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Stockholders’ Equity (Tables)
9 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Equity [Abstract]    
Schedule of Restricted Stock Activity  

A summary of the restricted stock activity is presented as follows:

 

       Weighted Average 
       Grant Date 
   Shares   Fair Value 
         
Outstanding at          
December 31, 2021   317,586   $3.27 
Granted   966,801    0.63 
Vested   (405,542)   2.69 
Forfeited   (35,000)   2.00 
December 31, 2022   843,845   $0.56 
Schedule of Stock Option Activity

Stock option transactions for the nine months ended September 30, 2023 and the year ended December 31, 2022 are summarized as follows:

 

           Weighted        
           Average       Weighted 
       Weighted   Remaining      Average 
      Average   Contractual   Aggregate   Grant 
Stock Options  Number of
Options
   Exercise Price   Term (Years)   Intrinsic
Value
   Date
Fair Value
 
Outstanding - December 31, 2021   21,923   $14.24    3.25   $        -   $- 
Vested and Exercisable - December 31, 2021   21,923   $14.24    3.25   $-   $- 
Unvested and non-exercisable - December 31, 2021   -   $-    -   $-   $- 
Granted   71,558   $5.59             $4.99 
Exercised   -    -                
Cancelled/Forfeited    -    -                
Outstanding - December 31, 2022    93,481   $7.62    3.68   $-   $- 
Vested and Exercisable - December 31, 2022    64,823   $8.45    3.47   $-   $- 
Unvested and non-exercisable - December 31, 2022    28,658   $5.74    4.16   $-   $- 
Granted   254,824   $6.97             $0.29 
Exercised   -   $-                
Cancelled/Forfeited    (348,306)  $7.14                
Outstanding - September 30, 2023    -   $-    -   $-   $- 
Vested and Exercisable - September 30, 2023    -   $-    -   $-   $- 
Unvested and non-exercisable - September 30, 2023    -   $-    -   $-   $- 

The following table represents option activity during the year ended December 31, 2022:

 

   Number of   Weighted
Average
   Weighted
Average
Remaining
Contractual
Term
 
   Options   Exercise Price   (years) 
Outstanding at December 31, 2021   175,384   $1.78    3.3 
Options granted    572,462    1.26    7.0 
Outstanding at December 31, 2022   747,846   $1.36    4.2 
Exercisable at December 31, 2022   428,962   $1.46    3.4 
Schedule of Fair Value Assumptions

The fair value of the stock options granted in 2023 were determined using the Black-Scholes Option pricing model with the following assumptions:

 

Expected term (years)   5.00 
Expected volatility   59% - 62%
Expected dividends   0%
Risk free interest rate   4.00%
 
Expected term (years)   5.00 
Expected volatility   62%
Expected dividends   0%
Risk free interest rate   1.64%
 

 

   Year Ended
December 31,
2022
 
Valuation assumptions:     
Risk-free rate   1.64%
Expected volatility   62%
Expected term (years)   5 
Dividend yield   0 
Schedule of Company Nonvested Shares

A summary of the Company’s nonvested shares (due to service based restrictions) as of September 30, 2023 and December 31, 2022, is presented below:

 

       Weighted Average 
   Number of   Gant Date 
Non-Vested Shares  Shares   Fair Value 
Balance - December 31, 2021   39,698   $26.16 
Granted   120,850    5.04 
Vested   (50,693)   21.52 
Cancelled/Forfeited   (4,375)   16.00 
Balance - December 31, 2022   105,481    0.56 
Granted   836,800    2.33 
Vested   (196,594)   2.90 
Cancelled/Forfeited   (23,379)   2.21 
Balance - September 30, 2023   722,308   $0.71 
 
Schedule of Stock Warrant Activity

Warrant activity for the nine months ended September 30, 2023 and the year ended December 31, 2022 are summarized as follows:

 

           Weighted     
       Weighted   Average     
       Average   Remaining   Aggregate 
   Number of   Exercise   Contractual   Intrinsic 
Warrants  Warrants   Price   Term (Years)   Value 
Outstanding - December 31, 2021   203,629   $4.15                 3.22   $- 
Vested and Exercisable - December 31, 2021   203,629   $4.15    3.22   $- 
Unvested - December 31, 2021   -   $-    -   $- 
Granted   -                
Exercised   -                
Cancelled/Forfeited   -                
Outstanding - December 31, 2022   203,629   $4.15    2.22   $82,756 
Vested and Exercisable - December 31, 2022   203,629   $4.15    2.22   $82,756 
Unvested - December 31, 2022   -   $-    -   $- 
Granted   -                
Exercised   -                
Cancelled/Forfeited   -                
Outstanding - September 30, 2023   203,629   $4.15    1.48   $159,271 
Vested and Exercisable - September 30, 2023   203,629   $4.15    1.48   $159,271 
Unvested and non-exercisable - September 30, 2023   -   $-    -   $-