(12)	Subsequent Events

Reverse Stock Split

On July 21, 2016, the Company effected a reverse stock split of its shares of common stock at a ratio of one-for-sixteen (1:16). Refer to Note 8 Stockholders’ Equity of these condensed consolidated financial statements for further information.

Increase in Authorized Shares

At the Company’s Annual Meeting held on July 19, 2016, shareholders of the Company approved an amendment to the Company’s Amended and Restated Certificate of Incorporation to increase the number of authorized shares of common stock from 170,000,000 to 500,000,000. The previously discussed reverse stock split had no impact on the increase in authorized shares.

Senior Secured Convertible Notes and related Series C Warrants

At the Company’s Annual Meeting held on July 19, 2016, shareholders of the Company approved the issuance of shares of the Company’s common stock underlying the Notes and related Series C Warrants issued by the Company pursuant to the terms of that certain Securities Purchase Agreement, dated June 6, 2016. As a result, the temporary restriction on conversion of the Notes and/or exercise of the Series C Warrants for 20% or more of the Company’s outstanding shares of Common Stock as of June 6, 2016 in order to comply with Nasdaq Rules was lifted.

NASDAQ Listing Notification Letter

On August 4, 2016 the Company received a notification letter from The NASDAQ Stock Market advising the Company that the closing bid price of the Company’s common stock had been at $1.00 per share or greater for 10 consecutive business days, and accordingly, the Company has regained compliance with Listing Rule 5550(a)(2) and the matter was now closed.

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.