Equity |
6 Months Ended |
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Jun. 30, 2026 | |
| Equity [Abstract] | |
| Equity | Note 9. Equity
On September 16, 2022, the Company entered into subscription agreements from a group of privately accredited investors to sell them million shares of common stock of the Company at a price of $ per share (which represented the closing market price of the Company’s common stock on September 14, 2022, which was the date that the transaction was agreed to). As of December 31, 2022, the Company received $3,450,000 under these subscription agreements and issued common shares and issued 1,500,000 warrants. During 2024, the Company received $300,000 and issued shares and 130,434 warrants in connection with a remaining outstanding commitment under these subscription agreements. During the six months ended June 30, 2026, the Company received $275,000 and issued shares and 119,565 warrants in connection with the remaining outstanding commitment under these subscription agreements. The Company has an outstanding commitment from an investor for the remaining $575,000 under these subscription agreements. The Company did not sell any equity securities during the three months ended June 30, 2026 and 2025.
On February 18, 2026, the Company entered into subscription agreements from a group of privately accredited investors, which included family members of a director of the Company, as well as the owner of a licensee of the Company licensed to produce SPD-SmartGlass products including for the retrofit architectural glass market.
The investors purchased million shares of common stock of the Company at a price of $ per share (which represents the closing market price of the Company’s common stock on February 13, 2026, which was the date that the transaction was agreed to). The Company received $1.1 million in proceeds from the sale of common stock to these investors. For each share of common stock received, the investor also received one warrant (expiring on February 28, 2031) to purchase one share of common stock at an exercise price of $1.10 if warrant exercises occur on or before February 28, 2027, $1.20 if warrant exercises occur between March 1, 2027 through February 29, 2028, $1.30 if warrant exercises occur between March 1, 2028 through February 28, 2029, and $1.50 if warrant exercises occur after February 28, 2029 and prior to the expiration of the warrants.
The shares were issued to the investors in a private placement and, along with the shares issued in connection with the exercise of any warrants in the future, are not registered and therefore currently subject to at least a six-month holding period by the investor.
As of June 30, 2026, there were 2,849,999 warrants and options outstanding.
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