SHAREHOLDERS’ EQUITY (DEFICIT) (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Summary of Authorized Stock

The Company has authorized stock which have been designated as follows:

	Number of Shares Authorized	Number of Shares Outstanding As of December 31, 2023	Par Value
Class A Common Stock	80,000,000	28,043,449	$0.0001
Preferred Stock	1,000,000	0	$0.0001

Schedule of Stock Option Activity

The balance and activity of all stock options outstanding under the 2021 Plan as of December 31, 2023, and 2022, is as follows:

	Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (years)
Outstanding at January 1, 2022	613,463	$	0.12	9.6
Granted	1,894,155	$	0.14	—
Cancelled	0	$	—	—
Exercised	0	$	—	—
Outstanding at December 31, 2022	2,507,618	$	0.14	9.4
Granted	382,726	$	8.21	—
Cancelled	(313,783)	$	0.22	—
Exercised	(207,392)	$	0.12	—
Outstanding as of December 31, 2023	2,369,169	$	1.43	8.8
Exercisable as of December 31, 2023	2,232,117	$	0.21

Summary of the Range of Exercise Price, Weighted Average Remaining Contractual Life, and Weighted Average Exercise Price of Stock Options Outstanding

The following table summarizes the range of exercise price, weighted average remaining contractual life (“Life”) and weighted average exercise price (“Price”) for all stock options outstanding as of December 31, 2023:

	Options Outstanding
Exercise Price	Shares	Life (in years)
$0.12	160,856	7.6
$0.14	1,594,962	8.8
$0.16	235,042	8.5
$7.21	76,453	9.3
$8.40	101,778	9.9
$8.52	200,078	9.9
	2,369,169	8.8

Summary of Weighted-Average Assumptions Used to Determine Fair Value of Stock Options

The fair value of stock options on the grant date was determined using the following weighted-average assumptions during the year ended December 31, 2023 and 2022:

	For The Year Ending December 31,
	2023	2022
Expected term	2-6	5.5-6.3
Expected volatility	30%-71%	30%
Expected dividends	None	None
Risk-free interest rate	3.6%-4.6%	1.9%-4.0%
Forfeitures	None	None

Summary of Warrant Activity

The following table is a summary of the Company’s warrant activity during the years ended December 31, 2023 and 2022:

	Warrants	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (years)
Outstanding as of January 1, 2022	29,026,000	$	11.50	5
Granted	0
Cancelled	0
Exercised	0
Outstanding as of December 31, 2022	29,026,000	$	11.50	5
Granted	0
Cancelled	0
Exercised	0
Outstanding as of December 31, 2023	29,026,000	$	11.50	5
Exercisable as of December 31, 2023	29,026,000