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Subsequent Events
9 Months Ended
Sep. 30, 2023
Subsequent Events [Abstract]  
Subsequent Events

18. Subsequent Events

 

The Company evaluated subsequent events through the date of issuance. The following changes occurred subsequent to September 30, 2023:

 

Series B Preferred Stock – The Company signed an agreement on November 8, 2023 with an investor to sell shares of Series B Preferred Stock. The aggregate purchase price of $3,000,000 for 1,260,504 shares is payable by the investor to the Company in fifteen equal monthly installments of $200,000 each. The first installment is due on January 10, 2024, with subsequent installments payable on or before the tenth day of each succeeding month. All payments are to be made by wire transfer of immediately available funds to an account of the Company as designated in writing by the Company to the Investor.

 

The Company shall use the proceeds from the issuance of the Series B Preferred Stock solely for the Company’s working capital and general corporate purposes. The Company shall not use any of such proceeds to pay any dividends or distributions or to pay or advance any funds to any of its officers, directors, or affiliates. The Company is using the investment to support and accelerate the Company’s sales and marketing efforts.  

 

Between October 1, 2023 and November 20, 2023, the Company issued 113,693 of the previously unissued shares recorded in share liability. The remaining 1,118,079 shares will be issued during the fourth quarter of 2023. See Note 12 Share Liability.