Note 11 - Subsequent Event

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE

1

1

– SUBSEQUENT EVENT

On

April 26, 2018, 

the Company and the financial institution entered into the waiver and

second

amendment to the loan and security agreement (the "Second Amendment), pursuant to which it received a waiver of the event of default for the

March 31, 2018 

noncompliance with a financial covenant. In connection with the Second Amendment, the Company granted a lien to its intellectualy property. 

In connection with the Second Amendment, the Company issued warrants to the financial institution for the purchase of

277,778

 shares of its Common Stock with an exercise price of

$0.32

 per share. 

The fair value of the warrants will be recorded as additional debt discount and amortized over the remaining loan period.