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SUBSEQUENT EVENTS | 12 Months Ended
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Dec. 31, 2023
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | NOTE 15 — SUBSEQUENT EVENTS On February 26, 2024, the Company entered into a Securities Purchase Agreement (“Agreement”) with Alpha. The transactions contemplated by the Agreement closed on February 27, 2024, at which time the Company delivered to Alpha the 2024 Debenture and the 2024 Warrant, as described below, and Alpha paid the Company a cash purchase price of $500,000 (less $25,000 for expense reimbursement). Pursuant to the Agreement, the Company issued to Alpha an 8% Convertible Debenture (the “2024 Debenture”) in the principal amount of $550,000. The Debenture has a maturity date of December 31, 2024 and is convertible, at any time, and from time to time, at Alpha’s option, into shares of common stock of the Company, at $0.6111 per share, subject to adjustment as described in the 2024 Debenture (the “Conversion Price”). The Debenture accrues interest on its outstanding principal balance at the rate of 8% per annum. The 2024 Debenture does not call for scheduled payments of principal or interest before the scheduled maturity date of December 31, 2024. Pursuant to the terms of the Agreement, the Company also issued to Alpha a 5-year common stock purchase warrant (the “2024 Warrant”) to purchase (at $0.26 per share) 900,016 shares of common stock of the Company. Under the Agreement, Alpha also has an option, exercisable until July 1, 2024, to purchase from the Company up to an additional $1,100,000 in principal amount of 2024 Debentures of like tenor, together with up to an additional 1,800,032 2024 Warrants of like tenor, which would (if and when Alpha exercises such option) provide us up to an additional $1.0 million in cash proceeds (less expense reimbursement, and not including any possible cash proceeds from any future exercise of the additional 2024 Warrants). We granted Alpha “piggyback” registration rights for the common shares underlying the 2024 Debenture and the 2024 Warrant.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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