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RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 13 — RELATED PARTY TRANSACTIONS

 

Convertible Debt

 

See Note 8 – Convertible Debt – Related Party for additional information concerning convertible debt – related party transactions. On December 22, 2022, the Company issued to Alpha, an 8% Senior Convertible Debenture in the aggregate principal amount of $3,300,000 for a purchase price of $3,000,000 pursuant to the terms of a Securities Purchase Agreement, dated December 21, 2022. As of December 31, 2023 the Debenture had a remaining principal balance of $1,418,922, and was convertible, at any time, and from time to time, at Alpha’s option, into shares of common stock of the Company, at a price equal to $0.73 per share, subject to adjustment as described in the Debenture and other terms and conditions described in the Debenture.

 

Warrants

 

Additionally, on December 22, 2022, in conjunction with the issuance of the Debenture to Alpha, the Company issued to Alpha the Alpha Warrant to purchase 2,500,000 shares of the Company’s common stock (the “Alpha Warrant”). As of December 31, 2023, the exercise price of the Alpha Warrant was $0.73. The Alpha Warrant may be exercised by Alpha, in whole or in part, at any time before June 22, 2028, subject to certain terms and conditions described in the Alpha Warrant. The Alpha Warrant is included in equity on the Company’s consolidated balance sheets (see Note 12 – Stockholders’ Equity).

 

NanoSynex

 

Pursuant to a Share Purchase Agreement dated April 29, 2022, the Company acquired 2,232,861 shares of NanoSynex Series A-1 Preferred Stock from Alpha in exchange for 350,000 reverse split adjusted shares of the Company’s common stock and a prefunded warrant to purchase 331,464 reverse split adjusted shares of the Company’s common stock at an exercise price of $0.001 per share.