STOCK-BASED COMPENSATION (Tables)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
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 condensed consolidated statements of operations:
SUMMARY OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION AWARDS
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| |
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development |
|
$ |
35,345 |
|
|
$ |
10,620 |
|
|
$ |
57,227 |
|
|
$ |
21,889 |
|
| General and administrative |
|
|
251,949 |
|
|
|
159,634 |
|
|
|
512,680 |
|
|
|
305,979 |
|
| Total stock-based compensation
expense |
|
$ |
287,294 |
|
|
$ |
170,254 |
|
|
$ |
569,907 |
|
|
$ |
327,868 |
|
|
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:
SUMMARY OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION AWARDS
| |
|
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 2014 and 2024 Plan:
SUMMARY OF OPTION ACTIVITY
| |
|
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 |
|
|
(208,031 |
) |
|
|
1.16 |
|
|
|
|
|
|
|
|
|
| Forfeited |
|
|
(137,854 |
) |
|
|
1.16 |
|
|
|
|
|
|
|
|
|
| Outstanding
at June 30, 2024 |
|
|
337,810 |
|
|
$ |
6.88 |
|
|
|
5.08 |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Vested
and exercisable at June 30, 2024 |
|
|
337,612 |
|
|
$ |
6.88 |
|
|
|
5.08 |
|
|
|
— |
|
|
The
following table summarizes stock option activity under the Plan:
SUMMARY OF OPTION ACTIVITY
| |
|
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 |
|
|
| SUMMARY OF RESTRICTED STOCK AWARD |
The
following table summarizes restricted stock award activity under the 2014 and 2024 Plan:
SUMMARY OF RESTRICTED STOCK AWARD
| |
|
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 |
|
|
|
447,905 |
|
|
|
93,062 |
|
| Granted |
|
|
419,756 |
|
|
|
1.66 |
|
|
|
698,655 |
|
|
|
266,774 |
|
|
|
152,982 |
|
| Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Balance at June 30, 2024 |
|
|
960,723 |
|
|
$ |
1.99 |
|
|
$ |
1,908,046 |
|
|
|
714,679 |
|
|
|
246,044 |
|
|
The
following table summarizes restricted stock award activity under the Plan:
SUMMARY
OF RESTRICTED STOCK AWARD
| |
|
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 |
|
|
| 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:
SCHEDULE OF FAIR VALUE ASSUMPTIONS
| |
|
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 |
% |
|