|6 Months Ended|
Jun. 30, 2023
|Subsequent Events [Abstract]|
NOTE 5 - Subsequent Events
In July 2023, the Company realized gross proceeds of approximately $135,000 from the sale of equipment.
On July 14, 2023, the employment of Stephan Kuehr, General Manager of European Operations, terminated.
On August 14, 2023, the Company entered into an At-the-Market Issuance Sales Agreement (the “Sales Agreement”) with Lake Street Capital Markets, LLC, or Lake Street, pursuant to which the Company may issue and sell from time to time through Lake Street, as sales agent, shares of our common stock having an aggregate offering price of up to $1,500,000 (the “Offering”). The Offering is being made pursuant to a prospectus supplement filed with the Securities and Exchange Commission in connection with the Offering under its Registration Statement on Form S-3 (File No. 333-257054), which became effective on June 29, 2021, and the base prospectus contained therein.
Upon delivery of a placement notice, and subject to the terms and conditions of the Sales Agreement, Lake Street as sales agent may sell shares of common stock by methods deemed to be an “at the market offering” as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended. The sales agent is not required to purchase any shares of common stock from the Company or sell any specific number or dollar amount of common stock but will use its commercially reasonable efforts consistent with its normal trading and sales practices as our agent to sell shares of common stock in the Offering as instructed by us.
The Company or Lake Street may suspend or terminate the Offering upon notice to the other and subject to other conditions.
The Company has agreed to pay Lake Street a commission of 3.0% of gross proceeds from the Offering and to reimburse Lake Street for certain expenses. The Company has also agreed to afford Lake Street customary indemnification and contribution rights.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef