|6 Months Ended|
Jun. 30, 2023
|Stockholders’ Deficit [Abstract]|
9. Stockholders’ Deficit
Authorized Common Stock
The Company is authorized to issue up to 200,000,000 shares of common stock at par value of $0.001 per share.
Issuance of Common Stock and Warrants from Initial Public Offering
During July 2021, as a result of its initial public offering, the Company issued 5,000,000 shares of common stock and 4,000,000 warrants to investors in exchange for cash at $5.00 per unit, consisting of $4.99 per share of common stock and $.0125 per four fifths of a warrant. The warrants have a 5-year term and an exercise price of $6.00 per warrant. The underwriters exercised their option to purchase an additional 600,000 warrants, and the Company received $7,500 in proceeds.
As a result of the initial public offering, the Company’s outstanding convertible notes and unpaid accrued interest were converted into 736,773 shares of common stock. Additionally, in accordance with the original terms of the warrant agreements convertible noteholders were granted a total of 184,193 common stock warrants with a 5-year term and with an exercise price of $6.00 per warrant.
The following table summarizes activity for the Company’s common stock warrants for the six months ended June 30, 2023:
See Note 11 for information on contingently issuable preferred stock warrants associated with our sale in March 2023 of Series A-1 Preferred Stock.
Voting Rights of Common Stock
Each holder of shares of common stock shall be entitled to one vote for each share thereof held.
The entire disclosure for equity.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef