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Warrants

9 Months Ended

Sep. 30, 2024

Note 9 – Warrants

As previously disclosed in Note 7, we have issued warrants in connection with the sale and issuance of Series F preferred stock and common stock. We also issued to Dawson James Securities, Inc. (“Dawson”) 136,861 shares of Common Stock at an initial exercise price of $1.51 per share pursuant to an engagement letter executed with Dawson to serve as the sole placement agent for the Company on a reasonable best-efforts basis, in connection with the placement of the March 2024 Preferred Shares and associated Warrants. The warrants issued to Dawson have a five (5) year term and do not include any anti-dilution protection provisions in connection with a subsequent equity issuance, or otherwise.

A summary of activity related to warrants for the periods presented is as follows:

Summary of Activity Related to Warrants

	Shares			Weighted Average Exercise Price			Weighted Average Remaining Contractual Term
Outstanding as of December 31, 2022		1,056,452			0.40	*		—
Issued – March 2023		357,136		$	0.40	*		—
Issued – June 2023		1,254,000			0.40	*		—
Issued – November 2023		815,958			2.49			—
Exercised		(250,000	)		—			—
Outstanding as of December 31, 2023		3,233,546		$	1.24			—
Exercised		(829,500	)		0.60	*		—
Issued – March 6, 2024		829,394			0.40	**		—
Issued – March 7, 2024		136,860			1.51			—
Issued – April 12, 2024		1,418,919			0.40	**		—
Issued – May 31, 2024		1,632,970			0.40	**		—
Issued – July 29, 2024		1,079,914			0.40	**		—
Issued – August 27, 2024		1,238,237			0.40
Outstanding as of September 30, 2024		8,740,340		$	0.62			3.00
Exercisable as of September 30, 2024		8,740,340		$	0.62			3.00

*	Reflects the exercise price after the March 2024 Down Round Trigger events on March 6, 2024 as described above.
**	Reflects the exercise price after the August 2024 Down Round Trigger events on August 27, 2024 as described above.

As of September 30, 2024, the intrinsic value of the warrants was nil.