Stockholders' Equity

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

STOCKHOLDERS' EQUITY

NOTE 7 - STOCKHOLDERS’ EQUITY

Common Stock

August 2023 Offering

On August 17, 2023, the Company completed the August 2023 Offering, selling 22,880,400 shares of common stock, including 2,984,400 shares of common stock issued pursuant to the full exercise by the underwriter of its over-allotment option, at an offering price of $0.25 per share. The Company received gross proceeds of approximately $5.7 million. The Company received net proceeds of approximately $5.1 million, after deducting underwriting discounts and offering-related expenses. In connection with the August 2023 Offering, the Company issued to the underwriter a warrant to purchase 457,608 shares of common stock, exercisable at $0.3125 per share, commencing on the 180^th day following the closing date of the August 2023 Offering and expiring five years from the closing date of the August 2023 Offering. The classification of the warrants was evaluated and the Company concluded they are considered equity instruments. The warrants were considered offering costs and netted against additional paid-in capital.

At-Market-Offering

On June 10, 2022, the Company entered into an Open Market Sale Agreement with Jefferies LLC, as agent, under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock having an aggregate offering price of up to $35.0 million in an ATM offering, to or through the agent. During the three months September 30, 2023, the Company sold 60,089 shares of its common stock at average price of $0.42 per share resulting in net proceeds of approximately $25,000.