12. AT MARKET SECURITY SALES

3 Months Ended

Mar. 31, 2016

Marketable Securities [Abstract]

12. AT MARKET SECURITY SALES

The Company entered into an At Market Issuance Sales Agreement (“Sales Agreement”) with an investment banking firm (the “Agent”) on December 19, 2014.  Under the Sales Agreement, the Company may sell both common stock and Series A Preferred Stock pursuant to the Registration Statement on Form S-3 of the Company filed on November 5, 2013 (Registration No. 333-192094), which became effective under the Securities Act on November 21, 2013.  Upon the Company’s delivery and the Agent’s acceptance of a placement notice, the Agent will use its commercially reasonable efforts, consistent with its sales and trading practices, to sell any shares subject to the placement notice.  The Company initiated the sales of securities under the Sales Agreement on February 18, 2015, and as of March 31, 2016, the Company sold the following securities for the net proceeds listed below (the Company made no sales of securities since the second quarter of 2015).

	Shares		Net Proceeds
Common Stock		1,347,458	$	1,363,160
Series A Preferred Stock		46,857		870,386
Total			$	2,233,546