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Note 7 - Stockholders' Equity (Deficit) | 6 Months Ended
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Jun. 30, 2025
Notes to Financial Statements |
Equity [Text Block] | Note 7 – Stockholders’ Equity (Deficit) Preferred Series F Convertible Stock Purchase History On June 26, 2022, the Company entered into a Securities Purchase Agreement (the “Series F Agreement”) with Alpha. Pursuant to the terms of the Series F Agreement, the Board of Directors of the Company (the “Board”) designated a new series of Preferred Stock, the Series F 5% Preferred Convertible Stock (“Series F”), and authorized the sale and issuance of up to 35,000 shares of Series F with a stated value of $1,000 per share. Pursuant to the Series F Agreement, sales of Series F are accompanied by warrants equal to the number of issuable shares upon conversion of the Series F to Common Stock (the “Series F Warrants”). Additional Investment Right The Series F Agreement provides Alpha the right to purchase up to an additional $25,000,000 stated value of Series F, after their initial 10,000 Series F purchased on June 26, 2022, and accompanying warrants (the “Additional Investment Right” or “AIR”). Under the AIR, the Series F and Series F warrants are initially convertible and exercisable at a conversion and exercise price equal to the volume-weighted average price of the Company’s Common Stock for three trading days prior to the date Alpha gives notice to the Company that it will exercise its AIR. Under the terms of the AIR, conversion and exercise prices are subject to downward adjustment for any equity instrument or equity-linked instrument sold or granted at an effective price per share that is lower than the initial conversion and exercise price (“Down Round Provision”). See Note 8 for warrant related disclosures. On February 7, 2025, Alpha and the Company executed a funding agreement in which Alpha agreed to exercise its AIR quarterly to provide financing to the Company for the next twelve months, with such amounts and timing of funding to be agreed to by the parties. As consideration for Alpha’s commitment to additionally fund, the Company agreed to (i) extend the period in which Alpha can exercise its AIR by extending the termination date of December 31, 2025 to June 1, 2026 and (ii) granting Alpha certain registration rights related to the Series F Alpha currently holds and will receive upon further exercises of its AIR. The Company filed the required registration statement to register 6,500,000 shares of Common Stock which became effective by the Securities and Exchange Commission on April 25, 2025. During the six months ended June 30, 2025, we issued the following Series F pursuant to the exercise of the AIR by Alpha:
| ● | On February 7, 2025, we issued 1,000 Series F to Alpha upon the exercise of their AIR and received $1,000,000 of gross proceeds. The Series F are initially convertible into 450,390 shares of Common Stock at an initial conversion price of $2.2203 and Series F Warrants to purchase up to 450,390 shares of Common Stock at an initial exercise price of $2.2203. The Series F Warrants are immediately exercisable upon issuance and have a three-year term.
| ● | On March 17, 2025, we issued 500 Series F to Alpha upon the exercise of their AIR and received $500,000 of gross proceeds. The Series F are initially convertible into 415,420 shares of Common Stock at an initial conversion price of $1.2036 and Series F Warrants to purchase up to 415,420 shares of Common Stock at an initial exercise price of $1.2036. The Series F Warrants are immediately exercisable upon issuance and have a three-year term. This issuance resulted in down round provisions embedded within previously issued Series F and Series F Warrants being triggered (the “March 2025 Down Round Trigger”), including the Series F and Series F Warrants issued on February 7, 2025. See Down Round Triggers and Deemed Dividends in Note 7 below.
| ● | On May 5, 2025, we issued 500 Series F to Alpha upon the exercise of their AIR and received $500,000 of gross proceeds. The Series F are initially convertible into 602,846 shares of Common Stock at an initial conversion price of $.8294 and Series F Warrants to purchase up to 602,846 shares of Common Stock at an initial exercise price of $.8294. The Series F Warrants are immediately exercisable upon issuance and have a three-year term. This issuance resulted in down round provisions embedded within previously issued Series F and Series B and F Warrants being triggered (the “May 2025 Down Round Trigger”). See Down Round Triggers and Deemed Dividends in Note 7 below.
| ● | On June 6 , 2025, we issued 500 Series F to Alpha upon the exercise of their AIR and received $500,000 of gross proceeds. The Series F are initially convertible into an aggregate of 418,831 shares of Common Stock at an initial conversion price of $1.1938 and Series F Warrants to purchase up to 418,831 shares of Common Stock at an initial exercise price of $1.1938. The Series F Warrants are immediately exercisable upon issuance and have a three-year term.
| ● | On June 9, 2025, we issued 1,000 Series F to Alpha upon the exercise of their AIR and received $1,000,000 of gross proceeds. The Series F are initially convertible into an aggregate of 838,364 shares of Common Stock at an initial conversion price of $1.1928 and Series F Warrants to purchase up to 838,364 shares of Common Stock at an initial price of $1.1928. The Series F Warrants are immediately exercisable upon issuance and have a three-year term.
| ● | On June 17, 2025, we issued 1,000 Series F to Alpha upon the exercise of their AIR and received $1,000,000 of gross proceeds. The Serie F are initially convertible into an aggregate of 797,067 shares of Common Stock at an initial conversion price of $1.2546 and Series F Warrants to purchase up to 797,067 share of Common Stock at an initial price of $1.2546. The Series F Warrants are immediately exercisable upon issuance and have a three-year term.
During the six months ended June 30, 2024, we issued the following Series F pursuant to the exercise of the AIR by Alpha: ● On March 6, 2024, we issued 1,000 Series F to Alpha or assignees of Alpha upon the exercise of their AIR and received $950,000 of net proceeds after deducting equity issuance costs for legal fees of $50,000. The Series F were initially convertible into 16,588 shares of Common Stock at an initial conversion price of $60.29 and warrants to purchase up to 16,588 shares of Common Stock at an initial exercise price of $60.29 and exercisable immediately for a period of three years. ● On April 12, 2024, we issued 1,050 Series F to Alpha or assignees of Alpha upon the exercise of their AIR and received $1,050,000 of net proceeds. The Series F were initially convertible into 28,378 shares of Common Stock at an initial conversion price of $37.00 and warrants to purchase up to 28,378 shares of Common Stock at an initial exercise price of $60.29 and exercisable immediately for a period of three years. ● On May 31, 2024, we issued 1,050 Series F to Alpha or assignees of Alpha upon the exercise of their AIR and received $1,050,000 of net proceeds. The Series F were initially convertible into 14,189 shares of Common Stock at an initial conversion price of $32.15 and warrants to purchase up to 14,189 shares of Common Stock at an initial exercise price of $60.29 and exercisable immediately for a period of three years. Since the execution of the Series F Agreement, the Company has sold and issued Series F and Series F Warrants to Alpha or investors that Alpha has assigned the AIR for cash proceeds through the exercise of the AIR. A summary of the Series F activity for the six months ended June 30, 2025, is as follows:
|  |  |  |  |  |  |  |  |  |  |  |  |  | Original |  |  | Shares |  |  |  |  |  |  |  |  |  |  | Shares |  |  | Conversion |  |  |  | Shares |
|  | Shares |  |  | Gross |  |  | Net |  |  | Conversion |  |  | Outstanding |  |  | Series F |  |  | Series F |  |  | Outstanding |  |  | Price at |  |  |  | Issuable at |
Date of Purchase |  | Purchased |  |  | Proceeds |  |  | Proceeds |  |  | Price |  |  | December 31, 2024 |  |  | Issued |  |  | Converted |  |  | June 30, 2025 |  |  | June 30, 2025 |  |  |  | June 30, 2025 |
November 15, 2023 |  |  | 1,850 |  |  | $ | 1,850,000 |  |  | $ | 1,850,000 |  |  | $ | 124.70 |  |  |  | 150 |  |  |  | — |  |  |  | — |  |  |  | 150 |  |  | $ | 0.83 |  | (ii) |  |  | 180,854 |
March 6, 2024 |  |  | 1,000 |  |  |  | 1,000,000 |  |  |  | 950,000 |  |  |  | 60.29 |  |  |  | 435 |  |  |  | — |  |  |  | (335 | ) |  |  | 100 |  |  |  | 0.83 |  | (ii) |  |  | 120,569 |
April 12, 2024 |  |  | 1,050 |  |  |  | 1,050,000 |  |  |  | 1,050,000 |  |  |  | 37.00 |  |  |  | 1,050 |  |  |  | — |  |  |  | (1,050 | ) |  |  | — |  |  |  | 0.83 |  |  |  |  | — |
May 31, 2024 |  |  | 1,050 |  |  |  | 1,050,000 |  |  |  | 1,025,000 |  |  |  | 32.15 |  |  |  | 1,050 |  |  |  | — |  |  |  | (525 | ) |  |  | 525 |  |  |  | 0.83 |  | (ii) |  |  | 632,988 |
July 25, 2024 |  |  | 500 |  |  |  | 500,000 |  |  |  | 500,000 |  |  |  | 23.15 |  |  |  | 500 |  |  |  | — |  |  |  | (500 | ) |  |  | — |  |  |  | 0.83 |  |  |  |  | — |
August 27, 2024 |  |  | 500 |  |  |  | 500,000 |  |  |  | 500,000 |  |  |  | 20.19 |  |  |  | 500 |  |  |  | — |  |  |  | (500 | ) |  |  | — |  |  |  | 0.83 |  |  |  |  | — |
October 1, 2024 (i) |  |  | 1,500 |  |  |  | — |  |  |  | — |  |  |  | 12.00 |  |  |  | 1,500 |  |  |  | — |  |  |  | (1,500 | ) |  |  | — |  |  |  | 0.83 |  |  |  |  | — |
December 18, 2024 |  |  | 750 |  |  |  | 750,000 |  |  |  | 750,000 |  |  |  | 5.25 |  |  |  | 750 |  |  |  | — |  |  |  | (750 | ) |  |  | — |  |  |  | 0.83 |  |  |  |  | — |
February 7, 2025 |  |  | 1,000 |  |  |  | 1,000,000 |  |  |  | 1,000,000 |  |  |  | 2.22 |  |  |  | — |  |  |  | 1,000 |  |  |  | (1,000 | ) |  |  | — |  |  |  | 0.83 |  |  |  |  | — |
March 17, 2025 |  |  | 500 |  |  |  | 500,000 |  |  |  | 500,000 |  |  |  | 1.20 |  |  |  | — |  |  |  | 500 |  |  |  | (500 | ) |  |  | — |  |  |  | 0.83 |  |  |  |  | — |
May 5, 2025 |  |  | 500 |  |  |  | 500,000 |  |  |  | 500,000 |  |  |  | 0.83 |  |  |  | — |  |  |  | 500 |  |  |  | (500 | ) |  |  | — |  |  |  | 0.83 |  |  |  |  | — |
June 6, 2025 |  |  | 500 |  |  |  | 500,000 |  |  |  | 500,000 |  |  |  | 1.19 |  |  |  | — |  |  |  | 500 |  |  |  | — |  |  |  | 500 |  |  |  | 1.19 |  |  |  |  | 418,831 |
June 9, 2025 |  |  | 1,000 |  |  |  | 1,000,000 |  |  |  | 1,000,000 |  |  |  | 1.19 |  |  |  | — |  |  |  | 1,000 |  |  |  | (600 | ) |  |  | 400 |  |  |  | 1.19 |  |  |  |  | 335,345 |
June 17, 2025 |  |  | 1,000 |  |  |  | 1,000,000 |  |  |  | 1,000,000 |  |  |  | 1.25 |  |  |  | — |  |  |  | 1,000 |  |  |  | — |  |  |  | 1,000 |  |  |  | 1.25 |  |  |  |  | 797,067 |
Total June 30, 2025 |  |  | 12,700 |  |  | $ | 11,200,000 |  |  | $ | 11,125,000 |  |  | $ | — |  |  |  | 5,935 |  |  |  | 4,500 |  |  |  | (7,760 | ) |  |  | 2,675 |  |  | $ | — |  |  |  |  | 2,485,654 |
| (i) | These shares were issued as consideration for executing the Omnibus Agreement in connection with the October 2024 Offering.
| (ii) | Reflects the conversion price after the May 2025 Down Round Trigger that was triggered with the Sale of Series F and Series F warrants on May 5, 2025.
A summary of the Series F activity for the six months ended June 30, 2024, is as follows:
|  |  |  |  |  |  |  |  |  |  |  |  |  | Original |  |  | Shares |  |  |  |  |  |  |  |  |  |  | Shares |  |  | Conversion |  |  | Shares |
|  | Shares |  |  | Gross |  |  | Net |  |  | Conversion |  |  | Outstanding |  |  | Series F |  |  | Series F |  |  | Outstanding |  |  | Price at |  |  | Issuable at |
Date of Purchase |  | Purchased |  |  | Proceeds |  |  | Proceeds |  |  | Price |  |  | December 31, 2023 |  |  | Issued |  |  | Converted |  |  | June 30, 2024 |  |  | June 30, 2024 |  |  | June 30, 2024 |
June 26, 2022 |  |  | 10,000 |  |  | $ | 10,000,000 |  |  | $ | 9,920,000 |  |  | $ | 620 |  |  |  | 2,925 |  |  |  |  |  |  |  | (2,925 | ) |  |  | — |  |  | $ | 30.00 |  |  |  | — |
March 10, 2023 |  |  | 3,000 |  |  |  | 3,000,000 |  |  |  | 3,000,000 |  |  |  | 420.00 |  |  |  | 3,000 |  |  |  |  |  |  |  | (1,405 | ) |  |  | 1,595 |  |  |  | 30.00 |  |  |  | 53,167 |
November 15, 2023 |  |  | 1,850 |  |  |  | 1,850,000 |  |  |  | 1,850,000 |  |  |  | 124.70 |  |  |  | 150 |  |  |  |  |  |  |  | — |  |  |  | 150 |  |  |  | 30.00 |  |  |  | 5,000 |
March 6, 2024 |  |  | 1,000 |  |  |  | 1,000,000 |  |  |  | 950,000 |  |  |  | 60.29 |  |  |  | — |  |  |  | 1,000 |  |  |  | (550 | ) |  |  | 450 |  |  |  | 30.00 |  |  |  | 15,000 |
April 12, 2024 |  |  | 1,050 |  |  |  | 1,050,000 |  |  |  | 1,050,000 |  |  |  | 37.00 |  |  |  | — |  |  |  | 1,050 |  |  |  | — |  |  |  | 1,050 |  |  |  | 30.00 |  |  |  | 35,000 |
May 31, 2024 |  |  | 1,050 |  |  |  | 1,050,000 |  |  |  | 1,025,000 |  |  |  | 32.15 |  |  |  | — |  |  |  | 1,050 |  |  |  | — |  |  |  | 1,050 |  |  |  | 30.00 |  |  |  | 35,000 |
Total June 30, 2024 |  |  | 17,950 |  |  | $ | 17,950,000 |  |  | $ | 17,795,000 |  |  | $ | — |  |  |  | 6,075 |  |  |  | 3,100 |  |  |  | (4,880 | ) |  |  | 4,295 |  |  | $ | — |  |  |  | 143,167 |
During the three months ended June 30, 2025 and 2024, a total of 5,350 and 1,750 Series F were converted into a total of 6,081,754 and 58,333 shares of Common Stock, respectively, and dividends accrued to the Series F were $52,038 and $49,748, respectively. During the six months ended June 30, 2025 and 2024, a total of 7,760 and 4,880 Series F were converted into a total of 8,272,662 and 117,374 shares of Common Stock, respectively, and dividends accrued to the Series F were $119,688 and $110,983 respectively. As of June 30, 2025 and December 31, 2024, accrued dividends on the Series F total $814,317 and $746,666 which are included in accrued expenses on the unaudited consolidated balance sheets, at the rate per share (as a percentage of the $1,000 stated par value per share of Series F) of 5% per annum, beginning on the purchase date. Common Stock Issuances Conversions During the six months ended June 30, 2025 and 2024, a total of 780,112 and 0 shares of Common Stock were issued for the conversion of $646,994 and $0 outstanding principal and accrued interest on a convertible note at an average conversion rate of $.8294 and $0, respectively. During the six months ended June 30, 2025 and 2024, a total of 1,480,112 and 1,597 shares of Common Stock were issued for the conversion of $1,416,994 and $100,000 of outstanding principal and accrued interest on a convertible note at an average conversion rate of $0.9573 and $62.6235, respectively (see Note 5). During the six months ended June 30, 2025 and 2024, a total of 6,081,754 and 58,333 shares of Common Stock were issued for the conversion of 5,350 and 1,750 Series F with a stated value of $1,000, respectively. During the six months ended June 30, 2025 and 2024, a total of 8,272,662 and 117,374 shares of Common Stock were issued for the conversion of 7,760 and 4,880 Series F with a stated value of $1,000, respectively. Warrant Exercises During the six months ended June 30, 2025, we issued 1,952,839 shares of Common Stock for the exercise of Series B warrants with an exercise price of $0.8294 and aggregate cash proceeds of $1,619,683. During the six months ended June 30, 2025, we issued 2,220,688 shares of Common Stock for the exercise of Series B warrants with an average exercise price of $0.9639 or aggregate exercise price of $2,140,516. The Company agreed to credit $350,000 of the aggregate exercise price pursuant to a settlement reached with the Series B warrant holder over a dispute and received and aggregate cash proceeds of $1,790,516. On March 6, 2024, the Company entered into a warrant exercise agreement with several institutional investors holding warrants pursuant to a securities purchase agreement, dated as of June 5, 2023, in connection with a private placement. The warrant exercise agreement provided that for those investors who exercised their existing warrants they would receive a reduction in the exercise price to $30.00 per share of Common Stock. During the six months ended June 30, 2024, the Company received $497,701 from the exercise of 16,590 warrants converted to 16,590 shares of Common Stock. Warrant Exchange On April 2, 2025, the Company and the majority holder of the Series B warrants executed an Amendment to the Series B Warrant to Purchase Common Stock and Exchange Agreement (the "Series B Amendment"). The Series B Amendment amended the contractual terms of the Series B warrants as disclosed in Note 6. As consideration for the holder amending the contractual terms of the Series B warrants, we issued to the holder 88,908 shares of Common Stock for no consideration in exchange for 125,362 Series F warrants with a weighted average exercise price of $1.10 (see Note 8). We have included the fair value of these shares issued of $108,468, based on the market price of our stock on the date of the exchange, within stockholders' equity as a deemed dividend. Restricted Common Stock During the three months ended June 30, 2025 and 2024, we issued 78,615 and 612 shares of fully vested restricted Common Stock to certain employees and service providers. During the six months ended June 30, 2025 and 2024, we issued 78,615 and 687 shares of fully vested restricted Common Stock to certain employees and service providers. Down Round Triggers and Deemed Dividends Below is a summary of the deemed dividends resulting from the March 2025 and May 2025 Down Round Triggers that reduced the conversion and exercise price of outstanding Series F Preferred Stock, Series F Warrants and Series B Warrants:
Deemed Dividends on Series F Preferred Stock |
|  | Description of |  | Series F |  |  | Conversion Prices |  |  | Conversion Price |  |  | Incremental Value |
Date of Trigger Event |  | Trigger Event |  | Triggered |  |  | Prior to Trigger |  |  | After Trigger |  |  | Deemed Dividend |
March 17, 2025 |  | March 2025 Down Round Trigger |  |  | 5,025 |  |  | $ | 2.22 - 5.25 |  |  | $ | 1.20 |  |  | $ | 976,637 |
May 5, 2025 |  | May 2025 Down Round Trigger |  |  | 1,045,402 |  |  | $ | 1.10 |  |  | $ | 0.83 |  |  |  | 1,105,871 |
|  | Deemed Dividends on Series F Preferred Stock |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,082,508 |
Deemed Dividends on Series F Warrants |
March 17, 2025 |  | March 2025 Down Round Trigger |  |  | 593,247 |  |  | $ | 2.22 - 5.25 |  |  | $ | 1.20 |  |  | $ | 79,695 |
May 5, 2025 |  | May 2025 Down Round Trigger |  |  | 593,247 |  |  | $ | 1.10 |  |  | $ | 0.83 |  |  |  | 36,504 |
|  | Deemed Dividends on Series F Warrants |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 116,199 |
Deemed Dividends on Series B Warrants (see Note 8) |
May 5, 2025 |  | May 2025 Down Round Trigger |  |  | 6,777,101 |  |  | $ | 1.94 |  |  | $ | 0.83 |  |  |  | 2,426,968 |
|  | Deemed Dividends on Series B Warrants |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,426,968 |
|  | Total Deemed Dividends Series F PS, Series B and F Warrants |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,625,675 |
Below is a summary of the deemed dividends resulting from the March 2024 Down Round Trigger that reduced the conversion and exercise price of outstanding Series F Preferred Stock and Series F Warrants:
Deemed Dividends on Series F Preferred Stock
| Description of | Series F | Conversion Prices | Conversion Price | Incremental Value
Date of Trigger Event | Trigger Event | Triggered | Prior to Trigger | After Trigger | Deemed Dividend
March 6, 2024 | March 2024 Down Round Trigger |  | 3,945 | $ | 60.29 - 124.50 | $ | 30.00 | $ | 5,102,674
Deemed Dividends on Series F Warrants
` | March 2024 Down Round Trigger |  | 54,695 | $ | 60.29 - 124.50 | $ | 30.00 | $ | 147,030
Total Deemed Dividends Series F PS and Series F Warrants |  |  |  |  |  |  |  | $ | 5,249,704
Warrant Modification (i) |  |  |  |  |  |  |  |  | 7,751
Total Deemed Dividends |  |  |  |  |  |  |  | $ | 5,257,455
(i) On May 31, 2024, the Company agreed to reduce the exercise price of a warrant held by Alpha originally issued in June 2023 from $380.00 to $30.00. As result, the Company recorded a deemed dividend of $7,751 for the incremental value due to the modification. Deemed dividends are reflected as an increase to additional paid in capital and an increase to accumulated deficit and as an increase to total net loss or decrease to total net income attributable to Common Stockholders in computing earnings per share on the condensed consolidated statements of operations and comprehensive income (loss). Stock-based Compensation The Company determines the fair value of awards granted under the 2017 Omnibus Equity Incentive Plan (the “Equity Plan”) based on the fair value of its Common Stock on the date of grant. Stock-based compensation expenses related to grants under the Equity Plan are included in general and administrative expenses on the condensed consolidated statements of operations and comprehensive income (loss). Restricted Stock Units (“RSUs”) For the six months ended June 30, 2025, a summary of RSU activity is as follows:
|  |  |  |  |  | Weighted Average |
|  |  |  |  |  | Grant Date |
|  | Shares |  |  | Fair Value |
Outstanding as of December 31, 2024 |  |  | 7,293 |  |  | $ | 324.64 |
Granted |  |  | 142,730 |  |  |  | 1.54 |
Cancelled |  |  | (1,158 | ) |  |  | 284.01 |
Vested |  |  | (78,825 | ) |  |  | 5.07 |
Outstanding as of June 30, 2025 |  |  | 70,040 |  |  |  | 26.58 |
Vested as of June 30, 2025 |  |  | 1,243 |  |  |  | 1,363.11 |
Unvested as of June 30, 2025 |  |  | 68,797 |  |  | $ | 2.43 |
For the six months ended June 30, 2025, the aggregate fair value of RSU awards at the time of grant was $219,105 based the market price of our Common Stock on the date of grant. For the three and six months ended June 30, 2025, the Company recognized $111,832 and $161,710 of stock-based compensation expense, and had approximately $93,000 of unrecognized stock-based compensation expense related to RSUs, which will be amortized over approximately twelve months. As of June 30, 2025, 210 fully vested restricted Common Stock shares have not been issued and released. For the six months ended June 30, 2024, a summary of RSU activity is as follows:
|  |  |  |  |  | Weighted Average |
|  |  |  |  |  | Grant Date |
|  | Shares |  |  | Fair Value |
Outstanding as of December 31, 2023 |  |  | 3,054 |  |  | $ | 901.50 |
Granted |  |  | 901 |  |  |  | 26.00 |
Cancelled |  |  | (20 | ) |  |  | 483.00 |
Vested and released |  |  | (687 | ) |  |  | 15.06 |
Outstanding as of June 30, 2024 |  |  | 3,249 |  |  |  | 709.00 |
Vested as of June 30, 2024 |  |  | 2,701 |  |  |  | 820.00 |
Unvested as of June 30, 2024 |  |  | 548 |  |  | $ | 162.00 |
For the six months ended June 30, 2024, no RSUs were awarded. The Company recognized $18,580 of stock compensation expense, and had $25,000 of unrecognized stock-based compensation expense related to RSUs. Stock Options For the six months ended June 30, 2025 a summary of the options activity is as follows:
|  |  |  |  |  |  |  |  |  |  |  |  |  | Weighted Average |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Remaining |  |  | Aggregate |
|  |  |  |  |  | Weighted Average |  |  | Weighted Average |  |  | Contractual Term |  |  | Intrinsic |
|  | Shares |  |  | Exercise Price |  |  | Fair Value |  |  | (Years) |  |  | Value |
Outstanding as of December 31, 2024 |  |  | 56 |  |  | $ | 5,342 |  |  | $ | 2,874 |  |  |  | 1.23 |  |  | $ | — |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Expired/Forfeited |  |  | (56 | ) |  |  | 5,342 |  |  |  | 2,874 |  |  |  | — |  |  |  | — |
Outstanding as of June 30, 2025 |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Exercisable as of June 30, 2025 |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
As of June 30, 2025, the Company had no unrecognized compensation cost related to stock options. Intrinsic value is measured using the fair market value at the date of exercise (for shares exercised) or as of June 30, 2025 (for outstanding options), less the applicable exercise price. For the three and six months ended June 30, 2025, there was no stock compensation expense related to the stock options. For the six months ended June 30, 2024, a summary of the options activity is as follows:
|  |  |  |  |  |  |  |  |  |  |  |  |  | Weighted Average |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Remaining |  |  | Aggregate |
|  |  |  |  |  | Weighted Average |  |  | Weighted Average |  |  | Contractual Term |  |  | Intrinsic |
|  | Shares |  |  | Exercise Price |  |  | Fair Value |  |  | (Years) |  |  | Value |
Outstanding as of December 31, 2023 |  |  | 2,505 |  |  | $ | 2,000 |  |  | $ | 1,080.00 |  |  |  | 1.49 |  |  | $ | 2,294 |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Expired/Forfeited |  |  | (2,440 | ) |  |  | 1,921 |  |  |  | 1,044 |  |  |  | — |  |  |  | — |
Outstanding as of June 30, 2024 |  |  | 65 |  |  | $ | 6,038 |  |  | $ | 3,246 |  |  |  | 1.49 |  |  | $ | — |
Exercisable as of June 30, 2024 |  |  | 65 |  |  | $ | 6,038 |  |  | $ | 3,246 |  |  |  | 1.49 |  |  | $ | — |

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