|12 Months Ended|
Dec. 31, 2018
|Notes to Financial Statements|
|Note 11 - Subsequent Events||
On February 11, 2019, the Company granted stock options to purchase 730,000 shares of common stock. These options vest on February 11, 2020 and expire 5 years after the vesting date, with an exercise price of $3.25 per share.
During the period January to February 26, 2019, 754,475 warrants were exercised to purchase shares of our common stock at $2.20 per share resulting in the issuance of 754,475 shares of common stock for approximate gross proceeds of $1.66 million.
During the period January to February 26, 2019, 133,750 warrants expired by their terms.
Following approval of the Board of Directors and the Audit Committee, effective March 5, 2019 the Company entered into an amendment to an outstanding warrant to purchase up to an aggregate of 5.0 million shares of common stock of the Company originally issued to Cotterford in connection with an equity financing completed on or about August 10, 2018. The amendment temporarily reduced the exercise price of such warrant from $3.00 per share to $2.90 per share through the close of business on March 8, 2019. On March 8, 2019, Cotterford partially exercised the warrant for 1,724,138 shares of our common stock at $2.90 per share resulting in the issuance of 1,724,138 shares of common stock for gross proceeds of $5.0 million. The warrant remains exercisable through August 10, 2019 for the remaining balance of 3,275,862 shares of common stock at a price of $3.00 per share.
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.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef