Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Ascent Solar Technologies, Inc. | ' |
Entity Central Index Key | '0001350102 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 59,162,698 |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Current Assets: | ' | ' |
Cash and cash equivalents | $3,880,290 | $12,621,477 |
Trade receivables | 95,014 | 100,164 |
Related party receivables and deposits | 10,225 | 596,339 |
Inventories | 2,097,498 | 2,159,553 |
Prepaid expenses and other current assets | 759,705 | 235,305 |
Total current assets | 6,842,732 | 15,712,838 |
Property, Plant and Equipment: | 39,591,677 | 39,979,013 |
Less accumulated depreciation and amortization | -16,471,789 | -12,725,298 |
Net property, plant and equipment | 23,119,888 | 27,253,715 |
Other Assets: | ' | ' |
Patents, net of amortization of $74,077 and $48,150, respectively | 834,654 | 500,879 |
Other non-current assets | 53,750 | 56,563 |
Total Other Assets | 888,404 | 557,442 |
Total Assets | 30,851,024 | 43,523,995 |
Current Liabilities: | ' | ' |
Accounts payable | 607,571 | 855,373 |
Accrued expenses | 1,686,565 | 1,788,635 |
Current portion of long-term debt | 278,342 | 264,935 |
Make-whole dividend liability | 1,652,745 | 0 |
Total current liabilities | 4,225,223 | 2,908,943 |
Long-Term Debt | 6,139,671 | 6,350,135 |
Accrued Warranty Liability | 47,937 | 38,187 |
Commitments and Contingencies | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred stock, $0.0001 par value, 25,000,000 shares authorized; 712,390 and 0 shares issued and outstanding, respectively ($5,765,206 Liquidation Preference) | 71 | 0 |
Common stock, $0.0001 par value, 125,000,000 shares authorized; 54,789,971 and 51,143,906 shares issued and outstanding, respectively | 5,479 | 5,114 |
Additional paid in capital | 256,458,392 | 245,996,950 |
Deficit accumulated during the development stage | -236,025,749 | -211,775,334 |
Total stockholders' equity | 20,438,193 | 34,226,730 |
Total Liabilities and Stockholders' Equity | $30,851,024 | $43,523,995 |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Patents, Amortization | $74,077 | $48,150 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, shares issued (in shares) | 712,390 | 0 |
Preferred stock, shares outstanding (in shares) | 712,390 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued (in shares) | 54,789,971 | 51,143,906 |
Common stock, shares outstanding | 54,789,971 | 51,143,906 |
Liquidation preference | $5,765,206 | $0 |
Condensed_Statements_of_Operat
Condensed Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | 95 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | ||
Revenues | ' | ' | ' | ' | ' | |
Products | $266,534 | $473,657 | $608,490 | $546,609 | $2,536,753 | [1] |
Government contracts | 8,299 | 82,030 | 126,332 | 605,195 | 9,793,381 | |
Total Revenues | 274,833 | 555,687 | 734,822 | 1,151,804 | 12,330,134 | |
Costs and Expenses | ' | ' | ' | ' | ' | |
Research and development | 5,335,682 | 5,729,598 | 16,246,246 | 14,950,061 | 116,660,482 | |
Selling, general and administrative | 1,384,650 | 1,187,711 | 4,238,063 | 3,868,035 | 45,068,481 | |
Impairment loss | 0 | 0 | 0 | 0 | 83,171,090 | |
Total Costs and Expenses | 6,720,332 | 6,917,309 | 20,484,309 | 18,818,096 | 244,900,053 | |
Loss from Operations | -6,445,499 | -6,361,622 | -19,749,487 | -17,666,292 | -232,569,919 | |
Other Income/(Expense), net | -106,652 | -36,833 | -320,138 | -148,535 | 724,960 | |
Change in fair value of make-whole dividend liability | 70,272 | 0 | 70,272 | 0 | 70,272 | |
Total Other Income/(Expense) | -36,380 | -36,833 | -249,866 | -148,535 | 795,232 | |
Net Loss | -6,481,879 | -6,398,455 | -19,999,353 | -17,814,827 | -231,774,687 | |
Deemed dividend on Preferred Stock and accretion of warrants | -3,653,803 | 0 | -4,251,062 | 0 | -4,251,062 | |
Net Loss applicable to common stockholders | -10,135,682 | -6,398,455 | -24,250,415 | -17,814,827 | -236,025,749 | |
Net Loss Per Share (Basic and diluted) (in dollars per share) | ($0.19) | ($0.15) | ($0.46) | ($0.43) | ' | |
Weighted Average Common Shares Outstanding (Basic and diluted) (in shares) | 54,256,684 | 42,490,471 | 52,862,381 | 41,410,374 | ' | |
Revenue from related parties | $142,500 | $404,680 | $142,500 | $404,680 | ' | |
[1] | Includes related party revenue of $142,500 for the three and nine months ended September 30, 2013 and $404,680 for the three and nine months ended September 30, 2012. See Note 11. |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (USD $) | 9 Months Ended | 95 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Operating Activities: | ' | ' | ' |
Net loss | ($19,999,353) | ($17,814,827) | ($231,774,687) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Depreciation and amortization | 4,659,940 | 4,664,985 | 29,173,087 |
Stock based compensation | 538,365 | 761,351 | 13,350,057 |
Common stock issued for services | 104,000 | 0 | 162,950 |
Realized loss on forward contracts | 0 | 0 | 1,430,766 |
Foreign currency transaction loss (gain) | 0 | 5,365 | -590,433 |
Amortization of financing costs and discounts | 0 | 0 | 998,565 |
Impairment loss | 0 | 0 | 83,171,090 |
Contract cancellation loss | 0 | 0 | 1,167,586 |
Change in fair value of make-whole dividend liability | -70,272 | 0 | -70,272 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | 5,150 | 240,597 | -95,014 |
Related party receivables and deposits | 586,114 | -631,825 | -10,225 |
Inventories | 62,055 | 101,602 | -2,097,498 |
Prepaid expenses and other current assets | -524,400 | -115,326 | -759,705 |
Accounts payable | -247,802 | -186,372 | 607,570 |
Accrued expenses | -102,069 | 136,553 | 735,529 |
Warranty reserve | 9,750 | 10,918 | 47,937 |
Net cash used in operating activities | -14,978,522 | -12,826,979 | -104,552,697 |
Investing Activities: | ' | ' | ' |
Purchases of available-for-sale-securities | 0 | -638,572 | -907,118,828 |
Maturities and sales of available-for-sale securities | 0 | 13,253,650 | 907,118,828 |
Purchase of property, plant and equipment | -497,373 | -5,363,111 | -135,319,376 |
Restricted cash for manufacturing equipment | 0 | 1,427,053 | 0 |
Patent activity costs | -359,702 | -73,657 | -883,773 |
Net cash provided by (used in) investing activities | -857,075 | 8,605,363 | -136,203,149 |
Financing Activities: | ' | ' | ' |
Proceeds from bridge loan financing | 0 | 0 | 1,600,000 |
Repayment of bridge loan financing | 0 | 0 | -1,600,000 |
Payment of debt financing costs | 0 | 0 | -273,565 |
Payment of equity offering costs | 0 | 0 | -10,302,040 |
Proceeds from debt | 0 | 0 | 7,700,000 |
Repayment of debt | -197,057 | -584,506 | -2,381,987 |
Proceeds from shareholder under Section 16(b) | 0 | 0 | 148,109 |
Proceeds from issuance of stock and warrants | 7,291,467 | 12,080,536 | 249,793,747 |
Redemption of Class A warrants | 0 | 0 | -48,128 |
Net cash provided by (used in) financing activities | 7,094,410 | 11,496,030 | 244,636,136 |
Net change in cash and cash equivalents | -8,741,187 | 7,274,414 | 3,880,290 |
Cash and cash equivalents at beginning of period | 12,621,477 | 12,621,477 | 0 |
Cash and cash equivalents at end of period | 3,880,290 | 3,880,290 | 3,880,290 |
Non-Cash Transactions: | ' | ' | ' |
ITN initial contribution of assets for equity | 0 | 0 | 31,200 |
Note with ITN and related capital expenditures | 0 | 0 | 1,100,000 |
Make-whole provision on convertible preferred stock | 1,783,017 | 0 | 1,783,017 |
Beneficial conversion feature on convertible preferred stock | $2,421,062 | $0 | $2,421,062 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization | ' |
ORGANIZATION | |
Ascent Solar Technologies, Inc. (“Ascent” or “the Company”) was incorporated on October 18, 2005 from the separation by ITN Energy Systems, Inc. (“ITN”) of its Advanced Photovoltaic Division and all of that division’s key personnel and core technologies. ITN, a private company incorporated in 1994, is an incubator dedicated to the development of thin-film, photovoltaic (“PV”), battery, fuel cell and nano technologies. Through its work on research and development contracts for private and governmental entities, ITN developed proprietary processing and manufacturing know-how applicable to PV products generally, and to Copper-Indium-Gallium-diSelenide (“CIGS”) PV products in particular. ITN formed Ascent to commercialize its investment in CIGS PV technologies. In January 2006, in exchange for 1,028,000 shares of common stock of Ascent, ITN assigned to Ascent certain CIGS PV technologies and trade secrets and granted to Ascent a perpetual, exclusive, royalty-free worldwide license to use, in connection with the manufacture, development, marketing and commercialization of CIGS PV to produce solar power, certain of ITN’s existing and future proprietary and control technologies that, although non-specific to CIGS PV, Ascent believes will be useful in its production of PV modules for its target markets. Upon receipt of the necessary government approvals and pursuant to novation in early 2007, ITN assigned government-funded research and development contracts to Ascent and also transferred the key personnel working on the contracts to Ascent. |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Basis Of Presentation [Abstract] | ' |
Basis of Presentation | ' |
BASIS OF PRESENTATION | |
The Company’s activities to date have consisted substantially of raising capital, research and development, establishment and development of the Company's production plant and product development. Revenues to date have been primarily generated from the Company’s governmental research and development contracts and have not been significant. The Company’s planned principal operations to commercialize flexible photovoltaic ("PV") modules and PV integrated consumer electronics have commenced, but have generated limited revenue to date. Accordingly, the Company is considered to be in the development stage and has provided additional disclosure of inception to date activity in the Condensed Statements of Operations and Condensed Statements of Cash Flows. | |
The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these interim financial statements do not include all of the information and footnotes typically found in U.S. GAAP audited annual financial statements. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement have been included. The Condensed Balance Sheet at December 31, 2012 has been derived from the audited financial statements as of that date but does not include all of the information and footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. These condensed financial statements and notes should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Operating results for the nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
The Company’s significant accounting policies were described in Note 3 to the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. There have been no significant changes to these policies and no recent accounting pronouncements or changes in accounting pronouncements during the nine months ended September 30, 2013 that are of significance or potential significance to the Company. |
Liquidity_and_Continued_Operat
Liquidity and Continued Operations | 9 Months Ended |
Sep. 30, 2013 | |
LIQUIDITY AND CONTINUED OPERATIONS [Abstract] | ' |
Liquidity and Continued Operations | ' |
LIQUIDITY AND CONTINUED OPERATIONS | |
As of September 30, 2013, the Company had $3.9 million in cash and working capital of $2.6 million. As discussed in Note 2, the Company is in the development stage and is currently incurring significant losses from operations as it works toward commercialization. The Company made cash payments of $0.5 million in the nine months ended September 30, 2013 for property, plant and equipment. In May 2013, the Company completed the sale of 2,500,000 shares of common stock in a private placement for proceeds of $1.4 million. In August 2013, the Company completed the sale 750,000 shares of Series A preferred stock and warrants to purchase up to 2,625,000 shares of common stock in a private placement for gross proceeds of $6.0 million. | |
The Company has commenced production at its manufacturing facility. The Company does not expect that sales revenue and cash flows will be sufficient to support operations and cash requirements until it has fully implemented its new consumer products strategy. Changes in the level of expected operating losses, the timing of planned capital expenditures or other factors may negatively impact cash flows and reduce current cash and investments faster than anticipated. During the third quarter of 2013, the Company used $5.0 million in cash for operations, as compared to the prior quarter when $4.9 million was used for operations. | |
On July 2, 2013, the Company entered into a framework agreement for the establishment of a joint venture with the Government of the Municipal City of Suqian in Jiangsu Province, China (“Suqian”). | |
The agreement covers a multi-faceted, three-phase project. Completion of all three phases would involve an anticipated investment of up to $500 million over 6 years, primarily funded by Suqian. | |
Under the framework agreement, in the first phase the Company and Suqian will form a joint venture entity (“JV”) in which the Company will have majority interest of up to 80%. The JV will build a factory to manufacture the Company's proprietary photovoltaic modules. The Company will contribute proprietary technology and intellectual property, approximately $1.6 million in cash, and certain equipment from its Colorado facility. Suqian will provide cash of approximately $32.5 million as well as rent-free use of a 270,000 square foot factory that is currently being built in the Suqian Economic & Industrial Development Science Park. The total project size of phase one under the agreement is expected to be approximately $160 million. The Company will have the right to purchase this factory within the first 5 years at the initial construction cost, as well as the right to purchase Suqian's ownership interest in the JV for a modest nominal cost above Suqian's cash investment. | |
The implementation of the framework agreement, including the formation of the JV entity, will be subject to a number of contractual conditions and governmental approvals. Such conditions and approvals must be obtained in the future in order for the Suqian factory to be built and become operational. | |
For the remainder of 2013, the Company expects to incur a base level of maintenance capital expenditures and relatively minor improvements to the existing asset base. The Company's primary significant long term obligation consists of a note payable of $6.4 million to a financial institution secured by a mortgage on its headquarters and manufacturing building in Thornton, Colorado. Total payments of $0.2 million, including principal and interest, will come due in the remainder of 2013. Additional projected product revenues are not anticipated to result in a positive cash flow position for the year 2013 overall. Following the closing of the first tranche of the Series B Preferred Stock offering in November 2013 (see Note 13. Subsequent Event), the Company believes it will need to raise additional capital during 2014 in order the continue the current level of operations through the end of 2014 and into 2015. The Company continues to accelerate sales and marketing efforts related to its consumer products strategy through increased hiring and new distribution agreements. The Company has begun activities related to securing additional financing through strategic or financial investors, but there is no assurance that the Company will be able to raise additional capital on acceptable terms or at all. If the Company's revenues do not increase rapidly, and/or additional financing is not obtained, the Company will be required to significantly curtail operations to reduce costs and/or sell assets. Such actions would likely have an adverse impact on the Company's future operations. | |
On April 11, 2012, the Company received notice from The NASDAQ Stock Market (“Nasdaq”) stating that because the Company had not regained compliance with the $1.00 minimum bid price requirement for continued listing, the Company's common stock (listed on The Nasdaq Global Market) would be subject to delisting. On August 17, 2012, the Company received notification from The Nasdaq Listing Qualifications department that the Company had regained compliance with the minimum bid price requirement, and that the Company's noncompliance had been rectified. On December 5, 2012, the Company received notice from Nasdaq stating that it had fallen out of compliance with the $1.00 minimum bid price requirement for continued listing. On August 5, 2013, the Company received notification from The Nasdaq Listing Qualifications department that the Company had regained compliance with the minimum bid price requirement, and that the Company's noncompliance had been rectified. On September 19, 2013, the Company received notice from Nasdaq stating that it had again fallen out of compliance with the $1.00 minimum bid price requirement for continued listing. This notice has no immediate effect on the listing of the Company's common stock on The Nasdaq Global Market. The Company has been provided an initial compliance period of 180 calendar days, or until March 18, 2014, for its closing bid price to meet or exceed $1.00 per share for a minimum of 10 consecutive business days. If this initial compliance period were to expire, the Company could request a hearing which would stay any delisting action in connection with the notice and allow the continued listing of the Company's common stock until the Panel renders a decision subsequent to the hearing. There can be no assurance that the Company's plans to exercise diligent efforts to maintain the listing of its common stock on The Nasdaq Global Market will be successful. If not successful, there may be a negative impact on the Company's ability to raise capital through the equity markets, however, the Company could effect a reverse stock split, although such a split may have negative implications as well. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
PROPERTY, PLANT AND EQUIPMENT | |||||||||
The following table summarizes property, plant and equipment as of September 30, 2013 and December 31, 2012: | |||||||||
As of September 30, | As of December 31, | ||||||||
2013 | 2012 | ||||||||
Building | $ | 5,820,509 | $ | 5,820,735 | |||||
Furniture, fixtures, computer hardware and computer software | 457,204 | 426,517 | |||||||
Manufacturing machinery and equipment | 33,313,964 | 32,847,052 | |||||||
Leasehold improvements | — | 884,709 | |||||||
Net depreciable property, plant and equipment | 39,591,677 | 39,979,013 | |||||||
Less: Accumulated depreciation and amortization | (16,471,789 | ) | (12,725,298 | ) | |||||
Net property, plant and equipment | $ | 23,119,888 | $ | 27,253,715 | |||||
The Company analyzes its long-lived assets for impairment, both individually and as a group, whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. During the quarter ended June 30, 2011, an impairment charge in the amount of approximately $74.5 million was taken against Property, Plant and Equipment. This impairment, combined with a charge of approximately $3.5 million taken against Deposits on manufacturing equipment, resulted in a total write-down of $78.0 million in the quarter ended June 30, 2011. This write-down resulted in net assets of approximately $32.2 million being recorded at fair value as of June 30, 2011. The fair value measurement for these assets relied primarily on Company-specific inputs and the Company’s assumptions about the use of the assets, as observable inputs were not available. Accordingly, the Company determined that these fair value measurements reside primarily within Level 3 of the fair value hierarchy. | |||||||||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, to measure fair value: | |||||||||
• | Level 1 - Quoted prices in active markets for identical assets or liabilities. | ||||||||
• | Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||
• | Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||
Depreciation expense for the three months ended September 30, 2013 and 2012 was $1,553,289 and $1,578,175, respectively, and for the nine months ended September 30, 2013 and 2012 was $4,631,199 and $4,648,046, respectively. Depreciation expense is recorded under “Research and development” expense and “Selling, general and administrative” expense in the Condensed Statements of Operations. | |||||||||
The Company incurred and capitalized interest costs related to the manufacturing facility building loan as follows during the nine months ended September 30, 2013 and 2012: | |||||||||
For the nine months ended September 30, | |||||||||
2013 | 2012 | ||||||||
Interest cost incurred | $ | 325,963 | $ | 338,515 | |||||
Interest cost capitalized | — | (177,309 | ) | ||||||
Interest expense, net | $ | 325,963 | $ | 161,206 | |||||
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
INVENTORIES | |||||||||
Inventories consisted of the following at September 30, 2013 and December 31, 2012: | |||||||||
As of September 30, | As of December 31, | ||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 1,211,219 | $ | 1,794,224 | |||||
Work in process | 327,527 | 172,227 | |||||||
Finished goods | 558,752 | 193,102 | |||||||
Total | $ | 2,097,498 | $ | 2,159,553 | |||||
Debt
Debt | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Debt Disclosure [Abstract] | ' | |||
Debt | ' | |||
DEBT | ||||
On February 8, 2008, the Company acquired a manufacturing and office facility in Thornton, Colorado, for approximately $5.5 million. The purchase was financed by a promissory note, deed of trust and construction loan agreement (the “Construction Loan”) with the Colorado Housing and Finance Authority (“CHFA”), which provided the Company borrowing availability of up to $7.5 million for the building and building improvements. In 2009, the Construction Loan was converted to a permanent loan pursuant to a Loan Modification Agreement between the Company and CHFA (the “Permanent Loan”). The Permanent Loan, collateralized by the building, has an interest rate of 6.6% and the principal will be amortized through its term to January 2028. The Company will incur a prepayment penalty if the Permanent Loan is prepaid prior to December 31, 2015. Further, pursuant to certain negative covenants in the Permanent Loan, the Company may not, among other things, without CHFA’s prior written consent (which by the terms of the deed of trust is subject to a reasonableness requirement): create or incur additional indebtedness (other than obligations created or incurred in the ordinary course of business); merge or consolidate with any other entity; or make loans or advances to the Company’s officers, shareholders, directors or employees. The outstanding balance of the Permanent Loan was $6,418,012 as of September 30, 2013. | ||||
As of September 30, 2013, future principal payments on long-term debt are due as follows: | ||||
2013 | $ | 67,877 | ||
2014 | 282,960 | |||
2015 | 302,210 | |||
2016 | 322,771 | |||
2017 | 344,730 | |||
Thereafter | 5,097,464 | |||
$ | 6,418,012 | |||
MakeWhole_Dividend_Liability
Make-Whole Dividend Liability | 9 Months Ended |
Sep. 30, 2013 | |
Make-whole dividend liability [Abstract] | ' |
Make-Whole Dividend Liability | ' |
MAKE-WHOLE DIVIDEND LIABILITY | |
In June 2013, the Company entered into a Series A Preferred Stock Purchase Agreement. Holders of Series A Preferred Stock are entitled to cumulative dividends at a rate of 8.0% per annum, with the dividend rate being indexed to the Company's stock price and subject to adjustment. Conversion or redemption of the Series A Preferred Stock within 4 years of issuance requires that the Company pay a make-whole dividend to the holders, whereby dividends for the full four year period are to be paid in cash or common stock (valued at 10% below market price). The Company concluded that the make-whole payment should be characterized as an embedded derivative under ASC 815. See Note 9. Stockholders' Equity. With the closing of the Series A Preferred stock transaction, during the nine months ended September 30, 2013, the Company recorded a make-whole dividend of $1.9 million as "Deemed dividend on Preferred Stock and accretion of warrants" in the Condensed Statements of Operations and "Make-whole dividend liability" in the Condensed Balance Sheets. The fair value of this dividend liability, which is indexed to the Company's common stock, must be evaluated at each period end. | |
The fair value measurement for this make-whole dividend liability relies primarily on Company-specific inputs and the Company’s own assumptions. With the absence of observable inputs, the Company determined that this recurring fair value measurement resides primarily within Level 3 of the fair value hierarchy. Fair value determination required forecasting stock price volatility, expected average annual return and conversion date. As a result of this analysis, for the three months ended September 30, 2013, the Company recorded a fair value adjustment in the amount of $70,000, recorded as "Change in fair value of make-whole dividend liability" in Other Income/(Expense) in the Condensed Statements of Operations and in the Condensed Statement of Cash Flows. At September 30, 2013, there were 712,390 shares of Series A Preferred Shares outstanding. The fair value of the corresponding make-whole dividend liability was $1,653,000 at September 30, 2013. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity | ' |
STOCKHOLDERS’ EQUITY | |
Common Stock | |
At September 30, 2013, the Company had 125,000,000 shares of common stock, $0.0001 par value, authorized for issuance. Each share of common stock has the right to one vote. As of September 30, 2013, the Company had 54,789,971 shares of common stock outstanding. The Company has not declared or paid any dividends related to the common stock through September 30, 2013. | |
In January 2013, the Company retained a consulting firm to provide certain consulting services relating to the retail distribution of the Company's consumer products. In exchange for the consulting services, the Company issued 240,000 unregistered shares of Common Stock to the consulting firm. Under the terms of the consulting agreement, the Company will hold the shares in escrow until January 2014. With this issuance, half of the shares vested immediately, and the remaining shares are expected to vest in January 2014. | |
In April 2013, the Company entered into a Stock Purchase Agreement with an investor to sell an aggregate of 2,500,000 unregistered shares of common stock at a per share price of $0.57. In May 2013, the Company received proceeds of $1,425,000 from this transaction. | |
Preferred Stock | |
At September 30, 2013, the Company had 25,000,000 shares of preferred stock, $0.0001 par value, authorized for issuance, of which 750,000 shares have been designated as Series A Preferred Stock. Preferred stock may be issued in classes or series. Designations, powers, preferences, rights, qualifications, limitations and restrictions are determined by the Company’s Board of Directors. As of September 30, 2013, the Company had 712,390 shares of Series A Preferred Stock outstanding. As of September 30, 2013, the Company had no declared unpaid dividends related to the preferred stock. | |
Series A Preferred Stock | |
In June 2013, the Company entered into a Securities Purchase Agreement with an investor to sell an aggregate of 750,000 shares of Series A Preferred Stock at a price of $8.00 per share, resulting in gross proceeds of $6,000,000. This purchase agreement included warrants to purchase up to 2,625,000 shares of common stock of the Company. The transfer of cash and securities took place incrementally, the first closing occurring on June 17, 2013 with the transfer of 125,000 shares of Series A Preferred Stock and a warrant to purchase 437,500 shares of common stock for $1,000,000. The final closings took place in August 2013, with the transfer of 625,000 shares of Series A Preferred Stock and a warrant to purchase 2,187,500 shares of common stock for $5,000,000. | |
Holders of Series A Preferred Stock are entitled to cumulative dividends at a rate of 8.0% per annum when and if declared by the Board of Directors in its sole discretion. The dividends may be paid in cash or in the form of common stock (valued at 10% below market price, but not to exceed the lowest closing price during the applicable measurement period), at the discretion of the Board of Directors. The dividend rate on the Series A Preferred Stock is indexed to the Company's stock price and subject to adjustment. In addition, the Series A Preferred Stock contains a make-whole provision whereby, conversion or redemption of the preferred stock within 4 years of issuance will require dividends for the full four year period to be paid by the Company in cash or common stock (valued at 10% below market price, but not to exceed the lowest closing price during the applicable measurement period). | |
The Series A Preferred Stock may be converted into shares of common stock at the option of the Company if the closing price of the common stock exceeds $1.60, as adjusted, for 20 consecutive trading days, or by the holder at any time. The Company has the right to redeem the Series A Preferred Stock at a price of $8.00 per share, plus any accrued and unpaid dividends, plus the make-whole amount (if applicable). At September 30, 2013, the preferred shares were not eligible for conversion to common shares at the option of the Company. The holder of the preferred shares may convert to common shares at any time, at no cost, at a ratio of 1 preferred share into 10 common shares (subject to standard ratable anti-dilution adjustments). Upon any conversion (whether at the option of the Company or the holder), the holder is entitled to receive any accrued but unpaid dividends and also any make-whole amount (if applicable). As of September 30, 2013, the Company was entitled to redeem the outstanding preferred shares for $5.7 million in cash, plus a make-whole amount of $1.7 million, payable in cash or common shares. The make-whole amount is recorded at fair value on our Condensed Balances Sheets. See Note 8. Make-Whole Dividend Liability. | |
During the three months ended September 30, 2013, the holder of the Series A Preferred Shares converted 37,610 preferred shares into 376,100 shares of common stock. As a result of this conversion, the Company paid a make-whole dividend on the conversion of Series A preferred stock in the amount of 123,909 shares of common stock in lieu of a cash payment of $107,000. In October 2013, the holder of the Series A Preferred Shares twice converted preferred shares; a total of 350,000 preferred shares converted into 3,500,000 shares of common stock. As a result of these conversions, the Company paid make-whole dividends totaling 872,726 shares of common stock in lieu of cash payments of $656,000. | |
Except as otherwise required by law (or with respect to approval of certain actions), the Series A Preferred Stock shall have no voting rights. Upon any liquidation, dissolution or winding up of the Company, after payment or provision for payment of debts and other liabilities of the Company, the holders of Series A Preferred Stock shall be entitled to receive, pari passu with any distribution to the holders of common stock of the Company, an amount equal to $8.00 per share of Series A Preferred Stock plus any accrued and unpaid dividends. | |
The warrants offered as part of the Securities Purchase Agreement have a three year term and require payment of an exercise price of $0.90 per common share to the Company. | |
The Securities Purchase Agreement for the Series A Preferred Stock required that the registration statement, filed on August 16, 2013, must be declared effective within 90 days of the filing date. If the registration statement was not declared effective by this date, damages of 1% of the total investment amount, or $60,000, plus interest, would have been owed by the Company to the Holder for each month until registration statement effectiveness is reached or the investment amount is repaid in full. The registration statement became effective on August 30, 2013, therefore any potential registration rights liability owed to the Holder by the Company was eliminated as of September 30, 2013. | |
Accounting for the Series A Preferred Shares | |
During the quarter ended June 30, 2013, the Company recorded only the initial closing, or 125,000 preferred shares and 437,500 warrants issued in exchange for $1,000,000. The remainder of the transaction, the issuance of 625,000 preferred shares and 2,187,500 warrants issued in exchange for $5,000,000,was recorded when cash and securities were exchanged on the final closings in August 2013. | |
Upon its issuance, the Series A Preferred Stock was first evaluated under FASB ASC 480, “ Distinguishing Liabilities from Equity” (“ASC 480”), and it was determined that it was not within the scope of ASC 480; therefore, the Series A Preferred Stock was not considered a liability under ASC 480. The warrants associated with the Series A Preferred Stock offering were also not considered a liability as assessed under ASC 480. | |
Under FASB ASC 470, “ Debt with Conversion Features and Other Options” (“ASC 470"), the proceeds from issuance must be allocated to both the Series A Preferred Stock and the warrants using the relative fair value method. The allocation of proceeds to the warrants created a discount in the fair value of the Series A Preferred Stock in the amount $1.1 million. Because the Series A Preferred Stock was immediately convertible, the discount was accreted as of the date of issuance, recorded as "Additional paid in capital" in Stockholders' Equity on the Condensed Balance Sheets and "Deemed dividend on Preferred Stock and accretion of warrants" in the Condensed Statements of Operations. | |
The Series A Preferred Stock was then evaluated under ASC 470 to determine if there was a beneficial conversion feature (“BCF”). A convertible financial instrument includes a BCF if its conversion rate is lower than the issuer's stock price at the commitment date. The BCF compares the carrying value of the preferred stock after the value of any derivatives or equity instruments have been allocated from the proceeds to the transaction date value of the number of shares of common stock that the holder would receive upon conversion. The calculation resulted in a BCF of $1.3 million. Because the Series A Preferred Stock was immediately convertible, the BCF was recorded as of the date of issuance as "Additional paid in capital" in Stockholders' Equity on the Condensed Balance Sheets and "Deemed dividend on Preferred Stock and accretion of warrants" in the Condensed Statements of Operations. | |
The Series A Preferred Stock issuance includes a make-whole provision with a variable rate dividend which is indexed to the Company's own stock. The make-whole provision has attributes of an embedded derivative and was evaluated under ASC 815, “ Derivatives and Hedging” (“ASC 815”). The Company believes that the Series A Preferred Stock is an equity host for the purposes of evaluating the make-whole provision for potential bifurcation. The Series A Preferred Stock holder is entitled to convert to common shares at any time after issuance. If converted within four years of issuance, the holder is entitled to a make-whole dividend which is payable in cash or registered shares, at the Company's election. The Company concluded that the make-whole payment should be characterized as an embedded derivative under ASC 815. See Note 8. Make-Whole Dividend Liability. |
Equity_Plans_and_ShareBased_Co
Equity Plans and Share-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Equity Plans and Share-Based Compensation | ' | ||||||||||||||||
EQUITY PLANS AND SHARE-BASED COMPENSATION | |||||||||||||||||
Share-Based Compensation: The Company measures share-based compensation cost at the grant date based on the fair value of the award and recognizes this cost as an expense over the grant recipients’ requisite service periods for all awards made to employees, officers, directors and consultants. | |||||||||||||||||
The share-based compensation expense recognized in the Condensed Statements of Operations was as follows: | |||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Share-based compensation cost included in: | |||||||||||||||||
Research and development | $ | 58,898 | $ | 82,623 | $ | 183,725 | $ | 252,800 | |||||||||
Selling, general and administrative | 111,548 | 127,039 | 354,640 | 508,551 | |||||||||||||
Total share-based compensation cost | $ | 170,446 | $ | 209,662 | $ | 538,365 | $ | 761,351 | |||||||||
The following table presents share-based compensation expense by type: | |||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Type of Award: | |||||||||||||||||
Stock Options | $ | 96,911 | $ | 104,939 | $ | 298,455 | $ | 379,607 | |||||||||
Restricted Stock Units and Awards | 73,535 | 104,723 | 239,910 | 381,744 | |||||||||||||
Total share-based compensation cost | $ | 170,446 | $ | 209,662 | $ | 538,365 | $ | 761,351 | |||||||||
Stock Options: The Company recognized share-based compensation expense for stock options of $298,000 to officers, directors and employees for the nine months ended September 30, 2013 related to stock option awards ultimately expected to vest. The weighted average estimated fair value of employee stock options granted for the nine months ended September 30, 2013 and 2012 was $0.49 and $0.56 per share, respectively. Fair value was calculated using the Black-Scholes Model with the following assumptions: | |||||||||||||||||
For the nine months ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Expected volatility | 97% | 103% | |||||||||||||||
Risk free interest rate | 1% | 1% | |||||||||||||||
Expected dividends | — | — | |||||||||||||||
Expected life (in years) | 5.2 | 5.2 | |||||||||||||||
Expected volatility is based on the historical volatility of the Company’s stock. The risk-free rate of return is based on the yield of U.S. Treasury bonds with a maturity equal to the expected term of the award. Historical data is used to estimate forfeitures within the Company’s valuation model. The Company’s expected life of stock option awards is derived from historical experience and represents the period of time that awards are expected to be outstanding. | |||||||||||||||||
As of September 30, 2013, total compensation cost related to non-vested stock options not yet recognized was $371,000 which is expected to be recognized over a weighted average period of approximately 1.7 years. As of September 30, 2013, 1,501,229 shares were vested or expected to vest in the future at a weighted average exercise price of $2.05. As of September 30, 2013, 1,331,592 shares remained available for future grants under the Option Plan. | |||||||||||||||||
Restricted Stock: In addition to the stock options discussed above, the Company recognized share-based compensation expense related to restricted stock grants of $240,000 for the nine months ended September 30, 2013. The weighted average estimated fair value of restricted stock grants for the nine months ended September 30, 2013 and 2012 was $0.62 and $0.57 per share, respectively. | |||||||||||||||||
Total unrecognized share-based compensation expense from unvested restricted stock as of September 30, 2013 was $82,000 which is expected to be recognized over a weighted average period of approximately 0.3 years. As of September 30, 2013, 130,863 shares were expected to vest in the future. As of September 30, 2013, 756,017 shares remained available for future grants under the Restricted Stock Plan. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
RELATED PARTY TRANSACTIONS | |
TFG Radiant Investment Group Ltd. and its affiliates ("TFG Radiant") own approximately 29% of the Company's outstanding common stock as of September 30, 2013. In February 2012, the Company announced the appointment of Victor Lee as President and Chief Executive Officer. Mr. Lee had served on the Company's Board of Directors since November 2011 and is currently the managing director of Tertius Financial Group Pte Ltd, the joint venture partner with Radiant Group in TFG Radiant. In April 2012, the Company appointed the Chairman of TFG Radiant, Mr. Winston Xu (aka Xu Biao), as a member of its Board of Directors. | |
In June 2012, the Company entered into a supply agreement and a contract manufacturing agreement with TFG Radiant. Under the terms of the contract manufacturing agreement, TFG Radiant will oversee certain aspects of the contract manufacturing process related to the Company's EnerPlex™ line of consumer products. The Company will compensate TFG Radiant for acting as general contractor in the contract manufacturing process. Under the supply agreement, TFG Radiant intends to distribute the Company's consumer products in Asia. In December 2012, the Company entered into a consulting agreement with TFG Radiant for product design, product development and manufacturing coordinating activities provided by TFG Radiant to the Company in connection with the Company's new line of consumer electronic products. The services agreement has a one year term initially, and the services agreement may be terminated by either party upon 10 days prior written notice. | |
During the nine months ended September 30, 2013, the Company made disbursements to TFG Radiant in the amount of $1,082,000, consisting of $600,000 for consulting fees and $482,000 for finished goods received and deposits for work-in- process. During the three and nine months ended September 30, 2013 and 2012, the Company recognized revenue in the amount of $143,000 and $405,000, respectively, for products sold to TFG Radiant under the supply agreement. As of September 30, 2013 and December 31, 2012, the Company held $10,000 and $596,000, respectively, in receivables due from and deposits paid to TFG Radiant. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
COMMITMENTS AND CONTINGENCIES | |
On October 21, 2011, the Company was notified that a complaint claiming $3,048,701 for an investment banking fee (the “Lawsuit”) was filed by Jefferies & Company, Inc. (“Jefferies”) against the Company in New York State Supreme Court in the County of New York. In December 2010, Ascent and Jefferies entered into an engagement agreement (the “Fee Agreement”) pursuant to which Jefferies was hired to act as the Company's financial advisor in relation to certain potential transactions. | |
Ascent has paid Jefferies the fees it believes are owed under the Fee Agreement, which are a $100,000 retainer and approximately $49,000 of out-of-pocket expenses. The discovery process in the case is underway. Jefferies' motion for summary judgment has been denied. A trial date has not been set. Ascent believes that the Lawsuit is without merit. The Company intends to vigorously defend the Lawsuit. | |
This proceeding is subject to the uncertainties inherent in any litigation. It is subject to many uncertainties and to outcomes that are not predictable with assurance and that may not be known for an extended period of time. The Company records a liability in its financial statements for costs related to claims, including settlements and judgments, where the Company has assessed that a loss is probable and an amount can be reasonably estimated. It is not possible to predict the outcome for this legal proceeding. If the Lawsuit is determined adversely to the Company, the costs associated with this proceeding could have a material adverse effect on the Company's results of operations, financial position and/or cash flows of a future period. |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
SUBSEQUENT EVENT | |
In October 2013, the Company entered into a Securities Purchase Agreement with an investor to offer up to 1,000 shares of Series B-1 and Series B-2 Preferred Stock at a price of $10,000 per share, and gross proceeds of up to $10,000,000. The Company will be offering the Series B Preferred Stock in two tranches. The first tranche closed on November 1, 2013, with the Company selling 500 shares of Series B-1 Preferred Stock in exchange for gross proceeds of $5,000,000. With the second tranche, the Company will offer either 500 shares of Series B-1 Preferred Stock or 500 shares of Series B-2 Preferred Stock (but not both), which would result in additional gross proceeds to the Company of $5,000,000. The second tranche will not close until after the Company's stockholder's approve certain issuances of the securities related to this offering. The Company intends to hold a special meeting as soon as practicable in order to obtain such approval. | |
The shares issued in the second tranche will be Series B-2 Preferred Stock if the closing price of the Company’s common stock on the Nasdaq Stock Market has reached $1.35 or more on any trading day. If this condition is satisfied, the closing of the second tranche would occur immediately after the later of (i) the date of the stockholder approval or (ii) the date that the closing price was $1.35 or more. If the closing price of the Company's common stock has not yet reached $1.35 or more, the Company has the option (exercisable until April 28, 2013) to request that the closing of the second tranche occur within 30 days. In this case, the Company would issue Series B-1 Preferred Stock and the closing of the second tranche would occur immediately after the later of (i) the date of the stockholder approval or (ii) the 30th day following the Company’s notice. | |
Holders of Series B Preferred Stock are entitled to cumulative dividends at a rate of 5.75% per annum when and if declared by the Board of Directors in its sole discretion. The dividends may be paid in cash or in the form of common stock (valued at 8% below market price, but not to exceed the lowest closing price during the applicable measurement period), at the discretion of the Board of Directors. The dividend rate on the Series B Preferred Stock is indexed to the Company's stock price and subject to adjustment. In addition, the Series B Preferred Stock contains a embedded dividend provision whereby, conversion or redemption of the preferred stock within 5 years of issuance will require dividends for the full five year period to be paid by the Company in cash or common stock (valued at 8% below market price, but not to exceed the lowest closing price during the applicable measurement period). | |
The Series B Preferred Stock may be converted into shares of common stock at the option of the Company if the closing price of the common stock exceeds $2.00, as adjusted, for 20 consecutive trading days, or by the holder at any time. The Company has the right to redeem the Series B Preferred Stock at a price of $10,000 per share, plus any accrued and unpaid dividends, plus the embedded dividend amount (if applicable). The holder of the Series B-1 Preferred Stock may convert to common shares at any time, at no cost, at a conversion price of $1.15 and a ratio of 1 preferred share into 8,696 common shares. The holder of the Series B-2 Preferred Stock (if issued) may convert to common shares at any time, at no cost, at a conversion price of $1.50 and a ratio of 1 preferred share into 6,667 common shares. Conversions by the holder are subject to standard ratable anti-dilution adjustments. Upon any conversion (whether at the option of the Company or the holder), the holder is entitled to receive any accrued but unpaid dividends and also any embedded dividend amount (if applicable). | |
Except as otherwise required by law (or with respect to approval of certain actions), the Series B Preferred Stock shall have no voting rights. Upon any liquidation, dissolution or winding up of the Company, holders of Series B Preferred Stock will be entitled to be paid out of the Company's assets, on a parity with holders of the Company's common stock and the Company's Series A preferred stock, an amount equal to $10,000 per share plus any accrued but unpaid dividends thereon. |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
The following table summarizes property, plant and equipment as of September 30, 2013 and December 31, 2012: | |||||||||
As of September 30, | As of December 31, | ||||||||
2013 | 2012 | ||||||||
Building | $ | 5,820,509 | $ | 5,820,735 | |||||
Furniture, fixtures, computer hardware and computer software | 457,204 | 426,517 | |||||||
Manufacturing machinery and equipment | 33,313,964 | 32,847,052 | |||||||
Leasehold improvements | — | 884,709 | |||||||
Net depreciable property, plant and equipment | 39,591,677 | 39,979,013 | |||||||
Less: Accumulated depreciation and amortization | (16,471,789 | ) | (12,725,298 | ) | |||||
Net property, plant and equipment | $ | 23,119,888 | $ | 27,253,715 | |||||
Interest Expense, Incurred and Capitalized | ' | ||||||||
The Company incurred and capitalized interest costs related to the manufacturing facility building loan as follows during the nine months ended September 30, 2013 and 2012: | |||||||||
For the nine months ended September 30, | |||||||||
2013 | 2012 | ||||||||
Interest cost incurred | $ | 325,963 | $ | 338,515 | |||||
Interest cost capitalized | — | (177,309 | ) | ||||||
Interest expense, net | $ | 325,963 | $ | 161,206 | |||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current | ' | ||||||||
Inventories consisted of the following at September 30, 2013 and December 31, 2012: | |||||||||
As of September 30, | As of December 31, | ||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 1,211,219 | $ | 1,794,224 | |||||
Work in process | 327,527 | 172,227 | |||||||
Finished goods | 558,752 | 193,102 | |||||||
Total | $ | 2,097,498 | $ | 2,159,553 | |||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Debt Disclosure [Abstract] | ' | |||
Schedule of Maturities of Long-term Debt | ' | |||
As of September 30, 2013, future principal payments on long-term debt are due as follows: | ||||
2013 | $ | 67,877 | ||
2014 | 282,960 | |||
2015 | 302,210 | |||
2016 | 322,771 | |||
2017 | 344,730 | |||
Thereafter | 5,097,464 | |||
$ | 6,418,012 | |||
Equity_Plans_and_ShareBased_Co1
Equity Plans and Share-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Share-based compensation cost by line item | ' | ||||||||||||||||
The share-based compensation expense recognized in the Condensed Statements of Operations was as follows: | |||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Share-based compensation cost included in: | |||||||||||||||||
Research and development | $ | 58,898 | $ | 82,623 | $ | 183,725 | $ | 252,800 | |||||||||
Selling, general and administrative | 111,548 | 127,039 | 354,640 | 508,551 | |||||||||||||
Total share-based compensation cost | $ | 170,446 | $ | 209,662 | $ | 538,365 | $ | 761,351 | |||||||||
Share-based compensation cost by award type | ' | ||||||||||||||||
The following table presents share-based compensation expense by type: | |||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Type of Award: | |||||||||||||||||
Stock Options | $ | 96,911 | $ | 104,939 | $ | 298,455 | $ | 379,607 | |||||||||
Restricted Stock Units and Awards | 73,535 | 104,723 | 239,910 | 381,744 | |||||||||||||
Total share-based compensation cost | $ | 170,446 | $ | 209,662 | $ | 538,365 | $ | 761,351 | |||||||||
Share-based compensation fair value assumptions | ' | ||||||||||||||||
Fair value was calculated using the Black-Scholes Model with the following assumptions: | |||||||||||||||||
For the nine months ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Expected volatility | 97% | 103% | |||||||||||||||
Risk free interest rate | 1% | 1% | |||||||||||||||
Expected dividends | — | — | |||||||||||||||
Expected life (in years) | 5.2 | 5.2 |
Organization_Details
Organization (Details) | 1 Months Ended |
Jan. 31, 2006 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Common stock issued (in shares) | 1,028,000 |
Liquidity_and_Continued_Operat1
Liquidity and Continued Operations (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 95 Months Ended | |||||||||
Apr. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jul. 02, 2013 | Apr. 11, 2013 | Dec. 31, 2012 | Aug. 31, 2013 | Aug. 15, 2013 | Jun. 30, 2013 | Jun. 17, 2013 | |
sqft | Preferred Class A [Member] | Preferred Class A [Member] | Preferred Class A [Member] | Preferred Class A [Member] | |||||||||
Schedule of Liquidity and Continued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and investments | ' | $3,900,000 | ' | $3,900,000 | ' | $3,900,000 | ' | ' | ' | ' | ' | ' | ' |
Working capital | ' | 2,600,000 | ' | 2,600,000 | ' | 2,600,000 | ' | ' | ' | ' | ' | ' | ' |
Payments to acquire property, plant and equipment | ' | ' | ' | 497,373 | 5,363,111 | 135,319,376 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock (in shares) | 2,500,000 | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock | 1,425,000 | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued | ' | 712,390 | ' | 712,390 | ' | 712,390 | ' | ' | 0 | 625,000 | 750,000 | 750,000 | 125,000 |
Number of shares called by warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,187,500 | 2,625,000 | 2,625,000 | 437,500 |
Preferred stock, issued | ' | 71 | ' | 71 | ' | 71 | ' | ' | 0 | 5,000,000 | 6,000,000 | 6,000,000 | 1,000,000 |
Net cash used in operating activities | ' | -5,000,000 | -4,900,000 | -14,978,522 | -12,826,979 | -104,552,697 | ' | ' | ' | ' | ' | ' | ' |
Joint venture, total investment | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' |
Joint venture, agreement term | ' | ' | ' | ' | ' | ' | '6 years | ' | ' | ' | ' | ' | ' |
Joint venture, ownership percentage of parent | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' |
Joint venture, cash contribution | ' | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' | ' |
Joint venture, cash contribution, minority interest | ' | ' | ' | ' | ' | ' | 32,500,000 | ' | ' | ' | ' | ' | ' |
Joint venture, square footage of contributed property | ' | ' | ' | ' | ' | ' | 270,000 | ' | ' | ' | ' | ' | ' |
Joint venture, phase one project costs | ' | ' | ' | ' | ' | ' | 160,000,000 | ' | ' | ' | ' | ' | ' |
Joint venture, right to purchase assets, term | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' |
Notes payable | ' | 6,400,000 | ' | 6,400,000 | ' | 6,400,000 | ' | ' | ' | ' | ' | ' | ' |
Notes payable, repayments of principal and interest in next twelve months | ' | $200,000 | ' | $200,000 | ' | $200,000 | ' | ' | ' | ' | ' | ' | ' |
Minimum bid price requirement for continued listing (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ' | ' | ' |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 3 Months Ended | 9 Months Ended | 95 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | $39,591,677 | ' | ' | $39,591,677 | ' | $39,591,677 | $39,979,013 |
Less: Accumulated depreciation and amortization | -16,471,789 | ' | ' | -16,471,789 | ' | -16,471,789 | -12,725,298 |
Net property, plant and equipment | 23,119,888 | ' | ' | 23,119,888 | ' | 23,119,888 | 27,253,715 |
Impairment charge | 0 | 0 | 78,000,000 | 0 | 0 | 83,171,090 | ' |
Net assets, fair value | ' | ' | 32,200,000 | ' | ' | ' | ' |
Depreciation expense | 1,553,289 | 1,578,175 | ' | 4,631,199 | 4,648,046 | ' | ' |
Interest Costs Incurred [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Interest cost incurred | ' | ' | ' | 325,963 | 338,515 | ' | ' |
Interest costs capitalized | ' | ' | ' | 0 | -177,309 | ' | ' |
Interest expense, net | ' | ' | ' | 325,963 | 161,206 | ' | ' |
Building [Member] | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | 5,820,509 | ' | ' | 5,820,509 | ' | 5,820,509 | 5,820,735 |
Furniture, fixtures, computer hardware and computer software [Member] | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | 457,204 | ' | ' | 457,204 | ' | 457,204 | 426,517 |
Manufacturing machinery and equipment [Member] | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | 33,313,964 | ' | ' | 33,313,964 | ' | 33,313,964 | 32,847,052 |
Leasehold improvements [Member] | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | 0 | ' | ' | 0 | ' | 0 | 884,709 |
Property, Plant and Equipment [Member] | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Impairment charge | ' | ' | 74,500,000 | ' | ' | ' | ' |
Deposits on manufacturing equipment [Member] | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Impairment charge | ' | ' | $3,500,000 | ' | ' | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $1,211,219 | $1,794,224 |
Work in process | 327,527 | 172,227 |
Finished goods | 558,752 | 193,102 |
Total | $2,097,498 | $2,159,553 |
Debt_Narrative_Details
Debt Narrative (Details) (USD $) | Sep. 30, 2013 | Feb. 08, 2008 | Dec. 31, 2009 | Feb. 08, 2008 |
Construction Loan [Member] | Permanent Loan [Member] | Manufacturing and Office Facility [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' | ' |
Cost of acquisition | ' | ' | ' | $5,500,000 |
Available borrowing capacity | ' | 7,500,000 | ' | ' |
Stated interest rate | ' | ' | 6.60% | ' |
Long-term debt | $6,418,012 | ' | ' | ' |
Debt_Schedule_of_Maturities_of
Debt Schedule of Maturities of Long-term Debt (Details) (USD $) | Sep. 30, 2013 |
Debt Disclosure [Abstract] | ' |
2013 | $67,877 |
2014 | 282,960 |
2015 | 302,210 |
2016 | 322,771 |
2017 | 344,730 |
Thereafter | 5,097,464 |
Total maturities | $6,418,012 |
MakeWhole_Dividend_Liability_D
Make-Whole Dividend Liability (Details) (USD $) | 3 Months Ended | 9 Months Ended | 95 Months Ended | 1 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | |
Preferred Class A [Member] | Preferred Class A [Member] | |||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, dividend rate, percentage | ' | ' | ' | ' | ' | ' | 8.00% | ' |
Preferred stock, redemption, term, required make-whole dividend | ' | ' | ' | ' | ' | ' | '4 years | ' |
Preferred stock, dividend, make-whole dividend rate to market value | ' | ' | ' | ' | ' | ' | 10.00% | ' |
Make-whole dividend liability | $1,652,745 | ' | $1,652,745 | ' | $1,652,745 | $0 | ' | $1,900,000 |
Change in fair value of make-whole dividend liability | $70,272 | $0 | $70,272 | $0 | $70,272 | ' | ' | ' |
Preferred stock, shares outstanding | 712,390 | ' | 712,390 | ' | 712,390 | 0 | 712,390 | 712,390 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 1 Months Ended | 3 Months Ended | |||
Apr. 30, 2013 | Jan. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
votes | |||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | ' | 125,000,000 | 125,000,000 | 125,000,000 |
Common stock, par value (in dollars per share) | ' | ' | $0.00 | $0.00 | $0.00 |
Number of votes per share | ' | ' | 1 | ' | ' |
Common stock, shares outstanding | ' | ' | ' | 54,789,971 | 51,143,906 |
Issuance of commons stock to service provider shares | ' | 240,000 | ' | ' | ' |
Issuance of common stock (in shares) | 2,500,000 | ' | 2,500,000 | ' | ' |
Proceeds from sale of common stock (in dollars per share) | ' | ' | $0.57 | ' | ' |
Proceeds from issuance of common stock | $1,425,000 | ' | $1,400,000 | ' | ' |
Preferred stock, shares authorized (in shares) | ' | ' | ' | 25,000,000 | 25,000,000 |
Preferred stock, par value (in dollars per share) | ' | ' | $0.00 | $0.00 | $0.00 |
Preferred stock, shares outstanding (in shares) | ' | ' | ' | 712,390 | 0 |
Preferred Class A [Member] | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Preferred stock, shares outstanding (in shares) | ' | ' | 712,390 | 712,390 | ' |
Stockholders_Equity_Series_A_P
Stockholders' Equity (Series A Preferred Stock) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Aug. 31, 2013 | Aug. 16, 2013 | Aug. 15, 2013 | Jun. 17, 2013 | Oct. 31, 2013 |
Preferred Class A [Member] | Preferred Class A [Member] | Preferred Class A [Member] | Preferred Class A [Member] | Preferred Class A [Member] | Preferred Class A [Member] | Subsequent Event [Member] | |||
Preferred Class A [Member] | |||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued | 712,390 | 0 | 750,000 | ' | 625,000 | ' | 750,000 | 125,000 | ' |
Share price (in dollars per share) | ' | ' | $8 | ' | ' | ' | ' | ' | ' |
Preferred stock, issued | $71 | $0 | $6,000,000 | ' | $5,000,000 | ' | $6,000,000 | $1,000,000 | ' |
Number of shares called by warrants | ' | ' | 2,625,000 | ' | 2,187,500 | ' | 2,625,000 | 437,500 | ' |
Preferred stock, dividend rate, percentage | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' |
Preferred stock, dividend rate, share price percentage to market price | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' |
Preferred stock, dividend issuance term | ' | ' | '4 years 0 months 0 days | ' | ' | ' | ' | ' | ' |
Preferred stock, conversion, required common share price (in dollars per share) | ' | ' | $1.60 | ' | ' | ' | ' | ' | ' |
Preferred stock, conversion, required common share price, term | ' | ' | '20 days | ' | ' | ' | ' | ' | ' |
Preferred stock, redemption price per share (in dollars per share) | ' | ' | $8 | ' | ' | ' | ' | ' | ' |
Shares issued upon conversion | ' | ' | ' | 10 | ' | ' | ' | ' | ' |
Preferred stock, redemption amount | ' | ' | ' | 5,700,000 | ' | ' | ' | ' | ' |
Preferred stock, redemption amount, additional make-whole amount | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ' |
Shares converted | ' | ' | ' | 37,610 | ' | ' | ' | ' | 350,000 |
Shares issued for conversion of preferred stock | ' | ' | ' | 376,100 | ' | ' | ' | ' | 3,500,000 |
Shares issued in lieu of cash for conversion of preferred stock | ' | ' | ' | 123,909 | ' | ' | ' | ' | 872,726 |
Value of shares issued in lieu of cash for conversion of preferred stock | ' | ' | ' | 107,000 | ' | ' | ' | ' | 656,000 |
Warrants term | ' | ' | '3 years 0 months 0 days | ' | ' | ' | ' | ' | ' |
Warrants, exercise price (in dollars per unit) | ' | ' | 0.9 | ' | ' | ' | ' | ' | ' |
Percent of damages of the total investment amount | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' |
Amount of damages of the total investment | ' | ' | ' | ' | ' | 60,000 | ' | ' | ' |
Debt instrument, unamortized discount | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' |
Debt instrument, convertible, beneficial conversion feature | ' | ' | $1,300,000 | ' | ' | ' | ' | ' | ' |
Equity_Plans_and_ShareBased_Co2
Equity Plans and Share-Based Compensation (Share-based compensation cost by line item) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Share-based compensation cost | $170,446 | $209,662 | $538,365 | $761,351 |
Research and development [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Share-based compensation cost | 58,898 | 82,623 | 183,725 | 252,800 |
Selling, general, administrative [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Share-based compensation cost | $111,548 | $127,039 | $354,640 | $508,551 |
Equity_Plans_and_ShareBased_Co3
Equity Plans and Share-Based Compensation (Share-based compensation cost by award type) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation cost | $170,446 | $209,662 | $538,365 | $761,351 |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation cost | 96,911 | 104,939 | 298,455 | 379,607 |
Restricted Stock Units and Awards [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation cost | $73,535 | $104,723 | $239,910 | $381,744 |
Equity_Plans_and_ShareBased_Co4
Equity Plans and Share-Based Compensation (Share-based compensation fair value assumptions) (Details) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected life (in years) | '5 years 1 month 25 days | '5 years 2 months 18 days |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected volatility | 97.00% | 103.00% |
Risk free interest rate | 1.00% | 1.00% |
Expected dividends | 0.00% | 0.00% |
Equity_Plans_and_ShareBased_Co5
Equity Plans and Share-Based Compensation Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $170,446 | $209,662 | $538,365 | $761,351 |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 96,911 | 104,939 | 298,455 | 379,607 |
Weighted average grant date fair value (in dollars per share) | ' | ' | $0.49 | $0.56 |
Total compensation cost not yet recognized | 371,000 | ' | 371,000 | ' |
Recognized over a weighted average period | ' | ' | '1 year 8 months 0 days | ' |
Vested and expected to vest shares (in shares) | 1,501,229 | ' | 1,501,229 | ' |
Vested and expected to vest weighted average exercise price (in dollars per share) | $2.05 | ' | $2.05 | ' |
Number of shares available for grant (in shares) | 1,331,592 | ' | 1,331,592 | ' |
Restricted Stock Units and Awards [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 73,535 | 104,723 | 239,910 | 381,744 |
Total compensation cost not yet recognized | $82,000 | ' | $82,000 | ' |
Recognized over a weighted average period | ' | ' | '0 years 3 months 8 days | ' |
Number of shares available for grant (in shares) | 756,017 | ' | 756,017 | ' |
Restricted stock, weighted average estimated fair value (in dollars per share) | ' | ' | $0.62 | $0.57 |
Restricted stock expected to vest (in shares) | 130,863 | ' | 130,863 | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Revenue from related parties | $142,500 | $404,680 | $142,500 | $404,680 | ' |
Related party receivables and deposits | 10,225 | ' | 10,225 | ' | 596,339 |
TFG Radiant [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Percent of common stock outstanding | 29.00% | ' | 29.00% | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | ' | ' | 1,082,000 | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party, Consulting Fees | ' | ' | 600,000 | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party, Finished Goods and Deposits on Work In Process | ' | ' | 482,000 | ' | ' |
Revenue from related parties | 143,000 | 405,000 | 143,000 | 405,000 | ' |
Related party receivables and deposits | $10,000 | ' | $10,000 | ' | $596,000 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 0 Months Ended | 12 Months Ended |
Oct. 21, 2011 | Dec. 31, 2011 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Complaint claim amount | $3,048,701 | ' |
Loss Contingency, Fee Agreement Retainer | ' | 100,000 |
Fees under Fee Agreement, out-of-pocket expenses | ' | $49,000 |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Nov. 06, 2013 | Oct. 31, 2013 | Nov. 06, 2013 | Nov. 06, 2013 | Nov. 01, 2013 | Nov. 06, 2013 | Nov. 06, 2013 | Nov. 06, 2013 |
Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B-1 Preferred Stock [Member] | Series B-2 Preferred Stock [Member] | Sale of Stock Tranche One [Member] | Sale of Stock Tranche Two [Member] | Sale of Stock Tranche Two [Member] | Sale of Stock Tranche Two [Member] | |||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Series B-1 Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B-1 Preferred Stock [Member] | Series B-2 Preferred Stock [Member] | |||
tranche | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued | 712,390 | 0 | ' | 1,000 | ' | ' | 500 | ' | 500 | 500 |
Share price (in dollars per share) | ' | ' | ' | $10,000 | ' | ' | ' | ' | ' | $1.35 |
Preferred stock, issued | $71 | $0 | ' | $10,000,000 | ' | ' | $5,000,000 | $5,000,000 | ' | ' |
Number of issuance tranches | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Sale of stock closing term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days |
Preferred stock, dividend rate, percentage | ' | ' | 5.75% | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, dividend rate, share price percentage to market price | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, dividend issuance term | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, conversion, required common share price (in dollars per share) | ' | ' | $2 | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, conversion, required common share price, term | ' | ' | '20 days | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, redemption price per share (in dollars per share) | ' | ' | $10,000 | ' | ' | ' | ' | ' | ' | ' |
Conversion price (in dollars per share) | ' | ' | ' | ' | $1.15 | $1.50 | ' | ' | ' | ' |
Shares issued upon conversion | ' | ' | ' | ' | 8,696 | 6,667 | ' | ' | ' | ' |
Liquidation preference per share (in dollars per share) | ' | ' | $10,000 | ' | ' | ' | ' | ' | ' | ' |