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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 OPTIONS OUTSTANDING | Activity in the various Plans during the years ended December 31, 2023 and 2022 is reflected in the following table: SUMMARY OF STOCK OPTIONS OUTSTANDING
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 |
Options |  | Number of Shares |  |  | Weighted Average Exercise Price |
Outstanding at January 1, 2023 |  |  | 53,950 |  |  | $ | 45.80 |
Granted |  |  | — |  |  |  | — |
Exercised |  |  | — |  |  |  | — |
Forfeited |  |  | (350 | ) |  |  | (83.20 | )
Outstanding at December 31, 2023 |  |  | 53,600 |  |  | $ | 45.55 |
Exercisable at December 31, 2023 |  |  | 53,600 |  |  | $ | 45.55 |
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, 2023 and 2022: SCHEDULE OF FAIR VALUE OF STOCK OPTIONS ASSUMPTION
|  | 2023 |  |  | 2022 |
|  | Assumptions |  |  | Assumptions |
Volatility – range |  |  | — |  |  |  | 111.67 | %
Risk-free rate |  |  | — |  |  |  | 1.81 | %
Expected term |  |  | — |  |  |  | 10.0 years |
Exercise price |  |  | — |  |  | $ | 19.60 |
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, 2023: 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 |  |  |  | 6.6 years |  |  |  | 37,000 |  |  |  | 6.6 years |
$ | 50.00 to $69.99 |  |  |  | 15,100 |  |  |  | 4.5 years |  |  |  | 15,100 |  |  |  | 4.5 years |
$ | 70.00 to $89.99 |  |  |  | 1,500 |  |  |  | 2.4 years |  |  |  | 1,500 |  |  |  | 2.4 years |
|  |  |  |  | 53,600 |  |  |  | 5.9 years |  |  |  | 53,600 |  |  |  | 5.9 years |
SUMMARY OF RESTRICTED STOCK ACTIVITY | A summary of all restricted stock activity under the equity compensation plans for the years ended December 31, 2023 and 2022 is as follows: SUMMARY OF RESTRICTED STOCK ACTIVITY
|  | 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 |
|  | Number of Restricted shares |  |  | Weighted average grant date fair value |
Nonvested balance, January 1, 2023 |  |  | 79,125 |  |  | $ | 21.73 |
Granted |  |  | 35,000 |  |  |  | 5.00 |
Vested |  |  | (56,625 | ) |  |  | (21.29 | )
Forfeited |  |  | (3,625 | ) |  |  | (22.41 | )
Nonvested balance, December 31, 2023 |  |  | 53,875 |  |  | $ | 11.27 |
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 |
2024 |  |  | 27,750 |
2025 |  |  | 19,000 |
2026 |  |  | 4,125 |
2027 |  |  | 2,000 |
2028 |  |  | 1,000 |

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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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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