| Changes in Issued and Outstanding Common Stock |
The changes in issued and outstanding common stock during the years
ended December 31, 2016, 2015 and 2014 were as follows:
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Shares |
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Balance at January 1, 2014
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8,209,521 |
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Shares issued for stock-based compensation
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71,800 |
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Shares issued for contingent consideration and acquisition
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260,100 |
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Shares issued in public offering (1)
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800,000 |
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Conversion of preferred stock to common stock (2)
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3,630,017 |
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Balance at December 31, 2014
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12,971,438 |
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Shares issued for stock-based compensation
|
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142,556 |
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Shares issued in private placement offering (3)
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869,600 |
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Shares issued for contingent consideration and acquisition
|
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1,980,909 |
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Balance at December 31, 2015
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15,964,503 |
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Shares issued for stock-based compensation
|
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310,959 |
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Shares issued for contingent consideration and acquisition
|
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1,254,137 |
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Shares issued in public offering (4)
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3,191,250 |
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Shares issued in private placement offering (5)
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172,413 |
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Balance at December 31, 2016
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20,893,262 |
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| (1) |
Underwritten public offering of our
common stock at an offering price of $12.50 per share. Net proceeds
of the offering were $8.6 million, which were used for general
corporate purposes. |
| (2) |
Exchange of all outstanding preferred
stock, including accrued but unpaid dividends. |
| (3) |
Shares sold in a private placement to
one of our distributors. Net proceeds were used for general
corporate purposes. |
| (4) |
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 (see Note 3), pay down bank
debt, and for general corporate purposes. |
| (5) |
Shares sold for $1.0 million in
a private placement to one of our distributors. Net proceeds were
used for general corporate purposes. |
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