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Stockholders' Equity
 3 Months Ended
Mar. 31, 2014
Stockholders' Equity [Abstract]  
Stockholders' Equity
  9. Stockholders' Equity

 

Preferred Stock

 

There were no issuances of preferred stock during the three month periods ended March 31, 2014 and 2013.

 

Common Stock

 

The Company is authorized to issue 110,000,000 shares of common stock, $.001 par value per share. As of March 31, 2014, there were 72,965,329 shares of common stock outstanding.

 

On February 26, 2014, the Company entered into an underwriting agreement with B. Riley & Co., LLC (the "Underwriter") relating to an underwritten public offering of 7,876,497 shares of the Company's common stock, par value $0.001 per share. On February 27, 2014, the Company received notice from the Underwriter that it had fully-exercised its over-allotment option to purchase an additional 1,181,475 shares of common stock. On March 3, 2014, the Company completed the public offering of 9,057,972 shares of its common stock at a purchase price of $1.38 per share, which includes the full exercise of the over-allotment option granted to the underwriters. The gross proceeds to the Company from this offering were approximately $12.5 million, before deducting underwriting discounts and other estimated offering expenses incurred by the Underwriter. The Company received net proceeds of approximately $11.5 million before paying estimated offering expenses incurred by the Company to complete the public offering.

 

There were no shares of common stock issued as a result of stock option exercises for the three month period ended March 31, 2014. See Note 10 for additional information regarding stock option plans.