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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2015
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 and Common Stock Warrants
On June 30, 2015, we entered into a Securities Purchase Agreement with certain accredited investors (the “2015 Investors”) pursuant to which, on July 7, 2015, we sold to the 2015 Investors, and the 2015 Investors purchased from us, (i) an aggregate of approximately 1.5 million shares of our common stock, par value $0.01 per share, at a price per share of $1.42, (ii) warrants (the “Series B Warrants”) to purchase up to an aggregate of 0.7 million shares of our common stock with an exercise price of $0.01 per share, and (iii) warrants (the “Series A Warrants” and, together with the Series B Warrants, the “2015 Warrants”) to purchase up to an aggregate of 1.2 million shares of our common stock, with an exercise price of $1.66 per share (collectively, the “2015 Offering”). The purchase price for the Series B Warrants was $1.42 per share of our common stock subject to the Series B Warrants. Each of the 2015 Warrants has a term of 5 and 1/2-years. The Series B Warrants are immediately exercisable. The Series A Warrants will be exercisable beginning on January 7, 2016, six months from the date of issuance. The aggregate gross proceeds to us from the 2015 Offering were approximately $3.0 million.
Craig-Hallum Capital Group LLC (the “2015 Placement Agent”) served as the sole placement agent for the Offering. In consideration for services rendered as the placement agent in the 2015 Offering, we (i) paid to the 2015 Placement Agent cash commissions equal to approximately $212,783, or 7.0% of the gross proceeds received in the 2015 Offering; (ii) issued to the 2015 Placement Agent a five-year warrant to purchase up to 107,033 shares of our common stock with an exercise price of $1.66 per share and which is subject to other terms that are the same as the terms of the Series A Warrants; and (iii) reimbursed the 2015 Placement Agent for reasonable out-of-pocket expenses, including fees paid to the 2015 Placement Agent’s legal counsel, incurred in connection with the 2015 Offering, which reimbursable expenses did not exceed $50,000.
Waiver under Loan Agreement
As disclosed in Note 5 - “Debt”, at June 30, 2015, we could not support an advance of $3.0 million per the defined borrowing base calculation of the Revolving Line, as required per the Loan Agreement.  On August 10, 2015, we made a payment of $0.7 million to the Lenders which brought us back into compliance with the terms of the Revolving Line and, on such date, we received a waiver from the Lenders related to our non-compliance at June 30, 2015.