Note 8 – Warrants

At September 30, 2024, the Company had 347,240 warrants outstanding with a weighted average exercise price of $8.81 per share. At December 31, 2023, the Company had 786,420 warrants outstanding with a weighted average exercise price of $5.19 per share. During the nine months ended September 30, 2024, a warrant holder exercised 439,180 warrants with an exercise price of $2.32 resulting in proceeds to the Company of $1,018,898. At September 30, 2024 and December 31, 2023, the Company had 887,160 and 253,828 pre-funded warrants outstanding, respectively, with an exercise price of $0.001 per share. The weighted average remaining life, excluding the pre-funded warrants with no expiration date, of the outstanding warrants is 0.8 years.

At September 30, 2024, all warrants were exercisable, although the warrants held by certain of the Company’s warrant holders may be exercised only to the extent that the total number of shares of common stock then beneficially owned by such warrant holder does not exceed 4.99% (or, at the investor’s election, 9.99%) of the outstanding shares of the Company’s common stock.