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Liquidated Damages Payable | 3 Months Ended
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Mar. 31, 2024
Liquidated Damages Payable |
Liquidated Damages Payable | 8. Liquidated Damages Payable Liquidated damages were recorded as a result of the following: (i) certain registration rights agreements that provide for damages if the Company does not register certain shares of the Company’s common stock within the requisite time frame (the “Registration Rights Damages”); and (ii) certain securities purchase agreements that provide for damages if the Company does not maintain its periodic filings with the SEC within the requisite time frame (the “Public Information Failure Damages”). Obligations with respect to the liquidated damages payable are summarized as follows: Summary of Liquidated Damages
|  | As of March 31, 2024 (unaudited) |
|  | Registration Rights Damages |  |  | Public Information Failure Damages |  |  | Accrued Interest |  |  | Balance |
MDB common stock to be issued (1) |  | $ | 15 |  |  | $ | - |  |  | $ | - |  |  | $ | 15 |
Series H convertible preferred stock |  |  | 565 |  |  |  | 574 |  |  |  | 694 |  |  |  | 1,833 |
Convertible debentures |  |  | - |  |  |  | 144 |  |  |  | 76 |  |  |  | 220 |
Series J convertible preferred stock |  |  | 152 |  |  |  | 152 |  |  |  | 137 |  |  |  | 441 |
Series K convertible preferred stock |  |  | 166 |  |  |  | 70 |  |  |  | 255 |  |  |  | 491 |
Total |  | $ | 898 |  |  | $ | 940 |  |  | $ | 1,162 |  |  | $ | 3,000 |
|  | As of December 31, 2023 |
|  | Registration Rights Damages |  |  | Public Information Failure Damages |  |  | Accrued Interest |  |  | Balance |
MDB common stock to be issued (1) |  | $ | 15 |  |  | $ | - |  |  | $ | - |  |  | $ | 15 |
Series H convertible preferred stock |  |  | 565 |  |  |  | 574 |  |  |  | 659 |  |  |  | 1,798 |
Convertible debentures |  |  | - |  |  |  | 144 |  |  |  | 72 |  |  |  | 216 |
Series J convertible preferred stock |  |  | 152 |  |  |  | 152 |  |  |  | 129 |  |  |  | 433 |
Series K convertible preferred stock |  |  | 166 |  |  |  | 70 |  |  |  | 226 |  |  |  | 462 |
Total |  | $ | 898 |  |  | $ | 940 |  |  | $ | 1,086 |  |  | $ | 2,924 |
(1) | Consists of shares of common stock issuable to MDB Capital Group, LLC (“MDB”).
As of March 31, 2024 and December 31, 2023, the short-term liquidated damages payable were $3,000 and $2,924, respectively. The Company will continue to accrue interest on the liquidated damages balance at 1.0% per month based on the balance outstanding as of March 31, 2024, or $3,000, until paid. There is no scheduled date when the unpaid liquidated damages become due. The Series K convertible preferred stock remains subject to Registration Rights Damages and Public Information Failure Damages, which will accrue in certain circumstances, limited to 6% of the aggregate amount invested. On February 8, 2023, the Company entered into a stock purchase agreement with an investor, where the Company was liable for liquidated damages, pursuant to which the Company issued 47,252 shares of its common stock at a price equal to $10.56 per share (determined based on the volume-weighted average price of the Company’s common stock at the close of trading on the ninety (60) previous trading days), to the investor in lieu of an aggregate of $499 owed in liquidated damages as of the conversion date. On February 10, 2023, the Company issued 35,486 shares of its common stock in satisfaction of the liquidated damages, with the remaining shares issued after March 31, 2023. The Company prepared and filed a registration statement covering the resale of these shares of the Company’s common stock issued in lieu of payment of these liquidated damages in cash. During the three months ended March 31, 2023, the Company recorded $324 in connection with the issuance of shares of the Company’s common stock and a gain of $46 on the settlement of the liquidated damages, totaling $370, which was recorded in additional paid-in capital on the condensed consolidated statement of stockholders’ deficiency.

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