Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

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STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2024
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 condensed consolidated statement of operations:

 

    2024     2023  
    Three Months Ended March 31,  
    2024     2023  
             
Research and development   $ 21,882     $ 11,268  
Selling, general and administrative     260,731       146,345  
Total stock-based compensation expense   $ 282,613     $ 157,613  
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, 2023     683,695     $ 3.99       2.9       158,332  
Granted     —       —                  
Exercised     (64,848 )     1.155                  
Forfeited     —       —                  
Outstanding at March 31, 2024     618,847     $ 4.28       2.7     $ 243,097  
                                 
Vested and exercisable at March 31, 2024     618,053     $ 4.28       2.7     $ 243,097  
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, 2023     540,967     $ 2.24     $ 1,209,391       441,059       99,908  
Granted     344,251       1.53       528,013       146,297       197,954  
Forfeited     —       —       —       —       —  
Balance at March 31, 2024     885,218     $ 1.96     $ 1,737,404       587,356       297,862