v3.25.1
Equity Incentive Plan (Tables)
 12 Months Ended
Dec. 31, 2024
Equity Incentive Plan [Abstract]  
Schedule of Options Outstanding

At December 31, 2024, options outstanding that have vested and are expected to vest are as follows:

 

           Weighted     
           Average     
       Weighted   Remaining     
   Number   Average   Contractual   Aggregate 
   of   Exercise   Life   Intrinsic 
   Shares   Price   (in years)   Value 
Vested   3,766,740   $1.58    9.2   $104,460 
Expected to vest   140,000    1.10    9.5    
—
 
Total   3,906,740   $1.56    9.2   $104,460 
Schedule of Stock Option Activity

Additional information with respect to stock option activity:

 

       Weighted 
   Number   Average 
   of   Exercise 
   Shares   Price 
Balance — December 31, 2022   80,000   $5.00 
Granted   1,312,125    1.84 
Expired or forfeited   
—
    
—
 
Balance — December 31, 2023   1,392,125   $2.02 
Granted   3,133,185    1.36 
Expired or forfeited   (618,570)   1.78 
Balance — December 31, 2024   3,906,740   $1.56 
Schedule of Weighted Average Fair Value and the Assumptions

The weighted average fair value and the assumptions used in calculating the stock options granted during fiscal year 2024 and 2023 were based on estimates at the date of grant as follows:

 

   December 31,   December 31, 
   2024   2023 
Weighted average fair value  $1.04   $1.36 
Dividend yield   
—
    
—
 
Expected volatility factor   68.5%   67.2%
Risk-free interest rate   4.1%   4.3%
Expected life (in years)   9.6    9.0