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Common Stock
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Common Stock

Note 13 – Common Stock

 

Our common stock has a par value of $0.001 per share. We are authorized to issue 500,000,000 shares of common stock. Each share of common stock is entitled to one vote. A summary of shares of common stock issued by the Company since December 31, 2024 is as follows:

 

Description of Shares  Shares Issued 
Shares outstanding as of December 31, 2024   85,215,136 
Exercise of stock options   488,969 
Exercise of warrants   49,843 
Retirement of common shares   (106,330)
Shares outstanding as of March 31, 2025   85,647,618 

 

In February 2025, the Company retired 106,330 shares of common stock that were previously held in escrow for payment as consideration for the Teal acquisition. Subsequent to the acquisition’s modification period and prior to the settlement of escrowed shares, the Company paid cash for certain seller responsible expenditures which were then settled through the refund of these escrowed shares. This was treated as an equity transaction and goodwill was not affected.

 

Public Offering

 

Subsequent to quarter end, in April 2025, the Company entered into a securities purchase agreement with certain institutional investors pursuant to which the Company agreed to issue and sell, in a registered direct offering. See Note 19 for further information.