Annual report pursuant to Section 13 and 15(d)

Common Stock

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Common Stock
 12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
Common Stock
Common Stock
 
All shares of common stock have a par value of $0.001. Each holder of common stock is entitled to one vote per share outstanding.

 During the year ended December 31, 2016, common stock activity consisted of the exercise of options and warrants for an aggregate 10,352 shares of the Company’s common stock for proceeds of $35,533.

During the year ended December 31, 2015, the Company completed an underwritten follow-on offering of 2,225,825 shares, inclusive of the underwriter’s overallotment of 290,325 shares, of its common stock. Gross proceeds were $17,250,144 before underwriting discounts and offering expenses. Net cash proceeds were $15,924,405 after offering fees and expenses of $1,325,739, including the underwriting discount of $1,035,008 and other costs of $290,731. In addition, common stock activity included the exercise of options and warrants for an aggregate 265,484 shares of the Company’s common stock for net proceeds of $653,828. The Company also granted 10,000 restricted shares of common stock to an employee as a performance award.
 
On December 1, 2014, the Company filed a Form S-3 shelf registration statement with the Securities and Exchange Commission. The registration statement allows the Company to offer up to an aggregate $75 million of common stock, preferred stock, warrants to purchase common stock or preferred stock or any combination thereof. After the May 2015 follow-on offering, $58 million is available to the Company under the registration statement.