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Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Stockholders

Schedule of Stock Options Expected Option Term and Expected Volatility

During the nine months ended September 30, 2023, the stock options were valued at the grant date using a Black-Scholes option pricing model with the following assumptions. During the nine months ended September 30, 2024, the Company did not issue any stock options. The simplified method was used for the expected option term and expected volatility was based on historical volatility:

		2023
Dividend rate			—	%
Term (in years)			3 years
Volatility			168.0	%
Risk—free interest rate			3.96	%

Schedule of Stock Option Activity

The following is a summary of the Company’s stock option activity for the nine months ended September 30, 2024 as presented below:

		Number of Options				Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (Years)
Balance on December 31, 2023			158,670			$	105.30				3.12
Granted			-				-				-
Cancelled			(18,100	)			32.69				-
Balance on September 30, 2024			140,570			$	114.65				2.26
Options exercisable on September 30, 2024			139,320			$	115.56				2.25
Weighted average fair value of options granted during the 2024 period						$	-

Schedule of Warrants

A summary of the Company’s outstanding stock warrants, including 44,252 Series A public warrants, is presented below:

		Number of Warrants				Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (Years)
Balance on December 31, 2023			67,385			$	49.80				2.65
Issued			590,000				-				-
Exercised			(590,000	)			-				-
Balance on September 30, 2024			67,385				49.80				1.90
Warrants exercisable on September 30, 2024			67,385			$	49.80				1.90

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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