Quarterly report pursuant to Section 13 or 15(d)

11. Subsequent Events

11. Subsequent Events
3 Months Ended
Jun. 30, 2014
Subsequent Events [Abstract]  
11. Subsequent Events

On April 2, 2014, the Company entered into an At-the-Market Issuance Sales Agreement with MLV & Co. LLC under which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $9,159,000 from time to time through MLV acting as the Company’s sales agent. The Company will pay MLV a commission rate equal to 3.0% of the gross proceeds from the sale of any shares of common stock sold through MLV as agent under the Sales Agreement. From July 1, 2014 through August 6, 2014, the sales of 15,120 shares under this agreement have resulted in net proceeds of $43,000.


On July 9, 2014, the Company entered into a two-year lease agreement for 1,496 square feet of office space in Jamison, PA. The rent is $2,126 per month for the first year and $2,369 per month for the second year.


On July 15, 2014, the Company granted an aggregate of 10,463 stock options to its four non-employee directors. The options have an exercise price of $2.68 and vest quarterly over a three year period. In addition, the non-employee directors received an aggregate of approximately $26,000 of cash compensation. The compensation was paid pursuant to the Company’s Non-Employee Director Compensation Plan as compensation for services provided during the three months ended June 30, 2014.