|6 Months Ended|
Jun. 30, 2019
|Subsequent Events [Abstract]|
NOTE 11 – SUBSEQUENT EVENTS
July 2019 Financing
On July 16, 2019, the Company entered into an underwriting agreement with Aegis Capital Corp., as representatives of the underwriters (the “Underwriters”), relating to the issuance and sale of 9,000,000 shares of its common stock, in an underwritten public offering (the “July 2019 Financing”). The public offering price for each share of common stock was $0.60. The Company granted the Underwriters a 45-day option to purchase up to an additional 1,350,000 shares of common stock to cover over-allotments, if any.
The July 2019 Financing closed on July 18, 2019. The Underwriters purchased the shares at an eight percent discount to the then current public price, for an aggregate discount of $0.4 million. The Company incurred offering expenses to-date of approximately $0.2 million. The Company received net proceeds of approximately $4.8 million.
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