|6 Months Ended|
Jun. 30, 2022
12. COMMON STOCK
On February 14, 2023, the Company completed a 1-for-30 reverse stock split of its outstanding common stock. The Reverse Stock Split did not change the number of authorized shares of common stock or par value. All references in these condensed consolidated financial statements to shares, share prices, exercise prices, and other per share information in all periods have been adjusted, on a retroactive basis, to reflect the Reverse Stock Split.
The Company has authorized 300,000,000 shares of common stock, $0.0001 par value per share, of which 4,422,741 and 4,171,297 shares were issued and outstanding as of June 30, 2023 and December 31, 2022, respectively.
On May 31, 2023, the Company entered into the May 2023 Sale Agreement with Jefferies pursuant to which Jefferies is serving as the Company’s sales agent to sell shares of the Company’s common stock through an “at the market offering.” As of June 13, 2023, the Company was authorized to offer and sell up to $16,800,000 of its common stock pursuant to the May 2023 Sale Agreement. During the three months ended June 30, 2023, the Company sold 13,164 shares of its common stock for which the Company received gross proceeds of approximately $107,000. The Company incurred total issuance costs of approximately $192,000. These costs will be deferred to prepaid expenses and other current assets and will offset proceeds as common stock is issued. As of June 30, 2023, approximately $4,400 has been recorded to additional paid-in capital to offset proceeds.
During the three and six months ended June 30, 2023, the Company issued and 43,836 shares of common stock upon the exercise of stock options to purchase common stock and the Company received proceeds of approximately $and $129,740 from those exercises, respectively.
During the three and six months ended June 30, 2022, the Company issued no shares of common stock upon the exercise of stock options to purchase common stock and the Company received no proceeds.
During the three and six months ended June 30, 2023, the Company issued no shares of common shares from the vesting of shares from restricted stock under the 2014 Plan.
During the three and six months ended June 30, 2022, the Company issued 417 and 1,250 common shares from the vesting of shares from restricted stock under the 2014 Plan.
No warrants were exercised during the three and six months ended June 30, 2023 and 2022.
The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef