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Stock Options (Tables)
3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Options Granted and Outstanding

A summary of options granted and outstanding is presented below.

 

   March 31, 2023 
   Options   Weighted
Average
Weighted
 
Outstanding at Beginning of year   1,358,122   $4.37 
Granted   1,025,000    1.37 
Outstanding at end of period   2,383,122   $3.08 
           
Exercisable at end of period   1,457,904   $3.94 

Schedule of Information about Options Outstanding

The following table summarizes information about options outstanding at March 31, 2023:

 

Exercise Prices   Shares Outstanding   Weighted Average Remaining Contractual Life    Shares Exercisable 
              
$1.21    307,500    4.67    171,885 
$1.30    50,000    4.96    4,167 
$1.37    975,000    4.92    296,512 
$1.39    10,000    4.67    10,000 
$1.75    68,571    .25    68,571 
$2.80    141,429    .50    141,429 
$4.25    50,000    4.50    43,750 
$4.38    244,286    2.25    244,286 
$7.00    536,336    3.00    477,305 
Schedule of Fair Value of Stock Option Awards

The fair value of stock option awards accounted for under ASC 718 was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions for the three months ended March 31, 2023:

 

Expected term (years)     2.88 to 325  
Expected volatility     75.40% to 89.93 %
Risk-free interest rate     3.71% to 4.27 %
Dividend rate     0 %