STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Total Stock-Based Compensation Expense

The Company recognized total stock-based compensation expense for the years ended December 31, 2023, and 2022, from the following categories:

	For the years ended
	December 31, 2023		December 31, 2022
Restricted stock awards under the Plan	$	7,167,680	$	3,592,641
Stock option awards under the Plan	2,071,146		10,297,709
Total stock-based compensation expense	$	9,238,826	$	13,890,350

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following are the weighted-average assumptions used in calculating the fair value of the total stock options granted during 2022 using the Black-Scholes method.

	December 31, 2022
Weighted-average fair value of options granted	$	102.10
Expected volatility	125.85		%
Expected life (in years)	5.81
Risk-free interest rate	1.69		%
Expected dividend yield	0		%

Schedule of Stock Options Roll Forward

The following table summarizes the Company's stock option activity for the years ended December 31, 2023, and 2022.

	Number of Shares	Weighted- Average Exercise Price		Weighted- Average Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2022	337,908	$	89.10	9.61	$	30,906,003
Granted	20,597	106.10		9.11	—
Exercised	—	—		—	—
Expired	—	—		—	—
Cancelled / Forfeited	(3,500)	180.60		8.68	—
Outstanding at December 31, 2022	355,005	$	90.30	9.00	$	—
Granted	—	—		—	—
Exercised	—	—		—	—
Expired	(25,203)	82.02		7.59	—
Cancelled / Forfeited	(248,370)	93.96		7.63	—
Outstanding at December 31, 2023	81,432	$	82.44	7.59	$	—
Shares vested and expected to vest	81,432	$	82.44	7.59	$	—
Exercisable as of December 31, 2023	68,136	$	82.67	7.58	$	—

Nonvested Restricted Stock Shares Activity

The following table summarizes the Company's RSU activity for the years ended December 31, 2023, and 2022.

	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2022	6,074	$	111.00
Vested	(31,996)	53.60
Granted	168,711	37.60
Cancelled / Forfeited	(836)	38.80
Unvested at December 31, 2022	141,953	$	43.50
Vested	(82,795)	22.49
Granted	547,178	8.38
Cancelled / Forfeited	(53,692)	36.02
Unvested at December 31, 2023	552,644	$	6.93