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CAPITAL STOCK
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
CAPITAL STOCK

NOTE 5 - CAPITAL STOCK

 

Common Stock

 

On January 22, 2025, the Company entered into a securities purchase agreement pursuant to which the Company sold 260,000 shares of the Company’s common stock at a purchase price of $17.00 per share in a registered direct offering. The Company received approximately $3.8 million in net proceeds.

 

On June 17, 2025, the Company entered into a securities purchase agreement pursuant to which the Company sold 174,100 shares of the Company’s common stock at a purchase price of $10.60 per share in a registered direct offering. The Company also issued 49,662 pre-funded warrants for approximately $526,000, which warrants were exercised on June 18, 2025. The Company received approximately $2.1 million in net proceeds from these two transactions.

 

On June 24, 2025, the Company entered into a securities purchase agreement pursuant to which the Company sold 81,629 shares of the Company’s common stock at a purchase price of $14.80 per share in a registered direct offering. The Company received approximately $1.1 million in net proceeds.

 

On June 6, 2025, the Company entered into a service agreement with a third-party service provider for investor relations services. As well as payment in cash, the service provider was awarded 30,000 shares of common stock, restricted under rule 14 as compensation with a fair value of $46,025 based on the market price of the Company’s common stock which is included in stock-based compensation for the three and six months ended June 30, 2025.

 

 

Warrants

 

A summary of warrant activity and related information for 2025 is presented below:



   Warrants   Weighted-Average
Exercise Price		   Aggregate
Intrinsic Value		 
             
Outstanding at January 1, 2025   9,440   $        24.63               
Issued   49,662    10.60      
Exercised   (49,662)   10.60      
Expired   -    -      
Outstanding at June 30, 2025   9,440   $24.63   $- 
Exercisable at June 30, 2025   9,440   $24.63   $- 

 

June 2025 Reverse stock split

 

On June 6, 2025, the Company effected a 1-for-10 reverse stock split of its outstanding common stock. As a result of such reverse stock split, each 10 pre-split shares of common stock outstanding were automatically exchanged for one new share of each without any action on the part of the holders. The number of outstanding shares of common stock was reduced from approximately 15,686,533 shares to approximately 1,568,653 shares. 216 shares of common stock were issued as a result of the treatment of fractional shares in connection with this reverse stock split. The reverse stock split did not affect the total number of shares of capital stock that the Company is authorized to issue.