Historical
Average Exercise

Number of
Warrants/ Compensation

Historical

Price

options

Fair value

Balance, January 1, 2022

$

7.10

3,021,353

$

5,328,455

Fair value of warrant issued on private placement

1.17

563,318

656,734

Historical fair value assigned to warrants exercised

3.90

(72,500

)

(79,547

)

Balance, December 31, 2022

6.15

3,512,171

5,905,642

Historical fair value assigned to warrants exercised

3.27

(2,364,066

)

(4,418,783

)

Fair value of expired warrants

4.50

(584,787

)

(816,744

)

Fair value of warrant issued on public offering

-

1,786,000

-

Balance, December 31, 2023

1.77

2,349,318

670,115

Historical fair value assigned to warrants exercised

0.74

(1,680,395

)

(1,260,170

)

Fair value of expired warrants

1.17

(14,250

)

(16,616

)

Fair value of warrants issued on private placements

1.00

11,804,753

11,764,359

Other warrants issued on private placements ⁽¹⁾

-

8,111,112

-

Other warrants exercised ⁽¹⁾

-

(1,598,200

)

-

Balance, December 31, 2024

$

1.05

18,972,338

$

11,157,688