STOCKHOLDERS' EQUITY |
9 Months Ended | |
|---|---|---|
Sep. 30, 2016 | ||
| Stockholders' Equity Note [Abstract] | ||
| Stockholders' Equity Note Disclosure [Text Block] |
NOTE 5 STOCKHOLDERS’ EQUITY On April 26, 2016, the Company closed an underwritten public offering of 11,500,000 shares of its common stock, including 1,500,000 shares sold pursuant to the full exercise of an over-allotment option previously granted by the underwriters, pursuant to an effective registration statement on Form S-3 (Registration No. 333-200324), which was declared effective by the Securities and Exchange Commission on December 3, 2014. The shares were sold at the public offering price of $5.60 per share. SunTrust Robinson Humphrey, Inc. and Seaport Global Securities LLC acted as joint book-running managers. The gross proceeds from the offering were $64,400,000, and the Company’s net proceeds from the offering were $61,063,497, after deducting underwriting commissions and offering expenses payable by the Company of $3,336,503. These offering costs and expenses included $3,200,000 in underwriting discounts with the remainder of the offering expenses being various legal, accounting, travel and other costs. No amounts were paid, directly or indirectly, to any director, officer or 10% owner. Out of the proceeds of the offering, the Company paid all principal of $50.9 million and related interest of approximately $215,000 outstanding under its Credit Facility and used approximately $10 million for leasing activities, development of existing properties and working capital. Common Stock Issued in Option Exercise During the nine months ended September 30, 2015, the Company issued 40,000 shares of common stock as the result of option exercises. Of the 40,000 options exercised, (i) 20,000 had an exercise price of $4.50 per share for an aggregate of $90,000 and 20,000 had an exercise price of $2.00 per share for an aggregate of $40,000 The Company received an aggregate amount of $150,000 as a result of the option exercises. Also during the nine months ended September 30, 2015, the Company issued 16,875 shares of common stock as the result of the cashless exercise of the following options: 10,000 with an exercise price of $2.00 per share, 10,000 with an exercise price of $4.50 per share and 5,000 with an exercise price of $5.50. The Company withheld 8,125 shares, valued at $92,500 or $11.38 per share. During the nine months ended September 30, 2016, the Company issued 25,000 shares of common stock as the result of option exercises. The options exercised had an exercise price of $4.50 per share. The Company received an aggregate amount of $112,500 as a result of the option exercises. Also during the nine months ended September 30, 2016, the Company issued 119 shares of common stock as the result of the cashless exercise of the 150 options with an exercise price of $2.00 per share. The Company withheld 31 shares, valued at $300 or $9.72 per share. |