Share Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Options Assumptions in Estimated Fair Value

The fair value of each option grant is estimated at the grant date using the Black Scholes method. The following assumptions were used in estimating fair value:

	2024			2023
Expected term		5.5 – 6.5 years			5.5 – 6.5 years
Volatility		89 – 91	%		92 – 94	%
Risk free interest rate		3 – 4	%		3 – 4	%
Dividend yield		0.00	%		0.00	%

Schedule of Stock Option Activity

A summary of the option activity during the years ended December 31, 2024 and 2023 is presented below:

						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
	Number of			Exercise		Life		Intrinsic
	Options			Price		In Years		Value
Outstanding, January 1, 2023		3,794,452		$	8.91
Granted		1,026,424			3.88
Forfeited		(35,600	)		6.72
Outstanding, December 31, 2023		4,785,276			7.85		8.0	$	1,444
Granted		1,213,008			4.38
Exercised		(12,710	)		3.59
Forfeited		(63,875	)		5.38
Outstanding, December 31, 2024		5,921,699		$	7.17		7.5	$	306
Exercisable, December 31, 2024		4,036,569		$	8.51		6.7	$	-

Schedule of Restricted Stock Units

The Company also issues restricted shares and restricted stock units under the 2016 Plan. A summary of the restricted share and restricted stock units activity during the years ended December 31, 2023 and 2022 is presented below:

	Number of
	Restricted Shares
Outstanding, January 1, 2023		400,000
Granted		-
Shares vested		-
Outstanding, December 31, 2023		400,000
Granted		-
Shares Vested		-
Outstanding, December 31, 2024		400,000