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Stock Appreciation Rights | 3 Months Ended
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Mar. 31, 2025
Stock Appreciation Rights [Abstract] |
STOCK APPRECIATION RIGHTS | NOTE 6 - STOCK APPRECIATION RIGHTS During the three months ended March 31, 2025, 300,000 cash-settled stock appreciation rights have been issued to consultants with an exercise price of $0.45 with a 10-year term and vesting over a 4-year period. Variables used in the Black-Scholes option-pricing model include: (1) discount rate of 4.43%, (2) expected life of 6.25 years, (3) expected volatility of 135%, and (4) zero expected dividends. At March 31, 2025, the Company revalued the cash-settled stock appreciation rights using a stock price of $0.27 and an exercise price of $0.45 - $3.84. Variables used in the Black-Scholes option-pricing model include: (1) discount rate of 3.96% - 4.03%, (2) expected life of 5.50 – 6.00 years, (3) expected volatility of 128% - 131% and (4) zero expected dividends. As of March 31, 2025, the total liability related to cash-settled SARs is $7,505, reflecting the fair value as of the reporting date. During the quarter ended March 31, 2025, the Company recorded compensation related to the cash-settled SARs in the amount of $3,038, included in research and development expenses in the accompanying unaudited condensed consolidated statements of operations. A summary of the changes in SARs during the three months ended March 31, 2025 is as follows:
|  | Number of Cash-Settled SARS |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2024 |  |  | 110,000 |  |  | $ | 0.99 |  |  |  | 9.58 |  |  | $ | - |
Granted |  |  | 300,000 |  |  | $ | 0.33 |  |  |  | 9.76 |  |  | $ | - |
Outstanding at March 31, 2025 |  |  | 410,000 |  |  | $ | 1.32 |  |  |  | 9.65 |  |  | $ | - |
SARs vested at March 31, 2025 |  |  | - |  |  | $ | - |  |  |  | - |  |  | $ | - |
At March 31, 2025, the Company has unrecognized compensation expense of approximately $82,300 related to unvested stock appreciation rights which will be recognized over the weighted average remaining service period of 3.65 years.

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