Stockholders' Deficit

3 Months Ended

Mar. 31, 2019

Stockholders' Equity Note [Abstract]

Note 9 – Stockholders’ Deficit

The Company will seek approval to effect a reverse stock split of its issued and outstanding common stock at a ratio of 1-for-20 at its May 8, 2019 special meeting of its stockholders.

In December 2018, the Company entered into an At Market Sales Agreement (“December 2018 Sales Agreement”), which allows it to issue and sell up to $100 million in gross proceeds of its common stock. During the first quarter of 2019, the Company sold 33.6 million shares of common stock under the December 2018 Sales Agreement resulting in $17.4 million in net proceeds at a weighted average sales price of $0.53 per share, leaving $82.2 million remaining available to be sold.

In December 2017, the Company entered into an At Market Issuance Sales Agreement (“December 2017 Sales Agreement”), which allows it to issue and sell up to $75 million in gross proceeds of its common stock. During the first quarter of 2019, the Company sold 50.3 million shares of common stock under the December 2017 Sales Agreement resulting in $37.9 million in net proceeds at a weighted average sales price of $0.77 per share. The December 2017 Sales Agreement was fully utilized at that time. During the first quarter of 2018, the Company sold 15.7 million shares of common stock under the December 2017 Sales Agreement resulting in $32.3 million in net proceeds at a weighted average sales price of $2.09 per share.

In January 2017, the Company entered into an At Market Issuance Sales Agreement (“January 2017 Sales Agreement”), which allowed it to issue and sell up to $75 million in gross proceeds of its common stock. During the first quarter of 2018, the Company sold 6.8 million shares of common stock resulting in $10.3 million in net proceeds at a weighted average sales price of $1.54 per share. The January 2017 Sales Agreement was fully utilized at that time.