XML 41 R29.htm IDEA: XBRL DOCUMENT v3.5.0.2
Notes Payable (Details)
$ / shares in Units, shares in Millions
1 Months Ended 3 Months Ended 6 Months Ended
Jun. 23, 2014
USD ($)
Mar. 31, 2015
USD ($)
shares
Jun. 30, 2016
USD ($)
item
$ / shares
Jun. 30, 2015
USD ($)
Jun. 30, 2016
USD ($)
item
$ / shares
Jun. 30, 2015
USD ($)
Dec. 31, 2015
USD ($)
Notes payable              
Denominator used in calculation of daily measurement value | item     60   60    
Convertible notes payable, discount     $ 12,785,423   $ 12,785,423   $ 15,471,125
Conversion of convertible notes to common stock           $ 2,080,292  
Converted debt cash payment           825,001  
Debt exchange expense           818,541  
Details of Notes reflected in balance sheet              
Carrying value     29,925,203   29,925,203   $ 28,278,875
Interest expense incurred              
Interest expense on debt     875,000 $ 875,000 1,750,000 1,738,445  
Amortization of debt discount to interest expense     756,093 611,455 1,473,099 1,219,761  
Amortization of deferred financing costs     86,614 86,615 173,229 178,123  
Total interest expense     $ 1,717,707 1,573,070 $ 3,396,328 $ 3,136,329  
8.00% Convertible Senior Notes Due 2019              
Notes payable              
Aggregate principal amount $ 47,000,000            
Interest rate (as a percent) 8.00%   8.00%   8.00%    
Debt outstanding     $ 43,750,000   $ 43,750,000    
Conversion of debt, initial conversion ratio         148.3019    
Principal amount of notes, basis for conversion     $ 1,000   $ 1,000    
Initial conversion price per share of common stock (in dollars per share) | $ / shares     $ 6.74   $ 6.74    
Multiplier used in calculation of daily conversion values | item     0.0167   0.0167    
Period from conversion date considered for interest make-whole payment 3 years            
Liability component $ 30,800,000            
Carrying value of notes 27,700,000            
Value of the embedded interest make-whole derivative 3,100,000            
Equity component of convertible notes on issuance date 16,200,000   $ 15,002,020   $ 15,002,020    
Transaction costs 2,900,000            
Transaction costs allocated to equity 1,000,000            
Capitalized deferred financing costs 1,900,000   1,039,374   1,039,374    
Conversion of convertible notes to common stock   $ 3,250,000          
Converted debt cash payment   $ 800,000          
Stock issued upon conversion of notes (in shares) | shares   0.5          
Debt exchange expense       $ 800,000      
Details of Notes reflected in balance sheet              
Conversion option reported in equity (16,200,000)   (15,002,020)   (15,002,020)    
Interest make-whole derivative     (2,889,043)   (2,889,043)    
Unamortized debt issuance costs $ (1,900,000)   (1,039,374)   (1,039,374)    
Cumulative amortization of debt discount     5,105,640   5,105,640    
Carrying value     29,925,203   29,925,203    
8.00% Convertible Senior Notes Due 2019 | Conversion of notes any time prior to the close of business immediately preceding February 15, 2019              
Notes payable              
Principal amount of notes, basis for conversion     $ 1,000   $ 1,000    
Threshold trading days (whether or not consecutive) | item         20    
Consecutive trading day period         30 days    
Threshold percentage of common stock price to determine eligibility of conversion         100.00%    
Threshold trading days during which principal amount of notes for such trading day was less than 98% of the product of the last reported sale price of common stock | item         5    
Consecutive trading day period prior to specified trading days during which principal amount of notes for such trading day was less than 98% of the product of the last reported sale price of common stock         10 days    
Maximum ratio of trading price for each trading day in measurement period to last reported sales price of entity's stock on each trading day of measurement period     98.00%   98.00%    
8.00% Convertible Senior Notes Due 2019 | Conversion of notes after obtaining stockholder approval | Physical settlement              
Notes payable              
Principal amount of notes, basis for conversion     $ 1,000   $ 1,000    
8.00% Convertible Senior Notes Due 2019 | Conversion of notes after obtaining stockholder approval | Cash settlement              
Notes payable              
Principal amount of notes, basis for conversion     1,000   $ 1,000    
Consecutive trading days during the related observation period considered in calculation of daily conversion values         60 days    
8.00% Convertible Senior Notes Due 2019 | Conversion of notes after obtaining stockholder approval | Combination settlement              
Notes payable              
Principal amount of notes, basis for conversion     $ 1,000   $ 1,000    
Consecutive trading days during the related observation period considered in calculation of daily conversion values         60 days    
8.00% Convertible Senior Notes Due 2019 | Occurrence of fundamental changes              
Notes payable              
Redemption price as percentage of principal amount required by holders upon occurrence of certain fundamental changes         100.00%    
8.00% Convertible Senior Notes Due 2019 | Conversion of notes on or after December 31, 2014 with interest make-whole payment              
Notes payable              
Threshold trading days (whether or not consecutive) | item         20    
Consecutive trading day period         30 days    
Number of trading days prior to a conversion date within which threshold trading days should complete | item         5    
Discount rate used for calculation of interest make-whole payment (as a percent)         2.00%    
Period from conversion date considered for interest make-whole payment         3 years    
Number of trading days immediately preceding the conversion date used to determine daily value weighted average price | item         10    
Stock value as percentage of simple average of the daily value-weighted average price of common stock for a specified trading days     92.50%   92.50%