Note 18 - Subsequent Events

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Subsequent Events [Text Block]

18.

SUBSEQUENT EVENTS

On

February

14,

2017,

the Company entered into a securities purchase agreement whereby it sold, in a public offering (the

February

14,

2017

Public Offering), an aggregate of

19,385,869

shares of common stock of the Company at an offering price of

$0.23

per share. In addition, the Company sold Series AA Warrants (the Series AA Warrants) to purchase up to

16,489,402

shares of common stock and Pre-Funded Series BB Warrants (the Pre-Funded Series BB Warrants) to purchase up to

2,600,000

shares of common stock. The Series AA Warrants have an exercise price of

$0.23

per share, have a

five

year life and are immediately exercisable. The Pre-Funded Series BB Warrants were offered at

$0.22

per share, are immediately exercisable for

$0.01

per share of common stock, do not have an expiration date and were issued in lieu of shares of common stock to the extent that the purchase of common stock would cause the beneficial ownership of the purchaser of such shares, together with its affiliates and certain related parties, to exceed

9.99%

of our common stock. The Company received approximately

$5.0

million in gross proceeds before the deduction of the placement agent fees and offering expenses (excluding any proceeds from the exercise of the warrants) in the

February

14,

2017

Public Offering.

In connection with the

February

14,

2017

Public Offering, the Company has filed with the Securities and Exchange Commission a registration statement on Form S-

1

(Registration No. 

333

-

215321)

on

December

23,

2016,

as amended by Pre-Effective Amendment No.

1

filed with the Commission on

January

20,

2017,

as further amended by Pre-Effective Amendment No.

2

filed with the Commission on

February

13,

2017,

as further amended by Pre-Effective Amendment No.

3

filed with the Commission on

February

13,

2017

and as further amended by Pre-Effective Amendment No.

4

filed with the Commission on

February

14,

2017

for the registration of the securities issued and sold under the Securities Act of

1933,

as amended.