|9 Months Ended|
Sep. 30, 2022
|Subsequent Events [Abstract]|
Common Stock Dividend of Series A Preferred Stock
On October 12, 2022, the Board declared a dividend of 0.008 of a share of Series A Preferred Stock, par value $0.0001 per share, for each outstanding share of Common Stock to stockholders of record at 5:00pm Eastern Time on October 22, 2022.
Amended Loan and Security Agreement with K2 HealthVentures LLC
On October 25, 2022, the Company, with its subsidiary, Corbus Pharmaceuticals, Inc., as borrower, entered into an amendment to the Loan and Security Agreement dated as of July 28, 2020 with K2 HealthVentures LLC (“K2HV”), an unrelated third party to defer the commencement of principal repayments by a one year period from September 1, 2022 to September 1, 2023 and if the Company raises at least $30 million in net proceeds through capital raising transactions, the commencement of principal repayments will be deferred by an additional six months to March 1, 2024. Pursuant to the Amended Loan Agreement, the Company paid $119,000 at the time of entering into the Amended Loan Agreement and will pay $400,000 at the maturity of the loan. In addition, pursuant to the Loan Agreement, the Lenders may jointly elect at any time and from time to time prior to the payment in full of the loans to convert any portion (in a minimum amount of $500,000) of the principal amount of the loans then outstanding into shares of the Company’s common stock at a conversion price of $9.40 per share, provided that the aggregate principal amount of loans converted by the Lenders into common stock may not exceed $5,000,000. The Amended Loan Agreement adjusts the conversion price of a $2,000,000 portion of the maximum $5,000,000 convertible amount by adjusting the conversion price of $875,000 of the loan from $9.40 per share to $0.15 per share, and $1,125,000 of the loan from $9.40 per share to $0.2625 per share.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef