XML 16 R48.htm IDEA: XBRL DOCUMENT v3.3.0.814
PREFERRED STOCK AND DETACHABLE WARRANTS (Details Narrative)
1 Months Ended 3 Months Ended
Jun. 24, 2015
USD ($)
unit
warrant
$ / shares
$ / unit
shares
Jun. 23, 2015
USD ($)
trading_days
$ / shares
Jun. 30, 2015
USD ($)
Sep. 30, 2015
USD ($)
trading_days
$ / shares
shares
Aug. 31, 2015
shares
Jun. 19, 2015
USD ($)
$ / shares
shares
Dec. 31, 2014
USD ($)
$ / shares
shares
Class of Stock [Line Items]              
Preferred stock, shares authorized | shares       50,000,000     50,000,000
Preferred stock, par value (in USD per share) | $ / shares       $ 0.001     $ 0.001
Unit Offering [Abstract]              
Number of units sold as part of Unit Purchase Agreement | unit 8,064,534            
Unit Purchase Agreement, number of shares for each unit | shares 1            
Unit Purchase Agreement, number of warrants for each unit | warrant 1            
Unit Purchase Agreement, price per unit (in USD per unit) | $ / unit 3.10            
Unit Purchase Agreement, exercise price premium over closing stock price, percentage 6.10%            
Closing stock price (in USD per share) | $ / shares $ 2.91            
Gross proceeds from unit offering $ 25,000,000            
Commission percentage of gross proceeds 6.50%            
Amount raised from certain investors with no fee $ 4,000,000            
Commissions payment 1,365,000            
Net proceeds from unit offering $ 15,100,000   $ 25,000,000        
Unit Purchase Agreement, liquidated damages to aggregate subscription amount, percentage 1.00%            
Unit Purchase Agreement, maximum percentage of liquidated damages to aggregate subscription amount 6.00%            
Warrants issued, Black Scholes model, value $ 7,021,000     $ 4,393,034      
Convertible preferred stock, beneficial conversion feature 5,737,810            
Private placement fees $ 1,400,000            
Carrying amount of preferred shares       11,191,623     $ 0
Derivative liability, warrants       $ 4,393,034     $ 0
Series A Preferred Stock              
Class of Stock [Line Items]              
Preferred stock, shares authorized | shares       5,000,000     5,000,000
Preferred stock, par value (in USD per share) | $ / shares       $ 0.001     $ 0.001
Preferred stock, shares issued | shares       612,943     630,419
Preferred stock, shares outstanding | shares       612,943     630,419
Number of common shares issued for each convertible share | shares       1      
Series B Preferred Stock              
Class of Stock [Line Items]              
Preferred stock, shares authorized | shares       10,000,000      
Preferred stock, shares issued | shares       8,032,274      
Preferred stock, shares outstanding | shares       8,032,274      
Preferred stock, dividend percentage   6.00%          
Dividends per share (in USD per share) | $ / shares   $ 3.10          
Aggregate dividends   $ 25,000,000          
Average of the volume weighted average price of common stock, percentage   90.00%   90.00%      
Number of trading days used to calculate VWAP | trading_days   10   10      
Minimum dividend payment price (in USD per share) | $ / shares   $ 2.91   $ 2.91      
Dividends payable, paid-in-kind (in USD per share) | $ / shares   3.10          
Liquidation preference per share (in USD per share) | $ / shares   3.10          
Conversion terms, threshold closing price (in USD per share) | $ / shares   3.10          
Number of common shares issued for each convertible share | shares       1 1    
Conversion terms, closing price to force conversion (in USD per share) | $ / shares   $ 6.20          
Conversion terms, threshold consecutive trading days   20 days          
Redemption price per share (in USD per share) | $ / shares   $ 3.10          
Conversion terms, Beneficial Ownership Limitation (percentage)   9.999%          
Forced conversion terms, Beneficial Ownership Limitation (percentage)   4.999%          
Unit Offering [Abstract]              
Closing stock price (in USD per share) | $ / shares           $ 2.94  
Number of shares of common stock issuable following conversion | shares 12,096,801            
Percentage of common stock issuable to common stock issued and outstanding 43.00%            
Convertible preferred stock, beneficial conversion feature           $ 5,737,796  
Carrying amount of preferred shares       $ 11,191,623   $ 10,791,675  
Convertible Preferred Stock              
Unit Offering [Abstract]              
Carrying amount of preferred shares       $ 11,191,623      
Warrants              
Unit Offering [Abstract]              
Number of securities called by each warrant (shares) | shares 0.5         0.5  
Exercise price of warrants (in USD per share) | $ / shares $ 2.92            
Amount over closing price of warrant exercise price (in USD per share) | $ / shares $ 0.01            
Number of shares which warrants may be converted to | shares 4,032,267            
Liability              
Unit Offering [Abstract]              
Expected dividend rate percentage 0.00%            
Risk free interest rate percentage 1.59%            
Expected term (years) 5 years 6 months            
Liability | Series B Preferred Stock              
Unit Offering [Abstract]              
Expected dividend rate percentage 0.00%            
Risk free interest rate percentage 1.10%            
Expected term (years) 4 years 10 months 24 days            
Liability | Minimum              
Unit Offering [Abstract]              
Expected volatility rate percentage 70.00%            
Liability | Minimum | Series B Preferred Stock              
Unit Offering [Abstract]              
Expected volatility rate percentage 70.00%            
Liability | Maximum              
Unit Offering [Abstract]              
Expected volatility rate percentage 100.00%            
Liability | Maximum | Series B Preferred Stock              
Unit Offering [Abstract]              
Expected volatility rate percentage 100.00%