10. Subsequent Event

On April 6, 2018, the Company announced that it had entered into a securities purchase agreement with certain new institutional investors providing for the purchase and sale of 900,000 shares of the Company’s common stock at a price of $2.00 per share in a registered direct offering, resulting in total gross proceeds of $1,800,000. The Company also agreed to issue unregistered warrants to the investors in a concurrent private placement to purchase up to an equivalent number of shares of the Company’s common stock with an exercise price of $2.00 per share. The warrants will be exercisable six months following the closing date and will expire five years from the date of issuance. The closing of the sale of the securities occurred on April 10, 2018. The shares of common stock were offered pursuant to a shelf registration statement on Form S-3 (File No. 333-213321), which was declared effective by the United States Securities and Exchange Commission (“SEC”) on September 7, 2016. The warrants and shares issuable upon exercise of the warrants were offered in a concurrent private placement and have not been registered under the Securities Act of 1933, as amended.