XML 38 R43.htm IDEA: XBRL DOCUMENT v3.20.1
Senior Secured Convertible Note, Related Party (Details Textual) - USD ($)
1 Months Ended 12 Months Ended
May 31, 2013
Dec. 31, 2019
Dec. 31, 2018
Senior Secured Convertible Note, Related Party to be Updated - Exchange Agreement (Textual)      
Warrants issued, description   The Company amended and restated the following warrants held by Elliott and its affiliates to reduce the exercise price of each warrant to $0.005 per share: warrants issued in May 2013 to purchase up to an aggregate of 100,000 shares of the Company's common stock with a pre-amendment exercise price of $3.25 per share and an expiration date of May 30, 2019, which was subsequently extended to August 16, 2019 (the "May 30, 2019 Warrants"), (see Note 4); and warrants issued in October 2013 to purchase up to an aggregate of 150,000 shares of the Company's common stock with a pre-amendment exercise price of $4.50 per share and an expiration date of October 22, 2019 (the "October 22, 2019 Warrants").  
Debt discount   $ 313,097
Conversion price, description   The note was a senior obligation, secured by all of the Company's assets. The note bore interest at a rate of 10.0% per annum, compounded quarterly. Interest was first payable on January 2, 2019, and on the first trading day of each month thereafter, until its cancellation. The note was to mature on December 30, 2021. Any accrued but unpaid interest for the applicable interest period was added to the principal outstanding under the notes. The note had a conversion price of $7.50 per share. The conversion price was subject to appropriate adjustment in the event of stock dividends and distributions, stock splits, stock combinations, or reclassifications affecting the Company's common stock. The noteholder was able to convert its outstanding note principal amount, and any accrued and unpaid interest, at any time into shares of common stock at the conversion rate. Additionally, the note would automatically convert into shares of common stock if, prior to the maturity date, the average closing sale price of the Company's common stock for any 20 trading days during any consecutive 30 trading days equals or exceeds 150% of the conversion price. The Company held the right to pay any accrued interest in cash for any calendar month during which the average closing sale price of its common stock averaged at least 150% of the conversion price of the notes. On or after July 1, 2020, the Company was able to prepay any principal amount outstanding on the notes in amounts of $2,000,000 (or in full, if less than $2,000,000), provided that if the prepayment occurs between July 2, 2020 and March 30, 2021, the prepayment amount would have equaled 110% of the principal amount being repaid and if the prepayment occurs after March 31, 2021, the prepayment amount would have equaled 105% of the principal amount being repaid. For year ended December 31, 2019, approximately $ $462,000, was accrued and recognized as interest expense on the condensed consolidated statement of operations and comprehensive loss.   
Aggregate principal   $ 7,500,000  
Warrant purchase   90,000  
Warrant term   5 years  
Legal fees   $ 267,000  
Warrants of approximately   396,000  
Additional paid-in capital   6,000  
Net allocated fees   103,000  
Incremental cost of approximately   710,000  
Letters of credit incurred   $ 3,000,000  
Expected term, description   To determine the risk-free interest rate, the Company utilized the U.S. Treasury yield curve in effect at the time of grant with a term consistent with the expected term of the Company’s awards which is 5 years for employees and 10 years for non-employees.  
Deemed dividend   $ 26,733,098
Senior Secured Convertible Note [Member]      
Senior Secured Convertible Note, Related Party to be Updated - Exchange Agreement (Textual)      
Warrant purchase   90,000  
Expected term, description   The Exchange Agreement, the senior secured convertible note, along with certain warrants and the Series C-2, Series D and Series F preferred stock, and the payment of $2,000,000, was exchanged for 100,000 shares of Series G preferred stock. As a result of this transaction, the Company recognized a deemed dividend of $26,733,098 on its condensed consolidated statement of operations and comprehensive loss for the year ended December 31, 2019 (see Note 8).  
Warrant [Member]      
Senior Secured Convertible Note, Related Party to be Updated - Exchange Agreement (Textual)      
Debt discount   $ 143,000  
Aggregate principal   7,500,000  
Exercise price $ 0.005    
Legal fees   7,500,000  
Net allocated fees   $ 7,000,000  
Common stock [Member]      
Senior Secured Convertible Note, Related Party to be Updated - Exchange Agreement (Textual)      
Warrants issued, description   The warrant was immediately exercisable, had an exercise price of $7.50 per share, subject to adjustment in the event of stock dividends and distributions, stock splits, stock combinations, or reclassifications affecting our common stock, and had a term of five years.