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Stockholders' Equity
6 Months Ended
Jun. 30, 2020
Equity [Abstract]  
STOCKHOLDERS' EQUITY

NOTE 6 – STOCKHOLDERS' EQUITY

 

Series A Convertible Preferred Stock

 

Prior to the close of the Company's IPO, the Company was authorized to issue up to 10,000,000 shares of preferred stock, $0.001 par value, all of which had been designated as Series A Preferred Stock and had a stated value of $2.50 per share. All outstanding shares of Series A Preferred Stock converted to shares of the Company's common stock, and all authorized and unissued shares of Series A Preferred Stock was extinguished, upon the close of the Company's IPO in October 2019. As of June 30, 2020 and December 31, 2019, there are no shares of Series A Preferred Stock authorized, issued or outstanding. The Series A Preferred Stock ranked senior to common stock with respect to dividends rights and liquidation preferences and had full voting rights. The Series A Preferred Stock accrued a dividend at a rate of 6% per annum with no amounts outstanding as of June 30, 2020 and December 31, 2019. The Company recorded $288,962 and $510,240 of preferred dividends during the three and six months ended June 30, 2019, respectively.

 

Common Stock

 

In November 2019, the Company achieved a milestone in connection with the UT agreement (see Note 5). As a result of the milestone, the Company owed UT 220,666 shares of common stock, which had a fair value of approximately $1,132,000, which was accrued in accrued research and development expense as of December 31, 2019. In January 2020, the Company issued the 220,666 shares of common stock to UT.