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STOCK-BASED COMPENSATION (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]    
SCHEDULE OF STOCK OPTIONS OUTSTANDING

A summary of all stock option activity under the Plans for the nine months ended September 30, 2024 is as follows: 

 

Options 

Number of

Shares

  

Weighted

Average

Exercise Price

 
Outstanding at December 31, 2023   53,600   $45.55 
Granted   —    — 
Exercised   —    — 
Forfeited/expired   (1,100)   (65.00)
Outstanding at September 30, 2024   52,500   $45.14 
Exercisable at September 30, 2024   52,500   $45.14 

Activity in the various Plans during the years ended December 31, 2023 and 2022 is reflected in the following table:

 

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:

 

   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 September 30, 2024: 

 

     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    5.9 years    37,000    5.9 years 
$50.00 to $69.99    14,000    4.0 years    14,000    4.0 years 
$70.00 to $89.99    1,500    1.6 years    1,500    1.6 years 
                       
      52,500    5.2 years    52,500    5.2 years 

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:

 

    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 
SCHEDULE OF RESTRICTED STOCK ACTIVITY

A summary of all restricted stock activity under the Plans for the nine months ended September 30, 2024 is as follows:

 

  

Number of
Restricted

shares

  

Weighted

average

grant date
fair value

 
Nonvested balance, December 31, 2023   53,875   $11.27 
Granted   80,197    2.12 
Vested   (32,250)   (10.87)
Forfeited   (51,072)   (2.91)
Nonvested balance, September 30, 2024   50,750   $5.48 

A summary of all restricted stock activity under the equity compensation plans for the years ended December 31, 2023 and 2022 is as follows:

 

   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:

 

Years ended 

Number of

Shares

 
     
2024 (October 1, 2024 through December 31, 2024)   — 
2025   35,250 
2026   6,500 
2027   5,000 
2028   4,000 

The nonvested balance of restricted stock vests as follows:

 

Years ended  Number of
shares		 
     
2024   27,750 
2025   19,000 
2026   4,125 
2027   2,000 
2028   1,000