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0001193125-15-368053.txt : 20151109 0001193125-15-368053.hdr.sgml : 20151109 20151105150259 ACCESSION NUMBER: 0001193125-15-368053 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20150930 FILED AS OF DATE: 20151105 DATE AS OF CHANGE: 20151105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Stereotaxis, Inc. CENTRAL INDEX KEY: 0001289340 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 943120386 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36159 FILM NUMBER: 151200188 BUSINESS ADDRESS: STREET 1: 4320 FOREST PARK AVENUE STREET 2: SUITE 100 CITY: ST.LOUIS STATE: MO ZIP: 63108 BUSINESS PHONE: 314-678-6100 MAIL ADDRESS: STREET 1: 4320 FOREST PARK AVENUE STREET 2: SUITE 100 CITY: ST.LOUIS STATE: MO ZIP: 63108 10-Q 1 d26827d10q.htm 10-Q 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2015

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-36159

STEREOTAXIS, INC.

(Exact name of registrant as specified in its charter)


Delaware		94-3120386
(State of Incorporation)		(I.R.S. employer identification no.)

4320 Forest Park Avenue Suite 100 St. Louis, Missouri		63108
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (314) 678-6100

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Registration S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). x Yes ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b -2 of the Exchange Act). ¨ Yes x No

The number of outstanding shares of the registrant’s common stock on October 20, 2015 was 21,544,018.

STEREOTAXIS, INC.

INDEX TO FORM 10-Q


		Page
Part I Financial Information
Item 1.	Financial Statements (unaudited)
	Balance Sheets		3
	Statements of Operations		4
	Statements of Cash Flows		5
	Notes to Financial Statements		6-16
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		17-22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		22-23
Item 4.	Controls and Procedures		23
Part II Other Information
Item 1.	Legal Proceedings		24
Item 1A.	Risk Factors		24
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		24
Item 3.	Defaults upon Senior Securities		24
Item 4.	[Reserved]		24
Item 5.	Other Information		24
Item 6.	Exhibits		24
Signatures			25
Exhibit Index			26

STEREOTAXIS, INC.

BALANCE SHEETS


	September 30, 2015			December 31, 2014
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	3,618,469		$	7,270,301
Accounts receivable, net of allowance of $113,963 and $131,464 in 2015 and 2014, respectively		6,598,667			6,480,499
Inventories		5,132,532			6,371,903
Prepaid expenses and other current assets		760,745			1,094,837

Total current assets		16,110,413			21,217,540
Property and equipment, net		1,076,692			894,728
Intangible assets, net		1,154,778			1,379,653
Other assets		294,900			388,850

Total assets	$	18,636,783		$	23,880,771

Liabilities and stockholders’ deficit
Current liabilities:
Accounts payable	$	2,323,086		$	2,353,133
Accrued liabilities		6,042,517			5,505,142
Deferred revenue		6,447,824			6,658,170
Warrants		1,302,039			2,134,187

Total current liabilities		16,115,466			16,650,632
Long-term debt, less current maturities		18,283,492			18,388,764
Long-term deferred revenue		812,070			976,165
Other liabilities		5,589			414,928
Stockholders’ deficit:
Preferred stock, par value $0.001; 10,000,000 shares authorized, none outstanding at 2015 and 2014		—			—
Common stock, par value $0.001; 300,000,000 shares authorized, 21,271,844 and 20,480,874 shares issued at 2015 and 2014, respectively		21,272			20,481
Additional paid in capital		447,881,991			446,241,703
Treasury stock, 4,015 shares at 2015 and 2014		(205,999	)		(205,999	)
Accumulated deficit		(464,277,098	)		(458,605,903	)

Total stockholders’ deficit		(16,579,834	)		(12,549,718	)

Total liabilities and stockholders’ deficit	$	18,636,783		$	23,880,771

See accompanying notes.

STEREOTAXIS, INC.

STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Revenue:
Systems	$	2,298,608		$	2,181,088		$	8,222,722		$	4,669,224
Disposables, service and accessories		6,976,006			6,673,013			20,247,169			20,587,084

Total revenue		9,274,614			8,854,101			28,469,891			25,256,308
Cost of revenue:
Systems		1,286,849			1,318,456			4,536,391			2,958,668
Disposables, service and accessories		1,159,547			1,019,476			3,483,906			2,983,111

Total cost of revenue		2,446,396			2,337,932			8,020,297			5,941,779
Gross margin		6,828,218			6,516,169			20,449,594			19,314,529
Operating expenses:
Research and development		1,494,201			1,214,405			4,399,734			4,030,594
Sales and marketing		3,691,805			3,717,670			11,976,955			11,445,089
General and administrative		2,549,690			2,763,667			8,116,989			9,537,043

Total operating expenses		7,735,696			7,695,742			24,493,678			25,012,726

Operating loss		(907,478	)		(1,179,573	)		(4,044,084	)		(5,698,197	)
Other income		725,356			2,034,731			832,148			2,139,718
Interest income		267			1,736			1,622			5,665
Interest expense		(815,071	)		(834,224	)		(2,460,881	)		(2,505,842	)

Net income (loss)	$	(996,926	)	$	22,670		$	(5,671,195	)	$	(6,058,656	)

Net earnings (loss) per common share:
Basic	$	(0.05	)	$	0.00		$	(0.27	)	$	(0.31	)
Diluted	$	(0.05	)	$	0.00		$	(0.27	)	$	(0.31	)

Weighted average shares used in computing net earnings (loss) per common share:
Basic		21,142,795			20,326,169			20,965,012			19,767,545
Diluted		21,142,795			20,518,757			20,965,012			19,767,545

See accompanying notes.

STEREOTAXIS, INC.

STATEMENTS OF CASH FLOWS

(Unaudited)


	Nine Months Ended September 30,
	2015			2014
Cash flows from operating activities
Net loss	$	(5,671,195	)	$	(6,058,656	)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation		223,430			334,908
Amortization of intangibles		224,875			224,875
Amortization of deferred finance costs		166,850			183,568
Share-based compensation		887,087			1,070,049
Adjustment of warrants		(832,148	)		(2,139,718	)
Changes in operating assets and liabilities:
Accounts receivable		(118,168	)		550,802
Inventories		893,745			(1,707,264	)
Prepaid expenses and other current assets		167,242			326,517
Other assets		93,950			2,783
Accounts payable		(30,047	)		(1,007,184	)
Accrued liabilities		537,375			(552,771	)
Deferred revenue		(374,441	)		979,121
Other liabilities		(409,339	)		—

Net cash used in operating activities		(4,240,784	)		(7,792,970	)
Cash flows from investing activities
Purchase of equipment		(59,768	)		(47,640	)

Net cash used in investing activities		(59,768	)		(47,640	)
Cash flows from financing activities
Payments of Healthcare Royalty Partners debt		(105,272	)		(95,368	)
Proceeds from issuance of stock, net of issuance costs		753,992			2,885,243

Net cash provided by financing activities		648,720			2,789,875

Net decrease in cash and cash equivalents		(3,651,832	)		(5,050,735	)

Cash and cash equivalents at beginning of period		7,270,301			13,775,130

Cash and cash equivalents at end of period	$	3,618,469		$	8,724,395

See accompanying notes.

STEREOTAXIS, INC.

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

Notes to Financial Statements

In this report, “Stereotaxis”, the “Company”, “Registrant”, “we”, “us”, and “our” refer to Stereotaxis, Inc. and its wholly owned subsidiaries. Epoch^®, Niobe^®, Odyssey^®, Odyssey Cinema™, Vdrive^®, Vdrive Duo™, V-CAS™, V-Loop™, V-Sono™, QuikCAS™, Cardiodrive^®, PowerAssert™, Titan^®, and Pegasus™ are trademarks of Stereotaxis, Inc. All other trademarks that appear in this report are the property of their respective owners.

1. Description of Business

Stereotaxis designs, manufactures, and markets the Epoch^® Solution, an advanced remote robotic navigation system for use in a hospital’s interventional surgical suite or “interventional lab”, that we believe revolutionizes the treatment of arrhythmias and coronary artery disease by enabling enhanced safety, efficiency, and efficacy for catheter-based or interventional procedures. The Epoch Solution is comprised of the Niobe^® ES Magnetic Navigation System (“Niobe ES system”), Odyssey^® Information Management Solution (“Odyssey Solution”), and the Vdrive^® Robotic Navigation System (“Vdrive system”) and related devices.

The Niobe ES system is designed to enable physicians to complete more complex interventional procedures by providing image-guided delivery of catheters and guidewires through the blood vessels and chambers of the heart to treatment sites. This is achieved using externally applied magnetic fields that govern the motion of the working tip of the catheter or guidewire, resulting in improved navigation, efficient procedures, and reduced X-ray exposure.

In addition to the Niobe ES system and its components, Stereotaxis has also developed the Odyssey Solution, which consolidates all lab information, enabling doctors to focus on the patient for optimal procedure efficiency. The platform also features a remote viewing and recording capability called the Odyssey Cinema™ system, an innovative system delivering synchronized content for optimized workflow, advanced care, and improved productivity. This tool includes an archiving capability that allows clinicians to store and replay entire procedures or segments of procedures. This information can be accessed from locations throughout the hospital’s local area network and over the global Odyssey Network, providing physicians with a tool for clinical collaboration, remote consultation, and training.

Our Vdrive system provides navigation and stability for diagnostic and therapeutic devices designed to improve interventional procedures. The Vdrive system complements the Niobe ES system’s control of therapeutic catheters for fully remote procedures and enables single-operator workflow. It is sold as two options, the Vdrive system and the Vdrive Duo™ system. In addition to the Vdrive system and the Vdrive Duo system, we also manufacture and market various disposable components which can be manipulated by these systems.

We promote the full Epoch Solution in a typical hospital implementation, subject to regulatory approvals or clearances. The full Epoch Solution implementation requires a hospital to agree to an upfront capital payment and recurring payments. The upfront capital payment typically includes equipment and installation charges. The recurring payments typically include disposable costs for each procedure, equipment service costs beyond the warranty period, and software licenses. In hospitals where the full Epoch Solution has not been implemented, equipment upgrade or expansion may be implemented upon purchase of the necessary components. As of September 30, 2015, the Company has an installed base of 123 Niobe ES systems.

The core components of Stereotaxis’ systems have received regulatory clearance in the United States, European Union, Canada, China, Japan and various other countries. We have received the CE Mark that allows us to market the Vdrive and Vdrive Duo systems with the V-CAS, V-Loop and V-Sono devices in Europe. In addition, we have received licensing to market the Vdrive and Vdrive Duo systems with the V-CAS, V-Loop, and V-Sono devices in Canada. We have received regulatory clearance that allows us to market the Vdrive and Vdrive Duo systems with the V-CAS, V-Loop, and V-Sono devices in the United States. We have received Food and Drug Administration (“FDA”) clearance and the CE Mark necessary for us to market our suite of Pegasus™ coronary peripheral guidewires in the United States and Europe.

Since our inception, we have generated significant losses. As of September 30, 2015, we incurred cumulative net losses of approximately $464.3 million. In 2015, the Company plans to continue developing the Niobe ES system with the goal of furthering clinical adoption and new system placements. Although we achieved an operating profit in the fourth quarter 2014, we expect to have negative cash flow from operations into 2015 as we continue the development and commercialization of our products, conduct our research and development activities, advance new products and new features into clinical development from our existing research programs, and fund additional sales and marketing initiatives. During 2015, we expect operating expenses to be generally consistent with 2014 with additional investment in certain targeted areas.

We may be required to raise capital or pursue other financing strategies to continue our operations. Until we can generate significant cash flow from our operations, we expect to continue to fund our operations with cash resources primarily generated from the proceeds of our past and future public offerings, private sales of our equity securities, and loans collateralized by working capital and equipment. We continue to explore financing alternatives, which may include the sale of equity securities or non-core assets, strategic collaboration agreements, debt financings, or distribution rights. We cannot accurately predict the timing and amount of our utilization of capital, which will depend on a number of factors outside of our control.

Our existing cash, cash equivalents, and borrowing facilities may not be sufficient to fund our operating expenses and capital equipment requirements through the next 12 months, which would require us to obtain additional financing. We cannot assure that additional financing will be available on acceptable terms or that such financing will not be dilutive to our stockholders. If adequate funds are not available to us, we could be required to delay development or commercialization of new products, to license to third parties the rights to commercialize products or technologies that we would otherwise seek to commercialize ourselves, or to reduce the sales, marketing, customer support or other resources devoted to our products, any of which could have a material adverse effect on our business, financial condition, and operational results. In addition, we could be required to cease operations.

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited financial statements of Stereotaxis, Inc. have been prepared in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q. Accordingly, they do not include all the disclosures required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, they include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. Operating results for the nine month period ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015 or for future operating periods.

These interim financial statements and the related notes should be read in conjunction with the annual financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 as filed with the Securities and Exchange Commission (SEC) on March 16, 2015.

Financial Instruments

Financial instruments consist of cash and cash equivalents, short-term investments, accounts receivable, accounts payable and debt. The carrying value of such amounts reported at the applicable balance sheet dates approximates fair value. See Note 9 for disclosure of the fair value of debt.

The Company measures certain financial assets and liabilities at fair value on a recurring basis, including warrants and debt conversion features. General accounting principles for fair value measurement established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (“Level 1”) and the lowest priority to unobservable inputs (“Level 3”). See Note 11 for additional details.

Revenue and Costs of Revenue

The Company accounts for revenue using Accounting Standards Codification Topic 605-25, Multiple-Element Arrangements (“ASC 605-25”).

ASC 605-25 permits management to estimate the selling price of undelivered components of a bundled sale for which it is unable to establish vendor-specific objective evidence (“VSOE”) or third-party evidence (“TPE”). This requires management to record revenue for certain elements of a transaction even though it might not have delivered other elements of the transaction, for which it was unable to meet the requirements for establishing VSOE or TPE. The Company believes that the guidance significantly improves the reporting of these types of transactions to more closely reflect the underlying economic circumstances. This guidance also prohibits the use of the residual method for allocating revenue to the various elements of a transaction and requires that the revenue be allocated proportionally based on the relative estimated selling prices.

not include an installation element or right of return privileges. The Company does not recognize revenue in situations in which inventory remains at a Stereotaxis warehouse or in situations in which title and risk of loss have not transferred to the customer. Amounts collected prior to satisfying the above revenue recognition criteria are reflected as deferred revenue. Revenue from services and license fees, whether sold individually or as a separate unit of accounting in a multiple-deliverable arrangement, is deferred and amortized over the service or license fee period, which is typically one year. Revenue from services is derived primarily from the sale of annual product maintenance plans. We recognize revenue from disposable device sales or accessories upon shipment and establish an appropriate reserve for returns. The return reserve, which is applicable only to disposable devices, is estimated based on historical experience which is periodically reviewed and updated as necessary. In the past, changes in estimate have had only a de minimis effect on revenue recognized in the period. We believe that the estimate is not likely to change significantly in the future.

Costs of systems revenue include direct product costs, installation labor and other costs, estimated warranty costs, and initial training and product maintenance costs. These costs are recorded at the time of sale. Costs of disposable revenue include direct product costs and estimated warranty costs and are recorded at the time of sale. Cost of revenue from services and license fees are recorded when incurred.

Share-Based Compensation

The Company accounts for its grants of stock options, stock appreciation rights, restricted shares, and restricted stock units and for its employee stock purchase plan in accordance with the provisions of general accounting principles for share-based payments. These accounting principles require the determination of the fair value of the share-based compensation at the grant date and the recognition of the related expense over the period in which the share-based compensation vests.

The Company utilizes the Black-Scholes valuation model to determine the fair value of stock options and stock appreciation rights at the date of grant. The resulting compensation expense is recognized over the requisite service period, which is generally four years. Compensation expense is recognized only for those awards expected to vest, with forfeitures estimated based on the Company’s historical experience and future expectations. Restricted shares granted to employees are valued at the fair market value at the date of grant. The Company amortizes the fair market value to expense over the service period. If the shares are subject to performance objectives, the resulting compensation expense is amortized over the anticipated vesting period and is subject to adjustment based on the actual achievement of objectives.

Net Earnings (Loss) per Common Share (“EPS”)

Basic and diluted net earnings (loss) per common share are computed by dividing the net income (loss) for the period by the weighted average number of common shares outstanding during the period.

The following table sets forth the computation of basic and diluted EPS:


	Three months ended September 30,					Nine months ended September 30,
	2015			2014		2015			2014
Numerator:
Numerator for basic EPS	$	(996,926	)	$	22,670	$	(5,671,195	)	$	(6,058,656	)

Numerator for diluted EPS	$	(996,926	)	$	22,670	$	(5,671,195	)	$	(6,058,656	)

Denominator:
Denominator for basic EPS—weighted average shares		21,142,795			20,326,169		20,965,012			19,767,545
Effect of dilutive securities:
Restricted stock units		—			156,525		—			—
Stock options, appreciation rights and warrants		—			36,063		—			—

Denominator for diluted EPS		21,142,795			20,518,757		20,965,012			19,767,545

Basic EPS	$	(0.05	)	$	0.00	$	(0.27	)	$	(0.31	)
Diluted EPS	$	(0.05	)	$	0.00	$	(0.27	)	$	(0.31	)

In addition, the Company did not include any portion of unearned restricted shares, outstanding options, stock appreciation rights or warrants in the calculation of diluted loss per common share because all such securities are anti-dilutive for the three and nine months ended September 30, 2015 and the nine months ended September 30, 2014. The application of the two-class method of computing earnings per share under general accounting principles for participating securities is not applicable during these periods because the Company’s unearned restricted shares do not contractually participate in its losses.

The following potential common shares were excluded from diluted EPS for the three months ended September 30, 2014 as they were antidilutive: 500,294 stock options and stock appreciation rights, 391,775 restricted stock units, and 2,111,618 warrants.

As of September 30, 2015, the Company had 750,705 shares of common stock issuable upon the exercise of outstanding options and stock appreciation rights at a weighted average exercise price of $9.32 per share, 2,131,476 shares of common stock issuable upon the exercise of outstanding warrants at a weighted average exercise price of $4.99 per share, and 762,898 shares of unvested restricted share units. The Company had no unearned restricted shares outstanding for the nine months ended September 30, 2015.

As of September 30, 2015, the Company had 5,755,775 warrants outstanding in conjunction with its September 9, 2015 offering (the “Warrants Offering”) of transferable subscription warrants to holders of record of the Company’s common stock. Under the terms of the Warrants Offering shareholders of record on September 9, 2015 and holders of certain of the Company’s warrants (pursuant to the terms of their respective warrants) were entitled to one subscription warrant to purchase one share of common stock at a price of $1.10 per share for every four common shares held up to an aggregate of 5,755,775 shares of common stock. The Warrants Offering expired on October 2. See Note 14 ‘Subsequent Events’ for additional details.

Recently Issued Accounting Pronouncements

In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU” or “Update”) No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory” regarding the subsequent measurement of inventory as part of its Simplification Initiative. This standard is effective for public companies for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. This Update should be applied prospectively, and early application is permitted as of the beginning of an interim or annual reporting period. We are currently evaluating the impact of adopting this accounting standard update on our financial statement disclosures and have not concluded on an adoption method.

In April 2015, the FASB issued ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. To simplify the presentation of debt issuance costs, the amendments in this Update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from that debt liability, consistent with the presentation of a debt discount. In August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements—Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update), which adds the SEC staff’s guidance on the presentation of debt issuance costs associated with lines of credit to the Codification. The SEC staff stated it will not object to an entity presenting the costs of securing line-of-credit arrangements as an asset, regardless of whether there are any outstanding borrowings. The Standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted for financial statements that have not been previously issued. We have evaluated the impact of adopting this accounting standard update on our financial statements and disclosures and the impact is immaterial. We will adopt the method in 2016.

In August 2014, the FASB issued ASU No. 2014-15, to communicate amendments to FASB Account Standards Codification Subtopic 205-40, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. The ASU requires management to evaluate relevant conditions, events and certain management plans that are known or reasonably knowable as of the evaluation date when determining whether substantial doubt about an entity’s ability to continue as a going concern exists. Management will be required to make this evaluation for both annual and interim reporting periods. Management will have to make certain disclosures if it concludes that substantial doubt exists and when it plans to alleviate substantial doubt about the entity’s ability to continue as a going concern. The standard is effective for annual periods ending after December 15, 2016 and for interim reporting periods starting in the first quarter of 2017. Early adoption is permitted. We are currently evaluating the impact of adopting this accounting standard update on our financial statement disclosures and have not concluded on an adoption method.

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” which converges the FASB’s and the International Accounting Standards Board’s current standards on revenue recognition. The standard provides companies with a single model to use in accounting for revenue arising from contracts with customers and supersedes current revenue guidance. The standard is effective for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted. The standard permits companies to either apply the adoption to all periods presented, or apply the requirements in the year of adoption through a cumulative adjustment. In April 2015, the FASB issued an exposure draft related to the deferral of the effective date, which would delay our effective date one year. Therefore, the standard would be effective for annual and interim periods beginning after December 15, 2017. We are currently evaluating the impact of adopting this accounting standard update on our financial statements and disclosures and have not concluded on an adoption method.

3. Inventories

Inventories consist of the following:


	September 30, 2015			December 31, 2014
Raw materials	$	2,099,640		$	2,746,926
Work in process		3,893			374,236
Finished goods		3,057,265			3,310,375
Reserve for obsolescence		(28,266	)		(59,634	)

Total inventories	$	5,132,532		$	6,371,903

4. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:


	September 30, 2015			December 31, 2014
Prepaid expenses	$	397,972		$	679,740
Deferred financing costs		430,810			492,385
Deposits		131,781			311,562
Deferred cost of revenue		95,082			—

Total prepaid expenses and other assets		1,055,645			1,483,687
Less: Noncurrent prepaid expenses and other assets		(294,900	)		(388,850	)

Total prepaid expenses and other current assets	$	760,745		$	1,094,837

Certain prior year amounts have been reclassified to conform to the 2015 presentation.

5. Property and Equipment

Property and equipment consist of the following:


	September 30, 2015			December 31, 2014
Equipment	$	8,452,520		$	8,264,804
Equipment held for lease		303,412			303,412
Leasehold improvements		2,328,381			2,328,381

		11,084,313			10,896,597
Less: Accumulated depreciation		(10,007,621	)		(10,001,869	)

Net property and equipment	$	1,076,692		$	894,728

6. Intangible Assets

As of September 30, 2015, the Company had total intangible assets of $3,665,000. Accumulated amortization at September 30, 2015, was $2,510,222.

7. Accrued Liabilities

Accrued liabilities consist of the following:


	September 30, 2015			December 31, 2014
Accrued salaries, bonus, and benefits	$	2,693,800		$	2,557,557
Accrued rent		1,387,005			1,407,740
Accrued licenses and maintenance fees		662,323			661,766
Accrued interest		490,792			493,616
Accrued warranties		304,606			364,548
Accrued taxes		311,529			332,364
Other		198,051			102,479

Total accrued liabilities		6,048,106			5,920,070
Less: Long term accrued liabilities		(5,589	)		(414,928	)

Total current accrued liabilities	$	6,042,517		$	5,505,142

Certain prior year amounts have been reclassified to conform to the 2015 presentation.

Our primary company facilities are located in St. Louis, Missouri where we currently lease approximately 52,000 square feet of office and 12,000 square feet of demonstration and assembly space. In the third quarter of 2013, the Company modified the existing lease agreement to terminate approximately 13,000 square feet of unimproved space. The costs associated with the termination were $515,138 and were accrued as a rent liability as of September 30, 2013. As of September 30, 2015, the remaining accrued costs associated with the termination were $302,264.

8. Deferred Revenue

Deferred revenue consists of the following:


	September 30,			December 31,
	2015			2014
Product shipped, revenue deferred	$	326,588		$	457,348
Customer deposits		—			1,065,371
Deferred service and license fees		6,933,306			6,111,616

		7,259,894			7,634,335
Less: Long-term deferred revenue		(812,070	)		(976,165	)

Total current deferred revenue	$	6,447,824		$	6,658,170

9. Long-Term Debt and Credit Facilities

Debt outstanding consists of the following:


	September 30, 2015				December 31, 2014
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value		Amount		Fair Value
Healthcare Royalty Partners debt	$	18,283,492		18,283,492	$	18,388,764		18,388,764

Total debt		18,283,492		18,283,492		18,388,764		18,388,764
Less current maturities		—		—		—		—

Total long term debt	$	18,283,492	$	18,283,492	$	18,388,764	$	18,388,764

In accordance with general accounting principles for fair value measurement, the Company’s debt and credit facilities were measured at fair value as of September 30, 2015 and December 31, 2014. Long-term debt fair value estimates are based on estimated borrowing rates to discount the cash flows to their present value (Level 3).

Revolving Line of Credit

The Company has had a working capital line of credit with its primary lender, Silicon Valley Bank, since 2004. The revolving line of credit is secured by substantially all of the Company’s assets. The maximum available under the line is $10 million subject to the value of collateralized assets. The Company is required under the revolving line of credit to maintain its primary operating account and the majority of its cash and investment balances in accounts with its primary lender. The facility was last amended on March 27, 2015, extending the maturity date to March 31, 2018. The current agreement requires the Company to maintain a liquidity ratio greater than 1.50:1.00, excluding certain short term advances from the calculation, and a minimum tangible net worth of not less than (no worse than) negative $21.5 million for the quarters ended March 31, 2015, June 30, 2015, and September 30, 2015; not less than (no worse than) negative $22.5 million for the quarters ended December 31, 2015, March 31, 2016, June 30, 2016, and September 30, 2016; not less than (no worse than) negative $23.5 million for the quarters ended December 31, 2016, March 31, 2017, June 30, 2017, and September 30, 2017; and not less than (no worse than) negative $24.5 million for the quarters ended December 31, 2017 and March 31, 2018.

As of September 30, 2015, the Company had no outstanding debt under the revolving line of credit. Draws on the line of credit are made based on the borrowing capacity one week in arrears. As of September 30, 2015, the Company had a borrowing capacity of $5.8 million based on the Company’s collateralized assets, and cash and cash equivalents of $3.6 million for a total liquidity of $9.4 million.

Healthcare Royalty Partners Debt

In November 2011, the Company entered into a loan agreement with Healthcare Royalty Partners. Under the agreement the Company borrowed from Healthcare Royalty Partners $15 million. The Company was permitted to borrow up to an additional $5 million in the aggregate based on the achievement by the Company of certain milestones related to Niobe ES system sales in 2012. On August 8, 2012, the Company borrowed an additional $2.5 million based upon achievement of a milestone related to Niobe ES system sales for the three months ended June 30, 2012. On January 31, 2013, the Company borrowed an additional $2.5 million based upon achievement of a milestone related to Niobe ES system sales for the twelve months ended December 31, 2012. The loan will be repaid through, and secured by, royalties payable to the Company under its Development, Alliance and Supply Agreement with Biosense Webster, Inc. (the “Biosense Agreement”). The Biosense Agreement relates to the development and distribution of magnetically enabled catheters used with Stereotaxis’ Niobe ES system in cardiac ablation procedures. Under the terms of the agreement, Healthcare Royalty Partners will be entitled to receive 100% of all royalties due to the Company under the Biosense Agreement until the loan is repaid. The loan is a full recourse loan, matures on December 31, 2018, and bears interest at an annual rate of 16% payable quarterly with royalties received under the Biosense Agreement. If the payments received by the Company under the Biosense Agreement are insufficient to pay all amounts of interest due on the loan, then such deficiency will increase the outstanding principal amount on the loan. After the loan obligation is repaid, the royalties under the Biosense Agreement will again be paid to the Company. The loan is also secured by certain assets and intellectual property of the Company. The agreement also contains customary affirmative and negative covenants. The use of payments due to the Company under the Biosense Agreement was approved by our primary lender.

10. Stockholders’ Equity

The holders of common stock are entitled to one vote for each share held and to receive dividends whenever funds are legally available and when declared by the Board of Directors subject to the prior rights of holders of all classes of stock having priority rights as dividends and the conditions of the revolving line of credit agreement. Since the Company’s inception, no dividends have been declared or paid.

Controlled Equity Offering

The Company entered into a Controlled Equity Offering^SM sales agreement (the “Sales Agreement”) in May 2014, as amended on March 26, 2015, with Cantor Fitzgerald & Co. (“Cantor”), as agent and/or principal, pursuant to which the Company could issue and sell, from time to time, shares of its common stock having an aggregate gross sales price of up to $18.0 million. The Company will pay Cantor a commission of 3.0% of the gross proceeds from any common stock sold through the Sales Agreement.

During the three months ended September 30, 2015, the Company sold an aggregate of 160,020 shares of common stock under the Sales Agreement, at an average price of approximately $1.89 per share for gross proceeds of $301,741 and net proceeds of $292,689, after deducting Cantor’s commission. As of September 30, 2015, $13.8 million of common stock remained available to be sold under this facility, subject to certain conditions as specified in the Sales Agreement.

Warrant Offering

Stock Award Plans

The Company has various stock plans that permit the Company to provide incentives to employees and directors of the Company in the form of equity compensation. In August 2012, the Board of Directors adopted the 2012 Stock Incentive Plan (the “Plan”) which was subsequently approved by the Company’s shareholders. This plan replaced the 2002 Stock Incentive Plan which expired on March 25, 2012.

On June 5, 2013 and on June 10, 2014, the shareholders approved amendments to the Plan, which were previously approved and adopted by the Compensation Committee of the Board of Directors of the Company. Each of these amendments increased the number of shares authorized for issuance under the Plan by one million shares. At September 30, 2015, the Company had 692,111 remaining shares of the Company’s common stock to provide for current and future grants under its various equity plans.

At September 30, 2015, the total compensation cost related to options, stock appreciation rights and non-vested stock granted to employees under the Company’s stock award plans but not yet recognized was approximately $2.1 million, net of estimated forfeitures of approximately $1.1 million. This cost will be amortized over a period of up to four years over the underlying estimated service periods and will be adjusted for subsequent changes in estimated forfeitures and anticipated vesting periods.

A summary of the option and stock appreciation rights activity for the nine month period ended September 30, 2015 is as follows:


	Number of Options/SARs			Range of Exercise Price	Weighted Average Exercise Price per Share
Outstanding, December 31, 2014		487,146		$1.69 - $116.40	$	17.21
Granted		353,350		$1.45 - $2.15	$	2.07
Exercised		—		—		—
Forfeited		(89,791	)	$1.69 - $91.90	$	23.58

Outstanding, September 30, 2015		750,705		$1.45 - $116.40	$	9.32

As of September 30, 2015, there were no restricted shares outstanding.

A summary of the restricted stock unit activity for the nine month period ended September 30, 2015 is as follows:


	Number of Restricted Shares Units			Weighted Average Grant Date Fair Value per Unit
Outstanding, December 31, 2014		697,751		$	3.14
Granted		391,200		$	2.04
Vested		(238,385	)	$	3.08
Forfeited		(87,668	)	$	2.82

Outstanding, September 30, 2015		762,898		$	2.63

11. Fair Value Measurements

The Company measures certain financial assets and liabilities at fair value on a recurring basis, including cash equivalents and warrants. General accounting principles for fair value measurement established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (“Level 1”) and the lowest priority to unobservable inputs (“Level 3”). The three levels of the fair value hierarchy are described below:

Level 1:

Values are based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2:

Values are based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or other model-based valuation techniques for which all significant assumptions are observable in the market.

Level 3:

Values are generated from model-based techniques that use significant assumptions not observable in the market.

The following table sets forth the Company’s assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy. As required by the Fair Value Measurements and Disclosures topic of the Accounting Standards Codification, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.


	Fair Value Measurement Using
	Total		Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets at September 30, 2015:
Cash equivalents	$	1,619,199		1,619,199		—		—

Total assets at fair value	$	1,619,199		1,619,199		—		—

Liabilities at September 30, 2015:
Warrants issued May 10, 2012		440,137		—		—		440,137
Warrants issued August 2013		861,902						861,902

Total liabilities at fair value:	$	1,302,039		—		—		1,302,039

Assets at December 31, 2014:
Cash equivalents	$	5,361,053		5,361,053		—		—

Total assets at fair value	$	5,361,053		5,361,053		—		—

Liabilities at December 31, 2014:
Warrants issued May 10, 2012	$	728,712		—		—		728,712
Warrants issued August 2013		1,405,475		—		—		1,405,475

Total liabilities at fair value:	$	2,134,187		—		—		2,134,187

Level 1

The Company’s financial assets consist of cash equivalents invested in money market funds in the amount of $1,619,199 and $5,361,053 at September 30, 2015 and December 31, 2014, respectively. These assets are classified as Level 1 as described above and total interest income recorded for these investments was insignificant during both the nine month periods ended September 30, 2015, and September 30, 2014. There were no transfers in or out of Level 1 during the period ended September 30, 2015.

Level 2

The Company does not have any financial assets or liabilities classified as Level 2.

Level 3

In conjunction with the Company’s May 2012 and August 2013 financing transactions, the Company issued warrants to purchase shares of the Company’s common stock. Due to the provisions included in the warrant agreements, the warrants did not meet the exemptions for equity classification and as such, the Company accounts for these warrants as derivative instruments. The calculated fair value of the warrants is classified as a liability and is periodically re-measured with any changes in value recognized in “Other expense” in the Statements of Operations.

The remaining warrants from the May 2012 transaction expire in May 2018 and were revalued as of September 30, 2015 using the following assumptions: 1) volatility of 190.66%; 2) risk-free interest rate of 0.92%; and 3) a closing stock price of $0.93.

The remaining warrants from the August 2013 expire in November 2018 and were revalued as of September 30, 2015 using the following assumptions: 1) volatility of 181.68%; 2) risk-free interest rate of 0.92%; and 3) a closing stock price of $0.93.

The significant unobservable input used in the fair value measurement of the Company’s warrants is volatility. Significant increases (decreases) in the volatility in isolation would result in significantly higher (lower) liability fair value measurements.

The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial liabilities for the nine month period ended September 30, 2015:


	Warrants issued May 2012			Warrants issued August 2013			Total Liabilities
Balance at beginning of period	$	728,712		$	1,405,475		$	2,134,187
Settlements		—			—			—
Revaluation		(288,575	)		(543,573	)		(832,148	)

Balance at end of period	$	440,137		$	861,902		$	1,302,039

The Company currently does not have derivative instruments to manage its exposure to currency fluctuations or other business risks. The Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. All derivative financial instruments are recognized in the balance sheet at fair value.

12. Product Warranty Provisions

The Company’s standard policy is to warrant all Niobe, Odyssey, and Vdrive systems against defects in material or workmanship for one year following installation. The Company’s estimate of costs to service the warranty obligations is based on historical experience and current product performance trends. A regular review of warranty obligations is performed to determine the adequacy of the reserve and adjustments are made to the estimated warranty liability as appropriate.

Accrued warranty, which is included in other accrued liabilities, consists of the following:


	September 30, 2015			December 31, 2014
Warranty accrual, beginning of the fiscal period	$	364,548		$	501,212
Accrual adjustment for product warranty		91,293			84,402
Payments made		(151,235	)		(221,066	)

Warranty accrual, end of the fiscal period	$	304,606		$	364,548

13. Commitments and Contingencies

The Company at times becomes a party to claims in the ordinary course of business. Management believes that the ultimate resolution of pending or threatened proceedings will not have a material effect on the financial position, results of operations or liquidity of the Company.

14. Subsequent Events

On October 8, 2015, the Company completed an offering of subscription warrants to purchase shares of its common stock at a price of $1.10 per share. Pursuant to the Warrants Offering, subscription warrants to purchase approximately 0.3 million shares of common stock were exercised, resulting in gross proceeds to the Company of approximately $300,000.

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis should be read in conjunction with our financial statements and notes thereto included in this report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2014. Operating results are not necessarily indicative of results that may occur in future periods.

This report includes various forward-looking statements that are subject to risks and uncertainties, many of which are beyond our control. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in “Item 1A. Risk Factors”. Forward-looking statements discuss matters that are not historical facts. Forward-looking statements include, but are not limited to, discussions regarding our operating strategy, sales and marketing strategy, regulatory strategy, industry, economic conditions, financial condition, liquidity, capital resources, and results of operations. Such statements include, but are not limited to, statements preceded by, followed by, or that otherwise include the words “believe”, “expects”, “anticipates”, “intends”, “estimates”, “projects”, “can”, “could”, “may”, “would”, or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You should not unduly rely on these forward-looking statements, which speak only as of the date on which they are made. They give our expectations regarding the future, but are not guarantees. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law.

Overview

Stereotaxis designs, manufactures, and markets the Epoch^® Solution, an advanced cardiology instrument-control system for use in a hospital’s interventional surgical suite, to enhance the treatment of arrhythmias and coronary artery disease. The Epoch Solution is comprised of the Niobe^® ES system, Odyssey^® solution, and the Vdrive^® system. We believe that the Epoch Solution represents a revolutionary technology in the interventional surgical suite, or “interventional lab” and has the potential to become the standard of care for a broad range of complex cardiology procedures. We also believe that our technology represents an important advance in the ongoing trend toward digital instrumentation in the interventional lab and provides substantial, clinically-important improvements and cost efficiencies over manual interventional methods, which require years of physician training and often result in long and unpredictable procedure times and sub-optimal therapeutic outcomes.

Stereotaxis also has developed the Odyssey Solution, which consolidates all lab information enabling doctors to focus on the patient for optimal procedure efficiency. The system also features a remote viewing and recording capability called Odyssey Cinema, an innovative solution delivering synchronized content for optimized workflow, advanced care, and improved productivity. This tool includes an archiving capability that allows clinicians to store and replay entire procedures or segments of procedures. This information can be accessed from locations throughout the hospital’s local area network and over the global Odyssey Network, providing physicians with a tool for clinical collaboration, remote consultation, and training. The Odyssey Solution may be acquired, in conjunction with a Niobe ES system or on a stand-alone basis, for installation in interventional labs and other locations where clinicians often desire the benefits of the Odyssey Solution that we believe can improve clinical workflows and related efficiencies.

Our Vdrive system provides navigation and stability for diagnostic and therapeutic devices designed to improve interventional procedures. The Vdrive system complements the Niobe ES system’s control of therapeutic catheters for fully remote procedures and enables single-operator workflow. It is sold as two options, the Vdrive system and the Vdrive Duo system. In addition to the Vdrive system and the Vdrive Duo system, we also manufacture and market various disposable components (V-Loop, V-Sono, and V-CAS) which can be manipulated by these systems.

We generate revenue from both the initial capital sale of the Niobe, Odyssey, and Vdrive systems as well as recurring revenue from the sale of our proprietary disposable devices, from ongoing license and service contracts, and from royalties paid to the Company by Biosense Webster for the sale of co-developed catheters. We market our products to a broad base of hospitals in the United States and internationally. As of September 30, 2015, the Company has an installed base of 123 Niobe ES systems.

The core components of Stereotaxis’ systems have received regulatory clearance in the United States, European Union, Canada, China, Japan, and elsewhere. We have received the CE Mark that allows us to market the Vdrive and Vdrive Duo systems with the V-CAS, V-Loop, and V-Sono devices in Europe. In addition, we have received licensing to market the Vdrive and Vdrive Duo systems with the V-CAS, V-Loop, and V-Sono devices in Canada. We have received regulatory clearance that

allows us to market the Vdrive and Vdrive Duo systems with the V-CAS, V-Loop, and V-Sono devices in the United States. We have received Food and Drug Administration (“FDA”) clearance and the CE Mark necessary for us to market our suite of Pegasus™ coronary peripheral guidewires in the United States and Europe.

Since our inception, we have generated significant losses. As of September 30, 2015, we incurred cumulative net losses of approximately $464.3 million. In 2015, the Company plans to continue developing the Niobe ES system with the goal of furthering clinical adoption and new system placements. Although we achieved an operating profit in the fourth quarter 2014, we expect to have negative cash flow from operations into 2015 as we continue the development and commercialization of our products, conduct our research and development activities, advance new products into clinical development from our existing research programs, and fund additional sales and marketing initiatives. During 2015, we expect operating expenses to be generally consistent with 2014 with additional investment in certain targeted areas.

Critical Accounting Policies and Estimates

Our discussion and analysis of our financial condition and results of operations are based on our financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures. We review our estimates and judgments on an on-going basis. We base our estimates and judgments on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from these estimates. We believe the following accounting policies are critical to the judgments and estimates we use in preparing our financial statements. For a complete listing of our critical accounting policies, please refer to our Annual Report on Form 10-K for the year ended December 31, 2014.

Revenue Recognition

The Company accounts for revenue using Accounting Standards Codification Topic 605-25, Multiple-Element Arrangements (“ASC 605-25”).

Under our revenue recognition policy, a portion of revenue for Niobe systems, Vdrive systems and certain Odyssey systems is recognized upon delivery, provided that title has passed, there are no uncertainties regarding acceptance, persuasive evidence of an arrangement exists, the sales price is fixed and determinable, and collection of the related receivable is reasonably assured. Revenue is recognized for other types of Odyssey systems upon completion of installation, since there are no qualified third party installers. When installation is the responsibility of the customer, revenue from system sales is recognized upon shipment since these arrangements do not include an installation element or right of return privileges. The Company does not recognize revenue in situations in which inventory remains at a Stereotaxis warehouse or in situations in which title and risk of loss have not transferred to the customer. Amounts collected prior to satisfying the above revenue recognition criteria are reflected as deferred revenue. Revenue from services and license fees, whether sold individually or as a separate unit of accounting in a multiple-deliverable arrangement, is deferred and amortized over the service or license fee period, which is typically one year. Revenue from services is derived primarily from the sale of annual product maintenance plans. We recognize revenue from disposable device sales or accessories upon shipment and establish an appropriate reserve for returns. The return reserve, which is applicable only to disposable devices, is estimated based on historical experience which is periodically reviewed and updated as necessary. In the past, changes in estimate have had only a de minimis effect on revenue recognized in the period. We believe that the estimate is not likely to change significantly in the future.

Results of Operations

Comparison of the Three Months Ended September 30, 2015 and 2014

Revenue. Revenue increased from $8.9 million for the three months ended September 30, 2014 to $9.3 million for the three months ended September 30, 2015, an increase of 5%. Revenue from the sale of systems increased from $2.2 million to $2.3 million, an increase of approximately 5%, primarily due to increased Niobe system sales volumes. We recognized revenue on two Niobe systems and a total of

$0.5 million for Odyssey and Odyssey Cinema systems and $0.1 million for Vdrive systems during the 2015 period. System revenue for the prior year period included $0.9 million for Niobe system revenue, primarily due to Niobe system installations, a total $1.1 million for Odyssey and Odyssey Cinema systems, and $0.2 million for Vdrive systems. Revenue from sales of disposable interventional devices, service and accessories increased to $7.0 million for the three months ended September 30, 2015 from $6.7 million for the three months ended September 30, 2014, an increase of approximately 5%. The increase was primarily driven by higher service revenue, partially offset by the impact of the stronger U.S. dollar on European sales in the current year period.

Cost of Revenue. Cost of revenue increased to $2.4 million for the three months ended September 30, 2015 from $2.3 million for the three months ended September 30, 2014. As a percentage of our total revenue, overall gross margin has remained relatively consistent at 74% for the three months ended September 30, 2015 and for the three months ended September 30, 2014. Cost of revenue for systems sold remained relatively consistent at $1.3 million for the three months ended September 30, 2014 and for the three months ended September 30, 2015. Gross margin for systems increased to 44% for the three months ended September 30, 2015 from 40% for the three months ended September 30, 2014. This increase was primarily due to higher average realized revenue on current period Odyssey system sales. Cost of revenue for disposables, service and accessories increased to $1.2 million for the three months ended September 30, 2015 from $1.0 million for the three months ended September 30, 2014 due to higher expenses incurred under service contracts in the current year period. Gross margin for disposables, service and accessories was 83% for the current quarter compared to 85% for the three months ended September 30, 2014.

Research and Development Expenses. Research and development expenses increased from $1.2 million for the three months ended September 30, 2014 to $1.5 million for the three months ended September 30, 2015, an increase of approximately 23%. This increase was primarily due to headcount costs and timing of project based material expenses.

Sales and Marketing Expenses. Sales and marketing expenses have remained consistently at $3.7 million for the three months ended September 30, 2014 and for the three months ended September 30, 2015.

General and Administrative Expenses. General and administrative expenses include regulatory, clinical, finance, information systems, legal, general management and training expenses. General and administrative expenses decreased from $2.8 million for the three months ended September 30, 2014 to $2.5 million for the three months ended September 30, 2015, a decrease of approximately 8%. This decrease was primarily driven by lower bad debt write-offs and consulting costs as well as the strengthening of the U.S. dollar during the prior year period.

Other Income. Other income represents the non-cash change in market value of certain warrants classified as a derivative and recorded as a current liability under general accounting principles for determining whether an instrument (or embedded feature) is indexed to an entity’s own stock.

Interest Expense. Interest expense has remained relatively consistent with the three months ended September 30, 2015 and 2014 at $0.8 million.

Comparison of the Nine Months Ended September 30, 2015 and 2014

Revenue. Revenue increased from $25.3 million for the nine months ended September 30, 2014 to $28.5 million for the nine months ended September 30, 2015, an increase of approximately 13%. Revenue from the sale of systems increased from $4.7 million to $8.2 million, an increase of approximately 76%. We recognized revenue on six Niobe systems, a total of $2.0 million on Odyssey and Odyssey family products, and $0.5 million for Vdrive systems during the 2015 period. System revenue for the prior year period included one Niobe system which was a Niobe I to Niobe ES system upgrade, a total of $1.4 million for system installation revenue, one Niobe ES upgrade and a customer deposit for a previously cancelled Niobe system order. In addition, in the prior year we recognized revenue on a total of $2.0 million for Odyssey and Odyssey Cinema systems and a total of $0.7 million for Vdrive systems. Revenue from sales of disposable interventional devices, service and accessories decreased to $20.2 million for the nine months ended September 30, 2015 from $20.6 million for the nine months ended September 30, 2014, a decrease of approximately 2%. The decrease was attributable to the impact of the stronger U.S. dollar on European sales and lower disposable volume partially offset by higher service revenue in the current year period.

Cost of Revenue. Cost of revenue increased from $5.9 million for the nine months ended September 30, 2014 to $8.0 million for the nine months ended September 30, 2015, an increase of approximately 35%. As a percentage of our total revenue, overall gross margin decreased to 72% for the nine months ended September 30, 2015 compared to 76% during the same nine month period of the prior year due to a shift in mix from disposable, service and accessory revenue to system revenue. Cost of revenue for systems sold increased from $3.0 million for the nine months ended September 30, 2014 to $4.5 million for the nine months ended September 30, 2015, an increase of approximately 53%, primarily due to increased Niobe system sales volumes. Gross margin for systems increased

from 37% for the nine months ended September 30, 2014 to 45% for the nine months ended September 30, 2015 due to improved selling prices. Cost of revenue for disposables, service and accessories increased to $3.5 million during the 2015 period from $3.0 million during the 2014 period, resulting in a decrease in gross margin to 83% from 86% between these periods driven by higher expenses incurred under service contracts in the current year period.

Research and Development Expenses. Research and development expenses increased from $4.0 million for the nine months ended September 30, 2014 to $4.4 million for the nine months ended September 30, 2015, an increase of approximately 9%. The increase is primarily due to higher headcount expenses and project spending.

Sales and Marketing Expenses. Sales and marketing expenses increased from $11.4 million for the nine months ended September 30, 2014 to $12.0 million for the nine months ended September 30, 2015, an increase of approximately 5%. This increase was primarily due to the addition of sales employees leading to increased headcount and travel related expenses.

General and Administrative Expenses. General and administrative expenses include regulatory, clinical, finance, information systems, legal, general management and training expenses. General and administrative expenses decreased to $8.1 million for the nine months ended September 30, 2015 from $9.5 million for the nine months ended September 30, 2014, a decrease of approximately 15%. This decrease was primarily due to decreased regulatory expenses associated with our Japanese license, decreased headcount, consulting and bad debt expenses in the current year period.

Other Income. Other income represents the change in market value of certain warrants classified as a derivative and recorded as a current liability under general accounting principles for determining whether an instrument (or embedded feature) is indexed to an entity’s own stock. The primary drivers of fluctuations in this balance are changes in the Company’s stock price from one period to the next.

Interest Expense. Interest expense remained relatively consistent at $2.5 million for the nine months period ended September 30, 2015 and for the nine months period ended September 30, 2014.

Liquidity and Capital Resources

Liquidity refers to the liquid financial assets available to fund our business operations and pay for near-term obligations. These liquid financial assets consist of cash and cash equivalents. At September 30, 2015 we had $3.6 million of cash and equivalents. We had a working capital deficit of less than $0.1 million and working capital of $4.6 million as of September 30, 2015 and December 31, 2014, respectively. The decrease in the working capital is due principally to the net losses incurred for the first nine months of 2015 partially offset by the proceeds from Controlled Equity Offering.

The following table summarizes our cash flow by operating, investing and financing activities for the nine months ended September 30, 2015 and 2014 (in thousands):


	Nine Months Ended September 30,
	2015			2014
Cash flow used in operating activities	$	(4,241	)	$	(7,793	)
Cash flow used in investing activities		(60	)		(48	)
Cash flow provided by financing activities		649			2,790

Net cash used in operating activities. We used approximately $4.2 million and $7.8 million of cash for operating activities during the nine months ended September 30, 2015 and 2014, respectively. The decrease in cash used in operating activities was primarily driven by changes in working capital and the reduced operating loss in the current year period.

Net cash used in investing activities. We used less than $0.1 million during the nine months period ended September 30, 2015 and September 30, 2014 for the purchase of equipment.

Net cash provided by financing activities. We generated approximately $0.6 million of cash for the nine month period ended September 30, 2015 compared to the $2.8 million generated for the nine month period ended September 30, 2014. The cash generated in both periods was driven by proceeds from stock issued through the Controlled Equity Offering.

We may be required to raise capital or pursue other financing strategies to continue our operations. Until we can generate significant cash flow from our operations, we expect to continue to fund our operations with cash resources primarily generated from the proceeds of our past and future public offerings, private sales of our equity securities, and loans collateralized by working capital and equipment. We continue to explore financing alternatives, which may include the sale of equity securities or non-core assets, strategic collaboration agreements, debt financings or distribution rights. We cannot accurately predict the timing and amount of our utilization of capital, which will depend on a number of factors outside of our control.

Our existing cash, cash equivalents and borrowing facilities may not be sufficient to fund our operating expenses and capital equipment requirements through the next 12 months, which would require us to obtain additional financing before that time. We cannot assure that additional financing will be available on a timely basis on terms acceptable to us or at all, or that such financing will not be dilutive to our stockholders. If adequate funds are not available to us, we could be required to delay development or commercialization of new products, to license to third parties the rights to commercialize products or technologies that we would otherwise seek to commercialize ourselves or to reduce the sales, marketing, customer support or other resources devoted to our products, any of which could have a material adverse effect on our business, financial condition and results of operations. In addition, we could be required to cease operations.

Capital Resources

As of September 30, 2015, our borrowing facilities were comprised of a revolving line of credit maintained with our primary lender, Silicon Valley Bank, as well as the Healthcare Royalty Partners debt discussed in the following sections.

Revolving Line of Credit

As of September 30, 2015, the Company had no outstanding debt under the revolving line of credit. Draws on the line of credit are made based on the borrowing capacity one week in arrears. As of September 30, 2015 the Company had a borrowing capacity of $5.8 million based on the Company’s collateralized assets, and cash and cash equivalents of $3.6 million for a total liquidity of $9.4 million.

Healthcare Royalty Partners Debt

In November 2011, we entered into a loan agreement with Healthcare Royalty Partners. Under the agreement the Company borrowed from Healthcare Royalty Partners $15 million. The Company was permitted to borrow up to an additional $5 million in the aggregate based on the achievement by the Company of certain milestones related to Niobe ES system sales in 2012. On August 8, 2012, the Company borrowed an additional $2.5 million based upon achievement of a milestone related to Niobe ES system sales for the three months ended June 30, 2012. On January 31, 2013, the Company borrowed an additional $2.5 million based upon achievement of a milestone related to Niobe ES system sales for the twelve months ended December 31, 2012. The loan will be repaid through, and secured by, royalties payable to the Company under its Development, Alliance and Supply Agreement with Biosense Webster, Inc. (the “Biosense Agreement”). The Biosense Agreement relates to the development and distribution of magnetically enabled catheters used with Stereotaxis’ Niobe ES system in cardiac ablation procedures. Under the terms of the agreement, Healthcare Royalty Partners will be entitled to receive 100% of all royalties due to the Company under the Biosense Agreement until the loan is repaid. The loan is a full recourse loan, matures on December 31, 2018, and bears interest at an annual rate of 16% payable quarterly with royalties received under the Biosense Agreement. If the payments received by the Company under the Biosense Agreement are insufficient to pay all amounts of interest due on the loan, then such deficiency will increase the outstanding principal amount on the loan. After the loan obligation is repaid, royalties under the Biosense Agreement will again be paid to the Company. The loan is also secured by certain assets and intellectual property of the Company. The agreement also contains customary affirmative and negative covenants. The use of payments due to the Company under the Biosense Agreement was approved by our primary lender.

Common Stock

The holders of common stock are entitled to one vote for each share held and to receive dividends whenever funds are legally available and when declared by the Board of Directors subject to the prior rights of holders of all classes of stock having priority rights as dividends and the conditions of the revolving line of credit agreement. No dividends have been declared or paid as of September 30, 2015.

Controlled Equity Offering

Warrant Offering

Off-Balance Sheet Arrangements

We do not currently have, nor have we ever had, any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, which would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. In addition, we do not engage in trading activities involving non-exchange traded contracts. As a result, we are not materially exposed to any financing, liquidity, market or credit risk that could have arisen if we had engaged in these relationships.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Foreign Exchange Risk

We operate mainly in the U.S., Europe and Asia and we expect to continue to sell our products both within and outside of the U.S. Although the majority of our revenue and expenses are transacted in U.S. dollars, a portion of our operations are conducted in Euros and to a lesser extent, in other currencies. As such, we have foreign exchange exposure with respect to non-U.S. dollar revenues and expenses as well as cash balances, accounts receivable, accounts payable and other asset and liability balances denominated in non-US dollar currencies. Our international operations are subject to risks typical of international operations, including, but not limited to, differing economic conditions, changes in political climate, differing tax structures, other regulations and restrictions, and foreign exchange rate volatility. Future fluctuations in the value of these currencies may affect the price competitiveness of our products. In addition, because we have a relatively long installation cycle for our systems, we will be subject to risk of currency fluctuations between the time we execute a purchase order and the time we deliver the system and collect payments under the order, which could adversely affect our operating margins. As of September 30, 2015 we have not hedged exposures in foreign currencies or entered into any other derivative instruments.

For the nine months ended September 30, 2015, sales denominated in foreign currencies were approximately 18% of total revenue and as such, our revenue would have decreased by $0.7 million if the U.S. dollar exchange rate used would have strengthened by 10%. For the nine months ended September 30, 2015, expenses denominated in foreign currencies were approximately 11% of our total expenses and as such, our operating expenses would have decreased by approximately $0.3 million if the U.S. dollar exchange rate used would have strengthened by 10%. In addition, we have assets and liabilities denominated in foreign currencies. A 10% strengthening of the U.S. dollar exchange rate against all currencies with which we have exposure at September 30, 2015 would have resulted in a $0.2 million decrease in the carrying amounts of those net assets.

Interest Rate Risk

We have exposure to interest rate and market risk related to any investments we might hold. Market liquidity issues might make it impossible for the Company to liquidate its holdings or require that the Company sell the securities at a substantial loss. As of September 30, 2015, the Company did not hold any investments other than those held in money market funds.

We have exposure to interest rate risk related to our borrowings as the interest rates for certain of our outstanding loans are subject to increase should the interest rate increase above a defined percentage. However, a hypothetical increase in interest rates of 100 basis points would have no impact on interest expense due to an interest rate floor of 7.0% on our floating rate debt.

Inflation Risk

We do not believe that inflation has had a material adverse impact on our business or operating results during the periods covered by this report.

ITEM 4.

CONTROLS AND PROCEDURES

Disclosure Controls and Procedures: The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), as of the end of the period covered by this report. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures were effective.

Changes In Internal Control Over Financial Reporting: The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, also conducted an evaluation of the Company’s internal control over financial reporting to determine whether any changes occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. Based on that evaluation, there has been no such change during the period covered by this report.

PART II – OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS

We are involved from time to time in various lawsuits and claims arising in the normal course of business. Although the outcomes of these lawsuits and claims are uncertain, we do not believe any of them will have a material adverse effect on our business, financial condition or results of operations.

ITEM 1A.

RISK FACTORS

The following uncertainties and factors, among others, could affect future performance and cause actual results to differ materially from those expressed or implied by forward looking statements.

We have recently received a notice from Nasdaq advising that we do not meet the continued listing standards of the Nasdaq Capital Market. If we are unable to maintain a listing on a national securities exchange, it could negatively impact the price and liquidity of our common stock and our ability to access the capital markets.

Our common stock is currently listed on the Nasdaq Capital Market. In order to maintain that listing, we must satisfy minimum financial and other requirements. On August 5, 2015, the Nasdaq Stock Market LLC (“NASDAQ”) notified us that the Company no longer complies with NASDAQ Listing Rule 5550(b)(2), the Market Value of Listed Securities (“MVLS”) Rule, because the Company did not maintain a minimum MVLS of $35 million for the 30 consecutive business days prior to the date of the letter. In accordance with Rule 5810(c)(3)(C), the Company will be provided 180 calendar days, or until February 1, 2016, to regain compliance with the MVLS Rule. The Company may regain compliance with the MVLS Rule if the Company’s MVLS closes at $35 million or more for a minimum of 10 consecutive business days at any time before February 1, 2016. However, we may be unable to do so in that time frame, or at all. It is also possible that we would otherwise fail to satisfy another Nasdaq requirement for continued listing of our common stock. If we fail to continue to meet all applicable Nasdaq Capital Market requirements in the future and NASDAQ determines to delist our common stock, the delisting could adversely affect the market liquidity of our common stock, adversely affect our ability to obtain financing for the continuation of our operations and harm our business. In addition, receipt of a deficiency notice from Nasdaq with respect to our ongoing compliance with the Nasdaq Capital Market continued listing standards could also result in other negative implications, including the potential loss of confidence by suppliers, customers and employees, the loss of institutional investor interest and fewer business development opportunities. Any of such developments as a result of the foregoing could impair the value of your investment.

Additional Risk Factors are discussed in our Annual Report on Form 10-K for the year ended December 31, 2014.

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.

[RESERVED]

None.

ITEM 5.

OTHER INFORMATION

None.

ITEM 6.

EXHIBITS

Exhibits: See Exhibit Index herein

STEREOTAXIS, INC.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

EXHIBIT INDEX


Number		Description

3.1		Restated Certificate of Incorporation of the Registrant, incorporated by reference to Exhibit 3.1 of the Registrant’s Form 10-Q (file No. 000-50884) for the fiscal quarter ended September 30, 2004.

3.2		Certificate of Amendment to Amended and Restated Certificate of Incorporation, incorporated by reference to Exhibit 3.1 of the Registrant’s Current Report on Form 8-K (File No. 000-50884) filed on July 10, 2012.

3.3		Restated Bylaws of the Registrant, incorporated by reference to Exhibit 3.2 of the Registrant’s Form 10-Q (File No. 000-50884) for the fiscal quarter ended September 30, 2004.

31.1		Rule 13a-14(a)/15d-14(a) Certification (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, executed by Chief Executive Officer).

31.2		Rule 13a-14(a)/15d-14(a) Certification (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, executed by Chief Financial Officer).

32.1		Section 1350 Certification (pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, executed by Chief Executive Officer).

32.2		Section 1350 Certification (pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, executed by Chief Financial Officer).

101.INS		XBRL Instance Document.

101.SCH		XBRL Taxonomy Extension Schema Document.

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB		XBRL Taxonomy Extension Label Linkbase Document.

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document.

EX-31.1 2 d26827dex311.htm EX-31.1 EX-31.1

Exhibit 31.1

Certification of Principal Executive Officer

I, William C. Mills III, certify that:

I have reviewed this quarterly report on Form 10-Q of Stereotaxis, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a – 15(f) and 15d – 15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: November 5, 2015				/s/ William C. Mills III
				William C. Mills III
				Chief Executive Officer Stereotaxis, Inc.
				(Principal Executive Officer)

EX-31.2 3 d26827dex312.htm EX-31.2 EX-31.2

Exhibit 31.2

Certification of Principal Financial Officer

I, Martin C. Stammer, certify that:

I have reviewed this quarterly report on Form 10-Q of Stereotaxis, Inc.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: November 5, 2015				/s/ Martin C. Stammer
				Martin C. Stammer
				Chief Financial Officer
				Stereotaxis, Inc.
				(Principal Financial Officer)

EX-32.1 4 d26827dex321.htm EX-32.1 EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Stereotaxis, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, William C. Mills III, Chief Executive Officer of the Company, certify, pursuant to Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: November 5, 2015				/s/ William C. Mills III
				William C. Mills III
				Chief Executive Officer
				Stereotaxis, Inc.

EX-32.2 5 d26827dex322.htm EX-32.2 EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Stereotaxis, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Martin C. Stammer, Chief Financial Officer of the Company, certify, pursuant to Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: November 5, 2015				/s/ Martin C. Stammer
				Martin C. Stammer
				Chief Financial Officer
				Stereotaxis, Inc.

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Prepaid Expenses and Other Current Assets  Prepaid expenses and other current assets consist of the following:<a name="FIS_UNIDENTIFIED_TABLE_3"></a> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:401.80pt;margin-left:4.8pt;"> <tr> <td valign="top" style="width:256.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt 6.5pt">   </td> <td valign="bottom" style="width:67.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt 6.5pt">   </td> <td valign="bottom" style="width:11.80pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt 6.5pt">   </td> <td valign="bottom" style="width:67.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt 6.5pt">   </td> </tr> </table></div>     <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="top" style="width:60.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:16.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:15.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:60.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:16.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:15.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:60.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:24.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:16.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:24.75pt;padding:0pt;"> September 30, 2015 </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:24.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:15.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:24.75pt;padding:0pt;"> December 31, 2014 </td> </tr> <tr> <td valign="top" style="width:60.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:16.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:15.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:60.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Prepaid expenses </td> <td valign="bottom" style="width:16.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $        397,972 </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:15.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $       679,740 </td> </tr> <tr> <td valign="top" style="width:60.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Deferred financing costs </td> <td valign="bottom" style="width:16.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>430,810  </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:15.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>492,385  </td> </tr> <tr> <td valign="top" style="width:60.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Deposits </td> <td valign="bottom" style="width:16.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>131,781  </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:15.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>311,562  </td> </tr> <tr> <td valign="top" style="width:60.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Deferred cost of revenue </td> <td valign="bottom" style="width:16.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>95,082  </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:15.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">  - </td> </tr> <tr> <td valign="top" style="width:60.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Total prepaid expenses and other assets </td> <td valign="bottom" style="width:16.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,055,645  </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:15.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,483,687  </td> </tr> <tr> <td valign="top" style="width:60.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Less: Noncurrent prepaid expenses and other assets </td> <td valign="bottom" style="width:16.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(294,900) </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:15.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(388,850) </td> </tr> <tr> <td valign="top" style="width:60.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Total prepaid expenses and other current assets </td> <td valign="bottom" style="width:16.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $        760,745 </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:15.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $    1,094,837 </td> </tr> </table></div>                               Certain prior year amounts have been reclassified to conform to the 2015 presentation. </div> </div> 0.030 301741 13800000 <div> <div style="margin-left:0pt;margin-right:0pt;"> Revenue and Costs of Revenue  The Company accounts for revenue using Accounting Standards Codification Topic 605-25, Multiple-Element Arrangements (“ASC 605-25”). ASC 605-25 permits management to estimate the selling price of undelivered components of a bundled sale for which it is unable to establish vendor-specific objective evidence (“VSOE”) or third-party evidence (“TPE”). This requires management to record revenue for certain elements of a transaction even though it might not have delivered other elements of the transaction, for which it was unable to meet the requirements for establishing VSOE or TPE. The Company believes that the guidance significantly improves the reporting of these types of transactions to more closely reflect the underlying economic circumstances. This guidance also prohibits the use of the residual method for allocating revenue to the various elements of a transaction and requires that the revenue be allocated proportionally based on the relative estimated selling prices. Under our revenue recognition policy, a portion of revenue for Niobe systems, Vdrive systems and certain Odyssey systems is recognized upon delivery, provided that title has passed, there are no uncertainties regarding acceptance, persuasive evidence of an arrangement exists, the sales price is fixed and determinable, and collection of the related receivable is reasonably assured. Revenue is recognized for other types of Odyssey systems upon completion of installation, since there are no qualified third party installers. When installation is the responsibility of the customer, revenue from system sales is recognized upon shipment since these arrangements do not include an installation element or right of return privileges. The Company does not recognize revenue in situations in which inventory remains at a Stereotaxis warehouse or in situations in which title and risk of loss have not transferred to the customer. Amounts collected prior to satisfying the above revenue recognition criteria are reflected as deferred revenue. Revenue from services and license fees, whether sold individually or as a separate unit of accounting in a multiple-deliverable arrangement, is deferred and amortized over the service or license fee period, which is typically one year. Revenue from services is derived primarily from the sale of annual product maintenance plans. We recognize revenue from disposable device sales or accessories upon shipment and establish an appropriate reserve for returns. The return reserve, which is applicable only to disposable devices, is estimated based on historical experience which is periodically reviewed and updated as necessary. In the past, changes in estimate have had only a de minimis effect on revenue recognized in the period. We believe that the estimate is not likely to change significantly in the future. Costs of systems revenue include direct product costs, installation labor and other costs, estimated warranty costs, and initial training and product maintenance costs. These costs are recorded at the time of sale. Costs of disposable revenue include direct product costs and estimated warranty costs and are recorded at the time of sale. Cost of revenue from services and license fees are recorded when incurred. </div> </div> 12000 52000 13000 P1Y 2958668 1318456 4536391 1286849 4669224 2181088 8222722 2298608 123 9400000 1

2353133

2323086

6480499

6598667

332364

311529

5505142

6042517

5920070

6048106

1407740

1387005

10001869

10007621

446241703

447881991

131464

113963

183568

166850

224875

500294

391775

2111618

23880771

18636783

21217540

16110413

5361053

1619199

<div> <div style="margin-left:0pt;margin-right:0pt;"> Basis of Presentation The accompanying unaudited financial statements of Stereotaxis, Inc. have been prepared in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q. Accordingly, they do not include all the disclosures required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, they include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. Operating results for the nine month period ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015 or for future operating periods. These interim financial statements and the related notes should be read in conjunction with the annual financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 as filed with the Securities and Exchange Commission (SEC) on March 16, 2015. </div> </div>

515138

13775130

8724395

7270301

3618469

5361053

1619199

-5050735

-3651832

2015-09-09

1.10

4.99

1.10

0.25

5755775

2131476

0.001

300000000

20480874

21271844

20481

21272

5941779

2337932

8020297

2446396

<div> <div style="margin-left:0pt;margin-right:0pt;"> 9. Long-Term Debt and Credit Facilities  Debt outstanding consists of the following:   <a name="FIS_UNIDENTIFIED_TABLE_7"></a>  <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="top" style="width:36.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="top" style="width:11.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="top" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="top" style="width:12.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="top" style="width:04.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="top" style="width:14.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="top" style="width:03.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="top" style="width:14.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:36.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td colspan="3" valign="top" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> September 30, 2015 </td> <td valign="top" style="width:04.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td colspan="3" valign="top" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> December 31, 2014 </td> </tr> <tr> <td valign="top" style="width:36.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:11.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Carrying </td> <td valign="top" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:12.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Estimated </td> <td valign="top" style="width:04.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:14.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Carrying </td> <td valign="top" style="width:03.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:14.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Estimated </td> </tr> <tr> <td valign="top" style="width:36.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:11.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Amount </td> <td valign="top" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:12.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Fair Value </td> <td valign="top" style="width:04.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:14.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Amount </td> <td valign="top" style="width:03.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:14.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Fair Value </td> </tr> <tr> <td valign="top" style="width:36.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:11.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:12.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:04.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:14.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:03.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:14.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:36.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Healthcare Royalty Partners debt </td> <td valign="bottom" style="width:11.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $   18,283,492 </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,283,492  </td> <td valign="bottom" style="width:04.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:14.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $       18,388,764 </td> <td valign="bottom" style="width:03.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:14.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,388,764  </td> </tr> <tr> <td valign="top" style="width:36.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Total debt </td> <td valign="bottom" style="width:11.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,283,492  </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,283,492  </td> <td valign="bottom" style="width:04.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:14.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,388,764  </td> <td valign="bottom" style="width:03.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:14.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,388,764  </td> </tr> <tr> <td valign="top" style="width:36.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Less current maturities </td> <td valign="bottom" style="width:11.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">  — </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">  — </td> <td valign="bottom" style="width:04.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:14.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">  — </td> <td valign="bottom" style="width:03.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:14.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">  — </td> </tr> <tr> <td valign="bottom" style="width:36.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Total long term debt </td> <td valign="bottom" style="width:11.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $   18,283,492 </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $    18,283,492 </td> <td valign="bottom" style="width:04.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:14.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $       18,388,764 </td> <td valign="bottom" style="width:03.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:14.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $       18,388,764 </td> </tr> </table></div>       In accordance with general accounting principles for fair value measurement, the Company’s debt and credit facilities were measured at fair value as of September 30, 2015 and December 31, 2014.  Long-term debt fair value estimates are based on estimated borrowing rates to discount the cash flows to their present value (Level 3).    Revolving Line of Credit The Company has had a working capital line of credit with its primary lender, Silicon Valley Bank, since 2004. The revolving line of credit is secured by substantially all of the Company’s assets. The maximum available under the line is $10 million subject to the value of collateralized assets. The Company is required under the revolving line of credit to maintain its primary operating account and the majority of its cash and investment balances in accounts with its primary lender. The facility was last amended on March 27, 2015, extending the maturity date to March 31, 2018. The current agreement requires the Company to maintain a liquidity ratio greater than 1.50:1.00, excluding certain short term advances from the calculation, and a minimum tangible net worth of not less than (no worse than) negative $21.5 million for the quarters ended March 31, 2015, June 30, 2015, and September 30, 2015; not less than (no worse than) negative $22.5 million for the quarters ended December 31, 2015, March 31, 2016, June 30, 2016, and September 30, 2016; not less than (no worse than) negative $23.5 million for the quarters ended December 31, 2016, March 31, 2017, June 30, 2017, and September 30, 2017; and not less than (no worse than) negative $24.5 million for the quarters ended December 31, 2017 and March 31, 2018. As of September 30, 2015, the Company had no outstanding debt under the revolving line of credit. Draws on the line of credit are made based on the borrowing capacity one week in arrears. As of September 30, 2015, the Company had a borrowing capacity of $5.8 million based on the Company’s collateralized assets, and cash and cash equivalents of $3.6 million for a total liquidity of $9.4 million. Healthcare Royalty Partners Debt In November 2011, the Company entered into a loan agreement with Healthcare Royalty Partners. Under the agreement the Company borrowed from Healthcare Royalty Partners $15 million. The Company was permitted to borrow up to an additional $5 million in the aggregate based on the achievement by the Company of certain milestones related to Niobe ES system sales in 2012. On August 8, 2012, the Company borrowed an additional $2.5 million based upon achievement of a milestone related to Niobe ES system sales for the three months ended June 30, 2012. On January 31, 2013, the Company borrowed an additional $2.5 million based upon achievement of a milestone related to Niobe ES system sales for the twelve months ended December 31, 2012.  The loan will be repaid through, and secured by, royalties payable to the Company under its Development, Alliance and Supply Agreement with Biosense Webster, Inc. (the “Biosense Agreement”). The Biosense Agreement relates to the development and distribution of magnetically enabled catheters used with Stereotaxis' Niobe ES system in cardiac ablation procedures. Under the terms of the agreement, Healthcare Royalty Partners will be entitled to receive 100% of all royalties due to the Company under the Biosense Agreement until the loan is repaid.  The loan is a full recourse loan, matures on December 31, 2018, and bears interest at an annual rate of 16% payable quarterly with royalties received under the Biosense Agreement. If the payments received by the Company under the Biosense Agreement are insufficient to pay all amounts of interest due on the loan, then such deficiency will increase the outstanding principal amount on the loan. After the loan obligation is repaid, the royalties under the Biosense Agreement will again be paid to the Company. The loan is also secured by certain assets and intellectual property of the Company. The agreement also contains customary affirmative and negative covenants. The use of payments due to the Company under the Biosense Agreement was approved by our primary lender.   </div> </div>

0.16

2018-12-31

95082

492385

430810

7634335

1065371

6111616

457348

7259894

6933306

326588

6658170

6447824

976165

812070

311562

131781

334908

223430

2139718

832148

-0.31

0.00

-0.27

-0.05

-0.31

0.00

-0.27

-0.05

<div> <div style="margin-left:0pt;margin-right:0pt;"> Net Earnings (Loss) per Common Share (“EPS”) Basic and diluted net earnings (loss) per common share are computed by dividing the net income (loss) for the period by the weighted average number of common shares outstanding during the period. The following table sets forth the computation of basic and diluted EPS:   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> Three months ended September 30, </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> Nine months ended September 30, </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Numerator: </td> <td valign="bottom" style="width:01.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Numerator for basic EPS </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(996,926) </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,670  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,671,195) </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,058,656) </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Numerator for diluted EPS </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.20%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(996,926) </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,670  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.20%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,671,195) </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,058,656) </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Denominator: </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Denominator for basic EPS—weighted average shares </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,142,795  </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,326,169  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,965,012  </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,767,545  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Effect of dilutive securities: </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Restricted stock units </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">  — </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>156,525  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">  — </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">  — </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Stock options, appreciation rights  and warrants </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">  — </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36,063  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">  — </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">  — </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Denominator for diluted EPS </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,142,795  </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,518,757  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,965,012  </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,767,545  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Basic EPS </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.20%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.05) </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.28%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.00  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.20%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.27) </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.28%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.31) </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Diluted EPS </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.05) </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.00  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.27) </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.31) </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> </table></div>   In addition, the Company did not include any portion of unearned restricted shares, outstanding options, stock appreciation rights or warrants in the calculation of diluted loss per common share because all such securities are anti-dilutive for the three and nine months ended September 30, 2015 and the nine months ended September 30, 2014. The application of the two-class method of computing earnings per share under general accounting principles for participating securities is not applicable during these periods because the Company’s unearned restricted shares do not contractually participate in its losses.   The following potential common shares were excluded from diluted EPS for the three months ended September 30, 2014 as they were antidilutive: 500,294 stock options and stock appreciation rights, 391,775 restricted stock units, and 2,111,618 warrants. As of September 30, 2015, the Company had 750,705 shares of common stock issuable upon the exercise of outstanding options and stock appreciation rights at a weighted average exercise price of $9.32 per share, 2,131,476 shares of common stock issuable upon the exercise of outstanding warrants at a weighted average exercise price of $4.99 per share, and 762,898 shares of unvested restricted share units. The Company had no unearned restricted shares outstanding for the nine months ended September 30, 2015.<a name="eolPage9"></a> As of September 30, 2015, the Company had 5,755,775 warrants outstanding in conjunction with its September 9, 2015 offering (the “Warrants Offering”) of transferable subscription warrants to holders of record of the Company’s common stock. Under the terms of the Warrants Offering shareholders of record on September 9, 2015 and holders of certain of the Company’s warrants (pursuant to the terms of their respective warrants) were entitled to one subscription warrant to purchase one share of common stock at a price of $1.10 per share for every four common shares held up to an aggregate of 5,755,775 shares of common stock.  The Warrants Offering expired on October 2.  See Note 14 ‘Subsequent Events’ for additional details. </div> </div>

2557557

2693800

2100000

P4Y

1.8168

1.9066

0.0092

<div> <div style="margin-left:0pt;margin-right:0pt;"> 11. Fair Value Measurements    The Company measures certain financial assets and liabilities at fair value on a recurring basis, including cash equivalents and warrants. General accounting principles for fair value measurement established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (“Level 1”) and the lowest priority to unobservable inputs (“Level 3”). The three levels of the fair value hierarchy are described below: Level 1: Values are based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.   Level 2: Values are based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or other model-based valuation techniques for which all significant assumptions are observable in the market.   Level 3: Values are generated from model-based techniques that use significant assumptions not observable in the market.   The following table sets forth the Company’s assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy.  As required by the Fair Value Measurements and Disclosures topic of the Accounting Standards Codification, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.     <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="top" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:31.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td colspan="8" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Fair Value Measurement Using </td> </tr> <tr> <td valign="bottom" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:74.25pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:74.25pt;padding:0pt;"> Total </td> <td valign="bottom" style="width:04.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:74.25pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:74.25pt;padding:0pt;"> Quoted Prices in Active Markets for Identical Instruments (Level 1) </td> <td valign="bottom" style="width:04.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:74.25pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:74.25pt;padding:0pt;"> Significant Other Observable Inputs (Level 2) </td> <td valign="bottom" style="width:04.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:74.25pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:74.25pt;padding:0pt;"> Significant Unobservable Inputs (Level 3) </td> </tr> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Assets at September 30, 2015: </td> <td valign="bottom" style="width:02.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">          Cash equivalents </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,619,199  </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,619,199  </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> </tr> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Total assets at fair value </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,619,199  </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,619,199  </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> </tr> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Liabilities at September 30, 2015: </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.74%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">          Warrants issued May 10, 2012 </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>440,137  </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>440,137  </td> </tr> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">          Warrants issued August 2013 </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>861,902  </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>861,902  </td> </tr> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Total liabilities at fair value: </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,302,039  </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,302,039  </td> </tr> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Assets at December 31, 2014: </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.74%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">          Cash equivalents </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,361,053  </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,361,053  </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> </tr> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Total assets at fair value </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,361,053  </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,361,053  </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> </tr> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Liabilities at December 31, 2014: </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.74%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">          Warrants issued May 10, 2012 </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>728,712  </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>728,712  </td> </tr> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">          Warrants issued August 2013 </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,405,475  </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,405,475  </td> </tr> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Total liabilities at fair value: </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,134,187  </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,134,187  </td> </tr> </table></div>   Level 1 The Company’s financial assets consist of cash equivalents invested in money market funds in the amount of $1,619,199 and $5,361,053 at September 30, 2015 and December 31, 2014, respectively. These assets are classified as Level 1 as described above and total interest income recorded for these investments was insignificant during both the nine month periods ended September 30, 2015, and September 30, 2014. There were no transfers in or out of Level 1 during the period ended September 30, 2015. Level 2 The Company does not have any financial assets or liabilities classified as Level 2. Level 3  In conjunction with the Company’s May 2012 and August 2013 financing transactions, the Company issued warrants to purchase shares of the Company’s common stock. Due to the provisions included in the warrant agreements, the warrants did not meet the exemptions for equity classification and as such, the Company accounts for these warrants as derivative instruments. The calculated fair value of the warrants is classified as a liability and is periodically re-measured with any changes in value recognized in “Other expense” in the Statements of Operations. The remaining warrants from the May 2012 transaction expire in May 2018 and were revalued as of September 30, 2015 using the following assumptions: 1) volatility of 190.66%; 2) risk-free interest rate of 0.92%; and 3) a closing stock price of $0.93. The remaining warrants from the August 2013 expire in November 2018 and were revalued as of September 30, 2015 using the following assumptions: 1) volatility of 181.68%; 2) risk-free interest rate of 0.92%; and 3) a closing stock price of $0.93. The significant unobservable input used in the fair value measurement of the Company’s warrants is volatility.  Significant increases (decreases) in the volatility in isolation would result in significantly higher (lower) liability fair value measurements.   The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial liabilities for the nine month period ended September 30, 2015:       <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:39.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:19.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:16.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:14.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:49.50pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:49.50pt;padding:0pt;">   </td> <td valign="bottom" style="width:19.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:49.50pt;padding:0pt;"> Warrants issued May 2012 </td> <td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:49.50pt;padding:0pt;">   </td> <td valign="bottom" style="width:16.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:49.50pt;padding:0pt;"> Warrants issued August 2013 </td> <td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:49.50pt;padding:0pt;">   </td> <td valign="bottom" style="width:14.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:49.50pt;padding:0pt;"> Total Liabilities </td> </tr> <tr> <td valign="bottom" style="width:39.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Balance at beginning of period </td> <td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:19.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $              728,712 </td> <td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:16.76%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $        1,405,475 </td> <td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:14.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $     2,134,187 </td> </tr> <tr> <td valign="bottom" style="width:39.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">     Settlements </td> <td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:19.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> - </td> <td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:16.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> - </td> <td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:14.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> - </td> </tr> <tr> <td valign="bottom" style="width:39.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">     Revaluation </td> <td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:19.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(288,575) </td> <td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:16.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(543,573) </td> <td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:14.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(832,148) </td> </tr> <tr> <td valign="bottom" style="width:39.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Balance at end of period </td> <td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:19.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $              440,137 </td> <td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:16.76%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $           861,902 </td> <td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:14.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $     1,302,039 </td> </tr> </table></div>   The Company currently does not have derivative instruments to manage its exposure to currency fluctuations or other business risks. The Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. All derivative financial instruments are recognized in the balance sheet at fair value.   </div> </div>

2134187

1405475

728712

1302039

861902

440137

<div> <div style="margin-left:0pt;margin-right:0pt;"> Financial Instruments Financial instruments consist of cash and cash equivalents, short-term investments, accounts receivable, accounts payable and debt. The carrying value of such amounts reported at the applicable balance sheet dates approximates fair value. See Note 9 for disclosure of the fair value of debt. The Company measures certain financial assets and liabilities at fair value on a recurring basis, including warrants and debt conversion features. General accounting principles for fair value measurement established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (“Level 1”) and the lowest priority to unobservable inputs (“Level 3”). See Note 11 for additional details. </div> </div>

2510222

3665000

9537043

2763667

8116989

2549690

19314529

6516169

20449594

6828218

-1007184

-30047

-550802

118168

-552771

537375

979121

-374441

1707264

-893745

-2783

-93950

-409339

-326517

-167242

36063

156525

1379653

1154778

2505842

834224

2460881

815071

493616

490792

<div> <div style="margin-left:0pt;margin-right:0pt;">   3. Inventories  Inventories consist of the following:   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="top" style="width:45.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:24.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:06.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:24.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:45.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:27.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:24.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:27.00pt;padding:0pt;"> September 30, 2015 </td> <td valign="bottom" style="width:06.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:27.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:24.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:27.00pt;padding:0pt;"> December 31, 2014 </td> </tr> <tr> <td valign="top" style="width:45.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:24.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:06.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:24.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:45.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Raw materials </td> <td valign="bottom" style="width:24.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $          2,099,640 </td> <td valign="bottom" style="width:06.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:24.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $         2,746,926 </td> </tr> <tr> <td valign="top" style="width:45.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Work in process </td> <td valign="bottom" style="width:24.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,893  </td> <td valign="bottom" style="width:06.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:24.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>374,236  </td> </tr> <tr> <td valign="top" style="width:45.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Finished goods </td> <td valign="bottom" style="width:24.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,057,265  </td> <td valign="bottom" style="width:06.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:24.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,310,375  </td> </tr> <tr> <td valign="top" style="width:45.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Reserve for obsolescence </td> <td valign="bottom" style="width:24.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(28,266) </td> <td valign="bottom" style="width:06.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:24.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(59,634) </td> </tr> <tr> <td valign="top" style="width:45.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Total inventories </td> <td valign="bottom" style="width:24.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $          5,132,532 </td> <td valign="bottom" style="width:06.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:24.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $         6,371,903 </td> </tr> </table></div>   </div> </div>

3310375

3057265

6371903

5132532

2746926

2099640

59634

28266

374236

3893

5665

1736

1622

267

23880771

18636783

16650632

16115466

2134187

1302039

5800000

2018-03-31

10000000

18388764

18283492

18388764

18283492

<div> <div style="margin-left:0pt;margin-right:0pt;"> 1. Description of Business Stereotaxis designs, manufactures, and markets the Epoch® Solution, an advanced remote robotic navigation system for use in a hospital’s interventional surgical suite or “interventional lab”, that we believe revolutionizes the treatment of arrhythmias and coronary artery disease by enabling enhanced safety, efficiency, and efficacy for catheter-based or interventional procedures. The Epoch Solution is comprised of the Niobe® ES Magnetic Navigation System (“Niobe ES system”), Odyssey® Information Management Solution (“Odyssey Solution”), and the Vdrive® Robotic Navigation System (“Vdrive system”) and related devices. The Niobe ES system is designed to enable physicians to complete more complex interventional procedures by providing image-guided delivery of catheters and guidewires through the blood vessels and chambers of the heart to treatment sites. This is achieved using externally applied magnetic fields that govern the motion of the working tip of the catheter or guidewire, resulting in improved navigation, efficient procedures, and reduced X-ray exposure. In addition to the Niobe ES system and its components, Stereotaxis has also developed the Odyssey Solution, which consolidates all lab information, enabling doctors to focus on the patient for optimal procedure efficiency. The platform also features a remote viewing and recording capability called the Odyssey Cinema™ system, an innovative system delivering synchronized content for optimized workflow, advanced care, and improved productivity. This tool includes an archiving capability that allows clinicians to store and replay entire procedures or segments of procedures. This information can be accessed from locations throughout the hospital’s local area network and over the global Odyssey Network, providing physicians with a tool for clinical collaboration, remote consultation, and training. Our Vdrive system provides navigation and stability for diagnostic and therapeutic devices designed to improve interventional procedures. The Vdrive system complements the Niobe ES system’s control of therapeutic catheters for fully remote procedures and enables single-operator workflow. It is sold as two options, the Vdrive system and the Vdrive Duo™ system. In addition to the Vdrive system and the Vdrive Duo system, we also manufacture and market various disposable components which can be manipulated by these systems. <p style="margin:9pt 0pt 5pt;text-indent:24.5pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 10pt"> We promote the full Epoch Solution in a typical hospital implementation, subject to regulatory approvals or clearances. The full Epoch Solution implementation requires a hospital to agree to an upfront capital payment and recurring payments. The upfront capital payment typically includes equipment and installation charges. The recurring payments typically include disposable costs for each procedure, equipment service costs beyond the warranty period, and software licenses. In hospitals where the full Epoch Solution has not been implemented, equipment upgrade or expansion may be implemented upon purchase of the necessary components. As of September 30, 2015, the Company has an installed base of 123 Niobe ES systems. The core components of Stereotaxis’ systems have received regulatory clearance in the United States, European Union, Canada, China, Japan and various other countries.  We have received the CE Mark that allows us to market the Vdrive and Vdrive Duo systems with the V-CAS, V-Loop and V-Sono devices in Europe. In addition, we have received licensing to market the Vdrive and Vdrive Duo systems with the V-CAS, V-Loop, and V-Sono devices in Canada. We have received regulatory clearance that allows us to market the Vdrive and Vdrive Duo systems with the V-CAS, V-Loop, and V-Sono devices in the United States. We have received Food and Drug Administration (“FDA”) clearance and the CE Mark necessary for us to market our suite of Pegasus™ coronary peripheral guidewires in the United States and Europe. Since our inception, we have generated significant losses. As of September 30, 2015, we incurred cumulative net losses of approximately $464.3 million. In 2015, the Company plans to continue developing the Niobe ES system with the goal of furthering clinical adoption and new system placements. Although we achieved an operating profit in the fourth quarter 2014, we expect to have negative cash flow from operations into 2015 as we continue the development and commercialization of our products, conduct our research and development activities, advance new products and new features into clinical development from our existing research programs, and fund additional sales and marketing initiatives. During 2015, we expect operating expenses to be generally consistent with 2014 with additional investment in certain targeted areas. We may be required to raise capital or pursue other financing strategies to continue our operations. Until we can generate significant cash flow from our operations, we expect to continue to fund our operations with cash resources primarily generated from the proceeds of our past and future public offerings, private sales of our equity securities, and loans collateralized by working capital and equipment. We continue to explore financing alternatives, which may include the sale of equity securities or non-core assets, strategic collaboration agreements, debt financings, or distribution rights. We cannot accurately predict the timing and amount of our utilization of capital, which will depend on a number of factors outside of our control. Our existing cash, cash equivalents, and borrowing facilities may not be sufficient to fund our operating expenses and capital equipment requirements through the next 12 months, which would require us to obtain additional financing. We cannot assure that additional financing will be available on acceptable terms or that such financing will not be dilutive to our stockholders. If adequate funds are not available to us, we could be required to delay development or commercialization of new products, to license to third parties the rights to commercialize products or technologies that we would otherwise seek to commercialize ourselves, or to reduce the sales, marketing, customer support or other resources devoted to our products, any of which could have a material adverse effect on our business, financial condition, and operational results. In addition, we could be required to cease operations. </div> </div>

2789875

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22670

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-996926

<div> <div style="margin-left:0pt;margin-right:0pt;"> Recently Issued Accounting Pronouncements In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU” or “Update”) No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory” regarding the subsequent measurement of inventory as part of its Simplification Initiative. This standard is effective for public companies for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. This Update should be applied prospectively, and early application is permitted as of the beginning of an interim or annual reporting period. We are currently evaluating the impact of adopting this accounting standard update on our financial statement disclosures and have not concluded on an adoption method. In April 2015, the FASB issued ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. To simplify the presentation of debt issuance costs, the amendments in this Update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from that debt liability, consistent with the presentation of a debt discount. In August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements—Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting  (SEC Update), which adds the SEC staff’s guidance on the presentation of debt issuance costs associated with lines of credit  to the Codification. The SEC staff stated it will not object to an entity presenting the costs of securing line-of-credit arrangements as an asset, regardless of whether there are any outstanding borrowings. The Standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted for financial statements that have not been previously issued. We have evaluated the impact of adopting this accounting standard update on our financial statements and disclosures and the impact is immaterial. We will adopt the method in 2016. In August 2014, the FASB issued ASU No. 2014-15, to communicate amendments to FASB Account Standards Codification Subtopic 205-40, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. The ASU requires management to evaluate relevant conditions, events and certain management plans that are known or reasonably knowable as of the evaluation date when determining whether substantial doubt about an entity’s ability to continue as a going concern exists. Management will be required to make this evaluation for both annual and interim reporting periods. Management will have to make certain disclosures if it concludes that substantial doubt exists and when it plans to alleviate substantial doubt about the entity’s ability to continue as a going concern. The standard is effective for annual periods ending after December 15, 2016 and for interim reporting periods starting in the first quarter of 2017. Early adoption is permitted. We are currently evaluating the impact of adopting this accounting standard update on our financial statement disclosures and have not concluded on an adoption method. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" which converges the FASB's and the International Accounting Standards Board's current standards on revenue recognition. The standard provides companies with a single model to use in accounting for revenue arising from contracts with customers and supersedes current revenue guidance. The standard is effective for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted. The standard permits companies to either apply the adoption to all periods presented, or apply the requirements in the year of adoption through a cumulative adjustment. In April 2015, the FASB issued an exposure draft related to the deferral of the effective date, which would delay our effective date one year. Therefore, the standard would be effective for annual and interim periods beginning after December 15, 2017. We are currently evaluating the impact of adopting this accounting standard update on our financial statements and disclosures and have not concluded on an adoption method. </div> </div>

25012726

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2034731

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0.001

10000000

1483687

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388850

294900

679740

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15000000

2500000

300000

501212

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221066

151235

84402

91293

<div> <div style="margin-left:0pt;margin-right:0pt;"> 12. Product Warranty Provisions    The Company’s standard policy is to warrant all Niobe,  Odyssey, and Vdrive systems against defects in material or workmanship for one year following installation. The Company’s estimate of costs to service the warranty obligations is based on historical experience and current product performance trends. A regular review of warranty obligations is performed to determine the adequacy of the reserve and adjustments are made to the estimated warranty liability as appropriate.   Accrued warranty, which is included in other accrued liabilities, consists of the following:     <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:50.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:19.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:05.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:19.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:50.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> September 30, 2015 </td> <td valign="bottom" style="width:05.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> December 31, 2014 </td> </tr> <tr> <td valign="bottom" style="width:50.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> Warranty accrual, beginning of the fiscal period </td> <td valign="bottom" style="width:02.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:19.24%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>364,548  </td> <td valign="bottom" style="width:05.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:19.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>501,212  </td> </tr> <tr> <td valign="bottom" style="width:50.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> Accrual adjustment for product warranty </td> <td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:19.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>91,293  </td> <td valign="bottom" style="width:05.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:19.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>84,402  </td> </tr> <tr> <td valign="bottom" style="width:50.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> Payments made </td> <td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:19.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(151,235) </td> <td valign="bottom" style="width:05.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:19.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(221,066) </td> </tr> <tr> <td valign="bottom" style="width:50.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> Warranty accrual, end of the fiscal period </td> <td valign="bottom" style="width:02.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:19.24%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>304,606  </td> <td valign="bottom" style="width:05.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:19.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>364,548  </td> </tr> </table></div>   </div> </div>

10896597

303412

8264804

2328381

11084313

303412

8452520

2328381

894728

1076692

1.50

95368

105272

4030594

1214405

4399734

1494201

-458605903

-464277098

25256308

8854101

28469891

9274614

<div> <div style="margin-left:0pt;margin-right:0pt;"> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> Three months ended September 30, </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> Nine months ended September 30, </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Numerator: </td> <td valign="bottom" style="width:01.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Numerator for basic EPS </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(996,926) </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,670  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,671,195) </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,058,656) </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Numerator for diluted EPS </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.20%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(996,926) </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,670  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.20%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,671,195) </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,058,656) </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Denominator: </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Denominator for basic EPS—weighted average shares </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,142,795  </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,326,169  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,965,012  </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,767,545  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Effect of dilutive securities: </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Restricted stock units </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">  — </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>156,525  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">  — </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">  — </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Stock options, appreciation rights  and warrants </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">  — </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36,063  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">  — </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">  — </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Denominator for diluted EPS </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,142,795  </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,518,757  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,965,012  </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,767,545  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Basic EPS </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.20%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.05) </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.28%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.00  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.20%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.27) </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.28%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.31) </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Diluted EPS </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.05) </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.00  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.27) </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.31) </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> </table></div>   </div> </div>

<div> <div style="margin-left:0pt;margin-right:0pt;"> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td colspan="8" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Fair Value Measurement Using </td> </tr> <tr> <td valign="bottom" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:74.25pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:74.25pt;padding:0pt;"> Total </td> <td valign="bottom" style="width:04.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:74.25pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:74.25pt;padding:0pt;"> Quoted Prices in Active Markets for Identical Instruments (Level 1) </td> <td valign="bottom" style="width:04.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:74.25pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:74.25pt;padding:0pt;"> Significant Other Observable Inputs (Level 2) </td> <td valign="bottom" style="width:04.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:74.25pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:74.25pt;padding:0pt;"> Significant Unobservable Inputs (Level 3) </td> </tr> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Assets at September 30, 2015: </td> <td valign="bottom" style="width:02.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">          Cash equivalents </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,619,199  </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,619,199  </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> </tr> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Total assets at fair value </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,619,199  </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,619,199  </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> </tr> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Liabilities at September 30, 2015: </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.74%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">          Warrants issued May 10, 2012 </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>440,137  </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>440,137  </td> </tr> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">          Warrants issued August 2013 </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>861,902  </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>861,902  </td> </tr> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Total liabilities at fair value: </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,302,039  </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,302,039  </td> </tr> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Assets at December 31, 2014: </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.74%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">          Cash equivalents </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,361,053  </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,361,053  </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> </tr> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Total assets at fair value </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,361,053  </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,361,053  </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> </tr> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Liabilities at December 31, 2014: </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.74%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">          Warrants issued May 10, 2012 </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>728,712  </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>728,712  </td> </tr> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">          Warrants issued August 2013 </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,405,475  </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,405,475  </td> </tr> <tr> <td valign="top" style="width:38.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Total liabilities at fair value: </td> <td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,134,187  </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> —   </td> <td valign="bottom" style="width:04.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,134,187  </td> </tr> </table></div>   </div> </div>

11445089

3717670

11976955

3691805

1070049

887087

P4Y

87668

2.82

391200

2.04

697751

762898

3.14

2.63

238385

3.08

1000000

692111

89791

353350

487146

750705

17.21

9.32

23.58

2.07

1.69

1.45

1.69

1.45

116.40

91.90

2.15

1.89

0.93

<div> <div style="margin-left:0pt;margin-right:0pt;"> 2. Summary of Significant Accounting Policies  Basis of Presentation The accompanying unaudited financial statements of Stereotaxis, Inc. have been prepared in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q. Accordingly, they do not include all the disclosures required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, they include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. Operating results for the nine month period ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015 or for future operating periods. These interim financial statements and the related notes should be read in conjunction with the annual financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 as filed with the Securities and Exchange Commission (SEC) on March 16, 2015. Financial Instruments Financial instruments consist of cash and cash equivalents, short-term investments, accounts receivable, accounts payable and debt. The carrying value of such amounts reported at the applicable balance sheet dates approximates fair value. See Note 9 for disclosure of the fair value of debt. The Company measures certain financial assets and liabilities at fair value on a recurring basis, including warrants and debt conversion features. General accounting principles for fair value measurement established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (“Level 1”) and the lowest priority to unobservable inputs (“Level 3”). See Note 11 for additional details. Revenue and Costs of Revenue  The Company accounts for revenue using Accounting Standards Codification Topic 605-25, Multiple-Element Arrangements (“ASC 605-25”). ASC 605-25 permits management to estimate the selling price of undelivered components of a bundled sale for which it is unable to establish vendor-specific objective evidence (“VSOE”) or third-party evidence (“TPE”). This requires management to record revenue for certain elements of a transaction even though it might not have delivered other elements of the transaction, for which it was unable to meet the requirements for establishing VSOE or TPE. The Company believes that the guidance significantly improves the reporting of these types of transactions to more closely reflect the underlying economic circumstances. This guidance also prohibits the use of the residual method for allocating revenue to the various elements of a transaction and requires that the revenue be allocated proportionally based on the relative estimated selling prices. Under our revenue recognition policy, a portion of revenue for Niobe systems, Vdrive systems and certain Odyssey systems is recognized upon delivery, provided that title has passed, there are no uncertainties regarding acceptance, persuasive evidence of an arrangement exists, the sales price is fixed and determinable, and collection of the related receivable is reasonably assured. Revenue is recognized for other types of Odyssey systems upon completion of installation, since there are no qualified third party installers. When installation is the responsibility of the customer, revenue from system sales is recognized upon shipment since these arrangements do not include an installation element or right of return privileges. The Company does not recognize revenue in situations in which inventory remains at a Stereotaxis warehouse or in situations in which title and risk of loss have not transferred to the customer. Amounts collected prior to satisfying the above revenue recognition criteria are reflected as deferred revenue. Revenue from services and license fees, whether sold individually or as a separate unit of accounting in a multiple-deliverable arrangement, is deferred and amortized over the service or license fee period, which is typically one year. Revenue from services is derived primarily from the sale of annual product maintenance plans. We recognize revenue from disposable device sales or accessories upon shipment and establish an appropriate reserve for returns. The return reserve, which is applicable only to disposable devices, is estimated based on historical experience which is periodically reviewed and updated as necessary. In the past, changes in estimate have had only a de minimis effect on revenue recognized in the period. We believe that the estimate is not likely to change significantly in the future. Costs of systems revenue include direct product costs, installation labor and other costs, estimated warranty costs, and initial training and product maintenance costs. These costs are recorded at the time of sale. Costs of disposable revenue include direct product costs and estimated warranty costs and are recorded at the time of sale. Cost of revenue from services and license fees are recorded when incurred. Share-Based Compensation The Company accounts for its grants of stock options, stock appreciation rights, restricted shares, and restricted stock units and for its employee stock purchase plan in accordance with the provisions of general accounting principles for share-based payments. These accounting principles require the determination of the fair value of the share-based compensation at the grant date and the recognition of the related expense over the period in which the share-based compensation vests. The Company utilizes the Black-Scholes valuation model to determine the fair value of stock options and stock appreciation rights at the date of grant. The resulting compensation expense is recognized over the requisite service period, which is generally four years. Compensation expense is recognized only for those awards expected to vest, with forfeitures estimated based on the Company’s historical experience and future expectations. Restricted shares granted to employees are valued at the fair market value at the date of grant. The Company amortizes the fair market value to expense over the service period. If the shares are subject to performance objectives, the resulting compensation expense is amortized over the anticipated vesting period and is subject to adjustment based on the actual achievement of objectives. Net Earnings (Loss) per Common Share (“EPS”) Basic and diluted net earnings (loss) per common share are computed by dividing the net income (loss) for the period by the weighted average number of common shares outstanding during the period. The following table sets forth the computation of basic and diluted EPS:   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> Three months ended September 30, </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> Nine months ended September 30, </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Numerator: </td> <td valign="bottom" style="width:01.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Numerator for basic EPS </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(996,926) </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,670  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,671,195) </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,058,656) </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Numerator for diluted EPS </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.20%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(996,926) </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,670  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.20%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,671,195) </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,058,656) </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Denominator: </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Denominator for basic EPS—weighted average shares </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,142,795  </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,326,169  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,965,012  </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,767,545  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Effect of dilutive securities: </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Restricted stock units </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">  — </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>156,525  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">  — </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">  — </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Stock options, appreciation rights  and warrants </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">  — </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36,063  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">  — </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">  — </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Denominator for diluted EPS </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,142,795  </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,518,757  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:10.20%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,965,012  </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,767,545  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Basic EPS </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.20%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.05) </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.28%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.00  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.20%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.27) </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.28%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.31) </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Diluted EPS </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.05) </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.00  </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.27) </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.31) </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> </table></div>   In addition, the Company did not include any portion of unearned restricted shares, outstanding options, stock appreciation rights or warrants in the calculation of diluted loss per common share because all such securities are anti-dilutive for the three and nine months ended September 30, 2015 and the nine months ended September 30, 2014. The application of the two-class method of computing earnings per share under general accounting principles for participating securities is not applicable during these periods because the Company’s unearned restricted shares do not contractually participate in its losses.   The following potential common shares were excluded from diluted EPS for the three months ended September 30, 2014 as they were antidilutive: 500,294 stock options and stock appreciation rights, 391,775 restricted stock units, and 2,111,618 warrants. As of September 30, 2015, the Company had 750,705 shares of common stock issuable upon the exercise of outstanding options and stock appreciation rights at a weighted average exercise price of $9.32 per share, 2,131,476 shares of common stock issuable upon the exercise of outstanding warrants at a weighted average exercise price of $4.99 per share, and 762,898 shares of unvested restricted share units. The Company had no unearned restricted shares outstanding for the nine months ended September 30, 2015.<a name="eolPage9"></a> As of September 30, 2015, the Company had 5,755,775 warrants outstanding in conjunction with its September 9, 2015 offering (the “Warrants Offering”) of transferable subscription warrants to holders of record of the Company’s common stock. Under the terms of the Warrants Offering shareholders of record on September 9, 2015 and holders of certain of the Company’s warrants (pursuant to the terms of their respective warrants) were entitled to one subscription warrant to purchase one share of common stock at a price of $1.10 per share for every four common shares held up to an aggregate of 5,755,775 shares of common stock.  The Warrants Offering expired on October 2.  See Note 14 ‘Subsequent Events’ for additional details. Recently Issued Accounting Pronouncements In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU” or “Update”) No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory” regarding the subsequent measurement of inventory as part of its Simplification Initiative. This standard is effective for public companies for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. This Update should be applied prospectively, and early application is permitted as of the beginning of an interim or annual reporting period. We are currently evaluating the impact of adopting this accounting standard update on our financial statement disclosures and have not concluded on an adoption method. In April 2015, the FASB issued ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. To simplify the presentation of debt issuance costs, the amendments in this Update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from that debt liability, consistent with the presentation of a debt discount. In August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements—Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting  (SEC Update), which adds the SEC staff’s guidance on the presentation of debt issuance costs associated with lines of credit  to the Codification. The SEC staff stated it will not object to an entity presenting the costs of securing line-of-credit arrangements as an asset, regardless of whether there are any outstanding borrowings. The Standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted for financial statements that have not been previously issued. We have evaluated the impact of adopting this accounting standard update on our financial statements and disclosures and the impact is immaterial. We will adopt the method in 2016. In August 2014, the FASB issued ASU No. 2014-15, to communicate amendments to FASB Account Standards Codification Subtopic 205-40, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. The ASU requires management to evaluate relevant conditions, events and certain management plans that are known or reasonably knowable as of the evaluation date when determining whether substantial doubt about an entity’s ability to continue as a going concern exists. Management will be required to make this evaluation for both annual and interim reporting periods. Management will have to make certain disclosures if it concludes that substantial doubt exists and when it plans to alleviate substantial doubt about the entity’s ability to continue as a going concern. The standard is effective for annual periods ending after December 15, 2016 and for interim reporting periods starting in the first quarter of 2017. Early adoption is permitted. We are currently evaluating the impact of adopting this accounting standard update on our financial statement disclosures and have not concluded on an adoption method. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" which converges the FASB's and the International Accounting Standards Board's current standards on revenue recognition. The standard provides companies with a single model to use in accounting for revenue arising from contracts with customers and supersedes current revenue guidance. The standard is effective for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted. The standard permits companies to either apply the adoption to all periods presented, or apply the requirements in the year of adoption through a cumulative adjustment. In April 2015, the FASB issued an exposure draft related to the deferral of the effective date, which would delay our effective date one year. Therefore, the standard would be effective for annual and interim periods beginning after December 15, 2017. We are currently evaluating the impact of adopting this accounting standard update on our financial statements and disclosures and have not concluded on an adoption method. </div> </div>

1100000

-12549718

-16579834

<div> <div style="margin-left:0pt;margin-right:0pt;"> 10. Stockholders’ Equity  The holders of common stock are entitled to one vote for each share held and to receive dividends whenever funds are legally available and when declared by the Board of Directors subject to the prior rights of holders of all classes of stock having priority rights as dividends and the conditions of the revolving line of credit agreement. Since the Company’s inception, no dividends have been declared or paid. Controlled Equity Offering The Company entered into a Controlled Equity OfferingSM sales agreement (the “Sales Agreement”) in May 2014, as amended on March 26, 2015, with Cantor Fitzgerald & Co. (“Cantor”), as agent and/or principal, pursuant to which the Company could issue and sell, from time to time, shares of its common stock having an aggregate gross sales price of up to $18.0 million. The Company will pay Cantor a commission of 3.0% of the gross proceeds from any common stock sold through the Sales Agreement. During the three months ended September 30, 2015, the Company sold an aggregate of 160,020 shares of common stock under the Sales Agreement, at an average price of approximately $1.89 per share for gross proceeds of $301,741 and net proceeds of $292,689, after deducting Cantor’s commission. As of September 30, 2015, $13.8 million of common stock remained available to be sold under this facility, subject to certain conditions as specified in the Sales Agreement. Warrant Offering    As of September 30, 2015, the Company had 5,755,775 warrants outstanding in conjunction with its September 9, 2015 offering (the “Warrants Offering”) of transferable subscription warrants to holders of record of the Company’s common stock. Under the terms of the Warrants Offering shareholders of record on September 9, 2015 and holders of certain of the Company’s warrants (pursuant to the terms of their respective warrants) were entitled to one subscription warrant to purchase one share of common stock at a price of $1.10 per share for every four common shares held up to an aggregate of 5,755,775 shares of common stock.  The Warrants Offering expired on October 2.  See Note 14 ‘Subsequent Events’ for additional details. Stock Award Plans The Company has various stock plans that permit the Company to provide incentives to employees and directors of the Company in the form of equity compensation.  In August 2012, the Board of Directors adopted the 2012 Stock Incentive Plan (the “Plan”) which was subsequently approved by the Company’s shareholders. This plan replaced the 2002 Stock Incentive Plan which expired on March 25, 2012.  On June 5, 2013 and on June 10, 2014, the shareholders approved amendments to the Plan, which were previously approved and adopted by the Compensation Committee of the Board of Directors of the Company. Each of these amendments increased the number of shares authorized for issuance under the Plan by one million shares. At September 30, 2015, the Company had 692,111 remaining shares of the Company’s common stock to provide for current and future grants under its various equity plans. At September 30, 2015, the total compensation cost related to options, stock appreciation rights and non-vested stock granted to employees under the Company’s stock award plans but not yet recognized was approximately $2.1 million, net of estimated forfeitures of approximately $1.1 million. This cost will be amortized over a period of up to four years over the underlying estimated service periods and will be adjusted for subsequent changes in estimated forfeitures and anticipated vesting periods.  A summary of the option and stock appreciation rights activity for the nine month period ended September 30, 2015 is as follows:   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="top" style="width:34.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:03.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:17.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:24.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:34.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:25.50pt;padding:0pt;">   </td> <td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:25.50pt;padding:0pt;"> Number of Options/SARs </td> <td valign="bottom" style="width:03.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:25.50pt;padding:0pt;">   </td> <td valign="bottom" style="width:17.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:25.50pt;padding:0pt;"> Range of Exercise Price </td> <td valign="bottom" style="width:02.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:25.50pt;padding:0pt;">   </td> <td valign="bottom" style="width:24.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:25.50pt;padding:0pt;"> Weighted Average Exercise Price per Share </td> </tr> <tr> <td valign="top" style="width:34.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:18.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:03.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:17.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:02.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:24.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:34.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Outstanding, December 31, 2014 </td> <td valign="top" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>487,146  </td> <td valign="top" style="width:03.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:17.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $1.69 - $116.40 </td> <td valign="top" style="width:02.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:24.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left">$</div>17.21  </td> </tr> <tr> <td valign="top" style="width:34.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Granted </td> <td valign="top" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>353,350  </td> <td valign="top" style="width:03.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:17.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:15.00pt;padding:0pt;"> $1.45 - $2.15 </td> <td valign="top" style="width:02.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:24.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left">$</div>2.07  </td> </tr> <tr> <td valign="top" style="width:34.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Exercised </td> <td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:15.00pt;padding:0pt;"> -   </td> <td valign="top" style="width:03.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:17.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:15.00pt;padding:0pt;"> -   </td> <td valign="top" style="width:02.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:24.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> -   </td> </tr> <tr> <td valign="top" style="width:34.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Forfeited </td> <td valign="top" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(89,791) </td> <td valign="top" style="width:03.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:17.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:15.00pt;padding:0pt;"> $1.69 - $91.90 </td> <td valign="top" style="width:02.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:24.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left">$</div>23.58  </td> </tr> <tr> <td valign="top" style="width:34.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Outstanding, September 30, 2015 </td> <td valign="top" style="width:18.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>750,705  </td> <td valign="top" style="width:03.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:17.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> $1.45 - $116.40 </td> <td valign="top" style="width:02.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:24.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left">$</div>9.32  </td> </tr> </table></div>     As of September 30, 2015, there were no restricted shares outstanding. <a name="FIS_UNIDENTIFIED_TABLE_9"></a> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="top" style="width:57.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:17.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:06.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:17.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> </tr> </table></div>         A summary of the restricted stock unit activity for the nine month period ended September 30, 2015 is as follows:   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="top" style="width:49.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:20.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:06.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:23.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:49.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:56.25pt;padding:0pt;">   </td> <td valign="bottom" style="width:20.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:56.25pt;padding:0pt;"> Number of Restricted Shares Units </td> <td valign="bottom" style="width:06.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:56.25pt;padding:0pt;">   </td> <td valign="bottom" style="width:23.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:56.25pt;padding:0pt;"> Weighted Average Grant Date Fair Value per Unit </td> </tr> <tr> <td valign="top" style="width:49.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:20.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:06.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:23.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:49.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Outstanding, December 31, 2014 </td> <td valign="top" style="width:20.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>697,751  </td> <td valign="top" style="width:06.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:23.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left">$</div>3.14  </td> </tr> <tr> <td valign="top" style="width:49.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Granted </td> <td valign="top" style="width:20.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>391,200  </td> <td valign="top" style="width:06.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:23.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left">$</div>2.04  </td> </tr> <tr> <td valign="top" style="width:49.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Vested </td> <td valign="top" style="width:20.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(238,385) </td> <td valign="top" style="width:06.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:23.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left">$</div>3.08  </td> </tr> <tr> <td valign="top" style="width:49.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Forfeited </td> <td valign="top" style="width:20.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(87,668) </td> <td valign="top" style="width:06.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:23.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left">$</div>2.82  </td> </tr> <tr> <td valign="top" style="width:49.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> Outstanding, September 30, 2015 </td> <td valign="top" style="width:20.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>762,898  </td> <td valign="top" style="width:06.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="top" style="width:23.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left">$</div>2.63  </td> </tr> </table></div>   </div> </div>

300000

160020

4015

205999

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22670

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-996926

2134187

1405475

728712

1405475

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1302039

861902

440137

861902

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19767545

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19767545

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20965012

21142795

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Deferred Revenue (Schedule Of Deferred Revenue) (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Deferred Revenue Arrangement [Line Items]
Deferred revenue	$ 7,259,894	$ 7,634,335
Less: Long-term deferred revenue	(812,070)	(976,165)
Total current deferred revenue	6,447,824	6,658,170
Product Shipped, Revenue Deferred [Member]
Deferred Revenue Arrangement [Line Items]
Deferred revenue	326,588	457,348
Customer Deposits [Member]
Deferred Revenue Arrangement [Line Items]
Deferred revenue		1,065,371
Deferred Service And License Fees [Member]
Deferred Revenue Arrangement [Line Items]
Deferred revenue	$ 6,933,306	$ 6,111,616

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Fair Value Measurements (Summary Of Changes In Fair Value Of Level 3 Financial Liabilities) (Details)	9 Months Ended
	Sep. 30, 2015 USD ($)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Liabilities, Balance at beginning of period	$ 2,134,187
Liabilities, Settlements
Liabilities, Revaluation	$ (832,148)
Liabilities, Balance at end of period	1,302,039
Warrants Issued May 10, 2012 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Liabilities, Balance at beginning of period	$ 728,712
Liabilities, Settlements
Liabilities, Revaluation	$ (288,575)
Liabilities, Balance at end of period	440,137
Warrants Issued August 2013 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Liabilities, Balance at beginning of period	$ 1,405,475
Liabilities, Settlements
Liabilities, Revaluation	$ (543,573)
Liabilities, Balance at end of period	$ 861,902

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Fair Value Measurements (Narrative) (Details) - USD ($)
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Warrant expiration date May 01, 2018

Volatility rate 190.66%

Risk-free interest rate 0.92%

Closing stock price $ 0.93

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Closing stock price $ 0.93

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Summary Of Significant Accounting Policies (Computation Of Basic And Diluted EPS) (Details) - USD ($)
3 Months Ended 9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Summary Of Significant Accounting Policies [Abstract]

Numerator for basic EPS $ (996,926) $ 22,670 $ (5,671,195) $ (6,058,656)

Numerator for diluted EPS $ (996,926) $ 22,670 $ (5,671,195) $ (6,058,656)

Denominator for basic EPS-weighted average shares 21,142,795 20,326,169 20,965,012 19,767,545

Effect of diluted securities: Restricted stock units 156,525

Effect of diluted securities: Stock options, appreciation rights and warrants 36,063

Denominator for diluted EPS 21,142,795 20,518,757 20,965,012 19,767,545

Basic EPS $ (0.05) $ 0.00 $ (0.27) $ (0.31)

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Accrued Liabilities (Tables)
9 Months Ended

Sep. 30, 2015

Accrued Liabilities [Abstract]

Schedule Of Accrued Liabilities

September 30,

December 31,

2015

2014

Accrued salaries, bonus, and benefits

$ 2,693,800

$ 2,557,557

Accrued rent

1,387,005

1,407,740

Accrued licenses and maintenance fees

662,323

661,766

Accrued interest

490,792

493,616

Accrued warranties

304,606

364,548

Accrued taxes

311,529

332,364

Other

198,051

102,479

Total accrued liabilities

6,048,106

5,920,070

Less: Long term accrued liabilities

(5,589)

(414,928)

Total current accrued liabilities

$ 6,042,517

$ 5,505,142

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Subsequent Events (Details) - Subsequent Event [Member]
$ / shares in Units, shares in Millions

Oct. 08, 2015

USD ($)

$ / shares

shares

Subsequent Event [Line Items]

Exercise price of warrants | $ / shares $ 1.10

Number of common shares exercised upon conversion of warrants 0.3

Gross proceeds from stock warrants exercised | $ $ 300,000

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Long-Term Debt And Credit Facilities (Schedule Of Long-Term Debt Outstanding) (Details) - USD ($)

Sep. 30, 2015

Dec. 31, 2014

Debt Instrument [Line Items]

Total long term debt $ 18,283,492 $ 18,388,764

Carrying Amount [Member]

Debt Instrument [Line Items]

Total debt $ 18,283,492 $ 18,388,764

Less current maturities

Total long term debt $ 18,283,492 $ 18,388,764

Estimated Fair Value [Member]

Debt Instrument [Line Items]

Total debt $ 18,283,492 $ 18,388,764

Less current maturities

Total long term debt $ 18,283,492 $ 18,388,764

Healthcare Royalty Partners Debt [Member] | Carrying Amount [Member]

Debt Instrument [Line Items]

Total debt 18,283,492 18,388,764

Healthcare Royalty Partners Debt [Member] | Estimated Fair Value [Member]

Debt Instrument [Line Items]

Total debt $ 18,283,492 $ 18,388,764

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Intangible Assets (Details)

Sep. 30, 2015

USD ($)

Intangible Assets [Abstract]

Total intangible assets $ 3,665,000

Accumulated amortization $ 2,510,222

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Fair Value Measurements (Assets And Liabilities Measured At Fair Value On Recurring Basis By Level) (Details) - USD ($)

Sep. 30, 2015

Dec. 31, 2014

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Cash equivalents $ 1,619,199 $ 5,361,053

Total assets at fair value 1,619,199 5,361,053

Warrants issued 1,302,039 2,134,187

Total liabilities at fair value 1,302,039 2,134,187

Warrants Issued May 10, 2012 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Warrants issued 440,137 728,712

Warrants Issued August 2013 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Warrants issued 861,902 1,405,475

Quoted Prices In Active Markets For Identical Instruments (Level 1) [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Cash equivalents 1,619,199 5,361,053

Total assets at fair value $ 1,619,199 $ 5,361,053

Significant Other Observable Inputs (Level 2) [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Cash equivalents

Total assets at fair value

Total liabilities at fair value

Significant Other Observable Inputs (Level 2) [Member] | Warrants Issued May 10, 2012 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Warrants issued

Significant Other Observable Inputs (Level 2) [Member] | Warrants Issued August 2013 [Member]

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Warrants issued

Significant Unobservable Inputs (Level 3) [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total liabilities at fair value $ 1,302,039 $ 2,134,187

Significant Unobservable Inputs (Level 3) [Member] | Warrants Issued May 10, 2012 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Warrants issued 440,137 728,712

Significant Unobservable Inputs (Level 3) [Member] | Warrants Issued August 2013 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Warrants issued $ 861,902 $ 1,405,475

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Prepaid Expenses And Other Current Assets
9 Months Ended

Sep. 30, 2015

Prepaid Expenses And Other Current Assets [Abstract]

Prepaid Expenses And Other Current Assets

4. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:

September 30, 2015

December 31, 2014

Prepaid expenses

$ 397,972

$ 679,740

Deferred financing costs

430,810

492,385

Deposits

131,781

311,562

Deferred cost of revenue

95,082

-

Total prepaid expenses and other assets

1,055,645

1,483,687

Less: Noncurrent prepaid expenses and other assets

(294,900)

(388,850)

Total prepaid expenses and other current assets

$ 760,745

$ 1,094,837

Certain prior year amounts have been reclassified to conform to the 2015 presentation.

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Stockholders' Equity (Narrative) (Details)
1 Months Ended 3 Months Ended 9 Months Ended

Jun. 10, 2014

shares

Jun. 05, 2013

shares

May. 31, 2014

USD ($)

Sep. 30, 2015

USD ($)

$ / shares

shares

Sep. 30, 2015

USD ($)

$ / shares

item

shares

Dec. 31, 2014

shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Votes per share | item 1

Dividends declared | $ $ 0 $ 0

Dividends paid | $ $ 0

Aggregate gross sales price | $ $ 18,000,000

Commission percentage of gross proceeds 3.00%

Aggregate shares of common stock sold 160,020

Average price per share | $ / shares $ 1.89 $ 1.89

Gross proceeds from common stock sold | $ $ 301,741

Net proceeds from common stock sold | $ 292,689

Remaining common stock available | $ $ 13,800,000 $ 13,800,000

2012 Stock Incentive Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Increase in number of shares authorized for issuance under the Plan 1,000,000 1,000,000

Remaining shares of Company's common stock to provide for current and future grants under its various equity plans 692,111 692,111

Total compensation cost related to options, stock appreciation rights and non-vested stock granted to employees not yet recognized | $ $ 2,100,000 $ 2,100,000

Estimated forfeitures | $ $ 1,100,000

Amortization period of total compensation cost related to options, stock appreciation rights and non-vested stock granted to employees not yet recognized 4 years

September 9, 2015 Warrants Offering [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Warrants outstanding 5,755,775 5,755,775

Warrants Offering commencement date Sep. 09, 2015

Number of common shares to purchase per subscription warrant 0.25 0.25

Exercise price of warrants | $ / shares $ 1.10 $ 1.10

Aggregate number of common shares issuable upon conversion of subscription warrants 5,755,775 5,755,775

Warrants [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Warrants outstanding 2,131,476 2,131,476

Exercise price of warrants | $ / shares $ 4.99 $ 4.99

Restricted Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Restricted shares outstanding 762,898 762,898 697,751

Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Restricted shares outstanding 0 0

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Fair Value Measurements (Tables)
9 Months Ended

Sep. 30, 2015

Fair Value Measurements [Abstract]

Assets And Liabilities Measured At Fair Value On Recurring Basis By Level

Fair Value Measurement Using

Total

Quoted Prices in
Active Markets
for Identical
Instruments
(Level 1)

Significant
Other
Observable
Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

Assets at September 30, 2015:

 Cash equivalents

$

1,619,199

1,619,199

—

—

Total assets at fair value

$

1,619,199

1,619,199

—

—

Liabilities at September 30, 2015:

 Warrants issued May 10, 2012

440,137

—

—

440,137

 Warrants issued August 2013

861,902

861,902

Total liabilities at fair value:

$

1,302,039

—

—

1,302,039

Assets at December 31, 2014:

 Cash equivalents

$

5,361,053

5,361,053

—

—

Total assets at fair value

$

5,361,053

5,361,053

—

—

Liabilities at December 31, 2014:

 Warrants issued May 10, 2012

$

728,712

—

—

728,712

 Warrants issued August 2013

1,405,475

—

—

1,405,475

Total liabilities at fair value:

$

2,134,187

—

—

2,134,187

Summary Of Changes In Fair Value Of Level 3 Financial Liabilities

Warrants issued May 2012

Warrants issued August 2013

Total Liabilities

Balance at beginning of period

$ 728,712

$ 1,405,475

$ 2,134,187

 Settlements

-

-

-

 Revaluation

(288,575)

(543,573)

(832,148)

Balance at end of period

$ 440,137

$ 861,902

$ 1,302,039

X

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Stockholder's Equity (Tables)
9 Months Ended

Sep. 30, 2015

Stockholders' Equity [Abstract]

Summary Of Option And Stock Appreciation Rights Activity

Number of Options/SARs

Range of Exercise Price

Weighted Average Exercise Price per Share

Outstanding, December 31, 2014

487,146

$1.69 - $116.40

$
17.21

Granted

353,350

$1.45 - $2.15

$
2.07

Exercised

-

-

-

Forfeited

(89,791)

$1.69 - $91.90

$
23.58

Outstanding, September 30, 2015

750,705

$1.45 - $116.40

$
9.32

Summary Of Restricted Stock Unit Activity

Number of Restricted Shares Units

Weighted Average Grant Date Fair Value per Unit

Outstanding, December 31, 2014

697,751

$
3.14

Granted

391,200

$
2.04

Vested

(238,385)

$
3.08

Forfeited

(87,668)

$
2.82

Outstanding, September 30, 2015

762,898

$
2.63

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Stockholders' Equity (Summary Of Option And Stock Appreciation Rights Activity) (Details) - $ / shares
9 Months Ended 12 Months Ended

Sep. 30, 2015

Dec. 31, 2014

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Number of Options/SARs, Outstanding, December 31, 2014 487,146

Number of Options/SARs, Granted 353,350

Number of Options/SARs, Exercised

Number of Options/SARs, Forfeited (89,791)

Number of Options/SARs, Outstanding, September 30, 2015 750,705 487,146

Weighted Average Exercise Price per Share, Outstanding, December 31, 2014 $ 17.21

Weighted Average Exercise Price per Share, Granted $ 2.07

Weighted Average Exercise Price per Share, Exercised

Weighted Average Exercise Price per Share, Forfeited $ 23.58

Weighted Average Exercise Price per Share, Outstanding, September 30, 2015 9.32 $ 17.21

$1.69 - $116.40 [Member]

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Range of Exercise Price, Lower limit 1.69

Range of Exercise Price, Upper limit $ 116.40

$1.45 - $2.15 [Member]

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Range of Exercise Price, Lower limit 1.45

Range of Exercise Price, Upper limit 2.15

$1.69 - $91.90 [Member]

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Range of Exercise Price, Lower limit 1.69

Range of Exercise Price, Upper limit 91.90

$1.45 - $116.40 [Member]

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Range of Exercise Price, Lower limit 1.45

Range of Exercise Price, Upper limit $ 116.40

X

- Definition
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Product Warranty Provisions (Tables)
9 Months Ended

Sep. 30, 2015

Product Warranty Provisions [Abstract]

Schedule Of Accrued Warranty

September 30, 2015

December 31, 2014

Warranty accrual, beginning of the fiscal period

$

364,548

$

501,212

Accrual adjustment for product warranty

91,293

84,402

Payments made

(151,235)

(221,066)

Warranty accrual, end of the fiscal period

$

304,606

$

364,548

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Description Of Business (Details)

Sep. 30, 2015

USD ($)

item

Dec. 31, 2014

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Description Of Business [Abstract]

Installed base | item 123

Cumulative net losses incurred since inception $ (464,277,098) $ (458,605,903)

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Inventories
9 Months Ended

Sep. 30, 2015

Inventories [Abstract]

Inventories

 3. Inventories

Inventories consist of the following:

September 30, 2015

December 31, 2014

Raw materials

$ 2,099,640

$ 2,746,926

Work in process

3,893

374,236

Finished goods

3,057,265

3,310,375

Reserve for obsolescence

(28,266)

(59,634)

Total inventories

$ 5,132,532

$ 6,371,903

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Summary Of Significant Accounting Policies (Narrative) (Details) - $ / shares
3 Months Ended 9 Months Ended

Sep. 30, 2014

Sep. 30, 2015

Dec. 31, 2014

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share based compensation, requisite service period 4 years

Stock options and stock appreciation rights 750,705 487,146

Weighted average exercise price $ 9.32 $ 17.21

Stock Options And Stock Appreciation Rights [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Potential common shares excluded from diluted EPS 500,294

Restricted Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Potential common shares excluded from diluted EPS 391,775

Unvested restricted shares 762,898 697,751

Warrants [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Potential common shares excluded from diluted EPS 2,111,618

Warrants outstanding 2,131,476

Exercise price of warrants $ 4.99

Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Unvested restricted shares 0

September 9, 2015 Warrants Offering [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Warrants outstanding 5,755,775

Exercise price of warrants $ 1.10

Warrants Offering commencement date Sep. 09, 2015

Number of common shares to purchase per subscription warrant 0.25

Aggregate number of common shares issuable upon conversion of subscription warrants 5,755,775

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Long-Term Debt And Credit Facilities (Revolving Line Of Credit) (Narrative) (Details)
9 Months Ended

Sep. 30, 2015

USD ($)

Dec. 31, 2014

USD ($)

Sep. 30, 2014

USD ($)

Dec. 31, 2013

USD ($)

Line of Credit Facility [Line Items]

Cash and cash equivalents $ 3,618,469 $ 7,270,301 $ 8,724,395 $ 13,775,130

Total liquidity 9,400,000

Revolving Credit Facility [Member]

Line of Credit Facility [Line Items]

Line of credit facility, maximum borrowing capacity $ 10,000,000

Line of credit maturity date Mar. 31, 2018

Minimum tangible net worth requirement, period one $ (21,500,000)

Minimum tangible net worth requirement, period two (22,500,000)

Minimum tangible net worth requirement, period three (23,500,000)

Minimum tangible net worth requirement, period four (24,500,000)

Line of credit facility, amount outstanding 0

Line of credit facility, current borrowing capacity $ 5,800,000

Revolving Credit Facility [Member] | Minimum [Member]

Line of Credit Facility [Line Items]

Liquidity ratio 1.50

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Balance Sheets - USD ($)

Sep. 30, 2015

Dec. 31, 2014

Current assets:

Cash and cash equivalents $ 3,618,469 $ 7,270,301

Accounts receivable, net of allowance of $113,963 and $131,464 in 2015 and 2014, respectively 6,598,667 6,480,499

Inventories 5,132,532 6,371,903

Prepaid expenses and other current assets 760,745 1,094,837

Total current assets 16,110,413 21,217,540

Property and equipment, net 1,076,692 894,728

Intangible assets, net 1,154,778 1,379,653

Other assets 294,900 388,850

Total assets 18,636,783 23,880,771

Current liabilities:

Accounts payable 2,323,086 2,353,133

Accrued liabilities 6,042,517 5,505,142

Deferred revenue 6,447,824 6,658,170

Warrants 1,302,039 2,134,187

Total current liabilities 16,115,466 16,650,632

Long-term debt, less current maturities 18,283,492 18,388,764

Long-term deferred revenue 812,070 976,165

Other liabilities $ 5,589 $ 414,928

Stockholders' deficit:

Preferred stock, par value $0.001; 10,000,000 shares authorized, none outstanding at 2015 and 2014

Common stock, par value $0.001; 300,000,000 shares authorized, 21,271,844 and 20,480,874 shares issued at 2015 and 2014, respectively $ 21,272 $ 20,481

Additional paid in capital 447,881,991 446,241,703

Treasury stock, 4,015 shares at 2015 and 2014 (205,999) (205,999)

Accumulated deficit (464,277,098) (458,605,903)

Total stockholders' deficit (16,579,834) (12,549,718)

Total liabilities and stockholders' deficit $ 18,636,783 $ 23,880,771

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Stockholders' Equity (Summary Of Restricted Stock Unit Activity) (Details) - Restricted Stock Units [Member]
9 Months Ended

Sep. 30, 2015

$ / shares

shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of Restricted Shares Units, Outstanding, December 31, 2014 697,751

Number of Restricted Shares Units, Granted 391,200

Number of Restricted Shares Units, Vested (238,385)

Number of Restricted Shares Units, Forfeited (87,668)

Number of Restricted Shares Units, Outstanding, September 30, 2015 762,898

Weighted Average Grant Date Fair Value per Unit, Outstanding, December 31, 2014 | $ / shares $ 3.14

Weighted Average Grant Date Fair Value per Unit, Granted | $ / shares 2.04

Weighted Average Grant Date Fair Value per Unit, Vested | $ / shares 3.08

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Weighted Average Grant Date Fair Value per Unit, Outstanding, September 30, 2015 | $ / shares $ 2.63

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Description Of Business
9 Months Ended

Sep. 30, 2015

Description Of Business [Abstract]

Description Of Business

1. Description of Business

Stereotaxis designs, manufactures, and markets the Epoch® Solution, an advanced remote robotic navigation system for use in a hospital’s interventional surgical suite or “interventional lab”, that we believe revolutionizes the treatment of arrhythmias and coronary artery disease by enabling enhanced safety, efficiency, and efficacy for catheter-based or interventional procedures. The Epoch Solution is comprised of the Niobe® ES Magnetic Navigation System (“Niobe ES system”), Odyssey® Information Management Solution (“Odyssey Solution”), and the Vdrive® Robotic Navigation System (“Vdrive system”) and related devices.

The Niobe ES system is designed to enable physicians to complete more complex interventional procedures by providing image-guided delivery of catheters and guidewires through the blood vessels and chambers of the heart to treatment sites. This is achieved using externally applied magnetic fields that govern the motion of the working tip of the catheter or guidewire, resulting in improved navigation, efficient procedures, and reduced X-ray exposure.

In addition to the Niobe ES system and its components, Stereotaxis has also developed the Odyssey Solution, which consolidates all lab information, enabling doctors to focus on the patient for optimal procedure efficiency. The platform also features a remote viewing and recording capability called the Odyssey Cinema™ system, an innovative system delivering synchronized content for optimized workflow, advanced care, and improved productivity. This tool includes an archiving capability that allows clinicians to store and replay entire procedures or segments of procedures. This information can be accessed from locations throughout the hospital’s local area network and over the global Odyssey Network, providing physicians with a tool for clinical collaboration, remote consultation, and training.

Our Vdrive system provides navigation and stability for diagnostic and therapeutic devices designed to improve interventional procedures. The Vdrive system complements the Niobe ES system’s control of therapeutic catheters for fully remote procedures and enables single-operator workflow. It is sold as two options, the Vdrive system and the Vdrive Duo™ system. In addition to the Vdrive system and the Vdrive Duo system, we also manufacture and market various disposable components which can be manipulated by these systems.

We promote the full Epoch Solution in a typical hospital implementation, subject to regulatory approvals or clearances. The full Epoch Solution implementation requires a hospital to agree to an upfront capital payment and recurring payments. The upfront capital payment typically includes equipment and installation charges. The recurring payments typically include disposable costs for each procedure, equipment service costs beyond the warranty period, and software licenses. In hospitals where the full Epoch Solution has not been implemented, equipment upgrade or expansion may be implemented upon purchase of the necessary components. As of September 30, 2015, the Company has an installed base of 123 Niobe ES systems.

The core components of Stereotaxis’ systems have received regulatory clearance in the United States, European Union, Canada, China, Japan and various other countries. We have received the CE Mark that allows us to market the Vdrive and Vdrive Duo systems with the V-CAS, V-Loop and V-Sono devices in Europe. In addition, we have received licensing to market the Vdrive and Vdrive Duo systems with the V-CAS, V-Loop, and V-Sono devices in Canada. We have received regulatory clearance that allows us to market the Vdrive and Vdrive Duo systems with the V-CAS, V-Loop, and V-Sono devices in the United States. We have received Food and Drug Administration (“FDA”) clearance and the CE Mark necessary for us to market our suite of Pegasus™ coronary peripheral guidewires in the United States and Europe.

Since our inception, we have generated significant losses. As of September 30, 2015, we incurred cumulative net losses of approximately $464.3 million. In 2015, the Company plans to continue developing the Niobe ES system with the goal of furthering clinical adoption and new system placements. Although we achieved an operating profit in the fourth quarter 2014, we expect to have negative cash flow from operations into 2015 as we continue the development and commercialization of our products, conduct our research and development activities, advance new products and new features into clinical development from our existing research programs, and fund additional sales and marketing initiatives. During 2015, we expect operating expenses to be generally consistent with 2014 with additional investment in certain targeted areas.

We may be required to raise capital or pursue other financing strategies to continue our operations. Until we can generate significant cash flow from our operations, we expect to continue to fund our operations with cash resources primarily generated from the proceeds of our past and future public offerings, private sales of our equity securities, and loans collateralized by working capital and equipment. We continue to explore financing alternatives, which may include the sale of equity securities or non-core assets, strategic collaboration agreements, debt financings, or distribution rights. We cannot accurately predict the timing and amount of our utilization of capital, which will depend on a number of factors outside of our control.

Our existing cash, cash equivalents, and borrowing facilities may not be sufficient to fund our operating expenses and capital equipment requirements through the next 12 months, which would require us to obtain additional financing. We cannot assure that additional financing will be available on acceptable terms or that such financing will not be dilutive to our stockholders. If adequate funds are not available to us, we could be required to delay development or commercialization of new products, to license to third parties the rights to commercialize products or technologies that we would otherwise seek to commercialize ourselves, or to reduce the sales, marketing, customer support or other resources devoted to our products, any of which could have a material adverse effect on our business, financial condition, and operational results. In addition, we could be required to cease operations.

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Prepaid Expenses And Other Current Assets (Schedule Of Prepaid Expenses And Other Current Assets) (Details) - USD ($)

Sep. 30, 2015

Dec. 31, 2014

Prepaid Expenses And Other Current Assets [Abstract]

Prepaid expenses $ 397,972 $ 679,740

Deferred financing costs 430,810 492,385

Deposits 131,781 311,562

Deferred cost of revenue 95,082

Total prepaid expenses and other assets 1,055,645 1,483,687

Less: Noncurrent prepaid expenses and other assets (294,900) (388,850)

Total prepaid expenses and other current assets $ 760,745 $ 1,094,837

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Inventories (Tables)
9 Months Ended

Sep. 30, 2015

Inventories [Abstract]

Schedule Of Inventories

September 30, 2015

December 31, 2014

Raw materials

$ 2,099,640

$ 2,746,926

Work in process

3,893

374,236

Finished goods

3,057,265

3,310,375

Reserve for obsolescence

(28,266)

(59,634)

Total inventories

$ 5,132,532

$ 6,371,903

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Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($)

Sep. 30, 2015

Dec. 31, 2014

Property, Plant and Equipment [Line Items]

Gross property and equipment $ 11,084,313 $ 10,896,597

Less: Accumulated depreciation (10,007,621) (10,001,869)

Net property and equipment 1,076,692 894,728

Equipment [Member]

Property, Plant and Equipment [Line Items]

Gross property and equipment 8,452,520 8,264,804

Equipment Held For Lease [Member]

Property, Plant and Equipment [Line Items]

Gross property and equipment 303,412 303,412

Leasehold Improvements [Member]

Property, Plant and Equipment [Line Items]

Gross property and equipment $ 2,328,381 $ 2,328,381

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Property And Equipment (Tables)
9 Months Ended

Sep. 30, 2015

Property And Equipment [Abstract]

Schedule Of Property And Equipment

September 30,

December 31,

2015

2014

Equipment

$ 8,452,520

$ 8,264,804

Equipment held for lease

303,412

303,412

Leasehold improvements

2,328,381

2,328,381

11,084,313

10,896,597

Less: Accumulated depreciation

(10,007,621)

(10,001,869)

Net property and equipment

$ 1,076,692

$ 894,728

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Summary Of Significant Accounting Policies
9 Months Ended

Sep. 30, 2015

Summary Of Significant Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited financial statements of Stereotaxis, Inc. have been prepared in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q. Accordingly, they do not include all the disclosures required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, they include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. Operating results for the nine month period ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015 or for future operating periods.

These interim financial statements and the related notes should be read in conjunction with the annual financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 as filed with the Securities and Exchange Commission (SEC) on March 16, 2015.

Financial Instruments

Financial instruments consist of cash and cash equivalents, short-term investments, accounts receivable, accounts payable and debt. The carrying value of such amounts reported at the applicable balance sheet dates approximates fair value. See Note 9 for disclosure of the fair value of debt.

The Company measures certain financial assets and liabilities at fair value on a recurring basis, including warrants and debt conversion features. General accounting principles for fair value measurement established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (“Level 1”) and the lowest priority to unobservable inputs (“Level 3”). See Note 11 for additional details.

Revenue and Costs of Revenue

The Company accounts for revenue using Accounting Standards Codification Topic 605-25, Multiple-Element Arrangements (“ASC 605-25”).

ASC 605-25 permits management to estimate the selling price of undelivered components of a bundled sale for which it is unable to establish vendor-specific objective evidence (“VSOE”) or third-party evidence (“TPE”). This requires management to record revenue for certain elements of a transaction even though it might not have delivered other elements of the transaction, for which it was unable to meet the requirements for establishing VSOE or TPE. The Company believes that the guidance significantly improves the reporting of these types of transactions to more closely reflect the underlying economic circumstances. This guidance also prohibits the use of the residual method for allocating revenue to the various elements of a transaction and requires that the revenue be allocated proportionally based on the relative estimated selling prices.

Under our revenue recognition policy, a portion of revenue for Niobe systems, Vdrive systems and certain Odyssey systems is recognized upon delivery, provided that title has passed, there are no uncertainties regarding acceptance, persuasive evidence of an arrangement exists, the sales price is fixed and determinable, and collection of the related receivable is reasonably assured. Revenue is recognized for other types of Odyssey systems upon completion of installation, since there are no qualified third party installers. When installation is the responsibility of the customer, revenue from system sales is recognized upon shipment since these arrangements do not include an installation element or right of return privileges. The Company does not recognize revenue in situations in which inventory remains at a Stereotaxis warehouse or in situations in which title and risk of loss have not transferred to the customer. Amounts collected prior to satisfying the above revenue recognition criteria are reflected as deferred revenue. Revenue from services and license fees, whether sold individually or as a separate unit of accounting in a multiple-deliverable arrangement, is deferred and amortized over the service or license fee period, which is typically one year. Revenue from services is derived primarily from the sale of annual product maintenance plans. We recognize revenue from disposable device sales or accessories upon shipment and establish an appropriate reserve for returns. The return reserve, which is applicable only to disposable devices, is estimated based on historical experience which is periodically reviewed and updated as necessary. In the past, changes in estimate have had only a de minimis effect on revenue recognized in the period. We believe that the estimate is not likely to change significantly in the future.

Costs of systems revenue include direct product costs, installation labor and other costs, estimated warranty costs, and initial training and product maintenance costs. These costs are recorded at the time of sale. Costs of disposable revenue include direct product costs and estimated warranty costs and are recorded at the time of sale. Cost of revenue from services and license fees are recorded when incurred.

Share-Based Compensation

The Company accounts for its grants of stock options, stock appreciation rights, restricted shares, and restricted stock units and for its employee stock purchase plan in accordance with the provisions of general accounting principles for share-based payments. These accounting principles require the determination of the fair value of the share-based compensation at the grant date and the recognition of the related expense over the period in which the share-based compensation vests.

The Company utilizes the Black-Scholes valuation model to determine the fair value of stock options and stock appreciation rights at the date of grant. The resulting compensation expense is recognized over the requisite service period, which is generally four years. Compensation expense is recognized only for those awards expected to vest, with forfeitures estimated based on the Company’s historical experience and future expectations. Restricted shares granted to employees are valued at the fair market value at the date of grant. The Company amortizes the fair market value to expense over the service period. If the shares are subject to performance objectives, the resulting compensation expense is amortized over the anticipated vesting period and is subject to adjustment based on the actual achievement of objectives.

Net Earnings (Loss) per Common Share (“EPS”)

Basic and diluted net earnings (loss) per common share are computed by dividing the net income (loss) for the period by the weighted average number of common shares outstanding during the period.

The following table sets forth the computation of basic and diluted EPS:

Three months ended September 30,

Nine months ended September 30,

2015

2014

2015

2014

Numerator:

Numerator for basic EPS

$

(996,926)

$

22,670

$

(5,671,195)

$

(6,058,656)

Numerator for diluted EPS

$

(996,926)

$

22,670

$

(5,671,195)

$

(6,058,656)

Denominator:

Denominator for basic EPS—weighted average shares

21,142,795

20,326,169

20,965,012

19,767,545

Effect of dilutive securities:

Restricted stock units

—

156,525

—

—

Stock options, appreciation rights and warrants

—

36,063

—

—

Denominator for diluted EPS

21,142,795

20,518,757

20,965,012

19,767,545

Basic EPS

$

(0.05)

$

0.00

$

(0.27)

$

(0.31)

Diluted EPS

$

(0.05)

$

0.00

$

(0.27)

$

(0.31)

In addition, the Company did not include any portion of unearned restricted shares, outstanding options, stock appreciation rights or warrants in the calculation of diluted loss per common share because all such securities are anti-dilutive for the three and nine months ended September 30, 2015 and the nine months ended September 30, 2014. The application of the two-class method of computing earnings per share under general accounting principles for participating securities is not applicable during these periods because the Company’s unearned restricted shares do not contractually participate in its losses.

The following potential common shares were excluded from diluted EPS for the three months ended September 30, 2014 as they were antidilutive: 500,294 stock options and stock appreciation rights, 391,775 restricted stock units, and 2,111,618 warrants.

As of September 30, 2015, the Company had 750,705 shares of common stock issuable upon the exercise of outstanding options and stock appreciation rights at a weighted average exercise price of $9.32 per share, 2,131,476 shares of common stock issuable upon the exercise of outstanding warrants at a weighted average exercise price of $4.99 per share, and 762,898 shares of unvested restricted share units. The Company had no unearned restricted shares outstanding for the nine months ended September 30, 2015.

As of September 30, 2015, the Company had 5,755,775 warrants outstanding in conjunction with its September 9, 2015 offering (the “Warrants Offering”) of transferable subscription warrants to holders of record of the Company’s common stock. Under the terms of the Warrants Offering shareholders of record on September 9, 2015 and holders of certain of the Company’s warrants (pursuant to the terms of their respective warrants) were entitled to one subscription warrant to purchase one share of common stock at a price of $1.10 per share for every four common shares held up to an aggregate of 5,755,775 shares of common stock. The Warrants Offering expired on October 2. See Note 14 ‘Subsequent Events’ for additional details.

Recently Issued Accounting Pronouncements

In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU” or “Update”) No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory” regarding the subsequent measurement of inventory as part of its Simplification Initiative. This standard is effective for public companies for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. This Update should be applied prospectively, and early application is permitted as of the beginning of an interim or annual reporting period. We are currently evaluating the impact of adopting this accounting standard update on our financial statement disclosures and have not concluded on an adoption method.

In April 2015, the FASB issued ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. To simplify the presentation of debt issuance costs, the amendments in this Update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from that debt liability, consistent with the presentation of a debt discount. In August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements—Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update), which adds the SEC staff’s guidance on the presentation of debt issuance costs associated with lines of credit to the Codification. The SEC staff stated it will not object to an entity presenting the costs of securing line-of-credit arrangements as an asset, regardless of whether there are any outstanding borrowings. The Standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted for financial statements that have not been previously issued. We have evaluated the impact of adopting this accounting standard update on our financial statements and disclosures and the impact is immaterial. We will adopt the method in 2016.

In August 2014, the FASB issued ASU No. 2014-15, to communicate amendments to FASB Account Standards Codification Subtopic 205-40, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. The ASU requires management to evaluate relevant conditions, events and certain management plans that are known or reasonably knowable as of the evaluation date when determining whether substantial doubt about an entity’s ability to continue as a going concern exists. Management will be required to make this evaluation for both annual and interim reporting periods. Management will have to make certain disclosures if it concludes that substantial doubt exists and when it plans to alleviate substantial doubt about the entity’s ability to continue as a going concern. The standard is effective for annual periods ending after December 15, 2016 and for interim reporting periods starting in the first quarter of 2017. Early adoption is permitted. We are currently evaluating the impact of adopting this accounting standard update on our financial statement disclosures and have not concluded on an adoption method.

In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" which converges the FASB's and the International Accounting Standards Board's current standards on revenue recognition. The standard provides companies with a single model to use in accounting for revenue arising from contracts with customers and supersedes current revenue guidance. The standard is effective for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted. The standard permits companies to either apply the adoption to all periods presented, or apply the requirements in the year of adoption through a cumulative adjustment. In April 2015, the FASB issued an exposure draft related to the deferral of the effective date, which would delay our effective date one year. Therefore, the standard would be effective for annual and interim periods beginning after December 15, 2017. We are currently evaluating the impact of adopting this accounting standard update on our financial statements and disclosures and have not concluded on an adoption method.

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Balance Sheets (Parenthetical) - USD ($)

Sep. 30, 2015

Dec. 31, 2014

Current assets:

Accounts receivable, allowance $ 113,963 $ 131,464

Stockholders' deficit:

Preferred stock, par value $ 0.001 $ 0.001

Preferred stock, shares authorized 10,000,000 10,000,000

Preferred stock, shares outstanding 0 0

Common stock, par value $ 0.001 $ 0.001

Common stock, shares authorized 300,000,000 300,000,000

Common stock, shares issued 21,271,844 20,480,874

Treasury stock, shares 4,015 4,015

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Product Warranty Provisions
9 Months Ended

Sep. 30, 2015

Product Warranty Provisions [Abstract]

Product Warranty Provisions

12. Product Warranty Provisions

The Company’s standard policy is to warrant all Niobe, Odyssey, and Vdrive systems against defects in material or workmanship for one year following installation. The Company’s estimate of costs to service the warranty obligations is based on historical experience and current product performance trends. A regular review of warranty obligations is performed to determine the adequacy of the reserve and adjustments are made to the estimated warranty liability as appropriate.

Accrued warranty, which is included in other accrued liabilities, consists of the following:

September 30, 2015

December 31, 2014

Warranty accrual, beginning of the fiscal period

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364,548

$

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91,293

84,402

Payments made

(151,235)

(221,066)

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$

364,548

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Oct. 20, 2015

Document And Entity Information [Abstract]

Entity Registrant Name Stereotaxis, Inc.

Entity Filer Category Smaller Reporting Company

Entity Central Index Key 0001289340

Trading Symbol stxs

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Document Type 10-Q

Document Fiscal Period Focus Q3

Document Period End Date Sep. 30, 2015

Document Fiscal Year Focus 2015

Current Fiscal Year End Date --12-31

Entity Common Stock, Shares Outstanding 21,544,018

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Commitments And Contingencies
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Sep. 30, 2015

Commitments And Contingencies [Abstract]

Commitments And Contingencies

13. Commitments and Contingencies

The Company at times becomes a party to claims in the ordinary course of business. Management believes that the ultimate resolution of pending or threatened proceedings will not have a material effect on the financial position, results of operations or liquidity of the Company.

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Statements Of Operations - USD ($)
3 Months Ended 9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Revenue:

Systems $ 2,298,608 $ 2,181,088 $ 8,222,722 $ 4,669,224

Disposables, service and accessories 6,976,006 6,673,013 20,247,169 20,587,084

Total revenue 9,274,614 8,854,101 28,469,891 25,256,308

Cost of revenue:

Systems 1,286,849 1,318,456 4,536,391 2,958,668

Disposables, service and accessories 1,159,547 1,019,476 3,483,906 2,983,111

Total cost of revenue 2,446,396 2,337,932 8,020,297 5,941,779

Gross margin 6,828,218 6,516,169 20,449,594 19,314,529

Operating expenses:

Research and development 1,494,201 1,214,405 4,399,734 4,030,594

Sales and marketing 3,691,805 3,717,670 11,976,955 11,445,089

General and administrative 2,549,690 2,763,667 8,116,989 9,537,043

Total operating expenses 7,735,696 7,695,742 24,493,678 25,012,726

Operating loss (907,478) (1,179,573) (4,044,084) (5,698,197)

Other income 725,356 2,034,731 832,148 2,139,718

Interest income 267 1,736 1,622 5,665

Interest expense (815,071) (834,224) (2,460,881) (2,505,842)

Net income (loss) $ (996,926) $ 22,670 $ (5,671,195) $ (6,058,656)

Net earnings (loss) per common share:

Basic $ (0.05) $ 0.00 $ (0.27) $ (0.31)

Diluted $ (0.05) $ 0.00 $ (0.27) $ (0.31)

Weighted average shares used in computing net earnings (loss) per common share:

Basic 21,142,795 20,326,169 20,965,012 19,767,545

Diluted 21,142,795 20,518,757 20,965,012 19,767,545

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Accrued Liabilities
9 Months Ended

Sep. 30, 2015

Accrued Liabilities [Abstract]

Accrued Liabilities

7. Accrued Liabilities

Accrued liabilities consist of the following:

September 30,

December 31,

2015

2014

Accrued salaries, bonus, and benefits

$ 2,693,800

$ 2,557,557

Accrued rent

1,387,005

1,407,740

Accrued licenses and maintenance fees

662,323

661,766

Accrued interest

490,792

493,616

Accrued warranties

304,606

364,548

Accrued taxes

311,529

332,364

Other

198,051

102,479

Total accrued liabilities

6,048,106

5,920,070

Less: Long term accrued liabilities

(5,589)

(414,928)

Total current accrued liabilities

$ 6,042,517

$ 5,505,142

Certain prior year amounts have been reclassified to conform to the 2015 presentation.

Our primary company facilities are located in St. Louis, Missouri where we currently lease approximately 52,000 square feet of office and 12,000 square feet of demonstration and assembly space. In the third quarter of 2013, the Company modified the existing lease agreement to terminate approximately 13,000 square feet of unimproved space. The costs associated with the termination were $515,138 and were accrued as a rent liability as of September 30, 2013. As of September 30, 2015, the remaining accrued costs associated with the termination were $302,264.

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The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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Intangible Assets
9 Months Ended

Sep. 30, 2015

Intangible Assets [Abstract]

Intangible Assets

6. Intangible Assets

As of September 30, 2015, the Company had total intangible assets of $3,665,000. Accumulated amortization at September 30, 2015, was $2,510,222.

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Prepaid Expenses And Other Current Assets (Tables)
9 Months Ended

Sep. 30, 2015

Prepaid Expenses And Other Current Assets [Abstract]

Schedule Of Prepaid Expenses And Other Current Assets

September 30, 2015

December 31, 2014

Prepaid expenses

$ 397,972

$ 679,740

Deferred financing costs

430,810

492,385

Deposits

131,781

311,562

Deferred cost of revenue

95,082

-

Total prepaid expenses and other assets

1,055,645

1,483,687

Less: Noncurrent prepaid expenses and other assets

(294,900)

(388,850)

Total prepaid expenses and other current assets

$ 760,745

$ 1,094,837

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Subsequent Events
9 Months Ended

Sep. 30, 2015

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Events

On October 8, 2015, the Company completed an offering of subscription warrants to purchase shares of its common stock at a price of $1.10 per share. Pursuant to the Warrants Offering, subscription warrants to purchase approximately 0.3 million shares of common stock were exercised, resulting in gross proceeds to the Company of approximately $300,000.

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Stockholders' Equity
9 Months Ended

Sep. 30, 2015

Stockholders' Equity [Abstract]

Stockholders' Equity

10. Stockholders’ Equity

The holders of common stock are entitled to one vote for each share held and to receive dividends whenever funds are legally available and when declared by the Board of Directors subject to the prior rights of holders of all classes of stock having priority rights as dividends and the conditions of the revolving line of credit agreement. Since the Company’s inception, no dividends have been declared or paid.

Controlled Equity Offering

The Company entered into a Controlled Equity OfferingSM sales agreement (the “Sales Agreement”) in May 2014, as amended on March 26, 2015, with Cantor Fitzgerald & Co. (“Cantor”), as agent and/or principal, pursuant to which the Company could issue and sell, from time to time, shares of its common stock having an aggregate gross sales price of up to $18.0 million. The Company will pay Cantor a commission of 3.0% of the gross proceeds from any common stock sold through the Sales Agreement.

During the three months ended September 30, 2015, the Company sold an aggregate of 160,020 shares of common stock under the Sales Agreement, at an average price of approximately $1.89 per share for gross proceeds of $301,741 and net proceeds of $292,689, after deducting Cantor’s commission. As of September 30, 2015, $13.8 million of common stock remained available to be sold under this facility, subject to certain conditions as specified in the Sales Agreement.

Warrant Offering

 As of September 30, 2015, the Company had 5,755,775 warrants outstanding in conjunction with its September 9, 2015 offering (the “Warrants Offering”) of transferable subscription warrants to holders of record of the Company’s common stock. Under the terms of the Warrants Offering shareholders of record on September 9, 2015 and holders of certain of the Company’s warrants (pursuant to the terms of their respective warrants) were entitled to one subscription warrant to purchase one share of common stock at a price of $1.10 per share for every four common shares held up to an aggregate of 5,755,775 shares of common stock. The Warrants Offering expired on October 2. See Note 14 ‘Subsequent Events’ for additional details.

Stock Award Plans

The Company has various stock plans that permit the Company to provide incentives to employees and directors of the Company in the form of equity compensation. In August 2012, the Board of Directors adopted the 2012 Stock Incentive Plan (the “Plan”) which was subsequently approved by the Company’s shareholders. This plan replaced the 2002 Stock Incentive Plan which expired on March 25, 2012.

On June 5, 2013 and on June 10, 2014, the shareholders approved amendments to the Plan, which were previously approved and adopted by the Compensation Committee of the Board of Directors of the Company. Each of these amendments increased the number of shares authorized for issuance under the Plan by one million shares. At September 30, 2015, the Company had 692,111 remaining shares of the Company’s common stock to provide for current and future grants under its various equity plans.

At September 30, 2015, the total compensation cost related to options, stock appreciation rights and non-vested stock granted to employees under the Company’s stock award plans but not yet recognized was approximately $2.1 million, net of estimated forfeitures of approximately $1.1 million. This cost will be amortized over a period of up to four years over the underlying estimated service periods and will be adjusted for subsequent changes in estimated forfeitures and anticipated vesting periods.

A summary of the option and stock appreciation rights activity for the nine month period ended September 30, 2015 is as follows:

Number of Options/SARs

Range of Exercise Price

Weighted Average Exercise Price per Share

Outstanding, December 31, 2014

487,146

$1.69 - $116.40

$
17.21

Granted

353,350

$1.45 - $2.15

$
2.07

Exercised

-

-

-

Forfeited

(89,791)

$1.69 - $91.90

$
23.58

Outstanding, September 30, 2015

750,705

$1.45 - $116.40

$
9.32

As of September 30, 2015, there were no restricted shares outstanding.

A summary of the restricted stock unit activity for the nine month period ended September 30, 2015 is as follows:

Number of Restricted Shares Units

Weighted Average Grant Date Fair Value per Unit

Outstanding, December 31, 2014

697,751

$
3.14

Granted

391,200

$
2.04

Vested

(238,385)

$
3.08

Forfeited

(87,668)

$
2.82

Outstanding, September 30, 2015

762,898

$
2.63

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Deferred Revenue
9 Months Ended

Sep. 30, 2015

Deferred Revenue [Abstract]

Deferred Revenue

8. Deferred Revenue

Deferred revenue consists of the following:

September 30,

December 31,

2015

2014

Product shipped, revenue deferred

$ 326,588

$ 457,348

Customer deposits

-

1,065,371

Deferred service and license fees

6,933,306

6,111,616

7,259,894

7,634,335

Less: Long-term deferred revenue

(812,070)

(976,165)

Total current deferred revenue

$ 6,447,824

$ 6,658,170

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Long-Term Debt And Credit Facilities
9 Months Ended

Sep. 30, 2015

Long-Term Debt And Credit Facilities [Abstract]

Long-Term Debt And Credit Facilities

9. Long-Term Debt and Credit Facilities

Debt outstanding consists of the following:

September 30, 2015

December 31, 2014

Carrying

Estimated

Carrying

Estimated

Amount

Fair Value

Amount

Fair Value

Healthcare Royalty Partners debt

$ 18,283,492

18,283,492

$ 18,388,764

18,388,764

Total debt

18,283,492

18,283,492

18,388,764

18,388,764

Less current maturities

—

—

—

—

Total long term debt

$ 18,283,492

$ 18,283,492

$ 18,388,764

$ 18,388,764

 In accordance with general accounting principles for fair value measurement, the Company’s debt and credit facilities were measured at fair value as of September 30, 2015 and December 31, 2014. Long-term debt fair value estimates are based on estimated borrowing rates to discount the cash flows to their present value (Level 3).

Revolving Line of Credit

The Company has had a working capital line of credit with its primary lender, Silicon Valley Bank, since 2004. The revolving line of credit is secured by substantially all of the Company’s assets. The maximum available under the line is $10 million subject to the value of collateralized assets. The Company is required under the revolving line of credit to maintain its primary operating account and the majority of its cash and investment balances in accounts with its primary lender. The facility was last amended on March 27, 2015, extending the maturity date to March 31, 2018. The current agreement requires the Company to maintain a liquidity ratio greater than 1.50:1.00, excluding certain short term advances from the calculation, and a minimum tangible net worth of not less than (no worse than) negative $21.5 million for the quarters ended March 31, 2015, June 30, 2015, and September 30, 2015; not less than (no worse than) negative $22.5 million for the quarters ended December 31, 2015, March 31, 2016, June 30, 2016, and September 30, 2016; not less than (no worse than) negative $23.5 million for the quarters ended December 31, 2016, March 31, 2017, June 30, 2017, and September 30, 2017; and not less than (no worse than) negative $24.5 million for the quarters ended December 31, 2017 and March 31, 2018.

As of September 30, 2015, the Company had no outstanding debt under the revolving line of credit. Draws on the line of credit are made based on the borrowing capacity one week in arrears. As of September 30, 2015, the Company had a borrowing capacity of $5.8 million based on the Company’s collateralized assets, and cash and cash equivalents of $3.6 million for a total liquidity of $9.4 million.

Healthcare Royalty Partners Debt

In November 2011, the Company entered into a loan agreement with Healthcare Royalty Partners. Under the agreement the Company borrowed from Healthcare Royalty Partners $15 million. The Company was permitted to borrow up to an additional $5 million in the aggregate based on the achievement by the Company of certain milestones related to Niobe ES system sales in 2012. On August 8, 2012, the Company borrowed an additional $2.5 million based upon achievement of a milestone related to Niobe ES system sales for the three months ended June 30, 2012. On January 31, 2013, the Company borrowed an additional $2.5 million based upon achievement of a milestone related to Niobe ES system sales for the twelve months ended December 31, 2012. The loan will be repaid through, and secured by, royalties payable to the Company under its Development, Alliance and Supply Agreement with Biosense Webster, Inc. (the “Biosense Agreement”). The Biosense Agreement relates to the development and distribution of magnetically enabled catheters used with Stereotaxis' Niobe ES system in cardiac ablation procedures. Under the terms of the agreement, Healthcare Royalty Partners will be entitled to receive 100% of all royalties due to the Company under the Biosense Agreement until the loan is repaid. The loan is a full recourse loan, matures on December 31, 2018, and bears interest at an annual rate of 16% payable quarterly with royalties received under the Biosense Agreement. If the payments received by the Company under the Biosense Agreement are insufficient to pay all amounts of interest due on the loan, then such deficiency will increase the outstanding principal amount on the loan. After the loan obligation is repaid, the royalties under the Biosense Agreement will again be paid to the Company. The loan is also secured by certain assets and intellectual property of the Company. The agreement also contains customary affirmative and negative covenants. The use of payments due to the Company under the Biosense Agreement was approved by our primary lender.

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Fair Value Measurements
9 Months Ended

Sep. 30, 2015

Fair Value Measurements [Abstract]

Fair Value Measurements

11. Fair Value Measurements

The Company measures certain financial assets and liabilities at fair value on a recurring basis, including cash equivalents and warrants. General accounting principles for fair value measurement established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (“Level 1”) and the lowest priority to unobservable inputs (“Level 3”). The three levels of the fair value hierarchy are described below:

Level 1: Values are based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2: Values are based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or other model-based valuation techniques for which all significant assumptions are observable in the market.

Level 3: Values are generated from model-based techniques that use significant assumptions not observable in the market.

The following table sets forth the Company’s assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy. As required by the Fair Value Measurements and Disclosures topic of the Accounting Standards Codification, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

Fair Value Measurement Using

Total

Quoted Prices in
Active Markets
for Identical
Instruments
(Level 1)

Significant
Other
Observable
Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

Assets at September 30, 2015:

 Cash equivalents

$

1,619,199

1,619,199

—

—

Total assets at fair value

$

1,619,199

1,619,199

—

—

Liabilities at September 30, 2015:

 Warrants issued May 10, 2012

440,137

—

—

440,137

 Warrants issued August 2013

861,902

861,902

Total liabilities at fair value:

$

1,302,039

—

—

1,302,039

Assets at December 31, 2014:

 Cash equivalents

$

5,361,053

5,361,053

—

—

Total assets at fair value

$

5,361,053

5,361,053

—

—

Liabilities at December 31, 2014:

 Warrants issued May 10, 2012

$

728,712

—

—

728,712

 Warrants issued August 2013

1,405,475

—

—

1,405,475

Total liabilities at fair value:

$

2,134,187

—

—

2,134,187

Level 1

The Company’s financial assets consist of cash equivalents invested in money market funds in the amount of $1,619,199 and $5,361,053 at September 30, 2015 and December 31, 2014, respectively. These assets are classified as Level 1 as described above and total interest income recorded for these investments was insignificant during both the nine month periods ended September 30, 2015, and September 30, 2014. There were no transfers in or out of Level 1 during the period ended September 30, 2015.

Level 2

The Company does not have any financial assets or liabilities classified as Level 2.

Level 3

In conjunction with the Company’s May 2012 and August 2013 financing transactions, the Company issued warrants to purchase shares of the Company’s common stock. Due to the provisions included in the warrant agreements, the warrants did not meet the exemptions for equity classification and as such, the Company accounts for these warrants as derivative instruments. The calculated fair value of the warrants is classified as a liability and is periodically re-measured with any changes in value recognized in “Other expense” in the Statements of Operations.

The remaining warrants from the May 2012 transaction expire in May 2018 and were revalued as of September 30, 2015 using the following assumptions: 1) volatility of 190.66%; 2) risk-free interest rate of 0.92%; and 3) a closing stock price of $0.93.

The remaining warrants from the August 2013 expire in November 2018 and were revalued as of September 30, 2015 using the following assumptions: 1) volatility of 181.68%; 2) risk-free interest rate of 0.92%; and 3) a closing stock price of $0.93.

The significant unobservable input used in the fair value measurement of the Company’s warrants is volatility. Significant increases (decreases) in the volatility in isolation would result in significantly higher (lower) liability fair value measurements.

The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial liabilities for the nine month period ended September 30, 2015:

Warrants issued May 2012

Warrants issued August 2013

Total Liabilities

Balance at beginning of period

$ 728,712

$ 1,405,475

$ 2,134,187

 Settlements

-

-

-

 Revaluation

(288,575)

(543,573)

(832,148)

Balance at end of period

$ 440,137

$ 861,902

$ 1,302,039

The Company currently does not have derivative instruments to manage its exposure to currency fluctuations or other business risks. The Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. All derivative financial instruments are recognized in the balance sheet at fair value.

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The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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Inventories (Schedule Of Inventories) (Details) - USD ($)

Sep. 30, 2015

Dec. 31, 2014

Inventories [Abstract]

Raw materials $ 2,099,640 $ 2,746,926

Work in process 3,893 374,236

Finished goods 3,057,265 3,310,375

Reserve for obsolescence (28,266) (59,634)

Total inventories $ 5,132,532 $ 6,371,903

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Summary of Significant Accounting Policies (Tables)
9 Months Ended

Sep. 30, 2015

Summary Of Significant Accounting Policies [Abstract]

Computation Of Basic And Diluted EPS

Three months ended September 30,

Nine months ended September 30,

2015

2014

2015

2014

Numerator:

Numerator for basic EPS

$

(996,926)

$

22,670

$

(5,671,195)

$

(6,058,656)

Numerator for diluted EPS

$

(996,926)

$

22,670

$

(5,671,195)

$

(6,058,656)

Denominator:

Denominator for basic EPS—weighted average shares

21,142,795

20,326,169

20,965,012

19,767,545

Effect of dilutive securities:

Restricted stock units

—

156,525

—

—

Stock options, appreciation rights and warrants

—

36,063

—

—

Denominator for diluted EPS

21,142,795

20,518,757

20,965,012

19,767,545

Basic EPS

$

(0.05)

$

0.00

$

(0.27)

$

(0.31)

Diluted EPS

$

(0.05)

$

0.00

$

(0.27)

$

(0.31)

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Deferred Revenue (Tables)
9 Months Ended

Sep. 30, 2015

Deferred Revenue [Abstract]

Schedule Of Deferred Revenue

September 30,

December 31,

2015

2014

Product shipped, revenue deferred

$ 326,588

$ 457,348

Customer deposits

-

1,065,371

Deferred service and license fees

6,933,306

6,111,616

7,259,894

7,634,335

Less: Long-term deferred revenue

(812,070)

(976,165)

Total current deferred revenue

$ 6,447,824

$ 6,658,170

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Product Warranty Provisions (Schedule Of Accrued Warranty) (Details) - USD ($)
9 Months Ended 12 Months Ended

Sep. 30, 2015

Dec. 31, 2014

Product Warranty Provisions [Abstract]

Warranty accrual, beginning of the fiscal period $ 364,548 $ 501,212

Accrual adjustment for product warranty 91,293 84,402

Payments made (151,235) (221,066)

Warranty accrual, end of the fiscal period $ 304,606 $ 364,548

Standard product warranty, coverage term 1 year

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Long-Term Debt And Credit Facilities (Healthcare Royalty Partners Debt) (Narrative) (Details) - Healthcare Royalty Partners Debt [Member] - USD ($)
$ in Millions
1 Months Ended 9 Months Ended

Jan. 31, 2013

Aug. 08, 2012

Nov. 30, 2011

Sep. 30, 2015

Debt Instrument [Line Items]

Amount borrowed $ 2.5 $ 2.5 $ 15.0

Additional amount which may be borrowed $ 5.0

Percentage of royalties entitled to receive 100.00%

Debt maturity date Dec. 31, 2018

Annual interest rate 16.00%

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XML 61 R5.htm IDEA: XBRL DOCUMENT v3.3.0.814

Statements Of Cash Flows - USD ($)
9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Cash flows from operating activities

Net loss $ (5,671,195) $ (6,058,656)

Adjustments to reconcile net loss to cash used in operating activities:

Depreciation 223,430 334,908

Amortization of intangibles 224,875 224,875

Amortization of deferred finance costs 166,850 183,568

Share-based compensation 887,087 1,070,049

Adjustment of warrants (832,148) (2,139,718)

Changes in operating assets and liabilities:

Accounts receivable (118,168) 550,802

Inventories 893,745 (1,707,264)

Prepaid expenses and other current assets 167,242 326,517

Other assets 93,950 2,783

Accounts payable (30,047) (1,007,184)

Accrued liabilities 537,375 (552,771)

Deferred revenue (374,441) 979,121

Other liabilities (409,339)

Net cash used in operating activities (4,240,784) (7,792,970)

Cash flows from investing activities

Purchase of equipment (59,768) (47,640)

Net cash used in investing activities (59,768) (47,640)

Cash flows from financing activities

Payments of Healthcare Royalty Partners debt (105,272) (95,368)

Proceeds from issuance of stock, net of issuance costs 753,992 2,885,243

Net cash provided by financing activities 648,720 2,789,875

Net decrease in cash and cash equivalents (3,651,832) (5,050,735)

Cash and cash equivalents at beginning of period 7,270,301 13,775,130

Cash and cash equivalents at end of period $ 3,618,469 $ 8,724,395

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Property And Equipment
9 Months Ended

Sep. 30, 2015

Property And Equipment [Abstract]

Property And Equipment

5. Property and Equipment

Property and equipment consist of the following:

September 30,

December 31,

2015

2014

Equipment

$ 8,452,520

$ 8,264,804

Equipment held for lease

303,412

303,412

Leasehold improvements

2,328,381

2,328,381

11,084,313

10,896,597

Less: Accumulated depreciation

(10,007,621)

(10,001,869)

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$ 1,076,692

$ 894,728

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Long-Term Debt And Credit Facilities (Tables)
9 Months Ended

Sep. 30, 2015

Long-Term Debt And Credit Facilities [Abstract]

Schedule Of Long-Term Debt Outstanding

September 30, 2015

December 31, 2014

Carrying

Estimated

Carrying

Estimated

Amount

Fair Value

Amount

Fair Value

Healthcare Royalty Partners debt

$ 18,283,492

18,283,492

$ 18,388,764

18,388,764

Total debt

18,283,492

18,283,492

18,388,764

18,388,764

Less current maturities

—

—

—

—

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$ 18,283,492

$ 18,283,492

$ 18,388,764

$ 18,388,764

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Accrued Liabilities (Schedule Of Accrued Liabilities) (Details)
3 Months Ended 9 Months Ended

Sep. 30, 2013

USD ($)

ft²

Sep. 30, 2015

USD ($)

ft²

Dec. 31, 2014

USD ($)

Dec. 31, 2013

USD ($)

Accrued Liabilities [Abstract]

Accrued salaries, bonus, and benefits $ 2,693,800 $ 2,557,557

Accrued rent 1,387,005 1,407,740

Accrued licenses and maintenance fees 662,323 661,766

Accrued interest 490,792 493,616

Accrued warranties 304,606 364,548 $ 501,212

Accrued taxes 311,529 332,364

Other 198,051 102,479

Total accrued liabilities 6,048,106 5,920,070

Less: Long term accrued liabilities (5,589) (414,928)

Total current accrued liabilities $ 6,042,517 $ 5,505,142

Square feet of office leased space | ft² 52,000

Square feet of demonstration and assembly leased space | ft² 12,000

Square feet of terminated unimproved leased space | ft² 13,000

Accrued lease termination costs $ 515,138

Accrued lease termination costs remaining $ 302,264

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XML 66 R20.htm IDEA: XBRL DOCUMENT v3.3.0.814

Summary Of Significant Accounting Policies (Policy)
9 Months Ended

Sep. 30, 2015

Summary Of Significant Accounting Policies [Abstract]

Basis Of Presentation

Basis of Presentation

The accompanying unaudited financial statements of Stereotaxis, Inc. have been prepared in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q. Accordingly, they do not include all the disclosures required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, they include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. Operating results for the nine month period ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015 or for future operating periods.

These interim financial statements and the related notes should be read in conjunction with the annual financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 as filed with the Securities and Exchange Commission (SEC) on March 16, 2015.

Financial Instruments

Financial Instruments

Financial instruments consist of cash and cash equivalents, short-term investments, accounts receivable, accounts payable and debt. The carrying value of such amounts reported at the applicable balance sheet dates approximates fair value. See Note 9 for disclosure of the fair value of debt.

The Company measures certain financial assets and liabilities at fair value on a recurring basis, including warrants and debt conversion features. General accounting principles for fair value measurement established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (“Level 1”) and the lowest priority to unobservable inputs (“Level 3”). See Note 11 for additional details.

Revenue And Costs Of Revenue

Revenue and Costs of Revenue

The Company accounts for revenue using Accounting Standards Codification Topic 605-25, Multiple-Element Arrangements (“ASC 605-25”).

ASC 605-25 permits management to estimate the selling price of undelivered components of a bundled sale for which it is unable to establish vendor-specific objective evidence (“VSOE”) or third-party evidence (“TPE”). This requires management to record revenue for certain elements of a transaction even though it might not have delivered other elements of the transaction, for which it was unable to meet the requirements for establishing VSOE or TPE. The Company believes that the guidance significantly improves the reporting of these types of transactions to more closely reflect the underlying economic circumstances. This guidance also prohibits the use of the residual method for allocating revenue to the various elements of a transaction and requires that the revenue be allocated proportionally based on the relative estimated selling prices.

Under our revenue recognition policy, a portion of revenue for Niobe systems, Vdrive systems and certain Odyssey systems is recognized upon delivery, provided that title has passed, there are no uncertainties regarding acceptance, persuasive evidence of an arrangement exists, the sales price is fixed and determinable, and collection of the related receivable is reasonably assured. Revenue is recognized for other types of Odyssey systems upon completion of installation, since there are no qualified third party installers. When installation is the responsibility of the customer, revenue from system sales is recognized upon shipment since these arrangements do not include an installation element or right of return privileges. The Company does not recognize revenue in situations in which inventory remains at a Stereotaxis warehouse or in situations in which title and risk of loss have not transferred to the customer. Amounts collected prior to satisfying the above revenue recognition criteria are reflected as deferred revenue. Revenue from services and license fees, whether sold individually or as a separate unit of accounting in a multiple-deliverable arrangement, is deferred and amortized over the service or license fee period, which is typically one year. Revenue from services is derived primarily from the sale of annual product maintenance plans. We recognize revenue from disposable device sales or accessories upon shipment and establish an appropriate reserve for returns. The return reserve, which is applicable only to disposable devices, is estimated based on historical experience which is periodically reviewed and updated as necessary. In the past, changes in estimate have had only a de minimis effect on revenue recognized in the period. We believe that the estimate is not likely to change significantly in the future.

Costs of systems revenue include direct product costs, installation labor and other costs, estimated warranty costs, and initial training and product maintenance costs. These costs are recorded at the time of sale. Costs of disposable revenue include direct product costs and estimated warranty costs and are recorded at the time of sale. Cost of revenue from services and license fees are recorded when incurred.

Share-Based Compensation

Share-Based Compensation

The Company accounts for its grants of stock options, stock appreciation rights, restricted shares, and restricted stock units and for its employee stock purchase plan in accordance with the provisions of general accounting principles for share-based payments. These accounting principles require the determination of the fair value of the share-based compensation at the grant date and the recognition of the related expense over the period in which the share-based compensation vests.

The Company utilizes the Black-Scholes valuation model to determine the fair value of stock options and stock appreciation rights at the date of grant. The resulting compensation expense is recognized over the requisite service period, which is generally four years. Compensation expense is recognized only for those awards expected to vest, with forfeitures estimated based on the Company’s historical experience and future expectations. Restricted shares granted to employees are valued at the fair market value at the date of grant. The Company amortizes the fair market value to expense over the service period. If the shares are subject to performance objectives, the resulting compensation expense is amortized over the anticipated vesting period and is subject to adjustment based on the actual achievement of objectives.

Net Earnings (Loss) Per Common Share ("EPS")

Net Earnings (Loss) per Common Share (“EPS”)

Basic and diluted net earnings (loss) per common share are computed by dividing the net income (loss) for the period by the weighted average number of common shares outstanding during the period.

The following table sets forth the computation of basic and diluted EPS:

Three months ended September 30,

Nine months ended September 30,

2015

2014

2015

2014

Numerator:

Numerator for basic EPS

$

(996,926)

$

22,670

$

(5,671,195)

$

(6,058,656)

Numerator for diluted EPS

$

(996,926)

$

22,670

$

(5,671,195)

$

(6,058,656)

Denominator:

Denominator for basic EPS—weighted average shares

21,142,795

20,326,169

20,965,012

19,767,545

Effect of dilutive securities:

Restricted stock units

—

156,525

—

—

Stock options, appreciation rights and warrants

—

36,063

—

—

Denominator for diluted EPS

21,142,795

20,518,757

20,965,012

19,767,545

Basic EPS

$

(0.05)

$

0.00

$

(0.27)

$

(0.31)

Diluted EPS

$

(0.05)

$

0.00

$

(0.27)

$

(0.31)

In addition, the Company did not include any portion of unearned restricted shares, outstanding options, stock appreciation rights or warrants in the calculation of diluted loss per common share because all such securities are anti-dilutive for the three and nine months ended September 30, 2015 and the nine months ended September 30, 2014. The application of the two-class method of computing earnings per share under general accounting principles for participating securities is not applicable during these periods because the Company’s unearned restricted shares do not contractually participate in its losses.

The following potential common shares were excluded from diluted EPS for the three months ended September 30, 2014 as they were antidilutive: 500,294 stock options and stock appreciation rights, 391,775 restricted stock units, and 2,111,618 warrants.

As of September 30, 2015, the Company had 750,705 shares of common stock issuable upon the exercise of outstanding options and stock appreciation rights at a weighted average exercise price of $9.32 per share, 2,131,476 shares of common stock issuable upon the exercise of outstanding warrants at a weighted average exercise price of $4.99 per share, and 762,898 shares of unvested restricted share units. The Company had no unearned restricted shares outstanding for the nine months ended September 30, 2015.

As of September 30, 2015, the Company had 5,755,775 warrants outstanding in conjunction with its September 9, 2015 offering (the “Warrants Offering”) of transferable subscription warrants to holders of record of the Company’s common stock. Under the terms of the Warrants Offering shareholders of record on September 9, 2015 and holders of certain of the Company’s warrants (pursuant to the terms of their respective warrants) were entitled to one subscription warrant to purchase one share of common stock at a price of $1.10 per share for every four common shares held up to an aggregate of 5,755,775 shares of common stock. The Warrants Offering expired on October 2. See Note 14 ‘Subsequent Events’ for additional details.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU” or “Update”) No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory” regarding the subsequent measurement of inventory as part of its Simplification Initiative. This standard is effective for public companies for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. This Update should be applied prospectively, and early application is permitted as of the beginning of an interim or annual reporting period. We are currently evaluating the impact of adopting this accounting standard update on our financial statement disclosures and have not concluded on an adoption method.

In April 2015, the FASB issued ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. To simplify the presentation of debt issuance costs, the amendments in this Update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from that debt liability, consistent with the presentation of a debt discount. In August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements—Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update), which adds the SEC staff’s guidance on the presentation of debt issuance costs associated with lines of credit to the Codification. The SEC staff stated it will not object to an entity presenting the costs of securing line-of-credit arrangements as an asset, regardless of whether there are any outstanding borrowings. The Standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted for financial statements that have not been previously issued. We have evaluated the impact of adopting this accounting standard update on our financial statements and disclosures and the impact is immaterial. We will adopt the method in 2016.

In August 2014, the FASB issued ASU No. 2014-15, to communicate amendments to FASB Account Standards Codification Subtopic 205-40, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. The ASU requires management to evaluate relevant conditions, events and certain management plans that are known or reasonably knowable as of the evaluation date when determining whether substantial doubt about an entity’s ability to continue as a going concern exists. Management will be required to make this evaluation for both annual and interim reporting periods. Management will have to make certain disclosures if it concludes that substantial doubt exists and when it plans to alleviate substantial doubt about the entity’s ability to continue as a going concern. The standard is effective for annual periods ending after December 15, 2016 and for interim reporting periods starting in the first quarter of 2017. Early adoption is permitted. We are currently evaluating the impact of adopting this accounting standard update on our financial statement disclosures and have not concluded on an adoption method.

In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" which converges the FASB's and the International Accounting Standards Board's current standards on revenue recognition. The standard provides companies with a single model to use in accounting for revenue arising from contracts with customers and supersedes current revenue guidance. The standard is effective for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted. The standard permits companies to either apply the adoption to all periods presented, or apply the requirements in the year of adoption through a cumulative adjustment. In April 2015, the FASB issued an exposure draft related to the deferral of the effective date, which would delay our effective date one year. Therefore, the standard would be effective for annual and interim periods beginning after December 15, 2017. We are currently evaluating the impact of adopting this accounting standard update on our financial statements and disclosures and have not concluded on an adoption method.

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Large accelerated filer

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¨ (Do not check if a smaller reporting company)

Smaller reporting company

Fair Value Measurements (Narrative) (Details) - USD ($)	9 Months Ended
Fair Value Measurements (Narrative) (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Cash equivalents invested in money market funds	$ 1,619,199	$ 5,361,053
Closing stock price	$ 1.89
Quoted Prices In Active Markets For Identical Instruments (Level 1) [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Cash equivalents invested in money market funds	$ 1,619,199	$ 5,361,053
Significant Unobservable Inputs (Level 3) [Member] \| Warrants Issued May 10, 2012 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Warrant expiration date	May 01, 2018
Volatility rate	190.66%
Risk-free interest rate	0.92%
Closing stock price	$ 0.93
Significant Unobservable Inputs (Level 3) [Member] \| Warrants Issued August 2013 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Warrant expiration date	Nov. 01, 2018
Volatility rate	181.68%
Risk-free interest rate	0.92%
Closing stock price	$ 0.93

Summary Of Significant Accounting Policies (Computation Of Basic And Diluted EPS) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Summary Of Significant Accounting Policies [Abstract]
Numerator for basic EPS	$ (996,926)	$ 22,670	$ (5,671,195)	$ (6,058,656)
Numerator for diluted EPS	$ (996,926)	$ 22,670	$ (5,671,195)	$ (6,058,656)
Denominator for basic EPS-weighted average shares	21,142,795	20,326,169	20,965,012	19,767,545
Effect of diluted securities: Restricted stock units		156,525
Effect of diluted securities: Stock options, appreciation rights and warrants		36,063
Denominator for diluted EPS	21,142,795	20,518,757	20,965,012	19,767,545
Basic EPS	$ (0.05)	$ 0.00	$ (0.27)	$ (0.31)
Diluted EPS	$ (0.05)	$ 0.00	$ (0.27)	$ (0.31)

Subsequent Events (Details) - Subsequent Event [Member] $ / shares in Units, shares in Millions	Oct. 08, 2015 USD ($) $ / shares shares
Subsequent Event [Line Items]
Exercise price of warrants \| $ / shares	$ 1.10
Number of common shares exercised upon conversion of warrants	0.3
Gross proceeds from stock warrants exercised \| $	$ 300,000

Long-Term Debt And Credit Facilities (Schedule Of Long-Term Debt Outstanding) (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total long term debt	$ 18,283,492	$ 18,388,764
Carrying Amount [Member]
Debt Instrument [Line Items]
Total debt	$ 18,283,492	$ 18,388,764
Less current maturities
Total long term debt	$ 18,283,492	$ 18,388,764
Estimated Fair Value [Member]
Debt Instrument [Line Items]
Total debt	$ 18,283,492	$ 18,388,764
Less current maturities
Total long term debt	$ 18,283,492	$ 18,388,764
Healthcare Royalty Partners Debt [Member] \| Carrying Amount [Member]
Debt Instrument [Line Items]
Total debt	18,283,492	18,388,764
Healthcare Royalty Partners Debt [Member] \| Estimated Fair Value [Member]
Debt Instrument [Line Items]
Total debt	$ 18,283,492	$ 18,388,764

Intangible Assets (Details)	Sep. 30, 2015 USD ($)
Intangible Assets [Abstract]
Total intangible assets	$ 3,665,000
Accumulated amortization	$ 2,510,222

Fair Value Measurements (Assets And Liabilities Measured At Fair Value On Recurring Basis By Level) (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 1,619,199	$ 5,361,053
Total assets at fair value	1,619,199	5,361,053
Warrants issued	1,302,039	2,134,187
Total liabilities at fair value	1,302,039	2,134,187
Warrants Issued May 10, 2012 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants issued	440,137	728,712
Warrants Issued August 2013 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants issued	861,902	1,405,475
Quoted Prices In Active Markets For Identical Instruments (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	1,619,199	5,361,053
Total assets at fair value	$ 1,619,199	$ 5,361,053
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents
Total assets at fair value
Total liabilities at fair value
Significant Other Observable Inputs (Level 2) [Member] \| Warrants Issued May 10, 2012 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants issued
Significant Other Observable Inputs (Level 2) [Member] \| Warrants Issued August 2013 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants issued
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities at fair value	$ 1,302,039	$ 2,134,187
Significant Unobservable Inputs (Level 3) [Member] \| Warrants Issued May 10, 2012 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants issued	440,137	728,712
Significant Unobservable Inputs (Level 3) [Member] \| Warrants Issued August 2013 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants issued	$ 861,902	$ 1,405,475

Stockholders' Equity (Narrative) (Details)			1 Months Ended	3 Months Ended	9 Months Ended
Stockholders' Equity (Narrative) (Details)	Jun. 10, 2014 shares	Jun. 05, 2013 shares	May. 31, 2014 USD ($)	Sep. 30, 2015 USD ($) $ / shares shares	Sep. 30, 2015 USD ($) $ / shares item shares	Dec. 31, 2014 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Votes per share \| item					1
Dividends declared \| $				$ 0	$ 0
Dividends paid \| $					$ 0
Aggregate gross sales price \| $			$ 18,000,000
Commission percentage of gross proceeds			3.00%
Aggregate shares of common stock sold				160,020
Average price per share \| $ / shares				$ 1.89	$ 1.89
Gross proceeds from common stock sold \| $				$ 301,741
Net proceeds from common stock sold \| $				292,689
Remaining common stock available \| $				$ 13,800,000	$ 13,800,000
2012 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in number of shares authorized for issuance under the Plan	1,000,000	1,000,000
Remaining shares of Company's common stock to provide for current and future grants under its various equity plans				692,111	692,111
Total compensation cost related to options, stock appreciation rights and non-vested stock granted to employees not yet recognized \| $				$ 2,100,000	$ 2,100,000
Estimated forfeitures \| $					$ 1,100,000
Amortization period of total compensation cost related to options, stock appreciation rights and non-vested stock granted to employees not yet recognized					4 years
September 9, 2015 Warrants Offering [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants outstanding				5,755,775	5,755,775
Warrants Offering commencement date					Sep. 09, 2015
Number of common shares to purchase per subscription warrant				0.25	0.25
Exercise price of warrants \| $ / shares				$ 1.10	$ 1.10
Aggregate number of common shares issuable upon conversion of subscription warrants				5,755,775	5,755,775
Warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants outstanding				2,131,476	2,131,476
Exercise price of warrants \| $ / shares				$ 4.99	$ 4.99
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares outstanding				762,898	762,898	697,751
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares outstanding				0	0

Stockholders' Equity (Summary Of Option And Stock Appreciation Rights Activity) (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options/SARs, Outstanding, December 31, 2014	487,146
Number of Options/SARs, Granted	353,350
Number of Options/SARs, Exercised
Number of Options/SARs, Forfeited	(89,791)
Number of Options/SARs, Outstanding, September 30, 2015	750,705	487,146
Weighted Average Exercise Price per Share, Outstanding, December 31, 2014	$ 17.21
Weighted Average Exercise Price per Share, Granted	$ 2.07
Weighted Average Exercise Price per Share, Exercised
Weighted Average Exercise Price per Share, Forfeited	$ 23.58
Weighted Average Exercise Price per Share, Outstanding, September 30, 2015	9.32	$ 17.21
$1.69 - $116.40 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, Lower limit		1.69
Range of Exercise Price, Upper limit		$ 116.40
$1.45 - $2.15 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, Lower limit	1.45
Range of Exercise Price, Upper limit	2.15
$1.69 - $91.90 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, Lower limit	1.69
Range of Exercise Price, Upper limit	91.90
$1.45 - $116.40 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, Lower limit	1.45
Range of Exercise Price, Upper limit	$ 116.40

Description Of Business (Details)	Sep. 30, 2015 USD ($) item	Dec. 31, 2014 USD ($)
Description Of Business [Abstract]
Installed base \| item	123
Cumulative net losses incurred since inception	$ (464,277,098)	$ (458,605,903)

Long-Term Debt And Credit Facilities (Revolving Line Of Credit) (Narrative) (Details)	9 Months Ended
	Sep. 30, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2014 USD ($)	Dec. 31, 2013 USD ($)
Line of Credit Facility [Line Items]
Cash and cash equivalents	$ 3,618,469	$ 7,270,301	$ 8,724,395	$ 13,775,130
Total liquidity	9,400,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 10,000,000
Line of credit maturity date	Mar. 31, 2018
Minimum tangible net worth requirement, period one	$ (21,500,000)
Minimum tangible net worth requirement, period two	(22,500,000)
Minimum tangible net worth requirement, period three	(23,500,000)
Minimum tangible net worth requirement, period four	(24,500,000)
Line of credit facility, amount outstanding	0
Line of credit facility, current borrowing capacity	$ 5,800,000
Revolving Credit Facility [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Liquidity ratio	1.50

Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 3,618,469	$ 7,270,301
Accounts receivable, net of allowance of $113,963 and $131,464 in 2015 and 2014, respectively	6,598,667	6,480,499
Inventories	5,132,532	6,371,903
Prepaid expenses and other current assets	760,745	1,094,837
Total current assets	16,110,413	21,217,540
Property and equipment, net	1,076,692	894,728
Intangible assets, net	1,154,778	1,379,653
Other assets	294,900	388,850
Total assets	18,636,783	23,880,771
Current liabilities:
Accounts payable	2,323,086	2,353,133
Accrued liabilities	6,042,517	5,505,142
Deferred revenue	6,447,824	6,658,170
Warrants	1,302,039	2,134,187
Total current liabilities	16,115,466	16,650,632
Long-term debt, less current maturities	18,283,492	18,388,764
Long-term deferred revenue	812,070	976,165
Other liabilities	$ 5,589	$ 414,928
Stockholders' deficit:
Preferred stock, par value $0.001; 10,000,000 shares authorized, none outstanding at 2015 and 2014
Common stock, par value $0.001; 300,000,000 shares authorized, 21,271,844 and 20,480,874 shares issued at 2015 and 2014, respectively	$ 21,272	$ 20,481
Additional paid in capital	447,881,991	446,241,703
Treasury stock, 4,015 shares at 2015 and 2014	(205,999)	(205,999)
Accumulated deficit	(464,277,098)	(458,605,903)
Total stockholders' deficit	(16,579,834)	(12,549,718)
Total liabilities and stockholders' deficit	$ 18,636,783	$ 23,880,771

Stockholders' Equity (Summary Of Restricted Stock Unit Activity) (Details) - Restricted Stock Units [Member]	9 Months Ended
	Sep. 30, 2015 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Restricted Shares Units, Outstanding, December 31, 2014	697,751
Number of Restricted Shares Units, Granted	391,200
Number of Restricted Shares Units, Vested	(238,385)
Number of Restricted Shares Units, Forfeited	(87,668)
Number of Restricted Shares Units, Outstanding, September 30, 2015	762,898
Weighted Average Grant Date Fair Value per Unit, Outstanding, December 31, 2014 \| $ / shares	$ 3.14
Weighted Average Grant Date Fair Value per Unit, Granted \| $ / shares	2.04
Weighted Average Grant Date Fair Value per Unit, Vested \| $ / shares	3.08
Weighted Average Grant Date Fair Value per Unit, Forfeited \| $ / shares	2.82
Weighted Average Grant Date Fair Value per Unit, Outstanding, September 30, 2015 \| $ / shares	$ 2.63

Description Of Business	9 Months Ended
Description Of Business	Sep. 30, 2015
Description Of Business [Abstract]
Description Of Business	1. Description of Business Stereotaxis designs, manufactures, and markets the Epoch® Solution, an advanced remote robotic navigation system for use in a hospital’s interventional surgical suite or “interventional lab”, that we believe revolutionizes the treatment of arrhythmias and coronary artery disease by enabling enhanced safety, efficiency, and efficacy for catheter-based or interventional procedures. The Epoch Solution is comprised of the Niobe® ES Magnetic Navigation System (“Niobe ES system”), Odyssey® Information Management Solution (“Odyssey Solution”), and the Vdrive® Robotic Navigation System (“Vdrive system”) and related devices. The Niobe ES system is designed to enable physicians to complete more complex interventional procedures by providing image-guided delivery of catheters and guidewires through the blood vessels and chambers of the heart to treatment sites. This is achieved using externally applied magnetic fields that govern the motion of the working tip of the catheter or guidewire, resulting in improved navigation, efficient procedures, and reduced X-ray exposure. In addition to the Niobe ES system and its components, Stereotaxis has also developed the Odyssey Solution, which consolidates all lab information, enabling doctors to focus on the patient for optimal procedure efficiency. The platform also features a remote viewing and recording capability called the Odyssey Cinema™ system, an innovative system delivering synchronized content for optimized workflow, advanced care, and improved productivity. This tool includes an archiving capability that allows clinicians to store and replay entire procedures or segments of procedures. This information can be accessed from locations throughout the hospital’s local area network and over the global Odyssey Network, providing physicians with a tool for clinical collaboration, remote consultation, and training. Our Vdrive system provides navigation and stability for diagnostic and therapeutic devices designed to improve interventional procedures. The Vdrive system complements the Niobe ES system’s control of therapeutic catheters for fully remote procedures and enables single-operator workflow. It is sold as two options, the Vdrive system and the Vdrive Duo™ system. In addition to the Vdrive system and the Vdrive Duo system, we also manufacture and market various disposable components which can be manipulated by these systems. We promote the full Epoch Solution in a typical hospital implementation, subject to regulatory approvals or clearances. The full Epoch Solution implementation requires a hospital to agree to an upfront capital payment and recurring payments. The upfront capital payment typically includes equipment and installation charges. The recurring payments typically include disposable costs for each procedure, equipment service costs beyond the warranty period, and software licenses. In hospitals where the full Epoch Solution has not been implemented, equipment upgrade or expansion may be implemented upon purchase of the necessary components. As of September 30, 2015, the Company has an installed base of 123 Niobe ES systems. The core components of Stereotaxis’ systems have received regulatory clearance in the United States, European Union, Canada, China, Japan and various other countries. We have received the CE Mark that allows us to market the Vdrive and Vdrive Duo systems with the V-CAS, V-Loop and V-Sono devices in Europe. In addition, we have received licensing to market the Vdrive and Vdrive Duo systems with the V-CAS, V-Loop, and V-Sono devices in Canada. We have received regulatory clearance that allows us to market the Vdrive and Vdrive Duo systems with the V-CAS, V-Loop, and V-Sono devices in the United States. We have received Food and Drug Administration (“FDA”) clearance and the CE Mark necessary for us to market our suite of Pegasus™ coronary peripheral guidewires in the United States and Europe. Since our inception, we have generated significant losses. As of September 30, 2015, we incurred cumulative net losses of approximately $464.3 million. In 2015, the Company plans to continue developing the Niobe ES system with the goal of furthering clinical adoption and new system placements. Although we achieved an operating profit in the fourth quarter 2014, we expect to have negative cash flow from operations into 2015 as we continue the development and commercialization of our products, conduct our research and development activities, advance new products and new features into clinical development from our existing research programs, and fund additional sales and marketing initiatives. During 2015, we expect operating expenses to be generally consistent with 2014 with additional investment in certain targeted areas. We may be required to raise capital or pursue other financing strategies to continue our operations. Until we can generate significant cash flow from our operations, we expect to continue to fund our operations with cash resources primarily generated from the proceeds of our past and future public offerings, private sales of our equity securities, and loans collateralized by working capital and equipment. We continue to explore financing alternatives, which may include the sale of equity securities or non-core assets, strategic collaboration agreements, debt financings, or distribution rights. We cannot accurately predict the timing and amount of our utilization of capital, which will depend on a number of factors outside of our control. Our existing cash, cash equivalents, and borrowing facilities may not be sufficient to fund our operating expenses and capital equipment requirements through the next 12 months, which would require us to obtain additional financing. We cannot assure that additional financing will be available on acceptable terms or that such financing will not be dilutive to our stockholders. If adequate funds are not available to us, we could be required to delay development or commercialization of new products, to license to third parties the rights to commercialize products or technologies that we would otherwise seek to commercialize ourselves, or to reduce the sales, marketing, customer support or other resources devoted to our products, any of which could have a material adverse effect on our business, financial condition, and operational results. In addition, we could be required to cease operations.

Prepaid Expenses And Other Current Assets (Schedule Of Prepaid Expenses And Other Current Assets) (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Prepaid Expenses And Other Current Assets [Abstract]
Prepaid expenses	$ 397,972	$ 679,740
Deferred financing costs	430,810	492,385
Deposits	131,781	311,562
Deferred cost of revenue	95,082
Total prepaid expenses and other assets	1,055,645	1,483,687
Less: Noncurrent prepaid expenses and other assets	(294,900)	(388,850)
Total prepaid expenses and other current assets	$ 760,745	$ 1,094,837

Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 11,084,313	$ 10,896,597
Less: Accumulated depreciation	(10,007,621)	(10,001,869)
Net property and equipment	1,076,692	894,728
Equipment [Member]
Property, Plant and Equipment [Line Items]
Gross property and equipment	8,452,520	8,264,804
Equipment Held For Lease [Member]
Property, Plant and Equipment [Line Items]
Gross property and equipment	303,412	303,412
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 2,328,381	$ 2,328,381

Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Accounts receivable, allowance	$ 113,963	$ 131,464
Stockholders' deficit:
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	21,271,844	20,480,874
Treasury stock, shares	4,015	4,015

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2015	Oct. 20, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	Stereotaxis, Inc.
Entity Filer Category	Smaller Reporting Company
Entity Central Index Key	0001289340
Trading Symbol	stxs
Amendment Flag	false
Document Type	10-Q
Document Fiscal Period Focus	Q3
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2015
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		21,544,018

Commitments And Contingencies	9 Months Ended
Commitments And Contingencies	Sep. 30, 2015
Commitments And Contingencies [Abstract]
Commitments And Contingencies	13. Commitments and Contingencies The Company at times becomes a party to claims in the ordinary course of business. Management believes that the ultimate resolution of pending or threatened proceedings will not have a material effect on the financial position, results of operations or liquidity of the Company.

Statements Of Operations - USD ($)	3 Months Ended		9 Months Ended
Statements Of Operations - USD ($)	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue:
Systems	$ 2,298,608	$ 2,181,088	$ 8,222,722	$ 4,669,224
Disposables, service and accessories	6,976,006	6,673,013	20,247,169	20,587,084
Total revenue	9,274,614	8,854,101	28,469,891	25,256,308
Cost of revenue:
Systems	1,286,849	1,318,456	4,536,391	2,958,668
Disposables, service and accessories	1,159,547	1,019,476	3,483,906	2,983,111
Total cost of revenue	2,446,396	2,337,932	8,020,297	5,941,779
Gross margin	6,828,218	6,516,169	20,449,594	19,314,529
Operating expenses:
Research and development	1,494,201	1,214,405	4,399,734	4,030,594
Sales and marketing	3,691,805	3,717,670	11,976,955	11,445,089
General and administrative	2,549,690	2,763,667	8,116,989	9,537,043
Total operating expenses	7,735,696	7,695,742	24,493,678	25,012,726
Operating loss	(907,478)	(1,179,573)	(4,044,084)	(5,698,197)
Other income	725,356	2,034,731	832,148	2,139,718
Interest income	267	1,736	1,622	5,665
Interest expense	(815,071)	(834,224)	(2,460,881)	(2,505,842)
Net income (loss)	$ (996,926)	$ 22,670	$ (5,671,195)	$ (6,058,656)
Net earnings (loss) per common share:
Basic	$ (0.05)	$ 0.00	$ (0.27)	$ (0.31)
Diluted	$ (0.05)	$ 0.00	$ (0.27)	$ (0.31)
Weighted average shares used in computing net earnings (loss) per common share:
Basic	21,142,795	20,326,169	20,965,012	19,767,545
Diluted	21,142,795	20,518,757	20,965,012	19,767,545

Intangible Assets	9 Months Ended
Intangible Assets	Sep. 30, 2015
Intangible Assets [Abstract]
Intangible Assets	6. Intangible Assets As of September 30, 2015, the Company had total intangible assets of $3,665,000. Accumulated amortization at September 30, 2015, was $2,510,222.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events On October 8, 2015, the Company completed an offering of subscription warrants to purchase shares of its common stock at a price of $1.10 per share. Pursuant to the Warrants Offering, subscription warrants to purchase approximately 0.3 million shares of common stock were exercised, resulting in gross proceeds to the Company of approximately $300,000.

Inventories (Schedule Of Inventories) (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Inventories [Abstract]
Raw materials	$ 2,099,640	$ 2,746,926
Work in process	3,893	374,236
Finished goods	3,057,265	3,310,375
Reserve for obsolescence	(28,266)	(59,634)
Total inventories	$ 5,132,532	$ 6,371,903

Product Warranty Provisions (Schedule Of Accrued Warranty) (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Product Warranty Provisions [Abstract]
Warranty accrual, beginning of the fiscal period	$ 364,548	$ 501,212
Accrual adjustment for product warranty	91,293	84,402
Payments made	(151,235)	(221,066)
Warranty accrual, end of the fiscal period	$ 304,606	$ 364,548
Standard product warranty, coverage term	1 year

Long-Term Debt And Credit Facilities (Healthcare Royalty Partners Debt) (Narrative) (Details) - Healthcare Royalty Partners Debt [Member] - USD ($) $ in Millions			1 Months Ended	9 Months Ended
	Jan. 31, 2013	Aug. 08, 2012	Nov. 30, 2011	Sep. 30, 2015
Debt Instrument [Line Items]
Amount borrowed	$ 2.5	$ 2.5	$ 15.0
Additional amount which may be borrowed			$ 5.0
Percentage of royalties entitled to receive			100.00%
Debt maturity date				Dec. 31, 2018
Annual interest rate			16.00%

Statements Of Cash Flows - USD ($)	9 Months Ended
Statements Of Cash Flows - USD ($)	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities
Net loss	$ (5,671,195)	$ (6,058,656)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation	223,430	334,908
Amortization of intangibles	224,875	224,875
Amortization of deferred finance costs	166,850	183,568
Share-based compensation	887,087	1,070,049
Adjustment of warrants	(832,148)	(2,139,718)
Changes in operating assets and liabilities:
Accounts receivable	(118,168)	550,802
Inventories	893,745	(1,707,264)
Prepaid expenses and other current assets	167,242	326,517
Other assets	93,950	2,783
Accounts payable	(30,047)	(1,007,184)
Accrued liabilities	537,375	(552,771)
Deferred revenue	(374,441)	979,121
Other liabilities	(409,339)
Net cash used in operating activities	(4,240,784)	(7,792,970)
Cash flows from investing activities
Purchase of equipment	(59,768)	(47,640)
Net cash used in investing activities	(59,768)	(47,640)
Cash flows from financing activities
Payments of Healthcare Royalty Partners debt	(105,272)	(95,368)
Proceeds from issuance of stock, net of issuance costs	753,992	2,885,243
Net cash provided by financing activities	648,720	2,789,875
Net decrease in cash and cash equivalents	(3,651,832)	(5,050,735)
Cash and cash equivalents at beginning of period	7,270,301	13,775,130
Cash and cash equivalents at end of period	$ 3,618,469	$ 8,724,395

Accrued Liabilities (Schedule Of Accrued Liabilities) (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2013 USD ($) ft²	Sep. 30, 2015 USD ($) ft²	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Accrued Liabilities [Abstract]
Accrued salaries, bonus, and benefits		$ 2,693,800	$ 2,557,557
Accrued rent		1,387,005	1,407,740
Accrued licenses and maintenance fees		662,323	661,766
Accrued interest		490,792	493,616
Accrued warranties		304,606	364,548	$ 501,212
Accrued taxes		311,529	332,364
Other		198,051	102,479
Total accrued liabilities		6,048,106	5,920,070
Less: Long term accrued liabilities		(5,589)	(414,928)
Total current accrued liabilities		$ 6,042,517	$ 5,505,142
Square feet of office leased space \| ft²		52,000
Square feet of demonstration and assembly leased space \| ft²		12,000
Square feet of terminated unimproved leased space \| ft²	13,000
Accrued lease termination costs	$ 515,138
Accrued lease termination costs remaining		$ 302,264