Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

Note 14 – Subsequent Events

On January 19, 2021, the Company announced that Nestor Jaramillo, Jr. was appointed as Chief Executive Officer and President of the Company. In connection with such appointment, he entered into an Executive Employment Agreement with the Company. Mr. Jaramillo had served as the Company’s chief operating officer and president since June 2020 and as the Company’s chief commercial officer from May 2019 to June 2020.  John Erb, the predecessor Chief Executive Officer will remain a part-time employee for a period of six months to assist with the transition and thereafter will continue to serve as the Company’s Chairman of the Board.

On March 19, 2021, the Company closed on an underwritten public offering of 3,795,816 shares of common stock, which includes the full exercise of the underwriter’s over-allotment option, for gross proceeds of approximately $20.9 million.  Net proceeds totaled approximately $19.0 million after deducting the underwriting discounts and commissions and other costs associated with the offering and after giving effect to the underwriters’ full exercise of their overallotment option.

In connection with this transaction, the conversion price of the Series F convertible preferred stock was reduced from $9.00 to $5.50, the per share price to the public in the March 2021 transaction, described above. In addition, the exercise price of the common stock warrants issued in connection with the January 2020 Offering was reduced from $9.00 to $5.50, the per share price to the public in the March 2021 offering, described above.