Note 15 - Subsequent Events

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE

15:

SUBSEQUENT EVENTS

2021

Financing Transaction

On

January 6, 2021,

the Company entered into a securities purchase agreement with certain institutional and accredited investors relating to the offering and sale of

23,850,000

shares of Company common stock, par value

$0.18

per share and warrants to purchase

17,887,500

shares of common stock. The combined purchase price for

one

share of common stock and a warrant to purchase

0.75

shares of Common Stock was 

$1.055.

Subject to certain ownership limitations, the warrants are exercisable upon issuance. The warrants will expire on the

4.5

year anniversary of the date of issuance and have an exercise price of

$1.055

per share. The common stock and warrants have been registered under the Securities Act of

1933,

as amended.

           Pursuant to a letter agreement, dated as of

January 6, 2021,

between the Company and the placement agent Maxim Group LLC, the Company agreed to pay the placement agent a cash fee of

7%

of the aggregate gross proceeds. The Company also agreed to reimburse the placement agent for expenses, including legal fees which shall be limited to, in the aggregate,

$45,000.

 The offering closed on

January 8, 2021

with net proceeds to the Company from the offering of approximately

$23.3

million, after deducting fees and expenses.
 

On

March 

22,

2021,

the Company entered into a securities purchase agreement with certain institutional and accredited investors relating to the offering and sale of

17,361,100

 shares of our common stock, par value

$0.18

per share. Concurrently with the offering, and pursuant to the purchase agreement, the Company also commenced a private placement whereby it issued and sold warrants exercisable for an aggregate of up to

13,020,825

 shares of common stock, which represents

75%

of the shares of common stock sold in the offering. The combined purchase price for

one

share of common stock and a purchase warrant to purchase

0.75

shares of common stock is

$2.88.

Subject to certain ownership limitations, the warrants are exercisable upon issuance. The warrants will expire on the

4.5

year anniversary of the date of issuance.

None

of the warrants, nor the warrants shares, have been registered under the Securities Act of

1933,

as amended.

The Company agreed to pay the placement agent a cash fee of

7%

of the aggregate gross proceeds of the offering and the private placement. The Company also agreed to reimburse the placement agent for expenses, including the legal fees which shall be limited to, in the aggregate,

$45,000.

The Company estimates total expenses associated with the offering, excluding placement agent fees and expenses, will be approximately

$70,000.

The net proceeds to the Company from the offering and the private placement are approximately

$46.4

 million, after deducting fees and expenses.

Warrant

Activity

From

January 1,

2021

through

March 24, 2021,

the Company received approximately

$19.5

 million from exercises of the

2020

 warrants, with an exercise price of

$1.00.

As a result of the warrant exercises, the Company cancelled approximately

19.5

 million warrants and issued approximately

19.5

 million shares of common stock. During the same period the Company also received approximately

$13.3

 million from exercises of the

2021

 warrants with an exercise price of

$1.055.

  As a result of the warrant exercises, the Company cancelled approximately

12.6

 million warrants and issued approximately

12.6

 million shares of common stock