11.  Equity Offerings

On November 9, 2018, the Company entered into an At the Market Issuance Sales Agreement  with B. Riley FBR, Inc., (the “Sales Agent”) to sell common shares, par value $0.001 per share, of the Company (the “ATM Shares”), having an aggregate offering price of up to $16 million, from time to time, through an “at-the-market” equity offering program (the “ATM Offering”).

A total of 511,635 ATM Shares were sold in the ATM Offering during the three-month period ended March 31, 2019, providing the Company net proceeds of approximately $2,227,716.  No shares were sold under the ATM during the quarter ended March 31, 2020.

On January 27, 2020, the Company filed a Registration Statement on Form S-3 with the SEC covering the offering and sale of up to $100 million of its securities, including common shares, preferred shares, debt securities, warrants, guaranties and units consisting of two or more classes of the foregoing securities. The registration statement became effective February 5, 2020. During the quarter ended March 31, 2020, no securities were sold pursuant to the registration statement.