Stockholders’ Equity

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Stockholders’ Equity

Note 5. Stockholders’ Equity

On September 11, 2023 our Company entered into a stock purchase agreement (the “Purchase Agreement”) in connection with a private placement for total gross proceeds of $5.0 million. The Purchase Agreement provided for the issuance of an aggregate of 1,250,000 shares of our Company’s common stock to an investor at a purchase price of $4.00 per share. In addition, as consideration for general advisory services until the third anniversary, the Company agreed to issue an aggregate total of 65,790 shares of common stock with a total fair market value on date of grant of $65,790, which Advisory Shares shall be issued as follows: one-third (21,930 Advisory Shares) on September 11, 2024, one-third (21,930 Advisory Shares) on September 11, 2025 and one-third on September 11, 2026. The Company expenses the value of the stock grant, which is determined to be the fair market value of the shares at the date of grant, straight-line over the term of the advisory agreement. On September 11, 2023, the sale pursuant to the Purchase Agreement closed. No placement fees or commissions were paid in connection with this transaction.