Organization and Description of Business (Details Narrative)
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10 Months Ended |
12 Months Ended |
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Feb. 23, 2024 |
Feb. 14, 2024
shares
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Feb. 13, 2024
shares
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Nov. 13, 2023
USD ($)
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Jun. 07, 2023
$ / shares
shares
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Feb. 21, 2023
USD ($)
$ / shares
shares
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Jul. 07, 2022
USD ($)
$ / shares
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Jul. 07, 2022
$ / shares
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Dec. 14, 2024 |
Dec. 31, 2023
USD ($)
$ / shares
shares
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Dec. 31, 2022
USD ($)
$ / shares
shares
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Mar. 04, 2024
$ / shares
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Feb. 28, 2023
$ / shares
shares
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Aug. 17, 2022
$ / shares
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Conversion price of preferred shares | $ / shares |
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$ 0.001
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$ 0.001
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Common stock, par value | $ / shares |
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$ 0.001
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$ 0.001
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Reverse Stock Split |
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1-for-30
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Stock Issued During Period, Shares, Reverse Stock Splits | shares |
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16,666,666
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500,000,000
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Common stock, shares authorized | shares |
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66,666,666
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550,000,000
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16,666,666
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16,666,666
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Warrant exercise price | $ / shares |
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$ 179.40
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$ 179.40
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$ 157.50
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Issuance of preferred shares |
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$ 5,550,028
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Preferred stock dividends |
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3,451,710
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Derivative liability fair value |
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$ 3,149,800
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61,000
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Exercise price | $ / shares |
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$ 127.50
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Stock issuance costs |
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314,311
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Fair value of the warrants |
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10,623,000
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Change in fair value of Derivatives Liabilities |
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$ 3,088,800
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Estimated Equity volatility |
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131.06%
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Probability of default |
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3.90
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Fair value of the warrants |
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$ 10,623,000
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Issuance of warrants |
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762,834
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Fair value adjustment of warrants |
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$ 84,851
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(9,756,000)
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Fair value of warrants |
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$ 867,000
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Option to purchase shares | shares |
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129,838
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Exercise price | $ / shares |
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Employment agreement description |
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Effective
November 13, 2023, the Company entered into an amendment to the employment agreement of Dr. Chris Chapman, its President and Chief Medical
Officer, providing for Dr. Chapman’s annual base salary to be adjusted from five hundred thousand dollars ($500,000) (the “Full
Base Salary”) to two hundred fifty thousand dollars ($250,000) in cash per annum, until payment of his Full Base Salary would no
longer jeopardize the Company’s ability to continue as a going concern, as determined by the Company in its sole discretion. The
amendment further provides that the remaining $250,000 of base salary per annum (the “Deferral Amount”) shall be deferred
until payment of the Deferral Amount would no longer jeopardize the Company’s ability to continue as a going concern, as determined
by the Company in its sole discretion, at which time the Deferral Amount may be paid, at Dr. Chapman’s election, in shares of Common
Stock or in cash. As of December 31, 2023, the Company had recognized a salary deferral of $28,846 which is included in Deferred Compensation
Payable on the Consolidated Balance Sheet.
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Implementation of directors agreement description |
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In
connection with an overall reduction in compensation paid to the Company’s directors implemented in November 2023, effective November
13, 2023, the Company entered into an amendment to the employment agreement of Christopher C. Schreiber, a Director and the Company’s
former Executive Chairman, providing for Mr. Schreiber’s annual fee to be adjusted from three hundred thousand dollars ($300,000)
(the “Full Fee”) to sixty thousand dollars ($60,000) in cash per annum, until payment of his Full Fee would no longer jeopardize
the Company’s ability to continue as a going concern, as determined by the Company in its sole discretion. The amendment further
provides that the remaining $240,000 of the fees per annum (the “Fee Deferral Amount”) shall be deferred until payment of
the Fee Deferral Amount would no longer jeopardize the Company’s ability to continue as a going concern, as determined by the Company
in its sole discretion, at which time the Fee Deferral Amount may be paid, at Mr. Schreiber’s election, in shares of Common Stock
or in cash. The amendment also clarified that Mr. Schreiber’s title is “Director.” As of December 31, 2023, the Company
had recognized a salary deferral of $27,692 which is included in Deferred Compensation Payable on the Consolidated Balance Sheet
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Other Operating Income (Expense) [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Change in fair value of Derivatives Liabilities |
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$ 3,088,800
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Fair value of common stock on valuation date | $ / shares |
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$ 0.26
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Post reverse split | $ / shares |
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$ 7.80
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Fair value adjustment of warrants |
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$ 9,756,000
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Common Stock [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Reverse Stock Split |
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one-for-thirty
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Stock Issued During Period, Shares, Reverse Stock Splits | shares |
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65,960
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Issuance of preferred shares |
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$ 47
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Exercise price | $ / shares |
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$ 7.77
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$ 34.50
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Preferred Stock [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Issuance of preferred shares |
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$ 14,087,111
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Derivative liability fair value |
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$ 3,149,800
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Warrant [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Warrant exercise price | $ / shares |
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$ 164.40
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$ 164.40
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Warrants term |
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5 years
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5 years
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5 years
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Measurement Input, Expected Dividend Rate [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Estimated dividend rate |
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10.0
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10.0
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Estimated Equity volatility |
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140.00%
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Fair value assumptions risk free interest rate |
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6.40%
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Estimated dividend rate |
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15.0
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Measurement Input, Expected Dividend Rate [Member] | Warrant [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Stock price per share |
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0
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Measurement Input, Exercise Price [Member] | Common Stock [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Exercise price | $ / shares |
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$ 1.90
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Measurement Input, Option Volatility [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Estimated dividend rate |
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120.0
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Stock price per share |
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125.0
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Measurement Input, Price Volatility [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Estimated dividend rate |
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190.0
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Measurement Input, Maturity [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Time of maturity |
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1 year 4 months 6 days
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Measurement Input, Maturity [Member] | Other Operating Income (Expense) [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Time of maturity |
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6 months
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Measurement Input, Discount Rate [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Estimated dividend rate |
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6.8
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Measurement Input, Lapse Rate [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Estimated dividend rate |
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15.0
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Measurement Input, Default Rate [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Estimated dividend rate |
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0.5
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Measurement Input Volume Volatility [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Estimated traded volume volatility |
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150.0
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Measurement Input, Expected Dividend Payment [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Stock price per share |
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0
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Measurement Input, Risk Free Interest Rate [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Stock price per share |
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4.09
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Measurement Input, Risk Free Interest Rate [Member] | Warrant [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Stock price per share |
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3.91
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Measurement Input, Expected Term [Member] | Warrant [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Warrants term |
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4 years 1 month 24 days
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Measurement Input Equity Volatility [Member] | Warrant [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Stock price per share |
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120.0
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Series F Convertible Preferred Stock [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Conversion price | $ / shares |
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$ 2.255
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Conversion of stock, description |
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(i)
the Conversion Price then in effect and (ii) the greater of (A) 80% of the average of the three lowest closing prices of the
Company’s Common Stock during the thirty trading day period immediately prior to the date the amortization payment is due or
(B) a “Floor Price” of $6.60 (subject to adjustment for stock splits, stock dividends, stock combinations,
recapitalizations or other similar events) or, in any case, such lower amount as permitted, from time to time, by the Nasdaq Stock
Market.
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If
on any day after the issuance of the shares of Series F Preferred Stock the closing price of the Common Stock has exceeded $202.95 (subject to adjustment for stock splits, stock dividends, stock combinations, recapitalizations or other similar
events) for 20 consecutive trading days and the daily dollar trading volume of the Common Stock has exceeded $3,000,000 per trading day
during the same period and certain equity conditions described in the Series F Certificate of Designation are satisfied (the “Mandatory
Conversion Date”), we shall deliver written notice of the Mandatory Conversion (as defined below) to all holders on the Mandatory
Conversion Date and, on such Mandatory Conversion Date, we shall convert all of each holder’s shares of Series F Preferred Stock
into Conversion Shares at the then effective Conversion Price (the “Mandatory Conversion”). If any of the Equity Conditions
shall cease to be satisfied at any time on or after the Mandatory Conversion Date through and including the actual delivery of all of
the Conversion Shares to the holders, the Mandatory Conversion shall be deemed withdrawn and void ab initio.
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Share issued price, per share | $ / shares |
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$ 202.95
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Issuance of preferred shares |
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$ 3,000,000
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Preferred shares dividend rate |
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10.00%
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10.00%
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Series F Convertible Preferred Stock [Member] | Preferred Stock [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Issuance of preferred shares |
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$ 912,889
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Series F Convertible Preferred Stock [Member] | Measurement Input, Expected Dividend Rate [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Preferred shares dividend rate |
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15.00%
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Series F Convertible Preferred Stock [Member] | Measurement Input, Default Rate [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Preferred shares dividend rate |
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15.00%
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Employees Options [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Option to purchase shares | shares |
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7,668
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Exercise price | $ / shares |
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$ 49.80
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Director [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Deferral excess payment |
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$ 156,000
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Director [Member] | Maximum [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Director fees |
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216,000
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Director [Member] | Minimum [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Director fees |
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60,000
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Eagle Uzonwanne [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Deferral excess payment |
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|
36,000
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Eagle Uzonwanne [Member] | Maximum [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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|
Director fees |
|
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|
96,000
|
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Eagle Uzonwanne [Member] | Minimum [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
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Director fees |
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|
$ 60,000
|
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Securities Purchase Agreement [Member] | Investors [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Conversion price of preferred shares | $ / shares |
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$ 3.18
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Sale of Stock, Number of Shares Issued in Transaction | shares |
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15,000
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Sale of Stock, Consideration Received on Transaction |
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$ 1,000
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Convertible Preferred Stock, Shares Issued upon Conversion | shares |
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6,651,885
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|
Warrant exercise price | $ / shares |
|
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$ 2.255
|
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$ 3.18
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Proceeds from Issuance of Warrants |
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$ 6,651,885
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Warrant, Exercise Price, Decrease | $ / shares |
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$ 3.18
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Warrants to purchase common stock | shares |
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4,716,904
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4,716,904
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Warrants term |
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5 years
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Securities Purchase Agreement [Member] | Investors [Member] | Common Stock [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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|
Warrants to purchase common stock | shares |
|
|
|
|
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|
4,716,904
|
|
Subsequent Event [Member] |
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Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
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Conversion price of preferred shares | $ / shares |
|
|
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|
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$ 0.001
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Common stock, par value | $ / shares |
|
|
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|
$ 0.001
|
|
|
Reverse Stock Split |
1-for-30
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