Note 7 - Stockholders' Equity (Deficit)

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

7 . Stockholders' Equity (Deficit)

Private Placements of Common Stock and Warrants

During the quarter ended

June 30, 2020,

we issued an aggregate of

437,000

shares of our common stock and warrants to purchase an aggregate of up to the same number of additional shares of common stock pursuant to securities purchase agreements. The warrants are exercisable for a period of

five

years from the date of issuance at an initial exercise price of

$6.00.

Total proceeds from the sale of common stock and warrants was approximately

$1.7

million. See Note

4,

titled “Liquidity and Business Plan.”

Warrants to purchase common stock issued for future services

On

February 21, 2020,

the Company issued to a service provider a

five

-year warrant to purchase

75,000

shares of common stock at an exercise price of

$6.49

per share. The fair market value of the warrants issued of approximately

$228,000

was capitalized and will be charged against future proceeds.

Shares

of common stock reserved for future issuance were as follows as of

June 30

,

20

20

:

Stock options outstanding	1,958,411
Shares available for grant under equity incentive plan	1,105,949
Common shares issuable under outstanding common stock purchase warrants	3,934,099
	6,998,459