Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 19, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | NeuroMetrix, Inc. | |
Entity Central Index Key | 1,289,850 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | NURO | |
Entity Common Stock, Shares Outstanding | 5,318,273 |
Balance Sheets
Balance Sheets - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 7,568,186 | $ 12,462,872 |
Accounts receivable, net | 571,378 | 807,825 |
Inventories | 1,162,156 | 1,089,084 |
Prepaid expenses and other current assets | 1,290,700 | 852,600 |
Total current assets | 10,592,420 | 15,212,381 |
Fixed assets, net | 582,194 | 683,534 |
Other long-term assets | 174,118 | 203,686 |
Total assets | 11,348,732 | 16,099,601 |
Current liabilities: | ||
Accounts payable | 714,204 | 1,060,135 |
Accrued compensation | 685,610 | 848,689 |
Accrued expenses | 1,557,597 | 1,120,594 |
Deferred revenue | 629,350 | 227,172 |
Total current liabilities | 3,586,761 | 3,256,590 |
Common stock warrants | 52,430 | 280,303 |
Total liabilities | 3,639,191 | 3,536,893 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Common stock, $0.0001 par value; 100,000,000 shares authorized; 5,318,273 and 4,047,332 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively | 532 | 405 |
Additional paid-in capital | 183,373,567 | 176,127,932 |
Accumulated deficit | (175,664,578) | (163,565,650) |
Total stockholders’ equity | 7,709,541 | 12,562,708 |
Total liabilities and stockholders’ equity | 11,348,732 | 16,099,601 |
Convertible Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred stock | $ 20 | $ 21 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 5,318,273 | 4,047,332 |
Common stock, shares outstanding | 5,318,273 | 4,047,332 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues | $ 3,389,427 | $ 2,054,432 | $ 8,312,096 | $ 4,562,379 |
Cost of revenues | 2,031,823 | 1,119,186 | 5,086,706 | 2,351,479 |
Gross profit | 1,357,604 | 935,246 | 3,225,390 | 2,210,900 |
Operating expenses: | ||||
Research and development | 1,202,651 | 940,794 | 3,487,291 | 2,825,589 |
Sales and marketing | 2,959,311 | 1,965,627 | 8,199,469 | 5,183,595 |
General and administrative | 1,165,815 | 1,386,170 | 3,882,461 | 4,157,082 |
Total operating expenses | 5,327,777 | 4,292,591 | 15,569,221 | 12,166,266 |
Loss from operations | (3,970,173) | (3,357,345) | (12,343,831) | (9,955,366) |
Interest income | 5,772 | 1,761 | 17,030 | 3,350 |
Change in fair value of warrant liability | 56,248 | 151,806 | 227,873 | 3,473,804 |
Net loss | (3,908,153) | (3,203,778) | (12,098,928) | (6,478,212) |
Deemed dividends attributable to preferred shareholders and returns of capital to common shareholders associated with equity offerings (Note 3) | 0 | 0 | (19,846,377) | (3,550,695) |
Net loss applicable to common stockholders | $ (3,908,153) | $ (3,203,778) | $ (31,945,305) | $ (10,028,907) |
Net loss per common share applicable to common stockholders, basic and diluted | $ (0.76) | $ (1.06) | $ (7.01) | $ (4.06) |
Weighted average number of common shares outstanding, basic and diluted | 5,116,099 | 3,033,496 | 4,556,440 | 2,469,976 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (12,098,928) | $ (6,478,212) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 189,224 | 160,993 |
Stock-based compensation | 176,684 | 246,406 |
Change in fair value of warrant liability | (227,873) | (3,473,804) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 236,447 | (321,655) |
Inventories | (73,072) | (392,422) |
Prepaid expenses and other current and long-term assets | (408,532) | (484,063) |
Accounts payable | (287,427) | 423,275 |
Accrued expenses and compensation | 634,181 | 30,948 |
Deferred revenue | 402,178 | 667,994 |
Net cash used in operating activities | (11,457,118) | (9,620,540) |
Cash flows from investing activities: | ||
Purchases of fixed assets | (87,884) | (594,606) |
Net cash used in investing activities | (87,884) | (594,606) |
Cash flows from financing activities: | ||
Net proceeds from issuance of stock and warrants | 6,650,316 | 13,316,324 |
Repurchase of Series A-4 preferred stock and warrants | 0 | (3,206,357) |
Net cash provided by financing activities | 6,650,316 | 10,109,967 |
Net (decrease)/increase in cash and cash equivalents | (4,894,686) | (105,179) |
Cash and cash equivalents, beginning of period | 12,462,872 | 9,221,985 |
Cash and cash equivalents, end of period | 7,568,186 | 9,116,806 |
Supplemental disclosure of cash flow information: | ||
Common stock issued to settle employee incentive compensation obligation | $ 318,761 | $ 281,757 |
Business and Basis of Presentat
Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Business and Basis of Presentation | 1. Business and Basis of Presentation Our Business-An Overview NeuroMetrix is a commercial stage, innovation driven healthcare company combining bioelectrical and digital medicine to address chronic health conditions including chronic pain, sleep disorders, and diabetes. The company's lead product is Quell, an over-the-counter wearable therapeutic device for chronic pain. Quell is integrated into a digital health platform that helps patients optimize their therapy and decrease the impact of chronic pain on their quality of life. The company also markets DPNCheck®, a rapid point-of-care test for diabetic neuropathy, which is the most common long-term complication of Type 2 diabetes. The company maintains an active research effort and has several pipeline programs, including a therapeutic device for restless leg syndrome. The company is located in Waltham, Massachusetts and was founded as a spinoff from the Harvard-MIT Division of Health Sciences and Technology in 1996. The accompanying financial statements have been prepared on a basis which assumes that the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The Company has suffered recurring losses from operations and negative cash flows from operating activities. At September 30, 2016, the Company had an accumulated deficit of $ 175.7 7.6 Certain prior period amounts have been adjusted to reflect the Company's 1-for-4 reverse stock split effected December 2015. Unaudited Interim Financial Statements The accompanying unaudited balance sheet as of September 30, 2016, unaudited statements of operations for the quarters and nine months ended September 30, 2016 and 2015 and the unaudited statements of cash flows for the nine months ended September 30, 2016 and 2015 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. The accompanying balance sheet as of December 31, 2015 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. 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 September 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2015 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, or the SEC, on February 12, 2016 (File No. 001-33351), or the Company’s 2015 Form 10-K. Certain amounts within the prior year balance sheet have been reclassified to conform to current year presentation. 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 Company’s medical devices and consumables are generally recognized upon shipment, assuming all other revenue recognition criteria have been met. Revenue associated with shipments made to distributors who have the right to return any unsold product is recognized once the product is sold by the distributor to the end customer (i.e. under a sell-through model), assuming all other revenue recognition criteria have been met. Cash received prior to all the conditions for revenue recognition being met is recorded as deferred revenue. Deferred revenue recorded prior to cash receipt is recorded as an offset to accounts receivable. As of September 30, 2016 the total value of shipments made to sell-through distributors but not yet sold through to end customers totaled $ 1,019,672 . Of this total, $ 390,322 was recorded as a reduction to accounts receivable and $ 629,350 was recorded in deferred revenue, as cash had been received. As of December 31, 2015, the total value of shipments that had been made to sell-through distributors but have not yet been sold through to end customers totaled $ 489,467 262,295 227,172 763,712 and $ 378,440 Revenue recognition involves judgments, including assessments of expected returns from customers who have the right to return product for any reason under 30 60 432,837 65,111 Accounts receivable are recorded net of the allowance for doubtful accounts which represents the Company’s best estimate of probable credit losses. Allowance for doubtful accounts was $ 25,000 One customer accounted for approximately 11 11 16 11 46 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 In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern ( In May 2014, the FASB and the International Accounting Standards Board (“IASB”) jointly issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers, Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net) |
Comprehensive Loss
Comprehensive Loss | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Comprehensive Loss | Comprehensive Loss For the quarters and nine months ended September 30, 2016 and 2015, 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 | 9 Months Ended |
Sep. 30, 2016 | |
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 Quarters Ended Nine months Ended 2016 2015 2016 2015 Options 468,717 216,616 300,979 205,632 Warrants 28,206,975 4,722,277 20,971,598 2,716,507 Unvested restricted stock 107 Convertible preferred stock 11,086,407 2,730,951 7,870,096 2,246,187 Total 39,762,099 7,669,844 29,142,673 5,168,433 The deemed dividend recorded in the June 2016 Offering (as defined below) represented the fair value of consideration transferred plus the fair value of repurchased Series C Preferred Stock, less the fair value of the newly issued Series D Preferred Stock and warrants. Quarters Ended Nine months Ended 2016 2015 2016 2015 Net loss $ (3,908,153) $ (3,203,778) $ (12,098,928) $ (6,478,212) Deemed dividend attributable to preferred stockholders in connection with beneficial conversion features (4,140,446) Deemed dividend attributable to preferred stockholders in connection with preferred stock modifications (19,846,377) Return of capital to common shareholders attributable to the repurchase of preferred shares and related embedded beneficial conversion feature 589,751 Net loss applicable to common stockholders $ (3,908,153) $ (3,203,778) $ (31,945,305) $ (10,028,907) Net loss per common share applicable to common stockholders, basic and diluted $ (0.76) $ (1.06) $ (7.01) $ (4.06) Weighted average number of common shares outstanding, basic and diluted 5,116,099 3,033,496 4,556,440 2,469,976 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories September 30, December 31, Purchased components $ 624,610 $ 432,437 Finished goods on consignment 5,627 39,784 Finished goods 531,919 616,863 $ 1,162,156 $ 1,089,084 |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Compensation and Expenses | 5. Accrued Expenses September 30, December 31, Technology fees $ 450,000 $ 450,000 Sales return provision 432,837 65,111 Professional services 262,500 336,229 Consulting fees 112,000 92,000 Sales taxes 48,206 56,284 Clinical study obligations 40,000 Personnel related obligations 29,946 15,548 Other 182,108 105,422 $ 1,557,597 $ 1,120,594 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies Operating Lease In August 2014, the Company entered into a 5-year operating lease agreement with one 5-year extension option for manufacturing and order fulfillment facilities in Woburn, Massachusetts (the “Woburn Lease”). The Woburn Lease commenced December 15, 2014 and has a monthly base rent of $ 7,503 37,792 275,961 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 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. Fair Value Measurements at September 30, 2016 Using September Quoted Prices in Significant Other Significant Assets: Cash equivalents $ 4,398,715 $ 4,398,715 $ $ Total $ 4,398,715 $ 4,398,715 $ Liabilities: Common stock warrants $ 52,430 $ $ $ 52,430 Total $ 52,430 $ $ $ 52,430 Due to the lack of market quotes relating to our common stock warrants issued in financings in 2014 and 2013, the fair value of the common stock warrants was determined at September 30, 2016 using the Black-Scholes model, which is based on Level 3 inputs. As of September 30, 2016, inputs used in the Black-Scholes model are presented below. 52,430 Black-Scholes Inputs to Warrant Liability Valuation at September 30, 2016 Warrants: Stock Price Exercise Price Expected Volatility Risk-Free Interest Expected Term Dividends 2014 Offering $ 1.56 $ 8.16 62.01 % 0.85 % 2yr 9mo none 2013 Offering $ 1.56 $ 8.00 63.73 % 0.71 % 1yr 8mo none 2014 Offering 2013 Offering Total Balance at December 31, 2015 $ 227,992 $ 52,311 $ 280,303 Change in fair value of warrant liability (182,170) (45,703) (227,873) Balance at September 30, 2016 $ 45,822 $ 6,608 $ 52,430 Fair Value Measurements at December 31, 2015 Using December 31, Quoted Prices in Significant Other Significant Assets: Cash equivalents $ 1,865,498 $ 1,865,498 $ $ Total $ 1,865,498 $ 1,865,498 $ $ Liabilities: Common stock warrants $ 280,303 $ $ $ 280,303 Total $ 280,303 $ $ $ 280,303 Due to the lack of market quotes relating to our common stock warrants then outstanding, the fair value of the common stock warrants was determined at December 31, 2015 using the Black-Scholes model, which is based on Level 3 inputs. As of December 31, 2015, inputs used in the Black-Scholes model are presented below. 0.3 Warrants: Stock Price Exercise Price Expected Volatility Risk-Free Interest Expected Term Dividends 2014 Offering $ 1.98 $ 8.16 73.39 % 1.42 % 3yr 6mo none 2013 Offering $ 1.98 $ 8.00 70.42 % 1.17 % 2yr 5mo none |
Credit Facility
Credit Facility | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Credit Facility | 8. Credit Facility The Company is party to a Loan and Security Agreement, as amended (the “Credit Facility”), with a bank. As of September 30, 2016 the Credit Facility permitted the Company to borrow up to $ 2.5 January 15, 2017 0.5 499,481 2.0 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 9. Stockholders’ Equity September 30, December 31, Preferred stock, $0.001 par value; 5,000,000 shares authorized at September 30, 2016 and December 31, 2015; no shares issued and outstanding at September 30, 2016 and December 31, 2015 $ $ Series B convertible preferred stock, $0.001 par value, 147,000 shares designated at September 30, 2016 and December 31, 2015, and 500 and 7,146 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively 1 7 Series C convertible preferred stock, $0.001 par value, 13,800 shares designated at September 30, 2016 and December 31, 2015, and zero and 13,800 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively 14 Series D convertible preferred stock, $0.001 par value, 21,300 and zero shares designated at September 30, 2016 and December 31, 2015, respectively, and 19,639.4 and zero shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively 19 Private and Public Offerings of Common Stock and Warrants In June 2016, the Company completed a private equity offering with one institutional investor (the “Investor”) and issued (i) 21,300 1,000 11,800,554 0.0001 1.69 13,800 7.5 6.7 Each share of Series D Preferred Stock had a stated value of $ 1,000 1.805 The June 2016 Offering was accounted for as a modification of the Investor’s Series C Preferred Stock. Under the modification model, a deemed dividend was recognized within retained earnings which represented the fair value of consideration transferred plus the fair value of repurchased Series C Preferred Stock, less the fair value of the newly issued Series D Preferred Stock and warrants. The amount of the deemed dividend totaled $ 19.8 920,000 In May 2015, the Company completed an underwritten public offering (the “May 2015 Offering”) of (i) 147,000 100 3,638,250 5.00 14.7 3.2 10.1 The terms and conditions of the Series B 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 Series B Preferred Stock. The conversion price at which shares of Series B 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 entering into the agreement with the underwriter. 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 Series B Preferred Stock would realize upon conversion based on the value of the conversion shares on the date of the underwriting agreement). Because there was not a stated redemption date for the shares of Series B Preferred Stock, the BCF was recognized as a deemed dividend attributable to the Series B Preferred Stock and reflected as an adjustment in the calculation of earnings per share. The amount of the BCF totaled $ 4,140,446 The Company determined that equity classification was appropriate for the warrants in the June 2016 Offering, following guidance in the Derivatives and Hedging topic of the Codification. In making this equity classification determination, the Company noted the warrants had no requirements to be settled in registered shares when exercised. The fair value of the 5 14.6 1.99 1.69 71.5 1.23 In March 2016, the Company issued an aggregate of 178,079 318,761 1.79 41,601 281,757 6.72 Total compensation cost related to nonvested awards not yet recognized at September 30, 2016 was $ 522,668 3.4 |
Business and Basis of Present15
Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Our Business-An Overview | Our Business-An Overview NeuroMetrix is a commercial stage, innovation driven healthcare company combining bioelectrical and digital medicine to address chronic health conditions including chronic pain, sleep disorders, and diabetes. The company's lead product is Quell, an over-the-counter wearable therapeutic device for chronic pain. Quell is integrated into a digital health platform that helps patients optimize their therapy and decrease the impact of chronic pain on their quality of life. The company also markets DPNCheck®, a rapid point-of-care test for diabetic neuropathy, which is the most common long-term complication of Type 2 diabetes. The company maintains an active research effort and has several pipeline programs, including a therapeutic device for restless leg syndrome. The company is located in Waltham, Massachusetts and was founded as a spinoff from the Harvard-MIT Division of Health Sciences and Technology in 1996. The accompanying financial statements have been prepared on a basis which assumes that the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The Company has suffered recurring losses from operations and negative cash flows from operating activities. At September 30, 2016, the Company had an accumulated deficit of $ 175.7 7.6 Certain prior period amounts have been adjusted to reflect the Company's 1-for-4 reverse stock split effected December 2015. |
Unaudited Interim Financial Statements | Unaudited Interim Financial Statements The accompanying unaudited balance sheet as of September 30, 2016, unaudited statements of operations for the quarters and nine months ended September 30, 2016 and 2015 and the unaudited statements of cash flows for the nine months ended September 30, 2016 and 2015 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. The accompanying balance sheet as of December 31, 2015 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. 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 September 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2015 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, or the SEC, on February 12, 2016 (File No. 001-33351), or the Company’s 2015 Form 10-K. Certain amounts within the prior year balance sheet have been reclassified to conform to current year presentation. |
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 Company’s medical devices and consumables are generally recognized upon shipment, assuming all other revenue recognition criteria have been met. Revenue associated with shipments made to distributors who have the right to return any unsold product is recognized once the product is sold by the distributor to the end customer (i.e. under a sell-through model), assuming all other revenue recognition criteria have been met. Cash received prior to all the conditions for revenue recognition being met is recorded as deferred revenue. Deferred revenue recorded prior to cash receipt is recorded as an offset to accounts receivable. As of September 30, 2016 the total value of shipments made to sell-through distributors but not yet sold through to end customers totaled $ 1,019,672 . Of this total, $ 390,322 was recorded as a reduction to accounts receivable and $ 629,350 was recorded in deferred revenue, as cash had been received. As of December 31, 2015, the total value of shipments that had been made to sell-through distributors but have not yet been sold through to end customers totaled $ 489,467 262,295 227,172 763,712 and $ 378,440 Revenue recognition involves judgments, including assessments of expected returns from customers who have the right to return product for any reason under 30 60 432,837 65,111 Accounts receivable are recorded net of the allowance for doubtful accounts which represents the Company’s best estimate of probable credit losses. Allowance for doubtful accounts was $ 25,000 One customer accounted for approximately 11 11 16 11 46 |
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 In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern ( In May 2014, the FASB and the International Accounting Standards Board (“IASB”) jointly issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers, Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net) |
Net Loss Per Common Share (Tabl
Net Loss Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 Nine months Ended 2016 2015 2016 2015 Options 468,717 216,616 300,979 205,632 Warrants 28,206,975 4,722,277 20,971,598 2,716,507 Unvested restricted stock 107 Convertible preferred stock 11,086,407 2,730,951 7,870,096 2,246,187 Total 39,762,099 7,669,844 29,142,673 5,168,433 |
Schedule of Earnings Per Share, Basic and Diluted | The Beneficial Conversion Feature, or BCF, recorded in the May 2015 Offering (as defined below) has been recognized as deemed dividends. These items have been reflected as an adjustment in the calculation of earnings per share. See Note 9, Stockholders’ Equity, for further details. Quarters Ended Nine months Ended 2016 2015 2016 2015 Net loss $ (3,908,153) $ (3,203,778) $ (12,098,928) $ (6,478,212) Deemed dividend attributable to preferred stockholders in connection with beneficial conversion features (4,140,446) Deemed dividend attributable to preferred stockholders in connection with preferred stock modifications (19,846,377) Return of capital to common shareholders attributable to the repurchase of preferred shares and related embedded beneficial conversion feature 589,751 Net loss applicable to common stockholders $ (3,908,153) $ (3,203,778) $ (31,945,305) $ (10,028,907) Net loss per common share applicable to common stockholders, basic and diluted $ (0.76) $ (1.06) $ (7.01) $ (4.06) Weighted average number of common shares outstanding, basic and diluted 5,116,099 3,033,496 4,556,440 2,469,976 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consist of the following: September 30, December 31, Purchased components $ 624,610 $ 432,437 Finished goods on consignment 5,627 39,784 Finished goods 531,919 616,863 $ 1,162,156 $ 1,089,084 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Compensation and Expenses | Accrued expenses consist of the following: September 30, December 31, Technology fees $ 450,000 $ 450,000 Sales return provision 432,837 65,111 Professional services 262,500 336,229 Consulting fees 112,000 92,000 Sales taxes 48,206 56,284 Clinical study obligations 40,000 Personnel related obligations 29,946 15,548 Other 182,108 105,422 $ 1,557,597 $ 1,120,594 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements at September 30, 2016 Using September Quoted Prices in Significant Other Significant Assets: Cash equivalents $ 4,398,715 $ 4,398,715 $ $ Total $ 4,398,715 $ 4,398,715 $ Liabilities: Common stock warrants $ 52,430 $ $ $ 52,430 Total $ 52,430 $ $ $ 52,430 Fair Value Measurements at December 31, 2015 Using December 31, Quoted Prices in Significant Other Significant Assets: Cash equivalents $ 1,865,498 $ 1,865,498 $ $ Total $ 1,865,498 $ 1,865,498 $ $ Liabilities: Common stock warrants $ 280,303 $ $ $ 280,303 Total $ 280,303 $ $ $ 280,303 |
Black-Scholes Inputs to Warrant Liability Valuation | 52,430 Black-Scholes Inputs to Warrant Liability Valuation at September 30, 2016 Warrants: Stock Price Exercise Price Expected Volatility Risk-Free Interest Expected Term Dividends 2014 Offering $ 1.56 $ 8.16 62.01 % 0.85 % 2yr 9mo none 2013 Offering $ 1.56 $ 8.00 63.73 % 0.71 % 1yr 8mo none Warrants: Stock Price Exercise Price Expected Volatility Risk-Free Interest Expected Term Dividends 2014 Offering $ 1.98 $ 8.16 73.39 % 1.42 % 3yr 6mo none 2013 Offering $ 1.98 $ 8.00 70.42 % 1.17 % 2yr 5mo none |
Fair Value, Liabilities Measured on Recurring Basis | The following table provides a summary of changes in the fair value of the Company’s Level 3 financial liabilities between December 31, 2015 and September 30, 2016. 2014 Offering 2013 Offering Total Balance at December 31, 2015 $ 227,992 $ 52,311 $ 280,303 Change in fair value of warrant liability (182,170) (45,703) (227,873) Balance at September 30, 2016 $ 45,822 $ 6,608 $ 52,430 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Preferred stock and convertible preferred stock | Preferred stock and convertible preferred stock consist of the following: September 30, December 31, Preferred stock, $0.001 par value; 5,000,000 shares authorized at September 30, 2016 and December 31, 2015; no shares issued and outstanding at September 30, 2016 and December 31, 2015 $ $ Series B convertible preferred stock, $0.001 par value, 147,000 shares designated at September 30, 2016 and December 31, 2015, and 500 and 7,146 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively 1 7 Series C convertible preferred stock, $0.001 par value, 13,800 shares designated at September 30, 2016 and December 31, 2015, and zero and 13,800 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively 14 Series D convertible preferred stock, $0.001 par value, 21,300 and zero shares designated at September 30, 2016 and December 31, 2015, respectively, and 19,639.4 and zero shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively 19 |
Business and Basis of Present21
Business and Basis of Presentation - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Organization And Basis Of Presentation [Line Items] | |||||
Deferred Revenue and Credits, Current | $ 1,019,672 | $ 489,467 | |||
Deferred Costs, Current | 763,712 | 378,440 | |||
Retained Earnings (Accumulated Deficit), Total | (175,664,578) | (163,565,650) | |||
Cash and Cash Equivalents, at Carrying Value, Total | $ 9,116,806 | 7,568,186 | $ 9,116,806 | 12,462,872 | $ 9,221,985 |
Allowance for Doubtful Accounts Receivable, Current | 25,000 | 25,000 | |||
Provision for Doubtful Accounts | 432,837 | 65,111 | |||
Deferred Revenue Current | 629,350 | 227,172 | |||
Other Deferred Credits, Current | $ 390,322 | $ 262,295 | |||
Minimum [Member] | |||||
Organization And Basis Of Presentation [Line Items] | |||||
Product Sales Right of Return Term | 30 days | ||||
Maximum [Member] | |||||
Organization And Basis Of Presentation [Line Items] | |||||
Product Sales Right of Return Term | 60 days | ||||
Customer One | Accounts Receivable | |||||
Organization And Basis Of Presentation [Line Items] | |||||
Concentration risk, percentage | 11.00% | 46.00% | |||
Customer One | Sales Revenue, Net | |||||
Organization And Basis Of Presentation [Line Items] | |||||
Concentration risk, percentage | 11.00% | 11.00% | 16.00% |
Comprehensive Loss - Additional
Comprehensive Loss - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive income (loss), net of tax | $ 0 | $ 0 |
Anti-dilutive Common Stock Equi
Anti-dilutive Common Stock Equivalents Excluded from Calculation of Diluted Net Income Per Common Share (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
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 | 39,762,099 | 7,669,844 | 29,142,673 | 5,168,433 |
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 | 468,717 | 216,616 | 300,979 | 205,632 |
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 | 28,206,975 | 4,722,277 | 20,971,598 | 2,716,507 |
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 | 0 | 0 | 0 | 107 |
Convertible Preferred 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 | 11,086,407 | 2,730,951 | 7,870,096 | 2,246,187 |
Determination of Net Loss Per C
Determination of Net Loss Per Common Share (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Determination of net loss per common share [Line Items] | ||||
Net loss | $ (3,908,153) | $ (3,203,778) | $ (12,098,928) | $ (6,478,212) |
Deemed dividend attributable to preferred stockholders in connection with beneficial conversion features | 0 | 0 | 0 | (4,140,446) |
Deemed dividend attributable to preferred stockholders in connection with preferred stock modifications | 0 | 0 | (19,846,377) | 0 |
Return of capital to common shareholders attributable to the repurchase of preferred shares and related embedded beneficial conversion feature | 0 | 0 | 0 | 589,751 |
Net loss applicable to common stockholders | $ (3,908,153) | $ (3,203,778) | $ (31,945,305) | $ (10,028,907) |
Net loss per common share applicable to common stockholders, basic and diluted | $ (0.76) | $ (1.06) | $ (7.01) | $ (4.06) |
Weighted average number of common shares outstanding, basic and diluted | 5,116,099 | 3,033,496 | 4,556,440 | 2,469,976 |
Inventories (Detail)
Inventories (Detail) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Line Items] | ||
Purchased components | $ 624,610 | $ 432,437 |
Finished goods on consignment | 5,627 | 39,784 |
Finished goods | 531,919 | 616,863 |
Inventories | $ 1,162,156 | $ 1,089,084 |
Accrued Expenses (Detail)
Accrued Expenses (Detail) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Accrued Liabilities [Line Items] | ||
Technology fees | $ 450,000 | $ 450,000 |
Sales return provision | 432,837 | 65,111 |
Professional services | 262,500 | 336,229 |
Consulting fees | 112,000 | 92,000 |
Sales taxes | 48,206 | 56,284 |
Clinical study obligations | 40,000 | 0 |
Personnel related obligations | 29,946 | 15,548 |
Other | 182,108 | 105,422 |
Accrued expenses | $ 1,557,597 | $ 1,120,594 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 1 Months Ended | ||
Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Line Items] | |||
Leasehold Improvements, Gross | $ 275,961 | ||
5-year operating lease agreement | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Base rent, per month | $ 7,503 | ||
7-year operating lease agreement | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Base rent, per month | $ 37,792 |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Assets: | ||
Cash equivalents | $ 4,398,715 | $ 1,865,498 |
Total | 4,398,715 | 1,865,498 |
Liabilities: | ||
Common stock warrants | 52,430 | 280,303 |
Total | 52,430 | 280,303 |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | ||
Assets: | ||
Cash equivalents | 4,398,715 | 1,865,498 |
Total | 4,398,715 | 1,865,498 |
Liabilities: | ||
Common stock warrants | 0 | 0 |
Total | 0 | 0 |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Total | 0 | 0 |
Liabilities: | ||
Common stock warrants | 0 | 0 |
Total | 0 | 0 |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Total | 0 | 0 |
Liabilities: | ||
Common stock warrants | 52,430 | 280,303 |
Total | $ 52,430 | $ 280,303 |
Black-Scholes Inputs to Warrant
Black-Scholes Inputs to Warrant Liability Valuation (Detail) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
2014 Offering | ||
Stock Price | $ 1.56 | $ 1.98 |
Exercise price | $ 8.16 | $ 8.16 |
Expected volatility | 62.01% | 73.39% |
Risk free interest rate | 0.85% | 1.42% |
Expected Term | 2 years 9 months | 3 years 6 months |
Dividends | 0.00% | 0.00% |
2013 Offering | ||
Stock Price | $ 1.56 | $ 1.98 |
Exercise price | $ 8 | $ 8 |
Expected volatility | 63.73% | 70.42% |
Risk free interest rate | 0.71% | 1.17% |
Expected Term | 1 year 8 months | 2 years 5 months |
Dividends | 0.00% | 0.00% |
Summary of changes in fair valu
Summary of changes in fair value of company's level 3 financial liabilities (Detail) - Warrants | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Summary of changes in the fair value [Line Items] | |
Balance | $ 280,303 |
Change in fair value of warrant liability | (227,873) |
Balance | 52,430 |
2014 Offering | |
Summary of changes in the fair value [Line Items] | |
Balance | 227,992 |
Change in fair value of warrant liability | (182,170) |
Balance | 45,822 |
2013 Offering | |
Summary of changes in the fair value [Line Items] | |
Balance | 52,311 |
Change in fair value of warrant liability | (45,703) |
Balance | $ 6,608 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Line Items] | ||
Common stock warrants liability | $ 52,430 | $ 280,303 |
Credit Facility - Additional In
Credit Facility - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Line of Credit Facility [Line Items] | |
Revolving credit facility, maximum borrowing capacity | $ 2,500,000 |
Credit Facility expiration date | Jan. 15, 2017 |
Credit Facility limit restricted to support letter of credit | $ 499,481 |
Line of credit facility, remaining borrowing capacity | $ 2,000,000 |
Prime Rate | |
Line of Credit Facility [Line Items] | |
Interest rate over prime rate | 0.50% |
Stockholders' Equity (Detail)
Stockholders' Equity (Detail) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Preferred stock | $ 0 | $ 0 |
Series B Convertible Preferred Stock [Member] | ||
Preferred stock | 1 | 7 |
Series C Convertible Preferred Stock [Member] | ||
Preferred stock | 0 | 14 |
Series D Convertible Preferred Stock [Member] | ||
Preferred stock | $ 19 | $ 0 |
Stockholders' Equity (Detail) (
Stockholders' Equity (Detail) (Parenthetical) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Series B Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred Stock Shares Designated | 147,000 | 147,000 |
Preferred stock, issued | 500 | 7,146 |
Preferred stock, outstanding | 500 | 7,146 |
Series C Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred Stock Shares Designated | 13,800 | 13,800 |
Preferred stock, issued | 0 | 13,800 |
Preferred stock, outstanding | 0 | 13,800 |
Series D Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred Stock Shares Designated | 21,300 | 0 |
Preferred stock, issued | 19,639.4 | 0 |
Preferred stock, outstanding | 19,639.4 | 0 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Mar. 13, 2015 | Mar. 31, 2016 | May 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Mar. 09, 2016 | Dec. 31, 2015 |
Public Offering Of Common Stock and Warrants [Line Items] | |||||||
Net proceed from offering common stock and warrants | $ 6,650,316 | $ 13,316,324 | |||||
Closing Price Of Shares | $ 6.72 | $ 1.79 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 522,668 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 4 months 24 days | ||||||
Preferred Stock, Shares Outstanding | 0 | 0 | |||||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | |||||
Series D Preferred Stock | |||||||
Public Offering Of Common Stock and Warrants [Line Items] | |||||||
Conversion of Stock, Shares Converted | 1,660.6 | ||||||
Preferred Stock, Shares Outstanding | 19,639.4 | ||||||
Common Stock | |||||||
Public Offering Of Common Stock and Warrants [Line Items] | |||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 920,000 | ||||||
2014 Offering | Series A4 Preferred Stock | |||||||
Public Offering Of Common Stock and Warrants [Line Items] | |||||||
Proceeds used to repurchase outstanding preferred shares | $ 3,200,000 | ||||||
2015 Issuance | 2014 Management Incentive Compensation | |||||||
Public Offering Of Common Stock and Warrants [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 41,601 | ||||||
Stock Issued During Period, Value, New Issues | $ 281,757 | ||||||
2015 Offering | |||||||
Public Offering Of Common Stock and Warrants [Line Items] | |||||||
Net proceed from offering common stock and warrants | 10,100,000 | ||||||
Gross proceeds from issuance or sale of equity | 14,700,000 | ||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 4,140,446 | ||||||
2015 Offering | Series B Preferred Stock | |||||||
Public Offering Of Common Stock and Warrants [Line Items] | |||||||
Share price | $ 100 | ||||||
Stock Issued During Period, Shares, New Issues | 147,000 | ||||||
2015 Offering | Series C Preferred Stock | |||||||
Public Offering Of Common Stock and Warrants [Line Items] | |||||||
Stock Repurchased During Period, Shares | 13,800 | ||||||
2015 Offering | 5 year warrants | |||||||
Public Offering Of Common Stock and Warrants [Line Items] | |||||||
Class of warrant or right, Number of securities called by warrants or rights | 3,638,250 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 5 | ||||||
2016 Issuance | 2015 Management Incentive Compensation | |||||||
Public Offering Of Common Stock and Warrants [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 178,079 | ||||||
Stock Issued During Period, Value, New Issues | $ 318,761 | ||||||
2016 Issuance | Series D Preferred Stock | |||||||
Public Offering Of Common Stock and Warrants [Line Items] | |||||||
Stock issued during period, shares, other | 21,300 | ||||||
Share price | $ 1,000 | ||||||
2016 Issuance | Common Stock | |||||||
Public Offering Of Common Stock and Warrants [Line Items] | |||||||
Class of warrant or right, Number of securities called by warrants or rights | 11,800,554 | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | ||||||
2016 Offering | |||||||
Public Offering Of Common Stock and Warrants [Line Items] | |||||||
Net proceed from offering common stock and warrants | $ 6,700,000 | ||||||
Gross proceeds from issuance or sale of equity | 7,500,000 | ||||||
2016 Offering | Series C Preferred Stock | |||||||
Public Offering Of Common Stock and Warrants [Line Items] | |||||||
Dividends, Preferred Stock, Total | $ 19,800,000 | ||||||
2016 Offering | Series D Preferred Stock | |||||||
Public Offering Of Common Stock and Warrants [Line Items] | |||||||
Share price | $ 1,000 | ||||||
Preferred Stock Conversion Price Per Share | $ 1.805 | ||||||
2016 Offering | Common Stock | |||||||
Public Offering Of Common Stock and Warrants [Line Items] | |||||||
Net proceed from offering common stock and warrants | $ 14,600,000 | ||||||
Exercise price | $ 1.99 | ||||||
Expected volatility | 71.50% | ||||||
Risk free interest rate | 1.23% | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.69 | ||||||
2016 Offering | 5 year warrants | |||||||
Public Offering Of Common Stock and Warrants [Line Items] | |||||||
Period over which warrants become exercisable | 5 years |