Quarterly report pursuant to Section 13 or 15(d)

Warrants (Tables)

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Warrants (Tables)
6 Months Ended
Jun. 30, 2024
Warrants and Rights Note Disclosure [Abstract]  
Schedule of Warrant Activity
The following table summarizes the Company’s warrant activity:
Warrants Weighted-Average Remaining Contractual Life Weighted-Average Exercise Price per Share
Outstanding at December 31, 2023 6,852,952 4.16 $ 7.14 
Granted 100,000 $ 1.00 
Exercised $ – 
Expired (26,000) $ 26.88 
Forfeitures $ – 
Outstanding at June 30, 2024 6,926,952 3.70 $ 6.98 
Exercisable at June 30, 2024 6,926,952 3.70 $ 6.98 
Exercisable at December 31, 2023 6,852,952 4.16 $ 7.14 
Schedule of Assumptions for Warrant Activity
The fair value of the outstanding derivative warrants was determined by using the Black-Scholes Merton option pricing model based on the following assumptions as of June 30, 2024:
Market Price $ 1.03 
Exercise Price $ 2.10 
Dividend Yield –  %
Volatility 60  %
Risk-free Interest Rate 5.09  %
Expected Life of Warrants 0.71 years