Quarterly report pursuant to Section 13 or 15(d)

Note 7 - Common Stock

v3.7.0.1
Note 7 - Common Stock
3 Months Ended
Mar. 31, 2017
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
7.
        Common Stock
 
On
March
22,
2017,
in connection with the closing of the
March
2017
Offering, we issued an aggregate of
8,625,000
shares of common stock, including the exercise of the underwriters’ overallotment option, at a public offering price of
$4.00
per share for gross proceeds of approximately
$34,500,000.
The net proceeds to the Company, after the deduction of underwriting discounts, commissions and other offering expenses, were approximately
$31,503,000.
 
On
June
17,
2016,
in connection with the closing of the
June
2016
Offering, we issued an aggregate of
3,105,000
shares of common stock, including the exercise of the underwriters’ overallotment option, at a public offering price of
$5.00
per share for gross proceeds of approximately
$15,525,000.
The net proceeds to the Company, after the deduction of underwriting discounts, commissions and other offering expenses, were approximately
$13,886,000.
 
Warrants for Common Stock
 
As of
March
31,
2017,
outstanding warrants to purchase shares of common stock were as follows: 
 
 
 
 
 
 
 
 
 
 
 
 
Number of
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding
 
 
 
Exercisable
 
Expiration
 
 
Exercise
 
 
Under
 
Issuance Date
 
for
 
Date
 
 
Price
 
 
Warrants
 
                           
September 2014
 
Common Shares
 
September 23, 2019
    $
4.24
     
91,532
 
October 2014
 
Common Shares
 
October 13, 2019
    $
4.24
     
29,000
 
November 2014
 
Common Shares
 
November 12, 2019
    $
4.24
     
12,500
 
February 2015
 
Common Shares
 
February 17, 2025
    $
4.00
     
75,697
 
March 2015
 
Common Shares
 
March 26, 2025
    $
2.72
     
1,454
 
May 2015
 
Common Shares
 
May 12, 2025
    $
4.24
     
36,229
 
May 2015
 
Common Shares
 
May 17, 2020
    $
4.24
     
21,585
 
December 2015
 
Common Shares
 
December 16, 2025
    $
5.60
     
26,875
 
April 2016
 
Common Shares
 
April 1, 2026
    $
6.08
     
25,000
 
May 2016
 
Common Shares
 
May 11, 2021
    $
7.74
     
5,000
 
June 2016
 
Common Shares
 
June 20, 2026
    $
4.98
     
100,402
 
   
 
 
 
     
 
     
425,274
 
 
In connection with the
2016
Loan Agreement, the Company issued a warrant to purchase a total of
100,402
shares of common stock at an exercise price of
$4.98
per share. The Company determined the fair value of the warrant on the date of issuance to be
$350,000,
which along with other legal fees totaling
$90,000,
were recorded as debt issuance costs, presented in the condensed consolidated balance sheet as a deduction from the carrying amount of the note payable, and are being amortized to interest expense over the loan term. During the
three
months ended
March
31,
2017
and
2016,
the Company recorded
$35,000
and
zero
respectively, of interest expense relating to the debt issuance costs. As of
March
31,
2017,
the unamortized debt discount was
$336,000.
 
No warrants were exercised during the
three
months ended
March
31,
2017.
A total of
6,250
shares, issuable pursuant to warrants issued in connection with a private offering on
September
30,
2014,
were issued in connection with the exercise of warrants during the
three
months ended
March
31,
2016.
 
No shares issuable pursuant to warrants have been cancelled in
2017.
A total of
1,094
shares issuable pursuant to warrants issued to
two
vendors in
October
2014
were cancelled in
2016
as the milestones related to these shares were not achieved.   
 
The stock-based compensation expense related to warrants issued was
zero
and
$142,000
for the
three
months ended
March
31,
2017
and
2016,
respectively.