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

	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:

	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:

	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:

	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		—		—		—		—