Annual report pursuant to Section 13 and 15(d)

Stock Compensation Plan (Tables)

v3.24.1
Stock Compensation Plan (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Summary of Assumptions Used to Estimate the Fair Value of Stock Options Granted

The following table summarizes the assumptions used to estimate the fair value of stock options granted during the years ended December 31, 2023 and 2022:

 

 

    2023     2022  
             
Expected dividend yield     0 %     0 %
Weighted-average expected volatility     119-152 %     137-150 %
Weighted-average risk-free interest rate     3.93-4.84 %     1.28-3.09 %
Expected life of options     5.5-6.25 years       10 years  
Summary of Stock Option Activity

The following table represents stock option activity for the year ended December 31, 2023:

 

 

    Number of Shares     Weighted Average Exercise Price     Weighted Average Remaining Contractual Term (In Years)     Aggregate Intrinsic Value(1)  
Outstanding at December 31, 2022     139,090     $ 41.49       7.85     $ -  
Granted     144,204       5.11       —     $ —  
Exercised     —       —       —     $ —  
Forfeited     (38,561 )     52.94       —     $ —  
Outstanding at December 31, 2023     244,733     $ 20.17       8.73     $ 74,559  
                                 
Exercisable at December 31, 2023     176,559     $ 25.02       8.30     $ 48,063  

 

(1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock option awards and the closing market price of our common stock as of December 31, 2022, and December 31, 2023, respectively.
Summary of Weighted Average Grant Fair Value of Stock Options

The following table summarizes the weighted average grant date fair value of stock options granted per share, the total intrinsic value of stock options exercised and the grant date fair value of stock options that vested during the years ended December 31, 2023 and 2022:

 

 

    2023     2022  
Weighted average grant date fair value of stock options granted per share   $ 4.59     $ 19.44  
Intrinsic value of stock options exercised   $ -     $ —  
Grant date fair value of stock options that vested   $ 291,401     $ 9,395  
Schedule of Restricted Stock Activity

The following table represents restricted stock activity for the year ended December 31, 2023:

 

 Schedule of Restricted Stock Activity

 

    Number of Shares     Weighted Average Grant-Date Fair Value  
Non-vested restricted stock at beginning of year     -     $ -  
Granted     140,000       3.37  
Vested     (134,000 )     3.34  
Forfeited     —       —  
Non-vested restricted stock at end of year     6,000       3.37