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Stockholders’ Equity
 12 Months Ended
Dec. 31, 2022
Stockholders' Equity Note [Abstract]  
Stockholders’ Equity
7. Stockholders’ Equity

 

Common Stock

 

As of December 31, 2022 and 2021, our Restated Certificate of Incorporation, as amended (our “Certificate of Incorporation”), authorized us to issue up to 25,000,000 shares of common stock, par value $0.001 per share.

 

On August 12, 2021, we issued 12,830 shares of our common stock to key employees pursuant to our 2020 long-term incentive program (“2020 LTIP”) (see Note 8).

 

On December 29, 2021, we issued 14,735 shares of our common stock to key employees pursuant to our 2020 long-term incentive program (“2020 LTIP”) (see Note 8).

 

On October 21, 2021, we entered into a placement agency agreement with Pareto Securities Inc. and Pareto Securities AB pursuant to which we sold to certain Swedish and other European investors an aggregate of 1,808,000 shares of our common stock at a price of $7.75 per share in a registered direct offering that closed on October 26, 2021 (the “Offering”). We received net proceeds of approximately $13.1 million from the Offering after deducting placement agent fees and offering expenses.

 

During the twelve months ended December 31, 2021, we sold an aggregate of 235,722 shares of common stock under the ATM Facility, resulting in net proceeds to us of approximately $1,984,000 after payment of commissions to B. Riley and other expenses of $66,000.

 

During the twelve months ended December 31, 2022, we sold an aggregate of 886,065 shares of common stock under the ATM Facility, resulting in net proceeds of approximately $4,686,000 after payment of commissions to B. Riley Securities and other expenses of $167,000.

 

Warrants and Other Common Stock Activity

  

During the year ended December 31, 2022, 431,368 warrants expired and no warrants were exercised. During the year ended December 31, 2021, no warrants expired and no warrants were exercised.

 

A summary of all warrant activity is set forth below:

 

Outstanding and exercisable  Warrants   Weighted
Average
Exercise
Price		   Weighted
Average
Remaining
Contractual
Life		 
January 1, 2021   431,368   $11.20    0.13 
Expired/forfeited   
-
    
-
    
-
 
December 31, 2021   431,368   $11.20    0.13 
Issued   
-
    
-
    
-
 
Expired/forfeited   (431,368)   (11.20)   - 
Exercised   
-
    
-
    
-
 
December 31, 2022   
-
   $
-
    
-
 

 

We have no outstanding warrants to purchase common stock as of December 31, 2022.

  

Preferred Stock

 

As of December 31, 2022 and 2021, our Certificate of Incorporation authorized us to issue up to 1,000,000 shares of preferred stock, par value $0.001 per share.

 

There were no transactions in our preferred stock during the years ended December 31, 2022 and 2021. No shares of preferred stock were issued and outstanding as of December 31, 2022.