SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2019

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 16 - SUBSEQUENT EVENTS

On March 12, 2020, the Company entered into securities purchase agreements (the “Purchase Agreements”), with certain existing and new institutional and other accredited investors (the “Purchasers”). Pursuant to the Purchase Agreements, the Company, in a private placement in reliance on the exemption from the registration requirements of the Securities Act (the “Private Placement”), agreed to issue and sell to the Purchasers an aggregate of approximately 17.6 million unregistered shares of Common Stock at a price per share of $2.485.  Upon the closing, the Company will generate gross proceeds equal to approximately $43.7 million in the Private Placement. Each share of Common Stock issued was accompanied by a warrant to purchase one share of Common Stock (the “Warrant Shares”), at an exercise price equal to $2.36. 

In accordance with ASC 855 “Subsequent Events” the Company evaluated subsequent events through the date the condensed consolidated financial statements were issued. The Company concluded that no other subsequent events have occurred that would require recognition or disclosure in the consolidated financial statements.