Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 20, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Stereotaxis, Inc. | |
Entity Filer Category | Smaller Reporting Company | |
Entity Central Index Key | 1,289,340 | |
Trading Symbol | stxs | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Fiscal Period Focus | Q3 | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 21,544,018 |
Balance Sheets
Balance Sheets - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 3,618,469 | $ 7,270,301 |
Accounts receivable, net of allowance of $113,963 and $131,464 in 2015 and 2014, respectively | 6,598,667 | 6,480,499 |
Inventories | 5,132,532 | 6,371,903 |
Prepaid expenses and other current assets | 760,745 | 1,094,837 |
Total current assets | 16,110,413 | 21,217,540 |
Property and equipment, net | 1,076,692 | 894,728 |
Intangible assets, net | 1,154,778 | 1,379,653 |
Other assets | 294,900 | 388,850 |
Total assets | 18,636,783 | 23,880,771 |
Current liabilities: | ||
Accounts payable | 2,323,086 | 2,353,133 |
Accrued liabilities | 6,042,517 | 5,505,142 |
Deferred revenue | 6,447,824 | 6,658,170 |
Warrants | 1,302,039 | 2,134,187 |
Total current liabilities | 16,115,466 | 16,650,632 |
Long-term debt, less current maturities | 18,283,492 | 18,388,764 |
Long-term deferred revenue | 812,070 | 976,165 |
Other liabilities | $ 5,589 | $ 414,928 |
Stockholders' deficit: | ||
Preferred stock, par value $0.001; 10,000,000 shares authorized, none outstanding at 2015 and 2014 | ||
Common stock, par value $0.001; 300,000,000 shares authorized, 21,271,844 and 20,480,874 shares issued at 2015 and 2014, respectively | $ 21,272 | $ 20,481 |
Additional paid in capital | 447,881,991 | 446,241,703 |
Treasury stock, 4,015 shares at 2015 and 2014 | (205,999) | (205,999) |
Accumulated deficit | (464,277,098) | (458,605,903) |
Total stockholders' deficit | (16,579,834) | (12,549,718) |
Total liabilities and stockholders' deficit | $ 18,636,783 | $ 23,880,771 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Accounts receivable, allowance | $ 113,963 | $ 131,464 |
Stockholders' deficit: | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 21,271,844 | 20,480,874 |
Treasury stock, shares | 4,015 | 4,015 |
Statements Of Operations
Statements Of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenue: | ||||
Systems | $ 2,298,608 | $ 2,181,088 | $ 8,222,722 | $ 4,669,224 |
Disposables, service and accessories | 6,976,006 | 6,673,013 | 20,247,169 | 20,587,084 |
Total revenue | 9,274,614 | 8,854,101 | 28,469,891 | 25,256,308 |
Cost of revenue: | ||||
Systems | 1,286,849 | 1,318,456 | 4,536,391 | 2,958,668 |
Disposables, service and accessories | 1,159,547 | 1,019,476 | 3,483,906 | 2,983,111 |
Total cost of revenue | 2,446,396 | 2,337,932 | 8,020,297 | 5,941,779 |
Gross margin | 6,828,218 | 6,516,169 | 20,449,594 | 19,314,529 |
Operating expenses: | ||||
Research and development | 1,494,201 | 1,214,405 | 4,399,734 | 4,030,594 |
Sales and marketing | 3,691,805 | 3,717,670 | 11,976,955 | 11,445,089 |
General and administrative | 2,549,690 | 2,763,667 | 8,116,989 | 9,537,043 |
Total operating expenses | 7,735,696 | 7,695,742 | 24,493,678 | 25,012,726 |
Operating loss | (907,478) | (1,179,573) | (4,044,084) | (5,698,197) |
Other income | 725,356 | 2,034,731 | 832,148 | 2,139,718 |
Interest income | 267 | 1,736 | 1,622 | 5,665 |
Interest expense | (815,071) | (834,224) | (2,460,881) | (2,505,842) |
Net income (loss) | $ (996,926) | $ 22,670 | $ (5,671,195) | $ (6,058,656) |
Net earnings (loss) per common share: | ||||
Basic | $ (0.05) | $ 0 | $ (0.27) | $ (0.31) |
Diluted | $ (0.05) | $ 0 | $ (0.27) | $ (0.31) |
Weighted average shares used in computing net earnings (loss) per common share: | ||||
Basic | 21,142,795 | 20,326,169 | 20,965,012 | 19,767,545 |
Diluted | 21,142,795 | 20,518,757 | 20,965,012 | 19,767,545 |
Statements Of Cash Flows
Statements Of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities | ||
Net loss | $ (5,671,195) | $ (6,058,656) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation | 223,430 | 334,908 |
Amortization of intangibles | 224,875 | 224,875 |
Amortization of deferred finance costs | 166,850 | 183,568 |
Share-based compensation | 887,087 | 1,070,049 |
Adjustment of warrants | (832,148) | (2,139,718) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (118,168) | 550,802 |
Inventories | 893,745 | (1,707,264) |
Prepaid expenses and other current assets | 167,242 | 326,517 |
Other assets | 93,950 | 2,783 |
Accounts payable | (30,047) | (1,007,184) |
Accrued liabilities | 537,375 | (552,771) |
Deferred revenue | (374,441) | 979,121 |
Other liabilities | (409,339) | |
Net cash used in operating activities | (4,240,784) | (7,792,970) |
Cash flows from investing activities | ||
Purchase of equipment | (59,768) | (47,640) |
Net cash used in investing activities | (59,768) | (47,640) |
Cash flows from financing activities | ||
Payments of Healthcare Royalty Partners debt | (105,272) | (95,368) |
Proceeds from issuance of stock, net of issuance costs | 753,992 | 2,885,243 |
Net cash provided by financing activities | 648,720 | 2,789,875 |
Net decrease in cash and cash equivalents | (3,651,832) | (5,050,735) |
Cash and cash equivalents at beginning of period | 7,270,301 | 13,775,130 |
Cash and cash equivalents at end of period | $ 3,618,469 | $ 8,724,395 |
Description Of Business
Description Of Business | 9 Months Ended |
Sep. 30, 2015 | |
Description Of Business [Abstract] | |
Description Of Business | 1. Description of Business Stereotaxis designs, manufactures, and markets the Epoch ® Solution, 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 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 ES 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 ES system and its components, Stereotaxis has also developed the Odyssey Solution, which consolidates all lab information, enabling doctors to focus on the patient for optimal procedure efficiency. The platform also features a remote viewing and recording capability called the Odyssey Cinema ™ system, an innovative system 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’s 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’s control of therapeutic catheters for fully remote procedures and enables single-operator workflow. It 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 the warranty period, and software licenses. In hospitals where the full Epoch Solution has not been implemented, equipment upgrade or expansion may be implemented upon purchase of the necessary components. As of September 30, 2015, the Company has an installed base of 123 Niobe ES systems. The core components of Stereotaxis’ systems have received regulatory clearance in the United States, European Union, 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-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 -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. We have received Food and Drug Administration (“FDA”) clearance and the CE Mark necessary for us to market our suite of Pegasus ™ coronary peripheral guidewires in the United States and Europe. Since our inception, we have generated significant losses. As of September 30, 2015, we incurred cumulative net losses of approximately $464.3 million. In 2015, the Company plans to continue developing the Niobe ES system with the goal of furthering clinical adoption and new system placements. Although we achieved an operating profit in the fourth quarter 2014, we expect to have negative cash flow from operations into 2015 as we continue the development and commercialization of our products, conduct our research and development activities, advance new products and new features 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 loans collateralized by working capital and equipment. We continue to explore financing alternatives, which may include the sale of equity securities or non-core assets, strategic collaboration agreements, debt financings, or 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. We cannot assure that additional financing will be available on acceptable terms 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 operational results. In addition, we could be required to cease operations. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited financial statements of Stereotaxis, Inc. have been prepared in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q. Accordingly, they do not include all the disclosures required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, they include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. Operating results for the nine month period ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015 or for future operating periods. These interim financial statements and the related notes should be read in conjunction with the annual financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 as filed with the Securities and Exchange Commission (SEC) on March 16, 2015. 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 and debt conversion features. 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 11 for additional details. Revenue and Costs of Revenue The Company accounts for revenue using Accounting Standards Codification Topic 605-25, Multiple-Element Arrangements (“ASC 605-25”). ASC 605-25 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 minimis 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. Share-Based Compensation The Company accounts for its grants of stock options, stock appreciation rights, restricted shares, and restricted stock units and for its employee stock purchase plan in accordance with the provisions of general accounting principles for share-based payments. These accounting principles require the determination of the fair value of the share-based compensation at the grant date and the recognition of the related expense over the period in which the share-based compensation vests. The Company utilizes the Black-Scholes valuation model to determine the fair value of stock options and stock appreciation rights at the date of grant. The resulting compensation expense is recognized over the requisite service period, which is generally 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 granted to employees are valued at the fair market value at the date of grant. The Company amortizes the fair market value to expense over the service period. 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. Net Earnings (Loss) per Common Share (“EPS”) Basic and diluted net earnings (loss) per common share are computed by dividing the net income (loss) for the period by the weighted average number of common shares outstanding during the period. The following table sets forth the computation of basic and diluted EPS: Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Numerator: Numerator for basic EPS $ $ $ $ Numerator for diluted EPS $ $ $ $ Denominator: Denominator for basic EPS—weighted average shares Effect of dilutive securities: Restricted stock units — — — Stock options, appreciation rights and warrants — — — Denominator for diluted EPS Basic EPS $ $ $ $ Diluted EPS $ $ $ $ In addition, 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 the three and nine months ended September 30, 2015 and the nine months ended September 30, 2014. 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 the Company’s unearned restricted shares do not contractually participate in its losses. The following potential common shares were excluded from diluted EPS for the three months ended September 30, 2014 as they were antidilutive: 500,294 stock options and stock appreciation rights, 391,775 restricted stock units, and 2,111,618 warrants. As of September 30, 2015, the Company had 750,705 shares of common stock issuable upon the exercise of outstanding options and stock appreciation rights at a weighted average exercise price of $9.32 per share, 2,131,476 shares of common stock issuable upon the exercise of outstanding warrants at a weighted average exercise price of $4.99 per share, and 762,898 shares of unvested restricted share units. The Company had no unearned restricted shares outstanding for the nine months ended September 30, 2015. As of September 30, 2015, the Company had 5,755,775 warrants outstanding in conjunction with its September 9, 2015 offering (the “Warrants Offering”) of transferable subscription warrants to holders of record of the Company’s common stock. Under the terms of the Warrants Offering shareholders of record on September 9, 2015 and holders of certain of the Company’s warrants (pursuant to the terms of their respective warrants) were entitled to one subscription warrant to purchase one share of common stock at a price of $1.10 per share for every four common shares held up to an aggregate of 5,755,775 shares of common stock. The Warrants Offering expired on October 2. See Note 14 ‘Subsequent Events’ for additional details. Recently Issued Accounting Pronouncements In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU” or “Update”) No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory” regarding the subsequent measurement of inventory as part of its Simplification Initiative. This standard is effective for public companies for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. This Update should be applied prospectively, and early application is permitted as of the beginning of an interim or annual reporting period. 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 April 2015, the FASB issued ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. To simplify the presentation of debt issuance costs, the amendments in this Update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from that debt liability, consistent with the presentation of a debt discount. In August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements—Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update), which adds the SEC staff’s guidance on the presentation of debt issuance costs associated with lines of credit to the Codification. The SEC staff stated it will not object to an entity presenting the costs of securing line-of-credit arrangements as an asset, regardless of whether there are any outstanding borrowings. The Standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted for financial statements that have not been previously issued. We have evaluated the impact of adopting this accounting standard update on our financial statements and disclosures and the impact is immaterial. We will adopt the method in 2016. In August 2014, the FASB issued ASU 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 and 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. In April 2015, the FASB issued an exposure draft related to the deferral of the effective date, which would delay our effective date one year. Therefore, the standard would be effective for annual and interim periods beginning after December 15, 2017. 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. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2015 | |
Inventories [Abstract] | |
Inventories | 3. Inventories Inventories consist of the following: September 30, 2015 December 31, 2014 Raw materials $ 2,099,640 $ 2,746,926 Work in process Finished goods Reserve for obsolescence Total inventories $ 5,132,532 $ 6,371,903 |
Prepaid Expenses And Other Curr
Prepaid Expenses And Other Current Assets | 9 Months Ended |
Sep. 30, 2015 | |
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: September 30, 2015 December 31, 2014 Prepaid expenses $ 397,972 $ 679,740 Deferred financing costs Deposits Deferred cost of revenue - Total prepaid expenses and other assets Less: Noncurrent prepaid expenses and other assets Total prepaid expenses and other current assets $ 760,745 $ 1,094,837 Certain prior year amounts have been reclassified to conform to the 2015 presentation. |
Property And Equipment
Property And Equipment | 9 Months Ended |
Sep. 30, 2015 | |
Property And Equipment [Abstract] | |
Property And Equipment | 5. Property and Equipment Property and equipment consist of the following: September 30, December 31, 2015 2014 Equipment $ 8,452,520 $ 8,264,804 Equipment held for lease Leasehold improvements Less: Accumulated depreciation Net property and equipment $ 1,076,692 $ 894,728 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2015 | |
Intangible Assets [Abstract] | |
Intangible Assets | 6. Intangible Assets As of September 30, 2015, the Company had total intangible assets of $3,665,000 . Accumulated amortization at September 30, 2015, was $2,510,222 . |
Accrued Liabilities
Accrued Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | 7. Accrued Liabilities Accrued liabilities consist of the following: September 30, December 31, 2015 2014 Accrued salaries, bonus, and benefits $ 2,693,800 $ 2,557,557 Accrued rent Accrued licenses and maintenance fees Accrued interest Accrued warranties Accrued taxes Other Total accrued liabilities Less: Long term accrued liabilities Total current accrued liabilities $ 6,042,517 $ 5,505,142 Certain prior year amounts have been reclassified to conform to the 2015 presentation. Our primary company facilities are located in St. Louis, Missouri where we currently lease approximately 52,000 square feet of office and 12,000 square feet of demonstration and assembly space. 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 September 30, 2015, the remaining accrued costs associated with the termination were $302,264 . |
Deferred Revenue
Deferred Revenue | 9 Months Ended |
Sep. 30, 2015 | |
Deferred Revenue [Abstract] | |
Deferred Revenue | 8. Deferred Revenue Deferred revenue consists of the following: September 30, December 31, 2015 2014 Product shipped, revenue deferred $ 326,588 $ 457,348 Customer deposits - Deferred service and license fees Less: Long-term deferred revenue Total current deferred revenue $ 6,447,824 $ 6,658,170 |
Long-Term Debt And Credit Facil
Long-Term Debt And Credit Facilities | 9 Months Ended |
Sep. 30, 2015 | |
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: September 30, 2015 December 31, 2014 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Healthcare Royalty Partners debt $ 18,283,492 $ 18,388,764 Total debt Less current maturities — — — — Total long term debt $ 18,283,492 $ 18,283,492 $ 18,388,764 $ 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 September 30, 2015 and December 31, 2014. Long-term debt fair value estimates are based on estimated borrowing rates to discount the cash flows to their present value (Level 3). 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 maximum available under the line is $10 million subject to the value of collateralized assets. The Company is 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 27, 2015, extending the maturity date to March 31, 2018 . The current agreement requires the Company to maintain a liquidity ratio greater than 1.50 :1.00, excluding certain short term advances from the calculation, and a minimum tangible net worth of not less than (no worse than) negative $21.5 million for the quarters ended March 31, 2015, June 30, 2015, and September 30, 2015; not less than (no worse than) negative $22.5 million for the quarters ended December 31, 2015, March 31, 2016, June 30, 2016, and September 30, 2016; not less than (no worse than) negative $23.5 million for the quarters ended December 31, 2016, March 31, 2017, June 30, 2017, and September 30, 2017; and not less than (no worse than) negative $24.5 million for the quarters ended December 31, 2017 and March 31, 2018. As of September 30, 2015, 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 September 30, 2015, the Company had a borrowing capacity of $5.8 million based on the Company’s collateralized assets, and cash and cash equivalents of $3.6 million for a total liquidity of $9.4 million. Healthcare Royalty Partners Debt In November 2011, the Company entered into a loan agreement with Healthcare Royalty Partners. 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 ES 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 ES system sales for the three 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 ES 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”). The Biosense Agreement relates to the development and distribution of magnetically enabled catheters used with Stereotaxis' Niobe ES 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. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 10. Stockholders’ Equity The holders of common stock are entitled to 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 line of credit agreement. Since the Company’s inception, no dividends have been declared or paid . Controlled Equity Offering The Company entered into a Controlled Equity Offering SM sales agreement (the “Sales Agreement”) in May 2014, as amended on March 26, 2015, with Cantor Fitzgerald & Co. (“Cantor”), as agent and/or principal, pursuant to which the Company could issue and sell, from time to time, shares of its common stock having an aggregate gross sales price of up to $18.0 million. The Company will pay Cantor a commission of 3.0% of the gross proceeds from any common stock sold through the Sales Agreement. During the three months ended September 30, 2015, the Company sold an aggregate of 160,020 shares of common stock under the Sales Agreement, at an average price of approximately $1.89 per share for gross proceeds of $301,741 and net proceeds of $292,689 , after deducting Cantor’s commission. As of September 30, 2015, $13.8 million of common stock remained available to be sold under this facility, subject to certain conditions as specified in the Sales Agreement. Warrant Offering As of September 30, 2015, the Company had 5,755,775 warrants outstanding in conjunction with its September 9, 2015 offering (the “Warrants Offering”) of transferable subscription warrants to holders of record of the Company’s common stock. Under the terms of the Warrants Offering shareholders of record on September 9, 2015 and holders of certain of the Company’s warrants (pursuant to the terms of their respective warrants) were entitled to one subscription warrant to purchase one share of common stock at a price of $1.10 per share for every four common shares held up to an aggregate of 5,755,775 shares of common stock. The Warrants Offering expired on October 2. See Note 14 ‘Subsequent Events’ for additional details. 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 the 2012 S tock I ncentive P la n (the “Plan”) which was subsequently approved by the Company’s shareholders. This plan replaced the 2002 Stock Incentive Plan which expired on March 25, 2012. On June 5, 2013 and on June 10, 2014, the shareholders approved amendments to the Plan, which were previously approved and adopted by the Compensation Committee of the Board of Directors of the Company. Each of these amendments increased the number of shares authorized for issuance under the Plan by one million shares. At September 30, 2015, the Company had 692,111 remaining shares of the Company’s common stock to provide for current and future grants under its various equity plans. At September 30, 2015, 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 $2.1 million, net of estimated forfeitures of approximately $1.1 million. This cost will be amortized over a period of up to four years over the underlying estimated service periods and will be adjusted for subsequent changes in estimated forfeitures and anticipated vesting periods. A summary of the option and stock appreciation rights activity for the nine month period ended September 30, 2015 is as follows: Number of Options/SARs Range of Exercise Price Weighted Average Exercise Price per Share Outstanding, December 31, 2014 $1.69 - $116.40 $ Granted $1.45 - $2.15 $ Exercised - - - Forfeited $1.69 - $91.90 $ Outstanding, September 30, 2015 $1.45 - $116.40 $ As of September 30, 2015, there were no restricted shares outstanding. A summary of the restricted stock unit activity for the nine month period ended September 30, 2015 is as follows: Number of Restricted Shares Units Weighted Average Grant Date Fair Value per Unit Outstanding, December 31, 2014 $ Granted $ Vested $ Forfeited $ Outstanding, September 30, 2015 $ |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 11. 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 Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets at September 30, 2015: Cash equivalents $ — — Total assets at fair value $ — — Liabilities at September 30, 2015: Warrants issued May 10, 2012 — — Warrants issued August 2013 Total liabilities at fair value: $ — — Assets at December 31, 2014: Cash equivalents $ — — Total assets at fair value $ — — Liabilities at December 31, 2014: Warrants issued May 10, 2012 $ — — Warrants issued August 2013 — — Total liabilities at fair value: $ — — Level 1 The Company’s financial assets consist of cash equivalents invested in money market funds in the amount of $1,619,199 and $5,361,053 at September 30, 2015 and December 31, 2014, respectively. These assets are classified as Level 1 as described above and total interest income recorded for these investments was insignificant during both the nine month periods ended September 30, 2015, and September 30, 2014. There were no transfers in or out of Level 1 during the period ended September 30, 2015. Level 2 The Company does not have any financial assets or liabilities classified as Level 2. Level 3 In conjunction with the Company’s May 2012 and August 2013 financing transactions, the Company issued warrants to purchase shares of the Company’s common stock. Due to the provisions included in the warrant agreements, the warrants did not meet the exemptions for equity classification and as such, the Company accounts for these warrants as derivative instruments. The calculated fair value of the warrants is classified as a liability and is periodically re-measured with any changes in value recognized in “Other expense” in the Statements of Operations. The remaining warrants from the May 2012 transaction expire in May 2018 and were revalued as of September 30, 2015 using the following assumptions: 1) volatility of 190.66% ; 2) risk-free interest rate of 0.92% ; and 3) a closing stock price of $0.93 . The remaining warrants from the August 2013 expire in November 2018 and were revalued as of September 30, 2015 using the following assumptions: 1) volatility of 181.68% ; 2) risk-free interest rate of 0.92% ; and 3) a closing stock price of $0.93 . 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 significantly higher (lower) liability fair value measurements. The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial liabilities for the nine month period ended September 30, 2015: Warrants issued May 2012 Warrants issued August 2013 Total Liabilities Balance at beginning of period $ 728,712 $ 1,405,475 $ 2,134,187 Settlements - - - Revaluation Balance at end of period $ 440,137 $ 861,902 $ 1,302,039 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. |
Product Warranty Provisions
Product Warranty Provisions | 9 Months Ended |
Sep. 30, 2015 | |
Product Warranty Provisions [Abstract] | |
Product Warranty Provisions | 12. 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: September 30, 2015 December 31, 2014 Warranty accrual, beginning of the fiscal period $ $ Accrual adjustment for product warranty Payments made Warranty accrual, end of the fiscal period $ $ |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 13. 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. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events On October 8, 2015, the Company completed an offering of subscription warrants to purchase shares of its common stock at a price of $1.10 per share. Pursu ant to the Warrants O ffering, subscription warrants to purchase approximately 0.3 million shares of common stock were exercised, resulting in gross proceeds to the Company of approximately $300,000 . |
Summary Of Significant Accoun20
Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Presentation | Basis of Presentation The accompanying unaudited financial statements of Stereotaxis, Inc. have been prepared in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q. Accordingly, they do not include all the disclosures required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, they include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. Operating results for the nine month period ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015 or for future operating periods. These interim financial statements and the related notes should be read in conjunction with the annual financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 as filed with the Securities and Exchange Commission (SEC) on March 16, 2015. |
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 and debt conversion features. 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 11 for additional details. |
Revenue And Costs Of Revenue | Revenue and Costs of Revenue The Company accounts for revenue using Accounting Standards Codification Topic 605-25, Multiple-Element Arrangements (“ASC 605-25”). ASC 605-25 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 minimis 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. |
Share-Based Compensation | Share-Based Compensation The Company accounts for its grants of stock options, stock appreciation rights, restricted shares, and restricted stock units and for its employee stock purchase plan in accordance with the provisions of general accounting principles for share-based payments. These accounting principles require the determination of the fair value of the share-based compensation at the grant date and the recognition of the related expense over the period in which the share-based compensation vests. The Company utilizes the Black-Scholes valuation model to determine the fair value of stock options and stock appreciation rights at the date of grant. The resulting compensation expense is recognized over the requisite service period, which is generally 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 granted to employees are valued at the fair market value at the date of grant. The Company amortizes the fair market value to expense over the service period. 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. |
Net Earnings (Loss) Per Common Share ("EPS") | Net Earnings (Loss) per Common Share (“EPS”) Basic and diluted net earnings (loss) per common share are computed by dividing the net income (loss) for the period by the weighted average number of common shares outstanding during the period. The following table sets forth the computation of basic and diluted EPS: Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Numerator: Numerator for basic EPS $ $ $ $ Numerator for diluted EPS $ $ $ $ Denominator: Denominator for basic EPS—weighted average shares Effect of dilutive securities: Restricted stock units — — — Stock options, appreciation rights and warrants — — — Denominator for diluted EPS Basic EPS $ $ $ $ Diluted EPS $ $ $ $ In addition, 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 the three and nine months ended September 30, 2015 and the nine months ended September 30, 2014. 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 the Company’s unearned restricted shares do not contractually participate in its losses. The following potential common shares were excluded from diluted EPS for the three months ended September 30, 2014 as they were antidilutive: 500,294 stock options and stock appreciation rights, 391,775 restricted stock units, and 2,111,618 warrants. As of September 30, 2015, the Company had 750,705 shares of common stock issuable upon the exercise of outstanding options and stock appreciation rights at a weighted average exercise price of $9.32 per share, 2,131,476 shares of common stock issuable upon the exercise of outstanding warrants at a weighted average exercise price of $4.99 per share, and 762,898 shares of unvested restricted share units. The Company had no unearned restricted shares outstanding for the nine months ended September 30, 2015. As of September 30, 2015, the Company had 5,755,775 warrants outstanding in conjunction with its September 9, 2015 offering (the “Warrants Offering”) of transferable subscription warrants to holders of record of the Company’s common stock. Under the terms of the Warrants Offering shareholders of record on September 9, 2015 and holders of certain of the Company’s warrants (pursuant to the terms of their respective warrants) were entitled to one subscription warrant to purchase one share of common stock at a price of $1.10 per share for every four common shares held up to an aggregate of 5,755,775 shares of common stock. The Warrants Offering expired on October 2. See Note 14 ‘Subsequent Events’ for additional details. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU” or “Update”) No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory” regarding the subsequent measurement of inventory as part of its Simplification Initiative. This standard is effective for public companies for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. This Update should be applied prospectively, and early application is permitted as of the beginning of an interim or annual reporting period. 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 April 2015, the FASB issued ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. To simplify the presentation of debt issuance costs, the amendments in this Update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from that debt liability, consistent with the presentation of a debt discount. In August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements—Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update), which adds the SEC staff’s guidance on the presentation of debt issuance costs associated with lines of credit to the Codification. The SEC staff stated it will not object to an entity presenting the costs of securing line-of-credit arrangements as an asset, regardless of whether there are any outstanding borrowings. The Standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted for financial statements that have not been previously issued. We have evaluated the impact of adopting this accounting standard update on our financial statements and disclosures and the impact is immaterial. We will adopt the method in 2016. In August 2014, the FASB issued ASU 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 and 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. In April 2015, the FASB issued an exposure draft related to the deferral of the effective date, which would delay our effective date one year. Therefore, the standard would be effective for annual and interim periods beginning after December 15, 2017. 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. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Computation Of Basic And Diluted EPS | Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Numerator: Numerator for basic EPS $ $ $ $ Numerator for diluted EPS $ $ $ $ Denominator: Denominator for basic EPS—weighted average shares Effect of dilutive securities: Restricted stock units — — — Stock options, appreciation rights and warrants — — — Denominator for diluted EPS Basic EPS $ $ $ $ Diluted EPS $ $ $ $ |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Inventories [Abstract] | |
Schedule Of Inventories | September 30, 2015 December 31, 2014 Raw materials $ 2,099,640 $ 2,746,926 Work in process Finished goods Reserve for obsolescence Total inventories $ 5,132,532 $ 6,371,903 |
Prepaid Expenses And Other Cu23
Prepaid Expenses And Other Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Prepaid Expenses And Other Current Assets [Abstract] | |
Schedule Of Prepaid Expenses And Other Current Assets | September 30, 2015 December 31, 2014 Prepaid expenses $ 397,972 $ 679,740 Deferred financing costs Deposits Deferred cost of revenue - Total prepaid expenses and other assets Less: Noncurrent prepaid expenses and other assets Total prepaid expenses and other current assets $ 760,745 $ 1,094,837 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Property And Equipment [Abstract] | |
Schedule Of Property And Equipment | September 30, December 31, 2015 2014 Equipment $ 8,452,520 $ 8,264,804 Equipment held for lease Leasehold improvements Less: Accumulated depreciation Net property and equipment $ 1,076,692 $ 894,728 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accrued Liabilities [Abstract] | |
Schedule Of Accrued Liabilities | September 30, December 31, 2015 2014 Accrued salaries, bonus, and benefits $ 2,693,800 $ 2,557,557 Accrued rent Accrued licenses and maintenance fees Accrued interest Accrued warranties Accrued taxes Other Total accrued liabilities Less: Long term accrued liabilities Total current accrued liabilities $ 6,042,517 $ 5,505,142 |
Deferred Revenue (Tables)
Deferred Revenue (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Deferred Revenue [Abstract] | |
Schedule Of Deferred Revenue | September 30, December 31, 2015 2014 Product shipped, revenue deferred $ 326,588 $ 457,348 Customer deposits - Deferred service and license fees Less: Long-term deferred revenue Total current deferred revenue $ 6,447,824 $ 6,658,170 |
Long-Term Debt And Credit Fac27
Long-Term Debt And Credit Facilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Long-Term Debt And Credit Facilities [Abstract] | |
Schedule Of Long-Term Debt Outstanding | September 30, 2015 December 31, 2014 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Healthcare Royalty Partners debt $ 18,283,492 $ 18,388,764 Total debt Less current maturities — — — — Total long term debt $ 18,283,492 $ 18,283,492 $ 18,388,764 $ 18,388,764 |
Stockholder's Equity (Tables)
Stockholder's Equity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity [Abstract] | |
Summary Of Option And Stock Appreciation Rights Activity | Number of Options/SARs Range of Exercise Price Weighted Average Exercise Price per Share Outstanding, December 31, 2014 $1.69 - $116.40 $ Granted $1.45 - $2.15 $ Exercised - - - Forfeited $1.69 - $91.90 $ Outstanding, September 30, 2015 $1.45 - $116.40 $ |
Summary Of Restricted Stock Unit Activity | Number of Restricted Shares Units Weighted Average Grant Date Fair Value per Unit Outstanding, December 31, 2014 $ Granted $ Vested $ Forfeited $ Outstanding, September 30, 2015 $ |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Assets And Liabilities Measured At Fair Value On Recurring Basis By Level | Fair Value Measurement Using Total Quoted Prices in Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets at September 30, 2015: Cash equivalents $ — — Total assets at fair value $ — — Liabilities at September 30, 2015: Warrants issued May 10, 2012 — — Warrants issued August 2013 Total liabilities at fair value: $ — — Assets at December 31, 2014: Cash equivalents $ — — Total assets at fair value $ — — Liabilities at December 31, 2014: Warrants issued May 10, 2012 $ — — Warrants issued August 2013 — — Total liabilities at fair value: $ — — |
Summary Of Changes In Fair Value Of Level 3 Financial Liabilities | Warrants issued May 2012 Warrants issued August 2013 Total Liabilities Balance at beginning of period $ 728,712 $ 1,405,475 $ 2,134,187 Settlements - - - Revaluation Balance at end of period $ 440,137 $ 861,902 $ 1,302,039 |
Product Warranty Provisions (Ta
Product Warranty Provisions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Product Warranty Provisions [Abstract] | |
Schedule Of Accrued Warranty | September 30, 2015 December 31, 2014 Warranty accrual, beginning of the fiscal period $ $ Accrual adjustment for product warranty Payments made Warranty accrual, end of the fiscal period $ $ |
Description Of Business (Detail
Description Of Business (Details) | Sep. 30, 2015USD ($)item | Dec. 31, 2014USD ($) |
Description Of Business [Abstract] | ||
Installed base | item | 123 | |
Cumulative net losses incurred since inception | $ (464,277,098) | $ (458,605,903) |
Summary Of Significant Accoun32
Summary Of Significant Accounting Policies (Narrative) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation, requisite service period | 4 years | ||
Stock options and stock appreciation rights | 750,705 | 487,146 | |
Weighted average exercise price | $ 9.32 | $ 17.21 | |
Stock Options And Stock Appreciation Rights [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Potential common shares excluded from diluted EPS | 500,294 | ||
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Potential common shares excluded from diluted EPS | 391,775 | ||
Unvested restricted shares | 762,898 | 697,751 | |
Warrants [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Potential common shares excluded from diluted EPS | 2,111,618 | ||
Warrants outstanding | 2,131,476 | ||
Exercise price of warrants | $ 4.99 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested restricted shares | 0 | ||
September 9, 2015 Warrants Offering [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Warrants outstanding | 5,755,775 | ||
Exercise price of warrants | $ 1.10 | ||
Warrants Offering commencement date | Sep. 9, 2015 | ||
Number of common shares to purchase per subscription warrant | 0.25 | ||
Aggregate number of common shares issuable upon conversion of subscription warrants | 5,755,775 |
Summary Of Significant Accoun33
Summary Of Significant Accounting Policies (Computation Of Basic And Diluted EPS) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | ||||
Numerator for basic EPS | $ (996,926) | $ 22,670 | $ (5,671,195) | $ (6,058,656) |
Numerator for diluted EPS | $ (996,926) | $ 22,670 | $ (5,671,195) | $ (6,058,656) |
Denominator for basic EPS-weighted average shares | 21,142,795 | 20,326,169 | 20,965,012 | 19,767,545 |
Effect of diluted securities: Restricted stock units | 156,525 | |||
Effect of diluted securities: Stock options, appreciation rights and warrants | 36,063 | |||
Denominator for diluted EPS | 21,142,795 | 20,518,757 | 20,965,012 | 19,767,545 |
Basic EPS | $ (0.05) | $ 0 | $ (0.27) | $ (0.31) |
Diluted EPS | $ (0.05) | $ 0 | $ (0.27) | $ (0.31) |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Inventories [Abstract] | ||
Raw materials | $ 2,099,640 | $ 2,746,926 |
Work in process | 3,893 | 374,236 |
Finished goods | 3,057,265 | 3,310,375 |
Reserve for obsolescence | (28,266) | (59,634) |
Total inventories | $ 5,132,532 | $ 6,371,903 |
Prepaid Expenses And Other Cu35
Prepaid Expenses And Other Current Assets (Schedule Of Prepaid Expenses And Other Current Assets) (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Prepaid Expenses And Other Current Assets [Abstract] | ||
Prepaid expenses | $ 397,972 | $ 679,740 |
Deferred financing costs | 430,810 | 492,385 |
Deposits | 131,781 | 311,562 |
Deferred cost of revenue | 95,082 | |
Total prepaid expenses and other assets | 1,055,645 | 1,483,687 |
Less: Noncurrent prepaid expenses and other assets | (294,900) | (388,850) |
Total prepaid expenses and other current assets | $ 760,745 | $ 1,094,837 |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | $ 11,084,313 | $ 10,896,597 |
Less: Accumulated depreciation | (10,007,621) | (10,001,869) |
Net property and equipment | 1,076,692 | 894,728 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 8,452,520 | 8,264,804 |
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) | Sep. 30, 2015USD ($) |
Intangible Assets [Abstract] | |
Total intangible assets | $ 3,665,000 |
Accumulated amortization | $ 2,510,222 |
Accrued Liabilities (Schedule O
Accrued Liabilities (Schedule Of Accrued Liabilities) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013USD ($)ft² | Sep. 30, 2015USD ($)ft² | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Accrued Liabilities [Abstract] | ||||
Accrued salaries, bonus, and benefits | $ 2,693,800 | $ 2,557,557 | ||
Accrued rent | 1,387,005 | 1,407,740 | ||
Accrued licenses and maintenance fees | 662,323 | 661,766 | ||
Accrued interest | 490,792 | 493,616 | ||
Accrued warranties | 304,606 | 364,548 | $ 501,212 | |
Accrued taxes | 311,529 | 332,364 | ||
Other | 198,051 | 102,479 | ||
Total accrued liabilities | 6,048,106 | 5,920,070 | ||
Less: Long term accrued liabilities | (5,589) | (414,928) | ||
Total current accrued liabilities | $ 6,042,517 | $ 5,505,142 | ||
Square feet of office leased space | ft² | 52,000 | |||
Square feet of demonstration and assembly leased space | ft² | 12,000 | |||
Square feet of terminated unimproved leased space | ft² | 13,000 | |||
Accrued lease termination costs | $ 515,138 | |||
Accrued lease termination costs remaining | $ 302,264 |
Deferred Revenue (Schedule Of D
Deferred Revenue (Schedule Of Deferred Revenue) (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | $ 7,259,894 | $ 7,634,335 |
Less: Long-term deferred revenue | (812,070) | (976,165) |
Total current deferred revenue | 6,447,824 | 6,658,170 |
Product Shipped, Revenue Deferred [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | 326,588 | 457,348 |
Customer Deposits [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | 1,065,371 | |
Deferred Service And License Fees [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | $ 6,933,306 | $ 6,111,616 |
Long-Term Debt And Credit Fac40
Long-Term Debt And Credit Facilities (Revolving Line Of Credit) (Narrative) (Details) | 9 Months Ended | |||
Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2013USD ($) | |
Line of Credit Facility [Line Items] | ||||
Cash and cash equivalents | $ 3,618,469 | $ 7,270,301 | $ 8,724,395 | $ 13,775,130 |
Total liquidity | 9,400,000 | |||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 10,000,000 | |||
Line of credit maturity date | Mar. 31, 2018 | |||
Minimum tangible net worth requirement, period one | $ (21,500,000) | |||
Minimum tangible net worth requirement, period two | (22,500,000) | |||
Minimum tangible net worth requirement, period three | (23,500,000) | |||
Minimum tangible net worth requirement, period four | (24,500,000) | |||
Line of credit facility, amount outstanding | 0 | |||
Line of credit facility, current borrowing capacity | $ 5,800,000 | |||
Revolving Credit Facility [Member] | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Liquidity ratio | 1.50 |
Long-Term Debt And Credit Fac41
Long-Term Debt And Credit Facilities (Healthcare Royalty Partners Debt) (Narrative) (Details) - Healthcare Royalty Partners Debt [Member] - USD ($) $ in Millions | Jan. 31, 2013 | Aug. 08, 2012 | Nov. 30, 2011 | Sep. 30, 2015 |
Debt Instrument [Line Items] | ||||
Amount borrowed | $ 2.5 | $ 2.5 | $ 15 | |
Additional amount which may be borrowed | $ 5 | |||
Percentage of royalties entitled to receive | 100.00% | |||
Debt maturity date | Dec. 31, 2018 | |||
Annual interest rate | 16.00% |
Long-Term Debt And Credit Fac42
Long-Term Debt And Credit Facilities (Schedule Of Long-Term Debt Outstanding) (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total long term debt | $ 18,283,492 | $ 18,388,764 |
Carrying Amount [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 18,283,492 | $ 18,388,764 |
Less current maturities | ||
Total long term debt | $ 18,283,492 | $ 18,388,764 |
Estimated Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 18,283,492 | $ 18,388,764 |
Less current maturities | ||
Total long term debt | $ 18,283,492 | $ 18,388,764 |
Healthcare Royalty Partners Debt [Member] | Carrying Amount [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 18,283,492 | 18,388,764 |
Healthcare Royalty Partners Debt [Member] | Estimated Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 18,283,492 | $ 18,388,764 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) | Jun. 10, 2014shares | Jun. 05, 2013shares | May. 31, 2014USD ($) | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesitemshares | Dec. 31, 2014shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Votes per share | item | 1 | |||||
Dividends declared | $ | $ 0 | $ 0 | ||||
Dividends paid | $ | $ 0 | |||||
Aggregate gross sales price | $ | $ 18,000,000 | |||||
Commission percentage of gross proceeds | 3.00% | |||||
Aggregate shares of common stock sold | 160,020 | |||||
Average price per share | $ / shares | $ 1.89 | $ 1.89 | ||||
Gross proceeds from common stock sold | $ | $ 301,741 | |||||
Net proceeds from common stock sold | $ | 292,689 | |||||
Remaining common stock available | $ | $ 13,800,000 | $ 13,800,000 | ||||
2012 Stock Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Increase in number of shares authorized for issuance under the Plan | 1,000,000 | 1,000,000 | ||||
Remaining shares of Company's common stock to provide for current and future grants under its various equity plans | 692,111 | 692,111 | ||||
Total compensation cost related to options, stock appreciation rights and non-vested stock granted to employees not yet recognized | $ | $ 2,100,000 | $ 2,100,000 | ||||
Estimated forfeitures | $ | $ 1,100,000 | |||||
Amortization period of total compensation cost related to options, stock appreciation rights and non-vested stock granted to employees not yet recognized | 4 years | |||||
September 9, 2015 Warrants Offering [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Warrants outstanding | 5,755,775 | 5,755,775 | ||||
Warrants Offering commencement date | Sep. 9, 2015 | |||||
Number of common shares to purchase per subscription warrant | 0.25 | 0.25 | ||||
Exercise price of warrants | $ / shares | $ 1.10 | $ 1.10 | ||||
Aggregate number of common shares issuable upon conversion of subscription warrants | 5,755,775 | 5,755,775 | ||||
Warrants [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Warrants outstanding | 2,131,476 | 2,131,476 | ||||
Exercise price of warrants | $ / shares | $ 4.99 | $ 4.99 | ||||
Restricted Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted shares outstanding | 762,898 | 762,898 | 697,751 | |||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted shares outstanding | 0 | 0 |
Stockholders' Equity (Summary O
Stockholders' Equity (Summary Of Option And Stock Appreciation Rights Activity) (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Number of Options/SARs, Outstanding, December 31, 2014 | 487,146 | |
Number of Options/SARs, Granted | 353,350 | |
Number of Options/SARs, Exercised | ||
Number of Options/SARs, Forfeited | (89,791) | |
Number of Options/SARs, Outstanding, September 30, 2015 | 750,705 | 487,146 |
Weighted Average Exercise Price per Share, Outstanding, December 31, 2014 | $ 17.21 | |
Weighted Average Exercise Price per Share, Granted | $ 2.07 | |
Weighted Average Exercise Price per Share, Exercised | ||
Weighted Average Exercise Price per Share, Forfeited | $ 23.58 | |
Weighted Average Exercise Price per Share, Outstanding, September 30, 2015 | 9.32 | $ 17.21 |
$1.69 - $116.40 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Price, Lower limit | 1.69 | |
Range of Exercise Price, Upper limit | $ 116.40 | |
$1.45 - $2.15 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Price, Lower limit | 1.45 | |
Range of Exercise Price, Upper limit | 2.15 | |
$1.69 - $91.90 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Price, Lower limit | 1.69 | |
Range of Exercise Price, Upper limit | 91.90 | |
$1.45 - $116.40 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Price, Lower limit | 1.45 | |
Range of Exercise Price, Upper limit | $ 116.40 |
Stockholders' Equity (Summary45
Stockholders' Equity (Summary Of Restricted Stock Unit Activity) (Details) - Restricted Stock Units [Member] | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Restricted Shares Units, Outstanding, December 31, 2014 | 697,751 |
Number of Restricted Shares Units, Granted | 391,200 |
Number of Restricted Shares Units, Vested | (238,385) |
Number of Restricted Shares Units, Forfeited | (87,668) |
Number of Restricted Shares Units, Outstanding, September 30, 2015 | 762,898 |
Weighted Average Grant Date Fair Value per Unit, Outstanding, December 31, 2014 | $ / shares | $ 3.14 |
Weighted Average Grant Date Fair Value per Unit, Granted | $ / shares | 2.04 |
Weighted Average Grant Date Fair Value per Unit, Vested | $ / shares | 3.08 |
Weighted Average Grant Date Fair Value per Unit, Forfeited | $ / shares | 2.82 |
Weighted Average Grant Date Fair Value per Unit, Outstanding, September 30, 2015 | $ / shares | $ 2.63 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Cash equivalents invested in money market funds | $ 1,619,199 | $ 5,361,053 |
Closing stock price | $ 1.89 | |
Quoted Prices In Active Markets For Identical Instruments (Level 1) [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Cash equivalents invested in money market funds | $ 1,619,199 | $ 5,361,053 |
Significant Unobservable Inputs (Level 3) [Member] | Warrants Issued May 10, 2012 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Warrant expiration date | May 1, 2018 | |
Volatility rate | 190.66% | |
Risk-free interest rate | 0.92% | |
Closing stock price | $ 0.93 | |
Significant Unobservable Inputs (Level 3) [Member] | Warrants Issued August 2013 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Warrant expiration date | Nov. 1, 2018 | |
Volatility rate | 181.68% | |
Risk-free interest rate | 0.92% | |
Closing stock price | $ 0.93 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On Recurring Basis By Level) (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 1,619,199 | $ 5,361,053 |
Total assets at fair value | 1,619,199 | 5,361,053 |
Warrants issued | 1,302,039 | 2,134,187 |
Total liabilities at fair value | 1,302,039 | 2,134,187 |
Warrants Issued May 10, 2012 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants issued | 440,137 | 728,712 |
Warrants Issued August 2013 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants issued | 861,902 | 1,405,475 |
Quoted Prices In Active Markets For Identical Instruments (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,619,199 | 5,361,053 |
Total assets at fair value | $ 1,619,199 | $ 5,361,053 |
Significant Other Observable 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 | ||
Significant Other Observable Inputs (Level 2) [Member] | Warrants Issued May 10, 2012 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants issued | ||
Significant Other Observable Inputs (Level 2) [Member] | Warrants Issued August 2013 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants issued | ||
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at fair value | $ 1,302,039 | $ 2,134,187 |
Significant Unobservable Inputs (Level 3) [Member] | Warrants Issued May 10, 2012 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants issued | 440,137 | 728,712 |
Significant Unobservable Inputs (Level 3) [Member] | Warrants Issued August 2013 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants issued | $ 861,902 | $ 1,405,475 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Changes In Fair Value Of Level 3 Financial Liabilities) (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Liabilities, Balance at beginning of period | $ 2,134,187 |
Liabilities, Settlements | |
Liabilities, Revaluation | $ (832,148) |
Liabilities, Balance at end of period | 1,302,039 |
Warrants Issued May 10, 2012 [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Liabilities, Balance at beginning of period | $ 728,712 |
Liabilities, Settlements | |
Liabilities, Revaluation | $ (288,575) |
Liabilities, Balance at end of period | 440,137 |
Warrants Issued August 2013 [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Liabilities, Balance at beginning of period | $ 1,405,475 |
Liabilities, Settlements | |
Liabilities, Revaluation | $ (543,573) |
Liabilities, Balance at end of period | $ 861,902 |
Product Warranty Provisions (Sc
Product Warranty Provisions (Schedule Of Accrued Warranty) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Product Warranty Provisions [Abstract] | ||
Warranty accrual, beginning of the fiscal period | $ 364,548 | $ 501,212 |
Accrual adjustment for product warranty | 91,293 | 84,402 |
Payments made | (151,235) | (221,066) |
Warranty accrual, end of the fiscal period | $ 304,606 | $ 364,548 |
Standard product warranty, coverage term | 1 year |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] $ / shares in Units, shares in Millions | Oct. 08, 2015USD ($)$ / sharesshares |
Subsequent Event [Line Items] | |
Exercise price of warrants | $ / shares | $ 1.10 |
Number of common shares exercised upon conversion of warrants | 0.3 |
Gross proceeds from stock warrants exercised | $ | $ 300,000 |