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Stock Options and Warrants
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock Options and Warrants

 

  8. Stock Options and Warrants

 

The Company periodically issues stock options and warrants to employees and non-employees in capital raising transactions, for services, and for financing costs.

 

Options

 

Options vest according to the terms of the specific grant and expire from 2 to 10 years from date of grant. The weighted-average, remaining contractual life of employee and non-employee options outstanding at September 30, 2024 was 3.2 years. Stock option activity for the period January 1, 2024 up to September 30, 2024, was as follows:

      
   Options  Weighted
Avg. Exercise
Price
January 1, 2024   25,757,155   $0.14 
Granted   –    – 
Exercised   –    – 
Expired   (463,052)   0.85 
September 30, 2024   25,294,103   $0.13 

 

The weighted average exercise prices, remaining contractual lives for options granted, exercisable, and expected to vest as of September 30, 2024 were as follows:

                         
    Outstanding Options    Exercisable Options 

Option

Exercise Price

Per Share

   Shares    Life
(Years)		    Weighted
Average Exercise
Price		    Shares    Weighted
Average Exercise
Price		 
$0.02 - $0.24   22,055,551    3.3   $0.10    22,055,551   $0.10 
$0.25 - $0.49   3,238,552    2.0   $0.36    3,238,552   $0.36 
$0.50 - $0.99   –    –   $–    –   $– 
    25,294,103    3.2   $0.13    25,294,103   $0.13 

 

During the nine-month periods ended September 30, 2024 and 2023, the Company recognized compensation costs based on the fair value of options that vested of $0 and $0 respectively.

 

As of September 30, 2024, the market price of the Company’s stock was $0.07 per share. At September 30, 2024, the aggregate intrinsic value of the options outstanding at September 30, 2024 was $197,000.

 

Warrants

 

The following table summarizes certain information about the Company’s stock purchase warrants activity for the period starting January 1, 2024 up to September 30, 2024.

       
   Warrants  Weighted Avg.
Exercise Price
January 1, 2024   17,953,239   $0.06 
Granted   26,429,881    0.04 
Exercised   (433,329)   0.04 
Expired   (15,536,580)   0.07 
September 30, 2024   28,413,211   $0.05 

 

The weighted average exercise prices, remaining contractual lives for warrants granted, exercisable, and expected to vest as of September 30, 2024 were as follows:

                         
    Outstanding Warrants    Exercisable Warrants 
Warrant Exercise Price Per Share   Shares    Life
(Years)		    Weighted Average Exercise Price    Shares    Weighted Average Exercise Price 
$0.02 - $0.24   28,413,211    0.8   $0.05    28,379,878   $0.05 
$0.50 - $1.00   –    –   $–    –   $– 
    28,413,211    0.8   $0.05    23,379,878   $0.05 

 

In the nine-month period ending September 30, 2024, the Company issued warrants to purchase 666,663 shares of common stock in exchange for services. The warrants are exercisable at a price range of $0.03 to $0.07, vesting up to one month from the date of grant, and expiring one to two years from the date of grant. Total fair value of these warrants at grant date was $32,000 using the Black-Scholes Option Pricing model with the following assumptions: life of one to two years; risk free interest rate of 3.55% to 4.97%; volatility of 169% to 188% and dividend yield of 0%. During the nine-month period ended September 30, 2024, the Company recognized compensation costs based on the fair value of warrants that vested of $32,000.

 

At September 30, 2024, the Company’s common stock was $0.07 per share. At September 30, 2024, the aggregate intrinsic value of warrants outstanding was $717,000.

 

In the nine-month period ending September 30, 2023, the Company issued warrants to purchase 666,663 shares of common stock in exchange for services. The warrants are exercisable at a price range of $0.04 to $0.08, vesting up to one month from the date of grant, and expiring one to two years from the date of grant. Total fair value of these warrants at grant date was $34,000 using the Black-Scholes Option Pricing model with the following assumptions: life of 2 to 5 years; risk free interest rate of 4.17% to 5.12%; volatility of 170% to 207% and dividend yield of 0%. During the nine-month period ended September 30, 2023, the Company recognized compensation costs based on the fair value of warrants that vested of $34,000.