Note 2 - Convertible Notes Payable Warrants |
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| Debt Disclosure [Text Block] |
Note 2 – Convertible Notes Payable Warrants
On September 9, 2023, the Company's Board authorized an offering of up to $2.0 million in unsecured, non-interest-bearing convertible promissory notes (the “Notes”) and accompanying warrants (the “Bridge Financing Warrants”) (collectively, the “Bridge Offering”) . The Notes provided that, on the closing date of the Company's initial public offering (the "IPO"), the outstanding principal would be automatically converted into common stock at the conversion price of $840.00. Each dollar in principal amount of Notes purchased was accompanied by a -year Bridge Financing Warrant to purchase approximately 0.0006 shares of common stock with an exercise price of $420.00 per share. The Company recorded the Bridge Financing Warrants as a discount to the Notes.
The Bridge Financing Warrants can be exercised from the date of Notes issuance through the five-year anniversary of the issuance of the Notes. The Note holders were not permitted to convert their Notes when the holders or any of their affiliates would beneficially own in excess of 4.99% of the Company’s common stock after such conversion.
Warrants - Convertible Promissory Notes
From September to December 2023, the Company issued the Notes with the detachable Bridge Financing Warrants. The Company utilized a Monte Carlo simulation model to determine the fair value of each Bridge Financing Warrant.
The following table presents a summary of activity for the Bridge Financing Warrants issued in connection with the Notes:
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