XML 58 R46.htm IDEA: XBRL DOCUMENT v3.5.0.2
PREFERRED STOCK AND DETACHABLE WARRANTS (Details Narrative)
1 Months Ended 3 Months Ended 9 Months Ended
Nov. 02, 2016
shares
Aug. 02, 2016
shares
May 13, 2016
USD ($)
unit
warrant
$ / shares
$ / unit
shares
Feb. 05, 2016
shares
Jan. 29, 2016
USD ($)
$ / shares
shares
Jan. 28, 2016
USD ($)
Jun. 24, 2015
USD ($)
unit
warrant
$ / shares
$ / unit
shares
Oct. 31, 2016
shares
Jul. 31, 2016
shares
May 31, 2016
USD ($)
shares
Apr. 30, 2016
shares
Jan. 31, 2016
shares
Sep. 30, 2016
USD ($)
$ / shares
shares
Jun. 30, 2016
shares
Sep. 30, 2016
USD ($)
trading_days
$ / shares
shares
Sep. 30, 2015
USD ($)
shares
Jun. 24, 2020
$ / shares
Jun. 24, 2017
$ / shares
Dec. 31, 2015
USD ($)
$ / shares
shares
Jun. 19, 2015
shares
Class of Stock [Line Items]                                        
Dividends-in-Kind accrued on Series B and B-1 Preferred Stock and retirement of a portion of the Series B Preferred Stock | $                         $ 6,695,506   $ 6,695,506 $ 401,951        
Preferred stock, shares authorized | shares                         50,000,000   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     12,403,683       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       1                          
Unit Purchase Agreement, price per unit (in USD per unit) | $ / unit     1.56       3.10                          
Unit Purchase Agreement, exercise price premium over closing stock price, percentage     2.60%       6.10%                          
Closing stock price (in USD per share) | $ / shares     $ 1.52       $ 2.91                          
Gross proceeds from unit offering | $     $ 19,400,000       $ 25,000,000                          
Commission percentage of gross proceeds     6.50%       6.50%                          
Amount raised from certain investors with no fee | $             $ 4,000,000                          
Commissions payment | $     $ 530,000       1,365,000                          
Net proceeds from unit offering | $             $ 15,100,000                          
Unit Purchase Agreement, liquidated damages to aggregate subscription amount, percentage     1.00%       1.00%                          
Unit Purchase Agreement, maximum percentage of liquidated damages to aggregate subscription amount     6.00%       6.00%                          
Warrants issued, Black Scholes model, value | $             $ 7,028,067                          
Convertible preferred stock, beneficial conversion feature | $             5,682,741                          
Private placement fees | $             $ 1,400,000                          
Series A Preferred Stock                                        
Class of Stock [Line Items]                                        
Preferred stock, shares authorized | shares                         5,000,000   5,000,000       5,000,000  
Preferred stock, par value (in USD per share) | $ / shares                         $ 0.001   $ 0.001       $ 0.001  
Preferred stock, shares issued | shares                         492,716   492,716       612,943  
Preferred stock, liquidation preference | $                         $ 734,147   $ 734,147       $ 913,285  
Preferred stock, shares outstanding | shares                         492,716   492,716       612,943  
Amount each share of preferred stock is entitled to receive prior to similar liquidation payments (in USD per share) | $ / shares                         $ 1.49   $ 1.49          
Conversion terms, threshold consecutive trading days                             20 days          
Conversion conditions, minimum gross public offering amount | $                             $ 10,000,000          
Conversion conditions, minimum proceeds to shareholders if the Company is sold (in USD per share) | $ / shares                             $ 10.00          
Number of common shares issued for each convertible share | shares                         1   1          
Series B Preferred Stock                                        
Class of Stock [Line Items]                                        
Dividends-in-Kind accrued on Series B and B-1 Preferred Stock and retirement of a portion of the Series B Preferred Stock | $                         $ 214,227   $ 214,227       $ 376,571  
Temporary equity, shares authorized | shares                         10,000,000   10,000,000       10,000,000  
Preferred stock, shares issued | shares                         8,283,234   8,283,234       8,160,809  
Proceeds from Issuance of Preferred Stock and Preference Stock | $                             $ 0 $ 23,557,553        
Temporary equity, shares outstanding | shares                         4,895,244   4,895,244 8,032,274     8,160,809  
Preferred stock, shares outstanding | shares                                     8,160,809  
Stock repurchased and retired during period (shares) | shares     3,575,070             3,575,070                    
Number of common shares issued for each convertible share | shares                         1   1          
Preferred stock, dividend percentage                             6.00%          
Dividends per share (in USD per share) | $ / shares                             $ 3.10          
Average of the volume weighted average price of common stock, percentage                             90.00%          
Number of trading days used to calculate VWAP | trading_days                             10          
Minimum dividend payment price (in USD per share) | $ / shares                             $ 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   3.10          
Conversion terms, threshold closing price (in USD per share) | $ / shares                             3.10          
Conversion terms, closing price to force conversion (in USD per share) | $ / shares                             $ 6.20          
Conversion terms, threshold consecutive trading days                             20 days          
Conversion terms, Beneficial Ownership Limitation (percentage)                             9.999%          
Unit Offering [Abstract]                                        
Closing stock price (in USD per share) | $ / shares             $ 2.94                          
Unit Purchase Agreement, percentage of proceeds used to repurchase stock (percent)     60.00%                                  
Payments for repurchase of preferred stock | $     $ 11,189,838                                  
Convertible preferred stock, beneficial conversion feature | $             $ 5,737,796                          
Less: repurchase of 3,575,070 shares | $                             $ 11,189,838          
Less: unaccreted discount | $                   $ (5,408,131)     $ (6,542,037)   (6,542,037)       $ (13,044,793)  
Carrying amount of preferred shares | $             10,791,675           8,218,599   8,218,599       11,955,207  
Temporary equity, warrants issued | $             $ 7,028,067           1,654,608   1,654,608          
Series B1 Preferred Stock                                        
Class of Stock [Line Items]                                        
Dividends-in-Kind accrued on Series B and B-1 Preferred Stock and retirement of a portion of the Series B Preferred Stock | $                         $ 290,247   $ 290,247          
Temporary equity, shares authorized | shares                         17,000,000   17,000,000          
Proceeds from Issuance of Preferred Stock and Preference Stock | $                             $ 19,349,756 $ 0        
Temporary equity, shares outstanding | shares                         12,501,588 12,501,558 12,501,588 0        
Preferred stock, dividend percentage                             6.00%          
Dividends per share (in USD per share) | $ / shares                             $ 1.56          
Average of the volume weighted average price of common stock, percentage                             90.00%          
Number of trading days used to calculate VWAP | trading_days                             10          
Minimum dividend payment price (in USD per share) | $ / shares                             $ 1.52          
In-kind dividends paid (shares) | shares                         187,534 97,875 145,123          
Dividends payable, paid-in-kind (in USD per share) | $ / shares                             $ 1.56          
Liquidation preference per share (in USD per share) | $ / shares                         $ 1.56   1.56          
Conversion terms, threshold closing price (in USD per share) | $ / shares                             $ 1.56          
Convertible Preferred Stock, Conversion Ratio                         1   1          
Conversion terms, closing price to force conversion (in USD per share) | $ / shares                             $ 3.90          
Conversion terms, threshold consecutive trading days                             20 days          
Conversion terms, Beneficial Ownership Limitation (percentage)                             9.999%          
Unit Offering [Abstract]                                        
Unit Purchase Agreement, number of shares for each unit | shares     1                                  
Closing stock price (in USD per share) | $ / shares             $ 1.52                          
Convertible preferred stock, beneficial conversion feature | $     $ 2,371,106                                  
Private placement fees | $     600,000                                  
Less: unaccreted discount | $                         $ (5,583,341)   $ (5,583,341)          
Carrying amount of preferred shares | $     $ 13,503,495                   13,911,527   13,911,527       $ 0  
Temporary equity, warrants issued | $             $ 2,867,264           $ 2,037,075   $ 2,037,075          
Series C Preferred Stock                                        
Class of Stock [Line Items]                                        
Preferred stock, shares authorized | shares                         44,000   44,000          
Preferred stock, par value (in USD per share) | $ / shares         $ 100               $ 0.001   $ 0.001       $ 0.001  
Preferred stock, shares issued | shares         44,000               31,568   31,568       0  
Preferred stock, liquidation preference | $                         $ 3,156,800   $ 3,156,800       $ 0  
Proceeds from Issuance of Preferred Stock and Preference Stock | $         $ 4,000,000                              
Preferred stock, shares outstanding | shares                         31,568   31,568       0  
Number of common shares issued for each convertible share | shares         100                              
Preferred Stock, Voting Rights, Assumed Conversion Price | $ / shares         $ 1.05                              
Liquidation preference per share (in USD per share) | $ / shares         100                              
Preferred Stock, Conversion Terms, Price Per Share | $ / shares         $ 1.00                              
Conversion terms, Beneficial Ownership Limitation (percentage)         4.999%                              
Preferred Stock, Conversion Terms, Beneficial Ownership Limitation, Notice Period         61 days                              
Unit Offering [Abstract]                                        
Conversion of stock, shares converted | shares   12,432                                    
Warrants                                        
Unit Offering [Abstract]                                        
Exercise price of warrants (in USD per share) | $ / shares     $ 1.53       $ 2.92                          
Amount over closing price of warrant exercise price (in USD per share) | $ / shares     $ 0.01       $ 0.01                          
Number of securities called by each warrant (shares) | shares     0.25       0.5                         0.5
Minimum | Series A Preferred Stock                                        
Class of Stock [Line Items]                                        
Conversion conditions, average common share market price (minimum) (in USD per share) | $ / shares                         $ 15.00   $ 15.00          
Conversion conditions, average daily trading volume (minimum) | shares                         7,500   7,500          
Conversion conditions, price per share if Company consummates an underwritten public offering (minimum) (in USD per share) | $ / shares                         $ 10.00   $ 10.00          
Maximum | Series C Preferred Stock                                        
Class of Stock [Line Items]                                        
Conversion terms, Beneficial Ownership Limitation (percentage)         9.999%                              
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                             1.14%          
Expected term (years)                             2 years 11 months 1 day          
Liability | Series B1 Preferred Stock                                        
Unit Offering [Abstract]                                        
Expected dividend rate percentage     0.00%                       0.00%          
Risk free interest rate percentage     1.22%                       1.14%          
Expected term (years)     5 years 6 months                       5 years 1 month 10 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                             78.00%          
Liability | Minimum | Series B1 Preferred Stock                                        
Unit Offering [Abstract]                                        
Expected volatility rate percentage     70.00%                       78.00%          
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%          
Liability | Maximum | Series B1 Preferred Stock                                        
Unit Offering [Abstract]                                        
Expected volatility rate percentage     100.00%                       100.00%          
Warrant                                        
Unit Offering [Abstract]                                        
Liabilities at fair value | $                         $ (1,065,217)   $ (1,065,217)          
Warrant | Series B Preferred Stock                                        
Unit Offering [Abstract]                                        
Liabilities at fair value | $                         $ 1,654,608   $ 1,654,608       $ 2,226,092  
Warrant | Series B1 Preferred Stock                                        
Unit Offering [Abstract]                                        
Liabilities at fair value | $     $ 2,867,264                                  
Common stock                                        
Unit Offering [Abstract]                                        
Shares issued as result of share conversion | shares   1,243,200   120,227                                
Forecast | Series B Preferred Stock                                        
Class of Stock [Line Items]                                        
Redemption price per share (in USD per share) | $ / shares                                 $ 3.10 $ 3.10    
Forecast | Series B1 Preferred Stock                                        
Class of Stock [Line Items]                                        
Redemption price per share (in USD per share) | $ / shares                                 $ 1.56 $ 1.72    
Subsequent event | Series B Preferred Stock                                        
Class of Stock [Line Items]                                        
Number of common shares issued for each convertible share | shares               73,474                        
In-kind dividends paid (shares) | shares               73,474                        
Unit Offering [Abstract]                                        
Conversion of stock, shares converted | shares 1,739,272                                      
Subsequent event | Series B1 Preferred Stock                                        
Class of Stock [Line Items]                                        
Number of common shares issued for each convertible share | shares               187,324                        
In-kind dividends paid (shares) | shares               187,324                        
Unit Offering [Abstract]                                        
Conversion of stock, shares converted | shares               403,217                        
Subsequent event | Common stock                                        
Unit Offering [Abstract]                                        
Shares issued as result of share conversion | shares 1,739,272             403,217                        
Restricted shares | Series B Preferred Stock                                        
Class of Stock [Line Items]                                        
Preferred Stock Dividends, Shares | shares                 62,822   124,258 122,425                
Restricted shares | Subsequent event | Series B Preferred Stock                                        
Class of Stock [Line Items]                                        
Preferred Stock Dividends, Shares | shares               73,437                        
Previous Participating Investors | Series B Preferred Stock                                        
Unit Offering [Abstract]                                        
Gross proceeds from unit offering | $     18,649,738                                  
Secured debt                                        
Unit Offering [Abstract]                                        
Repayments of debt | $           $ 16,100,000                            
Secured debt | Amendment Number 1 to Amended Credit Agreement [Member]                                        
Unit Offering [Abstract]                                        
Repayments of debt | $     $ 800,000             $ 800,000