| Schedule of Changes in Fair Value of Liabilities Measured at Fair Value on a Recurring Basis |
The
following table provides a summary of the changes in fair value, including net transfers in and/or out, of all of the Company’s
instruments recorded at fair value, which were all Level 3 liabilities measured at fair value on a recurring basis using unobservable
inputs during the years ended December 31, 2024 and 2023:
Schedule
of Changes in Fair Value of Liabilities Measured at Fair Value on a Recurring Basis
| | |
Accrued | | |
Accrued | | |
Derivative | | |
| |
| | |
Interest | | |
Compensation | | |
Liability | | |
Total | |
| | |
| | |
| | |
| | |
| |
| Balance - January 1, 2023 | |
$ | 504,700 | | |
$ | 59,220 | | |
$ | - | | |
$ | 563,920 | |
| Accrual of warrant obligation | |
| 40,167 | | |
| - | | |
| - | | |
| 40,167 | |
| Common stock issued in satisfaction of accrued compensation | |
| - | | |
| | | |
| | | |
| | |
| Reclassification of warrant
obligation to derivative liabilities | |
| - | | |
| | | |
| | | |
| | |
| Issuance of warrants | |
| (40,167 | ) | |
| - | | |
| - | | |
| (40,167 | ) |
| Accrual of common stock
obligation | |
| - | | |
| 37,959 | | |
| - | | |
| 37,959 | |
| Issuance of warrants and
conversion option | |
| - | | |
| - | | |
| 43,900 | | |
| 43,900 | |
| Change
in fair value | |
| (148,190 | ) | |
| (77 | ) | |
| (10,900 | ) | |
| (159,167 | ) |
| Balance - December 31, 2023 | |
$ | 356,510 | | |
$ | 97,102 | | |
$ | 33,000 | | |
$ | 486,612 | |
| Accrual of warrant obligation | |
| 6,666 | | |
| - | | |
| - | | |
| 6,666 | |
| Common stock issued in
satisfaction of accrued compensation | |
| - | | |
| (45,000 | ) | |
| - | | |
| (45,000 | ) |
| Reclassification of warrant
obligation to derivative liabilities | |
| (6,666 | ) | |
| - | | |
| 6,666 | | |
| - | |
| Issuance of warrants | |
| - | | |
| - | | |
| - | | |
| - | |
| Issuance of warrants and
conversion option | |
| - | | |
| - | | |
| 939,846 | | |
| 939,846 | |
| Change
in fair value | |
| (140,425 | ) | |
| (14,754 | ) | |
| (398,009 | ) | |
| (553,188 | ) |
| Balance - December
31, 2024 | |
$ | 216,085 | | |
$ | 37,348 | | |
$ | 581,503 | | |
$ | 834,936 | |
|
| Schedule of Assumptions Used for Valuation of Level 3 Liabilities |
In
applying the Black-Scholes option pricing model utilized in the valuation of Level 3 liabilities, the Company used the following approximate
assumptions:
Schedule
of Assumptions Used for Valuation of Level 3 Liabilities
| | |
For the Years
Ended | |
| | |
December
31, | |
| | |
2024 | | |
2023 | |
| | |
| | |
| |
| Risk-free interest rate | |
| 3.58%
- 5.33 | % | |
| 3.60%
- 4.70 | % |
| Expected term (years) | |
| 0.82
- 10.00 | | |
| 4.00
- 5.00 | |
| Expected volatility | |
| 65%-
75 | % | |
| 65%-
80 | % |
| Expected dividends | |
| 0.00 | % | |
| 0.00 | % |
|