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Note 18 - NASDAQ Capital Market Listing Requirements | 9 Months Ended
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Sep. 30, 2020
Notes to Financial Statements |
NASDAQ Capital Market Listing Requirements [Text Block] |
18. | NASDAQ CAPITAL MARKET LISTING REQUIREMENTS
In September 2019, the Company received a letter from Nasdaq stating that its share price had not satisfied the continued listing requirement to maintain a minimum bid price of $1.00 per share, as set forth in Nasdaq Listing Rule 5550 (a)( 2 ). On November 16, 2020, the Company held a special meeting of its stockholders to request a vote in favor of a reverse split at a ratio between 1 -for- 4 and 1 -for- 10, to regain compliance with the Minimum Bid Price Requirement. We have until December 4, 2020 to regain compliance with the Minimum Bid Price Requirement. On May 18, 2020 the Company received a notice (the “Notice”) from the Staff of the Listing Qualifications Department (the “Staff”) of The Nasdaq Capital Market LLC (“Nasdaq”) indicating the Company was not in compliance with Nasdaq Listing Rule 5550 (b)( 1 ) because, the Company did not have a minimum of $2,500,000 in stockholders' equity for continued listing on Nasdaq (the “Stockholders' Equity Requirement”). On July 10, 2020, the Company's plan to regain compliance with the Stockholders' Equity Requirement previously submitted to the Nasdaq was accepted and Nasdaq granted us an extension of 180 calendar days from the date of the Notice ( November 16, 2020) for to provide evidence of compliance. As discussed above, on July 23, 2020, the Company completed an underwritten public offering resulting in net cash proceeds of approximately $22.7 million which was used, in part, to repay approximately $4.2 million of outstanding convertible promissory notes. Accordingly, as of the date of this report the Company believes that it has satisfied compliance with the Stockholders' Equity Requirement.

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