Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 16, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'NURO | ' |
Entity Common Stock, Shares Outstanding | ' | 5,945,581 |
Entity Registrant Name | 'NeuroMetrix, Inc. | ' |
Entity Central Index Key | '0001289850 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Balance_Sheets
Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $7,583,538 | $9,195,753 |
Accounts receivable, net | 530,666 | 390,922 |
Inventories | 665,695 | 563,036 |
Prepaid expenses and other current assets | 476,407 | 416,816 |
Total current assets | 9,256,306 | 10,566,527 |
Fixed assets, net | 198,463 | 229,313 |
Other long-term assets | 869 | 923 |
Total assets | 9,455,638 | 10,796,763 |
Current liabilities: | ' | ' |
Accounts payable | 577,986 | 322,896 |
Accrued compensation | 536,693 | 386,004 |
Accrued expenses | 791,641 | 870,196 |
Current portion of deferred revenue | 63,492 | 68,812 |
Total current liabilities | 1,969,812 | 1,647,908 |
Deferred revenue, net of current portion | 14,963 | 15,277 |
Common stock warrants | 1,424,003 | 1,938,603 |
Total liabilities | 3,408,778 | 3,601,788 |
Commitments and contingencies (Note 6) | ' | ' |
Stockholders’ equity: | ' | ' |
Preferred stock, $0.001 par value; 5,000,000 shares authorized, none outstanding | 0 | 0 |
Common stock, $0.0001 par value; 50,000,000 shares authorized; 5,945,581 shares issued and outstanding at March 31, 2014 and December 31, 2013 | 595 | 595 |
Additional paid-in capital | 153,882,944 | 153,806,460 |
Accumulated deficit | -147,836,679 | -146,612,080 |
Total stockholders' equity | 6,046,860 | 7,194,975 |
Total liabilities and stockholders' equity | $9,455,638 | $10,796,763 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 5,945,581 | 5,945,581 |
Common stock, shares outstanding | 5,945,581 | 5,945,581 |
Statements_of_Operations
Statements of Operations (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Revenues | $1,331,537 | $1,401,454 |
Cost of revenues | 615,081 | 569,784 |
Gross profit | 716,456 | 831,670 |
Operating expenses: | ' | ' |
Research and development | 863,718 | 1,073,419 |
Sales and marketing | 446,216 | 779,841 |
General and administrative | 1,146,757 | 1,233,594 |
Total operating expenses | 2,456,691 | 3,086,854 |
Loss from operations | -1,740,235 | -2,255,184 |
Interest income | 1,036 | 1,769 |
Change in fair value of warrant liability | 514,600 | 0 |
Net loss | ($1,224,599) | ($2,253,415) |
Net loss per common share, basic and diluted | ($0.21) | ($1.06) |
Weighted average number of common shares outstanding, basic and diluted | 5,931,134 | 2,131,745 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash flows from operating activities: | ' | ' |
Net loss | ($1,224,599) | ($2,253,415) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 34,965 | 41,156 |
Stock-based compensation | 76,484 | 63,155 |
Inventory charges | 0 | 25,699 |
Change in fair value of warrant liability | -514,600 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -139,744 | 33,631 |
Inventories | -102,659 | 14,162 |
Prepaid expenses and other current assets | 60,186 | 56,378 |
Accounts payable | 135,090 | -31,491 |
Accrued expenses and compensation | 72,133 | 265,733 |
Deferred revenue, deferred costs, and other | -5,356 | -16,950 |
Net cash used in operating activities | -1,608,100 | -1,801,942 |
Cash flows from investing activities: | ' | ' |
Purchases of fixed assets | -4,115 | -6,064 |
Net cash used in investing activities | -4,115 | -6,064 |
Cash flows from financing activities: | ' | ' |
Payments on capital lease | 0 | -5,281 |
Net cash (used in) provided by financing activities | 0 | -5,281 |
Net decrease in cash and cash equivalents | -1,612,215 | -1,813,287 |
Cash and cash equivalents, beginning of period | 9,195,753 | 8,699,478 |
Cash and cash equivalents, end of period | 7,583,538 | 6,886,191 |
Supplemental disclosure of cash flow information: | ' | ' |
Common stock issued to settle incentive compensation obligation | $0 | $285,296 |
Business_and_Basis_of_Presenta
Business and Basis of Presentation | 3 Months Ended | ||
Mar. 31, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Business and Basis of Presentation | ' | ||
1 | Business and Basis of Presentation | ||
Our Business-An Overview | |||
NeuroMetrix, Inc., or the Company, a Delaware corporation, was founded in June 1996. The Company is an innovative health-care company that develops wearable medical technology and point-of-care diagnostic tests to help patients and physicians better manage chronic pain, nerve diseases, and sleep disorders. The Company believes that there are large and important unmet needs in the treatment of diabetic neuropathies and adjacent forms of chronic pain such as fibromyalgia, post herpetic neuropathy (shingles), and conditions with both chronic pain and disturbed sleep such as restless leg syndrome. With substantial experience in medical devices to measure and alter peripheral nerve function, the Company believes it is well positioned to address these unmet needs through the development of novel proprietary medical devices. Accordingly, the Company has a major focus on developing and marketing medical devices for diabetic neuropathies. The Company has over a decade of experience in neuropathy detection starting with approval in 1998 by the United States Food and Drug Administration, or FDA, of the NC-stat System, a point-of-care device for the performance of general purpose nerve conduction studies. | |||
In 2013 the Company launched the SENSUS™ Pain Management System, or SENSUS, a wearable transcutaneous electrical nerve stimulator indicated for management of chronic pain, and is the only device cleared by the FDA for use during sleep. It markets SENSUS to physicians managing patients with painful diabetic neuropathy and other forms of chronic pain. The Company also markets the NC-stat® DPNCheck® device, which is a fast, accurate, and quantitative nerve conduction test used to evaluate systemic neuropathies such as diabetic peripheral neuropathy, or DPN. NC-stat DPNCheck is designed to be used by physicians and other clinicians at the point-of-care to objectively detect, stage, and monitor DPN. The Company’s historical neurodiagnostic business is based on the ADVANCE™ NCS/EMG System, or the ADVANCE System, which is a comprehensive platform for the performance of traditional nerve conduction studies and invasive electromyography procedures and which is primarily used in physician offices and clinics. While the ADVANCE System contributes to the Company’s revenues, the Company is not actively managing the ADVANCE business for growth. | |||
The Company held cash and cash equivalents of $7.6 million as of March 31, 2014. The Company believes that these resources and the cash to be generated from expected product sales will be sufficient to meet its projected operating requirements into the second quarter of 2015. The Company continues to face significant challenges and uncertainties and, as a result, the Company’s available capital resources may be consumed more rapidly than currently expected due to (a) unanticipated decreases in sales of the Company’s products and the uncertainty of future revenues from the Company’s new products; (b) changes the Company may make to the business that affect ongoing operating expenses; (c) changes the Company may make in its business strategy; (d) regulatory developments affecting the Company’s existing products and delays in the FDA approval process for products under development; (e) changes in the Company’s research and development spending plans; and (f) other items affecting the Company’s forecasted level of expenditures and use of cash resources. Accordingly, the Company will need to raise additional funds to support its operating and capital needs for the second quarter of 2015 and beyond. The Company may attempt to obtain additional funding through public or private financing, collaborative arrangements with strategic partners, or through additional credit lines or other debt financing sources to increase the funds available to fund operations. However, the Company may not be able to secure such financing in a timely manner or on favorable terms, if at all. Furthermore, if the Company issues equity or debt securities to raise additional funds, its existing stockholders may experience dilution, and the new equity or debt securities may have rights, preferences and privileges senior to those of the Company’s existing stockholders. If the Company raises additional funds through collaboration, licensing or other similar arrangements, it may be necessary to relinquish valuable rights to its potential products or proprietary technologies, or grant licenses on terms that are not favorable to the Company. Without additional funds, the Company may be forced to delay, scale back or eliminate some of its sales and marketing efforts, research and development activities, or other operations and potentially delay product development in an effort to provide sufficient funds to continue its operations. If any of these events occur, the Company’s ability to achieve its development and commercialization goals would be adversely affected. | |||
Unaudited Interim Financial Statements | |||
The accompanying unaudited balance sheet as of March 31, 2014, unaudited statements of operations for the quarters ended March 31, 2014 and 2013 and the unaudited statements of cash flows for the quarters ended March 31, 2014 and 2013 have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, the financial statements include all normal and recurring adjustments considered necessary for a fair statement of the Company’s financial position and operating results. Operating results for the quarter ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2013 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, or the SEC, on February 24, 2014 (File No. 001-33351), or the Company’s 2013 Form 10-K. The accompanying balance sheet as of December 31, 2013 has been derived from audited financial statements prepared at that date, but does not include all disclosures required by accounting principles generally accepted in the United States of America. | |||
Revenues | |||
The Company recognizes revenue when the following criteria have been met: persuasive evidence of an arrangement exists, delivery has occurred and risk of loss has passed, the seller’s price to the buyer is fixed or determinable, and collection is reasonably assured. | |||
Revenues associated with the sale of the ADVANCE devices to customers and distributors are recognized upon shipment, provided that the selling price is fixed or determinable, persuasive evidence of an arrangement exists, collection of receivables is reasonably assured, product returns are reasonably estimable, and no continuing obligations exist. The revenues from the sale of an ADVANCE communication hub together with access to NeuroMetrix information systems are considered one unit of accounting and deferred and recognized on a straight-line basis over the estimated period of time that the Company provides the service associated with the information systems of three years. The resulting deferred revenue and deferred costs are presented as separate line items on the accompanying balance sheet. Revenues related to extended service agreements for the devices are recognized ratably over the term of the extended service agreement. | |||
Revenues associated with the sale of the SENSUS and NC-stat DPNCheck devices are recognized upon shipment, provided that the selling price is fixed or determinable, persuasive evidence of an arrangement exists, collection of receivables is reasonably assured, product returns are reasonably estimable, and no continuing obligations exist. | |||
Revenues also include sales of consumables, including single use nerve specific electrodes and other accessories. These revenues are recognized upon shipment provided that the selling price is fixed or determinable, persuasive evidence of an arrangement exists, collection of receivables is reasonably assured, and product returns are reasonably estimable. | |||
When multiple elements are contained in a single arrangement, the Company allocates revenue between the elements based on their relative selling prices. The Company determines selling price using vendor specific objective evidence, or VSOE, if it is available, third-party evidence, or TPE, if VSOE is not available, and best estimate of selling price, or BESP, if neither VSOE nor TPE are available. The Company generally expects that it will not be able to establish TPE due to the nature of the markets in which it competes, and, as such, it will typically determine selling price using VSOE or if not available, BESP. The objective of BESP is to determine the selling price of a deliverable on a standalone basis. The Company’s determination of BESP involves a weighting of several factors based on the specific facts and circumstances of an arrangement. Specifically, the Company considers the cost to produce the deliverable, the anticipated margin on that deliverable, the selling price and profit margin for similar parts, its ongoing pricing strategy, the value of any enhancements that have been built into the deliverable, and the characteristics of the varying markets in which the deliverable is sold. | |||
Revenue recognition involves judgments, including assessments of expected returns and expected customer relationship periods. The Company analyzes various factors, including a review of specific transactions, its historical returns, average customer relationship periods, customer usage, customer balances, and market and economic conditions. Changes in judgments or estimates on these factors could materially impact the timing and amount of revenues and costs recognized. Should market or economic conditions deteriorate, the Company’s actual return or bad debt experience could exceed its estimate. | |||
Certain product sales are made with a 30-day right of return. Since the Company can reasonably estimate future returns, it recognizes revenues associated with product sales that contain a right of return upon shipment and at the same time it records a sales return reserve, which reduces revenue and accounts receivable by the amount of estimated returns. | |||
Use of Estimates | |||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make significant 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 revenue and expenses during reporting periods. Actual results could differ from those estimates. | |||
Recent Accounting Pronouncements | |||
There have been no recent accounting pronouncements or changes in accounting pronouncements since the recent accounting pronouncements described in the Company's 2013 Form 10-K that are of significance to the Company. | |||
Comprehensive_Loss
Comprehensive Loss | 3 Months Ended | ||
Mar. 31, 2014 | |||
Stockholders' Equity Note [Abstract] | ' | ||
Comprehensive Loss | ' | ||
2 | Comprehensive Loss | ||
For the quarters ended March 31, 2014 and 2013, the Company had no components of other comprehensive income or loss other than net loss itself. | |||
Net_Loss_Per_Common_Share
Net Loss Per Common Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Net Loss Per Common Share | ' | |||||||
3 | Net Loss Per Common Share | |||||||
Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Unvested restricted shares, although legally issued and outstanding, are not considered outstanding for purposes of calculating basic net income per share. Diluted net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period plus the dilutive effect of the weighted average number of outstanding instruments such as options, warrants, and restricted stock. Because the Company has reported a net loss for all periods presented, diluted loss per common share is the same as basic loss per common share, as the effect of utilizing the fully diluted share count would have reduced the net loss per common share. Therefore, in calculating net loss per share amounts, shares underlying the following potentially dilutive weighted average number of common stock equivalents were excluded from the calculation of diluted net income per common share because their effect was anti-dilutive for each of the periods presented: | ||||||||
Quarters Ended March 31, | ||||||||
2014 | 2013 | |||||||
Options | 314,443 | 51,169 | ||||||
Warrants | 1,839,278 | 781,955 | ||||||
Unvested restricted stock | 14,447 | 34,303 | ||||||
Total | 2,168,168 | 867,427 | ||||||
Inventories
Inventories | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
4 | Inventories | |||||||
Inventories consist of the following: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Purchased components | $ | 285,218 | $ | 205,320 | ||||
Finished goods | 380,477 | 357,716 | ||||||
$ | 665,695 | $ | 563,036 | |||||
Accrued_Expenses
Accrued Expenses | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Expenses | ' | |||||||
5 | Accrued Expenses | |||||||
Accrued expenses consist of the following: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Technology fees | $ | 450,000 | $ | 450,000 | ||||
Professional services | 178,847 | 263,642 | ||||||
Clinical study obligations | 28,425 | 51,424 | ||||||
Sales taxes | 32,167 | 32,688 | ||||||
Other | 102,202 | 72,442 | ||||||
$ | 791,641 | $ | 870,196 | |||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||
Mar. 31, 2014 | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ||
Commitments and Contingencies | ' | ||
6 | Commitments and Contingencies | ||
Operating Lease | |||
In June 2013, the Company amended the Lease Agreement dated October 18, 2000 between Fourth Avenue LLC and the Company for office and engineering laboratory space to extend the term of the lease through March 31, 2015. Base rent for the period January 2014 through March 2015 is $52,917 per month. | |||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
Fair Value Measurements | ' | |||||||||||||
7 | Fair Value Measurements | |||||||||||||
The Fair Value Measurements and Disclosures Topic of the Codification defines fair value, establishes a framework for measuring fair value in applying generally accepted accounting principles, and expands disclosures about fair value measurements. This Codification topic identifies two kinds of inputs that are used to determine the fair value of assets and liabilities: observable and unobservable. Observable inputs are based on market data or independent sources while unobservable inputs are based on the Company’s own market assumptions. Once inputs have been characterized, this Codification topic requires companies to prioritize the inputs used to measure fair value into one of three broad levels. Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values identified by Level 2 inputs utilize observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. Fair values identified by Level 3 inputs are unobservable data points and are used to measure fair value to the extent that observable inputs are not available. Unobservable inputs reflect the Company’s own assumptions about the assumptions that market participants would use at pricing the asset or liability. | ||||||||||||||
The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis for the periods presented and indicates the fair value hierarchy of the valuation techniques it utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates, and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. | ||||||||||||||
Fair Value Measurements at March 31, 2014 Using | ||||||||||||||
March 31, | Quoted Prices in Active Markets for | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||
2014 | Identical Assets (Level 1) | (Level 2) | (Level 3) | |||||||||||
Assets: | ||||||||||||||
Cash equivalents | $ | 2,425,732 | $ | 2,425,732 | $ | — | $ | — | ||||||
Total | $ | 2,425,732 | $ | 2,425,732 | $ | — | $ | — | ||||||
Liabilities: | ||||||||||||||
Common stock warrants | $ | 1,424,003 | $ | — | $ | — | $ | 1,424,003 | ||||||
Total | $ | 1,424,003 | $ | — | $ | — | $ | 1,424,003 | ||||||
Fair Value Measurements at December 31, 2013 Using | ||||||||||||||
December 31, 2013 | Quoted Prices in Active Markets for | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||
Identical Assets (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Assets: | ||||||||||||||
Cash equivalents | $ | 3,926,600 | $ | 3,926,600 | $ | — | $ | — | ||||||
Total | $ | 3,926,600 | $ | 3,926,600 | $ | — | $ | — | ||||||
Liabilities: | ||||||||||||||
Common stock warrants | $ | 1,938,603 | $ | — | $ | — | $ | 1,938,603 | ||||||
Total | $ | 1,938,603 | $ | — | $ | — | $ | 1,938,603 | ||||||
Due to the lack of market quotes relating to our common stock warrants, the fair value of the common stock warrants was determined at March 31, 2014 using the Black-Scholes model, which is based on Level 3 inputs. As of March 31, 2014, inputs used in the Black-Scholes model include our stock price as of that date of $2.34, exercise price of $2.00, expected volatility of 69.30%, risk free interest rate of 1.73%, expected term of approximately four years and 2 months, and no dividends. The assumptions used may change as the underlying sources of these assumptions and market conditions change. Based on this calculation, the Company recorded a common stock warrants liability of $1.4 million at March 31, 2014. The Company recorded a common stock warrants liability of $1.9 million at December 31, 2013. | ||||||||||||||
As of December 31, 2013, inputs used in the Black-Scholes model include our stock price as of that date of $2.92, exercise price of $2.00, expected volatility of 67.60%, risk free interest rate of 1.71%, expected term of approximately four years and 5 months, and no dividends. Based on this calculation, the Company recorded a common stock warrants liability of $1.9 million at December 31, 2013. In addition, 1.3 million warrants were exercised during the fourth quarter of 2013 and these warrants were adjusted to their fair value at the dates of exercise. The total liability for the exercised warrants of $2.4 million was then reclassified to additional paid-in capital. | ||||||||||||||
Credit_Facility
Credit Facility | 3 Months Ended | |
Mar. 31, 2014 | ||
Debt Disclosure [Abstract] | ' | |
Credit Facility | ' | |
8 | Credit Facility | |
The Company is party to a Loan and Security Agreement, or the Credit Facility, with a bank. As of March 31, 2014, the Credit Facility permitted the Company to borrow up to $2.5 million on a revolving basis. The Credit Facility was amended and extended on January 31, 2014 until January 15, 2015. Under terms of the amended and extended Agreement the amount of the Credit Facility will remain at $2.5 million until December 31, 2014. Thereafter, until its expiry on January 15, 2015, the Credit Facility will be reduced to $750,000 if the Company has not yet completed an equity offering as defined in the Agreement. Amounts borrowed under the Credit Facility will bear interest equal to the prime rate plus 0.5%. Any borrowings under the Credit Facility will be collateralized by the Company’s cash, accounts receivable, inventory, and equipment. The Credit Facility includes traditional lending and reporting covenants. These include certain financial covenants applicable to liquidity that are to be maintained by the Company. As of March 31, 2014, the Company was in compliance with these covenants and had not borrowed any funds under the Credit Facility. The amount of $225,000 of the Credit Facility limit is restricted to support a letter of credit issued in favor of the Company’s landlord in the lease of its facilities in Waltham, Massachusetts. Consequently, the amount available for borrowing under the Credit Facility as of March 31, 2014 was $2,275,000. | ||
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | |
Mar. 31, 2014 | ||
Stockholders' Equity Note [Abstract] | ' | |
Stockholders' Equity | ' | |
9 | Stockholders’ Equity | |
Public Offerings of Common Stock and Warrants | ||
On June 4, 2013, the Company entered into a Purchase Agreement providing for the issuance of (i) 248,147 shares of common stock at a price of $2.095 per share, (ii) 1,066.254 shares of Series A-1 Preferred Stock at a price of $1,000 per share, (iii) 3,370.510 shares of Series A-2 Preferred Stock at a price of $1,000 per share, and (iv) five year warrants to purchase up to 2,365,934 shares of common stock with an exercise price of $2.00 per share (the “2013 Offering”). The 2013 Offering resulted in approximately $5.0 million in gross proceeds, before deducting placement agent fees and other expenses. Net proceeds from the 2013 Offering were approximately $4.5 million. | ||
Each share of Preferred Stock had a stated value of $1,000 and was convertible at the option of the holder into the number of shares of common stock determined by dividing the stated value by the initial conversion price of $2.095, which was subject to adjustment as provided in each Certificate of Designation for the Preferred Stock. The Preferred Stock had no dividend rights, liquidation preference or other preferences over common stock and had no voting rights except as provided in each Certificate of Designation for the Preferred Stock and as required by law. During the second half of 2013, all of the Series A-1 Preferred Stock and Series A-2 Preferred Stock was converted into a total of 2,117,787 shares of common stock. The warrants to purchase 2,365,934 shares of common stock were exercisable immediately, have a five-year term, and a per share exercise price of $2.00. During the fourth quarter of 2013, warrants to purchase 1,308,611 shares of common stock were exercised and the same number of shares of common stock was issued. Proceeds from these exercises totaled $2.6 million. | ||
The terms and conditions of the Preferred Stock were evaluated based on the guidance of the Derivatives and Hedging topic of the Codification to determine if the conversion feature was an embedded derivative requiring bifurcation. It was concluded that bifurcation was not required because the conversion feature was clearly and closely related to the Preferred Stock. The conversion price at which shares of Preferred Stock were convertible into shares of common stock was determined to be lower than the fair value of common stock at the date of the Purchase Agreement. This “in-the-money” beneficial conversion feature, or BCF, required separate recognition and measurement of its intrinsic value (i.e., the amount of the increase in value that holders of Preferred Stock would realize upon conversion based on the value of the conversion shares on the date of the Purchase Agreement). The BCF measurement totaled $766,900, an amount limited by the transaction proceeds which had been allocated to the Preferred Stock. Because there was not a stated redemption date for the shares of Preferred Stock, the BCF was recognized as a deemed dividend attributable to the Preferred Stock and is reflected as an adjustment in the calculation of earnings per share. | ||
The warrants issued in connection with the 2013 Offering are within the scope of the Derivatives and Hedging topic of the Codification. This Codification topic requires issuers to classify as liabilities (or assets under certain circumstances) financial instruments which require an issuer to settle in registered shares. As the warrants are required to be settled in registered shares when exercised, the Company has reflected the warrants as a liability in the balance sheet. The fair value of the warrants at the date of the 2013 Offering was estimated at $4.0 million using a Black-Scholes model with the following assumptions: stock price of $2.60, exercise price of $2.00, expected volatility of 73.6%, risk free interest rate of 1.05%, expected term of five years, and no dividends. The warrants were revalued at June 30, 2013, September 30, 2013, December 31, 2013, and March 31, 2014 using the same Black-Scholes model. The liability for the remaining 1,057,323 warrants was reflected in the balance sheet at March 31, 2014 in the amount of $1.4 million. The Company will continue to revalue unexercised warrants at each reporting period over the life of the warrants using the Black-Scholes model and the changes in the fair value of the warrants will be recognized in the Company's statement of operations. | ||
In March 2013, the Company issued an aggregate of 119,370 shares of fully vested common stock with a value of $285,300 in partial settlement of 2012 management incentive compensation. The shares issued reflected the $2.39 closing price of the Company’s common stock as reported on the NASDAQ Capital Market on March 4, 2013. Management incentive compensation for 2013 has been approved by the Board of Directors and is planned to be partially settled in the form of 41,327 fully vested shares of the Company’s common stock during April 2014. | ||
All share, per share, and stock option amounts for all periods presented within this quarterly report on Form 10-Q and the amounts for common stock and additional paid-in-capital have been retroactively adjusted to reflect a one share for six shares reverse stock split that occurred on February 15, 2013. | ||
Business_and_Basis_of_Presenta1
Business and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Our Business-An Overview | ' |
Our Business-An Overview | |
NeuroMetrix, Inc., or the Company, a Delaware corporation, was founded in June 1996. The Company is an innovative health-care company that develops wearable medical technology and point-of-care diagnostic tests to help patients and physicians better manage chronic pain, nerve diseases, and sleep disorders. The Company believes that there are large and important unmet needs in the treatment of diabetic neuropathies and adjacent forms of chronic pain such as fibromyalgia, post herpetic neuropathy (shingles), and conditions with both chronic pain and disturbed sleep such as restless leg syndrome. With substantial experience in medical devices to measure and alter peripheral nerve function, the Company believes it is well positioned to address these unmet needs through the development of novel proprietary medical devices. Accordingly, the Company has a major focus on developing and marketing medical devices for diabetic neuropathies. The Company has over a decade of experience in neuropathy detection starting with approval in 1998 by the United States Food and Drug Administration, or FDA, of the NC-stat System, a point-of-care device for the performance of general purpose nerve conduction studies. | |
In 2013 the Company launched the SENSUS™ Pain Management System, or SENSUS, a wearable transcutaneous electrical nerve stimulator indicated for management of chronic pain, and is the only device cleared by the FDA for use during sleep. It markets SENSUS to physicians managing patients with painful diabetic neuropathy and other forms of chronic pain. The Company also markets the NC-stat® DPNCheck® device, which is a fast, accurate, and quantitative nerve conduction test used to evaluate systemic neuropathies such as diabetic peripheral neuropathy, or DPN. NC-stat DPNCheck is designed to be used by physicians and other clinicians at the point-of-care to objectively detect, stage, and monitor DPN. The Company’s historical neurodiagnostic business is based on the ADVANCE™ NCS/EMG System, or the ADVANCE System, which is a comprehensive platform for the performance of traditional nerve conduction studies and invasive electromyography procedures and which is primarily used in physician offices and clinics. While the ADVANCE System contributes to the Company’s revenues, the Company is not actively managing the ADVANCE business for growth. | |
The Company held cash and cash equivalents of $7.6 million as of March 31, 2014. The Company believes that these resources and the cash to be generated from expected product sales will be sufficient to meet its projected operating requirements into the second quarter of 2015. The Company continues to face significant challenges and uncertainties and, as a result, the Company’s available capital resources may be consumed more rapidly than currently expected due to (a) unanticipated decreases in sales of the Company’s products and the uncertainty of future revenues from the Company’s new products; (b) changes the Company may make to the business that affect ongoing operating expenses; (c) changes the Company may make in its business strategy; (d) regulatory developments affecting the Company’s existing products and delays in the FDA approval process for products under development; (e) changes in the Company’s research and development spending plans; and (f) other items affecting the Company’s forecasted level of expenditures and use of cash resources. Accordingly, the Company will need to raise additional funds to support its operating and capital needs for the second quarter of 2015 and beyond. The Company may attempt to obtain additional funding through public or private financing, collaborative arrangements with strategic partners, or through additional credit lines or other debt financing sources to increase the funds available to fund operations. However, the Company may not be able to secure such financing in a timely manner or on favorable terms, if at all. Furthermore, if the Company issues equity or debt securities to raise additional funds, its existing stockholders may experience dilution, and the new equity or debt securities may have rights, preferences and privileges senior to those of the Company’s existing stockholders. If the Company raises additional funds through collaboration, licensing or other similar arrangements, it may be necessary to relinquish valuable rights to its potential products or proprietary technologies, or grant licenses on terms that are not favorable to the Company. Without additional funds, the Company may be forced to delay, scale back or eliminate some of its sales and marketing efforts, research and development activities, or other operations and potentially delay product development in an effort to provide sufficient funds to continue its operations. If any of these events occur, the Company’s ability to achieve its development and commercialization goals would be adversely affected. | |
Unaudited Interim Financial Statements | ' |
Unaudited Interim Financial Statements | |
The accompanying unaudited balance sheet as of March 31, 2014, unaudited statements of operations for the quarters ended March 31, 2014 and 2013 and the unaudited statements of cash flows for the quarters ended March 31, 2014 and 2013 have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, the financial statements include all normal and recurring adjustments considered necessary for a fair statement of the Company’s financial position and operating results. Operating results for the quarter ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2013 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, or the SEC, on February 24, 2014 (File No. 001-33351), or the Company’s 2013 Form 10-K. The accompanying balance sheet as of December 31, 2013 has been derived from audited financial statements prepared at that date, but does not include all disclosures required by accounting principles generally accepted in the United States of America. | |
Revenues | ' |
Revenues | |
The Company recognizes revenue when the following criteria have been met: persuasive evidence of an arrangement exists, delivery has occurred and risk of loss has passed, the seller’s price to the buyer is fixed or determinable, and collection is reasonably assured. | |
Revenues associated with the sale of the ADVANCE devices to customers and distributors are recognized upon shipment, provided that the selling price is fixed or determinable, persuasive evidence of an arrangement exists, collection of receivables is reasonably assured, product returns are reasonably estimable, and no continuing obligations exist. The revenues from the sale of an ADVANCE communication hub together with access to NeuroMetrix information systems are considered one unit of accounting and deferred and recognized on a straight-line basis over the estimated period of time that the Company provides the service associated with the information systems of three years. The resulting deferred revenue and deferred costs are presented as separate line items on the accompanying balance sheet. Revenues related to extended service agreements for the devices are recognized ratably over the term of the extended service agreement. | |
Revenues associated with the sale of the SENSUS and NC-stat DPNCheck devices are recognized upon shipment, provided that the selling price is fixed or determinable, persuasive evidence of an arrangement exists, collection of receivables is reasonably assured, product returns are reasonably estimable, and no continuing obligations exist. | |
Revenues also include sales of consumables, including single use nerve specific electrodes and other accessories. These revenues are recognized upon shipment provided that the selling price is fixed or determinable, persuasive evidence of an arrangement exists, collection of receivables is reasonably assured, and product returns are reasonably estimable. | |
When multiple elements are contained in a single arrangement, the Company allocates revenue between the elements based on their relative selling prices. The Company determines selling price using vendor specific objective evidence, or VSOE, if it is available, third-party evidence, or TPE, if VSOE is not available, and best estimate of selling price, or BESP, if neither VSOE nor TPE are available. The Company generally expects that it will not be able to establish TPE due to the nature of the markets in which it competes, and, as such, it will typically determine selling price using VSOE or if not available, BESP. The objective of BESP is to determine the selling price of a deliverable on a standalone basis. The Company’s determination of BESP involves a weighting of several factors based on the specific facts and circumstances of an arrangement. Specifically, the Company considers the cost to produce the deliverable, the anticipated margin on that deliverable, the selling price and profit margin for similar parts, its ongoing pricing strategy, the value of any enhancements that have been built into the deliverable, and the characteristics of the varying markets in which the deliverable is sold. | |
Revenue recognition involves judgments, including assessments of expected returns and expected customer relationship periods. The Company analyzes various factors, including a review of specific transactions, its historical returns, average customer relationship periods, customer usage, customer balances, and market and economic conditions. Changes in judgments or estimates on these factors could materially impact the timing and amount of revenues and costs recognized. Should market or economic conditions deteriorate, the Company’s actual return or bad debt experience could exceed its estimate. | |
Certain product sales are made with a 30-day right of return. Since the Company can reasonably estimate future returns, it recognizes revenues associated with product sales that contain a right of return upon shipment and at the same time it records a sales return reserve, which reduces revenue and accounts receivable by the amount of estimated returns. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make significant 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 revenue and expenses during reporting periods. Actual results could differ from those estimates. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
There have been no recent accounting pronouncements or changes in accounting pronouncements since the recent accounting pronouncements described in the Company's 2013 Form 10-K that are of significance to the Company. | |
Net_Loss_Per_Common_Share_Tabl
Net Loss Per Common Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Potentially Calculation of Diluted Net Income Per Common | ' | |||||||
the following potentially dilutive weighted average number of common stock equivalents were excluded from the calculation of diluted net income per common share because their effect was anti-dilutive for each of the periods presented: | ||||||||
Quarters Ended March 31, | ||||||||
2014 | 2013 | |||||||
Options | 314,443 | 51,169 | ||||||
Warrants | 1,839,278 | 781,955 | ||||||
Unvested restricted stock | 14,447 | 34,303 | ||||||
Total | 2,168,168 | 867,427 | ||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories consist of the following: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Purchased components | $ | 285,218 | $ | 205,320 | ||||
Finished goods | 380,477 | 357,716 | ||||||
$ | 665,695 | $ | 563,036 | |||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Expenses | ' | |||||||
Accrued expenses consist of the following: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Technology fees | $ | 450,000 | $ | 450,000 | ||||
Professional services | 178,847 | 263,642 | ||||||
Clinical study obligations | 28,425 | 51,424 | ||||||
Sales taxes | 32,167 | 32,688 | ||||||
Other | 102,202 | 72,442 | ||||||
$ | 791,641 | $ | 870,196 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
Fair Value Measurements | ' | |||||||||||||
Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. | ||||||||||||||
Fair Value Measurements at March 31, 2014 Using | ||||||||||||||
March 31, | Quoted Prices in Active Markets for | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||
2014 | Identical Assets (Level 1) | (Level 2) | (Level 3) | |||||||||||
Assets: | ||||||||||||||
Cash equivalents | $ | 2,425,732 | $ | 2,425,732 | $ | — | $ | — | ||||||
Total | $ | 2,425,732 | $ | 2,425,732 | $ | — | $ | — | ||||||
Liabilities: | ||||||||||||||
Common stock warrants | $ | 1,424,003 | $ | — | $ | — | $ | 1,424,003 | ||||||
Total | $ | 1,424,003 | $ | — | $ | — | $ | 1,424,003 | ||||||
Fair Value Measurements at December 31, 2013 Using | ||||||||||||||
December 31, 2013 | Quoted Prices in Active Markets for | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||
Identical Assets (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Assets: | ||||||||||||||
Cash equivalents | $ | 3,926,600 | $ | 3,926,600 | $ | — | $ | — | ||||||
Total | $ | 3,926,600 | $ | 3,926,600 | $ | — | $ | — | ||||||
Liabilities: | ||||||||||||||
Common stock warrants | $ | 1,938,603 | $ | — | $ | — | $ | 1,938,603 | ||||||
Total | $ | 1,938,603 | $ | — | $ | — | $ | 1,938,603 | ||||||
Business_and_Basis_of_Presenta2
Business and Basis of Presentation - Additional Information (Detail) (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | |
Organization And Basis Of Presentation [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $7,583,538 | $9,195,753 | $6,886,191 | $8,699,478 |
Entity Date Of Incorporation | '1996-06 | ' | ' | ' |
Comprehensive_Loss_Additional_
Comprehensive Loss - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Other Comprehensive Income Loss [Line Items] | ' | ' |
Other comprehensive income (loss), net of tax | $0 | $0 |
Antidilutive_Common_Stock_Equi
Anti-dilutive Common Stock Equivalents Excluded from Calculation of Diluted Net Income Per Common Share (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Potentially dilutive common stock equivalents excluded from calculation of diluted net income per common share | 2,168,168 | 867,427 |
Options | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Potentially dilutive common stock equivalents excluded from calculation of diluted net income per common share | 314,443 | 51,169 |
Warrants | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Potentially dilutive common stock equivalents excluded from calculation of diluted net income per common share | 1,839,278 | 781,955 |
Unvested Restricted Stock | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Potentially dilutive common stock equivalents excluded from calculation of diluted net income per common share | 14,447 | 34,303 |
Inventories_Detail
Inventories (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Inventory Disclosure [Line Items] | ' | ' |
Purchased components | $285,218 | $205,320 |
Finished goods | 380,477 | 357,716 |
Inventories | $665,695 | $563,036 |
Accrued_Expenses_Detail
Accrued Expenses (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Schedule of Accrued Liabilities [Line Items] | ' | ' |
Technology fees | $450,000 | $450,000 |
Professional services | 178,847 | 263,642 |
Clinical study obligations | 28,425 | 51,424 |
Sales taxes | 32,167 | 32,688 |
Other | 102,202 | 72,442 |
Accrued expenses | $791,641 | $870,196 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended |
Jun. 30, 2013 | Mar. 31, 2014 | |
January 2014 through March 2015 | ||
Commitments and Contingencies Disclosure [Line Items] | ' | ' |
Lease expiration date | 31-Mar-15 | ' |
Base rent, per month | ' | $52,917 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Share data in Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 04, 2013 |
Fair Value Disclosures [Line Items] | ' | ' | ' |
Share price | $2.34 | $2.92 | $2.10 |
Exercise price | $2 | $2 | ' |
Risk free interest rate | 1.73% | 1.71% | ' |
Expected term | '4 years 2 months | '4 years 5 months | ' |
Expected volatility | 69.30% | 67.60% | ' |
Common stock warrants liability | $1,424,003 | $1,938,603 | ' |
Transfer of liability to additional paid-in capital upon exercise of warrants | ' | 2,400,000 | ' |
Warrants or rights exercised | ' | 1.3 | ' |
Dividends | $0 | $0 | ' |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Assets: | ' | ' |
Cash equivalents | $2,425,732 | $3,926,600 |
Total | 2,425,732 | 3,926,600 |
Liabilities: | ' | ' |
Common stock warrants | 1,424,003 | 1,938,603 |
Total | 1,424,003 | 1,938,603 |
Fair Value, Inputs, Level 1 | ' | ' |
Assets: | ' | ' |
Total | 2,425,732 | 3,926,600 |
Liabilities: | ' | ' |
Total | 0 | 0 |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | ' | ' |
Assets: | ' | ' |
Cash equivalents | 2,425,732 | 3,926,600 |
Liabilities: | ' | ' |
Common stock warrants | 0 | 0 |
Fair Value, Inputs, Level 2 | ' | ' |
Assets: | ' | ' |
Total | 0 | 0 |
Liabilities: | ' | ' |
Total | 0 | 0 |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | ' | ' |
Assets: | ' | ' |
Cash equivalents | 0 | 0 |
Liabilities: | ' | ' |
Common stock warrants | 0 | 0 |
Fair Value, Inputs, Level 3 | ' | ' |
Assets: | ' | ' |
Total | 0 | 0 |
Liabilities: | ' | ' |
Total | 1,424,003 | 1,938,603 |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | ' | ' |
Assets: | ' | ' |
Cash equivalents | 0 | 0 |
Liabilities: | ' | ' |
Common stock warrants | $1,424,003 | $1,938,603 |
Credit_Facility_Additional_Inf
Credit Facility - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Line of Credit Facility [Line Items] | ' |
Revolving credit facility, maximum borrowing capacity | $2,500,000 |
Credit Facility expiration date | 15-Jan-15 |
Credit Facility limit restricted to support letter of credit | 225,000 |
Line of credit facility, remaining borrowing capacity | 2,275,000 |
Line of Credit Facility, Maximum Borrowing Capacity in case of Not Compliance with Agreement | $750,000 |
Prime Rate | ' |
Line of Credit Facility [Line Items] | ' |
Interest rate over prime rate | 0.50% |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | |||||||
Jun. 04, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 04, 2013 | Apr. 30, 2014 | Feb. 15, 2013 | Jun. 04, 2013 | Jun. 04, 2013 | Dec. 31, 2013 | Jun. 04, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Subsequent Event | First Stock Split | Series A One Convertible Preferred Stock | Series A Two Convertible Preferred Stock | Series A One and Two Convertible Preferred Stock | Warrants | Warrants | Common Stock | |||||||
Public Offering Of Common Stock and Warrants [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceed from offering common stock and warrants | $4,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period over which warrants become exercisable | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' |
Fair Value of Warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' |
Exercise price | ' | ' | $2 | $2 | $2 | ' | ' | ' | ' | ' | ' | $2 | ' | ' |
Expected volatility | ' | ' | 69.30% | ' | 67.60% | ' | ' | ' | ' | ' | ' | 73.60% | ' | ' |
Risk free interest rate | ' | ' | 1.73% | ' | 1.71% | ' | ' | ' | ' | ' | ' | 1.05% | ' | ' |
Stock issued during period, shares, other | 248,147 | ' | ' | ' | ' | ' | ' | ' | 1,066.25 | 3,370.51 | 2,117,787 | ' | ' | ' |
Share price | $2.10 | ' | $2.34 | $2.92 | $2.92 | ' | ' | ' | $1,000 | $1,000 | ' | $2.60 | ' | ' |
Preferred stock, stated value | ' | ' | $1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross proceeds from issuance or sale of equity | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, Discount on shares | ' | ' | 766,900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of warrant or right, Number of securities called by warrants or rights | 2,365,934 | ' | 2,365,934 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of warrant or right, Exercise price of warrants or rights | 2 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders equity note reverse stock split conversion ratio | ' | ' | ' | ' | ' | ' | ' | 'one share for six shares | ' | ' | ' | ' | ' | ' |
Debt instrument, Convertible, Conversion price | ' | ' | $2.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of class stock warrants or rights exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,308,611 | ' |
Proceeds from stock options exercised | ' | ' | ' | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock warrants liability | ' | ' | 1,424,003 | 1,938,603 | 1,938,603 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock warrants remaining liability | ' | ' | 1,057,323 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | 119,370 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,308,611 |
Accrued Bonuses | ' | $285,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing Price Of Shares | ' | ' | ' | ' | ' | $2.39 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares vested in period | ' | ' | ' | ' | ' | ' | 41,327 | ' | ' | ' | ' | ' | ' | ' |