| Schedule of Warrant Valuation Assumption |
The
Company concluded that the warrants met the requirements to be classified in stockholders’ equity. The Company utilizes the Black-Scholes
model to value its warrants. The Company utilized the following assumptions:
Schedule of Warrant Valuation Assumption
| |
|
Years ended |
|
|
Year ended |
|
| |
|
December 31, 2025 |
|
|
December 31, 2024 |
|
| Expected term |
|
|
3.08 - 5.00 years |
|
|
|
5 - 5.50 years |
|
| Expected average volatility |
|
|
166 - 181 |
% |
|
|
177 - 188 |
% |
| Expected dividend yield |
|
|
- |
|
|
|
- |
|
| Risk-free interest rate |
|
|
3.52 - 3.95 |
|
|
|
3.97 - 4.32 |
|
|
| Schedule of Activity of Warrant |
A
summary of activity of the warrants during the years ended December 31, 2025 and 2024 as follows:
Schedule
of Activity of Warrant
| |
|
Number of |
|
|
Weighted average |
|
|
Average |
|
| |
|
shares |
|
|
Exercise Price |
|
|
Life (years) |
|
| Outstanding, December 31, 2023 |
|
|
233,816 |
|
|
$ |
13.22 |
|
|
|
4.73 |
|
| Granted |
|
|
69,900 |
|
|
|
4.50 |
|
|
|
5.00 |
|
| Granted |
|
|
200 |
|
|
|
100.00 |
|
|
|
5.00 |
|
| Granted |
|
|
62,585 |
|
|
|
5.63 |
|
|
|
5.00 |
|
| Granted |
|
|
66,050 |
|
|
|
7.50 |
|
|
|
5.00 |
|
| Granted |
|
|
296,635 |
|
|
|
1.56 |
|
|
|
5.00 |
|
| Granted |
|
|
340,995 |
|
|
|
2.25 |
|
|
|
5.00 |
|
| Granted |
|
|
3,409,946 |
|
|
|
2.25 |
|
|
|
5.50 |
|
| Granted (*) |
|
|
1,162,802 |
|
|
|
2.25 |
|
|
|
5.50 |
|
| Split – warrant granted in October 2023 |
|
|
516,012 |
|
|
|
1.25 |
|
|
|
- |
|
| Exercised (**) |
|
|
(756,635 |
) |
|
|
3.25 |
|
|
|
- |
|
| Outstanding, December 31, 2024 |
|
|
5,402,306 |
|
|
$ |
2.50 |
|
|
|
5.35 |
|
| Granted - true up |
|
|
6,571 |
|
|
|
1.00 |
|
|
|
3.08 |
|
| Granted |
|
|
357,150 |
|
|
|
1.31 |
|
|
|
5.00 |
|
| Granted |
|
|
490,000 |
|
|
|
1.25 |
|
|
|
5.00 |
|
| Granted |
|
|
961,540 |
|
|
|
1.63 |
|
|
|
5.00 |
|
| Granted |
|
|
540,000 |
|
|
|
1.88 |
|
|
|
5.00 |
|
| Exercised * |
|
|
(1,162,802 |
) |
|
|
2.25 |
|
|
|
- |
|
| Exercised |
|
|
(1,214,104 |
) |
|
|
2.25 |
|
|
|
- |
|
| Outstanding, December 31, 2025 |
|
|
5,380,661 |
|
|
$ |
2.20 |
|
|
|
4.52 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Exercisable, December 31, 2025 |
|
|
5,380,661 |
|
|
$ |
2.20 |
|
|
|
4.52 |
|
| * |
Prefunded
warrants were not yet exercised as of December 31, 2024. |
| |
|
| ** |
Prefunded
warrants, 69,900, from January 2024 offering, are included in the direct sale of equity due to immediately exercised upon raise. |
|
| Schedule of Utilizes Black-Scholes Model to Value of Stock Options |
The
Company utilizes the Black-Scholes model to value its stock options. The Company utilized the following assumptions:
Schedule of Utilizes Black-Scholes Model to Value of Stock Options
| |
|
Year ended |
|
|
Year ended |
|
| |
|
December 31, |
|
|
December 31, |
|
| |
|
2025 |
|
|
2024 |
|
| Expected term |
|
|
3.50 - 6.00
years |
|
|
|
3.50
years |
|
| Expected average volatility |
|
|
180
- 189
|
% |
|
|
187 |
% |
| Expected dividend yield |
|
|
- |
|
|
|
- |
|
| Risk-free interest rate |
|
|
3.77
- 4.27
|
% |
|
|
4.14 |
% |
|
| Schedule of Activity of Stock Options |
A
summary of activity of the stock options during the years ended December 31, 2025 and 2024, is as follows:
Schedule of Activity of Stock Options
| |
|
Options Outstanding |
|
|
Weighted Average |
|
| |
|
Number of |
|
|
Weighted Average |
|
|
Remaining life |
|
| |
|
Options |
|
|
Exercise Price |
|
|
(years) |
|
| |
|
|
|
|
|
|
|
|
|
| Outstanding, December 31, 2023 |
|
|
39,752 |
|
|
$ |
16.42 |
|
|
|
4.64 |
|
| Granted |
|
|
25,000 |
|
|
|
4.12 |
|
|
|
5.00 |
|
| Exercised |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Forfeited/canceled |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Outstanding, December 31, 2024 |
|
|
64,752 |
|
|
$ |
11.67 |
|
|
|
3.82 |
|
| Granted |
|
|
275,000 |
|
|
|
2.54 |
|
|
|
5.18 |
|
| Exercised |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Forfeited/canceled |
|
|
(10,000 |
) |
|
|
2.57 |
|
|
|
- |
|
| Outstanding, December 31, 2025 |
|
|
329,752 |
|
|
$ |
4.33 |
|
|
|
4.01 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Exercisable options, December 31, 2025 |
|
|
44,976 |
|
|
$ |
9.77 |
|
|
|
2.90 |
|
|