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Note 10 - Stockholders' Equity | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 10 - STOCKHOLDERS' EQUITY Common Stock – The Company has 25,000,000 authorized shares of common stock, $0.001 par value. As of December 31, 2019 and 2018, respectively, there were 20,547,668 and 18,228,887 common shares issued and outstanding. Voting -- Holders of common stock are entitled to one vote for each share held of record on each matter submitted to a vote of stockholders, including the election of directors, and do not have any right to cumulate votes in the election of directors. Dividends -- Subject to the rights and preferences of the holders of any series of preferred stock, if any, which may at the time be outstanding, holders of common stock are entitled to receive ratably such dividends as our Board of Directors from time to time may declare out of funds legally available. Liquidation Rights -- In the event of any liquidation, dissolution or winding-up of affairs, after payment of all of our debts and liabilities and subject to the rights and preferences of the holders of any outstanding shares of any series of our preferred stock, the holders of common stock will be entitled to share ratably in the distribution of any of our remaining assets. Other Matters -- Holders of common stock have no conversion, preemptive or other subscription rights, and there are no redemption rights or sinking fund provisions with respect to our common stock. All of the issued and outstanding shares of common stock on the date of this Annual report are validly issued, fully paid and non-assessable. Preferred Stock -- Our Board of Directors has the authority to issue preferred stock in one or more classes or series and to fix the designations, powers, preferences and rights, the qualifications, limitations or restrictions thereof, including dividend rights, dividend rates, conversion rights, voting rights, terms of redemption, redemption prices, liquida-tion preferences and the number of shares constituting any class or series, without further vote or action by the stockholders. The issuance of preferred stock may have the effect of delaying, deferring or preventing a change in control of us without further action by the stockholders and may adversely affect the voting and other rights of the holders of common stock. The Company has 2,500,000 authorized Preferred stock, $0.001 par value. As of December 31, 2019 and 2018 there were 0 mandatory convertible preferred shares issued and outstanding. Stock Issuances Since January 1, 2019, the Company has made the following issuances of common stock (adjusted to account for the 4 -to- 1 reverse stock split on April 8, 2019): On May 22, 2019, the Company completed a registered public offering of its common stock. At closing, the Company issued 2,215,862 shares of common stock at a per share price of $7.25 and generated net proceeds of $14,516,839 including the cost of $1,548,161 for underwriter’s fee, attorney’s fee, auditor’s fee and other cost related to the capital raise. As of December 31, 2019 and 2018, the Company has recorded non-cash compensation expense of $85,443 and $100,667 relating to stock awards, respectively. Stock Options In August 2015, the Company’s Board of Directors adopted a Stock Option Plan (the “Plan”). Under the terms and conditions of the Plan, the Board of Directors is empowered to grant stock options to employees, officers, and directors of the Company. At December 31, 2019, 25,000 options were granted and outstanding under the Plan. The Company recognizes compensation costs for stock option awards to employees based on their grant-date fair value. The value of each stock option is estimated on the date of grant using the Black-Scholes option-pricing model. The Company recognized stock-based compensation expense related to the options of $0 and $15,767 for the years ended December 31, 2019 and 2018, respectively. At December 31, 2019, the Company had $0 of unrecognized compensation cost related to non-vested options. A summary of the status of the options outstanding under the Company’s stock option plans at December 31, 2019 is presented below:
|  |  |  | Options Outstanding |  |  | Options Exercisable |
Exercise Prices |  |  | Number Outstanding |  |  | Weighted Average Remaining Contractual Life (years) |  |  | Weighted Average Exercise Price |  |  | Number Exercisable |  |  | Weighted Average Exercise Price |
$ | 2.96 |  |  |  | 25,000 |  |  |  | 0.62 |  |  | $ | 2.96 |  |  |  | 25,000 |  |  | $ | 2.96 |
Total |  |  |  | 25,000 |  |  |  | 0.62 |  |  | $ | 2.96 |  |  |  | 25,000 |  |  | $ | 2.96 |
A summary of the status of the options at December 31, 2019 and changes during the period is presented below:
|  | December 31, 2019 |
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Average Remaining Life |  |  | Weighted Average Intrinsic Value |
Outstanding at beginning of period |  |  | 70,000 |  |  | $ | 2.96 |  |  |  | 1.62 |  |  | $ | - |
Granted |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  | (45,000 | ) |  |  | - |  |  |  | - |  |  |  | - |
Forfeited |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Expired |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Outstanding at end of period |  |  | 25,000 |  |  | $ | 2.96 |  |  |  | 0.62 |  |  | $ | - |
Vested and expected to vest |  |  | 25,000 |  |  | $ | 2.96 |  |  |  | 0.62 |  |  | $ | - |
Exercisable end of period |  |  | 25,000 |  |  | $ | 2.96 |  |  |  | 0.62 |  |  | $ | - |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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