Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

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Stockholders' Equity
3 Months Ended
Mar. 31, 2016
Stockholders' Equity [Abstract]  
STOCKHOLDERS' EQUITY

NOTE 8 – STOCKHOLDERS’ EQUITY

 

Changes in stockholders’ equity for the three months ended March 31, 2016 were as follows:

 

 

(In thousand $)               Additional           Total  
    Common Stock     paid-in     Accumulated     stockholders'  
    Shares     Amount     capital     deficit     equity  
Balance at December 31, 2015     3,552,873     $ 4     $ 26,946     $ (23,445 )   $ 3,505  
Private placement, net     1,500,000       1       5,140       -       5,141  
Stock-based compensation expense     -       -       97       -       97  
Net loss     -       -       -       (1,220 )     (1,220 )
Balance at March 31, 2016     5,052,873     $ 5     $ 32,183     $ (24,665 )   $ 7,523  

 

Increase in Number of Authorized Shares

On March 8, 2016, the Company filed a Certificate of Amendment to its Articles of Incorporation with the Secretary of State of the State of Nevada to increase the number of authorized shares of common stock. As a result of the amendment, the number of the Company’s authorized shares of common stock increased from 8,000,000 to 12,000,000.

 

Issuances of Common Stock

The Company has periodically issued common stock in connection with certain private and public offerings. For the three months ended March 31, 2016 and the year ended December 31, 2015, the Company has received aggregate gross proceeds of $6,251 from these offerings as follows:

 

(In thousand $)            
          Gross  
Date   Shares     Proceeds  
May 18, 2015     190,609 (1)   $ 1,001  
November 30, 2015     193,865 (2)     -  
March 3, 2016     1,500,000 (3)     5,250  
      1,884,474     $ 6,251  

 

(1) Shares issued pursuant to Warrant Exercise Agreements with certain holders of the Series D warrants. For additional information refer to Part IV, Item 15, “Notes to Consolidated Financial Statements: Note 9 – Warrants” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.
(2) Shares issued pursuant to Make Whole Shares provision of the November 2014 registered offering. For additional information refer to Part IV, Item 15, “Notes to Consolidated Financial Statements: Note 9 – Warrants” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.
(3) Shares issued pursuant to the closing of the first tranche of the Financing with RENS Technology Inc. on March 3, 2016.