XML 33 R22.htm IDEA: XBRL DOCUMENT v3.25.2
Common Stock
 6 Months Ended
Jun. 30, 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   1,396,068 
Exercise of warrants   249,843 
Acquisition adjustment   (121,513)
Issuance of common stock through public offerings   11,172,688 
Conversion of convertible notes into common stock   704,451 
Retirement of common shares   (106,330)
Shares outstanding as of June 30, 2025   98,510,343 

 

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 Offerings

 

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 (the “April Registered Direct Offering”), an aggregate of 4,724,412 shares of the Company’s common stock, par value $0.001 per share, at a price of $6.35 per share. The gross proceeds to the Company from the April Registered Direct Offering were approximately $30 million, before deducting the placement agents’ fees and other offering expenses payable by the Company.

 

In June 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 (the “June Registered Direct Offering”), an aggregate of 6,448,276 shares of the Company’s common stock, par value $0.001 per share, at a price of $7.25 per share. The gross proceeds to the Company from the June Registered Direct Offering were approximately $46.75 million, before deducting the placement agents’ fees and other offering expenses payable by the Company.