NOTE 8 – WARRANTS

As of March 31, 2024, the fair value of the Public Warrants was approximately $0.246 per Public Warrant based on the closing price of the warrants on The Nasdaq Capital Market. The fair value of the Representative Warrants was approximately $0.256 per Representative Warrant, which was based on the relative fair value to the Public Warrants.

The following table summarizes the Company’s outstanding warrants:

During the three months ended March 31, 2024, the Company issued warrants to purchase an aggregate of 1,500 shares of Common Stock in exchange for consulting services. The warrants were issued on March 1, 2024 and become exercisable in twelve equal monthly installments commencing on April 1, 2024 at $8.13 per share. The warrants expire ten years from the date of issuance.

For the three months ended March 31, 2024 and 2023, total stock-based compensation expense related to the Company’s warrants was approximately $787 and zero, respectively, and is recognized within general and administrative expense on the condensed consolidated statements of operations and comprehensive loss.

No warrants were expired/cancelled or exercised during the three months ended March 31, 2024.