NOTE 10 – SUBSEQUENT EVENTS

In January 2015, the Company issued 34,548 common shares in connection with the exercise of warrants for total proceeds of $77,005.

In January 2015, the Company issued 54,659 common shares to a member of the Company’s board of directors pursuant to a cashless exercise of 66,667 warrants.

On January 6, 2015, the Company issued 17,095 and 19,943 restricted common shares to two consultants and a member of the Company’s board of directors, respectively, as a bonus for performance and meeting key milestones in fiscal year 2014.

On January 6, 2015, the Company issued 140,000 common stock options to two employees of the Company. The options have a term of five years and an exercise price of $8.19 per share. The options vest 25% immediately and 25% thereafter on the next three anniversaries of the grant date.

On February 6, 2015, the Company announced the sale of 4,259,259 shares of common stock, inclusive of the over allotment, in an underwritten public offering at a price per share of $6.75. The Company expects to issue the shares of common stock at the closing of the transaction on February 11, 2015, and receive gross proceeds of approximately $28.8 million.

On February 8, 2015, the Company agreed to issue 10,714 restricted shares of common stock to a consultant, subject to vesting throughout calendar 2015, for $75,000 of services to be provided in calendar year 2015.