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Note 10 - Warrants to Purchase Common Stock

3 Months Ended

Mar. 31, 2025

10. Warrants to Purchase Common Stock

On January 1, 2025, the maturity dates on two accredited investor's Subordinated Notes were extended to June 30, 2025. In connection with the extension, the Company issued the noteholders warrants exercisable for the purchase of 113 thousand shares of Aemetis, Inc. common stock with a term of two years and an exercise price of $0.01 per share. The warrants were subsequently fully exercised.

The following table summarizes warrant activity during the three months ending March 31, 2025:

	*Warrants Outstanding & Exercisable*			*Weighted - Average Exercise Price*		*Average Remaining Term in Years*
Outstanding December 31, 2024		530		$	11.70		4.78
Granted		113			0.01
Exercised		(113	)		0.01
Outstanding March 31, 2025		530		$	11.70		4.54

All of the above outstanding warrants are fully vested and exercisable as of March 31, 2025.

The fair value calculations for issued warrants are based on the following weighted average factors:

	*For the three months ended March 31,*
Description	*2025*			*2024*
Dividend-yield		-	%		-	%
Risk-free interest rate		4.25	%		4.23	%
Expected volatility		95.84	%		101.36	%
Expected life (years)		2.00			2.00
Exercise price per share	$	0.01		$	0.01
Market value per share on grant date	$	2.69		$	5.24
Fair value per share on grant date	$	2.68		$	5.23