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WARRANTS

6 Months Ended

Jun. 30, 2023

NOTE 15 – WARRANTS

Omnibus Equity Incentive Plan

On September 19, 2022 the Company held a Board of Directors meeting, whereas, the Board of Directors had elected to adopt an Omnibus Equity Incentive Plan (the “Plan”), that includes reserving 200,000 shares of common stock eligible for issuance under the Plan to be registered on a Form S-8 Registration Statement with the SEC. The Plan is designed to enable the flexibility to grant equity awards to the Company’s officers, employees, non-employee directors and consultants and to ensure that it can continue to grant equity awards to eligible recipients at levels determined to be appropriate by the Board and/or the Compensation Committee. According to the Proxy Statement filed with the SEC on October 20, 2022 the Plan received final approval by the Company’s stockholders at the Annual Meeting of Stockholders held on December 2, 2022.

On April 3, 2023, the Company approved incentive stock awards for the CFO, certain officers and directors and other employees of the Company. The awards are in the form of restricted stock and will vest in two parts: 50% on October 2, 2023 and 50% on October 2, 2024. A total of 185,000 shares were awarded and a corresponding share-based compensation expense of $104,869 was recorded for the six month period ended June 30, 2023, based on the amortization of fair value from the date of issuance of April 3, 2023 through June 30, 2023.

Warrants

As of June 30, 2023, there were 4,188,928 warrants classified within equity outstanding and 4,188,928 warrants exercisable with 4,175,595 warrants having expiration dates from May 2023 through December 2027 and 13,333 warrants with no expiration date.

A summary of the Company’s warrant activity during the three months ended June 30, 2023 is presented below:

					Weighted
			Weighted		Average
			Average		Remaining		Aggregate
	Number of		Exercise		Contractual		Intrinsic
Warrants	Shares		Price		Term		Value
Balance outstanding, January 1, 2023		4,194,236	$	8.31		5.04	$	2,562,600
Balance outstanding, June 30, 2023		4,188,928	$	8.26		4.56	$	39,869

Exercisable, June 30, 2023		4,188,928	$	8.26		4.56	$	39,869