Note 8 - Warrants

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Warrants [Text Block]

8. Warrants

In March 2014, in a registered public offering and in accordance with a separate note conversion agreement with certain note holders, the Company issued warrants to purchase 6,910,283 shares of common stock at $4.75 per share. The warrants expire in March 2021.

In May 2016, in connection with a credit facility with WAVI Holding AG, a significant stockholder of the Company, the Company issued a warrant to purchase 550,000 shares of common stock at $1.75 per share. The warrant was immediately exercisable and expires in May 2021.

On May 14, 2020, the Company entered into separate warrant exercise agreements with WAVI Holding AG and Taurus4757 GmbH pursuant to which the warrant holders immediately exercised their respective warrants via a “cashless” exercise as agreed to by the Company. As a result of the cashless exercise, the Company issued an aggregate of 2,747,970 shares of Company common stock upon cashless exercise of an aggregate of 3,871,405 warrants.

Additionally, during the three and six months ended June 30, 2020, 3,000 and 5,000 warrants were exercised with a weighted average exercise price of $4.75, yielding proceeds of $14,000 and $24,000, respectively. The outstanding warrants expire in March 2021.

The following table summarizes warrant activity for the six months ended June 30, 2020:

	Shares			Wtd. Avg. Exercise Price
Outstanding at December 31, 2019		3,959,005		$	4.33
Exercised		(3,876,405	)		4.33
Outstanding at June 30, 2020		82,600		$	4.75