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Stockholders’ Equity
 12 Months Ended
Dec. 31, 2025
Stockholders’ Equity [Abstract]  
STOCKHOLDERS’ EQUITY

NOTE 11 – STOCKHOLDERS’ EQUITY

 

During the year ended December 31, 2024, the Company sold 478,637 shares of common stock from its ATM Offering, for total proceeds of $1,090,890. 

 

During the year ended December 31, 2024, the Company issued 2,500 shares of common stock as a charitable contribution. The shares were valued at $1.89, the closing price on the date of grant, for total non-cash expense of $4,725.

 

During the year ended December 31, 2024, there was an increase to additional paid in capital for stock option expense of $406,500.

During the year ended December 31, 2024, there was a decrease to additional paid in capital for Series A preferred stock dividend expense of $124,903.

 

On April 26, 2024, the Company filed with the Delaware Secretary of State a Certificate of Amendment to Certificate of Incorporation (the “Certificate of Amendment”) which became effective on April 26, 2024 to effect a one-for-ten (1:10) reverse stock split (the “Reverse Stock Split”) of the shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) The Reverse Stock Split was approved by the Company’s stockholders at a special meeting on April 26, 2024.

 

As a result of the Reverse Stock Split, every ten (10) shares of issued and outstanding Common Stock were automatically combined into one (1) issued and outstanding share of Common Stock, without any change in the par value per share. No fractional shares were issued as a result of the Reverse Stock Split and any fractional shares resulting from the reverse stock split were rounded down to the nearest number of whole shares so that we issued cash in lieu of any fractional shares that such stockholder would have received as a result of the Reverse Stock Split. Following the Reverse Stock Split, the number of shares of Common Stock outstanding was reduced from 18,103,462 shares to 1,810,200 shares after taking into account an adjustment of 146 common shares due to the fact that no fractional shares were issued. The shares of Common Stock underlying the Company’s outstanding stock options and warrants were similarly adjusted along with corresponding adjustments to their exercise prices. The number of authorized shares of Common Stock under the Certificate of Incorporation will remain unchanged at 50,000,000 shares. All shares reported in these financial statements have been retroactively restated to reflect the Reverse Stock Split as though it had occurred as of January 1, 2023.

 

 During the year ended December 31, 2025, the Company sold 608,731 shares of common stock from its ATM Offering, for total proceeds of $887,786. 

 

During the year ended December 31, 2025, there was a decrease to additional paid in capital for Series A preferred stock dividend expense of $30,630.

  

During the year ended December 31, 2025, there was an increase to additional paid in capital for stock option expense of $135,500.

 

During the year ended December 31, 2025, the Company issued 400,000 shares of common stock for payment of various accounts payable and the VFS loan (Note 7) totaling $696,000. The shares were valued at $1.87, the closing stock price on the date of grant, for a total value of $748,000. The Company recorded a loss on the extinguishment of debt of $52,000. During Q4 VFS decided not to accept the shares and the debt of $216,684 was put back on the books.  The shares are still issued and outstanding and being held by a third party.

 

During the year ended December 31, 2025, the Company issued 250,000 shares of common stock for payment of $270,235 of legal fees. $107,469 was applied to accounts payable and $162,766 has been debited to prepaid expenses.

 

During the year ended December 31, 2025, the Company issued 370,000 shares of common stock for services. The shares were valued at $1.26, the closing stock price on the date of grant, for a total value of $466,200.

 

Refer to Note 13 for common stock issued to related parties.