Share-based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of Information about Incentive Plan |
The following table contains information about the
2019 Plan as of December 31, 2024:
Schedule of Information about Incentive Plan
| |
|
Awards |
|
|
|
|
|
|
|
|
Awards |
|
| |
|
Reserved for |
|
|
Awards |
|
|
Awards |
|
|
Available for |
|
| |
|
Issuance |
|
|
Issued |
|
|
Exercised |
|
|
Grant |
|
| 2019 Plan(1) |
|
|
1,651,429 |
|
|
|
793,735 |
|
|
|
149,464 |
|
|
|
857,594 |
|
| Awards issued in excess of 2019 Plan(2) |
|
|
- |
|
|
|
70,623 |
|
|
|
70,623 |
|
|
|
- |
|
| (1) |
Includes incentive stock options and restricted stock units discussed
below. |
| |
|
| (2) |
Includes shares of restricted common stock granted outside of the 2019
Plan to our Chief Executive Officer, Adam Levy. |
|
| Schedule of Incentive Stock Option Activity |
The following table summarizes the Company’s
incentive stock option activity and related information for the year ended December 31, 2024:
Schedule of Incentive Stock Option Activity
| |
|
|
|
|
|
|
|
Weighted |
|
| |
|
|
|
|
Weighted |
|
|
Average |
|
| |
|
|
|
|
Average |
|
|
Contractual |
|
| |
|
Number of |
|
|
Exercise |
|
|
Term in |
|
| |
|
Options |
|
|
Price |
|
|
Years |
|
| Outstanding at January 1, 2023 |
|
|
524,937 |
|
|
$ |
2.351416 |
|
|
|
8.38 |
|
| Granted |
|
|
117,532 |
|
|
$ |
2.06041 |
|
|
|
10.00 |
|
| Exercised |
|
|
(3,295 |
) |
|
|
1.75 |
|
|
|
— |
|
| Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Cancelled |
|
|
(69,854 |
) |
|
|
1.965823 |
|
|
|
— |
|
| Expired |
|
|
(8,670 |
) |
|
|
1.703222 |
|
|
|
— |
|
| Outstanding at December 31, 2023 |
|
|
560,650 |
|
|
$ |
2.350742 |
|
|
|
7.95 |
|
| Granted |
|
|
172,000 |
|
|
$ |
2.683140 |
|
|
|
10.00 |
|
| Exercised |
|
|
(90,860 |
) |
|
|
1.006035 |
|
|
|
— |
|
| Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Cancelled |
|
|
(39,107 |
) |
|
|
1.006035 |
|
|
|
— |
|
| Expired |
|
|
(14,286 |
) |
|
|
5.25 |
|
|
|
— |
|
| Outstanding at December 31, 2024 |
|
|
588,397 |
|
|
$ |
2.674538 |
|
|
|
7.81 |
|
| Exercisable at December 31, 2024 |
|
|
353,397 |
|
|
$ |
2.168073 |
|
|
|
7.24 |
|
|
| Schedule of Assumptions used in Share-based Compensation |
Schedule of Assumptions used in Share-based Compensation
| |
|
2024 |
|
|
2023 |
|
| Volatility |
|
|
277.56-279.29 |
% |
|
|
257.64-258.01 |
% |
| Risk-free interest rate |
|
|
3.44-3.67 |
% |
|
|
4.21-4.42 |
% |
| Dividend yield |
|
|
0.0 |
% |
|
|
0.0 |
% |
| Expected term |
|
|
5.00 years |
|
|
|
5 - 5.50 years |
|
|
| Schedule of Restricted Stock Units Granted |
Schedule of Restricted Stock Units Granted
| |
|
Number of |
|
|
Weighted Average Grant
Date
|
|
| |
|
Units |
|
|
Fair Value |
|
| Outstanding at December 31, 2022 |
|
|
90,432 |
|
|
$ |
1.43 |
|
| Granted |
|
|
37,037 |
|
|
|
1.35 |
|
| Exercised and converted to common shares |
|
|
(50,157 |
) |
|
|
1.76522 |
|
| Forfeited |
|
|
(12,750 |
) |
|
|
1.82 |
|
| Outstanding at December 31, 2023 |
|
|
64,562 |
|
|
|
1.82 |
|
| Granted |
|
|
57,972 |
|
|
|
2.46 |
|
| Exercised and converted to common shares |
|
|
(62,910 |
) |
|
|
2.08 |
|
| Forfeited |
|
|
(3,750 |
) |
|
|
2.30 |
|
| Outstanding at December 31, 2024 |
|
|
55,874 |
|
|
$ |
2.16 |
|
| Exercisable at December 31, 2024 |
|
|
2,500 |
|
|
$ |
1.82 |
|
|
| Schedule of Common Stock Warrants |
The following table shows a summary of common stock
warrants for the years ended December 31, 2024 and 2023.
Schedule of Common Stock Warrants
| |
|
|
|
|
Weighted |
|
|
Weighted |
|
| |
|
|
|
|
Average |
|
|
Average |
|
| |
|
Number of |
|
|
Exercise |
|
|
Contractual |
|
| |
|
Warrants |
|
|
Price |
|
|
Term in Years |
|
| Outstanding at December 31, 2022 |
|
|
3,637,190 |
|
|
$ |
5.16281 |
|
|
|
3.65 |
|
| Granted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Exercised |
|
|
(109,720 |
) |
|
|
0.55 |
|
|
|
— |
|
| Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Cancelled |
|
|
(84,566 |
) |
|
|
0.89 |
|
|
|
— |
|
| Expired |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Outstanding at December 31, 2023 |
|
|
3,442,904 |
|
|
|
5.414793 |
|
|
|
2.87 |
|
| Warrants – 2021 IPO(1) |
|
|
387,750 |
|
|
|
5.50 |
|
|
|
2.99 |
|
| Outstanding at January 1, 2024 (corrected) |
|
|
3,830,654 |
|
|
|
5.423418 |
|
|
|
2.88 |
|
| Granted |
|
|
947,792 |
|
|
|
4.18 |
|
|
|
5.00 |
|
| Exercised |
|
|
(5,439 |
) |
|
|
2.80 |
|
|
|
— |
|
| Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Cancelled |
|
|
(7,802 |
) |
|
|
2.80 |
|
|
|
— |
|
| Expired |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Outstanding at December 31, 2024 |
|
|
4,765,205 |
|
|
$ |
5.183120 |
|
|
|
2.42 |
|
| Exercisable at December 31, 2024 |
|
|
4,765,205 |
|
|
$ |
5.183120 |
|
|
|
2.42 |
|
| |
(1) |
The warrants outstanding have been corrected to reflect 387,750 additional
warrants related to the December 27, 2021 unit offering not previously included in the prior year warrant schedule. |
|