Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

Subsequent Events
9 Months Ended
Sep. 30, 2021
Subsequent Events [Abstract]  
Subsequent Events SUBSEQUENT EVENTSDuring October 2021, the Company raised an additional $155,000 from the issuance of 2015 Notes.
On November 10, 2021, the Registration Statement on Form S-1 (File No. 333-259358) (the “Registration Statement”) relating to the IPO of the Company was declared effective by the SEC. The IPO consisted of 2,750,000 units (the “Units”), with each Unit consisting of one share of common stock, par value $0.0001 per share (the “Common Stock”) and one warrant (the “Firm Warrants”) to purchase Common Stock at a combined public offering price of $6.00 per Unit. The Common Stock and the Firm Warrants were immediately separable and issued separately but were purchased together in the IPO. The Firm Warrants will have a per share exercise price of $6.00 and are exercisable immediately. The Warrants will expire five years from the date of issuance.

Pursuant to the S-1 Underwriting Agreement dated November 10, 2021 between the Company and The Benchmark Company, LLC (the “Underwriter”) the Company granted the Underwriter a 30-day option to purchase up to an additional 412,500 shares of our Common Stock and/or Firm Warrants to cover over-allotments. On November 11, 2021, the Underwriter exercised its over-allotment option in respect of 412,500 Firm Warrants.

On November 10, 2021, as a result of the completion of the IPO and as required under the terms of the 2015 Notes, the Company converted the entirety of the outstanding principal of and interest accrued to the 2015 Notes to 1,497,216 shares of the Company’s common stock at the Conversion Price (see Note 4) and issued the common stock to the 2015 Note holders, fully satisfying the Company’s obligations.

On November 11, 2021, the shares of Common Stock and Firm Warrants began trading on the Nasdaq Capital Market under the symbols “BEAT” and “BEATW”, respectively.

On November 15, 2021, the Company consummated the IPO and issued 192,500 warrants as compensation to the Underwriter, exercisable at a per share exercise price equal to $7.50 per share. The warrants will expire five years from the date of issuance and are subject to a 180-day lock-up period.

On November 15, 2021, the Company received approximately $14,939,000 in net proceeds from the IPO after deducting the underwriting discount and commission and other estimated IPO expenses payable by the Company.

In December 2021, the Board of Directors approved a one-time bonus to the Chief Executive Officer and Chief Financial Officer of $350,000 and $40,000, respectively.