CAPITAL STOCK | NOTE 8 – CAPITAL STOCK Preferred Stock The Company is authorized to issue up to 10,000,000 0.0001 Common Stock The Company is authorized to issue 200,000,000 0.0001 16,789,500 13,365,000 On August 8, 2022, the Company began a private placement of up to $ 2,000,000 1.00 five-year 1.00 The Offering commenced on August 8, 2022 and the Company sold 2,000,000 1.00 2,000,000 2,000,000 2,000,000 1,438,299 On September 6, 2022, we entered into a Consulting Agreement with PHX Global, LLC (“PHX”), which is owned by Peter “Casey” Jensen, who is a member of the Board of Directors of AMIH and a related party. Pursuant to the Consulting Agreement, PHX agreed to provide consulting and general business advisory services as reasonably requested by the Company during the term of the agreement, which was for 12 months, unless otherwise earlier terminated due to breach of the agreement by either party, and the failure to cure such breach 30 days after written notice thereof. In consideration for agreeing to provide the services under the agreement, the Company issued PHX 50,000 0.28 13,921 On September 6, 2022, we entered into a Consulting Agreement with Ezekiel Elliott (“Elliott”), currently a professional football player in the National Football League, to provide consulting and general business advisory services as reasonably requested by the Company during the term of the agreement, which was for 12 months unless otherwise earlier terminated due to breach of the agreement by either party and the failure to cure such breach 30 days after written notice thereof. In consideration for agreeing to provide the services under the agreement, the Company issued Elliott 100,000 0.28 $27,842 On September 15, 2022, we entered into a Consulting Agreement with David Sandler, an individual (“Sandler”), to provide consulting and general business advisory services as reasonably requested by the Company during the term of the agreement, which was for six months, unless otherwise earlier terminated due to breach of the agreement by either party, and the failure to cure such breach 30 days after written notice thereof. In consideration for agreeing to provide the services under the agreement, the Company issued Sandler 10,000 0.28 2,784 On September 15, 2022, we entered into a Consulting Agreement with Hsiaoching Chou, an individual (“Chou”), to provide consulting and general business advisory services as reasonably requested by the Company during the term of the agreement, which was for six months, unless otherwise earlier terminated due to breach of the agreement by either party, and the failure to cure such breach 30 days after written notice thereof. In consideration for agreeing to provide the services under the agreement, the Company issued Chou 5,000 0.28 1,392 On September 22, 2022, we entered into a service agreement with Greentree Financial Group, Inc. (“Greentree” and the “Service Agreement”). Pursuant to the Service Agreement, Greentree agreed to perform the following services: (a) bookkeeping services for the Company for the period from October 1, 2022 through June 30, 2023; (b) advice and assistance to the Company in connection with the conversion of its financial reporting systems, including its projected financial statements, to a format that is consistent with US GAAP; (c) assistance to the Company with compliance filings for the quarters ended September 30, 2022, March 31, 2023, June 30, 2023 and the year ended December 31, 2022, including the structure and entries as well as assistance with US GAAP footnotes; (d) reviewing, and providing advice to the Company on, all documents and accounting systems relating to its finances and transactions, with the purpose of bringing such documents and systems into compliance with US GAAP or disclosures required by the SEC; and (e) providing necessary consulting services and support as a liaison for the Company to third party service providers, including coordination amongst the Company and its attorneys, CPAs and transfer agent. Since February 2015, Mr. Eugene (Gene) M. Johnston, our Chief Financial Officer (who was appointed October 1, 2022) has served as an Audit Manager for Greentree. The Company agreed to issue Greentree 100,000 50,000 (a) $12,500 on or before September 30, 2022; (b) $12,500 on or before December 31, 2022; (c) $12,500 or before March 31, 2023; and (d) $12,500 on or before June 30, 2023 100,000 0.28 27,842 On October 1, 2022, the Company executed a Summary of Terms and Conditions (“Offer Letter”) with Gene Johnston (“Johnston”) appointing Johnston to serve as the Company’s Chief Financial Officer on a full-time basis for a term of 12 months. Pursuant to the Offer Letter, the Company issued Johnston 150,000 25,000 25,000 0.28 41,763 On October 13, 2022, the Company entered into Director Offer Letter agreements with each of Alex Hamilton (“Hamilton”), Dr. Kenny Myers (“Myers”) and Lorraine D’Alessio (“Alessio), compensating each of them with 75,000 225,000 0.28 20,881 On October 14, 2022, the Company issued its Project Manager, Joan Arango, 25,000 0.28 7,204 On November 1, 2022, we entered into a Consulting Agreement with White Unicorn, LLC (“White Unicorn”), to provide business advisory services related to product packaging, strategic marketing, branding, advertising and future product development as reasonably requested by the Company during the term of the agreement, which is for 12 months unless otherwise earlier terminated due to breach of the agreement by either party and the failure to cure such breach 30 days after written notice thereof. In consideration for agreeing to provide the services under the agreement, the Company issued White Unicorn 100,000 0.28 28,816 On December 9, 2022, we entered into a Consulting Agreement with Global Career Networks, Inc. (“Global”) to provide marketing services as reasonably requested by the Company during the term of the agreement, which was for six months unless otherwise earlier terminated due to breach of the agreement by either party and the failure to cure such breach 30 days after written notice thereof. In consideration for agreeing to provide the services under the agreement, the Company issued Global 100,000 0.28 28,816 On December 21, 2022, we entered into a Consulting Agreement with Chartered Services, LLC (“Chartered Services”), to provide strategic marketing services for advertising and consulting, product distribution, digital marketing and identifying creative and constructive brand awareness to the Company during the term of the agreement, which was for six months unless otherwise earlier terminated due to breach of the agreement by either party and the failure to cure such breach 30 days after written notice thereof. In consideration for agreeing to provide the services under the agreement, the Company agreed to pay Chartered Services $ 150,000 with $75,000 payable upon entry into the agreement and $75,000 payable on January 31, 2023) and issued Chartered Services 250,000 0.28 72,039 On January 3, 2023, we entered into a Consulting Agreement with DojoLabs Group, Inc. (“DojoLabs”), to provide various strategic marketing related services to the Company pursuant to a defined scope of work during the term of the agreement, which is the earlier of a) all deliverables being received by the Company pursuant to the scope of work, or b) if terminated due to breach of the agreement by either party and the failure to cure such breach 30 days after written notice thereof. In consideration for agreeing to provide the services under the agreement, the Company agreed to pay DojoLabs $ 100,000 50,000 1.00 100,000 On January 6, 2023, we entered into a Consulting Agreement with Bethor, Ltd. (“Bethor”), to provide strategic advisory services to the Company during the term of the agreement, which is for 12 months unless otherwise earlier terminated due to breach of the agreement by either party and the failure to cure such breach 30 days after written notice thereof. In consideration for agreeing to provide the services under the agreement, the Company issued Bethor 250,000 1.00 250,000 On January 6, 2023, the Company established an advisory board (the “Advisory Board”) and approved and adopted a charter (the “Advisory Board Charter”) to govern the Advisory Board. Pursuant to the Advisory Board Charter, the Advisory Board shall be comprised of a minimum of two (2) members, all of whom shall be appointed and subject to removal by the Board of Directors at any time. In addition to the enumerated responsibilities of the Advisory Board in the Advisory Board Charter, the primary function of the Advisory Board is to assist the Board of Directors in its general oversight of the Company’s development of new business ventures and strategic planning. In connection with the establishment of the Advisory Board, the Board of Directors appointed Dr. Brian Rudman (“Dr. Rudman”) and Mr. Jarrett Boon (“Mr. Boon”), both of whom are independent, non-Board members and non-Company employees, to the Advisory Board. Dr. Rudman will serve as Chairman of the Advisory Board. In connection with Dr. Rudman’s appointment to the Advisory Board, the Company entered into an Advisor Agreement (the “Dr. Rudman Consulting Agreement”), dated effective January 6, 2023, with Dr. Rudman, whereby the Company agreed to issue Dr. Rudman 25,000 2,000 1.00 25,000 In connection with Mr. Boon’s appointment to the Advisory Board, the Company entered into an Advisor Agreement (the “Mr. Boon Consulting Agreement”), dated effective January 6, 2023, with Mr. Boon, whereby the Company agreed to issue Mr. Boon 25,000 1.00 25,000 On January 24, 2023, we entered into Consulting Agreements with four consultants to the Company: (1) Sultan Haroon; (2) John Helfrich; (3) Justin Baker; and (4) Maja Matthews, each of whom is also an employee of Epiq Scripts. Pursuant to the Consulting Agreements, the Consultants agreed to provide us services related to the research, development, packaging and marketing for additional pharmaceutical and other over-the-counter related products during the term of each agreement, which each have a term of 18 months unless otherwise earlier terminated due to breach of the agreement by either party and the failure to cure such breach 30 days after written notice thereof. In consideration for agreeing to provide the services under the agreement, the Company issued an aggregate of 350,000 shares of common stock to the consultants as follows: (1) Sultan Haroon 150,000 shares of restricted common stock; (2) John Helfrich 25,000 shares of restricted common stock; (3) Justin Baker 25,000 shares of restricted common stock; and (4) Maja Matthews 150,000 shares of restricted common stock. The shares issued to Haroon and Matthews vest at the rate of 50,000 shares upon entry into the agreement, 50,000 shares upon the Company’s successful launch of a new product category, and 50,000 shares upon the Company’s successful launch of a second and additional new product category, in each case prior to the 18-month anniversary of the applicable agreement. The shares issued to Helfrich and Baker vest at the rate of 10,000 shares upon entry into the agreement, 7,500 shares upon the Company’s successful launch of a new product category, and 7,500 shares upon the Company’s successful launch of a second and additional new product category, in each case prior to the 18-month anniversary of the applicable agreement. 1.00 350,000 On March 22, 2023, the Company sold 1,250,000 4.00 5,000,000 On April 24, 2023, a warrant holder exercised private placement Warrants to purchase 100,000 1.00 100,000 On April 25, 2023, a warrant holder exercised private placement Warrants to purchase 100,000 1.00 100,000 On April 25, 2023, a warrant holder exercised private placement Warrants to purchase 25,000 1.00 25,000 On April 25, 2023, a warrant holder exercised private placement Warrants to purchase 25,000 1.00 25,000 On April 25, 2023, a warrant holder exercised private placement Warrants to purchase 75,000 1.00 75,000 On April 26, 2023, a warrant holder exercised private placement Warrants to purchase 100,000 1.00 100,000 On May 1, 2023, a warrant holder exercised private placement Warrants to purchase 25,000 1.00 25,000 On and effective on May 1, 2023, the Company entered into an Employment Agreement with Mrs. Amanda Hammer (the “Employment Agreement”). The Employment Agreement provides for Mrs. Hammer to serve as Chief Operating Officer of the Company for an initial three-year term extending through May 1, 2026, provided that the agreement automatically renews for additional one-year terms thereafter in the event neither party provides the other at least 60 days prior notice of their intention not to renew the terms of the agreement. The agreement provides for Mrs. Hammer to receive an annual salary of $ 150,000 The Employment Agreement also required the Company to grant Mrs. Hammer a sign-on bonus of (a) 75,000 restricted shares of common stock of the Company, vested in full upon issuance, and (b) options to purchase an additional 150,000 shares of common stock of the Company, under the Company’s 2022 Equity Incentive Plan (the “Plan”), with an exercise price of the greater of (i) $1.10 per share; and (ii) the closing sales price of the Company’s common stock on the Nasdaq Capital Market on the date the Employment Agreement and the grant is approved by the Board (which date was May 1, 2023), and which exercise price was $ 1.00 50,000 On May 1, 2023, we entered into a Software Development Agreement with Redlime Solutions, Inc. (“Redlime”) to provide software development services during the term of the agreement, which is for twelve months. In consideration for agreeing to provide the services under the agreement, the Company agreed to pay Redlime $ 300,000 180,000 1.00 180,000 On May 25, 2023, the Board of Directors appointed Mr. Aaron Andrew (“Mr. Andrew”), an independent, non-Board member and non-Company employee, to the Advisory Board. In connection with Mr. Andrew’s appointment to the Advisory Board, the Company entered into an Advisor Agreement (the “Mr. Andrew Consulting Agreement”), dated effective May 25, 2023, with Mr. Andrew, whereby the Company agreed to issue Mr. Andrew 50,000 1.10 55,000 On June 1, 2023, we entered into a Consulting Agreement with Major Dodge (“Major”), to provide acting and production related services to the Company during the term of the agreement, which is for 12 months unless otherwise earlier terminated due to breach of the agreement by either party and the failure to cure such breach 30 days after written notice thereof. In consideration for agreeing to provide the services under the agreement, the Company issued Major 20,000 1.10 22,000 On June 1, 2023, we entered into a Production and Broadcasting Agreement with New To The Street Group, LLC (“New To The Street”), to provide production, broadcasting and other marketing related services to the Company during the term of the agreement, which was for 3 months unless otherwise earlier terminated. In consideration for agreeing to provide the services under the agreement, the Company issued New To The Street 50,000 5,000 1.10 55,000 On June 6, 2023, a warrant holder exercised private placement Warrants to purchase 150,000 1.00 150,000 On June 7, 2023, a warrant holder exercised private placement Warrants to purchase 75,000 1.00 75,000 On June 8, 2023, a warrant holder exercised private placement Warrants to purchase 24,500 1.00 24,500 On June 21, 2023, a warrant holder exercised private placement Warrants to purchase 100,000 1.00 100,000 On June 22, 2023, a warrant holder exercised private placement Warrants to purchase 100,000 1.00 100,000 On June 22, 2023, a warrant holder exercised private placement Warrants to purchase 25,000 1.00 25,000 On June 27, 2023, a warrant holder exercised private placement Warrants to purchase 100,000 1.00 100,000 On September 1, 2023, we entered into a service agreement with Greentree Financial Group, Inc. (“Greentree” and the “Service Agreement”). Pursuant to the Service Agreement, Greentree agreed to perform the following services: (a) bookkeeping services for the Company for the period from October 1, 2023 through September 30, 2024; (b) advice and assistance to the Company in connection with the conversion of its financial reporting systems, including its projected financial statements, to a format that is consistent with US GAAP; (c) assistance to the Company with compliance filings for the quarters ended September 30, 2023, March 31, 2024, June 30, 2024 and the year ended December 31, 2023, including the structure and entries as well as assistance with US GAAP footnotes; (d) reviewing, and providing advice to the Company on, all documents and accounting systems relating to its finances and transactions, with the purpose of bringing such documents and systems into compliance with US GAAP or disclosures required by the SEC; and (e) providing necessary consulting services and support as a liaison for the Company to third party service providers, including coordination amongst the Company and its attorneys, CPAs and transfer agent. Since February 2015, Mr. Eugene (Gene) M. Johnston, our Chief Financial Officer (who was appointed October 1, 2022) has served as an Audit Manager for Greentree. The Company agreed to issue Greentree 75,000 40,000 (a) $20,000 on or before September 30, 2023; (b) $20,000 on or before March 31, 2024. 1.13 84,750 Options: During the year ended December 31, 2022, the Company granted a total of 1,250,000 750,000 500,000 1.10 three years On May 1, 2023, the Company granted 150,000 1.10 three years As of September 30, 2023 and December 31, 2022, $ 197,954 82,267 The following table summarizes common stock options activity: The following table summarizes common stock options activity: SCHEDULE OF STOCK OPTION ACTIVITY Options Weighted Average December 31, 2021 - $ - Granted 1,250,000 1.10 Exercised - - Expired - - Outstanding, December 31, 2022 1,250,000 $ 1.10 Exercisable, December 31, 2022 133,333 $ 1.10 Outstanding, September 30, 2023 1,250,000 $ 1.10 Granted 150,000 $ 1.10 Exercised - - Expired - - Outstanding, September 30, 2023 1,400,000 $ 1.10 Exercisable, September 30, 2023 454,167 $ 1.10 The weighted average exercise prices, remaining lives for options granted, and exercisable as of September 30, 2023 were as follows: Outstanding Options Exercisable Options Options Exercise Shares Life Weighted Average Shares Weighted Average $ 1.10 1,400,000 4.53 $ 1.10 454,167 $ 1.10 As of September 30, 2023, the fair value of options outstanding was $ 640,194 SCHEDULE OF FAIR VALUE ASSUMPTIONS Fair Value of Common Stock on measurement date $ 1.00 Risk free interest rate 3.64 3.30 % Volatility 224.70 92.54 % Dividend Yield 0 % Expected Term 6.0 3.5 (1) The risk-free interest rate was determined by management using the market yield on U.S. Treasury securities with comparable terms as of the measurement date. (2) The trading volatility was determined by calculating the volatility of the Company’s peer group. (3) The Company does not expect to pay a dividend in the foreseeable future (4) The Company, in accordance with staff accounting bulletin (“SAB”)14-D.2, used the simplified method (plain vanilla) to determine the overall expected term Warrants: During the year ended December 31, 2022, the Company issued a total of 2,000,000 210,070 151,821 210,070 As additional consideration in connection with the IPO, upon the closing of the IPO, we granted Boustead Securities, LLC, the representative of the underwriters named in the Underwriting Agreement for the IPO, warrants to purchase 87,500 5.00 31,995 As of September 30, 2023 and December 31, 2022, the fair value of Warrants outstanding to investors was $ 581,264 1,438,299 The following table summarizes common stock warrant activity: SCHEDULE OF WARRANT ACTIVITY Warrants Weighted Average Outstanding, December 31, 2021 - $ - Granted 2,210,070 1.00 Exercised - - Expired - - Cancelled (210,070 ) 1.00 Outstanding, December 31, 2022 2,000,000 1.00 Exercisable, December 31, 2022 2,000,000 $ 1.00 Granted 87,500 5.00 Exercised (1,024,500 ) 1.00 Expired - - Cancelled - - Outstanding, September 30, 2023 1,063,000 1.30 Exercisable, September 30, 2023 975,500 $ 1.00 The weighted average exercise prices, remaining lives for warrants granted, and exercisable as of September 30, 2023, were as follows: Outstanding and Vested Warrants Weighted Average Warrant Exercise Price Per Share Shares Life (Years) $ 1.00 1,063,000 3.83 As of September 30, 2023, warrants to purchase 1,063,000 3.83 SCHEDULE OF FAIR VALUE ASSUMPTIONS Fair Value of Common Stock on measurement date $ 0.37 0.72 Risk-free interest rate From 2.95 4.00 % Volatility From 88.92 92.87 % Dividend Yield 0 % Expected Term 5 (1) The risk-free interest rate was determined by management using the market yield on U.S. Treasury securities with comparable terms as of the measurement date. (2) The trading volatility was determined by calculating the volatility of the Company’s peer group. (3) The Company does not expect to pay a dividend in the foreseeable future. | NOTE 7 – CAPITAL STOCK Preferred Stock The Company is authorized to issue up to 10,000,000 0.0001 Common Stock The Company is authorized to issue 200,000,000 0.0001 13,365,000 8,000,000 On April 6, 2022, the Company issued 1,000,000 0.10 100,000 On April 6, 2022, the Company issued 1,000,000 0.10 100,000 On June 23, 2022, the Company issued 250,000 0.10 25,000 On August 8, 2022, the Company began a private placement of up to $ 2,000,000 1.00 five-year 1.00 The Offering commenced on August 8, 2022 and the Company sold 2,000,000 1.00 2,000,000 2,000,000 2,000,000 1,438,299 On September 6, 2022, we entered into a Consulting Agreement with PHX Global, LLC (“PHX”), which is owned by Peter “Casey” Jensen, who is a member of the Board of Directors of AMIH. Pursuant to the Consulting Agreement, PHX agreed to provide consulting and general business advisory services as reasonably requested by the Company during the term of the agreement, which was for 12 months, unless otherwise earlier terminated due to breach of the agreement by either party, and the failure to cure such breach 30 days after written notice thereof. In consideration for agreeing to provide the services under the agreement, the Company issued PHX 50,000 0.28 13,921 On September 6, 2022, we entered into a Consulting Agreement with Ezekiel Elliott (“Elliott”), currently a professional football player and the running back for the Dallas Cowboys, to provide consulting and general business advisory services as reasonably requested by the Company during the term of the agreement, which is for 12 months unless otherwise earlier terminated due to breach of the agreement by either party and the failure to cure such breach 30 days after written notice thereof. In consideration for agreeing to provide the services under the agreement, the Company issued Elliott 100,000 0.28 27,842 On September 15, 2022, we entered into a Consulting Agreement with David Sandler, an individual (“Sandler”), to provide consulting and general business advisory services as reasonably requested by the Company during the term of the agreement, which was for six months, unless otherwise earlier terminated due to breach of the agreement by either party, and the failure to cure such breach 30 days after written notice thereof. In consideration for agreeing to provide the services under the agreement, the Company issued Sandler 10,000 0.28 2,784 On September 15, 2022, we entered into a Consulting Agreement with Hsiaoching Chou, an individual (“Chou”), to provide consulting and general business advisory services as reasonably requested by the Company during the term of the agreement, which was for six months, unless otherwise earlier terminated due to breach of the agreement by either party, and the failure to cure such breach 30 days after written notice thereof. In consideration for agreeing to provide the services under the agreement, the Company issued Chou 5,000 0.28 1,392 On September 22, 2022, we entered into a service agreement with Greentree Financial Group, Inc. (“Greentree” and the “Service Agreement”). Pursuant to the Service Agreement, Greentree agreed to perform the following services: (a) bookkeeping services for the Company for the period from October 1, 2022 through June 30, 2023; (b) advice and assistance to the Company in connection with the conversion of its financial reporting systems, including its projected financial statements, to a format that is consistent with US GAAP; (c) assistance to the Company with compliance filings for the quarters ended September 30, 2022, March 31, 2023, June 30, 2023 and the year ended December 31, 2022, including the structure and entries as well as assistance with US GAAP footnotes; (d) reviewing, and providing advice to the Company on, all documents and accounting systems relating to its finances and transactions, with the purpose of bringing such documents and systems into compliance with US GAAP or disclosures required by the SEC; and (e) providing necessary consulting services and support as a liaison for the Company to third party service providers, including coordination amongst the Company and its attorneys, CPAs and transfer agent. Since February 2015, Mr. Eugene (Gene) M. Johnston, our Chief Financial Officer (who was appointed October 1, 2022) has served as Audit Manager for Greentree. The Company agreed to issue Greentree 100,000 50,000 (a) $12,500 on or before September 30, 2022; (b) $12,500 on or before December 31, 2022; (c) $12,500 or before March 31, 2023; and (d) $12,500 on or before June 30, 2023 100,000 0.28 27,842 On October 1, 2022, the Company executed a Summary of Terms and Conditions (“Offer Letter”) with Gene Johnston (“Johnston”) appointing Johnston to serve as the Company’s Chief Financial Officer on a full-time basis for a term of 12 months. Pursuant to the Offer Letter, the Company issued Johnston 150,000 25,000 25,000 st 0.28 41,763 On October 13, 2022, the Company approved the appointments of each of Alex Hamilton (“Hamilton”), Dr. Kenny Myers (“Myers”) and Lorraine D’Alessio (“Alessio) to serve as independent members of the Board of Directors and entered into Director Offer Letter agreements with Hamilton, Myers and D’Alessio compensating each of them with 75,000 225,000 0.28 20,881 On October 14, 2022, the Company issued its Project Manager, Joan Arango, 25,000 0.28 7,204 On November 1, 2022, we entered into a Consulting Agreement with White Unicorn, LLC (“White Unicorn”), to provide business advisory services related to product packaging, strategic marketing, branding, advertising and future product development as reasonably requested by the Company during the term of the agreement, which is for 12 months unless otherwise earlier terminated due to breach of the agreement by either party and the failure to cure such breach 30 days after written notice thereof. In consideration for agreeing to provide the services under the agreement, the Company issued White Unicorn 100,000 0.28 28,816 On December 9, 2022, we entered into a Consulting Agreement with Global Career Networks, Inc. (“Global”) to provide marketing services as reasonably requested by the Company during the term of the agreement, which is for six months unless otherwise earlier terminated due to breach of the agreement by either party and the failure to cure such breach 30 days after written notice thereof. In consideration for agreeing to provide the services under the agreement, the Company issued Global 100,000 0.28 28,816 On December 21, 2022, we entered into a Consulting Agreement with Chartered Services, LLC (“Chartered Services”), to provide strategic marketing services for advertising and consulting, product distribution, digital marketing and identifying creative and constructive brand awareness to the Company during the term of the agreement, which is for six months unless otherwise earlier terminated due to breach of the agreement by either party and the failure to cure such breach 30 days after written notice thereof. In consideration for agreeing to provide the services under the agreement, the Company agreed to pay Chartered Services $ 150,000 with $75,000 payable upon entry into the agreement and $75,000 payable on January 31, 2023) and issued Chartered Services 250,000 0.28 72,039 Options: During the year ended December 31, 2022, the Company granted options to purchase a total of 1,250,000 750,000 500,000 1.10 three years 82,267 The following table summarizes common stock options activity: SCHEDULE OF STOCK OPTION ACTIVITY Options Weighted Average Exercise Price December 31, 2021 - $ - Granted 1,250,000 1.10 Exercised — — Expired — — Outstanding, December 31, 2022 1,250,000 $ 1.10 Exercisable, December 31, 2022 133,333 $ 1.10 The weighted average exercise prices, remaining lives for options granted, and exercisable as of December 31, 2022 were as follows: Outstanding Options Exercisable Options Options Exercise Price Per Share Shares Life (Years) Weighted Average Exercise Price Shares Weighted Average Exercise Price $ 1.10 1,250,000 4.67 $ 1.10 133,333 $ 1.10 As of December 31, 2022, the fair value of options outstanding was $ 688,984 SCHEDULE OF FAIR VALUE ASSUMPTIONS Fair Value of Common Stock on measurement date $ 1.00 Risk free interest rate 3.30 % Volatility 92.54 % Dividend Yield 0 % Expected Term 3.5 (1) The risk-free interest rate was determined by management using the market yield on U.S. Treasury securities with comparable terms as of the measurement date. (2) The trading volatility was determined by calculating the volatility of the Company’s peer group. (3) The Company does not expect to pay a dividend in the foreseeable future. (4) The Company, in accordance with Staff Accounting Bulletin (SAB) 14-D.2, used the simplified method (plain vanilla) to determine the overall expected term. Warrants: During the year ended December 31, 2022, the Company issued a total of 2,000,000 210,070 151,821 210,070 As of December 31, 2022, the fair value of Warrants outstanding to investors was $ 1,438,299 The following table summarizes common stock warrants activity: SCHEDULE OF WARRANT ACTIVITY Warrants Weighted Average Exercise Price Outstanding, December 31, 2021 - $ - Granted 2,210,070 1.00 Exercised — — Expired - - Cancelled (210,070 ) 1.00 Outstanding, December 31, 2022 2,000,000 1.00 Exercisable, December 31, 2022 2,000,000 $ 1.00 The weighted average exercise prices, remaining lives for warrants granted, and exercisable as of December 31, 2022, were as follows: Warrants Exercise Outstanding and Exercisable Warrants Price Per Share Shares Life (Years) $ 1.00 2,000,000 4.74 As of December 31, 2022, 2,000,000 4.74 SCHEDULE OF FAIR VALUE ASSUMPTIONS Fair Value of Common Stock on measurement date $ 0.62 0.72 Risk free interest rate From 2.95% 4.00 Volatility From 88.92% 92.87% Dividend Yield 0% Expected Term 5 (1) The risk-free interest rate was determined by management using the market yield on U.S. Treasury securities with comparable terms as of the measurement date. (2) The trading volatility was determined by calculating the volatility of the Company’s peer group. (3) The Company does not expect to pay a dividend in the foreseeable future. |