STOCKHOLDERS' EQUITY |
12 Months Ended | |
|---|---|---|
Dec. 31, 2016 | ||
| Stockholders' Equity Note [Abstract] | ||
| Stockholders' Equity Note Disclosure [Text Block] |
NOTE 7 STOCKHOLDERS’ EQUITY The Company is authorized to issue 150,000,000 common shares, with a par value of $0.001 per share and 50,000,000 shares of Preferred Stock.
Common Stock Issued in Private Offering In June 2014, the Company closed on an offering of 2,000,001 shares of common stock at $15.00 per share for gross proceeds of $30,000,015. The shares were sold without registration under the Securities Act by reason of the exemption from the registration afforded by the provisions of Section 4(a)(2) and/or Section 4(a)(5) of the Securities Act of 1933, as amended, and Rule 506 promulgated thereunder for sales of unregistered securities. Offering costs totaled $1,485,328. The Company filed a registration statement with the SEC to register such shares, which was declared effective September 3, 2014.
Common Stock Issued in Public Offering
In June 2015, the Company closed an underwritten public offering of 4,500,000 shares of its common stock at $11.50 per share for gross proceeds of $51,750,000. In July 2015, the Company closed on the over-allotment associated with this offering, resulting in the issuance of an additional 100,000 shares of common stock at $11.50 per share, for gross proceeds of $1,150,000. Total net proceeds from the offering were $50,039,853, after deducting commissions and offering expenses payable by the Company of approximately $2,860,147. In April 2016, the Company closed on 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, at $5.60 shares for fross processed of $64,400,000. Total net proceeds from the offering were $61,063,497, after deducting underwriting commissions and offering expenses payable by the Company of $3,336,503. In December 2016, the Company closed on an underwritten public offering of 7,195,387 shares of its common stock, including 670,387 shares sold pursuant to the partial exercise of an over-allotment option, at $11.50 shares for fross processed of $82,746,951. Total net proceeds from the offering were $78,485,787, after deducting underwriting commissions and offering expenses payable by the Company of $4,261,164.
Common Stock Issued for Services In July 2014, the Company issued 5,000 shares of common stock, valued at $87,050, or $17.41 per share, as compensation for services provided.
Common Stock Issued for option exercises During 2014 the Company issued a total of 138,547 shares of common stock as a result of option exercises. Of these shares, 68,547 were the result of cashless exercises of 79,000 options. The Company withheld an aggregate of 10,543 shares as a part of the exercise. The remaining 70,000 options were the result of cash exercises for which the Company received the exercise price of $215,000.
During 2015, the Company issued a total 56,875 shares of common stock as a result of operation exercises. Of these shares, 16,875 were the result of cashless exercises of 25,000 options. The Company withheld an aggregate of 8,125 shares as a part of the exercise. The remaining 40,000 options were the result of cash exercises for which the Company received the exercise price of $134,800. During 2016, the Company issued a total of 26,334 shares of common stock as a result of option exercises. Of these shares, 734 were the result of cashless exercises of 900 options. The Company withheld an aggregate of 166 shares as a part of the exercise. The remaining 25,600 options were the result of cash exercises for which the Company received the exercise price of $112,500.
Common Stock Issued as Consideration for Property Acquisitions In September 2014, the Company issued 8,783 shares of common stock, valued at $130,428, or $14.85 per share, as consideration in a property acquisition.
In December 2014, the Company issued 5,823 shares of common stock, valued at $51,941, or $8.92 per share, as consideration in property acquisitions. |