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EQUITY
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
EQUITY

9. EQUITY

 

ORDINARY SHARES

 

There were 6,150,556 and 5,870,234 ordinary shares outstanding at September 30, 2024 and December 31, 2023, respectively.

 

For the three months ended September 30, 2024, we have sold 113,977 ordinary shares under the ATM program for gross proceeds of $342,525 at an average price of $3.00 per share. After deducting commissions related to the ATM offering of $10,275, the net proceeds we received from the transactions were $332,250.

 

During the nine months ended September 30, 2024, we sold 143,895 ordinary shares under the ATM program for gross proceeds of $419,663 at an average price of $2.92 per share. After deducting commissions related to the ATM offering of $12,590, the net proceeds we received from the transactions were $407,073. The proceeds from the ATM sales are being used for working capital and other general corporate purposes.

 

WARRANTS

 

There were 8,230,700 warrants outstanding at September 30, 2024 and December 31, 2023. One warrant may be exercised to acquire one ordinary share at an exercise price equal to $7.50 per share on or before March 26, 2029. The Company at its option may cancel the warrants in whole or in part, provided that the closing price per ordinary share has exceeded $9.38 for at least ten trading days within any period of twenty consecutive trading days, including the last trading day of the period. No warrants were exercised during the nine-month periods ended September 30, 2024 and 2023.