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.