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Stockholders' Equity
3 Months Ended
Mar. 31, 2021
STOCKHOLDERS' EQUITY  
Stockholders' Equity

Common Stock

 

The Company is authorized to issue 30,000,000 shares of common stock, $.001 par value per share. As of March 31, 2021, there were 9,071,352 shares issued and outstanding. During the three month period ended March 31, 2021, there were 104,176 shares of common stock vested in accordance with the vesting terms of the RSAs. Two employees received less than the shares vested because they elected to have a total of 12,526 shares withheld in satisfaction of each of the employees corresponding tax liability of approximately $140,900. The Company’s payment of this tax liability was recorded as a cash flow from financing activity on the consolidated statement of cash flows.

 

During the three month period ended March 31, 2020, there were 83,331 shares of common stock vested in accordance with the vesting terms of RSAs.

 

Shares of common stock issued as a result of stock option exercises and realized gross proceeds for the three month period ended March 31, 2021, were 2,500 and $10,250, respectively. There were no stock option exercises during the three month period ended March 31, 2020.

 

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 the Company may offer and sell shares of 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 (“Shares”) 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.

 

The Company has no obligation to sell any of the Shares, and, at any time, we may suspend offers under the Sales Agreement or terminate the Sales Agreement. During the three month period ended March 31, 2021, the Company sold 100,687 shares for gross proceeds of $1.1 million. During the three month period ended March 31, 2021, the Company incurred $45,400 of offering costs.