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Note 8 - Common Stock Warrants | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Stockholders' Equity Note, Warrants or Rights Warrants Disclosure [TextBlock] | Note 8 — Common Stock Warrants Warrants outstanding as of December 31, 2024 is listed in the table below:
Description of Warrants | Warrant Issuance Date |  | No. of Shares |  |  | Exercise Price |
SWK Warrants – Debt (Tranche #1) | 11/13/2019 |  |  | 51,239 |  |  | $ | 5.86 |
SWK Warrants – Debt (Tranche #2) | 8/11/2020 |  |  | 18,141 |  |  | $ | 6.62 |
SWK Warrants – Debt (Tranche #3) | 9/30/2024 |  |  | 289,736 |  |  | $ | 5.32 |
Total shares and weighted average exercise price |  |  | 359,116 |  |  | $ | 5.46 |
The holders of these warrants or their permitted transferees, are entitled to rights with respect to the registration under the Securities Act of their shares that are converted to common stock, including demand registration rights and piggyback registration rights. These rights are provided under the terms of a registration rights agreement between the Company and the investors. On September 30, 2024, in connection with the Company's amendment to expand its existing credit facility to $30.0 million with SWK, the Company issued 289,736 warrants to SWK at a price of $5.32 per share. The relative fair value of these 289,736 warrants was $1,170 and was estimated using the BSM with the following assumptions: fair value of the Company’s common stock at issuance of $6.00 per share with an exercise price of $5.32; seven-year contractual term; 63.8% volatility; 0% dividend rate; and a risk-free interest rate of 3.67%. A roll forward of warrants outstanding as of December 31, 2024 is listed in the table below:
|  | No. of Shares |  |  | No. of Shares |
Balance as of the beginning of the year |  |  | 69,380 |  |  |  | 69,380 |
Issuance of SWK Warrants - Debt (Tranche #3) |  |  | 289,736 |  |  |  | 289,736 |
Balance as of the end of the year |  |  | 359,116 |  |  |  | 359,116 |
There were 1,067,242 warrants exercised on a cashless basis in 2022 resulting in 632,231 shares of common stock being issued by the Company. There were no warrants exercised in 2023 or 2024.

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