XML 37 R61.htm IDEA: XBRL DOCUMENT v2.4.0.8
EARNINGS PER SHARE (Details) (USD $)
12 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Jun. 30, 2012
Dec. 31, 2011
Jul. 31, 2011
Jun. 30, 2011
Dec. 31, 2013
Warrants to purchase common stock [Member]
Warrant
InvestorNote
Dec. 31, 2012
Warrants to purchase common stock [Member]
Jul. 15, 2013
Warrants to purchase common stock [Member]
Feb. 26, 2013
Warrants to purchase common stock [Member]
Jun. 27, 2012
Warrants to purchase common stock [Member]
Jun. 27, 2012
Warrants to purchase common stock [Member]
Private Placement [Member]
Dec. 31, 2013
Stock options to purchase common stock [Member]
Dec. 31, 2012
Stock options to purchase common stock [Member]
Dec. 31, 2013
Unvested restricted common stock [Member]
Dec. 31, 2012
Unvested restricted common stock [Member]
Dec. 31, 2013
Common stock issuable upon the assumed conversion of our convertible note payable from June 2012 [Member]
Dec. 31, 2012
Common stock issuable upon the assumed conversion of our convertible note payable from June 2012 [Member]
Dec. 31, 2013
Common stock issuable upon the assumed conversion of our convertible notes payable from June 2011 and July 2011 [Member]
Dec. 31, 2012
Common stock issuable upon the assumed conversion of our convertible notes payable from June 2011 and July 2011 [Member]
Dec. 31, 2013
Common stock issuable upon the assumed conversion of our Series A preferred stock [Member]
Dec. 31, 2012
Common stock issuable upon the assumed conversion of our Series A preferred stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]                                            
Antidilutive securities excluded from calculating basic and diluted net loss per common share (in shares) 9,058,353 9,189,119         4,665,451 [1] 2,041,165 [1]         1,014,907 158,409 0 300 3,124,680 [2] 5,617,974 [2] 253,315 [3] 368,637 [3] 0 [4],[5] 1,002,634 [4],[5]
Number of warrants to purchase common stock (in shares) 7           7                              
Aggregate shares of common stock issued upon exercise of warrants (in shares) 4,445,714 1,571,428         3,142,857                              
Common stock vested upon initial warrant (in shares) 4,665,451 [1] 2,041,165   612,594       392,857 392,857 392,857 785,714 392,857                    
Exercise price of warrants (in dollars per share) $ 0.35   $ 0.35       $ 0.35                              
Average number of trading days prior to the payment of note taken to calculate the conversion price 5 days                                          
Conversion price (in dollars per share) $ 0.70   $ 0.35   $ 1.08 $ 1.20                                
Number of months from date of issuance of Series A preferred stock taken for conversion of accrued dividends 6 months                                          
Warrants exercised (in shares) (1,571,428) [1] 0         1,571,428                              
Number of warrants exercised             3                              
Investor notes elected to offset and deduct             3                              
Number of warrants terminated             3                              
Preference shares redeemed by offset of promissory note receivable (in shares) 65           65                              
Promissorry note offset on preference share redemption $ (969,000)           $ 969,000                              
Term of note             7 years 6 months                              
[1] As part of the June 2012 Note, Inter-Mountain received a total of seven warrants to purchase, if they all vest, an aggregate of 3,142,857 shares of common stock, which number of shares could increase based upon the terms and conditions of the warrants. The warrants have an exercise price of $0.35 per share, subject to certain pricing adjustments, and are exercisable, subject to vesting provisions and ownership limitations, until June 27, 2017. Warrants for 785,714, 392,857, 392,857, and 392,857 shares of common stock vested on June 27, 2012, December 31, 2012, February 26, 2013, and July 15, 2013, respectively, and three warrants for 1,571,428 shares of common stock have been exercised. For the purposes of this Table, only such net vested shares of common stock from the fourth warrant (392,857 shares) have been included, based upon an exercise price of $0.35 per share of common stock. On January 22, 2014, we elected to offset and deduct the three remaining Investor Notes from the principle amount due to Inter-Mountain under the June 2012 Note and as a result of the offset and deduction the three remaining warrants terminated.
[2] The outstanding principal balance and the accrued and unpaid interest of the June 2012 Note may be converted, at the option of Inter-Mountain, into shares of common stock at a conversion price of $0.35 per share, subject to certain pricing adjustments and ownership limitations. For the purposes of this Table, we have assumed a conversion price of $0.35 per share and no ownership limitations.
[3] The outstanding principal balance of the June 2011 Note and the July 2011 Note may be converted, at the option of Mr. Gray, into shares of common stock at a fixed conversion price of $1.20 per share and $1.08 per share, respectively. The accrued and unpaid interest for each convertible note payable may be converted, at the option of Mr. Gray, into shares of common stock at a conversion price based upon the average of the five trading days prior to the payment date, which for the purposes of this Table we have assumed to be December 31, 2013.
[4] On August 15, 2013, we provided notice to Ironridge for the redemption of all of our Series A Shares held by Ironridge, a total of 65 Series A Shares. An affiliate of Ironridge, the issuer of promissory notes held by us, due 7.5 years from the issue date, in the principal amount of $969,000, agreed to accept the cancellation of the promissory notes held by us as full and final payment for the redemption amounts of the Series A Shares.
[5] The outstanding Series A preferred stock and the accrued and unpaid dividends thereon are convertible into shares of the Company’s common stock at the Company’s option at any time after six-months from the date of issuance of the Series A preferred stock. The conversion price for the holder is fixed at $0.70 per share with no adjustment mechanisms, resets, ratchets, or anti-dilution covenants other than the customary adjustments for stock splits. For the purposes of this Table, we have assumed a conversion price of $0.70 per share.