Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

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Subsequent Events
6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events

Note 13 - Subsequent Events

 

The Company has evaluated events that occurred through August 14, 2024, the date that the financial statements were issued, and determined that there have been no events that have occurred that would require adjustments to the Company’s disclosures in the financial statements other than as follows.

 

On July 18, 2024, the Company entered into an Equity Distribution Agreement (the “ED Agreement”), with Maxim Group LLC (“Maxim”), pursuant to which the Company may offer and sell, from time to time, through Maxim, as sales agent or principal, shares of its common stock with certain limitations on the amount of common stock that may be offered and sold by the Company as set forth in the ED Agreement. The aggregate market value of the shares of Common Stock eligible for sale under the ATM Prospectus Supplement is $10,600,000 which is based on the limitations of such offerings under SEC regulations. The ED Agreement provides that the Company will pay Maxim a commission of 2.5% of the aggregate gross proceeds from each sale of shares under the ED Agreement. The ED Agreement will terminate upon the earlier of (i) the sale of all shares under the ED Agreement, (ii) twelve (12) months from the date of the ED Agreement, or (iii) as provided therein. As of June 30, 2024, the Company has recorded $15,635 as deferred issuance costs relating to this ED Agreement.