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Subsequent Events
12 Months Ended
Dec. 31, 2017
Subsequent Events [Abstract]  
Subsequent Events

NOTE 14 - SUBSEQUENT EVENTS:

 

During January and February 2018, the placement agent from the July 2016 Offering exercised its unit purchase option to purchase 13,508 units and received 13,508 shares of Series B Convertible Preferred Stock and 1,545 Series A warrants to purchase common stock. The placement agent subsequently converted its Series B Convertible Preferred Stock and received an aggregate of 111,443 shares of common stock. The Company received an aggregate of $557,205 from the placement agent for the exercise of the unit purchase option and the subsequent conversion of the Series B Convertible Preferred Stock included in the units.

 

On January 8, 2018, the purchaser of Series D Convertible Preferred Stock converted its remaining 8,295 shares Series B Convertible Preferred Stock. Accordingly, the Company will not be required to redeem any shares of Series B Convertible Preferred Stock upon closing of a subsequent financing.

 

Regarding the Company’s one-for-thirty-five reverse stock split of its common stock that occurred on February 7, 2018, which has been retroactively applied to the financial statements, see Note 10a.

 

On February 7, 2018, at a special meeting of the Company’s stockholders, the stockholders approved the issuance of more than 19.99% of the Company’s outstanding common stock (measured as of November 28, 2017) at a price per share less than book or market value to investors who participated in the Series D Private Placement. See Note 10a.