Stockholders’ Equity (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Stockholders’ Equity [Abstract] |
|
| Schedule of Assumptions Used in the Black-Scholes Model |
The
assumptions used in the Black-Scholes Model are set forth in the table below.
| |
|
December 31,
2023 |
|
| Stock price |
|
$ |
1.14-2.00 |
|
| Risk-free interest rate |
|
|
4.09-4.70% |
|
| Volatility |
|
|
50.64-55.34% |
|
| Expected life in years |
|
|
0.12-5.00 |
|
| Dividend yield |
|
|
0.00% |
|
| |
|
2023 |
|
|
2022 |
|
| Stock price |
|
$ |
1.24 – $2.06 |
|
|
$ |
3.81 – $6.55 |
|
| Risk-free interest rate |
|
|
3.61 – 4.82% |
|
|
|
1.82 – 3.95% |
|
| Volatility |
|
|
49.83 – 58.92% |
|
|
|
46.42 – 48.96% |
|
| Expected life in years |
|
|
0.12 – 6.25 |
|
|
|
5.80 – 6.30 |
|
| Dividend yield |
|
|
0.00% |
|
|
|
0.00% |
|
|
| Schedule of Warrants Activity |
A
summary of our Warrants activity and related information follows:
| |
|
Number
of Shares Under Warrant |
|
|
Weighted
Average Exercise Price |
|
|
Weighted
Average
Remaining
Contractual
Life |
|
| Balance
as of January 1, 2022 |
|
|
3,305,854 |
|
|
$ |
8.53 |
|
|
|
5.20 |
|
| Expired |
|
|
(1,404,052 |
) |
|
$ |
9.75 |
|
|
|
|
|
| Balance
as of December 31, 2022 |
|
|
1,901,802 |
|
|
$ |
7.63 |
|
|
|
7.47 |
|
| Granted |
|
|
10,786,440 |
|
|
$ |
1.38 |
|
|
|
|
|
| Expired |
|
|
(122,150 |
) |
|
$ |
12.35 |
|
|
|
|
|
| Balance
as of December 31, 2023 |
|
|
12,566,092 |
|
|
$ |
2.22 |
|
|
|
4.71 |
|
|
| Schedule of Stock Option Activity |
A
summary of our Option activity and related information follows:
| |
|
Number
of Shares Under Option |
|
|
Weighted
Average Exercise Price |
|
|
Weighted
Average
Remaining
Contractual
Life |
|
| Balance
as of January 1, 2022 |
|
|
687,448 |
|
|
$ |
6.79 |
|
|
|
8.20 |
|
| Granted |
|
|
2,094,000 |
|
|
$ |
5.17 |
|
|
|
|
|
| Exercised |
|
|
(31,057 |
) |
|
$ |
2.09 |
|
|
|
|
|
| Forfeited |
|
|
(168,105 |
) |
|
$ |
2.77 |
|
|
|
|
|
| Canceled |
|
|
(170,000 |
) |
|
$ |
6.43 |
|
|
|
|
|
| Balance
as of December 31, 2022 |
|
|
2,412,286 |
|
|
$ |
5.77 |
|
|
|
7.58 |
|
| Granted |
|
|
3,451,321 |
|
|
$ |
3.63 |
|
|
|
|
|
| Exercised |
|
|
(89,042 |
) |
|
$ |
0.49 |
|
|
|
|
|
| Forfeited |
|
|
(673,292 |
) |
|
$ |
3.90 |
|
|
|
|
|
| Canceled |
|
|
(246,766 |
) |
|
$ |
6.03 |
|
|
|
|
|
| Balance
as of December 31, 2023 |
|
|
4,854,507 |
|
|
$ |
4.59 |
|
|
|
7.34 |
|
| Vested
and Exercisable as of December 31, 2023 |
|
|
2,118,648 |
|
|
$ |
6.62 |
|
|
|
5.19 |
|
|
| Schedule of Stock-Based Compensation Expense for Stock Options |
Total
stock-based compensation expense for stock options for the years ended December 31, 2023 and 2022 is as follows:
| |
|
Years
Ended
December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| General
and administrative |
|
$ |
343,371 |
|
|
$ |
536,269 |
|
| Sales
and marketing |
|
|
523,798 |
|
|
|
509,789 |
|
| Research
and development |
|
|
223,513 |
|
|
|
720,554 |
|
| Cost
of goods sold |
|
|
50,341 |
|
|
|
- |
|
| Total
stock-based expense related to options |
|
$ |
1,141,023 |
|
|
$ |
1,766,612 |
|
Total stock-based compensation expense for RSUs for the years ended December 31, 2023 and 2022 is as follows:
| |
|
Years
Ended
December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| General
and administrative |
|
$ |
(152,814 |
) |
|
$ |
3,259,648 |
|
| Sales
and marketing |
|
|
90,899 |
|
|
|
24,632 |
|
| Research
and development |
|
|
(31,710 |
) |
|
|
806,543 |
|
| Total
stock-based expense related to RSUs |
|
$ |
(93,625 |
) |
|
$ |
4,090,823 |
|
|
| Schedule of Restricted Stock Unit Activity |
A
summary of our RSUs activity and related information follows:
| |
|
RSUs |
|
|
Weighted
Average Grant Date Fair Value |
|
|
Weighted
Average
Vesting Period (Years) |
|
| Unvested
balance at January 1, 2022 |
|
|
1,431,922 |
|
|
$ |
12.12 |
|
|
|
2.5 |
|
| Granted |
|
|
190,860 |
|
|
$ |
2.52 |
|
|
|
|
|
| Vested |
|
|
(512,755 |
) |
|
$ |
8.06 |
|
|
|
|
|
| Canceled |
|
|
- |
|
|
$ |
- |
|
|
|
|
|
| Unvested
balance at December 31, 2022 |
|
|
1,110,027 |
|
|
$ |
6.89 |
|
|
|
1.52 |
|
| Granted |
|
|
722,682 |
|
|
$ |
0.66 |
|
|
|
|
|
| Vested |
|
|
(823,143 |
) |
|
$ |
5.00 |
|
|
|
|
|
| Canceled |
|
|
(455,100 |
) |
|
|
7.41 |
|
|
|
|
|
| Unvested
balance at December 31, 2023 |
|
|
554,466 |
|
|
$ |
1.14 |
|
|
|
0.66 |
|
|