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Share-Based Compensation Expense (Tables)
9 Months Ended
Sep. 30, 2023
Share-Based Compensation Expense [Abstract]  
Schedule of Share-Based Compensation Expenses Share-based compensation expenses are summarized as follows:
   Three months ended
September 30
  

Nine months ended

September 30

 
   2023   2022   2023   2022 
                 
Restricted stock units  $2,025,557   $171,681   $6,231,103   $171,681 
Stock options   1,237,565    16,986    2,693,771    50,958 
Rights to contingent consideration   1,058,030    
-
    1,566,163    
-
 
   $4,321,152   $188,667   $10,491,037   $222,639 
Schedule of Restricted Stock Units and Stock Option Transactions The following table reflects the continuity of restricted stock units (“RSUs”) transactions:
   Nine months ended
September 30, 2023
 
   Number   Weighted
Average
Grant Date
Fair Value
 
Outstanding, beginning of year   1,548,098   $11.62 
Granted   634,341    8.59 
Vested   (536,113)   11.23 
Forfeited   (8,033)   9.03 
Outstanding, end of period   1,638,293   $10.59 
   Nine months ended September 30, 2023 
   Service Conditions   Performance Conditions 
   Number  

Weighted
Average

Exercise Price

   Number  

Weighted
Average

Exercise Price

 
Outstanding, beginning of year   58,607,457   $0.22    
-
   $
-
 
Granted   1,452,937    9.41    358,249    9.42 
Forfeited   (36,949)   9.45    -    - 
Outstanding, end of period   60,023,445   $0.43    358,249   $9.42 
                     
Vested and exercisable   57,874,192   $0.10    
-
   $
-
 
Schedule of Weighted Average Fair Value of the Outstanding Options The fair value of the options was determined using either a Black-Scholes option pricing model or a Monte Carlo simulation methodology that included simulating the stock price using a risk-neutral Geometric Brownian Motion-based pricing model. The following assumptions were made:
Share price  $7.16-$10.36
Exercise price  $7.16-$10.36
Risk-free interest rate  3.42%-4.24%
Volatility  95%-97%
Expected life  10 years
Dividend rate  0.00%

 

Schedule of Fair Value of New Award on the Acquisition Date and the Amount Allocated to Consideration The difference between the fair value of the new award on the acquisition date and the amount allocated to consideration is post-combination expense, as laid out below:
   Fair value 
Allocated to consideration  $15,578 
Allocated to post-combination services   5,941,563 
Total fair value of rights  $5,957,141 
Schedule of Portion of the Fair Value Allocated to Post-Combination Service The portion of the fair value allocated to post-combination services will be recognized in the consolidated statement of operations over the remaining service period.
   Service
Conditions
   Performance
Conditions
 
Outstanding, beginning of year   
-
    
-
 
Granted   351,063    245,248 
Forfeited   
-
    
-
 
Outstanding, end of period   351,063    245,248