Annual report pursuant to Section 13 and 15(d)

Stockholders??? Equity (Deficit)

Stockholders’ Equity (Deficit)
12 Months Ended
Dec. 31, 2018
Stockholders Equity [Abstract]  
Stockholders' Equity (Deficit)

Note 8—Stockholders’ Equity (Deficit)

Common stock—The Company has one class of stock outstanding: common shares. The Company issued 316,080 and 421,450 shares of stock in exchange for $7.9 million and $10.4 million that related to the private placements which took place in 2018 and 2017, respectively.

The Company’s Registration Statement on Form S-1 for its initial public offering was effective September 26, 2018 and the transaction closed on October 1, 2018, at which time the Company issued 4,485,000 shares of common stock in exchange for net proceeds of approximately $67.3 million after deducting underwriting discounts and commissions and offering expenses payable by the Company.

Common stock issued for services—During 2017, the Company paid certain consulting services with Company stock. In 2017, the Company issued 4,000 shares as payment for $0.1 million of consulting services performed and included as a component of selling, general and administrative on the statement of operations.

The number of shares issued was based on the fair value of the common stock at the date of the performance of the consulting services and the associated to amount owed by the Company in exchange for such services. See Note 10 for further discussion on the valuation techniques used for the Company’s common stock.

Preferred stock— At December 31, 2018 and 2017, the Company has no shares of preferred stock outstanding.