Stock Options (Tables)

12 Months Ended

Dec. 31, 2023

Stock Options [Abstract]

Schedule of Stock Option Activity

The Company uses the Black-Scholes option pricing model to estimate the fair value of stock options. In applying the Black-Scholes option pricing model, the Company used the following assumptions in 2023:

Expected Volatility	72.4% - 73.8%
Expected Dividend Yield	0%
Expected Life (Term)	5.77 - 6.25 Years
Risk-free Rate	4.26% - 4.66%

Schedule of Stock Option Activity

The following table summarizes the Company’s stock option activity for the year ended December 31, 2023 and 2022:

	Options			Weighted-average Exercise Price per Option		Weighted-average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Oustanding at December 31, 2022		263,000		$	1.25		1.01	$	-
Granted		2,085,034		$	2.39		9.8
Terminated		(380,300	)	$	1.60		n/a
Outstanding at December 31, 2023		1,967,734		$	2.38		9.8
Exercisable and vested at December 31, 2023		907,262		$	2.40		9.8	$	-

Schedule of Stock Options Activity for Non-Vested Options

The weighted average grant date fair value of option activity during the year are as follows:

	Shares			Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2022
Granted		2,085,034		$	1.61
Vested		(907,262	)	$	1.60
Forfeited		(117,300	)	$	1.66
Unvested balance at December 31, 2023		1,060,472		$	1.62

Schedule of Stock Based Compensation Expense

Total stock-based compensation expense associated with stock options was classified as follows on the statement of operations for the years ended December 31:

	2023		2022
Research and development expense	$	156	$	-
Sales and marketing expense		63		-
General and administrative expense		1,356		-
Total stock-based compensation expense	$	1,575	$	-