Annual report pursuant to Section 13 and 15(d)

Common Stock

Common Stock
12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Common Stock

7. Common Stock


As of December 31, 2023, the Company has authorized 150,000,000 shares of common stock, $0.001 par value per share. The Company had approximately 10,174,000 and 8,143,000 shares issued and outstanding as of December 31, 2023 and 2022, respectively.


The holders of common stock are entitled to one vote for each share of common stock held.


On April 4, 2023, the Company entered into a Securities Purchase Agreement with two accredited investors (the “Purchasers”) whereby the Purchasers agreed to purchase a total of 2,030,458 shares of unregistered common stock at a price of $1.97 per share for a total purchase price of $4,000,000 in two equal $2,000,000 investments. The Purchasers were an entity controlled by a director and another investor who subsequently joined the Company’s Board of Directors.


The Company was a party to the At-The-Market Offering Agreement, dated July 1, 2020 (“ATM Agreement”) with H.C. Wainwright & Co., LLC (“Wainwright”), pursuant to which the Company may issue and sell over time and from time to time, to or through Wainwright, up to $10,000,000 of shares of the Company’s common stock. During January 2021, the Company sold 85,834 shares of its common stock pursuant to the ATM Agreement for net proceeds of approximately $2.1 million. There have been no sales under the ATM Agreement since then.