SUBSEQUENT EVENTS |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 17. SUBSEQUENT EVENTS
There have been no subsequent events that occurred during the period subsequent to the date of these condensed consolidated financial statements that would require adjustment to our disclosure in the condensed consolidated financial statements as presented, except as described below:
2023 Convertible Note
Pursuant to the 2023 Purchase Agreement and Note, on October 5, 2023, the Company and the Holder entered into the first amendment to 2023 Note which amends the 2023 Note and lowers the floor price for conversion of the note from $2.70 to $0.40.
During October 2023, the Company issued 2,614,925 upon the conversion of principal, interest and derivative liability in the aggregate amount of $3,706,682. The $ excess of the aggregate amount of liabilities converted over the value of the shares issued represents the liability for a cash true up payment owed to the holder. shares of its common stock with a value at issuance of $
Equity Line of Credit
October 5, 2023, the Company requested a drawdown on the New ELOC and issued an aggregate of shares of the Company’s common stock for gross proceeds of $76,449, less placement agent fees of $6,116. |