XML 248 R91.htm IDEA: XBRL DOCUMENT v3.24.2
Related Party Transactions (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 7 Months Ended 9 Months Ended 10 Months Ended 12 Months Ended
May 09, 2024
Mar. 14, 2024
Dec. 21, 2023
Jul. 31, 2023
Jul. 24, 2023
May 15, 2023
May 09, 2023
Mar. 15, 2023
Mar. 13, 2023
Feb. 09, 2023
Feb. 14, 2022
Nov. 08, 2021
Feb. 10, 2021
Mar. 30, 2020
Aug. 13, 2019
Jul. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2022
Feb. 28, 2023
Dec. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Mar. 26, 2024
Dec. 05, 2023
Nov. 15, 2023
Nov. 10, 2023
Nov. 09, 2023
Oct. 31, 2023
Oct. 03, 2023
Jul. 26, 2023
Nov. 10, 2022
Dec. 31, 2021
Warrant purchase                                         53,980 53,980                      
Stockholders' Equity, Reverse Stock Split   1 for 35.17                                                              
Common stock held                                 $ 250,000                                
Warrants outstanding                                       117,903 117,903                  
Common stock, shares, outstanding                                 8,413,889   2,218,500   2,467,434 2,467,434 2,218,500                    
Proceeds from issuance costs                                             $ 4,422                    
[custom:ChangeInFairValueOfConvertiblePromissoryNotes]                                 $ 7,017,000 $ (294,000)       $ (5,355,661) $ 88,000                    
Agex Therapeutics Inc [Member]                                                                  
Line of credit facility                                         $ 2,000,000,000 $ 2,000,000,000                      
Warrant purchase                                         53,980 53,980                      
Common stock held                                         $ 250,000 $ 250,000                      
Convertiable promissoty note               $ 105,000,000                                                  
Warrants outstanding                                     12,924 [1]   [1] [1] 12,924 [1]                  
Common stock, shares, outstanding                                     1,079,000   1,079,000 1,079,000 1,079,000                    
Debt Instrument, Interest Rate, Stated Percentage               10.00%                                                  
Agex Therapeutics Inc [Member] | Minimum [Member]                                                                  
Proceeds from Issuance or Sale of Equity       $ 25,000,000                                                          
2022 Warrants [Member]                                                                  
Warrants exercise price, minimum                                           $ 20.75                      
Warrants exercise price, maximum                                           30.94                      
2022 Warrants [Member] | Agex Therapeutics Inc [Member]                                                                  
Warrants exercise price, minimum                                           20.75                      
Warrants exercise price, maximum                                           $ 30.94                      
Warrant [Member]                                                                  
Warrants outstanding                                 129,593                                
Warrant [Member] | Agex Therapeutics Inc [Member]                                                                  
Secured debt                                         $ 15,160,000 $ 15,160,000                      
Common Stock [Member]                                                                  
Common stock, shares                                 616,000                                
Common Stock [Member] | Agex Therapeutics Inc [Member]                                                                  
Common stock, shares, outstanding                                     1,079,022   1,079,080 1,079,080 1,079,022                    
Proceeds from issuance costs                                           $ 10,000,000                      
Secured Convertible Promissory Note [Member]                                                                  
Secured debt                                 $ 25,960,000                                
Proceeds from issuance of secured debt                                 7,500,000                                
Debt instrument, indebtedness                               $ 17,992,800                                  
Line of credit, current borrowing capacity       16,660,000                       16,660,000                                  
Loan fee                               1,332,800                                  
Secured Convertible Promissory Note [Member] | Agex Therapeutics Inc [Member]                                                                  
Secured debt                                         $ 20,160,000 20,160,000                      
Proceeds from issuance of secured debt                                           7,500,000                      
Debt instrument, indebtedness                               17,992,800                                  
Line of credit, current borrowing capacity       16,660,000                       16,660,000                                  
Loan fee                               1,332,800                                  
Convertiable promissoty note               $ 25,000,000                                                  
Debt Instrument, Interest Rate, Stated Percentage               20.00%                                                  
Convertible Promissory Note [Member]                                                                  
Proceeds from (Repayments of) Debt $ 525,000                                                                
Convertiable promissoty note               $ 10,000,000                                                  
Debt Instrument, Interest Rate, Stated Percentage               7.00%                                                  
Fair Value, Option, Changes in Fair Value, Gain (Loss)           $ 7,800,000                       7,500,000       $ 3,000,000                      
[custom:ChangeInFairValueOfConvertiblePromissoryNotes]                                 7,000,000 $ 2,500,000     $ 4,780,000                        
Proceeds from Issuance of Preferred Stock and Preference Stock               $ 25,000,000                                                  
Debt Instrument, Convertible, Terms of Conversion Feature               The principal balance of the AgeX-Serina Note with accrued interest will automatically convert into the Company’s preferred stock if the Company raises at least $25,000,000 through the sale of shares of the Company’s preferred stock. The conversion price per share shall be the lower of (a) 80% of the lowest price at which the shares of preferred stock were sold, and (b) a “capped price” equal to $105,000,000 divided by the Company’s then fully diluted capitalization. AgeX has the option to convert the AgeX-Serina Note into the Company’s preferred stock after a sale of the Company’s preferred stock regardless of the amount sold by the Company. AgeX may (i) at its election, upon a change of control (as defined in the AgeX-Serina Note), convert the AgeX-Serina Note in whole or in part into either (a) cash in an amount equal to 100% of the outstanding principal amount of the AgeX-Serina Note, plus interest, or (b) into the highest ranking shares of the Company then issued at a conversion price equal to the lowest price per share at which the most senior series of the Company’s shares has been sold in a single transaction or a series of related transactions through which the Company raised at least $5,000,000 or (ii) if the AgeX-Serina Note remains outstanding as of the maturity date, AgeX may convert the AgeX-Serina Note into the most senior shares of the Company issued at the time of conversion at a conversion price equal to the capped price.                                                  
Convertible Promissory Note [Member] | Minimum [Member]                                                                  
Proceeds from Issuance of Preferred Stock and Preference Stock               $ 5,000,000                                                  
Issued Interest Bearing Convertible Promissory Notes [Member]                                                                  
Convertiable promissoty note                                     $ 1,350,000 $ 1,450,000     $ 1,350,000                 $ 3,650,000  
Debt Instrument, Interest Rate, Stated Percentage                                       6.00%             6.00%            
Debt Instrument, Convertible, Terms of Conversion Feature                                     Preferred Stock issued in the Qualified Financing at a conversion price of the lesser of i) a 20% discount to the price paid by purchasers in the Qualified Financing and ii) the quotient resulted from dividing $100 million by the fully diluted capitalization of the Company immediately prior to the Qualified Financing. If the Company enters into a Non-Qualified Equity Financing (less than $15 million in proceeds), the Holder has the option to convert the Serina Convertible Notes into shares of the Company’s Preferred Stock issued in the Non-Qualified Financing at the price paid per share. The Company may also choose to optionally convert the Serina Convertible Notes into Series A-5 Preferred Stock at a price of $13 per share, and a warrant to purchase shares of Series A-5 Preferred Stock with an exercise price of $20.00, and an expiration date of December 31, 2024. If a Change in Control or an IPO occurs prior to a Qualified Financing, then the Holder has the option to convert outstanding principal and interest into common stock at a price per share equal to an amount obtained by dividing i) the Post-Money Valuation Cap ($100,000,000) by ii) the Fully Diluted Capitalization immediately prior to the conversion. Preferred Stock issued in the Qualified Financing at a conversion price of the lesser of i) a 20% discount to the price paid by purchasers in the Qualified Financing and ii) the quotient resulted from dividing $100 million by the fully diluted capitalization of Serina immediately prior to the Qualified Financing. If Serina enters into a Non-Qualified Equity Financing (less than $15 million in proceeds), the Holder has the option to convert the Serina Convertible Notes into shares of Serina’s Preferred Stock issued in the Non-Qualified Financing at the price paid per share. Serina may also choose to optionally convert the Serina Convertible Notes into Legacy Serina Series A-5 Preferred Stock at a price of $13.31 per share, and a warrant to purchase shares of Legacy Serina Series A-5 Preferred Stock with an exercise price of $20.47, and an expiration date of December 31, 2024. If a Change in Control or an IPO occurs prior to a Qualified Financing, then the Holder has the option to convert outstanding principal and interest into common stock at a price per share equal to an amount obtained by dividing i) the Post-Money Valuation Cap ($100,000,000) by ii) the Fully Diluted Capitalization immediately prior to the conversion.                          
Issued Interest Bearing Convertible Promissory Notes [Member] | Minimum [Member]                                                                  
Proceeds from Issuance of Preferred Stock and Preference Stock                                     $ 15 $ 15,000,000                          
Convertible Notes [Member] | Series A Five Preferred Stock [Member]                                                                  
Warrant purchase                                                             117,903    
Convertible Preferred Stock, Shares Issued upon Conversion                                                             115,171    
Juvenescence Limited [Member]                                                                  
Extinguishment of debt                               36,000,000                                  
Juvenescence Limited [Member] | Agex Therapeutics Inc [Member]                                                                  
Extinguishment of debt         $ 36,000,000                     36,000,000                                  
Proceeds from issuance costs       $ 25,000,000                                                          
Common stock outstanding percentage       85.00%                                                          
Juvenescence Limited [Member] | Agex Therapeutics Inc [Member] | Minimum [Member]                                                                  
Proceeds from issuance costs       $ 10,000,000                                                          
Juvenescence Limited [Member] | Secured Convertible Promissory Note [Member]                                                                  
Line of credit, current borrowing capacity                 $ 10,000,000                                                
Proceeds from issuance of long term debt                 10,000,000                                                
Juvenescence Limited [Member] | Secured Convertible Promissory Note [Member] | Agex Therapeutics Inc [Member]                                                                  
Line of credit, current borrowing capacity                 10,000,000                                                
Convertiable promissoty note               5,000,000                                                  
Proceeds from issuance of long term debt                 10,000,000                                                
Juvenescence Limited [Member] | Derivatives and Hedging [Member] | Agex Therapeutics Inc [Member]                                                                  
Common stock outstanding percentage       15.00%                                                          
Juvenescence [Member]                                                                  
Warrant purchase                                         294,482 294,482                      
Accounts payable                                 $ 66,000                                
Juvenescence [Member] | Agex Therapeutics Inc [Member]                                                                  
Warrant purchase                                         294,482 294,482                      
Accounts payable                                     $ 141,000   $ 66,000 $ 66,000 $ 141,000                    
Line of credit outstanding principal                                           2,500,000                      
Reimbursement                                           280,000                      
Juvenescence [Member] | Secured Convertible Promissory Note [Member]                                                                  
Convertiable promissoty note                 10,000,000                                                
Origination fee description       In lieu of accrued interest, AgeX agreed to pay Juvenescence an origination fee in an amount equal to 7% of the loan funds disbursed to AgeX, which will accrue in two installments. The origination fee will become due and payable on the earliest to occur of (i) conversion of the 2023 Secured Note into shares of AgeX common stock, (ii) repayment of the 2023 Secured Note in whole or in part (provided that the origination fee shall be prorated for the amount of any partial repayment), and (iii) the acceleration of the maturity date of the 2023 Secured Note following an Event of Default as defined in the 2023 Secured Note.                                                          
Juvenescence [Member] | Secured Convertible Promissory Note [Member] | Agex Therapeutics Inc [Member]                                                                  
Convertiable promissoty note                 $ 10,000,000                       10,000,000 $ 10,000,000                      
Origination fee description       In lieu of accrued interest, AgeX agreed to pay Juvenescence an origination fee in an amount equal to 7% of the loan funds disbursed to AgeX, which will accrue in two installments. The origination fee will become due and payable on the earliest to occur of (i) conversion of the 2023 Secured Note into shares of AgeX common stock, (ii) repayment of the 2023 Secured Note in whole or in part (provided that the origination fee shall be prorated for the amount of any partial repayment), and (iii) the acceleration of the maturity date of the 2023 Secured Note following an Event of Default as defined in the 2023 Secured Note.                                                          
Merger Agreement [Member]                                                                  
Other Liabilities                                               $ 500,000                  
Merger Agreement [Member] | 2022 Warrants [Member]                                                                  
Warrants exercise price, minimum                                 $ 20.75                                
Warrants exercise price, maximum                                 $ 25.01                                
Merger Agreement [Member] | Juvenescence [Member]                                                                  
Warrant purchase                                 129,593                                
[custom:StockIssuedDuringPeriodSharesIssuedCancelled]                                 164,889                                
2022 Secured Convertible Promissory Note and Security Agreement [Member]                                                                  
Line of credit                     $ 13,160,000                                            
Line of credit, term                     12 months                                            
Line of credit facility                     $ 8,160,000                                            
Line of credit facility, current borrowing capacity                     7,160,000                                            
2022 Secured Convertible Promissory Note and Security Agreement [Member] | Agex Therapeutics Inc [Member]                                                                  
Line of credit                     $ 13,160,000                                            
Line of credit, term                     12 months                                            
Line of credit facility                     $ 8,160,000                                            
Line of credit facility, current borrowing capacity                     7,160,000                                            
2022 Secured Convertible Promissory Note and Security Agreement [Member] | Secured Convertible Promissory Note [Member]                                                                  
Increase in line of credit             $ 4,000,000     $ 2,000,000                                              
2022 Secured Convertible Promissory Note and Security Agreement [Member] | Secured Convertible Promissory Note [Member] | Agex Therapeutics Inc [Member]                                                                  
Increase in line of credit             $ 4,000,000     $ 2,000,000                                              
2022 Secured Note [Member]                                                                  
Line of credit                                 $ 5,800,000             $ 2,400,000       $ 4,400,000          
2022 Secured Note [Member] | Agex Therapeutics Inc [Member]                                                                  
Line of credit                                                 $ 500,000 $ 500,000   $ 4,400,000 $ 500,000 $ 500,000      
Security Agreement [Member]                                                                  
Line of credit facility, description                                 if any indebtedness of UniverXome in excess of $100,000 becomes due and payable, or a breach or other circumstance arises thereunder such that Juvenescence is entitled to declare such indebtedness due and payable, prior to its due date, or any indebtedness of UniverXome in excess of $25,000 is not paid on its due date;                                
Security Agreement [Member] | Agex Therapeutics Inc [Member]                                                                  
Line of credit facility, description                                           if any indebtedness of AgeX in excess of $100,000 becomes due and payable, or a breach or other circumstance arises thereunder such that Juvenescence is entitled to declare such indebtedness due and payable, prior to its due date, or any indebtedness of AgeX in excess of $25,000 is not paid on its due date;                      
2019 Loan Agreement [Member] | Juvenescence [Member] | Agex Therapeutics Inc [Member]                                                                  
Line of credit                             $ 2,000,000.0                                    
Line of credit, term                             18 months                                    
Line of credit facility, current borrowing capacity                                                                 $ 7,000,000.0
Increase in line of credit                       $ 1,000,000.0 $ 4,000,000.0                                        
Line of credit outstanding principal                     7,000,000.0                                            
Origination fee                     $ 160,000                                            
2020 Loan Agreement [Member] | Agex Therapeutics Inc [Member]                                                                  
Line of credit                           $ 8,000,000.0                                      
Line of credit, term                           18 months                                      
Line of credit facility, current borrowing capacity                                         $ 8,000,000.0 $ 8,000,000.0                      
Line of credit, current borrowing capacity                           $ 3,000,000.0                                      
Warrant purchase                           104,365                                      
Common stock, shares                           810                                      
Warrants outstanding                                         25,628 25,628                      
2020 Loan Agreement [Member] | Agex Therapeutics Inc [Member] | Extended Maturity [Member]                                                                  
Line of credit, extended maturity date                           Mar. 30, 2024                                      
2020 Loan Agreement [Member] | Warrant [Member] | Agex Therapeutics Inc [Member]                                                                  
Warrant purchase                                         104,365 104,365                      
Common stock, shares, outstanding                                         25,628 25,628                      
2020 Loan Agreement [Member] | 2020 Warrants [Member] | Agex Therapeutics Inc [Member]                                                                  
Warrants exercise price, minimum                                           $ 28.49                      
Warrants exercise price, maximum                                           $ 66.65                      
2020 Loan Agreement [Member] | Agex Therapeutics Inc [Member]                                                                  
Extinguishment of debt                               $ 8,000,000.0                                  
Fourth Amendment [Member] | Agex Therapeutics Inc [Member]                                                                  
Debt conversion description       19.9                                                          
Registration Rights Agreements [Member] | Agex Therapeutics Inc [Member]                                                                  
Line of credit facility, description     AgeX executed that certain Letter of Indemnification in Lieu of or Supplemental to a Medallion Signature Guarantee (the “ETC Letter of Indemnification”), pursuant to which AgeX agreed to indemnify Equiniti Trust Company LLC and its affiliates, successors and assigns (the “ETC Indemnity”) from and against any and all claims, damages, liabilities or losses arising out of the transfer 467,657 shares of AgeX common stock held by Juvenescence US Corp. to JuvVentures (the “JUV US Share Transfer”).                                     AgeX has filed a registration statement on Form S-3, which has become effective under the Securities Act, for offerings on a delayed or continuous basis covering 467,657 shares of AgeX common stock held by Juvenescence and 92,358 shares of AgeX common stock that may be issued upon the exercise of warrants held by Juvenescence.                      
Convertible Note Purchase Agreement [Member] | Juvenescence [Member]                                                                  
Convertiable promissoty note               $ 10,000,000                                                  
Debt Instrument, Interest Rate, Stated Percentage               7.00%                                                  
Convertible Note Purchase Agreement [Member] | Juvenescence [Member] | Agex Therapeutics Inc [Member]                                                                  
Convertiable promissoty note               $ 10,000,000                                                  
Debt Instrument, Interest Rate, Stated Percentage               7.00%                                                  
[1] Number of warrants issuable, as applicable, (a) if the amount of credit available was drawn for measurement as of the applicable inception date, or (b) subsequently for remeasurement as of each period end date.