Quarterly Report (10-q)
November 10 2020 - 04:18PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
|
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
For the quarterly period ended September 30, 2020
OR
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
Commission File Number: 001-37369
HTG Molecular Diagnostics, Inc.
(Exact Name of Registrant as Specified in its Charter)
|
Delaware
|
86-0912294
|
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
|
|
|
|
3430 E. Global Loop
Tucson, AZ
|
85706
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Registrant’s telephone number, including area code: (877)
289-2615
N/A
(Former name, former address and former fiscal year, if changed
since last report)
Securities registered pursuant to Section 12(b) of the Act:
|
|
|
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
Common Stock, $0.001 par value per share
|
HTGM
|
The Nasdaq Stock Market LLC
|
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90
days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter)
during the preceding 12 months (or for such shorter period that the
registrant was required to submit such
files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, a
smaller reporting company, or an emerging growth company. See the
definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule
12b-2 of the Exchange Act.
|
Large accelerated filer
|
|
☐
|
|
Accelerated filer
|
☐
|
|
Non-accelerated filer
|
|
☒
|
|
Smaller reporting company
|
☒
|
|
|
|
|
|
Emerging growth company
|
☒
|
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
☒
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange
Act). Yes ☐ No ☒
As of November 6, 2020, the registrant had 71,096,029 shares of
common stock, $0.001 par value per share, outstanding.
Table
of Contents
i
PART
I—FINANCIAL
INFORMATION
Item 1.
Condensed Consolidated Financial Statements (Unaudited).
HTG Molecular Diagnostics, Inc.
Condensed Consolidated Balance
Sheets
|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
Assets
|
|
(Unaudited)
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
18,884,468
|
|
|
$
|
7,619,748
|
|
|
Short-term investments available-for-sale, at fair value
|
|
|
11,632,160
|
|
|
|
25,410,222
|
|
|
Restricted cash
|
|
|
—
|
|
|
|
3,270,247
|
|
|
Accounts receivable
|
|
|
1,370,201
|
|
|
|
3,164,176
|
|
|
Inventory, net of allowance of $27,770 at September 30, 2020 and
$39,403 at
December 31, 2019
|
|
|
1,538,553
|
|
|
|
1,269,667
|
|
|
Prepaid expenses and other
|
|
|
946,979
|
|
|
|
633,522
|
|
|
Total current assets
|
|
|
34,372,361
|
|
|
|
41,367,582
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease right-of-use assets
|
|
|
746,185
|
|
|
|
1,209,145
|
|
|
Property and equipment, net
|
|
|
1,526,698
|
|
|
|
2,240,133
|
|
|
Other non-current assets
|
|
|
64,861
|
|
|
|
302,409
|
|
|
Total assets
|
|
$
|
36,710,105
|
|
|
$
|
45,119,269
|
|
|
Liabilities and stockholders’ equity
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
875,236
|
|
|
$
|
1,662,583
|
|
|
Accrued liabilities
|
|
|
1,386,825
|
|
|
|
1,870,296
|
|
|
Contract liabilities - current
|
|
|
348,274
|
|
|
|
426,014
|
|
|
NuvoGen obligation - current
|
|
|
645,949
|
|
|
|
1,152,233
|
|
|
Current portion of long-term debt, net
|
|
|
2,266,884
|
|
|
|
2,987,667
|
|
|
Operating lease liabilities - current
|
|
|
436,663
|
|
|
|
758,932
|
|
|
Other current liabilities
|
|
|
26,620
|
|
|
|
41,134
|
|
|
Total current liabilities
|
|
|
5,986,451
|
|
|
|
8,898,859
|
|
|
NuvoGen obligation - non-current, net of discount
|
|
|
4,455,968
|
|
|
|
4,498,777
|
|
|
Long-term debt, net of current portion and discount and debt
issuance costs
|
|
|
9,446,985
|
|
|
|
6,871,545
|
|
|
Operating lease liabilities - non-current
|
|
|
390,233
|
|
|
|
636,340
|
|
|
Other non-current liabilities
|
|
|
229,114
|
|
|
|
244,114
|
|
|
Total liabilities
|
|
|
20,508,751
|
|
|
|
21,149,635
|
|
|
Commitments and Contingencies (Note 15)
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
|
|
Series A convertible preferred stock, $0.001 par value; 23,770
shares authorized at
September 30, 2020 and no shares authorized at
December 31, 2019; 23,770 shares
issued and outstanding at September 30, 2020 and no
shares issued and outstanding
at December 31, 2019
|
|
|
24
|
|
|
|
—
|
|
|
Common stock, $0.001 par value; 200,000,000 shares authorized at
September 30,
2020 and December 31, 2019, 71,078,958 shares issued
and outstanding at
September 30, 2020 and 58,090,233 shares issued and
outstanding at December 31, 2019
|
|
|
71,079
|
|
|
|
58,090
|
|
|
Additional paid-in-capital
|
|
|
203,021,404
|
|
|
|
194,234,151
|
|
|
Accumulated other comprehensive income (loss)
|
|
|
6,727
|
|
|
|
(4,964
|
)
|
|
Accumulated deficit
|
|
|
(186,897,880
|
)
|
|
|
(170,317,643
|
)
|
|
Total stockholders’ equity
|
|
|
16,201,354
|
|
|
|
23,969,634
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
36,710,105
|
|
|
$
|
45,119,269
|
|
See notes to the unaudited condensed consolidated financial
statements
1
HTG
Molecular Diagnostics, Inc.
Condensed
Consolidated Statements of Operations
(Unaudited)
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product and product-related services
|
|
$
|
1,701,068
|
|
|
$
|
4,311,043
|
|
|
$
|
5,417,731
|
|
|
$
|
11,397,916
|
|
|
Collaborative development services
|
|
|
76,030
|
|
|
|
1,093,750
|
|
|
|
548,135
|
|
|
|
3,006,022
|
|
|
Total revenue
|
|
|
1,777,098
|
|
|
|
5,404,793
|
|
|
|
5,965,866
|
|
|
|
14,403,938
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product and product-related services revenue
|
|
|
940,892
|
|
|
|
2,939,007
|
|
|
|
2,931,026
|
|
|
|
7,492,905
|
|
|
Selling, general and administrative
|
|
|
4,752,321
|
|
|
|
4,516,341
|
|
|
|
13,683,069
|
|
|
|
13,657,917
|
|
|
Research and development
|
|
|
1,255,416
|
|
|
|
2,570,355
|
|
|
|
4,914,467
|
|
|
|
7,898,742
|
|
|
Total operating expenses
|
|
|
6,948,629
|
|
|
|
10,025,703
|
|
|
|
21,528,562
|
|
|
|
29,049,564
|
|
|
Operating loss
|
|
|
(5,171,531
|
)
|
|
|
(4,620,910
|
)
|
|
|
(15,562,696
|
)
|
|
|
(14,645,626
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(273,312
|
)
|
|
|
(241,860
|
)
|
|
|
(749,401
|
)
|
|
|
(714,623
|
)
|
|
Interest income
|
|
|
34,636
|
|
|
|
118,860
|
|
|
|
244,534
|
|
|
|
455,071
|
|
|
Other income
|
|
|
—
|
|
|
|
—
|
|
|
|
22,268
|
|
|
|
—
|
|
|
Loss on extinguishment of MidCap Credit Facility and
QNAH Convertible Note
|
|
|
—
|
|
|
|
—
|
|
|
|
(522,394
|
)
|
|
|
—
|
|
|
Total other expense
|
|
|
(238,676
|
)
|
|
|
(123,000
|
)
|
|
|
(1,004,993
|
)
|
|
|
(259,552
|
)
|
|
Net loss before income taxes
|
|
|
(5,410,207
|
)
|
|
|
(4,743,910
|
)
|
|
|
(16,567,689
|
)
|
|
|
(14,905,178
|
)
|
|
Benefit from (provision for) income taxes
|
|
|
(1,581
|
)
|
|
|
3,678
|
|
|
|
(12,548
|
)
|
|
|
(3,170
|
)
|
|
Net loss
|
|
$
|
(5,411,788
|
)
|
|
$
|
(4,740,232
|
)
|
|
$
|
(16,580,237
|
)
|
|
$
|
(14,908,348
|
)
|
|
Net loss per share, basic and diluted
|
|
$
|
(0.07
|
)
|
|
$
|
(0.15
|
)
|
|
$
|
(0.25
|
)
|
|
$
|
(0.50
|
)
|
|
Shares used in computing net loss per share, basic and diluted
|
|
|
72,323,436
|
|
|
|
31,367,044
|
|
|
|
67,567,031
|
|
|
|
29,551,836
|
|
See notes to the unaudited condensed consolidated financial
statements.
2
HTG
Molecular Diagnostics, Inc.
Condensed
Consolidated Statements of Comprehensive Loss
(Unaudited)
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
|
Net loss
|
|
$
|
(5,411,788
|
)
|
|
$
|
(4,740,232
|
)
|
|
$
|
(16,580,237
|
)
|
|
$
|
(14,908,348
|
)
|
|
Other comprehensive income (loss), net of tax effect:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on short-term investments
|
|
|
(17,501
|
)
|
|
|
(1,864
|
)
|
|
|
4,060
|
|
|
|
2,308
|
|
|
Foreign currency translation adjustment
|
|
|
1,225
|
|
|
|
37,575
|
|
|
|
7,631
|
|
|
|
34,820
|
|
|
Total other comprehensive income (loss)
|
|
|
(16,276
|
)
|
|
|
35,711
|
|
|
|
11,691
|
|
|
|
37,128
|
|
|
Comprehensive loss
|
|
$
|
(5,428,064
|
)
|
|
$
|
(4,704,521
|
)
|
|
$
|
(16,568,546
|
)
|
|
$
|
(14,871,220
|
)
|
See notes to the unaudited condensed consolidated financial
statements.
3
HTG
Molecular Diagnostics, Inc.
Condensed Consolidated
Statements of Changes in Stockholders’ Equity
(Unaudited)
|
|
|
September 30, 2020
|
|
|
|
|
Series A Convertible Preferred Stock
|
|
|
Common Stock
|
|
|
Additional
Paid-In
|
|
|
Accumulated
Other
Comprehensive
|
|
|
Accumulated
|
|
|
Total
Stockholders'
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Income (Loss)
|
|
|
Deficit
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2020
|
|
|
-
|
|
|
$
|
-
|
|
|
|
58,090,233
|
|
|
$
|
58,090
|
|
|
$
|
194,234,151
|
|
|
$
|
(4,964
|
)
|
|
$
|
(170,317,643
|
)
|
|
$
|
23,969,634
|
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
415,256
|
|
|
|
—
|
|
|
|
—
|
|
|
|
415,256
|
|
|
Release of restricted stock awards
|
|
|
—
|
|
|
|
—
|
|
|
|
35,942
|
|
|
|
36
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
36
|
|
|
Net share settlement of restricted stock award
|
|
|
—
|
|
|
|
—
|
|
|
|
(11,266
|
)
|
|
|
(11
|
)
|
|
|
(7,041
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(7,052
|
)
|
|
Employee stock purchase plan expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5,379
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5,379
|
|
|
Issuance of common stock from ATM offering, net of commissions and
issuance costs of $174,000
|
|
|
—
|
|
|
|
—
|
|
|
|
4,399,062
|
|
|
|
4,399
|
|
|
|
2,431,513
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,435,912
|
|
|
Issuance of Series A convertible preferred stock in private
placement, net of issuance costs of $37,075
|
|
|
10,170
|
|
|
|
10
|
|
|
|
—
|
|
|
|
—
|
|
|
|
562,945
|
|
|
|
—
|
|
|
|
—
|
|
|
|
562,955
|
|
|
Issuance of Series A convertible preferred stock in exchange for
outstanding common stock
|
|
|
41,100
|
|
|
|
41
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,424,859
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,424,900
|
|
|
Cancellation of common stock received in exchange for Series A
convertible preferred stock
|
|
|
—
|
|
|
|
—
|
|
|
|
(4,110,000
|
)
|
|
|
(4,110
|
)
|
|
|
(2,420,790
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(2,424,900
|
)
|
|
Exercise of pre-funded warrants
|
|
|
—
|
|
|
|
—
|
|
|
|
3,176,762
|
|
|
|
3,177
|
|
|
|
28,591
|
|
|
|
—
|
|
|
|
—
|
|
|
|
31,768
|
|
|
Issuance of common stock in connection with LP Purchase
Agreement
|
|
|
—
|
|
|
|
—
|
|
|
|
615,384
|
|
|
|
615
|
|
|
|
(615
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Transaction costs incurred in connection with LP Purchase
Agreement
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(96,000
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(96,000
|
)
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(5,457,898
|
)
|
|
|
(5,457,898
|
)
|
|
Unrealized gain on short-term investments
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
47,697
|
|
|
|
—
|
|
|
|
47,697
|
|
|
Foreign currency translation adjustment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5,497
|
|
|
|
—
|
|
|
|
5,497
|
|
|
Balance at March 31, 2020
|
|
|
51,270
|
|
|
$
|
51
|
|
|
|
62,196,117
|
|
|
$
|
62,196
|
|
|
$
|
197,578,248
|
|
|
$
|
48,230
|
|
|
$
|
(175,775,541
|
)
|
|
$
|
21,913,184
|
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
361,477
|
|
|
|
—
|
|
|
|
—
|
|
|
|
361,477
|
|
|
Release of restricted stock awards
|
|
|
—
|
|
|
|
—
|
|
|
|
23,751
|
|
|
|
24
|
|
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
24
|
|
|
Net share settlement of restricted stock award
|
|
|
—
|
|
|
|
—
|
|
|
|
(6,389
|
)
|
|
|
(7
|
)
|
|
|
(2,101
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(2,108
|
)
|
|
Stock issued under employee stock purchase plan
|
|
|
—
|
|
|
|
—
|
|
|
|
45,490
|
|
|
|
45
|
|
|
|
30,467
|
|
|
|
—
|
|
|
|
—
|
|
|
|
30,512
|
|
|
Issuance of common stock from ATM offering, net of commissions
costs of $43,000
|
|
|
—
|
|
|
|
—
|
|
|
|
2,084,714
|
|
|
|
2,085
|
|
|
|
1,392,973
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,395,058
|
|
|
Conversion of Series A convertible preferred stock for common
stock
|
|
|
(27,500
|
)
|
|
|
(27
|
)
|
|
|
2,750,000
|
|
|
|
2,750
|
|
|
|
(2,723
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Adjustment in connection with LP Purchase Agreement commitment fee
and transaction costs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
301,538
|
|
|
|
—
|
|
|
|
—
|
|
|
|
301,538
|
|
|
Issuance of common stock warrants in connection with SVB Term
Loan
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
420,000
|
|
|
|
—
|
|
|
|
—
|
|
|
|
420,000
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(5,710,551
|
)
|
|
|
(5,710,551
|
)
|
|
Unrealized loss on short-term investments
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(26,136
|
)
|
|
|
—
|
|
|
|
(26,136
|
)
|
4
|
Foreign
currency
translation adjustment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
909
|
|
|
|
—
|
|
|
|
909
|
|
|
Balance at June 30, 2020
|
|
|
23,770
|
|
|
$
|
24
|
|
|
|
67,093,683
|
|
|
$
|
67,093
|
|
|
$
|
200,079,879
|
|
|
$
|
23,003
|
|
|
$
|
(181,486,092
|
)
|
|
$
|
18,683,907
|
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
386,911
|
|
|
|
—
|
|
|
|
—
|
|
|
|
386,911
|
|
|
Release of restricted stock awards
|
|
|
—
|
|
|
|
—
|
|
|
|
38,126
|
|
|
|
38
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
38
|
|
|
Net share settlement of restricted stock award
|
|
|
—
|
|
|
|
—
|
|
|
|
(5,091
|
)
|
|
|
(4
|
)
|
|
|
(3,660
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(3,664
|
)
|
|
Employee stock purchase plan expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5,214
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5,214
|
|
|
Issuance of common stock from ATM offering, net of commissions
costs of $79,000
|
|
|
—
|
|
|
|
—
|
|
|
|
3,952,240
|
|
|
|
3,952
|
|
|
|
2,553,060
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,557,012
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(5,411,788
|
)
|
|
|
(5,411,788
|
)
|
|
Unrealized loss on short-term investments
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(17,501
|
)
|
|
|
—
|
|
|
|
(17,501
|
)
|
|
Foreign currency translation adjustment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,225
|
|
|
|
—
|
|
|
|
1,225
|
|
|
Balance at September 30, 2020
|
|
|
23,770
|
|
|
$
|
24
|
|
|
|
71,078,958
|
|
|
$
|
71,079
|
|
|
$
|
203,021,404
|
|
|
$
|
6,727
|
|
|
$
|
(186,897,880
|
)
|
|
$
|
16,201,354
|
|
5
|
|
|
September 30, 2019
|
|
|
|
|
Series A Convertible Preferred Stock
|
|
|
Common Stock
|
|
|
Additional
Paid-In
|
|
|
Accumulated
Other
Comprehensive
|
|
|
Accumulated
|
|
|
Total
Stockholders'
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Income (Loss)
|
|
|
Deficit
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2019
|
|
|
-
|
|
|
$
|
-
|
|
|
|
28,585,449
|
|
|
$
|
28,585
|
|
|
$
|
172,086,909
|
|
|
$
|
(3,453
|
)
|
|
$
|
(151,019,979
|
)
|
|
$
|
21,092,062
|
|
|
Exercise of stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
21,871
|
|
|
|
22
|
|
|
|
51,548
|
|
|
|
—
|
|
|
|
—
|
|
|
|
51,570
|
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|