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Common Stock
3 Months Ended
Mar. 31, 2015
Equity [Abstract]  
Common Stock

Note 6: Common Stock

In January 2015, the Company completed the closing of an underwritten public offering of 2,300,000 shares of common stock at a public offering price of $5.00 per share, which included 300,000 shares pursuant to the full exercise of the over-allotment option granted to the underwriters.  Net proceeds were approximately $10.6 million, after deducting approximately $900,000 in underwriting discounts and commissions and estimated offering expenses payable by the Company.  Oppenheimer & Co. Inc. acted as the sole book-running manager of the offering.  CRT Capital Group LLC, Maxim Group LLC and Mizuho Securities USA Inc. acted as co-managers for the offering.  The securities were issued by the Company pursuant to a “shelf” registration statement on Form S-3 that the Company previously filed with the Securities and Exchange Commission, and a prospectus supplement and an accompanying prospectus relating to the offering filed in January 2015.

Between January 5 and January 12, 2015, the Company issued 22,232 shares of common stock upon the exercise of warrants originally issued in the June 2013 private placement financing. The exercise price was $3.40 and the Company received $75,589 in proceeds.

On January 8, 2015, the Company issued common stock upon exercise of a liability classified June 2013 warrant. The warrant holder utilized a cashless net exercise (based on a price of $6.81 per share) of 72,150 warrants with an exercise price of $3.40 and received 36,132 shares of common stock.  As discussed in Note 5, the warrant exercise resulted to reducing the fair value of warrants and derivative liability and increasing Additional Paid in Capital by $230,332.

As of March 31, 2015, the investors in the August 2014 private placement transaction converted 409,418 shares of Series A Preferred into an equal number of shares of common stock, with 1,009,021 shares of Series A Preferred remaining outstanding (see Note 3).

On February 2, 2015, the Company issued 3,666 shares of common stock to a third party pursuant to an agreement in consideration for business advisory services covering the period from February 1 to April 30, 2015.