You've misread the filing in a few spots but left an important excerpt unquoted:
"As of March 23, 2020, the aggregate market value of our outstanding common stock held by non-affiliates, or the public float, was $38,450,572, which was calculated based on 6,293,056 shares of outstanding common stock held by non-affiliates at a price of $6.11 per share, the closing price of our common stock on March 19, 2020."
This was the piece relevant to the above that you did quote:
"...in no event will we sell securities in a public primary offering with a value exceeding more than one-third of our “Public Float” (the market value of our common stock held by our non-affiliates) in any 12-months period so long as our Public Float remains below $75,000,000."
They say that "in no event will we sell" when they should have said that by rule "in no event CAN we sell".
What that means is that TODAY they are limited to less than $13M in securities sales in any 12 month period. (Of course one can't know how much the market is willing to buy.)
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