Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Mar. 05, 2014 | Jun. 30, 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-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 68,308,792 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $29.70 |
Balance_Sheets
Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current Assets: | ' | ' |
Cash and cash equivalents | $3,318,155 | $12,621,477 |
Trade receivables | 458,076 | 100,164 |
Related party receivables and deposits | 21,122 | 596,339 |
Inventories | 1,887,612 | 2,159,553 |
Prepaid expenses and other current assets | 1,157,484 | 235,305 |
Total current assets | 6,842,449 | 15,712,838 |
Property, Plant and Equipment: | 38,614,905 | 39,979,013 |
Less accumulated depreciation and amortization | -17,850,688 | -12,725,298 |
Net property, plant and equipment | 20,764,217 | 27,253,715 |
Other Assets: | ' | ' |
Patents, net of amortization of $83,364 and $48,150, respectively | 879,541 | 500,879 |
Other non-current assets | 52,813 | 56,563 |
Total other assets | 932,354 | 557,442 |
Total Assets | 28,539,020 | 43,523,995 |
Current Liabilities: | ' | ' |
Accounts payable | 442,754 | 855,373 |
Accrued expenses | 1,800,369 | 1,788,635 |
Current portion of long-term debt | 282,960 | 264,935 |
Make-whole dividend liability | 3,146,156 | 0 |
Total current liabilities | 5,672,239 | 2,908,943 |
Accrued Litigation Settlement, net of current portion | 1,317,500 | 0 |
Long-Term Debt | 6,067,175 | 6,350,135 |
Accrued Warranty Liability | 47,937 | 38,187 |
Commitments and Contingencies (Notes 4 & 14) | ' | ' |
Stockholders’ Equity: | ' | ' |
Common stock, $0.0001 par value, 125,000,000 shares authorized; 61,748,524 and 51,143,906 shares issued and outstanding, respectively | 6,175 | 5,114 |
Additional paid in capital | 263,270,005 | 245,996,950 |
Deficit accumulated during the development stage | -247,842,047 | -211,775,334 |
Total stockholders’ equity | 15,434,169 | 34,226,730 |
Total Liabilities and Stockholders’ Equity | $28,539,020 | $43,523,995 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | |||
Patents, Amortization | $83,364 | $48,150 | ' | ' |
Preferred stock, par value (in dollars per share) | $0.00 | ' | $0.00 | $0.00 |
Preferred stock, shares authorized (in shares) | 25,000,000 | ' | 750,000 | 1,000 |
Preferred stock, shares outstanding (in shares) | ' | ' | 362,390 | 350 |
Preferred stock, shares issued (in shares) | ' | ' | 750,000 | 500 |
Preferred stock, Series B, liquidation preference | ' | ' | $4,000,786 | $5,544,490 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 | ' | ' |
Common stock, shares authorized (in shares) | 125,000,000 | 125,000,000 | ' | ' |
Common stock, shares issued (in shares) | 61,748,524 | 51,143,906 | ' | ' |
Common stock, shares outstanding (in shares) | 61,748,524 | 51,143,906 | ' | ' |
Statements_of_Operations
Statements of Operations (USD $) | 12 Months Ended | 98 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |||
Revenues | ' | ' | ' | ' | ||
Products | $1,117,524 | [1] | $578,352 | [1] | $538,005 | $3,045,787 |
Government contracts | 198,953 | 618,811 | 3,411,906 | 9,866,002 | ||
Total Revenues | 1,316,477 | 1,197,163 | 3,949,911 | 12,911,789 | ||
Costs and Expenses | ' | ' | ' | ' | ||
Research, development and manufacturing operations | 21,342,519 | 20,728,553 | 24,121,766 | 121,756,756 | ||
Selling, general and administrative | 7,390,884 | 5,008,388 | 7,130,530 | 48,221,301 | ||
Impairment loss | 822,350 | 3,401,610 | 78,000,000 | 83,993,440 | ||
Total Costs and Expenses | 29,555,753 | 29,138,551 | 109,252,296 | 253,971,497 | ||
Loss from Operations | -28,239,276 | -27,941,388 | -105,302,385 | -241,059,708 | ||
Other Income/(Expense) | ' | ' | ' | ' | ||
Other Income/(Expense), net | -576,292 | -828,029 | -440,230 | 468,806 | ||
Change in fair value of make-whole dividend liability | -1,315,383 | 0 | 0 | -1,315,383 | ||
Total Other Income/(Expense) | -1,891,675 | -828,029 | -440,230 | -846,577 | ||
Net Loss | -30,130,951 | -28,769,417 | -105,742,615 | -241,906,285 | ||
Deemed dividends on preferred stock and accretion of warrants | -5,935,762 | 0 | 0 | -5,935,762 | ||
Net Loss applicable to common stockholders | ($36,066,713) | ($28,769,417) | ($105,742,615) | ($247,842,047) | ||
Net Loss Per Share (Basic and diluted) (in dollars per share) | ($0.66) | ($0.66) | ($3.02) | ' | ||
Weighted Average Common Shares Outstanding (Basic and diluted) (in shares) | 54,556,877 | 43,850,322 | 34,985,914 | ' | ||
[1] | Includes related party revenue of $142,500 and $404,680 for the years ended December 31, 2013 and 2012, respectively. See Note 13. |
Statements_of_Operations_Paren
Statements of Operations (Parenthetical) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Statement [Abstract] | ' | ' |
Revenue from related parties | $142,500 | $404,680 |
Statements_of_Stockholders_Equ
Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series B-1 Preferred Stock [Member] | Series B-1 Preferred Stock [Member] | Series B-1 Preferred Stock [Member] | Series B-1 Preferred Stock [Member] |
Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | |||||||||
Balance, value at Oct. 17, 2005 | $0 | $0 | $0 | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, shares at Oct. 17, 2005 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of stock, shares | ' | 972,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of stock | 38,880 | 97 | ' | 38,783 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Founders stock | 933,120 | ' | ' | 933,120 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation | 26,004 | ' | ' | 26,004 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Components of comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -1,207,234 | ' | ' | ' | -1,207,234 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, value at Dec. 31, 2005 | -209,230 | 97 | 0 | 997,907 | -1,207,234 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, shares at Dec. 31, 2005 | ' | 972,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfer of assets at historical cost (1/06 @ $0.03 per share), shares | ' | 1,028,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfer of assets at historical cost (1/06 @ $0.03 per share) | 31,200 | 103 | ' | 31,097 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from IPO (7/06 @ $5.50 per unit), shares | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from IPO (7/06 @ $5.50 per unit) | 16,500,000 | 300 | ' | 16,499,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance costs | -2,392,071 | ' | ' | -2,392,071 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued to bridge loan lenders (7/06 @ $2.75 per share), shares | ' | 290,894 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued to bridge loan lenders (7/06 @ $2.75 per share) | 800,000 | 29 | ' | 799,971 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options, shares | ' | 31,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | 3,120 | 3 | ' | 3,117 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation | 348,943 | ' | ' | 348,943 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Components of comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -4,180,912 | ' | ' | ' | -4,180,912 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, value at Dec. 31, 2006 | 10,901,050 | 532 | 0 | 16,288,664 | -5,388,146 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, shares at Dec. 31, 2006 | ' | 5,322,094 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options, shares | ' | 169,963 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | 346,434 | 17 | ' | 346,417 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of shares, shares | ' | 3,098,382 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of shares | 20,449,321 | 310 | ' | 20,449,011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of Class A public warrants at $0.25 per share | -48,128 | ' | ' | -48,128 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Class B public warrants at $11.00, shares | ' | 11,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Class B public warrants at $11.00 per share | 121,000 | 1 | ' | 120,999 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation | 1,734,879 | ' | ' | 1,734,879 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from private placement: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares | ' | 2,534,462 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock | 15,962,257 | 254 | ' | 15,962,003 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from private placement: Class B public warrants (3/08 @ $3.954) | 3,754,468 | ' | ' | 3,754,468 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Private placement costs | -75,807 | ' | ' | -75,807 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of representative's warrants, shares | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of representative's warrants | 1,980,000 | 30 | ' | 1,979,970 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Components of comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -6,503,419 | ' | ' | ' | -6,503,419 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, value at Dec. 31, 2007 | 48,622,055 | 1,144 | 0 | 60,512,476 | -11,891,565 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, shares at Dec. 31, 2007 | ' | 11,435,901 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options, shares | ' | 133,137 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | 120,533 | 13 | ' | 120,520 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of Restricted Stock, shares | ' | 69,846 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of Restricted Stock | 0 | 7 | ' | -7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Class B public warrants at $11.00, shares | ' | 98,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Class B public warrants at $11.00 per share | 1,086,800 | 10 | ' | 1,086,790 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation | 1,881,399 | ' | ' | 1,881,399 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from private placement: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares | ' | 4,763,698 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock | 36,647,693 | 476 | ' | 36,647,217 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from private placement: Class B public warrants (3/08 @ $3.954) | 6,681,884 | ' | ' | 6,681,884 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of representative's warrants, shares | ' | 75,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of representative's warrants | 495,000 | 8 | ' | 494,992 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from shareholder under Section 16(b) | 148,109 | ' | ' | 148,109 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from secondary public offering, shares | ' | 4,370,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from secondary public offering (5/08 @ $14.00) | 61,180,000 | 437 | ' | 61,179,563 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs of secondary public offering | -4,361,358 | ' | ' | -4,361,358 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Components of comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) on investments | 331,068 | ' | ' | ' | ' | 331,068 | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -13,215,076 | ' | ' | ' | -13,215,076 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Loss | -12,884,008 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, value at Dec. 31, 2008 | 139,618,107 | 2,095 | 0 | 164,391,585 | -25,106,641 | 331,068 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, shares at Dec. 31, 2008 | ' | 20,946,382 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options, shares | ' | 105,169 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | 339,616 | 10 | ' | 339,606 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of Restricted Stock, shares | ' | 147,679 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of Restricted Stock | ' | 15 | ' | -15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation | 2,676,957 | ' | ' | 2,676,957 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from private placement: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares | ' | 769,230 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock | 4,999,995 | 77 | ' | 4,999,918 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from public offering, shares | ' | 4,615,385 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from public offering | 30,000,003 | 461 | ' | 29,999,542 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs of public offering | -2,062,866 | ' | ' | -2,062,866 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Components of comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) on investments | -334,080 | ' | ' | ' | ' | -334,080 | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -20,922,717 | ' | ' | ' | -20,922,717 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Loss | -21,256,797 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, value at Dec. 31, 2009 | 154,315,015 | 2,658 | 0 | 200,344,727 | -46,029,358 | -3,012 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, shares at Dec. 31, 2009 | ' | 26,583,845 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options, shares | ' | 161,330 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | 391,001 | 16 | ' | 390,985 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of Restricted Stock, shares | ' | 270,412 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of Restricted Stock | 0 | 27 | ' | -27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation | 2,713,468 | ' | ' | 2,713,468 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from private placement: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from public offering, shares | ' | 5,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from public offering | 21,787,500 | 525 | ' | 21,786,975 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs of public offering | -1,409,937 | ' | ' | -1,409,937 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Components of comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) on investments | 2,786 | ' | ' | ' | ' | 2,786 | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -31,233,718 | ' | ' | ' | -31,233,718 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Loss | -31,230,932 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, value at Dec. 31, 2010 | 146,566,115 | 3,226 | 0 | 223,826,191 | -77,263,076 | -226 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, shares at Dec. 31, 2010 | ' | 32,265,587 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options, shares | 57 | 57,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | 5,700 | 6 | ' | 5,694 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of Restricted Stock, shares | ' | 191,822 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of Restricted Stock | 0 | 19 | ' | -19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock to service provider, shares | ' | 45,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance Of Common Stock To Service Provider, Value | 58,950 | 5 | ' | 58,945 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation | 1,572,607 | ' | ' | 1,572,607 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from private placement: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares | ' | 6,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock | 7,360,000 | 640 | ' | 7,359,360 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Private placement costs | -123,973 | ' | ' | -123,973 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Proceeds from At-The-Market offering sales, shares | ' | 386,050 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Proceeds from At-The-Market offering sales | 305,784 | 39 | ' | 305,745 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from shareholder under Section 16(b) | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Components of comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) on investments | 1,245 | ' | ' | ' | ' | 1,245 | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -105,743,860 | ' | ' | ' | -105,743,860 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Loss | -105,742,615 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, value at Dec. 31, 2011 | 50,002,568 | 3,935 | 0 | 233,004,550 | -183,006,936 | 1,019 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, shares at Dec. 31, 2011 | ' | 39,345,459 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options, shares | 14 | 13,750 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | 9,350 | 1 | ' | 9,349 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of Restricted Stock, shares | ' | 645,816 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of Restricted Stock | 0 | 65 | ' | -65 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation | 924,315 | ' | ' | 924,315 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from private placement: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares | ' | 9,166,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock | 11,000,039 | 916 | ' | 10,999,123 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Private placement costs | -836,697 | ' | ' | -836,697 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Proceeds from At-The-Market offering sales, shares | ' | 1,972,181 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Proceeds from At-The-Market offering sales | 1,896,572 | 197 | ' | 1,896,375 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from shareholder under Section 16(b) | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Components of comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) on investments | -1,019 | ' | ' | ' | ' | -1,019 | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -28,768,398 | ' | ' | ' | -28,768,398 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Loss | -28,769,417 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, value at Dec. 31, 2012 | 34,226,730 | 5,114 | 0 | 245,996,950 | -211,775,334 | 0 | ' | ' | 0 | ' | ' | ' | 0 | ' |
Balance, shares at Dec. 31, 2012 | ' | 51,143,906 | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' |
Proceeds from sale of stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | 750,000 | ' | ' | ' | 500 | ' |
Proceeds from sale of stock | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | 75 | 5,999,925 | 5,000,000 | ' | ' | 5,000,000 |
Issuance costs | ' | ' | ' | ' | ' | ' | -139,894 | ' | ' | -139,894 | -72,589 | ' | ' | -72,589 |
Exercise of stock options, shares | 48 | 47,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | 32,300 | 5 | ' | 32,295 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of Restricted Stock, shares | ' | 467,908 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of Restricted Stock | 0 | 47 | ' | -47 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock to service provider, shares | ' | 240,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance Of Common Stock To Service Provider, Value | 142,999 | 24 | ' | 142,975 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of shares, shares | ' | ' | ' | ' | ' | ' | ' | 4,872,736 | -387,610 | ' | ' | 2,476,474 | -150 | ' |
Conversion of shares | ' | ' | ' | ' | ' | ' | 919,622 | 487 | -39 | 919,174 | 924,146 | 248 | ' | 923,898 |
Stock based compensation | 621,505 | ' | ' | 621,505 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from private placement: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock | 1,425,000 | 250 | ' | 1,424,750 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from private placement: Class B public warrants (3/08 @ $3.954) | ' | ' | ' | ' | ' | ' | 1,071,063 | ' | ' | 1,071,063 | ' | ' | ' | ' |
Proceeds from shareholder under Section 16(b) | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount on Preferred Stock issuance - beneficial conversion feature | ' | ' | ' | ' | ' | ' | 1,350,000 | ' | ' | 1,350,000 | ' | ' | ' | ' |
Deemed dividends on preferred stock and accretion of warrants | -5,935,762 | ' | ' | ' | -5,935,762 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Components of comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -30,130,951 | ' | ' | ' | -30,130,951 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Loss | -30,130,951 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, value at Dec. 31, 2013 | $15,434,169 | $6,175 | ' | $263,270,005 | ($247,842,047) | ' | ' | ' | $36 | ' | ' | ' | $0 | ' |
Balance, shares at Dec. 31, 2013 | ' | 61,748,524 | ' | ' | ' | ' | ' | ' | 362,390 | ' | ' | ' | 350 | ' |
Statements_of_Stockholders_Equ1
Statements of Stockholders' Equity (Parenthetical) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 4 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | 31-May-13 | Sep. 30, 2012 | Aug. 31, 2012 | Jan. 31, 2012 | Nov. 30, 2011 | Oct. 31, 2011 | 31-May-11 | Nov. 30, 2010 | Oct. 31, 2009 | Oct. 31, 2008 | 31-May-08 | Mar. 31, 2008 | Jan. 31, 2008 | Aug. 31, 2007 | Mar. 31, 2007 | Dec. 31, 2006 | Sep. 30, 2006 | Jul. 31, 2006 | Jan. 31, 2006 | Dec. 31, 2010 | Sep. 30, 2010 | Jun. 30, 2010 | Mar. 31, 2010 | Jun. 30, 2009 | Mar. 31, 2009 | Dec. 31, 2008 | Sep. 30, 2008 | Jun. 30, 2008 | Mar. 31, 2008 | Nov. 30, 2007 | Dec. 31, 2009 | Dec. 31, 2007 | Sep. 30, 2011 | Dec. 31, 2010 | Dec. 31, 2007 | Dec. 31, 2007 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2007 | Dec. 31, 2007 | Oct. 31, 2013 | Sep. 30, 2013 | Aug. 31, 2013 | Jun. 30, 2013 | Nov. 30, 2013 | Dec. 31, 2013 |
Class A Warrant [Member] | Class B Warrant [Member] | Class B Warrant [Member] | Maximum [Member] | Minimum [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series B-1 Preferred Stock [Member] | Series B-1 Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||
Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||
Stock option exercised, per share | $0.68 | ' | $0.68 | $0.68 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.10 | $0.10 | ' | ' | $2.76 | $2.73 | $2.90 | $0.10 | $2.76 | $0.10 | $4.25 | $2.90 | $2.73 | $0.10 | ' | $4.25 | $4.25 | $0.10 | $3.17 | $0.10 | ' | ' | ' | $2.76 | $2.51 | ' | ' | ' | ' | ' | ' |
Proceeds from sale of common stock, per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8 | $8 | ' | ' |
Warrant discount, price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.90 | $0.90 | ' | ' |
Conversion of convertible securities, price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.80 | $0.80 | ' | ' | $1.15 | $1.15 |
Conversion of convertible securities, make-whole, price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.07 | $0.83 | ' | ' | $0.69 | $0.88 |
Proceeds from issuance of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10 | ' |
Transfer of assets at historical cost, per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.03 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units issued, per unit price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued to bridge loan lenders, per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of public warrants, per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.60 | $11 | $11 | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of public warrants, per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock under private placement, per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.50 | $6.18 | ' | $9.26 | ' | $7.20 | $5.77 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public warrants under private placement, per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.95 | ' | $1.91 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of representative's warrants, per unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from secondary public offering, per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from public offering, per share | ' | $0.57 | ' | $1.20 | ' | ' | ' | ' | $4.15 | $6.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of commons stock to service provider, per share | ' | $0.68 | ' | ' | ' | ' | ' | $1.31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from private offering, per share | ' | ' | ' | ' | ' | $1.15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
At-the-Market offering, per share | ' | ' | $1.83 | ' | $0.50 | $0.83 | $0.81 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | 98 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Operating Activities: | ' | ' | ' | ' |
Net loss | ($30,130,951) | ($28,769,417) | ($105,742,615) | ($241,906,285) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' | ' |
Depreciation and amortization | 6,225,854 | 6,166,123 | 7,541,962 | 30,739,001 |
Stock based compensation | 621,505 | 924,315 | 1,572,607 | 13,433,197 |
Common stock issued for services | 142,999 | 0 | 58,950 | 201,949 |
Realized loss on forward contracts | 0 | 0 | -63,915 | 1,430,766 |
Foreign currency transaction loss (gain) | 0 | 5,365 | -145,940 | -590,433 |
Amortization of financing costs and discounts | 0 | 0 | 0 | 998,565 |
Impairment loss | 822,350 | 3,401,610 | 78,000,000 | 83,993,440 |
Contract cancellation loss | 0 | 576,812 | 590,774 | 1,167,586 |
Loss on extinguishment of liabilities | 159,842 | 0 | 0 | 159,842 |
Accrued litigation settlement | 1,700,000 | 0 | 0 | 1,700,000 |
Change in fair value of make-whole dividend liability | 1,315,383 | 0 | 0 | 1,315,383 |
Changes in operating assets and liabilities: | ' | ' | ' | ' |
Accounts receivable | -357,912 | 241,923 | 142,939 | -458,076 |
Related party receivables and deposits | 575,217 | -596,339 | 2,524 | -21,122 |
Inventories | 271,941 | 309,570 | -592,289 | -1,887,612 |
Prepaid expenses and other current assets | -922,179 | 151,319 | 123,724 | -1,157,484 |
Accounts payable | -412,619 | 197,557 | -435,089 | 442,753 |
Related party payable | 0 | 0 | -53,808 | 0 |
Accrued expenses | -370,766 | -281,906 | -691,346 | 466,832 |
Deferred revenue | 0 | 0 | -250,705 | 0 |
Warranty reserve | 9,750 | 11,527 | 10,760 | 47,937 |
Net cash used in operating activities | -20,349,586 | -17,661,541 | -19,931,467 | -109,923,761 |
Investing Activities: | ' | ' | ' | ' |
Purchases of available-for-sale securities | 0 | -638,572 | -28,215,821 | -907,118,828 |
Maturities and sales of available-for-sale securities | 0 | 13,253,650 | 33,087,378 | 907,118,828 |
Purchase of property, plant and equipment | -519,741 | -6,267,207 | -9,681,565 | -135,341,744 |
Restricted cash for manufacturing equipment | 0 | 1,427,053 | 1,832,297 | 0 |
Patent activity costs | -413,876 | -211,996 | -60,408 | -937,947 |
Net cash provided by (used in) investing activities | -933,617 | 7,562,928 | -3,038,119 | -136,279,691 |
Financing Activities: | ' | ' | ' | ' |
Proceeds from bridge loan financing | 0 | 0 | 0 | 1,600,000 |
Repayment of bridge loan financing | 0 | 0 | 0 | -1,600,000 |
Payment of debt financing costs | 0 | 0 | 0 | -273,565 |
Payment of equity offering costs | -212,483 | 0 | 0 | -10,514,523 |
Proceeds from debt | 0 | 0 | 0 | 7,700,000 |
Repayment of debt | -264,936 | -648,059 | -582,257 | -2,449,866 |
Proceeds from shareholder under Section 16(b) | 0 | 0 | 0 | 148,109 |
Proceeds from issuance of stock and warrants | 12,457,300 | 12,069,264 | 7,547,511 | 254,959,580 |
Redemption of Class A warrants | 0 | 0 | 0 | -48,128 |
Net cash provided by financing activities | 11,979,881 | 11,421,205 | 6,965,254 | 249,521,607 |
Net change in cash and cash equivalents | -9,303,322 | 1,322,592 | -16,004,332 | 3,318,155 |
Cash and cash equivalents at beginning of period | 12,621,477 | 11,298,885 | 27,303,217 | 0 |
Cash and cash equivalents at end of period | 3,318,155 | 12,621,477 | 11,298,885 | 3,318,155 |
Supplemental Cash Flow Information: | ' | ' | ' | ' |
Cash paid for interest | 428,798 | 271,055 | 113,471 | 545,383 |
Cash paid for income taxes | 0 | 0 | 0 | 0 |
Non-Cash Transactions: | ' | ' | ' | ' |
ITN initial contribution of assets for equity | 0 | 0 | 0 | 31,200 |
Note with ITN and related capital expenditures | 0 | 0 | 0 | 1,100,000 |
Non-cash conversions | 1,683,926 | 0 | 0 | 1,683,926 |
Make-whole provision on convertible preferred stock | 3,514,699 | 0 | 0 | 1,830,773 |
Beneficial conversion feature on convertible preferred stock | $2,421,063 | $0 | $0 | $2,421,063 |
Organization
Organization | 12 Months Ended |
Dec. 31, 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. | |
Currently, the Company is producing consumer oriented products focusing on charging devices powered by or enhanced by the Company's solar modules. Products in these markets are priced based on the overall product value proposition rather than a commodity-style price per watt basis. The Company continues to develop new consumer products and has adjusted utilization of its equipment to meet near term sales forecasts. |
Basis_of_Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 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, product development and establishing a sales channel for its line of consumer products which is sold under the EnerPlex™ brand. A development stage entity is defined as an entity devoting substantially all of its efforts to establishing a new business and for which either a) planned principal operations have not commenced or b) planned principal operations have commenced, but there has been no significant revenue therefrom. 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 PV modules and PV integrated electronics have commenced, but have generated limited revenue to date. The EnerPlex™ brand of consumer oriented products was introduced in 2012. Despite experiencing substantial sequential growth in the third and fourth quarters of 2013, total revenue to date has not been significant. Accordingly, the Company is considered to be in the development stage and has provided additional disclosure of inception to date activity in its Statements of Operations, Statements of Stockholders’ Equity and Statements of Cash Flows. Additionally, due to the development stage nature of the Company, the majority of the Company’s costs are considered to be research and development costs. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Summary of Significant Accounting Policies | ' | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Cash Equivalents: The Company classifies all short-term investments in interest bearing bank accounts and highly liquid debt securities purchased with an original maturity of three months or less to be cash equivalents. The Company maintains cash balances which may exceed federally insured limits. The Company does not believe this results in significant credit risk. | |||
Investments: Historically the Company has classified its investments as “available-for-sale.” Such investments are carried at fair value, based on quoted market prices with the unrealized holding gains and losses reported as “Other comprehensive income (loss)” in the Statements of Operations. Realized gains and losses on sales of securities are computed using the specific identification method. The Company typically invests in highly rated securities with low probabilities of default. The Company’s investment policy specifies minimum investment grade criteria, types of acceptable investments, concentration limitations and duration guidelines. The Company evaluates declines in market value for potential impairment. If the decline results in a value below cost and is determined to be other than temporary, the investment is written down to its impaired value and a new cost basis is established. | |||
Fair Value Estimates: 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 | ||
Certain long-lived assets and current liabilities have been measured at fair value on a recurring and non-recurring basis. See Note 6. Property, Plant and Equipment and Note 9. Make-whole Dividend Liability. The carrying value for cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other assets and liabilities approximate their fair values due to their short maturities. | |||
Related Party Transactions: The Company is party to several operating agreements, including a Joint Development Agreement, a Supply Agreement, a Contract Manufacturing Agreement, and a Services Agreement with TFG Radiant Investment Group Ltd. and its affiliates (“TFG Radiant”), which is also the Company's largest shareholder. Accounting for transactions under these agreements is consistent with the Company's other significant accounting policies. See Note 3. Significant Accounting Policies. | |||
Foreign Currencies: Bank account balances held in foreign currencies are translated to U.S. dollars utilizing the period end exchange rate. Gains or losses incurred in connection with the Company’s accounts held in foreign currency are recorded in “Other Income/(Expense)” on the Statements of Operations. | |||
Revenue Recognition: | |||
Product revenue - The Company is in the development stage and generated product revenues of $1,118,000 for the year ended December 31, 2013. Product revenue is generated from commercial sales of flexible PV modules and PV integrated consumer electronics, non-PV integrated power banks and associated accessories. Products are sold through the Company's own e-commerce website, online retailers, direct to retailers and indirectly to retailers through distributors. Revenue is recognized as products are shipped or delivered and title has transferred to the customer. In certain instances, the Company has agreed to refund a portion of the purchase price to customers if the Company's standard prices decrease. The Company estimates the effect of this price protection and records the difference as a reduction of revenue at the time of sale. Estimated costs of returns and allowances and discounts are accrued as a reduction to sales when revenue is recognized. See Note 3. Significant Accounting Policies, Advertising Costs, for accounting treatment related to cooperative advertising programs. | |||
Government contracts revenue - Revenue from governmental research and development contracts is generated under terms that are cost plus fee or firm fixed price. Revenue from cost plus fee contracts is recognized as costs are incurred on the basis of direct costs plus allowable indirect costs and an allocable portion of the fixed fee. Revenue from firm fixed price contracts is recognized under the percentage-of-completion method of accounting, with costs and estimated profits included in contract revenue as work is performed. If actual and estimated costs to complete a contract indicate a loss, provision is made currently for the loss anticipated on the contract. | |||
Advertising Costs: The Company advertises in print, television, online and through social media. The Company will also authorize customers to run advertising campaigns on its behalf through various media outlets. Advertising costs are expensed as incurred. Advertising expenses were $201,000, $13,000 and $0 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||
Some of the Company's distributor relationships allow for discounts to be taken to fund cooperative advertising programs. These discounts are applied as credits against outstanding receivable balances and recorded net of revenue. Large cooperating advertising campaigns, funded either by cash payments by the Company, or as credits against outstanding receivables, are expensed as incurred and included in Selling, general and administrative costs if, and only if, the following criteria are met: 1) the Company receives an identifiable benefit (goods or services) in exchange for the consideration, with the identifiable benefit being sufficiently separable from the distributor's purchase of the Company’s products; and 2) the Company can reasonably estimate the fair value of the identifiable benefit. If the amount of consideration paid by the Company exceeds the estimated fair value of the benefit received, that excess amount shall be characterized as a reduction of revenue. Discounts taken for cooperative advertising programs have been minimal in amount. | |||
Shipping and Handling Costs: The Company classifies shipping and handling costs for products shipped to customers as a component of “Research, development and manufacturing operations” on the Company’s Statements of Operations. Customer payments of shipping and handling costs are recorded as a component of Product revenue. | |||
Receivables and Allowance for Doubtful Accounts: Trade accounts receivable are recorded at the invoiced amount as the result of transactions with customers. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company estimates the collectability of accounts receivable using analysis of historical bad debts, customer credit-worthiness and current economic trends. Reserves are established on an account-by-account basis. Account balances are written off against the allowance in the period in which the Company determines that is it probable that the receivable will not be recovered. The Company had no reserved accounts as of December 31, 2013 and 2012. | |||
Product Warranties: The Company provides a limited warranty to the original purchaser of products against defective materials and workmanship. The Company also guarantees that standalone modules and PV integrated consumer electronics will achieve and maintain the stated conversion efficiency rating for certain products. Warranty accruals are recorded at the time of sale and are estimated based upon product warranty terms, historical experience and analysis of peer company product returns. The Company assesses the adequacy of its liabilities and makes adjustments as necessary based on known or anticipated warranty claims, or as new information becomes available. | |||
Convertible Preferred Stock: During the second and third quarters of 2013, the Company issued Series A preferred stock and warrants. Upon issuance, the Series A preferred stock was evaluated under FASB ASC 480, “Distinguishing Liabilities from Equity" and it was determined the Series A preferred stock 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 of $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 and "Deemed dividends on preferred stock and accretion of warrants" in the 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 the holder would receive upon conversion. The calculation resulted in a BCF of $1.4 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 and "Deemed dividends on preferred stock and accretion of warrants" in the Statements of Operations. | |||
During the fourth quarter of 2013, the Company issued Series B preferred stock. Upon issuance, the Series B preferred stock was evaluated under FASB ASC 480, “Distinguishing Liabilities from Equity" and it was determined the Series B preferred stock was not within the scope of ASC 480; therefore, the Series B preferred stock was not considered a liability under ASC 480. | |||
Make-whole dividend liability: The Series A and Series B preferred stock issuances include make-whole provisions with variable rate dividends which are indexed to the Company's own stock. The make-whole provisions have attributes of embedded derivatives and were evaluated under ASC 815, “Derivatives and Hedging" (“ASC 815”). The Company believes the Series A and Series B preferred stock are considered equity hosts for the purposes of evaluating the make-whole provisions for potential bifurcation. The Series A and Series B preferred stock holders may convert to common shares at any time after issuance. Upon conversion, the holders are entitled to a make-whole dividend which is payable in cash or common shares, at the Company's election. The Company concluded the make-whole payments should be characterized as embedded derivatives under ASC 815. The fair value of make-whole dividend liabilities must be evaluated at each period end, with changes recorded as a component of Other Income/(Expense). | |||
Patents: At such time as the Company is awarded patents, patent costs are amortized on a straight-line basis over the legal life on the patents, or over their estimated useful lives, whichever is shorter. As of December 31, 2013, the Company had $880,000 of net patent costs, of which $253,000 represents costs net of amortization incurred for awarded patents, and the remaining $627,000 represents costs incurred for patent applications to be filed. During the year ended December 31, 2013, the Company capitalized $414,000 in patent costs as it worked to secure design rights and trademarks for newly developed products. Amortization expense was $35,000, $20,000 and $11,000 for the years ended December 31, 2013, 2012 and 2011, respectively. Amortization expense is expected to remain consistent or increase slightly in future periods. | |||
Inventories: All inventories are stated at the lower of cost or market, with cost determined using the weighted average method. As a development stage entity with limited production, inventory values do not include labor and overhead allocations which would be typical in higher volume production environments, however, such differences are not significant. | |||
Inventory balances are frequently evaluated to ensure they do not exceed net realizable value. The computation for net realizable value takes into account many factors, including expected demand, product life cycle and development plans, module efficiency, quality issues, obsolescence and others. Management's judgment is required to determine reserves for obsolete or excess inventory. If actual demand and market conditions are less favorable than those estimated by management, additional inventory write downs may be required. The majority of the Company's inventory is raw materials which have a long life cycle; obsolescence is not a significant factor in their valuation. During the years ended December 31, 2013 and December 31, 2012, the Company recognized lower of cost or market adjustments on certain raw materials in the amounts of $598,000 and $1,022,000, respectively. These expenses are included within “Research, development and manufacturing operations” expense in the Statements of Operations. | |||
Property, Plant and Equipment: Property, plant and equipment are recorded at the original cost to the Company. Assets are being depreciated over estimated useful lives of three to forty years using the straight-line method, as presented in the table below, commencing when the asset is placed in service. Leasehold improvements are depreciated over the shorter of the remainder of the lease term or the life of the improvements. Upon retirement or disposal, the cost of the asset disposed of and the related accumulated depreciation are removed from the accounts and any gain or loss is reflected in income. Expenditures for repairs and maintenance are expensed as incurred. | |||
Useful Lives | |||
in Years | |||
Buildings | 40 | ||
Manufacturing machinery and equipment | 5 - 10 | ||
Furniture, fixtures, computer hardware/software | 3 - 7 | ||
Leasehold improvements | life of lease | ||
Interest Capitalization: Historically the Company has capitalized interest cost as part of the cost of acquiring or constructing certain assets during the period of time required to get the asset ready for its intended use. The Company capitalized interest to the extent that expenditures to acquire or construct an asset have occurred and interest cost has been incurred. | |||
Impairment of Long-lived Assets: The Company analyzes its long-lived assets (property, plant and equipment) and definitive-lived intangible assets (patents) for impairment, both individually and as a group, whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. Events that might cause impairment would include significant current period operating or cash flow losses associated with the use of a long-lived asset or group of assets combined with a history of such losses, significant changes in the manner of use of assets and significant negative industry or economic trends. An undiscounted cash flow analysis is calculated to determine if impairment exists. If impairment is determined to exist, any related loss is calculated using the difference between the fair value and the carrying value of the assets. During the years ended December 31, 2013, 2012 and 2011, the Company incurred impairments of its manufacturing facilities and equipment in the amounts of $0.8 million, $3.4 million and $78.0 million, respectively. Impairments incurred in 2013 and 2012 were based on estimates prepared by management. The impairment incurred in 2011 was based on management estimates and a valuation analysis by an independent firm. | |||
Net Loss per Common Share: Basic earnings per share does not include dilution and is computed by dividing income available to common stockholders by the weighted average number of shares outstanding during the period. Diluted earnings per share reflect the potential securities that could share in the earnings of the Company, similar to fully diluted earnings per share. Common stock equivalents outstanding as of December 31, 2013 of approximately 15.3 million shares have been omitted from loss per share because they are anti-dilutive. Common stock equivalents consist of stock options, unvested restricted stock, preferred stock and preferred stock make-whole dividend liability amounts, assuming the make-whole dividend liability is paid in common stock in lieu of cash. Net loss per common share was the same for both basic and diluted methods for the periods ended December 31, 2013, 2012 and 2011. | |||
Research, Development and Manufacturing Operations Costs: Research, development and manufacturing operations expenses were $21,343,000 and $20,729,000 for the years ended December 31, 2013 and 2012, respectively. Research, development and manufacturing operations expenses include: 1) technology development costs, which include expenses incurred in researching new technology, improving existing technology and performing federal government research and development contracts, 2) product development costs, which include expenses incurred in developing new products and lowering product design costs, and 3) pre-production and production costs, which include engineering efforts to improve production processes, material yields and equipment utilization, and manufacturing efforts to produce saleable product. Research, development and manufacturing operations costs are expensed as incurred, with the exception of costs related to inventoried raw materials, work-in-process and finished goods, which are expensed as products are sold, assuming the resulting product has been completed, tested and is ready for significant commercial manufacturing. For the twelve months ended December 31, 2013, technology development costs were $1,148,000, product development costs were $2,101,000 and production and pre-production costs were $18,094,000. For the twelve months ended December 31, 2012, technology development costs were $1,542,000, product development costs were $1,546,000 and production and pre-production costs were $17,641,000. | |||
Income Taxes: Deferred income taxes are provided using the liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of the changes in tax laws and rates as of the date of enactment. Interest and penalties, if applicable, would be recorded in operations. | |||
The Company has analyzed filing positions in all of the federal and state jurisdictions where it is required to file income tax returns, as well as all open tax years (2009-2013) in these jurisdictions. The Company believes its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material adverse effect on the Company’s financial condition, results of operations, or cash flows. Therefore, no reserves for uncertain income tax positions have been recorded. | |||
Share-Based Compensation: The Company measures and recognizes compensation expense for all share-based payment awards made to employees, officers, directors, and consultants based on estimated fair values. The Company estimates the fair value of share-based payment awards on the date of grant using an option-pricing model for option awards. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service period in the Company’s Statements of Operations. Share-based compensation is based on awards ultimately expected to vest and is reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, as necessary, in subsequent periods if actual forfeitures differ from those estimates. For purposes of determining estimated fair value of share-based payment awards on the date of grant the Company uses the Black-Scholes option-pricing model (“Black-Scholes Model”) for option awards. The Black-Scholes Model requires the input of highly subjective assumptions. Because the Company’s employee stock options may have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management’s opinion, the existing models may not provide a reliable single measure of the fair value of the Company’s employee stock options. Management will continue to assess the assumptions and methodologies used to calculate estimated fair value of share-based compensation. Circumstances may change and additional data may become available over time, which result in changes to these assumptions and methodologies, which could materially impact the Company’s fair value determination. The Company estimates the fair value of its restricted stock awards as its stock price on the grant date. | |||
The accounting guidance for share-based compensation may be subject to further interpretation and refinement over time. There are significant differences among option valuation models, and this may result in a lack of comparability with other companies that use different models, methods and assumptions. If factors change and the Company employs different assumptions in the accounting for share-based compensation in future periods, or if the Company decides to use a different valuation model, the compensation expense the Company records in the future may differ significantly from the amount recorded in the current period and could materially affect its loss from operations, net loss and net loss per share. | |||
Reclassifications: Certain reclassifications have been made to the 2011 and 2012 financial information to conform to the 2013 presentation. Such reclassifications had no effect on comprehensive losses for those periods. | |||
Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Liquidity_and_Continued_Operat
Liquidity and Continued Operations | 12 Months Ended |
Dec. 31, 2013 | |
LIQUIDITY AND CONTINUED OPERATIONS [Abstract] | ' |
Liquidity and Continued Operations | ' |
LIQUIDITY AND CONTINUED OPERATIONS | |
As of December 31, 2013, the Company had $3.3 million in cash and working capital of $1.2 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. 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. In November 2013, the Company completed the sale of 500 shares of Series B preferred stock in a private placement for gross proceeds of $10.0 million, $5.0 million of which was received with the closing of the transaction in November 2013 and the remaining $5.0 million was received in February 2014. | |
The Company has commenced production at its manufacturing facility. The Company does not expect 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 2013 the Company used $20.3 million in cash for operations, or an average of $5.1 million per quarter. During the fourth quarter of 2013 the Company used $5.4 million in cash for operations. Absent any adjustments to expenses or significant additional financing, and without considering capital expenditures or significant increases in product sales at a positive margin, the Company's cash could be depleted during the second quarter 2014. In 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 $0.7 million, including principal and interest, will come due in 2014. Additional projected product revenues are not anticipated to result in a positive cash flow position for the year 2014 overall. As such, cash liquidity sufficient for the year ending December 31, 2014 will require additional financing. The Company continues to accelerate sales and marketing efforts related to its consumer products strategy through increased hiring and expansion of its sales channel. The Company has begun activities related to securing additional financing through strategic or financial investors, but there is no assurance 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. | |
As a result of the Company’s recurring losses from operations, and the potential need for additional financing to fund its operating and capital requirements, there is uncertainty regarding the Company’s ability to maintain liquidity sufficient to operate its business effectively, which raises substantial doubt as to the Company’s ability to continue as a going concern. | |
On March 19, 2014, the Company received notice from NASDAQ stating that, due to the Company's continued non-compliance with the minimum $1.00 bid price requirement for continued listing, the Company was subject to delisting from the NASDAQ Global Market tier, pending a timely request for a hearing or a successful transfer of listing to the NASDAQ Capital Market tier. On March 27, 2014, the Company received approval to transfer its listing to the NASDAQ Capital Market tier, effective with opening of the market on March 28, 2014. The Company's common stock will continue to trade under the symbol “ASTI”. The NASDAQ Capital Market is a continuous trading market that operates in substantially the same manner as the NASDAQ Global Market. | |
Transfer of the Company's listing to the NASDAQ Capital Market resulted in an additional 180-day period within which to regain compliance with the $1.00 minimum bid price requirement, through September 15, 2014 (the "Compliance Date"). The Company intends to continue to monitor the bid price of its common stock. If the Company's common stock does not trade at a level that is likely to regain compliance with the NASDAQ requirements, the Company's Board of Directors may consider other options that may be available to achieve compliance. One option to regain compliance is a reverse stock split, however a reverse stock split could have negative implications. If at any time before the Compliance Date, the closing bid price of the Company's common stock is at least $1.00 per share for at least ten consecutive business days, the Company will regain compliance with the price requirement. There is no assurance that the Company can demonstrate compliance by the Compliance Date or comply with the terms of the extension granted by NASDAQ, and the Company's common stock may then be subject to delisting. |
Trade_Receivables_Trade_Receiv
Trade Receivables Trade Receivables | 12 Months Ended |
Dec. 31, 2013 | |
Receivables [Abstract] | ' |
Trade Receivables | ' |
TRADE RECEIVABLES | |
Trade receivables consist of amounts generated from product sales and government contracts. Accounts receivable totaled $458,076 and $100,164 as of December 31, 2013 and 2012, respectively. Product revenue for the year ended December 31, 2013 includes $289,000 of sales to one major customer, representing 26% of total product revenue. Receivables from this major customer were $253,000 at December 31, 2013. | |
Provisional Indirect Cost Rates - The Company bills the government under cost-based research and development contracts at provisional billing rates which permit the recovery of indirect costs. These rates are subject to audit on an annual basis by the government agencies’ cognizant audit agency. The cost audit may result in the negotiation and determination of the final indirect cost rates. In the opinion of management, re-determination of any cost-based contracts will not have a material effect on the Company’s financial position or results of operations. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||
Property, Plant and Equipment | ' | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT | |||||||||||||
The following table summarizes property, plant and equipment as of December 31, 2013 and December 31, 2012: | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Building | $ | 5,820,509 | $ | 5,820,735 | |||||||||
Furniture, fixtures, computer hardware and computer software | 461,491 | 426,517 | |||||||||||
Manufacturing machinery and equipment | 32,332,905 | 32,847,052 | |||||||||||
Leasehold improvements | — | 884,709 | |||||||||||
Depreciable property, plant and equipment | 38,614,905 | 39,979,013 | |||||||||||
Less: Accumulated depreciation and amortization | (17,850,688 | ) | (12,725,298 | ) | |||||||||
Net property, plant and equipment | $ | 20,764,217 | $ | 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 these fair value measurements reside primarily within Level 3 of the fair value hierarchy. | |||||||||||||
Depreciation expense for the years ended December 31, 2013, 2012 and 2011 was $6,186,889, $6,142,560 and $7,527,150, respectively. Depreciation expense is recorded under “Research, development and manufacturing operations” 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 years ended December 31, 2013, 2012 and 2011: | |||||||||||||
For the years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest cost incurred | $ | 432,426 | $ | 449,302 | 465,103 | ||||||||
Interest cost capitalized | — | (177,309 | ) | (351,632 | ) | ||||||||
Interest expense, net | $ | 432,426 | $ | 271,993 | $ | 113,471 | |||||||
In December 2012, all of the production equipment to be installed in the manufacturing facility had been delivered and was in service, therefore the Company no longer capitalizes interest related to its manufacturing facility building loan. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
INVENTORIES | |||||||||
Inventories consisted of the following at December 31, 2013 and December 31, 2012: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 1,190,079 | $ | 1,794,224 | |||||
Work in process | 401,274 | 172,227 | |||||||
Finished goods | 296,259 | 193,102 | |||||||
Total | $ | 1,887,612 | $ | 2,159,553 | |||||
Debt
Debt | 12 Months Ended | |||
Dec. 31, 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 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. | ||||
As of December 31, 2013, future principal payments on long-term debt are due as follows: | ||||
2014 | $ | 282,960 | ||
2015 | 302,210 | |||
2016 | 322,771 | |||
2017 | 344,730 | |||
2018 | 368,183 | |||
Thereafter | 4,729,281 | |||
$ | 6,350,135 | |||
MakeWhole_Dividend_Liability
Make-Whole Dividend Liability | 12 Months Ended |
Dec. 31, 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 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). | |
In October 2013, the Company entered into a Series B Preferred Stock Purchase Agreement. Holders of Series B Preferred Stock are entitled to cumulative dividends at a rate of 5.75% per annum, with the dividend rate being indexed to the Company's stock price and subject to adjustment. Conversion or redemption of the Series B Preferred Stock within 5 years of issuance requires the Company pay a make-whole dividend to the holders, whereby dividends for the full five year period are to be paid in cash or common stock (valued at 8% below market price, but not to exceed the lowest closing price paid during the applicable measurement period). | |
The Company concluded the make-whole payments should be characterized as embedded derivatives under ASC 815. See Note 3. Summary of Significant Accounting Policies and Note 10. Stockholders' Equity. With the closing of the Series A and Series B preferred stock transactions, during the year ended December 31, 2013, the Company recorded dividends totaling $3.7 million as "Deemed dividends on Preferred Stock and accretion of warrants" in the Statements of Operations and "Make-whole dividend liability" in the Balance Sheets. | |
The fair value of these dividend liabilities, which are indexed to the Company's common stock, must be evaluated at each period end. The fair value measurements rely primarily on Company-specific inputs and the Company’s own assumptions. With the absence of observable inputs, the Company determined these recurring fair value measurements reside 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, during the year ended December 31, 2013, the Company recorded a net increase in fair value of the liability in the amount of $1.3 million, recorded as "Change in fair value of make-whole dividend liability" in Other Income/(Expense) in the Statements of Operations and in the Statement of Cash Flows. | |
At December 31, 2013, there were 362,390 shares and 350 shares of Series A and Series B Preferred Shares outstanding, respectively. At December 31, 2013, the Company was entitled to redeem the outstanding Series A preferred shares for $2.9 million, plus a make-whole amount of $1.1 million, payable in cash or common shares. At December 31, 2013, the Company was entitled to redeem the outstanding Series B preferred shares for $3.5 million, plus a make-whole amount of $2.0 million, payable in cash or common shares. The combined fair value of the make-whole dividend liabilities for the Series A and Series B preferred shares, which approximates cash value, was $3.1 million as of December 31, 2013. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Stockholders' Equity | ' |
STOCKHOLDERS’ EQUITY | |
Common Stock | |
At December 31, 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 December 31, 2013, the Company had 61,748,524 shares of common stock outstanding. The Company has not declared or paid any dividends related to the common stock through December 31, 2013. In January 2014, the authorized shares of common stock was increased to 250,000,000. | |
Initial Public Offering: The Company completed its initial public offering (“IPO”) of 3,000,000 units in 2006. Each unit consisted of one share of common stock, one redeemable Class A warrant and two non-redeemable Class B warrants. The IPO price was $5.50 per unit. The net proceeds of the offering were approximately $14 million. | |
Class A warrants. In 2007, the Company announced it intended to redeem its outstanding Class A warrants at $0.25 per warrant pursuant to its terms. There were 3,290,894 Class A warrants issued in connection with the Company’s IPO. During the exercise period, 3,098,382 Class A warrants (94.1% of the total outstanding) were exercised for an equal number of shares of common stock, and the Company received approximately $20 million in proceeds from the warrant exercises. The Class A warrant exercise period ended July 10, 2011. | |
Class B warrants. The Class B warrants included in the units became exercisable in August 2006. The exercise price of a Class B public warrant was $11.00. During 2008 and 2007, 98,800 and 11,000 Class B warrants, respectively were exercised resulting in proceeds to the Company of approximately $1.09 million and $121,000 respectively. The Class B warrant exercise period ended July 10, 2011. | |
IPO warrants. Warrants to purchase 300,000 units at $6.60 were issued to underwriters of the Company’s IPO in July 2006 (representative’s warrants). A unit consisted of one share of common stock, one Class A redeemable warrant and two Class B non-redeemable warrants. The proceeds from exercises of representative's warrants were approximately $2.0 million in 2007 and $0.5 million in 2008. The representative's warrant exercise period ended July 10, 2011. | |
Private Placements of Securities: The Company completed a private placement of securities with Norsk Hydro Produksjon AS (“Norsk Hydro”) in March 2007. Norsk Hydro purchased 1,600,000 shares of the Company’s common stock (representing 23% of the Company’s then outstanding common stock post transaction) for net proceeds of approximately $9.2 million. | |
In August 2007, Norsk Hydro acquired an additional 934,462 shares of the Company’s common stock and 1,965,690 Class B warrants through the exercise of an option previously granted to Norsk Hydro and approved by the Company's stockholders. Gross proceeds to the Company were $10.48 million. After acquiring these additional shares, Norsk Hydro again held 23% of the then outstanding common shares. Pursuant to a second option that was approved by Ascent’s stockholders in June 2007, beginning December 13, 2007, Norsk Hydro was entitled to purchase additional shares and Class B warrants up to a maximum of 35% of each class of security. | |
In March 2008, Norsk Hydro acquired an additional 2,341,897 shares of the Company’s common stock and 1,689,905 Class B warrants through the exercise of the second option previously granted to Norsk Hydro and approved by Ascent’s stockholders in June 2007, resulting in Norsk Hydro ownership of approximately 35% of each class of security. Gross proceeds to the Company were $28.4 million. As a result of the Company’s Secondary Public Offering in May 2008, Norsk Hydro’s holdings were diluted to approximately 27% of the then outstanding common stock. | |
In October 2008, Norsk Hydro acquired an additional 2,421,801 shares of the Company’s common stock. The purchase resulted in a return to Norsk Hydro’s ownership of approximately 35% of the Company’s then outstanding common stock. Gross proceeds to the Company from the follow on investment were approximately $15 million. | |
In September 2009, the Company sold to Norsk Hydro 769,230 restricted shares of the Company’s common stock for approximately $5.0 million in a private placement at a per share price equal to $6.50. Norsk Hydro was granted demand and piggy-back registration rights. | |
In August 2011, the Company completed a strategic alliance with TFG Radiant. As part of this strategic alliance, TFG Radiant acquired 6,400,000 shares of the Company's common stock at a price of $1.15 per share or $7,360,000 in the aggregate. The closing price of the Company's common stock on August 12, 2011 was $0.73. In addition, TFG Radiant received an option to acquire an additional 9,500,000 shares of the Company's common stock at an exercise price of $1.55 per share. The option was approved by the Company's stockholders on October 27, 2011. TFG Radiant may not exercise this option unless, and until, TFG Radiant meets a specified milestone associated with the construction of the first East Asia FAB. This option expired on February 12, 2014. | |
In January 2012, TFG Radiant agreed to purchase 8,067,390 shares of the Company's common stock owned by Norsk Hydro for $4 million, or approximately $0.50 per share. The TFG Radiant purchase of these shares closed on March 30, 2012. As of December 31, 2013, TFG Radiant's ownership was approximately 26% of the Company's outstanding Common Stock. | |
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. | |
Secondary Public Offerings: In May 2008, the Company completed a secondary public offering of 4,370,000 shares of common stock, which included 570,000 shares issued upon the underwriter’s exercise of their overallotment in full. The offering price of $14.00 per share resulted in net proceeds of $56.8 million. | |
In October 2009, the Company completed a secondary offering of 4,615,385 shares of the Company’s common stock at a price of $6.50 per share. The net proceeds to the Company were approximately $27.9 million. | |
In November 2010, the Company completed a secondary offering of 5,250,000 shares of the Company’s common stock at a price of $4.15 per share. The net proceeds to the Company were approximately $20.4 million. | |
In September 2012, the Company entered into an underwriting agreement with Aegis Capital Corp., providing for the sale, in a firm commitment offering, of 9,166,700 shares of the Company’s common stock, par value $0.0001 per share, at a price to the public of $1.20 per share. The Offering closed on September 25, 2012. Net proceeds were $10.2 million after deducting the underwriting discount and offering expenses payable by the Company of approximately $837,000. | |
Other common stock issuances: In February 2011, the Company entered into an At-The-Market Equity Offering Sales Agreement. Under this agreement the Company issued and sold 386,050 shares of its common stock for gross proceeds of $315,270 during 2011. This agreement was terminated on January 4, 2012. | |
In January 2012, the Company entered into an At-The-Market Equity Offering Sales Agreement under which the Company may issue and sell up to $5,000,000 of shares of its common stock from time to time. Sales of common stock, if any, will be made at market prices by any method deemed to be an “at the market” offering as defined in Rule 415 under the Securities Act, including sales made directly on the NASDAQ stock exchange and any other trading market for the Company’s common stock, and sales to or through a market maker other than on an exchange. The aggregate compensation payable to the sales agent shall be equal to 3% of the gross sales price of the shares sold. As of December 31, 2013, 1,972,181 shares had been sold under this facility with net proceeds of $1.9 million. This agreement was terminated on October 29, 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 vested in January 2014. | |
In December 2011, the Company filed a “shelf” Registration Statement on Form S-3 with the SEC. With the shelf registration, the Company may from time to time sell common stock, preferred stock, warrants or some combination in one or more offerings for up to $25.0 million. The registration became effective February 14, 2012. This shelf registration replaces the Company's prior shelf registration statement which, in accordance with SEC rules, expired in early 2012. As of December 31, 2013, approximately $2.0 million was unused on the shelf registration. | |
Preferred Stock | |
At December 31, 2013, the Company’s had 25,000,000 shares of preferred stock, $0.0001 par value, authorized for issuance. 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. 750,000 shares have been designated as Series A preferred stock and 2,000 shares have been designated for Series B-1 and B-2 preferred stock. As of December 31, 2013, the Company had 362,390 shares of Series A preferred stock, 350 shares of Series B-1 preferred stock and no shares of Series B-2 preferred stock, outstanding. The Company has no declared unpaid dividends related to the preferred stock as of December 31, 2013. | |
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 closing 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 December 31, 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 into10 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). See Note 9. Make-whole dividend liability. | |
During the twelve months ended December 31, 2013, the holder of the Series A preferred stock converted 387,610 preferred shares into 3,876,100 shares of common stock. As a result of these conversions, the Company paid make-whole dividends in the amount of 996,637 shares of common stock in lieu of a cash payment of $752,000. | |
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 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. | |
Series B preferred stock: 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 offered 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. On January 20, 2014, at a special meeting of the stockholder's, the Company obtained stockholder approval for the offering. Delivery of the second tranche of $5,000,000 in exchange for 500 shares of Series B-1 preferred shares occurred on February 7, 2014. With the closing of both tranches resulting in the issuance of Series B-1 preferred shares, the Company will not offer Series B-2 preferred shares. | |
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 an 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 liability 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. 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). See Note 9. Make-whole dividend liability. | |
During the twelve months ended December 31, 2013, the holder of the Series B preferred stock converted 150 preferred shares into 1,304,347 shares of common stock. As a result of these conversions, the Company paid a make-whole dividends in the amount of 1,172,126 shares of common stock in lieu of a cash payment of $788,000. | |
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. |
Equity_Plans_and_ShareBased_Co
Equity Plans and Share-Based Compensation | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Equity Plans and Share-Based Compensation | ' | |||||||||||||
EQUITY PLANS AND SHARE-BASED COMPENSATION | ||||||||||||||
Stock Option Plan: The Company’s 2005 Stock Option Plan, as amended (the “Stock Option Plan”) provides for the grant of incentive or non-statutory stock options to the Company’s employees, directors and consultants. Upon recommendation of the Board of Directors, the stockholders approved increases in the total shares of common stock reserved for issuance under the Stock Option Plan at various times from 1,000,000 to 3,700,000 currently. | ||||||||||||||
Restricted Stock Plan: The Company’s 2008 Restricted Stock Plan, as amended (the “Restricted Stock Plan”) was adopted by the Board of Directors and was approved by the stockholders on July 1, 2008. The Restricted Stock Plan initially reserved up to 750,000 shares of the Company’s common stock for restricted stock awards and restricted stock units to eligible employees, directors and consultants of the Company. Upon recommendation of the Board of Directors, the stockholders approved an increase in the total shares of common stock reserved for issuance under the Restricted Stock Plan from 750,000 to 2,550,000 shares. | ||||||||||||||
The Stock Option Plan and the Restricted Stock Plan are administered by the Compensation Committee of the Board of Directors, which determines the terms of the option and share awards, including the exercise price, expiration date, vesting schedule and number of shares. The term of any incentive stock option granted under the Stock Option Plan may not exceed ten years, or 5 years for options granted to an optionee owning more than 10% of the Company’s voting stock. The exercise price of an incentive stock option granted under the Option Plan must be equal to or greater than the fair market value of the shares of the Company’s common stock on the date the option is granted. An incentive stock option granted to an optionee owning more than 10% of the Company’s voting stock must have an exercise price equal to or greater than 110% of the fair market value of the Company’s common stock on the date the option is granted. The exercise price of a non-statutory option granted under the Option Plan must be equal to or greater than 85% of the fair market value of the shares of the Company’s common stock on the date the option is granted. | ||||||||||||||
Grants Outside Existing Equity Plans: Prior to the adoption of the Restricted Stock Plan, the Board of Directors granted 40,000 restricted stock awards in connection with an executive employment agreement. In July 2009, the Board of Directors granted an inducement award (as defined in NASDAQ Rule 5635(c) (4)) made outside of the existing Stock Option Plan for 200,000 stock options. | ||||||||||||||
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 years ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Share-based compensation cost included in: | ||||||||||||||
Research, development and manufacturing operations | $ | 228,120 | $ | 304,013 | $ | 302,101 | ||||||||
Selling, general and administrative | 393,385 | 620,302 | 1,270,506 | |||||||||||
Total share-based compensation cost | $ | 621,505 | $ | 924,315 | $ | 1,572,607 | ||||||||
The following table presents share-based compensation expense by type: | ||||||||||||||
For the years ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Type of Award: | ||||||||||||||
Stock Options | $ | 311,965 | $ | 443,103 | $ | 768,703 | ||||||||
Restricted Stock Units and Awards | 309,540 | 481,212 | 803,904 | |||||||||||
Total share-based compensation cost | $ | 621,505 | $ | 924,315 | $ | 1,572,607 | ||||||||
Stock Options: The Company recognized share-based compensation expense for stock options of $312,000 to officers, directors and employees for the year ended December 31, 2013 related to stock option awards ultimately expected to vest and reduced for estimated forfeitures. The weighted average estimated fair value of employee stock options granted for the years ended December 31, 2013, 2012 and 2011 was $0.49, $0.60 and $1.49 per share, respectively. Fair value was calculated using the Black-Scholes Model with the following assumptions: | ||||||||||||||
For the years ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Expected volatility | 97.3 | % | 101.3 | % | 97.9 | % | ||||||||
Risk free interest rate | 0.9 | % | 0.8 | % | 2.1 | % | ||||||||
Expected dividends | — | — | — | |||||||||||
Expected life (in years) | 5.2 | 5.2 | 6.3 | |||||||||||
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 December 31, 2013, total compensation cost related to non-vested stock options not yet recognized was $304,000 which is expected to be recognized over a weighted average period of approximately 1.4 years. As of December 31, 2013, 1,312,028 shares were vested or expected to vest in the future at a weighted average exercise price of $1.95. As of December 31, 2013, 1,432,967 shares remained available for future grants under the Option Plan. | ||||||||||||||
The following table summarizes stock option activity for grants made within the Stock Option Plan and outside the plan (shares in thousands): | ||||||||||||||
Stock | Stock Options | Weighted | Aggregate | |||||||||||
Option | Weighted | Average | Intrinsic | |||||||||||
Shares | Average | Remaining | Value | |||||||||||
Exercise Price | Contractual | |||||||||||||
Life in Years | ||||||||||||||
Outstanding at January 31, 2011 | 1,516 | $ | 5.14 | 8.32 | $ | 527,463 | ||||||||
Granted | 1,295 | 1.88 | ||||||||||||
Exercised | (57 | ) | (0.10 | ) | $ | 149,007 | ||||||||
Forfeited | (1,308 | ) | 4.96 | |||||||||||
Outstanding at December 31, 2011 | 1,446 | $ | 2.58 | 8.77 | $ | 4,437 | ||||||||
Granted | 45 | 0.8 | ||||||||||||
Exercised | (14 | ) | 0.68 | $ | 14,081 | |||||||||
Forfeited | (257 | ) | 2.54 | |||||||||||
Outstanding at December 31, 2012 | 1,220 | $ | 2.54 | 7.79 | $ | 8,057 | ||||||||
Granted | 785 | $ | 0.66 | |||||||||||
Exercised | (48 | ) | $ | 0.68 | $ | 5,400 | ||||||||
Forfeited | (409 | ) | $ | 2.04 | ||||||||||
Outstanding at December 31, 2013 | 1,548 | $ | 1.78 | 7.81 | $ | 51,160 | ||||||||
Exercisable at December 31, 2013 | 596 | $ | 3.21 | 6.39 | $ | 12,742 | ||||||||
Restricted Stock: In addition to the stock options discussed above, the Company recognized share-based compensation expense related to restricted stock grants of $310,000 for the year ended December 31, 2013. The weighted average estimated fair value of restricted stock grants for the years ended December 31, 2013, 2012 and 2011 was $0.62, $0.57 and $3.19, respectively. | ||||||||||||||
Total unrecognized share-based compensation expense from unvested restricted stock as of December 31, 2013 was $14,000 which is expected to be recognized over a weighted average period of approximately 0.5 years. As of December 31, 2013, 14,745 shares were expected to vest in the future. As of December 31, 2013, 756,017 shares remained available for future grants under the Restricted Stock Plan. | ||||||||||||||
The following table summarizes non-vested restricted stock and the related activity as of December 31, 2013 and for the years ended December 31, 2013, 2012 and 2011 (shares in thousands): | ||||||||||||||
Shares | Weighted Average | |||||||||||||
Grant-Date | ||||||||||||||
Fair-Value | ||||||||||||||
Non-vested at January 1, 2011 | 246 | $ | 5.48 | |||||||||||
Granted | 488 | $ | 3.19 | |||||||||||
Vested | (212 | ) | ||||||||||||
Forfeited | (281 | ) | ||||||||||||
Non-vested at December 31, 2011 | 241 | $ | 3.09 | |||||||||||
Granted | 658 | 0.57 | ||||||||||||
Vested | (646 | ) | ||||||||||||
Forfeited | (205 | ) | ||||||||||||
Non-vested at December 31, 2012 | 48 | $ | 3.47 | |||||||||||
Granted | 427 | $ | 0.62 | |||||||||||
Vested | (453 | ) | ||||||||||||
Forfeited | (7 | ) | ||||||||||||
Non-vested at December 31, 2013 | 15 | $ | 3.52 | |||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
INCOME TAXES | |||||||||
The Company records income taxes using the liability method. Under this method, deferred tax assets and liabilities are computed for the expected future impact of temporary differences between the financial statement and income tax bases of assets and liabilities using current income tax rates and for the expected future tax benefit to be derived from tax loss and tax credit carryforwards. ASC 740 provides detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in the financial statements. Tax positions must meet a “more-likely-than-not” recognition threshold before a benefit is recognized in the financial statements. | |||||||||
At December 31, 2013, the Company had $161,011,000 of cumulative net operating loss carryforwards for federal income tax purposes that were available to offset future taxable income through the year 2033. Under the Internal Revenue Code, the future utilization of net operating losses may be limited in certain circumstances where there is a significant ownership change. The Company prepared an analysis for the year ended December 31, 2013 and determined that a significant change in ownership has occurred as a result of the cumulative effect of the sales of common stock through its offerings. Such change limited the Company's utilizable net operating loss carryforwards to $73,969,000 for the year ended December 31, 2013. | |||||||||
Deferred income taxes reflect an estimate of the cumulative temporary differences recognized for financial reporting purposes from that recognized for income tax reporting purposes. At December 31, 2013 and 2012, the components of these temporary differences and the deferred tax asset were as follows: | |||||||||
As of December 31 | |||||||||
2013 | 2012 | ||||||||
Deferred Tax Asset | |||||||||
Current: | |||||||||
Accrued Expenses | $ | 705,000 | $ | 229,000 | |||||
Inventory Allowance | 427,000 | 355,000 | |||||||
Total Current | 1,132,000 | 584,000 | |||||||
Non-current: | |||||||||
Stock Based Compensation-Stock Options and Restricted Stock | 1,332,000 | 1,209,000 | |||||||
Tax effect of NOL carryforward | 27,027,000 | 14,359,000 | |||||||
Depreciation | 25,336,000 | 29,019,000 | |||||||
Amortization | (334,000 | ) | (190,000 | ) | |||||
Warranty reserve | 18,000 | 14,000 | |||||||
Total Non-current | 53,379,000 | 44,411,000 | |||||||
Net deferred tax asset | 54,511,000 | 44,995,000 | |||||||
Less valuation allowance | (54,511,000 | ) | (44,995,000 | ) | |||||
Net deferred tax asset | $ | — | $ | — | |||||
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical losses and projections of future taxable income over the periods in which the deferred tax assets are deductible, management believes it is not "more-likely-than-not" that the Company will realize the benefits of these deductible differences at December 31, 2013. The Company’s deferred tax valuation allowance of $54,511,000 reflected above is an increase of $9,516,000 from the valuation allowance reflected as of December 31, 2012 of $44,995,000, resulting from the ownership change net operating loss limitation. | |||||||||
As of December 31, 2013, the Company has not recorded a liability for uncertain tax positions. The Company recognizes interest and penalties related to uncertain tax positions in income tax (benefit)/expense. No interest and penalties related to uncertain tax positions were accrued at December 31, 2013. | |||||||||
The Company’s effective tax rate for the years ended December 31, 2013 and 2012 differs from the statutory rate due to the following (expressed as a percentage of pre-tax income): | |||||||||
2013 | 2012 | ||||||||
Federal statutory rate | 35 | % | 35 | % | |||||
State statutory rate | 3 | % | 3 | % | |||||
Permanent tax differences | — | % | — | % | |||||
Loss on revaluation | (2 | )% | — | % | |||||
Other | (5 | )% | — | % | |||||
Limitation on NOL usage due to ownership change | — | % | (115 | )% | |||||
Increase in valuation allowance | (31 | )% | 77 | % | |||||
— | % | — | % |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
RELATED PARTY TRANSACTIONS | |
TFG Radiant owns approximately 26% of the Company's outstanding common stock as of December 31, 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 TGF Radiant for product design, product development and manufacturing coordination activities provided by TFG Radiant to the Company in connection with the Company's line of consumer electronics 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 year ended December 31, 2013, the Company made disbursements to TFG Radiant in the amount of $1,352,000. Included within these disbursements is $800,000 for consulting fees and $552,000 for finished goods received and deposits for work-in-process. During the years ended December 31, 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 December 31, 2013, the Company had $21,000 in receivables and deposits with TFG Radiant. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
COMMITMENTS AND CONTINGENCIES | |
On October 21, 2011, the Company was notified that a complaint claiming $3.0 million 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. In addition, should it prevail at trial, Jefferies would be able to claim an award for attorney's fees and prejudgment interest in the approximate amount of $1.2 million. | |
To date, 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 began in early 2012 and is now complete. Jefferies' motion for summary judgment has been denied. A non-jury trial has been set for April 16, 2014. | |
In March 2014, the parties engaged in settlement discussions and reached an agreement in principle to settle the Lawsuit. The term sheet for this proposed settlement is being prepared as of the date of this filing. | |
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. The Company has accrued $1.7 million as of December 31, 2013 based on its' assessment of the likelihood of the contingent loss and the range of potential loss. |
Retirement_Plan
Retirement Plan | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Retirement Plan | ' |
RETIREMENT PLAN | |
On July 1, 2006, the Company adopted a qualified 401(k) plan which provides retirement benefits for all of its eligible employees. Under the plan, employees become eligible to participate at the first entry date, provided they are at least 21 years of age. The participants may elect through salary reduction to contribute up to ceilings established in the Internal Revenue Code. The Company will match 100% of the first six percent of employee contributions. In addition, the Company may make discretionary contributions to the Plan as determined by the Board of Directors. Employees are immediately vested in all salary reduction contributions. Rights to benefits provided by the Company’s discretionary and matching contributions vest 100% after the first year of service for all employees hired before January 1, 2010. For employees hired after December 31, 2009, matching contributions vest over a three-year period, one-third per year. Payments for 401(k) matching totaled $253,997, $143,159 and $257,823 for the years ended December 31, 2013, 2012 and 2011 respectively. Payments for 401(k) matching are recorded under “Research, development and manufacturing operations" expense and “Selling, general and administrative" expense in the Statements of Operations. |
Joint_Venture
Joint Venture | 12 Months Ended |
Dec. 31, 2013 | |
Equity Method Investments and Joint Ventures [Abstract] | ' |
Joint Venture | ' |
JOINT VENTURE | |
On December 28, 2013, the Company entered into a definitive 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, comprised of equipment, intellectual property and cash funded by Suqian, the Company, and other supporting investors to be brought in by the Company. | |
In the initial phase of the project, the Company and Suqian will form a joint venture entity (“JV”) in which Suqian will inject approximately $4.8 million in cash and have majority interest of 75%. The Company will inject approximately $1.6 million in cash and hold a minority interest of 25%. Later in 2014, Suqian will further inject the balance of the committed $32.5 million while the Company will contribute its proprietary technology and intellectual property, as well as certain equipment from its Colorado facility, thereby increasing the Company's shareholdings progressively up to an 80% ownership. | |
The JV will build a factory to manufacture the Company's proprietary photovoltaic modules. The Company is committed to purchase this factory within the first 5 years at the initial construction cost, and will also purchase Suqian's ownership interest in the JV at a cost of 1.5 times Suqian's cash investment. | |
The implementation of the 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. | |
In December 2013, the Company established a wholly owned legal entity in Singapore (Ascent Solar (Asia) PTE. LTD. "Ascent Asia"). Ascent Asia was established initially to manage the Company's contract manufacturing partners in Asia. In the longer term, this entity will serve as the Company's sales headquarters in Asia, in addition to providing management of regional warehousing operations. Any activity for Ascent Asia will be consolidated into the Company's Balance Sheets, Statements of Operations, Statements of Stockholders' Equity and Statements of Cash Flows. |
Subsequent_Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
SUBSEQUENT EVENT | |
On February 7, 2014, the Company closed on the issuance of 500 additional shares of Series B-1 Preferred Stock at a purchase price for each share of Series B-1 Preferred Stock of $10,000 per share. The closing resulted in gross proceeds to the Company of $5,000,000. | |
This transaction was the second tranche closing contemplated by the Series B Preferred Stock Purchase Agreement dated October 28, 2013. The first tranche closing, which occurred on November 1, 2013, also resulted in the Company issuing 500 shares of Series B-1 Preferred Stock and the Company receiving gross proceeds of $5,000,000. | |
The terms of the Series B-1 Preferred Stock issued in the first and second tranche closings are the same. See Note 10. Stockholders' Equity. | |
The Series B-1 Preferred Stock was offered and sold pursuant to a prospectus supplement filed on October 30, 2013 with the Securities and Exchange Commission in connection with the Company’s shelf registration statement on Form S-3 (File No. 333-178821), which became effective on February 14, 2012. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Selected Quarterly Financial Data | ' | ||||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (unaudited) | |||||||||||||||||
The following table presents selected unaudited Statements of Operations and Balance Sheet information for each of the quarters in the years ended December 31, 2013 and 2012 (in thousands, except per share data): | |||||||||||||||||
Selected Statements of Operations information: | |||||||||||||||||
For the Quarter Ended | |||||||||||||||||
Year Ended December 31, 2013 | December 31 | September 30 | June 30 | March 31 | |||||||||||||
Revenue | $ | 582 | $ | 275 | $ | 225 | $ | 235 | |||||||||
Research, Development and Manufacturing Operations Expense | 5,096 | 5,336 | 5,590 | 5,320 | |||||||||||||
Selling, General and Administrative Expense | 3,153 | 1,385 | 1,611 | 1,243 | |||||||||||||
Impairment Loss | 822 | — | — | — | |||||||||||||
Loss from Operations | (8,490 | ) | (6,445 | ) | (6,976 | ) | (6,328 | ) | |||||||||
Net Loss applicable to common stockholders | (11,816 | ) | (10,136 | ) | (7,680 | ) | (6,434 | ) | |||||||||
Basic and diluted loss per share | $ | (0.20 | ) | $ | (0.19 | ) | $ | (0.15 | ) | $ | (0.13 | ) | |||||
For the Quarter Ended | |||||||||||||||||
Year Ended December 31, 2013 | December 31 | September 30 | June 30 | March 31 | |||||||||||||
Current Assets | $ | 6,842 | $ | 6,843 | $ | 6,892 | $ | 10,317 | |||||||||
Total Assets | 28,539 | 30,851 | 32,322 | 36,843 | |||||||||||||
Current Liabilities | 5,672 | 4,225 | 2,835 | 2,527 | |||||||||||||
Working Capital | 1,170 | 2,618 | 4,057 | 7,790 | |||||||||||||
Long-Term Obligations | 7,433 | 6,188 | 6,252 | 6,323 | |||||||||||||
Stockholders’ Equity | 15,434 | 20,438 | 23,235 | 27,993 | |||||||||||||
For the Quarter Ended | |||||||||||||||||
Year Ended December 31, 2012 | December 31 | September 30 | June 30 | March 31 | |||||||||||||
Revenue | $ | 45 | $ | 556 | $ | 155 | $ | 441 | |||||||||
Research, Development and Manufacturing Operations Expense | 5,778 | 5,730 | 4,830 | 4,390 | |||||||||||||
Selling, General and Administrative Expense | 1,140 | 1,188 | 1,186 | 1,494 | |||||||||||||
Impairment Loss | 3,402 | — | — | — | |||||||||||||
Loss from Operations | (10,275 | ) | (6,362 | ) | (5,862 | ) | (5,443 | ) | |||||||||
Net Loss applicable to common stockholders | (10,954 | ) | (6,398 | ) | (5,906 | ) | (5,511 | ) | |||||||||
Basic and diluted loss per share | $ | (0.21 | ) | $ | (0.15 | ) | $ | (0.14 | ) | $ | (0.14 | ) | |||||
For the Quarter Ended | |||||||||||||||||
Year Ended December 31, 2012 | December 31 | September 30 | June 30 | March 31 | |||||||||||||
Current Assets | $ | 15,713 | $ | 22,176 | $ | 16,411 | $ | 22,294 | |||||||||
Total Assets | 43,524 | 54,569 | 49,696 | 55,906 | |||||||||||||
Current Liabilities | 2,909 | 3,084 | 2,811 | 3,253 | |||||||||||||
Working Capital | 12,804 | 19,092 | 13,601 | 19,041 | |||||||||||||
Long-Term Obligations | 6,388 | 6,456 | 6,511 | 6,577 | |||||||||||||
Stockholders’ Equity | 34,227 | 45,029 | 40,374 | 46,076 | |||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Cash Equivalents | ' | ||
Cash Equivalents: The Company classifies all short-term investments in interest bearing bank accounts and highly liquid debt securities purchased with an original maturity of three months or less to be cash equivalents. The Company maintains cash balances which may exceed federally insured limits. The Company does not believe this results in significant credit risk. | |||
Investments | ' | ||
Investments: Historically the Company has classified its investments as “available-for-sale.” Such investments are carried at fair value, based on quoted market prices with the unrealized holding gains and losses reported as “Other comprehensive income (loss)” in the Statements of Operations. Realized gains and losses on sales of securities are computed using the specific identification method. The Company typically invests in highly rated securities with low probabilities of default. The Company’s investment policy specifies minimum investment grade criteria, types of acceptable investments, concentration limitations and duration guidelines. The Company evaluates declines in market value for potential impairment. If the decline results in a value below cost and is determined to be other than temporary, the investment is written down to its impaired value and a new cost basis is established. | |||
Fair Value Estimates | ' | ||
Fair Value Estimates: 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 | ||
Certain long-lived assets and current liabilities have been measured at fair value on a recurring and non-recurring basis. See Note 6. Property, Plant and Equipment and Note 9. Make-whole Dividend Liability. The carrying value for cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other assets and liabilities approximate their fair values due to their short maturities. | |||
Related Party Transactions | ' | ||
Related Party Transactions: The Company is party to several operating agreements, including a Joint Development Agreement, a Supply Agreement, a Contract Manufacturing Agreement, and a Services Agreement with TFG Radiant Investment Group Ltd. and its affiliates (“TFG Radiant”), which is also the Company's largest shareholder. Accounting for transactions under these agreements is consistent with the Company's other significant accounting policies. | |||
Foreign Currencies | ' | ||
Foreign Currencies: Bank account balances held in foreign currencies are translated to U.S. dollars utilizing the period end exchange rate. Gains or losses incurred in connection with the Company’s accounts held in foreign currency are recorded in “Other Income/(Expense)” on the Statements of Operations. | |||
Product revenue | ' | ||
Product revenue - The Company is in the development stage and generated product revenues of $1,118,000 for the year ended December 31, 2013. Product revenue is generated from commercial sales of flexible PV modules and PV integrated consumer electronics, non-PV integrated power banks and associated accessories. Products are sold through the Company's own e-commerce website, online retailers, direct to retailers and indirectly to retailers through distributors. Revenue is recognized as products are shipped or delivered and title has transferred to the customer. In certain instances, the Company has agreed to refund a portion of the purchase price to customers if the Company's standard prices decrease. The Company estimates the effect of this price protection and records the difference as a reduction of revenue at the time of sale. Estimated costs of returns and allowances and discounts are accrued as a reduction to sales when revenue is recognized. See Note 3. Significant Accounting Policies, Advertising Costs, for accounting treatment related to cooperative advertising programs. | |||
Government contracts revenue | ' | ||
Government contracts revenue - Revenue from governmental research and development contracts is generated under terms that are cost plus fee or firm fixed price. Revenue from cost plus fee contracts is recognized as costs are incurred on the basis of direct costs plus allowable indirect costs and an allocable portion of the fixed fee. Revenue from firm fixed price contracts is recognized under the percentage-of-completion method of accounting, with costs and estimated profits included in contract revenue as work is performed. If actual and estimated costs to complete a contract indicate a loss, provision is made currently for the loss anticipated on the contract. | |||
Advertising Costs | ' | ||
Advertising Costs: The Company advertises in print, television, online and through social media. The Company will also authorize customers to run advertising campaigns on its behalf through various media outlets. Advertising costs are expensed as incurred. Advertising expenses were $201,000, $13,000 and $0 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||
Shipping and Handling Costs | ' | ||
Shipping and Handling Costs: The Company classifies shipping and handling costs for products shipped to customers as a component of “Research, development and manufacturing operations” on the Company’s Statements of Operations. Customer payments of shipping and handling costs are recorded as a component of Product revenue. | |||
Receivables and Allowance for Doubtful Accounts | ' | ||
Receivables and Allowance for Doubtful Accounts: Trade accounts receivable are recorded at the invoiced amount as the result of transactions with customers. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company estimates the collectability of accounts receivable using analysis of historical bad debts, customer credit-worthiness and current economic trends. Reserves are established on an account-by-account basis. Account balances are written off against the allowance in the period in which the Company determines that is it probable that the receivable will not be recovered. The Company had no reserved accounts as of December 31, 2013 and 2012. | |||
Product Warranties | ' | ||
Product Warranties: The Company provides a limited warranty to the original purchaser of products against defective materials and workmanship. The Company also guarantees that standalone modules and PV integrated consumer electronics will achieve and maintain the stated conversion efficiency rating for certain products. Warranty accruals are recorded at the time of sale and are estimated based upon product warranty terms, historical experience and analysis of peer company product returns. The Company assesses the adequacy of its liabilities and makes adjustments as necessary based on known or anticipated warranty claims, or as new information becomes available. | |||
Convertible Preferred Stock | ' | ||
Convertible Preferred Stock: During the second and third quarters of 2013, the Company issued Series A preferred stock and warrants. Upon issuance, the Series A preferred stock was evaluated under FASB ASC 480, “Distinguishing Liabilities from Equity" and it was determined the Series A preferred stock 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 of $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 and "Deemed dividends on preferred stock and accretion of warrants" in the 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 the holder would receive upon conversion. The calculation resulted in a BCF of $1.4 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 and "Deemed dividends on preferred stock and accretion of warrants" in the Statements of Operations. | |||
During the fourth quarter of 2013, the Company issued Series B preferred stock. Upon issuance, the Series B preferred stock was evaluated under FASB ASC 480, “Distinguishing Liabilities from Equity" and it was determined the Series B preferred stock was not within the scope of ASC 480; therefore, the Series B preferred stock was not considered a liability under ASC 480. | |||
Make-whole dividend liability | ' | ||
Make-whole dividend liability: The Series A and Series B preferred stock issuances include make-whole provisions with variable rate dividends which are indexed to the Company's own stock. The make-whole provisions have attributes of embedded derivatives and were evaluated under ASC 815, “Derivatives and Hedging" (“ASC 815”). The Company believes the Series A and Series B preferred stock are considered equity hosts for the purposes of evaluating the make-whole provisions for potential bifurcation. The Series A and Series B preferred stock holders may convert to common shares at any time after issuance. Upon conversion, the holders are entitled to a make-whole dividend which is payable in cash or common shares, at the Company's election. The Company concluded the make-whole payments should be characterized as embedded derivatives under ASC 815. The fair value of make-whole dividend liabilities must be evaluated at each period end, with changes recorded as a component of Other Income/(Expense). | |||
Patents | ' | ||
Patents: At such time as the Company is awarded patents, patent costs are amortized on a straight-line basis over the legal life on the patents, or over their estimated useful lives, whichever is shorter. As of December 31, 2013, the Company had $880,000 of net patent costs, of which $253,000 represents costs net of amortization incurred for awarded patents, and the remaining $627,000 represents costs incurred for patent applications to be filed. During the year ended December 31, 2013, the Company capitalized $414,000 in patent costs as it worked to secure design rights and trademarks for newly developed products. Amortization expense was $35,000, $20,000 and $11,000 for the years ended December 31, 2013, 2012 and 2011, respectively. Amortization expense is expected to remain consistent or increase slightly in future periods. | |||
Inventories | ' | ||
Inventories: All inventories are stated at the lower of cost or market, with cost determined using the weighted average method. As a development stage entity with limited production, inventory values do not include labor and overhead allocations which would be typical in higher volume production environments, however, such differences are not significant. | |||
Inventory balances are frequently evaluated to ensure they do not exceed net realizable value. The computation for net realizable value takes into account many factors, including expected demand, product life cycle and development plans, module efficiency, quality issues, obsolescence and others. Management's judgment is required to determine reserves for obsolete or excess inventory. If actual demand and market conditions are less favorable than those estimated by management, additional inventory write downs may be required. The majority of the Company's inventory is raw materials which have a long life cycle; obsolescence is not a significant factor in their valuation. During the years ended December 31, 2013 and December 31, 2012, the Company recognized lower of cost or market adjustments on certain raw materials in the amounts of $598,000 and $1,022,000, respectively. These expenses are included within “Research, development and manufacturing operations” expense in the Statements of Operations. | |||
Property, Plant and Equipment | ' | ||
Property, Plant and Equipment: Property, plant and equipment are recorded at the original cost to the Company. Assets are being depreciated over estimated useful lives of three to forty years using the straight-line method, as presented in the table below, commencing when the asset is placed in service. Leasehold improvements are depreciated over the shorter of the remainder of the lease term or the life of the improvements. Upon retirement or disposal, the cost of the asset disposed of and the related accumulated depreciation are removed from the accounts and any gain or loss is reflected in income. Expenditures for repairs and maintenance are expensed as incurred. | |||
Useful Lives | |||
in Years | |||
Buildings | 40 | ||
Manufacturing machinery and equipment | 5 - 10 | ||
Furniture, fixtures, computer hardware/software | 3 - 7 | ||
Leasehold improvements | life of lease | ||
Interest Capitalization | ' | ||
Interest Capitalization: Historically the Company has capitalized interest cost as part of the cost of acquiring or constructing certain assets during the period of time required to get the asset ready for its intended use. The Company capitalized interest to the extent that expenditures to acquire or construct an asset have occurred and interest cost has been incurred. | |||
Impairment of Long-lived Assets | ' | ||
Impairment of Long-lived Assets: The Company analyzes its long-lived assets (property, plant and equipment) and definitive-lived intangible assets (patents) for impairment, both individually and as a group, whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. Events that might cause impairment would include significant current period operating or cash flow losses associated with the use of a long-lived asset or group of assets combined with a history of such losses, significant changes in the manner of use of assets and significant negative industry or economic trends. An undiscounted cash flow analysis is calculated to determine if impairment exists. If impairment is determined to exist, any related loss is calculated using the difference between the fair value and the carrying value of the assets. During the years ended December 31, 2013, 2012 and 2011, the Company incurred impairments of its manufacturing facilities and equipment in the amounts of $0.8 million, $3.4 million and $78.0 million, respectively. Impairments incurred in 2013 and 2012 were based on estimates prepared by management. The impairment incurred in 2011 was based on management estimates and a valuation analysis by an independent firm. | |||
Net Loss per Common Share | ' | ||
Net Loss per Common Share: Basic earnings per share does not include dilution and is computed by dividing income available to common stockholders by the weighted average number of shares outstanding during the period. Diluted earnings per share reflect the potential securities that could share in the earnings of the Company, similar to fully diluted earnings per share. Common stock equivalents outstanding as of December 31, 2013 of approximately 15.3 million shares have been omitted from loss per share because they are anti-dilutive. Common stock equivalents consist of stock options, unvested restricted stock, preferred stock and preferred stock make-whole dividend liability amounts, assuming the make-whole dividend liability is paid in common stock in lieu of cash. Net loss per common share was the same for both basic and diluted methods for the periods ended December 31, 2013, 2012 and 2011. | |||
Research, Development and Manufacturing Operations Costs | ' | ||
Research, Development and Manufacturing Operations Costs: Research, development and manufacturing operations expenses were $21,343,000 and $20,729,000 for the years ended December 31, 2013 and 2012, respectively. Research, development and manufacturing operations expenses include: 1) technology development costs, which include expenses incurred in researching new technology, improving existing technology and performing federal government research and development contracts, 2) product development costs, which include expenses incurred in developing new products and lowering product design costs, and 3) pre-production and production costs, which include engineering efforts to improve production processes, material yields and equipment utilization, and manufacturing efforts to produce saleable product. Research, development and manufacturing operations costs are expensed as incurred, with the exception of costs related to inventoried raw materials, work-in-process and finished goods, which are expensed as products are sold, assuming the resulting product has been completed, tested and is ready for significant commercial manufacturing. For the twelve months ended December 31, 2013, technology development costs were $1,148,000, product development costs were $2,101,000 and production and pre-production costs were $18,094,000. For the twelve months ended December 31, 2012, technology development costs were $1,542,000, product development costs were $1,546,000 and production and pre-production costs were $17,641,000. | |||
Income Taxes | ' | ||
Income Taxes: Deferred income taxes are provided using the liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of the changes in tax laws and rates as of the date of enactment. Interest and penalties, if applicable, would be recorded in operations. | |||
The Company has analyzed filing positions in all of the federal and state jurisdictions where it is required to file income tax returns, as well as all open tax years (2009-2013) in these jurisdictions. The Company believes its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material adverse effect on the Company’s financial condition, results of operations, or cash flows. Therefore, no reserves for uncertain income tax positions have been recorded. | |||
Share-Based Compensation | ' | ||
Share-Based Compensation: The Company measures and recognizes compensation expense for all share-based payment awards made to employees, officers, directors, and consultants based on estimated fair values. The Company estimates the fair value of share-based payment awards on the date of grant using an option-pricing model for option awards. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service period in the Company’s Statements of Operations. Share-based compensation is based on awards ultimately expected to vest and is reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, as necessary, in subsequent periods if actual forfeitures differ from those estimates. For purposes of determining estimated fair value of share-based payment awards on the date of grant the Company uses the Black-Scholes option-pricing model (“Black-Scholes Model”) for option awards. The Black-Scholes Model requires the input of highly subjective assumptions. Because the Company’s employee stock options may have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management’s opinion, the existing models may not provide a reliable single measure of the fair value of the Company’s employee stock options. Management will continue to assess the assumptions and methodologies used to calculate estimated fair value of share-based compensation. Circumstances may change and additional data may become available over time, which result in changes to these assumptions and methodologies, which could materially impact the Company’s fair value determination. The Company estimates the fair value of its restricted stock awards as its stock price on the grant date. | |||
The accounting guidance for share-based compensation may be subject to further interpretation and refinement over time. There are significant differences among option valuation models, and this may result in a lack of comparability with other companies that use different models, methods and assumptions. If factors change and the Company employs different assumptions in the accounting for share-based compensation in future periods, or if the Company decides to use a different valuation model, the compensation expense the Company records in the future may differ significantly from the amount recorded in the current period and could materially affect its loss from operations, net loss and net loss per share. | |||
Reclassifications | ' | ||
Reclassifications: Certain reclassifications have been made to the 2011 and 2012 financial information to conform to the 2013 presentation. Such reclassifications had no effect on comprehensive losses for those periods. | |||
Use of Estimates | ' | ||
Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
Useful Lives | |||||||||
in Years | |||||||||
Buildings | 40 | ||||||||
Manufacturing machinery and equipment | 5 - 10 | ||||||||
Furniture, fixtures, computer hardware/software | 3 - 7 | ||||||||
Leasehold improvements | life of lease | ||||||||
The following table summarizes property, plant and equipment as of December 31, 2013 and December 31, 2012: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
Building | $ | 5,820,509 | $ | 5,820,735 | |||||
Furniture, fixtures, computer hardware and computer software | 461,491 | 426,517 | |||||||
Manufacturing machinery and equipment | 32,332,905 | 32,847,052 | |||||||
Leasehold improvements | — | 884,709 | |||||||
Depreciable property, plant and equipment | 38,614,905 | 39,979,013 | |||||||
Less: Accumulated depreciation and amortization | (17,850,688 | ) | (12,725,298 | ) | |||||
Net property, plant and equipment | $ | 20,764,217 | $ | 27,253,715 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||
Property, Plant and Equipment | ' | ||||||||||||
Useful Lives | |||||||||||||
in Years | |||||||||||||
Buildings | 40 | ||||||||||||
Manufacturing machinery and equipment | 5 - 10 | ||||||||||||
Furniture, fixtures, computer hardware/software | 3 - 7 | ||||||||||||
Leasehold improvements | life of lease | ||||||||||||
The following table summarizes property, plant and equipment as of December 31, 2013 and December 31, 2012: | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Building | $ | 5,820,509 | $ | 5,820,735 | |||||||||
Furniture, fixtures, computer hardware and computer software | 461,491 | 426,517 | |||||||||||
Manufacturing machinery and equipment | 32,332,905 | 32,847,052 | |||||||||||
Leasehold improvements | — | 884,709 | |||||||||||
Depreciable property, plant and equipment | 38,614,905 | 39,979,013 | |||||||||||
Less: Accumulated depreciation and amortization | (17,850,688 | ) | (12,725,298 | ) | |||||||||
Net property, plant and equipment | $ | 20,764,217 | $ | 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 years ended December 31, 2013, 2012 and 2011: | |||||||||||||
For the years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest cost incurred | $ | 432,426 | $ | 449,302 | 465,103 | ||||||||
Interest cost capitalized | — | (177,309 | ) | (351,632 | ) | ||||||||
Interest expense, net | $ | 432,426 | $ | 271,993 | $ | 113,471 | |||||||
In December 2012, all of the production equipment to be installed in the manufacturing facility had been delivered and was in service, therefore the Company no longer capitalizes interest related to its manufacturing facility building loan. |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current | ' | ||||||||
Inventories consisted of the following at December 31, 2013 and December 31, 2012: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 1,190,079 | $ | 1,794,224 | |||||
Work in process | 401,274 | 172,227 | |||||||
Finished goods | 296,259 | 193,102 | |||||||
Total | $ | 1,887,612 | $ | 2,159,553 | |||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Debt Disclosure [Abstract] | ' | |||
Schedule of Maturities of Long-term Debt | ' | |||
As of December 31, 2013, future principal payments on long-term debt are due as follows: | ||||
2014 | $ | 282,960 | ||
2015 | 302,210 | |||
2016 | 322,771 | |||
2017 | 344,730 | |||
2018 | 368,183 | |||
Thereafter | 4,729,281 | |||
$ | 6,350,135 | |||
Equity_Plans_and_ShareBased_Co1
Equity Plans and Share-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 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 years ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Share-based compensation cost included in: | ||||||||||||||
Research, development and manufacturing operations | $ | 228,120 | $ | 304,013 | $ | 302,101 | ||||||||
Selling, general and administrative | 393,385 | 620,302 | 1,270,506 | |||||||||||
Total share-based compensation cost | $ | 621,505 | $ | 924,315 | $ | 1,572,607 | ||||||||
Share-based compensation cost by award type | ' | |||||||||||||
The following table presents share-based compensation expense by type: | ||||||||||||||
For the years ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Type of Award: | ||||||||||||||
Stock Options | $ | 311,965 | $ | 443,103 | $ | 768,703 | ||||||||
Restricted Stock Units and Awards | 309,540 | 481,212 | 803,904 | |||||||||||
Total share-based compensation cost | $ | 621,505 | $ | 924,315 | $ | 1,572,607 | ||||||||
Share-based compensation fair value assumptions | ' | |||||||||||||
Fair value was calculated using the Black-Scholes Model with the following assumptions: | ||||||||||||||
For the years ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Expected volatility | 97.3 | % | 101.3 | % | 97.9 | % | ||||||||
Risk free interest rate | 0.9 | % | 0.8 | % | 2.1 | % | ||||||||
Expected dividends | — | — | — | |||||||||||
Expected life (in years) | 5.2 | 5.2 | 6.3 | |||||||||||
Stock option activity | ' | |||||||||||||
The following table summarizes stock option activity for grants made within the Stock Option Plan and outside the plan (shares in thousands): | ||||||||||||||
Stock | Stock Options | Weighted | Aggregate | |||||||||||
Option | Weighted | Average | Intrinsic | |||||||||||
Shares | Average | Remaining | Value | |||||||||||
Exercise Price | Contractual | |||||||||||||
Life in Years | ||||||||||||||
Outstanding at January 31, 2011 | 1,516 | $ | 5.14 | 8.32 | $ | 527,463 | ||||||||
Granted | 1,295 | 1.88 | ||||||||||||
Exercised | (57 | ) | (0.10 | ) | $ | 149,007 | ||||||||
Forfeited | (1,308 | ) | 4.96 | |||||||||||
Outstanding at December 31, 2011 | 1,446 | $ | 2.58 | 8.77 | $ | 4,437 | ||||||||
Granted | 45 | 0.8 | ||||||||||||
Exercised | (14 | ) | 0.68 | $ | 14,081 | |||||||||
Forfeited | (257 | ) | 2.54 | |||||||||||
Outstanding at December 31, 2012 | 1,220 | $ | 2.54 | 7.79 | $ | 8,057 | ||||||||
Granted | 785 | $ | 0.66 | |||||||||||
Exercised | (48 | ) | $ | 0.68 | $ | 5,400 | ||||||||
Forfeited | (409 | ) | $ | 2.04 | ||||||||||
Outstanding at December 31, 2013 | 1,548 | $ | 1.78 | 7.81 | $ | 51,160 | ||||||||
Exercisable at December 31, 2013 | 596 | $ | 3.21 | 6.39 | $ | 12,742 | ||||||||
Restricted stock activity | ' | |||||||||||||
The following table summarizes non-vested restricted stock and the related activity as of December 31, 2013 and for the years ended December 31, 2013, 2012 and 2011 (shares in thousands): | ||||||||||||||
Shares | Weighted Average | |||||||||||||
Grant-Date | ||||||||||||||
Fair-Value | ||||||||||||||
Non-vested at January 1, 2011 | 246 | $ | 5.48 | |||||||||||
Granted | 488 | $ | 3.19 | |||||||||||
Vested | (212 | ) | ||||||||||||
Forfeited | (281 | ) | ||||||||||||
Non-vested at December 31, 2011 | 241 | $ | 3.09 | |||||||||||
Granted | 658 | 0.57 | ||||||||||||
Vested | (646 | ) | ||||||||||||
Forfeited | (205 | ) | ||||||||||||
Non-vested at December 31, 2012 | 48 | $ | 3.47 | |||||||||||
Granted | 427 | $ | 0.62 | |||||||||||
Vested | (453 | ) | ||||||||||||
Forfeited | (7 | ) | ||||||||||||
Non-vested at December 31, 2013 | 15 | $ | 3.52 | |||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||
At December 31, 2013 and 2012, the components of these temporary differences and the deferred tax asset were as follows: | |||||||||
As of December 31 | |||||||||
2013 | 2012 | ||||||||
Deferred Tax Asset | |||||||||
Current: | |||||||||
Accrued Expenses | $ | 705,000 | $ | 229,000 | |||||
Inventory Allowance | 427,000 | 355,000 | |||||||
Total Current | 1,132,000 | 584,000 | |||||||
Non-current: | |||||||||
Stock Based Compensation-Stock Options and Restricted Stock | 1,332,000 | 1,209,000 | |||||||
Tax effect of NOL carryforward | 27,027,000 | 14,359,000 | |||||||
Depreciation | 25,336,000 | 29,019,000 | |||||||
Amortization | (334,000 | ) | (190,000 | ) | |||||
Warranty reserve | 18,000 | 14,000 | |||||||
Total Non-current | 53,379,000 | 44,411,000 | |||||||
Net deferred tax asset | 54,511,000 | 44,995,000 | |||||||
Less valuation allowance | (54,511,000 | ) | (44,995,000 | ) | |||||
Net deferred tax asset | $ | — | $ | — | |||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||
The Company’s effective tax rate for the years ended December 31, 2013 and 2012 differs from the statutory rate due to the following (expressed as a percentage of pre-tax income): | |||||||||
2013 | 2012 | ||||||||
Federal statutory rate | 35 | % | 35 | % | |||||
State statutory rate | 3 | % | 3 | % | |||||
Permanent tax differences | — | % | — | % | |||||
Loss on revaluation | (2 | )% | — | % | |||||
Other | (5 | )% | — | % | |||||
Limitation on NOL usage due to ownership change | — | % | (115 | )% | |||||
Increase in valuation allowance | (31 | )% | 77 | % | |||||
— | % | — | % |
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||
The following table presents selected unaudited Statements of Operations and Balance Sheet information for each of the quarters in the years ended December 31, 2013 and 2012 (in thousands, except per share data): | |||||||||||||||||
Selected Statements of Operations information: | |||||||||||||||||
For the Quarter Ended | |||||||||||||||||
Year Ended December 31, 2013 | December 31 | September 30 | June 30 | March 31 | |||||||||||||
Revenue | $ | 582 | $ | 275 | $ | 225 | $ | 235 | |||||||||
Research, Development and Manufacturing Operations Expense | 5,096 | 5,336 | 5,590 | 5,320 | |||||||||||||
Selling, General and Administrative Expense | 3,153 | 1,385 | 1,611 | 1,243 | |||||||||||||
Impairment Loss | 822 | — | — | — | |||||||||||||
Loss from Operations | (8,490 | ) | (6,445 | ) | (6,976 | ) | (6,328 | ) | |||||||||
Net Loss applicable to common stockholders | (11,816 | ) | (10,136 | ) | (7,680 | ) | (6,434 | ) | |||||||||
Basic and diluted loss per share | $ | (0.20 | ) | $ | (0.19 | ) | $ | (0.15 | ) | $ | (0.13 | ) | |||||
For the Quarter Ended | |||||||||||||||||
Year Ended December 31, 2013 | December 31 | September 30 | June 30 | March 31 | |||||||||||||
Current Assets | $ | 6,842 | $ | 6,843 | $ | 6,892 | $ | 10,317 | |||||||||
Total Assets | 28,539 | 30,851 | 32,322 | 36,843 | |||||||||||||
Current Liabilities | 5,672 | 4,225 | 2,835 | 2,527 | |||||||||||||
Working Capital | 1,170 | 2,618 | 4,057 | 7,790 | |||||||||||||
Long-Term Obligations | 7,433 | 6,188 | 6,252 | 6,323 | |||||||||||||
Stockholders’ Equity | 15,434 | 20,438 | 23,235 | 27,993 | |||||||||||||
For the Quarter Ended | |||||||||||||||||
Year Ended December 31, 2012 | December 31 | September 30 | June 30 | March 31 | |||||||||||||
Revenue | $ | 45 | $ | 556 | $ | 155 | $ | 441 | |||||||||
Research, Development and Manufacturing Operations Expense | 5,778 | 5,730 | 4,830 | 4,390 | |||||||||||||
Selling, General and Administrative Expense | 1,140 | 1,188 | 1,186 | 1,494 | |||||||||||||
Impairment Loss | 3,402 | — | — | — | |||||||||||||
Loss from Operations | (10,275 | ) | (6,362 | ) | (5,862 | ) | (5,443 | ) | |||||||||
Net Loss applicable to common stockholders | (10,954 | ) | (6,398 | ) | (5,906 | ) | (5,511 | ) | |||||||||
Basic and diluted loss per share | $ | (0.21 | ) | $ | (0.15 | ) | $ | (0.14 | ) | $ | (0.14 | ) | |||||
For the Quarter Ended | |||||||||||||||||
Year Ended December 31, 2012 | December 31 | September 30 | June 30 | March 31 | |||||||||||||
Current Assets | $ | 15,713 | $ | 22,176 | $ | 16,411 | $ | 22,294 | |||||||||
Total Assets | 43,524 | 54,569 | 49,696 | 55,906 | |||||||||||||
Current Liabilities | 2,909 | 3,084 | 2,811 | 3,253 | |||||||||||||
Working Capital | 12,804 | 19,092 | 13,601 | 19,041 | |||||||||||||
Long-Term Obligations | 6,388 | 6,456 | 6,511 | 6,577 | |||||||||||||
Stockholders’ Equity | 34,227 | 45,029 | 40,374 | 46,076 | |||||||||||||
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 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | 98 Months Ended | ||||||||||||||
Share data in Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2013 | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Product revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,117,524 | [1] | $578,352 | [1] | $538,005 | ' | ' | $3,045,787 |
Advertising expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,901 | 12,830 | 0 | ' | ' | ' | ||
Proceeds from private placement: Class B public warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,681,884 | 3,754,468 | ' | ||
Patents, net of amortization | 879,541 | ' | ' | ' | 500,879 | ' | ' | ' | ' | 879,541 | 500,879 | ' | ' | ' | 879,541 | ||
Payments to Acquire Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 413,876 | 211,996 | 60,408 | ' | ' | 937,947 | ||
Lower of cost or market adjustments on raw materials | ' | ' | ' | ' | ' | ' | ' | ' | ' | 598,000 | 1,022,000 | ' | ' | ' | ' | ||
Impairment charge | 822,000 | 0 | 0 | 0 | 3,402,000 | 0 | 0 | 0 | 78,000,000 | 822,350 | 3,401,610 | 78,000,000 | ' | ' | 83,993,440 | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.3 | ' | ' | ' | ' | ' | ||
Patents [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Patents, net of amortization | 880,000 | ' | ' | ' | ' | ' | ' | ' | ' | 880,000 | ' | ' | ' | ' | 880,000 | ||
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000 | 20,000 | 11,000 | ' | ' | ' | ||
Patents [Member] | Awarded Patents [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Patents, net of amortization | 253,000 | ' | ' | ' | ' | ' | ' | ' | ' | 253,000 | ' | ' | ' | ' | 253,000 | ||
Patents [Member] | Patent Applications To Be Filed [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Patents, net of amortization | 627,000 | ' | ' | ' | ' | ' | ' | ' | ' | 627,000 | ' | ' | ' | ' | 627,000 | ||
Series A Preferred Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Proceeds from private placement: Class B public warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,071,063 | ' | ' | ' | ' | ' | ||
Discount on Preferred Stock issuance - beneficial conversion feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,350,000 | ' | ' | ' | ' | ' | ||
Additional Paid-in Capital [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Proceeds from private placement: Class B public warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,681,884 | 3,754,468 | ' | ||
Additional Paid-in Capital [Member] | Series A Preferred Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Proceeds from private placement: Class B public warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,071,063 | ' | ' | ' | ' | ' | ||
Discount on Preferred Stock issuance - beneficial conversion feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,350,000 | ' | ' | ' | ' | ' | ||
[1] | Includes related party revenue of $142,500 and $404,680 for the years ended December 31, 2013 and 2012, respectively. See Note 13. |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Property, Plant and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Buildings [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '40 years |
Manufacturing machinery and equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '5 years |
Manufacturing machinery and equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '10 years |
Furniture, fixtures, computer hardware/software [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '3 years |
Furniture, fixtures, computer hardware/software [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '7 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Research and Development Expenses) (Details) (USD $) | 12 Months Ended | 98 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ' | ' | ' | ' |
Research, development and manufacturing operations | $21,342,519 | $20,728,553 | $24,121,766 | $121,756,756 |
Technology Development Costs [Member] | ' | ' | ' | ' |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ' | ' | ' | ' |
Research, development and manufacturing operations | 1,148,000 | 1,542,000 | ' | ' |
Product Development Costs [Member] | ' | ' | ' | ' |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ' | ' | ' | ' |
Research, development and manufacturing operations | 2,101,000 | 1,546,000 | ' | ' |
Production and Pre-Production Costs [Member] | ' | ' | ' | ' |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ' | ' | ' | ' |
Research, development and manufacturing operations | $18,094,000 | $17,641,000 | ' | ' |
Liquidity_and_Continued_Operat1
Liquidity and Continued Operations (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 98 Months Ended | |||||||||||||||||||||||||
31-May-13 | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 19, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Aug. 31, 2013 | Aug. 15, 2013 | Jun. 30, 2013 | Jun. 17, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 30, 2013 | Oct. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Feb. 07, 2014 | Feb. 28, 2014 | |
Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Sale of Stock Tranche One [Member] | Sale of Stock Tranche One [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||||||||||||
Series B-1 Preferred Stock [Member] | Series B-1 Preferred Stock [Member] | Sale of Stock Tranche One [Member] | Sale of Stock Tranche Two [Member] | Sale of Stock Tranche Two [Member] | |||||||||||||||||||||||||
Series B-1 Preferred Stock [Member] | Series B-1 Preferred Stock [Member] | Series B Preferred Stock [Member] | |||||||||||||||||||||||||||
Schedule of Liquidity and Continued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and investments | ' | ' | $3,300,000 | $3,300,000 | ' | ' | $3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Working capital | ' | ' | 1,170,000 | 1,170,000 | 12,804,000 | ' | 1,170,000 | 2,618,000 | ' | 4,057,000 | 7,790,000 | 19,092,000 | 13,601,000 | 19,041,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secondary public offering, shares (in shares) | 2,500,000 | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock | 1,400,000 | 1,425,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000 | 625,000 | 750,000 | 750,000 | 125,000 | ' | 500 | ' | 1,000 | ' | 500 | 500 | 500 | 500 | ' |
Number of securities called by warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,187,500 | 2,625,000 | 2,625,000 | 437,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, value issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36 | 5,000,000 | 6,000,000 | 6,000,000 | 1,000,000 | 0 | 0 | 10,000,000 | 10,000,000 | 0 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 |
Net cash (used in) operating activities | ' | ' | -5,400,000 | -20,349,586 | -17,661,541 | -19,931,467 | -109,923,761 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average quarterly net cash provided by (used in) operating activities | ' | ' | ' | -5,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes payable | ' | ' | 6,400,000 | 6,400,000 | ' | ' | 6,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total payments due in next year | ' | ' | $700,000 | $700,000 | ' | ' | $700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum bid price requirement for continued listing (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trade_Receivables_Details
Trade Receivables (Details) (USD $) | 12 Months Ended | 98 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||
Accounts receivable | $458,076 | $100,164 | ' | $458,076 | ||
Product revenue | 1,117,524 | [1] | 578,352 | [1] | 538,005 | 3,045,787 |
Customer Concentration Risk [Member] | Product Revenue [Member] | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||
Product revenue | 289,000 | ' | ' | ' | ||
Concentration risk, percentage | 26.00% | ' | ' | ' | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||
Accounts receivable | $253,000 | ' | ' | $253,000 | ||
[1] | Includes related party revenue of $142,500 and $404,680 for the years ended December 31, 2013 and 2012, respectively. See Note 13. |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 3 Months Ended | 12 Months Ended | 98 Months Ended | ||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | $38,614,905 | ' | ' | ' | $39,979,013 | ' | ' | ' | ' | $38,614,905 | $39,979,013 | ' | $38,614,905 |
Less: Accumulated depreciation and amortization | -17,850,688 | ' | ' | ' | -12,725,298 | ' | ' | ' | ' | -17,850,688 | -12,725,298 | ' | -17,850,688 |
Net property, plant and equipment | 20,764,217 | ' | ' | ' | 27,253,715 | ' | ' | ' | ' | 20,764,217 | 27,253,715 | ' | 20,764,217 |
Impairment charge | 822,000 | 0 | 0 | 0 | 3,402,000 | 0 | 0 | 0 | 78,000,000 | 822,350 | 3,401,610 | 78,000,000 | 83,993,440 |
Assets, fair value | ' | ' | ' | ' | ' | ' | ' | ' | 32,200,000 | ' | ' | ' | ' |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,186,889 | 6,142,560 | 7,527,150 | ' |
Interest Costs Incurred [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest cost incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | 432,426 | 449,302 | 465,103 | ' |
Interest costs capitalized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -177,309 | -351,632 | ' |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 432,426 | 271,993 | 113,471 | ' |
Building [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | 5,820,509 | ' | ' | ' | 5,820,735 | ' | ' | ' | ' | 5,820,509 | 5,820,735 | ' | 5,820,509 |
Furniture, fixtures, computer hardware and computer software [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | 461,491 | ' | ' | ' | 426,517 | ' | ' | ' | ' | 461,491 | 426,517 | ' | 461,491 |
Manufacturing machinery and equipment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | 32,332,905 | ' | ' | ' | 32,847,052 | ' | ' | ' | ' | 32,332,905 | 32,847,052 | ' | 32,332,905 |
Leasehold improvements [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | 0 | ' | ' | ' | 884,709 | ' | ' | ' | ' | 0 | 884,709 | ' | 0 |
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 $) | Dec. 31, 2013 | Dec. 31, 2012 |
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $1,190,079 | $1,794,224 |
Work in process | 401,274 | 172,227 |
Finished goods | 296,259 | 193,102 |
Total | $1,887,612 | $2,159,553 |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | Feb. 08, 2008 | Dec. 31, 2009 | Feb. 08, 2008 |
In Millions, unless otherwise specified | Construction Loan [Member] | Permanent Loan [Member] | Manufacturing and Office Facility [Member] |
Debt Instrument [Line Items] | ' | ' | ' |
Cost of acquisition | ' | ' | $5.50 |
Construction loan borrowing capacity | $7.50 | ' | ' |
Interest rate | ' | 6.60% | ' |
Debt_Schedule_of_Maturities_of
Debt (Schedule of Maturities of Long-term Debt) (Details) (USD $) | Dec. 31, 2013 |
Debt Disclosure [Abstract] | ' |
2014 | $282,960 |
2015 | 302,210 |
2016 | 322,771 |
2017 | 344,730 |
2018 | 368,183 |
Thereafter | 4,729,281 |
Total maturities | $6,350,135 |
MakeWhole_Dividend_Liability_D
Make-Whole Dividend Liability (Details) (USD $) | 3 Months Ended | 12 Months Ended | 98 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2013 | |
Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, dividend rate | ' | ' | ' | ' | ' | ' | 8.00% | ' | 5.75% | 5.75% |
Preferred stock, redemption, term, required make-whole dividend | ' | ' | ' | ' | ' | ' | '4 years | ' | '5 years | ' |
Preferred stock, dividend, make-whole dividend rate to market value | ' | ' | ' | ' | ' | ' | 10.00% | ' | 8.00% | ' |
Deemed dividends on preferred stock and accretion of warrants | ' | ($5,935,762) | $0 | $0 | ($5,935,762) | $3,700,000 | ' | ' | ' | ' |
Increase (decrease) in fair value of make-whole dividend liability | -1,315,383 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | 362,390 | ' | 350 |
Preferred stock, redemption amount | ' | ' | ' | ' | ' | ' | ' | 2,900,000 | ' | 3,500,000 |
Preferred stock, redemption amount, additional make-whole amount | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | 2,000,000 |
Make-whole dividend liability | $3,146,156 | $3,146,156 | $0 | ' | $3,146,156 | ' | ' | ' | ' | ' |
Stockholders_Equity_Common_Sto
Stockholders' Equity (Common Stock) (Details) (USD $) | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | ' | ' | ' |
Common stock, shares authorized (in shares) | 250,000,000 | 125,000,000 | 125,000,000 |
Common stock, par value (in dollars per share) | ' | $0.00 | $0.00 |
Common stock, shares outstanding (in shares) | ' | 61,748,524 | 51,143,906 |
Stockholders_Equity_Initial_Pu
Stockholders' Equity (Initial Public Offering) (Details) (IPO [Member], USD $) | 12 Months Ended | |||
Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2006 | Aug. 31, 2006 | |
Equity Offering [Line Items] | ' | ' | ' | ' |
Number of units issued | ' | ' | 3,000,000 | ' |
Share price (in dollars per share) | ' | ' | 5.5 | ' |
Proceeds from issuance or sale of equity | ' | ' | 14,000,000 | ' |
Common Stock [Member] | ' | ' | ' | ' |
Equity Offering [Line Items] | ' | ' | ' | ' |
Unit conversion | ' | ' | 1 | ' |
Class A Warrant [Member] | ' | ' | ' | ' |
Equity Offering [Line Items] | ' | ' | ' | ' |
Number of units issued | ' | 3,290,894 | ' | ' |
Unit conversion | ' | ' | 1 | ' |
Exercise price of warrants (in dollars per share) | ' | 0.25 | ' | ' |
Number of warrants exercised | ' | 3,098,382 | ' | ' |
Percent of warrants outstanding | ' | 94.10% | ' | ' |
Proceeds from warrant exercises | ' | 20,000,000 | ' | ' |
Class B Warrant [Member] | ' | ' | ' | ' |
Equity Offering [Line Items] | ' | ' | ' | ' |
Unit conversion | ' | ' | 2 | ' |
Exercise price of warrants (in dollars per share) | ' | ' | ' | 11 |
Number of warrants exercised | 98,800 | 11,000 | ' | ' |
Proceeds from warrant exercises | 1,090,000 | 121,000 | ' | ' |
IPO Warrants [Member] | ' | ' | ' | ' |
Equity Offering [Line Items] | ' | ' | ' | ' |
Number of units issued | ' | ' | 300,000 | ' |
Share price (in dollars per share) | ' | ' | 6.6 | ' |
Proceeds from warrant exercises | $500,000 | $2,000,000 | ' | ' |
Stockholders_Equity_Private_Pl
Stockholders' Equity (Private Placements of Securities) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||||||||||||
31-May-13 | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 | Jun. 30, 2013 | Nov. 30, 2005 | Sep. 30, 2009 | Oct. 31, 2008 | Mar. 31, 2008 | Aug. 31, 2007 | Mar. 31, 2007 | 31-May-08 | Dec. 13, 2007 | Jun. 30, 2007 | Dec. 31, 2013 | Jan. 31, 2012 | Aug. 31, 2011 | Aug. 12, 2011 | Mar. 31, 2008 | Aug. 31, 2007 | |
Norsk Hydro [Member] | Norsk Hydro [Member] | Norsk Hydro [Member] | Norsk Hydro [Member] | Norsk Hydro [Member] | Norsk Hydro [Member] | Norsk Hydro [Member] | Norsk Hydro [Member] | TFG Radiant [Member] | TFG Radiant [Member] | TFG Radiant [Member] | TFG Radiant [Member] | Class B Warrant [Member] | Class B Warrant [Member] | |||||||||||
Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | |||||||||||||
Equity Offering [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secondary public offering, shares (in shares) | 2,500,000 | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | 769,230 | 2,421,801 | 2,341,897 | 934,462 | 1,600,000 | ' | ' | ' | ' | ' | 6,400,000 | ' | ' | ' |
Proceeds from issuance of private placement | ' | ' | $1,425,000 | $11,000,039 | $7,360,000 | $4,999,995 | $36,647,693 | $15,962,257 | ' | ' | $5,000,000 | $15,000,000 | $28,400,000 | $10,480,000 | $9,200,000 | ' | ' | ' | ' | ' | $7,360,000 | ' | ' | ' |
Percent of common stock outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | 23.00% | 23.00% | 27.00% | ' | 35.00% | 26.00% | ' | ' | ' | ' | ' |
Number of units issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,689,905 | 1,965,690 |
Maximum related party allowable ownernship percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' |
Share price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.50 | ' | ' | ' | ' | ' | ' | ' | ' | $0.50 | $1.15 | $0.73 | ' | ' |
Option to acquire additional shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,500,000 | ' | ' | ' |
Option to acquire additional shares, exercise price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.55 | ' | ' | ' |
Transferred shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,067,390 | ' | ' | ' | ' |
Transferred shares, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' |
Proceeds from sale of common stock, per share | ' | ' | ' | ' | ' | ' | ' | ' | $0.57 | $0.04 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock | $1,400,000 | $1,425,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Secondary_
Stockholders' Equity (Secondary Public Offerings) (Details) (USD $) | 1 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||
31-May-13 | Apr. 30, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2010 | Oct. 31, 2009 | 31-May-08 | Sep. 30, 2012 | Sep. 19, 2012 | Feb. 28, 2011 | Dec. 31, 2013 | Jan. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Secondary Public Offering [Member] | Secondary Public Offering [Member] | Secondary Public Offering [Member] | Secondary Public Offering [Member] | Secondary Public Offering [Member] | At The Market Equity Offering Sales Agreement [Member] | At The Market Equity Offering Sales Agreement [Member] | At The Market Equity Offering Sales Agreement [Member] | Shelf Registration Statement [Member] | Shelf Registration Statement [Member] | ||||||
Aegis Capital Corp. [Member] | Aegis Capital Corp. [Member] | ||||||||||||||
Equity Offering [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secondary public offering, shares (in shares) | 2,500,000 | 2,500,000 | ' | ' | ' | 5,250,000 | 4,615,385 | 4,370,000 | 9,166,700 | ' | 386,050 | 1,972,181 | ' | ' | ' |
New shares issued due to underwriter exercise of over-allotment | ' | ' | ' | ' | ' | ' | ' | 570,000 | ' | ' | ' | ' | ' | ' | ' |
Share price (in dollars per share) | ' | ' | ' | ' | ' | $4.15 | $6.50 | $14 | ' | $1.20 | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock | $1,400,000 | $1,425,000 | ' | ' | ' | $20,400,000 | $27,900,000 | $56,800,000 | $10,200,000 | ' | $315,270 | $1,900,000 | ' | ' | ' |
Issuance of common stock to service provider, shares | ' | ' | 240,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance or sale of equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' |
Unused shelf registration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 |
Potential proceeds from additional shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' |
Percent of share sales payable for compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' |
Common stock, par value (in dollars per share) | ' | ' | ' | $0.00 | $0.00 | ' | ' | ' | ' | $0.00 | ' | ' | ' | ' | ' |
Underwriting discount and offering expenses | ' | ' | ' | ' | ' | ' | ' | ' | $837,000 | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding (in shares) | ' | ' | ' | 61,748,524 | 51,143,906 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Preferred_
Stockholders' Equity (Preferred Stock) (Details) (USD $) | 3 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Aug. 31, 2013 | Aug. 16, 2013 | Aug. 15, 2013 | Jun. 17, 2013 | Dec. 31, 2012 | Oct. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Feb. 28, 2014 | Feb. 07, 2014 | |
Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B-1 and B-2 Preferred Stock [Member] | Series B-1 Preferred Stock [Member] | Subsequent Event [Member] | Sale of Stock Tranche One [Member] | Sale of Stock Tranche One [Member] | Sale of Stock Tranche One [Member] | Sale of Stock Tranche Two [Member] | Sale of Stock Tranche Two [Member] | ||
tranche | Series B Preferred Stock [Member] | Series B-1 Preferred Stock [Member] | Series B-1 Preferred Stock [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] | |||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized (in shares) | 25,000,000 | ' | 750,000 | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par value (in dollars per share) | $0.00 | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | $0.00 | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares outstanding (in shares) | ' | ' | 362,390 | ' | ' | ' | ' | ' | ' | ' | 350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued (in shares) | ' | 750,000 | 750,000 | ' | 625,000 | ' | 750,000 | 125,000 | ' | 1,000 | 500 | ' | ' | ' | ' | ' | 500 | 500 | 500 | ' | 500 |
Share price (in dollars per share) | ' | $8 | ' | ' | ' | ' | ' | ' | ' | $10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,000 |
Preferred stock, value issued | ' | $6,000,000 | $36 | ' | $5,000,000 | ' | $6,000,000 | $1,000,000 | $0 | $10,000,000 | $0 | $10,000,000 | $0 | ' | ' | ' | $5,000,000 | $5,000,000 | $5,000,000 | $5,000,000 | $5,000,000 |
Number of securities called by warrants | ' | 2,625,000 | ' | ' | 2,187,500 | ' | 2,625,000 | 437,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, dividend rate | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | 5.75% | 5.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, dividend rate, share price percentage to market price | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, dividend issuance term | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, conversion, required common share price (in dollars per share) | ' | $1.60 | ' | ' | ' | ' | ' | ' | ' | ' | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, conversion, required common share price, term | ' | '20 days | ' | ' | ' | ' | ' | ' | ' | ' | '20 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, redemption price per share (in dollars per share) | ' | $8 | ' | ' | ' | ' | ' | ' | ' | ' | $10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible preferred stock, conversion price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.15 | ' | ' | ' | ' | ' | ' |
Convertible preferred stock, shares issued upon conversion | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,696 | ' | ' | ' | ' | ' | ' |
Conversion of stock, shares converted | 150 | ' | 387,610 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of shares, shares | 1,304,347 | ' | 3,876,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued in lieu of cash | 1,172,126 | ' | 996,637 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued in lieu of cash, value | 788,000 | ' | 752,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants outstanding, term | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price of warrants (in dollars per share) | ' | 0.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of damages of the total investment amount | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of damages of the total investment | ' | ' | ' | ' | ' | $60,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, number of issuance tranches | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, liquidation preference per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,000 | ' | ' | ' | ' | ' |
Equity_Plans_and_ShareBased_Co2
Equity Plans and Share-Based Compensation (Share-based compensation cost by line item) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based compensation cost | $621,505 | $924,315 | $1,572,607 |
Research and development [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based compensation cost | 228,120 | 304,013 | 302,101 |
Selling, general, administrative [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based compensation cost | $393,385 | $620,302 | $1,270,506 |
Equity_Plans_and_ShareBased_Co3
Equity Plans and Share-Based Compensation (Share-based compensation cost by award type) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based compensation cost | $621,505 | $924,315 | $1,572,607 |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based compensation cost | 311,965 | 443,103 | 768,703 |
Restricted Stock Units and Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based compensation cost | $309,540 | $481,212 | $803,904 |
Equity_Plans_and_ShareBased_Co4
Equity Plans and Share-Based Compensation (Share-based compensation fair value assumptions) (Details) (Stock Options [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected volatility | 97.30% | 101.30% | 97.90% |
Risk free interest rate | 0.90% | 0.80% | 2.10% |
Expected dividends | 0.00% | 0.00% | 0.00% |
Expected life (in years) | '5 years 1 month 25 days | '5 years 2 months 12 days | '6 years 3 months 1 day |
Equity_Plans_and_ShareBased_Co5
Equity Plans and Share-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Option plan term | '10 years | ' | ' |
Option plan term for options granted to an optionee owning more than 10% | '5 years | ' | ' |
Optionee owner percentage | 10.00% | ' | ' |
Exercise price to fair market value percentage | 110.00% | ' | ' |
Non-statutory option granted exercise price to fair market value percentage | 85.00% | ' | ' |
Options granted (in shares) | 785 | 45 | 1,295 |
Share-based compensation expense | $621,505 | $924,315 | $1,572,607 |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based compensation expense | 311,965 | 443,103 | 768,703 |
Weighted average grant date fair value (in dollars per share) | $0.49 | $0.60 | $1.49 |
Total compensation cost not yet recognized | 304,000 | ' | ' |
Recognized over a weighted average period | '1 year 5 months 10 days | ' | ' |
Vested and expected to vest shares (in shares) | 1,312,028 | ' | ' |
Vested and expected to vest weighted average exercise price (in dollars per share) | $1.95 | ' | ' |
Number of shares available for grant (in shares) | 1,432,967 | ' | ' |
Restricted Stock Units and Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted stock grants (in shares) | 427 | 658 | 488 |
Share-based compensation expense | 309,540 | 481,212 | 803,904 |
Total compensation cost not yet recognized | $14,000 | ' | ' |
Recognized over a weighted average period | '0 years 6 months 10 days | ' | ' |
Number of shares available for grant (in shares) | 756,017 | ' | ' |
Restricted stock, weighted average estimated fair value (in dollars per share) | $0.62 | $0.57 | $3.19 |
Restricted stock expected to vest (in shares) | 14,745 | ' | ' |
Stock Option Plan 2005 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares authorized | 1,000,000 | ' | ' |
Increased number of shares authorized | 3,700,000 | ' | ' |
Restricted Stock Plan 2008 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares authorized | 750,000 | ' | ' |
Increased number of shares authorized | 2,550,000 | ' | ' |
Grants Outside Existing Equity Plans [Member] | Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Options granted (in shares) | 200,000 | ' | ' |
Grants Outside Existing Equity Plans [Member] | Restricted Stock Units and Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted stock grants (in shares) | 40,000 | ' | ' |
Equity_Plans_and_ShareBased_Co6
Equity Plans and Share-Based Compensation (Schedule of stock option activity) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Stock Option Shares | ' | ' | ' | ' |
Outstanding, beginning balance (in shares) | 1,220 | 1,446 | 1,516 | ' |
Granted (in shares) | 785 | 45 | 1,295 | ' |
Exercised (in shares) | -48 | -14 | -57 | ' |
Forfeited (in shares) | -409 | -257 | -1,308 | ' |
Outstanding, ending balance (in shares) | 1,548 | 1,220 | 1,446 | 1,516 |
Exercisable, ending balance (in shares) | 596 | ' | ' | ' |
Weighted Average Remaining Contractual Life in Years | ' | ' | ' | ' |
Outstanding, beginning balance (in dollars per share) | $2.54 | $2.58 | $5.14 | ' |
Granted (in dollars per share) | $0.66 | $0.80 | $1.88 | ' |
Exercised (in dollars per share) | $0.68 | $0.68 | $0.10 | ' |
Forfeited (in dollars per share) | $2.04 | $2.54 | $4.96 | ' |
Outstanding, ending balance (in dollars per share) | $1.78 | $2.54 | $2.58 | $5.14 |
Exercisable, ending balance (in dollars per share) | $3.21 | ' | ' | ' |
Outstanding, Weighted Average Remaining Contractual Life | '7 years 9 months 22 days | '7 years 9 months 15 days | '8 years 9 months 7 days | '8 years 3 months 26 days |
Exercisable, Weighted Average Remaining Contractual Life | '6 years 4 months 21 days | ' | ' | ' |
Outstanding, Aggregate Intrinsic Value | $51,160 | $8,057 | $4,437 | $527,463 |
Granted, Aggregate Intrinsic Value | 5,400 | 14,081 | 149,007 | ' |
Exercisable, Aggregate Intrinsic Value | $12,742 | ' | ' | ' |
Equity_Plans_and_ShareBased_Co7
Equity Plans and Share-Based Compensation (Schedule of restricted stock activity) (Details) (Restricted Stock Units and Awards [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock Units and Awards [Member] | ' | ' | ' |
Shares | ' | ' | ' |
Non-vested, beginning balance (in shares) | 48 | 241 | 246 |
Granted (in shares) | 427 | 658 | 488 |
Vested (in shares) | -453 | -646 | -212 |
Forfeited (in shares) | -7 | -205 | -281 |
Non-vested, ending balance (in shares) | 15 | 48 | 241 |
Weighted Average Grant-Date Fair-Value | ' | ' | ' |
Non-vested, beginning balance (in dollars per share) | $3.47 | $3.09 | $5.48 |
Granted (in dollars per share) | $0.62 | $0.57 | $3.19 |
Non-vested, ending balance (in dollars per share) | $3.52 | $3.47 | $3.09 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current: | ' | ' |
Accrued Expenses | $705 | $229 |
Inventory Allowance | 427 | 355 |
Total Current | 1,132 | 584 |
Non-current: | ' | ' |
Stock Based Compensation-Stock Options and Restricted Stock | 1,332 | 1,209 |
Tax effect of NOL carryforward | 27,027 | 14,359 |
Depreciation | 25,336 | 29,019 |
Amortization | -334 | -190 |
Warranty reserve | 18 | 14 |
Total Non-current | 53,379 | 44,411 |
Net deferred tax asset | 54,511 | 44,995 |
Less valuation allowance | -54,511 | -44,995 |
Net deferred tax asset | $0 | $0 |
Income_Taxes_Tax_Rate_Reconcil
Income Taxes (Tax Rate Reconciliation) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' |
Federal statutory rate | 35.00% | 35.00% |
State statutory rate | 3.00% | 3.00% |
Permanent tax differences | 0.00% | 0.00% |
Loss on revaluation | -2.00% | 0.00% |
Other | -5.00% | 0.00% |
Limitation on NOL usage due to ownership change | 0.00% | -115.00% |
Increase in valuation allowance | -31.00% | 77.00% |
Effective tax rate | 0.00% | 0.00% |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Net operating loss carryforwards | $161,011 | ' |
Operating loss carryforwards, limitations on use | 73,969 | ' |
Valuation allowance | 54,511 | 44,995 |
Increase (decrease) in valuation allowance | ($9,516) | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | ' | ' |
Revenue from related parties | $142,500 | $404,680 |
Related party receivables and deposits | 21,122 | 596,339 |
TFG Radiant [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Percent of common stock outstanding | 26.00% | ' |
Expenses from transactions with related party | 1,352,000 | ' |
Expenses from transactions with related party, consulting fees | 800,000 | ' |
Expenses from transactions with related party, finished goods received and deposits for work-in-process | 552,000 | ' |
Revenue from related parties | 143,000 | 405,000 |
Related party receivables and deposits | $21,000 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 0 Months Ended | 12 Months Ended |
Oct. 21, 2011 | Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Complaint claim amount | $3,048,701 | ' |
Attorney's fees and prejudgment interest | ' | 1,200,000 |
Fees under Fee Agreement, retainer | ' | 100,000 |
Fees under Fee Agreement, out-of-pocket expenses | ' | 49,000 |
Litigation accrual | ' | $1,700,000 |
Retirement_Plan_Details
Retirement Plan (Details) (USD $) | 12 Months Ended | 42 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2006 | Dec. 31, 2009 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' | ' |
Employee minimum age | ' | ' | ' | '21 years | ' |
Percent of employer contribution | ' | ' | ' | 100.00% | ' |
Percent of employee contribution that employer will match | ' | ' | ' | 6.00% | ' |
Annual vesting percentage | 33.00% | ' | ' | ' | 100.00% |
Vesting period | '3 years | ' | ' | ' | ' |
Employer discretionary contribution amount | $253,997 | $143,159 | $257,823 | ' | ' |
Joint_Venture_Details
Joint Venture (Details) (Municipal City of Suqian [Member], USD $) | 0 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Feb. 28, 2014 | Mar. 31, 2014 |
Scenario, Forecast [Member] | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Joint venture, total investment | $500 | ' | ' |
Joint venture, agreement term | '6 years | ' | ' |
Joint venture, cash contribution | ' | 4.8 | 32.5 |
Joint Venture, ownership percentage of parent | ' | 75.00% | 80.00% |
Joint venture, cash contribution, minority interest | $1.60 | ' | ' |
Joint venture, ownership percentage of minority interest | ' | 25.00% | ' |
Joint venture, right to purchase assets, term | '5 years | ' | ' |
Joint venture, future buy-out cost ratio to initial cash investment | 1.5 | ' | ' |
Subsequent_Event_Details
Subsequent Event (Details) (Series B-1 Preferred Stock [Member], USD $) | Nov. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Feb. 07, 2014 |
Sale of Stock Tranche One [Member] | Sale of Stock Tranche One [Member] | Sale of Stock Tranche One [Member] | Sale of Stock Tranche Two [Member] | |
Subsequent Event [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | ' | ' | ' | ' |
Preferred stock, shares issued (in shares) | 500 | 500 | 500 | 500 |
Share price (in dollars per share) | ' | ' | ' | $10,000 |
Preferred stock, value issued | $5,000,000 | $5,000,000 | $5,000,000 | $5,000,000 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | 98 Months Ended | |||||||||||||||||
Dec. 31, 2005 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2006 | Dec. 31, 2013 | Oct. 17, 2005 | |
Selected Statements of Operations information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | $582,000 | $275,000 | $225,000 | $235,000 | $45,000 | $556,000 | $155,000 | $441,000 | ' | $1,316,477 | $1,197,163 | $3,949,911 | ' | ' | ' | ' | ' | $12,911,789 | ' |
Research, Development and Manufacturing Operations Expense | ' | 5,096,000 | 5,336,000 | 5,590,000 | 5,320,000 | 5,778,000 | 5,730,000 | 4,830,000 | 4,390,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, General and Administrative Expense | ' | 3,153,000 | 1,385,000 | 1,611,000 | 1,243,000 | 1,140,000 | 1,188,000 | 1,186,000 | 1,494,000 | ' | 7,390,884 | 5,008,388 | 7,130,530 | ' | ' | ' | ' | ' | 48,221,301 | ' |
Impairment loss | ' | 822,000 | 0 | 0 | 0 | 3,402,000 | 0 | 0 | 0 | 78,000,000 | 822,350 | 3,401,610 | 78,000,000 | ' | ' | ' | ' | ' | 83,993,440 | ' |
Loss from Operations | ' | -8,490,000 | -6,445,000 | -6,976,000 | -6,328,000 | -10,275,000 | -6,362,000 | -5,862,000 | -5,443,000 | ' | -28,239,276 | -27,941,388 | -105,302,385 | ' | ' | ' | ' | ' | -241,059,708 | ' |
Net Loss applicable to common stockholders | -1,207,234 | -11,816,000 | -10,136,000 | -7,680,000 | -6,434,000 | -10,954,000 | -6,398,000 | -5,906,000 | -5,511,000 | ' | -30,130,951 | -28,768,398 | -105,743,860 | -31,233,718 | -20,922,717 | -13,215,076 | -6,503,419 | -4,180,912 | ' | ' |
Basic and diluted loss per share (in dollars per share) | ' | ($0.20) | ($0.19) | ($0.15) | ($0.13) | ($0.21) | ($0.15) | ($0.14) | ($0.14) | ' | ($0.66) | ($0.66) | ($3.02) | ' | ' | ' | ' | ' | ' | ' |
Selected Balance Sheet information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current Assets | ' | 6,842,449 | 6,843,000 | 6,892,000 | 10,317,000 | 15,712,838 | 22,176,000 | 16,411,000 | 22,294,000 | ' | 6,842,449 | 15,712,838 | ' | ' | ' | ' | ' | ' | 6,842,449 | ' |
Total Assets | ' | 28,539,020 | 30,851,000 | 32,322,000 | 36,843,000 | 43,523,995 | 54,569,000 | 49,696,000 | 55,906,000 | ' | 28,539,020 | 43,523,995 | ' | ' | ' | ' | ' | ' | 28,539,020 | ' |
Current Liabilities | ' | 5,672,239 | 4,225,000 | 2,835,000 | 2,527,000 | 2,908,943 | 3,084,000 | 2,811,000 | 3,253,000 | ' | 5,672,239 | 2,908,943 | ' | ' | ' | ' | ' | ' | 5,672,239 | ' |
Working Capital | ' | 1,170,000 | 2,618,000 | 4,057,000 | 7,790,000 | 12,804,000 | 19,092,000 | 13,601,000 | 19,041,000 | ' | 1,170,000 | 12,804,000 | ' | ' | ' | ' | ' | ' | 1,170,000 | ' |
Long-Term Obligations | ' | 7,433,000 | 6,188,000 | 6,252,000 | 6,323,000 | 6,388,000 | 6,456,000 | 6,511,000 | 6,577,000 | ' | 7,433,000 | 6,388,000 | ' | ' | ' | ' | ' | ' | 7,433,000 | ' |
Stockholdersb Equity | ($209,230) | $15,434,169 | $20,438,000 | $23,235,000 | $27,993,000 | $34,226,730 | $45,029,000 | $40,374,000 | $46,076,000 | ' | $15,434,169 | $34,226,730 | $50,002,568 | $146,566,115 | $154,315,015 | $139,618,107 | $48,622,055 | $10,901,050 | $15,434,169 | $0 |