v3.25.1
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2025
Summary of Significant Accounting Policies [Abstract]  
Schedule of Reconciliation of Cash and Restricted Cash

The following table provides a reconciliation of cash and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows.

 

   March 31, 2025   December 31,
2024
 
         
Cash  $177,882   $687,920 
Restricted cash   100,000    100,000 
Total cash and restricted cash shown in the statement of cash flows  $277,882   $787,920 
Schedule of Contract Liabilities Once all revenue recognition criteria have been met, the contract liabilities are recognized.
   March 31, 2025  

December 31,

2024

 
         
Beginning balance  $24,252   $14,202 
Additions   36    24,252 
Recognized as revenue   (24,252)   (14,202)
Ending balance  $36   $24,252 
Schedule of Reconciliation of the Number of Shares used in the Calculation of Basic and Diluted Earnings Per Share

The following is a reconciliation of the number of shares used in the calculation of basic and diluted earnings per share for the three months ended March 31, 2025 and 2024:

 

   For the three months ended 
   March 31,
2025
   March 31,
2024
 
         
Net income after tax  $876,264   $580,530 
           
Weighted average common shares outstanding   8,560,636    7,373,745 
Incremental shares from the assumed exercise of dilutive stock options   16,984    
-
 
Dilutive potential common shares   8,577,620    7,373,745 
           
Net earnings per share:          
Basic  $0.10   $0.08 
Diluted  $0.10   $0.08 
Schedule of Computation of Diluted Net Earnings Per Share

The following securities were not included in the computation of diluted net earnings per share as their effect would have been antidilutive:

 

   For the three months ended 
   March 31,
2025
   March 31,
2024
 
         
Options to purchase common stock   235,118    252,102 
Warrants to purchase common stock   103,500    
-
 
Schedule of Exchange Rates used to Translate Amounts in AUD and CAD into USD

The exchange rates used to translate amounts in AUD and CAD into USD for the purposes of preparing the consolidated financial statements were as follows:

   March 31,
2025
   December 31,
2024
 
Period-end AUD: USD exchange rate  $0.6235   $0.6183 
Period-end CAD: USD exchange rate  $0.6956   $0.6950 
   March 31,
2025
   March 31,
2024
 
Average three months AUD: USD exchange rate  $0.6272   $0.6580 
Average three months CAD: USD exchange rate  $0.6968   $0.7414 
Schedule of Consolidated Balance Sheet and Earnings Per Share

Earnings Per Share for the three months ended March 31, 2024:

 

   As Previously         
   Reported   Corrections   As Adjusted 
             
Earnings per share  $0.08   $0.00   $0.08 
Weighted average common shares outstanding   7,553,818    127,500    7,373,745