Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 29, 2016 | Jun. 30, 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 | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Amendment Flag | false | ||
Document Type | 10-K | ||
Document Fiscal Period Focus | FY | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 21,622,856 | ||
Entity Public Float | $ 27.7 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 5,593,582 | $ 7,270,301 |
Accounts receivable, net of allowance of $93,478 and $131,464 in 2015 and 2014, respectively | 6,376,470 | 6,480,499 |
Inventories | 4,504,282 | 6,371,903 |
Prepaid expenses and other current assets | 785,211 | 1,094,837 |
Total current assets | 17,259,545 | 21,217,540 |
Property and equipment, net | 1,067,321 | 894,728 |
Intangible assets, net | 635,889 | 1,379,653 |
Other assets | 264,159 | 388,850 |
Total assets | 19,226,914 | 23,880,771 |
Current liabilities: | ||
Accounts payable | 1,840,135 | 2,353,133 |
Accrued liabilities | 6,058,390 | 5,259,694 |
Deferred revenue | 7,445,935 | 6,658,170 |
Warrants and debt conversion features | 794,130 | 2,134,187 |
Total current liabilities | 16,138,590 | 16,405,184 |
Long-term debt | 18,429,177 | 18,388,764 |
Long-term deferred revenue | 2,009,198 | 976,165 |
Other liabilities | 275,603 | 660,376 |
Total liabilities | $ 36,852,568 | $ 36,430,489 |
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, 21,551,173 and 20,480,874 shares issued at 2015 and 2014, respectively | $ 21,551 | $ 20,481 |
Additional paid in capital | 448,517,472 | 446,241,703 |
Treasury stock, 4,015 shares at 2015 and 2014 | (205,999) | (205,999) |
Accumulated deficit | (465,958,678) | (458,605,903) |
Total stockholders' deficit | (17,625,654) | (12,549,718) |
Total liabilities and stockholders' deficit | $ 19,226,914 | $ 23,880,771 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Accounts receivable, allowance | $ 93,478 | $ 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 | 21,551,173 | 20,480,874 |
Treasury stock, shares | 4,015 | 4,015 |
Statements Of Operations
Statements Of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue: | ||
Systems | $ 10,640,584 | $ 7,839,006 |
Disposables, service and accessories | 27,033,940 | 27,172,270 |
Total revenue | 37,674,524 | 35,011,276 |
Cost of revenue: | ||
Systems | 6,052,241 | 4,204,719 |
Disposables, service and accessories | 4,385,917 | 4,018,661 |
Total cost of revenue | 10,438,158 | 8,223,380 |
Gross margin | 27,236,366 | 26,787,896 |
Operating expenses: | ||
Research and development | 6,252,791 | 5,158,331 |
Sales and marketing | 15,850,362 | 15,168,940 |
General and administrative | 10,543,741 | 11,845,289 |
Total operating expenses | 32,646,894 | 32,172,560 |
Operating loss | (5,410,528) | (5,384,664) |
Other income | 1,340,057 | 3,510,439 |
Interest income | 1,864 | 7,084 |
Interest expense | (3,284,168) | (3,335,300) |
Net loss | $ (7,352,775) | $ (5,202,441) |
Net loss per common share: | ||
Basic | $ (0.35) | $ (0.26) |
Diluted | $ (0.35) | $ (0.26) |
Weighted average shares used in computing net loss per common share: | ||
Basic | 21,113,203 | 19,945,038 |
Diluted | 21,113,203 | 19,945,038 |
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, Amount at Dec. 31, 2013 | $ 19,311 | $ 441,888,155 | $ (205,999) | $ (453,403,462) | $ (11,701,995) |
Balance, Shares at Dec. 31, 2013 | 19,311,390 | ||||
Issuance of common stock and warrants, Amount | $ 879 | 2,852,794 | 2,853,673 | ||
Issuance of common stock and warrants, Shares | 878,077 | ||||
Share-based compensation | 1,501,045 | 1,501,045 | |||
Grant of restricted shares, net of forfeitures, Shares | 259 | ||||
Restricted stock vestings, Amount | $ 291 | (291) | |||
Restricted stock vestings, Shares | 291,148 | ||||
Net loss | (5,202,441) | (5,202,441) | |||
Balance, Amount at Dec. 31, 2014 | $ 20,481 | 446,241,703 | (205,999) | (458,605,903) | (12,549,718) |
Balance, Shares at Dec. 31, 2014 | 20,480,874 | ||||
Issuance of common stock and warrants, Amount | $ 809 | 940,545 | 941,354 | ||
Issuance of common stock and warrants, Shares | 809,822 | ||||
Share-based compensation | 1,312,319 | 1,312,319 | |||
Restricted stock vestings, Amount | $ 242 | (242) | |||
Restricted stock vestings, Shares | 241,775 | ||||
Net loss | (7,352,775) | (7,352,775) | |||
Employee stock purchase plan, Amount | $ 19 | 23,147 | 23,166 | ||
Employee stock purchase plan, Shares | 18,702 | ||||
Balance, Amount at Dec. 31, 2015 | $ 21,551 | $ 448,517,472 | $ (205,999) | $ (465,958,678) | $ (17,625,654) |
Balance, Shares at Dec. 31, 2015 | 21,551,173 |
Statements Of Cash Flows
Statements Of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | ||
Net loss | $ (7,352,775) | $ (5,202,441) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation | 320,301 | 413,773 |
Amortization of intangibles | 299,833 | 299,833 |
Amortization of deferred finance costs | 222,682 | 240,601 |
Share-based compensation | 1,312,319 | 1,501,045 |
Impairment of intangible asset | 443,931 | |
Loss on asset disposal | 5,883 | |
Adjustment of warrants | (1,340,057) | (3,510,439) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 104,029 | 1,098,084 |
Inventories | 1,521,995 | (1,492,864) |
Prepaid expenses and other current assets | 86,944 | 144,518 |
Other assets | 124,691 | 110,763 |
Accounts payable | (512,998) | (1,159,206) |
Accrued liabilities | 798,696 | (1,634,850) |
Deferred revenue | 1,820,798 | (376,499) |
Other liabilities | (384,773) | 475,539 |
Net cash used in operating activities | (2,528,501) | (9,092,143) |
Cash flows from investing activities | ||
Purchase of equipment | (153,151) | (123,912) |
Net cash used in investing activities | (153,151) | (123,912) |
Cash flows from financing activities | ||
Proceeds (payments) from Healthcare Royalty Partners debt | 40,413 | (142,447) |
Proceeds from issuance of stock and warrants, net of issuance costs | 964,520 | 2,853,673 |
Net cash provided by financing activities | 1,004,933 | 2,711,226 |
Net increase (decrease) in cash and cash equivalents | (1,676,719) | (6,504,829) |
Cash and cash equivalents at beginning of period | 7,270,301 | 13,775,130 |
Cash and cash equivalents at end of period | 5,593,582 | 7,270,301 |
Supplemental disclosures of cash flow information: | ||
Interest paid | $ 2,974,345 | $ 3,028,884 |
Description Of Business
Description Of Business | 12 Months Ended |
Dec. 31, 2015 | |
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 Stereot axis 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 regulatory clearance, licensing and/or CE Mark approvals that allow us to market the Vdrive and Vdrive Duo systems with the V-CAS , V-Loop and V-Sono devices in the U.S., Canada and European Union. Since our inception, we have generated significant losses. As of December 31, 201 5, we had incurred cumulative net losses of approximately $46 6 . 0 million. In May 2011, the Company introduced the Niobe ES system and as of December 31, 2015, the Company had an installed base of 125 Niobe ES systems. In 2016, the Company plans to continue developing the Niobe ES system with the goal of furthering clinical adoption. Between 2011 and 2015, the Company implemented a wide ranging plan to rebalance and reduce operating expenses by 15% to 20% on an annual run rate basis. We expect to incur additional losses into 2016 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 2016, we will continue to monitor operating expenses and make 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, 2018 subject to continuing compliance with our covenants . 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. The accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability of assets or the amounts of liabilities that may result should the Company be unable to continue as a going concern. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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. No cash was restricted at December 31, 2015 or 2014. 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, 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, 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, which in most cases is estimated based upon Level 2 or Level 3 inputs . 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, which in most cases is estimated based upon Level 2 or Level 3 inputs . 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, 2015 or 2014 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 are considered to be non-compensatory. Net Earnings (Loss) per Common Share Basic earnings (loss) per common share are computed by dividing the net earnings (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 earnings (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, 2015, the Company had 706,494 shares of common stock issuable upon the exercise of outstanding options and stock appreciation rights at a weighted average exercise price of $9.34 per share and 2,120,365 shares of common stock issuable upon the exercise of outstanding warrants at a weighted average exercise price of $4.82 per share. The Company had no unearned restricted shares outstanding for the period ended December 31, 2015. 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 $3,514,897 and $4,651,490 , or 9% , and 13% , of total net revenue for the years ended December 31, 2015, and 2014, respectively. No other single customer accounted for more than 10% of total revenue for the year ended December 31, 2015. Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported losses. Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02 - Leases (ASC 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASC 842 supersedes the previous leases standard, ASC 840 Leases. The standard is effective for interim and annual periods beginning after December 31, 2018 (January 1, 2019 for the Company), with early adoption permitted. The Company is in the process of evaluating the impact of this accounting standard update. In November 2015, the FASB issued Accounting Standards Update (“ASU” or “Update”) No. 2015-17, “Income Taxes (Topic 740): To simplify the presentation of deferred income taxes”. The amendments in this Update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in this Update apply to all entities that present a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this Update. This standard is effective for public companies for financial statements issued for annual periods beginning after December 15, 2016 (January 1, 2017 for the Company), and interim periods within those annual periods. We have adopted this accounting standard update and there was no impact to the results of operations or cash flows. In July 2015, the FASB issued ASU 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 (January 1, 2017 for the Company), 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 but do not expect this to significantly impact the results of operations, financial conditions, cash flows, or financial statement presentation. 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 (January 1, 2016 for the Company), 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. The Company’s audited consolidated balance sheets as of December 31, 2015 and 2014 includes $349,018 and $465,251 , respectively, of deferred financing cost assets (excluding $25,960 and $27,134 , respectively, related to line-of-credit arrangements) that would, under the new guidance be presented as a direct reduction to liabilities. 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 (December 31, 2016 for the Company). 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, 2017 (January 1, 2018 for the Company). 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. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2015 | |
Inventory [Abstract] | |
Inventory | 3. Inventory Inventory consists of the following: December 31, 2015 December 31, 2014 Raw materials $ 2,065,676 $ 2,746,926 Work in process 24,758 374,236 Finished goods 2,433,819 3,310,375 Reserve for obsolescence (19,971) (59,634) Total inventory $ 4,504,282 $ 6,371,903 |
Prepaid Expenses And Other Curr
Prepaid Expenses And Other Current Assets | 12 Months Ended |
Dec. 31, 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: December 31, 2015 December 31, 2014 Prepaid expenses $ 454,822 $ 679,740 Deferred financing costs 374,978 492,385 Deposits 136,583 311,562 Deferred cost of revenue 82,987 - Total prepaid expenses and other assets 1,049,370 1,483,687 Less: Noncurrent prepaid expenses and other assets (264,159) (388,850) Total prepaid expenses and other current assets $ 785,211 $ 1,094,837 |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property And Equipment [Abstract] | |
Property And Equipment | 5. Property and Equipment Property and equipment consist of the following: December 31, December 31, 2015 2014 Equipment $ 8,496,636 $ 8,264,804 Equipment held for lease 303,412 303,412 Leasehold improvements 2,320,368 2,328,381 11,120,416 10,896,597 Less: Accumulated depreciation (10,053,095) (10,001,869) Net property and equipment $ 1,067,321 $ 894,728 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Intangible Assets [Abstract] | |
Intangible Assets | 6. Intangible Assets As of December 31, 2015 and 2014 , the Company had total intangible assets of $3,221,069 and $3,665,000 . Accumulated amortization at December 31, 201 5 and 201 4 was $2,585,180 and $2,285,347 , respectively . Amortiz ation expense for the years 2015 and 2014 was $299,833 per year, as determined under the straight-line method. The estimated future amortization of intangible assets is $199,320 annually through July 201 8 , decreasing thereafter to $143,765 in 2018, $65,988 in 2019 and $27,496 through May 2020. The Company also recognized impairment charges of $443,931 during 2015 on certain 2010 intellectual property rights relating to the Company’s Odyssey Solution due to uncertainty around forecasted revenue under the Odyssey system distribution agreement beyond May, 2016 . The impairment is the result of a decline in forecasted revenue attributable to this intellectual property that indicated it was probable the undiscounted future cash flows would not exceed the book value of the intellectual property. As a result, the book value of the intellectual property was reduced to its fair value as estimated using a discounted cash flow analysis. The Company evaluated the discount rate in the fair value calculation with the assistance of a third party valuation specialist (Level 3). |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | 7. Accrued Liabilities Accrued liabilities consist of the following: December 31, December 31, 2015 2014 Accrued salaries, bonus, and benefits $ 3,053,012 $ 2,557,557 Accrued rent 1,361,379 1,407,740 Accrued licenses and maintenance fees 666,373 661,766 Accrued interest 494,703 493,616 Accrued warranties 316,835 364,548 Accrued taxes 324,226 332,364 Other 117,465 102,479 Total accrued liabilities 6,333,993 5,920,070 Less: Long term accrued liabilities (275,603) (660,376) Total current accrued liabilities $ 6,058,390 $ 5,259,694 Certain prior year amounts have been reclassified to conform to the 2015 presentation. |
Deferred Revenue
Deferred Revenue | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Revenue [Abstract] | |
Deferred Revenue | 8. Deferred Revenue Deferred revenue consists of the following: December 31, December 31, 2015 2014 Product shipped, revenue deferred $ 366,388 $ 457,348 Customer deposits 2,505,000 1,065,371 Deferred service and license fees 6,583,745 6,111,616 9,455,133 7,634,335 Less: Long-term deferred revenue (2,009,198) (976,165) Total current deferred revenue $ 7,445,935 $ 6,658,170 |
Long-Term Debt And Credit Facil
Long-Term Debt And Credit Facilities | 12 Months Ended |
Dec. 31, 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: December 31, 2015 December 31, 2014 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Healthcare Royalty Partners debt $ 18,429,177 $ 18,429,177 $ 18,388,764 $ 18,388,764 Less current maturities — — — — Total long term debt $ 18,429,177 $ 18,429,177 $ 18,388,764 $ 18,388,764 Contractual principal maturit ies of debt at December 31, 2015 are as follows: 2016 $ - 2017 - 2018 18,429,177 2019 - 2020 - 2021 and Beyond - $ 18,429,177 In accordance with general accounting principles for fair value measurement, the Company’s debt and credit facilities were measured at fa ir value as of December 31, 2015 and December 31, 201 4 . 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 27, 2015 extending the maturity d ate three year s to March 31, 2018 . The current agreement requires the Company to maintain a minimum tangible net worth of not less than (no worse than) negative $22.5 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. 50 :1.00 , excluding certain short term advances from the calculation. As of December 31, 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 D ecember 31, 2015 the Company had a borrowing capacity of $5.2 million based on the Co mpany’s collateralized assets. 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. |
Lease Obligations
Lease Obligations | 12 Months Ended |
Dec. 31, 2015 | |
Lease Obligations [Abstract] | |
Lease Obligations | 10. Lease Obligations The Company leases its facilities under operating leases. For the years ended December 31, 2015 and 2014 rent expense was $1,205,338 and $1,068,972 , respectively. The rent expense for the year ended December 31, 2015 is net of sublease income of $18,912 . In January 2006, the Company moved its primary operations into its current 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, 2015, the remaining accrued costs associated with the termination were $284,793 . In the fourth quarter of 201 5 , the Company entered a sublease agreement to sublease 3,152 square feet of the first floor office space through December 31, 2018. The future minimum lease payments under non-cancelable leases as of December 31, 2015 are as follows: Year Operating Lease Payments 2016 $ 1,968,006 2017 1,975,514 2018 2,026,362 Total minimum lease payments 5,969,882 Less amounts representing sublease receipts (233,248) $ 5,736,634 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 . 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 twelve months ended December 31, 2015, the Company sold an aggregate of 542,996 shares of common stock under the Sales Agreement, at an average price of approximately $1.98 per share for gross proceeds of $1,072,743 and net proceeds of $1,040,561 , after deducting Cantor’s commission. As of December 31, 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 On October 8, 2015 the Company completed an 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. Pursuant to the Warrants Offering, subscription warrants to purchase 267,256 shares of common stock were exercised, resulting in gross proceeds to the Company of $293,982 . 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, 2015 2014 Warrants 2,120,365 2,197,883 Stock award plans 731,442 1,297,389 Employee Stock Purchase Plan 231,298 250,000 3,083,105 3,745,272 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, 201 5 is as follows: Number of Options/SARs Range of Exercise Price Weighted Average Exercise Price per Share Outstanding, December 31, 2014 487,146 $1.69 - $116.40 $17.21 Granted 353,350 $1.45 - $2.15 $2.07 Exercised - - - Forfeited (134,002) $1.45 - $91.90 $18.81 Outstanding, December 31, 2015 706,494 $1.45 - $116.40 $9.34 As of December 31, 201 5 , the weighted average remaining contractual life of the options and stock appreciation rights outstanding was 8.00 years . Of the 706,494 options and stock appreciation rights that were out standing as of December 31, 2015 , 235,572 were vested and exercisable with a weighted average exercise price of $22.43 per share and a weighted average remaining term of 6.42 years. A summary of the options and stock appreciation rights outstanding by range of exercise price is as follows: Year Ended December 31, 2015 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 - $10.00 607,749 8.67 years $ 3.07 136,827 $ 4.07 $30.01 - $40.00 61,495 4.95 years $ 34.89 61,495 $ 34.89 $40.01 - $50.00 12,250 3.44 years $ 43.90 12,250 $ 43.90 $50.01 - $60.00 12,250 2.41 years $ 54.90 12,250 $ 54.90 $90.01+ 12,750 0.95 years $ 107.59 12,750 $ 107.59 706,494 8.00 years $ 9.34 235,572 $ 22.43 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 i n-the-money at December 31, 2015 . The intrinsic value of the options and stock appreciation rights outstanding at December 31, 2015 and the intrinsic value of fully vested options and stock appreciation rights outstanding at December 31, 2015 were zero based on a closing share price of $0.74 on December 31, 2015 . No options or stock appreciation rights were exercised under the Company’s stock option plans during the years ended December 31, 2014 or 2015 and the Company realized no proceeds during these periods . The weighted average grant date fair value of options and stock appreciation rights granted during the year ended December 31, 2015 was $2.07 per share. A summary of the restricted stock unit activity for the year ended December 31, 2015 is as follows: Number of Restricted Stock Units Weighted Average Grant Date Fair Value per Unit Outstanding, December 31, 2014 697,751 $3.14 Granted 391,200 $2.04 Vested (241,775) $3.06 Forfeited (95,168) $2.82 Outstanding, December 31, 2015 752,008 $2.63 The intrinsic value of restricted stock units outstanding at December 31, 2015 was $0.6 million based on a closing share price of $0.74 as of December 31, 2015 . During the year ended December 31, 201 5 , the aggregate intrinsic value of restric ted stock units vested was $0.4 million determined at the date of vesting. During the fourth quarter of 2015, the Company made an adjustment to its forfeiture rate based on historical information, which resulted in an increase to share-based compensation of approximately $0.2 million for the year ended December 31, 2015. As of December 31, 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 $0.8 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 mo nths . Under the te rms 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, 201 5 , there were 231,298 remaining shares available for issuance under the Employee Stock Purchase Plan. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
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 Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets at December 31, 2015: Cash equivalents $ 524,083 524,083 — — Total assets at fair value $ 524,083 524,083 — — Liabilities at December 31, 2015: Warrants issued May 10, 2012 $ 143,681 — — 143,681 Warrants issued August 2013 $ 650,449 — — 650,449 Total liabilities at fair value: $ 794,130 — — 794,130 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 Level 1 The Company’s financial assets consist of cash equivalents invested in money market funds in the amount of $524,083 and $5,361,053 at December 31, 201 5 and December 31, 201 4 , 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, 201 5 and December 31, 201 4 . There were no transfers in or out of Level 1 during the year ended December 31, 2015. Level 2 The Company does not have any financial assets or liabilities classified as Level 2. Level 3 Due to provisions included in the warrant agreements, outstanding warran ts related to the Company’s May 2012 Stock and Warrant Purchase Agreement (“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. The remaining PIPE warrants expire in May 2018 and were valued using an option pricing model 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 PIPE warrants were revalued using an option pricing model as of December 31, 2015 using the following assumptions: 1) volatility of 113.4% ; 2) risk-free interest rate of 1.06% ; and 3) a closing stock price of $0.74 . Due to the provisions included in the warrant agreements, warrants outstanding in conjunction with the Company’s August 7, 2013 transaction (the “Exchange warrants”) also do not meet the exemptions for equity classification and as such, the Company accounts for these warrants as derivative instruments. The remaining Exchange warrants expire in November 2018 and were valued using an option pricing model 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 Exchange warrants were revalued using an option pricing model as of December 31, 2015 using the following assumptions: 1) volatility of 182.94% ; 2) risk-free interest rate of 1.31% ; and 3) a closing stock price of $0.74 . 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) liability fair value measurement. The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial liabilities for the year ended December 31, 2015: Warrants issued May 2012 Warrants issued August 2013 Total Liabilities Balance at beginning of period $ 728,712 $ 1,405,475 $ 2,134,187 Issues - - - Settlements - - - Revaluation (585,031) (755,026) (1,340,057) Balance at end of period $ 143,681 $ 650,449 $ 794,130 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, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 13. Income Taxes The provision for income taxes consists of the following: Year Ended December 31, 2015 2014 Deferred: Federal $ (2,529,455) $ (894,506) State and local 169,266 (1,582,500) (2,360,189) (2,477,006) Valuation allowance 2,360,189 2,477,006 $ — $ — 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, 2015 2014 U.S. statutory income tax rate 34.0 % 34.0 % State and local taxes, net of federal tax benefit 1.9 % 2.4 % Permanent differences between book and tax 5.6 % 17.1 % Deferred tax adjustments (9.3) % (71.9) % State rate adjustments (0.1) % (29.2) % Valuation allowance (32.1) % 47.6 % 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 state rate adjustments are a result of changes in apportionment and various state rate law changes. The components of the defe rred tax asset are as follows: December 31, 2015 2014 Current accruals $ 1,687,951 $ 1,416,823 Deferred revenue 269,797 — Depreciation and amortization 2,269,341 2,302,685 Deferred compensation 1,389,832 1,589,935 Net operating loss carryovers 32,744,557 30,246,136 Deferred tax assets 38,361,478 35,555,579 Valuation allowance (37,912,693) (35,555,579) Net deferred tax assets before deferred tax liabilities 448,785 — Accounting method changes (448,785) — 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 approximately $290 million of the Company’s federal 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. 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 the contributed capital. A s of December 31, 201 5 , we had gross federal net operating loss carryforwards of approximately $92.7 million. The federal net operating loss carryforwards will expire between 2017 and 203 5 . As of December 31, 201 5 , w e had state net operating loss deferred tax assets of approximately $1.2 million which will expire at various dates between 2016 and 2035 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 n et o perating l oss carryforward from the year ended December 31, 199 7 forward, all tax years from 1997 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, 201 5 accrued interest and penalties were less than $0.1 million. At December 31, 201 5 and 201 4, the Company had approximately $0.3 million and $0.2 million, respectively, in reserves for uncertain tax positions. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Net Loss Per Share [Abstract] | |
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: 2015 2014 Numerator: Numerator for basic EPS $ (7,352,775) $ (5,202,441) Numerator for diluted EPS $ (7,352,775) $ (5,202,441) Denominator: Denominator for basic EPS—weighted average shares 21,113,203 19,945,038 Denominator for diluted EPS 21,113,203 19,945,038 Basic EPS $ (0.35) $ (0.26) Diluted EPS $ (0.35) $ (0.26) 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, 2015 2014 Shares issuable upon vesting/exercise of: Options to purchase common stock 706,494 487,146 Restricted stock units 752,008 697,751 Warrants 2,120,365 2,197,883 3,578,867 3,382,780 |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2015 | |
Empoyee Benefit Plan [Abstract] | |
Employee Benefit Plan | 15. Employee Benefit Plan The Company offers employees the opportunity to participate in a 401(k) plan. E mployer contributions are discretionary under the 401(k) plan. Currently the Company does not match employee contributions . |
Product Warranty Provisions
Product Warranty Provisions | 12 Months Ended |
Dec. 31, 2015 | |
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 liabilit ies, consists of the following: December 31, 2015 December 31, 2014 Warranty accrual, beginning of the fiscal period $ 364,548 $ 501,212 Accrual adjustment for product warranty 171,384 84,402 Payments made (219,097) (221,066) Warranty accrual, end of the fiscal period $ 316,835 $ 364,548 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
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. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
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. Geographic revenues for the years ended December 31, 2015 and 2014 were as follows: Year Ended December 31, 2015 2014 United States $ 19,757,986 $ 21,626,788 International 17,916,538 13,384,488 Total $ 37,674,524 $ 35,011,276 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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19 . Subsequent Events None. |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation And Qualifying Accounts | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014 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, 2015 $ 131,464 $ (9,463) $ (28,523) $ 93,478 Year ended December 31, 2014 $ 383,077 $ 48,742 $ (300,355) $ 131,464 Allowance for inventories valuation: Year ended December 31, 2015 $ 59,634 $ 42,258 $ (81,921) $ 19,971 Year ended December 31, 2014 $ 80,213 $ 6,970 $ (27,549) $ 59,634 |
Summary Of Significant Accoun27
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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. No cash was restricted at December 31, 2015 or 2014. |
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, 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, 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, which in most cases is estimated based upon Level 2 or Level 3 inputs . |
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, which in most cases is estimated based upon Level 2 or Level 3 inputs . |
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 Costs | 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, 2015 or 2014 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 are considered to be non-compensatory. |
Net Earnings (Loss) Per Common Share | Net Earnings (Loss) per Common Share Basic earnings (loss) per common share are computed by dividing the net earnings (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 earnings (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, 2015, the Company had 706,494 shares of common stock issuable upon the exercise of outstanding options and stock appreciation rights at a weighted average exercise price of $9.34 per share and 2,120,365 shares of common stock issuable upon the exercise of outstanding warrants at a weighted average exercise price of $4.82 per share. The Company had no unearned restricted shares outstanding for the period ended December 31, 2015. |
Income Taxes | 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 $3,514,897 and $4,651,490 , or 9% , and 13% , of total net revenue for the years ended December 31, 2015, and 2014, respectively. No other single customer accounted for more than 10% of total revenue for the year ended December 31, 2015. |
Reclassifications | Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported losses. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02 - Leases (ASC 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASC 842 supersedes the previous leases standard, ASC 840 Leases. The standard is effective for interim and annual periods beginning after December 31, 2018 (January 1, 2019 for the Company), with early adoption permitted. The Company is in the process of evaluating the impact of this accounting standard update. In November 2015, the FASB issued Accounting Standards Update (“ASU” or “Update”) No. 2015-17, “Income Taxes (Topic 740): To simplify the presentation of deferred income taxes”. The amendments in this Update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in this Update apply to all entities that present a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this Update. This standard is effective for public companies for financial statements issued for annual periods beginning after December 15, 2016 (January 1, 2017 for the Company), and interim periods within those annual periods. We have adopted this accounting standard update and there was no impact to the results of operations or cash flows. In July 2015, the FASB issued ASU 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 (January 1, 2017 for the Company), 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 but do not expect this to significantly impact the results of operations, financial conditions, cash flows, or financial statement presentation. 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 (January 1, 2016 for the Company), 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. The Company’s audited consolidated balance sheets as of December 31, 2015 and 2014 includes $349,018 and $465,251 , respectively, of deferred financing cost assets (excluding $25,960 and $27,134 , respectively, related to line-of-credit arrangements) that would, under the new guidance be presented as a direct reduction to liabilities. 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 (December 31, 2016 for the Company). 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, 2017 (January 1, 2018 for the Company). 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. |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory [Abstract] | |
Schedule Of Inventory | December 31, 2015 December 31, 2014 Raw materials $ 2,065,676 $ 2,746,926 Work in process 24,758 374,236 Finished goods 2,433,819 3,310,375 Reserve for obsolescence (19,971) (59,634) Total inventory $ 4,504,282 $ 6,371,903 |
Prepaid Expenses And Other Cu29
Prepaid Expenses And Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Prepaid Expenses And Other Current Assets [Abstract] | |
Schedule Of Prepaid Expenses And Other Current Assets | December 31, 2015 December 31, 2014 Prepaid expenses $ 454,822 $ 679,740 Deferred financing costs 374,978 492,385 Deposits 136,583 311,562 Deferred cost of revenue 82,987 - Total prepaid expenses and other assets 1,049,370 1,483,687 Less: Noncurrent prepaid expenses and other assets (264,159) (388,850) Total prepaid expenses and other current assets $ 785,211 $ 1,094,837 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property And Equipment [Abstract] | |
Schedule Of Property And Equipment | December 31, December 31, 2015 2014 Equipment $ 8,496,636 $ 8,264,804 Equipment held for lease 303,412 303,412 Leasehold improvements 2,320,368 2,328,381 11,120,416 10,896,597 Less: Accumulated depreciation (10,053,095) (10,001,869) Net property and equipment $ 1,067,321 $ 894,728 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities [Abstract] | |
Schedule Of Accrued Liabilities | December 31, December 31, 2015 2014 Accrued salaries, bonus, and benefits $ 3,053,012 $ 2,557,557 Accrued rent 1,361,379 1,407,740 Accrued licenses and maintenance fees 666,373 661,766 Accrued interest 494,703 493,616 Accrued warranties 316,835 364,548 Accrued taxes 324,226 332,364 Other 117,465 102,479 Total accrued liabilities 6,333,993 5,920,070 Less: Long term accrued liabilities (275,603) (660,376) Total current accrued liabilities $ 6,058,390 $ 5,259,694 |
Deferred Revenue (Tables)
Deferred Revenue (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Revenue [Abstract] | |
Schedule Of Deferred Revenue | December 31, December 31, 2015 2014 Product shipped, revenue deferred $ 366,388 $ 457,348 Customer deposits 2,505,000 1,065,371 Deferred service and license fees 6,583,745 6,111,616 9,455,133 7,634,335 Less: Long-term deferred revenue (2,009,198) (976,165) Total current deferred revenue $ 7,445,935 $ 6,658,170 |
Long-Term Debt And Credit Fac33
Long-Term Debt And Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Long-Term Debt And Credit Facilities [Abstract] | |
Schedule Of Debt Outstanding | December 31, 2015 December 31, 2014 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Healthcare Royalty Partners debt $ 18,429,177 $ 18,429,177 $ 18,388,764 $ 18,388,764 Less current maturities — — — — Total long term debt $ 18,429,177 $ 18,429,177 $ 18,388,764 $ 18,388,764 |
Schedule Of Contractual Principal Maturities Of Debt | 2016 $ - 2017 - 2018 18,429,177 2019 - 2020 - 2021 and Beyond - $ 18,429,177 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Lease Obligations [Abstract] | |
Schedule Of Future Minimum Lease Payments | Year Operating Lease Payments 2016 $ 1,968,006 2017 1,975,514 2018 2,026,362 Total minimum lease payments 5,969,882 Less amounts representing sublease receipts (233,248) $ 5,736,634 |
Stockholder's Equity (Tables)
Stockholder's Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity [Abstract] | |
Summary Of Reserved Shares Of Common Stock | December 31, December 31, 2015 2014 Warrants 2,120,365 2,197,883 Stock award plans 731,442 1,297,389 Employee Stock Purchase Plan 231,298 250,000 3,083,105 3,745,272 |
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 487,146 $1.69 - $116.40 $17.21 Granted 353,350 $1.45 - $2.15 $2.07 Exercised - - - Forfeited (134,002) $1.45 - $91.90 $18.81 Outstanding, December 31, 2015 706,494 $1.45 - $116.40 $9.34 |
Summary Of Options And Stock Appreciation Rights Outstanding By Range Of Exercise Price | Year Ended December 31, 2015 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 - $10.00 607,749 8.67 years $ 3.07 136,827 $ 4.07 $30.01 - $40.00 61,495 4.95 years $ 34.89 61,495 $ 34.89 $40.01 - $50.00 12,250 3.44 years $ 43.90 12,250 $ 43.90 $50.01 - $60.00 12,250 2.41 years $ 54.90 12,250 $ 54.90 $90.01+ 12,750 0.95 years $ 107.59 12,750 $ 107.59 706,494 8.00 years $ 9.34 235,572 $ 22.43 |
Summary Of Restricted Stock Unit Activity | Number of Restricted Stock Units Weighted Average Grant Date Fair Value per Unit Outstanding, December 31, 2014 697,751 $3.14 Granted 391,200 $2.04 Vested (241,775) $3.06 Forfeited (95,168) $2.82 Outstanding, December 31, 2015 752,008 $2.63 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015: Cash equivalents $ 524,083 524,083 — — Total assets at fair value $ 524,083 524,083 — — Liabilities at December 31, 2015: Warrants issued May 10, 2012 $ 143,681 — — 143,681 Warrants issued August 2013 $ 650,449 — — 650,449 Total liabilities at fair value: $ 794,130 — — 794,130 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 |
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 Issues - - - Settlements - - - Revaluation (585,031) (755,026) (1,340,057) Balance at end of period $ 143,681 $ 650,449 $ 794,130 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Schedule Of Provision For Income Taxes | Year Ended December 31, 2015 2014 Deferred: Federal $ (2,529,455) $ (894,506) State and local 169,266 (1,582,500) (2,360,189) (2,477,006) Valuation allowance 2,360,189 2,477,006 $ — $ — |
Schedule Of Reconciliation Of Federal Income Tax Rate | Year Ended December 31, 2015 2014 U.S. statutory income tax rate 34.0 % 34.0 % State and local taxes, net of federal tax benefit 1.9 % 2.4 % Permanent differences between book and tax 5.6 % 17.1 % Deferred tax adjustments (9.3) % (71.9) % State rate adjustments (0.1) % (29.2) % Valuation allowance (32.1) % 47.6 % Effective income tax rate — % — % |
Schedule Of Components Of Deferred Tax Asset | December 31, 2015 2014 Current accruals $ 1,687,951 $ 1,416,823 Deferred revenue 269,797 — Depreciation and amortization 2,269,341 2,302,685 Deferred compensation 1,389,832 1,589,935 Net operating loss carryovers 32,744,557 30,246,136 Deferred tax assets 38,361,478 35,555,579 Valuation allowance (37,912,693) (35,555,579) Net deferred tax assets before deferred tax liabilities 448,785 — Accounting method changes (448,785) — Net deferred tax assets $ — $ — |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Net Loss Per Share [Abstract] | |
Schedule Of Computation Of Basic And Diluted Earnings Per Share | 2015 2014 Numerator: Numerator for basic EPS $ (7,352,775) $ (5,202,441) Numerator for diluted EPS $ (7,352,775) $ (5,202,441) Denominator: Denominator for basic EPS—weighted average shares 21,113,203 19,945,038 Denominator for diluted EPS 21,113,203 19,945,038 Basic EPS $ (0.35) $ (0.26) Diluted EPS $ (0.35) $ (0.26) |
Schedule Of Anti-Dilutive Securities Excluded From Computation Of Diluted Earnings Per Share | December 31, 2015 2014 Shares issuable upon vesting/exercise of: Options to purchase common stock 706,494 487,146 Restricted stock units 752,008 697,751 Warrants 2,120,365 2,197,883 3,578,867 3,382,780 |
Product Warranty Provisions (Ta
Product Warranty Provisions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Product Warranty Provisions [Abstract] | |
Schedule Of Accrued Warranty | December 31, 2015 December 31, 2014 Warranty accrual, beginning of the fiscal period $ 364,548 $ 501,212 Accrual adjustment for product warranty 171,384 84,402 Payments made (219,097) (221,066) Warranty accrual, end of the fiscal period $ 316,835 $ 364,548 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Information [Abstract] | |
Schedule Of Geographic Revenues | Year Ended December 31, 2015 2014 United States $ 19,757,986 $ 21,626,788 International 17,916,538 13,384,488 Total $ 37,674,524 $ 35,011,276 |
Description Of Business (Detail
Description Of Business (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||
Cumulative net losses | $ | $ (465,958,678) | $ (458,605,903) |
Installed base | item | 125 | |
Minimum [Member] | ||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||
Annual plan percentage to rebalance and reduce operating expenses | 15.00% | |
Maximum [Member] | ||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||
Annual plan percentage to rebalance and reduce operating expenses | 20.00% | |
Revolving Credit Facility [Member] | ||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||
Line of credit maturity date | Mar. 31, 2018 |
Summary Of Significant Accoun42
Summary Of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Line Items] | ||
Restricted cash | $ 0 | $ 0 |
Deferred revenue, amortization period | 1 year | |
Research and development receivables | $ 0 | $ 0 |
Options and stock appreciation rights outstanding | 706,494 | 487,146 |
Weighted average exercise price | $ 9.34 | $ 17.21 |
Common stock issuable upon exercise of outstanding warrants | 2,120,365 | 2,197,883 |
Exercise price of warrants | $ 4.82 | |
Standard product warranty, coverage term | 1 year | |
Revenues | $ 37,674,524 | $ 35,011,276 |
Deferred financing cost assets | $ 374,978 | 492,385 |
Minimum [Member] | ||
Accounting Policies [Line Items] | ||
Property and equipment, estimated useful lives | 3 years | |
Intangible assets, estimated useful lives | 10 years | |
Share-based compensation, requisite service period | 1 year | |
Maximum [Member] | ||
Accounting Policies [Line Items] | ||
Property and equipment, estimated useful lives | 10 years | |
Intangible assets, estimated useful lives | 15 years | |
Share-based compensation, requisite service period | 4 years | |
Net Revenue [Member] | Customer Concentration Risk [Member] | Maximum [Member] | ||
Accounting Policies [Line Items] | ||
Revenues percentage | 10.00% | |
Long-Term Debt [Member] | ||
Accounting Policies [Line Items] | ||
Deferred financing cost assets | $ 349,018 | 465,251 |
Line-Of-Credit Arrangements [Member] | ||
Accounting Policies [Line Items] | ||
Deferred financing cost assets | $ 25,960 | 27,134 |
Restricted Stock [Member] | ||
Accounting Policies [Line Items] | ||
Unvested restricted shares | 0 | |
Biosense Webster Inc [Member] | Net Revenue [Member] | ||
Accounting Policies [Line Items] | ||
Revenues | $ 3,514,897 | $ 4,651,490 |
Revenues percentage | 9.00% | 13.00% |
Inventory (Details)
Inventory (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory [Abstract] | ||
Raw materials | $ 2,065,676 | $ 2,746,926 |
Work in process | 24,758 | 374,236 |
Finished goods | 2,433,819 | 3,310,375 |
Reserve for obsolescence | (19,971) | (59,634) |
Total inventory | $ 4,504,282 | $ 6,371,903 |
Prepaid Expenses And Other Cu44
Prepaid Expenses And Other Current Assets (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Prepaid Expenses And Other Current Assets [Abstract] | ||
Prepaid expenses | $ 454,822 | $ 679,740 |
Deferred financing costs | 374,978 | 492,385 |
Deposits | 136,583 | 311,562 |
Deferred cost of revenue | 82,987 | |
Total prepaid expenses and other assets | 1,049,370 | 1,483,687 |
Less: Noncurrent prepaid expenses and other assets | (264,159) | (388,850) |
Total prepaid expenses and other current assets | $ 785,211 | $ 1,094,837 |
Property And Equipment (Details
Property And Equipment (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | $ 11,120,416 | $ 10,896,597 |
Less: Accumulated depreciation | (10,053,095) | (10,001,869) |
Net property and equipment | 1,067,321 | 894,728 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 8,496,636 | 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 | $ 2,320,368 | $ 2,328,381 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Intangible Assets [Abstract] | ||
Total intangible assets | $ 3,221,069 | $ 3,665,000 |
Accumulated amortization | 2,585,180 | 2,285,347 |
Amortization expense | 299,833 | $ 299,833 |
Future amortization expense through 2017 | 199,320 | |
Future amortization expense in 2018 | 143,765 | |
Future amortization expense in 2019 | 65,988 | |
Future amortization expense in 2020 | 27,496 | |
Impairment charges | $ 443,931 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accrued Liabilities [Abstract] | |||
Accrued salaries, bonus, and benefits | $ 3,053,012 | $ 2,557,557 | |
Accrued rent | 1,361,379 | 1,407,740 | |
Accrued licenses and maintenance fees | 666,373 | 661,766 | |
Accrued interest | 494,703 | 493,616 | |
Accrued warranties | 316,835 | 364,548 | $ 501,212 |
Accrued taxes | 324,226 | 332,364 | |
Other | 117,465 | 102,479 | |
Total accrued liabilities | 6,333,993 | 5,920,070 | |
Less: Long term accrued liabilities | (275,603) | (660,376) | |
Total current accrued liabilities | $ 6,058,390 | $ 5,259,694 |
Deferred Revenue (Details)
Deferred Revenue (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | $ 9,455,133 | $ 7,634,335 |
Less: Long-term deferred revenue | (2,009,198) | (976,165) |
Total current deferred revenue | 7,445,935 | 6,658,170 |
Product Shipped, Revenue Deferred [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | 366,388 | 457,348 |
Customer Deposits [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | 2,505,000 | 1,065,371 |
Deferred Service And License Fees [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | $ 6,583,745 | $ 6,111,616 |
Long-Term Debt And Credit Fac49
Long-Term Debt And Credit Facilities (Revolving Line Of Credit) (Narrative) (Details) - Revolving Credit Facility [Member] | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Line of Credit Facility [Line Items] | |
Line of credit maturity date | Mar. 31, 2018 |
Minimum tangible net worth requirement | $ (22,500,000) |
Line of credit facility, amount outstanding | 0 |
Line of credit facility, current borrowing capacity | $ 5,200,000 |
Minimum [Member] | |
Line of Credit Facility [Line Items] | |
Liquidity ratio | 1.50 |
Long-Term Debt And Credit Fac50
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 | Dec. 31, 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% | |||
Maturity date | Dec. 31, 2018 | |||
Annual interest rate | 16.00% |
Long-Term Debt And Credit Fac51
Long-Term Debt And Credit Facilities (Schedule Of Debt Outstanding) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total debt | $ 18,429,177 | |
Total long term debt | $ 18,429,177 | $ 18,388,764 |
Carrying Amount [Member] | ||
Debt Instrument [Line Items] | ||
Less current maturities | ||
Total long term debt | $ 18,429,177 | $ 18,388,764 |
Estimated Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Less current maturities | ||
Total long term debt | $ 18,429,177 | $ 18,388,764 |
Healthcare Royalty Partners Debt [Member] | Carrying Amount [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 18,429,177 | 18,388,764 |
Healthcare Royalty Partners Debt [Member] | Estimated Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 18,429,177 | $ 18,388,764 |
Long-Term Debt And Credit Fac52
Long-Term Debt And Credit Facilities (Contractual Principal Maturities Of Debt) (Details) | Dec. 31, 2015USD ($) |
Long-Term Debt And Credit Facilities [Abstract] | |
2,016 | |
2,017 | |
2,018 | $ 18,429,177 |
2,019 | |
2,020 | |
2021 and Beyond | |
Total debt | $ 18,429,177 |
Lease Obligations (Narrative) (
Lease Obligations (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015USD ($)ft² | Sep. 30, 2013USD ($)ft² | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Lease Obligations [Abstract] | ||||
Rent expense | $ 1,205,338 | $ 1,068,972 | ||
Sublease income | $ 18,912 | |||
Lease renewal term | 3 years | |||
Area of terminated leased space | ft² | 13,000 | |||
Accrued costs of rent liability | $ 284,793 | $ 515,138 | $ 284,793 | |
Area of subleased space | ft² | 3,152 |
Lease Obligations (Schedule of
Lease Obligations (Schedule of Future Minimum Lease Payments) (Details) | Dec. 31, 2015USD ($) |
Lease Obligations [Abstract] | |
2,016 | $ 1,968,006 |
2,017 | 1,975,514 |
2,018 | 2,026,362 |
Total minimum lease payments | 5,969,882 |
Less amounts representing sublease receipts | (233,248) |
Net minimum lease payments | $ 5,736,634 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2014shares | May. 31, 2014USD ($) | Dec. 31, 2015USD ($)$ / sharesitemshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2009USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Votes per share | item | 1 | ||||
Dividends declared | $ 0 | ||||
Dividends paid | $ 0 | ||||
Share price | $ / shares | $ 0.74 | ||||
Gross proceeds from common stock sold | $ 941,354 | $ 2,853,673 | |||
Exercise price of warrants | $ / shares | $ 4.82 | ||||
Warrants outstanding | shares | 2,120,365 | 2,197,883 | |||
Weighted average remaining contractual life | 8 years | ||||
Options and stock appreciation rights outstanding | shares | 706,494 | 487,146 | |||
Options and stock appreciation rights vested and exercisable | shares | 235,572 | ||||
Options and stock appreciation rights weighted average exercise price | $ / shares | $ 22.43 | ||||
Options and stock appreciation rights weighted average remaining term | 6 years 5 months 1 day | ||||
Options and stock appreciation rights intrinsic value | $ 0 | ||||
Options and stock appreciation rights exercised | shares | 0 | ||||
Proceeds from options and stock appreciation rights exercised | $ 0 | $ 0 | |||
Weighted average grant date fair value of options and stock appreciation rights granted | $ / shares | $ 2.07 | ||||
Adjustment for forfeiture rate | $ (200,000) | ||||
Total compensation cost not yet recognized | 2,100,000 | ||||
Estimated forfeitures | $ 800,000 | ||||
Weighted average amortization period of total compensation cost not yet recognized | 2 years | ||||
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% | ||||
2009 Employee Stock Purchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Increase in number of shares authorized for issuance under the Plan | shares | 250,000 | ||||
Eligible employees new purchase period | 3 months | ||||
Percentage of compensation eligible employees can use to purchase common stock, maximum | 15.00% | ||||
Compensation amount eligible employees can use to purchase common stock, maximum | $ 25,000 | ||||
Percentage of fair value eligible employees can purchase common stock | 95.00% | ||||
Shares available under ESPP | shares | 231,298 | ||||
September 9, 2015 Warrants Offering [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Warrants Offering commencement date | Sep. 9, 2015 | ||||
Number of common shares exercised upon conversion of warrants | shares | 267,256 | ||||
Exercise price of warrants | $ / shares | $ 1.10 | ||||
Warrants outstanding | shares | 5,755,775 | ||||
Number of common shares to purchase per subscription warrant | shares | 0.25 | ||||
Gross proceeds from stock warrants exercised | $ 293,982 | ||||
Sales Agreement [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Aggregate gross sales price | $ 18,000,000 | ||||
Commission percentage of gross proceeds | 3.00% | ||||
Aggregate shares of common stock sold | shares | 542,996 | ||||
Share price | $ / shares | $ 1.98 | ||||
Gross proceeds from common stock sold | $ 1,072,743 | ||||
Net proceeds from common stock sold | 1,040,561 | ||||
Remaining common stock available | $ 13,800,000 | ||||
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% | ||||
Director [Member] | Initial Grant [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options vesting period | 2 years | ||||
Director [Member] | Annual Grants [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options vesting period | 1 year | ||||
Incentive Stock Options [Member] | 2012 Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options 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] | |||||
Options 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] | |||||
Options vesting percentage | 2.0833% | ||||
Stock Option, Appreciation Rights And Warrants [Member] | 2012 Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options expiration term | 10 years | ||||
Options vesting period | 3 years | ||||
Stock Option, Appreciation Rights And Warrants [Member] | First Anniversary [Member] | 2012 Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options vesting percentage | 25.00% | ||||
Stock Option, Appreciation Rights And Warrants [Member] | Subsequent Monthly Vesting [Member] | 2012 Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options vesting percentage | 2.0833% | ||||
Time Based Restricted Shares [Member] | 2012 Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options vesting period | 3 years | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted shares outstanding | shares | 0 | ||||
Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share price | $ / shares | $ 0.74 | ||||
Options vesting period | 4 years | ||||
Restricted shares granted | shares | 391,200 | ||||
Restricted shares outstanding | shares | 752,008 | 697,751 | |||
Intrinsic value of restricted awards outstanding | $ 600,000 | ||||
Intrinsic value of restricted awards vested | $ 400,000 |
Stockholders' Equity (Summary O
Stockholders' Equity (Summary Of Reserved Shares Of Common Stock) (Details) - shares | Dec. 31, 2015 | Dec. 31, 2014 |
Stockholders' Equity [Abstract] | ||
Warrants | 2,120,365 | 2,197,883 |
Stock award plans | 731,442 | 1,297,389 |
Employee Stock Purchase Plan | 231,298 | 250,000 |
Total Reserved Shares of Common Stock | 3,083,105 | 3,745,272 |
Stockholders' Equity (Summary57
Stockholders' Equity (Summary Of Option And Stock Appreciation Rights Activity) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 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 | 0 | |
Number of Options/SARs, Forfeited | (134,002) | |
Number of Options/SARs, Outstanding, December 31, 2015 | 706,494 | 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 | $ 18.81 | |
Weighted Average Exercise Price per Share, Outstanding, December 31, 2015 | 9.34 | $ 17.21 |
$1.69 - $116.40 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, Lower Limit | 1.69 | |
Range of Exercise Prices, 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 Prices, Lower Limit | 1.45 | |
Range of Exercise Prices, Upper Limit | 2.15 | |
$1.45 - $91.90 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, Lower Limit | 1.45 | |
Range of Exercise Prices, 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 Prices, Lower Limit | 1.45 | |
Range of Exercise Prices, Upper Limit | $ 116.40 |
Stockholders' Equity (Summary58
Stockholders' Equity (Summary Of Options And Stock Appreciation Rights Outstanding By Range Of Exercise Price) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options Outstanding | 706,494 | 487,146 |
Weighted Average Remaining Life | 8 years | |
Weighted Average Exercise Price | $ 9.34 | $ 17.21 |
Number of Options Currently Exercisable | 235,572 | |
Weighted Average Exercise Price per Vested Share | $ 22.43 | |
$0.00 - $10.00 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of Exercise Prices, Lower Limit | 0 | |
Range of Exercise Prices, Upper Limit | $ 10 | |
Options Outstanding | 607,749 | |
Weighted Average Remaining Life | 8 years 8 months 1 day | |
Weighted Average Exercise Price | $ 3.07 | |
Number of Options Currently Exercisable | 136,827 | |
Weighted Average Exercise Price per Vested Share | $ 4.07 | |
$30.01 - $40.00 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of Exercise Prices, Lower Limit | 30.01 | |
Range of Exercise Prices, Upper Limit | $ 40 | |
Options Outstanding | 61,495 | |
Weighted Average Remaining Life | 4 years 11 months 12 days | |
Weighted Average Exercise Price | $ 34.89 | |
Number of Options Currently Exercisable | 61,495 | |
Weighted Average Exercise Price per Vested Share | $ 34.89 | |
$40.01 - $50.00 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of Exercise Prices, Lower Limit | 40.01 | |
Range of Exercise Prices, Upper Limit | $ 50 | |
Options Outstanding | 12,250 | |
Weighted Average Remaining Life | 3 years 5 months 9 days | |
Weighted Average Exercise Price | $ 43.90 | |
Number of Options Currently Exercisable | 12,250 | |
Weighted Average Exercise Price per Vested Share | $ 43.90 | |
$50.01 - $60.00 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of Exercise Prices, Lower Limit | 50.01 | |
Range of Exercise Prices, Upper Limit | $ 60 | |
Options Outstanding | 12,250 | |
Weighted Average Remaining Life | 2 years 4 months 28 days | |
Weighted Average Exercise Price | $ 54.90 | |
Number of Options Currently Exercisable | 12,250 | |
Weighted Average Exercise Price per Vested Share | $ 54.90 | |
$90.01+ [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of Exercise Prices, Lower Limit | $ 90.01 | |
Options Outstanding | 12,750 | |
Weighted Average Remaining Life | 11 months 12 days | |
Weighted Average Exercise Price | $ 107.59 | |
Number of Options Currently Exercisable | 12,750 | |
Weighted Average Exercise Price per Vested Share | $ 107.59 |
Stockholders' Equity (Summary59
Stockholders' Equity (Summary Of Restricted Stock Unit Activity) (Details) - Restricted Stock Units [Member] | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Restricted Awards, Outstanding, December 31, 2014 | shares | 697,751 |
Number of Restricted Awards, Granted | shares | 391,200 |
Number of Restricted Awards, Vested | shares | (241,775) |
Number of Restricted Awards, Forfeited | shares | (95,168) |
Number of Restricted Awards, Outstanding, December 31, 2015 | shares | 752,008 |
Weighted Average Grant Date Fair Value per Award, Outstanding, December 31, 2014 | $ / shares | $ 3.14 |
Weighted Average Grant Date Fair Value per Award, Granted | $ / shares | 2.04 |
Weighted Average Grant Date Fair Value per Unit, Vested | $ / shares | 3.06 |
Weighted Average Grant Date Fair Value per Award, Forfeited | $ / shares | 2.82 |
Weighted Average Grant Date Fair Value per Award, Outstanding, December 31, 2015 | $ / shares | $ 2.63 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Cash equivalents invested in money market funds | $ 524,083 | $ 5,361,053 |
Closing stock price | $ 0.74 | |
PIPE Warrants [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Warrant expiration date | May 1, 2018 | |
Volatility rate | 113.40% | 165.27% |
Risk-free interest rate | 1.06% | 1.10% |
Closing stock price | $ 0.74 | $ 1.48 |
Exchange Warrants [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Warrant expiration date | Nov. 1, 2018 | |
Volatility rate | 182.94% | 158.08% |
Risk-free interest rate | 1.31% | 1.10% |
Closing stock price | $ 0.74 | $ 1.48 |
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 | $ 524,083 | $ 5,361,053 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On Recurring Basis By Level) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 524,083 | $ 5,361,053 |
Total assets at fair value | 524,083 | 5,361,053 |
Warrants issued | 794,130 | 2,134,187 |
Total liabilities at fair value | 794,130 | 2,134,187 |
Warrants Issued May 10, 2012 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants issued | 143,681 | 728,712 |
Warrants Issued August 2013 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants issued | 650,449 | 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 | 524,083 | 5,361,053 |
Total assets at fair value | $ 524,083 | $ 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 | $ 794,130 | $ 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 | 143,681 | 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 | $ 650,449 | $ 1,405,475 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Changes In Fair Value Of Level 3 Financial Liabilities) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Liabilities, Balance at beginning of period | $ 2,134,187 |
Liabilities, Issues | |
Liabilities, Settlements | |
Liabilities, Revaluation | $ (1,340,057) |
Liabilities, Balance at end of period | 794,130 |
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, Issues | |
Liabilities, Settlements | |
Liabilities, Revaluation | $ (585,031) |
Liabilities, Balance at end of period | 143,681 |
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, Issues | |
Liabilities, Settlements | |
Liabilities, Revaluation | $ (755,026) |
Liabilities, Balance at end of period | $ 650,449 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | ||
Valid portion of valuation allowance percentage | 100.00% | |
Number of prior years subject to examination | 10 years | |
Accrued interest and penalties | $ 100,000 | |
Reserves for uncertain tax positions | $ 300,000 | $ 200,000 |
Earliest Tax Year [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Tax year subject to examination | 1,997 | |
Federal [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryovers expiring unused | $ 290,000,000 | |
Operating loss carryforwards | $ 92,700,000 | |
Federal [Member] | Minimum [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards, expiration year | 2,017 | |
Federal [Member] | Maximum [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards, expiration year | 2,035 | |
State [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $ 1,200,000 | |
State [Member] | Minimum [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards, expiration year | 2,016 | |
State [Member] | Maximum [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards, expiration year | 2,035 |
Income Taxes (Schedule Of Provi
Income Taxes (Schedule Of Provision For Income Taxes) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | ||
Federal | $ (2,529,455) | $ (894,506) |
State and local | 169,266 | (1,582,500) |
Total deferred income tax expense (benefit) | (2,360,189) | (2,477,006) |
Valuation allowance | $ 2,360,189 | $ 2,477,006 |
Income tax benefit |
Income Taxes (Schedule Of Recon
Income Taxes (Schedule Of Reconciliation Of Federal Income Tax Rate) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | ||
U.S. statutory income tax rate | 34.00% | 34.00% |
State and local taxes, net of federal tax benefit | 1.90% | 2.40% |
Permanent differences between book and tax | 5.60% | 17.10% |
Deferred tax adjustments | (9.30%) | (71.90%) |
State rate adjustments | (0.10%) | (29.20%) |
Valuation allowance | (32.10%) | 47.60% |
Effective income tax rate |
Income Taxes (Schedule Of Compo
Income Taxes (Schedule Of Components Of Deferred Tax Asset) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Income Taxes [Abstract] | ||
Current accruals | $ 1,687,951 | $ 1,416,823 |
Deferred revenue | 269,797 | |
Depreciation and amortization | 2,269,341 | 2,302,685 |
Deferred compensation | 1,389,832 | 1,589,935 |
Net operating loss carryovers | 32,744,557 | 30,246,136 |
Deferred tax assets | 38,361,478 | 35,555,579 |
Valuation allowance | (37,912,693) | $ (35,555,579) |
Net deferred tax assets before deferred tax liabilities | 448,785 | |
Accounting method changes | $ (448,785) | |
Net deferred tax assets |
Net Loss Per Share (Schedule Of
Net Loss Per Share (Schedule Of Computation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Net Loss Per Share [Abstract] | ||
Numerator for basic EPS | $ (7,352,775) | $ (5,202,441) |
Numerator for diluted EPS | $ (7,352,775) | $ (5,202,441) |
Denominator for basic EPS-weighted average shares | 21,113,203 | 19,945,038 |
Denominator for diluted EPS | 21,113,203 | 19,945,038 |
Basic EPS | $ (0.35) | $ (0.26) |
Diluted EPS | $ (0.35) | $ (0.26) |
Net Loss Per Share (Schedule 68
Net Loss Per Share (Schedule Of Anti-Dilutive Securities Excluded From Computation Of Diluted Earnings Per Share) (Details) - shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common shares excluded from the computation of diluted earnings per share | 3,578,867 | 3,382,780 |
Stock Options And Stock Appreciation Rights [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common shares excluded from the computation of diluted earnings per share | 706,494 | 487,146 |
Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common shares excluded from the computation of diluted earnings per share | 752,008 | 697,751 |
Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common shares excluded from the computation of diluted earnings per share | 2,120,365 | 2,197,883 |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Empoyee Benefit Plan [Abstract] | |
Employer match of employee contributions | 0.00% |
Product Warranty Provisions (De
Product Warranty Provisions (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Product Warranty Provisions [Abstract] | ||
Standard product warranty, coverage term | 1 year | |
Warranty accrual, beginning of the fiscal period | $ 364,548 | $ 501,212 |
Accrual adjustment for product warranty | 171,384 | 84,402 |
Payments made | (219,097) | (221,066) |
Warranty accrual, end of the fiscal period | $ 316,835 | $ 364,548 |
Segment Information (Details)
Segment Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Total revenue | $ 37,674,524 | $ 35,011,276 |
United States [Member] | ||
Total revenue | 19,757,986 | 21,626,788 |
International [Member] | ||
Total revenue | $ 17,916,538 | $ 13,384,488 |
Valuation And Qualifying Acco72
Valuation And Qualifying Accounts (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance For Doubtful Accounts And Returns [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Balance at Beginning of Year | $ 131,464 | $ 383,077 |
Additions Charged to Cost and Expenses | (9,463) | 48,742 |
Deductions | (28,523) | (300,355) |
Balance at the End of Year | 93,478 | 131,464 |
Allowance For Inventories Valuation [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Balance at Beginning of Year | 59,634 | 80,213 |
Additions Charged to Cost and Expenses | 42,258 | 6,970 |
Deductions | (81,921) | (27,549) |
Balance at the End of Year | $ 19,971 | $ 59,634 |