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Organization and Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Changes and Error Corrections [Abstract]

Schedule of Effect of the Private Placements on Common and Preferred stock

The following tables summarize the effect of the Private Placements on the Company's shares of common and preferred stock in the second quarter of 2024.


Effect of Private Placements on Common Stock		Number of Shares
Common stock
Shares issued on April 3, 2024 and June 13, 2024			3,690,000
Shares of Series B Preferred Stock converted into common stock on June 28, 2024 (1)			50,232,000
Increase in shares of common stock			53,922,000
Warrants issued to purchase common stock (2, 3)			26,195,999

(1) The conversion rate for Series B Preferred Stock into common stock was 4,000 common shares per preferred share.
(2) The conversion rate for warrants for Series B Preferred Stock into warrants for common stock was 4,000 common shares per preferred share.
(3) The warrants for Series B Preferred Stock converted into warrants for common stock on June 28, 2024.


		Number of Shares
Effect of Private Placements on Preferred Stock		Series B				Series C
Preferred stock
Shares issued on April 3, 2024 and June 13, 2024			12,558				2,732
Shares of preferred stock that converted into common stock on June 28, 2024 (1)			(12,558	)			—
Increase in shares of preferred stock			—				2,732
Warrants, preferred stock
Warrants issued			6,549				1,441
Warrants for preferred stock that converted into warrants for common stock (2)			(6,549	)			—
Increase in warrants for preferred stock			—				1,441

(1) The conversion rate for preferred stock into common stock was 4,000 common shares per preferred share.
(2) Subsequent to June 30, 2024, the holder of Series C Preferred Stock received regulatory non-objection to exchange the Series C Preferred Stock for common stock as stipulated in the Private Placements. The Company expects the exchange for shares of the Company's common stock will be completed during the third quarter of 2024

Schedule of Fair Value of Warrants Issued in Connection with the Private Placements

The following table presents the assumptions used in the calculation of the fair value of the warrants issued in connection with the Private Placements.


		Issued April 3, 2024								Issued June 13, 2024
Assumptions		Common Stock Warrants				Series C Preferred Stock Warrants				Common Stock Warrants
Fair value per warrant		$	1.34			$	1.34		(1)	$	1.49
Stock price per share		$	2.76			$	2.76		(1)	$	2.99
Strike price per share		$	2.50			$	2.50		(1)	$	2.50
Risk-free interest rate			4.40	%			4.40	%			4.30	%
Term (years)			5.00				5.00				4.81
Expected volatility			45.00	%			45.00	%			45.00	%

(1) Presented on a common share equivalent basis.