Stockholders’ Equity (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Stockholders’ Equity [Abstract] |
|
| Schedule of Net Proceeds |
The table below details the
net proceeds of the 2021 Public Offering.
| Gross Proceeds: |
|
|
|
| Initial Closing |
|
$ |
39,999,040 |
|
| Option Closing |
|
|
6,000,000 |
|
| |
|
|
45,999,040 |
|
| Offering Costs: |
|
|
|
|
| Underwriting discounts and commissions |
|
|
(2,500,000 |
) |
| Other offering costs |
|
|
(821,957 |
) |
| Net Proceeds |
|
$ |
42,677,083 |
|
|
| Schedule of Warrants Activity |
A summary of our Warrants
activity for the six months ended June 30, 2025 and related information follows:
| |
| Number of
Shares
Under
Warrant |
|
| Weighted
Average
Exercise
Price |
|
| Weighted
Average
Remaining
Contractual
Life |
|
| Balance as of January 1, 2025 |
| |
26,490,110 |
|
| $ |
1.70 |
|
| |
3.84 |
|
| Granted |
| |
9,600,000 |
|
| |
0.00 |
|
| |
|
|
| Exercised |
| |
(18,972,168 |
) |
| |
0.52 |
|
| |
|
|
| Cancelled |
| |
(289,253 |
) |
| |
7.46 |
|
| |
|
|
| Balance as of June 30, 2025 |
| |
16,828,689 |
|
| $ |
1.45 |
|
| |
3.48 |
|
|
| Schedule of Assumptions Used in the Black-Scholes Model |
The assumptions used in the
Monte Carlo simulation and Black-Scholes Model are set forth in the table below.
| |
|
Six Months
Ended
June 30,
2025 |
|
| Stock price |
|
$ |
0.77-2.69 |
|
| Risk-free interest rate |
|
|
3.86-4.65 |
% |
| Volatility |
|
|
59.05-88.69 |
% |
| Expected life in years |
|
|
5.00-5.77 |
|
| Dividend yield |
|
|
0.00 |
% |
|
| Schedule of Option Activity |
A summary of our Option activity
for the three and six months ended June 30, 2025 and related information follows:
| |
| Number of
Shares
Under
Option |
|
| Weighted
Average
Exercise
Price |
|
| Weighted
Average
Remaining
Contractual
Life |
|
| Balance as of January 1, 2025 |
| |
4,289,359 |
|
| $ |
3.70 |
|
| |
7.59 |
|
| Granted |
| |
13,301,944 |
|
| |
1.48 |
|
| |
|
|
| Exercised |
| |
(22,082 |
) |
| |
0.49 |
|
| |
|
|
| Forfeited |
| |
(59,709 |
) |
| |
1.16 |
|
| |
|
|
| Canceled |
| |
(26,958 |
) |
| |
1.46 |
|
| |
|
|
| Balance as of June 30, 2025 |
| |
17,482,554 |
|
| $ |
2.03 |
|
| |
8.29 |
|
| Vested and Exercisable as of June 30, 2025 |
| |
3,698,944 |
|
| $ |
4.03 |
|
| |
7.04 |
|
|
| Schedule of Stock-Based Compensation Expense for Stock Options |
Total stock-based compensation
expense for stock options for the three and six months ended June 30, 2025 and 2024 is as follows:
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
| General and administrative |
|
$ |
875,781 |
|
|
$ |
218,635 |
|
|
$ |
1,664,063 |
|
|
$ |
290,218 |
|
| Sales and marketing |
|
|
135,612 |
|
|
|
80,412 |
|
|
|
134,391 |
|
|
|
151,966 |
|
| Research and development |
|
|
136,060 |
|
|
|
37,089 |
|
|
|
205,197 |
|
|
|
77,405 |
|
| Cost of goods sold |
|
|
125,297 |
|
|
|
19,108 |
|
|
|
193,993 |
|
|
|
37,048 |
|
| Total stock-based expense related to options |
|
$ |
1,272,750 |
|
|
$ |
355,244 |
|
|
$ |
2,197,644 |
|
|
$ |
556,637 |
|
Total stock-based compensation
expense for RSUs for the three and six months ended June 30, 2025 and 2024 is as follows:
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
| General and administrative |
|
$ |
637,873 |
|
|
$ |
48,477 |
|
|
$ |
924,186 |
|
|
$ |
106,634 |
|
| Sales and marketing |
|
|
56,537 |
|
|
|
4,065 |
|
|
|
210,958 |
|
|
|
13,564 |
|
| Research and development |
|
|
52,768 |
|
|
|
211 |
|
|
|
103,561 |
|
|
|
715 |
|
| Cost of goods sold |
|
|
67,844 |
|
|
|
- |
|
|
|
133,149 |
|
|
|
- |
|
| Total stock-based expense related to restricted stock units |
|
$ |
815,022 |
|
|
$ |
52,753 |
|
|
$ |
1,371,854 |
|
|
$ |
120,913 |
|
|
| Schedule of Restricted Stock Unit (RSUs) Activity |
A summary of our RSUs activity
and related information is as follows:
| |
| RSUs |
|
| Weighted
Average
Grant Date
Fair Value |
|
| Weighted
Average
Vesting
Period
(Years) |
|
| Unvested balance at January 1, 2025 |
| |
252,417 |
|
| $ |
0.68 |
|
| |
0.75 |
|
| Granted |
| |
4,218,399 |
|
| $ |
1.33 |
|
| |
|
|
| Vested |
| |
(730,578 |
) |
| $ |
1.44 |
|
| |
|
|
| Unvested balance at June 30, 2025 |
| |
3,740,238 |
|
| $ |
1.26 |
|
| |
1.75 |
|
|