Stockholders’ Equity (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| 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.
| |
|
Three
Months
Ended
March 31,
2024 |
|
| Stock price |
|
$ |
1.40 |
|
| Risk-free interest rate |
|
|
4.29 |
% |
| Volatility |
|
|
61.86 |
% |
| Expected life in years |
|
|
5.00 |
|
| Dividend yield |
|
|
0.00 |
% |
|
| Schedule of Warrants Activity |
A summary of our Warrants
activity for the three months ended March 31, 2024 and related information follows:
| |
|
Number of
Shares
Under
Warrant |
|
|
Weighted
Average
Exercise
Price |
|
|
Weighted
Average
Remaining
Contractual
Life |
|
| Balance as of January 1, 2024 |
|
|
12,566,092 |
|
|
$ |
2.22 |
|
|
|
4.71 |
|
| Granted |
|
|
3,015,000 |
|
|
$ |
1.26 |
|
|
|
|
|
| Balance as of March 31, 2024 |
|
|
15,581,092 |
|
|
$ |
2.03 |
|
|
|
4.54 |
|
|
| Schedule of Stock Option Activity |
A summary of our Option activity
for the three months ended March 31, 2024 and related information follows:
| |
|
Number of
Shares
Under
Option |
|
|
Weighted
Average
Exercise
Price |
|
|
Weighted
Average
Remaining
Contractual
Life |
|
| Balance as of January 1, 2024 |
|
|
4,854,507 |
|
|
$ |
4.59 |
|
|
|
7.34 |
|
| Exercised |
|
|
(4,535 |
) |
|
$ |
0.49 |
|
|
|
|
|
| Forfeited |
|
|
(58,400 |
) |
|
$ |
3.12 |
|
|
|
|
|
| Canceled |
|
|
(272,401 |
) |
|
$ |
9.76 |
|
|
|
|
|
| Balance as of March 31, 2024 |
|
|
4,519,171 |
|
|
$ |
4.30 |
|
|
|
7.30 |
|
| Vested and Exercisable as of March 31, 2024 |
|
|
2,660,989 |
|
|
$ |
5.29 |
|
|
|
6.20 |
|
|
| Schedule of Stock-Based Compensation Expense for Stock Options |
Total stock-based compensation
expense for stock options for the three months ended March 31, 2024 and 2023 is as follows:
| |
|
Three Months Ended
March 31, |
|
| |
|
2024 |
|
|
2023 |
|
| General and administrative |
|
$ |
71,583 |
|
|
$ |
119,199 |
|
| Sales and marketing |
|
|
71,554 |
|
|
|
129,747 |
|
| Research and development |
|
|
40,316 |
|
|
|
53,291 |
|
| Cost of goods sold |
|
|
17,940 |
|
|
|
2,692 |
|
| Total stock-based expense related to options |
|
$ |
201,393 |
|
|
$ |
304,929 |
|
Total stock-based compensation
expense for restricted stock units for the three months ended March 31, 2024 and 2023 is as follows:
| |
|
Three Months Ended
March 31, |
|
| |
|
2024 |
|
|
2023 |
|
| General and administrative |
|
$ |
58,157 |
|
|
$ |
617,839 |
|
| Sales and marketing |
|
|
9,499 |
|
|
|
9,395 |
|
| Research and development |
|
|
504 |
|
|
|
331,193 |
|
| Total stock-based expense related to restricted stock units |
|
$ |
68,160 |
|
|
$ |
958,427 |
|
|
| Schedule of Restricted Stock Unit Activity |
The following is a summary
of restricted stock unit activity for the three months ended March 31, 2024:
| |
|
RSUs |
|
|
Weighted
Average
Grant
Date Fair
Value |
|
|
Weighted
Average
Vesting
Period
(Years) |
|
| Unvested balance as of January 1, 2024 |
|
|
554,466 |
|
|
$ |
1.14 |
|
|
|
0.66 |
|
| Vested |
|
|
(146,419 |
) |
|
|
0.70 |
|
|
|
|
|
| Unvested balance as of March 31, 2024 |
|
|
408,047 |
|
|
$ |
1.30 |
|
|
|
0.48 |
|
|