Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.8.0.1
Subsequent Events
3 Months Ended
Mar. 31, 2018
Notes to Financial Statements  
Note 10. Subsequent Events

On March 30, 2018 the Company filed a prospectus supplement to register the sale of up to $50 million of shares of common stock under the New ATM. We have raised an approximate $1.5 million under this prospectus supplement from April 3, 2018 to the date of this Form 10-Q filing.

 

On May 4, 2018, the shareholders voted at the annual shareholder meeting to increase the number of common shares that may be issued under the 2015 Equity Incentive Plan from 2.9 million common shares to 6.3 million common shares.

 

On May 8, 2018 the Board of Directors approved the issuance of 124,882 common shares in payment of accrued dividends of $342,813 up through March 31, 2018, on the Series A Preferred Stock. The investor converted 111,260 Series A Preferred Shares into the 124,882 common shares issued as payment of the dividend leaving 908,740 Series A Preferred Shares outstanding with a liquidation preference of $2.8 million at April 30, 2018.