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Subsequent Events
6 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

Note 16 - Subsequent Events

 

The Company has evaluated subsequent events through the issuance of the condensed consolidated financial statements and the following subsequent events have been identified.

 

On July 23, 2021, the Company conducted a registered direct offering of 1,114,508 shares of common stock. The shares were offered and sold by the Company pursuant to an effective shelf registration statement on Form S-3, which was filed with the Securities and Exchange Commission (the “SEC”) on October 8, 2020 and subsequently declared effective on October 15, 2020. Additionally, the Company issued to the investors unregistered warrants to purchase up to an aggregate of 1,114,508 shares of common stock in a concurrent private placement. The combined purchase price for one share of common stock and a warrant to purchase one share of common stock was $2.80. The warrants have an exercise price of $3.50 per share, will be exercisable beginning six-months from the date of issuance, and will expire five and one half years from the date of issuance. The offering gross proceeds were $3,160,622 before deducting placement agent’s commissions and other offering costs, and the net proceeds of the offering were approximately $2,800,000. The offering closed on July 27, 2021.

 

In conjunction with this offering, the Company issued warrants to purchase 55,726 shares of common stock at $3.50 per share to the placement agent. The warrants are exercisable on the six-month anniversary of the issuance date at an exercise price equal to $3.50 per share of common stock. The warrants are exercisable for five years from the initial exercise date. The placement agent warrants hold piggy-back registration rights and have a termination date of July 23, 2026.The warrants issued in this financing will be classified as equity instruments.