|3 Months Ended|
Mar. 31, 2022
|Subsequent Events [Abstract]|
NOTE 9: SUBSEQUENT EVENTS
Subsequent to March 31, 2022, 153,640 warrants were exercised and the Company issued 153,640 shares of common stock.
On April 22, 2022, the Company effected a 1-for-150 reverse stock split of its issued and outstanding common stock.
On May 13, 2022, the Company filed a registration statement on Form S-1 (File No: 333-264930) with the SEC therein registering units, each unit consisting of one share of common stock and one warrant to purchase one share of common stock, and pre-funded units available, in lieu of units, for those purchasers, if any, whose purchase of units in the offering would otherwise result in such purchaser, together with its affiliates and certain related parties, beneficially owning more than
4% (or, at the election of the purchaser, 9.99%) of the Company’s outstanding common stock immediately following the consummation of the offering. Each pre-funded unit consists of one pre-funded warrant to purchase one share of common stock and one warrant to purchase one share of common stock. The purchase price of each pre-funded unit will be equal to the price per unit being sold to the public in this offering, minus $0.0001, and the exercise price of each pre-funded warrant included in the pre-funded units will be $0.0001 per share. The pre-funded warrants included in the pre-funded units will be immediately exercisable and may be exercised at any time until all of the pre-funded warrants are exercised in full. The warrant included in the pre-funded unit is in the same form as the warrant included in the unit.
For each pre-funded unit sold in the offering, the number of units offered will be decreased on a one-for-one basis.
The Company also registered placement agent warrants to be issued to H.C. Wainwright & Co. as part of its compensation for acting as the placement agent of the offering on a best efforts basis. The registration statement has not been declared effective by the SEC as of the date this Quarterly Report on Form 10-Q has been filed with the SEC.
Management has evaluated subsequent events through the date which the condensed consolidated financial statements were issued noting that there were no items that would impact the accounting for events or transactions in the current period or require additional disclosures.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef