Note 7 - Subsequent Events

3 Months Ended

Mar. 31, 2016

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE 7 – SUBSEQUENT EVENTS

    On April 26, 2016, the Company entered into a note purchase agreement with new and existing investors (the “Investors”).  On April 28, 2016, pursuant to the agreement, the Company issued approximately $10.0 million in aggregate principal and accrued interest of its 7.00% Convertible Senior Notes due 2020 (“2020 Notes”).  The proceeds from the issuance of the 2020 Notes to the Investors (such 2020 Notes, the “New Notes”), approximately $8.0 million before fees and expenses, will be used for general working capital purposes.

    The 2020 Notes accrue interest at 7.00% per year, with no principal or interest payments due prior to maturity on March 5, 2020. The 2020 Notes, including original principal and accrued interest, are convertible at any time into the Company’s common stock at a price of approximately $6.75 per share, pursuant to the terms of the Indenture dated as of December 10, 2015, by and between the Company and U.S. Bank National Association (the “Indenture”), under which the New Notes were issued.  

    In connection with issuing the New Notes, the Company entered into a First Supplemental Indenture to the Indenture, dated as of April 28, 2016, by and between the Company and U.S. Bank National Association.