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Stock Awards and Stock-Based Compensation (Tables)
9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Stock Awards and Stock-Based Compensation    
Schedule of stock options activity

    

    

    

Weighted

    

Weighted

Average

Average

Remaining

 

Options

 

Exercise Price

 

Contractual

 

Aggregate

Outstanding

Per Share

Life (years)

Intrinsic Value

Balance as of January 1, 2023

 

25,808

$

96.00

 

1.45

$

Options granted

 

793

 

34.20

 

 

Options exercised

 

(82)

 

48.75

 

 

Options canceled and forfeited

(280)

85.95

Balance as of December 31, 2023

26,239

94.05

1.95

Options granted

255

23.55

Options exercised

Options canceled and forfeited

 

(95)

 

63.15

 

 

Balance as of March 31, 2024

26,399

93.60

1.72

Options granted

292

20.55

Options exercised

Options canceled and forfeited

 

(34)

 

58.80

 

 

Balance as of June 30, 2024

 

26,657

 

92.85

 

1.49

 

Options granted

437

13.80

Options exercised

Options canceled and forfeited

(102)

58.80

Options vested and exercisable as of September 30, 2024

 

26,992

$

91.65

 

1.27

    

    

    

Weighted

    

Weighted

Average

Average

Remaining

Options

Exercise Price

Contractual

Aggregate

Outstanding

Per Share

Life (years)

Intrinsic Value

Balance as of January 1, 2024

26,239

$

94.05

 

1.95

$

Options granted

984

18.30

 

Options exercised

 

Options canceled and forfeited

(231)

60.30

 

Balance as of September 30, 2024

26,992

91.65

 

1.27

Options vested and exercisable as of September 30, 2024

26,992

$

91.65

1.27

$

The following table summarizes stock option activity for the years ended December 31, 2023 and 2022:

    

    

    

Weighted

    

Weighted

Average

Average

Remaining

Options

Exercise Price

Contractual

Aggregate

Outstanding

Per Share

Life (years)

Intrinsic Value

Balance as of January 1, 2023

25,808

$

96.00

 

1.45

$

Options granted

793

34.20

Options exercised

(82)

48.75

Options canceled and forfeited

(280)

85.95

Balance as of December 31, 2023

26,239

94.05

1.95

Options vested and exercisable as of December 31, 2023

26,239

$

94.05

 

1.95

Schedule of stock options valuation assumptions

Fair value of Class A Common Stock

    

$

0.90 — 10.80

Exercise price

$

12.00 — 24.60

Risk free interest rate

3.51 — 4.71

%

Expected dividend yield

0.00

%

Expected volatility

77.54 — 79.80

%

Expected term

3

Years

The following assumptions were used to calculate the fair value of options granted during the year ended December 31, 2023:

Fair value of Class A Common Stock

    

$

5.70 – 25.05

Exercise price

$

26.70 – 46.35

Risk free interest rate

 

3.76 - 4.89

%

Expected dividend yield

 

0.00

%

Expected volatility

 

79.08– 96.45

%

Expected term

 

3

Years

Schedule of outstanding RSU activity

    

RSU Outstanding

Number of Shares

Balance as of January 1, 2023

 

19,505

Granted

 

27,368

Vested (issued)

 

(10,652)

Forfeited

 

(6,481)

Balance as of December 31, 2023

 

29,740

Granted

 

69,335

Vested (issued)

 

(21,255)

Forfeited

 

(5,058)

Balance as of September 30, 2024

 

72,762

A summary of outstanding RSU activity as of December 31, 2023 is as follows:

     

RSU Outstanding

Number of Shares

Balance as of January 1, 2022

    

8,460

Granted

 

14,114

Vested (issued)

 

(3,070)

Forfeited

 

Balance as of December 31, 2022

 

19,504

Granted

 

27,368

Vested (issued)

 

(10,652)

Forfeited

 

(6,480)

Balance as of December 31, 2023

 

29,740

Schedule of stock-based compensation expense

For the three months ended

For the nine months ended

September 30,

September 30,

    

2024

    

2023

    

2024

    

2023

Cost of services

$

3,144

$

11,169

$

3,406

$

11,825

Research and development

23,878

48,336

 

38,087

 

79,956

Selling, general, and administrative

324,571

88,535

 

915,110

 

213,569

Total stock-based compensation expense

$

351,593

$

148,040

$

956,603

$

305,350

    

For the years ended December 31,

2023

    

2022

Cost of services

$

21,836

$

21,721

Research and development

 

123,109

 

292,084

Selling, general, and administrative

 

618,343

 

2,085,258

Total stock-based compensation expense

$

763,288

$

2,399,063