11. Subsequent Events

In January 2020, we completed a registered direct offering with several institutional investors pursuant to which we issued 8,700,000 shares of our common stock and warrants to purchase 8,700,000 shares of our common stock with an exercise price of $0.25 per share in a concurrent private placement. The private placement warrants will become exercisable in July 2020 and will expire in July 2025. As a result, we received net cash proceeds of approximately $1.9 million, after deduction of underwriting fees and other offering expenses.

During January, February and March 2020, we received approximately $6.2 million in cumulative net cash proceeds from the exercise of outstanding warrants to purchase 27,388,464 shares of our common stock.

In March 2020, we amended certain outstanding warrants to purchase an aggregate of 11,552,314 shares of common stock to modify the provision requiring derivative liability treatment and qualify them for equity treatment.

As a result of the aforementioned receipt of proceeds and warrant amendments and an estimate of revenues and expenses from January 1, 2020 through March 16, 2020, we reported our belief that at March 16, 2020 we had stockholders' equity of approximately $5.3 million.

On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the “COVID-19 outbreak”) and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally.

The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. As such, it is uncertain as to the full magnitude that the pandemic will have on our financial condition, liquidity, and future results of operations. Management is actively monitoring the impact of the global situation on our financial condition, liquidity, operations, suppliers, industry, and workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, we are not able to estimate the effects of the COVID-19 outbreak on our results of operations, financial condition, or liquidity for the year ended December 31, 2020.