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Subsequent Events
6 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events

Note 9. Subsequent Events

 

On August 1, 2022 our Company entered into a stock purchase agreement in connection with a private placement for total gross proceeds of $3.5 million. The purchase agreement provides for the issuance of an aggregate of 2,500,000 shares of our Company’s common stock, par value $0.01 per share, to two investors at a purchase price of $1.40 per share, as adjusted for our Company’s contemplated one-for-ten (1:10) reverse stock split of our common stock. To enable the private placement transaction, our Board of Directors (“Board”) approved a 1-for-10 (1:10) reverse stock split of our common stock. The effective date of the reverse stock split is Friday, August 26, 2022. The closing of the purchase agreement is expected to occur as soon as possible following the consummation of the reverse stock split. If the closing has not occurred by September 15, 2022, any purchaser named in the stock purchase agreement may, at its sole discretion, terminate the purchase agreement by providing written notice to our Company. The closing is subject to the occurrence of the reverse stock split and our Company’s satisfaction of certain additional conditions. There is no guarantee that the closing of the purchase agreement will occur.