Note 16 - Subsequent Events

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE

16.

Subsequent Events

Exercises of warrants.

Subsequent to

December 31, 2020,

the Company received proceeds of

$9.1

million as a result of the exercise of

788,009

warrants,

312,711

of which were exercised prior to and

475,298

that were exercised subsequent to

December 31, 2020. 

Of the

$9.1

million,

$3.6

million was the receipt of the subscription receivable recorded as of

December 31, 2020. 

In addition, there were cashless exercises of

250,000

warrants subsequent to

December 31, 2020

whereby, the holder converted their

250,000

warrants into

78,767

shares of common stock in accordance with the terms of the warrant agreement, as amended.  Therefore, as of

March 15, 2020,

the Company has

92,675,898

common stock,

9,500,174

warrants and

10,209,300

CVRs issued and outstanding.

Revolving

Credit Facility commitment.

  In

March 2021,

the Company's borrowing base and bank commitments under the Revolving Credit Facility were increased to

$50

million, subject to finalization of customary documentation.