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SHARE-BASED COMPENSATION (Tables)
6 Months Ended
Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
SCHEDULE OF STOCK VALUATION ASSUMPTIONS

SCHEDULE OF STOCK VALUATION ASSUMPTIONS 

  

Six Months Ended

June 30, 2024

  

Six Months Ended

June 30, 2023

 
Risk-free interest rate   1.80%   1.54-2.34%
Expected dividend yield   —    —%
Expected term   5 years    5 – 8.5 years 
Expected volatility   53.43%   57.2 – 65.7%
SCHEDULE OF WARRANTS OUTSTANDING

For the six months ended June 30, 2023, warrant activity of the Company are as follows:

 

SCHEDULE OF WARRANTS OUTSTANDING 

  

Number of

shares

  

Weighted

Average

Exercise Price

  

Weighted

average

remaining

contractual

life (in years)

  

Aggregate

Intrinsic

Value

 
Outstanding at January 1, 2023   350,000   $1.06    9.07   $— 
Issued   —    —    —    — 
Exercised   —    —    —    — 
Expired/Forfeited   —    —    —    — 
Outstanding at June 30, 2023   350,000   $1.06    8.57   $122,500 
                     
Vested and exercisable June 30, 2023   —    —    —    — 

 

For the six months ended June 30, 2024, warrant activity of the Company are as follows:

 

  

Number of

shares

  

Weighted

Average

Exercise Price

  

Weighted

average

remaining

contractual

life (in years)

  

Aggregate

Intrinsic

Value

 
Outstanding at January 1, 2024   350,000   $1.06    8.07   $— 
Issued   —    —    —    — 
Exercised   —    —    —    — 
Expired/Forfeited   —    —    —    — 
Outstanding at June 30, 2024   350,000   $1.06    7.57   $122,500 
                     
Vested and exercisable June 30, 2024   —    —    —    — 
Time Based Options [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
SCHEDULE OF STOCK OPTION ACTIVITY

For the six months ended June 30, 2023, stock option activity for time-based options of the Company are as follows:

 

SCHEDULE OF STOCK OPTION ACTIVITY 

  

Number of

Time-Based

Share Options

  

Weighted

Average

Exercise Price

  

Weighted

Average

Remaining

Contractual

Life (in years)

  

Aggregate

Intrinsic

Value

 
Outstanding at January 1, 2023   416,115   $1.86    9.13   $57,207 
Issued   —    —    —    — 
Exercised   —    —    —    — 
Expired/Forfeited   (39,600)   2.13    —    — 
Outstanding at June 30, 2023   376,515   $1.83    8.65   $61,534 
                     
Vested and exercisable June 30, 2023   130,840   $1.35    8.49   $57,198 
 

For the six months ended June 30, 2024, stock option activity for time-based options of the Company are as follows:

 

  

Number of

Time-Based

Share Options

  

Weighted

Average

Exercise Price

  

Weighted

Average

Remaining

Contractual

Life (in years)

  

Aggregate

Intrinsic

Value

 
Outstanding at January 1, 2024   366,615   $1.82    8.14   $15,686 
Issued   201,000    0.49    9.70    — 
Exercised   —    —    —    — 
Expired/Forfeited   (12,129)   0.95    7.76    — 
Outstanding at June 30, 2024   555,486   $1.36    8.37   $— 
                     
Vested and exercisable June 30, 2024   290,861   $1.73    7.67   $— 
 
Performance Based Options [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
SCHEDULE OF STOCK OPTION ACTIVITY

For the six months ended June 30, 2023, stock option activity for performance-based options of the Company are as follows:

 

SCHEDULE OF STOCK OPTION ACTIVITY 

  

Number of

Performance-

Based

Share Options

  

Weighted

Average

Exercise Price

  

Weighted

Average

Remaining

Contractual

Life (in years)

  

Aggregate

Intrinsic

Value

 
Outstanding at January 1, 2023   944,000   $1.45    9.11   $174,000 
Issued   —    —    —    — 
Exercised   —    —    —    — 
Expired/Forfeited   (49,500)   —    —    — 
Outstanding at June 30, 2023   894,500   $1.41    8.86   $— 
                     
Vested and exercisable June 30, 2023   —    —    —    — 
 

For the six months ended June 30, 2024, stock option activity for performance-based options of the Company are as follows:

 

  

Number of

Performance-

Based

Share Options

  

Weighted

Average

Exercise Price

  

Weighted

Average

Remaining

Contractual

Life (in years)

  

Aggregate

Intrinsic

Value

 
Outstanding at January 1, 2024   894,500   $1.41    8.11   $— 
Issued   —    —    —    — 
Exercised   —    —    —    — 
Expired/Forfeited   —    —    —    — 
Outstanding at June 30, 2024   894,500   $1.41    7.61   $— 
                     
Vested and exercisable June 30, 2024   —    —    —    —