9.	Common Stock

Through the

August 2019

ATM Facility, the Company

may

offer and sell, from time-to-time, up to

$6,760,000

aggregate offering price of shares of its common stock”). The Company’s offering of

$6,760,000

of its common stock under the

August 2019

ATM Facility was completed in late

September 2019.

During the

three

months ended

September 30, 2019,

the Company sold

1,004,171

shares of common stock under the

August 2019

ATM Facility for net proceeds, after deducting sales commissions and other offering costs, of approximately

$6,322,000.

August 2019,

the Company terminated the

November 2017

ATM Facility under which the Company could offer and sell, from time-to-time, up to

$25,000,000

aggregate offering price of shares of its common stock. During the

three

and

nine

months ended

September 30, 2019,

the Company sold

zero

shares of common stock under the

November 2017

ATM Facility. During the

three

and

nine

months ended

September 30, 2018,

the Company sold

and

2,771

shares of common stock under the

November 2017

ATM Facility for net proceeds, after deducting sales commissions and other offering costs, of approximately

$11,000

and

$1,194,000,

respectively. Through the closing of the

November 2017

ATM Facility in

August 2019,

the Company sold

3,364

shares of common stock under the equity offering program for net proceeds of approximately

$1,318,000.

March 2019,

the Company issued

274

restricted shares of its common stock at an aggregate value of approximately

$25,000.

December 2018,

in connection with the closing of the

December 2018

Offering, the Company issued an aggregate of

147,285

shares of common stock, including the shares issued in connection with the exercise of the underwriters’ overallotment option, for gross proceeds of approximately

$22,093,000.

The net proceeds to the Company, after deducting underwriting discounts and commissions and other offering expenses, were approximately

$20,385,000.

June 2018,

the Company issued

1,000

restricted shares of its common stock at an aggregate value of approximately

$256,000.

February 2018,

in connection with the closing of the

February 2018

Offering, the Company issued an aggregate of

115,000

shares of common stock, including the shares issued in connection with the exercise of the underwriters’ overallotment option, for gross proceeds of approximately

$34,500,000.

The net proceeds to the Company, after deducting underwriting discounts and commissions and other offering expenses, were approximately

$32,214,000.

Warrants for Common Stock

As of

September 30, 2019,

outstanding warrants to purchase shares of common stock were as follows:

					Number of
					Shares
					Outstanding
	Exercisable	Expiration	Exercise		Under
Issuance Date	for	Date	Price		Warrants

October 2014	Common Shares	October 13, 2019	$	424.00		288
November 2014	Common Shares	November 12, 2019	$	424.00		125
February 2015	Common Shares	February 17, 2025	$	400.00		754
March 2015	Common Shares	March 26, 2025	$	272.00		14
May 2015	Common Shares	May 12, 2025	$	424.00		362
May 2015	Common Shares	May 17, 2020	$	424.00		215
December 2015	Common Shares	December 16, 2025	$	560.00		267
April 2016	Common Shares	April 1, 2026	$	608.00		250
May 2016	Common Shares	May 11, 2021	$	774.00		50
June 2016	Common Shares	June 20, 2026	$	498.00		1,004
May 2017	Common Shares	May 25, 2027	$	950.00		2,220
						5,549

In connection with the

2017

Loan Agreement, the Company issued warrants to purchase a total of

2,220,

shares of common stock at an exercise price of

$950.00

per share. The warrants have a contractual life of

ten

years and are exercisable immediately in whole or in part. The Company determined the fair value of the warrants on the date of issuance to be

$940,000

using the Black-Scholes option pricing model. Assumptions used were dividend yield of

0%,

volatility of

55.1%,

risk free interest rate of

2.25%

and a contractual life of

ten

years. The fair value of the warrants along with financing and legal fees totaling

$790,000,

are recorded as debt issuance costs and presented in the condensed consolidated balance sheets as a deduction from the carrying amount of the note payable. The debt issuance costs are amortized to interest expense over the loan term. During the

three

and

nine

months ended

September 30, 2019,

the Company recorded

$92,000

and

$270,000,

respectively, of interest expense relating to the debt issuance costs using the effective interest method. During the

three

and

nine

months ended

September 30, 2018,

the Company recorded

$82,000

and

$242,000,

respectively, of interest expense relating to the debt issuance costs using the effective interest method.

shares issuable pursuant to warrants were issued in connection with the exercise of warrants during the

three

and

nine

months ended

September 30, 2019

and

2018.

shares issuable pursuant to warrants have been cancelled during the

three

and

nine

months ended

September 30, 2019

and

2018.

A total of

859

shares issuable pursuant to warrants expired during the

three

and

nine

months ended

September 30, 2019.

shares issuable pursuant to warrants expired during the

three

and

nine

months ended

September 30, 2018.