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Stock-based Compensation (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Schedule of Restricted Stock Awards Activity

The Company did not issue any new stock options during the quarter ended June 30, 2024. The following table shows stock option activity for the year ended December 31, 2023 and quarter ended June 30, 2024:

 

                   Weighted 
               Weighted   Average 
   Shares   Outstanding   Average   Remaining   Aggregate 
   Available   Stock   Exercise   Contractual   Intrinsic 
   for Grant   Awards   Price   Life (years)   Value 
Outstanding at December 31, 2023   10,455    17,283   $8.20    2.4   $944,544 
Granted   -    -    -    -      
Exercised   -    -    -    -      
Forfeited/cancelled   -    -    -    -      
Outstanding at June 30, 2024   10,455    17,283   $8.20    1.9   $944,544 

 

                   Weighted 
               Weighted   Average 
   Shares   Outstanding   Average   Remaining   Aggregate 
   Available   Stock   Exercise   Contractual   Intrinsic 
   for Grant   Awards   Price   Life (years)   Value 
Outstanding at December 31, 2021   13,461    17,283   $19.40    4.4   $2,061,303 
Granted   -    -    -    -      
Exercised   -    (3,006)   (13.40)   -      
Forfeited/cancelled   (3,006)   3,006    13.40    -      
Outstanding at December 31, 2022   10,455    17,283    8.20    3.4    944,544 
Granted   -    -    -    -      
Exercised   -    -    -    -      
Forfeited/cancelled (uncancelled)   -    -    -    -      
Outstanding at December 31, 2023   10,455    17,283   $8.20    2.4   $944,544 

Stock-based compensation expense related to the employee options was $0 for the year ended December 31, 2023, and 2022.

 

Restricted awards

 

The Company awarded restricted stock to employees on October 28, 2021, which were granted with various vesting terms including immediate vesting, service-based vesting, and performance-based vesting. In accordance with ASC 718, the Company has classified the restricted stock as equity.

 

For employee issuances, the measurement date is the date of grant, and the Company recognizes compensation expense for the grant of the restricted shares, over the service period for the restricted shares that vest over a period of multiple years and for performance-based vesting awards, the Company recognizes the expense when management believes it is probable the performance condition will be achieved. As of December 31, 2021, the Company had granted 191,622 shares with vesting to begin April 2022. For the year ended December 31, 2022, the Company recognized $27,137,991 of stock compensation expense related to the employee restricted stock grants. As of December 31, 2023, unrecognized stock-based compensation associated with the restricted stock awards is $0.

 

The Company had restricted stock activity summarized as follows:

 

       Weighted 
       Average 
   Number of   Grant 
   Shares   Fair Value 
Outstanding at December 31, 2021   191,622   $295.00 
Granted   -    - 
Vested   -    - 
Forfeited/cancelled   -    - 
Restricted shares unvested at December 31, 2022   191,622   $295.00 
           
Outstanding at December 31, 2022   191,622   $295.00 
Granted   350,000    2.91 
Vested   

398,590

    

2.91

 
Forfeited/cancelled   (143,032)   - 
Restricted shares unvested at December 31, 2023   -   $- 
Schedule of Restricted Stock Awards Activity

The Company had restricted stock activity summarized as follows:

 

       Weighted 
       Average 
   Number of   Grant 
   Shares   Fair Value 
Outstanding at December 31, 2023   -   $- 
Granted   3,101,277    1.40 
Vested   3,101,277    1.40 
Forfeited/cancelled   -    - 
Restricted shares unvested at March 31, 2024   -   - 
Granted **   

2,669,932

    1.05 
Vested **   

2,669,932

    1.05 
Forfeited/cancelled   

-

      
Restricted shares unvested at June 30, 2024   -   $- 

 

** Of the shares granted during the quarter ending June 30, 2024 approximately 1.75M shares were granted in lieu of making cash payments to satisfy accrued liabilities and approximately 900K shares were issued to compensate for consulting services incurred during the quarter.

  
2015 Stock Option Plan [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Schedule of Restricted Stock Awards Activity  

The Company had restricted stock activity summarized as follows:

 

       Weighted 
       Average 
   Number of   Grant 
   Shares   Fair Value 
Outstanding at December 31, 2021   191,622   $295.00 
Granted   -    - 
Vested   -    - 
Forfeited/cancelled   -    - 
Restricted shares unvested at December 31, 2022   191,622   $295.00 
           
Outstanding at December 31, 2022   191,622   $295.00 
Granted   350,000    2.91 
Vested   

398,590

    

2.91

 
Forfeited/cancelled   (143,032)   - 
Restricted shares unvested at December 31, 2023   -   $-