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Note 11 - Short-term Debt
12 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
Short-term Debt [Text Block]
Note
11.
Short-term Debt
 
In
March 2017,
we entered into amendments with the holders of certain outstanding warrants issued on
April 17, 2015
and
July 30, 2015
to eliminate certain anti-dilution provisions in such warrants, which caused us to reflect an associated liability of
$5.3
million on our balance sheet as of
December 31, 2016.
Such amendments were contingent upon and did
not
take effect until the closing of the public offering. For each warrant share underlying the warrants so amended, the holder received the right to purchase an additional
.2
shares of common stock. Two of the holders of such warrants, which owners hold warrants to purchase an aggregate of
11,049
shares of common stock, did
not
agree to the amendment. The warrant holders agreeing to the amendment include Acuitas and another accredited investor, who received additional warrants to purchase
31,167
and
13,258
shares of our common stock. In addition, several warrant agreements that had anti-dilution protection had a provision in the agreement that upon an up-listing to NASDAQ, the anti-dilution protection would be removed. The up-listing to NASDAQ occurred on
April 26, 2017.
The elimination of the anti-dilution provision resulted in the write-off of
$6.2
million of the warrant liability as of
December 31, 2017.
 
In
January 2017,
we entered into a Subscription Agreement (the "Subscription Agreement") with Acuitas, pursuant to which we received aggregate gross proceeds of
$1,300,000
(the "Loan Amount") in consideration of the issuance of (i) an
8%
Series B Convertible Debenture due
March 31, 2017 (
the
"January 2017
Convertible Debenture") and (ii)
254,904
five
-year warrants to purchase shares of the Company's common stock which is equal to
one hundred
percent (
100%
) of the initial number of shares of common stock issuable upon the conversion of the
January 2017
Convertible Debenture, at an exercise price of
$5.10
per share (the
"January 2017
Warrants"). In addition, any warrants issued in conjunction with the
December 2016
Convertible Debenture currently outstanding with Acuitas have been increased by an additional
25%
warrant coverage, exercisable for an aggregate of
137,883
shares of the Company's common stock. Acuitas agreed to extend the maturity date of the
January 2017
Convertible Debenture to
April 30, 2017
or until we completed a public offering, whichever came first. In
April 2017,
we used the net proceeds from the public offering to repay the Loan Amount including interest of
$1.3
million.