RELATED PARTIES

3 Months Ended

Mar. 31, 2023

Related Party Transactions [Abstract]

RELATED PARTIES

NOTE 10 - RELATED PARTIES

On December 9, 2022, the Company completed a public offering for the sale of 241,666 shares of common stock at $16.80 per share and issued 550,000 warrants with an exercise price of $16.80 per share that expire five years following the date of issuance. A Board member purchased 29,761 shares of common stock and was issued 59,523 warrants exercisable for common stock in the public offering.

In July 2022, the Chief Executive Officer and a Board member transferred 3,838 shares of registered common stock to GYBL to settle $0.8 million of Company obligations related to the GEM Agreement (Note 2). In October 2022, 3,838 shares of unregistered and restricted common stock were subsequently issued by the Company to the related parties as reimbursement and recognized under the consolidated statement of changes in stockholders’ deficit.