COMMON STOCK PURCHASE WARRANTS |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock Purchase Warrants | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COMMON STOCK PURCHASE WARRANTS | NOTE 15. COMMON STOCK PURCHASE WARRANTS
The following table summarizes information about shares issuable under warrants outstanding during the six months ended June 30, 2026 and 2025:
The total intrinsic value of all outstanding warrants aggregated $14 and $-0- as of June 30, 2026 and 2025, respectively, and the weighted average remaining term was and months as of June 30, 2026 and 2025, respectively.
The following table summarizes the range of exercise prices and weighted average remaining contractual life for outstanding and exercisable warrants to purchase shares of common stock as of June 30, 2026:
September and December 2025 Detachable Purchase Warrants
In connection with the issuance of the 2025 Secured Notes during September and December 2025 (see Note 9, Debt Obligations), the Company issued an aggregate of 41,581 detachable common stock purchase warrants exercisable at $ per share with a five-year term from the respective dates of issuance. All 41,581 warrants remained outstanding as of June 30, 2026 and December 31, 2025.
February 2025 Purchase Warrants
On February 13, 2025, the Company issued 23,206 Series A warrants in connection with an underwritten public offering, with an exercise price of $930.00 per share. The warrants were activated on May 6, 2025 upon stockholder approval and were initially classified as derivative liabilities. On June 27, 2025, the circumstances allowing for net cash settlement outside the Company’s control were terminated and the warrants were reclassified to equity at their then-current fair value of $530,101. All 23,206 Series A warrants remain outstanding as of June 30, 2026. See the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for the valuation assumptions and the fair value changes recognized during 2025.
2024 Purchase Warrants
The Company has 202 Series A warrants outstanding as of June 30, 2026 and December 31, 2025, originally issued in June 2024 in connection with an underwritten public offering, with an exercise price of $15,060 per share. The warrants are classified as derivative liabilities due to net cash settlement provisions outside the Company’s control and are remeasured at fair value at each reporting date. The aggregate fair value was $-0- as of June 30, 2026 and $144 as of December 31, 2025. The warrants are substantially out of the money, and their estimated fair value was $-0- at June 30, 2026. See Note 10, Fair Value Measurement, for Level 3 derivative liability activity.
2023 Purchase Warrants
On April 5, 2023, the Company issued warrants to purchase 40 shares of common stock (as adjusted for reverse stock splits), which are classified as derivative liabilities due to net cash settlement provisions outside the Company’s control and are remeasured at fair value at each reporting date. All 40 warrants remained outstanding as of June 30, 2026 and December 31, 2025, with exercise prices ranging from $165,000 to $225,000 per share and a remaining contractual term of approximately 1.8 years. The aggregate fair value of the 2023 warrants was $-0- as of June 30, 2026 and December 31, 2025. See Note 10, Fair Value Measurement, for additional Level 3 derivative liability activity.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||