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Warrants | 12 Months Ended
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Dec. 31, 2024
Warrants [Abstract] |
Warrants |
8. | Warrants
Warrant activity is summarized as follows:
|  | Warrants |  |  | Weighted average exercise price |
Outstanding at December 31, 2022 |  |  | 11,557,964 |  |  | $ | 4.37 |
Issued |  |  | 600,000 |  |  |  | 3.09 |
Exercised |  |  | (2,236,204 | ) |  |  | 4.49 |
Canceled/Expired |  |  | (665,267 | ) |  |  | 4.94 |
Outstanding at December 31, 2023 |  |  | 9,256,493 |  |  | $ | 4.22 |
Issued |  |  | 600,000 |  |  |  | 3.70 |
Exercised |  |  | (142,503 | ) |  |  | 3.00 |
Canceled/Expired |  |  | (118,050 | ) |  |  | 4.33 |
Outstanding at December 31, 2024 |  |  | 9,595,940 |  |  | $ | 4.21 |
The weighted average expiration of the warrants outstanding as of December 31, 2024 is 2.2 years. On September 22, 2023, the Company executed an agreement with 10X Fund L.P., and 10X Capital Management LLC (which had been a related party due to having nominated a board member) whereby the Company extended the exercise date for a total of 5,732,253 common stock purchase warrants to the earliest of (a) September 30, 2026, (b) thirty days after 10X fails to vote all of the shares of common stock in the Company then owned by it in the manner recommended by the board of directors of the Company in any vote of the stockholders of the Company; or (c) thirty days after the shares of common stock of the Company have a closing price of $6.00 or greater for 10 consecutive trading days. Previously, the common stock purchase warrants exercise dates would have expired at various dates from September 22, 2023 through May 10, 2025. Also pursuant to the terms of the agreement, the right of the 10X Fund L.P. to nominate a member of the board of directors was eliminated, and the cashless exercise option in certain of the common stock purchase warrants was deleted. Finally, a beneficial ownership limitation provision was added in the Series B Warrants, which would have the effect of decreasing 10X Fund’s beneficial ownership to 9.99% and would bar the voluntary exercise of any warrants that would result in 10X Fund’s ownership beyond 9.99% without at least 61 days’ prior notice from 10X Fund. The Company has accounted for the modified terms of the warrants pursuant to ASC 815, Derivatives and Hedging, whereby the Company has recognized a deemed dividend for the change in fair value of the warrants immediately before and immediately after the modification. In September 2023, the Company recognized a non cash deemed dividend of $3,619,000 related to the extension of the 5,732,253 warrants. The following assumptions were used to value the extension of the warrants immediately before and immediately after the modification: a) immediately before the modification — an expected life range of 0 to 1.63 years, volatility range of 71% to 77%%, risk free interest rate range of 5.37% and zero dividends and; b) immediately following the modification — an expected life of 3 years, volatility of 79%, risk free interest rate range of 4.59% and zero dividends. The following table summarizes information with regard to outstanding warrants issued in connection with equity and debt financings and consultants as of December 31, 2024.
Issued in Connection With |  | Number Outstanding |  |  | Exercise Price |  | Exercisable Date | Expiration Date
February 12, 2009 Series B-1 Transaction $3.00 Investor Warrants – Class B |  |  | 1,200,000 |  |  | $ | 3.00 |  | February 12, 2009 | September 30, 2026
May 13, 2009 Series B-2 Transaction $3.00 Investor Warrants – Class B |  |  | 525,119 |  |  | $ | 3.00 |  | May 13, 2009 | September 30, 2026
June 30, 2009 Series B-2 Transaction $3.00 Investor Warrants – Class B |  |  | 306,547 |  |  | $ | 3.00 |  | June 30, 2009 | September 30, 2026
August 12, 2009 Series B-2 Transaction $3.00 Investor Warrants – Class B |  |  | 183,928 |  |  | $ | 3.00 |  | August 12, 2009 | September 30, 2026
September 30, 2009 Series B-2 Transaction $3.00 Investor Warrants – Class B |  |  | 195,922 |  |  | $ | 3.00 |  | September 30, 2009 | September 30, 2026
November 4, 2009 Series B-2 Transaction $3.00 Investor Warrants – Class B |  |  | 85,463 |  |  | $ | 3.00 |  | November 4, 2009 | September 30, 2026
December 8, 2009 Series B-2 Transaction $3.00 Investor Warrants – Class B |  |  | 110,919 |  |  | $ | 3.00 |  | December 8, 2009 | September 30, 2026
January 29, 2010 Series B-2 Transaction $3.00 Investor Warrants – Class B |  |  | 198,664 |  |  | $ | 3.00 |  | January 29, 2010 | September 30, 2026
January 29, 2010 Series B-2 Transaction $3.00 Investor Warrants – Class B |  |  | 18,003 |  |  | $ | 3.00 |  | January 29, 2010 | January 29, 2025
March 8, 2010 Series B-2 Transaction $3.00 Investor Warrants – Class B |  |  | 184,132 |  |  | $ | 3.00 |  | March 8, 2010 | September 30, 2026
March 8, 2010 Series B-2 Transaction $3.00 Investor Warrants – Class B |  |  | 39,202 |  |  | $ | 3.00 |  | March 8, 2010 | March 8, 2025
April 30, 2010 Series B-2 Transaction $3.00 Investor Warrants – Class B |  |  | 180,689 |  |  | $ | 3.00 |  | April 30, 2010 | September 30, 2026
April 30, 2010 Series B-2 Transaction $3.00 Investor Warrants – Class B |  |  | 23,503 |  |  | $ | 3.00 |  | April 30, 2010 | April 30, 2025
May 10, 2010 Series B-2 Transaction $3.00 Investor Warrants – Class B |  |  | 112,631 |  |  | $ | 3.00 |  | May 10, 2010 | September 30, 2026
May 10, 2010 Series B-2 Transaction $3.00 Investor Warrants – Class B |  |  | 30,535 |  |  | $ | 3.00 |  | May 10, 2010 | May 10, 2025
September 22, 2016 Series B-3 Transaction $3.00 Investor Warrants – Class B |  |  | 682,572 |  |  | $ | 3.00 |  | September 22, 2016 | September 30, 2026
September 29, 2016 Series B-3 Transaction $3.00 Investor Warrants – Class B |  |  | 843,351 |  |  | $ | 3.00 |  | September 29, 2016 | September 30, 2026
December 23, 2016 Series B-3 Transaction $3.00 Investor Warrants – Class B |  |  | 922,316 |  |  | $ | 3.00 |  | December 23, 2016 | September 30, 2026
2018 and 2017 Warrants issued for services |  |  | 290 |  |  | $ | 5.00 |  | Various dates in 2017 and 2018 | Various dates in 2025
May 23, 2019 Rights Offering warrants |  |  | 2,622,154 |  |  | $ | 7.00 |  | May 23, 2019 | May 23, 2026
July 22, 2022 Warrants issued in connection with related party line of credit |  |  | 330,000 |  |  | $ | 5.00 |  | July 22, 2022 | July 31, 2029
December 29, 2023 Warrants issued for draw on related party line of credit |  |  | 200,000 |  |  | $ | 3.00 |  | December 29, 2023 | July 31, 2029
March 29, 2024 Warrants issued for draw on related party line of credit |  |  | 200,000 |  |  | $ | 3.59 |  | March 29, 2024 | July 31, 2029
June 28, 2024 Warrants issued for draw on related party line of credit |  |  | 200,000 |  |  | $ | 3.39 |  | June 29, 2024 | July 31, 2029
September 30, 2024 Warrants issued for draw on related party line of credit |  |  | 200,000 |  |  | $ | 4.13 |  | September 30, 2024 | July 31, 2029
Total Outstanding Warrants |  |  | 9,595,940 |  |  |  |  |  |  |

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- Definition The entire disclosure for Equity warrants are instruments that bestow upon the holder of the instrument the right to buy a particular stock at a predetermined price within a stipulated time frame. ... This payment is to be adjusted against the final payment that needs to be paid in case the warrants are exercised. + References No definition available. + Details
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- References No definition available. + Details
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