SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 13 – SUBSEQUENT EVENTS

1) As of the approval date of these financial statements, the Company has issued an aggregate of 197,167 shares of restricted common stock pursuant to the 2024 Inducement Plan and 32,648 shares of restricted common stock under the 2021 plan.

2) On October 9, 2024, the Company entered into a lease agreement in Miami, Florida (the “Lease”) for the establishment of its new global headquarters. The Lease has a term of 64 months from the Commencement Date (as defined in the Lease) subject to a five-year extension in accordance with the terms of the Lease.

Under the Lease, the Company will pay the Landlord a security deposit of $500 thousand. Provided the Company does not default, the security deposit will be refunded at specified intervals throughout the lease term. Additionally, the Company will pay a base rent of $23 thousand per month for the first year, with gradual annual increases each subsequent year. The Company is also responsible for covering standard lease expenses, including applicable taxes, operating expenses, and utilities.

3) From October 1, 2024 through the date of the approval of these financial statements, 134,316 shares of common stock have been sold under the ATM program for total gross proceeds of approximately $341 thousands and total fees of approximately $10 thousands.