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StockBased Compensation | 12 Months Ended
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Dec. 30, 2024
StockBased Compensation |
Stock-based Compensation | Note 8 - Stock-Based Compensation a) (i) Common Stock Warrants The following table summarizes the changes in warrants outstanding of the Company during the year ended December 31, 2024 and December 31, 2023:
|  | Warrants # |  |  | Weighted Average Exercise Price $ |
Outstanding at December 31, 2022 |  |  | 539,000 |  |  |  | 3.800 |
Granted |  |  | 448,500 |  |  |  | 2.000 |
Expired |  |  | (125,000 | ) |  |  | 2.470 |
Outstanding at December 31, 2023 |  |  | 862,500 |  |  |  | 3.050 |
Granted - Pre Funded Warrants |  |  | 3,557,273 |  |  |  | 0.001 |
Granted - Form A Warrants |  |  | 2,857,389 |  |  |  | 0.5722 |
Granted - Form B Warrants |  |  | 1,428,693 |  |  |  | 0.7153 |
Expired |  |  | - |  |  |  | - |
Outstanding at December 31, 2024 |  |  | 8,705,855 |  |  |  | 0.608 |
Exercisable at December 31, 2024 |  |  | 8,705,855 |  |  |  | 0.608 |
See also Warrants – Series A and Series B Common Stock Warrants below regarding additional warrants not included in the table above. Warrants Granted 2024 On August 12, 2024, in connection with a registered direct offering pursuant to the 2021 Form S-3, the Company issued Pre-Funded Warrants to purchase up to an aggregate of 3,557,273 shares of our common stock at an exercise price of $0.001 per share. The Pre-Funded Warrants are immediately exercisable and can be exercised at any time after their original issuance until such Pre-Funded Warrants are exercised in full. See Note 7 – Common Stock – Equity Capital Raises – 2024 for further details. On December 9, 2024, in connection with a registered direct offering pursuant to the 2021 Form S-3, the Company issued Form A Warrants to purchase up to an aggregate of 2,857,389 shares of our common stock and Form B Warrants to purchase up to an aggregate of 1,428,693 shares of our common stock. Each Form A Warrant has an exercise price per share of $0.5722 and each Form B Warrant has an exercise price per share of $00.71525. Each Form A Warrant and each Form B Warrant is exercisable on or after December 9, 2024 through and until December 9, 2029. See Note 7 – Common Stock – Equity Capital Raises – 2024 for further details. 2023 The Company issued warrants to purchase an aggregate of 448,500 shares of Company common stock to Freedom, at an exercise price of $2.00 per share. See Note 7 – Common Stock – Equity Capital Raises – 2023 for further details. The Company evaluated the warrants as either equity-classified or liability-classified instruments based on an assessment of the specific terms of the warrants and applicable authoritative guidance in ASC 480 and ASC 815-40. The Company determined the warrants issued in the Freedom offering failed the indexation guidance under ASC 815-40, specifically, the warrants provide for a Black-Scholes value calculation in the event of certain transactions (“Fundamental Transactions”), which includes a floor on volatility utilized in the value calculation at 100% or greater. The Company has determined that this provision introduces leverage to the holders of the warrants that could result in a value that would be greater than the settlement amount of a fixed-for-fixed option on the Company’s own equity shares. Accordingly, pursuant to ASC 815-40, the Company has classified the fair value of the warrants as a liability upon issuance and marked to market each reporting period in the Company’s consolidated statement of operations until their exercise or expiration. Warrant Expiration 2024 During the year ended December 31, 2024, no warrants expired unexercised. 2023 Effective February 26, 2023, a warrant to purchase 125,000 shares of common stock expired unexercised. Outstanding Warrants Below is a table summarizing the warrants issued and outstanding as of December 31, 2024. The warrants outstanding have a weighted average price of $ 0.608 per share and an aggregate weighted average remaining contractual life of 2.71 years. The warrants exercisable have a weighted average price of $0.608 per share.
Outstanding # |  |  | Exercisable # |  |  | Exercise Price ($) |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Proceeds to Company if Exercised ($) |
| 3,557,273 |  |  |  | 3,557,273 |  |  |  | 0.001 |  |  |  | 0.00 |  |  |  | 3,557 |
| 2,857,389 |  |  |  | 2,857,389 |  |  |  | 0.5722 |  |  |  | 4.94 |  |  |  | 1,634,998 |
| 1,428,693 |  |  |  | 1,428,693 |  |  |  | 0.7153 |  |  |  | 4.94 |  |  |  | 1,021,873 |
| 448,500 |  |  |  | 448,500 |  |  |  | 2.000 |  |  |  | 3.45 |  |  |  | 897,000 |
| 54,000 |  |  |  | 27,000 |  |  |  | 3.050 |  |  |  | 3.76 |  |  |  | 164,700 |
| 50,000 |  |  |  | 50,000 |  |  |  | 3.450 |  |  |  | 1.16 |  |  |  | 172,500 |
| 125,000 |  |  |  | 125,000 |  |  |  | 3.950 |  |  |  | 2.00 |  |  |  | 493,750 |
| 185,000 |  |  |  | 185,000 |  |  |  | 4.900 |  |  |  | 2.09 |  |  |  | 906,500 |
| 8,705,855 |  |  |  | 8,678,855 |  |  |  |  |  |  |  |  |  |  |  | 5,294,878 |
See also Warrants – Series A and Series B Common Stock Warrants below regarding additional warrants not included in the table above. Stock-based compensation expense related to warrants of $5,238 and $30,574 was recorded for the years ended December 31, 2024, and December 31, 2023, respectively. Total remaining unrecognized compensation cost related to non-vested warrants is approximately $nil and is expected to be recognized over a period of nil years. As of December 31, 2024, the total intrinsic value of warrants was $nil. a) (ii) Warrants – Series A and Series B Common Stock Warrants Warrants Granted 2024 On August 12, 2024, in connection with a registered direct offering pursuant to the 2021 Form S-3, the Company issued Series A Warrants to purchase up to an aggregate of 12,727,273 shares of our common stock at an exercise price of $0.57 per share, and Series B Warrants to purchase up to an aggregate of 12,727,273 shares of our common stock at an exercise price of $0.57 per share. In addition, the Company issued warrants to designees of the placement agent to purchase an aggregate of 381,818 shares of Company common stock on substantially the same terms as the Series B Warrants at an exercise price of $0.6875 per share. The Series A Warrants are exercisable on or after February 12, 2025 (the “Initial Exercise Date”) and will be exercisable until the earlier of (a) the two (2) year anniversary of the Initial Exercise Date and (b) the date that is 60 days following the Company’s public announcement on a Current Report on Form 8-K of the occurrence of the Company entering into one or more agreements relating to the development and commercialization of a product, technology, or process in the human space, provided at least one such agreement covers a territory that includes all or a part of the European Union, the United States, the United Kingdom, Japan, or China, and which, during the term of all such agreements and pursuant to the terms thereof, collectively such agreements include aggregate (i) potential milestone payments to the Company of at least $10.0 million, or (ii) potential milestone payments to the Company of at least $5.0 million and potential total payments of at least $20.0 million. The Series B Warrants are exercisable on or after the Initial Exercise Date, and will be exercisable until the earlier of (a) the five (5) year anniversary of the Initial Exercise Date and (b) the date that is six (6) months following the Company’s public announcement on a Current Report on Form 8-K of the occurrence of the Company or a third party receiving the first FDA approval of a product, technology, or process in the human space utilizing the Company’s intellectual property, provided, however, that the FDA’s approval of a protocol for a clinical trial of a product, technology, or process in the human space, or the FDA’s acceptance of data from invitro trials or in vivo animal trials, shall not constitute “FDA approval” for purposes of this definition of this milestone. See Note 7 – Common Stock – Equity Capital Raises – 2024 for further details The following table summarizes the changes in Series A and Series B Warrants of the Company outstanding during the year ended December 31, 2024 and December 31, 2023:
|  | Warrants # |  |  | Weighted Average Exercise Price $ |
Outstanding at December 31, 2022 |  |  | - |  |  |  | - |
Granted |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  | - |
Expired |  |  | - |  |  |  | - |
Outstanding at December 31, 2023 |  |  | - |  |  |  | - |
Granted |  |  | 25,836,364 |  |  |  | 0.570 |
Exercised |  |  | - |  |  |  | - |
Expired |  |  | - |  |  |  | - |
Outstanding at December 31, 2024 |  |  | 25,836,364 |  |  |  | 0.570 |
Exercisable at December 31, 2024 |  |  | - |  |  |  | - |
See also Warrants –Common Stock Warrants above regarding additional warrants not included in the table above. Below is a table summarizing the Series A and Series B common stock warrants issued and outstanding as of December 31, 2024, which have a maximum aggregate weighted average remaining contractual life of 3.62 years (assuming that certain Company milestones set forth in the warrants are not achieved). The proceeds if exercised as reflected in the table below assume the warrants are exercised for cash.
Description |  | Outstanding # |  |  | Exercisable # |  |  | Exercise Price ($) |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Proceeds to Company if Exercised ($) |
Investor Series A Warrants |  |  | 12,727,273 |  |  |  | 0.000 |  |  |  | 0.570 |  |  |  | 2.11 |  |  |  | 7,254,546 |
Investor Series B Warrants |  |  | 12,727,273 |  |  |  | 0.000 |  |  |  | 0.570 |  |  |  | 5.11 |  |  |  | 7,254,546 |
Placement Agent Series B Warrants |  |  | 381,818 |  |  |  | 0.000 |  |  |  | 0.688 |  |  |  | 4.61 |  |  |  | 262,500 |
|  |  | 25,836,364 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,771,592 |
b) Options The Company currently has options outstanding under both its 2011 Plan (for option issuances prior to 2016,) and its 2015 Plan (for option issuances commencing in 2016). Effective as of January 1, 2016, no additional awards were or may be made under the 2011 Plan. The Company also has the 2024 Plan (as defined below), however, as of December 31, 2024 no options had been awarded under such Plan. The 2015 Plan was adopted by the Board of Directors on August 18, 2015 and approved by the stockholders at an annual meeting held on October 30, 2015. On August 5, 2016, the Board of Directors adopted an amendment to the 2015 Plan to increase the number of shares of common stock available for issuance under such Plan by 750,000 shares to an aggregate maximum of 1,750,000 shares, which amendment was approved by the stockholders at an annual meeting held on October 7, 2016. On June 13, 2017, the Board of Directors adopted a subsequent amendment to the 2015 Plan to increase the number of shares of common stock available for issuance under such Plan by 750,000 shares to an aggregate maximum of 2,500,000 shares, which amendment was approved by the stockholders at an annual meeting held on September 8, 2017. On June 15, 2018, the Board of Directors adopted a subsequent amendment to the 2015 Plan to increase the number of shares of common stock available for issuance under such Plan by 750,000 shares to an aggregate maximum of 3,250,000 shares, which amendment was approved by the stockholders at an annual meeting held on September 7, 2018. On March 27, 2019, the Board of Directors adopted a subsequent amendment to the 2015 Plan to increase the number of shares of common stock available for issuance under such Plan by 1,000,000 shares to an aggregate maximum of 4,250,000 shares, which amendment was approved by the stockholders at an annual meeting held on June 14, 2019. On March 31, 2021, the Board of Directors adopted a subsequent amendment to the 2015 Plan to increase the number of shares of common stock available for issuance under such Plan by 1,750,000 shares to an aggregate maximum of 6,000,000 shares, which amendment was approved by the stockholders at an annual meeting held on June 17, 2021. On April 4, 2022, the Board of Directors adopted a subsequent amendment to the 2015 Plan to increase the number of shares of common stock available for issuance under such plan by 1,750,000 shares to an aggregate maximum of 7,750,000 shares, which amendment was approved by the stockholders at an annual meeting held on June 13, 2022. On April 17, 2023, the Board of Directors adopted a subsequent amendment to the 2015 Plan to increase the number of shares of common stock available for issuance under such plan by 1,950,000 shares to an aggregate maximum of 9,700,000 shares, which amendment was approved by the stockholders at an annual meeting held on June 28, 2023. The 2015 Plan permits the grant of incentive stock options, non-statutory stock options, restricted stock awards, stock bonus awards, stock appreciation rights, restricted stock units and performance awards. The primary purpose of the 2015 Plan is to enhance the Company’s ability to attract and retain the services of qualified employees, officers, directors, consultants and other service providers upon whose judgment, initiative and efforts the successful conduct and development of the Company’s business largely depends, and to provide additional incentives to such persons or entities to devote their utmost effort and skill to the advancement and betterment of the Company, by providing them an opportunity to participate in the ownership of the Company that is tied to the Company’s performance, thereby giving them an interest in the success and increased value of the Company. The 2015 Plan is administered by the Compensation Committee comprised solely of members of the Board of Directors or by the Board of Directors as a whole. At the Annual Meeting on July 2, 2024, the stockholders approved and adopted the Company’s 2024 Stock Incentive Plan (the “2024 Plan ”) which authorizes up to 7,500,000 shares of common stock for issuance pursuant to awards granted under the 2024 Plan. The 2024 Plan had previously been approved by the Board of Directors of the Company on April 24, 2024. As of December 31, 2024, no options had been awarded under such Plan, however, RSUs for 1,000,000 shares had been awarded under the 2024 Plan. See Note 8- Stock Compensation – Restricted Stock Units. The following table summarizes the changes in options outstanding of the Company during the years ended December 31, 2024 and December 31, 2023.
|  | Options # |  |  | Weighted Average Exercise Price $ |
Outstanding at December 31, 2022 |  |  | 4,985,105 |  |  |  | 3.87 |
Forfeited |  |  | (285,536 | ) |  |  | 3.89 |
Outstanding at December 31, 2023 |  |  | 4,699,569 |  |  |  | 3.87 |
Forfeited |  |  | (61,821 | ) |  |  | 3.40 |
Outstanding at December 31, 2024 |  |  | 4,637,748 |  |  |  | 3.88 |
Exercisable at December 31, 2024 |  |  | 4,637,748 |  |  |  | 3.88 |
Options Granted 2023 and 2024 During the years ended December 31, 2024 and December 31, 2023, no options were granted. Options Forfeited 2024 During the year ended December 31, 2024, the following table summarizes the options were forfeited.
Equity Incentive Plan |  | Options (#) |  |  | Grant Date |  | Options Forfeited (#) |  |  | Grant Price ($) |  |  | Forfeiture Date |
2015 |  |  | 12,500 |  |  | Sep 7, 2021 |  |  | 12,500 |  |  |  | 3.40 |  |  | Nov 4, 2024 |
2015 |  |  | 12,500 |  |  | Sep 7, 2021 |  |  | 12,500 |  |  |  | 3.40 |  |  | Nov 4, 2024 |
2015 |  |  | 18,410 |  |  | Mar 8, 2021 |  |  | 18,410 |  |  |  | 3.40 |  |  | Apr 16, 2024 |
2015 |  |  | 18,411 |  |  | Mar 8, 2021 |  |  | 18,411 |  |  |  | 3.40 |  |  | Apr 16, 2024 |
|  |  | 61,821 |  |  |  |  |  | 61,821 |  |  |  |  |  |  |  |
2023 During the year ended December 31, 2023, the following table summarizes the options were forfeited.
Equity Incentive Plan |  | Options (#) |  |  | Grant Date |  | Options Forfeited (#) |  |  | Grant Price ($) |  |  | Forfeiture Date |
2015 |  |  | 25,000 |  |  | Apr 15, 2016 |  |  | 25,000 |  |  |  | 4.00 |  |  | Feb 18, 2023 |
2015 |  |  | 55,000 |  |  | Apr 13, 2020 |  |  | 55,000 |  |  |  | 3.60 |  |  | Feb 18, 2023 |
2015 |  |  | 50,000 |  |  | Mar 30, 2017 |  |  | 50,000 |  |  |  | 5.00 |  |  | Feb 18, 2023 |
2015 |  |  | 50,000 |  |  | Feb 11, 2019 |  |  | 50,000 |  |  |  | 3.25 |  |  | Feb 18, 2023 |
2015 |  |  | 50,000 |  |  | Jan 23, 2018 |  |  | 50,000 |  |  |  | 4.00 |  |  | Feb 18, 2023 |
2015 |  |  | 32,383 |  |  | Aug 3, 2021 |  |  | 32,383 |  |  |  | 3.40 |  |  | Feb 18, 2023 |
2011 |  |  | 5,267 |  |  | Mar 20, 2013 |  |  | 5,267 |  |  |  | 4.35 |  |  | Mar 20, 2023 |
2011 |  |  | 1,100 |  |  | Mar 20, 2013 |  |  | 1,100 |  |  |  | 4.35 |  |  | Mar 20, 2023 |
2015 |  |  | 4,317 |  |  | Aug 3, 2021 |  |  | 4,317 |  |  |  | 3.40 |  |  | Jun 28, 2023 |
2011 |  |  | 550 |  |  | Sep 2, 2013 |  |  | 550 |  |  |  | 3.35 |  |  | Sep 2, 2023 |
2011 |  |  | 550 |  |  | Sep 2, 2013 |  |  | 550 |  |  |  | 4.35 |  |  | Sep 2, 2023 |
2011 |  |  | 550 |  |  | Sep 2, 2013 |  |  | 550 |  |  |  | 4.35 |  |  | Sep 2, 2023 |
2011 |  |  | 2,167 |  |  | Sep 2, 2013 |  |  | 2,167 |  |  |  | 3.35 |  |  | Sep 2, 2023 |
2011 |  |  | 2,167 |  |  | Sep 2, 2013 |  |  | 2,167 |  |  |  | 4.35 |  |  | Sep 2, 2023 |
2011 |  |  | 2,167 |  |  | Sep 2, 2013 |  |  | 2,167 |  |  |  | 4.35 |  |  | Sep 2, 2023 |
2015 |  |  | 4,318 |  |  | Aug 3, 2021 |  |  | 4,318 |  |  |  | 3.40 |  |  | Sep 28, 2023 |
|  |  | 285,536 |  |  |  |  |  | 285,536 |  |  |  |  |  |  |  |
Below is a table summarizing the options issued and outstanding as of December 31, 2024, all of which were issued pursuant to the 2011 Plan (for option issuances prior to 2016) or the 2015 Plan (for option issuances commencing in 2016)and which have a weighted average exercise price of $ 3.88 per share and an aggregate weighted average remaining contractual life of 3.19 years. As of December 31, 2024, an aggregate of 9,700,000 shares of common stock were authorized for issuance under the 2015 Plan, of which 182,252 shares of common stock remained available for future issuance thereunder.
Outstanding # |  |  | Exercisable # |  |  | Exercise Price ($) |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Proceeds to Company if Exercised $ |
| 585,000 |  |  |  | 585,000 |  |  |  | 3.25 |  |  |  | 0.11 |  |  |  | 1,901,250 |
| 919,748 |  |  |  | 919,748 |  |  |  | 3.40 |  |  |  | 6.59 |  |  |  | 3,127,143 |
| 740,000 |  |  |  | 740,000 |  |  |  | 3.60 |  |  |  | 5.35 |  |  |  | 2,664,000 |
| 1,607,837 |  |  |  | 1,607,837 |  |  |  | 4.00 |  |  |  | 1.73 |  |  |  | 6,431,348 |
| 89,163 |  |  |  | 89,163 |  |  |  | 4.38 |  |  |  | 3.06 |  |  |  | 390,534 |
| 50,000 |  |  |  | 50,000 |  |  |  | 4.80 |  |  |  | 2.00 |  |  |  | 240,000 |
| 646,000 |  |  |  | 646,000 |  |  |  | 5.00 |  |  |  | 2.24 |  |  |  | 3,230,000 |
| 4,637,748 |  |  |  | 4,637,748 |  |  |  |  |  |  |  |  |  |  |  | 17,984,275 |
Stock-based compensation expense related to stock options of $0 and $287,363 was recorded for the year ended December 31, 2024 and December 31, 2023 respectively. Total remaining unrecognized compensation cost related to non-vested stock options is approximately $nil and is expected to be recognized over a period of nil years. As of December 31, 2024, the total intrinsic value of stock options was $nil. As of December 31, 2024, an aggregate of 182,252 shares of common stock remained available for future issuance under the 2015 Plan. c) Restricted Stock Units (RSUs) 2015 Plan Below is a table summarizing the RSUs issued and outstanding as of December 31, 2024, all of which were issued pursuant to the 2015 Plan.
|  | RSUs # |  |  | Weighted Average Exercise Price $ |
Outstanding at December 31, 2022 |  |  | 2,262,908 |  |  |  | 2.05 |
Granted |  |  | 2,317,882 |  |  |  | 0.79 |
Vested |  |  | (836,828 | ) |  |  | 2.35 |
Forfeited |  |  | (109,010 | ) |  |  | 1.77 |
Outstanding at December 31, 2023 |  |  | 3,634,952 |  |  |  | 1.01 |
Granted |  |  | 1,457,910 |  |  |  | 0.68 |
Vested |  |  | (924,536 | ) |  |  | 1.41 |
Forfeited |  |  | (776,010 | ) |  |  | 0.83 |
Outstanding at December 31, 2024 |  |  | 3,392,316 |  |  |  | 0.80 |
RSUs Granted 2024 Below is a table summarizing the RSUs granted during the year ended December 31, 2024, all of which were issued pursuant to the 2015 Plan. These RSUs vest equally over periods stated on the dates noted, subject to continued service, and will result in the compensation expense stated.
Note |  |  | Equity Incentive Plan |  | RSUs # |  |  | Grant Date |  | Vesting Period |  | First Vesting Date |  | Second Vesting Date |  |  | Third Vesting Date |  |  | RSU Expense $ |
|  |  |  | 2015 |  |  | 14,000 |  |  | Feb 22, 2024 |  | 36 Months |  | Feb 22, 2025 |  | Feb 21, 2026 |  |  | Feb 21, 2027 |  |  |  | 13,589 |
|  |  |  | 2015 |  |  | 115,000 |  |  | May 23, 2024 |  | 36 Months |  | May 23, 2025 |  | May 23, 2026 |  |  | May 23, 2027 |  |  |  | 85,389 |
|  |  |  | 2015 |  |  | 297,340 |  |  | Jun 1, 2024 |  | 11 Months |  | May 1, 2025 |  |  | N/A |  |  |  | N/A |  |  |  | 209,832 |
|  |  |  | 2015 |  |  | 38,198 |  |  | Jul 1, 2024 |  | 11 Months |  | Jun 1, 2025 |  |  | N/A |  |  |  | N/A |  |  |  | 23,645 |
|  |  |  | 2015 |  |  | 21,583 |  |  | Jul 8, 2024 |  | 6 Months |  | Jan 1, 2025 |  |  | N/A |  |  |  | N/A |  |  |  | 13,209 |
|  |  |  | 2015 |  |  | 343,192 |  |  | Sep 1, 2024 |  | 9 Months |  | Jun 1, 2025 |  |  | N/A |  |  |  | N/A |  |  |  | 247,098 |
|  |  |  | 2015 |  |  | 15,000 |  |  | Sep 30, 2024 |  | 36 Months |  | Sep 30, 2025 |  | Sep 30, 2026 |  |  | Sep 30, 2027 |  |  |  | 9,015 |
|  |  |  | 2015 |  |  | 33,503 |  |  | Oct 1, 2024 |  | 9 Months |  | Jul 1, 2025 |  |  | N/A |  |  |  | N/A |  |  |  | 21,308 |
|  |  |  | 2015 |  |  | 400,000 |  |  | Nov 6, 2024 |  | 36 Months |  | Nov 6, 2025 |  | Nov 6, 2026 |  |  | Nov 6, 2027 |  |  |  | 240,799 |
|  |  |  | 2015 |  |  | 180,094 |  |  | Dec 1, 2024 |  | 6 Months |  | Jun 1, 2025 |  |  | N/A |  |  |  | N/A |  |  |  | 125,146 |
|  |  |  |  |  |  | 1,457,910 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 989,030 |
2023 Below is a table summarizing the RSUs granted during the year ended December 31, 2023, all of which were issued pursuant to the 2015 Plan. These RSUs vest equally over periods stated on the dates noted, subject to continued service, and will result in the compensation expense stated. The exception to this is specified in note (i) which is described in detail below.
Note |  | Equity Incentive Plan |  | RSUs # |  |  | Grant Date |  | Vesting Period |  | First Vesting Date |  | Second Vesting Date |  |  | Third Vesting Date |  |  | RSU Expense $ |
|  | 2015 |  |  | 57,000 |  |  | Mar 27, 2023 |  | 36 Months |  | Mar 27, 2024 |  | Mar 27, 2025 |  |  | Mar 27, 2026 |  |  |  | 98,040 |
|  | 2015 |  |  | 50,000 |  |  | Mar 27, 2023 |  | 24 Months |  | Mar 27, 2024 |  | Mar 27, 2025 |  |  |  | N/A |  |  |  | 86,000 |
|  | 2015 |  |  | 5,325 |  |  | Mar 27, 2023 |  | 12 Months |  | Mar 27, 2024 |  | Mar 27, 2025 |  |  |  | N/A |  |  |  | 9,159 |
|  | 2015 |  |  | 47,000 |  |  | Jun 15, 2023 |  | 36 Months |  | Jun 15, 2024 |  | Jun 15, 2025 |  |  | Jun 15, 2026 |  |  |  | 74,260 |
|  | 2015 |  |  | 8,392 |  |  | Jun 15, 2023 |  | 12 Months |  | Jun 15, 2024 |  |  | N/A |  |  |  | N/A |  |  |  | 13,260 |
|  | 2015 |  |  | 43,165 |  |  | Jul 13, 2023 |  | 6 Months |  | Jul 13, 2024 |  | Jan 13, 2024 |  |  |  | N/A |  |  |  | 56,978 |
|  | 2015 |  |  | 14,000 |  |  | Jul 13, 2023 |  | 36 Months |  | Jul 13, 2024 |  | Jul 13, 2025 |  |  | Jul 13, 2026 |  |  |  | 18,479 |
|  | 2015 |  |  | 34,000 |  |  | Sep 11, 2023 |  | 36 Months |  | Sep 11, 2024 |  | Sep 11, 2025 |  |  | Sep 11, 2026 |  |  |  | 44,540 |
|  | 2015 |  |  | 1,569,000 |  |  | Sep 28, 2023 |  | 36 Months |  | Sep 28, 2024 |  | Sep 28, 2025 |  |  | Sep 28, 2026 |  |  |  | 1,098,300 |
(i) |  | 2015 |  |  | 450,000 |  |  | Oct 19, 2023 |  | Up to 42 Months |  | Variable |  | Variable |  |  | Variable |  |  |  | 306,000 |
|  | 2015 |  |  | 40,000 |  |  | Dec 11, 2023 |  | 36 Months |  | Dec 11, 2024 |  | Dec 11, 2025 |  |  | Dec 11, 2026 |  |  |  | 23,200 |
|  |  |  |  | 2,317,882 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,828,216 |
(i) | These RSUs were granted by the Compensation Committee of the Board of Directors in September 2023, with an effective date of October 19, 2023 and vest upon the share price closing above $5.00 per share for a minimum of thirty consecutive trading days within a period of three years from the date of grant, with further time-based vesting in a single installment six months after the timely achievement of the target, if at all, and subject to continued service. The estimated fair value of the RSUs that include a market vesting condition will be measured on the grant date using a Monte Carlo Simulation of a Geometric Brownian Motion stock path model and incorporating the probability of vesting occurring. The estimated fair value of these awards will be recognized over the derived service period (as determined by the valuation model), with such recognition occurring regardless of whether the market condition is met.
RSUs Vested Below is a table summarizing the RSUs vested during the year ended December 31, 2024, all of which were issued pursuant to the 2015 Plan.
Equity Incentive Plan |  | RSUs # |  |  | Vesting Date |  | Shares Issued # |  |  | Shares Withheld for Taxes # |
2015 |  |  | 21,582 |  |  | Feb 8, 2024 |  |  | 21,582 |  |  |  | - |
2015 |  |  | 9,000 |  |  | Mar 1, 2024 |  |  | 6,057 |  |  |  | 2,943 |
2015 |  |  | 44,217 |  |  | Mar 27, 2024 |  |  | 40,530 |  |  |  | 3,687 |
2015 |  |  | 51,000 |  |  | Apr 4, 2024 |  |  | 32,337 |  |  |  | 18,663 |
2015 |  |  | 50,000 |  |  | May 1, 2024 |  |  | 34,496 |  |  |  | 15,504 |
2015 |  |  | 11,500 |  |  | Jun 1, 2024 |  |  | 6,670 |  |  |  | 4,830 |
2015 |  |  | 14,962 |  |  | Jun 15, 2024 |  |  | 11,684 |  |  |  | 3,278 |
2015 |  |  | 4,667 |  |  | Jul 13, 2024 |  |  | 3,165 |  |  |  | 1,502 |
2015 |  |  | 29,000 |  |  | Aug 15, 2024 |  |  | 21,291 |  |  |  | 7,709 |
2015 |  |  | 2,000 |  |  | Sep 11, 2024 |  |  | 2,000 |  |  |  | - |
2015 |  |  | 2,500 |  |  | Sep 21, 2024 |  |  | 2,500 |  |  |  | - |
2015 |  |  | 332,775 |  |  | Sep 28, 2024 |  |  | 265,300 |  |  |  | 67,475 |
2015 |  |  | 337,666 |  |  | Oct 04, 2024 |  |  | 272,242 |  |  |  | 65,424 |
2015 |  |  | 333 |  |  | Nov 29, 2024 |  |  | 333 |  |  |  | - |
2015 |  |  | 13,334 |  |  | Dec 11, 2024 |  |  | 10,208 |  |  |  | 3,126 |
|  |  | 924,536 |  |  |  |  |  | 730,395 |  |  |  | 194,141 |
Below is a table summarizing the RSUs vested during the year ended December 31, 2023, all of which were issued pursuant to the 2015 Plan.
Equity Incentive Plan |  | RSUs # |  |  | Vesting Date |  | Shares Issued # |  |  | Shares Withheld for Taxes # |
2015 |  |  | 4,000 |  |  | Feb 8, 2023 |  |  | 2,369 |  |  |  | 1,631 |
2015 |  |  | 15,000 |  |  | Mar 1, 2023 |  |  | 9,609 |  |  |  | 5,391 |
2015 |  |  | 15,000 |  |  | Mar 25, 2023 |  |  | 15,000 |  |  |  | - |
2015 |  |  | 2,500 |  |  | Apr 4, 2023 |  |  | 1,759 |  |  |  | 741 |
2015 |  |  | 13,500 |  |  | Apr 4, 2023 |  |  | 7,995 |  |  |  | 5,505 |
2015 |  |  | 35,000 |  |  | Apr 4, 2023 |  |  | 22,610 |  |  |  | 12,390 |
2015 |  |  | 50,000 |  |  | May 1, 2023 |  |  | 35,707 |  |  |  | 14,293 |
2015 |  |  | 4,000 |  |  | Jun 1, 2023 |  |  | 2,270 |  |  |  | 1,730 |
2015 |  |  | 7,500 |  |  | Jun 1, 2023 |  |  | 4,257 |  |  |  | 3,243 |
2015 |  |  | 208,809 |  |  | Aug 3, 2023 |  |  | 167,809 |  |  |  | 41,000 |
2015 |  |  | 34,102 |  |  | Aug 15, 2023 |  |  | 23,764 |  |  |  | 10,338 |
2015 |  |  | 12,000 |  |  | Sep 7, 2023 |  |  | 7,046 |  |  |  | 4,954 |
2015 |  |  | 12,500 |  |  | Sep 21, 2023 |  |  | 7,434 |  |  |  | 5,066 |
2015 |  |  | 357,346 |  |  | Oct 4, 2023 |  |  | 298,738 |  |  |  | 58,608 |
2015 |  |  | 19,904 |  |  | Oct 4, 2023 |  |  | 6,883 |  |  |  | 13,021 |
2015 |  |  | 21,583 |  |  | Oct 13, 2023 |  |  | 21,583 |  |  |  | - |
2015 |  |  | 21,750 |  |  | Nov 1, 2023 |  |  | 21,750 |  |  |  | - |
2015 |  |  | 334 |  |  | Nov 29, 2023 |  |  | 334 |  |  |  | - |
2015 |  |  | 2,000 |  |  | Dec 15, 2023 |  |  | 1,185 |  |  |  | 815 |
|  |  | 836,828 |  |  |  |  |  | 658,102 |  |  |  | 178,726 |
RSUs Cancelled Below is a table summarizing the RSUs cancelled during the year ended December 31, 2024, all of which were originally issued pursuant to the 2015 Plan.
Equity Incentive Plan |  | RSUs # |  |  | Forfeiture Date |  | RSUs Forfeited # |
2015 |  |  | 24,000 |  |  | Jan 16, 2024 |  |  | 24,000 |
2015 |  |  | 12,000 |  |  | Jan 16, 2024 |  |  | 12,000 |
2015 |  |  | 2,000 |  |  | Feb 9, 2024 |  |  | 2,000 |
2015 |  |  | 1,775 |  |  | Mar 25, 2024 |  |  | 1,775 |
2015 |  |  | 2,098 |  |  | Mar 25, 2024 |  |  | 2,098 |
2015 |  |  | 5,333 |  |  | May 17, 2024 |  |  | 5,333 |
2015 |  |  | 2,000 |  |  | May 17, 2024 |  |  | 2,000 |
2015 |  |  | 10,000 |  |  | May 17, 2024 |  |  | 10,000 |
2015 |  |  | 28,000 |  |  | May 31, 2024 |  |  | 28,000 |
2015 |  |  | 6,666 |  |  | Jul 12, 2024 |  |  | 6,666 |
2015 |  |  | 13,000 |  |  | Jul 12, 2024 |  |  | 13,000 |
2015 |  |  | 5,666 |  |  | Aug 4, 2024 |  |  | 5,666 |
2015 |  |  | 10,000 |  |  | Aug 4, 2024 |  |  | 10,000 |
2015 |  |  | 25,000 |  |  | Aug 4, 2024 |  |  | 25,000 |
2015 |  |  | 5,667 |  |  | Aug 4, 2024 |  |  | 5,667 |
2015 |  |  | 486,525 |  |  | Aug 15, 2024 |  |  | 486,525 |
2015 |  |  | 16,000 |  |  | Aug 30, 2024 |  |  | 16,000 |
2015 |  |  | 12,150 |  |  | Aug 30, 2024 |  |  | 12,150 |
2015 |  |  | 9,333 |  |  | Aug 30, 2024 |  |  | 9,333 |
2015 |  |  | 25,200 |  |  | Nov 22, 2024 |  |  | 25,200 |
2015 |  |  | 13,666 |  |  | Nov 22, 2024 |  |  | 13,666 |
2015 |  |  | 2,333 |  |  | Dec 11, 2024 |  |  | 2,333 |
2015 |  |  | 4,950 |  |  | Dec 11, 2024 |  |  | 4,950 |
2015 |  |  | 3,150 |  |  | Dec 20, 2024 |  |  | 3,150 |
2015 |  |  | 1,666 |  |  | Dec 20, 2024 |  |  | 1,666 |
2015 |  |  | 13,500 |  |  | Dec 20, 2024 |  |  | 13,500 |
2015 |  |  | 7,666 |  |  | Dec 20, 2024 |  |  | 7,666 |
2015 |  |  | 26,666 |  |  | Dec 20, 2024 |  |  | 26,666 |
|  |  | 776,010 |  |  |  |  |  | 776,010 |
Below is a table summarizing the RSUs cancelled during the year ended December 31, 2023, all of which were originally issued pursuant to the 2015 Plan.
Equity Incentive Plan |  | RSUs # |  |  | Forfeiture Date |  | RSUs Forfeited # |
2015 |  |  | 23,000 |  |  | Apr 30, 2023 |  |  | 23,000 |
2015 |  |  | 21,000 |  |  | May 5, 2023 |  |  | 21,000 |
2015 |  |  | 2,000 |  |  | Jun 15, 2023 |  |  | 2,000 |
2015 |  |  | 17,343 |  |  | Jun 28, 2023 |  |  | 17,343 |
2015 |  |  | 14,000 |  |  | Jul 28, 2023 |  |  | 14,000 |
2015 |  |  | 10,000 |  |  | Sep 22, 2023 |  |  | 10,000 |
2015 |  |  | 2,667 |  |  | Oct 4, 2024 |  |  | 2,667 |
2015 |  |  | 19,000 |  |  | Oct 20, 2024 |  |  | 19,000 |
|  |  | 109,010 |  |  |  |  |  | 109,010 |
Below is a table summarizing the RSUs issued and outstanding as of December 31, 2024 all of which were issued under the 2015 Plan, and of which the last to vest have a remaining contractual life of 2.85 years.
Outstanding # |  |  | Weighted Average Grant date Fair Value $ |  |  | Weighted Average Remaining Contractual Life (Years) |
| 15,000 |  |  | $ | 0.601 |  |  |  | 1.75 |
| 400,000 |  |  | $ | 0.602 |  |  |  | 1.85 |
| 21,583 |  |  | $ | 0.612 |  |  |  | 0.00 |
| 38,198 |  |  | $ | 0.619 |  |  |  | 0.42 |
| 33,503 |  |  | $ | 0.636 |  |  |  | 0.50 |
| 450,000 |  |  | $ | 0.675 |  |  |  | 2.30 |
| 450,000 |  |  | $ | 0.690 |  |  |  | 1.26 |
| 180,094 |  |  | $ | 0.695 |  |  |  | 0.42 |
| 618,750 |  |  | $ | 0.700 |  |  |  | 0.83 |
| 297,340 |  |  | $ | 0.706 |  |  |  | 0.33 |
| 343,192 |  |  | $ | 0.720 |  |  |  | 0.42 |
| 115,000 |  |  | $ | 0.743 |  |  |  | 1.39 |
| 14,000 |  |  | $ | 0.971 |  |  |  | 1.15 |
| 4,000 |  |  | $ | 1.310 |  |  |  | 0.80 |
| 9,333 |  |  | $ | 1.320 |  |  |  | 0.69 |
| 312,325 |  |  | $ | 1.460 |  |  |  | 0.36 |
| 17,332 |  |  | $ | 1.580 |  |  |  | 0.48 |
| 38,333 |  |  | $ | 1.720 |  |  |  | 0.66 |
| 333 |  |  | $ | 2.150 |  |  |  | 0.46 |
| 34,000 |  |  | $ | 2.950 |  |  |  | 0.06 |
| 3,392,316 |  |  |  |  |  |  |  |  |
Stock-based compensation expense related to RSUs of $1,263,304 and $1,971,607 was recorded in the years ended December 31, 2024, and December 31, 2023, respectively. Total remaining unrecognized compensation cost related to non-vested RSUs is $1,288,827. 2024 Plan Below is a table summarizing the RSUs issued and outstanding as of December 31, 2024, all of which were issued pursuant to the 2024 Plan.
|  | RSUs # |  |  | Weighted Average Exercise Price $ |
Outstanding at December 31, 2022 |  |  | - |  |  |  | - |
Granted |  |  | - |  |  |  | - |
Vested |  |  | - |  |  |  | - |
Forfeited |  |  | - |  |  |  | - |
Outstanding at December 31, 2023 |  |  | - |  |  |  | - |
Granted |  |  | 500,000 |  |  |  | 0.271 |
Granted |  |  | 500,000 |  |  |  | 0.144 |
Vested |  |  | - |  |  |  | - |
Forfeited |  |  | - |  |  |  | - |
Outstanding at December 31, 2024 |  |  | 1,000,000 |  |  |  | 0.207 |
2024 Below is a table summarizing the RSUs granted during the year ended December 31, 2024, all of which were issued pursuant to the 2024 Plan. These RSUs vest, subject to continued service and will result in the compensation expense stated in the table with the following details specified in notes (i) and (ii) described in detail below.
Note |  | Equity Incentive Plan |  | RSUs # |  |  | Grant Date |  | Vesting Period |  | First Vesting Date |  | Second Vesting Date |  | Third Vesting Date |  | RSU Expense $ |
(i) |  | 2024 |  |  | 500,000 |  |  | Nov 6, 2024 |  | Up to 42 Months |  | Variable |  | Variable |  | Variable |  |  | 135,280 |
(ii) |  | 2024 |  |  | 500,000 |  |  | Nov 6, 2024 |  | Up to 42 Months |  | Variable |  | Variable |  | Variable |  |  | 72,124 |
|  |  |  |  | 1,000,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(I) | These RSUs vest upon the share price closing above $2.50 per share for a minimum of thirty consecutive trading days within a period of three and a half years from the date of grant, with further time-based vesting in a single installment six months after the timely achievement of the target, if at all, and subject to continued service. The estimated fair value of the RSUs that include a market vesting condition will be measured on the grant date using a Monte Carlo Simulation of a Geometric Brownian Motion stock path model and incorporating the probability of vesting occurring. The estimated fair value of these awards will be recognized over the derived service period (as determined by the valuation model), with such recognition occurring regardless of whether the market condition is met.
(ii) | These RSUs vest upon the share price closing above $5.00 per share for a minimum of thirty consecutive trading days within a period of three and a half years from the date of grant, with further time-based vesting in a single installment six months after the timely achievement of the target, if at all, and subject to continued service. The estimated fair value of the RSUs that include a market vesting condition will be measured on the grant date using a Monte Carlo Simulation of a Geometric Brownian Motion stock path model and incorporating the probability of vesting occurring. The estimated fair value of these awards will be recognized over the derived service period (as determined by the valuation model), with such recognition occurring regardless of whether the market condition is met.

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