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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