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Shareholders' Equity
 3 Months Ended
Mar. 31, 2022
Shareholders' Equity  
Shareholders' Equity

8. Shareholders' Equity

 

 

 

Three months ended March 31,

 

 

 

2022

 

 

2021

 

Common stock and additional paid-in capital

 

 

 

 

 

 

 

 

Balance, beginning of period

 

$

72,818

 

 

$

63,378

 

Issuance of common stock and warrants, net

                2,000


          —

Share-based compensation expense

 

 

35

 

 

 

31

 

Proceeds from employee stock purchase plan

 

 

2

 

 

 

4

 

Balance, end of period

 

$

74,855

 

 

$

63,413

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive loss

 

 

 

 

 

 

 

 

Balance, beginning of period

 

$

(241

 )

 

$

(186

)

Unrealized loss on available-for-sale securities, net of tax 

 

 

(28

 )

 

 

(2

 )

Foreign currency translation adjustment

 

 

(11

 )

 

 

(12

 )

Balance, end of period

 

$

(280

 )

 

$

(200

)

 

 

 

 

 

 

 

 

 

Accumulated deficit

 

 

 

 

 

 

 

 

Balance, beginning of period

 

$

(21,072

 )

 

$

(13,378

 )

Net loss

 

 

(1,967

 )

 

 

(1,655

)

Balance, end of period

 

$

(23,039

 )

 

$

(15,033

)

 

 

 

 

 

 

 

 

 

Total shareholders' equity

 

$

51,536

 

 

$

48,180

 

 

Issue of Common Stock and Warrants


On September 13, 2020, the Company entered into a securities purchase agreement with certain purchasers named therein, pursuant to which the Company issued and sold in a registered direct offering 2,116,050 shares of the Company's common stock, par value $0.001 per share at an offering price of $2.4925 per share. The Company received gross proceeds of approximately $5,275 and net proceeds $4,764 after deducting placement agent fees and related offering expenses. In a concurring private placement, the Company also issued to the same purchasers warrants exercisable for an aggregate of 1,058,025 shares of common stock at an exercise price of $2.43 per share. Each warrant became immediately exercisable and will expire five years from the issuance date. 


On  September 12, 2021, the Company entered into a securities purchase agreement with certain purchasers named therein, pursuant to which the Company issued 3,623,189 shares of the Company's common stock, par value $0.001 per share at an offering price of $2.76 per share. The Company received gross proceeds of approximately $10,000 and net proceeds of $9,288 after deducting placement agent fees and related offering expenses. In a concurring private placement the Company also issued to the same purchasers warrants exercisable for an aggregate of 3,623,189 shares of common stock at an exercise price of $2.76 per share. Each warrant became immediately exercisable and will expire on March 15, 2027.


On January 4, 2022, the Company entered into a Securities Purchase Agreement with Edward D. Bagley, an affiliate of the Company, pursuant to which the Company agreed to issue and sell, in a private placement 1,538,461 shares (the “Shares”) of the Company’s common stock, par value $0.001 per share, at a purchase price of $1.30 per share of Common Stock. The consideration for the Shares is the cancellation and termination of Mr.Bagley’s outstanding bridge loan to the Company in the principal amount of $2,000,000 originally issued on July 2, 2021 and amended and restated on September 11, 2021. Mr. Bagley is an affiliate of the Company and the Company’s single largest stockholder.