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Note 9 - Warrants to Purchase Common Stock
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Outstanding Warrants [Text Block]

9. Warrants to Purchase Common Stock

 

During 2024, the Company issued two subordinated lenders warrants exercisable for the purchase of 226,666 shares of common stock at an exercise price of $0.01 per share with a term of two years. These warrants were exercised in 2024 with a combination of cashless exercise and cash payments. 

 

The following table shows the weighted average fair value calculations for warrants granted based on the listed weighted average assumptions:

 

Description

 

For the year ended December 31,

 
  

2024

  

2023

 

Dividend-yield

  0%  0%

Risk-free interest rate

  4.50%  3.85%

Expected volatility

  99.86%  117.90%

Expected life (years)

  2   5 

Exercise price per share

 $0.01  $1.62 

Market value per share on grant date

 $4.05  $4.13 

Fair value per share on grant date

 $4.04  $3.92 

 

The following table summarizes warrant activity for the years ended  December 31, 2024 and 2023:

 

  

Warrants Outstanding & Exercisable

  

Weighted - Average Exercise Price

  

Average Remaining Term in Years

 

Outstanding December 31, 2022

  355  $15.92   7.48 

Granted

  511   1.62     

Exercised

  (336)  0.83     

Outstanding December 31, 2023

  530  $11.70   5.77 

Granted

  226   0.01     

Exercised

  (226)  0.01     

Outstanding December 31, 2024

  530  $11.70   4.78 

 

All of the above outstanding warrants are vested and exercisable as of December 31, 2024.