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11. SUBSEQUENT EVENTS
 6 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
11. SUBSEQUENT EVENTS

 

The Company filed a “shelf” registration statement on Form S-3 and an accompanying prospectus with the Securities and Exchange Commission on May 26, 2020. On July 7, 2020, the Company closed an underwritten public offering issuing 1,393,900 shares, with a public offering price of $8.25 per share, generating approximately $10,600,000 after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The Company intends to use the aggregate net proceeds primarily for working capital and general corporate purposes.

 

In July 2020, 13,846 warrants were exercised generating proceeds of $87,230 and a stock option was exercised for 2,199 shares of common stock which was done as a cashless exercise and generated no proceeds.