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Issuance of Common Stock
 12 Months Ended
Dec. 31, 2015
Equity [Abstract]  
Issuance of Common Stock

11. ISSUANCE OF COMMON STOCK

 

On January 14, 2014, the Company completed a public offering of 1,118,375 shares of common stock at a price to the public of $3.60 per share. The number of shares the Company sold includes the underwriters’ full exercise of their over-allotment option of 145,875 shares. Net proceeds after underwriting discounts and commissions paid by the Company were approximately $3,644,000. The underwriter received a warrant to purchase 48,625 shares of common stock, at the price of $4.48 (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. Direct offering costs totaling approximately $156,000 were recorded as a reduction to the net proceeds on the consolidated statement of stockholders’ equity.

 

On April 10, 2014, the Company completed a public offering of 327,125 shares of common stock at a price to the public of $6.40 per share. Net proceeds, after underwriting discounts and commissions paid by the Company from the offering, were approximately $2,094,000. The underwriter received a warrant to purchase 16,356 shares of common stock, at a price of $8.00 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. Direct offering costs totaling approximately $91,000 were recorded as a reduction to the net proceeds on the consolidated statement of stockholders’ equity.

 

On January 14, 2015, the Company completed a public offering of 4,857,143 shares of its common stock, offered to the public at $1.75 per share. Net proceeds to the Company from this offering were approximately $7,845,000 after deducting underwriting discounts and commissions paid by the Company. Direct offering costs totaling approximately $214,000 were recorded as a reduction to the net proceeds on the consolidated statement of stockholders’ equity.