Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

16. Subsequent Events

Debt extension

● On January 8, 2021, the Company entered into an amendment to its loan agreement (the “Loan Agreement”) with Live Oak to extend the maturity date to April 13, 2021. On April 13, 2021, the maturity date was amended to further extend it to May 13, 2021. On May 11, 2021, the maturity date was amended to further extend it to August 11, 2021. The Company is finalizing an amendment to further extend it an additional sixty days. All other material terms of the Loan Agreement remain unchanged.

Warrant Exercise

●	On July 30, 2021, 900,000 warrants were exercised for gross proceeds of $2.4 million. The Company used the net proceeds of the exercise of the existing warrants for the acquisition of capital equipment and general working capital needs.
	Concurrent with the warrant exercise, the Company issued new warrants to purchase up to 900,000 shares of common stock. The new warrants have substantially the same terms as the existing warrants with an exercise price of $3.00 per share, are exercisable five years after they become exercisable, and will become exercisable upon the Company’s receipt of approval from its stockholders.