Stockholders' Deficit

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Stockholders' Deficit

Note 11 - Stockholders’ Deficit

Common Stock

The Company had 23,425,287 and 16,404,195 shares of common stock issued and outstanding as of September 30, 2018 and December 31, 2017, respectively. 

During the nine months ended September 30, 2018, the Company issued 7,021,092 shares of common stock as follows:

● an aggregate of 5,357,052 shares in connection with a Rights Offering generating net proceeds to the Company of approximately $5.1 million,

● an aggregate of 1,475,659 shares for net proceeds of $2.1 million for the exercise of the Company’s November 2017 warrants (see Note 10 — Common Stock Warrants and Common Stock Warrant Liability for further details),

● 13,900 shares for the cashless exercise of stock options to employees,

● 32,625 shares to a former employee for the net settlement of restricted stock units whose vesting accelerated upon the termination of their employment contract,

● 37,162 shares to a Board member in net settlement of Board compensation totaling $28 and

● 104,694 shares for the net settlement of restricted stock units that vested during the period.

Rights Offering

On August 13, 2018, the Company closed a Rights Offering. Pursuant to the Rights Offering, the Company accepted subscriptions for 5,357,052 units for a purchase price of $1.15 per unit, with each unit consisting of one share of the Company’s common stock, par value $0.001 per share, and one warrant. Each warrant included in the unit was exercisable for one share of the Company’s common stock at an exercise price of $1.15 per share. At closing of the Rights Offering, the Company issued 5,357,052shares of its common stock and 5,357,052 warrants to purchase shares of its common stock at an exercise price of $1.15 per share. The Rights Offering generated net proceeds to the Company of approximately $5.1 million after the payment of fees and expenses related to the Rights Offering. In connection with the closing of the Rights Offering, the Company issued a warrant to purchase 267,853 shares of common stock to Maxim Partners LLC, an affiliate of the dealer-manager of the Rights Offering.