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Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Summary of Warrant Activity

The following table summarizes the warrants issued and outstanding as of June 30, 2024:

Warrants Issued and Outstanding as of June 30, 2024

Date of

Exercise

Shares of

Description

Issuance

Expiration

Common Stock

Exercisable Warrants

10/19/2020

3/19/2028

$

1.50

500,000

Exercisable Warrants

10/19/2021

3/19/2028

$

1.50

350,000

Total warrants issued and outstanding (Unaudited)

850,000

Incentive Compensation Plan – In October 2012, we adopted our 2012 Incentive Compensation Plan, as amended (the “2012 Plan”), as the sole plan for providing equity-based incentive compensation to our employees, directors and service providers. The 2012 Plan allows for the grant of stock options, restricted stock, restricted stock units (“RSUs”), stock appreciation rights, performance awards, and other incentive awards to our employees, directors and service providers. The purpose of the 2012 Plan is to attract and retain these individuals and further align their interests with the interests of our stockholders by linking their compensation with our performance. The 2012 Plan is administered by the compensation committee of our board of directors.

On July 8, 2024, our stockholders approved the adoption of our 2024 Incentive Compensation Plan (the “2024 Plan”), which will replace the 2012 Plan for all future grants. Awards previously granted under the 2012 Plan are unaffected by the adoption of the 2024 Plan, and remain outstanding under the terms pursuant to which they were granted. The 2024 Plan allows for the grant of stock options (both nonqualified stock options and incentive stock options), stock appreciation rights, restricted stock, RSUs, bonus stock, dividend equivalents, other stock-based awards, and performance awards that may be settled in cash, stock, or other property. The purpose of our 2024 Plan is to assist us and our Designated Subsidiaries (as such term is defined in the 2024 Plan) in attracting, motivating, retaining, and rewarding high-quality executives and other employees, officers, directors, and individual consultants who provide services to us or our Designated Subsidiaries, by enabling such persons to acquire or increase a proprietary interest in our company in order to strengthen the mutuality of interests between such persons and our stockholders, and providing such persons with performance incentives to expend their maximum efforts in the creation of stockholder value.

Summary of Stock Option Activity

The following table summarizes the stock option activity for the six months ended June 30, 2024:

		Stock Options
								Weighted-
						Exercise		Average
		Number				Price Per		Exercise Price
		of Shares				Share		Per Share
Outstanding at December 31, 2023			2,869,013			$1.17 — $23.20		$	3.33
Granted			5,000			$6.98		$	6.98
Exercised			(171,061	)		$1.83  — $6.40		$	3.59
Cancelled/Forfeited			(32,828	)		$1.83 — $23.20		$	5.05
Outstanding at June 30, 2024 (Unaudited)			2,670,124			$1.17 — $11.60		$	3.30

X

- Definition

Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

+ References

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X

- 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

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