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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2014
Subsequent Events [Abstract]  
Subsequent Events
SUBSEQUENT EVENTS
Events or transactions that occur after the balance sheet date, but before the financial statements are complete, are reviewed to determine if they should be recognized.
Issuance of Common Stock
On October 22, 2014, we entered into a Securities Purchase Agreement with certain accredited investors (the “Investors”), pursuant to which we, in a private placement, issued and sold to the Investors (the “2014 Private Placement”) an aggregate of 730,776 shares of our common stock at a price per share of $3.25 for an aggregate purchase price of approximately $2.375 million, and warrants to purchase up to an aggregate of 365,388 shares of our common stock with an initial exercise price of $4.00 per share that are exercisable for the period from April 22, 2015 through April 22, 2020. In connection with the 2014 Private Placement, we also issued a warrant to purchase up to an aggregate of 9,230 shares of our common stock to one advisor. The warrants issued in the 2014 Private Placement include both cash and “cashless exercise” features.
Amended Loan and Security Agreement
On October 22, 2014, we entered into the Fifth Amendment to the Loan Agreement. The Fifth Amendment reduces: (i) our future minimum liquidity and revenue covenants under the Loan Agreement, and (ii) the aggregate amount we may borrow under the Revolving Line from $4.0 million to $3.0 million.