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STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
Stock-based compensation expense for the years ended December 31, 2023 and 2022 was $2,199,046 and $2,571,785, respectively based on the vesting schedule of the Restricted Stock Units ("RSUs") and Stock Options ("Options"). During the year ended December 31, 2023, 503,699 RSUs vested and 332,984 shares of common stock were issued to employees and directors related to vesting of RSUs. During the year ended December 31, 2022, 96,170 RSUs vested and 87,442 shares of common stock were issued to employees and directors related to vesting of RSUs. No cash flow effects are anticipated for stock grants.
The Company's shareholders approved the 2021 Omnibus Stock Incentive Plan, as amended (the “Omnibus Incentive Plan”), which provides for the issuance of incentive stock options, stock grants and stock-based awards to employees, directors, and consultants of the Company to reward and attract employees and compensate the Company’s Board of Directors (the “Board”) and vendors when applicable, up to an aggregate 1,100,000 authorized shares of common stock. In 2023, an additional $1,200,000 shares were authorized by the shareholders. The Omnibus Incentive Plan is administered by the Company's Board. Grants of RSUs under the Omnibus Incentive Plan are valued at no less than the market price of the stock on the date of grant. The fair value of the options is calculated using the Black-Scholes pricing model based on the estimated market value of the underlying common stock at the valuation measurement date, the remaining contractual term of the options, risk-free interest rate and expected volatility of the price of the underlying common stock of 100%. There is a moderate degree of subjectivity involved when estimating the value of stock options with the Black-Scholes option pricing model as the assumptions used are moderately judgmental. Stock grants and stock options are sometimes offered as part of an employment offer package, to ensure continuity of service or as a reward for performance. Stock grants and stock options typically require a one to three year period of continued employment or service performance before the stock grant of RSUs or stock option vests. The maximum contractual term for options granted is under the Omnibus Incentive Plan.
The following schedule shows stock grant activity for the years ended December 31, 2023 and 2022:
Number of Shares
Grants unvested as of December 31, 2021199,282 
Grants awarded531,326 
Forfeiture/cancelled(129,429)
Grants vested and issued(87,442)
Grants vested unissued at year-end(8,728)
Grants unvested as of December 31, 2022505,009 
Grants awarded628,523 
Forfeiture/Cancelled(50,066)
Grants vested and issued(397,210)
Grants vested unissued at year-end(106,844)
Grants unvested as of December 31, 2023579,412 
The following table summarizes grants of RSU vesting periods:
Number of
Shares		Unrecognized Stock
Compensation Expense		As of December 31,
240,060 $911,704 2024
182,090 170,045 2025
157,262 168,497 2026
579,412 $1,250,246 
The following schedules show stock option activity for the years ended December 31, 2023 and 2022:
Number of
Shares 		Weighted Average Remaining
Life (Years)		Weighted Average
Exercise
Price
Stock options outstanding as of December 31, 2021641,337 6.49$6.68
Issued43,161 0.00$8.64
Exercised(4,555)0.00$6.00
Forfeited(78,516)0.00$6.55
Stock options outstanding at December 31, 2022601,427 7.85$6.84
Stock options exercisable at December 31, 2022511,991 0.00$6.58
The following table summarizes stock option vesting periods under the Incentive Plans:
Number of
Shares 		Weighted Average Remaining
Life (Years)		Weighted Average
Exercise
Price
Stock options outstanding as of December 31, 2022601,427 5.49$6.84
Issued— 0.00$0.00
Exercised— 0.00$0.00
Forfeited(99,598)0.00$7.01
Stock options outstanding at December 31, 2023501,829 4.67$6.81
Stock options exercisable at December 31, 2023471,288 0.00$6.70
The aggregate intrinsic value of the stock options outstanding and exercisable at December 31, 2023 and 2022 was $0 and $4,021,834, respectively.