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Share-Based Compensation & Warrants | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Share-Based Compensation & Warrants | Note 8. Share-Based Compensation & Warrants Stock Options & Awards Generally accepted accounting principles require share-based payments to employees, including grants of employee stock options, warrants, and common stock to be recognized in the income statement based on their fair values at the date of grant, net of estimated forfeitures. The Company has granted stock-based compensation to employees, including stock options and stock awards in conjunction with our Board of Director and executive employment agreements, including stock awards and bonuses that are prorated or vest. In 2024, we issued additional stock awards for 450,244 common shares that vested immediately or that will vest quarterly in conjunction with annual compensation for current and a new Board of Direct compensation, and three executed executive employment contracts. In 2023, our CEO’s executive employment agreement renewed including stock awards of 1,657,016 common shares that vest quarterly, and the continued vesting of two stock incentive awards issued to our Executive Vice President, Operations quarterly of 245,536 common shares, one of which vests quarterly and second cliff vests at 12 and 18 months. For the nine months ended September 30, 2024, stock-based compensation was $1,626,409. Non-statutory stock-based compensation was $92,522 for the nine months ended September 30, 2024. There were no other options or awards granted during the nine months ended September 30, 2024. The following table summarizes all stock option activity of the Company for the nine months ended September 30, 2024 and 2023:
Schedule of option activity |  |  |  |  |  |  |  |  |
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (Years) |
Outstanding, December 31, 2023 |  |  | 2,816,900 |  |  | $ | 2.03 |  |  |  | 4.08 |
Granted |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  | (1,000,000 | ) |  | $ | 1.179 |  |  |  | - |
Forfeited |  |  | - |  |  |  | - |  |  |  | - |
Outstanding, September 30, 2024 |  |  | 1,816,900 |  |  | $ | 2.50 |  |  |  | 4.76 |
Outstanding, December 31, 2022 |  |  | 1,833,566 |  |  | $ | 2.59 |  |  |  | 6.47 |
Granted |  |  | 1,000,000 |  |  |  | 1.18 |  |  |  | 2.00 |
Exercised |  |  | - |  |  |  | - |  |  |  | - |
Forfeited |  |  | (16,667 | ) |  |  | 12.00 |  |  |  | - |
Outstanding, September 30, 2023 |  |  | 2,816,899 |  |  | $ | 2.03 |  |  |  | 4.58 |
Exercisable, December 31, 2023 |  |  | 2,720,221 |  |  | $ | 2.05 |  |  |  | 3.93 |
Exercisable, September 30, 2024 |  |  | 1,816,900 |  |  | $ | 2.50 |  |  |  | 4.76 |
Exercisable, December 31, 2022 |  |  | 1,526,869 |  |  | $ | 2.65 |  |  |  | 5.94 |
Exercisable, September 30, 2023 |  |  | 2,671,883 |  |  | $ | 2.05 |  |  |  | 4.10 |
As of September 30, 2024 and 2023, the aggregate intrinsic value of the Company’s outstanding options was approximately none. The aggregate intrinsic value will change based on the fair market value of the Company’s common stock.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent + Details
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