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Stockholders’ Equity (Tables)
9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Summary of Warrant Activity

The following is a summary of the warrant activity for the nine months ended September 30, 2023:

  

  

Number of

Warrants

  

Average

Exercise Price

  

Weighted

Average

Remaining

Contractual

Term in Years

 
             
Outstanding at January 1, 2023   245,192   $17.50    4.02 
Exercisable at January 1, 2023   -   $-    - 
Granted   -    -    - 
Exercised / surrendered   -    -    - 
Expired   -    -    - 
Outstanding at September 30, 2023   245,192   $17.50    3.27 
Exercisable at September 30, 2023   245,192   $17.50    3.27 
Schedule of Stock Option Activity

Stock option activity under the Company’s stock-based compensation plans is shown below:

  

  

Number of

Shares

  

Average

Exercise

Price per Share

  

Weighted

Average

Remaining

Contractual

Term in Years

 
             
Outstanding at January 1, 2023   26,800   $22.90    1.33 
Exercisable at January 1, 2023   26,800    22.90    1.33 
                
Granted   -    -    - 
Exercised   -    -    - 
Forfeited   1,400    46.25    - 
Outstanding at September 30, 2023   25,400    21.61    0.61 
Exercisable at September 30, 2023   25,400    21.61    0.61 

 

(1) The intrinsic value of the stock options at September 30, 2023 is the amount by which the market value of the Company’s common stock of $2.42 as of September 29, 2023 exceeds the average exercise price of the option. As of September 30, 2023, the intrinsic value of the outstanding and exercisable stock options was $0.