Note 7 - Stockholders' Equity (Deficit)

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Equity [Text Block]

Note 7 – Stockholders’ Equity (Deficit)

Preferred Series F Convertible Stock

Purchase History

On June 26, 2022, the Company entered into a Securities Purchase Agreement (the “Series F Agreement”) with Alpha. Pursuant to the terms of the Series F Agreement, the Board of Directors of the Company (the “Board”) designated a new series of Preferred Stock, the Series F 5% Preferred Convertible Stock (“Series F”), and authorized the sale and issuance of up to 35,000 shares of Series F with a stated value of $1,000 per share. Pursuant to the Series F Agreement, sales of Series F are accompanied by warrants equal to the number of issuable shares upon conversion of the Series F to Common Stock (the “Series F Warrants”).

Additional Investment Right

The Series F Agreement provides Alpha the right to purchase up to an additional $25,000,000 stated value of Series F, after their initial 10,000 Series F purchased on June 26, 2022, and accompanying warrants (the “Additional Investment Right” or “AIR”). Under the AIR, the Series F and Series F warrants are initially convertible and exercisable at a conversion and exercise price equal to the volume-weighted average price of the Company’s Common Stock for three trading days prior to the date Alpha gives notice to the Company that it will exercise its AIR. Under the terms of the AIR, conversion and exercise prices are subject to downward adjustment for any equity instrument or equity-linked instrument sold or granted at an effective price per share that is lower than the initial conversion and exercise price (“Down Round Provision”). See Note 8 for warrant related disclosures.

On February 7, 2025, Alpha and the Company executed a funding agreement in which Alpha agreed to exercise its AIR quarterly to provide financing to the Company for the next twelve months, with such amounts and timing of funding to be agreed to by the parties.

As consideration for Alpha’s commitment to additionally fund, the Company agreed to (i) extend the period in which Alpha can exercise its AIR by extending the termination date of December 31, 2025 to June 1, 2026 and (ii) granting Alpha certain registration rights related to the Series F Alpha currently holds and will receive upon further exercises of its AIR. The Company filed the required registration statement to register 6,500,000 shares of Common Stock which became effective by the Securities and Exchange Commission on April 25, 2025.

During the nine months ended September 30, 2025, we issued the following Series F pursuant to the exercise of the AIR by Alpha:

● On February 7, 2025, we issued 1,000 Series F to Alpha upon the exercise of their AIR and received $1,000,000 of gross proceeds. The Series F are initially convertible into 450,390 shares of Common Stock at an initial conversion price of $2.2203 and Series F Warrants to purchase up to 450,390 shares of Common Stock at an initial exercise price of $2.2203. The Series F Warrants are immediately exercisable upon issuance and have a three-year term.

● On March 17, 2025, we issued 500 Series F to Alpha upon the exercise of their AIR and received $500,000 of gross proceeds. The Series F are initially convertible into 415,420 shares of Common Stock at an initial conversion price of $1.2036 and Series F Warrants to purchase up to 415,420 shares of Common Stock at an initial exercise price of $1.2036. The Series F Warrants are immediately exercisable upon issuance and have a three-year term. This issuance resulted in down round provisions embedded within previously issued Series F and Series F Warrants being triggered (the “March 2025 Down Round Trigger”), including the Series F and Series F Warrants issued on February 7, 2025. See Down Round Triggers and Deemed Dividends in Note 7 below. 

●     On May 5, 2025, we issued 500 Series F to Alpha upon the exercise of their AIR and received $500,000 of gross proceeds. The Series F are initially convertible into 602,846 shares of Common Stock at an initial conversion price of $0.8294 and Series F Warrants to purchase up to 602,846 shares of Common Stock at an initial exercise price of $0.8294. The Series F Warrants are immediately exercisable upon issuance and have a three-year term. This issuance resulted in down round provisions embedded within previously issued Series F and Series B and F Warrants being triggered (the “May 2025 Down Round Trigger”). See Down Round Triggers and Deemed Dividends in Note 7 below. 

● On June 6, 2025, we issued 500 Series F to Alpha upon the exercise of their AIR and received $500,000 of gross proceeds. The Series F are initially convertible into an aggregate of 418,831 shares of Common Stock at an initial conversion price of $1.1938 and Series F Warrants to purchase up to 418,831 shares of Common Stock at an initial exercise price of $1.1938. The Series F Warrants are immediately exercisable upon issuance and have a three-year term.

● On June 9, 2025, we issued 1,000 Series F to Alpha upon the exercise of their AIR and received $1,000,000 of gross proceeds. The Series F are initially convertible into an aggregate of 838,364 shares of Common Stock at an initial conversion price of $1.1928 and Series F Warrants to purchase up to 838,364 shares of Common Stock at an initial price of $1.1928. The Series F Warrants are immediately exercisable upon issuance and have a three-year term.

● On June 17, 2025, we issued 1,000 Series F to Alpha upon the exercise of their AIR and received $1,000,000 of gross proceeds. The Series F are initially convertible into an aggregate of 797,067 shares of Common Stock at an initial conversion price of $1.2546 and Series F Warrants to purchase up to 797,067 shares of Common Stock at an initial price of $1.2546. The Series F Warrants are immediately exercisable upon issuance and have a three-year term.

● On July 11, 2025, we issued 800 Series F to Alpha upon the exercise of their AIR and received $800,000 of gross proceeds. The Series F are initially convertible into an aggregate of 671,818 shares of Common Stock at an initial conversion price of $1.1908 and Series F Warrants to purchase up to 671,818 shares of Common Stock at an initial price of $1.1908. The Series F Warrants are immediately exercisable upon issuance and have a three-year term. This issuance resulted in down round provisions embedded within previously issued Series F and F Warrants being triggered (the “July 2025 Down Round Trigger”), specifically the issuances on June 6, 9, and 17, which reduced the conversion and exercise prices on all of these issuances down to $1.1908. See Down Round Triggers and Deemed Dividends in Note 7 below. 

● On July 18, 2025, we issued 1,000 Series F to Alpha upon the exercise of their AIR and received $1,000,000 of gross proceeds. The Series F are initially convertible into an aggregate of 714,286 shares of Common Stock at an initial conversion price of $1.400 and Series F Warrants to purchase up to 714,286 shares of Common Stock at an initial price of $1.400. The Series F Warrants are immediately exercisable upon issuance and have a three-year term.

● On July 21, 2025, we issued 500 Series F to Alpha upon the exercise of their AIR and received $500,000 of gross proceeds. The Series F are initially convertible into an aggregate of 357,143 shares of Common Stock at an initial conversion price of $1.400 and Series F Warrants to purchase up to 357,143 shares of Common Stock at an initial price of $1.400. The Series F Warrants are immediately exercisable upon issuance and have a three-year term.

● On July 24, 2025, we issued 1,000 Series F to Alpha upon the exercise of their AIR and received $1,000,000 of gross proceeds. The Series F are initially convertible into an aggregate of 456,621 shares of Common Stock at an initial conversion price of $2.19 and Series F Warrants to purchase up to 456,621 shares of Common Stock at an initial price of $2.19. The Series F Warrants are immediately exercisable upon issuance and have a three-year term.

● On August 22, 2025, we issued 500 Series F to Alpha upon the exercise of their AIR and received $500,000 of gross proceeds. The Series F are initially convertible into an aggregate of 275,497 shares of Common Stock at an initial conversion price of $1.8149 and Series F Warrants to purchase up to 275,497 shares of Common Stock at an initial price of $1.8149. The Series F Warrants are immediately exercisable upon issuance and have a three-year term.  This issuance resulted in down round provisions embedded within previously issued Series F and F Warrants being triggered (the “August 2025 Down Round Trigger”), specifically the issuances on July 24, 2025 which reduced the conversion and exercise prices on these issuances down to $1.8149 from $2.19. See Down Round Triggers and Deemed Dividends in Note 7 below. 

● On September 19, 2025, we issued 500 Series F to Alpha upon the exercise of their AIR and received $500,000 of gross proceeds. The Series F are initially convertible into an aggregate of 272,599 shares of Common Stock at an initial conversion price of $1.8342 and Series F Warrants to purchase up to 272,599 shares of Common Stock at an initial price of $1.8342. The Series F Warrants are immediately exercisable upon issuance and have a three-year term.

During the nine months ended September 30, 2024, we issued the following Series F pursuant to the exercise of the AIR by Alpha:

●  On March 6, 2024, we issued 1,000 Series F to Alpha or assignees of Alpha upon the exercise of their AIR and received $950,000 of net proceeds after deducting equity issuance costs for legal fees of $50,000. The Series F were initially convertible into 16,588 shares of Common Stock at an initial conversion price of $60.29 and warrants to purchase up to 16,588 shares of Common Stock at an initial exercise price of $60.29 and exercisable immediately for a period of three years.

●  On April 12, 2024, we issued 1,050 Series F to Alpha or assignees of Alpha upon the exercise of their AIR and received $1,050,000 of net proceeds. The Series F were initially convertible into 28,378 shares of Common Stock at an initial conversion price of $37.00 and warrants to purchase up to 28,378 shares of Common Stock at an initial exercise price of $37.00 and exercisable immediately for a period of three years.

●  On May 31, 2024, we issued 1,050 Series F to Alpha or assignees of Alpha upon the exercise of their AIR and received $1,050,000 of net proceeds. The Series F were initially convertible into 32,659 shares of Common Stock at an initial conversion price of $32.15 and warrants to purchase up to 32,659 shares of Common Stock at an initial exercise price of $32.15 and exercisable immediately for a period of three years.

●  On July 25, 2024, we issued 500 Series F to Alpha or assignees of Alpha upon the exercise of their AIR and received $500,000 of net proceeds. The Series F were initially convertible into 21,598 shares of Common Stock at an initial conversion price of $23.15 and warrants to purchase up to 21,598 shares of Common Stock at an initial exercise price of $23.15 and exercisable immediately for a period of three years.

●  On August 26, 2024, we issued 500 Series F to Alpha or assignees of Alpha upon the exercise of their AIR and received $500,000 of net proceeds. The Series F were initially convertible into 24,765 shares of Common Stock at an initial conversion price of $20.19 and warrants to purchase up to 24,765 shares of Common Stock at an initial exercise price of $20.19 and exercisable immediately for a period of three years.

     As of December 31, 2024, the conversion and exercise prices on the above issuances were reduced to $1.10 in connection with the October 2024 Offering. The May 2025 Down Round Trigger further reduced the conversion and exercise price on all outstanding Series F and Series F warrants from the issuances above from $1.10 to $0.8294.

Since the execution of the Series F Agreement, the Company has sold and issued Series F and Series F Warrants to Alpha or investors that Alpha has assigned the AIR for cash proceeds through the exercise of the AIR.

A summary of the Series F activity for the nine months ended September 30, 2025, is as follows:

							Original		Shares							Shares		Conversion			Shares
	Shares		Gross		Net		Conversion		Outstanding		Series F		Series F			Outstanding		Price at			Issuable at
Date of Purchase	Purchased		Proceeds		Proceeds		Price		December 31, 2024		Issued		Converted			September 30, 2025		September 30, 2025			September 30, 2025
November 15, 2023		1,850	$	1,850,000	$	1,850,000	$	124.7000		150		—		—			150	$	0.8294	(ii)		180,854
March 6, 2024		1,000		1,000,000		950,000		60.2900		435		—		(335	)		100		0.8294	(ii)		120,569
April 12, 2024		1,050		1,050,000		1,050,000		37.0000		1,050		—		(1,050	)		—		0.8294			—
May 31, 2024		1,050		1,050,000		1,025,000		32.1500		1,050		—		(525	)		525		0.8294	(ii)		632,988
July 25, 2024		500		500,000		500,000		23.1500		500		—		(500	)		—		0.8294			—
August 27, 2024		500		500,000		500,000		20.1900		500		—		(500	)		—		0.8294			—
October 1, 2024 (i)		1,500		—		—		12.0000		1,500		—		(1,500	)		—		0.8294			—
December 18, 2024		750		750,000		750,000		5.2500		750		—		(750	)		—		0.8294			—
February 7, 2025		1,000		1,000,000		1,000,000		2.2203		—		1,000		(1,000	)		—		0.8294			—
March 17, 2025		500		500,000		500,000		1.2036		—		500		(500	)		—		0.8294			—
May 5, 2025		500		500,000		500,000		0.8294		—		500		(500	)		—		0.8294			—
June 6, 2025		500		500,000		500,000		1.1938		—		500		(500	)		—		1.1938			—
June 9, 2025		1,000		1,000,000		1,000,000		1.1928		—		1,000		(1,000	)		—		1.1928			—
June 17, 2025		1,000		1,000,000		1,000,000		1.2546		—		1,000		(1,000	)		—		1.2546			—
July 11, 2025		800		800,000		800,000		1.1908		—		800		(800	)		—		1.1908	(iii)		—
July 18, 2025		1,000		1,000,000		1,000,000		1.4000		—		1,000		(578	)		422		1.4000			301,428
July 21, 2025		500		500,000		500,000		1.4000		—		500		—			500		1.4000			357,143
July 24, 2025		1,000		1,000,000		1,000,000		2.1900		—		1,000		—			1,000		1.8149			550,995
August 22, 2025		500		500,000		500,000		1.8149		—		500		(500	)		—		1.8149	(iv)		—
September 19, 2025		500		500,000		500,000		1.8342		—		500		(500	)		—		1.8342			—
Total September 30, 2025		17,000	$	15,500,000	$	15,425,000	$	—		5,935		8,800		(12,038	)		2,697	$	—			2,143,977
(i) - These shares were issued as consideration for executing the Omnibus Agreement in connection with the October 2024 Offering.
(ii) - Reflects the conversion price after the May 2025 Down Round Trigger that was triggered with the Sale of Series F and Series F warrants on May 5, 2025.
(iii) - Reflects the conversion price after the July 2025 Down Round Trigger that was triggered with the Sale of Series F and Series F warrants on July 11, 2025.
(iv) - Reflects the conversion price after the August 2025 Down Round Trigger that was triggered with the Sale of Series F and Series F warrants on August 22, 2025.

A summary of the Series F activity for the nine months ended September 30, 2024, is as follows:

							Original		Shares							Shares		Conversion			Shares
	Shares		Gross		Net		Conversion		Outstanding		Series F		Series F			Outstanding		Price at			Issuable at
Date of Purchase	Purchased		Proceeds		Proceeds		Price		December 31, 2023		Issued		Converted			September 30, 2024		September 30, 2024			September 30, 2024
June 26, 2022		10,000	$	10,000,000	$	9,920,000	$	620.0000		2,925				(2,925	)		—	$	20.1900	(i)		—
March 10, 2023		3,000		3,000,000		3,000,000		420.0000		3,000				(3,000	)		—		20.1900	(i)		—
November 15, 2023		1,850		1,850,000		1,850,000		124.7000		150				—			150		20.1900	(i)		7,429
March 6, 2024		1,000		1,000,000		950,000		60.2900		—		1,000		(550	)		450		20.1900	(i)		22,288
April 12, 2024		1,050		1,050,000		1,050,000		37.0000		—		1,050		—			1,050		20.1900	(i)		52,006
May 31, 2024		1,050		1,050,000		1,025,000		32.1500		—		1,050		—			1,050		20.1900	(i)		52,006
July 25, 2024		500		500,000		500,000		23.1500		—		500					500		20.1900	(i)		24,765
August 26, 2024		500		500,000		500,000		20.1900		—		500					500		20.1900			24,765
Total September 30, 2024		18,950	$	18,950,000	$	18,795,000	$	—		6,075		4,100		(6,475	)		3,700	$	—			183,259
(i) - Reflects the conversion price after the August 2024 Down Round Trigger that was triggered with the Sale of Series F and Series F warrants on August 27, 2024.

During the three months ended September 30, 2025 and 2024, the dividends accrued for the Series F were $36,111 and $47,879, respectively. During the nine months ended September 30, 2025 and 2024, the dividends accrued for series F were $155,800 and  $158,862. As of September 30, 2025 and December 31, 2024, accrued dividends on the Series F total $902,466 and $746,666 which are included in accrued expenses on the unaudited consolidated balance sheets, at the rate per share (as a percentage of the $1,000 stated par value per share of Series F) of 5% per annum, beginning on the purchase date.

Common Stock Issuances

Conversions

During the three months ended September 30, 2025 and 2024, a total of 10,383 and 0 shares of Common Stock were issued for the conversion of $8,612 and $0 of outstanding accrued interest on a convertible note at an average conversion rate of $0.8294 and $0, respectively. During the nine months ended September 30, 2025 and 2024, a total of 1,490,495 and 1,597 shares of Common Stock were issued for the conversion of $1,425,606 and $100,000 of outstanding principal and accrued interest on a convertible note at an average conversion rate of $0.9573 and $62.6235, respectively (see Note 5).

During the three months ended September 30, 2025 and 2024, a total of 4,278 and 1,595 Series F were converted into a total of 3,228,799 and 69,635 shares of Common Stock, respectively.  During the nine months ended September 30, 2025 and 2024, a total of 12,038 and 6,475 Series F were converted into a total of 11,501,461 and 187,009 shares of Common Stock, respectively.

Warrant Exercises

During the three months ended September 30, 2025, we issued 7,868,924 shares of Common Stock for the exercise of Series B warrants with an exercise price of $0.8294 and received aggregate cash proceeds of $6,526,485 During the nine months ended September 30, 2025, we issued 10,089,612 shares of Common Stock for the exercise of Series B warrants with exercise prices ranging from  $0.8294 to $1.10 and received aggregate cash proceeds of  $8,317,002.  In connection with one of the Series B exercises, the Company agreed to credit $350,000 of the aggregate exercise price pursuant to a settlement reached with the Series B warrant holder over a dispute. 

During the three and nine months ended September 30, 2025, we issued 3,622,918 shares of common stock for the exercise of Series F warrants with exercise prices ranging from $0.8294 to $1.4000 and received aggregate cash proceeds of $3,804,318. Further, during the three and nine months ended September 30, 2025 we issued 60,000 shares of common stock for the cashless exercise of 142,857 Series F warrants with an exercise price of $0.8294.

During the three and nine months ended September 30, 2025, we issued 63,017 shares of common stock for the alternate cashless exercise of Series A warrants with an exercise price of $1.9445. 

During the three and nine months ended September 30, 2024, we issued 16,590 shares of common stock for the exercise of Series F warrants with an exercise price of $30.00 and received cash proceeds of $497,701.

Warrant Exchange 

On April 2, 2025, the Company and the majority holder of the Series B warrants executed an Amendment to the Series B Warrant to Purchase Common Stock and Exchange Agreement (the "Series B Amendment"). The Series B Amendment amended the contractual terms of the Series B warrants as disclosed in Note 6.  As consideration for the holder amending the contractual terms of the Series B warrants, we issued to the holder 88,908 shares of Common Stock for no consideration in exchange for 125,362 Series F warrants with a weighted average exercise price of $1.10 (see Note 8). We have included the fair value of these shares issued of $108,468, based on the market price of our stock on the date of the exchange, within stockholders' equity as a deemed dividend. 

Restricted Common Stock

               During the three months ended September 30, 2025 and 2024, we issued 78,000 and 0 shares of fully vested restricted Common Stock to certain employees and service providers. During the nine months ended September 30, 2025 and 2024, we issued 156,615 and 687 shares of fully vested restricted Common Stock to certain employees and service providers, respectively.  

Down Round Triggers and Deemed Dividends

Below is a summary of the deemed dividends resulting from the March 2025, May 2025, July 2025 and August 2025 Down Round Triggers that reduced the conversion and exercise price of outstanding Series F Preferred Stock, Series F Warrants and Series B Warrants during the nine months ended September 30, 2025:

Deemed Dividends on Series F Preferred Stock
	Description of	Series F		Conversion Prices		Conversion Price		Incremental Value
Date of Trigger Event	Trigger Event	Triggered		Prior to Trigger		After Trigger		Deemed Dividend
March 17, 2025	March 2025 Down Round Trigger		5,025	$	2.22 - 5.25	$	1.2000	$	976,637
May 5, 2025	May 2025 Down Round Trigger		1,045,402	$	1.10	$	0.8294		1,105,871
July 11, 2025	July 2025 Down Round Trigger		1,551,243	$	1.19 - 1.25	$	1.1908		55,202
August 22, 2025	August 2025 Down Round Trigger		456,621	$	2.19	$	1.8149		130,710
	Deemed Dividends on Series F Preferred Stock							$	2,268,420
Deemed Dividends on Series F Warrants
March 17, 2025	March 2025 Down Round Trigger		593,247	$	2.22 - 5.25	$	1.2000	$	79,695
May 5, 2025	May 2025 Down Round Trigger		593,247	$	1.10	$	0.8294		36,504
July 11, 2025	July 2025 Down Round Trigger		2,054,762	$	1.19 - 1.26	$	1.1908		6,555
August 22, 2025	August 2025 Down Round Trigger		456,621	$	2.19	$	1.8149		16,059
	Deemed Dividends on Series F Warrants							$	138,813
Deemed Dividends on Series B Warrants (see Note 8)
May 5, 2025	May 2025 Down Round Trigger		6,777,101	$	1.9445	$	0.8294		2,426,968
	Deemed Dividends on Series B Warrants							$	2,426,968
	Warrant Modification (i)							$	108,468
	Total Deemed Dividends Series F PS, Series B and F Warrants							$	4,942,669
(i) Reflects the fair value of 88,908 shares of common stock issued for no consideration in exchange for 125,362 Series F warrants in connection with the Series B Amendment (see Note 6).

Below is a summary of the deemed dividends resulting from the March and August 2024 Down Round Trigger that reduced the conversion and exercise price of outstanding Series F Preferred Stock and Series F Warrants during the nine months ended September 30, 2024:

Deemed Dividends on Series F Preferred Stock
	Description of	Series F		Conversion Prices		Conversion Price		Incremental Value
Date of Trigger Event	Trigger Event	Triggered		Prior to Trigger		After Trigger		Deemed Dividend
March 6, 2024	March 2024 Down Round Trigger		3,945	$	60.29 - 124.50	$	30.00	$	5,102,674
August 27, 2024	August 2024 Down Round Trigger		143,803	$	23.15 - 37.00	$	20.19	$	1,233,686
	Deemed Dividends on Series F Warrants							$	6,336,360
Deemed Dividends on Series F Warrants
March 6, 2024	March 2024 Down Round Trigger		54,695	$	60.29 - 124.50	$	30.00	$	147,030
August 27, 2024	August 2024 Down Round Trigger		137,334	$	23.15 - 37.00	$	20.19		216,546
	Deemed Dividends on Series F Warrants							$	363,576
	Total Deemed Dividends Series F PS and Series F Warrants							$	6,699,936
	Warrant Modification (ii)							$	7,751
	Total Deemed Dividends							$	6,707,687
(ii) On May 31, 2024, the Company agreed to reduce the exercise price of a warrant held by Alpha originally issued in June 2023 from $380.00 to $30.00. As result, the Company recorded a deemed dividend of $7,751 for the incremental value due to the modification

Deemed dividends are reflected as an increase to additional paid in capital and an increase to accumulated deficit and as an increase to total net loss or decrease to total net income attributable to Common Stockholders in computing earnings per share on the condensed consolidated statements of operations and comprehensive income (loss).

Stock-based Compensation

The Company determines the fair value of awards granted under the 2017 Omnibus Equity Incentive Plan (the “Equity Plan”) based on the fair value of its Common Stock on the date of grant. Stock-based compensation expenses related to grants under the Equity Plan are included in general and administrative expenses on the condensed consolidated statements of operations and comprehensive income (loss). 

Restricted Stock Units (“RSUs”)

For the nine months ended September 30, 2025, a summary of RSU activity is as follows:

				Weighted Average
				Grant Date
	Shares			Fair Value
Outstanding as of December 31, 2024		7,293		$	324.64
Granted		258,730			1.40
Cancelled		(1,158	)		284.01
Vested		(147,825	)		3.28
Outstanding as of September 30, 2025		117,040			16.40
Vested as of September 30, 2025		10,243			166.50
Unvested as of September 30, 2025		106,797		$	2.01

For the nine months ended September 30, 2025, the aggregate fair value of RSU awards at the time of grant was $362,945 based on the market price of our Common Stock on the date of grant.

For the three and nine months ended September 30, 2025, the Company recognized $149,979 and $311,690 of stock-based compensation expense and had approximately $87,000 of unrecognized stock-based compensation expense related to RSUs, which will be amortized over approximately twelve months. As of September 30, 2025, 210 fully vested restricted Common Stock shares have not been issued and released. 

For the nine months ended September 30, 2024, a summary of RSU activity is as follows:

				Weighted Average
				Grant Date
	Shares			Fair Value
Outstanding as of December 31, 2023		3,054		$	901.50
Granted		7,981			16.50
Cancelled		(43	)		504.50
Vested and released		(687	)		753.00
Outstanding as of September 30, 2024		10,306			233.00
Vested as of September 30, 2024		2,981			820.00
Unvested as of September 30, 2024		7,325		$	25.50

For the nine months ended September 30, 2024, the aggregate fair value of RSU awards at the time of vesting was $131,504.

         For the three and nine months ended September 30, 2024, the Company recognized $16,675 and $47,749 of stock compensation expense, respectively, and had approximately $104,809 of unrecognized stock-based compensation expense related to RSUs, which will be amortized over approximately twenty-one months.

Stock Options

For the nine months ended September 30, 2025 a summary of the options activity is as follows:

								Weighted Average
								Remaining		Aggregate
				Weighted Average		Weighted Average		Contractual Term		Intrinsic
	Shares			Exercise Price		Fair Value		(Years)		Value
Outstanding as of December 31, 2024		56		$	5,342	$	2,874		1.23	$	—
Granted		—			—		—		—		—
Exercised		—			—		—		—		—
Expired/Forfeited		(56	)		5,342		2,874		—		—
Outstanding as of September 30, 2025		—		$	—	$	—		—	$	—
Exercisable as of September 30, 2025		—		$	—	$	—		—	$	—

As of September 30, 2025, the Company had no unrecognized compensation cost related to stock options.

Intrinsic value is measured using the fair market value at the date of exercise (for shares exercised) or as of September 30, 2025 (for outstanding options), less the applicable exercise price.

For the three and nine months ended September 30, 2025, there was no stock compensation expense related to the stock options.

For the nine months ended September 30, 2024, a summary of the options activity is as follows:

								Weighted Average
								Remaining		Aggregate
				Weighted Average		Weighted Average		Contractual Term		Intrinsic
	Shares			Exercise Price		Fair Value		(Years)		Value
Outstanding as of December 31, 2023		2,505		$	2,000	$	1,080.00		1.49	$	2,294
Granted		—			—		—		—		—
Exercised		—			—		—		—		—
Expired/Forfeited		(2,450	)		1,956		1,062		—		—
Outstanding as of September 30, 2024		55		$	5,298	$	2,851		1.78	$	—
Exercisable as of September 30, 2024		55		$	5,298	$	2,851		1.78	$	—

For the three and nine months ended September 30, 2024, the Company recognized $0 and $16,042, respectively, of stock compensation expense.