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Subsequent Events
12 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events

Note 13 – Subsequent Events

 

The Company has evaluated events that have occurred after the balance sheet and through the date the financial statements were issued. Based upon the evaluation, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the financial statements, except as disclosed below.

 

Subsequent to December 31, 2023, the Company entered into an advisory agreement with a certain advisor to perform independent advisory services in connection with business operations from January 5, 2024 to June 4, 2024. In consideration of services to be performed, the Company shall issue to the advisor 5-year warrants to purchase 100,000 shares of common stock, which vest 20% monthly during the term of the agreement at an exercise price of $1.25 per share.

 

Subsequent to December 31, 2023, the Company issued 2,000 shares of the Company’s common stock to a certain investor on January 1, 2024 as payment for convertible note payable late fees incurred.

 

Subsequent to December 31, 2023, the Company issued 1,000,000 shares of the Company’s common stock to certain consultants as compensation for services performed.

 

Subsequent to December 31, 2023, the Company issued 180,000 shares of the Company’s common stock to a certain holder of the Company’s common stock in connection with a legal settlement, which is discussed in Note 11, Commitments and Contingencies – Litigation.

 

Subsequent to December 31, 2023, the Company received gross proceeds of $751,000 from investors in connection with the issuance of an aggregate of 100,131 shares of its Series B Convertible Preferred Stock and five-year warrants to purchase an aggregate of 1,126,500 shares of the Company’s common stock at an exercise price of $0.75 per share.

 

Subsequent to December 31, 2023, a convertible note with $100,000 of principal outstanding was automatically converted into 13,333 shares of Series C Convertible Preferred Stock at a price of $7.50 per share and the Company elected to convert $4,910 of accrued interest under such note into 6,546 shares of common stock at a price of $0.75 per share.

 

Subsequent to December 31, 2023, the Company received proceeds of $500,000 from investors and issued notes payable in the aggregate principal amount of $600,000 with a maturity date of November 22, 2024. The notes bear interest at 10% per annum and have an aggregate original issue discount of $100,000. In connection with the issuances, the Company issued ten-year immediately vested warrants to purchase an aggregate of 1,250,000 shares of common stock at an exercise price of $0.75 per share.

 

Subsequent to December 31, 2023, the Company received additional advances of $146,672 under the Verstraete Note, and, as a result, increased the outstanding principal balance of the Verstraete Note to $3,696,708 In connection with the advances, the Company issued five-year immediately vested warrants to purchase an aggregate of 117,338 shares of common stock at an exercise price of $1.25 per share to a trust controlled by Ms. Soave, the holder of the note.

 

Subsequent to December 31, 2023, the Company entered into note amendment agreements with a trust controlled by Ms. Soave to extend the maturity dates of the Soave Note and the Verstraete Note to October 28, 2024 and September 10, 2024, respectively.