Subsequent Event

12 Months Ended

Dec. 31, 2013

Subsequent Events [Abstract]

Subsequent Event

SUBSEQUENT EVENT

On February 7, 2014, the Company closed on the issuance of 500 additional shares of Series B-1 Preferred Stock at a purchase price for each share of Series B-1 Preferred Stock of $10,000 per share. The closing resulted in gross proceeds to the Company of $5,000,000.

This transaction was the second tranche closing contemplated by the Series B Preferred Stock Purchase Agreement dated October 28, 2013. The first tranche closing, which occurred on November 1, 2013, also resulted in the Company issuing 500 shares of Series B-1 Preferred Stock and the Company receiving gross proceeds of $5,000,000.

The terms of the Series B-1 Preferred Stock issued in the first and second tranche closings are the same. See Note 10. Stockholders' Equity.

The Series B-1 Preferred Stock was offered and sold pursuant to a prospectus supplement filed on October 30, 2013 with the Securities and Exchange Commission in connection with the Company’s shelf registration statement on Form S-3 (File No. 333-178821), which became effective on February 14, 2012.