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Note 14 - Subsequent Events | 3 Months Ended
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Mar. 31, 2014
Subsequent Events [Abstract] |
Subsequent Events [Text Block] |
14. | Subsequent Events
On April 29, 2014, an amended “shelf” registration statement filed by the Company with the Securities and Exchange Commission (“SEC”) became effective. Under the amended shelf registration statement, the Company may offer from time to time any combination of securities described in the prospectus in one or more offerings up to a total of $80 million. The securities described in the prospectus include common and preferred stock, depository shares, debt securities, warrants entitling the holders to purchase one or more classes or series of these securities or units consisting of two or more of these issuances, classes or series of securities. Net proceeds from the sales of the offered securities may be used for working capital needs, capital expenditures and other expenditures related to general corporate purposes, including future acquisitions. On April 29, 2014, the Company and its lender amended the Credit Facility (the “Fifth Amendment”) which removed a requirement that the Company raise $20 million of new equity capital by September 30, 2014, in addition to raising $10 million of other liquidity by June 30, 2014, provided that the Company raises $10 million of new equity capital by May 30, 2014. Any new equity capital will be used to repay outstanding indebtedness under the Credit Facility, and will not reduce the Company’s borrowing capacity. On May 6, 2014, the Company closed on a public offering with D.A. Davidson & Co. as sole underwriter (the “Underwriter”), pursuant to which the Underwriter purchased from the Company 2,100,000 shares of the Company’s common stock at a price of $6.90 per share. The intended use of the net proceeds of approximately $14 million from the offering, after deducting underwriting discounts and estimated offering expenses, is to repay a portion of the indebtedness outstanding under our $40 million revolving credit facility in accordance with the Fifth Amendment mentioned above.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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