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Warrants | 9 Months Ended
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Sep. 30, 2025
Warrants [Abstract] |
Warrants | (13) Warrants On April 29, 2020, the Company and certain institutional investors entered into a securities purchase agreement, as amended on May 4, 2020 (the “2020 Purchase Agreement”), pursuant to which the Company agreed to sell to such investors an aggregate of 440,000 shares of common stock and warrants to purchase up to 440,000 shares of common stock in a concurrent private placement (the “May 2020 Warrants”). The exercise price of the May 2020 Warrant is $7.425 per share. These warrants become exercisable on July 23, 2020 and have a term of exercise equal to five years from the date of issuance till July 23, 2025. 88,000 May 2020 Warrants were exercised in February 2021 at the exercise price of $7.425 per share and nil May 2020 Warrants were outstanding as of September 30, 2025. On January 20, 2021, the Company offered and sold to certain institutional investors an aggregate of 2,618,182 shares of common stock and 2,618,182 warrants to purchase up to 2,618,182 shares of common stock (the “January 2021 Warrants”). The January 2021 Warrants became exercisable on January 20, 2021 at an exercise price of $5.5 and will expire on January 20, 2026. 1,410,690 January 2021 Warrants were exercised in January and February of 2021 at the exercise price of $5.5 per share. 1,207,492 January 2021 Warrants were outstanding as of September 30, 2025. On March 1, 2021, the Company offered and sold to the public investors an aggregate of 2,927,786 shares of common stock and 1,463,893 warrants to purchase up to 1,463,893 shares of common stock (the “March 2021 Warrants”). The March 2021 Warrants became exercisable on March 1, 2021 at an exercise price of $7.5 and will expire on March 1, 2026. 6,750 March 2021 Warrants were exercised in January and March 2021 at the exercise price of $7.5 per share and 1,457,143 March 2021 Warrants were outstanding as of September 30, 2025. The Company classified warrants as liabilities and accounted for the issuance of the warrants as a derivative. A summary of stock warrant activities is as below:
|  | Nine months ended September 30, 2025 |
|  | Number |  |  | Weight average exercise price |
Outstanding and exercisable at beginning of the period |  |  | 3,016,635 |  |  | $ | 6.6907 |
Issued during the period |  |  | - |  |  |  | - |
Exercised during the period |  |  | - |  |  |  | - |
Expired during the period |  |  | (352,000 | ) |  |  | 7.425 |
Outstanding and exercisable at end of the period |  |  | 2,664,635 |  |  | $ | 6.5937 |
The following table summarizes information relating to outstanding and exercisable warrants as of September 30, 2025:
Warrants Outstanding |  |  | Warrants Exercisable |
Number of Shares |  |  | Weighted Average Remaining Contractual life (in years) |  |  | Weighted Average Exercise Price |  |  | Number of Shares |  |  | Weighted Average Exercise Price |
| 2,664,635 |  |  |  | 0.37 |  |  | $ | 6.5937 |  |  |  | 2,664,635 |  |  | $ | 6.5937 |
Aggregate intrinsic value is the sum of the amounts by which the quoted market price of the Company’s stock exceeded the exercise price of the warrants at September 30, 2025 for those warrants for which the quoted market price was in excess of the exercise price (“in-the-money” warrants). The intrinsic value of the warrants as of September 30, 2025 and December 31, 2024 are nil.

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