Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 28, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 | ||
Entity Registrant Name | Stereotaxis, Inc. | ||
Entity Central Index Key | 1289340 | ||
Current Fiscal Year End Date | -19 | ||
Trading Symbol | stxs | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 20,732,097 | ||
Entity Public Float | $65.50 |
Balance_Sheets
Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets: | ||
Cash and cash equivalents | $7,270,301 | $13,775,130 |
Accounts receivable, net of allowance of $131,464 and $383,077 in 2014 and 2013, respectively | 6,480,499 | 7,558,152 |
Inventories | 6,371,903 | 4,879,039 |
Prepaid expenses and other current assets | 1,094,837 | 1,479,956 |
Total current assets | 21,217,540 | 27,692,277 |
Property and equipment, net | 894,728 | 1,184,589 |
Intangible assets, net | 1,379,653 | 1,679,486 |
Long-term receivables | 20,431 | |
Other assets | 388,850 | 499,613 |
Total assets | 23,880,771 | 31,076,396 |
Current liabilities: | ||
Short-term debt and current maturities of long-term debt | 49,733 | |
Accounts payable | 2,353,133 | 3,512,339 |
Accrued liabilities | 5,505,142 | 7,069,759 |
Deferred revenue | 6,658,170 | 7,519,754 |
Warrants and debt conversion features | 2,134,187 | 5,644,626 |
Total current liabilities | 16,650,632 | 23,796,211 |
Long-term debt, less current maturities | 18,388,764 | 18,481,478 |
Long-term deferred revenue | 976,165 | 491,080 |
Other liabilities | 414,928 | 9,622 |
Stockholders' deficit: | ||
Preferred stock, par value $0.001; 10,000,000 shares authorized, none outstanding at 2014 and 2013 | ||
Common stock, par value $0.001; 300,000,000 shares authorized, 20,480,874 and 19,311,390 shares issued at 2014 and 2013, respectively | 20,481 | 19,311 |
Additional paid in capital | 446,241,703 | 441,888,155 |
Treasury stock, 4,015 shares at 2014 and 2013 | -205,999 | -205,999 |
Accumulated deficit | -458,605,903 | -453,403,462 |
Total stockholders' deficit | -12,549,718 | -11,701,995 |
Total liabilities and stockholders' deficit | $23,880,771 | $31,076,396 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Balance Sheets [Abstract] | ||
Accounts receivable, allowance | $131,464 | $383,077 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 20,480,874 | 19,311,390 |
Treasury stock, shares | 4,015 | 4,015 |
Statements_Of_Operations
Statements Of Operations (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenue: | |||
Systems | $7,839,006 | $12,743,218 | $19,672,983 |
Disposables, service and accessories | 27,172,270 | 25,287,863 | 26,889,451 |
Total revenue | 35,011,276 | 38,031,081 | 46,562,434 |
Cost of revenue: | |||
Systems | 4,204,719 | 6,870,954 | 9,905,528 |
Disposables, service and accessories | 4,018,661 | 4,130,347 | 4,875,527 |
Total cost of revenue | 8,223,380 | 11,001,301 | 14,781,055 |
Gross margin | 26,787,896 | 27,029,780 | 31,781,379 |
Operating expenses: | |||
Research and development | 5,158,331 | 5,672,058 | 8,405,086 |
Sales and marketing | 15,168,940 | 17,132,093 | 20,607,999 |
General and administrative | 11,845,289 | 13,066,103 | 13,394,556 |
Total operating expenses | 32,172,560 | 35,870,254 | 42,407,641 |
Operating loss | -5,384,664 | -8,840,474 | -10,626,262 |
Other income (expense) | 3,510,439 | -47,349,378 | 8,265,507 |
Interest income | 7,084 | 5,800 | 7,361 |
Interest expense | -3,335,300 | -12,573,537 | -6,885,033 |
Net loss | ($5,202,441) | ($68,757,589) | ($9,238,427) |
Net loss per common share: | |||
Basic | ($0.26) | ($5.95) | ($1.33) |
Diluted | ($0.26) | ($5.95) | ($1.33) |
Weighted average shares used in computing net loss per common share: | |||
Basic | 19,945,038 | 11,554,566 | 6,944,928 |
Diluted | 19,945,038 | 11,554,566 | 6,944,928 |
Statements_Of_Stockholders_Equ
Statements Of Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2011 | $5,543 | $356,779,007 | ($205,999) | ($375,407,446) | ($18,828,895) |
Shares at Dec. 31, 2011 | 5,543,157 | ||||
Issuance of common stock and warrants, value | 2,415 | 10,409,260 | 10,411,675 | ||
Issuance of common stock and warrants, shares | 2,415,339 | ||||
Share-based compensation, value | 2,293,731 | 2,293,731 | |||
Issuance of stock under purchase plan, value | 10 | 73,543 | 73,553 | ||
Issuance of stock under purchase plan, shares | 10,315 | ||||
Grant of restricted shares, net of forfeitures, value | 20 | -20 | |||
Grant of restricted shares, net of forfeitures, shares | 19,885 | ||||
Restricted stock vestings, value | 31 | -31 | |||
Restricted stock vestings, shares | 29,919 | ||||
Reclassification of warrants to liability | -3,501,863 | -3,501,863 | |||
Net Loss | -9,238,427 | -9,238,427 | |||
Balance at Dec. 31, 2012 | 8,019 | 366,053,627 | -205,999 | -384,645,873 | -18,790,226 |
Shares at Dec. 31, 2012 | 8,018,615 | ||||
Issuance of common stock and warrants, value | 7,743 | 64,586,770 | 64,594,513 | ||
Issuance of common stock and warrants, shares | 7,742,717 | ||||
Share-based compensation, value | 1,050,260 | 1,050,260 | |||
Rights offering, value | 3,400 | 10,197,647 | 10,201,047 | ||
Rights offering, shares | 3,400,349 | ||||
Grant of restricted shares, net of forfeitures, value | -62 | 62 | |||
Grant of restricted shares, net of forfeitures, shares | -61,910 | ||||
Restricted stock vestings, value | 211 | -211 | |||
Restricted stock vestings, shares | 211,619 | ||||
Net Loss | -68,757,589 | -68,757,589 | |||
Balance at Dec. 31, 2013 | 19,311 | 441,888,155 | -205,999 | -453,403,462 | -11,701,995 |
Shares at Dec. 31, 2013 | 19,311,390 | ||||
Issuance of common stock and warrants, value | 879 | 2,852,794 | 2,853,673 | ||
Issuance of common stock and warrants, shares | 878,077 | ||||
Share-based compensation, value | 1,501,045 | 1,501,045 | |||
Grant of restricted shares, net of forfeitures, shares | 259 | ||||
Restricted stock vestings, value | 291 | -291 | |||
Restricted stock vestings, shares | 291,148 | ||||
Net Loss | -5,202,441 | -5,202,441 | |||
Balance at Dec. 31, 2014 | $20,481 | $446,241,703 | ($205,999) | ($458,605,903) | ($12,549,718) |
Shares at Dec. 31, 2014 | 20,480,874 |
Statements_Of_Cash_Flows
Statements Of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities | |||
Net loss | ($5,202,441) | ($68,757,589) | ($9,238,427) |
Adjustments to reconcile net loss to cash used in operating activities: | |||
Depreciation | 413,773 | 919,136 | 1,300,188 |
Amortization of intangibles | 299,833 | 299,833 | 299,833 |
Amortization of deferred finance costs and debt discount | 240,601 | 7,703,336 | 2,977,119 |
Share-based compensation | 1,501,045 | 1,050,260 | 2,293,731 |
Gain on debt conversion | -75,612 | ||
Loss on asset disposal | 36,103 | 12,444 | |
Adjustment of warrants and convertible debt features | -3,510,439 | 47,450,066 | -8,189,895 |
Interest due from issuance of stock | 551,296 | 192,128 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | 1,098,084 | 4,065,106 | -428,079 |
Inventories | -1,492,864 | 219,202 | 937,810 |
Prepaid expenses and other current assets | 144,518 | 429,025 | -760,474 |
Other assets | 110,763 | -1,376 | 7,773 |
Accounts payable | -1,159,206 | -44,349 | -2,053,493 |
Accrued liabilities | -1,564,617 | 1,717,571 | -514,689 |
Deferred revenue | -376,499 | -1,969,264 | 1,125,079 |
Other liabilities | 405,306 | -3,094 | |
Net cash used in operating activities | -9,092,143 | -6,331,644 | -12,117,658 |
Cash flows from investing activities | |||
Purchase of equipment | -123,912 | -130,699 | |
Net cash used in investing activities | -123,912 | -130,699 | |
Cash flows from financing activities | |||
Payments of term loan | -4,000,000 | -4,000,000 | |
Proceeds from revolving line of credit | 37,237,131 | 54,806,154 | |
Payments of revolving line of credit | -44,490,148 | -62,842,934 | |
Proceeds from subordinated convertible debt, net of issuance costs | 7,738,351 | ||
Proceeds from Healthcare Royalty Partners debt | 2,546,328 | 2,500,000 | |
Payments of Healthcare Royalty Partners debt | -142,447 | -263,192 | -1,252,647 |
Proceeds from issuance of stock and warrants, net of issuance costs | 2,853,673 | 21,298,937 | 9,122,232 |
Net cash provided by financing activities | 2,711,226 | 12,329,056 | 6,071,156 |
Net increase (decrease) in cash and cash equivalents | -6,504,829 | 5,997,412 | -6,177,201 |
Cash and cash equivalents at beginning of period | 13,775,130 | 7,777,718 | 13,954,919 |
Cash and cash equivalents at end of period | 7,270,301 | 13,775,130 | 7,777,718 |
Supplemental disclosures of cash flow information: | |||
Interest Paid | $3,028,884 | $3,187,353 | $3,258,900 |
Description_Of_Business
Description Of Business | 12 Months Ended |
Dec. 31, 2014 | |
Description Of Business [Abstract] | |
Description Of Business | 1. Description of Business |
Stereotaxis designs, manufactures and markets the Epoch Solution, which is an advanced remote robotic navigation system for use in a hospital’s interventional surgical suite, or “interventional lab”, that we believe revolutionizes the treatment of arrhythmias and coronary artery disease by enabling enhanced safety, efficiency and efficacy for catheter-based, or interventional, procedures. The Epoch Solution is comprised of the Niobe ES Remote Magnetic Navigation System (“Niobe ES system”), Odyssey Information Management Solution (“Odyssey Solution”), and the Vdrive Robotic Navigation System (“Vdrive system”), and related devices. | |
The Niobe system is designed to enable physicians to complete more complex interventional procedures by providing image-guided delivery of catheters and guidewires through the blood vessels and chambers of the heart to treatment sites. This is achieved using externally applied magnetic fields that govern the motion of the working tip of the catheter or guidewire, resulting in improved navigation, efficient procedures and reduced x-ray exposure. | |
In addition to the Niobe system and its components, Stereotaxis also has developed the Odyssey Solution, which consolidates all lab information enabling doctors to focus on the patient for optimal procedure efficiency. The system also features a remote viewing and recording capability called Odyssey Cinema, which is an innovative solution delivering synchronized content for optimized workflow, advanced care and improved productivity. This tool includes an archiving capability that allows clinicians to store and replay entire procedures or segments of procedures. This information can be accessed from locations throughout the hospital local area network and over the global Odyssey Network providing physicians with a tool for clinical collaboration, remote consultation and training. | |
Our Vdrive system provides navigation and stability for diagnostic and therapeutic devices designed to improve interventional procedures. The Vdrive system complements the Niobe ES system control of therapeutic catheters for fully remote procedures and enables single-operator workflow and is sold as two options, the Vdrive system and the Vdrive Duo system. In addition to the Vdrive system and the Vdrive Duo system, we also manufacture and market various disposable components which can be manipulated by these systems. | |
We promote the full Epoch Solution in a typical hospital implementation, subject to regulatory approvals or clearances. The full Epoch Solution implementation requires a hospital to agree to an upfront capital payment and recurring payments. The upfront capital payment typically includes equipment and installation charges. The recurring payments typically include disposable costs for each procedure, equipment service costs beyond warranty period, and software licenses. In hospitals where the full Epoch Solution has not been implemented, equipment upgrade or expansion can be implemented upon purchasing of the necessary upgrade or expansion. | |
The core components of Stereotaxis systems, such as, Niobe system, Odyssey Solution, Cardiodrive and various disposable interventional devices have received regulatory clearance in the U.S., Europe, Canada, China, Japan and various other countries. We have received the CE Mark that allows us to market the Vdrive and Vdrive Duo systems with the V-CAS, V-CAS Deflect, V-Loop and V-Sono devices in Europe. In addition, we have received licensing to market the Vdrive and Vdrive Duo systems with the V-CAS, V-CAS Deflect, V-Loop and V-Sono devices in Canada. We have received regulatory clearance that allows us to market the Vdrive and Vdrive Duo systems with the V-CAS, V-Loop, and V-Sono devices in the United States. | |
Since our inception, we have generated significant losses. As of December 31, 2014, we had incurred cumulative net losses of approximately $458.6 million. In May 2011, the Company introduced the Niobe ES system and as of December 31, 2014, the Company had an installed base of 119 Niobe ES systems. In 2015, the Company plans to continue developing the Niobe ES system with the goal of furthering clinical adoption. Between 2011 and 2014, the Company implemented a wide ranging plan to rebalance and reduce operating expenses by 15% to 20% on an annual run rate basis. Although we had an operating profit in the fourth quarter 2014, we expect to incur additional losses into 2015 as we continue the development and commercialization of our products, conduct our research and development activities and advance new products into clinical development from our existing research programs and fund additional sales and marketing initiatives. During 2015, we expect operating expenses to be generally consistent with 2014 with additional investment in certain targeted areas. | |
We may be required to raise capital or pursue other financing strategies to continue our operations. Until we can generate significant cash flow from our operations, we expect to continue to fund our operations with cash resources primarily generated from the proceeds of our past and future public offerings, private sales of our equity securities and working capital and equipment financing loans. In the future, we may finance cash needs through the sale of other equity securities or non-core assets, strategic collaboration agreements, debt financings or through distribution rights. We cannot accurately predict the timing and amount of our utilization of capital, which will depend on a number of factors outside of our control. | |
Our existing cash, cash equivalents and borrowing facilities may not be sufficient to fund our operating expenses and capital equipment requirements through the next 12 months, which would require us to obtain additional financing before that time. Further, our revolving line of credit with Silicon Valley Bank matures on March 31, 2015. We cannot assure you that additional financing will be available on a timely basis on terms acceptable to us or at all, that we will be able to engage in equity financings if our common stock is delisted from NASDAQ, or that such financing will not be dilutive to our stockholders. If adequate funds are not available to us, we could be required to delay development or commercialization of new products, to license to third parties the rights to commercialize products or technologies that we would otherwise seek to commercialize ourselves or to reduce the sales, marketing, customer support or other resources devoted to our products, any of which could have a material adverse effect on our business, financial condition and results of operations. In addition, we could be required to cease operations. | |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 2. Summary of Significant Accounting Policies |
Cash and Cash Equivalents | |
The Company considers all short-term investments purchased with original maturities of three months or less to be cash equivalents. The Company places its cash with high-credit-quality financial institutions and invests primarily in money market accounts. In 2012, we entered into a letter of credit to support a commitment in the amount of approximately $0.1 million. This letter of credit is valid through 2015. No cash was restricted at December 31, 2014 or 2013. | |
Accounts Receivable and Allowance for Uncollectible Accounts | |
Accounts receivable primarily include amounts due from hospitals and distributors for acquisition of magnetic systems, associated disposable device sales and service contracts. Credit is granted on a limited basis, with balances due generally within 30 days of billing. The provision for bad debts is based upon management’s assessment of historical and expected net collections considering business and economic conditions and other collection indicators. | |
Financial Instruments | |
Financial instruments consist of cash and cash equivalents, short-term investments, accounts receivable, accounts payable and debt. The carrying value of such amounts reported at the applicable balance sheet dates approximates fair value. See Note 9 for disclosure of the fair value of debt. | |
The Company measures certain financial assets and liabilities at fair value on a recurring basis, including warrants. General accounting principles for fair value measurement established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (“Level 1”) and the lowest priority to unobservable inputs (“Level 3”). See Note 12 for disclosure of fair value measurements. | |
Inventory | |
The Company values its inventory at the lower of cost, as determined using the first-in, first-out (FIFO) method, or market. The Company periodically reviews its physical inventory for obsolete items and provides a reserve upon identification of potential obsolete items. | |
Property and Equipment | |
Property and equipment consist primarily of leasehold improvements, computer, office, and research and demonstration equipment, and equipment held for lease and are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives or life of the base lease term, ranging from three to ten years. | |
Long-Lived Assets | |
If facts and circumstances suggest that a long-lived asset may be impaired, the carrying value is reviewed. If this review indicates that the carrying value of the asset will not be recovered, as determined based on projected undiscounted cash flows related to the asset over its remaining life, the carrying value of the asset is reduced to its estimated fair value. | |
Intangible Assets | |
Intangible assets consist of purchased technology and intellectual property rights valued at cost on the acquisition date and amortized over their estimated useful lives of 10-15 years. If facts and circumstances suggest that an intangible asset may be impaired, the carrying value is reviewed. If this review indicates that the carrying value of the asset will not be recovered, as determined based on projected undiscounted cash flows related to the asset over its remaining life, the carrying value of the asset is reduced to its estimated fair value. | |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and loss during the reporting period. Actual results could differ from those estimates. | |
Revenue and Costs of Revenue | |
The Company adopted Accounting Standards Update 2009-13, Multiple-Deliverable Revenue Arrangements (“ASU 2009-13”) in the fourth quarter of 2009, effective as of January 1, 2009. | |
ASU 2009-13 permits management to estimate the selling price of undelivered components of a bundled sale for which it is unable to establish vendor-specific objective evidence (“VSOE”) or third-party evidence (“TPE”). This requires management to record revenue for certain elements of a transaction even though it might not have delivered other elements of the transaction, for which it was unable to meet the requirements for establishing VSOE or TPE. The Company believes that the guidance significantly improves the reporting of these types of transactions to more closely reflect the underlying economic circumstances. This guidance also prohibits the use of the residual method for allocating revenue to the various elements of a transaction and requires that the revenue be allocated proportionally based on the relative estimated selling prices. | |
Under our revenue recognition policy, a portion of revenue for Niobe systems, Vdrive systems and certain Odyssey systems is recognized upon delivery, provided that title has passed, there are no uncertainties regarding acceptance, persuasive evidence of an arrangement exists, the sales price is fixed and determinable, and collection of the related receivable is reasonably assured. Revenue is recognized for other types of Odyssey systems upon completion of installation, since there are no qualified third party installers. When installation is the responsibility of the customer, revenue from system sales is recognized upon shipment since these arrangements do not include an installation element or right of return privileges. The Company does not recognize revenue in situations in which inventory remains at a Stereotaxis warehouse or in situations in which title and risk of loss have not transferred to the customer. Amounts collected prior to satisfying the above revenue recognition criteria are reflected as deferred revenue. Revenue from services and license fees, whether sold individually or as a separate unit of accounting in a multiple-deliverable arrangement, is deferred and amortized over the service or license fee period, which is typically one year. Revenue from services is derived primarily from the sale of annual product maintenance plans. We recognize revenue from disposable device sales or accessories upon shipment and establish an appropriate reserve for returns. The return reserve, which is applicable only to disposable devices, is estimated based on historical experience which is periodically reviewed and updated as necessary. In the past, changes in estimate have had only a de minimus effect on revenue recognized in the period. We believe that the estimate is not likely to change significantly in the future. | |
Costs of systems revenue include direct product costs, installation labor and other costs, estimated warranty costs, and initial training and product maintenance costs. These costs are recorded at the time of sale. Costs of disposable revenue include direct product costs and estimated warranty costs and are recorded at the time of sale. Cost of revenue from services and license fees are recorded when incurred. | |
Research and Development Costs | |
Internal research and development costs are expensed in the period incurred. Amounts receivable from strategic alliances under research reimbursement agreements are recorded as a contra-research and development expense in the period reimbursable costs are incurred. There were no material receivables at December 31, 2014 or 2013 under these types of agreements. Advance receipts or other unearned reimbursements are included in accrued liabilities on the accompanying balance sheet until earned. | |
Share-Based Compensation | |
Stock options or stock appreciation rights issued to certain non-employees are recorded at their fair value as determined in accordance with general accounting principles for share-based payments and accounting for equity instruments that are issued to other than employees for acquiring, or in conjunction with selling, goods or services, and recognized over the service period. Deferred compensation for options granted to non-employees is remeasured on a quarterly basis through the vesting or forfeiture date. | |
The Company utilized the Black-Scholes valuation model to determine the fair value of share-based payments at the date of previously issued grant using risk-free interest rate based on the Treasury yield on the date of the grant and expected volatility based on the Company’s historical volatility over the expected term of the option. The resulting compensation expense is recognized over the requisite service period, generally one to four years. Compensation expense is recognized only for those awards expected to vest, with forfeitures estimated based on the Company’s historical experience and future expectations. | |
Restricted shares and units granted to employees are valued at the fair market value at the date of grant. The Company amortizes the amount to expense over the service period on a straight-line basis for those shares with graded vesting. If the shares are subject to performance objectives, the resulting compensation expense is amortized over the anticipated vesting period and is subject to adjustment based on the actual achievement of objectives. | |
Shares purchased by employees under the 2004 Employee Stock Purchase Plan were considered to be compensatory and were accounted for in accordance with general accounting principles for share-based payments. Shares purchased by employees under the 2009 Employee Stock Purchase Plan were considered to be non-compensatory. | |
Net Earnings (Loss) per Common Share | |
On July 10, 2012, the Company effected a one-for-ten reverse stock split of the Company’s common stock. The net loss per common share, shares outstanding, and weighted average shares outstanding reported in the financial statements and notes to the financial statements for the periods ending December 31, 2014, 2013, and 2012 are presented on a post-split basis. See Note 11 for additional discussion of the reverse stock split. | |
Basic earnings (loss) per common share are computed by dividing the net loss for the period by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share are computed by dividing the loss for the period by the weighted average number of common and common equivalent shares outstanding during the period. In addition, the application of the two-class method of computing earnings per share under general accounting principles for participating securities is not applicable because the Company’s unearned restricted shares do not contractually participate in its losses. | |
The Company did not include any portion of unearned restricted shares, outstanding options, stock appreciation rights or warrants in the calculation of diluted loss per common share because all such securities are anti-dilutive for all periods presented. The application of the two-class method of computing earnings per share under general accounting principles for participating securities is not applicable during these periods because those securities do not contractually participate in its losses. | |
As of December 31, 2014, the Company had 487,146 shares of common stock issuable upon the exercise of outstanding options and stock appreciation rights at a weighted average exercise price of $17.21 per share and 2,197,883 shares of common stock issuable upon the exercise of outstanding warrants at a weighted average exercise price of $6.12 per share. The Company had no unearned restricted shares outstanding for the period ended December 31, 2014. | |
Income Taxes | |
In accordance with general accounting principles for income taxes, a deferred income tax asset or liability is determined based on the difference between the financial statement and tax basis of assets and liabilities as measured by the enacted tax rates that will be in effect when these differences reverse. The Company provides a valuation allowance against net deferred income tax assets unless, based upon available evidence, it is more likely than not the deferred income tax assets will be realized. | |
Product Warranty Provisions | |
The Company’s standard policy is to warrant all systems against defects in material or workmanship for one year following installation. The Company’s estimate of costs to service the warranty obligations is based on historical experience and current product performance trends. A regular review of warranty obligations is performed to determine the adequacy of the reserve and adjustments are made to the estimated warranty liability (included in other accrued liabilities) as appropriate. | |
Patent Costs | |
Costs related to filing and pursuing patent applications are expensed as incurred, as recoverability of such expenditures is uncertain. | |
Concentrations of Risk | |
The majority of the Company’s cash, cash equivalents and investments are deposited with one major financial institution in the U.S. Deposits in this institution exceed the amount of insurance provided on such deposits. | |
Biosense Webster Inc. accounted for $4,651,490, $3,902,178, and $3,447,386, or 13%, 10% and 7%, of total net revenue for the years ended December 31, 2014, 2013, and 2012, respectively. No other single customer accounted for more than 10% of total revenue for the year ended December 31, 2014. | |
Reclassifications | |
Common stock and additional paid-in capital in the prior year’s financial statements have been reclassified to reflect the one-for-ten reverse stock split effected on July 10, 2012. Refer to Note 11 for additional discussion of the reverse stock split. | |
Recently Issued Accounting Pronouncements | |
In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU” or “Update”) No. 2014-15, to communicate amendments to FASB Account Standards Codification Subtopic 205-40, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The ASU requires management to evaluate relevant conditions, events and certain management plans that are known or reasonably knowable as of the evaluation date when determining whether substantial doubt about an entity’s ability to continue as a going concern exists. Management will be required to make this evaluation for both annual and interim reporting periods. Management will have to make certain disclosures if it concludes that substantial doubt exists or when it plans to alleviate substantial doubt about the entity’s ability to continue as a going concern. The standard is effective for annual periods ending after December 15, 2016 and for interim reporting periods starting in the first quarter of 2017. Early adoption is permitted. We are currently evaluating the impact of adopting this accounting standard update on our financial statement disclosures and have not concluded on an adoption method. | |
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers," which converges the FASB's and the International Accounting Standards Board's current standards on revenue recognition. The standard provides companies with a single model to use in accounting for revenue arising from contracts with customers and supersedes current revenue guidance. The standard is effective for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted. The standard permits companies to either apply the adoption to all periods presented, or apply the requirements in the year of adoption through a cumulative adjustment. We are currently evaluating the impact of adopting this accounting standard update on our financial statements and disclosures and have not concluded on an adoption method. | |
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU” or “Update”) 2013-02, “Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” which adds new disclosure requirements for items reclassified out of accumulated other comprehensive income (“AOCI”). The update requires that the Company present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of AOCI based on its source and the income statement line items affected by the reclassification. The guidance is effective for interim and annual reporting periods beginning on or after December 15, 2012. As the Company has no items of other comprehensive income, the Company is not required to report accumulated other comprehensive income. | |
Inventory
Inventory | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Inventory [Abstract] | ||||
Inventory | 3. Inventory | |||
Inventory consists of the following: | ||||
31-Dec-14 | 31-Dec-13 | |||
Raw materials | $ 2,746,926 | $ 3,141,111 | ||
Work in process | 374,236 | 364,779 | ||
Finished goods | 3,310,375 | 1,453,362 | ||
Reserve for obsolescence | -59,634 | -80,213 | ||
Total inventory | $ 6,371,903 | $ 4,879,039 | ||
Prepaid_Expenses_And_Other_Cur
Prepaid Expenses And Other Current Assets | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Prepaid Expenses And Other Current Assets [Abstract] | ||||
Prepaid Expenses And Other Current Assets | 4. Prepaid Expenses and Other Current Assets | |||
Prepaid expenses and other current assets consist of the following: | ||||
31-Dec-14 | 31-Dec-13 | |||
Prepaid expenses | $ 679,740 | $ 591,305 | ||
Deferred financing costs | 492,385 | 622,949 | ||
Deposits | 311,562 | 692,616 | ||
Deferred cost of revenue | - | 72,699 | ||
Total prepaid expenses and other assets | 1,483,687 | 1,979,569 | ||
Less: Noncurrent prepaid expenses and other assets | -388,850 | -499,613 | ||
Total prepaid expenses and other current assets | $ 1,094,837 | $ 1,479,956 | ||
Certain prior year amounts have been reclassified to conform to the 2014 presentation. | ||||
Property_And_Equipment
Property And Equipment | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Property And Equipment [Abstract] | ||||
Property And Equipment | 5. Property and Equipment | |||
Property and equipment consist of the following: | ||||
December 31, | December 31, | |||
2014 | 2013 | |||
Equipment | $ 8,264,804 | $ 8,143,000 | ||
Equipment held for lease | 303,412 | 303,412 | ||
Leasehold improvements | 2,328,381 | 2,328,381 | ||
10,896,597 | 10,774,793 | |||
Less: Accumulated depreciation | -10,001,869 | -9,590,204 | ||
Net property and equipment | $ 894,728 | $ 1,184,589 | ||
Intangible_Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2014 | |
Intangible Assets [Abstract] | |
Intangible Assets | 6. Intangible Assets |
As of December 31, 2014 and 2013, the Company had total intangible assets of $3,665,000. Accumulated amortization at December 31, 2014 and 2013, was $2,285,347 and 1,985,514, respectively. Amortization expense for the years 2014, 2013, and 2012 was $299,833 per year, as determined under the straight-line method. The estimated future amortization of intangible assets is $299,833 annually through July 2018, decreasing thereafter to $166,500 annually through May 2020. | |
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accrued Liabilities [Abstract] | ||||
Accrued Liabilities | 7. Accrued Liabilities | |||
Accrued liabilities consist of the following: | ||||
December 31, | December 31, | |||
2014 | 2013 | |||
Accrued salaries, bonus, and benefits | $ 2,557,557 | $ 3,565,385 | ||
Accrued rent | 1,407,740 | 1,499,942 | ||
Accrued licenses and maintenance fees | 661,766 | 302,384 | ||
Accrued interest | 493,616 | 498,058 | ||
Accrued warranties | 364,548 | 501,212 | ||
Accrued taxes | 332,364 | 360,475 | ||
Other | 102,479 | 351,925 | ||
Total accrued liabilities | 5,920,070 | 7,079,381 | ||
Less: Long term accrued liabilities | -414,928 | -9,622 | ||
Total current accrued liabilities | $ 5,505,142 | $ 7,069,759 | ||
Certain prior year amounts have been reclassified to conform to the 2014 presentation. | ||||
Deferred_Revenue
Deferred Revenue | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Deferred Revenue [Abstract] | ||||
Deferred Revenue | 8. Deferred Revenue | |||
Deferred revenue consists of the following: | ||||
December 31, | December 31, | |||
2014 | 2013 | |||
Product shipped, revenue deferred | $ 457,348 | $ 1,368,007 | ||
Customer deposits | 1,065,371 | 421,544 | ||
Deferred service and license fees | 6,111,616 | 6,221,283 | ||
7,634,335 | 8,010,834 | |||
Less: Long-term deferred revenue | -976,165 | -491,080 | ||
Total current deferred revenue | $ 6,658,170 | $ 7,519,754 | ||
LongTerm_Debt_And_Credit_Facil
Long-Term Debt And Credit Facilities | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Long-Term Debt And Credit Facilities [Abstract] | ||||||||
Long-Term Debt And Credit Facilities | 9. Long-Term Debt and Credit Facilities | |||||||
Debt outstanding consists of the following: | ||||||||
31-Dec-14 | 31-Dec-13 | |||||||
Carrying | Estimated | Carrying | Estimated | |||||
Amount | Fair Value | Amount | Fair Value | |||||
Healthcare Royalty Partners debt | $ 18,388,764 | $ 18,388,764 | $ 18,531,211 | $ 18,531,211 | ||||
Less current maturities | — | — | -49,733 | -49,733 | ||||
Total long term debt | $ 18,388,764 | $ 18,388,764 | $ 18,481,478 | $ 18,481,478 | ||||
Contractual principal maturities of debt at December 31, 2014 are as follows: | ||||||||
2015 | $ | - | ||||||
2016 | - | |||||||
2017 | - | |||||||
2018 | 18,388,764 | |||||||
2019 | - | |||||||
2020 and Beyond | - | |||||||
$ | 18,388,764 | |||||||
In accordance with general accounting principles for fair value measurement, the Company’s debt and credit facilities were measured at fair value as of December 31, 2014 and December 31, 2013. Long-term debt fair value estimates are based on estimated borrowing rates to discount the cash flows to their present value (Level 3). | ||||||||
The revolving line of credit and the Company’s obligations with Healthcare Royalty Partners II, L.P. (collectively, the “Credit Agreements”) are secured by substantially all of the Company’s assets. The Company is required under the Credit Agreements to maintain its primary operating account and the majority of its cash and investment balances in accounts with the primary lender. | ||||||||
Revolving line of credit | ||||||||
The Company has had a working capital line of credit with its primary lender, Silicon Valley Bank, since 2004. The revolving line of credit is secured by substantially all of the Company’s assets. The Company is also required under the revolving line of credit to maintain its primary operating account and the majority of its cash and investment balances in accounts with its primary lender. The facility was last amended on March 28, 2014 extending the maturity date one year to March 31, 2015. The current agreement requires the Company to maintain a minimum tangible net worth of not less than (no worse than) negative $21 million, with such minimum requirement subject to increase under certain circumstances as described in the agreement, and to maintain a liquidity ratio of greater than 1.75:1.00, excluding certain short term advances from the calculation. | ||||||||
As of December 31, 2014, the Company had no outstanding debt under the revolving line of credit. Draws on the line of credit are made based on the borrowing capacity one week in arrears. As of December 31, 2014 the Company had a borrowing capacity of $4.5 million based on the Company’s collateralized assets. | ||||||||
Between 2008 and August 2013, the Company’s agreement with its primary lender was secured in part by guarantees provided certain affiliates of current or former members of our Board of Directors, “the Lenders”. In exchange for their guarantees, the Company issued the Lenders five year warrants at each extension of the revolving line of credit. In August, 2013, the Company and the Bank agreed to eliminate the guarantees provided by the Lenders. | ||||||||
Term note | ||||||||
In 2010, the Company entered into a $10 million term loan maturing on December 31, 2013, with $2 million of principal due in 2011 and $4 million of principal due in each of 2012 and 2013. Interest on the term loan accrued at the rate of prime plus 3.5%. Under this agreement, the Company provided its primary lender with warrants to purchase 11,111 shares of common stock. The warrants are exercisable at $36.00 per share, beginning on December 17, 2010 and expiring on December 17, 2015. The fair value of these warrants of $228,332, calculated using the Black-Scholes method, was deferred and amortized to interest expense ratably over the life of the term loan. The term note was paid in full in September 2013. | ||||||||
Healthcare Royalty Partners Debt | ||||||||
In November 2011, the Company entered into a loan agreement with Healthcare Royalty Partners II, L.P. (formerly “Cowen Healthcare Royalty Partners II, L.P.”). Under the agreement the Company borrowed from Healthcare Royalty Partners $15 million. The Company was permitted to borrow up to an additional $5 million in the aggregate based on the achievement by the Company of certain milestones related to Niobe system sales in 2012. On August 8, 2012, the Company borrowed an additional $2.5 million based upon achievement of a milestone related to Niobe system sales for the nine months ended June 30, 2012. On January 31, 2013, the Company borrowed an additional $2.5 million based upon achievement of a milestone related to Niobe system sales for the twelve months ended December 31, 2012. The loan will be repaid through, and secured by, royalties payable to the Company under its Development, Alliance and Supply Agreement with Biosense Webster, Inc. The Biosense Agreement relates to the development and distribution of magnetically enabled catheters used with Stereotaxis' Niobe system in cardiac ablation procedures. Under the terms of the Agreement, Healthcare Royalty Partners will be entitled to receive 100% of all royalties due to the Company under the Biosense Agreement until the loan is repaid. The loan is a full recourse loan, matures on December 31, 2018, and bears interest at an annual rate of 16% payable quarterly with royalties received under the Biosense Agreement. If the payments received by the Company under the Biosense Agreement are insufficient to pay all amounts of interest due on the loan, then such deficiency will increase the outstanding principal amount on the loan. After the loan obligation is repaid, the royalties under the Biosense Agreement will again be paid to the Company. The loan is also secured by certain assets and intellectual property of the Company. The Agreement also contains customary affirmative and negative covenants. The use of payments due to the Company under the Biosense Agreement was approved by our primary lender. | ||||||||
Subordinated Convertible Debentures | ||||||||
In May 2012, the Company entered into a securities purchase agreement with certain institutional investors whereby the Company agreed to sell an aggregate of approximately $8.5 million in aggregate principal amount of unsecured, subordinated, convertible debentures (the “Debentures”), which became convertible into shares of the Company’s common stock at a conversion price of $3.361 per share (or approximately 2.5 million shares in the aggregate), on July 10, 2012, the date that the Company received shareholder approval for the transaction. The purchasers of the Debentures also received warrants, which were scheduled to expire in November 2018, to purchase an aggregate of approximately 2.5 million shares of the Company’s common stock at an exercise price of $3.361 per share. The Debentures bore interest at 8% per year and were scheduled to mature on May 7, 2014. In addition, the Company had the ability to issue shares of its common stock in lieu of cash interest payments under certain circumstances, and following the registration of the shares for resale, the Company issued shares in lieu of cash interest payments. | ||||||||
The Company recorded the Debentures on the balance sheet net of the debt discount of $7.6 million. The debt discount was due to warrants issued in conjunction with the Debentures and the debt conversion features. Upon issuance of the Debentures, the fair value of the warrants and derivative liability were $4.1 million and $3.5 million, respectively. The debt discount was amortized over the life of the loan using the effective interest method and the warrants and derivative liability were recorded at fair value on each reporting period. Refer to Note 12 for additional discussion of the fair value of the warrants and conversion features. | ||||||||
On August 7, 2013, holders of Convert Warrants exercised all of their Convert Warrants for an aggregate of approximately 2.5 million shares of our common stock, resulting in cash proceeds of approximately $8.5 million. In addition, holders of all of the Debentures exchanged the balance of their unconverted Debentures for an aggregate of approximately 2.7 million shares of the Company’s common stock and additional warrants (the “Exchange Warrants”) to purchase approximately 2.5 million shares, having an exercise price of $3.361 per share. On August 8, 2013, certain former holders of the Debentures exercised Exchange Warrants to purchase an aggregate of 1.4 million shares of common stock in cashless net exercises as provided for in the Exchange Warrants, which resulted in the issuance to such funds of an aggregate of 0.8 million shares of common stock but no net proceeds to the Company. The Company is relying on the exemption from registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended, based on representations to the Company made by the warrant holders. Refer to Note 11 for discussion of total outstanding warrants. | ||||||||
The mark-to-market expense associated with the adjustment of warrants and convertible debt features in connection with the third quarter 2013 capital transactions are included in other expense for the year ended December 31, 2013. The write-off of the unamortized debt discount of $5.4 million is included in interest expense for the year ended December 31, 2013. | ||||||||
Lease_Obligations
Lease Obligations | 12 Months Ended | ||
Dec. 31, 2014 | |||
Lease Obligations [Abstract] | |||
Lease Obligations | 10. Lease Obligations | ||
The Company leases its facilities under operating leases. For the years ended December 31, 2014, 2013, and 2012 rent expense was $1,068,972, $1,925,813, and $1,697,153, respectively. | |||
In January 2006, the Company moved its primary operations into new facilities. The facility is subject to a lease which expires in December 31, 2018. Under the terms of the lease, the Company has options to renew for up to three additional years. The lease contains an escalating rent provision which the Company has straight-lined over the term of the lease. | |||
In the third quarter of 2013, the Company modified the existing lease agreement to terminate approximately 13,000 square feet of unimproved space. The costs associated with the termination were $515,138, and were accrued as a rent liability as of September 30, 2013. As of December 31, 2014, the remaining accrued costs associated with the termination were $354,680. | |||
The future minimum lease payments under non-cancelable leases as of December 31, 2014 are as follows: | |||
Year | Operating Lease | ||
2015 | $ | 1,584,709 | |
2016 | 1,930,829 | ||
2017 | 1,955,243 | ||
2018 | 2,008,832 | ||
Total minimum lease payments | $ | 7,479,613 | |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Stockholders' Equity [Abstract] | ||||||||||||||||
Stockholders' Equity | 11. Stockholders’ Equity | |||||||||||||||
The holders of common stock are entitled one vote for each share held and to receive dividends whenever funds are legally available and when declared by the Board of Directors subject to the prior rights of holders of all classes of stock having priority rights as dividends and the conditions of the Revolving Credit Agreement. No dividends have been declared or paid as of December 31, 2014. | ||||||||||||||||
Listing Transfer to NASDAQ Capital Market | ||||||||||||||||
On August 15, 2013, the NASDAQ Listing Qualifications Panel (the “Panel”) granted approval of the Company’s request to transfer its listing to The NASDAQ Capital Market from The NASDAQ Global Market. The Company’s securities began trading on the NASDAQ Capital Market effective August 19, 2013. | ||||||||||||||||
Reverse Stock Split | ||||||||||||||||
On July 10, 2012, the Company filed a Certificate of Amendment to our Amended and Restated Certificate of Incorporation to implement a one-for-ten reverse split of our common stock (the “Reverse Stock Split”). The Reverse Stock Split was effective as of July 10, 2012, and the Company’s common stock began trading on a post-split basis on July 11, 2012. | ||||||||||||||||
As a result of the Reverse Stock Split, each ten shares of the Company’s issued and outstanding common stock were automatically combined and converted into one issued and outstanding share of common stock. The Reverse Stock Split affected all issued and outstanding shares of the Company’s common stock, as well as common stock underlying stock options, stock appreciation rights, restricted stock, restricted stock units, warrants and convertible debentures outstanding immediately prior to the effectiveness of the Reverse Stock Split. The Reverse Stock Split reduced the number of shares of the Company’s common stock outstanding from approximately 78 million to 7.8 million at the time of the Reverse Stock Split. In addition, the Amendment increased the number of authorized shares of the Company’s common stock from 100 million to 300 million. The Reverse Stock Split did not alter the par value of common stock, which remained $0.001 per share, or modify any voting rights or other terms of the Company’s common stock. Unless otherwise indicated, all information set forth herein gives effect to such Reverse Stock Split. | ||||||||||||||||
Issuances of Common Stock | ||||||||||||||||
In May 2012, the Company entered into a Stock and Warrant Purchase Agreement with certain institutional investors whereby it agreed to sell an aggregate of approximately 2.17 million shares of the Company's common stock (the “PIPE Common Stock”) at a price of $3.361 per share, together with six-year warrants at a price of $1.25 per share to purchase an aggregate of approximately 2.17 million shares of common stock having an exercise price of $3.361 per share (the “PIPE Warrants”). Each purchaser received a PIPE Warrant to purchase one share of common stock for every share of PIPE Common Stock purchased. Net proceeds from the sale of the securities were approximately $9.1 million, after placement agent fees and other offering expenses. The Company used the funds to repay $7 million of the revolving credit facility guaranteed by the Lenders and plans to use the balance for working capital and general corporate purposes. | ||||||||||||||||
Between March and July 2013, the Company amended its agreement with its primary lender and extended the $3 million guarantee of the revolving credit facility provided by affiliates of current and former members of the Board of Directors, “the Lenders”. As a result of these extensions, the Company issued the Lenders warrants to purchase common stock. The lenders received 113,636 warrants at $1.98 per share, 48,387 warrants at $1.55 per share, and 14,313 warrants at $5.24 per share. | ||||||||||||||||
On August 7, 2013, venture funds affiliated with Sanderling Ventures received an aggregate of 183,478 shares of common stock based upon the cashless exercise of warrants to purchase an aggregate of 262,450 shares of common stock. These warrants were comprised of 75,758 warrants with an exercise price of $1.98 per share, 156,204 warrants with an exercise price of $3.361 per share and 30,488 warrants with an exercise price of $4.10 per share. The warrants were issued by the Company in private placements in 2012 and 2013 in connection with the extension of previously disclosed guarantees. | ||||||||||||||||
On August 13, 2013, venture funds affiliated with Sanderling Ventures exercised PIPE Warrants to purchase an aggregate of 650,619 shares of common stock in a cashless net exercise as provided for in the PIPE Warrants, which resulted in the issuance to such funds of an aggregate of 308,194 shares of common stock. As a result, there were no net proceeds to the Company. | ||||||||||||||||
On August 16, 2013, certain affiliates of Franklin Templeton exercised PIPE Warrants to purchase an aggregate of 650,618 shares of common stock for cash. The Company received an aggregate of $2,186,727 gross proceeds from the sale. | ||||||||||||||||
On August 16, 2013, Alafi Capital Company exercised PIPE Warrants to purchase an aggregate of 261,241 shares of common stock for cash. The Company received an aggregate of $878,031 gross proceeds from the sale. Refer to Note 9 for the discussion of warrants issued in conjunction with debt offerings. | ||||||||||||||||
On November 27, 2013, the Company announced the results of its previously announced offering of subscription rights to purchase shares of its common stock, par value $0.001 per share. Pursuant to the rights offering, subscription rights to purchase approximately 3.4 million shares of common stock were exercised, resulting in gross proceeds to Stereotaxis of approximately $10.2 million. | ||||||||||||||||
The Company has reserved shares of common stock for the exercise of warrants, the issuance of options granted under the Company’s stock option plan and its stock purchase plan as follows: | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Warrants | 2,197,883 | 3,021,302 | ||||||||||||||
Stock award plans | 1,297,389 | 1,032,462 | ||||||||||||||
Employee Stock Purchase Plan | 250,000 | - | ||||||||||||||
3,745,272 | 4,053,764 | |||||||||||||||
Stock Award Plans | ||||||||||||||||
The Company has various stock plans that permit the Company to provide incentives to employees and directors of the Company in the form of equity compensation. In August 2012, the Board of Directors adopted a stock incentive plan (the 2012 Stock Incentive Plan) which was subsequently approved by the Company’s stockholders. This plan replaces the 2002 Stock Incentive Plan which expired on March 25, 2012. | ||||||||||||||||
The 2012 Stock Incentive Plan allows for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted shares and restricted share units to employees, directors, and consultants. Options granted under the 2012 Stock Incentive Plan expire no later than ten years from the date of grant. The exercise price of each incentive stock option shall not be less than 100% of the fair value of the stock subject to the option on the date the option is granted. The vesting provisions of individual options may vary, but incentive stock options generally vest 25% on the first anniversary of each grant and 1/48 per month over the next three years. Stock appreciation rights are rights to acquire a calculated number of shares of the Company’s common stock upon exercise of the rights. The number of shares to be issued is calculated as the difference between the exercise price of the right and the aggregate market value of the underlying shares on the exercise date divided by the market value as of the exercise date. Stock appreciation rights granted under the 2012 Stock Incentive Plan generally vest 25% on the first anniversary of such grant and 1/48 per month over the next three years and expire no later than ten years from the date of grant. The Company generally issues new shares upon the exercise of stock options and stock appreciation rights. | ||||||||||||||||
Restricted share grants are either time-based or performance-based. Time-based restricted shares generally cliff vest three years after grant. Performance-based restricted shares vest upon the achievement of performance objectives which are determined by the Company’s Board of Directors. | ||||||||||||||||
Restricted stock unit grants are time-based and generally vest over a period of four years. Options granted to non-employee directors expire no later than ten years from the date of grant. The exercise price of options to non-employee directors shall not be less than 100% of the fair value of the stock subject to the option on the date the option is granted. Initial grants of options to new directors generally vest over a two year period. Annual grants to directors generally vest upon the earlier of one year or the next stockholder meeting. | ||||||||||||||||
A summary of the option and stock appreciation rights activity for the year ended December 31, 2014 is as follows: | ||||||||||||||||
Number of Options/SARs | Range of Exercise Price | Weighted Average Exercise Price per Share | ||||||||||||||
Outstanding, December 31, 2013 | 188,947 | $1.69 - $116.40 | $ | |||||||||||||
48.38 | ||||||||||||||||
Granted | 336,850 | $4.04 - $5.19 | $ | |||||||||||||
4.04 | ||||||||||||||||
Exercised | - | - | - | |||||||||||||
Forfeited | -38,651 | $1.69 - $116.40 | $ | |||||||||||||
54.80 | ||||||||||||||||
Outstanding, December 31, 2014 | 487,146 | $1.69 - $116.40 | $ | |||||||||||||
17.21 | ||||||||||||||||
As of December 31, 2014, the weighted average remaining contractual life of the options and stock appreciation rights outstanding was 7.50 years. Of the 487,146 options and stock appreciation rights that were outstanding as of December 31, 2014, 148,370 were vested and exercisable with a weighted average exercise price of $46.83 per share and a weighted average remaining term of 3.58 years. | ||||||||||||||||
A summary of the options and stock appreciation rights outstanding by range of exercise price is as follows: | ||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||
Number of | Weighted | |||||||||||||||
Weighted | Weighted | Options | Average Exercise | |||||||||||||
Options | Average | Average | Currently | Price Per Vested | ||||||||||||
Range of Exercise Prices | Outstanding | Remaining Life | Exercise Price | Exercisable | Share | |||||||||||
$0.00 - $10.00 | 338,031 | 9.23 years | $ | 4.06 | 1,389 | $ | 6.49 | |||||||||
$30.01 - $40.00 | 81,455 | 4.92 years | $ | 35.15 | 79,321 | $ | 35.15 | |||||||||
$40.01 - $50.00 | 36,660 | 1.76 years | $ | 44.13 | 36,660 | $ | 44.13 | |||||||||
$50.01 - $60.00 | 12,250 | 3.41 years | $ | 54.90 | 12,250 | $ | 54.90 | |||||||||
$70.01 - $80.00 | 4,500 | 0.46 years | $ | 78.00 | 4,500 | $ | 78.00 | |||||||||
$90.01+ | 14,250 | 1.76 years | $ | 105.94 | 14,250 | $ | 105.94 | |||||||||
487,146 | 7.50 years | $ | 17.21 | 148,370 | $ | 46.83 | ||||||||||
The intrinsic value of options and stock appreciation rights is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock for the options and stock appreciation rights that were in-the-money at December 31, 2014. The intrinsic value of the options and stock appreciation rights outstanding at December 31, 2014 and the intrinsic value of fully vested options and stock appreciation rights outstanding at December 31, 2014 were zero based on a closing share price of $1.48 on December 31, 2014. No options or stock appreciation rights were exercised under the Company’s stock option plans during the year ended December 31, 2014. The weighted average grant date fair value of options and stock appreciation rights granted during the year ended December 31, 2014 was $4.04 per share. | ||||||||||||||||
During the year ended December 31, 2014, no options or stock appreciation rights were exercised. The Company realized less than $0.1 million and $0 from the exercise of stock options and stock appreciation rights during 2013 and 2012, respectively. | ||||||||||||||||
A summary of the restricted share grant activity for the year ended December 31, 2014 is as follows: | ||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value per Share | |||||||||||||||
Outstanding, December 31, 2013 | 6,600 | $ | ||||||||||||||
35.20 | ||||||||||||||||
Granted | - | - | ||||||||||||||
Vested | -6,600 | ($35.20) | ||||||||||||||
Forfeited | - | - | ||||||||||||||
Outstanding, December 31, 2014 | - | - | ||||||||||||||
There were no restricted shares outstanding as of December 31, 2014. During the year ended December 31, 2013, the Company determined that it was not probable that the performance conditions related to certain of its outstanding restricted share awards would be achieved and accordingly reversed the related shares outstanding. | ||||||||||||||||
A summary of the restricted stock unit activity for the year ended December 31, 2014 is as follows: | ||||||||||||||||
Number of Restricted Stock Units | Weighted Average Grant Date Fair Value per Unit | |||||||||||||||
Outstanding, December 31, 2013 | 588,759 | $ | ||||||||||||||
2.05 | ||||||||||||||||
Granted | 410,400 | $ | ||||||||||||||
3.91 | ||||||||||||||||
Vested | -291,148 | $ | ||||||||||||||
2.00 | ||||||||||||||||
Forfeited | -10,260 | $ | ||||||||||||||
3.65 | ||||||||||||||||
Outstanding, December 31, 2014 | 697,751 | $ | ||||||||||||||
3.14 | ||||||||||||||||
The intrinsic value of restricted shares and restricted stock units outstanding at December 31, 2014 was zero and $1.0 million, respectively, based on a closing share price of $1.48 as of December 31, 2014. During the year ended December 31, 2014, the aggregate intrinsic value of restricted shares and restricted stock units vested was less than $0.1 and $1.1 million, respectively, determined at the date of vesting. | ||||||||||||||||
During the fourth quarter of 2014, the Company made an adjustment to its forfeiture rate based on historical information, which resulted in an increase to share-based compensation of approximately $0.1 million for the year ended December 31, 2014. | ||||||||||||||||
As of December 31, 2014, the total compensation cost related to options, stock appreciation rights and non-vested stock granted to employees under the Company’s stock award plans but not yet recognized was approximately $1.6 million, net of estimated forfeitures of approximately $1.5 million. This cost will be amortized over a weighted average period of approximately two years on a straight-line basis over the underlying estimated service periods and will be adjusted for subsequent changes in estimated forfeitures. | ||||||||||||||||
2009 Employee Stock Purchase Plan | ||||||||||||||||
In 2009, the Company adopted its 2009 Employee Stock Purchase Plan (“ESPP”). In June 2014, our shareholders approved a proposal to amend the ESPP to increase the number of shares authorized for issuance under the ESPP by 250,000 shares. Eligible employees have the opportunity to participate in a new purchase period every 3 months. Under the terms of the plan, employees can purchase up to 15% of their compensation of the Company’s common stock, subject to an annual maximum of $25,000, at 95% of the fair market value of the stock at the end of the purchase period, subject to certain plan limitations. As of December 31, 2014, there were 250,000 remaining shares available for issuance under the Employee Stock Purchase Plan. | ||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||
Fair Value Measurements | 12. Fair Value Measurements | ||||||||||||
The Company measures certain financial assets and liabilities at fair value on a recurring basis, including cash equivalents and warrants. General accounting principles for fair value measurement established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (“Level 1”) and the lowest priority to unobservable inputs (“Level 3”). The three levels of the fair value hierarchy are described below: | |||||||||||||
Level 1: Values are based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |||||||||||||
Level 2: Values are based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or other model-based valuation techniques for which all significant assumptions are observable in the market. | |||||||||||||
Level 3: Values are generated from model-based techniques that use significant assumptions not observable in the market. | |||||||||||||
The following table sets forth the Company’s assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy. As required by the Fair Value Measurements and Disclosures topic of the Accounting Standards Codification, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||
Fair Value Measurement Using | |||||||||||||
Total | Quoted Prices in | Significant | Significant | ||||||||||
Active Markets | Other | Unobservable | |||||||||||
for Identical | Observable | Inputs | |||||||||||
Instruments | Inputs | (Level 3) | |||||||||||
(Level 1) | (Level 2) | ||||||||||||
Assets at December 31, 2014: | |||||||||||||
Cash equivalents | $ | 5,361,053 | 5,361,053 | — | — | ||||||||
Total assets at fair value | $ | 5,361,053 | 5,361,053 | — | — | ||||||||
Liabilities at December 31, 2014: | |||||||||||||
Warrants issued May 10, 2012 | $ | 728,712 | — | — | 728,712 | ||||||||
Warrants issued August 2013 | 1,405,475 | 1,405,475 | |||||||||||
Total liabilities at fair value: | $ | 2,134,187 | — | — | 2,134,187 | ||||||||
Assets at December 31, 2013: | |||||||||||||
Cash equivalents | $ | 11,995,481 | 11,995,481 | — | — | ||||||||
Total assets at fair value | $ | 11,995,481 | 11,995,481 | — | — | ||||||||
Liabilities at December 31, 2013: | |||||||||||||
Warrants issued December 29, 2008 | $ | 16,863 | — | — | 16,863 | ||||||||
Warrants issued May 10, 2012 | 1,915,753 | — | — | 1,915,753 | |||||||||
Warrants issued August 2013 | 3,712,010 | 3,712,010 | |||||||||||
Total liabilities at fair value: | $ | 5,644,626 | — | — | 5,644,626 | ||||||||
Level 1 | |||||||||||||
The Company’s financial assets consist of cash equivalents invested in money market funds in the amount of $5,361,053 and $11,995,481 at December 31, 2014 and December 31, 2013, respectively. These assets are classified as Level 1 as described above and total interest income recorded for these investments was insignificant during both the years ended December 31, 2014 and December 31, 2013. There were no transfers in or out of Level 1 during the year ended December 31, 2014. | |||||||||||||
Level 2 | |||||||||||||
The Company does not have any financial assets or liabilities classified as Level 2. | |||||||||||||
Level 3 | |||||||||||||
In conjunction with its December 29, 2008 registered direct offering, the Company issued warrants to purchase 179,241 shares of the Company’s common stock that contained a provision that required a reduction of the exercise price if certain equity events occurred. Under the provisions of general accounting principles for derivatives and hedging activities and determining whether an instrument (or embedded feature) is indexed to an entity’s own stock, such a reset provision does not meet the exemptions for equity classification and as such, the Company accounted for these warrants as derivative instruments. The calculated fair value of the warrants was classified as a liability and was periodically remeasured with any changes in value recognized in “Other income (expense)” in the Statement of Operations. General accounting principles for determining whether an instrument (or embedded feature) is indexed to an entity’s own stock became effective for the Company as of January 1, 2009. Accordingly, the fair value of the warrants as of that date was reclassified from stockholders’ equity into current liabilities. This tranche of warrants issued in conjunction with the December 2008 registered direct offering were expired as of December 31, 2014. | |||||||||||||
The warrants issued in conjunction with the May 2012 Stock and Warrant Purchase Agreement (“PIPE warrants”) described in Note 11 are considered a liability. Due to the provisions included in the warrant agreements, the PIPE warrants do not meet the exemptions for equity classification and as such, the Company accounts for these PIPE warrants as derivative instruments. The PIPE warrants are periodically remeasured with any changes in value recognized in “Other income (expense)” in the Statement of Operations. | |||||||||||||
A Monte-Carlo simulation was used to value the warrants upon issuance on May 10, 2012 using the following assumptions: 1) volatility of 80%; 2) risk-free interest rate of 1.035%; and 3) a closing stock price of $3.413. | |||||||||||||
The remaining PIPE warrants expire in May 2018 and were revalued as of December 31, 2014 using the following assumptions: 1) volatility of 165.27%; 2) risk-free interest rate of 1.10%; and 3) a closing stock price of $1.48. | |||||||||||||
The Exchange warrants issued on August 7, 2013 are also considered a liability. Due to the provisions included in the warrant agreements, the warrants do not meet the exemptions for equity classification and as such, the Company accounts for these warrants as derivative instruments. These warrants were initially valued using the following assumptions: 1) volatility of 111%; 2) risk-free interest rate of 1.46%; and 3) a closing stock price of $8.69. | |||||||||||||
The remaining Exchange warrants expire in November 2018 and were revalued as of December 31, 2014 using the following assumptions: 1) volatility of 158.08%; 2) risk-free interest rate of 1.10%; and 3) a closing stock price of $1.48. | |||||||||||||
The significant unobservable input used in the fair value measurement of the Company’s warrants is volatility. Significant increases (decreases) in the volatility in isolation would result in a significantly higher (lower) asset and liability fair value measurements. | |||||||||||||
The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial asset and liabilities for the year ended December 31, 2014: | |||||||||||||
Warrants issued December 29, 2008 | Warrants issued May 2012 | Warrants issued August 2013 | Total Liabilities | ||||||||||
Balance at beginning of period | $ 16,863 | $ 1,915,753 | $ 3,712,010 | $ 5,644,626 | |||||||||
Issues | - | - | - | - | |||||||||
Settlements | - | - | - | - | |||||||||
Revaluation | -16,863 | -1,187,041 | -2,306,535 | -3,510,439 | |||||||||
Balance at end of period | $ - | $ 728,712 | $ 1,405,475 | $ 2,134,187 | |||||||||
The Company currently does not have derivative instruments to manage its exposure to currency fluctuations or other business risks. The Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. All derivative financial instruments are recognized in the balance sheet at fair value. | |||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Income Taxes [Abstract] | ||||||||||
Income Taxes | 13. Income Taxes | |||||||||
The provision for income taxes consists of the following: | ||||||||||
Year Ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Deferred: | ||||||||||
Federal | $ | -894,506 | $ | -93,078,760 | $ | 4,586,506 | ||||
State and local | -1,582,500 | -6,128,198 | 493,946 | |||||||
-2,477,006 | -99,206,958 | 5,080,452 | ||||||||
Valuation allowance | 2,477,006 | 99,206,958 | -5,080,452 | |||||||
$ | — | $ | — | $ | — | |||||
The provision for income taxes varies from the amount determined by applying the U.S. federal statutory rate to income before income taxes as a result of the following: | ||||||||||
Year Ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
U.S. statutory income tax rate | 34.0 | % | 34.0 | % | 34 | % | ||||
State and local taxes, net of federal tax benefit | 2.4 | % | 0.3 | % | 5.7 | % | ||||
Permanent differences between book and tax | 17.1 | % | -26.9 | % | 22.1 | % | ||||
Deferred tax adjustments | -71.9 | % | -151.7 | % | -8.2 | % | ||||
State rate adjustments | -29.2 | % | — | % | — | % | ||||
Valuation allowance | 47.6 | % | 144.3 | % | -53.6 | % | ||||
Effective income tax rate | — | % | — | % | — | % | ||||
Included in permanent differences between book and tax in the above table are the impacts of the non-deductible mark-to-market activity associated with convertible debt and warrants as well as permanent differences such as nondeductible meals and entertainment. The deferred tax adjustment for the year ended December 31, 2014 is a write-off of a portion of the deferred tax asset related to stock compensation. The deferred tax adjustment for the year ended December 31, 2013 represents the impact of the Section 382 limitation discussed below. The deferred tax adjustment for the year ended December 31, 2012 is a write-off of a portion of the deferred tax asset related to stock compensation and net operating losses due to expiration. The state rate adjustments are a result of changes in apportionment and various state rate law changes. | ||||||||||
The components of the deferred tax asset are as follows: | ||||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
Current accruals | $ | 1,416,823 | $ | 1,998,086 | ||||||
Depreciation and amortization | 2,302,685 | 2,566,979 | ||||||||
Deferred compensation | 1,589,935 | 5,421,688 | ||||||||
Net operating loss carryovers | 30,246,136 | 28,045,831 | ||||||||
Deferred tax assets | 35,555,579 | 38,032,584 | ||||||||
Valuation allowance | -35,555,579 | -38,032,584 | ||||||||
Net deferred tax assets | $ | — | $ | — | ||||||
Under Section 382 and 383 of the Internal Revenue Code of 1986, as amended, or the “Code”, if a corporation undergoes an “ownership change,” the corporation’s ability to use its pre-change net operating loss carryforwards and other pre-change tax attributes, such as research tax credits, to offset its post-change income may be limited. In general, an “ownership change” will occur if there is a cumulative change in our ownership by “5-percent shareholders” that exceeds 50 percentage points over a rolling three-year period. Similar rules may apply under state tax laws. Following significant ownership changes during 2013, the Company initiated a review of the availability of its U.S. net operating loss carryforwards. As a result of this review, it was determined that a large portion of the Company’s net operating loss carryovers would expire unused due to the limitation under IRC Section 382. The Company reduced the net operating loss carryover and corresponding valuation allowance as a result of these limitations as reflected in the net operating loss carryovers in the table above. The remaining net operating loss carryforwards following the ownership change have been assigned a full valuation allowance against all deferred tax assets. | ||||||||||
In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable losses, and projections for future periods over which the deferred tax assets are deductible, the Company determined that a 100% valuation allowance of deferred tax assets was appropriate. The valuation allowance for deferred tax assets includes amounts for which subsequently recognized tax benefits will be applied directly to contributed capital. | ||||||||||
Based on the results of the review, discussed above, as of December 31, 2014, we had gross federal net operating loss carryforwards of approximately $85.0 million. The federal net operating loss carryforwards will expire between 2018 and 2034. As of December 31, 2014, we had state net operating loss deferred tax assets of approximately $1.4 million which will expire at various dates between 2015 and 2034 if not utilized. | ||||||||||
The Company files income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions. As the Company has a federal net operating loss carryforward from the year ended December 31, 1994 forward, all tax years from 1994 forward are subject to examination. As states have varying carryforward periods, and the Company has recently entered into additional states, the states are generally subject to examination for the previous 10 years or less. | ||||||||||
The Company recognizes interest accrued, if any, net of tax and penalties, related to unrecognized tax benefits as components of income tax provision as applicable. As of December 31, 2014 accrued interest and penalties were less than $0.1 million. | ||||||||||
At December 31, 2014 and 2013, the Company had approximately $0.2 million in reserves for uncertain tax positions. | ||||||||||
Net_Loss_Per_Share
Net Loss Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Net loss per common share: | |||||||||||||
Net Loss Per Share | 14. Net Loss per Share | ||||||||||||
The following is a reconciliation of the numerator (net loss) and the denominator (number of shares) used in the basic and diluted earnings per share calculations: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Numerator for basic EPS | $ | -5,202,441 | $ | -68,757,589 | $ | -9,238,427 | |||||||
Numerator for diluted EPS | $ | -5,202,441 | $ | -68,757,589 | $ | -9,238,427 | |||||||
Denominator: | |||||||||||||
Denominator for basic EPS—weighted average shares | 19,945,038 | 11,554,566 | 6,944,928 | ||||||||||
Denominator for diluted EPS | 19,945,038 | 11,554,566 | 6,944,928 | ||||||||||
Basic EPS | $ | -0.26 | $ | -5.95 | $ | -1.33 | |||||||
Diluted EPS | $ | -0.26 | $ | -5.95 | $ | -1.33 | |||||||
The following table sets forth the number of common shares that were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive as follows: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Shares outstanding | |||||||||||||
Restricted shares | - | 6,600 | 68,543 | ||||||||||
Shares issuable upon vesting/exercise of: | |||||||||||||
Options to purchase common stock | 487,146 | 188,947 | 373,899 | ||||||||||
Restricted stock units | 697,751 | 588,759 | 529,312 | ||||||||||
Warrants | 2,197,883 | 3,021,302 | 6,099,476 | ||||||||||
3,382,780 | 3,805,608 | 7,071,230 | |||||||||||
Employee_Benefit_Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2014 | |
Empoyee Benefit Plan [Abstract] | |
Employee Benefit Plan | 15. Employee Benefit Plan |
The Company offers employees the opportunity to participate in a 401(k) plan. Through September 30, 2011, the Company matched employee contributions dollar for dollar up to 3% of the employee’s salary during the employee’s period of participation. Such employer contributions are discretionary under the 401(k) plan. As of October 1, 2011, the Company suspended all matching contributions indefinitely. The Company had no expenses related to the employee contribution matching program for the year ended December 31, 2014 and December 31, 2013. For the year ended December 31, 2012, the Company expensed $8,595 related to the plan. | |
Product_Warranty_Provisions
Product Warranty Provisions | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Product Warranty Provisions [Abstract] | |||||||
Product Warranty Provisions | 16. Product Warranty Provisions | ||||||
The Company’s standard policy is to warrant all Niobe, Odyssey and Vdrive systems against defects in material or workmanship for one year following installation. The Company’s estimate of costs to service the warranty obligations is based on historical experience and current product performance trends. A regular review of warranty obligations is performed to determine the adequacy of the reserve and adjustments are made to the estimated warranty liability as appropriate. | |||||||
Accrued warranty, which is included in other accrued liabilities, consists of the following: | |||||||
31-Dec-14 | 31-Dec-13 | ||||||
Warranty accrual, beginning of the fiscal period | $ | 501,212 | $ | 653,473 | |||
Accrual adjustment for product warranty | 84,402 | 84,562 | |||||
Payments made | -221,066 | -236,823 | |||||
Warranty accrual, end of the fiscal period | $ | 364,548 | $ | 501,212 | |||
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 17. Commitments and Contingencies |
The Company at times becomes a party to claims in the ordinary course of business. Management believes that the ultimate resolution of pending or threatened proceedings will not have a material effect on the financial position, results of operations or liquidity of the Company. | |
In 2012, the Company entered into a letter of credit to support a commitment in the amount of approximately $0.1 million. This letter of credit is valid through 2015. | |
Segment_Information
Segment Information | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Segment Information [Abstract] | ||||||||||
Segment Information | 18. Segment Information | |||||||||
The Company considers reporting segments in accordance with general accounting principles for disclosures about segments of an enterprise and related information. The Company’s system and disposable devices are developed and marketed to a broad base of hospitals in the United States and internationally. The Company considers all such sales to be part of a single operating segment. | ||||||||||
Year Ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
United States | $ | 21,626,788 | $ | 24,063,932 | $ | 27,034,200 | ||||
International | 13,384,488 | 13,967,149 | 19,528,234 | |||||||
Total | $ | 35,011,276 | $ | 38,031,081 | $ | 46,562,434 | ||||
All of the Company’s long-lived assets are located in the United States. Revenues are attributed to countries based on the location of the customer. | ||||||||||
Quarterly_Data
Quarterly Data | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Data [Abstract] | ||||||||||||||||
Quarterly Data | 19. Quarterly Data (Unaudited) | |||||||||||||||
The following tabulations reflect the unaudited quarterly results of operations for the years ended December 31, 2014 and 2013: | ||||||||||||||||
Basic Net | Diluted Net | |||||||||||||||
Net Income | Income (Loss) | Income (Loss) | ||||||||||||||
Net Sales | Gross Profit | (Loss) | Per Share | Per Share | ||||||||||||
2014 | ||||||||||||||||
First quarter | $ | 8,354,670 | $ | 6,735,584 | $ | -4,139,848 | $ | -0.21 | $ | -0.21 | ||||||
Second quarter | 8,047,537 | 6,062,775 | -1,941,479 | -0.1 | -0.1 | |||||||||||
Third quarter | 8,854,101 | 6,516,169 | 22,670 | 0.00 | 0.00 | |||||||||||
Fourth quarter | 9,754,968 | 7,473,368 | 856,216 | 0.04 | 0.04 | |||||||||||
2013 | ||||||||||||||||
First quarter | $ | 8,408,204 | $ | 6,215,559 | $ | -4,920,147 | $ | -0.61 | $ | -0.61 | ||||||
Second quarter | 9,733,407 | 7,261,519 | -3,006,792 | -0.37 | -0.37 | |||||||||||
Third quarter | 10,821,444 | 7,321,820 | -56,868,442 | -4.49 | -4.49 | |||||||||||
Fourth quarter | 9,068,026 | 6,230,882 | -3,962,208 | -0.23 | -0.23 | |||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | 20. Subsequent Events |
None. | |
Valuation_And_Qualifying_Accou
Valuation And Qualifying Accounts | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ||||||||||||||
Valuation And Qualifying Accounts | SCHEDULE II | |||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2014, 2013, AND 2012 | ||||||||||||||
Additions | ||||||||||||||
Balance at | Charged to | |||||||||||||
Beginning of | Cost and | Balance at the | ||||||||||||
Year | Expenses | Deductions | End of Year | |||||||||||
Allowance for doubtful accounts and returns: | ||||||||||||||
Year ended December 31, 2014 | $ | 383,077 | $ | 48,742 | $ | -300,355 | $ | 131,464 | ||||||
Year ended December 31, 2013 | $ | 640,183 | $ | 65,781 | $ | -322,887 | $ | 383,077 | ||||||
Year ended December 31, 2012 | $ | 667,529 | $ | 763 | $ | -28,109 | $ | 640,183 | ||||||
Allowance for inventories valuation: | ||||||||||||||
Year ended December 31, 2014 | $ | 80,213 | $ | 6,970 | $ | -27,549 | $ | 59,634 | ||||||
Year ended December 31, 2013 | $ | 72,639 | $ | 179,803 | $ | -172,229 | $ | 80,213 | ||||||
Year ended December 31, 2012 | $ | 151,157 | $ | 122,783 | $ | -201,301 | $ | 72,639 | ||||||
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
The Company considers all short-term investments purchased with original maturities of three months or less to be cash equivalents. The Company places its cash with high-credit-quality financial institutions and invests primarily in money market accounts. In 2012, we entered into a letter of credit to support a commitment in the amount of approximately $0.1 million. This letter of credit is valid through 2015. No cash was restricted at December 31, 2014 or 2013. | |
Accounts Receivable and Allowance for Uncollectible Accounts | Accounts Receivable and Allowance for Uncollectible Accounts |
Accounts receivable primarily include amounts due from hospitals and distributors for acquisition of magnetic systems, associated disposable device sales and service contracts. Credit is granted on a limited basis, with balances due generally within 30 days of billing. The provision for bad debts is based upon management’s assessment of historical and expected net collections considering business and economic conditions and other collection indicators. | |
Financial Instruments | Financial Instruments |
Financial instruments consist of cash and cash equivalents, short-term investments, accounts receivable, accounts payable and debt. The carrying value of such amounts reported at the applicable balance sheet dates approximates fair value. See Note 9 for disclosure of the fair value of debt. | |
The Company measures certain financial assets and liabilities at fair value on a recurring basis, including warrants. General accounting principles for fair value measurement established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (“Level 1”) and the lowest priority to unobservable inputs (“Level 3”). See Note 12 for disclosure of fair value measurements. | |
Inventory | Inventory |
The Company values its inventory at the lower of cost, as determined using the first-in, first-out (FIFO) method, or market. The Company periodically reviews its physical inventory for obsolete items and provides a reserve upon identification of potential obsolete items. | |
Property and Equipment | Property and Equipment |
Property and equipment consist primarily of leasehold improvements, computer, office, and research and demonstration equipment, and equipment held for lease and are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives or life of the base lease term, ranging from three to ten years. | |
Long-Lived Assets | Long-Lived Assets |
If facts and circumstances suggest that a long-lived asset may be impaired, the carrying value is reviewed. If this review indicates that the carrying value of the asset will not be recovered, as determined based on projected undiscounted cash flows related to the asset over its remaining life, the carrying value of the asset is reduced to its estimated fair value. | |
Intangible Assets | Intangible Assets |
Intangible assets consist of purchased technology and intellectual property rights valued at cost on the acquisition date and amortized over their estimated useful lives of 10-15 years. If facts and circumstances suggest that an intangible asset may be impaired, the carrying value is reviewed. If this review indicates that the carrying value of the asset will not be recovered, as determined based on projected undiscounted cash flows related to the asset over its remaining life, the carrying value of the asset is reduced to its estimated fair value. | |
Use of Estimates | Use of Estimates |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and loss during the reporting period. Actual results could differ from those estimates. | |
Revenue And Costs Of Revenue | Revenue and Costs of Revenue |
The Company adopted Accounting Standards Update 2009-13, Multiple-Deliverable Revenue Arrangements (“ASU 2009-13”) in the fourth quarter of 2009, effective as of January 1, 2009. | |
ASU 2009-13 permits management to estimate the selling price of undelivered components of a bundled sale for which it is unable to establish vendor-specific objective evidence (“VSOE”) or third-party evidence (“TPE”). This requires management to record revenue for certain elements of a transaction even though it might not have delivered other elements of the transaction, for which it was unable to meet the requirements for establishing VSOE or TPE. The Company believes that the guidance significantly improves the reporting of these types of transactions to more closely reflect the underlying economic circumstances. This guidance also prohibits the use of the residual method for allocating revenue to the various elements of a transaction and requires that the revenue be allocated proportionally based on the relative estimated selling prices. | |
Under our revenue recognition policy, a portion of revenue for Niobe systems, Vdrive systems and certain Odyssey systems is recognized upon delivery, provided that title has passed, there are no uncertainties regarding acceptance, persuasive evidence of an arrangement exists, the sales price is fixed and determinable, and collection of the related receivable is reasonably assured. Revenue is recognized for other types of Odyssey systems upon completion of installation, since there are no qualified third party installers. When installation is the responsibility of the customer, revenue from system sales is recognized upon shipment since these arrangements do not include an installation element or right of return privileges. The Company does not recognize revenue in situations in which inventory remains at a Stereotaxis warehouse or in situations in which title and risk of loss have not transferred to the customer. Amounts collected prior to satisfying the above revenue recognition criteria are reflected as deferred revenue. Revenue from services and license fees, whether sold individually or as a separate unit of accounting in a multiple-deliverable arrangement, is deferred and amortized over the service or license fee period, which is typically one year. Revenue from services is derived primarily from the sale of annual product maintenance plans. We recognize revenue from disposable device sales or accessories upon shipment and establish an appropriate reserve for returns. The return reserve, which is applicable only to disposable devices, is estimated based on historical experience which is periodically reviewed and updated as necessary. In the past, changes in estimate have had only a de minimus effect on revenue recognized in the period. We believe that the estimate is not likely to change significantly in the future. | |
Costs of systems revenue include direct product costs, installation labor and other costs, estimated warranty costs, and initial training and product maintenance costs. These costs are recorded at the time of sale. Costs of disposable revenue include direct product costs and estimated warranty costs and are recorded at the time of sale. Cost of revenue from services and license fees are recorded when incurred. | |
Research and Development | Research and Development Costs |
Internal research and development costs are expensed in the period incurred. Amounts receivable from strategic alliances under research reimbursement agreements are recorded as a contra-research and development expense in the period reimbursable costs are incurred. There were no material receivables at December 31, 2014 or 2013 under these types of agreements. Advance receipts or other unearned reimbursements are included in accrued liabilities on the accompanying balance sheet until earned. | |
Share-Based Compensation | Share-Based Compensation |
Stock options or stock appreciation rights issued to certain non-employees are recorded at their fair value as determined in accordance with general accounting principles for share-based payments and accounting for equity instruments that are issued to other than employees for acquiring, or in conjunction with selling, goods or services, and recognized over the service period. Deferred compensation for options granted to non-employees is remeasured on a quarterly basis through the vesting or forfeiture date. | |
The Company utilized the Black-Scholes valuation model to determine the fair value of share-based payments at the date of previously issued grant using risk-free interest rate based on the Treasury yield on the date of the grant and expected volatility based on the Company’s historical volatility over the expected term of the option. The resulting compensation expense is recognized over the requisite service period, generally one to four years. Compensation expense is recognized only for those awards expected to vest, with forfeitures estimated based on the Company’s historical experience and future expectations. | |
Restricted shares and units granted to employees are valued at the fair market value at the date of grant. The Company amortizes the amount to expense over the service period on a straight-line basis for those shares with graded vesting. If the shares are subject to performance objectives, the resulting compensation expense is amortized over the anticipated vesting period and is subject to adjustment based on the actual achievement of objectives. | |
Shares purchased by employees under the 2004 Employee Stock Purchase Plan were considered to be compensatory and were accounted for in accordance with general accounting principles for share-based payments. Shares purchased by employees under the 2009 Employee Stock Purchase Plan were considered to be non-compensatory. | |
Net Earnings (Loss) Per Common Share | |
Net Earnings (Loss) per Common Share | |
On July 10, 2012, the Company effected a one-for-ten reverse stock split of the Company’s common stock. The net loss per common share, shares outstanding, and weighted average shares outstanding reported in the financial statements and notes to the financial statements for the periods ending December 31, 2014, 2013, and 2012 are presented on a post-split basis. See Note 11 for additional discussion of the reverse stock split. | |
Basic earnings (loss) per common share are computed by dividing the net loss for the period by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share are computed by dividing the loss for the period by the weighted average number of common and common equivalent shares outstanding during the period. In addition, the application of the two-class method of computing earnings per share under general accounting principles for participating securities is not applicable because the Company’s unearned restricted shares do not contractually participate in its losses. | |
The Company did not include any portion of unearned restricted shares, outstanding options, stock appreciation rights or warrants in the calculation of diluted loss per common share because all such securities are anti-dilutive for all periods presented. The application of the two-class method of computing earnings per share under general accounting principles for participating securities is not applicable during these periods because those securities do not contractually participate in its losses. | |
As of December 31, 2014, the Company had 487,146 shares of common stock issuable upon the exercise of outstanding options and stock appreciation rights at a weighted average exercise price of $17.21 per share and 2,197,883 shares of common stock issuable upon the exercise of outstanding warrants at a weighted average exercise price of $6.12 per share. The Company had no unearned restricted shares outstanding for the period ended December 31, 2014. | |
Income Tax | Income Taxes |
In accordance with general accounting principles for income taxes, a deferred income tax asset or liability is determined based on the difference between the financial statement and tax basis of assets and liabilities as measured by the enacted tax rates that will be in effect when these differences reverse. The Company provides a valuation allowance against net deferred income tax assets unless, based upon available evidence, it is more likely than not the deferred income tax assets will be realized. | |
Product Warranty Provisions | Product Warranty Provisions |
The Company’s standard policy is to warrant all systems against defects in material or workmanship for one year following installation. The Company’s estimate of costs to service the warranty obligations is based on historical experience and current product performance trends. A regular review of warranty obligations is performed to determine the adequacy of the reserve and adjustments are made to the estimated warranty liability (included in other accrued liabilities) as appropriate. | |
Patent Costs | Patent Costs |
Costs related to filing and pursuing patent applications are expensed as incurred, as recoverability of such expenditures is uncertain. | |
Concentrations of Risk | Concentrations of Risk |
The majority of the Company’s cash, cash equivalents and investments are deposited with one major financial institution in the U.S. Deposits in this institution exceed the amount of insurance provided on such deposits. | |
Biosense Webster Inc. accounted for $4,651,490, $3,902,178, and $3,447,386, or 13%, 10% and 7%, of total net revenue for the years ended December 31, 2014, 2013, and 2012, respectively. No other single customer accounted for more than 10% of total revenue for the year ended December 31, 2014. | |
Reclassifications | Reclassifications |
Common stock and additional paid-in capital in the prior year’s financial statements have been reclassified to reflect the one-for-ten reverse stock split effected on July 10, 2012. Refer to Note 11 for additional discussion of the reverse stock split. | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements |
In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU” or “Update”) No. 2014-15, to communicate amendments to FASB Account Standards Codification Subtopic 205-40, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The ASU requires management to evaluate relevant conditions, events and certain management plans that are known or reasonably knowable as of the evaluation date when determining whether substantial doubt about an entity’s ability to continue as a going concern exists. Management will be required to make this evaluation for both annual and interim reporting periods. Management will have to make certain disclosures if it concludes that substantial doubt exists or when it plans to alleviate substantial doubt about the entity’s ability to continue as a going concern. The standard is effective for annual periods ending after December 15, 2016 and for interim reporting periods starting in the first quarter of 2017. Early adoption is permitted. We are currently evaluating the impact of adopting this accounting standard update on our financial statement disclosures and have not concluded on an adoption method. | |
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers," which converges the FASB's and the International Accounting Standards Board's current standards on revenue recognition. The standard provides companies with a single model to use in accounting for revenue arising from contracts with customers and supersedes current revenue guidance. The standard is effective for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted. The standard permits companies to either apply the adoption to all periods presented, or apply the requirements in the year of adoption through a cumulative adjustment. We are currently evaluating the impact of adopting this accounting standard update on our financial statements and disclosures and have not concluded on an adoption method. | |
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU” or “Update”) 2013-02, “Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” which adds new disclosure requirements for items reclassified out of accumulated other comprehensive income (“AOCI”). The update requires that the Company present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of AOCI based on its source and the income statement line items affected by the reclassification. The guidance is effective for interim and annual reporting periods beginning on or after December 15, 2012. As the Company has no items of other comprehensive income, the Company is not required to report accumulated other comprehensive income. | |
Inventory_Tables
Inventory (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Inventory [Abstract] | ||||
Schedule Of Inventory | ||||
31-Dec-14 | 31-Dec-13 | |||
Raw materials | $ 2,746,926 | $ 3,141,111 | ||
Work in process | 374,236 | 364,779 | ||
Finished goods | 3,310,375 | 1,453,362 | ||
Reserve for obsolescence | -59,634 | -80,213 | ||
Total inventory | $ 6,371,903 | $ 4,879,039 | ||
Prepaid_Expenses_And_Other_Cur1
Prepaid Expenses And Other Current Assets (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Prepaid Expenses And Other Current Assets [Abstract] | ||||
Schedule Of Prepaid Expenses And Other Current Assets | ||||
31-Dec-14 | 31-Dec-13 | |||
Prepaid expenses | $ 679,740 | $ 591,305 | ||
Deferred financing costs | 492,385 | 622,949 | ||
Deposits | 311,562 | 692,616 | ||
Deferred cost of revenue | - | 72,699 | ||
Total prepaid expenses and other assets | 1,483,687 | 1,979,569 | ||
Less: Noncurrent prepaid expenses and other assets | -388,850 | -499,613 | ||
Total prepaid expenses and other current assets | $ 1,094,837 | $ 1,479,956 | ||
Property_And_Equipment_Tables
Property And Equipment (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Property And Equipment [Abstract] | ||||
Schedule Of Property And Equipment | ||||
December 31, | December 31, | |||
2014 | 2013 | |||
Equipment | $ 8,264,804 | $ 8,143,000 | ||
Equipment held for lease | 303,412 | 303,412 | ||
Leasehold improvements | 2,328,381 | 2,328,381 | ||
10,896,597 | 10,774,793 | |||
Less: Accumulated depreciation | -10,001,869 | -9,590,204 | ||
Net property and equipment | $ 894,728 | $ 1,184,589 | ||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accrued Liabilities [Abstract] | ||||
Schedule Of Accrued Liabilities | ||||
December 31, | December 31, | |||
2014 | 2013 | |||
Accrued salaries, bonus, and benefits | $ 2,557,557 | $ 3,565,385 | ||
Accrued rent | 1,407,740 | 1,499,942 | ||
Accrued licenses and maintenance fees | 661,766 | 302,384 | ||
Accrued interest | 493,616 | 498,058 | ||
Accrued warranties | 364,548 | 501,212 | ||
Accrued taxes | 332,364 | 360,475 | ||
Other | 102,479 | 351,925 | ||
Total accrued liabilities | 5,920,070 | 7,079,381 | ||
Less: Long term accrued liabilities | -414,928 | -9,622 | ||
Total current accrued liabilities | $ 5,505,142 | $ 7,069,759 | ||
Deferred_Revenue_Tables
Deferred Revenue (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Deferred Revenue [Abstract] | ||||
Schedule Of Deferred Revenue | ||||
December 31, | December 31, | |||
2014 | 2013 | |||
Product shipped, revenue deferred | $ 457,348 | $ 1,368,007 | ||
Customer deposits | 1,065,371 | 421,544 | ||
Deferred service and license fees | 6,111,616 | 6,221,283 | ||
7,634,335 | 8,010,834 | |||
Less: Long-term deferred revenue | -976,165 | -491,080 | ||
Total current deferred revenue | $ 6,658,170 | $ 7,519,754 | ||
LongTerm_Debt_And_Credit_Facil1
Long-Term Debt And Credit Facilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Long-Term Debt And Credit Facilities [Abstract] | ||||||||
Schedule Of Long-Term Debt Outstanding | ||||||||
31-Dec-14 | 31-Dec-13 | |||||||
Carrying | Estimated | Carrying | Estimated | |||||
Amount | Fair Value | Amount | Fair Value | |||||
Healthcare Royalty Partners debt | $ 18,388,764 | $ 18,388,764 | $ 18,531,211 | $ 18,531,211 | ||||
Less current maturities | — | — | -49,733 | -49,733 | ||||
Total long term debt | $ 18,388,764 | $ 18,388,764 | $ 18,481,478 | $ 18,481,478 | ||||
Contractual Principal Maturities Of Debt | ||||||||
2015 | $ | - | ||||||
2016 | - | |||||||
2017 | - | |||||||
2018 | 18,388,764 | |||||||
2019 | - | |||||||
2020 and Beyond | - | |||||||
$ | 18,388,764 | |||||||
Lease_Obligations_Tables
Lease Obligations (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Lease Obligations [Abstract] | |||
Schedule Of Future Minimum Lease Payments | |||
Year | Operating Lease | ||
2015 | $ | 1,584,709 | |
2016 | 1,930,829 | ||
2017 | 1,955,243 | ||
2018 | 2,008,832 | ||
Total minimum lease payments | $ | 7,479,613 | |
Stockholders_Equity_Tables
Stockholder's Equity (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Stockholders' Equity [Abstract] | ||||||||||||||||
Summary Of Reserved Shares Of Common Stock | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Warrants | 2,197,883 | 3,021,302 | ||||||||||||||
Stock award plans | 1,297,389 | 1,032,462 | ||||||||||||||
Employee Stock Purchase Plan | 250,000 | - | ||||||||||||||
3,745,272 | 4,053,764 | |||||||||||||||
Summary Of The Option And Stock Appreciation Rights Activity | ||||||||||||||||
Number of Options/SARs | Range of Exercise Price | Weighted Average Exercise Price per Share | ||||||||||||||
Outstanding, December 31, 2013 | 188,947 | $1.69 - $116.40 | $ | |||||||||||||
48.38 | ||||||||||||||||
Granted | 336,850 | $4.04 - $5.19 | $ | |||||||||||||
4.04 | ||||||||||||||||
Exercised | - | - | - | |||||||||||||
Forfeited | -38,651 | $1.69 - $116.40 | $ | |||||||||||||
54.80 | ||||||||||||||||
Outstanding, December 31, 2014 | 487,146 | $1.69 - $116.40 | $ | |||||||||||||
17.21 | ||||||||||||||||
Summary Of The Options And Stock Appreciation Rights Outstanding By Range Of Excercise Price | ||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||
Number of | Weighted | |||||||||||||||
Weighted | Weighted | Options | Average Exercise | |||||||||||||
Options | Average | Average | Currently | Price Per Vested | ||||||||||||
Range of Exercise Prices | Outstanding | Remaining Life | Exercise Price | Exercisable | Share | |||||||||||
$0.00 - $10.00 | 338,031 | 9.23 years | $ | 4.06 | 1,389 | $ | 6.49 | |||||||||
$30.01 - $40.00 | 81,455 | 4.92 years | $ | 35.15 | 79,321 | $ | 35.15 | |||||||||
$40.01 - $50.00 | 36,660 | 1.76 years | $ | 44.13 | 36,660 | $ | 44.13 | |||||||||
$50.01 - $60.00 | 12,250 | 3.41 years | $ | 54.90 | 12,250 | $ | 54.90 | |||||||||
$70.01 - $80.00 | 4,500 | 0.46 years | $ | 78.00 | 4,500 | $ | 78.00 | |||||||||
$90.01+ | 14,250 | 1.76 years | $ | 105.94 | 14,250 | $ | 105.94 | |||||||||
487,146 | 7.50 years | $ | 17.21 | 148,370 | $ | 46.83 | ||||||||||
Summary Of The Restricted Share Grant Activity | ||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value per Share | |||||||||||||||
Outstanding, December 31, 2013 | 6,600 | $ | ||||||||||||||
35.20 | ||||||||||||||||
Granted | - | - | ||||||||||||||
Vested | -6,600 | ($35.20) | ||||||||||||||
Forfeited | - | - | ||||||||||||||
Outstanding, December 31, 2014 | - | - | ||||||||||||||
Summary Of The Restricted Stock Unit Activity | ||||||||||||||||
Number of Restricted Stock Units | Weighted Average Grant Date Fair Value per Unit | |||||||||||||||
Outstanding, December 31, 2013 | 588,759 | $ | ||||||||||||||
2.05 | ||||||||||||||||
Granted | 410,400 | $ | ||||||||||||||
3.91 | ||||||||||||||||
Vested | -291,148 | $ | ||||||||||||||
2.00 | ||||||||||||||||
Forfeited | -10,260 | $ | ||||||||||||||
3.65 | ||||||||||||||||
Outstanding, December 31, 2014 | 697,751 | $ | ||||||||||||||
3.14 | ||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Fair Value Measurements [Abstract] | |||||||||
Assets And Liabilities Measure At Fair Value On A Recurring Basis By Level | |||||||||
Fair Value Measurement Using | |||||||||
Total | Quoted Prices in | Significant | Significant | ||||||
Active Markets | Other | Unobservable | |||||||
for Identical | Observable | Inputs | |||||||
Instruments | Inputs | (Level 3) | |||||||
(Level 1) | (Level 2) | ||||||||
Assets at December 31, 2014: | |||||||||
Cash equivalents | $ | 5,361,053 | 5,361,053 | — | — | ||||
Total assets at fair value | $ | 5,361,053 | 5,361,053 | — | — | ||||
Liabilities at December 31, 2014: | |||||||||
Warrants issued May 10, 2012 | $ | 728,712 | — | — | 728,712 | ||||
Warrants issued August 2013 | 1,405,475 | 1,405,475 | |||||||
Total liabilities at fair value: | $ | 2,134,187 | — | — | 2,134,187 | ||||
Assets at December 31, 2013: | |||||||||
Cash equivalents | $ | 11,995,481 | 11,995,481 | — | — | ||||
Total assets at fair value | $ | 11,995,481 | 11,995,481 | — | — | ||||
Liabilities at December 31, 2013: | |||||||||
Warrants issued December 29, 2008 | $ | 16,863 | — | — | 16,863 | ||||
Warrants issued May 10, 2012 | 1,915,753 | — | — | 1,915,753 | |||||
Warrants issued August 2013 | 3,712,010 | 3,712,010 | |||||||
Total liabilities at fair value: | $ | 5,644,626 | — | — | 5,644,626 | ||||
Summary Of Changes In The Fair Value Of The Company's Level 3 Financial Asset And Liabilities | |||||||||
Warrants issued December 29, 2008 | Warrants issued May 2012 | Warrants issued August 2013 | Total Liabilities | ||||||
Balance at beginning of period | $ 16,863 | $ 1,915,753 | $ 3,712,010 | $ 5,644,626 | |||||
Issues | - | - | - | - | |||||
Settlements | - | - | - | - | |||||
Revaluation | -16,863 | -1,187,041 | -2,306,535 | -3,510,439 | |||||
Balance at end of period | $ - | $ 728,712 | $ 1,405,475 | $ 2,134,187 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Income Taxes [Abstract] | ||||||||||
Schedule of Components of Income Tax Provision | ||||||||||
Year Ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Deferred: | ||||||||||
Federal | $ | -894,506 | $ | -93,078,760 | $ | 4,586,506 | ||||
State and local | -1,582,500 | -6,128,198 | 493,946 | |||||||
-2,477,006 | -99,206,958 | 5,080,452 | ||||||||
Valuation allowance | 2,477,006 | 99,206,958 | -5,080,452 | |||||||
$ | — | $ | — | $ | — | |||||
Schedule of Reconciliation of Federal Income Tax Rate | ||||||||||
Year Ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
U.S. statutory income tax rate | 34.0 | % | 34.0 | % | 34 | % | ||||
State and local taxes, net of federal tax benefit | 2.4 | % | 0.3 | % | 5.7 | % | ||||
Permanent differences between book and tax | 17.1 | % | -26.9 | % | 22.1 | % | ||||
Deferred tax adjustments | -71.9 | % | -151.7 | % | -8.2 | % | ||||
State rate adjustments | -29.2 | % | — | % | — | % | ||||
Valuation allowance | 47.6 | % | 144.3 | % | -53.6 | % | ||||
Effective income tax rate | — | % | — | % | — | % | ||||
Schedule of Deferred Tax Assets | ||||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
Current accruals | $ | 1,416,823 | $ | 1,998,086 | ||||||
Depreciation and amortization | 2,302,685 | 2,566,979 | ||||||||
Deferred compensation | 1,589,935 | 5,421,688 | ||||||||
Net operating loss carryovers | 30,246,136 | 28,045,831 | ||||||||
Deferred tax assets | 35,555,579 | 38,032,584 | ||||||||
Valuation allowance | -35,555,579 | -38,032,584 | ||||||||
Net deferred tax assets | $ | — | $ | — | ||||||
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Net loss per common share: | ||||||||||
Computation Of Basic And Diluted EPS | ||||||||||
2014 | 2013 | 2012 | ||||||||
Numerator: | ||||||||||
Numerator for basic EPS | $ | -5,202,441 | $ | -68,757,589 | $ | -9,238,427 | ||||
Numerator for diluted EPS | $ | -5,202,441 | $ | -68,757,589 | $ | -9,238,427 | ||||
Denominator: | ||||||||||
Denominator for basic EPS—weighted average shares | 19,945,038 | 11,554,566 | 6,944,928 | |||||||
Denominator for diluted EPS | 19,945,038 | 11,554,566 | 6,944,928 | |||||||
Basic EPS | $ | -0.26 | $ | -5.95 | $ | -1.33 | ||||
Diluted EPS | $ | -0.26 | $ | -5.95 | $ | -1.33 | ||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||||||||
December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Shares outstanding | ||||||||||
Restricted shares | - | 6,600 | 68,543 | |||||||
Shares issuable upon vesting/exercise of: | ||||||||||
Options to purchase common stock | 487,146 | 188,947 | 373,899 | |||||||
Restricted stock units | 697,751 | 588,759 | 529,312 | |||||||
Warrants | 2,197,883 | 3,021,302 | 6,099,476 | |||||||
3,382,780 | 3,805,608 | 7,071,230 | ||||||||
Product_Warranty_Provisions_Ta
Product Warranty Provisions (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Product Warranty Provisions [Abstract] | |||||||
Schedule Of Accrued Warranty | |||||||
31-Dec-14 | 31-Dec-13 | ||||||
Warranty accrual, beginning of the fiscal period | $ | 501,212 | $ | 653,473 | |||
Accrual adjustment for product warranty | 84,402 | 84,562 | |||||
Payments made | -221,066 | -236,823 | |||||
Warranty accrual, end of the fiscal period | $ | 364,548 | $ | 501,212 | |||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Segment Information [Abstract] | ||||||||||
Schedule of Revenue by Geographical Areas | ||||||||||
Year Ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
United States | $ | 21,626,788 | $ | 24,063,932 | $ | 27,034,200 | ||||
International | 13,384,488 | 13,967,149 | 19,528,234 | |||||||
Total | $ | 35,011,276 | $ | 38,031,081 | $ | 46,562,434 | ||||
Quarterly_Data_Tables
Quarterly Data (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Data [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information | ||||||||||||||||
Basic Net | Diluted Net | |||||||||||||||
Net Income | Income (Loss) | Income (Loss) | ||||||||||||||
Net Sales | Gross Profit | (Loss) | Per Share | Per Share | ||||||||||||
2014 | ||||||||||||||||
First quarter | $ | 8,354,670 | $ | 6,735,584 | $ | -4,139,848 | $ | -0.21 | $ | -0.21 | ||||||
Second quarter | 8,047,537 | 6,062,775 | -1,941,479 | -0.1 | -0.1 | |||||||||||
Third quarter | 8,854,101 | 6,516,169 | 22,670 | 0.00 | 0.00 | |||||||||||
Fourth quarter | 9,754,968 | 7,473,368 | 856,216 | 0.04 | 0.04 | |||||||||||
2013 | ||||||||||||||||
First quarter | $ | 8,408,204 | $ | 6,215,559 | $ | -4,920,147 | $ | -0.61 | $ | -0.61 | ||||||
Second quarter | 9,733,407 | 7,261,519 | -3,006,792 | -0.37 | -0.37 | |||||||||||
Third quarter | 10,821,444 | 7,321,820 | -56,868,442 | -4.49 | -4.49 | |||||||||||
Fourth quarter | 9,068,026 | 6,230,882 | -3,962,208 | -0.23 | -0.23 | |||||||||||
Description_Of_Business_Detail
Description Of Business (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Description Of Business [Line Items] | ||
Cumulative losses incurred from inception | -458,605,903 | ($453,403,462) |
Installed base | 119 | |
Scenario, Forecast [Member] | Minimum [Member] | ||
Description Of Business [Line Items] | ||
Annual plan to rebalance and reduce operating expenses, percentage | 15.00% | |
Scenario, Forecast [Member] | Maximum [Member] | ||
Description Of Business [Line Items] | ||
Annual plan to rebalance and reduce operating expenses, percentage | 20.00% |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 10, 2012 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Restricted cash | $0 | $0 | $0 | $0 | ||||||||
Reverse stock split | 0.1 | |||||||||||
Stock options and stock appreciation rights | 487,146 | 188,947 | 487,146 | 188,947 | ||||||||
Weighted average exercise price | $17.21 | $48.38 | $17.21 | $48.38 | ||||||||
Common stock issuable upon exercise of outstanding warrants | 2,197,883 | 3,021,302 | 2,197,883 | 3,021,302 | ||||||||
Weighted average exercise price of warrants or rights | $6.12 | $6.12 | ||||||||||
Revenues | 9,754,968 | 8,854,101 | 8,047,537 | 8,354,670 | 9,068,026 | 10,821,444 | 9,733,407 | 8,408,204 | 35,011,276 | 38,031,081 | 46,562,434 | |
Deferred revenue, amortization period | 1 year | |||||||||||
Standard product warranty, coverage term | 1 year | |||||||||||
Research and development receivable | 0 | 0 | ||||||||||
Biosense Webster Inc. [Member] | Revenue [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Revenues | 4,651,490 | 3,902,178 | 3,447,386 | |||||||||
Major customer, revenue percentage | 13.00% | 10.00% | 7.00% | |||||||||
Letter of Credit [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Maximum borrowing capacity | $100,000 | |||||||||||
Minimum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Property and equipment, useful life | 3 years | |||||||||||
Intangible assets, useful life | 10 years | |||||||||||
Share based compensation, requisite service period | 1 year | |||||||||||
Maximum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Property and equipment, useful life | 10 years | |||||||||||
Intangible assets, useful life | 15 years | |||||||||||
Share based compensation, requisite service period | 4 years |
Inventory_Schedule_Of_Inventor
Inventory (Schedule Of Inventory) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Inventory [Abstract] | ||
Raw materials | $2,746,926 | $3,141,111 |
Work in process | 374,236 | 364,779 |
Finished goods | 3,310,375 | 1,453,362 |
Reserve for obsolescence | -59,634 | -80,213 |
Total inventory | $6,371,903 | $4,879,039 |
Prepaid_Expenses_And_Other_Cur2
Prepaid Expenses And Other Current Assets (Schedule Of Prepaid Expenses And Other Current Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Prepaid Expenses And Other Current Assets [Abstract] | ||
Prepaid expenses | $679,740 | $591,305 |
Deferred financing costs | 492,385 | 622,949 |
Deposits | 311,562 | 692,616 |
Deferred cost of revenue | 72,699 | |
Total Prepaid Expense and other assets | 1,483,687 | 1,979,569 |
Less: Noncurrent prepaid expenses and other assets | -388,850 | -499,613 |
Total prepaid expenses and other current assets | $1,094,837 | $1,479,956 |
Property_And_Equipment_Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | $10,896,597 | $10,774,793 |
Less: Accumulated depreciation | -10,001,869 | -9,590,204 |
Net property and equipment | 894,728 | 1,184,589 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 8,264,804 | 8,143,000 |
Equipment Held For Lease [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 303,412 | 303,412 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | $2,328,381 | $2,328,381 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Intangible Assets [Abstract] | |||
Total intangible assets, including those subject to execution of agreement | $3,665,000 | $3,665,000 | |
Accumulated amortization | 2,285,347 | 1,985,514 | |
Amortization of intangible assets | 299,833 | 299,833 | 299,833 |
Future Amortization Expense, Through July 2018 | 299,833 | ||
Future Amortization Expense, August 2018 Through May 2020 | $166,500 |
Accrued_Liabilities_Schedule_O
Accrued Liabilities (Schedule Of Accrued Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accrued Liabilities [Abstract] | |||
Accrued salaries, bonus, and benefits | $2,557,557 | $3,565,385 | |
Accrued rent | 1,407,740 | 1,499,942 | |
Accrued license and maintenance fees | 661,766 | 302,384 | |
Accrued interest | 493,616 | 498,058 | |
Accrued warranties | 364,548 | 501,212 | 653,473 |
Accrued taxes | 332,364 | 360,475 | |
Other | 102,479 | 351,925 | |
Total accrued liabilities | 5,920,070 | 7,079,381 | |
Less: Long term accrued liabilities | -414,928 | -9,622 | |
Total current accrued liabilities | $5,505,142 | $7,069,759 |
Deferred_Revenue_Schedule_Of_D
Deferred Revenue (Schedule Of Deferred Revenue) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | $7,634,335 | $8,010,834 |
Less: Long-term deferred revenue | -976,165 | -491,080 |
Total current deferred revenue | 6,658,170 | 7,519,754 |
Product Shipped, Revenue Deferred [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | 457,348 | 1,368,007 |
Customer Deposits [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | 1,065,371 | 421,544 |
Deferred Service And License Fees [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | $6,111,616 | $6,221,283 |
LongTerm_Debt_And_Credit_Facil2
Long-Term Debt And Credit Facilities (Revolving Line Of Credit) (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Debt Instrument [Line Items] | |
Warrant term | 5 years |
Revolving Line Of Credit [Member] | |
Debt Instrument [Line Items] | |
Debt maturity date | 31-Mar-15 |
Tangible net worth requirement | -21,000,000 |
Line of credit facility, amount outstanding | 0 |
Current borrowing capacity | 4,500,000 |
Minimum [Member] | Revolving Line Of Credit [Member] | |
Debt Instrument [Line Items] | |
Liquidity ratio | 1.75 |
LongTerm_Debt_And_Credit_Facil3
Long-Term Debt And Credit Facilities (Remaining Content) (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Aug. 07, 2013 | Aug. 08, 2012 | Jan. 31, 2013 | Nov. 30, 2011 | 31-May-12 | Dec. 31, 2010 | Dec. 31, 2014 | Aug. 08, 2013 | |
item | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Warrants | 3,021,302 | 2,197,883 | ||||||||
Number of shares issued upon conversion of warrants | 262,450 | |||||||||
Amount borrowed | $2,546,328 | $2,500,000 | ||||||||
Write-off of unamortized discount | 5,400,000 | |||||||||
Convert Warrants [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate number of shares issued upon conversion | 2,500,000 | |||||||||
Proceeds from the exercise of stock warrants | 8,500,000 | |||||||||
Exchange Warrants [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of shares issued upon conversion of warrants | 1,400,000 | |||||||||
Aggregate number of shares issued upon conversion | 800,000 | |||||||||
Term Note [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Warrants | 11,111 | |||||||||
Exercise price of warrants | 36 | |||||||||
Fair value of warrants issued | 228,332 | |||||||||
Term loan agreement, face value | 10,000,000 | |||||||||
Healthcare Royalty Partners debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount borrowed | 15,000,000 | |||||||||
Additional amount which may be borrowed | 5,000,000 | |||||||||
Percentage of royalties entitled to | 100.00% | |||||||||
Annual interest rate | 16.00% | |||||||||
Additional amount borrowed | 2,500,000 | 2,500,000 | ||||||||
Subordinated Convertible Debentures [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Warrants | 2,500,000 | |||||||||
Exercise price of warrants | $3.36 | |||||||||
Annual interest rate | 8.00% | |||||||||
Proceeds from Convertible Debt | 8,500,000 | |||||||||
Conversion price per share | $3.36 | |||||||||
Number of convertible shares | 2,500,000 | |||||||||
Debt discount | 7,600,000 | |||||||||
Fair value of warrants | 4,100,000 | |||||||||
Fair value of derivative liability | 3,500,000 | |||||||||
Unconverted Debentures [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of shares issued upon conversion of warrants | 2,500,000 | |||||||||
Aggregate number of shares issued upon conversion | 2,700,000 | |||||||||
Exercise price of warrants | $3.36 | |||||||||
2010 Amendment To Loan Agreement [Member] | Term Note [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate added to prime rate | 3.50% | |||||||||
Principal Due 2013 [Member] | Term Note [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term loan principal amount due | 4,000,000 | |||||||||
Principal Due 2012 [Member] | Term Note [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term loan principal amount due | 4,000,000 | |||||||||
Principal Due 2011 [Member] | Term Note [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term loan principal amount due | 2,000,000 | |||||||||
Post-Stock Split [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Exercise price of warrants | $3.36 |
LongTerm_Debt_And_Credit_Facil4
Long-Term Debt And Credit Facilities (Schedule Of Long-Term Debt Outstanding) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Long term debt | $18,388,764 | |
Total long term debt | 18,388,764 | 18,481,478 |
Carrying Amount [Member] | ||
Debt Instrument [Line Items] | ||
Less current maturities | -49,733 | |
Total long term debt | 18,388,764 | 18,481,478 |
Estimated Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Less current maturities | -49,733 | |
Total long term debt | 18,388,764 | 18,481,478 |
Healthcare Royalty Partners debt [Member] | Carrying Amount [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | 18,388,764 | 18,531,211 |
Healthcare Royalty Partners debt [Member] | Estimated Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | $18,388,764 | $18,531,211 |
LongTerm_Debt_And_Credit_Facil5
Long-Term Debt And Credit Facilities (Contractual Principal Maturities Of Debt) (Details) (USD $) | Dec. 31, 2014 |
Maturities of Long-term Debt [Abstract] | |
2015 | |
2016 | |
2017 | |
2018 | 18,388,764 |
2019 | |
2020 and Beyond | |
Total debt, Carrying Amount | $18,388,764 |
Lease_Obligations_Narrative_De
Lease Obligations (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
sqft | ||||
Lease Obligations [Abstract] | ||||
Rent Expense | $1,068,972 | $1,925,813 | $1,697,153 | |
Lease renewal term | 3 years | |||
Area of leased space, terminated | 13,000 | |||
Accrued costs of rent liability | $515,138 | $354,680 |
Lease_Obligations_Schedule_of_
Lease Obligations (Schedule of Future Minimum Lease Payments) (Details) (USD $) | Dec. 31, 2014 |
Lease Obligations [Abstract] | |
2015 | $1,584,709 |
2016 | 1,930,829 |
2017 | 1,955,243 |
2018 | 2,008,832 |
Total minimum lease payments | $7,479,613 |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||
Aug. 07, 2013 | Jul. 10, 2012 | 10-May-12 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | Nov. 27, 2013 | 31-May-12 | Aug. 13, 2013 | Aug. 16, 2013 | Jul. 09, 2012 | Jul. 31, 2013 | |
item | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Votes per share | 1 | |||||||||||||
Dividends declared | $0 | |||||||||||||
Dividends paid | 0 | |||||||||||||
Stock issued, value | 2,853,673 | 64,594,513 | 10,411,675 | |||||||||||
Reverse stock split | 0.1 | |||||||||||||
Common stock authorized | 300,000,000 | 300,000,000 | 100,000,000 | |||||||||||
Common stock authorized due to Amendment | 300,000,000 | |||||||||||||
Common stock par value | $0.00 | $0.00 | ||||||||||||
Warrants | 2,197,883 | 3,021,302 | ||||||||||||
Net proceeds from sale of securities | 9,100,000 | |||||||||||||
Paydown of the guarantees | 7,000,000 | |||||||||||||
Number of shares issued upon conversion of warrants | 183,478 | |||||||||||||
Aggregate number of shares issued upon conversion of subscription rights and warrants | 262,450 | |||||||||||||
Total compensation cost not yet recognized related to options, stock appreciation rights and non-vested stock granted to employees | 1,600,000 | |||||||||||||
Estimated forfeitures | 1,500,000 | |||||||||||||
Total compensation cost not yet recognized related to options, stock appreciation rights and non-vested stock granted to employees, period of amortization, in years | 2 years | |||||||||||||
Weighted average remaining life | 7 years 6 months | |||||||||||||
Weighted average exercise price per vested share | $46.83 | |||||||||||||
Number of options currently exercisable | 148,370 | |||||||||||||
Weighted average remaining life of vested options outstanding | 3 years 6 months 29 days | |||||||||||||
Closing stock price | $3.41 | $1.48 | ||||||||||||
Proceeds from options exercised | 0 | 0 | ||||||||||||
Restricted stock | 0 | |||||||||||||
Intrinsic value of restricted shares outstanding | 0 | |||||||||||||
Intrinsic value of restricted stock units outstanding | 1,000,000 | |||||||||||||
Intrinsic value of vested restricted shares | 100,000 | |||||||||||||
Intrinsic value of vested restricted stock units | 1,100,000 | |||||||||||||
Number of Options/SARs, Exercised | 0 | |||||||||||||
Weighted Average Exercise Price per Share, Granted | $4.04 | |||||||||||||
Adjustment for forfiture rate | 100,000 | |||||||||||||
Shares authorized under plan | 250,000 | |||||||||||||
Percentage of compensation eligible employees can use to purchase common stock, maximum | 15.00% | |||||||||||||
Compensation amount eligible employees can use to purcahse common stock, maximum | 25,000 | |||||||||||||
Percentage of fair value eligible employees can purchase common stock | 95.00% | |||||||||||||
Approved proposal to increase ESPP number of shares issued | 250,000 | |||||||||||||
Shares available under ESPP | 250,000 | |||||||||||||
2012 Stock Incentive Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options, expiration term | 10 years | |||||||||||||
Exercise price as percentage of fair value | 100.00% | |||||||||||||
Director [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options, expiration term | 10 years | |||||||||||||
Exercise price as percentage of fair value | 100.00% | |||||||||||||
Initial Grant [Member] | Director [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Option vesting period | 2 years | |||||||||||||
Annual Grants [Member] | Director [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Option vesting period | 1 year | |||||||||||||
Incentive Stock Options [Member] | 2012 Stock Incentive Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Option vesting period | 3 years | |||||||||||||
Incentive Stock Options [Member] | First Anniversary [Member] | 2012 Stock Incentive Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Option vesting, percentage | 25.00% | |||||||||||||
Incentive Stock Options [Member] | Subsequent Monthly Vesting [Member] | 2012 Stock Incentive Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Option vesting, percentage | 2.08% | |||||||||||||
Stock Appreciation Rights (SARs) [Member] | 2012 Stock Incentive Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options, expiration term | 10 years | |||||||||||||
Option vesting period | 3 years | |||||||||||||
Stock Appreciation Rights (SARs) [Member] | First Anniversary [Member] | 2012 Stock Incentive Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Option vesting, percentage | 25.00% | |||||||||||||
Stock Appreciation Rights (SARs) [Member] | Subsequent Monthly Vesting [Member] | 2012 Stock Incentive Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Option vesting, percentage | 2.08% | |||||||||||||
Time Based Restricted Shares [Member] | 2012 Stock Incentive Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Option vesting period | 3 years | |||||||||||||
Restricted Stock Units [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Option vesting period | 4 years | |||||||||||||
Restricted stock | 697,751 | 588,759 | ||||||||||||
Restricted Shares [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Restricted stock | 6,600 | |||||||||||||
Rights [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Stock issued, shares | 3,400,000 | |||||||||||||
Stock issued, value | 10,200,000 | |||||||||||||
Pre-Stock Split [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Common stock outstanding | 78,000,000 | |||||||||||||
Post-Stock Split [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Common stock outstanding | 7,800,000 | |||||||||||||
Shares sold in private placement | 2,170,000 | |||||||||||||
Warrants sold in private placement | 2,170,000 | |||||||||||||
Duration period of warrants | 6 years | |||||||||||||
Share price of shares sold in private placement | $3.36 | |||||||||||||
Share price of warrants sold in private placement | $1.25 | |||||||||||||
Exercise price of warrants | $3.36 | |||||||||||||
Revolving Line Of Credit [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Guarantee of credit facility by lenders | 3,000,000 | |||||||||||||
Maximum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Intrinsic value of options and stock appreciation rights outstanding | 0 | |||||||||||||
Proceeds from options exercised | 100,000 | |||||||||||||
Warrrant Exercise Price $1.98 [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Warrants | 113,636 | |||||||||||||
Exercise price of warrants | 1.98 | $1.98 | ||||||||||||
Aggregate number of shares issued upon conversion of subscription rights and warrants | 75,758 | |||||||||||||
Warrant Exercise Price $1.55 [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Warrants | 48,387 | |||||||||||||
Exercise price of warrants | $1.55 | |||||||||||||
Warrant Exercise Price $5.24 [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Warrants | 14,313 | |||||||||||||
Exercise price of warrants | $5.24 | |||||||||||||
Warrrant Exercise Price $3.361 [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Exercise price of warrants | 3.361 | |||||||||||||
Aggregate number of shares issued upon conversion of subscription rights and warrants | 156,204 | |||||||||||||
Warrrant Exercise Price $4.10 [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Exercise price of warrants | 4.1 | |||||||||||||
Aggregate number of shares issued upon conversion of subscription rights and warrants | 30,488 | |||||||||||||
Sanderling Ventures PIPE Warrants [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of shares issued upon conversion of warrants | 308,194 | |||||||||||||
Aggregate number of shares issued upon conversion of subscription rights and warrants | 650,619 | |||||||||||||
Proceeds from the exercise of stock warrants | 0 | |||||||||||||
Franklin Templeton PIPE Warrants [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Aggregate number of shares issued upon conversion of subscription rights and warrants | 650,618 | |||||||||||||
Proceeds from the exercise of stock warrants | 2,186,727 | |||||||||||||
Alafi Capital Company PIPE Warrants [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Aggregate number of shares issued upon conversion of subscription rights and warrants | 261,241 | |||||||||||||
Proceeds from the exercise of stock warrants | $878,031 |
Stockholders_Equity_Summary_Of
Stockholders' Equity (Summary Of Reserved Shares Of Common Stock) (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Stockholders' Equity [Abstract] | ||
Warrants | 2,197,883 | 3,021,302 |
Stock award plans | 1,297,389 | 1,032,462 |
Employee Stock Purchase Plan | 250,000 | |
Total Reserved Shares of Common Stock | 3,745,272 | 4,053,764 |
Stockholders_Equity_Summary_Of1
Stockholders' Equity (Summary Of The Option And Stock Appreciation Rights Activity) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Number of Options/SARs, Outstanding, December 31, 2013 | 188,947 | |
Number of Options/SARs, Granted | 336,850 | |
Number of Options/SARs, Exercised | 0 | |
Number of Options/SARs, Forfeited | -38,651 | |
Number of Options/SARs, Outstanding, December 31, 2014 | 487,146 | |
Weighted Average Exercise Price per Share, Outstanding, December 31, 2013 | $48.38 | |
Weighted Average Exercise Price per Share, Granted | $4.04 | |
Weighted Average Exercise Price per Share, Forfeited | $54.80 | |
Weighted Average Exercise Price per Share, Outstanding, December 31, 2014 | $17.21 | |
Minimum [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Price, Outstanding, December 31, 2013 | $1.69 | $1.69 |
Range of Exercise Price, Granted | $4.04 | |
Range of Exercise Price, Forfeited | $1.69 | |
Range of Exercise Price, Outstanding, December 31, 2014 | $1.69 | $1.69 |
Maximum [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Price, Outstanding, December 31, 2013 | $116.40 | $116.40 |
Range of Exercise Price, Granted | $5.19 | |
Range of Exercise Price, Forfeited | $116.40 | |
Range of Exercise Price, Outstanding, December 31, 2014 | $116.40 | $116.40 |
Stockholders_Equity_Summary_Of2
Stockholders' Equity (Summary Of The Option And Stock Appreciation Rights Outstanding) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options/SARs, Outstanding, December 31, 2014 | 487,146 | 188,947 |
Weighted average remaining life | 7 years 6 months | |
Weighted Average Exercise Price per Share, Outstanding, December 31, 2014 | $17.21 | $48.38 |
Number of options currently exercisable | 148,370 | |
Weighted average exercise price per vested share | $46.83 | |
$0.00 - $10.00 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of Exercise Price, Lower limit | $0 | |
Range of Exercise Price, Upper limit | $10 | |
Number of Options/SARs, Outstanding, December 31, 2014 | 338,031 | |
Weighted average remaining life | 9 years 2 months 23 days | |
Weighted Average Exercise Price per Share, Outstanding, December 31, 2014 | $4.06 | |
Number of options currently exercisable | 1,389 | |
Weighted average exercise price per vested share | $6.49 | |
$30.01 - $40.00 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of Exercise Price, Lower limit | $30.01 | |
Range of Exercise Price, Upper limit | $40 | |
Number of Options/SARs, Outstanding, December 31, 2014 | 81,455 | |
Weighted average remaining life | 4 years 11 months 1 day | |
Weighted Average Exercise Price per Share, Outstanding, December 31, 2014 | $35.15 | |
Number of options currently exercisable | 79,321 | |
Weighted average exercise price per vested share | $35.15 | |
$40.01 - $50.00 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of Exercise Price, Lower limit | $40.01 | |
Range of Exercise Price, Upper limit | $50 | |
Number of Options/SARs, Outstanding, December 31, 2014 | 36,660 | |
Weighted average remaining life | 1 year 9 months 4 days | |
Weighted Average Exercise Price per Share, Outstanding, December 31, 2014 | $44.13 | |
Number of options currently exercisable | 36,660 | |
Weighted average exercise price per vested share | $44.13 | |
$50.01 - $60.00 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of Exercise Price, Lower limit | $50.01 | |
Range of Exercise Price, Upper limit | $60 | |
Number of Options/SARs, Outstanding, December 31, 2014 | 12,250 | |
Weighted average remaining life | 3 years 4 months 28 days | |
Weighted Average Exercise Price per Share, Outstanding, December 31, 2014 | $54.90 | |
Number of options currently exercisable | 12,250 | |
Weighted average exercise price per vested share | $54.90 | |
$70.01 - $80.00 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of Exercise Price, Lower limit | $70.01 | |
Range of Exercise Price, Upper limit | $80 | |
Number of Options/SARs, Outstanding, December 31, 2014 | 4,500 | |
Weighted average remaining life | 5 months 16 days | |
Weighted Average Exercise Price per Share, Outstanding, December 31, 2014 | $78 | |
Number of options currently exercisable | 4,500 | |
Weighted average exercise price per vested share | $78 | |
$90.01+ [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of Exercise Price, Lower limit | $90.01 | |
Number of Options/SARs, Outstanding, December 31, 2014 | 14,250 | |
Weighted average remaining life | 1 year 9 months 4 days | |
Weighted Average Exercise Price per Share, Outstanding, December 31, 2014 | $105.94 | |
Number of options currently exercisable | 14,250 | |
Weighted average exercise price per vested share | $105.94 |
Stockholders_Equity_Summary_Of3
Stockholders' Equity (Summary Of The Restricted Share Grant Activity) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding, December 31, 2014 | 0 |
Restricted Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding, December 31, 2013 | 6,600 |
Number of Shares, Granted | |
Number of Shares, Vested | -6,600 |
Weighted Average Grant Date Fair Value per Share/Unit, Outstanding, December 31, 2013 | $35.20 |
Weighted Average Grant Date Fair Value per Share/Unit, Granted | |
Weighted Average Grant Date Fair Value per Share/Unit, Vested | ($35.20) |
Stockholders_Equity_Summary_Of4
Stockholders' Equity (Summary Of The Restricted Stock Unit Activity) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding, December 31, 2014 | 0 |
Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding, December 31, 2013 | 588,759 |
Number of Shares, Granted | 410,400 |
Number of Shares, Vested | -291,148 |
Number of Shares, Forfeited | -10,260 |
Number of Shares, Outstanding, December 31, 2014 | 697,751 |
Weighted Average Grant Date Fair Value per Share/Unit, Outstanding, December 31, 2013 | $2.05 |
Weighted Average Grant Date Fair Value per Share/Unit, Granted | $3.91 |
Weighted Average Grant Date Fair Value per Share/Unit, Vested | $2 |
Weighted Average Grant Date Fair Value per Share/Unit, Forfeited | $3.65 |
Weighted Average Grant Date Fair Value per Share/Unit, Outstanding, December 31, 2014 | $3.14 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||
10-May-12 | Dec. 31, 2014 | Aug. 07, 2013 | Dec. 31, 2013 | Dec. 29, 2008 | |
Fair Value Measurements [Line Items] | |||||
Cash equivalents invested in money market funds | $5,361,053 | $11,995,481 | |||
Issued warrants to purchase shares of common stock | 2,197,883 | 3,021,302 | |||
Volatility rate | 80.00% | ||||
Risk-free interest rate | 1.04% | ||||
Closing stock price | $3.41 | $1.48 | |||
Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value Measurements [Line Items] | |||||
Cash equivalents invested in money market funds | $5,361,053 | $11,995,481 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Measurements [Line Items] | |||||
Issued warrants to purchase shares of common stock | 179,241 | ||||
Exchange Warrants [Member] | |||||
Fair Value Measurements [Line Items] | |||||
Volatility rate | 158.08% | 111.00% | |||
Risk-free interest rate | 1.10% | 1.46% | |||
Closing stock price | $1.48 | $8.69 | |||
PIPE Warrants [Member] | |||||
Fair Value Measurements [Line Items] | |||||
Volatility rate | 165.27% | ||||
Risk-free interest rate | 1.10% | ||||
Closing stock price | $1.48 |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets And Liabilities Measure At Fair Value On A Recurring Basis By Level) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $5,361,053 | $11,995,481 |
Total Assets at Fair Value | 5,361,053 | 11,995,481 |
Total Liabilities at Fair Value | 2,134,187 | 5,644,626 |
Warrants Issued December 29, 2008 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of warrants issued | 16,863 | |
Warrants Issued May 10, 2012 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of warrants issued | 728,712 | 1,915,753 |
Warrants Issued August 2013 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of warrants issued | 1,405,475 | 3,712,010 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 5,361,053 | 11,995,481 |
Total Assets at Fair Value | 5,361,053 | 11,995,481 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | ||
Total Assets at Fair Value | ||
Total Liabilities at Fair Value | ||
Fair Value, Inputs, Level 2 [Member] | Warrants Issued December 29, 2008 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of warrants issued | ||
Fair Value, Inputs, Level 2 [Member] | Warrants Issued May 10, 2012 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of warrants issued | ||
Fair Value, Inputs, Level 2 [Member] | Warrants Issued August 2013 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of warrants issued | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Liabilities at Fair Value | 2,134,187 | 5,644,626 |
Fair Value, Inputs, Level 3 [Member] | Warrants Issued December 29, 2008 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of warrants issued | 16,863 | |
Fair Value, Inputs, Level 3 [Member] | Warrants Issued May 10, 2012 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of warrants issued | 728,712 | 1,915,753 |
Fair Value, Inputs, Level 3 [Member] | Warrants Issued August 2013 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of warrants issued | $1,405,475 | $3,712,010 |
Fair_Value_Measurements_Summar
Fair Value Measurements (Summary Of Changes In The Fair Value Of The Company's Level 3 Financial Asset And Liabilities) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Fair Value, Assets And Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Liabilities, Balance at beginning of period | $5,644,626 |
Liabilities, Revaluation | -3,510,439 |
Liabilities, Balance at end of period | 2,134,187 |
Warrants Issued December 29, 2008 [Member] | |
Fair Value, Assets And Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Liabilities, Balance at beginning of period | 16,863 |
Liabilities, Revaluation | -16,863 |
Warrants Issued May 10, 2012 [Member] | |
Fair Value, Assets And Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Liabilities, Balance at beginning of period | 1,915,753 |
Liabilities, Revaluation | -1,187,041 |
Liabilities, Balance at end of period | 728,712 |
Warrants Issued August 2013 [Member] | |
Fair Value, Assets And Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Liabilities, Balance at beginning of period | 3,712,010 |
Liabilities, Revaluation | -2,306,535 |
Liabilities, Balance at end of period | $1,405,475 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | ||
Valid portion of valuation allowance, percentage | 100.00% | |
Number of prior years subject to examination | 10 years | |
Reserves for uncertain tax positions | $200,000 | $200,000 |
Maximum [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Accrued interest and penalties | 100,000 | |
Federal [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 85,000,000 | |
State [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $1,400,000 |
Income_Taxes_Provision_For_Inc
Income Taxes (Provision For Income Taxes) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Abstract] | |||
Federal | ($894,506) | ($93,078,760) | $4,586,506 |
State and local | -1,582,500 | -6,128,198 | 493,946 |
Deferred Income Tax Expense (Benefit), Total | -2,477,006 | -99,206,958 | 5,080,452 |
Valuation allowance | 2,477,006 | 99,206,958 | -5,080,452 |
Income Tax Benefit |
Income_Taxes_Schedule_of_Recon
Income Taxes (Schedule of Reconciliation of Federal Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Abstract] | |||
U.S. statutory income tax rate | 34.00% | 34.00% | 34.00% |
State and local taxes, net of federal tax benefit | 2.40% | 0.30% | 5.70% |
Permanent differences between book and tax | 17.10% | -26.90% | 22.10% |
Deferred tax adjustments | -71.90% | -151.70% | -8.20% |
State rate adjustments | -29.20% | ||
Valuation allowance | 47.60% | 144.30% | -53.60% |
Effective income tax rate |
Income_Taxes_Schedule_of_Defer
Income Taxes (Schedule of Deferred Tax Asset) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Income Taxes [Abstract] | ||
Current accruals | $1,416,823 | $1,998,086 |
Depreciation and amortization | 2,302,685 | 2,566,979 |
Deferred compensation | 1,589,935 | 5,421,688 |
Net operating loss carryovers | 30,246,136 | 28,045,831 |
Deferred tax assets | 35,555,579 | 38,032,584 |
Valuation allowance | -35,555,579 | -38,032,584 |
Net deferred tax assets |
Net_Loss_Per_Share_Computation
Net Loss Per Share (Computation of Basic and Diluted EPS) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Net loss per common share: | |||||||||||
Numerator for basic EPS | $856,216 | $22,670 | ($1,941,479) | ($4,139,848) | ($3,962,208) | ($56,868,442) | ($3,006,792) | ($4,920,147) | ($5,202,441) | ($68,757,589) | ($9,238,427) |
Numerator for diluted EPS | ($5,202,441) | ($68,757,589) | ($9,238,427) | ||||||||
Denominator for basic EPS - weighted average shares | 19,945,038 | 11,554,566 | 6,944,928 | ||||||||
Denominator for diluted EPS | 19,945,038 | 11,554,566 | 6,944,928 | ||||||||
Basic EPS | $0.04 | $0 | ($0.10) | ($0.21) | ($0.23) | ($4.49) | ($0.37) | ($0.61) | ($0.26) | ($5.95) | ($1.33) |
Diluted EPS | $0.04 | $0 | ($0.10) | ($0.21) | ($0.23) | ($4.49) | ($0.37) | ($0.61) | ($0.26) | ($5.95) | ($1.33) |
Net_Loss_Per_Share_Schedule_of
Net Loss Per Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,382,780 | 3,805,608 | 7,071,230 |
Restricted Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,600 | 68,543 | |
Options to Purchase Common Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 487,146 | 188,947 | 373,899 |
Restricted Stock Units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 697,751 | 588,759 | 529,312 |
Warrants [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,197,883 | 3,021,302 | 6,099,476 |
Employee_Benefit_Plan_Details
Employee Benefit Plan (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Empoyee Benefit Plan [Abstract] | |||
Maximum employer match of eligible contributions | 3.00% | ||
Defined Contribution Plan, Cost Recognized | $0 | $0 | $8,595 |
Product_Warranty_Provisions_Sc
Product Warranty Provisions (Schedule Of Accrued Warranty) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Product Warranty Provisions [Abstract] | ||
Warranty accrual, beginning of the fiscal period | $501,212 | $653,473 |
Accrual adjustment for product warranty | 84,402 | 84,562 |
Payments made | -221,066 | -236,823 |
Warranty accrual, end of the fiscal period | $364,548 | $501,212 |
Standard product warranty, coverage term | 1 year |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | Dec. 31, 2012 |
In Millions, unless otherwise specified | |
Commitments And Contingencies [Abstract] | |
Letter of credit | $0.10 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
International | |||||||||||
Total revenue | $9,754,968 | $8,854,101 | $8,047,537 | $8,354,670 | $9,068,026 | $10,821,444 | $9,733,407 | $8,408,204 | $35,011,276 | $38,031,081 | $46,562,434 |
United States [Member] | |||||||||||
International | |||||||||||
Total revenue | 21,626,788 | 24,063,932 | 27,034,200 | ||||||||
International [Member] | |||||||||||
International | |||||||||||
Total revenue | $13,384,488 | $13,967,149 | $19,528,234 |
Quarterly_Data_Details
Quarterly Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Quarterly Data [Abstract] | |||||||||||
Revenues | $9,754,968 | $8,854,101 | $8,047,537 | $8,354,670 | $9,068,026 | $10,821,444 | $9,733,407 | $8,408,204 | $35,011,276 | $38,031,081 | $46,562,434 |
Gross Profit | 7,473,368 | 6,516,169 | 6,062,775 | 6,735,584 | 6,230,882 | 7,321,820 | 7,261,519 | 6,215,559 | 26,787,896 | 27,029,780 | 31,781,379 |
Net Loss | $856,216 | $22,670 | ($1,941,479) | ($4,139,848) | ($3,962,208) | ($56,868,442) | ($3,006,792) | ($4,920,147) | ($5,202,441) | ($68,757,589) | ($9,238,427) |
Basic EPS | $0.04 | $0 | ($0.10) | ($0.21) | ($0.23) | ($4.49) | ($0.37) | ($0.61) | ($0.26) | ($5.95) | ($1.33) |
Diluted EPS | $0.04 | $0 | ($0.10) | ($0.21) | ($0.23) | ($4.49) | ($0.37) | ($0.61) | ($0.26) | ($5.95) | ($1.33) |
Valuation_And_Qualifying_Accou1
Valuation And Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Allowance For Doubtful Accounts And Returns [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $383,077 | $640,183 | $667,529 |
Additions Charged to Cost and Expenses | 48,742 | 65,781 | 763 |
Deductions | -300,355 | -322,887 | -28,109 |
Balance at the End of Year | 131,464 | 383,077 | 640,183 |
Allowance For Inventory Valuation [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 80,213 | 72,639 | 151,157 |
Additions Charged to Cost and Expenses | 6,970 | 179,803 | 122,783 |
Deductions | -27,549 | -172,229 | -201,301 |
Balance at the End of Year | $59,634 | $80,213 | $72,639 |