v3.25.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Stockholders' Equity

Note 8. Stockholders’ Equity

Reverse Stock Split

On February 23, 2024, the Board approved a one-for-six (1:6) reverse split of the Company’s issued and outstanding common stock, par value $0.001 per share, pursuant to which every six outstanding shares of common stock was converted into one share of common stock (the “Reverse Stock Split”). The Reverse Stock Split was effected by the filing of an amendment to our Certificate of Incorporation on March 7, 2024 which provided that the Reverse Stock Split became effective at 12:01 a.m. eastern time on March 12, 2024. The amendment provided that no fractional shares shall be issued and, in lieu thereof, any person who would otherwise be entitled to a fractional share of common stock as a result of the Reverse Stock Split would be entitled to receive one share of common stock. The Company’s common stock began trading on The Nasdaq Capital Market on a split-adjusted basis on March 12, 2024. The Company has retroactively adjusted all share amounts and per share data herein to give effect to the Reverse Stock Split.

Stock Options

The following is a summary of the stock option plan activity during the six months ended June 30, 2025 and 2024:

 

 

2025

 

 

2024

 

 

 

Number of

 

 

Weighted Average

 

 

Number of

 

 

Weighted Average

 

 

 

Options

 

 

Exercise Price

 

 

Options

 

 

Exercise Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of the year

 

 

593,378

 

 

$

9.06

 

 

 

599,597

 

 

$

9.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Granted

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Forfeited

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Exercised

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at end of the period

 

 

593,378

 

 

$

9.06

 

 

 

599,597

 

 

$

9.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options exercisable at end of the period

 

 

593,378

 

 

$

9.06

 

 

 

387,110

 

 

$

11.06

 

Stock compensation expense recognized for the three and six months ended June 30, 2025 and 2024 related to stock options was approximately $25 thousand and $135 thousand, respectively for 2025 and approximately $0.1 million and $0.2 million, respectively for 2024. There was nil unrecognized compensation cost associated with unvested stock options remaining as of June 30, 2025.

The aggregate intrinsic value of the outstanding common stock options as of June 30, 2025 and December 31, 2024 was nil. The remaining weighted average life of the options as of June 30, 2025 was approximately 7.6 years.

Restricted Shares

The following is a summary of the restricted share activity during the six months ended June 30, 2025 and 2024:

 

 

June 30, 2025

 

 

June 30, 2024

 

 

 

Number of

 

 

Weighted Average

 

 

Number of

 

 

Weighted Average

 

 

 

Restricted Shares

 

 

Award Price

 

 

Restricted Shares

 

 

Award Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted Shares outstanding at beginning of the year

 

 

-

 

 

$

-

 

 

 

86,667

 

 

$

4.51

 

Vested

 

 

-

 

 

 

-

 

 

 

(86,667

)

 

$

4.51

 

Restricted Shares outstanding at end of period

 

 

-

 

 

$

-

 

 

 

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock compensation expense for restricted stock for the three and six months ended June 30, 2025 and 2024 was nil for 2025 and approximately $5 thousand and $76 thousand, respectively for 2024. There was nil unrecognized compensation cost associated with unvested restricted stock remaining as of June 30, 2025.

Warrants

The following is a summary of the warrant activity during the six months ended June 30, 2025 and 2024:

 

 

2025

 

 

2024

 

 

 

Number of Warrants

 

 

Weighted Average Exercise Price

 

 

Number of Warrants

 

 

Weighted Average Exercise Price

 

Warrants outstanding at beginning of the year

 

 

4,747,547

 

 

$

2.93

 

 

 

1,274,807

 

 

$

30.04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Exercised

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Expired

 

 

(36,316

)

 

 

2.88

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrants outstanding and exercisable at end of the year

 

 

4,711,231

 

 

$

2.93

 

 

 

1,274,807

 

 

$

30.04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The aggregate intrinsic value of the outstanding common stock warrants as of June 30, 2025 and 2024 was nil. The remaining weighted average life of the warrants as of June 30, 2025 was 3.6 years.