Equity

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Equity

Note 13 - Equity

During February 2018, the Company commenced a private placement equity offering, pursuant to which it sold 2,858,030 shares of its Common Stock at a price of $3.33 per share, for aggregate consideration of approximately $9,517,200.

During the second and third quarters of 2018, the Company commenced a private placement equity offering, pursuant to which it sold 787,264 shares of its Common Stock through September 30, 2018 at a price of $4.75 per share, for aggregate consideration of approximately $3,739,500.

During 2019, the Company's CEO retired 18,500,000 beneficially owned common shares of stock for no value. In addition, four non-accredited investors were refunded a total of $20,430, which cancelled 5,055 shares. Total outstanding common shares after the share retirement and refunds were 6,001,639, prior to the IPO.

On December 9, 2019, the Company completed its IPO, selling 2,645,000 shares of common stock at an offering price of $5.00 per share, and warrants to purchase shares of common stock. Aggregate gross proceeds from the IPO, which included the exercise in full of the representative's over-allotment option, were approximately $13.2 million, and net proceeds received after underwriting fees and offering expenses were approximately $12 million. Total equity from the IPO after deducting deferred offering expenses of $1.5 million was approximately $10.5 million.

During 2019, the Company converted seven of its 6-Month Notes with a value of $212,249 to 44,684 shares of common stock.

Total common shares outstanding after the IPO and conversion of 6-Month Notes were 8,691,323.