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Note 11 - Warrants

3 Months Ended

Mar. 31, 2024

11. Warrants

During the three months ending March 31, 2024, the Company granted warrants to two subordinated lenders in connection with debt extensions. The warrants were exercisable for 113,000 shares of the Company's common stock at an exercise price of $0.01 per share with a two-year term. These warrants were exercised during the three months ending March 31, 2024.

The fair value calculations for issued warrants are based on the following weighted average factors:

	*For the three months ended March 31,*
Description	*2024*			*2023*
Dividend-yield		-	%		-	%
Risk-free interest rate		4.23	%		4.41	%
Expected volatility		101.36	%		125.32	%
Expected life (years)		2.00			2.00
Exercise price per share	$	0.01		$	0.01
Market value per share on grant date	$	5.24		$	3.96
Fair value per share on grant date	$	5.23		$	3.95

The following table summarizes warrant activity during the three months ending March 31, 2024:

	*Warrants Outstanding & Exercisable*			*Weighted - Average Exercise Price*		*Average Remaining Term in Years*
Outstanding December 31, 2023		530		$	11.70		5.77
Granted		113			0.01
Exercised		(113	)		0.01
Outstanding March 31, 2024		530		$	11.70		5.54

All of the above outstanding warrants are vested and exercisable as of March 31, 2024.