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Subsequent Events
9 Months Ended
Sep. 30, 2018
Subsequent Events [Abstract]  
Subsequent Events

Note 12 — Subsequent Events

 

The Company has performed an evaluation of events occurring subsequent to September 30, 2018 through the filing date of this Quarterly Report. Based on its evaluation, nothing other than the events described below need to be disclosed.

 

During November 2018, the Company completed its IPO, sold 4,140,000 shares of its common stock at a gross price of $6.00 per share and received $22,603 in net cash proceeds after deductions of underwriter fees and offering expenses. In conjunction with the IPO, the Company’s 6,685,082 outstanding shares of Series A Preferred automatically converted into 7,248,948 shares of its common stock. Warrants for 414,000 shares of the Company’s common stock were issued to the IPO underwriter at an exercise price of $7.50 per share as part of the underwriter’s placement fee for the IPO.

 

Upon the closing of the Company’s IPO in November 2018, the shares for the Company’s placement agent warrant became fixed and the warrant liability was then reclassified to additional paid-in capital on the Company’s balance sheet. In addition, the remaining unaccreted stock issuance costs for the Company’s Series A Preferred were fully accreted as a deemed dividend.