SHARED BASED COMPENSATION AND WARRANTS |
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| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SHARED BASED COMPENSATION AND WARRANTS |
Share-Based Compensation
During the years ended December 31, 2025 and 2024, the Company issued and shares of common stock, respectively, as share based compensation to its Chief Operating Officer as part of his monthly compensation package. The fair value of shared based compensation recognized during the years ended December 31, 2025 and 2024 was $ and $, respectively. During the year ended December 31, 2024, the Company did not issue any shares of common stock as based compensation to any employees.
During the years ended December 31, 2025 and 2024, the Company issued and shares of common stock, respectively, in partial satisfaction of amounts owed to its consultants and financial advisors totaling $ and $, respectively.
The Company did not adopt stock option incentive plan during the years ended December 31, 2025 and 2024.
Warrants to Purchase Common Stock
On October 1, 2021, the Company issued 200,000 detachable warrants at an exercise price of $3.00 per warrant in connection with a private equity offering. While the Company contemporaneously issued warrants in connection with this capital raise transaction, these warrants are subject to separate agreements with different terms and conditions that are not closely related. The warrants issued in connection with the sale of common stock may be exercised at the option of the purchaser and may only be settled in shares of common stock upon payment of the exercise price stated in the stock purchase agreement. These freestanding warrants are classified as an equity instrument and have no expiration date. The fair value of detachable warrants on the grant date was $0 using a Black-Scholes option pricing model with a stock price of $, exercise price of $, risk free rate of , volatility of (logarithmic average due to limited exchange pricing data) and a dividend rate of 0% and a warrant term of 10 years (as the Company’s warrants have no expiration date). During the years ended December 31, 2025 and 2024, there were no exercises of warrants to purchase common stock.
On April 25, 2023, the Company issued 200,000 detachable freestanding warrants at an exercise price of $5.00 per warrant, as additional consideration in connection with its Convertible Note (see Note 7). While the Company contemporaneously issued warrants in connection with a Convertible Note issuance, these warrants are subject to separate agreements with different terms and conditions that are not closely related. The settlement and/or termination of the Convertible Note does not cause the warrant agreement to terminate or cause the terms and conditions to change due to changes in the Note instrument. The warrants issued in connection with the sale of common stock may be exercised at the option of the purchaser and may only be settled in shares of common stock upon payment of the exercise price stated in the stock purchase agreement. These freestanding warrants are classified as an equity instrument and have no expiration date. During the years ended December 31, 2025 and 2024, there were no exercises of warrants to purchase common stock.
The table below summarizes the status of warrants outstanding and exercisable as follows:
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