Note 4 - Stockholders' Equity

9 Months Ended

Sep. 30, 2016

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

Note 4  – Stockholders ’ Equity

At-the-Market (ATM) Program

We have an ATM Program with Stifel pursuant to which Stifel, as our exclusive agent, may sell through the ATM Program, at such times that we may elect

through February 11, 2019, up to a maximum of $25 million of shares of our common stock. For a detailed description of our ATM Program,

see

, Note 10, “Stockholders’ Equity – At-the-Market Program,” in the 2015 Form 10-K, and our Current Report on Form 8-K dated February 11, 2016. Shares of our common stock sold under the ATM Program are issued pursuant to our 2014 Universal Shelf, which currently is subject to limitations under the Form S-3 registration statement (

see

, Note 2 – “Liquidity Risks and Management’s Plans”).

During the

three and nine months ended September 30, 2016, we completed offerings of our common stock under our ATM Program of 159,051 shares and 187,022 shares, respectively. This resulted in an aggregate purchase price of approximately $432,000 ($402,000 net) and $503,000 ($471,000 net), respectively, for the three and nine month periods ended September 30, 2016.

As of September 30, 2016, approximately $22.5 million remained available under the ATM Program

, subject to certain limitations under our 2014 Universal Shelf, which are described in Note 2, “Liquidity Risk and Management’s Plans.”