Note 3 - Sale of Stock for Cash

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Stock Purchase Agreement [Text Block]

Note 3. Sale of Stock for Cash

Lincoln Park Financing

During the three and six months ended  June 30, 2022, we sold 406,140 and 1,912,961 shares to Lincoln Park, and in exchange received $72,000 and $418,000 in gross and net proceeds.

During the three and six months ended June 30, 2021, we sold 6,070,690 and 18,526,309 shares to Lincoln Park, and in exchange received $1,014,000 and $3,015,000 in gross and net proceeds.

Unit Offering

During the three and six months ended  June 30, 2022, we sold 4,605,430 and 9,802,398 shares of our common stock and received $876,000 and $1,732,000 in gross and net proceeds from five and an aggregate sixteen accredited investors.

During the three and six months ended  June 30, 2021, we sold 2,556,547 and 3,431,547 shares of our common stock and received $400,000 and 505,000 in gross and net proceeds from three accredited investors. In addition to the shares, we issued each investor a six-month and a five-year warrant to purchase additional shares (see Note 6, “Warrants Issued in Unit Offering”).

These sales were made pursuant to an exemption from registration under Regulation D.