Subsequent Event

12 Months Ended

Dec. 31, 2016

Note 14 – Subsequent Event

Rights Offering

On January 25, 2017, the Company completed a rights offering and public offering of units comprised of common stock and warrants at $4.00 per unit whereby 2,395,471 shares and 2,395,471 warrants were issued. The warrants allow each holder to purchase one share of common stock at an exercise price of $4.00 per share, are non-callable, expire on January 25, 2019, and are publicly traded on the NASDAQ Capital Market under the symbol “CLIRW”. Gross proceeds from the offering totaled $9.6 million and net cash proceeds approximated $8.7 million. Expenses of the offering approximated $900,000, including dealer-manager and placement agent fees of $575,000 paid to MDB and MDB’s legal fees of $60,000.

Stock Grants

In February 2017, the Company granted 83,334 shares of common stock under the Plan to its three independent directors in accordance with agreements for board service in 2017. The fair value of the stock at the time of grant was $3.60 for a total value of $300,000 which the Company will recognize in 2017. Further, the Company granted 136,110 shares of common stock under the Plan to its six officers as bonus compensation for 2016. The fair value of the stock at the time of grant was $3.60 for a total value of $490,000 which the Company recognized in 2016. These grants of 219,444 shares of common stock are subject to repurchase rights by the Company at $0.0001 per share through February 10, 2018 if the employee terminates employment or certain other designated events occur.