NOTE

CAPITAL STOCK

February 2018,

we filed a shelf registration statement with the SEC allowing us to sell up to

$200,000,000

of our securities. This registration statement was declared effective by the SEC on

February 9, 2018.

We subsequently entered into a Sales Agreement with Cowen and Company, LLC, which we refer to as “Cowen,” relating to the sale of shares of our Class A common stock to be offered. In accordance with the terms of the Sales Agreement, we

may

offer and sell from time to time up to

$50,000,000

of shares of our Class A common stock through Cowen acting as our agent. Cowen is

not

required to sell any specific amount of securities, but will act as our sales agent using commercially reasonable efforts consistent with its normal trading and sales practices, on mutually agreed terms between Cowen and us. The compensation to Cowen for sales of Class A common stock sold pursuant to the Sales Agreement will be an amount equal to

of the gross proceeds of any shares of Class A common stock sold under the Sales Agreement. From

March 2018

through

August 20, 2019,

we sold through Cowen an aggregate of

2,141,452

shares of our Class A common stock under this “at the market” offering, resulting in gross proceeds to us of

$49,999,625.

For the period from

January 1,

through

August 20, 2019,

we sold through Cowen

942,223

shares of our Class A common stock under this at-the-market offering, resulting in gross proceeds to us of

$22,753,943

and net proceeds of

$22,059,015

after offering costs of

$694,928.

August 13, 2019,

we entered into a

second

Sales Agreement with Cowen, relating to the sale of additional shares of our Class A common stock to be offered. In accordance with the terms of the

second

Sales Agreement, we

may

offer and sell from time to time up to

$75,000,000

of shares of our Class A common stock through Cowen acting as our agent. Cowen is

not

of the gross proceeds of any shares of Class A common stock sold under the Sales Agreement. From

August 21, 2019

through

December 31, 2019,

we sold through Cowen

448,880

shares of our Class A common stock under the

second

“at the market” offering, resulting in gross proceeds to us of

$9,450,789

and net proceeds of

$9,122,227,

after offering costs of

$328,562.

During the

first

quarter of fiscal

2020,

we did

not

sell any shares of our Class A common stock under the new "at the market" offering. Subsequent to

March 31, 2020,

we have sold under the new "at the market" offering

40,455

shares of our Class A common stock for gross proceeds of

$669,751.

March 18, 2020,

our Board of Directors authorized and approved a share repurchase program for us to repurchase up to

$20,000,000

worth of shares of our Class A common stock, which we refer to as the “Repurchase Program.” Under the Repurchase Program, we

may

repurchase shares, from time to time, in solicited or unsolicited transactions in the open market, privately-negotiated transactions, or transactions pursuant to a Rule

10b5

plan. The Repurchase Program does

not

obligate us to purchase any particular number of shares and will run through the earlier of

June 30, 2021,

or our decision that the Repurchase Program is

longer consistent with our short-term and long-term objectives. We have

not

repurchased any shares during fiscal year

2020.

Our Board of Directors also authorized us to enter into written trading plans under Rule

10b5

of the Securities Exchange Act of

1934,

which we refer to as the “Exchange Act.” Adopting a trading plan that satisfies the conditions of Rule

10b5

allows a company to repurchase its shares at times when it might otherwise be prevented from doing so due to self-imposed trading blackout periods or pursuant to insider trading laws. Under any Rule

10b5

trading plan, our

third

-party broker, subject to Securities and Exchange Commission regulations regarding certain price, market, volume and timing constraints, would have authority to purchase our Class A common stock in accordance with the terms of the plan. We

may

from time to time, enter into Rule

10b5

trading plans to facilitate the repurchase of our Class A common shares pursuant to our Repurchase Program.

As of

March 31, 2020,

there were

104,772

outstanding warrants for our Class B common stock and

784

outstanding warrants for our Class A common stock. A summary of warrant activity for the

three

months ended

March 31, 2020

is presented in the following table.

	Shares Under Warrants		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value of Vested Warrants

Outstanding as of December 31, 2019		105,556	$	9.95		5.50	$	1,170,616

Issued		-
Exercised		-
Expired		-

Outstanding as of March 31, 2020		105,556	$	9.95		5.25	$	861,337