10. Stockholders’ Equity

Preferred Stock – The Company has no preferred stock issued. The Company’s amended and restated certificate of incorporation and amended and restated bylaws include provisions that allow the Company’s Board of Directors to issue, without further action by the stockholders, up to 1,000,000 shares of undesignated preferred stock.

Common Stock – The Company has one class of common stock outstanding with a total number of shares authorized of 45,000,000. As of December 31, 2020, the Company had 12,819,843 shares of common stock outstanding.

On March 22, 2020, the Company entered into an agreement with Malven Group Limited, a company established under the laws of the British Virgin Islands, in connection with the purchase of 1,939,237 shares of common stock of the Company at a price of $0.7735 per share for gross proceeds of $1,500,000. On June 26, 2020, Malven purchased additional 312,500 shares of common stock of the Company at a price of $3.20 per share for gross proceeds of $1,000,000.

On July 27, 2020, the Company entered into a Securities Purchase Agreement with three institutional accredited investors, in which the Company sold 1,481,484 shares of the Company’s common stock at a per share price of $1.35 for net proceeds of $1,814,353, after deducting financial advisory, legal and escrow related fees. The Company’s sale of common stock sale was completed pursuant to the Company’s Registration Statement filed on Form S-3.