Annual report pursuant to Section 13 and 15(d)

SUBSEQUENT EVENTS

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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2019
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

NOTE 15 – SUBSEQUENT EVENTS


Equity Financing


On February 21, 2020, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Laidlaw & Company (UK) Ltd. (the “Underwriter”), relating to an underwritten public offering of 2,500,000 shares (the “Shares”) of the Company’s common stock, $0.001 par value per share (the “Common Stock”) with final closing on February 25, 2020. All of the Shares were sold by the Company. The public offering price of the Shares is $4.00 per share, and the Underwriter has agreed to purchase the Shares from the Company pursuant to the Underwriting Agreement at a price of $3.68 per share. After the underwriting discount, but before offering expenses payable by it, the Company received net proceeds from the offering of $9,200,000.


Pursuant to the Underwriting Agreement, the Company issued to the Underwriter or its designees warrants to purchase up to an aggregate 125,000 shares of Common Stock, or 5% of the number of Shares sold in the offering (the “Underwriter Warrants” and together with the Common Stock issuable upon exercise of the Underwriter Warrants, the “Underwriter Securities”). The Underwriter Warrants will be exercisable following the date of issuance and ending five years from the date of the execution of the Underwriting Agreement, at a price per share equal to $4.80 (120% of the public offering price per Share) and are exercisable on a “cashless” basis. The Company also agreed to reimburse the Underwriter for certain of their out-of-pocket expenses incurred in connection with the offering, including, among other things, the reasonable fees and expenses of counsel, which fees and expenses may not exceed $100,000.


Common stock issuances


In January 2020, the Company issued an aggregate of 55,000 shares of the Company’s common stock for vested restricted stock units.


In January 2020, the Company issued 3,750 shares of the Company’s common stock in exchange for 10 shares of Series C preferred stock and accrued dividends.


In January 2020, the Company issued an aggregate of 11,141 shares of the Company’s common stock in exchange for the cashless exercise of 309,630 options.


In January 2020, the Company issued an aggregate of 10,574 shares of the Company’s common stock in exchange for the cashless exercise of 32,360 warrants.


In January 2020, the Company issued 3,800 shares of the Company’s common stock in exchange for proceeds of $14,246 from the exercise of warrants


In February 2020, the Company issued an aggregate of 26,334 shares of the Company’s common stock for vested restricted stock units.


In February 2020, the Company issued an aggregate of 31,732 shares of the Company’s common stock in exchange for proceeds of $118,995 from the exercise of warrants.


Option issuances


On January 10, 2020, the Company granted an aggregate of 60,000 options to purchase shares of the Company’s common stock to consultants. The options are exercisable at $6.00 for ten years and vested quarterly over three years.