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Subsequent Events
6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events

Note 15: Subsequent Events

 

Company’s Amended and Restated 2018 Equity Incentive Plan

 

On July 1, 2025, the Company filed a Registration Statement registering additional shares of common stock under the Company’s Amended and Restated 2018 Equity Incentive Plan. The number of shares of the Company’s common stock available for grant and issuance under the Plan is subject to an annual increase on July 1 of each calendar year, by an amount equal to two percent (2%) of the then outstanding shares of the Company’s common stock. On July 1, 2025, the number of shares of the Company’s common stock available for grant and issuance under the 2018 Plan increased by 15,283 shares.

 

Public Offering on a Registration Statement on Form S-1

 

On July 30, 2025, the Company closed a financing pursuant to a Registration Statement on Form S-1 (SEC File No. 333-284443) in which it raised $8,000,000 in gross proceeds. An aggregate of 2,000,000 shares of its common stock (or pre-funded warrants in lieu thereof), Class E warrants to purchase up to 2,000,000 shares of common stock, and Class F warrants to purchase up to 2,000,000 shares of common stock, at a combined public offering price of $4.00 per share (or $3.999 per pre-funded warrant). The warrants have an exercise price of $4.00 per share, and are exercisable immediately upon issuance. The Class E warrants will expire on the fifth anniversary of the original issuance date, and the Class F warrants will expire on the eighteen-month anniversary of the original issuance date. Maxim Group LLC acted as sole placement agent in connection with this offering.

 

Repayment of Streeterville Bridge Note

 

On August 1, 2025, the Company repaid the Streeterville Bridge Note early and took advantage of an early repayment discount. The Note was paid in full for $285,000.

 

Reduction in Outstanding Accounts Payable

 

On August 12, 2025, the Company reduced its outstanding accounts payable to one of its vendors by successfully effecting a reduction, which will alleviate negative working capital and increase Shareholders Equity.