Subsequent Events

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The Company evaluates and discloses subsequent events as required by FASB ASC Topic No. 855, Subsequent Events. The Topic establishes general standards of accounting for and disclosure of events that occur after the balance sheet date, but before the financial statements are issued or are available to be issued.

On August 11, 2022, the Company entered into a private placement of senior secured convertible notes with an aggregate original principal amount of $15 million and a conversion price of $3.35 per share, subject to adjustment, and warrants to acquire an aggregate amount of 2,238,805 shares of the Company's common stock.. The warrants are exercisable immediately at an exercise price of $3.35 per share and expire five years from the date of issuance. Concurrently with the convertible note transaction, the Company entered into a securities purchase agreement to sell 1,132,075 shares of the Company's common stock at a purchase price of $2.65 per share of stock together with an equivalent number of warrants. Each warrant will be exercisable on the six-month anniversary of the date of its issuance at an exercise price of $2.65 per share and will expire five years from the date it first becomes exercisable.

Subsequent events have been evaluated as of the date of this filing and no further disclosures are required.