Stockholders' Equity

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

In March 2016, the Company raised $3.5 million in gross proceeds (approximately $3.0 million net of issuance cost) through an underwritten public offering of 10 million shares of common stock at a price per share of $0.35 under the Company’s Registration Statement on Form S-3.

During the three months ended March 31, 2016, the Company incurred additional expenses related to common stock issuance of approximately $0.1 million.

During the three months ended March 31, 2016, the Company issued 3,000,000 shares of common stock to the Daney noteholder as payment on the note.

During the three months ended March 31, 2016, the Company issued 2,250,000 shares of common stock to Varilease Finance Inc. The shares were issued in satisfaction of lease payment obligations.