Annual report pursuant to Section 13 and 15(d)

SUBSEQUENT EVENTS

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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2014
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
NOTE 12 – SUBSEQUENT EVENTS
 
February 2015 financing
 
On February 4, 2015, the Company entered into an underwriting agreement with Roth and Oppenheimer & Co Inc., as representatives (the “Representatives”) of several underwriters (collectively, the “Second Underwriters”), relating to the issuance and sale of 4,900,000 shares of the Company’s common stock, in an underwritten public offering (the “February 2015 Financing”). The public offering price for each share of common stock was $5.85. The Company granted the Second Underwriters a 45-day option to purchase up to an additional 735,000 shares of common stock to cover over-allotments, if any.
 
The February 2015 Financing closed on February 9, 2015. The Second Underwriters purchased the shares at a six- percent discount to the public offering price, for an aggregate discount of $1,719,900 (or $0.35 per share). The Company also paid offering expenses of approximately $250,000. The Company received net proceeds of approximately $26,700,000. On February 24, 2015, the Second Underwriters partially exercised the over-allotment option and purchased 418,700 shares of common stock for net proceeds of approximately $2,300,000.
 
Options granted
 
On February 25, 2015, the Company granted options to purchase an aggregate of 449,500 shares of the Company’s common stock to officers, directors, employees and consultants with an exercise priceof $5.95, exercisable for a period of ten years, vesting 1/3 on the first anniversary and 1/36th each month thereafter for 24 months. Additionally, the Company granted options to purchase  7,143 shares of the Company’s common stock to Seth Lederman as a non-cash bonus, with an exercise price of $5.95, exercisable for a period of ten years, vesting immediately upon the grant date.
 
Restricted stock units
 
On February 25, 2015, the Company granted an aggregate of 42,000 restricted stock units to its non-employee directors for board services in 2015 in lieu of cash, vesting one year from the grant date.