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Stockholders’ Equity (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Schedule of Grant Date Fair Value of Stock Options Issued

The grant date fair value of stock options issued during the three-month period ended March 31, 2024 was determined using the Black-Scholes Option Pricing Model. The significant inputs were as follows:

 

Dividend Yield   0%
Weighted average expected term (years)   6 
Volatility   97.3%
Risk-free rate   4.10%
Weighted average exercise price  $1.33 
Schedule of Stock Option Activity

A summary of activity for the three months ended March 31, 2025 is presented below:

 

    Number of Options   Weighted Average Exercise Price   Weighted Average Contractual Term (Years)   Aggregate Intrinsic Value 
Outstanding as of December 31, 2024    10,633,988    1.02    6.25   $102,921,147 
Granted    -    -           
Exercised    -    -           
Forfeited    -    -           
Outstanding as of March 31, 2025    10,633,988   $1.02    6.00   $405,750 
Exercisable as of March 31, 2025    10,335,848   $1.01    5.93   $405,750 
Schedule of Employee Stock Options Outstanding

The following table summarizes information related to stock options outstanding as of March 31, 2025:

 

    Outstanding Options   Vested Options 
Exercise Price  

Number Outstanding at March 31,

2025

   Weighted Average Remaining Life  

Number Exercisable at March 31,

2025

   Weighted Average Remaining Life 
$0.01    675,000    0.75    675,000    0.75 
$0.74    1,657,564    3.82    1,657,564    3.82 
$0.80    2,783,239    4.04    2,783,239    4.04 
$1.33    5,461,935    7.39    5,163,795    7.82 
$2.16    56,250    6.21    56,250    6.21 
      10,633,988    6.00    10,335,848    5.93 

 

During the three months ended March 31, 2025 and 2024, the Company recognized stock-based compensation expense of $421,454 and $355,317, respectively, related to the vesting of stock options. There was $306,427 unrecognized stock-based compensation expense as of March 31, 2025.
Schedule of Warrant Activity

The following is a summary of the Company’s warrant activity for the three months ended March 31, 2025:

 

    Number of Shares   Weighted Average Exercise Price per Share   Weighted Average Remaining Life (Years) 
Outstanding as of December 31, 2024    1,359,375   $0.80    0.93 
Granted    -    -    - 
Forfeited    -    -    - 
Outstanding as of March 31, 2025    1,359,375   $0.80    0.68