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Other Long-Term Liabilities | 3 Months Ended
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Mar. 31, 2025
Other Long-Term Liabilities [Abstract] |
OTHER LONG-TERM LIABILITIES | NOTE 10 – OTHER LONG-TERM LIABILITIES The Company adopted a cash bonus policy pursuant to which it may grant bonus rights to certain eligible participants, which include employees, officers, or consultants of the Company, that are payable in cash. These bonus rights are subject to certain vesting provisions and are revalued at each reporting date with the change being included in management fees and salaries on the Company’s consolidated statements of operations and comprehensive loss. During the year ended December 31, 2022, Officers of the Company were granted the ability to earn up to 370,448 bonus rights entitling them to a cash bonus equal to an amount by which the fair market value of one common share of the Company (calculated as the 30-day Volume Weighted Average Price (“VWAP”) per common share) exceeds $39.50 multiplied by the number of bonus rights vested. The bonus rights initially earned vest on the earlier of the date of a change of control or April 15, 2024, and were be payable upon vesting. The bonus rights will be earned in tranches based on the price of the Company’s common share exceeding certain thresholds. On April 16, 2024, the Company amended the bonus rights agreements to extend the vesting date from April 15, 2024, through the earlier of April 28, 2027, a change of control, or attainment of the business value threshold with respect to any tranche. Additionally, the grant price was reduced from $39.50 to $29.75. As of March 31, 2025 and December 31, 2024, the Officers had earned 95,071 bonus rights. As of March 31, 2025 and December 31, 2024, the Company recognized a bonus right liability of $113,996 and $102,783, respectively, to recognize the proportionate unvested bonus rights. Total compensation expense (recovery) for the bonus rights recognized within general and administrative expenses for the three months ended March 31, 2025, and 2024, was $10,915 and $(58,427), respectively. Total compensation expense (recovery) for the bonus rights recognized within research and development expenses for the three months ended March 31, 2025, and 2024, was $298 and $(25,698), respectively. As of March 31, 2025 and December 31, 2024, there was $146,387 and $264,043 of unrecognized compensation expense related to the bonus right awards, respectively. In accordance with ASC 718, Share-Based Payments, the bonus right awards are considered liability-based awards and are revalued at each reporting date. The following weighted average assumptions were used in the Black-Scholes option-pricing model for the valuation of the bonus rights liability as of March 31, 2025 and December 31, 2024:
|  | March 31, 2025 |  |  | December 31, 2024 |
Risk-free interest rate |  |  | 3.89 | % |  |  | 4.25 | %
Expected life (in years) |  |  | 2.09 |  |  |  | 2.33 |
Volatility |  |  | 148.55 | % |  |  | 166.95 | %
Weighted average fair value per bonus right |  | $ | 2.49 |  |  | $ | 3.30 |

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- Definition The entire disclosure for other liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(20)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(24)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 405 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/405/tableOfContent + Details
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