Quarterly report pursuant to Section 13 or 15(d)

Common Stock

Common Stock
3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Common Stock

5. Common Stock


The Company has 150,000,000 shares of common stock, $0.001 par value per share, authorized as of March 31, 2022 and December 31, 2021, respectively. The Company had 97,469,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021.


On August 6, 2021, the Company filed with the Delaware Secretary of State a Certificate of Amendment to the Certificate of Incorporation pursuant to which the number of shares of common stock the Company is authorized to issue was increased from 100,000,000 shares to 150,000,000 shares. The Certificate of Amendment was effective upon filing.


The holders of common stock are entitled to one vote for each share of common stock held.


On July 1, 2020, the Company entered into an At-The-Market Offering Agreement (“ATM Agreement”) with H.C. Wainwright & Co., LLC (“Wainwright”), pursuant to which the Company may issue and sell over time and from time to time, to or through Wainwright, up to $10,000,000 of shares of the Company’s common stock. During January 2021, the Company sold 1,030,000 shares of common stock under the ATM Agreement and received net proceeds of approximately $2,072,000.