Subsequent Event

12 Months Ended

Dec. 31, 2015

Subsequent Events [Abstract]

Subsequent Event

SUBSEQUENT EVENT

On March 10, 2016, the Company entered into a Stock Purchase Agreement with certain strategic investors and entrepreneurs in food, nutrition and innovation in connection with the private placement of 27,850 shares of its Series A Convertible Preferred Stock, par value $0.001 per share (the “Series A Convertible Preferred Stock”), for a per share purchase price of $1,000 per share, with a conversion price of $2.00 per common share. The 27,850 shares of Series A Preferred Stock that are expected to be issued will be initially convertible into an aggregate of 13.9 million shares of common stock. The Company expects to receive gross proceeds of $27.9 million in cash from the private placement and intends to use such proceeds for capital expenditures, working capital and general corporate purposes.

The private placement is expected to close in March 2016, subject to the satisfaction of customary closing conditions.