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Stockholders’ Equity
 12 Months Ended
Dec. 31, 2023
Stockholders’ Equity [Abstract]  
STOCKHOLDERS’ EQUITY

Note 10. STOCKHOLDERS’ EQUITY

 

On October 4, 2022 the Company announced a reverse stock split of its authorized, issued and outstanding shares of common stock at a ratio of 1-for-10. The reverse stock split was effective on October 18, 2022, and its common stock began trading on a post-split-adjusted basis at that time. As result of the reverse stock split there were no fractional shares issued and all holders were rounded up to the next whole share. An additional 7,287 shares were issued to account for this. As such all references to shares and per share price has been adjusted to retrospectively account for this transaction.

 

Common Stock – Issuances of Securities

 

The Company issued 55,108 and 27,849 shares of common stock totaling $200,000 and $216,000 in payment of Director’s fees for the years ended December 31, 2023 and 2022, respectively. Such expense is included in Operating Expenses in the consolidated statements of operations.

 

During the first quarter of 2024, the Company issued 12,323 shares of common stock in payment of Director’s fees totaling $38,000.