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STOCK-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
Based on the vesting schedule of the grants of restricted stock units (“RSU” or “RSUs”) and options, stock-based compensation expense for the three months ended September 30, 2024 and 2023 totaled $343,884 and $722,647, respectively, and totaled $1,461,245 and $1,824,835 for the nine months ended September 30, 2024, and 2023, respectively.
The Company has adopted the 2021 Omnibus Stock Incentive Plan, as amended (the “Omnibus Incentive Plan”), which provides for the issuance of incentive stock options, grants of RSUs, 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. 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. Grant of RSUs and stock options are sometimes offered as part of an employment offer package, to ensure continuity of service or as a reward for performance. Grants of RSUs and stock options typically require a 1 to 3 year period of continued employment or service performance before the grant of RSUs or stock options vest. No cash flow effects are anticipated for grants of RSUs or stock options.
The following schedule shows RSU activity for the nine months ended September 30, 2024:
Number of
Shares
Grants of RSUs unvested as of December 31, 2023580,292
Grants of RSUs1,081,051
Forfeiture/cancelled(68,350)
Grants of RSUs vested(517,149)
Grants of RSUs unvested as of September 30, 20241,075,844
The following table summarizes the vesting time periods of these unvested RSUs:
Number of SharesVesting Time Period
2,621Remainder of 2024
419,0882025
296,0202026
355,6152027
2,5002028
1,075,844

The following schedule shows stock option activity for the nine months ended September 30, 2024.
Number of Shares Weighted
Average
Remaining
Life (Years) 		Weighted
Average
Exercise
Price
Stock options outstanding as of December 31, 2023501,829 4.67$6.81 
Issued— 0$— 
Forfeited(43,279)0$6.78 
Exercised— 0$— 
Stock options outstanding as of September 30, 2024458,550 3.78$6.81 
Stock options exercisable as of September 30, 2024444,888 0$6.79 
As of September 30, 2024, the Company has $0 in unrecognized stock-based compensation expense related to these stock options. The aggregate intrinsic value of the options outstanding and exercisable at September 30, 2024 is $0.