The Company is authorized to issue to up 2,500,000 shares of preferred stock, $.001 par value. As of December 31, 2019, and 2018, no shares have been designated and no shares are issued and outstanding. Preferred stock may rank prior to common stock with respect to dividends rights, liquidation preferences, or both, and may have full or limited voting rights.

In October 2018, the Company closed an underwritten public offering of 2,625,000 shares of common stock at a public offering price of $4.75 per share. The Company received approximately $11.4 million of net proceeds after deducting underwriting discounts and commission and other estimated offering expenses.

In May 2019, the Company closed a registered direct offering of 1,675,000 shares of common stock at a price of $4.00 per share. The Company received approximately $6.4 million of net proceeds after deducting commissions and other offering expenses.

As of December 31, 2019, the Company has reserved approximately 3.7 million shares of common stock for issuance pursuant to outstanding stock options and warrants.