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EQUITY | 12 Months Ended
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Dec. 31, 2024
EQUITY |
EQUITY | Preferred shares The Company has authorized 416,667 shares of preferred stock with a par value of $0.001 per share. As of December 31, 2024, and 2023, there were no shares of preferred stock issued or outstanding. Common Shares The Company has authorized 50,000,000 shares of Common Stock with a par value of $0.001 per share. Each share of Common Stock entitles the holder to one vote, in person or proxy, on any matter on which an action of the stockholders of the Company is sought. During the years ended December 31, 2024, and 2023, in accordance with the Equity Line, the Company issued 92,073 and 333,271, shares of the Company’s Common Stock with aggregate proceeds to the Company of $112 and $567, respectively. As of December 31, 2024, and 2023, there were 3,281,032 and 3,188,959 shares of Common Stock issued and outstanding, respectively. Warrants A summary of activity of the warrants during the years ended December 31, 2024, and 2023, is as follows:
|  | Number of |  |  | Weighted Average |  |  | Weighted Average |
|  | shares |  |  | Exercise Price |  |  | Life (years) |
Outstanding, December 31, 2022 |  |  | 270,053 |  |  | $ | 64.16 |  |  |  | 2.05 |
Granted |  |  | - |  |  |  | - |  |  |  | - |
Expired |  |  | (27,420 | ) |  |  | 198.07 |  |  |  | - |
Exercised |  |  | - |  |  |  | - |  |  |  | - |
Outstanding, December 31, 2023 |  |  | 242,633 |  |  | $ | 44.07 |  |  |  | 1.10 |
Granted |  |  | - |  |  |  | - |  |  |  | - |
Expired |  |  | (102,736 | ) |  |  | 100.48 |  |  |  | - |
Exercised |  |  | - |  |  |  | - |  |  |  | - |
Outstanding, December 31, 2024 |  |  | 139,897 |  |  | $ | 11.25 |  |  |  | 0.79 |
The intrinsic value of the warrants as of December 31, 2024, is $0. All of the outstanding warrants are exercisable as of December 31, 2024. 2018 Equity Incentive Plan, as amended On January 1, 2024, the number of shares available under the Company’s 2018 Equity Incentive Plan, as amended (the “2018 Plan”) was increased by 478,344 shares of Common Stock. As of December 31, 2024, the 2018 Plan permits the Company to issue up to an aggregate of 1,529,223 shares of Common Stock of which 755,618 shares are available to be issued. Options granted during the year ended December 31, 2024 In January 2024, the Company granted options to an officer of the Company to purchase an aggregate of 92,000 shares of the Company’s Common Stock with an exercise price of $1.49 and vesting as follows: twenty-five (25%) of the shares subject to the option shall vest on the one-year anniversary of the vesting commencement date, and one forty-eighth (1/48th) of the shares subject to the option shall vest each month thereafter on the same day of the month as the vesting commencement date. The vesting commencement date is January 5, 2024. On March 5, 2024, the Company granted options to certain employees, officers and consultants to purchase a total of 152,000 shares of the Company’s common stock with an exercise price of $1.47 and vesting as follows: twenty-five percent (25%) of the shares subject to the option shall vest on the one (1) year anniversary of the vesting commencement date, and one forty-eighth (1/48th) of the shares subject to the option shall vest each month thereafter on the same day of the month as the vesting commencement date. The vesting commencement date is March 5, 2024. On December 20, 2024, the Company granted options to directors to purchase a total of 10,500 shares of the Company’s common stock with an exercise price of $0.9476 and one hundred percent (100%) of the shares subject to the option shall vest on the earlier of (i) the one (1) year anniversary of the vesting commencement date, or (ii) the day prior to the date of the annual meeting of the Issuer's stockholders next following the vesting commencement date. The vesting commencement date is December 20, 2024. Options granted during the year ended December 31, 2023 On January 1, 2023, the 2018 Plan was increased to permit the issuance of an additional 428,353 shares of common stock, which increased the number of shares available for issuance pursuant to the 2018 Plan to a new total of 737,770 shares. On February 1, 2023, the Company granted an option to the Company’s president to purchase a total of 85,000 shares of the Company’s common stock with an exercise price of $3.15 and vesting as follows: 25% of the shares subject to the option shall vest on the one-year anniversary of the vesting commencement date, and 1/48th of the shares subject to the option shall vest each month thereafter on the same day of the month as the vesting commencement date. The vesting commencement date is February 1, 2023. On February 2, 2023, the Company granted options to certain employees and consultants to purchase a total of 90,000 shares of the Company’s common stock with an exercise price of $3.15 and vesting as follows: twenty-five percent (25%) of the shares subject to the option shall vest on the one (1) year anniversary of the vesting commencement date, and one forty-eighth (1/48th) of the shares subject to the option shall vest each month thereafter on the same day of the month as the vesting commencement date. The vesting commencement date is February 1, 2023. On February 2, 2023, the Company granted options to certain employees and consultants to purchase a total of 19,750 shares of the Company’s common stock with an exercise price of $3.15 and vesting as follows: one hundred percent (100%) of the shares subject to the option shall vest on the one (1) year anniversary of the vesting commencement date on the same day of the month as the vesting commencement date. The vesting commencement date is February 1, 2023. On February 2, 2023, the Company granted options to an employee to purchase a total of 746 shares of the Company’s common stock with an exercise price of $3.15 and vesting as follows: 50% of the shares subject to the option shall vest on the one (1) year anniversary of the vesting commencement date, and one twenty-fourth (1/24th) of the shares subject to the option shall vest each month thereafter on the same day of the month as the vesting commencement date. The vesting commencement date is February 1, 2023. On June 30, 2023, the Company granted options to certain directors of the Company to purchase a total of 4,002 shares of the Company’s common stock with an exercise price of $1.99, all of which shall vest on the one (1) year anniversary of the vesting commencement date. The vesting commencement date is June 30, 2023. On August 4, 2023, the Company granted options to certain directors of the Company to purchase a total of 6,498 shares of the Company’s common stock with an exercise price of $2.01, all of which shall vest on the one (1) year anniversary of the vesting commencement date. The vesting commencement date is June 30, 2023. The following is a summary of stock option activity during the years ended December 31, 2024, and 2023:
|  | Options Outstanding |  |  | Weighted |
|  | Number of Options |  |  | Weighted Average Exercise Price(1) |  |  | Average Remaining life (years) |
Outstanding, December 31, 2022 |  |  | 313,109 |  |  | $ | 24.15 |  |  |  | 8.41 |
Granted |  |  | 205,996 |  |  |  | 3.03 |  |  |  | 10.00 |
Exercised |  |  | - |  |  |  | - |  |  |  | - |
Forfeited/canceled |  |  | - |  |  |  | - |  |  |  | - |
Outstanding, December 31, 2023 |  |  | 519,105 |  |  | $ | 15.97 |  |  |  | 8.07 |
Granted |  |  | 254,500 |  |  |  | 1.48 |  |  |  | 10.00 |
Exercised |  |  | - |  |  |  | - |  |  |  | - |
Forfeited/canceled |  |  | - |  |  |  | - |  |  |  | - |
Outstanding, December 31, 2024 |  |  | 773,605 |  |  | $ | 1.84 |  |  |  | 7.76 |
Exercisable options, December 31, 2024 |  |  | 11,085 |  |  | $ | 20.80 |  |  |  | 6.49 |
(1) | During February 2024, 488,069 options were repriced to $1.55 and had their vesting schedules modified. As per Accounting Standards Update 2021-07 Compensation – Stock Compensation (Topic 718) the changes were treated as modifications to the options and the incremental fair value was calculated resulting in $210 in additional expense to amortize over the updated vesting schedule of 1/3rd of the shares subject to the options will vest on the first anniversary and 1/36th of the shares subject to the option will vest each month thereafter. The amendment date was February 28, 2024.
Valuation The Company utilizes the Black-Scholes model to value its stock options. The Company utilized the following assumptions:
|  | Year ended |  |  | Year Ended |
|  | December 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Expected term |  | 3.08 - 6.08 years |  |  | 5.50 - 6.25 years |
Expected average volatility |  | 87 - 110% |  |  | 110 - 150% |
Expected dividend yield |  |  | - |  |  |  | - |
Risk-free interest rate |  | 4.02 - 4.44% |  |  | 3.43 - 4.15% |
During the year ended December 31, 2024, the Company granted 254,500 options, valued at $307 of which 113,500 valued at $137 were for related parties. During the year ended December 31, 2023, the Company granted 205,996 options, valued at $586, of which 150,246 valued at $427 were for related parties. During the year ended December 31, 2024, and 2023, the Company recognized stock-based compensation expense of $818 and $1,020, respectively, of which $475 and $890 was for related parties, respectively, and as of December 31, 2024, $1,013 remains unamortized, of which $652 is for related parties. The intrinsic value of options outstanding as of December 31, 2024, and 2023 is $0.

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