Subsequent Events

3 Months Ended

Mar. 31, 2024

Note 9 - Subsequent Events

The Company has performed a review of events subsequent to the balance sheet dated March 31, 2024, through the filing of these interim financial statements. Other than as discussed herein, the Company has no events, subsequent to March 31, 2024, and through the date these unaudited condensed consolidated financial statements were issued.

As disclosed in the Company’s periodic financial reports, as previously filed with the Securities and Exchange Commission (“SEC”), on February 28, 2024, the Company commenced a private placement offering (the “Equity Offering”) of shares of the Company’s common stock (the “Shares”).

On April 1, 2024, the Company completed the issuance and sale of all the Shares in the Equity Offering in accordance with the terms and conditions thereof, including Shares purchased by an institutional investor not affiliated with the Company and Shares purchased by BARC Investments, LLC, an affiliate of the Company owned and controlled by two of the Company’s directors and their sibling. The offer and sale of the Shares in the Equity Offering was completed in reliance on the exemption from registration under Rule 506(c) of Regulation D promulgated under Section 4(a)(2) of the Securities Act of 1933, as amended. The Equity Offering is more fully described in the Equity Offering documents and disclosed in the Company’s reports as previously filed with the SEC.

Summary information of private placement Equity Offering is as follows:

($ in thousands, except per share data)

Number of Shares purchased by BARC		42,950,460
Number of Shares purchased by others		1,250,000
Total number of shares offered and purchased		44,200,460
Equity Offering – purchase price per Share	$	0.20
Total proceeds received from the Equity Offering	$	8,840