Note 17 - Subsequent Events

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Subsequent Events [Text Block]

17.

 Subsequent Events

The Company is conducting the Private Placement of (i) shares of its Series A Convertible Preferred Stock, each share of Series A Convertible Preferred Stock being convertible into

one

share of its common stock, subject to adjustment, and (ii) for each share of Series A Convertible Preferred Stock purchased in the Private Placement, a

5

-year warrant to purchase

one

share of common stock (the “Warrant” and collectively with the Series A Convertible Preferred Stock, the “Securities”).

On

March

14,

2017,

the Company entered into Subscription Agreements with certain accredited investors and conducted an initial closing of the Private Placement pursuant to which the Company sold 

7,837,023

shares of the Series A Convertible Preferred Stock at a purchase price of

$2.02

per share (the “

Initial Closing

”). In addition, each investor received a Warrant to purchase

one

share of common stock for each share of Series A Convertible Preferred Stock purchased by such investor in the Private Placement at an exercise price of

$2.22,

subject to adjustment thereunder.

The Company received net cash proceeds of approximately

$14.1

million from the Initial Closing, after deducting

$1.7

million in placement agent fees and expenses associated with the Initial Closing. The Company

may

periodically conduct

one

or more additional closings up to aggregate gross proceeds of

$25.0

million.