Equity and Non-Controlling Interests

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Equity and Non-Controlling Interests

3. Equity and Non-Controlling Interests

Equity

In April 2019, the Company entered into an equity subscription agreement with Public Ventures, LLC, d/b/a MDB Capital (formerly known as MDB Capital Group LLC), which was later transferred to MDB in 2022, whereby MDB would purchase up to $5,000,000 of Invizyne’s Common Stock at $3.04 per share. At December 31, 2021, MDB had purchased 1,197,246 shares for a total of $3,644,930. On September 22, 2022, MDB completed its equity subscription agreement, purchasing 445,099 shares, thus owning a total of 1,642,345 shares of Invizyne’s Common Stock. MDB waived its 10% cash fee relative to the Funding Agreement in exchange for other modifications. As a condition of the Funding Agreement, warrants to purchase 98,814 shares of Invizyne Common Stock were issued (the “Funding Warrants”), which vested as amounts were funded. Through September 30, 2024 and December 31, 2023, respectively, 205,293 and 205,293 of Funding Warrants have vested. Total value of the warrants as of September 30, 2024 and December 31, 2023 was $320,790.

On May 19, 2024, 2,347 shares of common stock were issued as part of a cashless stock option exercise.