Annual report pursuant to Section 13 and 15(d)

Stock Options (Tables)

v3.24.1.u1
Stock Options (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
The following table summarizes the stock option activity during the years ended December 31, 2023 and 2022:
Number of Shares Weighted- Average Remaining Contractual
Life		 Weighted- Average Exercise Price
Outstanding at December 31, 2021 1,019,732 7.96 $ 17.50 
Granted 441,981 4.49 $ 10.59 
Exercised – – $ – 
Forfeited/Cancelled (110,292) – $ – 
Expired – – $ – 
Outstanding at December 31, 2022 1,351,421 6.49 $ 15.09 
Granted 25,000 4.96 $ 1.43 
Exercised – – $ – 
Forfeited/Cancelled (175,497) – $ – 
Expired (17,016) – $ – 
Outstanding at December 31, 2023 1,183,908 5.56 $ 14.96 
Unvested at December 31, 2023 167,527 3.96 $ 6.83 
Vested and exercisable December 31, 2023 1,016,381 5.83 $ 16.30 
Schedule of Assumptions Used
The fair value of the options granted during the years ended December 31, 2023 and December 31, 2022 were calculated using the BSM option pricing model based on the following assumptions:
Year Ended December 31,
2023 2022
Exercise Price $ 1.43 
$5.10 - $9.00
Dividend Yield –  % –  %
Volatility 98.78  %
100% - 123%
Risk-free interest rate 3.90  %
0.41% - 3.75%
Expected life of options 5.0 years
3.0 - 5.0 years