10.	STOCKHOLDERS ' EQUITY

Common Stock

December 13, 2019,

the Company entered into an At The Market Offering Agreement, by and between the Company and H.C. Wainwright & Co., LLC, as agent (“H.C. Wainwright”) (the “ATM Agreement”), pursuant to which the Company

may

offer and sell, from time to time through H.C. Wainwright, shares of the Company's common stock, having an aggregate offering price of up to

$4,400,000

and on

May 19, 2020

the ATM Agreement was amended to increase the aggregate value of up to

$15,280,313

(the “HCW Shares”). As of

March 31, 2021,

the Company sold a total of

5,597,484

shares of the Company's common stock for aggregate gross proceeds of

$15,280,000

at an average selling price of

$2.73

per share, resulting in net proceeds of approximately

$14,568,000

after deducting legal expenses, audit fees, commissions and other transaction costs of approximately

$712,000.

For the

three

months ended

March 31, 2021,

the Company sold

2,976,832

shares of common stock for net proceeds of

$6,832,000

after deducting

$224,000

in commissions and other transaction costs.

Stock Based Compensation

The Company recorded stock-based compensation of

$258,000

and

$67,000

for the

three

months ended

March 31, 2021

and

2020,

respectively, as comprised of the following:

	Three Months Ended March 31,
	2021		2020
Cost of goods sold	$	5,000	$	--
Sales, general and administrative		216,000		52,000
Research and development		37,000		15,000
	$	258,000	$	67,000

The following is a summary of option activity for the Company's stock option plans:

	Number of Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life		Aggregate Intrinsic Value
Outstanding at December 31, 2020		889,636	$	8.57

Forfeited		--

Outstanding at March 31, 2021		889,636		8.57		8.5	$	--

Vested and expected to vest at March 31, 2021		631,053	$	9.54		8.3	$	--

Exercisable at March 31, 2021		230,836	$	15.21		7.2	$	--

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company's common stock. There were

options exercised during the

three

months ended

March 31, 2021.

Warrants

A summary of warrant activity for the

three

months ended

March 31, 2021

follows:

	Number of Shares		Weighted-Average Exercise Price Per Share		Weighted- Average Remaining Contract Term
Balance at December 31, 2020		1,116,484	$	37.27		0.49
Warrants expired		463,236
Warrants exercised		--	$	--

Outstanding at March 31, 2021		653,248	$	6.97		2.20

Exercisable at March 31, 2021		653,248	$	6.97		2.20