Stockholders' Deficit

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Stockholders' Deficit

10. Stockholders' Deficit

Capital Stock

The Company was organized under the laws of the state of Nevada on July 27, 2004 and was subsequently reincorporated under the laws of the state of Delaware on November 10, 2015. In connection with the reincorporation, as approved by the stockholders, the Company changed its authorized capital stock to consist of (i) 100 million shares of common stock, $.001 par value, and (ii) 2 million shares of preferred stock, $0.001 par value, designated as Series A convertible preferred stock. In December 2015, the Company amended its Certificate of Incorporation to change its authorized capital stock to provide for 15 million authorized shares of preferred stock of which 7,515,000 was designated as Series B convertible preferred stock, par value $.001 per share.

Prior to November 10, 2015, the Company's authorized capital stock consisted of 100 million shares of common stock, $.001 par value, and 10 million shares of preferred stock, $.001 par value.

Common Stock

The Company had 1,414,671 and 1,173,854 shares of common stock issued and outstanding as of December 31, 2019 and 2018, respectively. During the year ending December 31, 2019, the Company issued 240,817 shares of common stock as follows:

● an aggregate of 151,838 shares in connection with a public offering generating net proceeds to the Company of approximately $3.6 million, as further described below

● an aggregate of 80,511 shares for the exercise of outstanding warrants for gross proceeds of $1.8 million (see Note 9 — Common Stock Warrants and Common Stock Warrant Liability for further details)

● An aggregate of 5,274 shares for service as a result of the vesting of restricted stock units

● 152 shares for the exercise of stock options

● 1,113 shares for the cashless exercise of stock options and

● an aggregate of 1,929 shares to certain employees in net settlement of bonus compensation totaling $32.

Public Offering

On July 16, 2019, the Company issued 151,838 shares of Common Stock, including 34,815 shares to the Company's chief executive officer and 371 shares to an employee of the Company, in a public offering of shares of the Company's Common Stock at $27.00 per share, resulting in net proceeds of approximately $3.6 million after deducting certain fees due to the placement agent and other transaction expenses. In addition, the Company issued a warrant to purchase 8,334 shares of the Company's Common Stock to the placement agent at an exercise price of $33.75 per share.