Note 8 — Stock Based Compensation 

At the special meeting of UPTD stockholders related to the Business Combination held on July 31, 2023, UPTD’s shareholders approved the adoption of the Company’s 2023 Omnibus Incentive Plan (the “2023 Plan”), which became effective on the Closing Date. Upon the closing of the Business Combination, 3,520,123 shares of Common Stock became authorized for issuance under the 2023 Plan. On October 30, 2024, the Company granted options under the 2023 Plan to purchase 3,600,000 shares of its Common Stock to its employees, board of directors, and other consultants. For the three months ended March 31, 2025, no additional stock options were granted.

The stock-based compensation expense recorded in the Company’s results of operations. For the three months ended March 31, 2025 and 2024 were $159,095 and $0, respectively.

The breakdown of stock-based compensation by categories for the three months ended March 31, 2025 and 2024 are summarized below:

The fair value of the granted options under 2023 plan was $2,350,018. As of March 31, 2025 and December 31, 2024, there were $1,758,667 and $1,917,762 unvested compensation costs, which is expected to be recognized over the weighted average remaining 3.03 and 3.27 years of employment service period respectively.

A summary of information related to stock option activities during the six-month transition period ended December 31, 2024 and for the three months ended March 31, 2025 is as follows: