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Stockholders' Deficit
6 Months Ended
Jun. 30, 2017
Equity [Abstract]  
Stockholders' Deficit

Note 12 - Stockholders’ Deficit

 

Common Stock

 

The Company had 10,320,254 and 10,157,292 shares of common stock issued and outstanding as of June 30, 2017 and December 31, 2016, respectively.  

 

During the six months ended June 30, 2017, the Company issued an aggregate of 162,962 shares of common stock as follows: 7,750 shares to consultants for services, valued at $55, 667, to settle a previous claim; 14,014 shares for the cashless exercise of vested stock options; and 140,531 shares for net settlement of restricted stock units that vested during the period. 

 

Rights Offering

 

In April 2016, the Company offered to the existing holders of shares of (i) its common stock and (ii) Series B convertible preferred stock, in each case, as of April 8, 2016 (the “Record Date”), at no charge, non-transferable subscription rights, on a pro rata basis, to purchase shares of common stock at a subscription price of $2.50 per share (the “Rights Offering”). In addition, the holders also had the right to purchase additional shares of common stock, if any shares remain unsubscribed. The Company offered subscription rights on 5,794,162 shares of its common stock. The Rights Offering was conducted as a private placement on a “best efforts” basis, with no minimum subscription required.

 

The subscription rights were initially exercisable beginning on April 8, 2016 and expiring on April 29, 2016 (the “Subscription Period”). However, the Company reserved the right to extend the Subscription Period for up to two additional weeks. The Company extended the Subscription Period for one additional week. The Rights Offering closed on May 6, 2016. 

 

The Company issued 2,478,486 shares of common stock and received aggregate consideration of $6,199 in the Rights Offering. The aggregate consideration received consisted of: (i) $5,284 in cash; (ii) $821 in consideration paid through the cancellation of $821 in outstanding principal amount (and related unpaid interest) under certain outstanding unsecured notes; and (iii) the extinguishment of $94 in amounts owed by the Company for services and related miscellaneous expenses. Such cash proceeds will be used for working capital and general corporate purposes. As the Rights Offering was offered to certain existing holders of the Company’s stock, the shares sold are treated as outstanding from the date of their issuance in the computation of loss per share, basic and diluted in future periods.