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Subsequent Events
 3 Months Ended
Mar. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events

Note 9 – Subsequent Events

 

The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the financial statements other than disclosed.

 

During the period from April 1, 2023 to May 9, 2023, the Company sold a total of 30,558 shares of Common Stock under the ATM Agreement for aggregate total gross proceeds of approximately $46,000 at an average selling price of $1.52 per share, resulting in net proceeds of approximately $44,000 after deducting commissions and other transaction costs.

 

On May 11, 2023, the Compensation Committee of the Board of Directors of the Company approved a performance based Annual Cash Incentive Plan for the Company’s executives for fiscal year 2023. If an executive meets their performance milestones, the executive will receive a bonus, payable in cash and/or equity at the discretion of the Compensation Committee, in an amount up to 54% to 104% of the applicable executive’s base salary, as detailed below:

 

  ● Charles Allen, the Company’s Chief Executive Officer is eligible to receive up to 104% of his base salary. Mr. Allen’s current base salary is $411,419;
  ● Michal Handerhan, the Company’s Chief Operating Officer is eligible to receive up to 68% of his base salary. Mr. Handerhan’s base salary is $287,375;
  ● Michael Prevoznik, the Company’s Chief Financial Officer is eligible to receive up to 54% of his base salary. Mr. Prevoznik’s base salary is $235,125;
  ● Manish Paranjape, the Company’s Chief Technology Officer is eligible to receive up to 54% of his base salary. Mr. Paranjape’s base salary is $235,125.