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Note 6 - Shareholders' Equity

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

Note 6: Shareholders’ Equity

Issuances of Common Stock

For the three months ended March 31, 2021, there were 60,000 shares of the Company’s common stock issued as a result of the exercise of stock options with a weighted average issue price of $1.93 per share. For the three months ended March 31, 2020, there were 100,000 shares of the Company’s common stock issued as a result of the exercise of stock options with a weighted average issue price of $1.78 per share.

Changes in Stockholders Equity

						*Three Months Ended March 31, 2021 (Unaudited)*
		*Common Stock*				*Treasury Stock*				*Additional Paid-In Capital*				*Accumulated Deficit*				*Total*
January 1, 2021		$	39,748			$	(18,929,915	)		$	98,013,079			$	(50,676,351	)		$	28,446,561
Stock-based compensation			—				—				421,071				—				421,071
Stock issued			60				—				115,740				—				115,800
Net loss			—				—				—				(3,294,949	)			(3,294,949	)
March 31, 2021		$	39,808			$	(18,929,915	)		$	98,549,890			$	(53,971,300	)		$	25,688,483

						*Three Months Ended March 31, 2020 (Unaudited)*
		*Common Stock*				*Treasury Stock*				*Additional Paid-In Capital*				*Accumulated Deficit*				*Total*
January 1, 2020		$	39,613			$	(18,929,915	)		$	96,105,851			$	(41,351,078	)		$	35,864,471
Stock-based compensation			—				—				426,939				—				426,939
Stock issued			100				—				174,900				—				175,000
Net loss			—				—				—				(2,214,139	)			(2,214,139	)
March 31, 2020		$	39,713			$	(18,929,915	)		$	96,707,690			$	(43,565,217	)		$	34,252,271

Treasury Stock

As of March 31, 2021, and December 31, 2020, there were 12,253,502 shares of common stock held in treasury, at a cost of approximately $18.9 million, representing the purchase price on the date the shares were surrendered to the Company.

Open Market Sale Agreement℠

On August 13, 2020, we entered into an Open Market Sale Agreement℠ with Jefferies LLC, or Jefferies, with respect to an at the market offering program under which we may offer and sell, from time to time at our sole discretion, shares of our common stock, par value $0.001 per share, having an aggregate offering price of up to $50.0 million through Jefferies as our sales agent or principal.

We have not and are not obligated to sell any shares under the sale agreement. Subject to the terms and conditions of the sale agreement, Jefferies will use commercially reasonable efforts, consistent with its normal trading and sales practices and applicable laws and regulations, to sell shares of our common stock from time to time based upon our instructions, including any price, time or size limits or other customary parameters or conditions we specify, subject to certain limitations. Under the sale agreement, Jefferies may sell shares of our common stock by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended.

We will pay Jefferies a commission equal to 3.0% of the gross proceeds from each sale of shares of our common stock sold through Jefferies under the sale agreement and will provide Jefferies with customary indemnification and contribution rights. In addition, we agreed to reimburse certain legal expenses and fees by Jefferies in connection with the offering up to a maximum of $50,000, in addition to certain ongoing disbursements of Jefferies’ counsel, if required. The sale agreement will terminate upon the sale of all $50.0 million of shares under the sale agreement, unless earlier terminated by either party as permitted therein.

The issuance and sale, if any, of shares of our common stock by us under the sale agreement will be made pursuant to a registration statement on Form S-3 filed with the SEC on August 13, 2020 and declared effective by the SEC on August 25, 2020 and the accompanying Prospectus, as supplemented by a Prospectus Supplement. As of the date of this filing, there have been no sales made under the Open Market Sale Agreement℠.