Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity

Stockholders' Equity

12 Months Ended

Dec. 31, 2017

12.

Stockholders’ Equity

Common Stock

On March 10, 2016, we filed a certificate of amendment to our Amended and Restated Certificate of Incorporation, as amended, to effect the Split, that became effective for trading purposes on March 11, 2016. The number of authorized shares and the par value of our common stock remained unchanged following the Split. All share amounts in these financial statements have been restated to give effect to the Split, as applicable.

The changes in issued and outstanding common stock during the years ended December 31, 2016, 2015 and 2014 were as follows:


	Shares
Balance at January 1, 2015		12,971,438
Shares issued for stock-based compensation		142,556
Shares issued in private placement offering (1)		869,600
Shares issued for contingent consideration and acquisition		1,980,909

Balance at December 31, 2015		15,964,503
Shares issued for stock-based compensation		310,959
Shares issued for contingent consideration and acquisition		1,254,137
Shares issued in public offering (2)		3,191,250
Shares issued in private placement offering (3)		172,413

Balance at December 31, 2016		20,893,262
Shares issued for stock-based compensation		226,922
Shares issued for contingent consideration and acquisition		232,199

Balance at December 31, 2017		21,352,383

(1)	Shares sold in a private placement to one of our distributors. Net proceeds were used for general corporate purposes.

(2)	Underwritten public offering of our common stock at an offering price of $5.25 per share. Net proceeds of the offering were $15.2 million, which were used to fund the cash portion of the TNT acquisition, pay down bank debt, and for general corporate purposes.

(3)	Shares sold for $1.0 million in a private placement to one of our distributors. Net proceeds were used for general corporate purposes.

At December 31, 2017, 8,670,386 shares, or 41% of our outstanding shares, were owned by RVL and its affiliates. During the first quarter of 2018, RVL and its affiliates purchased an additional 1,000,000 shares of common stock for $3.6 million. After such purchases, 9,670,386, or 43% of our outstanding shares were owned by RVL and its affiliates.

Preferred Stock

We are authorized to issue up to 5,000,000 shares of preferred stock. There were no shares of preferred stock outstanding at December 31, 2017, 2016 and 2015.