COMMON STOCK

6 Months Ended

Jun. 30, 2022

COMMON STOCK.

COMMON STOCK

9. COMMON STOCK

The Company has authorized 2,000,000 shares of common stock, $0.00001 par value per share, of which 1,391,160 and 1,370,595, shares were issued and outstanding as each of June 30, 2022 and December 31, 2021 respectively.

During the three and six months ended June 30, 2022, as part of the adjustment to reflect the 2022 Reverse Stock Split, the Company issued an aggregate of 20,619 shares of common stock to account for the fractional roundup of shareholders.

During the three and six months ended June 30, 2022, 54 restricted stock awards that were considered issued and outstanding as of December 31, 2021 were forfeited.

During the three and six months ended June 30, 2022, there was no exercise activity related to any of the warrants that were issued in 2018, 2019 and 2020.

During the six months ended June 30, 2021, the Company issued an aggregate of 424,829 and 488 shares of common stock upon the exercise of certain of the October 2020 Series A Warrants and October 2020 Placement Agent Warrants, respectively, for aggregate proceeds of $8.5 million. During the three and six months ended June 30, 2021, there was no exercise activity related to any of the warrants that were issued in 2018 and 2019.

During the three and six months ended June 30, 2021, the Company issued an aggregate of 2 shares of common stock upon vesting of restricted stock units.