Redeemable Convertible Preferred Stock

9 Months Ended

Sep. 30, 2013

Equity [Abstract]

Redeemable Convertible Preferred Stock

10. Redeemable Convertible Preferred Stock

On May 2, 2012, the Company completed the issuance of the Series A Convertible Preferred Stock and warrants. The Series A Convertible Preferred Stock ranks senior to all other equity instruments of the Company, including the Company’s common stock. The Series A Convertible Preferred Stock accrues cumulative dividends at a rate of 6% per annum, whether or not dividends have been declared by the Board of Directors and whether or not there are profits, surplus or other funds available for the payment of such dividends.

For the three months ended September 30, 2013 and 2012 the amortization of the discount amounted to $11 and $10. For the nine months ended September 30, 2013 and 2012 the amortization of the discount amounted to $31 and $24.