Note 17 - Subsequent Events

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Subsequent Events [Text Block]

17. Subsequent Events

2013 Plan - 2022 Evergreen

Effective January 1, 2022, the total common stock reserved for issuance under the 2013 Plan was increased by 1,076,833 shares from 3,940,136 shares to a total of 5,016,969 shares under the evergreen provision of the 2013 Plan.

Annual Equity Awards

In January 2022, the Company granted annual stock options to employees and board members to purchase 941,000 shares of common stock with a weighted average grant fair value of $1.26 per share under the 2013 Plan. The stock options vest and become exercisable in 48 equal monthly installments from the grant date.

Retention Bonus

On January 18, 2022, the board of directors approved the payment of retention bonuses to certain key employees. The bonus payments totaling approximately $700,000 are expected to be made in two equal installments during fiscal year 2022, subject to a claw back provision in the event the employee terminates his or her service before January 31, 2023.

Series C Convertible Preferred Stock

On March 14, 2022, the Company filed a Certificate of Elimination with the Delaware Secretary of State with respect to the authorized shares of Series C convertible preferred stock. As of the date of the filing of the Certificate of Elimination, no shares of Series C convertible preferred stock were outstanding. Upon filing the Certificate of Elimination, the 2,450,880 authorized shares of Series C convertible preferred stock were returned to the status of authorized but unissued shares of preferred stock of the Company, without designation as to series or rights, preferences, privileges or limitations.