| Warrants |
Warrant activity is summarized as follows:
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Warrants
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Weighted average
exercise price
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Outstanding at December 31, 2023
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| | 9,256,493 | |
| $ | 4.22 | |
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Issued
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| | 600,000 | |
| | 3.70 | |
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Exercised
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| | (142,503 | ) |
| | 3.00 | |
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Canceled/Expired
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| | (118,050 | ) |
| | 4.33 | |
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Outstanding at December 31, 2024
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| | 9,595,940 | |
| $ | 4.21 | |
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Issued
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| | 420,000 | |
| | 4.59 | |
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Exercised
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| | (10 | ) |
| | 7.00 | |
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Canceled/Expired
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| | (5,843,786 | ) |
| | 3.00 | |
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Outstanding at December 31, 2025
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| | 4,172,144 | |
| $ | 5.93 | |
The weighted average expiration of the warrants outstanding as of December 31, 2025 is 1.6 years. The following table summarizes information with regard to outstanding warrants issued in connection with equity and debt financings and consultants as of December 31, 2025.
| | | | | | | | | | | | | | Issued in Connection With | |
| Number
Outstanding | | |
| Exercise
Price | | | Exercisable Date | Expiration Date | | May 23, 2019 Rights Offering warrants | | | 2,622,144 | | | $ | 7.00 | | | May 23, 2019 | May 23, 2026 | | July 22, 2022 Warrants issued in connection with related party line of credit | | | 330,000 | | | $ | 5.00 | | | July 22, 2022 | July 31, 2029 | | December 29, 2023 Warrants issued for draw on related party line of credit | | | 200,000 | | | $ | 3.00 | | | December 29, 2023 | July 31, 2029 | | March 29, 2024 Warrants issued for draw on related party line of credit | | | 200,000 | | | $ | 3.59 | | | March 29, 2024 | July 31, 2029 | | June 28, 2024 Warrants issued for draw on related party line of credit | | | 200,000 | | | $ | 3.39 | | | June 28, 2024 | July 31, 2029 | | September 30, 2024 Warrants issued for draw on related party line of credit | | | 200,000 | | | $ | 4.13 | | | September 30, 2024 | July 31, 2029 | | April 30, 2025 Warrants issued for draw on related party line of credit | | | 120,000 | | | $ | 3.00 | | | April 30, 2025 | July 31, 2029 | | June 30, 2025 Warrants issued for draw on related party line of credit | | | 100,000 | | | $ | 3.50 | | | June 30, 2025 | July 31, 2029 | | December 31, 2025 Warrants issued for draw on related party line of credit | | | 200,000 | | | $ | 6.08 | | | December 31, 2024 | July 31, 2029 | | Total Outstanding Warrants | | | 4,172,144 | | | | | | | | |
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