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Note 7 - Subsequent Events
6 Months Ended
Jun. 30, 2022
Notes to Financial Statements  
Subsequent Events [Text Block]

NOTE 7 SUBSEQUENT EVENTS

 

On August 11, 2022, the Company entered into a common stock purchase agreement (the “Purchase Agreement”) with certain accredited investors (as defined in Rule 501 under the Securities Act of 1933, as amended) (the “Purchasers”) pursuant to which the Purchasers agreed to purchase, and the Company agreed to sell,  5,789,716 shares (the “Shares”) of the Company’s common stock, par value $0.00001 per share, at a purchase price of $0.8636, which was the average closing price of the Common Stock as report on the Nasdaq Stock Market for the five trading days immediately prior to the signing of the Purchase Agreement. Funding is pending certain closing conditions. 

 

On August 15, 2022, the Company entered into a purchase agreement (the “ELOC Purchase Agreement”) with Lincoln Park Capital Fund, LLC (“LPC”), pursuant to which the Company has the right to sell to LPC up to $15,000,000 in shares of the Common Stock, subject to certain limitations and conditions set forth in the ELOC Purchase Agreement.

 

On August 15

, 2022, the Company entered into promissory notes with Executives of the company for total of $500,000 that would be convertible into equity at prevailing market prices at the discretion of the Board but not of the promissory noteholders. 
Funding is pending certain closing conditions.