Note 7 - Stockholders' Equity

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

NOTE

7:

STOCKHOLDERS’ EQUITY

The Company is authorized to issue a total of

185,000,000

shares of stock consisting of

175,000,000

shares of common stock, par value

$0.18

per share, and

10,000,000

shares of preferred stock, par value

$0.001

per share. The Company has designated

750,000

shares of Series A junior participating preferred stock, par value

$0.001

per share,

4,000

shares of Series A convertible preferred stock, par value

$0.001

per share, and

25,000

shares of Series B convertible preferred stock, par value

$0.001

per share, through the filings of certificates of designation with the Delaware Secretary of State.

No

shares of Series A junior participating preferred stock and

no

shares of Series A convertible preferred stock are issued and outstanding as of

March 31, 2019.

2018

Subscription Rights Offering of Units Consisting of Series B Convertible Preferred Stock and Warrants

On

May 30, 2018,

the Company completed a rights offering pursuant to which the Company sold an aggregate of

13,624

units consisting of an aggregate of

13,624

shares of Series B convertible preferred stock and

3,869,216

warrants, with each warrant exercisable for

one

share of common stock at an exercise price of

$4.05

per share (the

“2018

Warrants”), resulting in net proceeds to the Company of approximately

$12.3

million, after deducting expenses relating to the rights offering, including dealer-manager fees and expenses, and excluding any proceeds received upon exercise of any warrants.

Warrants

As of

March 31, 2019,

1,070,028

warrants to purchase shares of common stock were outstanding. The warrants have an exercise price of

$4.05

and expire on

May 30, 2022.

For the

three

months ended 

March 31, 2019,

the Company received approximately

$11.3

million from exercises of the

2018

Warrants. As a result of the warrant exercises, the Company issued approximately

2.8

million warrants and issued approximately

2.8

million shares of common stock.

Conversion of Series B Convertible Preferred Stock

During the

three

months ended

March 31, 2019,

certain holders of the Series B convertible preferred stock exercised their conversion option and converted an aggregate of 

1,677

shares into 

476,431

shares of the Company's common stock based on the conversion ratio of approximately

284

shares of common stock for each share of Series B convertible preferred stock.