Quarterly report pursuant to Section 13 or 15(d)

Equity Financing Transactions

Equity Financing Transactions

9 Months Ended

Sep. 30, 2020

12. Equity Financing Transactions

During the nine-month period ended September 30, 2019, the Company generated approximately $32 million of gross proceeds from the sale of its securities as follows:

(i)

$20,465,203 from the sale of 4,340,456 common shares in an "at-the-market" offerings;

(ii)

$82,035 from the exercise of 16,407 warrants; and

(iii)

$11,500,000 from the sale of 2,300,000 common shares.

A portion of the net proceeds from these transactions were used to repay, the outstanding balance on a credit facility maintained with Webster Business Credit Corporation, with the balance used as working capital and for general corporate purposes.

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.