Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 08, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | TOWERSTREAM CORP | |
Entity Central Index Key | 1,349,437 | |
Trading Symbol | twer | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 8,830,716 | |
Document Type | 10-Q/A | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | true | |
Amendment Description | We are filing this Amendment No. 1 on Form 10-Q/A to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2016. Our Form 10-Q was originally filed with the Securities and Exchange Commission (the “SEC”) on November 10, 2016 (the “Original Filing”). As a result of this Amendment No. 1, we are filing the XBRL related files listed in the Exhibit Index. This Amendment No. 1 does not change any of the information contained in the Original Filing. Other than as specifically set forth herein, this Amendment No. 1 continues to speak as of the date of the Original Filing and we have not updated or amended the disclosures contained therein to reflect events that have occurred since the date of the Original Filing. Accordingly, this Amendment No. 1 should be read in conjunction with our filings made with the SEC subsequent to the date of the Original Filing. |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Series B Convertible Preferred Stock [Member] | ||
Stockholders' (Deficit) Equity | ||
Series B Convertible Preferred - No shares issued and outstanding as of September 30, 2016 and December 31, 2015 | ||
Series C Convertible Preferred Stock [Member] | ||
Stockholders' (Deficit) Equity | ||
Series B Convertible Preferred - No shares issued and outstanding as of September 30, 2016 and December 31, 2015 | 680 | 0 |
Cash and cash equivalents | 12,899,812 | 15,116,531 |
Accounts receivable, net | 411,000 | 308,551 |
Prepaid expenses and other current assets | 578,465 | 474,029 |
Current assets of discontinued operations | 238,050 | 1,248,569 |
Current assets held for sale | 5,315,107 | |
Total Current Assets | 14,127,327 | 22,462,787 |
Property and equipment, net | 16,534,212 | 21,235,384 |
Intangible assets, net | 4,070,373 | 1,273,030 |
Goodwill | 1,674,281 | 1,674,281 |
Other assets | 355,755 | 384,357 |
Total Assets | 36,761,948 | 47,029,839 |
Accounts payable | 202,713 | 877,134 |
Accrued expenses | 1,364,422 | 1,629,218 |
Deferred revenues | 1,096,732 | 1,486,754 |
Current maturities of capital lease obligations | 889,530 | 992,690 |
Current liabilities of discontinued operations | 2,871,047 | 3,907,368 |
Deferred rent | 65,736 | 63,012 |
Total Current Liabilities | 6,490,180 | 8,956,176 |
Long-term debt, net of debt discount and deferred financing costs of $2,472,294 and $3,744,941, respectively | 35,406,801 | 33,003,962 |
Capital lease obligations, net of current maturities | 294,831 | 932,826 |
Other | 992,154 | 1,591,188 |
Total Long-Term Liabilities | 36,693,786 | 35,527,976 |
Total Liabilities | 43,183,966 | 44,484,152 |
Common stock, par value $0.001; 200,000,000 shares authorized; 7,706,272 and 3,342,391 shares issued and outstanding as of September 30, 2016 and December 31, 2015, respectively | 7,706 | 3,343 |
Additional paid-in-capital | 166,702,769 | 158,761,075 |
Accumulated deficit | (173,133,173) | (156,218,731) |
Total Stockholders' (Deficit) Equity | (6,422,018) | 2,545,687 |
Total Liabilities and Stockholders' (Deficit) Equity | $ 36,761,948 | $ 47,029,839 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Series B Convertible Preferred Stock [Member] | ||
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Series C Convertible Preferred Stock [Member] | ||
Preferred stock, shares issued (in shares) | 680,000 | 0 |
Preferred stock, shares outstanding (in shares) | 680,000 | 0 |
Preferred stock, liquidation value | $ 680 | $ 0 |
Debt discount | $ 2,472,294 | $ 3,744,941 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, issued (in shares) | 7,706,272 | 3,342,391 |
Common stock, outstanding (in shares) | 7,706,272 | 3,342,391 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues | $ 6,664,183 | $ 6,947,467 | $ 20,270,615 | $ 21,150,841 |
Operating Expenses | ||||
Infrastructure and access | 2,589,485 | 2,559,406 | 7,772,326 | 7,608,888 |
Depreciation and amortization | 2,992,758 | 2,430,452 | 8,564,537 | 7,171,577 |
Network operations | 1,250,670 | 1,254,640 | 3,805,985 | 3,955,071 |
Customer support | 417,265 | 619,274 | 1,479,580 | 1,931,434 |
Sales and marketing | 757,316 | 1,519,697 | 3,136,198 | 4,386,247 |
General and administrative | 2,266,838 | 1,453,809 | 5,851,175 | 4,967,537 |
Total Operating Expenses | 10,274,332 | 9,837,278 | 30,609,801 | 30,020,754 |
Operating Loss | (3,610,149) | (2,889,811) | (10,339,186) | (8,869,913) |
Other Income/(Expense) | ||||
Interest expense, net | 1,580,444 | 1,665,682 | 4,775,855 | 5,000,374 |
Loss from continuing operations | (5,190,593) | (4,555,493) | (15,115,041) | (13,870,287) |
Loss from discontinued operations | ||||
Operating loss | (3,953,933) | (2,977,143) | (12,413,016) | |
Gain on sale of assets | 1,177,742 | |||
Total loss from discontinued operations | (3,953,933) | (1,799,401) | (12,413,016) | |
Net Loss | $ (5,190,593) | $ (8,509,426) | $ (16,914,442) | $ (26,283,303) |
(Loss) gain per share – basic and diluted | ||||
Continuing (in dollars per share) | $ (1) | $ (1.34) | $ (3.79) | $ (4.08) |
Discontinued | ||||
Operating loss (in dollars per share) | (1.16) | (0.75) | (3.66) | |
Gain on sale of assets (in dollars per share) | 0.30 | |||
Total discontinued (in dollars per share) | (1.16) | (0.45) | (3.66) | |
Net loss per common share – Basic and diluted (in dollars per share) | $ (1) | $ (2.50) | $ (4.24) | $ (7.74) |
Weighted average common shares outstanding – Basic and diluted (in shares) | 5,190,453 | 3,398,313 | 3,992,846 | 3,395,811 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Stockholders' Equity (Deficit) (Unaudited) - 9 months ended Sep. 30, 2016 - USD ($) | Preferred Stock [Member]Series C Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings, Appropriated [Member] | Total |
Balance (in shares) at Dec. 31, 2015 | 3,342,391 | ||||
Balance at Dec. 31, 2015 | $ 3,343 | $ 158,761,075 | $ (156,218,731) | $ 2,545,687 | |
Net loss | (16,914,442) | ||||
Balance (in shares) at Sep. 30, 2016 | 680,000 | 7,706,272 | |||
Balance at Sep. 30, 2016 | $ 680 | $ 7,706 | $ 166,702,769 | $ (173,133,173) | $ (6,422,018) |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Stockholders' Equity (Deficit) (Unaudited) (Parentheticals) - Additional Paid-in Capital [Member] - USD ($) | 1 Months Ended | |
Sep. 30, 2016 | Jul. 31, 2016 | |
Series B Convertible Preferred Stock [Member] | ||
Proceeds from issuance of stock and warrants, offering costs | $ 55,263 | |
Proceeds from issuance of stock and warrants, offering costs | $ 43,750 |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows used in operating activities: | ||
Net loss | $ (16,914,442) | $ (26,283,303) |
Loss from discontinued operations | (1,799,401) | (12,413,016) |
Loss from continuing operations | (15,115,041) | (13,870,287) |
Adjustments to reconcile loss from continuing operations to net cash used in continuing operating activities: | ||
Provision for doubtful accounts | 15,000 | 132,000 |
Depreciation | 7,524,097 | 6,877,373 |
Amortization of Intangible Assets | 1,040,440 | 294,204 |
Amortization of Debt Issuance Costs | 574,797 | 722,902 |
Amortization of debt discount | 697,851 | 877,661 |
Paid-in-Kind Interest | 1,130,192 | 1,081,493 |
Stock-based compensation - Options | 629,671 | 609,468 |
Stock-based compensation - Stock issued for services | 488,656 | |
Stock-based compensation - Employee stock purchase plan | 4,017 | 5,584 |
Deferred rent | (596,310) | 145,336 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (117,449) | (1,428) |
Prepaid expenses and other current assets | (104,436) | (293,044) |
Other assets | 28,602 | (9,728) |
Accounts payable | (674,421) | 162,162 |
Accrued expenses | (262,914) | 505,278 |
Deferred revenues | (390,022) | (150,865) |
Net cash used in continuing operating activities | (5,127,270) | (2,911,891) |
Net cash used in discontinued operating activities | (1,479,792) | (8,730,646) |
Net cash used in operating activities | (6,607,062) | (11,642,537) |
Cash flows used in investing activities: | ||
Acquisitions of property and equipment | (1,692,895) | (5,131,432) |
Lease incentive payment from landlord | 10,626 | |
Changes in security deposits | (4,199) | |
Deferred acquisition payments | (8,310) | |
Net cash used in continuing investing activities | (1,692,895) | (5,133,315) |
Net cash used in discontinued investing activities | (213,641) | |
Net cash used in investing activities | (1,692,895) | (5,346,956) |
Cash flows provided by (used in) financing activities: | ||
Payments on capital lease obligations | (741,155) | (761,243) |
Net proceeds from the issuance of common stock and warrants | 6,802,823 | |
Proceeds from the issuance of common stock under employee stock purchase plan | 21,570 | 31,778 |
Net cash provided by (used in) continuing financing activities | 6,083,238 | (729,465) |
Net cash used in discontinued financing activities | ||
Net cash provided by (used in) financing activities | 6,083,238 | (729,465) |
Net decrease in cash and cash equivalents | (2,216,719) | (17,718,958) |
Cash and cash equivalents - Beginning of period | 15,116,531 | 38,027,509 |
Cash and cash equivalents - End of period | 12,899,812 | 20,308,551 |
Supplemental disclosures of cash flow information: | ||
Interest | 2,354,401 | 2,361,323 |
Income taxes | 13,909 | 22,400 |
Under capital leases | 810,026 | |
Included in accrued expenses | 174,732 | 427,496 |
Exchange of intangible assets - discontinued operations (Note 4) | $ 3,837,783 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Business | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | Note 1. Organization and Nature of Business Towerstream Corporation (referred to as “Towerstream” or the “Company”) was incorporated in Delaware in December 1999. During its first decade of operations, the Company's business activities were focused on delivering fixed wireless broadband services to commercial customers over a wireless network transmitting over both regulated and unregulated radio spectrum. The Company's fixed wireless service supports bandwidth on demand, wireless redundancy, virtual private networks, disaster recovery, bundled data and video services. The Company provides services to business customers in New York City, Boston, Chicago, Los Angeles, San Francisco, Seattle, Miami, Dallas-Fort Worth, Houston, Philadelphia, Las Vegas-Reno and Providence-Newport. The Company's “Fixed Wireless business” has historically grown both organically and through the acquisition of five other fixed wireless broadband providers in various markets. In January 2013, the Company incorporated a wholly-owned subsidiary, Hetnets Tower Corporation (“Hetnets”), to operate a new business designed to leverage its fixed wireless network in urban markets to provide other wireless technology solutions and services. Hetnets built a carrier-class network which offered a shared wireless infrastructure platform, primarily for (i) co-location of customer owned antenna and related equipment and (ii) Wi-Fi access and offloading. The Company referred to this as its “Shared Wireless Infrastructure” or “Shared Wireless” business. During the fourth quarter of 2015, the Company determined to exit this business and curtailed activities in its smaller markets. The remaining network, located in New York City (or “NYC”), was the largest and had a lease access contract with a major cable company. As a result, the Company explored opportunities during the fourth quarter of 2015 and continuing into the first quarter of 2016 to sell the New York City network. On March 9, 2016, the Company completed a sale and transfer of certain assets pursuant to an Asset Purchase Agreement (the "Agreement") with a large cable company (the "Buyer"). Under the terms of the Agreement, the Buyer assumed certain rooftop leases and acquired ownership of and the right to operate the Wi-Fi access point and related equipment associated with such leases. The Company retained ownership of all backhaul and related equipment, and the parties entered into an agreement under which the Company provides backhaul services to the Buyer. The agreement is for a three-year period with two one-year renewals and is cancellable by the Buyer on sixty-days notice. During the first quarter of 2016, the Company determined that it would not be able to sell the remainder of the New York City network, and accordingly, all remaining assets were redeployed into the fixed wireless network or written off. The operating results and cash flows for Hetnets have been reclassified and presented as discontinued operating results for all periods presented in these condensed consolidated financial statements. |
Note 2 - Liquidity, Going Conce
Note 2 - Liquidity, Going Concern and Management Plans | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Liquidity and Management Plans [Text Block] | Note 2. Liquidity, Going Concern and Management Plans The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of September 30, 2016, the Company had cash and cash equivalents of approximately $13 million and working capital of approximately $7.6 million. The Company incurred significant operating losses since inception and continues to generate losses from operations and as of September 30, 2016, the Company has an accumulated deficit of $173 million. These matters raise substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset amounts or the classification of liabilities that might be necessary should the Company be unable to continue as a going concern. During the nine months ended September 30, 2016, the Company has raised net proceeds of approximately $6.8 million through the placement of its equity securities. In addition, the Company has monitored and reduced certain of its operating costs over the course of the year. Historically, the Company has financed its operation through private and public placement of equity securities, as well as debt financing and capital leases. The Company’s ability to fund its longer term cash requirements is subject to multiple risks, many of which are beyond its control. The Company intends to raise additional capital, either through debt or equity financings or through the potential sale of the Company’s assets in order to achieve its business plan objectives. Management believes that it can be successful in obtaining additional capital; however, no assurance can be provided that the Company will be able to do so. There is no assurance that any funds raised will be sufficient to enable the Company to attain profitable operations or continue as a going concern. To the extent that the Company is unsuccessful, the Company may need to curtail or cease its operations and implement a plan to extend payables or reduce overhead until sufficient additional capital is raised to support further operations. There can be no assurance that such a plan will be successful. |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 3. Summary of Significant Accounting Policies Basis of Presentation. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The Company’s accounting policies are described in the Notes to Consolidated Financial Statements in its Annual Report on Form 10-K for the year ended December 31, 2015, and updated, as necessary, in this Quarterly Report on Form 10-Q. Retroactive Adjustment For Reverse Stock Split Use of Estimates. Concentration of Credit Risk. Revenue Recognition. Deferred Revenues. Intrinsic Value of Stock Options and Warrants Reclassifications. Segments Recent Accounting Pronouncements. In April 2016, the FASB issued ASU No. 2016-10 (“ASU 2016-10”), “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing.” ASU 2016-10 will affect all entities that enter into contracts with customers to transfer goods or services (that are an output of the entity’s ordinary activities) in exchange for consideration. The amendments in this update affect the guidance in ASU 2014-09 which is not yet effective, the amendments in this update clarify the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. The effective date and transition requirements for the amendments in this update are effective in the annual period ending December 31, 2017, including interim periods within that annual period. The Company is currently evaluating the effect that ASU 2016-10 will have on the Company’s consolidated financial position and results of operations. In May 2016, the FASB issued ASU No. 2016-12 (“ASU 2016-12”), “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients.” ASU 2016-12 will affect all entities that enter into contracts with customers to transfer goods or services (that are an output of the entity’s ordinary activities) in exchange for consideration. The amendments in this update affect the guidance in ASU 2014-09 which is not yet effective, the amendments in this update affect narrow aspects of Topic 606 including among others: assessing collectability criterion, noncash consideration, and presentation of sales taxes and other similar taxes collected from customers. The effective date and transition requirements for the amendments in this update are the same as the effective date and transition requirements for ASU 2016-10. The Company is currently evaluating the effect that ASU 2016-12 will have on the Company’s consolidated financial position and results of operations. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). ASU 2016-15 is intended to address how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently evaluating the effect that ASU 2016-15 will have on the Company’s consolidated financial position and results of operations. Subsequent Events |
Note 4 - Discontinued Operation
Note 4 - Discontinued Operations | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 4. Discontinued Operations During the fourth quarter of 2015, the Company determined to exit the business conducted by Hetnets and curtailed activities in its smaller markets. The remaining network, located in New York City (or “NYC”), was the largest and had a lease access contract with a major cable company. As a result, the Company explored opportunities during the fourth quarter of 2015 and continuing into the first quarter of 2016 to sell the New York City network. On March 9, 2016, the Company completed a sale and transfer of certain assets pursuant to an Asset Purchase Agreement (the "Agreement") with a large cable company (the "Buyer"). Under the terms of the Agreement, the Buyer assumed certain rooftop leases and acquired ownership of and the right to operate the Wi-Fi access point and related equipment associated with such leases. The Company retained ownership of all backhaul and related equipment, and the parties entered into an agreement under which the Company provides backhaul services to the Buyer. The agreement is for a three-year period with two one-year renewals and is cancellable by the Buyer on sixty days notice. In connection with the Agreement, the Company transferred to the Buyer a net book value of network assets aggregating $2,660,041 in exchange for the backhaul agreement valued at $3,837,783. The backhaul agreement has been recorded as an intangible asset in the accompanying condensed consolidated balance sheet. As a result, during the first quarter of 2016, the Company recognized a gain of $1,177,742 in its discontinued operations. The Company has determined that it will not be able to sell the remaining network locations in New York City. As a result, the Company recognized charges totaling $1,585,319 in the first quarter of 2016 which included $453,403 representing the estimated cost to settle lease obligations, $528,364 to write off network assets which could not be redeployed into the fixed wireless network, $110,500 related to security deposits which are not expected to be recovered, and $493,052 related to the accelerated expensing of deferred acquisition costs. These costs were partially offset by a $1,244,284 reduction in the accrual for terminated lease obligations that was recorded in the fourth quarter of 2015. This reduction reflects the outcome of settlements negotiated in the first quarter of 2016 with certain landlords. The operating results and cash flows for Hetnets have been reclassified and presented as discontinued operations in these condensed consolidated financial statements for all periods presented. Discontinued Operations A more detailed presentation of loss from discontinued operations is set forth below. There has been no allocation of consolidated interest expense to discontinued operations. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Revenues $ - $ 849,824 $ 553,302 $ 2,463,678 Operating expenses: Infrastructure and access - 3,479,160 2,523,222 10,838,337 Depreciation - 1,005,185 638,681 3,052,554 Network operations - 188,104 192,947 579,138 Customer support services - 95,515 69,804 283,961 Sales and marketing - 35,793 246 122,704 General and administrative - - 105,545 - Total operating expenses - 4,803,757 3,530,445 14,876,694 Net operating loss - (3,953,933 ) (2,977,143 ) (12,413,016 ) Gain on sale of assets - - 1,177,742 - Net Loss $ - $ (3,953,933 ) $ (1,799,401 ) $ (12,413,016 ) The components of the balance sheet accounts presented as discontinued operations were as follows: September 30, 2016 December 31, 2015 Assets: Accounts receivable, net $ 6,072 $ 715,993 Prepaid expenses and other current assets 231,978 278,891 Deferred acquisitions costs - 253,685 Total Current Assets $ 238,050 $ 1,248,569 Liabilities: Accounts payable $ - $ 556,800 Accrued expenses - 66,101 Accrued expenses - leases 2,871,047 3,284,467 Total Current Liabilities $ 2,871,047 $ 3,907,368 |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5. Property and Equipment Property and equipment is comprised of: September 30, 2016 December 31, 2015 Network and base station equipment $ 41,691,320 $ 38,351,119 Customer premise equipment 33,410,044 30,910,874 Information technology 4,862,507 4,810,865 Furniture, fixtures and other 1,713,430 1,713,722 Leasehold improvements 1,631,321 1,623,559 Property and equipment, gross 83,308,622 77,410,139 Less: accumulated depreciation 66,774,410 56,174,755 Property and equipment, net $ 16,534,212 $ 21,235,384 Depreciation expense for the three months ended September 30, 2016 and 2015 was $2,574,875 and $2,332,384, respectively. Depreciation expense for the nine months ended September 30, 2016 and 2015 was $7,524,097 and $6,877,373, respectively. Property acquired through capital leases included within the Company’s property and equipment consists of the following: September 30, 2016 December 31, 2015 Network and base station equipment $ 2,620,898 $ 2,620,898 Customer premise equipment 669,792 669,792 Information technology 1,860,028 1,860,028 Property acquired through capital leases, gross 5,150,718 5,150,718 Less: accumulated depreciation 3,855,995 3,114,968 Property acquired through capital leases, net $ 1,294,723 $ 2,035,750 |
Note 6 - Intangible Assets
Note 6 - Intangible Assets | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 6. Intangible Assets Intangible assets consist of the following: September 30, 2016 December 31, 2015 Customer relationships $ 11,856,126 $ 11,856,126 Backhaul agreement 3,837,783 - FCC licenses 750,000 750,000 Intangible assets, gross 16,443,909 12,606,126 Less: accumulated amortization 12,373,536 11,333,096 Intangible assets, net $ 4,070,373 $ 1,273,030 Amortization expense for the three months ended September 30, 2016 and 2015 was $417,883 and $98,068, respectively. Amortization expense for the nine months ended September 30, 2016 and 2015 was $1,040,440 and $294,204, respectively. The fair value of the backhaul agreement acquired in the transaction with a large cable company, as described in Note 4, is being amortized over the 36 month term of the agreement in quarterly amounts of $319,815 ending in March 2019. The customer contracts acquired in the Delos Internet acquisition are being amortized over a 50 month period in quarterly amounts of $98,068 ending April 2017. The Company’s licenses with the Federal Communications Commission (the “FCC”) are not subject to amortization as they have an indefinite useful life. |
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Accrued Liabilities Disclosure [Text Block] | Note 7. Accrued Expenses Accrued expenses consist of the following: September 30, 2016 December 31, 2015 Payroll and related $ 485,122 $ 551,448 Professional services 417,123 427,932 Other 169,970 339,680 Property and equipment 174,732 176,614 Network 117,475 133,544 Total $ 1,364,422 $ 1,629,218 Network represents costs incurred to provide services to the Company’s customers including tower rentals, bandwidth, troubleshooting and gear removal. |
Note 8 - Other Long-term Liabil
Note 8 - Other Long-term Liabilities | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | Note 8. Other Long-Term Liabilities Other long-term liabilities consist of the following: September 30, 2016 December 31, 2015 Deferred rent $ 628,380 $ 1,227,414 Deferred taxes 363,774 363,774 Total $ 992,154 $ 1,591,188 |
Note 9 - Long-term Debt
Note 9 - Long-term Debt | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 9. Long-Term Debt In October 2014, the Company entered into a loan agreement (the "Loan Agreement") with Melody Business Finance, LLC (the "Lender") which provided the Company with a $35 million term loan (the "Financing" or "Note") which matures in October 2019. The Note was issued at a 3% discount totaling $1,050,000 which is being amortized over the term of the Note. The Company recognized interest expense of $64,966 and $83,076 in connection with the amortization of this discount for the three months ended September 30, 2016 and 2015, respectively. The Company recognized interest expense of $208,567 and $262,307 in connection with the amortization of this discount for the nine months ended September 30, 2016 and 2015, respectively. The unamortized balance totaled $405,169 at September 30, 2016 and $613,736 at December 31, 2015. The Note bears interest payable in cash at a rate equal to the greater of (i) the sum of the one month Libor rate on each payment date plus 7% or (ii) 8% per annum, and additional paid in kind (“PIK”), or deferred, interest that accrues at 4% per annum. The Company paid $766,581 and $736,183 of interest and accrued $383,290 and $368,092 of PIK interest for the three months ended September 30, 2016 and 2015, respectively. The Company paid $2,260,384 and $2,162,986 of interest and accrued $1,130,192 and $1,081,493 of PIK interest for the nine months ended September 30, 2016 and 2015, respectively. The Loan Agreement contains several financial and non-financial covenants, the most significant of which is the maintenance of a minimum balance of $6.5 million in cash and cash equivalents. As of September 30, 2016, the Company was in compliance with all of the debt covenants. In connection with the Loan Agreement and pursuant to a Warrant and Registration Rights Agreement, the Company issued warrants (the “Warrants”) to purchase 180,000 shares of common stock of which two-thirds have an exercise price of $25.20 and one-third have an exercise price of $0.20, subject to customary adjustments under certain circumstances. The Warrants have a term of seven and a half years. The fair value of the warrants granted to the Lender of $2,463,231 was calculated using the Black-Scholes option pricing model and recorded as a debt discount. The debt discount is being amortized over the term of the Note using the effective interest rate. The Company recognized interest expense of $152,406 and $194,890 in connection with the amortization of this discount for the three months ended September 30, 2016 and 2015, respectively. The Company recognized interest expense of $489,284 and $615,355 in connection with the amortization of this discount for the nine months ended September 30, 2016 and 2015, respectively. The unamortized balance totaled $950,501 at September 30, 2016 and $1,439,785 at December 31, 2015. The Company incurred costs, primarily professional services, of approximately $2,900,000 related to the Loan Agreement. These costs were recorded as a reduction to the note payable in the Company’s condensed consolidated balance sheets and are being amortized over the term of the Loan Agreement using the effective interest rate. Amortization expense totaled $179,042 and $228,952 for the three months ended September 30, 2016 and 2015, respectively. Amortization expense totaled $574,797 and $722,902 for the nine months ended September 30, 2016 and 2015, respectively. The unamortized balance totaled $1,116,624 at September 30, 2016 and $ 1,691,421 at December 31, 2015. |
Note 10 - Capital Stock
Note 10 - Capital Stock | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 10. Capital Stock In February 2016, the Company issued 5,000 shares of our common stock to a third party for investor relation services with a fair value of $20,000. The fair value of the common stock was expensed immediately, pursuant to the terms of the agreement, and recognized in general and administrative expenses in the Company’s condensed consolidated statements of operations. On June 17, 2016, the Company entered into securities purchase agreements with certain accredited investors pursuant to which the Company raised $2,280,000 in a registered direct offering for a total of 750,000 shares (a “Share”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”). Each Share was sold as a unit (each, a “Unit”, and collectively, the “Units”) at a purchase price of $3.04 per Unit, with each Unit consisting of one Share and an unregistered warrant to purchase one share of Common Stock (collectively, the “Warrants”). The Common Stock and the Warrants are immediately separable and were issued separately. Expenses associated with this direct offering totaled $43,750 resulting in net proceeds to the Company of $2,236,250. Such net proceeds were allocated to the shares and the warrants issued in the amounts of $1,677,188 and $559,063, respectively, in proportion to their relative fair value on the date of issuance. On July 5, 2016, the Company filed a certificate of amendment (the “Amendment”) to its Certificate of Incorporation with the Secretary of State of the State of Delaware in order to effectuate a reverse stock split of the Company’s issued and outstanding common stock, par value $0.001 per share, on a one for twenty basis (the “Reverse Stock Split”). As a result of the Reverse Stock Split, every twenty shares of the Company’s pre-reverse split common stock will be combined and reclassified into one share of the Company’s common stock. No fractional shares of common stock will be issued. Stockholders who otherwise would be entitled to a fractional share shall receive the next higher number of whole shares. The par value and other terms of Company’s common stock were not affected by the Reverse Stock Split. The Reverse Stock Split was effective July 7, 2016. On July 6, 2016, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with an accredited investor pursuant to which the Company raised $1,250,000 in a private placement offering 892,857 units of the Company’s securities (the “Units”) at a price of $1.40 per Unit. As adjusted for the Reverse Stock Split, each Unit consists of (i) one share of Series B Convertible Preferred Stock, par value $0.001 per share (the “Preferred Stock”), with each share of Preferred Stock convertible into one half of a share of common stock, and (ii) one fourth of a warrant (a “Warrant”), with each Warrant exercisable into common stock at an exercise price equal to $3.00 per share of common stock. The transaction closed on July 7, 2016. On July 21 and 26, 2016, the holder converted all 892,857 shares of the preferred stock into 446,429 shares of common stock. On July 7, 2016, the Company also entered into a First Amendment (the “Amendment”) to those certain Securities Purchase Agreements, dated June 17, 2016 (the “June Purchase Agreements”), pursuant to which the Company agreed to amend the June Purchase Agreements entered into by and between certain investors and the Company. Pursuant to the terms of the Amendment and as adjusted for the Reverse Stock Split, the June Warrants were amended and restated to change the exercise price of the warrants to $3.80 from $5.00 and to include a mandatory exercise right of the Company to force exercise of the June Warrants if the Company’s common stock trades at or above $7.60 for any ten consecutive trading days out of a thirty consecutive trading day period (subject to certain equity conditions, a 9.99% beneficial ownership limitation and applicable NASDAQ shareholder approval rules, if any). All other terms of the June Warrants, including cash exercise if registered for resale within 90 days of closing, remain unchanged. On July 19, 2016, the Company issued 125,000 shares of our common stock to a third party for consulting services with a fair value of $385,000. The fair value of the common stock was expensed immediately, pursuant to the terms of the agreement, and recognized in general and administrative expenses in the Company’s condensed consolidated statements of operations. In September 2016, the Company issued 52,966 shares of our common stock with a fair value of $68,856 and 10,000 shares of our common stock with a fair value of $14,800 to third parties for investor relation services. The fair value of the common stock was expensed immediately pursuant to the terms of the agreements, and recognized in general and administrative expenses in the Company’s condensed consolidated statements of operations. On September 12, 2016, the Company entered into a series of Exchange Agreements whereby warrants issued on June 17 and July 7, 2016 for the purchase of up to 750,000 and 223,214, respectively, were exchanged for 680,000 shares of newly issued Series C Convertible Preferred Stock ("Series C Preferred"). Such Series C Preferred Stock is convertible for a like number of common shares at any time at the option of the holders subject to a 9.99% beneficial ownership limitation and applicable NASDAQ shareholder approval rules, if any. On various dates from October 10 through October 18, 2016, all of the holders of the Series C Preferred elected to exercise their conversion privileges and the Company issued 680,000 common shares. On September 16, 2016, the Company completed an underwritten offering at $1.35 per share which resulted in gross proceeds of $4,000,000 and the issuance of 2,962,963 shares. The Company incurred costs of approximately $628,000 related to the offering. The Company granted the underwriter an option for a period of up to 45 days from the date of the prospectus to purchase up to an aggregate of 444,444 shares of the Company's common stock at $1.35 per share to cover overallotments. On October 25, 2016, the underwriter exercised that option and purchased all 444,444 shares on November 1, 2016 resulting in gross proceeds to the Company of $600,000. The Company incurred costs of approximately $55,000 in connection with that transaction. |
Note 11 - Stock Options and War
Note 11 - Stock Options and Warrants | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 11. Stock Options and Warrants Stock Options The Company uses the Black-Scholes option pricing model to value options issued to employees, directors and consultants. Compensation expense, including the estimated effect of forfeitures, is recognized over the period of service, generally the vesting period. Stock compensation expense and the weighted average assumptions used to calculate the fair values of stock options granted during the periods indicated were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Risk-free interest rate 0.9% - 1.0% 1.5% - 1.6% 0.9% - 1.4% 1.5% - 1.6% Expected volatility 78% - 79% 58% - 59% 78% - 83% 58% - 59% Expected life (in years) 4.2 4.2 4.2 4.1 - 4.2 Expected dividend yield - - - - Estimated forfeiture rates 1% - 7% 1% - 10% 1% - 7% 1% - 10% Weighted average per share grant date fair value $1.33 $0.63 $1.47 $0.71 Stock-based compensation $192,812 $191,170 $629,671 $609,469 The risk-free interest rate was based on rates established by the Federal Reserve. The expected volatility was based upon the historical volatility for the Company’s common stock. The Company utilized historical data to determine the expected life of stock options. The dividend yield reflected the fact that the Company has not historically paid dividends, and does not expect to pay dividends in the foreseeable future. Stock-based compensation is included in general and administrative expenses in the accompanying condensed consolidated statements of operations. The unamortized amount of stock options expense totaled $1,003,595 as of September 30, 2016 which will be recognized over a weighted-average period of 2.4 years. Option transactions under the stock option plans during the nine months ended September 30, 2016 were as follows: Number Weighted Average Exercise Price Outstanding as of January 1, 2016 217,002 $ 52.20 Granted during 2016 810,249 2.50 Exercised - - Cancelled /expired (37,060 ) 64.09 Outstanding as of September 30, 2016 990,191 $ 11.05 Exercisable as of September 30, 2016 220,692 $ 40.50 Grants under the stock option plans during the nine months ended September 30, 2016 were as follows: Number Consultant grants 11,000 Executive grants 452,500 Employee grants 51,750 Annual grants to outside directors 294,999 Total 810,249 Options granted during the reporting period had terms ranging from five to ten years. All options were issued at an exercise price equal to the fair value on the date of grant. Consultant grants vesting periods range from vesting immediately upon issuance to vesting monthly over a one-year period from the date of issuance. Executive grants vesting periods range from vesting immediately upon issuance to vesting quarterly over a two-year period from the date of issuance. Employee grants vest annually over a three-year period from the date of issuance. Director grants vest over a one-year period from the date of issuance. The aggregate fair value of the options granted was $1,200,403 for the nine months ended September 30, 2016. Cancellations for the nine months ended September 30, 2016 related to employee terminations. The weighted average remaining contractual life of the outstanding options as of September 30, 2016 was 9.0 years. There was no intrinsic value associated with the options outstanding and exercisable as of September 30, 2016. The closing price of the Company’s common stock at September 30, 2016 was $1.35 per share. Stock Warrants Stock warrant activity during the nine months ended September 30, 2016 was as follows: Number Weighted Average Exercise Price Outstanding as of January 1, 2016 202,500 $ 26.20 Granted during 2016 1,048,214 3.46 Exchanged during 2016 (973,214 ) 3.62 Expired during 2016 (22,500 ) 100.00 Outstanding as of September 30, 2016 255,000 $ 12.34 Exercisable as of September 30, 2016 180,000 $ 16.87 In connection with the June 17, 2016 offering, the Company issued warrants to purchase 750,000 shares of common stock. Each warrant expires five years from the date of issuance, had an exercise price of $5.00 per share, and are exercisable six months from the date of issuance. The Company utilized the Black-Scholes model to value these warrants and attributed a value to them of $791,290 which was accounted for as additional paid-in capital. Assumptions included an interest rate of 1.17%, a contractual term of 5 years, expected volatility of 81%, and a dividend yield of zero. The risk-free interest rate was based on rates established by the Federal Reserve. The expected volatility was based upon the historical volatility for the Company’s common stock. The dividend yield reflected the fact that the Company has not historically paid dividends, and does not expect to pay dividends in the foreseeable future. In connection with the July 7, 2016 offering, the Company issued warrants to purchase 223,214 shares of common stock. Each warrant expires five years from the date of issuance, had an exercise price of $3.00 per share. The Company utilized the Black-Scholes model to value these warrants and attributed a value to them of $240,709 which was accounted for as an addition to additional paid-in capital. Assumptions included an interest rate of 0.97%, a contractual term of 5 years, expected volatility of 78%, and a dividend yield of zero. The risk-free interest rate was based on rates established by the Federal Reserve. The expected volatility was based upon the historical volatility for the Company’s common stock. The dividend yield reflected the fact that the Company has not historically paid dividends, and does not expect to pay dividends in the foreseeable future. On September 12, 2016, warrants totaling 973,214 were exchanged for 680,000 shares of common stock. See Note 10 for further information regarding the transaction. On September 16, 2016, the Company issued warrants to purchase 75,000 shares of common stock to a consultant. The warrants expire five years from the date of issuance, had an exercise price of $1.48 per share, and are exercisable six months from the date of issuance. The Company utilized the Black-Scholes model to value these warrants and attributed a value to them of $66,577. Assumptions included an interest rate of 1.06%, a contractual term of 5 years, expected volatility of 80%, and a dividend yield of zero. The risk-free interest rate was based on rates established by the Federal Reserve. The expected volatility was based upon the historical volatility for the Company’s common stock. The dividend yield reflected the fact that the Company has not historically paid dividends, and does not expect to pay dividends in the foreseeable future. As the consultant had yet to commence providing services as of September 30, 2016, the value of those warrants had yet to be recorded as additional paid-in capital nor had any expense been recorded during the three month period then ended. The weighted average remaining contractual life of the warrants was five years. The aggregate intrinsic value associated with the warrants outstanding and exercisable as of September 30, 2016 was $69,000. |
Note 12 - Employee Stock Purcha
Note 12 - Employee Stock Purchase Plan | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Employee Stock Purchase Plan Disclosure [Text Block] | Note 12. Employee Stock Purchase Plan Under the Company’s 2010 Employee Stock Purchase Plan (“ESPP Plan”), participants can purchase shares of the Company’s stock at a 15% discount. In April 2016, shareholders approved an increase in the number of shares of common stock issuable under the ESPP Plan from 200,000 to 500,000 shares of common stock. During the three and nine months ended September 30, 2016, a total of 4,454 and 11,523 shares were issued under the ESPP Plan with a fair value of $6,013 and $25,587, respectively. The Company recognized $902 and $4,017 of stock-based compensation related to the 15% discount for the three and nine months ended September 30, 2016, respectively. The Company recognized $1,803 and $5,583 of stock-based compensation related to the 15% discount for the three and nine months ended September 30, 2015, respectively. |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurement | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 13. Fair Value Measurement Valuation Hierarchy The accounting standard of the FASB for fair value measurements establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to their short maturities. There were no changes in the valuation techniques during the three and nine months ended September 30, 2016. |
Note 14 - Net Loss Per Common S
Note 14 - Net Loss Per Common Share | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 14. Net Loss Per Common Share Basic and diluted net loss per share has been calculated by dividing net loss by the weighted average number of common shares outstanding during the period. For the three and nine months ended September 30, 2016 and 2015, the following common stock equivalents were excluded from the computation of diluted net loss per common share because they were anti-dilutive. The exercise or issuance of these common stock equivalents outstanding at September 30, 2016 and 2015 would dilute earnings per share if the Company becomes profitable in the future. As of September 30, 2016 2015 Stock options 990,191 216,290 Warrants 255,000 142,500 Total 1,245,191 358,790 |
Note 15 - Commitments
Note 15 - Commitments | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | Note 15. Commitments Operating Lease Obligations The Company has entered into operating leases related to roof rights, cellular towers, office space, and equipment leases under various non-cancelable agreements expiring through April 2025. Certain of these operating leases include extensions, at the Company's option, for additional terms ranging from one to twenty-five years. Amounts associated with the extension periods have not been included in the table below as it is not presently determinable which options, if any, the Company will elect to exercise. As of September 30, 2016, total future operating lease obligations were as follows: Remainder of 2016 $ 5,030,287 2017 8,494,869 2018 4,332,570 2019 2,710,244 2020 620,960 Thereafter 95,371 Total $ 21,284,301 Rent expenses were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Points of Presence $ 2,160,592 $ 2,079,322 $ 6,402,312 $ 6,174,386 Corporate offices 79,647 96,558 250,567 285,419 Other 107,718 113,171 342,273 302,111 Total $ 2,347,957 $ 2,289,051 $ 6,995,152 $ 6,761,916 Rent expenses related to Points of Presence and other were included in infrastructure and access in the Company’s condensed consolidated statements of operations. Rent expense related to our corporate offices was included in general and administrative expenses in the Company’s condensed consolidated statements of operations. In September 2013, the Company entered into a new lease agreement for its corporate offices and new warehouse space. The lease commenced on January 1, 2014 and expires on December 31, 2019 with an option to renew for an additional five-year term through December 31, 2024. The Company spent approximately $600,000 in leasehold improvements in connection with consolidating its corporate based employees from two buildings into one building. The Landlord agreed to contribute $380,000 in funding towards qualified leasehold improvements and made such payment in February 2014. Total annual rent payments began at $359,750 for 2014 and escalate by 3% annually reaching $416,970 for 2019. In December 2014, the Company entered into a new lease agreement in Florida, primarily for a second sales center. The lease commenced in February 2015 for 38 months with an option to renew for an additional five-year period. Total annual rent payments started at $53,130 and escalated by 3% annually. In April 2016, the Company terminated the Florida lease. Under the terms of the agreement, the Company forfeited its security deposit of $26,648 and agreed to make a termination payment of $25,000. Capital Lease Obligations The Company has entered into capital leases to acquire property and equipment expiring through June 2018. As of September 30, 2016, total future capital lease obligations were as follows: Remainder of 2016 $ 272,960 2017 837,811 2018 143,796 Total $ 1,254,567 Less: interest expense 70,205 Total capital lease obligations $ 1,184,361 Current $ 889,530 Long-term $ 294,831 |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 16. Subsequent Events On various dates from October 10 through October 18, 2016 and as disclosed in Note 10, the holders of 680,000 shares of Series C Convertible Preferred Stock elected to exercise their conversion privileges and the Company issued 680,000 common shares. On October 25, 2016 and as disclosed in Note 10, the underwriter which assisted the Company in the offering of September 16, 2016 exercised an over-allotment option and purchased 444,444 common shares at $1.35 per share which resulted in gross proceeds to the Company of $600,000. On November 8, 2016, the Company entered into a series of agreements wherein $5 million of the Company’s senior secured debt due to Melody Business Financing, LLC (“Melody”) was canceled and the Company simultaneously issued 1,000 shares of Series D Convertible Preferred Stock ("Series D Preferred") and warrants to purchase 4.0 million shares of common stock (the “Warrants”) at an exercise price of $1.15 per share. Those 1,000 shares of Series D Convertible Preferred Stock are convertible into 8,540,373 shares of the Company's common stock at the option of the holders. The detail terms of the Series D Preferred and the Warrants are described in the paragraphs below and are subject to adjustment as indicated. The Warrants expire five years from the date of issuance and are exercisable six months after the date of issuance. The Warrants may be exercised on a cashless basis if there is no effective registration statement registering the shares of common stock underlying the Warrants for resale within 90 days of issuance. Otherwise, the Warrants may be exercised for cash. The exercise price shall be reduced to $1.01 per share upon the failure to timely register for resale the shares of common stock underlying the Warrants. The Warrants also provide for certain rights upon fundamental transactions and adjustments to the exercise price of the Warrants based on stock dividends, stock splits and similar corporate actions. The Company is prohibited from effecting the exercise of a holder’s Warrant to the extent that, as a result of such exercise, such holder would beneficially own more than 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of common stock upon exercise of such Warrant. Also on that same date, the Company entered into a registration rights agreement pursuant to which it agreed to register for resale 150% of the shares of common stock underlying the Series D Convertible Preferred Stock and Warrants. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The Company’s accounting policies are described in the Notes to Consolidated Financial Statements in its Annual Report on Form 10-K for the year ended December 31, 2015, and updated, as necessary, in this Quarterly Report on Form 10-Q. |
Stockholders' Equity, Policy [Policy Text Block] | Retroactive Adjustment For Reverse Stock Split |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition. |
Revenue Recognition, Deferred Revenue [Policy Text Block] | Deferred Revenues. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Intrinsic Value of Stock Options and Warrants |
Reclassification, Policy [Policy Text Block] | Reclassifications. |
Segment Reporting, Policy [Policy Text Block] | Segments |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements. In April 2016, the FASB issued ASU No. 2016-10 (“ASU 2016-10”), “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing.” ASU 2016-10 will affect all entities that enter into contracts with customers to transfer goods or services (that are an output of the entity’s ordinary activities) in exchange for consideration. The amendments in this update affect the guidance in ASU 2014-09 which is not yet effective, the amendments in this update clarify the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. The effective date and transition requirements for the amendments in this update are effective in the annual period ending December 31, 2017, including interim periods within that annual period. The Company is currently evaluating the effect that ASU 2016-10 will have on the Company’s consolidated financial position and results of operations. In May 2016, the FASB issued ASU No. 2016-12 (“ASU 2016-12”), “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients.” ASU 2016-12 will affect all entities that enter into contracts with customers to transfer goods or services (that are an output of the entity’s ordinary activities) in exchange for consideration. The amendments in this update affect the guidance in ASU 2014-09 which is not yet effective, the amendments in this update affect narrow aspects of Topic 606 including among others: assessing collectability criterion, noncash consideration, and presentation of sales taxes and other similar taxes collected from customers. The effective date and transition requirements for the amendments in this update are the same as the effective date and transition requirements for ASU 2016-10. The Company is currently evaluating the effect that ASU 2016-12 will have on the Company’s consolidated financial position and results of operations. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). ASU 2016-15 is intended to address how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently evaluating the effect that ASU 2016-15 will have on the Company’s consolidated financial position and results of operations. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events |
Note 4 - Discontinued Operati25
Note 4 - Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule Of Components Of Loss From Discontinued Operations [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Revenues $ - $ 849,824 $ 553,302 $ 2,463,678 Operating expenses: Infrastructure and access - 3,479,160 2,523,222 10,838,337 Depreciation - 1,005,185 638,681 3,052,554 Network operations - 188,104 192,947 579,138 Customer support services - 95,515 69,804 283,961 Sales and marketing - 35,793 246 122,704 General and administrative - - 105,545 - Total operating expenses - 4,803,757 3,530,445 14,876,694 Net operating loss - (3,953,933 ) (2,977,143 ) (12,413,016 ) Gain on sale of assets - - 1,177,742 - Net Loss $ - $ (3,953,933 ) $ (1,799,401 ) $ (12,413,016 ) |
Discontinued Operation, Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | September 30, 2016 December 31, 2015 Assets: Accounts receivable, net $ 6,072 $ 715,993 Prepaid expenses and other current assets 231,978 278,891 Deferred acquisitions costs - 253,685 Total Current Assets $ 238,050 $ 1,248,569 Liabilities: Accounts payable $ - $ 556,800 Accrued expenses - 66,101 Accrued expenses - leases 2,871,047 3,284,467 Total Current Liabilities $ 2,871,047 $ 3,907,368 |
Note 5 - Property and Equipme26
Note 5 - Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, 2016 December 31, 2015 Network and base station equipment $ 41,691,320 $ 38,351,119 Customer premise equipment 33,410,044 30,910,874 Information technology 4,862,507 4,810,865 Furniture, fixtures and other 1,713,430 1,713,722 Leasehold improvements 1,631,321 1,623,559 Property and equipment, gross 83,308,622 77,410,139 Less: accumulated depreciation 66,774,410 56,174,755 Property and equipment, net $ 16,534,212 $ 21,235,384 |
Schedule of Capital Leased Assets [Table Text Block] | September 30, 2016 December 31, 2015 Network and base station equipment $ 2,620,898 $ 2,620,898 Customer premise equipment 669,792 669,792 Information technology 1,860,028 1,860,028 Property acquired through capital leases, gross 5,150,718 5,150,718 Less: accumulated depreciation 3,855,995 3,114,968 Property acquired through capital leases, net $ 1,294,723 $ 2,035,750 |
Note 6 - Intangible Assets (Tab
Note 6 - Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | September 30, 2016 December 31, 2015 Customer relationships $ 11,856,126 $ 11,856,126 Backhaul agreement 3,837,783 - FCC licenses 750,000 750,000 Intangible assets, gross 16,443,909 12,606,126 Less: accumulated amortization 12,373,536 11,333,096 Intangible assets, net $ 4,070,373 $ 1,273,030 |
Note 7 - Accrued Expenses (Tabl
Note 7 - Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | September 30, 2016 December 31, 2015 Payroll and related $ 485,122 $ 551,448 Professional services 417,123 427,932 Other 169,970 339,680 Property and equipment 174,732 176,614 Network 117,475 133,544 Total $ 1,364,422 $ 1,629,218 |
Note 8 - Other Long-term Liab29
Note 8 - Other Long-term Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Other Liabilities [Table Text Block] | September 30, 2016 December 31, 2015 Deferred rent $ 628,380 $ 1,227,414 Deferred taxes 363,774 363,774 Total $ 992,154 $ 1,591,188 |
Note 11 - Stock Options and W30
Note 11 - Stock Options and Warrants (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Risk-free interest rate 0.9% - 1.0% 1.5% - 1.6% 0.9% - 1.4% 1.5% - 1.6% Expected volatility 78% - 79% 58% - 59% 78% - 83% 58% - 59% Expected life (in years) 4.2 4.2 4.2 4.1 - 4.2 Expected dividend yield - - - - Estimated forfeiture rates 1% - 7% 1% - 10% 1% - 7% 1% - 10% Weighted average per share grant date fair value $1.33 $0.63 $1.47 $0.71 Stock-based compensation $192,812 $191,170 $629,671 $609,469 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Number Weighted Average Exercise Price Outstanding as of January 1, 2016 217,002 $ 52.20 Granted during 2016 810,249 2.50 Exercised - - Cancelled /expired (37,060 ) 64.09 Outstanding as of September 30, 2016 990,191 $ 11.05 Exercisable as of September 30, 2016 220,692 $ 40.50 |
Schedule Of Grants Under Stock Option Plan Details [Table Text Block] | Number Consultant grants 11,000 Executive grants 452,500 Employee grants 51,750 Annual grants to outside directors 294,999 Total 810,249 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Number Weighted Average Exercise Price Outstanding as of January 1, 2016 202,500 $ 26.20 Granted during 2016 1,048,214 3.46 Exchanged during 2016 (973,214 ) 3.62 Expired during 2016 (22,500 ) 100.00 Outstanding as of September 30, 2016 255,000 $ 12.34 Exercisable as of September 30, 2016 180,000 $ 16.87 |
Note 14 - Net Loss Per Common31
Note 14 - Net Loss Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | As of September 30, 2016 2015 Stock options 990,191 216,290 Warrants 255,000 142,500 Total 1,245,191 358,790 |
Note 15 - Commitments (Tables)
Note 15 - Commitments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Remainder of 2016 $ 5,030,287 2017 8,494,869 2018 4,332,570 2019 2,710,244 2020 620,960 Thereafter 95,371 Total $ 21,284,301 |
Schedule of Rent Expense [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Points of Presence $ 2,160,592 $ 2,079,322 $ 6,402,312 $ 6,174,386 Corporate offices 79,647 96,558 250,567 285,419 Other 107,718 113,171 342,273 302,111 Total $ 2,347,957 $ 2,289,051 $ 6,995,152 $ 6,761,916 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Remainder of 2016 $ 272,960 2017 837,811 2018 143,796 Total $ 1,254,567 Less: interest expense 70,205 Total capital lease obligations $ 1,184,361 Current $ 889,530 Long-term $ 294,831 |
Note 2 - Liquidity, Going Con33
Note 2 - Liquidity, Going Concern and Management Plans (Details Textual) - USD ($) | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash and Cash Equivalents, at Carrying Value | $ 12,899,812 | $ 20,308,551 | $ 15,116,531 | $ 38,027,509 |
Working Capital | 7,600,000 | |||
Retained Earnings (Accumulated Deficit) | (173,133,173) | $ (156,218,731) | ||
Proceeds from Issuance or Sale of Equity | $ 6,802,823 |
Note 3 - Summary of Significa34
Note 3 - Summary of Significant Accounting Policies (Details Textual) | Sep. 30, 2016USD ($) |
Cash, Uninsured Amount | $ 12,600,000 |
Cash, FDIC Insured Amount | $ 250,000 |
Note 4 - Discontinued Operati35
Note 4 - Discontinued Operations (Details Textual) | Mar. 09, 2016USD ($) | Sep. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) |
Shared Wireless Business [Member] | |||||||
Asset Purchase Agreement, Renewal Term | 1 year | ||||||
Asset Purchase Agreement, Term | 3 years | ||||||
Asset Purchase Agreement, Number of One Year Renewals | 2 | ||||||
Asset Purchase Agreement, Cancellation Notice | 60 days | ||||||
Disposal Group, Including Discontinued Operation, Assets | $ 2,660,041 | ||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 3,837,783 | ||||||
Asset Impairment and Other Charges | $ 1,585,319 | ||||||
Estimated Costs to Settle Lease Obligations | 453,403 | ||||||
Impairment of Long-Lived Assets Held-for-use | 528,364 | ||||||
Write off of Security Deposits | 110,500 | ||||||
Accelerated Expensing of Deferred Acquistion Costs | 493,052 | ||||||
Reduction in Accrual for Terminated Lease Obligations | $ 1,244,284 | ||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 3,837,783 | $ 3,837,783 | |||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 1,177,742 | $ 1,177,742 |
Note 4 - Discontinued Operati36
Note 4 - Discontinued Operations - Loss From Discontinued Operations (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues | $ 849,824 | $ 553,302 | $ 2,463,678 | |
Infrastructure and access | 3,479,160 | 2,523,222 | 10,838,337 | |
Depreciation | 1,005,185 | 638,681 | 3,052,554 | |
Network operations | 188,104 | 192,947 | 579,138 | |
Customer support services | 95,515 | 69,804 | 283,961 | |
Sales and marketing | 35,793 | 246 | 122,704 | |
General and administrative | 105,545 | |||
Total operating expenses | 4,803,757 | 3,530,445 | 14,876,694 | |
Net operating loss | (3,953,933) | (2,977,143) | (12,413,016) | |
Gain on sale of assets | 1,177,742 | |||
Loss from discontinued operations | $ (3,953,933) | $ (1,799,401) | $ (12,413,016) |
Note 4 - Discontinued Operati37
Note 4 - Discontinued Operations - Components of Balance Sheet Accounts (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Network [Member] | ||
Liabilities: | ||
Accrued expenses | $ 2,871,047 | $ 3,284,467 |
Accounts receivable, net | 6,072 | 715,993 |
Prepaid expenses and other current assets | 231,978 | 278,891 |
Deferred acquisitions costs | 253,685 | |
Total Current Assets | 238,050 | 1,248,569 |
Accounts payable | 556,800 | |
Accrued expenses | 66,101 | |
Total Current Liabilities | $ 2,871,047 | $ 3,907,368 |
Note 5 - Property and Equipme38
Note 5 - Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Depreciation | $ 2,574,875 | $ 2,332,384 | $ 7,524,097 | $ 6,877,373 |
Note 5 - Property and Equipme39
Note 5 - Property and Equipment - Property and Equipment (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Network and Base Station Equipment [Member] | ||
Property, Plant, and Equipment Gross | $ 41,691,320 | $ 38,351,119 |
Customer Premise Equipment [Member] | ||
Property, Plant, and Equipment Gross | 33,410,044 | 30,910,874 |
Information Technology [Member] | ||
Property, Plant, and Equipment Gross | 4,862,507 | 4,810,865 |
Furniture and Fixtures [Member] | ||
Property, Plant, and Equipment Gross | 1,713,430 | 1,713,722 |
Leasehold Improvements [Member] | ||
Property, Plant, and Equipment Gross | 1,631,321 | 1,623,559 |
Property, Plant, and Equipment Gross | 83,308,622 | 77,410,139 |
Less: accumulated depreciation | 66,774,410 | 56,174,755 |
Property and equipment, net | $ 16,534,212 | $ 21,235,384 |
Note 5 - Property and Equipme40
Note 5 - Property and Equipment - Property Acquired Through Capital Leases (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Network and Base Station Equipment [Member] | ||
Capital Leased Assets Gross | $ 2,620,898 | $ 2,620,898 |
Customer Premise Equipment [Member] | ||
Capital Leased Assets Gross | 669,792 | 669,792 |
Information Technology [Member] | ||
Capital Leased Assets Gross | 1,860,028 | 1,860,028 |
Capital Leased Assets Gross | 5,150,718 | 5,150,718 |
Less: accumulated depreciation | 3,855,995 | 3,114,968 |
Property acquired through capital leases, net | $ 1,294,723 | $ 2,035,750 |
Note 6 - Intangible Assets (Det
Note 6 - Intangible Assets (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | ||
Feb. 28, 2013 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | |
Time Warner Cable [Member] | Backhaul Agreement [Member] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | |||||
Quarterly Amortization Amount | $ 319,815 | |||||
Delos Internet [Member] | Customer Relationships [Member] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 years 60 days | |||||
Quarterly Amortization Amount | $ 98,068 | |||||
Amortization of Intangible Assets | $ 417,883 | $ 98,068 | $ 1,040,440 | $ 294,204 |
Note 6 - Intangible Assets - In
Note 6 - Intangible Assets - Intangible Assets and Goodwill (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Customer relationships | $ 11,856,126 | $ 11,856,126 |
Backhaul agreement | 3,837,783 | |
FCC licenses | 750,000 | 750,000 |
Intangible assets, gross | 16,443,909 | 12,606,126 |
Less: accumulated amortization | 12,373,536 | 11,333,096 |
Intangible assets, net | $ 4,070,373 | $ 1,273,030 |
Note 7 - Accrued Expenses - Acc
Note 7 - Accrued Expenses - Accrued Expenses (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Payroll and Related [Member] | ||
Accrued Liabilities, Current | $ 485,122 | $ 551,448 |
Professional Services [Member] | ||
Accrued Liabilities, Current | 417,123 | 427,932 |
Other Accrued Liabilities [Member] | ||
Accrued Liabilities, Current | 169,970 | 339,680 |
Property and Equipment [Member] | ||
Accrued Liabilities, Current | 174,732 | 176,614 |
Network [Member] | ||
Accrued Liabilities, Current | 117,475 | 133,544 |
Accrued Liabilities, Current | $ 1,364,422 | $ 1,629,218 |
Note 8 - Other Long-term Liab44
Note 8 - Other Long-term Liabilities - Other Liabilities, Current and Noncurrent (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Deferred rent | $ 628,380 | $ 1,227,414 |
Deferred taxes | 363,774 | 363,774 |
Total | $ 992,154 | $ 1,591,188 |
Note 9 - Long-term Debt (Detail
Note 9 - Long-term Debt (Details Textual) - USD ($) | Sep. 16, 2016 | Jul. 07, 2016 | Jun. 17, 2016 | Oct. 31, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 |
Melody Business Finance LLC [Member] | Secured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 7.00% | ||||||||
Melody Business Finance LLC [Member] | Secured Debt [Member] | If Rate Is Greater Than LIBOR Rate [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 8.00% | |||||||
Melody Business Finance LLC [Member] | Secured Debt [Member] | First Two Thirds Of Shares Under Warrants [Member] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 25.20 | ||||||||
Melody Business Finance LLC [Member] | Secured Debt [Member] | Remaining One Third Of Shares Under Warrants [Member] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.20 | ||||||||
Class of Warrant or Right, Warrant Term | 7 years 182 days | ||||||||
Melody Business Finance LLC [Member] | Secured Debt [Member] | Warrant [Member] | |||||||||
Debt Instrument, Unamortized Discount | $ 950,501 | $ 950,501 | $ 1,439,785 | ||||||
Interest Expense, Debt | 152,406 | $ 194,890 | 489,284 | $ 615,355 | |||||
Melody Business Finance LLC [Member] | Secured Debt [Member] | |||||||||
Debt Instrument, Face Amount | $ 35,000,000 | ||||||||
Debt Instrument Discount Rate | 3.00% | ||||||||
Debt Instrument, Unamortized Discount | $ 1,050,000 | 405,169 | 405,169 | 613,736 | |||||
Interest Expense, Debt | $ 64,966 | 83,076 | $ 208,567 | 262,307 | |||||
Paid In Kind Interest Stated Rate | 4.00% | 4.00% | |||||||
Interest Paid | $ 766,581 | 736,183 | $ 2,260,384 | 2,162,986 | |||||
Paid-in-Kind Interest | 383,290 | 368,092 | 1,130,192 | 1,081,493 | |||||
Debt Covenant, Cash and Cash Equivalents, Minimum Balance | 6,500,000 | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 180,000 | ||||||||
Warrants and Rights Outstanding | $ 2,463,231 | ||||||||
Debt Issuance Costs, Gross | $ 2,900,000 | ||||||||
Melody Business Finance LLC [Member] | |||||||||
Debt Instrument, Unamortized Discount | 1,116,624 | 1,116,624 | 1,691,421 | ||||||
Debt Instrument, Unamortized Discount | 2,472,294 | 2,472,294 | $ 3,744,941 | ||||||
Paid-in-Kind Interest | 1,130,192 | 1,081,493 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.48 | $ 3 | $ 5 | ||||||
Class of Warrant or Right, Warrant Term | 5 years | 5 years | 5 years | ||||||
Warrants and Rights Outstanding | $ 66,577 | $ 240,709 | $ 791,290 | ||||||
Amortization of Debt Issuance Costs | $ 179,042 | $ 228,952 | $ 574,797 | $ 722,902 |
Note 10 - Capital Stock (Detail
Note 10 - Capital Stock (Details Textual) - USD ($) | Oct. 25, 2016 | Oct. 18, 2016 | Sep. 16, 2016 | Sep. 14, 2016 | Sep. 12, 2016 | Jul. 26, 2016 | Jul. 07, 2016 | Jul. 06, 2016 | Sep. 30, 2016 | Jul. 31, 2016 | Jun. 30, 2016 | Feb. 29, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Jul. 05, 2016 | Jun. 17, 2016 | Dec. 31, 2015 |
Third Party Investor [Member] | First Issuance [Member] | |||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 52,966 | ||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 68,856 | ||||||||||||||||||
Third Party Investor [Member] | Second Issuance [Member] | |||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 10,000 | ||||||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 14,800 | ||||||||||||||||||
Third Party Investor [Member] | |||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 5,000 | ||||||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 20,000 | ||||||||||||||||||
Third Party Consultant [Member] | |||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 125,000 | ||||||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 385,000 | ||||||||||||||||||
Private Placement [Member] | |||||||||||||||||||
Proceeds from Issuance of Common Stock | $ 2,280,000 | ||||||||||||||||||
Common Stock, Shares, Issued | 750,000 | 750,000 | 750,000 | ||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||
Sale of Stock, Price Per Share | $ 3.04 | $ 3.04 | $ 3.04 | ||||||||||||||||
Payments of Stock Issuance Costs | $ 43,750 | ||||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ 2,236,250 | ||||||||||||||||||
Common Stock, Pre-Reverse Stock Split, Conversion, Shares | 1,250,000 | ||||||||||||||||||
Share Price | $ 1.40 | ||||||||||||||||||
Over-Allotment Option [Member] | Common Stock [Member] | Subsequent Event [Member] | |||||||||||||||||||
Share Price | $ 1.35 | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 444,444 | ||||||||||||||||||
Over-Allotment Option [Member] | Subsequent Event [Member] | |||||||||||||||||||
Proceeds from Issuance of Common Stock | $ 600,000 | ||||||||||||||||||
Payments of Stock Issuance Costs | $ 55,000 | ||||||||||||||||||
Over-Allotment Option [Member] | |||||||||||||||||||
Sale of Stock, Price Per Share | $ 1.35 | ||||||||||||||||||
Underwriter Option, Shares Purchase Period | 45 days | ||||||||||||||||||
Common Stock Shares Authorized, Underwriter Option | 444,444 | ||||||||||||||||||
Warrants Exchanged [Member] | |||||||||||||||||||
Conversion of Stock, Shares Converted | 1 | ||||||||||||||||||
The June 17 Warrants [Member] | |||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 223,214 | 750,000 | |||||||||||||||||
Series B Convertible Preferred Stock [Member] | |||||||||||||||||||
Conversion of Stock, Shares Converted | 446,429 | ||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | ||||||||||||||||||
Series C Convertible Preferred Stock [Member] | |||||||||||||||||||
Stock Issued During Period, Shares, Exchange of Warrants | 680,000 | ||||||||||||||||||
Amended and Restated Warrants [Member] | |||||||||||||||||||
Share Price | $ 7.60 | ||||||||||||||||||
Warrant, Conversion to Common Stock, Exercise Price | 3 | ||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 3.80 | $ 5 | |||||||||||||||||
Warrants, Exercisable, Threshold Consecutive Trading Days | 10 | ||||||||||||||||||
Warrants, Exercisable, Threshold Trading Days | 30 | ||||||||||||||||||
Beneficial Ownership Limitation, Percentage | 9.99% | ||||||||||||||||||
Common Stock [Member] | Subsequent Event [Member] | |||||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 680,000 | ||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 192,966 | ||||||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 193 | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 2,962,963 | 750,000 | |||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 2,963 | $ 750 | |||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 446,429 | ||||||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 488,656 | ||||||||||||||||||
Proceeds from Issuance of Common Stock | $ 4,000,000 | $ 1,677,188 | $ 21,570 | $ 31,778 | |||||||||||||||
Common Stock, Shares, Issued | 7,706,272 | 7,706,272 | 7,706,272 | 3,342,391 | |||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||
Sale of Stock, Price Per Share | $ 1.35 | ||||||||||||||||||
Payments of Stock Issuance Costs | $ 628,000 | ||||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ 6,802,823 | ||||||||||||||||||
Proceeds from Issuance of Warrants | $ 559,063 | ||||||||||||||||||
Common Stock, Pre-Reverse Stock Split, Conversion, Shares | 20 | ||||||||||||||||||
Private Placement, Securities, Units for Sale | 892,857 | ||||||||||||||||||
Share Price | 1.35 | 1.35 | $ 1.35 | ||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.48 | $ 3 | $ 5 | ||||||||||||||||
Beneficial Ownership Limitation, Percentage | 9.99% | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 2,962,963 | ||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 3,371,836 | $ 1,194,737 | $ 2,236,250 | ||||||||||||||||
Stock Issued During Period, Shares, Exchange of Warrants | 680,000 |
Note 11 - Stock Options and W47
Note 11 - Stock Options and Warrants (Details Textual) - USD ($) | Sep. 16, 2016 | Sep. 14, 2016 | Jul. 07, 2016 | Jun. 17, 2016 | Mar. 31, 2016 | Sep. 30, 2016 |
Warrant [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years | |||||
Fair Value Assumptions, Risk Free Interest Rate | 1.06% | 0.97% | 1.17% | |||
Fair Value Assumptions, Expected Term | 5 years | 5 years | 5 years | |||
Fair Value Assumptions, Expected Volatility Rate | 80.00% | 78.00% | 81.00% | |||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 69,000 | |||||
Employee Stock Option [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||
Employee Stock Option [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 10 years | |||||
Employee Stock Option [Member] | Consultant [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||
Employee Stock Option [Member] | Chief Operating Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted in Period, Fair Value | 1,200,403 | |||||
Employee Stock Option [Member] | Employee [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Employee Stock Option [Member] | Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||
Employee Stock Option [Member] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,003,595 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 146 days | |||||
Share Price | $ 1.35 | |||||
Class of Warrant or Right, Issued During Period | 75,000 | 223,214 | 750,000 | |||
Class of Warrant or Right, Warrant Term | 5 years | 5 years | 5 years | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.48 | $ 3 | $ 5 | |||
Class of Warrant or Right, Exercisable Period, from Date of Issuance | 180 days | 180 days | ||||
Warrants and Rights Outstanding | $ 66,577 | $ 240,709 | $ 791,290 | |||
Class of Warrant or Right, Exchanged During Period | 973,214 | (973,214) | ||||
Stock Issued During Period, Shares, Exchange of Warrants | 680,000 | |||||
Class of Warrant or Right, Warrants Exercisable, Weighted Average Remaining Contractual Life | 5 years |
Note 11 - Stock Options and W48
Note 11 - Stock Options and Warrants - Black-Scholes Option Pricing Model Assumptions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Minimum [Member] | ||||
Risk-free interest rate | 0.90% | 1.50% | 0.90% | 1.50% |
Expected volatility | 78.00% | 58.00% | 78.00% | 58.00% |
Expected life (in years) | 4 years 36 days | |||
Expected dividend yield | ||||
Estimated forfeiture rates | 1.00% | 1.00% | 1.00% | 1.00% |
Weighted average per share grant date fair value (in dollars per share) | ||||
Stock-based compensation | ||||
Maximum [Member] | ||||
Risk-free interest rate | 1.00% | 1.60% | 1.40% | 1.60% |
Expected volatility | 79.00% | 59.00% | 83.00% | 59.00% |
Expected life (in years) | 4 years 73 days | |||
Expected dividend yield | ||||
Estimated forfeiture rates | 7.00% | 10.00% | 7.00% | 10.00% |
Weighted average per share grant date fair value (in dollars per share) | ||||
Stock-based compensation | ||||
Risk-free interest rate | ||||
Expected volatility | ||||
Expected life (in years) | 4 years 73 days | 4 years 73 days | 4 years 73 days | |
Expected dividend yield | ||||
Estimated forfeiture rates | ||||
Weighted average per share grant date fair value (in dollars per share) | $ 1.33 | $ 0.63 | $ 1.47 | $ 0.71 |
Stock-based compensation | $ 192,812 | $ 191,170 | $ 629,671 | $ 609,469 |
Note 11 - Stock Options and W49
Note 11 - Stock Options and Warrants - Option Transactions Under the Stock Option Plans (Details) | 9 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Outstanding (in shares) | shares | 217,002 |
Outstanding (in dollars per share) | $ / shares | $ 52.20 |
Granted (in shares) | shares | 810,249 |
Granted (in dollars per share) | $ / shares | $ 2.50 |
Cancelled /expired (in shares) | shares | (37,060) |
Cancelled /expired (in dollars per share) | $ / shares | $ 64.09 |
Outstanding (in shares) | shares | 990,191 |
Outstanding (in dollars per share) | $ / shares | $ 11.05 |
Exercisable as of September 30, 2016 (in shares) | shares | 220,692 |
Exercisable as of September 30, 2016 (in dollars per share) | $ / shares | $ 40.50 |
Note 11 - Stock Options and W50
Note 11 - Stock Options and Warrants - Grants Under Stock Option Plans (Details) | 9 Months Ended |
Sep. 30, 2016shares | |
Consultant [Member] | |
Granted (in shares) | 11,000 |
Executive Officer [Member] | |
Granted (in shares) | 452,500 |
Employee [Member] | |
Granted (in shares) | 51,750 |
Non-employee [Member] | |
Granted (in shares) | 294,999 |
Granted (in shares) | 810,249 |
Note 11 - Stock Options and W51
Note 11 - Stock Options and Warrants - Summary of Warrant Activity (Details) - $ / shares | Sep. 14, 2016 | Sep. 30, 2016 |
Outstanding , number (in shares) | 202,500 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 26.20 | |
Granted, number (in shares) | 1,048,214 | |
Granted, weighted average exercise price (in dollars per share) | $ 3.46 | |
Exchanged, number (in shares) | 973,214 | (973,214) |
Exchanged, weighted average exercise price (in dollars per share) | $ 3.62 | |
Expired, number (in shares) | (22,500) | |
Expired, weighted average exercise price (in dollars per share) | $ 100 | |
Outstanding, number (in shares) | 255,000 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 12.34 | |
Exercisable, number (in shares) | 180,000 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 16.87 |
Note 12 - Employee Stock Purc52
Note 12 - Employee Stock Purchase Plan (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Apr. 15, 2016 | Apr. 14, 2016 | |
2010 Employee Stock Purchase Plan [Member] | |||||||
Percentage Of Discount Allowed For Shares Issued Under Employee Stock Purchase Plan | 15.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | 200,000 | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 4,454 | 11,523 | |||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 6,013 | $ 25,587 | |||||
Defined Contribution Plan, Cost Recognized | $ 902 | $ 1,803 | $ 4,017 | $ 5,583 | |||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 25,587 |
Note 14 - Net Loss Per Common53
Note 14 - Net Loss Per Common Share - Antidilutive Shares Excluded from Computation of EPS (Details) - shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded From Computation of Earnings Per Share, Amount (in shares) | 990,191 | 216,290 |
Warrant [Member] | ||
Antidilutive Securities Excluded From Computation of Earnings Per Share, Amount (in shares) | 255,000 | 142,500 |
Antidilutive Securities Excluded From Computation of Earnings Per Share, Amount (in shares) | 1,245,191 | 358,790 |
Note 15 - Commitments (Details
Note 15 - Commitments (Details Textual) - USD ($) | 1 Months Ended | 9 Months Ended | |||
Apr. 30, 2016 | Dec. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2016 | Feb. 28, 2014 | |
Minimum [Member] | |||||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 1 year | ||||
Corporate Offices [Member] | |||||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 5 years | ||||
Leasehold Improvements, Gross | $ 600,000 | ||||
Operating Lease, Leasehold Improvements to be Made by Lessor | $ 380,000 | ||||
Operating Lease, Annual Rent Two Years Ago | $ 359,750 | ||||
Annual Increase in Operating Lease Rent Expense | 3.00% | ||||
Operating Lease Annual Rent in Three Years | $ 416,970 | ||||
Sales Center [Member] | |||||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 5 years | ||||
Annual Increase in Operating Lease Rent Expense | 3.00% | ||||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 3 years 60 days | ||||
Operating Lease, Annual Rent | $ 53,130 | ||||
Security Deposit Forfeited | $ 26,648 | ||||
Termination Payment of Lease | $ 25,000 |
Note 15 - Commitments - Total F
Note 15 - Commitments - Total Future Operating Lease Obligations (Details) | Sep. 30, 2016USD ($) |
Remainder of 2016 | $ 5,030,287 |
2,017 | 8,494,869 |
2,018 | 4,332,570 |
2,019 | 2,710,244 |
2,020 | 620,960 |
Thereafter | 95,371 |
Total | $ 21,284,301 |
Note 15 - Commitments - Rent Ex
Note 15 - Commitments - Rent Expenses (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Points of Presence [Member] | ||||
Lease and Rental Expense | $ 2,160,592 | $ 2,079,322 | $ 6,402,312 | $ 6,174,386 |
Corporate Offices [Member] | ||||
Lease and Rental Expense | 79,647 | 96,558 | 250,567 | 285,419 |
Other Leased Property [Member] | ||||
Lease and Rental Expense | 107,718 | 113,171 | 342,273 | 302,111 |
Lease and Rental Expense | $ 2,347,957 | $ 2,289,051 | $ 6,995,152 | $ 6,761,916 |
Note 15 - Commitments - Total57
Note 15 - Commitments - Total Future Capital Lease Obligations (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Remainder of 2016 | $ 272,960 | |
2,017 | 837,811 | |
2,018 | 143,796 | |
Total | 1,254,567 | |
Less: interest expense | 70,205 | |
Total capital lease obligations | 1,184,361 | |
Current | 889,530 | $ 992,690 |
Long-term | $ 294,831 | $ 932,826 |
Note 16 - Subsequent Events (De
Note 16 - Subsequent Events (Details Textual) | Nov. 08, 2016USD ($)$ / sharesshares | Oct. 25, 2016USD ($)$ / sharesshares | Oct. 18, 2016shares | Sep. 16, 2016USD ($)$ / sharesshares | Jul. 07, 2016$ / shares | Jun. 17, 2016$ / shares | Sep. 30, 2016$ / sharesshares | Jun. 30, 2016USD ($) | Jun. 30, 2016shares | Sep. 30, 2016USD ($)$ / shares | Sep. 30, 2015USD ($) |
Conversion from Series C Convertible Preferred Stock to Common Stock [Member] | Subsequent Event [Member] | |||||||||||
Conversion of Stock, Shares Converted | 680,000 | ||||||||||
Conversion of Stock, Shares Issued | 680,000 | ||||||||||
Subsequent Event [Member] | Over-Allotment Option [Member] | Common Stock [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues | 444,444 | ||||||||||
Share Price | $ / shares | $ 1.35 | ||||||||||
Subsequent Event [Member] | Over-Allotment Option [Member] | |||||||||||
Proceeds from Issuance of Common Stock | $ | $ 600,000 | ||||||||||
Subsequent Event [Member] | Melody Business Finance LLC [Member] | Secured Debt [Member] | |||||||||||
Debt Conversion, Original Debt, Amount | $ | $ 5,000,000 | ||||||||||
Subsequent Event [Member] | Melody Business Finance LLC [Member] | Series D Convertible Preferred Stock [Member] | |||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 1,000 | ||||||||||
Subsequent Event [Member] | Melody Business Finance LLC [Member] | Warrants Issued for Conversion of Senior Secured Debt [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 4,000,000 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.15 | ||||||||||
Subsequent Event [Member] | Series D Convertible Preferred Stock [Member] | |||||||||||
Convertible Preferred Stock, Number of Common Stock Shares Called by Convertible Preferred Stock | 8,540,373 | ||||||||||
Subsequent Event [Member] | Warrants Issued for Conversion of Senior Secured Debt [Member] | |||||||||||
Class of Warrant or Right, Warrant Term | 5 years | ||||||||||
Class of Warrant or Right, Exercisable Period, from Date of Issuance | 180 days | ||||||||||
Class of Warrant or Right, Cashless Basis Exercisable Threshold Period, from Date of Issuance | 90 days | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights Upon Failure to Register Shares for Resale | 1.01 | ||||||||||
Ownership Percentage of Common Stock Outstanding after Exercise of Warrants, Maximum | 9.99% | ||||||||||
Subsequent Event [Member] | |||||||||||
Percentage of Common Stock Shares Registered for Resale | 150.00% | ||||||||||
Common Stock [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues | 2,962,963 | 750,000 | |||||||||
Stock Issued During Period, Shares, New Issues | 2,962,963 | ||||||||||
Share Price | $ / shares | $ 1.35 | $ 1.35 | |||||||||
Proceeds from Issuance of Common Stock | $ | $ 4,000,000 | $ 1,677,188 | $ 21,570 | $ 31,778 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.48 | $ 3 | $ 5 | ||||||||
Class of Warrant or Right, Warrant Term | 5 years | 5 years | 5 years | ||||||||
Class of Warrant or Right, Exercisable Period, from Date of Issuance | 180 days | 180 days |
Uncategorized Items - twer-2016
Label | Element | Value |
Stock-based compensation for options | us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition | $ 629,671 |
Additional Paid-in Capital [Member] | ||
Issuance of common stock under employee stock purchase plan | us-gaap_StockIssuedDuringPeriodValueEmployeeStockPurchasePlan | 25,576 |
Issuance of common stock for consulting services | us-gaap_StockIssuedDuringPeriodValueIssuedForServices | 488,463 |
twer_StockIssuedDuringPeriodValueExchangeOfWarrants | twer_StockIssuedDuringPeriodValueExchangeOfWarrants | (680) |
Conversion of Series B preferred Stock into common shares - July 2016 | us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities | 447 |
Stock-based compensation for options | us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition | 629,671 |
Proceeds from issuance of stock and warrants, net of offering costs | us-gaap_StockIssuedDuringPeriodValueNewIssues | 2,235,500 |
Proceeds from issuance of stock and warrants, net of offering costs | us-gaap_StockIssuedDuringPeriodValueNewIssues | 1,193,844 |
Proceeds from issuance of stock and warrants, net of offering costs | us-gaap_StockIssuedDuringPeriodValueNewIssues | $ 3,368,873 |
Common Stock [Member] | ||
Issuance of common stock under employee stock purchase plan (in shares) | us-gaap_StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans | 11,523 |
Issuance of common stock under employee stock purchase plan | us-gaap_StockIssuedDuringPeriodValueEmployeeStockPurchasePlan | $ 11 |
Conversion of Series B preferred Stock into common shares - July 2016 | us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities | 446 |
Retained Earnings, Appropriated [Member] | ||
Net loss | us-gaap_NetIncomeLoss | (16,914,442) |
Series B Convertible Preferred Stock [Member] | Preferred Stock [Member] | ||
Conversion of Series B preferred Stock into common shares - July 2016 | us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities | $ (893) |
Conversion of Series B preferred Stock into common shares - July 2016 (in shares) | us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities | (892,857) |
Proceeds from issuance of stock and warrants, net of offering costs | us-gaap_StockIssuedDuringPeriodValueNewIssues | $ 893 |
Proceeds from issuance of stock and warrants, net of offering costs (in shares) | us-gaap_StockIssuedDuringPeriodSharesNewIssues | 892,857 |
Series C Convertible Preferred Stock [Member] | Preferred Stock [Member] | ||
twer_StockIssuedDuringPeriodValueExchangeOfWarrants | twer_StockIssuedDuringPeriodValueExchangeOfWarrants | $ 680 |
Exchange of warrants for the issuance of Series C Preferred Stock - July 2016 (in shares) | twer_StockIssuedDuringPeriodSharesExchangeOfWarrants | 680,000 |