Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholders' Equity

Note 6. Stockholders’ Equity

Overview

Preferred Stock

The Company’s current Certificate of Incorporation authorizes the issuance of preferred stock. The total number of shares of preferred stock which the Company is authorized to issue is 10,000,000, with a par value of $0.00001 per share. As of March 31, 2024 and December 31, 2023 there were no preferred shares issued or outstanding.

Common Stock

The Company’s current Certificate of Incorporation authorizes the issuance of common stock. The total number of shares which the Company is authorized to issue is 100,000,000, with a par value of $0.00001 per share. As of March 31, 2024 and December 31, 2023, there were 1,171,233 common shares issued or outstanding.

On February 29, 2024, the Company filed a certificate of amendment to the Company’s Amended and Restated Certificate of Incorporation for purposes of effecting a 1-for-10 reverse stock split (the “Reverse Split”) of the Company’s outstanding shares of common stock such that, effective upon March 1, 2024, the day after the filing thereof, every 10 issued and outstanding shares of the Company’s common stock were subdivided and reclassified into one validly issued, fully paid and non-assessable share of the Company’s common stock.

All share and per share amounts in the condensed consolidated financial statements have been retroactively adjusted for all periods presented to give effect to the Reverse Split, including reclassifying $105 equal to the reduction in par value to additional paid-in capital.

The Reverse Split affected all issued and outstanding shares of Common Stock, as well as Common Stock underlying stock options and warrants outstanding immediately prior to the effectiveness of the Reverse Split.

Warrants

There were warrants exercisable for 1,843 shares of the Company’s common stock outstanding as of March 31, 2024. There were no warrants granted, exercised, or forfeited during the three months ended March 31, 2024 and 2023. Warrants exercisable for 505 shares have an exercise price of $98.89 with expiration date of September 22, 2030. Warrants exercisable for 1,338 shares have an exercise price of $125.00 with an expiration date of February 16, 2026.