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Subsequent Events | 9 Months Ended
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Sep. 30, 2016
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS |
19. | SUBSEQUENT EVENTS
We have adopted the disclosure provisions of Codification Topic 855-10-50-1, Subsequent Events, which provides guidance to establish general standards of accounting for and disclosures of events that occur after the balance sheet date but before financial statements are issued. Entities are required to disclose the date through which subsequent events were evaluated as well as the rationale for why that date was selected. This disclosure should alert all users of financial statements that an entity has not evaluated subsequent events after that date in the set of financial statements being presented. Codification Topic 855-10-50-1 requires additional disclosures only, and therefore did not have an impact on our financial condition, results of operations, earnings per share or cash flows. Public entities must evaluate subsequent events through the date that financial statements are issued. Accordingly, we have evaluated subsequent events through the time of filing on November 10, 2016, the date we have issued this Quarterly Report on Form 10-Q. As of such date, except as described below, there were no material, reportable subsequent events. On October 21, 2016, we closed on a private placement of 659,880 shares of common stock to nineteen institutional and accredited investors at $5.25 per share, raising gross proceeds of $3,464,000. The net proceeds were approximately $3,164,000 after deducting placement agent fees and other estimated expenses incurred in connection with the equity financing. We expect to close down the rented facility in Minnesota that has been used to produce the gel solution format of our product and the certain other related private-label products by year end. This will result in the termination of employment of four employees for us, as these production functions are consolidated into our Portland facility. Consolidation of this product line in Portland enables us to leverage existing infrastructure and larger scale equipment to improve operating efficiencies.

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- Definition 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. + References No definition available. + Details
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