StockBased Compensation

12 Months Ended

Dec. 30, 2024

StockBased Compensation

Stock-based Compensation

Note 8 - Stock-Based Compensation

a) (i) Common Stock Warrants

The following table summarizes the changes in warrants outstanding of the Company during the year ended December 31, 2024 and December 31, 2023:

	Warrants #			Weighted Average Exercise Price $
Outstanding at December 31, 2022		539,000			3.800
Granted		448,500			2.000
Expired		(125,000	)		2.470
Outstanding at December 31, 2023		862,500			3.050
Granted - Pre Funded Warrants		3,557,273			0.001
Granted - Form A Warrants		2,857,389			0.5722
Granted - Form B Warrants		1,428,693			0.7153
Expired		-			-
Outstanding at December 31, 2024		8,705,855			0.608
Exercisable at December 31, 2024		8,705,855			0.608

See also Warrants – Series A and Series B Common Stock Warrants below regarding additional warrants not included in the table above.

Warrants Granted

2024

On August 12, 2024, in connection with a registered direct offering pursuant to the 2021 Form S-3, the Company issued Pre-Funded Warrants to purchase up to an aggregate of 3,557,273 shares of our common stock at an exercise price of $0.001 per share.  The Pre-Funded Warrants are immediately exercisable and can be exercised at any time after their original issuance until such Pre-Funded Warrants are exercised in full.  See Note 7 – Common Stock – Equity Capital Raises – 2024 for further details.

On December 9, 2024, in connection with a registered direct offering pursuant to the 2021 Form S-3, the Company issued Form A Warrants to purchase up to an aggregate of 2,857,389 shares of our common stock and Form B Warrants to purchase up to an aggregate of 1,428,693 shares of our common stock. Each Form A Warrant has an exercise price per share of $0.5722 and each Form B Warrant has an exercise price per share of $00.71525. Each Form A Warrant and each Form B Warrant is exercisable on or after December 9, 2024 through and until December 9, 2029.  See Note 7 – Common Stock – Equity Capital Raises – 2024 for further details.

2023

The Company issued warrants to purchase an aggregate of 448,500 shares of Company common stock to Freedom, at an exercise price of $2.00 per share. See Note 7 – Common Stock – Equity Capital Raises – 2023 for further details.

The Company evaluated the warrants as either equity-classified or liability-classified instruments based on an assessment of the specific terms of the warrants and applicable authoritative guidance in ASC 480 and ASC 815-40. The Company determined the warrants issued in the Freedom offering failed the indexation guidance under ASC 815-40, specifically, the warrants provide for a Black-Scholes value calculation in the event of certain transactions (“Fundamental Transactions”), which includes a floor on volatility utilized in the value calculation at 100% or greater. The Company has determined that this provision introduces leverage to the holders of the warrants that could result in a value that would be greater than the settlement amount of a fixed-for-fixed option on the Company’s own equity shares. Accordingly, pursuant to ASC 815-40, the Company has classified the fair value of the warrants as a liability upon issuance and marked to market each reporting period in the Company’s consolidated statement of operations until their exercise or expiration.

Warrant Expiration

2024

During the year ended December 31, 2024, no warrants expired unexercised.

2023

Effective February 26, 2023, a warrant to purchase 125,000 shares of common stock expired unexercised.

Outstanding Warrants

Below is a table summarizing the warrants issued and outstanding as of December 31, 2024. The warrants outstanding have a weighted average price of $ 0.608 per share and an aggregate weighted average remaining contractual life of  2.71 years. The warrants exercisable have a weighted average price of  $0.608 per share.

Outstanding #		Exercisable #		Exercise Price ($)		Weighted Average Remaining Contractual Life (Years)		Proceeds to Company if Exercised ($)
	3,557,273		3,557,273		0.001		0.00		3,557
	2,857,389		2,857,389		0.5722		4.94		1,634,998
	1,428,693		1,428,693		0.7153		4.94		1,021,873
	448,500		448,500		2.000		3.45		897,000
	54,000		27,000		3.050		3.76		164,700
	50,000		50,000		3.450		1.16		172,500
	125,000		125,000		3.950		2.00		493,750
	185,000		185,000		4.900		2.09		906,500
	8,705,855		8,678,855						5,294,878

See also Warrants – Series A and Series B Common Stock Warrants below regarding additional warrants not included in the table above.

Stock-based compensation expense related to warrants of $5,238 and $30,574 was recorded for the years ended December 31, 2024, and December 31, 2023, respectively. Total remaining unrecognized compensation cost related to non-vested warrants is approximately $nil and is expected to be recognized over a period of nil years. As of December 31, 2024, the total intrinsic value of warrants was $nil.

a) (ii) Warrants – Series A and Series B Common Stock Warrants

Warrants Granted

2024

On August 12, 2024, in connection with a registered direct offering pursuant to the 2021 Form S-3, the Company issued Series A Warrants to purchase up to an aggregate of 12,727,273 shares of our common stock at an exercise price of $0.57 per share, and Series B Warrants to purchase up to an aggregate of 12,727,273 shares of our common stock at an exercise price of $0.57 per share. In addition, the Company issued warrants to designees of the placement agent to purchase an aggregate of 381,818 shares of Company common stock on substantially the same terms as the Series B Warrants at an exercise price of $0.6875 per share. The Series A Warrants are exercisable on or after February 12, 2025 (the “Initial Exercise Date”) and will be exercisable until the earlier of (a) the two (2) year anniversary of the Initial Exercise Date and (b) the date that is 60 days following the Company’s public announcement on a Current Report on Form 8-K of the occurrence of the Company entering into one or more agreements relating to the development and commercialization of a product, technology, or process in the human space, provided at least one such agreement covers a territory that includes all or a part of the European Union, the United States, the United Kingdom, Japan, or China, and which, during the term of all such agreements and pursuant to the terms thereof, collectively such agreements include aggregate (i) potential milestone payments to the Company of at least $10.0 million, or (ii) potential milestone payments to the Company of at least $5.0 million and potential total payments of at least $20.0 million. The Series B Warrants are exercisable on or after the Initial Exercise Date, and will be exercisable until the earlier of (a) the five (5) year anniversary of the Initial Exercise Date and (b) the date that is six (6) months following the Company’s public announcement on a Current Report on Form 8-K of the occurrence of the Company or a third party receiving the first FDA approval of a product, technology, or process in the human space utilizing the Company’s intellectual property, provided, however, that the FDA’s approval of a protocol for a clinical trial of a product, technology, or process in the human space, or the FDA’s acceptance of data from invitro trials or in vivo animal trials, shall not constitute “FDA approval” for purposes of this definition of this milestone. See Note 7 – Common Stock – Equity Capital Raises – 2024 for further details

The following table summarizes the changes in Series A and Series B Warrants of the Company outstanding during the year ended December 31, 2024 and December 31, 2023:

	Warrants #		Weighted Average Exercise Price $
Outstanding at December 31, 2022		-		-
Granted		-		-
Exercised		-		-
Expired		-		-
Outstanding at December 31, 2023		-		-
Granted		25,836,364		0.570
Exercised		-		-
Expired		-		-
Outstanding at December 31, 2024		25,836,364		0.570
Exercisable at December 31, 2024		-		-

See also Warrants –Common Stock Warrants above regarding additional warrants not included in the table above.

Below is a table summarizing the Series A and Series B common stock warrants issued and outstanding as of December 31, 2024, which have a maximum aggregate weighted average remaining contractual life of 3.62 years (assuming that certain Company milestones set forth in the warrants are not achieved). The proceeds if exercised as reflected in the table below assume the warrants are exercised for cash.

Description	Outstanding #		Exercisable #		Exercise Price ($)		Weighted Average Remaining Contractual Life (Years)		Proceeds to Company if Exercised ($)
Investor Series A Warrants		12,727,273		0.000		0.570		2.11		7,254,546
Investor Series B Warrants		12,727,273		0.000		0.570		5.11		7,254,546
Placement Agent Series B Warrants		381,818		0.000		0.688		4.61		262,500
		25,836,364								14,771,592

b) Options

The Company currently has options outstanding under both its 2011 Plan (for option issuances prior to 2016,) and its 2015 Plan (for option issuances commencing in 2016). Effective as of January 1, 2016, no additional awards were or may be made under the 2011 Plan. The Company also has the 2024 Plan (as defined below), however, as of December 31, 2024 no options had been awarded under such Plan.

The 2015 Plan was adopted by the Board of Directors on August 18, 2015 and approved by the stockholders at an annual meeting held on October 30, 2015. On August 5, 2016, the Board of Directors adopted an amendment to the 2015 Plan to increase the number of shares of common stock available for issuance under such Plan by 750,000 shares to an aggregate maximum of 1,750,000 shares, which amendment was approved by the stockholders at an annual meeting held on October 7, 2016. On June 13, 2017, the Board of Directors adopted a subsequent amendment to the 2015 Plan to increase the number of shares of common stock available for issuance under such Plan by 750,000 shares to an aggregate maximum of 2,500,000 shares, which amendment was approved by the stockholders at an annual meeting held on September 8, 2017. On June 15, 2018, the Board of Directors adopted a subsequent amendment to the 2015 Plan to increase the number of shares of common stock available for issuance under such Plan by 750,000 shares to an aggregate maximum of 3,250,000 shares, which amendment was approved by the stockholders at an annual meeting held on September 7, 2018.

On March 27, 2019, the Board of Directors adopted a subsequent amendment to the 2015 Plan to increase the number of shares of common stock available for issuance under such Plan by 1,000,000 shares to an aggregate maximum of 4,250,000 shares, which amendment was approved by the stockholders at an annual meeting held on June 14, 2019. On March 31, 2021, the Board of Directors adopted a subsequent amendment to the 2015 Plan to increase the number of shares of common stock available for issuance under such  Plan by 1,750,000 shares to an aggregate maximum of 6,000,000 shares, which amendment was approved by the stockholders at an annual meeting held on June 17, 2021.

On April 4, 2022, the Board of Directors adopted a subsequent amendment to the 2015 Plan to increase the number of shares of common stock available for issuance under such plan by 1,750,000 shares to an aggregate maximum of 7,750,000 shares, which amendment was approved by the stockholders at an annual meeting held on June 13, 2022.

On April 17, 2023, the Board of Directors adopted a subsequent amendment to the 2015 Plan to increase the number of shares of common stock available for issuance under such plan by 1,950,000 shares to an aggregate maximum of 9,700,000 shares, which amendment was approved by the stockholders at an annual meeting held on June 28, 2023.

The 2015 Plan permits the grant of incentive stock options, non-statutory stock options, restricted stock awards, stock bonus awards, stock appreciation rights, restricted stock units and performance awards. The primary purpose of the 2015 Plan is to enhance the Company’s ability to attract and retain the services of qualified employees, officers, directors, consultants and other service providers upon whose judgment, initiative and efforts the successful conduct and development of the Company’s business largely depends, and to provide additional incentives to such persons or entities to devote their utmost effort and skill to the advancement and betterment of the Company, by providing them an opportunity to participate in the ownership of the Company that is tied to the Company’s performance, thereby giving them an interest in the success and increased value of the Company.  The 2015 Plan is administered by the Compensation Committee comprised solely of members of the Board of Directors or by the Board of Directors as a whole.

At the Annual Meeting on July 2, 2024, the stockholders approved and adopted the Company’s 2024 Stock Incentive Plan (the “2024 Plan ”) which authorizes up to 7,500,000 shares of common stock for issuance pursuant to awards granted under the 2024 Plan. The 2024 Plan had previously been approved by the Board of Directors of the Company on April 24, 2024. As of December 31, 2024, no options had been awarded under such Plan, however, RSUs for 1,000,000 shares had been awarded under the 2024 Plan.  See Note 8- Stock Compensation – Restricted Stock Units.

The following table summarizes the changes in options outstanding of the Company during the years ended December 31, 2024 and December 31, 2023.

	Options #			Weighted Average  Exercise Price $
Outstanding at December 31, 2022		4,985,105			3.87
Forfeited		(285,536	)		3.89
Outstanding at December 31, 2023		4,699,569			3.87
Forfeited		(61,821	)		3.40
Outstanding at December 31, 2024		4,637,748			3.88
Exercisable at December 31, 2024		4,637,748			3.88

Options Granted

2023 and 2024

During the years ended December 31, 2024 and December 31, 2023, no options were granted.

Options Forfeited

2024

During the year ended December 31, 2024, the following table summarizes the options were forfeited.

Equity Incentive Plan	Options (#)		Grant Date	Options Forfeited (#)		Grant Price ($)		Forfeiture Date
2015		12,500	Sep 7, 2021		12,500		3.40	Nov 4, 2024
2015		12,500	Sep 7, 2021		12,500		3.40	Nov 4, 2024
2015		18,410	Mar 8, 2021		18,410		3.40	Apr 16, 2024
2015		18,411	Mar 8, 2021		18,411		3.40	Apr 16, 2024
		61,821			61,821

2023

During the year ended December 31, 2023, the following table summarizes the options were forfeited.

Equity Incentive Plan	Options (#)		Grant Date	Options Forfeited (#)		Grant Price ($)		Forfeiture Date
2015		25,000	Apr 15, 2016		25,000		4.00	Feb 18, 2023
2015		55,000	Apr 13, 2020		55,000		3.60	Feb 18, 2023
2015		50,000	Mar 30, 2017		50,000		5.00	Feb 18, 2023
2015		50,000	Feb 11, 2019		50,000		3.25	Feb 18, 2023
2015		50,000	Jan 23, 2018		50,000		4.00	Feb 18, 2023
2015		32,383	Aug 3, 2021		32,383		3.40	Feb 18, 2023
2011		5,267	Mar 20, 2013		5,267		4.35	Mar 20, 2023
2011		1,100	Mar 20, 2013		1,100		4.35	Mar 20, 2023
2015		4,317	Aug 3, 2021		4,317		3.40	Jun 28, 2023
2011		550	Sep 2, 2013		550		3.35	Sep 2, 2023
2011		550	Sep 2, 2013		550		4.35	Sep 2, 2023
2011		550	Sep 2, 2013		550		4.35	Sep 2, 2023
2011		2,167	Sep 2, 2013		2,167		3.35	Sep 2, 2023
2011		2,167	Sep 2, 2013		2,167		4.35	Sep 2, 2023
2011		2,167	Sep 2, 2013		2,167		4.35	Sep 2, 2023
2015		4,318	Aug 3, 2021		4,318		3.40	Sep 28, 2023
		285,536			285,536

Below is a table summarizing the options issued and outstanding as of December 31, 2024, all of which were issued pursuant to the 2011 Plan (for option issuances prior to 2016) or the 2015 Plan (for option issuances commencing in 2016)and which have a weighted average exercise price of $ 3.88 per share and an aggregate weighted average remaining contractual life of  3.19 years.  As of December 31, 2024, an aggregate of 9,700,000 shares of common stock were authorized for issuance under the 2015 Plan, of which 182,252 shares of common stock remained available for future issuance thereunder.

Outstanding #		Exercisable #		Exercise Price ($)		Weighted Average Remaining Contractual Life (Years)		Proceeds to Company if Exercised  $
	585,000		585,000		3.25		0.11		1,901,250
	919,748		919,748		3.40		6.59		3,127,143
	740,000		740,000		3.60		5.35		2,664,000
	1,607,837		1,607,837		4.00		1.73		6,431,348
	89,163		89,163		4.38		3.06		390,534
	50,000		50,000		4.80		2.00		240,000
	646,000		646,000		5.00		2.24		3,230,000
	4,637,748		4,637,748						17,984,275

Stock-based compensation expense related to stock options of $0 and $287,363 was recorded for the year ended December 31, 2024 and December 31, 2023 respectively. Total remaining unrecognized compensation cost related to non-vested stock options is approximately $nil and is expected to be recognized over a period of nil years. As of December 31, 2024, the total intrinsic value of stock options was $nil.

As of December 31, 2024, an aggregate of 182,252 shares of common stock remained available for future issuance under the 2015 Plan.

c) Restricted Stock Units (RSUs)

2015 Plan

Below is a table summarizing the RSUs issued and outstanding as of December 31, 2024, all of which were issued pursuant to the 2015 Plan.

	RSUs #			Weighted Average Exercise Price $
Outstanding at December 31, 2022		2,262,908			2.05
Granted		2,317,882			0.79
Vested		(836,828	)		2.35
Forfeited		(109,010	)		1.77
Outstanding at December 31, 2023		3,634,952			1.01
Granted		1,457,910			0.68
Vested		(924,536	)		1.41
Forfeited		(776,010	)		0.83
Outstanding at December 31, 2024		3,392,316			0.80

RSUs Granted

2024

Below is a table summarizing the RSUs granted during the year ended December 31, 2024, all of which were issued pursuant to the 2015 Plan. These RSUs vest equally over periods stated on the dates noted, subject to continued service, and will result in the compensation expense stated.

Note

Equity Incentive Plan

RSUs #

Grant Date

Vesting Period

First Vesting Date

Second Vesting Date

Third Vesting Date

RSU  Expense $

2015

14,000

Feb 22, 2024

36 Months

Feb 22, 2025

Feb 21, 2026

Feb 21, 2027

13,589

2015

115,000

May 23, 2024

36 Months

May 23, 2025

May 23, 2026

May 23, 2027

85,389

2015

297,340

Jun 1, 2024

11 Months

May 1, 2025

N/A

N/A

209,832

2015

38,198

Jul 1, 2024

11 Months

Jun 1, 2025

N/A

N/A

23,645

2015

21,583

Jul 8, 2024

6 Months

Jan 1, 2025

N/A

N/A

13,209

2015

343,192

Sep 1, 2024

9 Months

Jun 1, 2025

N/A

N/A

247,098

2015

15,000

Sep 30, 2024

36 Months

Sep 30, 2025

Sep 30, 2026

Sep 30, 2027

9,015

2015

33,503

Oct 1, 2024

9 Months

Jul 1, 2025

N/A

N/A

21,308

2015

400,000

Nov 6, 2024

36 Months

Nov 6, 2025

Nov 6, 2026

Nov 6, 2027

240,799

2015

180,094

Dec 1, 2024

6 Months

Jun 1, 2025

N/A

N/A

125,146

1,457,910

989,030

2023

Below is a table summarizing the RSUs granted during the year ended December 31, 2023, all of which were issued pursuant to the 2015 Plan. These RSUs vest equally over periods stated on the dates noted, subject to continued service, and will result in the compensation expense stated. The exception to this is specified in note (i) which is described in detail below.

Note

Equity Incentive Plan

RSUs #

Grant Date

Vesting Period

First Vesting Date

Second Vesting Date

Third Vesting Date

RSU  Expense $

2015

57,000

Mar 27, 2023

36 Months

Mar 27, 2024

Mar 27, 2025

Mar 27, 2026

98,040

2015

50,000

Mar 27, 2023

24 Months

Mar 27, 2024

Mar 27, 2025

N/A

86,000

2015

5,325

Mar 27, 2023

12 Months

Mar 27, 2024

Mar 27, 2025

N/A

9,159

2015

47,000

Jun 15, 2023

36 Months

Jun 15, 2024

Jun 15, 2025

Jun 15, 2026

74,260

2015

8,392

Jun 15, 2023

12 Months

Jun 15, 2024

N/A

N/A

13,260

2015

43,165

Jul 13, 2023

6 Months

Jul 13, 2024

Jan 13, 2024

N/A

56,978

2015

14,000

Jul 13, 2023

36 Months

Jul 13, 2024

Jul 13, 2025

Jul 13, 2026

18,479

2015

34,000

Sep 11, 2023

36 Months

Sep 11, 2024

Sep 11, 2025

Sep 11, 2026

44,540

2015

1,569,000

Sep 28, 2023

36 Months

Sep 28, 2024

Sep 28, 2025

Sep 28, 2026

1,098,300

(i)

2015

450,000

Oct 19, 2023

Up to 42 Months

Variable

Variable

Variable

306,000

2015

40,000

Dec 11, 2023

36 Months

Dec 11, 2024

Dec 11, 2025

Dec 11, 2026

23,200

2,317,882

1,828,216

(i) These RSUs were granted by the Compensation Committee of the Board of Directors in September 2023, with an effective date of October 19, 2023 and vest upon the share price closing above $5.00 per share for a minimum of thirty consecutive trading days within a period of three years from the date of grant, with further time-based vesting in a single installment six months after the timely achievement of the target, if at all, and subject to continued service. The estimated fair value of the RSUs that include a market vesting condition will be measured on the grant date using a Monte Carlo Simulation of a Geometric Brownian Motion stock path model and incorporating the probability of vesting occurring. The estimated fair value of these awards will be recognized over the derived service period (as determined by the valuation model), with such recognition occurring regardless of whether the market condition is met.

RSUs Vested

Below is a table summarizing the RSUs vested during the year ended December 31, 2024, all of which were issued pursuant to the 2015 Plan.

Equity Incentive Plan	RSUs #		Vesting Date	Shares Issued #		Shares Withheld for Taxes #
2015		21,582	Feb 8, 2024		21,582		-
2015		9,000	Mar 1, 2024		6,057		2,943
2015		44,217	Mar 27, 2024		40,530		3,687
2015		51,000	Apr 4, 2024		32,337		18,663
2015		50,000	May 1, 2024		34,496		15,504
2015		11,500	Jun 1, 2024		6,670		4,830
2015		14,962	Jun 15, 2024		11,684		3,278
2015		4,667	Jul 13, 2024		3,165		1,502
2015		29,000	Aug 15, 2024		21,291		7,709
2015		2,000	Sep 11, 2024		2,000		-
2015		2,500	Sep 21, 2024		2,500		-
2015		332,775	Sep 28, 2024		265,300		67,475
2015		337,666	Oct 04, 2024		272,242		65,424
2015		333	Nov 29, 2024		333		-
2015		13,334	Dec 11, 2024		10,208		3,126
		924,536			730,395		194,141

Below is a table summarizing the RSUs vested during the year ended December 31, 2023, all of which were issued pursuant to the 2015 Plan.

Equity Incentive Plan	RSUs #		Vesting Date	Shares Issued #		Shares Withheld for Taxes #
2015		4,000	Feb 8, 2023		2,369		1,631
2015		15,000	Mar 1, 2023		9,609		5,391
2015		15,000	Mar 25, 2023		15,000		-
2015		2,500	Apr 4, 2023		1,759		741
2015		13,500	Apr 4, 2023		7,995		5,505
2015		35,000	Apr 4, 2023		22,610		12,390
2015		50,000	May 1, 2023		35,707		14,293
2015		4,000	Jun 1, 2023		2,270		1,730
2015		7,500	Jun 1, 2023		4,257		3,243
2015		208,809	Aug 3, 2023		167,809		41,000
2015		34,102	Aug 15, 2023		23,764		10,338
2015		12,000	Sep 7, 2023		7,046		4,954
2015		12,500	Sep 21, 2023		7,434		5,066
2015		357,346	Oct 4, 2023		298,738		58,608
2015		19,904	Oct 4, 2023		6,883		13,021
2015		21,583	Oct 13, 2023		21,583		-
2015		21,750	Nov 1, 2023		21,750		-
2015		334	Nov 29, 2023		334		-
2015		2,000	Dec 15, 2023		1,185		815
		836,828			658,102		178,726

RSUs Cancelled

Below is a table summarizing the RSUs cancelled during the year ended December 31, 2024, all of which were originally issued pursuant to the 2015 Plan.

Equity Incentive Plan	RSUs #		Forfeiture Date	RSUs Forfeited #
2015		24,000	Jan 16, 2024		24,000
2015		12,000	Jan 16, 2024		12,000
2015		2,000	Feb 9, 2024		2,000
2015		1,775	Mar 25, 2024		1,775
2015		2,098	Mar 25, 2024		2,098
2015		5,333	May 17, 2024		5,333
2015		2,000	May 17, 2024		2,000
2015		10,000	May 17, 2024		10,000
2015		28,000	May 31, 2024		28,000
2015		6,666	Jul 12, 2024		6,666
2015		13,000	Jul 12, 2024		13,000
2015		5,666	Aug 4, 2024		5,666
2015		10,000	Aug 4, 2024		10,000
2015		25,000	Aug 4, 2024		25,000
2015		5,667	Aug 4, 2024		5,667
2015		486,525	Aug 15, 2024		486,525
2015		16,000	Aug 30, 2024		16,000
2015		12,150	Aug 30, 2024		12,150
2015		9,333	Aug 30, 2024		9,333
2015		25,200	Nov 22, 2024		25,200
2015		13,666	Nov 22, 2024		13,666
2015		2,333	Dec 11, 2024		2,333
2015		4,950	Dec 11, 2024		4,950
2015		3,150	Dec 20, 2024		3,150
2015		1,666	Dec 20, 2024		1,666
2015		13,500	Dec 20, 2024		13,500
2015		7,666	Dec 20, 2024		7,666
2015		26,666	Dec 20, 2024		26,666
		776,010			776,010

Below is a table summarizing the RSUs cancelled during the year ended December 31, 2023, all of which were originally issued pursuant to the 2015 Plan.

Equity Incentive Plan	RSUs #		Forfeiture Date	RSUs Forfeited #
2015		23,000	Apr 30, 2023		23,000
2015		21,000	May 5, 2023		21,000
2015		2,000	Jun 15, 2023		2,000
2015		17,343	Jun 28, 2023		17,343
2015		14,000	Jul 28, 2023		14,000
2015		10,000	Sep 22, 2023		10,000
2015		2,667	Oct 4, 2024		2,667
2015		19,000	Oct 20, 2024		19,000
		109,010			109,010

Below is a table summarizing the RSUs issued and outstanding as of December 31, 2024 all of which were issued under the 2015 Plan, and of which the last to vest have a remaining contractual life of 2.85 years.

Outstanding #		Weighted Average Grant date Fair Value $		Weighted Average Remaining  Contractual Life (Years)
	15,000	$	0.601		1.75
	400,000	$	0.602		1.85
	21,583	$	0.612		0.00
	38,198	$	0.619		0.42
	33,503	$	0.636		0.50
	450,000	$	0.675		2.30
	450,000	$	0.690		1.26
	180,094	$	0.695		0.42
	618,750	$	0.700		0.83
	297,340	$	0.706		0.33
	343,192	$	0.720		0.42
	115,000	$	0.743		1.39
	14,000	$	0.971		1.15
	4,000	$	1.310		0.80
	9,333	$	1.320		0.69
	312,325	$	1.460		0.36
	17,332	$	1.580		0.48
	38,333	$	1.720		0.66
	333	$	2.150		0.46
	34,000	$	2.950		0.06
	3,392,316

Stock-based compensation expense related to RSUs of $1,263,304 and $1,971,607 was recorded in the years ended December 31, 2024, and December 31, 2023, respectively. Total remaining unrecognized compensation cost related to non-vested RSUs is $1,288,827.

2024 Plan

Below is a table summarizing the RSUs issued and outstanding as of December 31, 2024, all of which were issued pursuant to the 2024 Plan.

	RSUs #		Weighted Average Exercise Price $
Outstanding at December 31, 2022		-		-
Granted		-		-
Vested		-		-
Forfeited		-		-
Outstanding at December 31, 2023		-		-
Granted		500,000		0.271
Granted		500,000		0.144
Vested		-		-
Forfeited		-		-
Outstanding at December 31, 2024		1,000,000		0.207

2024

Below is a table summarizing the RSUs granted during the year ended December 31, 2024, all of which were issued pursuant to the 2024 Plan. These RSUs vest, subject to continued service and will result in the compensation expense stated in the table with the following details specified in notes (i) and (ii) described in detail below.

Note	Equity Incentive Plan	RSUs #		Grant Date	Vesting Period	First Vesting Date	Second Vesting Date	Third Vesting Date	RSU  Expense $
(i)	2024		500,000	Nov 6, 2024	Up to 42 Months	Variable	Variable	Variable		135,280
(ii)	2024		500,000	Nov 6, 2024	Up to 42 Months	Variable	Variable	Variable		72,124
			1,000,000

(I)

These RSUs vest upon the share price closing above $2.50 per share for a minimum of thirty consecutive trading days within a period of three and a half years from the date of grant, with further time-based vesting in a single installment six months after the timely achievement of the target, if at all, and subject to continued service. The estimated fair value of the RSUs that include a market vesting condition will be measured on the grant date using a Monte Carlo Simulation of a Geometric Brownian Motion stock path model and incorporating the probability of vesting occurring. The estimated fair value of these awards will be recognized over the derived service period (as determined by the valuation model), with such recognition occurring regardless of whether the market condition is met.

(ii)

These RSUs vest upon the share price closing above $5.00 per share for a minimum of thirty consecutive trading days within a period of three and a half years from the date of grant, with further time-based vesting in a single installment six months after the timely achievement of the target, if at all, and subject to continued service. The estimated fair value of the RSUs that include a market vesting condition will be measured on the grant date using a Monte Carlo Simulation of a Geometric Brownian Motion stock path model and incorporating the probability of vesting occurring. The estimated fair value of these awards will be recognized over the derived service period (as determined by the valuation model), with such recognition occurring regardless of whether the market condition is met.