XML 70 R57.htm IDEA: XBRL DOCUMENT v3.5.0.2
Subsequent Events (Details Narrative) - USD ($)
6 Months Ended
Aug. 12, 2016
Aug. 11, 2016
Jul. 27, 2016
Jul. 21, 2016
Jul. 14, 2016
Jul. 13, 2016
Jul. 02, 2016
May 10, 2016
Jun. 30, 2016
Jun. 30, 2015
Apr. 08, 2016
Mar. 29, 2016
Feb. 29, 2016
Dec. 31, 2015
Proceeds from note payable                 $ 3,050,000 $ 750,000        
Common stock, par value                 $ 0.0001         $ 0.0001
Proceeds from issuance of common stock                 $ 1,266,341 $ 33,829        
James L. Davis [Member]                            
Warrants to purchase of common stock, shares               5,000       250,000 16,667  
Warrants price per share               $ 4.94         $ 4.94  
Proceeds from issuance of warrants               $ 152,000            
Subsequent Event [Member]                            
Common stock, par value       $ 0.0001                    
Proceeds from issuance of common stock       $ 20,000,000                    
Reverse stock split description     one-for-fifteen (1:15) reverse stock split                      
Subsequent Event [Member] | James L. Davis [Member]                            
Warrants to purchase of common stock, shares           20,000                
Warrants price per share           $ 6.00                
Proceeds from issuance of warrants           $ 300,000                
Proceeds from note payable           5,000,000                
Outstanding principal           $ 360,000                
Percentage of interest rate           24.00%                
Debt conversion description           The note is due and payable six months after the Davis Issuance Date. In addition to the Company providing three days advance written notice to an investor prior to repayment, under the terms of the note upon repayment of the note (including on the maturity date) the Company is obligated to pay a 20% premium on the principal amount and any accrued default interest then due on the note, which in the aggregate is equal to 120% of the principal amount and any accrued default interest then due on the note. The holder cannot convert the note during such three day advance notice period prior to repayment unless an event of default has occurred under the note and at least six months and three days have elapsed since the issuance date of the note. Under the terms of the note, among other events, an event of default will occur if the Company fails to repay the note in its entirety at 120% of the principal amount and any then accrued default interest with the proceeds received from the Company’s next underwritten offering of $5,000,000 or more that is completed on or after the Issuance Date. If an event of default occurs under the note and to the extent the Company has a three calendar day cure period for such event of default under the note, the Company fails to cure such default within three days, at the holder’s election, the note shall accelerate and become immediately due and payable in full in cash at the mandatory default amount, which is equal to 120% multiplied by the total amount outstanding under the note, and thereafter interest on the note shall accrue at the lesser of 24% per annum and the maximum rate permitted under applicable law. If an event of default occurs under the note, the holder may elect to convert the note into shares of common stock at any time following six months and three days after the Issuance Date, and the conversion price per share is equal to 60% of the lowest volume weighted average price of the Company’s common stock during the 21 consecutive trading days immediately preceding the conversion date.                
Subsequent Event [Member] | Mr. Hanson [Member]                            
Warrants to purchase of common stock, shares         13,334                  
Warrants price per share         $ 6.00                  
Proceeds from issuance of warrants         $ 200,000                  
Outstanding principal         $ 240,000                  
Percentage of interest rate         24.00%                  
Debt conversion description         The note does not bear any interest, other than during an event of default (in which case default interest at a rate of 24% per annum is applicable). The note is due and payable six months after July 14, 2016. In addition to the Company providing three days advance written notice to an investor prior to repayment, under the terms of the note upon repayment of the note (including on the maturity date) the Company is obligated to pay a 20% premium on the principal amount and any accrued default interest then due on the note, which in the aggregate is equal to 120% of the principal amount and any accrued default interest then due on the note. The holder cannot convert the note during such three day advance notice period prior to repayment unless an event of default has occurred under the note and at least six months and three days have elapsed since the issuance date of the note. Under the terms of the note, among other events, an event of default will occur if the Company fails to repay the note in its entirety at 120% of the principal amount and any then accrued default interest with the proceeds received from the Company’s next underwritten offering of $5,000,000 or more that is completed on or after the Hanson Issuance Date. If an event of default occurs under the note and to the extent the Company has a three calendar day cure period for such event of default under the note, the Company fails to cure such default within three days, at the holder’s election, the note shall accelerate and become immediately due and payable in full in cash at the mandatory default amount, which is equal to 120% multiplied by the total amount outstanding under the note, and thereafter interest on the note shall accrue at the lesser of 24% per annum and the maximum rate permitted under applicable law. If an event of default occurs under the note, the holder may elect to convert the note into shares of common stock at any time following six months and three days after the Hanson Issuance Date and the conversion price per share is equal to 60% of the lowest volume weighted average price of the Company’s common stock during the 21 consecutive trading days immediately preceding the conversion date.                  
Subsequent Event [Member] | Columbus Capital Convertible Notes [Member]                            
Warrants to purchase of common stock, shares   85,348                        
Warrants price per share   $ 5.55                        
Warrant term   5 years                        
Proceeds from issuance of warrants   $ 500,000                        
Outstanding principal   $ 526,315                        
Debt conversion description   Columbus Capital may elect to convert the principal amount of the notes into shares of the Company’s common stock at any time before August 11, 2017 at a conversion price per share equal to the lower of $5.55 and 80% of the per share sale price of the Company’s common stock in the Company’s next underwritten public offering.                        
Debt conversion price per share   $ 5.55                        
Subsequent Event [Member] | Messrs. Hanson and Davis [Member]                            
Warrants to purchase of common stock, shares 42,674                          
Warrants price per share $ 5.55                          
Proceeds from issuance of warrants $ 250,000                          
Outstanding principal $ 263,158                          
Debt conversion description Each of Messrs. Hanson and Davis may elect to convert the principal amount of the note issued to him into shares of the Company’s common stock at any time before August 12, 2017 at a conversion price per share equal to the lower of $5.55 and 80% of the per share sale price of the Company’s common stock in the Company’s next underwritten public offering.                          
Debt conversion price per share $ 5.55                          
Subsequent Event [Member] | Lincoln Park Termination Agreement [Member]                            
Warrants to purchase of common stock, shares                     100,000      
Warrants price per share                     $ 6.00      
Warrant term             5 years