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Public Offering
12 Months Ended
Dec. 31, 2016
Public Offering  
Public Offering

NOTE 2. PUBLIC OFFERING

 

On September 30, 2016, we priced a follow-on public offering of common stock at $1.00 per share. The transaction closed on October 5, 2016. Net of underwriting and stock offering expenses of approximately $709,000, the net proceeds to the Company were approximately $5.0 million. The Company used the proceeds to repay a $1 million promissory note received in conjunction with the public offering (“Bridge Financing”), to repay its $868,000 indebtedness with Federal National Commercial Credit (“FNCC”) and pay the remaining $500,000 plus accrued interest on the Hard Rock Note (see Note 6 – Long-term Debt). We have used the remaining funds from the offering and cash flows from operations to service on going debt obligations, which include real property leases and equipment loans, as well as for general corporate purposes, including growth working capital.