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Subsequent Events
12 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events

Note 11: Subsequent Events

 

Warrants

Subsequent to December 31, 2020, the Company received a total of $2,478,461 of proceeds from the exercise of 1,032,692 warrants to purchase shares of common stock at a price of $2.40 per share.

Financing

In February 2021, the Company completed a registered direct offering and sold 1,487,601 shares of common stock at a price of $5.00 per share to institutional investors. Net proceeds of the offering, after placement agent and other fees and expenses payable by the Company, were approximately $6,800,000.

Notes

Under an agreement with the holder of the Notes, who was also a holder of warrants, in January and February 2021, the Company used $1,473,098 of the proceeds from the Note holder’s warrant exercises to repay a portion of the principal amount of the Notes. In March 2021, the Company repaid in full the remaining principal amount of the Notes.