|3 Months Ended|
Mar. 31, 2018
|Subsequent Events [Abstract]|
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.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/presentationRef