Subsequent Events |
3 Months Ended |
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Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11 – Subsequent Events
In April 2024, one of the initial notes was paid off and extended to a higher amount of financing. This transaction involved the complete repayment of our original loan and the acquisition of a new loan to the amount of $815,000.
In May 2024, the Company received approximately $1.9 million from the issuance of senior secured convertible notes, a convertible promissory note and a merchant agreement. The senior convertible notes have an eighteen-month term, accrue interest at 12% and are convertible into shares of common stock of the Company at $0.85 per share and include 100% warrant coverage. The loan matures in November 2026 with principal and interest due at maturity with conversion price of $0.40 per share.
The Company granted shares in April to one of the Board directors under the 2020 plan.
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