Note 13 - Stock Authorization and Issuance |
6 Months Ended |
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Jun. 30, 2026 | |
| Notes to Financial Statements | |
| Equity [Text Block] |
13. Stock Authorization and Issuance
Stock Issuances
Debt Exchange On March 13, 2026, we entered into exchange agreements with certain holders of our outstanding convertible promissory notes that had a fixed conversion price of $0.25 per share and matured in March 2026. Pursuant to the agreements, the holders agreed to exchange the outstanding principal amount of the notes held by them, together with accrued and unpaid interest thereon through the closing date of the exchange, for unregistered shares of our common stock at an exchange price of $0.21 per share. In connection with the exchange, we issued an aggregate of approximately 3.3 million shares of common stock to the holders in exchange for the cancellation of notes having an aggregate outstanding principal and unpaid interest of approximately $0.7 million (see Note 9). We recognized a loss of approximately $0.1 million as a result of the debt extinguishment.
Shelf Registration and Registered Direct Offerings In May 2025, we filed a shelf registration statement ("Shelf") for the offering of various securities, up to $25.0 million. The Shelf, which was declared effective May 25, 2025, was intended to provide flexibility for our future capital needs and to fund working capital, capital expenditures, vendor purchases, and other capital needs. During the year ended December 31, 2025, we sold an aggregate of 21.2 million shares of common stock under the Shelf for gross proceeds of $4.5 million. Upon filing our 2025 Annual Report, we no longer satisfied the market capitalization eligibility requirements of the Shelf and therefore it can no longer be utilized for our future capital needs.
Common Stock Warrants
During the six months ended June 30, 2026, 1.8 million warrants, with a weighted average exercise price of $1.67 per share, expired unexercised. As of June 30, 2026, we had remaining outstanding warrants for the purchase of up to 2.5 million shares of our common stock with a weighted average exercise price of $0.60 per share and a weighted average remaining life of approximately 2.9 years. These warrants have an estimated grant date fair value of $1.2 million which is included in additional paid-in capital in our unaudited condensed consolidated balance sheets.
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