v3.25.2
COMMON STOCK
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
COMMON STOCK

NOTE 7 – COMMON STOCK

 

The Company is authorized to issue 1,000,000,000 shares of common stock with 782,845,442 and 781,065,752 shares of common stock issued and 741,371,729 and 739,614,045 outstanding, net of treasury stock, as of March 31, 2025 and December 31, 2024, respectively. Stockholders are entitled to one vote for each share held of record on all matters to be voted on by stockholders. Stockholders have no conversion, pre-emptive, or other subscription rights and there are no sinking fund or redemption provisions applicable to the common stock.

 

Issuance of Common Stock

 

During the three months ended March 31, 2025, the Company raised $1,759 (of which $1,757 was raised in cash) thousand via a series of funding rounds as follows:

 

                       
Common Stock Issuances by Round   Shares     Weighted
Average
Price per
Share		     Proceeds  
Round 6     2,500     $ 0.40     $ 1,000  
Round 8     1,757,606       1.00       1,757,760  
Total stock issued     1,760,106             $ 1,758,760

 

All shares were issued from the Company’s pool of authorized common stock, which rights and privileges are discussed above and were the same for all shares issued to date. Each funding round was available for a defined period with a specified price per share and did not overlap with other funding rounds. Investors that subscribed during a specific round, locked the pricing offered for that round and Company had a limited time to close on the issuance of shares. Once a funding round was fully subscribed to and committed, management evaluated capital needs and determined the price for the following round.

 

Repurchases of Common Stock

 

During the three months ended March 31, 2025, the Company repurchased 22,006 common stock shares in exchange for consideration of $4 thousand, which were recorded as treasury stock.

 

Treasury stock is recorded on the condensed consolidated balance sheets at cost and is reflected as an increase to stockholders’ deficit.