WARRANTS (Details Narrative) - USD ($) |
1 Months Ended | 9 Months Ended | |
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Aug. 31, 2022 |
Sep. 30, 2022 |
Aug. 11, 2022 |
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Exercise price | $ 5.25 | ||
Class of warrant description | Pursuant to the underwriting agreement dated August 31, 2022 (the “Underwriting Agreement”) between the Company and WallachBeth Capital, LLC, as representative of the underwriters (the “Underwriters”), and solely for purposes of covering any over-allotments made in connection with our IPO, we granted the Underwriters an option to purchase up to an additional 192,390 shares of Common Stock at the Offering Price per Unit less $0.02, and/or up to 192,390 Tradeable Warrants at $0.01 per Tradeable Warrant, and/or up to 192,390 Non-tradeable Warrants at $0.01 per Non-tradeable Warrant, or any combination of additional shares of Common Stock, Tradeable Warrants, and Non-tradeable Warrants representing, in the aggregate, up to 15% of the number of Units sold in the IPO (the “Over-Allotment Option”). The Over-Allotment Option was exercisable for a period of 45 days from the date of our Final Prospectus. | ||
Beneficial conversion feature | $ 400,000 | ||
Interest expense | 2,000,000.0 | ||
Bridge Notes [Member] | |||
Stock issued for conversion of debt, value | $ 724,000 | ||
Accrued interest rate | 6.00% | ||
Aggregate warrants | $ 167,557 | ||
Warrant [Member] | |||
Warrants issued | 1,036,486 | ||
Net proceeds from direct offering costs | $ 7,700,000 | ||
Warrant [Member] | Bridge Notes [Member] | |||
Exercise price | $ 5.25 | ||
Tradeable Warrant [Member] | |||
Warrants issued | 1,282,600 | ||
Exercise price | $ 7.35 | ||
Tradeable Warrant [Member] | Over-Allotment Option [Member] | |||
Warrants issued | 110,167 | ||
Exercise price | $ 0.01 | ||
Non Tradeable Warrant [Member] | |||
Warrants issued | 1,282,600 | ||
Exercise price | $ 7.656 | ||
Non Tradeable Warrant [Member] | Over-Allotment Option [Member] | |||
Warrants issued | 110,167 | ||
Exercise price | $ 0.01 |
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- Definition Exercise price per share or per unit of warrants or rights outstanding. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Description of expense or revenue offset related to the warrants or rights. No definition available.
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- Definition Number of securities into which the class of warrant or right may be converted. For example, but not limited to, 500,000 warrants may be converted into 1,000,000 shares. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The value of the financial instrument(s) that the original debt is being converted into in a noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The rate of interest that was being paid on the original debt issue that is being converted in the noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of a favorable spread to a debt holder between the amount of debt being converted and the value of the securities received upon conversion. This is an embedded conversion feature of convertible debt issued that is in-the-money at the commitment date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Interest and debt related expenses associated with nonoperating financing activities of the entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash inflow from the additional capital contribution to the entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Value of outstanding derivative securities that permit the holder the right to purchase securities (usually equity) from the issuer at a specified price. No definition available.
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