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Stockholders’ Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Stockholders’ Equity

9. Stockholders’ Equity

 

Common Stock

 

As of June 30, 2025, 4,473,130 shares of common stock were issued and outstanding, 241,260 shares of common stock were reserved for issuance upon the exercise of outstanding warrants, 478,488 shares of common stock were reserved for issuance under our 2015 Equity Incentive Plan, as amended (the “2015 Plan”) and our 2024 Equity Incentive Plan, as amended (the “2024 Plan”), and 104,136 shares were reserved for issuance under our 2023 Non-Employee Director Compensation Plan.

 

We maintain an effective registration statement (the “Registration Statement”) covering up to $12.9 million of common stock, warrants, and units. The Registration Statement includes a prospectus covering the offer, issuance and sale of up to $10.0 million in our common stock from time to time in “at-the-market offerings” pursuant to an At the Market Agreement (the “ATM Program”) with Lucid Capital Markets, LLC (“Lucid”) as our sales agent. As of June 30, 2025, we have sold 139,945 shares of our common stock pursuant to the ATM Program during the six months ended June 30, 2025, and received aggregate net proceeds totaling $1,545,012. Additionally, we have sold 5,993 shares of our common stock pursuant to the ATM Program from the period of July 1, 2025 through August 13, 2025, and received aggregate net proceeds totaling $77,774. As of August 13, 2025, approximately $8.2 million remained available under the ATM Program.

 

The following table describes the shares and warrants issued as part of our 2022 private placement:

 

Schedule of Shares and Warrants Issued

Issuance of Common Stock  Issue Date  Shares Issued   Price per share   Warrants Issued   Warrant Exercise Price   Warrant Fair Value 
Private Placement 2022  April 1, 2022   1,242,588   $4.62    124,258   $4.62   $3.91 

 

Amortization of the debt issuance costs for the Private Placement 2022 offering was recorded at $31,539 and $42,052 for the three and six months ended June 30, 2025, and at $33,936 and $94,531 for the three and six months ended June 30, 2024.

 

Warrants

 

The following sets forth the warrants to purchase our common stock that were outstanding as of June 30, 2025:

 

Schedule of Warrants to Purchase Common Stock

Warrants Outstanding   Warrant
Exercise Price		   Warranty Expiry
 109,560   $4.62   March 30, 2027 (1)
 95,500   $4.00   March 30, 2027 (1)
 16,000   $9.00   March 30, 2027 (1)
 17,200   $12.50   March 30, 2027 (1)
 3,000   $15.00   March 30, 2027 (2)

 

(1)   Issued to the placement agent in connection with private placements of our convertible promissory notes.
     
(2)   Issued to certain 5% stockholders.

 

A summary of warrant activity during the six months ended June, 2025 and 2024 is as follows:

 

Schedule of Warrant Activity

   Warrants 
Outstanding at January 1, 2025   255,958 
Exercised   (14,698)
Outstanding and Exercisable at March 31, 2025   241,260 
 Exercised   - 
Outstanding and Exercisable at June 30, 2025   241,260