(12)	Subsequent Events

On July 16 2015, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Roth Capital Partners, LLC, as Underwriter (the “Underwriter”). The Underwriting Agreement provided for the sale to the Underwriter of 9,350,000 Units consisting of 9,350,000 shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), and 7,012,500 Series A Warrants to purchase up to 7,012,500 shares of the Common Stock and 9,350,000 Series B Warrants to purchase up to 9,350,000 shares of Common Stock and 7,012,500 Series A Warrants at a price of $0.75 per unit in a registered underwritten public offering for gross proceeds of $7.0 million. The Offering closed on July 21, 2015. The Series A Warrants are exercisable at an exercise price of $0.87 and will expire, unless exercised, on the fifth anniversary of the date of issuance. The Series B Warrants are exercisable at an exercise price of $0.75 and will expire, unless exercised, 90 trading days after the date of issuance. The exercise price of both series of warrants is subject to appropriate adjustment in the event of stock dividends, stock splits, reorganizations or similar events affecting our common stock. The exercise price of both series of warrants is subject to anti-dilution adjustments for any issuance of common stock or rights to acquire common stock for consideration per share less than the exercise price of the warrants. For purposes of these adjustments, dilutive issuances do not include securities issued under existing instruments, under board-approved equity incentive plans or in certain strategic transactions. The net proceeds to the Company from the offering are approximately $6.0 million after underwriting discounts and commissions and other estimated offering expenses payable by the Company, and excluding any proceeds the Company may receive upon exercise of the warrants to be issued in the Offering. As a result, the exercise price of the February 2015 Warrants has been adjusted to $0.74.

The Company completed an evaluation of the impact of any subsequent events through the date financial statements were issued and determined there were no other subsequent events requiring disclosure in or adjustment to these financial statements.