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Subsequent Events
6 Months Ended
Jun. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events

Equity Offering
On July 15, 2019, the Company closed on the underwritten public offering of 13,750,000 shares of common stock at a public offering price of $0.30 per share. The net proceeds to the Company, after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company, were approximately $3.8 million. On July 17, 2019, the Company issued 2,062,500 shares of common stock to Roth Capital Partners (the “Underwriter”) in connection with the Underwriter fully exercising its over-allotment option at the public offering price of $0.30 per share. After giving effect to the full exercise of the over-allotment option, the total number of shares sold by the Company in the public offering increased to 15,812,500 shares and gross proceeds increased to approximately $4.7 million.




Adjustment to the Conversion Price of Calvary Notes

The initial conversion price of the Calvary Notes of $1.08 per share was adjusted to $0.30 per share on July 15, 2019 to equal the equity offering price. See Note 8.

Termination of 10% Senior Unsecured Subordinated Convertible Promissory Note

On July 23, 2019, the Company received notice that the conditions precedent to effectiveness of the termination of the CPTI Note were met pursuant to the Inuvo Note Termination Agreement, dated June 20, 2019, by and between the Company and CPT Investments, and the CPTI Note has been cancelled and terminated in full and rendered null and void. All past, current, or future obligations under the CPTI Note have been extinguished. See Note 8.