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Subsequent Events | 3 Months Ended
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Dec. 31, 2020
Subsequent Events [Abstract] |
Subsequent Events | NOTE 13 – Subsequent Events 2017 Plan Evergreen Provision Under the 2017 Plan, the shares reserved automatically increase on January 1st of each year, for a period of not more than ten years from the date the 2017 Plan is approved by the stockholders of the Company, commencing on January 1, 2019 and ending on (and including) January 1, 2027, to an amount equal to 13% of the fully-diluted shares outstanding as of December 31st of the preceding calendar year. Notwithstanding the foregoing, the Board may act prior to January 1st of a given year to provide that there will be no January 1st increase in the share reserve for such year or that the increase in the share reserve for such year will be a lesser number of shares of common stock than would otherwise occur pursuant to the preceding sentence. "Fully Diluted Shares" as of a date means an amount equal to the number of shares of common stock (i) outstanding and (ii) issuable upon exercise, conversion or settlement of outstanding awards under the 2017 Plan and any other outstanding options, warrants or other securities of the Company that are (directly or indirectly) convertible or exchangeable into or exercisable for shares of common stock, in each case as of the close of business of the Company on December 31 of the preceding calendar year. On January 1, 2021, 1,453,867 shares were added to the 2017 Plan as a result of the evergreen provision. 2021 Private Placement On January 12, 2021, the Company entered into a Common Stock and Warrant Purchase Agreement (the "2021 Purchase Agreement") with certain accredited investors (the "Purchasers"), pursuant to which the Company, in the 2021 Private Placement, agreed to issue and sell an aggregate of 12,500,000 shares (the "Shares") of the common stock of the Company, par value $0.001 per share (the "Common Stock"), and warrants to purchase an aggregate of 12,500,000 shares of Common Stock (the "2021 Warrants") at an aggregate purchase price of $1.00 per share of Common Stock and corresponding warrant, resulting in total gross proceeds of $12.5 million before deducting placement agent fees and estimated offering expenses. The 2021 Warrants have an initial exercise price of $1.75 per share. The 2021 Warrants are exercisable beginning on the date of issuance and will expire on the fifth anniversary of such date. Prior to expiration, subject to the terms and conditions set forth in the 2021 Warrants, the holders of such 2021 Warrants may exercise the 2021 Warrants for Warrant Shares by providing notice to the Company and paying the exercise price per share for each share so exercised or by utilizing the "cashless exercise" feature contained in each 2021 Warrant. The 2021 Private Placement closed on January 14, 2021.The Company received $5,000,000 of the 2021 Private Placement proceeds on December 31, 2020. Stock-Based Awards On January 1, 2021, the Company granted 180,000 stock options to an executive officer at an exercise price of $1.57 per share under the 2017 Plan. The stock options vest over a four year period. On January 27, 2021, the Company granted 1,560,000 stock options to four employees, including three executive officers at an exercise price of $1.99 per share under the 2017 Plan. All of the stock options vest over a four year period, except that 250,000 stock options granted to our Chief Executive Officer vest upon certain performance objectives.

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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