10/31/2024 | Press release | Distributed by Public on 10/31/2024 05:31
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Per Share
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Total(2)
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Public Offering Price
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| | | $ | 3.00 | | | | | $ | 4,998,464 | | |
Placement Agent fees(1)
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| | | $ | 0.12 | | | | | $ | 199,938 | | |
Proceeds, before expenses, to us
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| | | $ | 2.88 | | | | | $ | 4,798,526 | | |
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Page
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ABOUT THIS PROSPECTUS
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| | | | ii | | |
PROSPECTUS SUMMARY
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| | | | 1 | | |
THE OFFERING
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| | | | 13 | | |
SUMMARY FINANCIAL DATA
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| | | | 15 | | |
RISK FACTORS
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| | | | 16 | | |
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
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| | | | 42 | | |
USE OF PROCEEDS
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| | | | 43 | | |
CAPITALIZATION
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| | | | 44 | | |
MANAGEMENT
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| | | | 45 | | |
DESCRIPTION OF OUR SECURITIES
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| | | | 51 | | |
PLAN OF DISTRIBUTION
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| | | | 56 | | |
MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS
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| | | | 59 | | |
LEGAL MATTERS
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| | | | 64 | | |
EXPERTS
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| | | | 64 | | |
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
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| | | | 64 | | |
WHERE YOU CAN FIND MORE INFORMATION
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| | | | 65 | | |
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June 30,
2024 |
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December 31,
2023 |
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Americas
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| | | | 70.01% | | | | | | 64.87% | | |
Europe, Middle East and Africa
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| | | | 28.41% | | | | | | 23.08% | | |
Asia Pacific
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| | | | 1.58% | | | | | | 12.05% | | |
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June 30,
2024 |
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December 31,
2023 |
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Americas
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| | | | 85.79% | | | | | | 89.93% | | |
Europe, Middle East and Africa
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| | | | 12.54% | | | | | | 9.10% | | |
Asia Pacific
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| | | | 1.67% | | | | | | 0.97% | | |
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Years Ended December 31,
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Six Months Ended June 30,
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2023
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2022
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2024
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2023
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(unaudited)
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(unaudited)
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Revenue
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| | | $ | 9,928,184 | | | | | $ | 10,402,303 | | | | | $ | 5,153,672 | | | | | $ | 4,575,339 | | |
Total operating expenses
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| | | | 21,097,533 | | | | | | 20,588,385 | | | | | | 10,335,857 | | | | | | 10,679,584 | | |
Loss from operations
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| | | | (11,169,349) | | | | | | (10,186,082) | | | | | | (5,182,185) | | | | | | (6,104,245) | | |
Other income (expense), net
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| | | | 69,861 | | | | | | (59,840) | | | | | | 171,044 | | | | | | 188,819 | | |
Net loss
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| | | $ | (11,099,488) | | | | | $ | (10,245,922) | | | | | $ | (5,011,141) | | | | | $ | (5,915,426) | | |
Net loss per share - basic and diluted
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| | | $ | (24.55) | | | | | $ | (23.17) | | | | | $ | (9.79) | | | | | $ | (13.13) | | |
Weighted average shares of common stock outstanding - basic and diluted
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| | | | 452,189 | | | | | | 442,235 | | | | | | 511,827 | | | | | | 450,582 | | |
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June 30, 2024
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(unaudited)
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Balance Sheet Data: | | | | | | | |
Cash
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| | | $ | 2,151,243 | | |
Working capital(1)
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| | | | (577,321) | | |
Total assets
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| | | | 11,901,858 | | |
Total liabilities
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| | | | 5,812,574 | | |
Accumulated deficit
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| | | | (64,375,953) | | |
Total stockholders' equity
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| | | | 6,089,284 | | |
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As of June 30, 2024
(Unaudited) |
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Pro Forma as
Adjusted(1) |
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Actual
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Pro Forma
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Cash
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| | | $ | 2,151,243 | | | | | $ | 3,011,223(2) | | | | | $ | 7,644,749(3) | | |
Accounts receivable
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| | | $ | 892,814 | | | | | $ | 993,510 | | | | | $ | 993,510 | | |
Accrued expense
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| | | $ | 1,319,201 | | | | | $ | 1,171,240 | | | | | $ | 1,171,240 | | |
Debt
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| | | $ | - | | | | | $ | 859,980 | | | | | $ | 859,980 | | |
Stockholders' equity | | | | | | | | | | | | | | | | | | | |
Common stock, par value $0.0001, 200,000,000 shares authorized; 829,527, 829,527 and 2,496,193 shares outstanding on an actual basis, pro forma basis and on a pro forma, adjusted basis, respectively
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| | | $ | 83 | | | | | $ | 83 | | | | | $ | 250 | | |
Additional paid-in capital
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| | | $ | 70,465,326 | | | | | $ | 70,465,326 | | | | | $ | 75,098,684 | | |
Treasury stock, 1,550 shares, at cost
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| | | $ | (172) | | | | | $ | (172) | | | | | $ | (172) | | |
Accumulated deficit
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| | | $ | (64,375,953) | | | | | $ | (64,127,296) | | | | | $ | (64,127,296) | | |
Total stockholders' equity
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| | | $ | 6,089,284 | | | | | $ | 6,337,941 | | | | | $ | 10,971,467 | | |
Total capitalization
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| | | $ | 11,901,858 | | | | | $ | 12,862,534 | | | | | $ | 17,496,060 | | |
Name
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Age
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Position
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Tracy Curley | | |
62
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| | Chief Executive Officer, Chief Financial Officer, Treasurer and Director | |
John L. Brooks III | | |
73
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| | Director | |
Katharyn (Katie) Field | | |
41
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| | Chairperson and Director | |
Avtar Dhaliwal | | |
30
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| | Director | |
Richard J. Paolone | | |
34
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| | Director | |
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Per Share
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Per
Pre-Funded Warrant |
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Total
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Public offering price
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| | | $ | 3.00 | | | | | $ | 2.9999 | | | | | $ | 4,998,464 | | |
Placement agent fees (4%)
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| | | $ | 0.12 | | | | | $ | 0.119996 | | | | | $ | 199,938 | | |
Proceeds, before expenses, to us
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| | | $ | 2.88 | | | | | $ | 2.879904 | | | | | $ | 4,798,526 | | |