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SUBSEQUENT EVENTS | 12 Months Ended
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Dec. 31, 2019
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | NOTE 16 - SUBSEQUENT EVENTS On March 12, 2020, the Company entered into securities purchase agreements (the “Purchase Agreements”), with certain existing and new institutional and other accredited investors (the “Purchasers”). Pursuant to the Purchase Agreements, the Company, in a private placement in reliance on the exemption from the registration requirements of the Securities Act (the “Private Placement”), agreed to issue and sell to the Purchasers an aggregate of approximately 17.6 million unregistered shares of Common Stock at a price per share of $2.485. Upon the closing, the Company will generate gross proceeds equal to approximately $43.7 million in the Private Placement. Each share of Common Stock issued was accompanied by a warrant to purchase one share of Common Stock (the “Warrant Shares”), at an exercise price equal to $2.36. In accordance with ASC 855 “Subsequent Events” the Company evaluated subsequent events through the date the condensed consolidated financial statements were issued. The Company concluded that no other subsequent events have occurred that would require recognition or disclosure in the consolidated financial statements.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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