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Re: exwannabe post# 684769

Friday, 04/12/2024 10:49:55 AM

Friday, April 12, 2024 10:49:55 AM

Post# of 703719
Oops, my bad... I understand what you're saying now.

"30.8M shares of Cs converted"



>>We received approximately $13.3 million and $18.7 million cash from issuances of 1.0 million and 1.2 million shares of Series C convertible preferred stock during the years ended December 31, 2023 and 2022, respectively.

>>Subsequent Events

Between January 1, 2024 and February 28, 2024, the Company received $5.5 million in funding from the sale of preferred shares, proceeds from warrant exercise, proceeds of debt arrangements.

Between January 1, 2024 and February 28, 2024, the Company issued approximately 0.2 million shares of Series C preferred stock for proceeds of $1.9 million.

Between January 1, 2024 and February 28, 2024, the Company received $1.3 million from the exercise of 5.7 million outstanding warrants.

Between January 1, 2024 and February 28, 2024, approximately 0.2 million Series C Shares with a book value of $2.3 million were converted into 4.3 million common shares in accordance with their terms at a ratio of 1:25.

Between January 1, 2024 and February 28, 2024, the Company issued approximately 2.8 million shares of common stock to certain lenders in lieu of cash payments of $1.4 million of debt, including $0.2 million of accrued interest. The Company also issued 1.0 million shares of common stock to extinguish $0.6 million outstanding share liability.

On January 8, 2024, certain warrants holders elected to exercise some of their warrants pursuant to cashless exercise formulas. The Company issued approximately 0.7 million shares of common stock upon exercise of 1.3 million warrants at exercise prices at $0.34 per share.

On February 22, 2024, the Company received a $0.8 million prepayment for the purchase of securities for which the terms are in the process of being finalized.

On February 27, 2024, the Company entered into a one-year convertible note (the “Note”) with an individual investor (the “Holder”) for principal amount of $1.5 million. The Note bears interest at 11% per annum and is convertible into Series C preferred shares at $11.50 per share at the Holder’s sole option. The Series C preferred shares are convertible into common stock 30 days after the debt conversion date. Each Series C preferred share is convertible into 25 shares of common stock. In addition, the Holder has an alternative option to convert the Note into a non-dilutive financial instrument, which has the same terms at those in the non-dilutive funding agreements as described in Note 12.
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