| Delaware (State or other jurisdiction of incorporation or organization) | | | 3845 (Primary Standard Industrial Classification Code Number) | | | 36-4787690 (I.R.S. Employer Identification Number) | |
| Phillip D. Torrence, Esq. Honigman LLP 650 Trade Centre Way, Suite 200 Kalamazoo, Michigan 49002 (269) 337-7700 | | | Charles Phillips, Esq. Ellenoff Grossman & Schole LLP 1345 Avenue of the Americas New York, NY 10105-0302 (212) 370-1300 | |
| Large accelerated filer | | | ☐ | | | Accelerated filer | | | ☐ | |
| Non-accelerated filer | | | ☒ | | | Smaller reporting company | | | ☒ | |
| | | | | | | Emerging growth company | | | ☐ | |
| | | Per Share and related Public Warrant(2) | | | Per Pre-Funded Warrant and related Public Warrant(2) | | | Total | | |||||||||
Public offering price | | | | $ | | | | | $ | | | | | $ | | | |||
Placement Agent fees(1) | | | | $ | | | | | $ | | | | | $ | | | |||
Proceeds to us before offering expenses(3) | | | | $ | | | | | $ | | | | | $ | | | |
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| CAPITALIZATION | | | | | 13 | | |
| DILUTION | | | | | 14 | | |
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| EXPERTS | | | | | 27 | | |
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| | As of March 31, 2022 (in thousands) | | | As of March 31, 2022 (in thousands) | | ||||||||||||||||||||
| | Actual | | Pro Forma | | | Actual | | Pro Forma | | ||||||||||||||||
Cash | | | $ | 6,310 | | | | $ | 19,935 | | | | | $ | 6,310 | | | | $ | 19,935 | | | ||||
Stockholders’ (deficit) equity: | | | | | | | | | | | | | | | | | | | | | | | ||||
Preferred Stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of March 31, 2022 | | | | | | | | | | | | | | | — | | | | | — | | | ||||
Class A common stock, $0.001 par value, 150,000,000 shares authorized; 3,794,797 shares issued and outstanding as of March 31, 2022 | | | | 4 | | | | | 22 | | | | | | 4 | | | | | 17 | | | ||||
Additional paid-in capital | | | | 149,834 | | | | | 163,441 | | | | | | 149,834 | | | | | 163,446 | | | ||||
Accumulated other comprehensive loss | | | | (1,327) | | | | | (1,327) | | | | | | (1,327) | | | | | (1,327) | | | ||||
Accumulated deficit | | | | (141,381) | | | | | (141,381) | | | | | | (141,381) | | | | | (141,381) | | | ||||
Total stockholders’ equity | | | $ | 7,130 | | | | $ | 20,755 | | | | | $ | 7,130 | | | | $ | 20,755 | | |
| Assumed public offering price per share (attributing no value to the Warrants) | | | $ | 1.03 | | | Assumed public offering price per share (attributing no value to the Warrants) | | | $ | 1.58 | | | ||
| Net tangible book value per share as of March 31, 2022 | | | $ | 1.60 | | | Net tangible book value per share as of March 31, 2022 | | | $ | 1.60 | | | ||
| Decrease in pro forma net tangible book value per share after this offering | | | $ | (0.53) | | | Decrease in pro forma net tangible book value per share after this offering | | | $ | (0.12) | | | ||
| Pro forma net tangible book value per share after giving effect to this offering | | | $ | 1.07 | | | Pro forma net tangible book value per share after giving effect to this offering | | | $ | 1.48 | | | ||
| Accretion in pro forma net tangible book value per share to new investors | | | $ | 0.04 | | | Dilution in pro forma net tangible book value per share to new investors | | | $ | (0.10) | | |
| | | Beneficial Ownership(1) | | |||||||||
Beneficial Owner | | | Number of Shares of Common Stock | | | Percent of Total | | ||||||
Columbus Capital Management LLC(2) | | | | | 324,684 | | | | | | 7.7% | | |
AIGH Capital Management, LLC(3) | | | | | 192,950 | | | | | | 4.6% | | |
Maple Leaf Capital I, LLC(4) | | | | | 189,416 | | | | | | 4.5% | | |
Antonella Favit-Van Pelt(5) | | | | | 9,500 | | | | | | * | | |
Sherrie Perkins(6) | | | | | 10,914 | | | | | | * | | |
Edward M. Straw(7) | | | | | 20,669 | | | | | | * | | |
Mitchell E. Tyler(8) | | | | | 30,712 | | | | | | * | | |
Blane Walter(9) | | | | | 22,876 | | | | | | * | | |
Paul Buckman(10) | | | | | 9,909 | | | | | | * | | |
Jeffrey S. Mathiesen(11) | | | | | 63,701 | | | | | | 1.5% | | |
Dane C. Andreeff(12) | | | | | 419,729 | | | | | | 9.4% | | |
All current executive officers and directors as a group (8 persons)(13) | | | | | 588,009 | | | | | | 12.9% | | |
| | | Per Share and related Public Warrant | | | Per Pre-Funded Warrant and related Public Warrant | | ||||||
Public Offering Price | | | | $ | | | | | $ | | | ||
Placement Agent fees | | | | $ | | | | | $ | | | ||
Proceeds to us before expenses | | | | $ | | | | | $ | | | |
| | Amount | | | Amount | | ||||||||
SEC registration fee | | | $ | 1,390.50 | | | | | $ | 3,684.83 | | | ||
FINRA filing fee | | | $ | 2,750 | | | | | $ | 5,225 | | | ||
Printing expenses | | | $ | 50,000 | | | | | $ | 50,000 | | | ||
Accounting fees and expenses | | | $ | 55,000 | | | | | $ | 55,000 | | | ||
Legal fees and expenses | | | $ | 200,000 | | | | | $ | 200,000 | | | ||
Transfer agent fees and expenses | | | $ | 2,000 | | | | | $ | 2,000 | | | ||
Miscellaneous fees and expenses | | | $ | 13,859.50 | | | | | $ | 9,090.17 | | | ||
Total | | | $ | 325,000 | | | | | $ | 325,000 | | |
| Signature | | | Title | | | Date | |
| /s/ Dane C. Andreeff Dane C. Andreeff | | | President, Chief Executive Officer (Principal Executive Officer) and Director | | | | |
| /s/ Jeffrey S. Mathiesen Jeffrey S. Mathiesen | | | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) and Director | | | | |
| * Edward M. Straw | | | Director | | | | |
| * Sherrie Perkins | | | Director | | | | |
| * Paul Buckman | | | Director | | | | |
| * Blane Walter | | | Director | | | | |
| *By: /s/ Dane Andreeff Attorney-in-fact | | | | | | | |