Quarterly report pursuant to Section 13 or 15(d)

Stockholders??? Equity

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Stockholders’ Equity
 3 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Stockholders’ Equity

 

Note 7. Stockholders’ Equity

 

Authorized Capital

 

The Company is authorized to issue up to 24,000,000 shares of common stock with a par value of $0.0001 per share and 714,286 shares of convertible preferred stock with a par value of $0.0001 per share.

 

Sale of Common Stock

 

In connection with the Equity Distribution Agreement that the Company entered into on December 15, 2023 with Maxim Group LLC (“Maxim”), as amended, from May 13, 2024 to May 22, 2024 the Company sold 3,166,202 shares of its common stock for gross proceeds of $786,000 and net proceeds of $748,000 after deducting commissions and other offering expenses paid by the Company.