Preferred stock deposit

3 Months Ended

Mar. 31, 2016

Preferred Stock Deposit

Preferred stock deposit

14. Preferred stock deposit

Prior to the three months ended March 31, 2016, the Company collected initial proceeds totaling $151,200 related to its preferred stock offering. The Company did not conduct the first closing of its preferred offering until after the quarter end, on April 4, 2016. As a result, the initial proceeds collected prior to the first closing were reflected as a deposit outstanding at March 31, 2016. Since the deposit was applied to preferred stock issued in April 2016, the deposit has been shown as a noncurrent liability.