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

Note 15 – Changes in Stockholders’ Equity

 

Preferred Stock

 

The Company has authorized 8,000,000 shares of $0.001 par value preferred stock. As of June 30, 2025, none of the preferred stock had been designated or issued.

 

Common Stock

 

The Company has authorized 80,000,000 shares of $0.001 par value common stock. As of June 30, 2025, a total of 10,719,769 shares of common stock had been issued. Each holder of common stock is entitled to one vote for each share of common stock held.

 

ATM Offering

 

On February 18, 2025, the Company entered into a First Amendment to an At-The-Market Issuance Sales Agreement (the “ATM Agreement”) to increase the aggregate offering price of the shares of common stock that the Company may sell under the ATM Agreement from $3,000,000 to up to $5,000,000. During the six months ended June 30, 2025, the Company sold a total of 1,303,115 shares of common stock, including 182,693 shares authorized, but unissued at December 31, 2024, at prevailing market prices under the ATM Agreement for aggregate net proceeds of $2,407,448, after deducting applicable expenses, including commissions paid to Alexander Capital, L.P., as sales agent, equal to 3% of the gross proceeds from the sale of the shares.

 

Exercise of Warrants

 

On February 14, 2025, the Company received aggregate proceeds of $38,157 on the exercise of Representative’s Warrants to purchase an aggregate of 39,747 shares of common stock.

 

On June 4, 2025, Kaufman Kapital exercised warrants to purchase an aggregate of 1,000,000 shares of the Company’s common stock at an exercise price of $1.00 per share. These warrants were originally issued in connection with the Kaufman Kapital Senior Secured Convertible note. The exercises resulted in aggregate cash proceeds of $1,000,000.

 

During the period ended June 30, 2025, additional warrants were exercised to purchase an aggregate of 135,000 shares of the Company’s common stock at an exercise price of $1.00 per share. The exercises resulted in aggregate cash proceeds of $135,000.