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Stockholders' Equity
12 Months Ended
Dec. 31, 2020
Stockholders' Equity Note [Abstract]  
Stockholders' Equity

Preferred Stock

 

The Company’s Certificate of Incorporation authorizes the Company to issue up to 10,000,000 shares of preferred stock, $0.001 par value per share. Under the terms of the Company’s Certificate of Incorporation, the board of directors is authorized, subject to any limitations prescribed by law, without stockholder approval, to issue such shares of preferred stock in one or more series. Each such series of preferred stock shall have such rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, as shall be determined by the board of directors. In November 2004, the Company filed a certificate of designation designating 2,045,714 shares of the Company’s preferred stock as shares of Series A Convertible Preferred Stock, which shares were later issued. All of the shares of Series A Convertible Preferred Stock that were issued was converted into common stock and may not be reissued. Accordingly, as of December 31, 2020, there were 7,954,286 undesignated shares of preferred stock remaining available for issuance. There were no issuances of preferred stock during the years ended December 31, 2020 and 2019.

 

Common Stock

 

The Company is authorized to issue 30,000,000 shares of common stock, $.001 par value per share. As of December 31, 2020, there were 8,876,514 shares issued and outstanding.

 

Common Stock Issuances - Employee Stock Option Exercises

 

Shares of common stock issued as a result of stock option exercises and realized gross proceeds for the year ended December 31, 2020 were 33 and $4,999, respectively. There were no shares of common stock issued as a result of stock option exercises during the year ended December 31, 2019. See Note 16 for additional information regarding stock option plans.

 

During the year ended December 31, 2020, 95,000 stock options were exercised on a cashless basis for an aggregate issuance of 25,303 shares of the Company’s common stock. 

 

Stock Repurchase Program

 

The Board of Directors approved a stock repurchase plan on October 7, 2019 to purchase up to $2.5 million of the Company’s common stock. As of December 31, 2020, $2.1 million outstanding that does not have an expiration date.

 

At The Market Offering Agreement

 

On August 18, 2020, the Company entered into an At-The-Market Issuance Sales Agreement (the “Sales Agreement”) with B. Riley Securities, Inc. (“B. Riley FBR”), The Benchmark Company, LLC (“Benchmark”) and Spartan Capital Securities, LLC (“Spartan”, and together with B. Riley FBR and Benchmark, the “Sales Agents”) which establishes an at-the-market equity program pursuant to which we may offer and sell shares of our common stock, par value $0.001 per share, from time to time as set forth in the Sales Agreement. The Sales Agreement provides for the sale of shares of the Company’s common stock having an aggregate offering price of up to $24,000,000.

 

The Sales Agreement will terminate upon the earlier of sale of all of the shares under the Sales Agreement or termination of the Sales Agreement as permitted. During the twelve months ended December 31, 2020, the Company has incurred $333,500 of offering costs.

 

During the three months ended December 31, 2020, the Company sold 399,313 shares of common stock through the Sales Agents for a total of approximately $4,678,381, resulting in net proceeds to the Company of approximately $4,345,475. The Company sold no shares of common stock through the Sales Agents between August 18, 2020 and September 30, 2020.

 

Subsequent to December 31, 2020, the Company sold 100,867 shares for gross proceeds of $1.1 million.