Stockholders' Equity

12 Months Ended

Dec. 31, 2019

Stockholders’ Equity

Preferred stock and convertible preferred stock consist of the following:



	December 31,
	2019		2018
Preferred stock, $0.001 par value; 5,000,000 shares authorized at December 31, 2019 and 2018; no shares issued and outstanding at December 31, 2019 and 2018	$	—	$	—
Series B convertible preferred stock, $0.001 par value, 147,000 shares designated at December 31, 2019 and 2018, and 200 shares issued and outstanding at December 31, 2019 and 2018, respectively	1		1
Series D convertible preferred stock, $0.001 par value, 21,300 shares designated at December 31, 2019 and 2018, and zero and 14,052.93 shares issued and outstanding at December 31, 2019 and 2018, respectively	—		14
Series E convertible preferred stock, $0.001 par value, 7,000 designated at December 31, 2019 and 2018, and zero and 3,260.70 shares issued and outstanding at December 31, 2019 and 2018, respectively	—		3
Series F convertible preferred stock, $0.001 par value, 10,621 shares designated at December 31, 2019 and 2018, and no shares issued and outstanding at December 31, 2019 and 2018, respectively	—		—

Preferred stock activity

As of December 31, 2019, 200.00 shares of Series B Preferred Stock remained outstanding. In 2019, 14,052.93 shares of the Series D Preferred Stock were converted into a total of 534,333 shares of Common Stock. As of December 31, 2019, zero shares of Series D Preferred Stock remained outstanding. In 2019, 3,260.70 shares of the Series F Preferred Stock were converted into a total of 123,981 shares of Common Stock. As of December 31, 2019, zero shares of Series E Preferred Stock remained outstanding. As of December 31, 2019, zero shares of Series F Preferred Stock remained outstanding.

In 2018, 300.00 shares of the Series B Preferred Stock were converted into a total of 93 shares of Common Stock. As of December 31, 2018, 200.00 shares of Series B Preferred Stock remained outstanding. In 2018, 3,739.3 shares of the Series E Preferred Stock were converted into a total of 142,178 shares of Common Stock. As of December 31, 2018, 3,260.70 shares of Series E Preferred Stock remained outstanding. In 2018, 7,927.05 shares of the Series F Preferred Stock were converted into a total of 301,409 shares of Common Stock. As of December 31, 2018, zero shares of Series F Preferred Stock remained outstanding.

Other equity activity

In 2018, the Company issued shares of fully vested common stock in partial settlement of management incentive compensation. The 2018 issuance totaled 21,479 shares with a value of $294,264 reflecting the $13.70 closing price of the Company’s common stock as reported on the Nasdaq Capital Market on April 12, 2018.

As of December 31, 2019, the Company had 25,000,000 shares of common stock authorized and 1,400,674 shares issued and outstanding. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are not entitled to receive dividends unless declared by the Board of Directors.

At December 31, 2019, the Company has reserved authorized shares of common stock for future issuance as follows:




Warrants	41,627
Outstanding stock options	164,980
Possible future issuance under inducement plan	1,250
Possible future issuance under stock option plans	250,410
Possible future issuance under employee stock purchase plan	10,946
Total	469,213

On November 18, 2019, the Company effected a 1-for-10 reverse stock split of its Common Stock, or the Reverse Stock Split. The par value and other terms of the common stock were not effected by the Reverse Stock Split. The Company’s shares outstanding immediately prior to the split totaled 9,781,755, which were subsequently adjusted to 978,158 shares outstanding. No fractional shares will be issued in connection with the reverse stock split. Stockholders who otherwise would be entitled to receive fractional shares will receive payment in cash in lieu of any such resulting fractional shares of common stock as the post-reverse split amounts of common stock will be rounded down to the nearest full share. Share, per share, and stock option amounts for all periods presented within the financial statements contained in the Annual Report on Form 10-K have been retroactively adjusted to reflect the Reverse Stock Split.