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Subsequent Events | 12 Months Ended
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Dec. 31, 2024
Subsequent Events [Abstract] |
Subsequent Events |
13. | Subsequent Events
In January through March 2025, pursuant to terms of a consulting agreement, the Company granted warrants to purchase 99,999 shares of common stock with an exercise price of $0.14 to $0.15 per share, vesting one month from grant and expiring two years from the date of grant. In January through March 2025, the Company issued convertible promissory notes in the aggregate of $1,119,000 for cash proceeds of 1,017,000, net of OID $102,000. The notes are unsecured, have an implied interest rate of 10%, mature in twelve months from issuance, and are convertible into 13,988,839 shares of the Company’s common stock at $0.08 per share. In addition, the Company granted the note holders warrants to purchase 13,988,839 shares of the Company’s common stock at $0.10 per share. The warrants are fully vested and expire one year from the date of issuance. In January 2025, the Company issued 3,051,400 shares of its common stock upon the exercise of warrants for proceeds of $214,000 at an exercise price of $0.07 per share. In February 2025, the Company issued 166,665 shares of its common stock upon settlement of accounts payable of $12,000, at $0.06 to $0.09 per share. In February and March 2025, the Company issued 10,283,332 shares of its common stock as compensation to consultants of $1,462,000, at $0.04 to $0.16 per share. In March 2025, the Company issued stock option grants to purchase up to 11,050,000 shares of its common stock at $0.03 per share to consultants and an employee. The options fully vest up to two years on the issuance thereof and expire 10 years from the effective date of issuance. On February 14, 2025, upon reinstatement of the Company’s Director Compensation Policy, the Company, pursuant to its Director Compensation Policy, issued to Mr. Kyte options to purchase 7,218,750 shares, and to Mr. Bunting options to purchase 5,541,666 shares, of restricted common stock of the Company at exercise prices of $0.02 to $0.15 per share (“Director Options”). The Director Options fully vest up to twelve months on the issuance thereof and expire 10 years from the effective date of issuance. On February 19, 2025, the Company entered into an Employment Agreement with Cecil Bond Kyte, pursuant to which, among other things, Mr. Kyte was issued additional options to purchase shares of common stock of the Company. See a discussion of Mr. Kyte’s Employment Agreement in Item 11 (Executive Compensation) of the Form 10-K, to which these Consolidated Financial Statements of the Company are attached. In January through March 2025, the Company issued 12,471,915 shares of its common stock upon the conversion of notes payable and accrued interest thereon at conversion prices ranging between $0.07 to $0.15 per share.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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