Quarterly report pursuant to Section 13 or 15(d)

Note 7 - Subsequent Events

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Note 7 - Subsequent Events
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Subsequent Events [Text Block]
Note
7.
Subsequent Events
 
On
October 29, 2018,
we closed a registered direct offering and concurrent private placement with institutional investors. In connection with the offering we issued an aggregate of
3,000,000
shares of common stock in the registered direct offering and
3,000,000
common stock purchase warrants in the private offering. We issued the shares in the registered offering at a price of
$0.70
per share. We also issued each investor an accompanying warrant for each share purchased. We received gross proceeds of
$2.1
million from this offering. The warrants have an exercise price of
$0.75
per share of common stock, will be exercisable commencing with the
six
-month anniversary of the issuance date and will expire
five
and
one
-half years from issuance. The common stock issued in this offering was sold pursuant to our shelf registration statement that was declared effective by the SEC on
June 23, 2017 (
Registration
No.
333
-
218608
). In connection with the offering we also issued our placement agent
180,000
common stock purchase warrants. The placement agent warrants are substantially similar to the investor warrants except that they have an exercise price of
$0.875
per share and a term of
5
years.