Subsequent Event

6 Months Ended

Jun. 30, 2016

Subsequent Events [Abstract]

Subsequent Event

Note 11. Subsequent Event

On August 2, 2016, pursuant to the Company’s effective shelf registration statement on Form S-3 (No. 333-198498), and the prospectus supplements filed thereto, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Laidlaw & Company (UK) Ltd. as representative of the several underwriters listed on Schedule I thereto (the “Underwriters”), relating to the public offering and sale of up to 1,592,357 shares of the Company’s common stock at a price to the public of $1.57 per share.  Under the terms of the Underwriting Agreement, the Company has granted the representative of the underwriters a 30-day option to purchase up to 231,349 additional shares of its common stock. The gross proceeds to the Company were $2,500,000, before deducting the underwriting discount and other estimated offering expenses payable by the Company assuming no exercise by the Underwriters of their over-allotment option, or $2,863,218 if the Underwriters exercise their over-allotment option. The sale of such 1,592,357 shares closed on August 8, 2016.