Issuance of Common Stock

3 Months Ended

Mar. 31, 2013

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Note 15. Issuances of Common Stock

Common Stock Purchase Agreement with Aspire Capital

On July 16, 2012, the Company entered into a Common Stock Purchase Agreement (the “Common Stock Purchase Agreement”) with Aspire Capital Fund, LLC, an Illinois limited liability company (“Aspire Capital”), pursuant to which the Company, from time to time, could issue and sell to Aspire Capital shares of the Company’s common stock. Under the terms of the Common Stock Purchase Agreement, the Company could issue and sell to Aspire Capital shares of the Company’s common stock for aggregate gross sales proceeds of up to $11,000,000, subject to the terms and conditions set forth in such agreement.

On March 27, 2013, the Company delivered to Aspire Capital notice of termination of the Common Stock Purchase Agreement, which termination became effective March 28, 2013. The Company terminated the Common Stock Purchase Agreement because it did not intend to utilize such agreement to raise additional capital. The Company did not incur any termination fees or penalties as a result of such termination. In connection with the termination of the Common Stock Purchase Agreement, the Company also terminated the Registration Rights Agreement (the “Registration Rights Agreement”) with Aspire Capital, dated July 16, 2012. Upon termination of the Registration Rights Agreement, the Company was no longer under any obligation to register any of its securities for Aspire Capital.

During the three months ended March 31, 2013, Aspire purchased a total of 1,250,000 shares under the Common Stock Purchase Agreement for net proceeds to the Company of approximately $1.0 million.

On February 10, 2012, the Company entered into an At Market Issuance Sales Agreement (the “Agreement”) with MLV & Co. LLC (“MLV”), pursuant to which the Company may issue and sell shares of its common stock, $0.001 par value per share, having an aggregate offering price of up to $10,000,000 (the “Shares”) from time to time through MLV (the “Offering”). Also on February 10, 2012, the Company filed a prospectus supplement with the Securities and Exchange Commission in connection with the Offering (the “Prospectus Supplement”). The shares of common stock to be sold under the Agreement are registered pursuant to an effective shelf Registration Statement on Form S-3 (Registration No. 333-162609) and the Prospectus Supplement.

Upon delivery of a placement notice and subject to the terms and conditions of the Agreement, MLV may sell the common stock by methods deemed to be an “at-the-market” offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended (the “Securities Act”), including sales made directly on The NASDAQ Capital Market, on any other existing trading market for the common stock or to or through a market maker. With the Company’s prior written approval, MLV may also sell the common stock by any other method permitted by law, including in privately negotiated transactions. The Company or MLV may suspend or terminate the offering of common stock upon notice and subject to other conditions. Unless otherwise terminated pursuant to the terms of the Agreement, the Agreement automatically terminates upon the earlier to occur of the three-year anniversary of the date hereof, or the issuance and sale of all of the Shares. MLV will act as sales agent on a commercially reasonable best efforts basis consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of NASDAQ.

The Company agreed to pay MLV a commission equal to 3.0% of the gross sales price per share sold and provide indemnification and contribution to MLV against certain civil liabilities, including liabilities under the Securities Act. During the three months ended March 31, 2012, no shares were issued under the Agreement. On July 13, 2012, the Company delivered to MLV notice of termination of the ATM Agreement, which termination became effective July 23, 2012.