Note 11 - Subsequent Events

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Subsequent Events [Text Block]

1

1

.     

Subsequent Event

s

Reverse Stock Split

Following approval by our shareholders at a meeting held on

January 3, 2020,

on

January 21, 2020,

we effected a

one

-for-

two thousand

reverse split of our common stock by the filing of an amendment to our certificate of incorporation with the State of Delaware.

Conversions of Preferred Stock to Common Stock

During the

first

quarter of

2020

(through

March 23),

all remaining Series H Preferred Stock (

1,686

shares) and Series I Preferred Stock (

700

shares) were converted into an aggregate of

13,481,349

shares of our common stock.

Issuance of Series

J

P

referred Stock

On

January 24, 2020,

we entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with the purchasers identified therein (the “Purchasers”) providing for the issuance and sale to the Purchasers of an aggregate of

300

shares of our Series J Convertible Preferred Stock (“Series G Preferred Stock”) for gross proceeds of

$300,000.

Our Series J Preferred Stock has rights and privileges as set forth in the pertinent Certificate of Designation of Preferences, Rights and Limitations, including a liquidation preference equal to the stated value per share. The Series J Preferred Stock has

no

voting rights and is

not

entitled to a dividend. The Series J Preferred Stock is convertible at any time at the option of the holders into shares of our common stock, at a conversion price equal to the lesser of (i)

$2.00

per share and (ii)

80%

of the volume weighted average price of the common stock during the

ten

trading days immediately preceding the delivery of a notice of conversion. The Series J Preferred Stock contains price adjustment provisions, which

may,

under certain circumstances reduce the conversion price to match if we sell or grant options to purchase, including rights to reprice, our common stock or common stock equivalents at a price lower than the then conversion price of the Series J Preferred Stock.