Note 11 - Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

11.             STOCKHOLDERS’ EQUITY

The Company’s authorized capital consists of 150,000,000 shares of Common Stock, par value $0.0001 per share, and 5,000,000 shares of preferred stock, par value $0.0001 per share (“Preferred Stock”).

2020 Follow-On Public Offering

On June 2, 2020, the Company consummated a follow-on public offering (the “Unit Offering”) whereby the Company offered and sold certain securities consisting of one share of Common Stock and one detachable two-year warrant to purchase one share of Common Stock at an exercise price of $6.00 per share (a “Unit”) at the public offering price of $6.00 per Unit. Pursuant to the Unit Offering, the Company sold 2,066,667 Units, resulting in the Company’s receipt of gross cash proceeds of $12.4 million and net cash proceeds of $11.67 million after deduction of commissions and offering costs.

Summary of Stock Purchase Warrants

The following table summarizes warrant activity during the years ended December 31, 2020 and 2021:

	Number			Average Price Per Share
Shares purchasable under outstanding warrants at January 1, 2020		6,620,620		$	5.41
Stock purchase warrants issued		2,066,667		$	6.00
Stock purchase warrants exercised		(5,155,976	)	$	5.08
Stock purchase warrants expired		(324,401	)	$	5.00
Shares purchasable under outstanding warrants at December 31, 2020		3,206,910		$	6.36
Stock purchase warrants issued		-			-
Stock purchase warrants exercised		(1,815,012	)	$	6.64
Stock purchase warrants expired		(231	)	$	7.58
Shares purchasable under outstanding warrants at December 31, 2021		1,391,667		$	6.00

During the year ended December 31, 2020 the Company received gross proceeds of $26,190 from the exercise of 5,155,976 warrants and paid $1,017 as an agent fee to facilitate exercise of certain warrants resulting in net proceeds of $25,174. Elwood Norris was a Company officer at the time he exercised 333,334 of these warrants at $5.00 per share for cash of $1,667.

During the year ended December 31, 2021 the Company received proceeds of $12,047 from the exercise of 1,815,012 warrants.

The Company has outstanding Common Stock purchase warrants as of December 31, 2021 as follows:

	Number of		Exercise Price
Description	Common Shares		Per Share		Expiration Date
Purchase Warrants		1,391,667	$	6.00	June 1, 2022