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Preferred Stock
 12 Months Ended
Dec. 31, 2022
Stockholders' Equity Note [Abstract]  
PREFERRED STOCK

7. PREFERRED STOCK

 

In 2017 in connection with the Financing (see Note 4), the Company issued 10,600 shares of Series A. The allocation of proceeds from the Financing was based on the relative fair values of the Notes and Series A resulting in the Series A being recorded at $476,651, net of $91,597 of issuance costs. Series A were being accreted to the redemption value through December 31, 2021, the redemption date. Accretion of Series A to redemption value, including the accretion of dividends and issuance costs, was $73,912 for year ended December 31, 2021.

  

In 2019, the Company entered into Subscription Agreements, as amended, for the issuance of 4,455 shares of Series B plus the committed future issuance of 415 of additional shares (the “Series B Financing”). The Series B Financing also resulted in the issuance of a total of 848 warrants (the “Series B Warrants”). Series B were subject to accretion to the redemption value through the redemption date. Accretion of Series B to redemption value, including the accretion of dividends and issuance costs, was $33,993 for the year ended December 31, 2021.

 

On November 19, 2020, the Company entered into a Subscription Agreement for the issuance of Series C redeemable, convertible preferred stock (the “Series C Financing”) with Toray. In connection with the Series C Financing, the Company issued 636 shares of Series C at a purchase price of $1,578.50 per share. Proceeds from the Series C Financing, net of issuance costs, were $994,832. Series C were being accreted to the redemption value through December 31, 2021, the redemption date. Accretion of Series C to redemption value, including the accretion of dividends and issuance costs, was $19,961 for the year December 31, 2021.

 

On June 1, 2021, in connection with the Sabby Agreement (see Note 5), Series A were converted into 1,668,016 shares of common stock, Series B were converted into 816,226 shares of common stock, and Series C were converted into 100,081 shares of common stock. The conversion was affected through the joint consent of the Company’s Board of Directors and stockholders and was subject to and in accordance with the terms of the Certificates of Designation. As a result of the conversion, the temporary equity balances at the conversion date were reclassified into the stockholders’ equity.

 

On June 7, 2021, the Company filed a certificate of designation of preferences, rights, and limitations with the state of Delaware for up to 4,500 shares of Series D convertible preferred stock (“Series D”). In connection with the IPO, all of the outstanding Convertible Debentures automatically converted into 4,500 shares of Series D on the IPO Date. In November 2021, all Series D was converted into 4,500,000 shares of common stock. There were no Series D outstanding as of December 31, 2022.