Stockholders’ Equity |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Stockholders’ Equity [Abstract] | |
| Stockholders’ Equity | Note 12 – Stockholders’ Equity
The total number of shares of all classes of capital stock which the Company is authorized to issue is 300,000,000 shares of common stock with $0.00001 par value.
On October 22, 2024, the Company’s registration statement on Form S-1 (File No. 333-282780), as amended (the “Registration Statement”), was declared effective by the SEC for the Company’s underwritten initial public offering in which the Company sold a total of 1,150,000 shares of its common stock, par value $0.00001 per share, at price to the public of $9.00 per share, for gross proceeds of $10,350,000. Roth Capital Partners, LLC acted as representative of the underwriters for the offering. The offering closed on October 24, 2024 (the “initial public offering”). Following the sale of all the shares upon the closing of the initial public offering and the expiration of the over-allotment option, the offering terminated. The Company received net proceeds of approximately $8.4 million after deducting underwriting discounts and commissions and offering expenses. No payments for such expenses were made directly or indirectly to (i) any of the Company’s officers or directors or their associates, (ii) any persons owning 10% or more of any class of the Company’s equity securities, or (iii) any of the Company’s affiliates. There has been no material change in the planned use of proceeds from the initial public offering as described in the Registration Statement.
The Company issued warrants to purchase 103,500 shares to the underwriter as part of the initial public offering transaction with an expiration date of (i) the third (3rd) anniversary of the Exercisability Date for 25% of the Warrant, (ii) the fourth anniversary of the Exercisability Date for 25% of the Warrant and (iii) the fifth (5th) anniversary of the Exercisability Date for 50% of the Warrant. The Company determined the fair value of the warrants of $490,443 during the year ended December 31, 2024 using the Black-Scholes fair value option-pricing model with the following weighted average assumptions: estimated fair value of the Company’s common stock of $9.01, risk-free interest rates of 4.02%-4.03%, volatility of 69%-76%, expected term of 3-5 years and dividend yield of 0%.
During 2025 and 2024 the Company issued 30,360 and 18,000 shares, respectively, to a consultant who facilitated a cash advance facility (Note 11).
As of March 31, 2025 and December 31, 2024, there were 8,752,178 and 8,721,818 shares issued, respectively, and 8,572,105 and 8,541,745 shares outstanding, respectively. |