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SUBSEQUENT EVENT

3 Months Ended

Mar. 31, 2014

Subsequent Events [Abstract]

Subsequent Events [Text Block]

11. SUBSEQUENT EVENT

On April 10, 2014, the Company completed a public offering of 2,617,000 shares of common stock at a price to the public of $0.80 per share. Net proceeds to the Company from the offering, before expenses, were approximately $2,094,000. Starting April 3, 2014, the underwriter received a 45-day option to purchase up to an aggregate of 392,550 additional shares of common stock to cover over-allotments, if any. The underwriter received a warrant to purchase 130,850 shares of common stock, at a price of $1.00 per share (125% of the price of the shares sold in the offering), which will be exercisable one year after the date of the offering and will expire on the fifth anniversary of that offering. The underwriter and certain directors and officers waived the right to exercise an aggregate of 747,252 stock options and warrants until a future date yet to be determined.

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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.

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