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Debt and Financing (Tables)
9 Months Ended
Sep. 30, 2015
Debt Instrument [Line Items]  
Schedule of Long-Term Debt

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

September 30,

Long-Term Debt

 

2015

 

 

(in thousands)

Beginning balance

 

$

 —

Proceeds from 9.0% Convertible and 15% Notes to CT Energy

 

 

32,200 

Proceeds from note payable to CT Energy

 

 

1,300 

Repayment of note payable of CT Energy

 

 

(1,300)

Value assigned to embedded derivatives

 

 

(32,200)

Conversion of 9.0% Note, net of unamortized discount

 

 

(10)

Accretion of discount on debt

 

 

116 

 

 

$

106 

 

 

 

 

 

15% Senior Secured Non-Convertible Note [Member]  
Debt Instrument [Line Items]  
Schedule of Fair Value Assumptions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

Fair Value

  

 

 

 

  

 

Hierarchy

  

As of September 30,

  

 

Level

  

2015

Significant assumptions (or ranges):

 

  

 

 

 

 

Stock price

 

Level 1 input

  

$

1.39 

  

Weighted Term (years)

 

 

 

 

5.73 

  

Yield Volatility

 

Level 2 input

  

 

34 

% 

Risk-free rate

 

Level 1 input

  

 

1.3% to 1.7

% 

Dividend yield

 

Level 2 input

  

 

0.0 

% 

Scenario probability:

 

 

 

 

 

 

Claim date extended with Stock Appreciation Date threshold met

 

Level 3 input

 

 

14.5 

% 

Claim date extended with Stock Appreciation Date threshold not met

 

Level 3 input

 

 

35.5 

% 

Claim date not extended with Stock Appreciation Date threshold met

 

Level 3 input

 

 

10.5 

% 

Claim date not extended with Stock Appreciation Date threshold not met

 

Level 3 input

 

 

39.5 

% 

Scenario probability (future draws/no future draws)

 

Level 3 input

  

 

50%/50

%