Stockholders’ Equity |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Equity [Abstract] | |
| Stockholders’ Equity | Note 6. Stockholders’ Equity On September 11, 2023, the Company entered into a stock purchase agreement in connection with a private placement for total gross proceeds of $5.0 million. The stock purchase agreement provided for the issuance of an aggregate of shares of the Company’s common stock to an investor at a purchase price of $ per share. On September 11, 2023, the sale pursuant to the Purchase Agreement closed. No placement fees or commissions were paid in connection with this transaction. In addition, as consideration for general advisory services until the third anniversary, the Company agreed to issue an aggregate total of shares of common stock with a total fair market value on the date of grant of $263,160, which shares shall be issued as follows: one-third (21,930 shares) on September 11, 2024, which was issued on such date, one-third (21,930 shares) on September 11, 2025 and one-third (21,930 shares) on September 11, 2026. The Company expenses the value of the stock grant, which is determined to be the fair market value of the shares at the date of grant, straight-line over the term of the advisory agreement. For the three months ended March 31, 2025 and 2024, the Company recognized $21,600 and $21,800, respectively, of consulting expense associated with this issuance. On September 11, 2024, the Company issued shares of its common stock for advisory services upon the vesting of the first tranche described above with a fair value of $87,700, which was fully expensed upon issuance. As of March 31, 2025, the unamortized value related to the grant for advisory services was $127,000. On December 24, 2024, an executive of the Company was granted RSUs, of which RSU’s vested on December 24, 2024 and the remaining 5,000 RSUs vest on December 24, 2025, with a total fair market value on date of grant of $16,700 of which $8,350 was vested. The Company expenses the value of the stock grant, which is determined to be the fair market value of the non-vested shares at the date of grant, straight-line over the vesting period. For the three months ended March 31, 2025 and 2024, the Company recognized $ and $, respectively, of stock-based compensation expense. |