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Warrants (Tables) | 12 Months Ended
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Dec. 31, 2024
Warrants [Abstract] |
Summary of Warrants Activity, Outstanding Warrants Issued in Connection with Equity and Debt Financings and Consultants | 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 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 Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-1 + Details
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