Cash Position
The company has 8.1 months of cash left based on the quarterly cash burn of $1.82 M and estimated current cash of $4.89 M
Commentary on Financial Condition
The company is facing significant financial challenges, with a net loss of $16,274,815 for 2024 and an accumulated deficit of $60,782,119. Cash reserves have dwindled to $489,868 by the end of 2024, down from $3,878,578 the previous year, raising substantial doubt about the company's ability to continue as a going concern. The company acknowledges the need for additional financing through debt or equity to fund operations, but there is no assurance that such capital can be raised under acceptable terms. If unable to secure financing, the company may need to scale back or discontinue operations., Filed At: 2025-04-07
Former Symbols
Nasdaq Compliance
Date
Deficiency
Market
Status
Notes
Previous Splits
Date
Split
12/5/2024
100 to 1
10/11/2023
50 to 1
Pending Offering
Title | Details | Offering Amt | Shr Amt | Share Price | Warrants | Bank | Date | Type | |
|---|---|---|---|---|---|---|---|---|---|
SHARE RESALE REGISTRATION | The selling stockholders may sell these shares through public or private transactions at market prices prevailing at the time of sale or at negotiated prices. | - | 9.70 M | - | - | - | Feb 6, 2025 | S-1 |
Shelf
Title | Raisable Amt | Offering Amt | Amt Sold Last 12 Mos | Float | 60 Day High | Price to Exceed Baby Shelf | Float Value | Exp Date | Effective date | |
|---|---|---|---|---|---|---|---|---|---|---|
August 2022 SHELF | -$823,994.00 | $150.00 M | 2116741 | 1.73 M | 2.24 | 43.32 | 3.88 M | 8/19/2025 | 8/19/2022 | |
August 2022 SHELF | -$823,994.00 | $150.00 M | 2116741 | 1.73 M | 2.24 | 43.32 | 3.88 M | 8/19/2025 | 8/19/2022 |
ATM
Warrants
Title | Registered | Remaining Warrants | Ex Price | Cost Basis | Total Warrants | Owners | Bank | Price Protection | Details | Exercisable Date | Expiration Date | Filed Date | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(Shareholder approval on May 5th) January 2025 Warrant | Pending Effect | 1,579,861 | $2.88 | - | 1,579,861 | Alto, Pioneer Capital Anstalt, Anson | Maxim | Full Ratchet | Price ratchet to the price of new issuance if common shares are issued at a price less than the exercise price. | Jan 16, 2025 | Jul 16, 2028 | Jan 16, 2025 | |
July 2022 - Warrants | Registered | 59,475 | $10.00 | - | 59,475 | Alto Pioneer Capital Anstalt | Full Ratchet Proportional Adjustment | - | - | Jul 6, 2022 | |||
May 2022 - Warrants | Registered | 967 | $50.00 | - | 1,476 | N/A | Customary Anti-Dilution | - | - | May 17, 2022 | |||
July 2021 - Warrants | Registered | 536 | $30,000.00 | - | 544 | Armistice, Shay, Warberg | Customary Anti-Dilution | - | - | Jul 8, 2021 |
Convertibles
Title | Registered | Shares Remaining | Cv Price | $ Amt Remaining | Total $ Amt | Owners | Bank | Price Protection | Details | Convertible Date | Maturity Date | Filed Date | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(Shareholder approval on May 5th) January 2025 - Debentures with accompanying warrants | Pending Effect | 3,684,211 | $1.90 | $7,000,000.00 | $7,000,000.00 | Alto, Pioneer Capital Anstalt, Anson | Maxim Group LLC | Full Ratchet | The conversion/exercise price on the Company’s remaining June 2022 Debentures ratcheted down to the new initial price of $2.62. The Warrants have a price ratchet to the price of the new issuance if it issues its common shares at a price less than the then in effect exercise price.**On May 1, 2025, in consideration for a deferral of the May 1, 2025 amortization payment on its January 2025 Debentures, the Company has reduced the fixed conversion price on those notes to $1.90. | Jan 16, 2025 | Jan 16, 2026 | Jan 16, 2025 | |
July 2022 - Convertible Note | Registered | 610,115 | $2.62 | $1,598,500.00 | $26,251,923.00 | Alto Pioneer Capital Anstalt | Full Ratchet Variable Rate | The Holder can choose to convert outstanding Debentures at 85% of the Nasdaq Official Closing Price from the day before they give written notice to the Company. This conversion amount, called the "Accelerated Conversion Amount," cannot exceed twice the Monthly Redemption Amount in any calendar month. This option is available as long as the Debenture is outstanding. Section 6(b) of each Debenture is waived for this purpose. | - | - | Jul 6, 2022 |
Completed Offerings
Title | Offering Amt | Shr Amt | Share Price | Warrants | Bank | Owners | Date | Type | |
|---|---|---|---|---|---|---|---|---|---|
DEBT CONVERSION | - | 259.77 k | - | - | - | - | May 7, 2025 | 8-K | |
PRIVATE PLACEMENT, DEBT OFFERING | $7.00 M | - | - | - | Maxim Group LLC | Alto, Pioneer Capital Anstalt, Anson | Jan 16, 2025 | 8-K | |
ATM USED | $2.12 M | 376.86 k | - | - | - | - | Nov 19, 2024 | 10-Q | |
NEW ATM | $3.08 M | - | - | - | - | - | Sep 16, 2024 | 8-K | |
ATM USED | $540.24 k | - | - | - | B Riley | - | Dec 31, 2023 | ||
PRIVATE PLACEMENT | $2.75 M | 10.50 k | $262.00 | 0.00 | - | Pioneer Capital Anstalt | Oct 18, 2023 | 8-K | |
ATM USED | $552.68 k | 750.89 | $750.00 | - | B Riley | - | Aug 4, 2023 | ||
PRIVATE PLACEMENT | $14.03 M | 1.26 k | $11,100.00 | 821.28 | - | Alto, Pioneer Capital Anstalt | Jul 6, 2022 | 8-K | |
IPO | $13.60 M | 544.00 | $25,000.00 | 544.00 | EF Hutton | Armistice, Shay, Warberg | Jul 8, 2021 | S-1 |