SUBSEQUENT EVENTS |
6 Months Ended |
|---|---|
Jun. 30, 2023 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS |
NOTE 10: SUBSEQUENT EVENTS 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. On August 14, 2023, the company entered an inducement offer letter agreement with certain holders of existing Series C preferred investment options to purchase shares of common stock to the company. The Existing Warrants issued on November 17, 2022, and had an exercise price of $2.356 per share.
Pursuant to the Inducement Letter, the Holders agreed to exercise for cash their Existing Warrants to purchase an aggregate of 10,619,911 shares of the Company’s common stock at a reduced exercise price of $0.3201 per share in consideration for the Company’s agreement to issue new common stock purchase warrants (the “ New Warrants to purchase up to 21,239,822 shares of the Company’s common stock (the “New Warrant Shares ”). The Company expects to receive aggregate gross proceeds of approximately $3.4 million from the exercise of the Existing Warrants by the Holders, before deducting placement agent fees and other offering expenses payable by the Company. |