Subsequent Events

9 Months Ended

Sep. 30, 2016

(12)	Subsequent Events

On September 30, 2016 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 425,000 units consisting of 425,000 shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), and 148,750 warrants at price of $3.00 per unit. The offering closed on October 5, 2016. The warrants are exercisable beginning on the date of issuance and will expire on October 5, 2021. The exercise price of the warrants is $3.00 per share of Common Stock, subject to certain adjustments. The net proceeds to the Company from the offering are approximately $1.1 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 issued in the offering. As a result, the exercise price of the February 2015 Warrants and the Series A Warrants has been adjusted to $2.99.