v3.26.1
Stockholders Equity
 6 Months Ended
Jun. 30, 2026
Stockholders Equity  
Stockholders' Equity

Note 9 – Stockholders' Equity

 

Sales of Common Stock Under At-the-Market Offering

 

On May 7, 2024, we entered into an At-the-Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright & Co., LLC, pursuant to which we may offer and sell shares of our common stock, par value $0.001 per share, having an aggregate offering price of up to $15.0 million. We did not sell any shares under the ATM Agreement during the six months ended June 30, 2026. During the six months ended June 30, 2025, we utilized the ATM Agreement and sold 159,431 shares of common stock for gross proceeds of $1.2 million. As of June 30, 2026, approximately $13.8 million remained available for issuance under the ATM Agreement, based on cumulative gross sales of shares under the program to date. We have suspended the ATM Agreement and terminated the continuous offering by us under the associated prospectus supplement. We will not make any sales of Common Shares pursuant to the ATM Agreement, unless and until a new prospectus is filed and the expiration of an 180-day lockup period following completion of the Offerings.

 

Warrants

 

On September17, 2021, we signed an agreement with a marketing platform and consulting company to provide referral and support services to us for a period of five years. As part of that agreement, we granted a seven year warrant exercisable into 30,000 shares of our common stock, at $7.20 per share, which vests in two tranches when certain performance metrics are achieved. The warrant was valued using the Black Scholes option pricing model at a total of $149,551 based on a seven-year term, an implied volatility of 100%, a risk-free equivalent yield of 1.17%, and a stock price of $7.10. The warrant is classified as equity and will be expensed over the vesting period of each tranche if the performance criteria are achieved. At the period ended June 30, 2026, approximately 19,300 shares have been forfeited and approximately 10,700 shares underlying the warrant have vested.

 

Subsequent to quarter end, on July 1, 2026, the Company issued pre-funded warrants and common stock purchase warrants exercisable for an aggregate of up to 7,423,762 additional shares of common stock in connection with the registered direct offering and concurrent private placement described in Note 15 – Subsequent Events.

 

Earnings per Share

 

The following table sets forth the computation of basic and diluted earnings (loss) per share (in dollars, except share data):

 

 

 

For the Three Months Ended

June 30,

 

 

For the Six Months Ended

June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Net (loss)

 

$(4,039,914)

 

$(1,501,263)

 

$(2,144,259)

 

$(2,761,084)

Weighted average shares, basic

 

 

14,835,062

 

 

 

14,450,640

 

 

 

14,786,210

 

 

 

14,361,782

 

Dilutive effect of restricted stock units

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Weighted average shares, diluted

 

 

14,835,062

 

 

 

14,450,640

 

 

 

14,786,210

 

 

 

14,361,782

 

Basic earnings (loss) per share

 

$(0.27)

 

$(0.10)

 

$(0.15)

 

$(0.19)

Diluted earnings (loss) per share

 

$(0.27)

 

$(0.10)

 

$(0.15)

 

$(0.19)

 

For the three and six months ended June 30, 2026 and 2025, we generated a net loss and as a result, any potential common shares are anti-dilutive.

 

As of June 30, 2026, 663,470 restricted stock units and 10,700 vested warrants, for a total of 674,170 potentially dilutive shares, were excluded from the computation of diluted net loss per share because their effect would have been antidilutive due to the net losses in the period.