NOTE 6 – SHARE-BASED PAYMENTS TO VENDORS

In the fourth quarter of 2022, the Company entered into a number of agreements with vendors pursuant to which the Company made grants of a total of 43,186 share of common stock with grant date fair values ranging from $3.30 to $3.67, up to 10,096 of warrants, and cash payments. These contracts had six-months terms with various contractual vesting periods. The cash payments were expensed over the service period and the equity components were expensed consistent with the various contractual vesting periods. The Company recorded general and administrative expenses of $0 and $46,742 for the years ended December 31, 2024 and 2023, respectively.

In the first quarter of 2023, the Company entered into an agreement with a consultant to provide investor relation services for a six-month term. The Company granted 36,000 shares of common stock at a grant date fair value of $3.31, pursuant to the agreement and recorded general and administrative expenses of $0 and $119,160 for the years ended December 31, 2024 and 2023, respectively.

In the fourth quarter of 2023, the Company entered into a number of agreements with vendors pursuant to which the Company made grants of a total of 116,000 share of common stock with grant date fair values ranging from $1.50 to $5.18 and cash payments. These contracts had four to six-months terms with various contractual vesting periods. The cash payments were expensed over the service period and the equity components were expensed consistent with the various contractual vesting periods. The Company recorded general and administrative expenses of $76,600 and $393,681 for the years ended December 31, 2024 and 2023, respectively.

In the first quarter of 2024, the Company entered into a number of agreements with consultants to provide investor relation services for four-month terms. The cash payments were expensed over the service period and the equity components were expensed consistent with the various contractual vesting periods. Per the agreements, the Company issued a total of 120,000 shares of common stock evenly over the four-month service period with grant date fair values ranging from $1.87 to $4.81. The Company recorded general and administrative expenses of $329,700 for the year ended December 31, 2024.

In the second quarter of 2024, the Company entered into a number of agreements with consultants to provide investor relation services for six-month terms. The cash payments were expensed over the service period and the equity components were expensed consistent with the various contractual vesting periods. Per the agreements, the Company issued a total of 156,000 shares of common stock evenly over the six-month service period with grant date fair values ranging from $1.80 to $2.40. The Company recorded general and administrative expenses of $312,600 for the year ended December 31, 2024.

In the fourth quarter of 2024, the Company entered into a number of agreements with vendors pursuant to which the Company will make grants of a total of 76,000 shares of common stock. These contracts have six to twelve-months terms with various contractual vesting periods and they are expensed consistently with the various contractual vesting periods. The Company issued 46,000 shares of common stock with grant date fair values ranging from $1.89 to $2.08. The Company recorded general and administrative expenses of $93,780 for the year ended December 31, 2024.

In addition, in the fourth quarter of 2024, the Company entered into a 12-month agreement with a vendor pursuant to which the Company will make quarterly grants equal to $21,000 worth of common stock and certain cash payments. The share-based payments will be expensed consistently over the contractual vesting period. The Company recorded general and administrative expenses of $21,000 for the year ended December 31, 2024.