SCHEDULE OF OUTSTANDING WARRANTS AND CHANGES |
A
summary of the status of the Company’s total outstanding warrants and changes during the three months ended March 31, 2025 are
as follows:
SCHEDULE OF OUTSTANDING WARRANTS AND CHANGES
| |
Number of Warrants | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Term (Years) | | |
Aggregate Intrinsic Value (1) | |
Balance Outstanding on December 31, 2024 | |
| 125,531 | | |
$ | 4.09 | | |
| 3.26 | | |
$ | 90,952 | |
Issued | |
| 12,500 | | |
| 4.07 | | |
| 5.0 | | |
| - | |
Balance Outstanding on March 31, 2025 | |
| 138,031 | | |
$ | 4.09 | | |
| 3.20 | | |
$ | 23,599 | |
Exercisable, March 31, 2025 | |
| 125,531 | | |
$ | 4.09 | | |
| 3.02 | | |
$ | 23,599 | |
| |
Number of Warrants | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Term (Years) | | |
Aggregate Intrinsic Value (1) | |
Balance Outstanding on December 31, 2023 | |
| 611,017 | | |
$ | 1.00 | | |
| 2.5 | | |
$ | 574,356 | |
Issued | |
| 85,938 | | |
| 1.00 | | |
| 3.0 | | |
| - | |
Balance Outstanding on March 31, 2024 | |
| 696,955 | | |
$ | 1.00 | | |
| 2.3 | | |
$ | 669,077 | |
Exercisable, March 31, 2024 | |
| 696,955 | | |
$ | 1.00 | | |
| 2.3 | | |
$ | 669,077 | |
(1) | | The aggregate intrinsic
value on March 31, 2024 was calculated based on the difference between the calculated fair value on March 31, 2024 of $1.96 and the exercise
price of the underlying warrants. The aggregate intrinsic value on December 31, 2023 was calculated based on the difference between the
calculated fair value on December 31, 2023 of $1.94 and the exercise price of the underlying warrants. |
|
A
summary of the status of the Company’s total outstanding warrants and changes during the years ending December 31, 2024 and 2023
are as follows:
SCHEDULE OF OUTSTANDING WARRANTS AND CHANGES
| |
Number of Warrants | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Term (Years) | | |
Aggregate Intrinsic Value (1) | |
Balance Outstanding on December 31, 2022 | |
| 148,438 | | |
$ | 1.00 | | |
| 3.0 | | |
$ | 139,532 | |
Issued | |
| 462,579 | | |
| 1.00 | | |
| 3.0 | | |
| - | |
Balance Outstanding on December 31, 2023 | |
| 611,017 | | |
| 1.00 | | |
| 2.5 | | |
| 574,356 | |
Issued | |
| 289,751 | | |
| 2.70 | | |
| 3.0 | | |
| - | |
Exercised | |
| (775,237 | ) | |
| 1.13 | | |
| | | |
| | |
Balance Outstanding on December 31, 2024 | |
| 125,531 | | |
| 4.09 | | |
| 3.26 | | |
| 90,952 | |
Exercisable, December 31, 2024 | |
| 125,531 | | |
$ | 4.09 | | |
| 3.26 | | |
$ | 90,952 | |
(1) | | The aggregate intrinsic
value on December 31, 2023 and December 31, 2022, was calculated based on the difference between the calculated fair value on December
31, 2023 and December 31, 2022, of $1.94 and the exercise price of the underlying warrants. The balance on December 31, 2024, had an intrinsic
value per share of $3.83, which is representative of the closing price of the Company’s common stock on Nasdaq market exchange
on such date. |
| | |
| | The Company determined that the warrants do not meet the definition of liability under FASB ASC Topic 480 and therefore classified the
warrants as equity instruments. |
|
SCHEDULE OF STOCK OPTION ACTIVITY |
A
summary of the Company’s stock option activity is as follows:
SCHEDULE OF STOCK OPTION ACTIVITY
| |
Shares Underlying Options | | |
Weighted Average Exercise Price | | |
Weighted Average Contractual Life (Years) | | |
Intrinsic Value | |
Outstanding at December 31, 2024 | |
| 322,500 | | |
$ | 3.40 | | |
| 4.97 | | |
$ | 138,675 | |
Granted | |
| 350,000 | | |
| 7.36 | | |
| 5.00 | | |
| - | |
Forfeited | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding at March 31, 2025 | |
| 672,500 | | |
| 5.46 | | |
| 2.56 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable at March 31, 2025 | |
| 236,250 | | |
| 3.91 | | |
| 4.78 | | |
| - | |
|
A
summary of the Company’s stock option activity is as follows:
SCHEDULE OF STOCK OPTION ACTIVITY
| |
Shares Underlying Options | | |
Weighted Average Exercise Price | | |
Weighted Average Contractual Life (Years) | | |
Intrinsic Value | |
Outstanding at December 31, 2023 | |
| - | | |
$ | - | | |
| - | | |
| - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding at December 31, 2023 | |
| - | | |
| - | | |
| - | | |
| - | |
Granted | |
| 322,500 | | |
| 3.40 | | |
| 5.0 | | |
| - | |
Forfeited | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding at December 31, 2024 | |
| 322,500 | | |
$ | 3.40 | | |
| 4.97 | | |
$ | 138,675 | |
|
SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS OF OPTIONS |
The
options granted during the three months ended March 31, 2025 were valued using the Black-Scholes option pricing model using the following
weighted average assumptions:
SCHEDULE
OF WEIGHTED AVERAGE ASSUMPTIONS OF OPTIONS
| |
March 31, 2025 | |
Expected term, in years | |
| 5.0 | |
Expected volatility | |
| 55.79 | % |
Risk-free interest rate | |
| 4.09 | % |
Dividend yield | |
| - | |
|
The
options granted during the years ended December 31, 2024 were valued using the Black-Scholes option pricing model using the following
weighted average assumptions:
SCHEDULE
OF WEIGHTED AVERAGE ASSUMPTIONS OF OPTIONS
| |
December 31, 2024 | |
Expected term, in years | |
| 4.06 | |
Expected volatility | |
| 50.45 | % |
Risk-free interest rate | |
| 4.39 | % |
Dividend yield | |
| - | |
|