Stockholders' Equity

12 Months Ended

Dec. 31, 2020

Stockholders’ Equity

Preferred stock and convertible preferred stock consist of the following:


	December 31,
	2020		2019
Preferred stock, $0.001 par value; 5,000,000 shares authorized at December 31, 2020 and 2019; no shares issued and outstanding at December 31, 2020 and 2019	$	—	$	—
Series B convertible preferred stock, $0.001 par value, 147,000 shares designated at December 31, 2020 and 2019, and 200 shares issued and outstanding at December 31, 2020 and 2019, respectively	1		1
Series D convertible preferred stock, $0.001 par value, 21,300 shares designated at December 31, 2020 and 2019, and no shares issued and outstanding at December 31, 2020 and 2019, respectively	—		—

Series F convertible preferred stock, $0.001 par value, 10,621 shares designated at December 31, 2020 and 2019, and no shares issued and outstanding at December 31, 2020 and 2019, respectively	—		—

Preferred stock activity

As of December 31, 2020, 200.00 shares of Series B Preferred Stock remained outstanding. There were no preferred stock conversions in 2020.

In 2019, 14,052.93 shares of Series D Preferred Stock were converted into a total of 534,333 shares of common stock and 3,260.70 shares of the Series F Preferred Stock were converted into a total of 123,981 shares of common stock.

Other equity activity

In February 2020, the Company entered into an At Market Issuance Sales Agreement (the "Agreement") with respect to an at-the-market equity offering program ("ATM program"), under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, par value $0.0001 per share, having an aggregate offering price of up to $4,482,000 (the "Placement Shares"). The issuance and sale of the Placement Shares by the Company under the Agreement will be made pursuant to the Company's effective "shelf" registration statement on Form S-3. During the year ended December 31, 2020, 2,348,619 shares of common stock were issued pursuant to the Agreement for net proceeds of $4,143,431.

In March 2020, the Company issued 31,000 shares of fully vested common stock with a value of $43,751 pursuant to a Separation Agreement between the Company and an employee. The shares issued reflected the $1.41 closing price of the Company's common stock as reported on the Nasdaq Capital Market on March 11, 2020.

In June and December 2020, the Company issued 13,446 shares of fully vested common stock with a value of $23,437 pursuant to the Company's 2010 Employee Stock Purchase Plan.

As of December 31, 2020, the Company had 25,000,000 shares of common stock authorized and 3,793,739 shares issued and outstanding. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are not entitled to receive dividends unless declared by the Board of Directors.

At December 31, 2020, the Company has reserved authorized shares of common stock for future issuance as follows:




Outstanding stock options			361,956
Possible future issuance under inducement plan			1,250
Possible future issuance under stock option plans			53,356
Possible future issuance under employee stock purchase plan			—
Total			416,562