Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Ascent Solar Technologies, Inc. | ' |
Entity Central Index Key | '0001350102 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 15,357,073 |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Current Assets: | ' | ' |
Cash and cash equivalents | $986,905 | $3,318,155 |
Trade receivables | 1,254,742 | 458,076 |
Related party receivables and deposits | 134,200 | 21,122 |
Inventories | 2,082,935 | 1,887,612 |
Prepaid expenses and other current assets | 2,539,913 | 1,157,484 |
Total current assets | 6,998,695 | 6,842,449 |
Property, Plant and Equipment: | 38,682,059 | 38,614,905 |
Less accumulated depreciation and amortization | -22,299,012 | -17,850,688 |
Net property, plant and equipment | 16,383,047 | 20,764,217 |
Other Assets: | ' | ' |
Patents, net of amortization of $112,889 and $83,364, respectively | 1,212,792 | 879,541 |
Other non-current assets | 221,000 | 52,813 |
Total Other Assets | 1,433,792 | 932,354 |
Total Assets | 24,815,534 | 28,539,020 |
Current Liabilities: | ' | ' |
Accounts payable | 1,667,491 | 442,754 |
Accrued expenses | 2,546,820 | 1,800,369 |
Current portion of long-term debt | 297,278 | 282,960 |
Current Portion of Litigation Settlement | 482,519 | 0 |
Make-whole dividend liability | 1,668,510 | 3,146,156 |
Total current liabilities | 6,662,618 | 5,672,239 |
Accrued Litigation Settlement, net of current portion | 1,008,479 | 1,317,500 |
Long-Term Debt, net of current portion | 5,842,392 | 6,067,175 |
Accrued Warranty Liability | 91,000 | 47,937 |
Commitments and Contingencies (Notes 4 & 12) | ' | ' |
Stockholders’ Equity: | ' | ' |
Common stock, $0.0001 par value, 250,000,000 shares authorized; 14,137,138 and 6,174,853 shares issued and outstanding, respectively | 1,414 | 617 |
Additional paid in capital | 298,576,587 | 263,275,563 |
Deficit accumulated during the development stage | -287,366,977 | -247,842,047 |
Total stockholders’ equity | 11,211,045 | 15,434,169 |
Total Liabilities and Stockholders’ Equity | $24,815,534 | $28,539,020 |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Series A Preferred Stock [Member] | Series B1 Preferred Stock [Member] | Series C Preferred Stock [Member] | |||
Patents, Amortization | $112,889 | $83,364 | ' | ' | ' |
Preferred stock, par value (in dollars per share) | $0.00 | ' | $0.00 | $0.00 | $0.00 |
Preferred stock, shares authorized (in shares) | 25,000,000 | ' | 750,000 | 2,000 | 1,000 |
Preferred stock, shares issued (in shares) | ' | ' | 750,000 | 1,000 | 630 |
Preferred stock, shares outstanding (in shares) | ' | ' | 212,390 | 0 | 70 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 | ' | ' | ' |
Common stock, shares authorized | 250,000,000 | 250,000,000 | ' | ' | ' |
Common stock, shares issued (in shares) | 14,137,138 | 6,174,853 | ' | ' | ' |
Common stock, shares outstanding | 14,137,138 | 6,174,853 | ' | ' | ' |
Liquidation preference | ' | ' | $2,548,680 | ' | $1,330,000 |
Condensed_Statements_of_Operat
Condensed Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | 107 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | ||
Revenues | ' | ' | ' | ' | ' | |
Products | $1,035,367 | $266,534 | $2,699,513 | $608,490 | $5,745,300 | [1] |
Government contracts | 101,365 | 8,299 | 280,662 | 126,332 | 10,146,664 | |
Total Revenues | 1,136,732 | 274,833 | 2,980,175 | 734,822 | 15,891,964 | |
Costs and Expenses | ' | ' | ' | ' | ' | |
Research, development and manufacturing operations | 6,522,944 | 5,335,682 | 17,530,312 | 16,246,246 | 139,287,068 | |
Selling, general and administrative | 3,996,689 | 1,384,650 | 10,304,075 | 4,238,063 | 58,525,376 | |
Impairment loss | 0 | 0 | 0 | 0 | 83,993,440 | |
Total Costs and Expenses | 10,519,633 | 6,720,332 | 27,834,387 | 20,484,309 | 281,805,884 | |
Loss from Operations | -9,382,901 | -6,445,499 | -24,854,212 | -19,749,487 | -265,913,920 | |
Other Income/(Expense), net | -1,592,579 | -106,652 | -3,123,019 | -320,138 | -2,654,213 | |
Change in fair value of make-whole dividend liability | -1,272,084 | 70,272 | -3,460,199 | 70,272 | -4,775,582 | |
Total Other Income/(Expense) | -2,864,663 | -36,380 | -6,583,218 | -249,866 | -7,429,795 | |
Net Loss | -12,247,564 | -6,481,879 | -31,437,430 | -19,999,353 | -273,343,715 | |
Deemed dividend on Preferred Stock and accretion of warrants | 0 | -3,653,803 | -8,087,500 | -4,251,062 | -14,023,262 | |
Net Loss applicable to common stockholders | ($12,247,564) | ($10,135,682) | ($39,524,930) | ($24,250,415) | ($287,366,977) | |
Net Loss Per Share (Basic and diluted) (in dollars per share) | ($1.09) | ($1.87) | ($4.55) | ($4.59) | ' | |
Weighted Average Common Shares Outstanding (Basic and diluted) (in shares) | 11,277,895 | 5,425,668 | 8,688,396 | 5,286,238 | ' | |
[1] | Includes related party revenue of $8,050 and $142,500 for the nine months ended September 31, 2014 and 2013, respectively. For the period from inception through September 30, 2014, related party revenue is $555,230. |
Condensed_Statements_of_Operat1
Condensed Statements of Operations (Parenthetical) (TFG Radiant [Member], USD $) | 9 Months Ended | 107 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | |
TFG Radiant [Member] | ' | ' | ' |
Revenue from related parties | $8,050 | $142,500 | $555,230 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (USD $) | 9 Months Ended | 107 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | |
Operating Activities: | ' | ' | ' |
Net loss | ($31,437,430) | ($19,999,353) | ($273,343,715) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Depreciation and amortization | 4,480,662 | 4,659,940 | 35,219,663 |
Share based compensation | 633,396 | 538,365 | 14,066,593 |
Common stock issued for services | 0 | 104,000 | 201,949 |
Realized loss on forward contracts | 0 | 0 | 1,430,766 |
Foreign currency transaction loss (gain) | 0 | 0 | -590,433 |
Amortization of financing costs and discounts | 0 | 0 | 998,565 |
Impairment loss | 0 | 0 | 83,993,440 |
Contract cancellation loss | 0 | 0 | 1,167,586 |
Loss on extinguishment of liabilities | 2,436,428 | 0 | 2,596,270 |
Accrued litigation settlement | 173,498 | 0 | 1,873,498 |
Change in fair value of make-whole dividend liability | 3,460,199 | -70,272 | 4,775,582 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | -796,666 | 5,150 | -1,254,742 |
Related party receivables and deposits | -113,078 | 586,114 | -134,200 |
Inventories | -195,323 | 62,055 | -2,082,935 |
Prepaid expenses and other current assets | -1,382,429 | -524,400 | -2,539,913 |
Accounts payable | 1,224,737 | -247,802 | 1,667,490 |
Accrued expenses | 746,451 | -102,069 | 1,213,283 |
Warranty reserve | 43,063 | 9,750 | 91,000 |
Net cash used in operating activities | -20,726,492 | -14,978,522 | -130,650,253 |
Investing Activities: | ' | ' | ' |
Purchases of available-for-sale securities | 0 | 0 | -907,118,828 |
Maturities and sales of available-for-sale securities | 0 | 0 | 907,118,828 |
Purchase of property, plant and equipment | -67,154 | -497,373 | -135,408,898 |
Note Receivable | -171,000 | 0 | -171,000 |
Patent activity costs | -362,776 | -359,702 | -1,300,723 |
Net cash used in investing activities | -600,930 | -857,075 | -136,880,621 |
Financing Activities: | ' | ' | ' |
Proceeds from bridge loan financing | 0 | 0 | 1,600,000 |
Repayment of bridge loan financing | 0 | 0 | -1,600,000 |
Payment of debt financing costs | 0 | 0 | -273,565 |
Payment of equity offering costs | 0 | 0 | -10,514,523 |
Proceeds from debt | 0 | 0 | 7,700,000 |
Repayment of debt | -210,465 | -197,057 | -2,660,331 |
Proceeds from shareholder under Section 16(b) | 0 | 0 | 148,109 |
Proceeds from issuance of stock and warrants | 19,206,637 | 7,291,467 | 274,166,217 |
Redemption of Class A warrants | 0 | 0 | -48,128 |
Net cash provided by financing activities | 18,996,172 | 7,094,410 | 268,517,779 |
Net change in cash and cash equivalents | -2,331,250 | -8,741,187 | 986,905 |
Cash and cash equivalents at beginning of period | 3,318,155 | 12,621,477 | 0 |
Cash and cash equivalents at end of period | 986,905 | 3,880,290 | 986,905 |
Non-Cash Transactions: | ' | ' | ' |
ITN initial contribution of assets for equity | 0 | 0 | 31,200 |
Note with ITN and related capital expenditures | 0 | 0 | 1,100,000 |
Non-cash conversions of preferred stock | 13,025,345 | 0 | 14,709,271 |
Make-whole provision on convertible preferred stock | 8,087,500 | 1,783,017 | 11,602,199 |
Beneficial conversion feature on convertible preferred stock | $0 | $2,421,062 | $2,421,063 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2014 | |
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 mobile 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. | |
Reverse Stock Split | |
On August 26, 2014, the Company, a Delaware corporation, filed a Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company (the "Certificate of Amendment") with the Secretary of State of the State of Delaware to effect a reverse stock split of the Company's common stock, par value $0.0001 per share at a ratio of one-for-ten (the "Reverse Stock Split"). The Amendment did not change the number of authorized shares, or the par value, of the Company’s common stock. The Amendment provides that every ten shares of the Company’s issued and outstanding common stock were automatically combined into one issued and outstanding share of the Company’s common stock. All shares and per share amounts in the condensed financial statements and accompanying notes have been retroactively adjusted to give effect to the Reverse Stock Split. |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
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 consumer products 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 fourth quarter of 2013 and the first nine months of 2014, 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. | |
The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these interim financial statements do not include all of the information and footnotes typically found in U.S. GAAP audited annual financial statements. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement have been included. The Condensed Balance Sheet at December 31, 2013 has been derived from the audited financial statements as of that date but does not include all of the information and footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. These condensed financial statements and notes should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Operating results for the nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
The Company’s significant accounting policies were described in Note 3 to the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
In May 2014, FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The update will establish a comprehensive revenue recognition standard for virtually all industries in GAAP. ASU 2014-09 will change the amount and timing of revenue and cost recognition, implementation, disclosures and documentation. ASU 2014-09 is effective for fiscal years beginning in 2017. The Company is researching whether the adoption of ASU 2014-09 will have a material effect on the Company’s consolidated financial statements. | |
In June 2014, FASB issued ASU No. No. 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders equity; (2) label the financial statements as those of a development stage entity; (3) disclose a description of the development stage activities in which the entity is engaged; and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The standard will be effective for the Company during the first quarter of 2015. The Company is evaluating the potential impact of this new standard on its financial statements. | |
In August 2014, FASB issued ASU No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40). This ASU provides guidance to determine when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date that the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The standard will be effective for the Company for fiscal years beginning in 2016. The Company is evaluating the impact of the adoption of this accounting standard update on its financial statements. |
Liquidity_and_Continued_Operat
Liquidity and Continued Operations | 9 Months Ended |
Sep. 30, 2014 | |
LIQUIDITY AND CONTINUED OPERATIONS [Abstract] | ' |
Liquidity and Continued Operations | ' |
LIQUIDITY AND CONTINUED OPERATIONS | |
As of September 30, 2014, the Company had approximately $1.0 million in cash and cash equivalents. The Company is in the development stage and is currently incurring significant losses from operations as it works toward further commercialization. In February 2014, the Company completed the sale of 500 shares of Series B-1 preferred stock in a private placement for gross proceeds of $5.0 million. In May 2014, the Company completed the sale of 600 shares of Series C preferred stock in a private placement for gross proceeds of $6.0 million. On July 29, 2014, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with SHTARD Enterprises Ltd. (the “Investor”). Pursuant to the terms of the Purchase Agreement, the Company issued and sold to the Investor 400,000 shares of the Company’s common stock in the aggregate original amount of $1,320,000 or $3.30 per share. On August 11, 2014, the Investor purchased an additional 800,000 shares from the Company at $3.30 per share or $2,640,000. | |
On August 29, 2014, the Company entered into a securities purchase agreement with Seng Wei Seow (“Seow") and TFG Radiant Investment Group Ltd. (“TFG Radiant") for a private placement of a total of 3,115,618 shares of the Company’s common stock, which is expected to result in gross proceeds of approximately $8,000,000 to the Company. The private placement will take place in two tranches. In the first tranche, which closed on August 29, 2014, the Company issued (i) 845,309 shares of Common Stock to Seow and (ii) 845,309 shares of Common Stock to TFG Radiant, all at a price of $2.366 per share, resulting in gross proceeds of approximately $4,000,000 to the Company. For the second tranche, which closed on November 11, 2014, the Company issued 1,425,000 shares of Common Stock (the “Second Tranche Shares") to TFG Radiant at a price of $2.80 per share, resulting in gross proceeds of approximately $4,000,000 to the Company. The closing of the second tranche was subject to the Company obtaining stockholder approval of the issuance of the Second Tranche Shares in accordance with the applicable listing rules of The Nasdaq Stock Market. This approval was obtained at a special shareholder meeting held on October 22, 2014. | |
The Company has commenced production at its manufacturing facility. The Company does not expect that sales revenue and cash flows will be sufficient to support operations and cash requirements until we have fully implemented our new consumer products strategy. During the first nine months of 2014, the Company used $20.7 million in cash for operations. For the remainder of 2014, the Company expects to incur a base level of maintenance capital expenditures and relatively minor improvements to the existing asset base along with an increased sales effort. As of September 30, 2014 the Company's primary significant long term obligation consists of a note payable of $6.1 million to a financial institution secured by a mortgage on its headquarters and manufacturing building in Thornton, Colorado. Total payments of $0.2 million, including principal and interest, on $6.1 million note payable will come due in the remainder of 2014. Additionally, the Company owes $1.5 million as of September 30, 2014 related to a litigation settlement reached in April 2014, which is being paid in equal installments over 40 months beginning in April 2014. | |
On June 30, 2014, the Company entered into a Service Agreement with Swyft, Inc. (“Swyft”). Swyft will sell consumer products through automated retail stores (kiosks), provide online and mobile retail channels through a website and mobile application, and provide visual and text based advertising through both physical and digital channels. The Company will provide financing to Swyft in the form of a three year 8% convertible note to purchase seventy five (75) automated retail stores at $4,500 per store, or a total of $337,500, from ZoomSystems, the manufacturer of automated retail machines. The first convertible loan financing for thirty eight (38) automated retail stores of $171,000 was provided by the Company by July 31, 2014 and the second convertible loan financing for thirty seven (37) automated retail stores of $166,500 will be provided by the Company by January 7, 2015. The Company also has an option to continue loan financing for each additional block of fifty (50) automated retail stores. The Service Agreement also required that the Company pay a one-time project set-up fee of $125,000, which was paid during the third quarter. | |
Additional projected product revenues are not anticipated to result in a positive cash flow position for the year 2014 overall. However, the Company believes it will have sufficient cash liquidity for the year ending December 31, 2014, given the aforementioned new financing and additional financing that is expected to be secured in the final quarter of the year. The Company has initiated activities related to securing additional financing through strategic or financial investors, but there is no assurance we will be able to raise additional capital on acceptable terms or at all. 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. If revenues do not increase rapidly, and/or additional financing is not obtained, we will be required to significantly curtail operations to reduce costs and/or sell assets. Such actions would likely have an adverse impact on our future operations. | |
The Company was previously not in compliance with the NASDAQ minimum $1.00 bid price requirement. On March 27, 2014, the Company received approval to transfer its listing from the NASDAQ Global Market tier 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"). On September 11, 2014, the Company received notification from the Listing Qualifications Department of The Nasdaq Stock Market that the Company had regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) after maintaining a closing bid price equal to or in excess of $1.00 for a minimum of ten consecutive trading days and that the Company's noncompliance with that rule had been rectified. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
PROPERTY, PLANT AND EQUIPMENT | |||||||||
The following table summarizes property, plant and equipment as of September 30, 2014 and December 31, 2013: | |||||||||
As of September 30, | As of December 31, | ||||||||
2014 | 2013 | ||||||||
Building | $ | 5,828,960 | $ | 5,820,509 | |||||
Furniture, fixtures, computer hardware and computer software | 466,066 | 461,491 | |||||||
Manufacturing machinery and equipment | 32,371,020 | 32,332,905 | |||||||
Net depreciable property, plant and equipment | 38,666,046 | 38,614,905 | |||||||
Manufacturing machinery and equipment in progress | 16,013 | — | |||||||
Property, plant and equipment | 38,682,059 | 38,614,905 | |||||||
Less: Accumulated depreciation and amortization | (22,299,012 | ) | (17,850,688 | ) | |||||
Net property, plant and equipment | $ | 16,383,047 | $ | 20,764,217 | |||||
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. | |||||||||
Depreciation expense for the three months ended September 30, 2014 and 2013 was $1,494,455 and $1,553,289, respectively and for the nine months ended September 30, 2014 and 2013 was $4,456,145 and $4,631,199, respectively. Depreciation expense is recorded under “Research, development and manufacturing operations” expense and “Selling, general and administrative” expense in the Condensed Statements of Operations. |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
INVENTORIES | |||||||||
Inventories consisted of the following at September 30, 2014 and December 31, 2013: | |||||||||
As of September 30, | As of December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 984,727 | $ | 1,190,079 | |||||
Work in process | 460,115 | 401,274 | |||||||
Finished goods | 638,093 | 296,259 | |||||||
Total | $ | 2,082,935 | $ | 1,887,612 | |||||
Debt
Debt | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Debt Disclosure [Abstract] | ' | |||
Debt | ' | |||
DEBT | ||||
On February 8, 2008, the Company acquired a manufacturing and office facility in Thornton, Colorado, for approximately $5.5 million. The purchase was financed by a promissory note, deed of trust and construction loan agreement (the “Construction Loan”) with the Colorado Housing and Finance Authority (“CHFA”), which provided the Company borrowing availability of up to $7.5 million for the building and building improvements. In 2009, the Construction Loan was converted to a permanent loan pursuant to a Loan Modification Agreement between the Company and CHFA (the “Permanent Loan”). The Permanent Loan, collateralized by the building, has an interest rate of 6.6% and the principal will be amortized through its term to January 2028. The Company will incur a prepayment penalty if the Permanent Loan is prepaid prior to December 31, 2015. Further, pursuant to certain negative covenants in the Permanent Loan, the Company may not, among other things, without CHFA’s prior written consent (which by the terms of the deed of trust is subject to a reasonableness requirement): create or incur additional indebtedness (other than obligations created or incurred in the ordinary course of business); merge or consolidate with any other entity; or make loans or advances to the Company’s officers, shareholders, directors or employees. The outstanding balance of the Permanent Loan was $6,139,670 as of September 30, 2014. | ||||
As of September 30, 2014, future principal payments on long-term debt are due as follows: | ||||
2014 | $ | 72,495 | ||
2015 | 302,210 | |||
2016 | 322,771 | |||
2017 | 344,730 | |||
2018 | 368,183 | |||
Thereafter | 4,729,281 | |||
$ | 6,139,670 | |||
MakeWhole_Dividend_Liability
Make-Whole Dividend Liability | 9 Months Ended |
Sep. 30, 2014 | |
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). | |
In April 2014, the Company entered into a Securities Purchase Agreement to issue 600 shares of Series C Preferred Stock to an investor in exchange for $6.0 million. Holders of Series C 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 92% of the lowest closing price during the applicable measurement period), at the discretion of the Board of Directors. The dividend rate on the Series C Preferred Stock is indexed to the Company's stock price and subject to adjustment. In addition, the Series C 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 92% of the lowest closing price during the applicable measurement period). | |
The Company concluded the make-whole dividends should be characterized as embedded derivatives under ASC 815. Make-whole dividends are expensed at the time of issuance and recorded as "Deemed dividends on Preferred Stock and accretion of warrants" in the Condensed Statements of Operations and "Make-whole dividend liability" in the Condensed Balance Sheets. The fair value of 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. During the nine months ended September 30, 2014, the Company recorded a net increase in fair value of the liability in the amount of $3.5 million, recorded as "Change in fair value of make-whole dividend liability" in Other Income/(Expense) in the Condensed Statements of Operations and in the Condensed Statement of Cash Flows. | |
At September 30, 2014, there were 212,390 shares and 70 shares of Series A and Series C Preferred Shares outstanding, respectively. At September 30, 2014, the Company was entitled to redeem the outstanding Series A preferred shares for $1.7 million, plus a make-whole amount of $0.8 million, payable in cash or common shares. At September 30, 2014, the Company was entitled to redeem the outstanding Series C preferred shares for $0.7 million, plus a make-whole amount of $0.8 million, payable in cash or common shares. The combined fair value of the make-whole dividend liabilities for the Series A and Series C preferred shares, which approximates cash value, was $1.7 million as of September 30, 2014. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2014 | |
Equity [Abstract] | ' |
Stockholders' Equity | ' |
STOCKHOLDERS’ EQUITY | |
Common Stock | |
At September 30, 2014, the Company had 250,000,000 shares of common stock, $0.0001 par value, authorized for issuance. Each share of common stock has the right to one vote. As of September 30, 2014, the Company had 14,137,138 shares of common stock outstanding. The Company has not declared or paid any dividends related to the common stock through September 30, 2014. | |
Preferred Stock | |
At September 30, 2014, the Company 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, 2,000 shares have been designated for Series B-1 and B-2 preferred stock, and 690 shares have been designated as Series C preferred stock. As of September 30, 2014, the Company had 212,390 shares of Series A preferred stock, no shares of Series B-1 preferred stock and no shares of Series B-2 preferred stock and 70 shares of Series C preferred stock outstanding. The Company has no declared unpaid dividends related to the preferred stock as of September 30, 2014. | |
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 262,500 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 43,750 shares of common stock for $1,000,000. The final closings took place in August 2013, with the transfer of 625,000 shares of Series A Preferred Stock and a warrant to purchase 218,750 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 $11.60, as adjusted, for 20 consecutive trading days, or by the holder at any time. The Company has the right to redeem the Series A Preferred Stock at a price of $8.00 per share, plus any accrued and unpaid dividends, plus the make-whole amount (if applicable). At September 30, 2014, the preferred shares were not eligible for conversion to common shares at the option of the Company. The holder of the preferred shares may convert to common shares at any time, at no cost, at a ratio of 1 preferred share into 1 common share (as adjusted for the Reverse Stock Split, 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 8. Make-Whole Dividend Liability. | |
During the nine months ended September 30, 2014, the holder of the Series A Preferred Shares converted 150,000 preferred shares into 150,000 shares of common stock (as adjusted for the Reverse Stock Split). As a result of this conversion, the Company paid a make-whole dividend on the conversion of Series A preferred stock in the amount of 104,075 shares of common stock (as adjusted for the Reverse Stock Split) in lieu of a cash payment of $520,000. As of October 31, 2014 there were 212,390 Series A Preferred Shares outstanding. | |
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 $9.00 per common share to the Company. | |
The Securities Purchase Agreement for the Series A Preferred Stock required that the registration statement, filed on August 16, 2013, must be declared effective within 90 days of the filing date. If the registration statement was not declared effective by this date, damages of 1% of the total investment amount, or $60,000, plus interest, would have been owed by the Company to the Holder for each month until registration statement effectiveness is reached or the investment amount is repaid in full. The registration statement became effective on August 30, 2013, therefore any potential registration rights liability owed to the Holder by the Company was eliminated as of September 30, 2013. | |
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 or 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 stockholders, 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 were 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 $20.00, 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 $11.50 and a ratio of 1 preferred share into 870 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 8. Make-whole dividend liability. | |
During the nine months ended September 30, 2014, the holder of the Series B preferred stock converted all remaining 850 preferred shares into 739,130 shares of common stock (as adjusted for the Reverse Stock Split). As a result of these conversions, the Company paid make-whole dividends in the amount of 1,238,680 shares of common stock (as adjusted for the Reverse Stock Split) in lieu of a cash payment of $6,483,000. | |
Series C Preferred Stock | |
On April 1, 2014, the Company entered into a Securities Purchase Agreement to issue 600 shares of Series C Preferred Stock to an investor in exchange for $6.0 million. | |
The Series C Preferred Stock is convertible into common stock at a fixed conversion price of $11.50 per share of common stock. Holders of Series C 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 92% of the lowest closing price during the applicable measurement period), at the discretion of the Board of Directors. The dividend rate on the Series C Preferred Stock is indexed to the Company's stock price and subject to adjustment. In addition, the Series C 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 92% of the lowest closing price during the applicable measurement period). | |
The Series C 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 $22.30, as adjusted, for 20 consecutive trading days, or by the holder at any time. The Company has the right to redeem the Series C Preferred Stock at a price of $10,000 per share, plus any accrued and unpaid dividends, plus the embedded dividend amount (if applicable). The holder of the Series C Preferred Stock may convert to common shares at any time, at no cost, at a conversion price of $11.50 and a ratio of 1 preferred share into 870 common shares. Conversions by the holder are subject to standard ratable anti-dilution adjustments. Upon any conversion (whether at the option of the Company or the holder), the holder is entitled to receive any accrued but unpaid dividends and also any embedded dividend amount (if applicable). | |
Except as otherwise required by law (or with respect to approval of certain actions), the Series C Preferred Stock shall have no voting rights. Upon any liquidation, dissolution or winding up of the Company, holders of Series C 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. | |
In connection with the Securities Purchase Agreement, the Company entered into a Registration Rights Agreement (“RRA”). The RRA provided that if a resale registration statement was not declared effective on or before (i) the 30th day after April 1, 2014, the Company would be required to issue 30 additional shares of Series C Preferred Stock to the investor; (ii) the 60th day after April 1, 2014, the Company would be required to issue 30 additional shares of Series C Preferred Stock to the investor; and (iii) before the 90th day after April 1, 2014, the Company would be required to issue 30 additional shares of Series C Preferred Stock to the investor. Because the resale registration statement was not declared effective until May 27, 2014, the Company issued 30 additional shares of Series C Preferred Stock to the investor on May 1, 2014. | |
During the nine months ended September 30, 2014, the holder of the Series C preferred stock converted 560 preferred shares into 486,957 shares of common stock (as adjusted for the Reverse Stock Split). As a result of these conversions, the Company paid make-whole dividends in the amount of 2,312,591 shares of common stock (as adjusted for the Reverse Stock Split) in lieu of a cash payment of $6,022,434. Subsequent to September 30, 2014, the holders of Series C Preferred Stock converted 70 preferred shares into a total of 683,362 common shares, which includes make-whole dividends. As of October 31, 2014, there were 0 shares of Series C Preferred Stock outstanding. |
Equity_Plans_and_ShareBased_Co
Equity Plans and Share-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Equity Plans and Share-Based Compensation | ' | ||||||||||||||||
EQUITY PLANS AND SHARE-BASED COMPENSATION | |||||||||||||||||
Share-Based Compensation: The Company measures share-based compensation cost at the grant date based on the fair value of the award and recognizes this cost as an expense over the grant recipients’ requisite service periods for all awards made to employees, officers, directors and consultants. | |||||||||||||||||
The share-based compensation expense recognized in the Condensed Statements of Operations was as follows: | |||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Share-based compensation cost included in: | |||||||||||||||||
Research and development | $ | 86,163 | $ | 58,898 | 273,234 | $ | 183,725 | ||||||||||
Selling, general and administrative | 121,909 | 111,548 | 360,162 | 354,640 | |||||||||||||
Total share-based compensation cost | $ | 208,072 | $ | 170,446 | $ | 633,396 | $ | 538,365 | |||||||||
The following table presents share-based compensation expense by type: | |||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Type of Award: | |||||||||||||||||
Stock Options | $ | 99,802 | $ | 96,911 | 315,342 | $ | 298,455 | ||||||||||
Restricted Stock Units and Awards | 108,270 | 73,535 | 318,054 | 239,910 | |||||||||||||
Total share-based compensation cost | $ | 208,072 | $ | 170,446 | $ | 633,396 | $ | 538,365 | |||||||||
Stock Options: The Company recognized share-based compensation expense for stock options of $315,000 to officers, directors and employees for the nine months ended September 30, 2014 related to stock option awards ultimately expected to vest. The weighted average estimated fair value of employee stock options granted for the nine months ended September 30, 2014 and 2013 was $5.00 and $4.90 per share, respectively. Fair value was calculated using the Black-Scholes Model with the following assumptions: | |||||||||||||||||
For the nine months ended September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Expected volatility | 94% | 97% | |||||||||||||||
Risk free interest rate | 2% | 1% | |||||||||||||||
Expected dividends | — | — | |||||||||||||||
Expected life (in years) | 6 | 5.2 | |||||||||||||||
Expected volatility is based on the historical volatility of the Company’s stock. The risk-free rate of return is based on the yield of U.S. Treasury bonds with a maturity equal to the expected term of the award. Historical data is used to estimate forfeitures within the Company’s valuation model. The Company’s expected life of stock option awards is derived from historical experience and represents the period of time that awards are expected to be outstanding. | |||||||||||||||||
As of September 30, 2014, total compensation cost related to non-vested stock options not yet recognized was $272,000 which is expected to be recognized over a weighted average period of approximately 1.7 years. As of September 30, 2014, 180,642 shares were vested or expected to vest in the future at a weighted average exercise price of $15.59. As of September 30, 2014, 72,292 shares remained available for future grants under the Option Plan. | |||||||||||||||||
Restricted Stock: In addition to the stock options discussed above, the Company recognized share-based compensation expense related to restricted stock grants of $318,000 for the nine months ended September 30, 2014. The weighted average estimated fair value of restricted stock grants for the nine months ended September 30, 2014 and 2013 was $7.10 and $6.20 per share, respectively. | |||||||||||||||||
Total unrecognized share-based compensation expense from unvested restricted stock as of September 30, 2014 was $107,000 which is expected to be recognized over a weighted average period of approximately 0.3 years. As of September 30, 2014, 58,909 shares were expected to vest in the future. As of September 30, 2014, 215,943 shares remained available for future grants under the Restricted Stock Plan. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
RELATED PARTY TRANSACTIONS | |
TFG Radiant Investment Group Ltd. and its affiliates ("TFG Radiant") own approximately 17% of the Company's outstanding common stock as of September 30, 2014. 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 services agreement with TFG Radiant for product design, product development and manufacturing coordinating activities provided by TFG Radiant to the Company in connection with the Company's new line of consumer electronic products. The consulting services agreement was terminated effective March 31, 2014. | |
During nine months ended September 30, 2014, the Company made disbursements to TFG Radiant in the amount of $560,000, consisting of $200,000 for consulting fees and $360,000 for finished goods received and deposits for work-in-process. During the period from inception through September 30, 2014, the Company recognized revenue in the amount of $555,000 for products sold to TFG Radiant under the supply agreement. As of September 30, 2014 and December 31, 2013, the Company held $134,000 and $21,000, respectively, in receivables and deposits with TFG Radiant. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
COMMITMENTS AND CONTINGENCIES | |
On October 21, 2011, the Company was notified that a complaint claiming $3 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, Jefferies claimed an award for attorney's fees and prejudgment interest in the approximate amount of $1.2 million. | |
On April 16, 2014, the parties settled the lawsuit where the Company agreed to pay Jefferies a total of $2.0 million in equal installments over 40 months. The Company has paid $300,000 through September 30, 2014. | |
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 accrued $1.7 million, the net present value of the $2.0 million settlement, as of December 31, 2013. As of September 30, 2014, $1.0 million was accrued for the long-term portion of this settlement and $0.5 million was recorded as Accrued litigation settlement, current portion, in the Condensed Balance Sheets. | |
On June 30, 2014, the Company entered into a Service Agreement with Swyft, Inc. (“Swyft”). Swyft will sell consumer products through automated retail stores (kiosks), provide online and mobile retail channels through a website and mobile application, and provide visual and text based advertising through both physical and digital channels. The Company will provide financing to Swyft in the form of a three year 8% convertible note to purchase seventy five (75) automated retail stores at $4,500 per store or a total of $337,500 from ZoomSystems, the manufacturer of automated retail machines. The first convertible loan financing for thirty eight (38) automated retail stores of $171,000 was provided by the Company by July 31, 2014 and the second convertible loan financing for thirty seven (37) automated retail stores of $166,500 will be provided by the Company by January 7, 2015. The Company also has an option to continue loan financing for each additional block of fifty (50) automated retail stores. The Service Agreement also required the Company to pay a one time project set-up fee of $125,000, which was paid during the third quarter. |
Joint_Venture
Joint Venture | 9 Months Ended |
Sep. 30, 2014 | |
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%. Near the end of 2014 or early in 2015, 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. | |
Under the terms of the definitive agreement, in phase 1 and phase 2 of the project, the Company is required to contribute to the JV manufacturing equipment, intellectual property assets, proprietary technology and know-how, and cash for its ownership share, and Suqian is required to contribute cash for its ownership share. Pursuant to the terms of the Definitive Agreement, the Company's total contribution for phase 1 and phase 2 is required to be approximately $130 million. Suqian's total contribution for phase 1 and phase 2 is required to be approximately $32 million. | |
Pursuant to the terms of the Definitive Agreement, Ascent and Suqian are required to ascribe a dollar value to the Company's non-cash contributions. The major milestone was the agreement by the Suqian government to credit approximately $77 million to the Company's contribution of its proprietary technology, which represents 60% towards Ascent's total required contribution of $130 million. In order to value the Company's intellectual property assets, the parties jointly agreed to hire an independent appraisal company located in China. The appraisal company has now completed that review and has submitted the valuation report to each of the JV partners. This report valued the Company's intellectual property assets at approximately $65 million, plus 20% premium added by Suqian government to bring the total value to $77 million. The remaining 40% of the Company's contribution will be in the form of some equipment from its Colorado plant and/or cash. The exact amounts of cash and equipment will be determined at a later date. These amounts of cash and equipment will depend, among other things, on an assessment of the contributed equipment by a Chinese appraisal firm mutually selected by the Company and Suqian. | |
The actual contributions of cash and other assets into the JV by the Company and Suqian will happen incrementally over time. In addition, under the Definitive Agreement, Suqian has agreed to provide rent-free use of the 331,000-square-foot manufacturing facility and office space that is currently being built for the Company in the Suqian Economic and Industrial Development Science Park. | |
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, is subject to a number of contractual conditions and governmental approvals. Such conditions and approvals must be obtained in order for the Suqian factory to be built and become operational. On September 17, 2014, the Company was officially granted the Certificate of Approval for Establishment with Foreign Investment in the People's Republic of China, and on September 24, 2014, the Company was officially granted the Business License to operate the JV. Several activities, including the cash injection by Suqian into the JV and the transfer of equipment by the Company, will begin during the forth quarter of 2014. | |
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 financial statements. |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
The following table summarizes property, plant and equipment as of September 30, 2014 and December 31, 2013: | |||||||||
As of September 30, | As of December 31, | ||||||||
2014 | 2013 | ||||||||
Building | $ | 5,828,960 | $ | 5,820,509 | |||||
Furniture, fixtures, computer hardware and computer software | 466,066 | 461,491 | |||||||
Manufacturing machinery and equipment | 32,371,020 | 32,332,905 | |||||||
Net depreciable property, plant and equipment | 38,666,046 | 38,614,905 | |||||||
Manufacturing machinery and equipment in progress | 16,013 | — | |||||||
Property, plant and equipment | 38,682,059 | 38,614,905 | |||||||
Less: Accumulated depreciation and amortization | (22,299,012 | ) | (17,850,688 | ) | |||||
Net property, plant and equipment | $ | 16,383,047 | $ | 20,764,217 | |||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current | ' | ||||||||
Inventories consisted of the following at September 30, 2014 and December 31, 2013: | |||||||||
As of September 30, | As of December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 984,727 | $ | 1,190,079 | |||||
Work in process | 460,115 | 401,274 | |||||||
Finished goods | 638,093 | 296,259 | |||||||
Total | $ | 2,082,935 | $ | 1,887,612 | |||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Debt Disclosure [Abstract] | ' | |||
Schedule of Maturities of Long-term Debt | ' | |||
As of September 30, 2014, future principal payments on long-term debt are due as follows: | ||||
2014 | $ | 72,495 | ||
2015 | 302,210 | |||
2016 | 322,771 | |||
2017 | 344,730 | |||
2018 | 368,183 | |||
Thereafter | 4,729,281 | |||
$ | 6,139,670 | |||
Equity_Plans_and_ShareBased_Co1
Equity Plans and Share-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Share-based compensation cost by line item | ' | ||||||||||||||||
The share-based compensation expense recognized in the Condensed Statements of Operations was as follows: | |||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Share-based compensation cost included in: | |||||||||||||||||
Research and development | $ | 86,163 | $ | 58,898 | 273,234 | $ | 183,725 | ||||||||||
Selling, general and administrative | 121,909 | 111,548 | 360,162 | 354,640 | |||||||||||||
Total share-based compensation cost | $ | 208,072 | $ | 170,446 | $ | 633,396 | $ | 538,365 | |||||||||
Share-based compensation cost by award type | ' | ||||||||||||||||
The following table presents share-based compensation expense by type: | |||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Type of Award: | |||||||||||||||||
Stock Options | $ | 99,802 | $ | 96,911 | 315,342 | $ | 298,455 | ||||||||||
Restricted Stock Units and Awards | 108,270 | 73,535 | 318,054 | 239,910 | |||||||||||||
Total share-based compensation cost | $ | 208,072 | $ | 170,446 | $ | 633,396 | $ | 538,365 | |||||||||
Share-based compensation fair value assumptions | ' | ||||||||||||||||
Fair value was calculated using the Black-Scholes Model with the following assumptions: | |||||||||||||||||
For the nine months ended September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Expected volatility | 94% | 97% | |||||||||||||||
Risk free interest rate | 2% | 1% | |||||||||||||||
Expected dividends | — | — | |||||||||||||||
Expected life (in years) | 6 | 5.2 |
Organization_Details
Organization (Details) (USD $) | 0 Months Ended | 1 Months Ended | ||
Aug. 26, 2014 | Jan. 31, 2006 | Sep. 30, 2014 | Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' |
Stock issued in exchange for assets (in shares) | ' | 1,028,000 | ' | ' |
Reverse stock split, conversion ratio, shares | 0.1 | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | ' | $0.00 | $0.00 |
Liquidity_and_Continued_Operat1
Liquidity and Continued Operations (Details) (USD $) | 1 Months Ended | 9 Months Ended | 107 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||||||
Apr. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Aug. 29, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | 31-May-14 | Dec. 31, 2013 | Aug. 11, 2014 | Jul. 29, 2014 | Aug. 11, 2014 | Aug. 29, 2014 | Oct. 31, 2013 | Feb. 07, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Aug. 29, 2014 | Aug. 29, 2014 | Nov. 03, 2014 | |
Series B-1 Preferred Stock [Member] | Series B-1 Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Sale of Stock Tranche One [Member] | Sale of Stock Tranche One [Member] | Sale of Stock Tranche Two [Member] | Service Agreement with Swyft, Inc. [Member] | 8% Convertible Debt [Member] | 8% Convertible Debt [Member] | 8% Convertible Debt [Member] | 8% Convertible Debt [Member] | 8% Convertible Debt [Member] | Seng Wei Seow [Member] | TFG Radiant [Member] | Scenario, Forecast [Member] | ||||||
Series B-1 Preferred Stock [Member] | Series B-1 Preferred Stock [Member] | store | Convertible Debt [Member] | Convertible Debt [Member] | First Convertible Debt Loan [Member] | Second Convertible Debt Loan [Member] | Continued Convertible Debt Loan Financing [Member] | Sale of Stock Tranche One [Member] | Sale of Stock Tranche One [Member] | TFG Radiant [Member] | |||||||||||||||
Service Agreement with Swyft, Inc. [Member] | Service Agreement with Swyft, Inc. [Member] | Service Agreement with Swyft, Inc. [Member] | Service Agreement with Swyft, Inc. [Member] | Service Agreement with Swyft, Inc. [Member] | Sale of Stock Tranche Two [Member] | ||||||||||||||||||||
store | store | store | |||||||||||||||||||||||
Schedule of Liquidity and Continued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and investments | ' | $1,000,000 | ' | $1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued | ' | ' | ' | ' | ' | ' | ' | 630 | 600 | 630 | ' | ' | ' | ' | 500 | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, issued | ' | ' | ' | ' | ' | 0 | 0 | 0 | 6,000,000 | 0 | ' | ' | ' | ' | 5,000,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued for the securities purchase agreement (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 845,309 | 845,309 | 1,425,000 |
Value of shares issued for the securities purchase agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,640,000 | 1,320,000 | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 |
Shares to be issued under purchase agreement, shares | ' | ' | ' | ' | 3,115,618 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected gross proceeds from shares to be issued under purchase agreement | ' | ' | ' | ' | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.30 | $2.37 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 |
Net cash (used in) operating activities | ' | -20,726,492 | -14,978,522 | -130,650,253 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes payable | ' | 6,100,000 | ' | 6,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes payable, repayments of principal and interest in remainder of fiscal year | ' | 200,000 | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' |
Convertible debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 337,500 | 171,000 | 166,500 | ' | ' | ' | ' |
Number of stores | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75 | ' | ' | 38 | 37 | 50 | ' | ' | ' |
Store price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred set-up costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Litigation settlement (against) the company | ' | ($1,500,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Litigation settlement, payment period | '40 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum bid price requirement for continued listing (in dollars per share) | ' | $1 | ' | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, plant and equipment | $38,682,059 | ' | $38,682,059 | ' | $38,614,905 |
Less: Accumulated depreciation and amortization | -22,299,012 | ' | -22,299,012 | ' | -17,850,688 |
Net property, plant and equipment | 16,383,047 | ' | 16,383,047 | ' | 20,764,217 |
Depreciation expense | 1,494,455 | 1,553,289 | 4,456,145 | 4,631,199 | ' |
Building [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, plant and equipment | 5,828,960 | ' | 5,828,960 | ' | 5,820,509 |
Furniture, fixtures, computer hardware and computer software [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, plant and equipment | 466,066 | ' | 466,066 | ' | 461,491 |
Manufacturing machinery and equipment [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, plant and equipment | 32,371,020 | ' | 32,371,020 | ' | 32,332,905 |
Net depreciable property, plant and equipment [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, plant and equipment | 38,666,046 | ' | 38,666,046 | ' | 38,614,905 |
Construction in Progress [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, plant and equipment | $16,013 | ' | $16,013 | ' | $0 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $984,727 | $1,190,079 |
Work in process | 460,115 | 401,274 |
Finished goods | 638,093 | 296,259 |
Total | $2,082,935 | $1,887,612 |
Debt_Narrative_Details
Debt Narrative (Details) (USD $) | Sep. 30, 2014 | Feb. 08, 2008 | Dec. 31, 2009 | Feb. 08, 2008 |
Construction Loan [Member] | Permanent Loan [Member] | Manufacturing and Office Facility [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' | ' |
Cost of acquisition | ' | ' | ' | $5,500,000 |
Available borrowing capacity | ' | 7,500,000 | ' | ' |
Stated interest rate | ' | ' | 6.60% | ' |
Long-term debt | $6,139,670 | ' | ' | ' |
Debt_Schedule_of_Maturities_of
Debt (Schedule of Maturities of Long-term Debt) (Details) (USD $) | Sep. 30, 2014 |
Debt Disclosure [Abstract] | ' |
2014 | $72,495 |
2015 | 302,210 |
2016 | 322,771 |
2017 | 344,730 |
2018 | 368,183 |
Thereafter | 4,729,281 |
Total maturities | $6,139,670 |
MakeWhole_Dividend_Liability_D
Make-Whole Dividend Liability (Details) (USD $) | 3 Months Ended | 9 Months Ended | 107 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Aug. 31, 2013 | Jun. 17, 2013 | Oct. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | 31-May-14 | Sep. 30, 2014 | Dec. 31, 2013 | |
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 C Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, dividend rate, percentage | ' | ' | ' | ' | ' | ' | 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% | ' | ' | ' | ' | ' |
Preferred stock, shares issued | ' | ' | ' | ' | ' | ' | 750,000 | 750,000 | 750,000 | 625,000 | 125,000 | 1,000 | 1,000 | 1,000 | 600 | 630 | 630 |
Preferred stock, issued | ' | ' | ' | ' | ' | ' | $6,000,000 | $21 | $36 | $5,000,000 | $1,000,000 | $10,000,000 | ' | ' | $6,000,000 | $0 | $0 |
Preferred stock, dividend rate, share price percentage to market price | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | 8.00% | ' | ' | 8.00% | ' | ' |
Preferred stock, dividends percentage of closing stock price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 92.00% | ' | ' |
Preferred stock, dividend issuance term | ' | ' | ' | ' | ' | ' | '4 years 0 months 0 days | ' | ' | ' | ' | '5 years | ' | ' | '5 years | ' | ' |
Change in fair value of make-whole dividend liability | 1,272,084 | -70,272 | 3,460,199 | -70,272 | 4,775,582 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares outstanding | ' | ' | ' | ' | ' | ' | ' | 212,390 | 362,390 | ' | ' | ' | 0 | 350 | ' | 70 | 0 |
Preferred stock, redemption amount | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' |
Preferred stock, redemption amount, additional make-whole amount | 800,000 | ' | 800,000 | ' | 800,000 | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Make-whole dividend liability | $1,668,510 | ' | $1,668,510 | ' | $1,668,510 | $3,146,156 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Common_Sto
Stockholders' Equity (Common Stock) (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2014 | Aug. 26, 2014 | Dec. 31, 2013 | |
votes | |||
Equity [Abstract] | ' | ' | ' |
Common stock, shares authorized | 250,000,000 | ' | 250,000,000 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 |
Number of votes per share | 1 | ' | ' |
Common stock, shares outstanding | 14,137,138 | ' | 6,174,853 |
Dividends declared | $0 | ' | ' |
Dividends paid | $0 | ' | ' |
Stockholders_Equity_Preferred_
Stockholders' Equity (Preferred Stock) (Details) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | ||||||||||||||||
Sep. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Aug. 31, 2013 | Aug. 16, 2013 | Jun. 17, 2013 | Oct. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Oct. 31, 2013 | Sep. 30, 2014 | 31-May-14 | Sep. 30, 2014 | Dec. 31, 2013 | Aug. 29, 2014 | Oct. 31, 2013 | Feb. 07, 2014 | Nov. 04, 2014 | Oct. 31, 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-1 and B-2 Preferred Stock [Member] | Series B-1 Preferred Stock [Member] | Series B-1 Preferred Stock [Member] | Series B-1 Preferred Stock [Member] | Series B-2 Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [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] | ||
tranche | Series B-1 Preferred Stock [Member] | Series B-1 Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | |||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized (in shares) | 25,000,000 | ' | 750,000 | 750,000 | ' | ' | ' | ' | 2,000 | 2,000 | 2,000 | ' | ' | ' | ' | ' | 1,000 | 1,000 | ' | ' | ' | ' | ' |
Preferred stock, par value (in dollars per share) | $0.00 | ' | $0.00 | $0.00 | ' | ' | ' | ' | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | $0.00 | $0.00 | ' | ' | ' | ' | ' |
Preferred stock, shares authorized, designated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 690 | ' | ' | ' | ' | ' | ' |
Preferred stock, shares outstanding (in shares) | ' | ' | 212,390 | 362,390 | ' | ' | ' | ' | 0 | 350 | ' | 0 | ' | ' | 0 | ' | 70 | 0 | ' | ' | ' | ' | 0 |
Preferred stock, shares issued | ' | 750,000 | 750,000 | 750,000 | 625,000 | ' | 125,000 | 1,000 | 1,000 | 1,000 | ' | ' | ' | ' | ' | 600 | 630 | 630 | ' | 500 | 500 | ' | ' |
Share price (in dollars per share) | ' | $8 | ' | ' | ' | ' | ' | $10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.37 | ' | ' | ' | ' |
Preferred stock, issued | ' | $6,000,000 | $21 | $36 | $5,000,000 | ' | $1,000,000 | $10,000,000 | ' | ' | ' | $0 | $0 | ' | ' | $6,000,000 | $0 | $0 | ' | $5,000,000 | $5,000,000 | ' | ' |
Number of shares called by warrants | ' | 262,500 | ' | ' | 218,750 | ' | 43,750 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, dividend rate, percentage | ' | 8.00% | ' | ' | ' | ' | ' | 5.75% | ' | ' | ' | ' | ' | ' | ' | 5.75% | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, dividend rate, share price percentage to market price | ' | 10.00% | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, dividend issuance term | ' | '4 years 0 months 0 days | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, conversion, required common share price (in dollars per share) | ' | ' | $11.60 | ' | ' | ' | ' | $20 | ' | ' | ' | ' | ' | ' | ' | $22.30 | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, conversion, required common share price, term | ' | '20 days | ' | ' | ' | ' | ' | '20 days | ' | ' | ' | ' | ' | ' | ' | '20 days | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, redemption price per share (in dollars per share) | ' | $8 | ' | ' | ' | ' | ' | $10,000 | ' | ' | ' | ' | ' | ' | ' | $10,000 | ' | ' | ' | ' | ' | ' | ' |
Shares issued upon conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 870 | ' | 870 | ' | ' | ' | ' | ' | ' | ' |
Shares converted | 850 | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 560 | ' | ' | ' | ' | 70 | ' |
Shares issued for conversion of preferred stock | 739,130 | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 486,957 | ' | ' | ' | ' | 683,362 | ' |
Shares issued in lieu of cash for conversion of preferred stock | 1,238,680 | ' | 104,075 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,312,591 | ' | ' | ' | ' | 0 | ' |
Value of shares issued in lieu of cash for conversion of preferred stock | 6,483,000 | ' | 520,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,022,434 | ' | ' | ' | ' | ' | ' |
Warrants term | ' | '3 years 0 months 0 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants, exercise price (in dollars per unit) | ' | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of damages of the total investment amount | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of damages of the total investment | ' | ' | ' | ' | ' | $60,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of issuance tranches | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11.50 | ' | $11.50 | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, dividends percentage of closing stock price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 92.00% | ' | ' | ' | ' | ' | ' | ' |
Liquidation preference per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,000 | ' | ' | ' | ' | ' | ' | ' |
Securities purchase agreement, required shares to be issued, 30th day after April 1, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' |
Securities purchase agreement, required shares to be issued, 60th day after April 1, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' |
Securities purchase agreement, required shares to be issued, 90th day after April 1, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' |
Equity_Plans_and_ShareBased_Co2
Equity Plans and Share-Based Compensation (Share-based compensation cost by line item) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Share-based compensation cost | $208,072 | $170,446 | $633,396 | $538,365 |
Research and development [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Share-based compensation cost | 86,163 | 58,898 | 273,234 | 183,725 |
Selling, general, administrative [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Share-based compensation cost | $121,909 | $111,548 | $360,162 | $354,640 |
Equity_Plans_and_ShareBased_Co3
Equity Plans and Share-Based Compensation (Share-based compensation cost by award type) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation cost | $208,072 | $170,446 | $633,396 | $538,365 |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation cost | 99,802 | 96,911 | 315,342 | 298,455 |
Restricted Stock Units and Awards [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation cost | $108,270 | $73,535 | $318,054 | $239,910 |
Equity_Plans_and_ShareBased_Co4
Equity Plans and Share-Based Compensation (Share-based compensation fair value assumptions) (Details) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected life (in years) | '5 years 11 months 26 days | '5 years 1 month 25 days |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected volatility | 94.00% | 97.00% |
Risk free interest rate | 2.00% | 1.00% |
Expected dividends | 0.00% | 0.00% |
Equity_Plans_and_ShareBased_Co5
Equity Plans and Share-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $208,072 | $170,446 | $633,396 | $538,365 |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 99,802 | 96,911 | 315,342 | 298,455 |
Weighted average grant date fair value (in dollars per share) | ' | ' | $5 | $4.90 |
Total compensation cost not yet recognized | 272,000 | ' | 272,000 | ' |
Recognized over a weighted average period | ' | ' | '1 year 8 months 0 days | ' |
Vested and expected to vest shares (in shares) | 180,642 | ' | 180,642 | ' |
Vested and expected to vest weighted average exercise price (in dollars per share) | $15.59 | ' | $15.59 | ' |
Number of shares available for grant (in shares) | 72,292 | ' | 72,292 | ' |
Restricted Stock Units and Awards [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 108,270 | 73,535 | 318,054 | 239,910 |
Total compensation cost not yet recognized | $107,000 | ' | $107,000 | ' |
Recognized over a weighted average period | ' | ' | '0 years 3 months 5 days | ' |
Number of shares available for grant (in shares) | 215,943 | ' | 215,943 | ' |
Restricted stock, weighted average estimated fair value (in dollars per share) | ' | ' | $7.10 | $6.20 |
Restricted stock expected to vest (in shares) | 58,909 | ' | 58,909 | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 9 Months Ended | 107 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Related party receivables and deposits | $134,200 | ' | $134,200 | $21,122 |
TFG Radiant [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Percent of common stock outstanding | 17.00% | ' | 17.00% | ' |
Related Party Transaction, Expenses from Transactions with Related Party | 560,000 | ' | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party, Consulting Fees | 200,000 | ' | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party, Finished Goods and Deposits on Work In Process | 360,000 | ' | ' | ' |
Revenue from related parties | 8,050 | 142,500 | 555,230 | ' |
Related party receivables and deposits | $134,000 | ' | $134,000 | $21,000 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 0 Months Ended | 1 Months Ended | 6 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | |||||||
Oct. 21, 2011 | Apr. 30, 2014 | Dec. 31, 2010 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Apr. 30, 2014 | |
Service Agreement with Swyft, Inc. [Member] | 8% Convertible Debt [Member] | 8% Convertible Debt [Member] | 8% Convertible Debt [Member] | 8% Convertible Debt [Member] | 8% Convertible Debt [Member] | Jefferies [Member] | |||||||
store | Convertible Debt [Member] | Convertible Debt [Member] | First Convertible Debt Loan [Member] | Second Convertible Debt Loan [Member] | Continued Convertible Debt Loan Financing [Member] | ||||||||
Service Agreement with Swyft, Inc. [Member] | Service Agreement with Swyft, Inc. [Member] | Service Agreement with Swyft, Inc. [Member] | Service Agreement with Swyft, Inc. [Member] | Service Agreement with Swyft, Inc. [Member] | |||||||||
store | store | store | |||||||||||
Other Commitments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Complaint claim amount | $3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Attorney's fees and prejudgment interest | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Litigation settlement (against) the company | ' | ' | ' | ' | -1,500,000 | ' | ' | ' | ' | ' | ' | ' | -2,000,000 |
Litigation settlement, payment period | ' | '40 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for legal settlements | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated litigation liability | ' | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | ' |
Estimated litigation liability, noncurrent | ' | ' | ' | 1,008,479 | 1,008,479 | 1,317,500 | ' | ' | ' | ' | ' | ' | ' |
Estimated litigation liability, current | ' | ' | ' | 482,519 | 482,519 | 0 | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, term | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' |
Stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' |
Number of stores | ' | ' | ' | ' | ' | ' | 75 | ' | ' | 38 | 37 | 50 | ' |
Store price | ' | ' | ' | ' | ' | ' | 4,500 | ' | ' | ' | ' | ' | ' |
Convertible debt | ' | ' | ' | ' | ' | ' | ' | ' | 337,500 | 171,000 | 166,500 | ' | ' |
Deferred set-up costs | ' | ' | ' | ' | ' | ' | $125,000 | ' | ' | ' | ' | ' | ' |
Joint_Venture_Details
Joint Venture (Details) (Municipal City of Suqian [Member], USD $) | 0 Months Ended | ||||
Dec. 28, 2013 | Sep. 30, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
sqft | Scenario, Forecast [Member] | Ascent Solar Technology [Member] | Suqian [Member] | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Joint venture, total investment | $500,000,000 | ' | ' | $130,000,000 | $32,000,000 |
Joint venture, agreement term | '6 years | ' | ' | ' | ' |
Joint venture, cash contribution | 4,800,000 | ' | 32,500,000 | ' | ' |
Joint Venture, ownership percentage of parent | 75.00% | ' | 80.00% | ' | ' |
Joint venture, cash contribution, minority interest | 1,600,000 | ' | ' | ' | ' |
Joint venture, ownership percentage of minority interest | 25.00% | ' | ' | ' | ' |
Joint venture, intellectual property contribution to joint venture | ' | 77,000,000 | ' | ' | ' |
Joint venture, intellectual property contribution to joint venture, percentage | ' | 60.00% | ' | ' | ' |
Joint venture, required contribution | ' | 130,000,000 | ' | ' | ' |
Joint venture, appraised value of intellectual property | ' | $65,000,000 | ' | ' | ' |
Joint venture, appraised value of intellectual property, premium | ' | 20.00% | ' | ' | ' |
Joint venture, cash and property contribution to joint venture, percentage | ' | 40.00% | ' | ' | ' |
Joint venture, square footage of contributed property | ' | 331,000 | ' | ' | ' |
Joint venture, right to purchase assets, term | '5 years | ' | ' | ' | ' |
Joint venture, future buy-out cost ratio to initial cash investment | 1.5 | ' | ' | ' | ' |