Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.24.1
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
SUMMARY OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION AWARDS

The Company has recorded stock-based compensation expense related to the issuance of restricted stock awards in the following line items in the accompanying consolidated statement of operations:

 

    2023     2022  
             
Research and development   $ 37,131     $ 7,832  
Selling, general and administrative     711,692       240,760  
Total stock-based compensation expense   $ 748,823     $ 248,592  
SUMMARY OF OPTION ACTIVITY

The following table summarizes stock option activity under the Plan:

 

   

Number of

options

    

Weighted-

average

exercise price

    

Weighted-

average

remaining

contractual

term (in years)

    

Aggregate

intrinsic value

  
Outstanding at December 31, 2022     806,392     $ 4.33       4.0       164,255  
Granted     —       —       —       —  
Exercised     —       —       —       —  
Forfeited     (122,697 )     5.86       —       —  
Outstanding at December 31, 2023     683,695     $ 3.99       2.9     $ 158,332  
                                 
Vested and exercisable at December 31, 2023     682,306     $ 3.98       2.9     $ 158,010  
SCHEDULE OF FAIR VALUE ASSUMPTIONS

The following table summarizes weighted-average assumptions using the Black-Scholes option-pricing model used on the date of the grants issued during the years ended December 31, 2023, and 2022, respectively:

 

    2023     2022  
Fair value of Common Stock   $ —     $ 4.62  
Volatility     — %     63.9 %
Expected term (years)     —       6.0  
Risk-free interest rate     — %     2.20 %
Dividend yield     — %     0 %
SUMMARY OF RESTRICTED STOCK AWARD

The following table summarizes restricted stock award activity under the Plan:

 

   

Number of

restricted

stock awards

(RSA)

    

Weighted-

average

grant price

    

FMV on

grant date

    

Vested

number

of RSA

    

Unvested

number

of RSA

  
Balance at December 31, 2022                  114,920     $           3.56     $ 409,437       96,041       18,879  
Granted     431,028       1.89       813,717       339,263       91,765  
Forfeited     (4,979 )     2.76       (13,754 )     (4,979 )     —  
Balance at December 31, 2023     540,969     $ 2.24     $ 1,209,400       430,325       110,644