| SCHEDULE OF BLACK-SCHOLES OPTION PRICING MODELS FOR WARRANT-BASED STOCK COMPENSATION |
The
following ranges of assumptions were used in calculations of the Black-Scholes option pricing models for option and warrant-based stock
compensation issued in the nine months ended September 30, 2025 and 2024:
SCHEDULE OF BLACK-SCHOLES OPTION PRICING MODELS FOR WARRANT-BASED STOCK COMPENSATION
| | |
| September
30, 2025 | | |
| September 30, 2024 | |
| Exercise price | |
$ | 0.11 to 0.15 | | |
$ | 0.10 to 0.15 | |
| Risk-free interest rate | |
| 3.81%
- 4.54 | % | |
| 3.74% - 4.71 | % |
| Expected term (in years) | |
| 5.0 to 10.0 | | |
| 5.0 to 10.0 | |
| Expected share price volatility | |
| 106.12
to 109.69 | % | |
| 89.73% to 113.72 | % |
| Expected dividend yield | |
| 0.0%
- 0.0 | % | |
| 0.0% - 0.0 | % |
|
| SCHEDULE OF OPTION ACTIVITY |
A
summary of warrant activity for the year ended December 31, 2024 and nine months ended September 30, 2025 is as follows:
SCHEDULE OF WARRANT ACTIVITY
| | |
Number of
Warrants | | |
Weighted Average
Exercise Price | |
| | |
| | |
| |
| Balance, December 31, 2023 | |
| 24,015,976 | | |
| 0.22 | |
| Issued in connection with: | |
| | | |
| | |
| Common stock units sold for cash | |
| 1,970,000 | | |
| 0.15 | |
| Services | |
| 303,500 | | |
| 0.11 | |
| Debt-related interest | |
| 180,000 | | |
| 0.15 | |
| Debt conversion | |
| 3,125,000 | | |
| 0.10 | |
| Expired or rescinded | |
| (3,397,981 | ) | |
| 0.09 | |
| Exchanged for stock options | |
| 1,250,000 | | |
| 0.20 | |
| Balance, December 31, 2024 | |
| 27,446,495 | | |
$ | 0.21 | |
| Issued in connection with: | |
| | | |
| | |
| Common stock units sold for cash | |
| 4,350,000 | | |
| 0.15 | |
| Debt conversion | |
| 625,000 | | |
| 0.10 | |
| Debt-related interest | |
| 250,000 | | |
| 0.15 | |
| Services | |
| 750,000 | | |
| 0.12 | |
| Exercised | |
| (125,000 | ) | |
| 0.05 | |
| Expired | |
| (500,000 | ) | |
| 0.20 | |
| Balance, September 30, 2025 | |
| 32,796,495 | | |
| 0.20 | |
|
| SCHEDULE OF OPTION ACTIVITY |
A
summary of option activity for the year ended December 31, 2024 and nine months ended September 30, 2025 is as follows:
SCHEDULE OF OPTION ACTIVITY
| | |
Number of Options | | |
Weighted Average Exercise Price | |
| Balance, December 31, 2023 | |
| 61,555,000 | | |
| 0.15 | |
| Options granted | |
| 29,166,571 | | |
| 0.11 | |
| Options expired | |
| (500,000 | ) | |
| 0.05 | |
| Exchanged for warrant | |
| (1,250,000 | ) | |
| 0.20 | |
| Balance, December 31, 2024 | |
| 88,971,571 | | |
$ | 0.13 | |
| Options granted | |
| 12,774,470 | | |
| 0.12 | |
| Options expired | |
| (3,158,334 | ) | |
| 0.16 | |
| Options exercised | |
| (650,000 | ) | |
| 0.06 | |
| Balance, September 30, 2025 | |
| 97,937,707 | | |
| 0.13 | |
| Vested, September 30, 2025 | |
| 45,709,324 | | |
| 0.13 | |
|