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Common Stock
 8 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Common Stock

Note 16 – 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 April 30, 2022 is as follows:

 

Description of Shares  Shares Issued 
Shares outstanding as of April 30, 2022   53,748,735 
Vesting of restricted stock to employees, net of shares withheld of 273,874 to pay taxes and 9,000 to repay a Note   653,308 
Vesting of restricted stock to Board of Directors   116,507 
Vesting of restricted stock to consultants   9,683 
Shares issued for services   39,832 
Shares outstanding as of April 30, 2023   54,568,065 
Vesting of restricted stock to employees, net of shares withheld of 27,189 to pay taxes   192,742 
Vesting of restricted stock to Board of Directors   252,214 
Vesting of restricted stock to consultants   1,761 
Conversion of preferred stock   818,334 
Issuance of common stock through ATM facilities   53,235 
Issuance of common stock through public offering   18,400,000 
Exercise of stock options   3,000 
Shares outstanding as of April 30, 2024   74,289,351 
Vesting of restricted stock to employees, net of shares withheld of 373,345 to pay taxes   968,910 
Vesting of restricted stock to Board of Directors   61,447 
Exercise of stock options   2,475,242 
Exercise of warrants   1,795,835 
Acquisition of FlightWave   3,364,821 
Conversion of convertible notes into common stock   2,259,530 
Shares outstanding as of December 31, 2024   85,215,136 

 

 

ATM Facility

 

In August 2023, the Company entered into a sales agreement (“the 2023 ATM Facility”) with ThinkEquity LLC (“ThinkEquity”), which provided for the sale, in our sole discretion, of shares of our common stock through ThinkEquity, as our sales agent. In accordance with the terms of the ATM Sales Agreement, the Company offered and sold shares of our common stock, par value $0.001 per share, having an aggregate offering price of up to $4,375,000. The issuance and sale of these shares by us pursuant to the 2023 ATM Facility were deemed “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”), and were registered under the Securities Act. The Company paid a commission of up to 2.5% of gross sales proceeds of any common stock sold under the 2023 ATM Facility.

 

During the year ended April 30, 2024, the Company sold an aggregate of 53,235 shares of common stock under the 2023 ATM Facility, at an average price of $1.07 per share, for gross proceeds of approximately $57,000 and net proceeds of approximately $55,700, after deducting commissions and other offering expenses payable by us. Additionally, the Company incurred legal fees of approximately $46,000 establishing the 2023 ATM Facility. Due to the expiration of the registration statement that was used for the 2023 ATM Facility, no additional securities may be sold under the 2023 ATM Facility.

 

Public Offering

 

In December 2023, the Company entered into an underwriting agreement with ThinkEquity LLC, as representative of the underwriters, pursuant to which the Company agreed to sell to the underwriters in a firm commitment underwritten public offering (the “Offering”) an aggregate of 16,000,000 shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), at a public offering price of $0.50 per share. The Company also granted the underwriters a 45-day option to purchase up to an additional 2,400,000 shares of Common Stock to cover over-allotments.

 

The Offering closed on December 11, 2023, resulting in the issuance of 18,400,000 shares of Common Stock which generated gross proceeds of $9,200,000. Net proceeds to the Company from the Offering, after deducting the underwriting discount, the underwriters’ fees and expenses and the Company’s estimated Offering expenses, were approximately $8,400,000.