  |  | 19.60 |
Exercised |  |  | — |  |  |  | — |
Forfeited |  |  | (1,603 | ) |  |  | (80.80 | )
Outstanding at December 31, 2022 |  |  | 53,950 |  |  | $ | 45.80 |
Exercisable at December 31, 2022 |  |  | 53,950 |  |  | $ | 45.80 |
SCHEDULE OF FAIR VALUE OF STOCK OPTIONS ASSUMPTION | The Company has utilized the following assumptions in its Black-Scholes option valuation model to calculate the estimated grant date fair value of the options during the years ended December 31, 2022 and 2021: SCHEDULE OF FAIR VALUE OF STOCK OPTIONS ASSUMPTION
|  | 2022 |  |  | 2021 |
|  | Assumptions |  |  | Assumptions |
Volatility – range |  |  | 111.67 | % |  |  | 113 | %
Risk-free rate |  |  | 1.81 | % |  |  | 1.30 | %
Expected term |  |  | 10.0 years |  |  |  | 10.0 years |
Exercise price |  | $ | 19.60 |  |  | $ | 33.40 |
SCHEDULE OF SHARES AUTHORIZED UNDER STOCK OPTION PLANS BY EXERCISE PRICE RANGE | The following table summarizes the range of exercise prices and weighted average remaining contractual life for outstanding and exercisable options under the Company’s option plans as of December 31, 2022: SCHEDULE OF SHARES AUTHORIZED UNDER STOCK OPTION PLANS BY EXERCISE PRICE RANGE
|  |  | Outstanding options |  |  | Exercisable options |
Exercise price range |  |  | Number of options |  |  | Weighted average remaining contractual life |  |  | Number of options |  |  | Weighted average remaining contractual life |
$ | 0.01 to $49.99 |  |  |  | 37,000 |  |  |  | 7.6 years |  |  |  | 37,000 |  |  |  | 7.6 years |
$ | 50.00 to $69.99 |  |  |  | 15,100 |  |  |  | 5.5 years |  |  |  | 15,100 |  |  |  | 5.5 years |
$ | 70.00 to $89.99 |  |  |  | 1,850 |  |  |  | 2.8 years |  |  |  | 1,850 |  |  |  | 2.8 years |
|  |  |  |  | 53,950 |  |  |  | 6.8 years |  |  |  | 53,950 |  |  |  | 6.8 years |
SUMMARY OF RESTRICTED STOCK ACTIVITY | A summary of all restricted stock activity under the equity compensation plans for the years ended December 31, 2022 and 2021 is as follows: SUMMARY OF RESTRICTED STOCK ACTIVITY
|  | Number of Restricted shares |  |  | Weighted average grant date fair value |
Nonvested balance, January 1, 2021 |  |  | 36,006 |  |  | $ | 33.80 |
Granted |  |  | 42,800 |  |  |  | 41.40 |
Vested |  |  | (25,563 | ) |  |  | (38.80 | )
Forfeited |  |  | (375 | ) |  |  | (21.60 | )
Nonvested balance, December 31, 2021 |  |  | 52,869 |  |  | $ | 37.40 |
|  | Number of Restricted shares |  |  | Weighted average grant date fair value |
Nonvested balance, January 1, 2022 |  |  | 52,869 |  |  | $ | 37.40 |
Granted |  |  | 60,750 |  |  |  | 14.67 |
Vested |  |  | (31,244 | ) |  |  | (34.73 | )
Forfeited |  |  | (3,250 | ) |  |  | (21.20 | )
Nonvested balance, December 31, 2022 |  |  | 79,125 |  |  | $ | 21.73 |
SCHEDULE OF NON-VESTED BALANCE OF RESTRICTED STOCK | The nonvested balance of restricted stock vests as follows: SCHEDULE OF NON-VESTED BALANCE OF RESTRICTED STOCK
Years ended |  | Number of shares |
2023 |  |  | 57,250 |
2024 |  |  | 12,750 |
2025 |  |  | 4,000 |
2026 |  |  | 3,625 |
2027 |  |  | 1,500 |

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- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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