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Stockholders' Equity
 3 Months Ended
Mar. 31, 2016
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]
Note 6 – Stockholders’ Equity
 
Common Stock and Preferred Stock
 
The Company is authorized to issue 62,500,000 shares of common stock and 2,000,000 shares of preferred stock. Preferences, limitations, voting powers and relative rights of any preferred stock to be issued may be determined by the Company’s Board of Directors. The Company has not issued any shares of preferred stock.
 
In February 2015, the Company completed an underwritten public offering of common stock whereby 2,990,000 shares were issued at $5.85 per share. Gross proceeds from the offering totaled $17.5 million and net cash proceeds approximated $16.3 million. Expenses of the offering approximated $1.2 million, including underwriting fees of $1,049,000, underwriter legal fees and other costs of $55,000, and other costs of $108,000.
 
Equity Incentive Plan
 
The Company has an Equity Incentive Plan (the Plan) which provides for the granting of options to purchase shares of common stock, stock awards to purchase shares at no less than 85% of the value of the shares, and stock bonuses to officers, employees, board members, consultants, and advisors. The Compensation Committee of the Board of Directors is authorized to administer the Plan and establish the grant terms, including the grant price, vesting period and exercise date. As of March 31, 2016, the number of shares reserved for issuance under the Plan totaled 1,397,124 shares. The Plan provides for quarterly increases in the available number of authorized shares equal to the lesser of 10% of any new shares issued by the Company during the quarter immediately prior to the adjustment date or such lesser amount as the Board of Directors shall determine. 
 
In March 2016, the Company authorized 44,112 shares of common stock to be issued under the Plan to its three independent directors in accordance with board agreements and which will be earned quarterly for service in 2016. The fair value of the stock at the time of grant was $3.40 per share for a total value of $150,000. The Company recognized $37,000 in general and administrative expense for the three months ended March 31, 2016 and will recognize the remaining $113,000 in the remainder of 2016.
 
In accordance with the Plan, options for the purchase of 7,504 shares of common stock were exercised in 2014 prior to vesting and the shares of common stock purchased were issued with a declining repurchase right in favor of the Company at the exercise price of $4.88 per share. The Company may repurchase shares if, prior to December 31, 2016, the employee terminates employment or certain other designated events occur. At March 31, 2016, 3,335 shares remained subject to this repurchase right.
 
Outstanding stock option grants at March 31, 2016 and December 31, 2015 totaled 721,024 shares and 723,400 shares with the right to purchase 474,160 shares and 257,391 shares being vested and exercisable at March 31, 2016 and December 31, 2015, respectively. Stock grants made to date through March 31, 2016 and December 31, 2015 totaled 224,486 shares and 213,458 shares, respectively. Of these amounts, 8,000 shares and 12,000 shares at March 31, 2016 and December 31, 2015, respectively, are subject to declining repurchase rights by the Company at $0.0001 per share through September 30, 2016. The recognized compensation expense associated with these grants for the three months ended March 31, 2016 and 2015 totaled $205,000 and $141,000, respectively. At March 31, 2016, the number of shares reserved under the Plan but unissued totaled 451,614. At March 31, 2016, there was $754,000 of total unrecognized compensation cost related to non-vested share based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted average period of 1.69 years.
 
Consultant Stock Plan
 
The Company has a 2013 Consultant Stock Plan (the Consultant Plan) which provides for the granting of shares of common stock to consultants who provide services related to capital raising, investor relations, and making a market in or promoting the Company’s securities. The Company’s officers, employees, and board members are not entitled to receive grants from the Consultant Plan. The Compensation Committee of the Board of Directors is authorized to administer the Consultant Plan and establish the grant terms. The number of shares reserved for issuance under the Consultant Plan on March 31, 2016 totaled 115,869 with 90,119 of those shares unissued. The Consultant Plan provides for quarterly increases in the available number of authorized shares equal to the lesser of 1% of any new shares issued by the Company during the quarter immediately prior to the adjustment date or such lesser amount as the Board of Directors shall determine.  In August 2015, the Company granted 10,000 shares of common stock under the Consultant Stock Plan to a consultant for services from June 2015 to May 2016 and subject to completion of service each quarter. The fair value of the stock at the time of grant was $3.96 per share for a total value of $40,000 which the Company will recognize in general and administrative expense on a pro-rated quarterly basis. The Consultant Plan expense for the three months ended March 31, 2016 and 2015 was $10,000 and $0, respectively.
 
Warrants
 
The Company has the following warrants outstanding at March 31, 2016:
 
 
 
Total Outstanding Warrants
 
 
 
 
 
 
Weighted Average
 
 
Life
 
Exercise Price
 
Warrants
 
Exercise Price
 
(in years)
 
$1.80
 
 
80,000
 
 
$1.80
 
 
4.88
 
$2.20
 
 
118,959
 
 
$2.20
 
 
0.11
 
$5.00
 
 
345,000
 
 
$5.00
 
 
1.07
 
$10.00
 
 
20,313
 
 
$10.00
 
 
2.93
 
 
 
 
564,272
 
 
$4.14