Stockholders' Equity |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity At-the-Market Offering Program Effective June 2016, the Company entered into a sales agreement with respect to an at-the-market offering program (“ATM Agreement”) pursuant to which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, having an aggregate offering price of up to $5 million. The Company pays the sales agent a commission of 2.5% of the gross proceeds from the sale of such shares. Final proceeds from this ATM agreement were received in January 2018, and the ATM Agreement was terminated. Effective April 2017, the Company entered into the Purchase Agreement with Leviston for the purchase of up to $7.25 million of shares of the Company's common stock from time to time, at the Company's option. Effective August 2018, the Company and Leviston terminated the Purchase Agreement and no further sales pursuant to that program will be made. At the time of termination, the Company had issued shares with an aggregate purchase price of $5.3 million. Effective August 2018, the Company entered into a Sales Agreement with Leviston Resources for the sale of up to $2.25 million of shares of the Company's common stock from time to time, at the Company's option. The Company is not obligated to make any sales of shares under the Sales agreement, and if it elects to make any sales, the Company can set a minimum sales price for the shares. As of September 30, 2018, the Company has issued shares with an aggregrate sales price of $0.9 million under the Sales Agreement. Following is a reconciliation of the transactions under the ATM Agreement, the Purchase Agreement and the Sales Agreement for the nine-month periods ended September 30, 2018, and 2017, respectively:
In August 2018, the Company issued 261,628 shares of Common Stock to Leviston in the amount of $45,000 as payment for issuance fees. In February 2018, the Company issued 615,605 shares of Common Stock to Leviston in the amount of $0.2 million as payment for issuance fees due under the terms of the Purchase Agreement. In April 2017, the Company issued 777,936 shares of Common Stock to Leviston in the amount of $0.2 million as payment for issuance fees due under the terms of the Purchase Agreement. In August 2018, the Company issued 2,774,490 shares of Common Stock with a fair value of $482,500 as payment of the annual contribution to Northern Comstock, LLC. The transaction had stock issuance fees of $55,000, paid to the stock exchange. In August 2017, the Company issued 2,513,021 shares of Common Stock with a fair value of $482,500 as the payment of the annual contribution to Northern Comstock, LLC. On August 16, 2018, the Company issued 2,727,273 shares of Common Stock in a private placement in the amount of $450,000, at a price per share of $0.165. The transaction had stock issuance fees of $10,000, paid to the stock exchange. The private placement was exempt from the Securities Act pursuant to Section 4(a)(2) of the Securities Act. |