Note 9 - Subsequent Events

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Subsequent Events [Text Block]

9. Subsequent Events

The Company has evaluated all activity that occurred subsequent to quarter end but prior to issuance of the unaudited condensed consolidated financial statements for events or transactions that could require disclosure or that could impact the carrying value of assets or liabilities as of the balance sheet date.

At the closing of the Transaction, on

August 2, 2017,

the Company issued

22,000

shares of the Company’s Series A Convertible Preferred Stock for a purchase price of

$1,000

per share, or an aggregate purchase price of

$22.0

million. Each share of Series A Convertible Preferred Stock will be convertible into approximately

1,005

shares of the Company’s common stock at a conversion price of

$0.9949

per share, and therefore the

22,000

shares of the Company’s Series A Convertible Preferred Stock convert into

22,112,775

shares of the Company’s common stock. In connection with the closing of the Transaction, on

August 1, 2017,

the Company filed in a Certificate of Designation of Preferences, Rights and Limitations of Series A Convertible Preferred Stock, with the Secretary of State of the State of Delaware setting forth the rights, preferences and privileges of the Series A Convertible Preferred Stock.