Subsequent Events

6 Months Ended

Jun. 30, 2019

Subsequent Events [Abstract]

Subsequent Events

16. Subsequent Events

On July 3, 2019, the Company entered into a new capital equipment line of credit with a borrowing limit of $300,000, pursuant to which the Company is permitted to borrow 100% of the cost of new equipment purchases, and 90% of the cost of used equipment purchases. On August 8, 2019, The Company borrowed the full $300,000 on the line of credit. The line of credit carries and interest rate of 3.91%. Principal and accrued interest are to be paid monthly starting in September 2019 until maturity in August 2024.

Between July 1, 2019 and July 21, 2019, the Company issued 26,980 shares of common stock under the 2016 Plan to directors and consultants for stock-based compensation of $ 118,409. The shares were valued using the closing share price of the Company’s common stock on the date of the grant, with the range of $3.68 to $4.55 per share.