Subsequent Events |
9 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events 2025 Term Note
On October 22, 2024, the Company entered into a term note agreement with an individual investor for cash proceeds of $500,000 (the “2025 Term Note”). The Term Note has an implicit interest rate of 15%. The Term Note has a term of twelve (12) months and requires the Company to make interest only monthly payments in the amount of $6,250 with a $506,250 balloon payment at end of term.
Amended Second Future Receipts Financing Agreement
On November 5, 2024, the Company entered into an agreement of sale of future receipts (the “Amended Second Future Receipts Financing Agreement”) pursuant to which Slate restructured the existing Second Future Receipts Financing Agreement (see Note 5) by increasing the outstanding amount to $2.1 million for gross proceeds to the Company of $1.6 million, less origination fees of $35,000 and the outstanding balance under the Second Future Receipts Financing Agreement of $1.0 million, resulting in net proceeds to the Company of $527,000. The Amended Second Future Receipts Financing Agreement shall be repaid by the Company in 24 weekly installments of $89,000.
Public Offering On November 12, 2024 ("Closing Date"), the Company closed on an underwritten firm commitment public offering whereby the Company sold 4,795,500 shares of common stock, including 625,000 shares of common stock sold upon full exercise of the underwriters' option to purchase additional shares (the "Offering"). Each share of common stock was sold at a public offering price of $0.72 per share for aggregate gross proceeds of $3.45 million. The Company also issued to the representative of the underwriters, or its designees, as partial compensation, warrants to purchase up to 208,500 shares of common stock, which is equal to 5% of the aggregate number of shares of common stock sold in the Offering.
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