| Schedule of Fair Value of Each Option Award Estimated Assumption |
For
stock options requiring an assessment of value during the six months ended June 30, 2025, the fair value of each stock option award was
estimated using the Black-Scholes option-pricing model with the following assumptions:
Schedule of Fair Value of Each Option Award Estimated Assumption
| Risk-free interest rate | |
3.80% to 3.950 | % |
| Expected dividend yield | |
| 0 | % |
| Expected volatility | |
| 128.78% to 130.70 | % |
| Expected life | |
| 2.5 to 3.5 years | |
For
stock options requiring an assessment of value during the six months ended June 30, 2024, the fair value of each stock option award was
estimated using the Black-Scholes option-pricing model with the following assumptions:
| Risk-free interest rate | |
| 4.290 | % |
| Expected dividend yield | |
| 0 | % |
| Expected volatility | |
| 126.45 | % |
| Expected life | |
| 2.5 to 3.5 years | |
|
| Summary of Stock-based Compensation Costs |
A
summary of stock-based compensation costs for the three months and six months ended June 30, 2025 and 2024 is as follows:
Summary of Stock-based Compensation Costs
| | |
2025 | | |
2024 | | |
2025 | | |
2024 | |
| | |
Three Months Ended | | |
Six Months Ended | |
| | |
June 30, | | |
June 30, | |
| | |
2025 | | |
2024 | | |
2025 | | |
2024 | |
| | |
| | |
| | |
| | |
| |
| Related parties | |
$ | 267,999 | | |
$ | 130,691 | | |
$ | 367,737 | | |
$ | 233,618 | |
| Non-related parties | |
| — | | |
| — | | |
| — | | |
| — | |
| Total stock-based compensation costs | |
$ | 267,999 | | |
$ | 130,691 | | |
$ | 367,737 | | |
$ | 233,618 | |
|
| Summary of Stock Option Activity Including Options Form of Warrants |
A
summary of stock option activity, including options issued in the form of warrants, during the six months ended June 30, 2025 is as follows:
Summary of Stock Option Activity Including Options Form of Warrants
| | |
Number of Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Life (in Years) | |
| | |
| | |
| | |
| |
| Stock options outstanding at December 31, 2024 | |
| 613,232 | | |
$ | 12.317 | | |
| | |
| Granted | |
| 131,494 | | |
| 1.160 | | |
| | |
| Exercised | |
| — | | |
| — | | |
| | |
| Expired | |
| — | | |
| — | | |
| | |
| Stock options outstanding at June 30, 2025 | |
| 744,726 | | |
$ | 10.347 | | |
| 2.99 | |
| | |
| | | |
| | | |
| | |
| Stock options exercisable at December 31, 2024 | |
| 409,897 | | |
$ | 17.100 | | |
| | |
| Stock options exercisable at June 30, 2025 | |
| 669,726 | | |
$ | 11.196 | | |
| 2.87 | |
|
| Schedule of Exercise Prices of Common Stock Options Outstanding and Exercisable Including Options Form of Warrants |
At
June 30, 2025, the outstanding common stock options, including options issued in the form of warrants, are exercisable at the following
prices per common share:
Schedule of Exercise Prices of Common Stock Options Outstanding and Exercisable Including Options Form of Warrants
| Exercise Prices | | |
Options
Outstanding (Shares) | | |
Options Exercisable (Shares) | |
| | | |
| | |
| |
| $ | 0.905 | | |
| 82,648 | | |
| 42,648 | |
| $ | 1.210 | | |
| 32,181 | | |
| 32,181 | |
| $ | 1.870 | | |
| 21,217 | | |
| 21,217 | |
| $ | 1.950 | | |
| 250,000 | | |
| 250,000 | |
| $ | 2.330 | | |
| 16,665 | | |
| 16,665 | |
| $ | 2.370 | | |
| 56,598 | | |
| 36,598 | |
| $ | 2.390 | | |
| 15,000 | | |
| 5,000 | |
| $ | 5.025 | | |
| 8,750 | | |
| 8,750 | |
| $ | 5.880 | | |
| 40,000 | | |
| 40,000 | |
| $ | 7.400 | | |
| 55,000 | | |
| 55,000 | |
| $ | 20.000 | | |
| 45,000 | | |
| 40,000 | |
| $ | 20.600 | | |
| 20,000 | | |
| 20,000 | |
| $ | 28.000 | | |
| 25,000 | | |
| 25,000 | |
| $ | 30.300 | | |
| 30,000 | | |
| 30,000 | |
| $ | 32.100 | | |
| 10,000 | | |
| 10,000 | |
| $ | 60.000 | | |
| 8,333 | | |
| 8,333 | |
| $ | 71.400 | | |
| 20,000 | | |
| 20,000 | |
| $ | 120.000 | | |
| 8,334 | | |
| 8,334 | |
| | | | |
| 744,726 | | |
| 669,726 | |
|