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Common Stock | 12 Months Ended
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Dec. 31, 2022
Common Stock |
Common Stock | Note 7 - Common Stock As of December 31, 2022, the Company was authorized to issue 100 million shares of common stock par value $0.001 per share, of which 57,873,379 and 53,772,261 shares were issued as of December 31, 2022 and December 31, 2021, respectively. 2022 Stock Option Exercises During the year ended December 31, 2022 no shares of common stock were issued pursuant to the exercise of stock options. 2021 Stock Option Exercises During the year ended December 31, 2021 we issued a total of 77,451 shares of common stock from the cashless exercise of options, as follows:
Date |  | Stock Incentive Plan |  | Stock Options |  |  | Price Per Share |  |  | Shares Issued |
|  |  |  | # |  |  | $ |  |  | # |
January 13 - March 19, 2021 |  | 2011 |  |  | 7,634 |  |  |  | 3.35 |  |  |  | 948 |
February 2, 2021 |  | 2011 |  |  | 20,000 |  |  |  | 3.80 |  |  |  | 6,181 |
February 8, 2021 |  | 2011 |  |  | 15,000 |  |  |  | 4.00 |  |  |  | 5,769 |
February 8, 2021 |  | 2015 |  |  | 100,000 |  |  |  | 5.00 |  |  |  | 19,446 |
February 8 - February 9, 2021 |  | 2015 |  |  | 85,000 |  |  |  | 4.00 |  |  |  | 26,357 |
February 8, 2021 |  | 2015 |  |  | 50,000 |  |  |  | 3.25 |  |  |  | 18,750 |
|  |  |  |  | 277,634 |  |  |  |  |  |  |  | 77,451 |
RSU Settlements 2022 During the year ended December 31, 2022 we issued a total of 297,289 shares of common stock from the settlement of RSUs, as follows:
Date |  | Restricted Stock Units Vested |  |  | Price Settled Per Share |  |  | Shares Issued |  |  | Shares Withheld for Tax |
|  | # |  |  | $ |  |  | # |  |  | # |
March 25, 2022 |  |  | 15,000 |  |  |  | 3.01 |  |  |  | 15,000 |  |  |  | - |
April 13, 2022 |  |  | 26,250 |  |  |  | 2.95 |  |  |  | 21,712 |  |  |  | 4,538 |
May 1, 2022 |  |  | 50,000 |  |  |  | 2.79 |  |  |  | 35,000 |  |  |  | 15,000 |
August 3, 2022 |  |  | 230,102 |  |  |  | 1.97 |  |  |  | 191,992 |  |  |  | 38,110 |
September 7, 2022 |  |  | 12,000 |  |  |  | 1.65 |  |  |  | 7,038 |  |  |  | 4,962 |
October 4, 2022 |  |  | 19,905 |  |  |  | 1.46 |  |  |  | 13,022 |  |  |  | 6,883 |
November 1, 2022 |  |  | 21,750 |  |  |  | 1.97 |  |  |  | 12,344 |  |  |  | 9,406 |
December 15, 2022 |  |  | 2,000 |  |  |  | 1.97 |  |  |  | 1,181 |  |  |  | 819 |
|  |  | 377,007 |  |  |  |  |  |  |  | 297,289 |  |  |  | 79,718 |
2021 During the year ended December 31, 2021 we issued a total of 24,712 shares of common stock from the settlement of RSUs, as follows:
Date |  | Restricted Stock Units Vested |  |  | Price Settled Per Share |  |  | Shares Issued |  |  | Shares Withheld for Tax |
|  | # |  |  | $ |  |  | # |  |  | # |
January 20, 2021 |  |  | 5,000 |  |  |  | 4.10 |  |  |  | 3,000 |  |  |  | 2,000 |
April 21, 2021 |  |  | 26,250 |  |  |  | 3.44 |  |  |  | 21,712 |  |  |  | 4,538 |
|  |  | 31,250 |  |  |  |  |  |  |  | 24,712 |  |  |  | 6,538 |
Equity Capital Raises 2022 On July 29, 2022, the Company entered into an underwriting agreement with Newbridge Securities Corporation (“Newbridge”) in connection with an underwritten public offering of 3,450,000 shares of the Company’s common stock, which includes Newbridge’s exercise in full of its overallotment option (of 450,000 shares), pursuant to the Company’s “shelf” registration statement on Form S-3 (declared effective by the SEC on November 8, 2021, File No. 333-259783) (as amended and supplemented from time to time, the “2021 Form S-3”). Newbridge purchased the shares from the Company at a weighted average price of $1.87 per share. The offering closed on August 2, 2022. The Company received net proceeds of approximately $6.4 million from the offering before deducting offering expenses of $0.2 million paid by the Company. Equity Capital Raises (continued) 2021 On February 10, 2021, the Company entered into an underwriting agreement with Cantor Fitzgerald & Co. (“Cantor”) in connection with an underwritten public offering of 3,809,524 shares of the Company’s common stock, pursuant to the Company’s “shelf” registration statement on Form S-3 (declared effective by the SEC on September 28, 2018, File No. 333-227248) (the “2018 Form S-3”). Cantor purchased the shares from the Company at a price of $4.9533 per share, and elected not to exercise an option to purchase up to an additional 571,428 shares of common stock at the same price per share. The offering closed on February 12, 2021. The Company received net proceeds of approximately $18.9 million from the offering before deducting offering expenses. Equity Distribution Agreements 2022 On May 20, 2022, the Company entered into an equity distribution agreement (the “2022 EDA”) with Jefferies LLC (“Jefferies”) to sell shares of the Company’s common stock, with an aggregate offering price of up to $25.0 million, from time to time through an “at the market” offering pursuant to the Company’s 2021 Form S-3 through Jefferies acting as the Company’s agent and/or principal. The Company is not obligated to sell any shares under the 2022 EDA. As of December 31, 2022, the Company raised aggregate net proceeds (net of broker commissions and fees) of approximately $0.8 million under the 2022 EDA through the sale of 350,829 shares of common stock, before deducting offering expenses. See Note 11 for additional details regarding the Company’s equity distribution agreements subsequent to December 31, 2022. From January 1, 2022 through May 7, 2022, the Company raised aggregate net proceeds (net of broker commissions and fees) of approximately $9,500 under the 2021 EDA (as defined below) through the sale of 3,000 shares of its common stock. The Company terminated the 2021 EDA effective May 7, 2022. 2021 On September 24, 2021, the Company entered into an equity distribution agreement (the “2021 EDA”) with Cantor and Oppenheimer & Co. Inc. (“Oppenheimer”) to sell shares of the Company’s common stock, with an aggregate offering price of up to $25.0 million, from time to time through an “at the market” offering pursuant to the Company’s 2021 Form S-3 through Cantor and Oppenheimer acting as the Company’s agents and/or principals. From the 2021 EDA’s effectiveness on November 8, 2021 through December 31, 2021, the Company raised aggregate net proceeds (net of broker commissions and fees) of approximately $0.7 million through the sale of 190,600 shares of its common stock. On November 10, 2020, the Company entered into an equity distribution agreement (the “2020 EDA”) with Cantor and Oppenheimer to sell shares of the Company’s common stock, with an aggregate offering price of up to $25.0 million, from time to time through an “at the market” offering pursuant to the 2018 Form S-3 through Cantor and Oppenheimer acting as the Company’s agents and/or principals. During the year ended December 31, 2021 (and from inception of the 2020 EDA), the Company raised aggregate net proceeds (net of broker commissions and fees) of $2.7 million under the 2020 EDA through the sale of 754,348 shares of its common stock. The Company terminated the 2020 EDA effective November 8, 2021. On September 7, 2018, the Company entered into an equity distribution agreement (as amended, the “2018 EDA”) with Oppenheimer to sell shares of the Company’s common stock, with an aggregate offering price of up to $10.0 million, from time to time through an “at the market” offering pursuant to the 2018 Form S-3 through Oppenheimer acting as the Company’s agent and/or principal. The Company utilized the 2018 EDA in full during the three months ended March 31, 2021, and raised aggregate net proceeds (net of broker commissions and fees) of approximately $9.7 million under the 2018 EDA since inception through the sale of 2,539,606 shares of its common stock. During the year ended December 31, 2021, the Company raised aggregate net proceeds (net of broker commissions and fees) of $1.2 million under the 2018 EDA through the sale of 308,609 shares of its common stock. 2022 and 2021 Issuances Upon Warrant Exercises For the years ended December 31, 2022 and December 31, 2021 no warrants were exercised.

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