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WARRANTS
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
WARRANTS SHAREHOLDERS’ EQUITY
On February 17, 2021, we completed an offering of 6,210,000 shares of our common stock, inclusive of the underwriters full over allotment, at $10.00 per share for total gross offering proceeds of $62,100,000. In connection with this offering, we received approval to list our common stock on the Nasdaq Capital Market under the symbol "UGRO."
On May 24, 2021, we announced that the Board authorized a stock repurchase program to purchase up to $5,000,000 of the currently outstanding shares of the Company’s common stock, over a period of 12 months through open market purchases, in compliance with Rule 10b-18 under the Securities Exchange Act of 1934. On January 18, 2022, the Board authorized a $2,000,000 increase to the stock repurchase program, to a total of $7,000,000. On February 2, 2022, the Board authorized an additional $1,500,000 increase to the stock repurchase, to a total of $8,500,000. On September 12, 2022, the Board authorized an additional $2,000,000 increase to the stock repurchase, for a total of $10,500,000. During the twelve months ended December 31, 2023 the Company did not repurchase shares of common stock. During the twelve months ended December 31, 2022, the Company repurchased 594,918 shares of common stock at an average price per share of $7.33, for a total price of $4,362,052. In total, the Company has repurchased 1,099,833 shares of common stock at an average price per share of $8.25 for a total of $9,073,622, under this program. As of December 31, 2023, we have $1,429,458 remaining under the repurchase program.
In February 2021, the Company repurchased 350,000 shares of common stock with an average price per share of $8.50, for a total of $3,000,000, outside of any stock repurchase or publicly announced program.
WARRANTS
The following table shows warrant activity for the years ended December 31, 2023 and 2022:
Number of sharesWeighted Average Exercise Price
Warrants outstanding as of December 31, 2021395,483 $11.65 
Exercised(18,196)$6.00 
Terminated – cashless exercise(40,137)$6.00 
Expired— $— 
Warrants outstanding as of December 31, 2022337,150 $12.63 
Warrants exercisable as of December 31, 2022337,150 $12.63 
Number of sharesWeighted Average Exercise Price
Warrants outstanding as of December 31, 2022337,150 $12.63 
Exercised— $— 
Terminated— $— 
Issued for line of credit175,531 $1.25 
Expired loan extension(1,000)$6.00 
Warrants outstanding as of December 31, 2023511,681 $8.74 
Warrants exercisable as of December 31, 2023337,150 $12.63 
The fair value of the warrants is calculated using the Black-Scholes pricing model based on the estimated market value of the underlying common stock at the valuation measurement date, the contractual term of the options, the risk-free interest rate at the date of grant and expected volatility of the price of the underlying common stock of 100%. There is a moderate degree of subjectivity
involved when estimating the value of warrants with the Black-Scholes option pricing model as the assumptions used are moderately judgmental.
The weighted-average life of the warrants is 4.04 years. The aggregate intrinsic value of the warrants outstanding and exercisable at December 31, 2023 is $31,009.