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Subsequent Event
9 Months Ended
Sep. 30, 2018
Subsequent Events [Abstract]  
Subsequent Event

NOTE M – SUBSEQUENT EVENT

On October 31, 2018 we and certain investors entered into a securities purchase agreement pursuant to which we agreed to sell an aggregate of 700,000 shares of our common stock and warrants to purchase up to 700,000 shares of common stock to such investors. The common stock and warrants will be sold in units, with each unit consisting of one share of common stock and a warrant to purchase one shares of common stock. The purchase price for each unit is $7.155.

The warrants have an exercise price of $7.155 per share of common stock and will be exercisable in accordance with their terms at any time on or before the close of business on November 2, 2023.

The net proceeds to us from the registered direct public offering, after deducting placement agent fees and its estimated offering expenses, and excluding the proceeds, if any, from the exercise of the warrants issued in the offering, are expected to be approximately $4.6 million. We agreed to pay the placement agent a fee equal to 8.0% of the gross proceeds of the sale of the units sold by them in the offering. We also agreed to reimburse the placement agent for up to $25,000 of incurred costs by it in connection with this offering.

The transaction closed on November 2, 2018, subject to satisfaction of customary closing conditions.