Annual report [Section 13 and 15(d), not S-K Item 405]

STOCK WARRANTS

v3.25.1
STOCK WARRANTS
 12 Months Ended
Dec. 31, 2024
Stock Warrants  
STOCK WARRANTS

14. STOCK WARRANTS

 

A summary of warrant activity for the years ended December 31, 2024 and 2023 is presented below:

 SCHEDULE OF WARRANTS OUTSTANDING

                Weighted-        
          Weighted-     Average        
          Average     Remaining     Aggregate  
          Exercise     Contractual     Intrinsic  
    Warrants     Price     Life (Years)     Value  
                         
Outstanding at January 1, 2023     4,763     $ 7,520.00       3.56     $ -  
Granted     -       -       -       -  
Forfeited     (165 )     1,628.00       -       -  
Exercised     -       -       -       -  
Outstanding at December 31, 2023     4,598       6,752.00       3.10       -  
Granted     -       -       -       -  
Forfeited     (1,053 )     24,098.44       -       -  
Exercised     -       -       -       -  
Outstanding at December 31, 2024     3,545     $ 1,769.64       2.92     $ -  

 

As of December 31, 2024, the intrinsic value of the outstanding warrants was $0.

 

On January 24, 2023, the Company entered into an underwriting agreement with Aegis relating to the January 2023 offering, issuance and sale of 4,506 shares of the Company’s common stock at a public offering price of $1,600.00 per share. As a result of this transaction, certain warrants which previously had an exercise price of $2,720.00 per share, had the exercise price reduced to $1,600.00 per share, which resulted in the Company recognizing a deemed dividend of $164.

 

On September 19, 2023, the Company issued 917 shares of its common stock to certain other investors to settle litigation. In exchange for the shares, 161 warrants were cancelled as part of the settlement agreement.