Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 06, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MYO | ||
Entity Registrant Name | MYOMO INC | ||
Entity Central Index Key | 1,369,290 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 12,392,536 | ||
Entity Public Float | $ 35,443,695 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 12,959,373 | $ 797,174 |
Accounts receivable | 297,039 | 114,506 |
Inventories, net | 201,155 | 82,435 |
Prepaid expenses and other | 388,275 | 152,337 |
Total Current Assets | 13,845,842 | 1,146,452 |
Restricted cash | 52,000 | 52,000 |
Deferred offering costs | 438,237 | |
Equipment, net | 77,150 | 21,563 |
Total Assets | 13,974,992 | 1,658,252 |
Current Liabilities: | ||
Notes payable, shareholder | 876,458 | |
Notes payable, MLSC, current | 1,193,984 | |
Accounts payable and other accrued expenses | 1,277,236 | 714,010 |
Accrued interest | 149,580 | |
Derivative liabilities | 39,930 | |
Deferred revenue | 168,006 | 67,263 |
Total Current Liabilities | 1,485,172 | 3,001,295 |
Convertible promissory notes, net of debt discount | 2,204,235 | |
Convertible promissory notes, related party | 1,180,000 | |
Accrued interest | 130,937 | |
Deferred revenue, net of current portion | 44,042 | |
Total liabilities | 1,529,214 | 6,516,467 |
Redeemable and Convertible Preferred Stock: | ||
Total Redeemable and Convertible Preferred Stock | 12,672,241 | |
Commitments and Contingencies | ||
Stockholders' Equity (Deficiency) | ||
Common stock par value $0.0001 per share 100,000,000 shares authorized; 11,139,667 and 1,124,888 shares issued as of December 31, 2017 and 2016, respectively, and 11,138,859 and 1,124,080 shares outstanding as of December 31, 2017 and 2016, respectively. | 1,114 | 112 |
Undesignated preferred stock par value $0.0001 per share; 25,000,000 authorized at December 31, 2017. No shares issued or outstanding | ||
Additional paid-in capital | 47,423,915 | 5,351,204 |
Accumulated deficit | (34,972,787) | (22,875,308) |
Treasury stock, at cost; 808 shares of common stock | (6,464) | (6,464) |
Total Stockholders' Equity (Deficiency) | 12,445,778 | (17,530,456) |
Total Redeemable and Convertible Preferred Stock and Stockholders' Equity (Deficiency) | 12,445,778 | (4,858,215) |
Total Liabilities, Redeemable and Convertible Preferred Stock and Stockholders' Equity (Deficiency) | $ 13,974,992 | 1,658,252 |
Series B-1 Convertible Preferred Stock [Member] | ||
Redeemable and Convertible Preferred Stock: | ||
Total Redeemable and Convertible Preferred Stock | 8,174,693 | |
Stockholders' Equity (Deficiency) | ||
Total Stockholders' Equity (Deficiency) | 8,174,693 | |
Series A-1 Convertible Preferred Stock [Member] | ||
Redeemable and Convertible Preferred Stock: | ||
Total Redeemable and Convertible Preferred Stock | 4,497,548 | |
Stockholders' Equity (Deficiency) | ||
Total Stockholders' Equity (Deficiency) | $ 4,497,548 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 11,139,667 | 1,124,888 |
Common stock, shares outstanding | 11,138,859 | 1,124,080 |
Preferred stock, par value | $ 0.0001 | |
Preferred stock, shares authorized | 25,000,000 | |
Preferred stock, shares issued | 0 | |
Preferred stock, shares outstanding | 0 | |
Treasury shares at cost | 808 | 808 |
Series B-1 Convertible Preferred Stock [Member] | ||
Convertible preferred stock, par value | $ 0.0001 | |
Convertible preferred stock, shares authorized | 1,862,500 | |
Convertible preferred stock, shares issued | 1,662,104 | |
Convertible preferred stock, shares outstanding | 1,662,104 | |
Convertible preferred stock, liquidation preference | $ 9,701,313 | |
Series A-1 Convertible Preferred Stock [Member] | ||
Convertible preferred stock, par value | $ 0.0001 | |
Convertible preferred stock, shares authorized | 1,594,958 | |
Convertible preferred stock, shares issued | 960,083 | |
Convertible preferred stock, shares outstanding | 960,083 | |
Convertible preferred stock, liquidation preference | $ 4,740,066 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | ||
Revenue | $ 1,558,866 | $ 1,103,277 |
Cost of revenue | 505,280 | 282,164 |
Gross margin | 1,053,586 | 821,113 |
Operating expenses: | ||
Research and development | 1,751,731 | 1,120,951 |
Selling, general and administrative | 5,849,969 | 2,975,164 |
Total operating expenses | 7,601,700 | 4,096,115 |
Loss from operations | (6,548,114) | (3,275,002) |
Other expense (income) | ||
Loss on early extinguishment of debt | 135,244 | |
Change in fair value of derivative liabilities | (116,795) | |
Debt discount on convertible notes | 5,172,000 | |
Interest and other expense, net | 358,916 | 342,020 |
Total other expense (income) | 5,549,365 | 342,020 |
Net loss | (12,097,479) | (3,617,022) |
Deemed dividend - accreted preferred stock | (274,011) | (108,739) |
Cumulative dividend to Series B-1 preferred stockholders | (287,779) | (658,293) |
Net loss available to common stockholders | $ (12,659,269) | $ (4,384,054) |
Weighted average number of common shares outstanding: | ||
Basic and diluted | 4,317,864 | 1,060,892 |
Net loss per share available to common stockholders: | ||
Basic and diluted | $ (2.93) | $ (4.13) |
Statements of Changes in Redeem
Statements of Changes in Redeemable and Convertible Preferred Stock and Stockholders' (Deficiency) Equity - USD ($) | Total | Series B-1 Convertible Preferred Stock [Member] | Series A-1 Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] | IPO [Member] | IPO [Member]Common Stock [Member] | IPO [Member]Additional Paid-in Capital [Member] | Over-allotment Option [Member] | Over-allotment Option [Member]Common Stock [Member] | Over-allotment Option [Member]Additional Paid-in Capital [Member] |
Beginning balance at Dec. 31, 2015 | $ (13,901,662) | $ 8,162,406 | $ 4,401,095 | $ 100 | $ 5,362,988 | $ (19,258,286) | $ (6,464) | ||||||
Beginning balance, shares at Dec. 31, 2015 | 1,662,104 | 960,083 | 999,624 | 808 | |||||||||
Common stock issued for the exercise of common stock options | $ 2,873 | $ 12 | 2,861 | ||||||||||
Common stock issued for the exercise of common stock options, shares | 124,459 | 124,456 | |||||||||||
Accretion of preferred stock | $ (108,739) | $ 12,287 | $ 96,453 | (108,739) | |||||||||
Conversion of Series A-1 and Series B-1 convertible preferred stock into common stock, Shares | 2,622,187 | ||||||||||||
Stock-based compensation | 94,094 | 94,094 | |||||||||||
Net loss | (3,617,022) | (3,617,022) | |||||||||||
Ending balance at Dec. 31, 2016 | (17,530,456) | $ 8,174,693 | $ 4,497,548 | $ 112 | 5,351,204 | (22,875,308) | $ (6,464) | ||||||
Ending balance, shares at Dec. 31, 2016 | 1,662,104 | 960,083 | 1,124,080 | 808 | |||||||||
Common stock issued for the exercise of common stock options | $ 26,954 | $ 8 | 26,946 | ||||||||||
Common stock issued for the exercise of common stock options, shares | 80,085 | 80,085 | |||||||||||
Accretion of preferred stock | $ (274,011) | $ 31,493 | $ 242,518 | (274,011) | |||||||||
Proceeds from offering costs | $ 3,930,078 | $ 67 | $ 3,930,011 | $ 10,407,706 | $ 480 | $ 10,407,226 | |||||||
Proceeds from offering costs, shares | 665,498 | 4,801,250 | |||||||||||
Proceeds from private placement, net of offering costs of $2,500 | 2,922,885 | $ 56 | 2,922,829 | ||||||||||
Proceeds from private placement, net of offering costs of $2,500, shares | 557,216 | ||||||||||||
Conversion of Series A-1 and Series B-1 convertible preferred stock into common stock | 12,946,252 | $ (8,206,186) | $ (4,740,066) | $ 262 | 12,945,990 | ||||||||
Conversion of Series A-1 and Series B-1 convertible preferred stock into common stock, Shares | (1,662,104) | (960,083) | 2,622,187 | ||||||||||
Conversion of convertible promissory notes into common stock | 5,467,389 | $ 106 | 5,467,283 | ||||||||||
Conversion of convertible promissory notes into common stock, shares | 1,055,430 | ||||||||||||
Fair value of warrants issued with convertible promissory notes | 5,172,000 | 5,172,000 | |||||||||||
Warrants issued to IPO selling agent deemed to be derivative liability | (156,725) | (156,725) | |||||||||||
Common stock issued for the exercise of warrants | $ 102,660 | $ 3 | 102,657 | ||||||||||
Common stock issued for the exercise of warrants, shares | 34,800 | 34,800 | |||||||||||
Restricted stock vested | $ 0 | $ 0 | $ 0 | $ 0 | 0 | 0 | $ 0 | ||||||
Restricted stock vested, shares | 312 | ||||||||||||
Shares of common stock issued for services | 30,000 | 30,000 | |||||||||||
Shares of common stock issued for services, shares | 4,000 | ||||||||||||
Shares of common stock issued for repayment of promissory notes | 1,217,172 | $ 19 | 1,217,153 | ||||||||||
Shares of common stock issued for repayment of promissory notes, shares | 193,509 | ||||||||||||
Additional shares issued pursuant to software license agreement | 1,845 | $ 1 | 1,844 | ||||||||||
Additional shares issued pursuant to software license agreement, shares | 492 | ||||||||||||
Stock-based compensation | 279,508 | 279,508 | |||||||||||
Net loss | (12,097,479) | (12,097,479) | |||||||||||
Ending balance at Dec. 31, 2017 | $ 12,445,778 | $ 1,114 | $ 47,423,915 | $ (34,972,787) | $ (6,464) | ||||||||
Ending balance, shares at Dec. 31, 2017 | 11,138,859 | 808 |
Statements of Changes in Redee6
Statements of Changes in Redeemable and Convertible Preferred Stock and Stockholders' (Deficiency) Equity (Parenthetical) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Offering cost from private placement | $ 2,500 |
IPO [Member] | |
Offering cost from sale of stock | 1,061,157 |
Over-allotment Option [Member] | |
Offering cost from sale of stock | $ 1,115,294 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Statement of Cash Flows [Abstract] | |||
Net loss | $ (12,097,479) | $ (3,617,022) | |
Adjustments to reconcile net loss to net cash used in operations: | |||
Depreciation | 11,415 | 7,731 | |
Stock-based compensation | 279,508 | 94,094 | |
Amortization of debt discount | 17,765 | 5,347 | |
Debt discount on convertible notes | 5,172,000 | ||
Inventory reserve | 42,355 | ||
Common stock issued for services and software license | 31,845 | ||
Change in fair value of derivative liabilities | (116,795) | ||
Changes in operating assets and liabilities: | |||
Accounts receivable | (182,533) | 1,136 | |
Inventories | (161,075) | 120,588 | |
Prepaid expenses and other | (235,938) | (38,461) | |
Restricted cash | (52,000) | ||
Deferred offering costs | (431,961) | ||
Accounts payable and other accrued expenses | 563,225 | 364,165 | |
Accrued interest | 377,503 | 299,175 | |
Deferred revenue | 144,785 | 44,538 | |
Net cash used in operating activities | (6,153,419) | (3,202,670) | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchases of equipment | (67,002) | (1,865) | |
Net cash used in investing activities | (67,002) | (1,865) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from IPO, net of offering costs | [1] | 4,368,315 | |
Proceeds from private placement, net of offering costs | 2,922,885 | ||
Proceeds from FPO, net of offering costs | 10,407,706 | ||
Proceeds from convertible promissory notes, net | 1,770,000 | 2,956,218 | |
Repayment of note payable, MLSC | (1,215,900) | ||
Proceeds from exercise of stock options | 26,954 | 2,873 | |
Proceeds from exercise of warrants | 102,660 | ||
Net cash provided by financing activities | 18,382,620 | 2,959,091 | |
Net increase (decrease) in cash and cash equivalents | 12,162,199 | (245,444) | |
Cash and cash equivalents, beginning of period | 797,174 | 1,042,618 | |
Cash and cash equivalents, end of period | 12,959,373 | 797,174 | |
SUPPLEMENTAL DISCLOSURE CASH FLOW INFORMATION | |||
Cash paid during the period for interest | 97,099 | 37,619 | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
Conversion of accrued interest to principal | 21,916 | 443,984 | |
Exchange of 2015 convertible promissory notes for 2016 convertible promissory notes | 430,000 | ||
Accretion of convertible preferred stock to redemption value | 274,011 | $ 108,739 | |
Conversion of convertible preferred stock into common stock | 12,946,252 | ||
Conversion of convertible promissory notes and accrued interest into common stock | 5,467,389 | ||
Issuance of selling agent warrants in connection with IPO | 156,725 | ||
Deferred offering costs to additional paid-in capital upon IPO closing | [1] | 438,237 | |
Common stock issued for repayment of promissory notes and related accrued interest | $ 1,217,172 | ||
[1] | IPO gross proceeds of $4,991,236 are reduced by $622,921 of IPO offering costs that were incurred in 2017. Another $438,237 of IPO deferred offering costs were paid for in 2016. |
Statements of Cash Flows (Paren
Statements of Cash Flows (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Cash Flows [Abstract] | ||
IPO gross proceeds | $ 4,991,236 | |
IPO offering costs | $ 622,921 | |
IPO deferred offering costs | $ 438,237 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Note 1 — Description of Business Myomo Inc. (“Myomo” or the Company”) is a medical robotics company that develops, designs, and produces myoelectric orthotics for people with neuromuscular disorders. The MyoPro ® Initial Public Offering under Regulation A and Private Placement under Regulation D On June 9, 2017, the Company completed its initial public offering (“IPO”) under Regulation A of the Securities Act of 1933, as amended, raising $4,991,235, before selling agent and other offering expenses of $1,061,157, through the sale of 665,498 shares of its common stock at a price to the public of $7.50 per share. On June 9, 2017, the Company also closed on a private placement under Regulation D Rule 506(b) pursuant to which it sold to accredited investors an aggregate of 557,216 units at $5.25 per unit, for aggregate proceeds of $2,925,385, before offering expenses of $2,500. Each unit consisted of one share of common stock and a three-year warrant to purchase one share of common stock exercisable for $7.50 per share. The combined aggregate gross proceeds raised were $7,916,620. In connection with the closing of the Company’s IPO on June 9, 2017, the Company filed an amended and restated certificate of incorporation and restated bylaws, both of which were approved by the Company’s board of directors and stockholders on October 23, 2016. Pursuant to the amended and restated certificate of incorporation, the Company is authorized to issue up to 125,000,000 shares of stock, consisting of 100,000,000 shares of common stock, par value $0.0001 and 25,000,000 shares of undesignated Preferred Stock, par value of $0.0001. Follow-on On December 4, 2017, the Company completed a follow-on |
Going Concern and Management's
Going Concern and Management's Plan | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Going Concern and Management's Plan | Note 2 — Going Concern and Management’s Plan The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments relating to the recoverability and classification of asset amounts or the classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company incurred a net loss of approximately $12.1 million and $3.6 million during the years ended December 31, 2017 and 2016, respectively, and has an accumulated deficit of approximately $35.0 million and $22.9 million at December 31, 2017 and 2016, respectively. Cash used in operating activities was approximately $6.2 million and $3.2 million for the years ended December 31, 2017 and 2016, respectively. The ability of the Company to continue as a going concern is dependent upon achieving a profitable level of operations and the ability of the Company to obtain necessary financing to fund ongoing operations. The aforementioned factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the issuance of these financial statements. Historically, the Company has financed its operations through equity and debt financing transactions and expects to continue Management plans that are intended to mitigate the conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern are primarily focused on raising additional capital in order to meet its obligations and execute its business plan by pursuing its product development initiatives and penetrate markets for the sale of its products. Management believes that the Company has access to capital resources through possible public or private equity offerings, exercises of outstanding warrants, debt financings, or other means; however, the Company cannot provide any assurance that it will be able to raise additional capital or obtain new financing on commercially acceptable terms. If the Company is unable to secure additional capital, it may be required to curtail its operations or delay the execution of its business plan. There can be no assurance the Company will be successful in implementing its plans to alleviate substantial doubt. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3 — Summary of Significant Accounting Policies Reverse Stock Split On December 20, 2016, the Company filed with the State of Delaware the Seventh Amended and Restated Certificate of Incorporation for a one-for Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America require management to make estimates and assumptions that affect certain reported amounts and disclosures. These estimates and assumptions are reviewed on an on-going Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents consist principally of deposit accounts and money market accounts at December 31, 2017. As of December 31, 2016, the Company had no cash equivalents. Accounts Receivable and Allowance for Doubtful Accounts The Company reports accounts receivable at invoiced amounts less an allowance for doubtful accounts. The Company evaluates its accounts receivable on a continuous basis, and if necessary, establishes an allowance for doubtful accounts based on a number of factors, including current credit conditions and customer payment history. The Company does not require collateral or accrue interest on accounts receivable and credit terms are generally 30 days. No allowance for doubtful accounts was necessary at December 31, 2017 and 2016. Inventories Inventories are recorded at the lower of cost or net realizable value. Cost is determined using a specific identification method. The Company reduces the carrying value of inventory for those items that are potentially excess, obsolete or slow-moving based on changes in customer demand, technology developments or other economic factors. In addition, the carrying value of consigned inventories is reduced by the value of MyPro devices that will not be sold based on historical experience. Restricted Cash Restricted cash consisted of cash deposited with a financial institution as collateral for Company credit cards for sales personnel. Deferred Offering Costs Deferred offering costs are comprised of direct incremental legal, accounting and financial advisor fees related relating to capital raising efforts. Deferred offering costs are offset against proceeds of an offering. In the event a capital raising effort is terminated, deferred offering costs are expensed. Equipment Equipment is stated at historical cost, net of accumulated depreciation and is depreciated using the straight-line method over the estimated useful lives of the related assets, generally three years. Expenditures for maintenance and repairs, which do not extend the economic useful life of the related assets, are charged to operations as incurred, and expenditures, which extend the economic life, are capitalized. When assets are retired, or otherwise disposed of, the costs and related accumulated depreciation or amortization are removed from the accounts and any gain or loss on disposal is recognized. Impairment of Long Lived Assets The Company assesses the recoverability of its long-lived assets, including equipment when there are indications that the assets might be impaired. When evaluating assets for potential impairment, the Company compares the carrying value of the asset to its estimated undiscounted future cash flows. If an asset’s carrying value exceeds such estimated cash flows (undiscounted and with interest charges), the Company records an impairment charge for the difference. Based on its assessments, the Company did not record any impairment charges for the years ended December 31, 2017 and 2016. Demonstration and Test Units Demonstration units represent units provided to customers by the Company for marketing and patient evaluation purposes. These units are manufactured by the Company and are recorded at cost in the statements of operations as part of selling, marketing and general administrative expense. During the years ended December 31, 2017 and 2016, respectively, the Company charged to operations approximately $26,900 and $22,900, respectively, of these units. Test units represent units provided to research and development staff to use in their development process and to end users who are given free units to act as testers so that research and development staff can evaluate and understand their use by patients. A primary objective of these units is to determine when and under what conditions they fail, at which time they are analyzed for cause of failure and then scrapped. These units are recorded at cost in the statements of operations as part of research and development expense. During the year ended December 31, 2017 and 2016 the Company charged to operations approximately $29,200 and $48,000, respectively, of these units. Accounts Payable and Other Accrued Expenses: 2017 2016 Trade payables $ 264,890 $ 311,085 Accrued compensation and benefits 642,425 221,630 Accrued directors fees 100,000 — Accrued offering costs — 77,326 Other 269,921 103,969 $ 1,277,236 $ 714,010 Preferred Stock The Company applies the accounting standards for distinguishing liabilities from equity under U.S. GAAP when determining the classification and measurement of its convertible preferred stock. Preferred shares subject to mandatory redemption are classified as liability instruments and are measured at fair value. Conditionally redeemable preferred shares (including preferred shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, preferred shares are classified as permanent equity. The Company’s preferred shares at December 31, 2016 featured certain redemption rights that were considered by the Company to be outside the Company’s control. Accordingly, the Series A-1 B-1 As of the issuance date, the carrying amount of the Preferred Stock was less than the redemption value. If the Preferred Stock is redeemable at the investor’s option, the carrying value would be increased by periodic accretions so that the carrying value would equal the redemption amount at the earliest redemption date. Such accretion would be recorded as a preferred stock dividend. Derivative Liabilities The Company accounts for warrants determined to be derivative financial instruments by recording the warrants as a liability at fair value and marks-to-market Revenue Recognition The Company derives revenue primarily from the sale of its products to orthotics and prosthetics practices, as well as Veteran Administration and other hospitals and, beginning in 2017, through a distribution agreement with Ottobock. The Company recognizes revenue upon shipment, provided that persuasive evidence of an arrangement exists, there are no uncertainties regarding customer acceptance, the sales price is fixed or determinable, and collectability is deemed probable. In certain cases, the Company ships the MyPro device to O&P practices pending reimbursement from third party payors. As a result of this arrangement, elements of the revenue recognition criteria have not been met upon shipment of the MyoPro. The Company recognizes revenue when payment has been received, as all of the revenue recognition criteria has been met. During 2017, effective with its introduction of its extended product line, the Company provides a standard three-year warranty. This revenue is recognized ratably over the warranty period. The Company allocates revenue to the warranty element of a sale based upon its fair value as determined by referencing the historical selling price of it in similar transactions. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An emerging growth company may take advantage of relief from certain reporting requirements and other burdens that are otherwise applicable generally to public companies. These provisions include an exemption from the adoption of new or revised financial accounting standards until they would apply to private companies. As such, we have delayed the adoption of Accounting Standards Codification (“ASC”) No. 606, Revenue from Contracts with Customers until January 1, 2019. The Company receives federally-funded grants that require the Company to perform research activities as specified in each respective grant. The Company is paid based on the fees stipulated in the respective grants which approximate the projected costs to be incurred by the Company to perform such activities. The Company’s grant revenue is recognized when persuasive evidence of the arrangement exists, the service has been provided and adherence to specific parameters of the awarded grant have been met, the amount is fixed and determinable and collection is reasonable assured. The Company recognized approximately $118,100, $20,800 and $131,900, respectively, of grant income in 2017, 2016 and 2015, respectively. Direct costs related to these grants are reported as a component of research and development costs in the statements of operations except for reimbursable costs which are reported as a component of cost of revenue in the statements of operations. Cost of revenue includes reimbursable costs of approximately $11,600 and $10,100 in 2017 and 2016, respectively. Amounts received in advance are deferred. Shipping and Handling Costs Shipping and handling costs paid by customers are netted against the related shipping costs we incur. The net cost is recorded in cost of sales. Historically, such costs have not been material. Income Taxes The Company accounts for income taxes under Accounting Standards Codification ASC 740 Income Taxes (“ASC 740”). Under ASC 740, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities and net operating loss and credit carryforwards using enacted tax rates in effect for the year in which the differences are expected to impact taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. ASC 740 requires that the tax effects of changes in tax laws or rates be recognized in the financial statement in the period in which the law is enacted. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Tax benefits claimed or expected to be claimed on a tax return are recorded in the Company’s financial statements. A tax benefit from an uncertain tax position is only recognized if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Uncertain tax positions have had no impact on the Company’s financial condition, results of operations or cash flows. The Company files income tax returns in federal and state jurisdictions and is no longer subject to examinations by tax authorities for years prior to 2014. Currently, there are no income tax audits in process. Stock-Based Compensation The Company accounts for stock awards to employees by measuring the cost of services received in exchange for the award of equity instruments based upon the fair value of the award on the date of grant. The fair value of that award is then ratably recognized as expense over the period during which the recipient is required to provide services in exchange for that award. Options and warrants granted to consultants and other non-employees Stock-based compensation expense of approximately $279,500 and $94,100 was recorded in selling, general and administrative expense in 2017 and 2016, respectively. Net Loss per Share Basic loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding, plus potentially dilutive common shares. Convertible debt, preferred stock, restricted stock units, stock options and warrants are excluded from the diluted net loss per share calculation when their impact is antidilutive. The Company reported a net loss for the years ended December 31, 2017 and 2016, respectively, and as a result, all potentially dilutive common shares are considered antidilutive for these periods. Potentially common shares issuable at December 31, 2017 and 2016 consist of: 2017 2016 Options 369,004 246,344 Warrants 6,277,443 10,781 Series B-1 — 1,662,104 Series A-1 — 960,083 Total 6,646,447 2,879,312 Advertising The Company charges the costs of advertising to operating expenses as incurred. Advertising expense amounted to approximately $31,000 and 41,600 in 2017 and 2016, respectively. Research and Development Costs The Company expenses research and development costs as incurred. Research and development costs primarily consist of salaries and benefits, facility and overhead costs, and outsourced research activities. Reclassification Certain amounts in the 2016 financial statements of operations have been reclassified to conform to the 2017 presentation. These reclassifications had no impact on previously reported net loss. Subsequent Events The Company evaluates events and/or transactions occurring after the balance sheet date and before the issue date of the financial statements to determine if any of those events and/or transactions require adjustment to or disclosure in the financial statements. Revision of Financial Statements During the preparation of its Offering Circular Supplement for the quarterly period ended March 31, 2017, the Company determined it had improperly classified its Notes Payable, MLSC and certain related accrued interest as long-term liabilities, which resulted in an understatement of current liabilities as of December 31, 2016. The Company assessed the materiality of the misstatement in accordance with Staff Accounting Bulletin No. 99, “Materiality” and No. 108, “Quantifying Misstatements”, and concluded that these classification errors were not qualitatively material and there was no impact on the Company’s condensed statements of operations, cash flows, changes in redeemable and convertible preferred stock and stockholders’ equity (deficiency) and net loss per share for the years then ended, nor on the Company’s stockholders’ equity (deficiency). As such, the correction of the error is reflected in the December 31, 2016 balance sheet. Disclosure of the revised amounts will also be reflected in future filings containing the applicable periods. The effect of this revision on the line items within the Company’s balance sheet as of December 31, 2016 was as follows: December 31, 2016 As previously Adjustment As revised Total current liabilities $ 1,807,311 $ 1,193,984 $ 3,001,295 Non-current 4,709,156 (1,193,984 ) 3,515,172 Total liabilities $ 6,516,467 $ — $ 6,516,467 Recent Accounting Pronouncements Revenue Related Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, 2014-09”). 2014-09 2014-09 2014-09 No. 2015-14, No. 2014-09 ASU 2014-09 2016-08 In March 2016, the FASB issued ASU No. 2016-08, ASU No. 2014-09 — 2014-09, ASU 2016-08 On May 2016, the FASB issued ASU No. 2016-12, (“ASU 2016-12”). 2016-12 2014-09. 2014-09, In September 2017, the FASB issued ASU No. 2017-13, The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An emerging growth company may take advantage of relief from certain reporting requirements and other burdens that are otherwise applicable generally to public companies. These provisions include an exemption from the adoption of new or revised financial accounting standards until they would apply to private companies. As such, the Company has delayed the adoption of Accounting Standards Codification (“ASC”) No. 606, Revenue from Contracts with Customers until January 1, 2019. Other Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, 2016-02”). 2016-02 ASU 2016-02 ASU 2016-02 2016-02 In March 2016, the FASB issued ASU No. 2016-09, In August 2016, the FASB issued ASU 2016-15, 2016-15 In November 2016, the FASB issued ASU 2016-18, 2016-18 In May 2017, the FASB issued ASU No. 2017-09, 2017-09 In July 2017, the FASB issued ASU No. 2017-11, No. 2017-11 No. 2017-11 No. 2017-11 No. 2017-11 No. 2017-11 No. 2017-11. 2017-11 Subsequent Events The Company evaluated subsequent events through the date the financial statements were issued, and determined that, except as disclosed herein, there have been no subsequent events that would require recognition in the financial statements or disclosure in the notes to the financial statements. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 4 — Inventories Inventories consist of the following at December 31: 2017 2016 Finished goods $ 122,000 $ 81,223 Consigned inventory 97,980 — Parts and components 23,530 1,213 243,510 82,435 Less: excess and obsolete inventory reserves (23,739 ) — Less: consigned inventory reserves (18,616 ) — Inventories, net $ 201,155 $ 82,435 Consigned inventory represents products that have been delivered for which the Company does not have the right to bill. At December 31, 2017, the Company has recorded reserves for consigned inventory for units that will not sold based on historical experience. At December 31, 2017, as a result of its introduction of its MyoPro 2 products, the Company recorded excess and obsolete inventory reserves of $23,700. |
Equipment
Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Equipment | Note 5 — Equipment Equipment consists of the following at December 31: 2017 2016 Computer equipment $ 32,257 $ 19,258 Sales demonstration units 54,003 — R&D tools and molds 22,650 22,650 108,910 41,908 Less: accumulated depreciation (31,760 ) (20,345 ) Equipment, net $ 77,150 $ 21,563 |
Revolving Line of Credit
Revolving Line of Credit | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Revolving Line of Credit | Note 6 — Revolving Line of Credit On June 8, 2017, the Company’s Chairman, President, and Chief Executive Officer, entered into an agreement with the Company pursuant to which he committed irrevocably to establish an up to $1,000,000 revolving line of credit for the Company. This commitment is subject to the preparation, execution and delivery of definitive loan documentation in customary form, including note(s) incorporating substantially the terms and conditions set forth in the accompanying term sheet. The line of credit will bear an interest rate of 10% of per annum and will terminate upon the earlier of (i) December 31, 2018; and (ii) the Company entering into a debt or loan facility with a bank or non-bank On December 20, 2017, after completion of our recent FBO which resulted in gross proceeds of $11.5 million, the Company’s Board of Directors determined that having this line of credit available was no longer needed. It was determined not to prepare definitive documents for this line of credit and to cancel it. Accordingly, on this date the Company canceled the line of credit. |
Notes Payable, MLSC
Notes Payable, MLSC | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Notes Payable, MLSC | Note 7 — Notes Payable, MLSC Notes payable, MLSC represent promissory notes in the aggregate amount of $750,000 entered into with the Massachusetts Life Sciences Center (“MLSC”). The promissory notes are unsecured and bear interest at the rate of 10% per annum. The principal and accrued interest is due and payable upon the earlier of (i) June 7, 2016, (ii) the closing of a Qualified Financing in a single transaction or series of transactions in any 12 month period yielding net proceeds of at least $5,000,000 or a qualified sale, as defined in the promissory notes, or (iii) the occurrence of a default, as defined in the promissory notes. In addition, in connection with the issuance of the promissory notes to MLSC, the Company issued warrants that are exercisable immediately at the election of the holder on a net share cashless basis or for $30,000 as calculated in the formula defined in the agreement ($750,000 aggregate principal amount multiplied by 4%). The warrants have a life of 10 years. On the date of issuance the maximum number of shares of stock to be acquired under the warrants is determined by the formula and amounted to 4,637 shares. The holder of the warrant has the option to exercise into equity instruments (“Alternative Securities”) of the Company under the following four scenarios: 1) for common stock at the exercise price equal to $2,500,000 divided by the number of shares of common stock outstanding on the issuance date of the warrants; or 2) for common stock during the ten-year 3) for any class or series of preferred stock sold by the Company during the ten-year 4) for the equity interests sold in a qualified financing (as defined) during the ten-year The Company accounted for the issuance of the note in accordance with ASC 815 “Derivatives and Hedging”. The warrants have a feature that included a reset provision considered to be a down-round protection. Accordingly, the warrants were recorded as derivative liabilities at fair value and are marked to market through earnings at the end of each reporting period. The gross proceeds from the issuance of the note are recorded net of a discount and is charged to interest expense ratably over the term of the note. On the date of issuance the debt discount was deemed to be immaterial. On May 18, 2016, the Company restructured its promissory note with MLSC, extending the maturity date to June 7, 2017. The outstanding principal amount of the note now includes the principal amount and all accrued but unpaid interest thereon in the amount of approximately $1,194,000. The note bears interest at 10% per annum with accrued interest payable quarterly which began on September 30, 2016, and is secured by substantially all the Company’s assets. The Company did not recognize a gain or loss with the modification of the extension date of this note and no other terms of the notes changed. On June 6, 2017, the Company restructured its promissory note with MLSC, extending the maturity date to June 7, 2017. The outstanding principal amount of the note now includes the principal amount and all accrued but unpaid interest thereon in the amount of approximately $1,216,000. . The note bears interest was reduced to 7% per annum with approximately $54,000 in interest payable monthly beginning on June 7, 2019 with the principal and any remaining unpaid accrued interest due the earlier of June 7, 2019, or Company completes an equity financing in any twelve-month period raising an aggregate of $10 million in gross proceeds (a “Qualified Financing”), excluding the conversion into common stock in an initial public offering of any convertible notes outstanding on the date of this amendment. In such case, these notes become due within 30 days of the completion of the financing. The Company did not recognize a gain or loss with the modification of the notes. On June 9, 2017, Myomo closed on its IPO and concurrent private placement that met the amended definition of a Qualified Financing included the warrants. Accordingly, the warrants were no longer convertible into Alternative Securities at a floating price and the aggregate warrant shares became fixed at 4,637 and the exercise price became fixed at the weighted average offering price of $6.47 per share. On December 13, 2017, the Company repaid MLSC all outstanding principal and accrued but unpaid interest, totaling $874,600. The repayment satisfied all outstanding obligations under this note. |
Notes Payable, Shareholder
Notes Payable, Shareholder | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Notes Payable, Shareholder | Note 8 — Notes Payable, Shareholder Notes payable, shareholder represents promissory notes in the aggregate amount of approximately $580,800 entered into with one of the Company’s shareholders. The promissory notes were unsecured, bore interest at a rate of 10% per annum, and were set to mature on May 25, 2016 at which time principal and accrued interest was due and payable. In addition, in connection with the issuance of the promissory notes to a shareholder, the Company issued warrants that are exercisable immediately at the election of the holder on a net share cashless basis or for cash totaling $23,232 ($580,800 aggregate original principal amount of notes multiplied by 4%) as calculated in the formula defined in the agreement. The warrants have a life of 10 years. On the date of issuance the maximum number of shares of stock to be acquired under the warrants is determined by the formula and amounted to 4,706 shares. The holder of the warrant has the option to exercise into equity instruments (“Alternative Securities”) of the Company under the following four scenarios: 1) for common stock at the exercise price equal to $2,500,000 divided by the number of shares of common stock outstanding on the issuance date of the warrants; or 2) if during the ten-year 3) for any class or series of preferred stock sold by the Company during the ten-year 4) for the equity interests sold in a qualified financing (as defined) during the ten-year The Company accounted for the issuance of the notes in accordance with ASC 815 “Derivatives and Hedging”. The warrants have a feature that included a reset provision considered to be a down-round protection. Accordingly, the warrants were recorded as derivative liabilities at fair value and are marked to market through earnings at the end of each reporting period. The gross proceeds from the sale of the note are recorded net of a discount and is charged to interest expense ratably over the term of the note. On the date of issuance the debt discount was deemed to be immaterial. On September 1, 2015, the Company reached an agreement with the shareholder to modify the terms of the promissory notes. The promissory notes were amended and restated to include approximately $295,700 of accrued and unpaid interest resulting in a total principal amount of approximately $876,500. The amended and restated promissory notes are unsecured, bear interest at a rate of 10% per annum, and mature on August 1, 2018. Any accrued and unpaid interest through September 1, 2016 was converted into principal. The promissory notes required monthly payments of principal and interest in the aggregate amount of approximately $44,500 commencing on September 1, 2016 through August 1, 2018. The Company did not recognize a gain or loss with the modification of this note. On June 29, 2016, prior to the maturity date, the Company reached an agreement with a shareholder to modify the terms of its promissory notes from the Company. The amended and restated promissory notes are unsecured, bear interest at a rate of 10% per annum, and are subordinated to the Note Payable, MLSC and the Company’s convertible subordinated promissory notes. The outstanding principal and any accrued but unpaid interest shall be due and payable upon the earlier of (i) June 7, 2017 or (ii) within 30 days following the closing of a Qualified Financing, as defined. In the event of a closing of a Qualified Financing, the Company may elect, in its sole discretion, to repay up to 50% of the outstanding principal and any accrued but unpaid interest as shall be due and payable under this note as of the date of the Qualified Financing by issuing shares of the Company’s equity issued in the Qualified Financing, equal to 80% of the price per share paid by the purchasers of such equity in the Qualified Financing. The Company did not recognize a gain or loss with the modification of this note. On May 23, 2017, Myomo and a related party noteholder entered into an agreement to amend Myomo’s related party promissory notes. The maturity date was extended from June 8, 2017 to June 8, 2019, unless prior to that date, the Company completes an equity financing in any twelve-month period raising an aggregate of $10 million in gross proceeds (a “Qualified Financing”), excluding the conversion into common stock in an initial public offering of any convertible notes outstanding on the date of this amendment. In such case, these notes become due within 30 days of the completion of the financing. The Company may elect, in its sole discretion, to repay up to 50% of the outstanding principal and any accrued but unpaid interest as shall be due and payable under this note by issuing shares of the Company’s equity equal to 80% of the price per share of common stock. The Company did not recognize a gain or loss with the modification of the note. The conversion price modification is contingent on the price of the IPO and any charge will be recorded on the date of the IPO. On June 9, 2017, Myomo closed on its IPO and concurrent private placement that met the amended definition of a Qualified Financing included the warrants. Accordingly, the warrants were no longer convertible into Alternative Securities at a floating price and the aggregate warrant shares became fixed at 3,591 and the exercise price became fixed at the weighted average offering price of $6.47 per share. The Company was notified in October 2017 that the noteholder liquidated all of its outstanding common stock. As of September 30, 2017, the Noteholder is no longer a related party. On November 13, 2017, the Company and the Noteholder entered into an agreement to further modify the terms of its promissory notes from the Company. Pursuant to the note amendments, the Company may elect, in its sole discretion, if its common stock is then-traded on the NYSE American or another stock exchange or over-the-counter On November 13, 2017, the Company repaid the Noteholder all outstanding principal and accrued but unpaid interest under the notes, totaling approximately $1,081,135 in cash by issuing 107,505 shares of the Company’s common stock at a price per share equal to $5.03, 80% of the price per share of common stock on the repayment date, and issuing 86,004 shares of the Company’s common stock at a price per share equal to $6.29, the price per share of common stock on the repayment date. In conjunction with this repayment, the Company recorded a $135,244 loss on early extinguishment of debt in the fourth quarter of 2017. |
Convertible Promissory Notes 20
Convertible Promissory Notes 2016 | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Convertible Promissory Notes 2016 | Note 9 — Convertible Promissory Notes 2016 During the year-ended December 31, 2016, the Company issued convertible promissory notes (Notes) with an aggregate principal balance of $2,372,000 as of December 31, 2016. The Notes bear an interest rate of 8% per annum and mature on December 31, 2018, at which time the principal and any accrued but unpaid interest will be due and payable on demand. The Notes are subordinated to notes payable, MLSC. In the event the Company consummates, prior to the Maturity Date, an equity financing pursuant to which the Company sells common stock, preferred stock or other equity or equity-linked securities with aggregate gross proceeds of not less than $5 million, excluding any and all indebtedness under the Notes that is converted into equity securities of the Company, the outstanding principal of the Notes and any accrued but unpaid interest will be converted into the equity securities upon the closing of the Next Equity Financing, as defined, yielding gross proceeds of at least $5,000,000. The number of shares of equity securities of the Company to be issued upon such conversion shall be equal to the quotient obtained by dividing the entire principal amount plus accrued interest by the lower of (i) a price per share equal to $35,000,000 divided by the aggregate number of shares of capital stock outstanding on a fully diluted basis immediately prior to the initial closing of the Qualified Financing, as defined, and (ii) eighty percent (80%) of the price per share of the equity securities being sold. In the event of a sale of the Company, as defined, prior to the conversion or repayment in full of these notes, a cash payments will be made equal to the aggregate amount of principal and accrued, but unpaid, interest then outstanding under these notes. In addition, an amount equal to 25% of the original principal amount of the notes will be paid to the note holder as a “Sale Premium”. In connection with the issuance of the convertible promissory notes, the Company issued warrants to purchase common stock to the holders of the new convertible promissory notes. The number of shares of stock to be acquired under the warrants, after this additional issuance is determined by a formula which amounts to 100% of the principal amount invested divided by the lowest price paid per share for the equity securities by the investors in the Next Equity Financing. In accordance with ASC 470-20-25-20 As of December 31, 2016, the Company had capitalized deferred issuance costs of $20,800 relating to 2016 convertible promissory notes and had amortized $3,000 to interest expense in the statements of operations. Debt issuance costs are comprised of incremental legal and accounting fees related to the issuance of convertible promissory notes. Debt issuance costs are amortized over the life of the related debt instrument. Net debt issuance costs are included in the balance sheets as a reduction (debt discount) of the related convertible promissory notes. On October 3, 2016, the Company modified the terms of the 2016 Convertible Note Offering (issued beginning in June 2016) such that the automatic conversion of the Notes will additionally require that the Next Equity Financing be a public equity financing. In addition, the prepayment terms of the Notes were modified such that consent of the holder of the Note is required for any prepayment, in whole or in part, by the Company, and the Company is obligated to offer to the holders of all other then-outstanding Notes the opportunity to be prepaid on the same terms and conditions. Finally, the Sales Premium, 25% of the original principal amount of the Notes, was modified such that if the amount that a Holder would have received upon the repayment of the Note upon a Sale of the Company, including the Sales Premium, is less than the amount that the Holder would have received if it had converted into shares of Common Stock the outstanding principal amount plus accrued but unpaid interest on the Note divided by the Capped Conversion Price, as defined, immediately prior to the Sale of the Company, then the Note shall automatically convert into shares of Common Stock in accordance with such formula. On October 12, 2016, the Company issued a Note in the original principal amount of $1,000,000 to one Holder on such modified terms. The Company offered the then other Holders the right to exchange their original Notes for Notes with such modified terms. Since a majority of the other Holders approved the new terms, under the terms of the notes, the Company has issued to all Holders amended and restated notes with the modified terms to replace the terms of the original notes. The Company did not recognize a gain or loss with the modification of the notes. As of December 31, 2016, as described in Note 10, $630,000 of Convertible Promissory Notes 2015 was exchanged for these notes, resulting in a total of $3,002,000 outstanding as of December 31, 2016. During the three months ended March 31, 2017, the Company issued additional the 2016 convertible promissory notes with an aggregate principal balance of $1,770,000 for cash. In addition, during this period the Company entered into an agreement with certain 2015 convertible promissory noteholders whereby the noteholders of the 2015 convertible promissory noteholders exchanged $430,000 notes for an equivalent amount of 2016 convertible promissory notes (See Note 10). The Company did not recognize a gain or loss on the exchange of the notes. The 2016 convertible promissory notes had an interest rate of 8% per annum and were to mature on December 31, 2018, at which time the principal and any accrued but unpaid interest would be due and payable on demand. The notes were subordinated to the notes payable, MLSC. The 2016 convertible promissory notes provided that in the event the Company, on or before the date of the repayment in full of these notes, sells shares of its equity securities to investors in any public equity financing resulting in gross proceeds to the Company of at least $5 million (excluding the conversion of these convertible promissory notes and any other indebtedness, but including, for such purposes, all amounts raised in the Company’s initial public offering, then the outstanding principal balance of these notes, and any accrued but unpaid interest will be automatically converted into the equity securities upon the closing of the initial public offering. The number of shares of equity securities of the Company to be issued upon such conversion shall be equal to the quotient obtained by dividing the entire principal amount plus accrued interest by the lower of (i) a price per share equal to $35,000,000 divided by the aggregate number of shares of capital stock outstanding on a fully diluted basis immediately prior to the initial closing of the Qualified Financing, as defined, and (ii) eighty percent (80%) of the per share price paid by the Investors in the Qualified Financing. The Company did not record a gain or loss for the exchange. The modification was deemed to be a contingent conversion price adjustment and would only be recognized when the triggering event occurs (i.e. the IPO). On June 5, 2017, the Company modified the terms of these 2016 convertible promissory notes such that the automatic conversion of these notes will occur upon any public equity financing resulting in gross proceeds to the Company of at least $5,000,000, excluding the conversion of the notes and any other indebtedness, but including, for such purposes, all amounts raised in the IPO and the concurrent private placement. . The Company did not record a gain or loss for the modification of the notes. The modification was deemed to be a contingent conversion price adjustment and would only be recognized when the triggering event occurs (i.e. the IPO). Upon the closing of the Company’s IPO on June 9, 2017, in accordance with the terms of the 2016 convertible promissory notes, the principal balance of these notes, and all accrued but unpaid interest, totaling $5,467,389 were converted into 1,055,430 shares of common stock at weighted-average price of $5.18 per share. In connection with the issuance of the 2016 convertible promissory notes, the Company issued, to these noteholders, warrants to purchase common stock which are exercisable for three years from the date of the IPO. One warrant was issued for each share of common stock issued as part of the conversion. Upon the closing of the IPO, the warrants became exercisable and the warrant terms became fixed, such that at September 30, 2017, there were warrants outstanding to purchase 799,349 shares of common stock exercisable at $6.47 per share. As of the IPO date, the Company determined that the relative fair value of the warrants attributable to 2016 convertible promissory note holders (excluding those issued in conjunction with the exchange of the 2015 convertible promissory notes) was $1,628,006. In accordance with ASC 470-20-25-20 The Company had capitalized deferred issuance costs of approximately $20,800 relating to 2016 convertible promissory notes and had amortized approximately $6,700 to interest expense in the statements of operations through the date of its IPO. Debt issuance costs are comprised of incremental legal and accounting fees directly related to the issuance of convertible promissory notes. Debt issuance costs are amortized over the life of the related debt instrument. Net debt issuance costs are included in the balance sheets as a reduction (debt discount) of the related convertible promissory notes prior to the closing of the Company’s IPO. |
Convertible Promissory Notes 18
Convertible Promissory Notes 2015 | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Convertible Promissory Notes 2015 | Note 10 — Convertible Promissory Notes 2015 The Company issued convertible promissory notes with an aggregate principal balance of $425,000 in 2015 and an additional $605,000 in 2016, for a total of $1,030,000. The notes are subordinated to the Note Payable, MLSC, bear interest at a rate of 8% per annum, and mature in December 2017. Prior to December 2017 and at the option of the holders of the convertible promissory notes, the outstanding principal, and any accrued, may be converted into equity securities of the Company upon the closing an equity financing, as defined, yielding gross proceeds of at least $5,000,000. The outstanding principal balance and any accrued interest are convertible into shares of equity securities sold in the next equity financing at a price per share equal to 85% of the lowest price per share during the equity financing. In addition, the holders of the notes are entitled to an additional payment equal to 10% of the original principal amount of the convertible promissory notes if held on the maturity date. In connection with the issuance of the convertible promissory notes, the Company issued warrants to purchase common stock that are exercisable at any time beginning on the date of a future equity financing, as defined in the agreement, and ending on the five year anniversary thereof. The number of shares of stock to be acquired under the warrants is determined by a formula which equals 15% of the amount invested divided by the lowest price paid per share for the equity securities by the investors in the equity financing as defined in the agreement. In accordance with ASC 470-20-25-20 During the fourth quarter of 2016, the Company offered the Holders of its 2015 Convertible promissory notes (issued from December 2015 through April 2016) the right to exchange their notes for 2016 Convertible Notes by cancelling an equivalent amount of outstanding existing notes. These 2016 Convertible Notes were issued on otherwise the same terms and conditions as the participants in the 2016 Convertible Notes offering who paid the purchase price in cash. Holders of the prior notes were able to also retain the warrants issued to them in conjunction with the prior notes. As of December 31, 2016, an aggregate of $630,000 of Prior Notes were cancelled in exchange for the issuance of an equivalent principal amount of new notes in the financing. Subsequent to December 31, 2016, the holders of $400,000 of Prior Notes agreed to exchange their Prior Notes; therefore the remaining Prior Notes were cancelled in exchange for the issuance of an equivalent principal amount of new notes in the financing. The Company did not recognize a gain or loss the exchange of the notes. For the three months ended March 31, 2017, the noteholders exchanged $430,000 of their 2015 Convertible Promissory Notes for 2016 convertible promissory notes of an equivalent principal amount. The other 2015 Convertible Promissory Notes that were previously outstanding had been exchanged for 2016 convertible promissory notes of an equivalent principal amount in 2016. The Company did not recognize a gain or loss the exchange of the notes. (See Note 9). In connection with the issuance of the 2015 convertible promissory notes, the Company agreed to issue warrants to purchase common stock to these noteholders, which are exercisable for five years from the date of the IPO. The number of shares of stock to be acquired under the warrants is determined by a formula which amounts to 15% of the principal amount invested divided by the lowest price paid per share for the equity securities by the investors in the Equity Financing as defined. Upon the closing of the IPO, the Company issued warrants to purchase 29,425 shares of common stock exercisable at $5.25 per share. All warrants issued were outstanding at September 30, 2017. As of the IPO date, the Company determined that the relative fair value of the warrants attributable to original 2015 convertible promissory note holders (including those issued in conjunction with the exchange into the 2016 convertible promissory notes) was $457,456. In accordance with ASC 470-20-25-20 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 11 — Fair Value of Financial Instruments The Company measures the fair value of financial assets and liabilities based on the guidance of ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”) which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: • Level 1 — Quoted prices available in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than quoted prices included in Level 1, such as quotable prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar valuation techniques that use significant unobservable inputs. The carrying amounts of the Company’s financial instruments such as cash and cash equivalents, accounts receivable and accounts payable, approximate fair value due to the short-term nature of these instruments. Cash equivalents are a money market fund that limits its investments to only short-term U.S. Treasury securities and repurchase agreements related to these securities. The carrying amounts of the Company’s notes payables approximates fair value, as the notes include contractual interest rates, taken together with other features such as concurrent issuance of warrants, which are comparable to rates of returns for instruments of similar credit risk. Cash equivalents and derivative liabilities (see Note 17) measured at fair value on a recurring basis at December 31, 2017 were as follows: In Active Markets Significant Other Significant December 31, Cash equivalents $ 10,459,435 — — $ 10,459,435 Common stock warrant liabilities — — $ 39,930 $ 39,930 There were no cash equivalents at December 31, 2016 and derivative liabilities measured at fair value on a recurring basis were nominal. The following table presents the fair value reconciliation of Level 3 liabilities measured at fair value during the year ended December 31, 2017 and 2016: Common stock Balance – January 1, 2016 $ 2,239 Change in fair value of derivative liabilities (2,329 ) Balance – December 31, 2016 — Fair value of common stock warrant issued 156,725 Change in fair value of derivative liabilities (116,795 ) Balance – December 31, 2017 $ 39,930 Assumptions utilized in the valuation of Level 3 liabilities at December 31, were as follows: 2017 2016 Risk-free interest rate 2.20% — Expected life 4.44 years — Expected volatility of underlying stock 63% — Expected dividend yield — — The expected stock price volatility for the Company’s common stock warrant liabilities was determined by the historical volatilities for industry peers and used an average of those volatilities. Risk free interest rates were obtained from U.S. Treasury rates for the applicable periods. The expected term used is the contractual life of the instrument being valued. The expected dividend yield was not considered in the valuation of the common stock liabilities as the Company has never paid, nor has the intention to pay, cash dividends. |
Fair Value of Common Stock Dece
Fair Value of Common Stock December 31, 2016 | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Common Stock December 31, 2016 | Note 12 — Fair Value of Common Stock December 31, 2016 The Company accounts for equity-based compensation in accordance with the fair value provisions of ASC Topic 718. Until the Company’s IPO on June 9, 2017, the Company’s common stock was not listed on any exchange and, accordingly, the Company hired an independent valuation specialist to assist the Company in arriving at an estimated fair value of the Company’s outstanding securities as of December 31, 2016. The Company, with the assistance of an independent appraiser, considered the following factors in preparing its fair value analyses of the common stock as of December 31, 2016: • Changes in and uncertainties with respect to, regional, national and international economic conditions; • The Company’s Enterprise Value using a similar transactions method; • The Company’s ability to access the debt and equity capital markets; • Other relevant factors such as control premiums or discounts for lack of marketability. The Company used the discounted cash flow method under the income approach to estimate the fair value of the Company’s equity as of December 31, 2016. Equity value was allocated using the OPM. The Company used the OPM to determine the relative fair values of its equity securities. As of December 31, 2016 the significant assumptions used in this model was as follows: 2016 Market value 9.0 million Volatility 81% Time to liquidity 2.0 years Risk free rate 0.58% Discount for lack of marketability 25% The market value of the Company’s equity as of December 31, 2016 was determined using the discounted cash flow method. Equity value was allocated using a hybrid method. A hybrid method is a probability-weighted expected returns method which uses the OPM in at least once scenario. Two scenarios were considered: an OPM and a second scenario in which the Company’s preferred securities convert to common stock in conjunction with a Reg A offering. For the OPM the assumed time-to-liquidity As of December 31, 2016, the fair value of the Company’s outstanding securities was as follows: 2016 Common Stock $ 1.04 Series B-1 $ 4.06 Series A-1 $ 1.25 |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Common Stock | Note 13 — Common Stock On June 9, 2017, the Company completed its IPO raising $4,991,235, before selling agent commissions and other offering expenses of $1,061,157, through the sale of 665,498 shares of its common stock at a price of $7.50 per share. On June 9, 2017, the Company also closed on a private placement pursuant to which it sold to accredited investors an aggregate of 557,216 units at $5.25 per unit, for aggregate proceeds of $2,925,385, before offering expenses of $2,500. Each unit consists of one share of common stock and a three-year warrant to purchase one share of common stock exercisable for $7.50 per share. Upon the closing of the Company’s IPO on June 9, 2017, in accordance with the terms of the 2016 convertible promissory notes, the principal balance of these notes, and all accrued but unpaid interest, totaling $5,467,389 were converted into 1,055,430 shares of common stock at weighted-average price of $5.18 per share. In connection with the closing of the Company’s IPO on June 9, 2017, the Company filed an amended and restated certificate of incorporation and restated bylaws, both of which were approved by the Company’s board of directors and stockholders on October 23, 2016. Pursuant to the amended and restated certificate of incorporation, the Company is authorized to issue up to 125,000,000 shares of stock, consisting of 100,000,000 shares of common stock, par value $0.0001 and 25,000,000 shares of undesignated Preferred Stock, par value of $0.0001. On December 4, 2017, the Company completed a follow-on On November 13, 2017, the Company repaid all outstanding principal and accrued but unpaid interest under certain notes payable, totaling approximately $1,081,135 in cash by issuing 107,505 shares of the Company’s common stock at a price per share equal to $5.03, 80% of the price per share of common stock on the repayment date, and issuing 86,004 shares of the Company’s common stock at a price per share equal to $6.29, the price per share of common stock on the repayment date. During the year ended December 31, 2017 and 2016, the Company issued 80,085 and 124,456 shares of common stock through the exercise of stock options for proceeds of $26,954 and $2,873, respectively. During the year ended December 31, 2017, the Company issued 34,800 shares of common stock through the exercise of warrants for proceeds of $102,660. In June 2017, the Company issued 4,000 shares to an investor relations firm for services performed. The Company recorded a charge to operations for $30,000 for the fair value of the stock issued. At December 31, 2016 the Company has authorized 5,600,000 shares of common stock with a par value of $0.0001 per share, of which 2,622,187 are reserved for issuance in connection with the conversion of Series A-1 B-1 As of December 31, 2016 the Company has outstanding 253,783 shares of restricted common stock previously issued to key executives of the Company. The restricted common stock included provisions for lapsing forfeiture rights that extended up to 48 months. As of December 31, 2016, 2,626 shares of common stock were subject to forfeiture. The stock compensation expense is being amortized over the respective vesting periods. At December 31, 2016, the unamortized stock compensation expense was approximately $2,300 and is expected to be recognized over 0.08 years. The Company recorded a charge of approximately $27,300 for the year ended December 31, 2016. On December 20, 2016, the Company filed with the State of Delaware the Seventh Amended and Restated Certificate of Incorporation for a one-for |
Treasury Stock
Treasury Stock | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Treasury Stock | Note 14 — Treasury Stock Treasury stock is reported at cost and consists of 808 shares of common stock as of December 31, 2017 and 2016. |
Redeemable Preferred Stock
Redeemable Preferred Stock | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Redeemable Preferred Stock | Note 15 — Redeemable Preferred Stock Upon closing of the IPO, the Company issued 960,083 shares of common stock upon the conversion of 960,083 shares of Series A-1 B-1 The following table below summarizes the authorized, issued and outstanding Preferred Stock as of December 31, 2016: Shares Shares Par Value Cumulative Dividend Liquidation Series B-1 1,862,500 1,662,104 $ 0.0001 $ 1,495,127 $ 0.90 $ 9,701,313 Series A-1 1,594,958 960,083 $ 0.0001 $ — $ — $ 4,740,066 Series B-1 As of December 31, 2016, the Company had issued and outstanding 1,662,104 shares of Series B-1 Conversion Each share of Series B-1 Series B-1 B-1 Series B-1 as-converted On August 23, 2016, the holders of the Company’s preferred stock, voting together as a single class on an as-converted Dividends From and after the date of the issuance of Series B-1 Series B-1 B-1 B-1 B-1 A-1 A-1 as-if-converted Liquidation Preference In the event of any liquidation, dissolution or winding up of Myomo, the holders of the Series B-1 A-1 B-1 B-1 B-1 Series B-1 B-1 The remaining assets available for distribution to the shareholders shall be distributed among the holders of Series A-1 A-1 Redemption The holders of Series B-1 B-1 B-1 B-1 Voting Each holder of Series B-1Preferred B-1 Series A-1 B-1 B-1 Series A-1 As of December 31, 2016, the Company had issued and outstanding 960,083 shares of Series A-1 Conversion Each share of Series A-1 Series A-1 A-1 as-converted On August 23, 2016, the holders of the Company’s preferred stock, voting together as a single class on an as-converted Dividends The Company may not declare, pay or set aside any dividends on shares of any other class or series of capital stock, including Common Stock (other than dividends on shares of Common Stock payable in shares of Common Stock) unless the holders of Series B-1 B-1 Series A-1 A-1 as-if-converted Liquidation Preference The holders of Series A-1 A-1 A-1 B-1 A-1 Series A-1 Redemption The holders of Series A-1 A-1 A-1 A-1 Voting Each holder of Series A-1 A-1 Series B-1 A-1 |
Stock Award Plans and Stock-bas
Stock Award Plans and Stock-based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Award Plans and Stock-based Compensation | Note 16 — Stock Award Plans and Stock-based Compensation Equity Incentive Plan On October 25, 2016, the Company’s shareholders approved the 2016 Equity Incentive Plan (2016 Plan) which became effective on June 9, 2017, the date that the Company completed its IPO. Upon effectiveness of the 2016 Plan, no additional awards have been granted under the Company’s prior equity incentive plans. The Company has reserved 562,500 shares of its Common Stock for issuance under the 2016 Plan. Participation in the 2016 Plan will continue until all of the benefits to which the participants are entitled have been paid in full. At December 31, 2017, there were 377,000 shares available for future grant under the 2016 Plan. In September 2014, the Company established the 2014 Stock Option and Grant Plan and suspended the granting of any new stock awards under the 2004 Stock Option and Incentive Plan, which was established in November 2004. Under the terms of the Stock Plans, incentive stock options (ISOs) may be granted to officers and employees and non-qualified On August 23, 2016, the Company’s shareholders approved an amendment to its 2014 Stock Option and Grant Plan to increase the number of shares of common stock reserved under the plan to an aggregate of 899,549. Stock Option Awards Stock option activity under the Stock Option Plans during the years ended December 31, 2017 and 2016 is as follows: Shares Weighted Weighted Intrinsic Balance at January 1, 2016 272,494 $ 0.1088 6.95 $ 207,146 Granted 101,661 $ 0.9987 Forfeited or cancelled (3,352 ) $ 0.5125 Exercised (124,459 ) $ 0.0259 Balance at December 31, 2016 246,344 $ 0.5133 7.10 $ 132,121 Granted 210,600 $ 2.6568 Forfeited or cancelled (7,855 ) $ 0.9717 Exercised (80,085 ) $ 0.3366 Balance at December 31, 2017 369,004 $ 1.7652 8.65 $ 732,399 Options exercisable at December 31, 2016 140,724 $ 0.3464 5.68 $ 99,879 Options exercisable at December 31, 2017 141,847 $ 0.6906 7.39 $ 433,960 The Company uses the Black-Scholes option pricing model to estimate the grant date fair value of its stock options. There was no income tax benefit recognized in the financial statements for share-based compensation arrangements for the years ended December 31, 2017 and 2016. The weighted-average grant date fair value per share was $1.62 and $0.72 for the years ended December 31, 2017 and 2016, respectively. The assumptions underlying the calculation of grant date fair value are as follows: 2017 2016 Volatility 62.71%-80.00% 81.00% Risk-free interest rate 0.58%-2.29% 0.58% Weighted-average expected option term (in years) 5.75-6.25 5.75-6.25 Dividend yield 0% 0% The stock price volatility for the Company’s options was determined using historical volatilities for industry peers. The risk free interest rate was derived from U.S. Treasury rates existing on the date of grant for the applicable expected option term. The expected term represents the period of time that options are expected to be outstanding. Because the Company has only very limited historical exercise behavior, it determines the expected life assumption using the simplified method, which is an average of the contractual term of the option and its ordinary vesting period. The expected dividend yield assumption is based on the fact that the Company has never paid, nor has any intention to pay, cash dividends. Restricted Stock Awards On August 15, 2017, the Company granted 46,500 restricted stock awards to certain executives and other managers at an aggregate fair market value on the date of grant of $313,900. The restricted stock awards vest over a period determined by the Company’s Board of Directors, ranging from five months to four years. The Company recorded $123,000 in compensation expense during the year ended December 31, 2017 in connection with the grant of these restricted stock awards. Restricted stock activity is summarized below: Number of Shares Weighted average Weighted average Outstanding as of January 1, 2017 — $ — — Awarded 46,500 6.75 Vested (312 ) 6.75 Canceled (2,000 ) 6.75 Outstanding as of December 31, 2017 44,188 $ 6.75 6.75 Share-Based Compensation Expense The Company attributes the value of stock based compensation, net of estimated forfeitures, to operations on the straight-line method such that the expense associated with awards is evenly recognized over the vesting period. The Company recognized stock-based compensation expense related primarily to the issuance of stock option awards to employees and non-employees 2017 2016 Research and development $ 12,382 $ — Selling, general and administrative 267,126 94,094 Total $ 279,508 $ 94,094 As of December 31, 2017, there was approximately $348,000 of total unrecognized compensation cost related to unvested stock options and is expected to recognized over a weighted-average period of 2.23 years. As of December 31, 2017, there was approximately $177,400 of total unrecognized compensation cost related to unvested restricted stock awards and is expected to recognized over a weighted-average period of 3.63 years. |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Warrants | Note 17 — Warrants On June 9, 2017, the Company issued warrants for the purchase of 557,216 shares of common stock to investors in connection with a private placement that closed concurrently with the Company’s IPO, as more fully described in Note 1. The warrants are exercisable for three years from the date of the IPO and are fully vested and exercisable at any time by the holder at a price of $7.50 per share. The warrants can only be settled in the Company’s own shares, and as such, under ASC 815 Derivatives and Hedging the warrants were deemed to be equity instruments and, therefore are included in stockholders’ equity and no fair value adjustments are required from period-to-period. On June 9, 2017, the Company issued warrants for the purchase of 33,275 shares of common stock to its IPO selling agent. The warrants are fully vested, exercisable at any time after December 9, 2017 by the holder at an exercise price of $8.25 per share and have a life of five years. The warrants include a fundamental transaction clause which provides for the warrant holder to be paid in cash upon an event as defined in the warrant. The cash payment is to be computed using the Black-Scholes valuation model for the unexercised portion of the warrant. Accordingly, under ASC 815 Derivatives and Hedging the warrants were deemed to be a derivative liability and are marked to market at each reporting period. Accordingly, on the date of issuance the Company recorded as a derivative liability the fair value of the warrants which was $156,725 and at December 31, 2017 the derivative liability was marked to its then fair market value of $39,930. On December 4, 2017, the Company issued 4,175,000 warrants to purchase shares of its common stock to investors in connection with its FPO, as more fully described in Note 1. The warrants are exercisable at an exercise price of $2.95 per share of common stock, and they expire on December 4, 2022. On December 6, 2017, the Company’s underwriters on its FPO exercised in full their option to purchase 626,250 shares of common stock and accompanying warrant. After giving effect to the full exercise of the over-allotment, the Company issued an aggregate 4,801,250 warrants to purchase an aggregate of 4,801,250 shares of common stock at an exercise price of $2.95 per share of common stock, which expire on December 4, 2022. The early adoption of ASU 2017-11 2017-11, period-to-period. On December 4, 2017, the Company issued warrants for the purchase of 83,500 shares of common stock to the underwriter of its FPO. The warrants are fully vested, exercisable at any time after June 2, 2018 by the holder at an exercise price of $2.40 per share and have a life of three years. . The warrants can only be settled in the Company’s own shares, and as such, under ASC 815 Derivatives and Hedging, they were deemed to be equity instruments and, therefore are included in stockholders’ equity and no fair value adjustments are required from period-to-period. In connection with the issuance of its 2016 and 2015 convertible promissory notes, as more fully described in Notes 8 and 9, the Company issued warrants that expire three years from the date of its IPO for the purchase of 799,349 shares of common stock and warrants that expire five years from the date of its IPO for the purchase of 29,425 shares of its common stock. .The warrants can only be settled in the Company’s own shares, and as such, under ASC 815 Derivatives and Hedging the warrants were deemed to be equity instruments and, therefore are included in stockholders’ equity and no fair value adjustments are required from period-to-period. In addition, in connection with the issuance of its promissory notes to MLSC and a shareholder, as more fully described in Notes 7 and 8, the Company issued warrants that expire in 2021 for the purchase of an aggregate of 8,228 shares of stock at an exercise price of $6.47 per share. The following table presents the Company’s common stock warrant activity for the years ended December 31, 2017 and 2016: Warrants Weighted Average Outstanding Exercisable Outstanding Exercisable Balance, Jan 1, 2016 8,228 8,228 $ 6.47 $ 6.47 Issued — — — — Exercised — — — — Balance, Dec 31, 2016 8,228 8,228 6.47 6.47 Issued 6,304,015 6,220,515 3.84 3.85 Exercised (34,800 ) (34,800 ) 2.95 2.95 Balance, Dec 31, 2017 6,277,443 6,193,943 $ 3.85 $ 3.86 The weighted average remaining contractual life of warrants outstanding and exercisable at December 31, 2017 was 4.37 years. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 18 — Related Party Transactions The Company sells its products to an orthotics and prosthetics practice whose ownership includes an individual who is both a minority shareholder and employee of the Company. Sales to this related party are sold at standard list prices. During the years ended December 31, 2017 and 2016 revenue recognized on sales to this orthotics and prosthetics practice amounted to approximately $53,500 and $49,100, respectively. Included in accounts receivable at December 31, 2017 and 2016 is approximately $77,600 and $24,500, respectively, and due to the related party. The Company also obtains consulting and fabrication services from the same related party. Charges for these services amounted to approximately $356,400 and $156,900 during the years ended December 31, 2017 and 2016, respectively. Included in accounts payable and accrued expenses at December 31, 2017 and 2016 is approximately $65,800 and $6,600, respectively, due to the related party. Certain directors purchased $1,080,000 of the Company’s subordinated convertible promissory notes in 2016. Certain directors and officers of the Company purchased 142,653 Series B-1 B-1 An officer and director purchased 14,000 shares at $7.50 per share in the Company’s June 9, 2017 IPO. Certain directors and officers of the Company purchased 125,238 shares and 125,238 warrants to purchase shares of common stock, in the Company’s private placement under Regulation D Rule 506(b) that also closed on June 9, 2017, at the price of $5.25 per unit. The warrants are exercisable at an exercise price of $7.50 per share of common stock. Certain directors and officers of the Company purchased 285,000 shares and 285,000 warrants to purchase shares of its common stock in the Company’s FBO, that closed on December, 4, 2017, at the price to the public of $2.40. The warrants are exercisable at an exercise price of $2.95 per share of common stock. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 19 — Commitments and Contingencies Litigation In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising from the ordinary course of business. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. Currently, there is no litigation against the Company. Operating Leases The Company has a month-to-month Licensing Agreement During 2006, the Company entered into an exclusive licensing agreement for access to certain patent rights that require the payment of royalties, which vary based on the level of the Company’s net sales. As part of the agreement, the Company must pay a nonrefundable annual license maintenance fee which may be credited to any royalty amounts due in that same year. The license agreement can be terminated if certain sales targets are not achieved. The royalty charge for each of the years ended December 31, 2017 and 2016 was $25,000 and is included as a component of cost of sales. The future minimum amounts due under this agreement for the next five years and thereafter are as follows: 2018 $ 25,000 2019 25,000 2020 25,000 2021 25,000 2022 through expiration of the patents 50,000 Under the licensing agreement, the Company has issued 6,172 shares of Common Stock to the licensor, including 492 shares on December 29, 2017, pursuant to a licensing agreement share adjustment provision in the event that the Company has a dilutive financing, as defined. The licensing agreement also includes an anti-dilution provision such that the licensor’s ownership of the outstanding Common Stock shall not fall below 1% on a fully diluted basis. Such issuances of Common Stock continue until the date upon which the Company received a total of $3,000,000 for its capital stock. After t-he On November 15, 2016, the Company and MIT entered into a waiver agreement with regard to certain revenue and commercialization milestones of the Company required under the License Agreement. Under the waiver agreement, MIT waived the compliance with any and all of such milestone obligations prior to the date of the waiver agreement. For the year ended December 31, 2017 the Company met its minimum sales covenant of $750,000. Clinical Research Studies The Company has in-process Warranty Liability The Company accrues an estimate of their exposure to warranty claims based on both current and historical product sales data and warranty costs incurred. The majority of the Company’s current products carry a three-year warranty, but prior to 2017 most products carried a one-year Changes in warranty liability were as follows: 2017 2016 Accrual provided for warranties issued during the period Accrued warranty liability, beginning of year $ 63,147 $ 2,994 Accrual provided for warranties issued during the period 14,867 67,382 Adjustments to prior accruals 570 (3,773 ) Actual warranty expenditures (27,859 ) (3,456 ) Accrued warranty liability, end of year $ 50,725 $ 63,147 Credit Risk Financial instruments that potentially expose the Company to a concentration of credit risk consist primarily of cash, cash equivalents and restricted cash and accounts receivable. The Company maintains its cash, cash equivalents and restricted cash, with balances in excess of federally insured limits, with major financial institutions that management believes are financially sound and have minimum credit risk. The Company has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risks related to cash. Major Customers For the year ended December 31, 2017 three customers accounted for approximately 54% (23%-$334,200; 17%-$241,700 and 14%-197,800) For the year ended December 31, 2016 four customers accounted for approximately 64% (23%-$253,300; 14%-$155,800; 14%-$155,000 and 12%-$127,200) of revenues, excluding grant income. As of December 31, 2017 three customers accounted for approximately 55% (26%-$77,640 [related party], 18%-$52,200 and 11%-$32,700) of accounts receivable. As of December 31, 2016 four customers accounted for approximately 80% (23%-$26,100, 23%-$25,700; 21%-$24,500 [related party] and 13%-$15,200) of accounts receivable. Economic Dependence During the years ended December 31, 2017and 2016 the Company contracted the manufacture of its product from one vendor. If the current vendor no longer produces the product, the Company would have to find a new manufacturer. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 20 — Income Taxes The income tax provision (benefit) for the years ended December 31, 2017 and 2016 consist of the following: 12/31/17 12/31/16 U.S. federal Current $ — $ — Deferred (534,000 ) (1,184,000 ) State and local Current — — Deferred ( ) (177,000 ) (1,072,000 ) (1,361,000 ) Deferred tax expense related to tax law change 2,909,000 — Change in valuation allowance (1,837,00 0 ) 1,361,000 Income tax provision $ — $ — The reconciliation between the U.S statutory federal income tax rate and the Company’s effective rate for the years ended December 31, 2017 and 2016 is as follows: 12/31/17 12/31/16 U.S. federal statutory rate 34.00 % 34.00 % State income taxes, net of federal benefit 4.67 % 5.45 % Federal rate change, deferred items -23.03 % 0.00 % State rate change and other 0.89 % -0.54 % Non-deductible -17.67 % — Federal NOLs to expire unutilized due to sec 382 limitation -14.02 % -0.00 % Other permanent items -0.03 % -0.29 % Change in valuation allowance 15.19 % —38.62 % Effective rate 0.00 % 0.00 % As of December 31, 2017, and 2016, the Company’s deferred tax assets consisted of the effects of temporary differences attributable to the following: 12/31/17 12/31/16 Net operating loss carryover $ 5,925,000 $ 7,876,000 Tax credits 190,000 189,000 Stock-based compensation 53,000 19,000 Other 219,000 140,000 Total deferred tax asset 6,387,000 8,224,000 Less: valuation allowance ( ) (8,224,000 ) Deferred tax asset, net of valuation allowance $ — $ — There were no deferred tax liabilities at December 31, 2017 or 2016. As of December 31, 2017 and 2016, the Company had approximately $26.4 million and $20.4 million of Federal net operating loss (“NOL”), and $22.0 million and $16.9 million of state NOLs, respectively, available to offset future taxable income. The Federal NOLs, if not utilized, begin expiring in the year 2028. The state NOLs, if not utilized, begin to expire in 2019 through 2027. During 2017, the Company experienced an ownership change within the meaning of Section 382 of the Internal Revenue Code of 1986. The ownership change has and will continue to subject the Company’s pre-ownership tax-exempt Ownership changes were also determined to have occurred during the third quarter of 2014 and second quarter of 2015. As a result of these ownership changes, the Company is limited to an approximate $1,559,000 annual limitation on its ability to utilize pre-change pre-change On December 22, 2017, the Tax Cuts and Jobs Act (TCIA) was signed into law. The enacted law reduces the corporate tax rate from 35 percent to 21 percent for tax years beginning after December 31, 2017. ASC 740 requires that the tax effects of changes in tax laws or rates be recognized in the period in which the law is enacted. As a result of the enacted law, the Company is required to revalue deferred tax assets and liabilities at the enacted rate and reflect that change in its financial statements for the period that includes the date of enactment, since the deferred tax items would be expected to reverse at the reduced rate. As a result of the corporate tax rate decrease from the Tax Cuts and Jobs Act (TCIA), the deferred tax assets and valuation allowance have been reduced by approximately $3,383,000 at December 31, 2017. ASC 740, “Income Taxes” requires that a valuation allowance be established when it is “more likely than not” that all, or a portion of, deferred tax assets will not be realized. A review of all available positive and negative evidence needs to be considered, including the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies. After consideration of all the information available, management believes that uncertainty exists with respect to future realization of its deferred tax assets and has, therefore, established a full valuation allowance as of December 31, 2017 and 2016. For the years ended December 31, 2017 and December 31, 2016, the change in valuation allowance was a decrease of $1,837,000 and an increase of $1,361,000, respectively. The Company recognizes interest and penalties relating to unrecognized tax benefits on the income tax expense line in the statement of operations. There are no tax penalties and interest on the statement of operations as of December 31, 2017, 2016 and 2015. The Company operates in multiple tax jurisdictions and, in the normal course of business, its tax returns are subject to examination by various taxing authorities. Such examinations may result in future assessments by these taxing authorities. The Company is subject to examination by U.S. tax authorities beginning with the year ended December 31, 2014. No accrued interest and penalties are included on the related tax liability accrual on the balance sheet. There are no accrued interest and penalties at December 31, 2017 and December 31, 2016. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 21 — Subsequent Events Common Stock Issue Subsequent to December 31, 2017, the Company issued: 32,540 shares of common stock issued upon vesting of restricted stock awards with an aggregate fair value of $3.85 at the time of vesting. 27,581 shares of common stock issued upon vesting of restricted stock units (RSUs) with an aggregate fair value of $3.65 at the time of vesting. 1,193,556 shares of common stock to warrant holders upon the exercise of 949,111 warrants, which had a weighted average strike price of $2.95. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Reverse Stock Split | Reverse Stock Split On December 20, 2016, the Company filed with the State of Delaware the Seventh Amended and Restated Certificate of Incorporation for a one-for |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America require management to make estimates and assumptions that affect certain reported amounts and disclosures. These estimates and assumptions are reviewed on an on-going |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents consist principally of deposit accounts and money market accounts at December 31, 2017. As of December 31, 2016, the Company had no cash equivalents. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts The Company reports accounts receivable at invoiced amounts less an allowance for doubtful accounts. The Company evaluates its accounts receivable on a continuous basis, and if necessary, establishes an allowance for doubtful accounts based on a number of factors, including current credit conditions and customer payment history. The Company does not require collateral or accrue interest on accounts receivable and credit terms are generally 30 days. No allowance for doubtful accounts was necessary at December 31, 2017 and 2016. |
Inventories | Inventories Inventories are recorded at the lower of cost or net realizable value. Cost is determined using a specific identification method. The Company reduces the carrying value of inventory for those items that are potentially excess, obsolete or slow-moving based on changes in customer demand, technology developments or other economic factors. In addition, the carrying value of consigned inventories is reduced by the value of MyPro devices that will not be sold based on historical experience. |
Restricted Cash | Restricted Cash Restricted cash consisted of cash deposited with a financial institution as collateral for Company credit cards for sales personnel. |
Deferred Offering Costs | Deferred Offering Costs Deferred offering costs are comprised of direct incremental legal, accounting and financial advisor fees related relating to capital raising efforts. Deferred offering costs are offset against proceeds of an offering. In the event a capital raising effort is terminated, deferred offering costs are expensed. |
Equipment | Equipment Equipment is stated at historical cost, net of accumulated depreciation and is depreciated using the straight-line method over the estimated useful lives of the related assets, generally three years. Expenditures for maintenance and repairs, which do not extend the economic useful life of the related assets, are charged to operations as incurred, and expenditures, which extend the economic life, are capitalized. When assets are retired, or otherwise disposed of, the costs and related accumulated depreciation or amortization are removed from the accounts and any gain or loss on disposal is recognized. |
Impairment of Long-Lived Assets | Impairment of Long Lived Assets The Company assesses the recoverability of its long-lived assets, including equipment when there are indications that the assets might be impaired. When evaluating assets for potential impairment, the Company compares the carrying value of the asset to its estimated undiscounted future cash flows. If an asset’s carrying value exceeds such estimated cash flows (undiscounted and with interest charges), the Company records an impairment charge for the difference. Based on its assessments, the Company did not record any impairment charges for the years ended December 31, 2017 and 2016. |
Demonstration and Test Units | Demonstration and Test Units Demonstration units represent units provided to customers by the Company for marketing and patient evaluation purposes. These units are manufactured by the Company and are recorded at cost in the statements of operations as part of selling, marketing and general administrative expense. During the years ended December 31, 2017 and 2016, respectively, the Company charged to operations approximately $26,900 and $22,900, respectively, of these units. Test units represent units provided to research and development staff to use in their development process and to end users who are given free units to act as testers so that research and development staff can evaluate and understand their use by patients. A primary objective of these units is to determine when and under what conditions they fail, at which time they are analyzed for cause of failure and then scrapped. These units are recorded at cost in the statements of operations as part of research and development expense. During the year ended December 31, 2017 and 2016 the Company charged to operations approximately $29,200 and $48,000, respectively, of these units. Accounts Payable and Other Accrued Expenses: 2017 2016 Trade payables $ 264,890 $ 311,085 Accrued compensation and benefits 642,425 221,630 Accrued directors fees 100,000 — Accrued offering costs — 77,326 Other 269,921 103,969 $ 1,277,236 $ 714,010 |
Preferred Stock | Preferred Stock The Company applies the accounting standards for distinguishing liabilities from equity under U.S. GAAP when determining the classification and measurement of its convertible preferred stock. Preferred shares subject to mandatory redemption are classified as liability instruments and are measured at fair value. Conditionally redeemable preferred shares (including preferred shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, preferred shares are classified as permanent equity. The Company’s preferred shares at December 31, 2016 featured certain redemption rights that were considered by the Company to be outside the Company’s control. Accordingly, the Series A-1 B-1 As of the issuance date, the carrying amount of the Preferred Stock was less than the redemption value. If the Preferred Stock is redeemable at the investor’s option, the carrying value would be increased by periodic accretions so that the carrying value would equal the redemption amount at the earliest redemption date. Such accretion would be recorded as a preferred stock dividend. |
Derivative Liabilities | Derivative Liabilities The Company accounts for warrants determined to be derivative financial instruments by recording the warrants as a liability at fair value and marks-to-market |
Revenue Recognition | Revenue Recognition The Company derives revenue primarily from the sale of its products to orthotics and prosthetics practices, as well as Veteran Administration and other hospitals and, beginning in 2017, through a distribution agreement with Ottobock. The Company recognizes revenue upon shipment, provided that persuasive evidence of an arrangement exists, there are no uncertainties regarding customer acceptance, the sales price is fixed or determinable, and collectability is deemed probable. In certain cases, the Company ships the MyPro device to O&P practices pending reimbursement from third party payors. As a result of this arrangement, elements of the revenue recognition criteria have not been met upon shipment of the MyoPro. The Company recognizes revenue when payment has been received, as all of the revenue recognition criteria has been met. During 2017, effective with its introduction of its extended product line, the Company provides a standard three-year warranty. This revenue is recognized ratably over the warranty period. The Company allocates revenue to the warranty element of a sale based upon its fair value as determined by referencing the historical selling price of it in similar transactions. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An emerging growth company may take advantage of relief from certain reporting requirements and other burdens that are otherwise applicable generally to public companies. These provisions include an exemption from the adoption of new or revised financial accounting standards until they would apply to private companies. As such, we have delayed the adoption of Accounting Standards Codification (“ASC”) No. 606, Revenue from Contracts with Customers until January 1, 2019. The Company receives federally-funded grants that require the Company to perform research activities as specified in each respective grant. The Company is paid based on the fees stipulated in the respective grants which approximate the projected costs to be incurred by the Company to perform such activities. The Company’s grant revenue is recognized when persuasive evidence of the arrangement exists, the service has been provided and adherence to specific parameters of the awarded grant have been met, the amount is fixed and determinable and collection is reasonable assured. The Company recognized approximately $118,100, $20,800 and $131,900, respectively, of grant income in 2017, 2016 and 2015, respectively. Direct costs related to these grants are reported as a component of research and development costs in the statements of operations except for reimbursable costs which are reported as a component of cost of revenue in the statements of operations. Cost of revenue includes reimbursable costs of approximately $11,600 and $10,100 in 2017 and 2016, respectively. Amounts received in advance are deferred. |
Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling costs paid by customers are netted against the related shipping costs we incur. The net cost is recorded in cost of sales. Historically, such costs have not been material. |
Income Taxes | Income Taxes The Company accounts for income taxes under Accounting Standards Codification ASC 740 Income Taxes (“ASC 740”). Under ASC 740, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities and net operating loss and credit carryforwards using enacted tax rates in effect for the year in which the differences are expected to impact taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. ASC 740 requires that the tax effects of changes in tax laws or rates be recognized in the financial statement in the period in which the law is enacted. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Tax benefits claimed or expected to be claimed on a tax return are recorded in the Company’s financial statements. A tax benefit from an uncertain tax position is only recognized if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Uncertain tax positions have had no impact on the Company’s financial condition, results of operations or cash flows. The Company files income tax returns in federal and state jurisdictions and is no longer subject to examinations by tax authorities for years prior to 2014. Currently, there are no income tax audits in process. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock awards to employees by measuring the cost of services received in exchange for the award of equity instruments based upon the fair value of the award on the date of grant. The fair value of that award is then ratably recognized as expense over the period during which the recipient is required to provide services in exchange for that award. Options and warrants granted to consultants and other non-employees Stock-based compensation expense of approximately $279,500 and $94,100 was recorded in selling, general and administrative expense in 2017 and 2016, respectively. |
Net Loss per Share | Net Loss per Share Basic loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding, plus potentially dilutive common shares. Convertible debt, preferred stock, restricted stock units, stock options and warrants are excluded from the diluted net loss per share calculation when their impact is antidilutive. The Company reported a net loss for the years ended December 31, 2017 and 2016, respectively, and as a result, all potentially dilutive common shares are considered antidilutive for these periods. Potentially common shares issuable at December 31, 2017 and 2016 consist of: 2017 2016 Options 369,004 246,344 Warrants 6,277,443 10,781 Series B-1 — 1,662,104 Series A-1 — 960,083 Total 6,646,447 2,879,312 |
Advertising | Advertising The Company charges the costs of advertising to operating expenses as incurred. Advertising expense amounted to approximately $31,000 and 41,600 in 2017 and 2016, respectively. |
Research and Development Costs | Research and Development Costs The Company expenses research and development costs as incurred. Research and development costs primarily consist of salaries and benefits, facility and overhead costs, and outsourced research activities. |
Reclassification | Reclassification Certain amounts in the 2016 financial statements of operations have been reclassified to conform to the 2017 presentation. These reclassifications had no impact on previously reported net loss. |
Subsequent Events | Subsequent Events The Company evaluates events and/or transactions occurring after the balance sheet date and before the issue date of the financial statements to determine if any of those events and/or transactions require adjustment to or disclosure in the financial statements. |
Revision of Financial Statements | Revision of Financial Statements During the preparation of its Offering Circular Supplement for the quarterly period ended March 31, 2017, the Company determined it had improperly classified its Notes Payable, MLSC and certain related accrued interest as long-term liabilities, which resulted in an understatement of current liabilities as of December 31, 2016. The Company assessed the materiality of the misstatement in accordance with Staff Accounting Bulletin No. 99, “Materiality” and No. 108, “Quantifying Misstatements”, and concluded that these classification errors were not qualitatively material and there was no impact on the Company’s condensed statements of operations, cash flows, changes in redeemable and convertible preferred stock and stockholders’ equity (deficiency) and net loss per share for the years then ended, nor on the Company’s stockholders’ equity (deficiency). As such, the correction of the error is reflected in the December 31, 2016 balance sheet. Disclosure of the revised amounts will also be reflected in future filings containing the applicable periods. The effect of this revision on the line items within the Company’s balance sheet as of December 31, 2016 was as follows: December 31, 2016 As previously Adjustment As revised Total current liabilities $ 1,807,311 $ 1,193,984 $ 3,001,295 Non-current 4,709,156 (1,193,984 ) 3,515,172 Total liabilities $ 6,516,467 $ — $ 6,516,467 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Revenue Related Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, 2014-09”). 2014-09 2014-09 2014-09 No. 2015-14, No. 2014-09 ASU 2014-09 2016-08 In March 2016, the FASB issued ASU No. 2016-08, ASU No. 2014-09 — 2014-09, ASU 2016-08 On May 2016, the FASB issued ASU No. 2016-12, (“ASU 2016-12”). 2016-12 2014-09. 2014-09, In September 2017, the FASB issued ASU No. 2017-13, The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An emerging growth company may take advantage of relief from certain reporting requirements and other burdens that are otherwise applicable generally to public companies. These provisions include an exemption from the adoption of new or revised financial accounting standards until they would apply to private companies. As such, the Company has delayed the adoption of Accounting Standards Codification (“ASC”) No. 606, Revenue from Contracts with Customers until January 1, 2019. Other Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, 2016-02”). 2016-02 ASU 2016-02 ASU 2016-02 2016-02 In March 2016, the FASB issued ASU No. 2016-09, In August 2016, the FASB issued ASU 2016-15, 2016-15 In November 2016, the FASB issued ASU 2016-18, 2016-18 In May 2017, the FASB issued ASU No. 2017-09, 2017-09 In July 2017, the FASB issued ASU No. 2017-11, No. 2017-11 No. 2017-11 No. 2017-11 No. 2017-11 No. 2017-11 No. 2017-11. 2017-11 Subsequent Events The Company evaluated subsequent events through the date the financial statements were issued, and determined that, except as disclosed herein, there have been no subsequent events that would require recognition in the financial statements or disclosure in the notes to the financial statements. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Accounts Payable and Other Accrued Expenses | Accounts Payable and Other Accrued Expenses: 2017 2016 Trade payables $ 264,890 $ 311,085 Accrued compensation and benefits 642,425 221,630 Accrued directors fees 100,000 — Accrued offering costs — 77,326 Other 269,921 103,969 $ 1,277,236 $ 714,010 |
Summary of Potentially Common Shares Issuable | Potentially common shares issuable at December 31, 2017 and 2016 consist of: 2017 2016 Options 369,004 246,344 Warrants 6,277,443 10,781 Series B-1 — 1,662,104 Series A-1 — 960,083 Total 6,646,447 2,879,312 |
Schedule of Effect of Revision on Balance Sheet | The effect of this revision on the line items within the Company’s balance sheet as of December 31, 2016 was as follows: December 31, 2016 As previously Adjustment As revised Total current liabilities $ 1,807,311 $ 1,193,984 $ 3,001,295 Non-current 4,709,156 (1,193,984 ) 3,515,172 Total liabilities $ 6,516,467 $ — $ 6,516,467 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consist of the following at December 31: 2017 2016 Finished goods $ 122,000 $ 81,223 Consigned inventory 97,980 — Parts and components 23,530 1,213 243,510 82,435 Less: excess and obsolete inventory reserves (23,739 ) — Less: consigned inventory reserves (18,616 ) — Inventories, net $ 201,155 $ 82,435 |
Equipment (Tables)
Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Equipment | Equipment consists of the following at December 31: 2017 2016 Computer equipment $ 32,257 $ 19,258 Sales demonstration units 54,003 — R&D tools and molds 22,650 22,650 108,910 41,908 Less: accumulated depreciation (31,760 ) (20,345 ) Equipment, net $ 77,150 $ 21,563 |
Fair Value of Financial Instr34
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Cash Equivalents and Derivative Liabilities Measured at Fair Value on Recurring Basis | Cash equivalents and derivative liabilities (see Note 17) measured at fair value on a recurring basis at December 31, 2017 were as follows: In Active Markets Significant Other Significant December 31, Cash equivalents $ 10,459,435 — — $ 10,459,435 Common stock warrant liabilities — — $ 39,930 $ 39,930 |
Schedule of Fair Value Reconciliation of Level 3 Liabilities Measured | The following table presents the fair value reconciliation of Level 3 liabilities measured at fair value during the year ended December 31, 2017 and 2016: Common stock Balance – January 1, 2016 $ 2,239 Change in fair value of derivative liabilities (2,329 ) Balance – December 31, 2016 — Fair value of common stock warrant issued 156,725 Change in fair value of derivative liabilities (116,795 ) Balance – December 31, 2017 $ 39,930 |
Schedule of Fair Value Assumptions | As of December 31, 2016 the significant assumptions used in this model was as follows: 2016 Market value 9.0 million Volatility 81% Time to liquidity 2.0 years Risk free rate 0.58% Discount for lack of marketability 25% |
Significant Unobservable Inputs (Level 3) [Member] | |
Schedule of Fair Value Assumptions | Assumptions utilized in the valuation of Level 3 liabilities at December 31, were as follows: 2017 2016 Risk-free interest rate 2.20% — Expected life 4.44 years — Expected volatility of underlying stock 63% — Expected dividend yield — — |
Fair Value of Common Stock De35
Fair Value of Common Stock December 31, 2016 (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value of Outstanding Securities | As of December 31, 2016, the fair value of the Company’s outstanding securities was as follows: 2016 Common Stock $ 1.04 Series B-1 $ 4.06 Series A-1 $ 1.25 |
Redeemable Preferred Stock (Tab
Redeemable Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Summary of Authorized, Issued and Outstanding Preferred Stock | The following table below summarizes the authorized, issued and outstanding Preferred Stock as of December 31, 2016: Shares Shares Par Value Cumulative Dividend Liquidation Series B-1 1,862,500 1,662,104 $ 0.0001 $ 1,495,127 $ 0.90 $ 9,701,313 Series A-1 1,594,958 960,083 $ 0.0001 $ — $ — $ 4,740,066 |
Stock Award Plans and Stock-b37
Stock Award Plans and Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity | Stock option activity under the Stock Option Plans during the years ended December 31, 2017 and 2016 is as follows: Shares Weighted Weighted Intrinsic Balance at January 1, 2016 272,494 $ 0.1088 6.95 $ 207,146 Granted 101,661 $ 0.9987 Forfeited or cancelled (3,352 ) $ 0.5125 Exercised (124,459 ) $ 0.0259 Balance at December 31, 2016 246,344 $ 0.5133 7.10 $ 132,121 Granted 210,600 $ 2.6568 Forfeited or cancelled (7,855 ) $ 0.9717 Exercised (80,085 ) $ 0.3366 Balance at December 31, 2017 369,004 $ 1.7652 8.65 $ 732,399 Options exercisable at December 31, 2016 140,724 $ 0.3464 5.68 $ 99,879 Options exercisable at December 31, 2017 141,847 $ 0.6906 7.39 $ 433,960 |
Schedule of Grant Date Fair Value | The assumptions underlying the calculation of grant date fair value are as follows: 2017 2016 Volatility 62.71%-80.00% 81.00% Risk-free interest rate 0.58%-2.29% 0.58% Weighted-average expected option term (in years) 5.75-6.25 5.75-6.25 Dividend yield 0% 0% |
Summary of Restricted Stock Activity | Restricted stock activity is summarized below: Number of Shares Weighted average Weighted average Outstanding as of January 1, 2017 — $ — — Awarded 46,500 6.75 Vested (312 ) 6.75 Canceled (2,000 ) 6.75 Outstanding as of December 31, 2017 44,188 $ 6.75 6.75 |
Schedule of Stock-based Compensation Expense | The Company recognized stock-based compensation expense related primarily to the issuance of stock option awards to employees and non-employees 2017 2016 Research and development $ 12,382 $ — Selling, general and administrative 267,126 94,094 Total $ 279,508 $ 94,094 |
Warrants (Tables)
Warrants (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Summary of Common Stock Warrants Activity | The following table presents the Company’s common stock warrant activity for the years ended December 31, 2017 and 2016: Warrants Weighted Average Outstanding Exercisable Outstanding Exercisable Balance, Jan 1, 2016 8,228 8,228 $ 6.47 $ 6.47 Issued — — — — Exercised — — — — Balance, Dec 31, 2016 8,228 8,228 6.47 6.47 Issued 6,304,015 6,220,515 3.84 3.85 Exercised (34,800 ) (34,800 ) 2.95 2.95 Balance, Dec 31, 2017 6,277,443 6,193,943 $ 3.85 $ 3.86 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Amounts Due under Agreement | The future minimum amounts due under this agreement for the next five years and thereafter are as follows: 2018 $ 25,000 2019 25,000 2020 25,000 2021 25,000 2022 through expiration of the patents 50,000 |
Summary of Changes in Warranty Liability | Changes in warranty liability were as follows: 2017 2016 Accrual provided for warranties issued during the period Accrued warranty liability, beginning of year $ 63,147 $ 2,994 Accrual provided for warranties issued during the period 14,867 67,382 Adjustments to prior accruals 570 (3,773 ) Actual warranty expenditures (27,859 ) (3,456 ) Accrued warranty liability, end of year $ 50,725 $ 63,147 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Summary of Tax Provision (Benefit) | The income tax provision (benefit) for the years ended December 31, 2017 and 2016 consist of the following: 12/31/17 12/31/16 U.S. federal Current $ — $ — Deferred (534,000 ) (1,184,000 ) State and local Current — — Deferred ( ) (177,000 ) (1,072,000 ) (1,361,000 ) Deferred tax expense related to tax law change 2,909,000 — Change in valuation allowance (1,837,00 0 ) 1,361,000 Income $ — $ — |
Summary of Reconciliation between U.S. Statutory Federal Income Tax Rate and Effective Rate | The reconciliation between the U.S statutory federal income tax rate and the Company’s effective rate for the years ended December 31, 2017 and 2016 is as follows: 12/31/17 12/31/16 U.S. federal statutory rate 34.00 % 34.00 % State income taxes, net of federal benefit 4.67 % 5.45 % Federal rate change, deferred items -23.03 % 0.00 % State rate change and other 0.89 % -0.54 % Non-deductible -17.67 % — Federal NOLs to expire unutilized due to sec 382 limitation -14.02 % -0.00 % Other permanent items -0.03 % -0.29 % Change in valuation allowance 15.19 % —38.62 % Effective rate 0.00 % 0.00 % |
Summary of Deferred Tax Assets | As of December 31, 2017, and 2016, the Company’s deferred tax assets consisted of the effects of temporary differences attributable to the following: 12/31/17 12/31/16 Net operating loss carryover $ 5,925,000 $ 7,876,000 Tax credits 190,000 189,000 Stock-based compensation 53,000 19,000 Other 219,000 140,000 Total deferred tax asset 6,387,000 8,224,000 Less: valuation allowance ( ) (8,224,000 ) Deferred tax asset, net of valuation allowance $ — $ — |
Description of Business - Addit
Description of Business - Additional Information (Detail) - USD ($) | Dec. 06, 2017 | Dec. 04, 2017 | Nov. 13, 2017 | Jun. 09, 2017 | May 23, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 20, 2016 | |
Organization Consolidation and Presentation of Financial Statements [Line Items] | |||||||||
Initial public offering raising amount | [1] | $ 4,368,315 | |||||||
Common stock warrants, exercise price per share | $ 6.47 | ||||||||
Aggregate proceeds offering expenses | $ 2,922,885 | ||||||||
Combined aggregate gross proceeds raised | $ 2,000,000 | $ 7,916,620 | $ 10,000,000 | ||||||
Authorized issue of shares | 125,000,000 | ||||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | 5,600,000 | |||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Preferred stock, shares authorized | 25,000,000 | 25,000,000 | 4,100,000 | ||||||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||
Common Stock [Member] | |||||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | |||||||||
Other offering expenses | $ 1,061,157 | ||||||||
Sale of stock | 665,498 | ||||||||
IPO [Member] | |||||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | |||||||||
Initial public offering raising amount | $ 4,991,235 | ||||||||
Other offering expenses | $ 1,061,157 | ||||||||
Sale of stock | 665,498 | ||||||||
Sale of common stock price per share | $ 7.50 | ||||||||
IPO [Member] | Common Stock [Member] | |||||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | |||||||||
Stock issued during period | 665,498 | ||||||||
Private Placement [Member] | |||||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | |||||||||
Other offering expenses | $ 2,500 | ||||||||
Sale of stock | 557,216 | ||||||||
Sale of common stock price per share | $ 5.25 | ||||||||
Share unit, description | Each unit consists of one share of common stock and a three-year warrant to purchase one share of common stock exercisable for $7.50 per share. | ||||||||
Common stock warrants, exercise price per share | $ 7.50 | ||||||||
Warrant expiration period | 3 years | ||||||||
Aggregate proceeds offering expenses | $ 2,925,385 | ||||||||
FPO [Member] | |||||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | |||||||||
Warrants to purchase common stock | 4,175,000 | ||||||||
Warrant expiration date | Dec. 4, 2022 | ||||||||
FPO [Member] | Common Stock [Member] | |||||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | |||||||||
Sale of common stock price per share | $ 2.40 | ||||||||
Common stock warrants, exercise price per share | $ 2.95 | ||||||||
Stock issued during period | 4,175,000 | ||||||||
FPO [Member] | Common Stock and Warrants [Member] | |||||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | |||||||||
Sale of common stock price per share | $ 2.40 | ||||||||
Stock issued during period | 626,250 | ||||||||
Over-allotment Option [Member] | |||||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | |||||||||
Other offering expenses | $ 1,115,000 | $ 1,115,000 | |||||||
Stock issued during period | 4,801,250 | 4,801,250 | |||||||
Warrants to purchase common stock | 4,801,250 | 4,801,250 | |||||||
Proceeds from sale of common stock | $ 11,523,000 | $ 11,523,000 | |||||||
Over-allotment Option [Member] | Common Stock [Member] | |||||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | |||||||||
Stock issued during period | 4,801,250 | ||||||||
[1] | IPO gross proceeds of $4,991,236 are reduced by $622,921 of IPO offering costs that were incurred in 2017. Another $438,237 of IPO deferred offering costs were paid for in 2016. |
Going Concern and Management'42
Going Concern and Management's Plan - Additional Information (Detail) - USD ($) | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Going Concern and Management's Liquidity Plan [Line Items] | |||
Net loss | $ (12,097,479) | $ (3,617,022) | |
Accumulated deficit | (34,972,787) | (22,875,308) | |
Cash used in operating activities | $ (6,153,419) | $ (3,202,670) | |
Subsequent Event [Member] | |||
Going Concern and Management's Liquidity Plan [Line Items] | |||
Common stock issued to warrant holders | 1,193,556 | ||
Number of warrant exercised | 1,193,556 | ||
Common stock warrants, exercise price | $ 3,520,990 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies - Additional Information (Detail) | Dec. 20, 2016 | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Summary Of Significant Accounting Policies [Line Items] | ||||
Reverse stock split, description | One-for sixteen | |||
Reverse stock split conversion ratio | 0.0625 | |||
Cash equivalents | $ 0 | |||
Allowance for doubtful accounts | $ 0 | 0 | ||
Equipment estimated useful lives | 3 years | |||
Impairment charges | $ 0 | 0 | ||
Standard warranty period | Three-year | |||
Reimbursable costs | $ 11,600 | 10,100 | ||
Measurement of tax benefit, minimum likelihood of the largest amount being realized upon ultimate resolution | 50.00% | |||
Stock-based compensation expense | $ 279,508 | 94,094 | ||
Advertising expense | 31,000 | 41,600 | ||
Selling, General and Administrative Expenses [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Demonstration units, expenses | 26,900 | 22,900 | ||
Stock-based compensation expense | 267,126 | 94,094 | ||
Research and Development Expense [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Test units, expenses | 29,200 | 48,000 | ||
Stock-based compensation expense | 12,382 | |||
Grant Income [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Grant income recognized | $ 118,100 | $ 20,800 | $ 131,900 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies - Summary of Accounts Payable and Other Accrued Expenses (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Payables and Accruals [Abstract] | ||
Trade payables | $ 264,890 | $ 311,085 |
Accrued compensation and benefits | 642,425 | 221,630 |
Accrued directors fees | 100,000 | |
Accrued offering costs | 77,326 | |
Other | 269,921 | 103,969 |
Total | $ 1,277,236 | $ 714,010 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies - Summary of Potentially Common Shares Issuable (Detail) - shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 6,646,447 | 2,879,312 |
Series B-1 Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 1,662,104 | |
Series A-1 Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 960,083 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 369,004 | 246,344 |
Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 6,277,443 | 10,781 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies - Schedule of Effect of Revision on Balance Sheet (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Total current liabilities | $ 1,485,172 | $ 3,001,295 |
Non-current liabilities | 3,515,172 | |
Total liabilities | $ 1,529,214 | 6,516,467 |
As previously reported [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Total current liabilities | 1,807,311 | |
Non-current liabilities | 4,709,156 | |
Total liabilities | 6,516,467 | |
Adjustment [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Total current liabilities | 1,193,984 | |
Non-current liabilities | $ (1,193,984) |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 122,000 | $ 81,223 |
Consigned inventory | 97,980 | |
Parts and components | 23,530 | 1,213 |
Total cost | 243,510 | 82,435 |
Less: excess and obsolete inventory reserves | (23,739) | |
Less: consigned inventory reserves | (18,616) | |
Inventories, net | $ 201,155 | $ 82,435 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) | Dec. 31, 2017USD ($) |
Inventory Disclosure [Abstract] | |
Excess and obsolete inventory reserves | $ 23,739 |
Equipment - Schedule of Equipme
Equipment - Schedule of Equipment (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Equipment, gross | $ 108,910 | $ 41,908 |
Less: accumulated depreciation | (31,760) | (20,345) |
Equipment, net | 77,150 | 21,563 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, gross | 32,257 | 19,258 |
Sales Demonstration Units [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, gross | 54,003 | |
Research And Development Tools And Molds [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, gross | $ 22,650 | $ 22,650 |
Revolving Line of Credit - Addi
Revolving Line of Credit - Additional Information (Detail) - USD ($) | Dec. 20, 2017 | Dec. 31, 2017 | Jun. 08, 2017 |
Line of Credit Facility [Line Items] | |||
Proceeds from issuance of common stock | $ 10,407,706 | ||
Revolving Credit Facility [Member] | Chief Executive Officer and Director Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
Revolving line of credit | $ 1,000,000 | ||
Revolving line of credit, description | The line of credit will bear an interest rate of 10% of per annum and will terminate upon the earlier of (i) December 31, 2018; and (ii) the Company entering into a debt or loan facility with a bank or non-bank lender in the aggregate amount of not less than the greater of (A) $500,000 and (B) the then outstanding principal and interest under the facility. | ||
Revolving Credit Facility [Member] | Over-allotment Option [Member] | |||
Line of Credit Facility [Line Items] | |||
Proceeds from issuance of common stock | $ 11,500,000 |
Notes Payable, MLSC - Additiona
Notes Payable, MLSC - Additional Information (Detail) - USD ($) | Dec. 13, 2017 | Nov. 13, 2017 | Jun. 09, 2017 | Jun. 06, 2017 | May 23, 2017 | May 22, 2017 | May 18, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||||||||||||
Promissory note's maturity date | Jun. 8, 2019 | Jun. 8, 2017 | ||||||||||
Proceeds from from equity financing | $ 2,000,000 | $ 7,916,620 | $ 10,000,000 | |||||||||
Promissory notes due completion | 30 days | |||||||||||
Warrants outstanding purchase of common stock | 3,591 | 6,277,443 | 8,228 | 8,228 | ||||||||
Warrants exercisable price per share | $ 6.47 | |||||||||||
Repayment all outstanding principal and accrued but unpaid interest | $ 1,081,135 | |||||||||||
Massachusetts Life Sciences Center [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum number of shares of stock to be acquired under warrants | 8,228 | |||||||||||
Numerator amount used in calculation of warrants exercise price for common stock | $ 2,500,000 | |||||||||||
Warrants exercisable price per share | $ 6.47 | |||||||||||
Repayment all outstanding principal and accrued but unpaid interest | $ 874,600 | |||||||||||
Promissory Notes [Member] | Massachusetts Life Sciences Center [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Promissory notes | $ 750,000 | |||||||||||
Interest rate | 10.00% | |||||||||||
Promissory note principal and accrued interest, description | The principal and accrued interest is due and payable upon the earlier of (i) June 7, 2016, (ii) the closing of a Qualified Financing in a single transaction or series of transactions in any 12 month period yielding net proceeds of at least $5,000,000 or a qualified sale, as defined in the promissory notes, or (iii) the occurrence of a default, as defined in the promissory notes. | |||||||||||
Warrants exercisable amount | $ 30,000 | |||||||||||
Percentage value used in calculation of proceeds from exercise of warrants | 4.00% | |||||||||||
Warrants life | 10 years | |||||||||||
Maximum number of shares of stock to be acquired under warrants | 4,637 | |||||||||||
Promissory notes proceeds, description | Company completes an equity financing in any twelve-month period raising an aggregate of $10 million in gross proceeds. | |||||||||||
Proceeds from from equity financing | $ 10,000,000 | |||||||||||
Promissory notes due completion | 30 days | |||||||||||
Convertible Promissory Notes 2016 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 8.00% | 8.00% | ||||||||||
Promissory note's maturity date | Dec. 31, 2018 | |||||||||||
Convertible Promissory Notes 2016 [Member] | Massachusetts Life Sciences Center [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Warrants outstanding purchase of common stock | 4,637 | |||||||||||
Warrants exercisable price per share | $ 6.47 | |||||||||||
Promissory Note Restructuring on May 18, 2016 [Member] | Promissory Notes [Member] | Massachusetts Life Sciences Center [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Promissory notes | $ 1,194,000 | |||||||||||
Interest rate | 10.00% | |||||||||||
Promissory note principal and accrued interest, description | The note bears interest at 10% per annum with accrued interest payable quarterly which began on September 30, 2016, and is secured by substantially all the Company's assets. | |||||||||||
Promissory note's maturity date, description | On May 18, 2016, the Company restructured its promissory note with MLSC, extending the maturity date to June 7, 2017. | |||||||||||
Promissory note's maturity date | Jun. 7, 2017 | |||||||||||
Gain (loss) recognized with modification of note | $ 0 | |||||||||||
Promissory Note Restructuring on June 6, 2017 [Member] | Promissory Notes [Member] | Massachusetts Life Sciences Center [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Promissory notes | $ 1,216,000 | |||||||||||
Promissory note principal and accrued interest, description | The note bears interest was reduced to 7% per annum with approximately $54,000 in interest payable monthly beginning on June 7, 2019 with the principal and any remaining unpaid accrued interest due the earlier of June 7, 2019, or Company completes an equity financing in any twelve-month period raising an aggregate of $10 million in gross proceeds (a “Qualified Financing”), excluding the conversion into common stock in an initial public offering of any convertible notes outstanding on the date of this amendment. | |||||||||||
Promissory note's maturity date, description | On June 6, 2017, the Company restructured its promissory note with MLSC, extending the maturity date to June 7, 2017. | |||||||||||
Promissory note's maturity date | Jun. 7, 2017 | |||||||||||
Gain (loss) recognized with modification of note | $ 0 | |||||||||||
Promissory note bears reduced interest rate | 7.00% | |||||||||||
Monthly interest payable | $ 54,000 |
Notes Payable, Shareholder - Ad
Notes Payable, Shareholder - Additional Information (Detail) - USD ($) | Nov. 13, 2017 | Jun. 09, 2017 | May 23, 2017 | May 22, 2017 | Sep. 01, 2015 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Short-term Debt [Line Items] | |||||||||
Maturity date | Jun. 8, 2019 | Jun. 8, 2017 | |||||||
Proceeds from exercise of warrants | $ 102,660 | ||||||||
Proceeds from equity financing | $ 2,000,000 | $ 7,916,620 | $ 10,000,000 | ||||||
Promissory notes due completion | 30 days | ||||||||
Percentage of common stock price per share | 80.00% | 80.00% | |||||||
Aggregate warrant shares | 3,591 | 6,277,443 | 6,277,443 | 8,228 | 8,228 | ||||
Exercise price of warrants | $ 6.47 | ||||||||
Period before which company elects to repay notes in shares of equity following financing by company of equity or equity linked securities | 90 days | ||||||||
Repayment of outstanding principal and accrued but unpaid interest under notes | $ 1,081,135 | ||||||||
Shares issued for repayment of outstanding principal and accrued but unpaid interest under notes | $ 86,004 | ||||||||
Share price | $ 6.29 | ||||||||
Percentage of price per share | 80.00% | ||||||||
Gain (Loss) on extinguishment debt | $ (135,244) | ||||||||
Maximum [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Percentage of repay promissory notes outstanding principal | 50.00% | 50.00% | |||||||
Deferred Gain (Loss) on Early Extinguishment of Debt [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Gain (Loss) on extinguishment debt | $ (135,244) | ||||||||
80% of Price per Share [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Shares issued for repayment of outstanding principal and accrued but unpaid interest under notes | $ 107,505 | ||||||||
Share price | $ 5.03 | ||||||||
Shareholder [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Proceeds from exercise of warrants | $ 23,232 | ||||||||
Percentage value used in calculation of proceeds from exercise of warrants | 4.00% | ||||||||
Warrants life | 10 years | ||||||||
Numerator amount used in calculation of warrants exercise price for common stock | $ 2,500,000 | ||||||||
Shareholder [Member] | Maximum [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Maximum number of shares of stock to be acquired under warrants | 4,706 | 4,706 | |||||||
Shareholder [Member] | Promissory Notes [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Promissory notes | $ 580,800 | $ 580,800 | |||||||
Interest rate | 10.00% | 10.00% | |||||||
Maturity date | May 25, 2016 | ||||||||
Accrued and unpaid interest | $ 295,700 | ||||||||
Principal amount | 876,500 | ||||||||
Required monthly payments of principal and interest | 44,500 | ||||||||
Gain or loss with modification of note | $ 0 |
Convertible Promissory Notes 53
Convertible Promissory Notes 2016 - Additional Information (Detail) - USD ($) | Nov. 13, 2017 | Jun. 09, 2017 | Jun. 05, 2017 | May 23, 2017 | May 22, 2017 | Oct. 03, 2016 | Sep. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 12, 2016 |
Short-term Debt [Line Items] | ||||||||||||
Maturity date | Jun. 8, 2019 | Jun. 8, 2017 | ||||||||||
Proceeds from convertible promissory note | $ 1,770,000 | $ 2,956,218 | ||||||||||
Percentage of price per share | 80.00% | |||||||||||
Convertible promissory notes aggregate principal balance | $ 12,946,252 | |||||||||||
Warrants outstanding purchase of common stock | 557,216 | |||||||||||
Warrants exercisable price per share | $ 7.50 | |||||||||||
Convertible Promissory Notes 2016 [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Convertible promissory notes aggregate principal balance | $ 2,372,000 | $ 1,000,000 | ||||||||||
Promissory notes interest rate | 8.00% | 8.00% | ||||||||||
Maturity date | Dec. 31, 2018 | |||||||||||
Proceeds from convertible promissory note | $ 5,000,000 | $ 5,000,000 | ||||||||||
Description of convertible promissory note | The number of shares of equity securities of the Company to be issued upon such conversion shall be equal to the quotient obtained by dividing the entire principal amount plus accrued interest by the lower of (i) a price per share equal to $35,000,000 divided by the aggregate number of shares of capital stock outstanding on a fully diluted basis immediately prior to the initial closing of the Qualified Financing | |||||||||||
Numerator amount used in calculation of price per share | $ 35,000,000 | |||||||||||
Percentage of price per share | 80.00% | |||||||||||
Percentage of original principal amount of notes that will be paid to note holder as "Sale Premium" | 25.00% | |||||||||||
Percentage value of principal amount invested as numerator used in calculation of number of shares of stock to be acquired under warrants | 100.00% | |||||||||||
Deferred issuance costs | $ 20,800 | |||||||||||
Interest expense | $ 6,700 | 3,000 | ||||||||||
Convertible promissory notes, sales premium as a percentage of original principal amounts of notes | 25.00% | |||||||||||
Convertible promissory notes aggregate principal balance | $ 1,770,000 | |||||||||||
Convertible promissory noteholders exchanged | 430,000 | 5,000,000 | ||||||||||
Accrued but unpaid interest, total | $ 5,467,389 | |||||||||||
Convertible common stock, shares | 1,055,430 | |||||||||||
Weighted average price per share | $ 5.18 | |||||||||||
Warrants outstanding purchase of common stock | 799,349 | |||||||||||
Warrants exercisable price per share | $ 6.47 | |||||||||||
Fair value of the warrants attributable | $ 1,628,006 | |||||||||||
Conversion option beneficial feature | 3,825,320 | |||||||||||
Interest expense for issuance of warrants | $ 4,142,000 | |||||||||||
Deferred issuance costs | $ 20,800 | |||||||||||
Convertible Promissory Notes 2015 [Member] | ||||||||||||
Short-term Debt [Line Items] | ||||||||||||
Promissory notes interest rate | 8.00% | |||||||||||
Proceeds from convertible promissory note | 5,000,000 | |||||||||||
Notes issued in exchange | 630,000 | |||||||||||
Convertible promissory note | $ 1,030,000 | 3,002,000 | ||||||||||
Convertible promissory notes aggregate principal balance | $ 605,000 | $ 425,000 | ||||||||||
Convertible promissory noteholders exchanged | $ 430,000 | |||||||||||
Warrants outstanding purchase of common stock | 29,425 | |||||||||||
Warrants exercisable price per share | $ 5.25 | |||||||||||
Fair value of the warrants attributable | $ 457,456 | |||||||||||
Conversion option beneficial feature | 1,003,867 | |||||||||||
Interest expense for issuance of warrants | $ 1,030,000 |
Convertible Promissory Notes 54
Convertible Promissory Notes 2015 - Additional Information (Detail) - USD ($) | Jun. 09, 2017 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Short-term Debt [Line Items] | |||||
Convertible promissory notes aggregate principal balance | $ 12,946,252 | ||||
Proceeds from convertible promissory notes, net | $ 1,770,000 | $ 2,956,218 | |||
Warrants outstanding purchase of common stock | 557,216 | ||||
Warrants exercisable price per share | $ 7.50 | ||||
Convertible Promissory Notes 2015 [Member] | |||||
Short-term Debt [Line Items] | |||||
Convertible promissory notes aggregate principal balance | 605,000 | $ 425,000 | |||
Promissory notes interest rate | 8.00% | ||||
Convertible promissory note | $ 1,030,000 | 3,002,000 | |||
Proceeds from convertible promissory notes, net | $ 5,000,000 | ||||
Percentage per share value of lowest price per share | 85.00% | ||||
Additional payment entitlement as percentage of convertible promissory notes held on maturity date | 10.00% | ||||
Number of shares of stock to acquire as percentage determined by formula | 15.00% | ||||
Prior notes cancelled in exchange for issue of new notes | 400,000 | ||||
Convertible promissory noteholders exchanged | $ 430,000 | ||||
Warrants outstanding purchase of common stock | 29,425 | ||||
Warrants exercisable price per share | $ 5.25 | ||||
Fair value of the warrants attributable | $ 457,456 | ||||
Warrants acquired, description | The number of shares of stock to be acquired under the warrants is determined by a formula which amounts to 15% of the principal amount invested divided by the lowest price paid per share for the equity securities by the investors in the Equity Financing as defined. | ||||
Conversion option beneficial feature | $ 1,003,867 | ||||
Interest expense for issuance of warrants | $ 1,030,000 | ||||
Convertible Promissory Notes 2015 [Member] | Adjustment [Member] | |||||
Short-term Debt [Line Items] | |||||
Prior notes cancelled in exchange for issue of new notes | 630,000 |
Fair Value of Financial Instr55
Fair Value of Financial Instruments - Schedule of Cash Equivalents and Derivative Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | $ 10,459,435 | |
Common stock warrant liabilities | 39,930 | $ 2,239 |
In Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 10,459,435 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Common stock warrant liabilities | $ 39,930 |
Fair Value of Financial Instr56
Fair Value of Financial Instruments - Additional Information (Detail) | Dec. 31, 2016USD ($) |
Fair Value Disclosures [Abstract] | |
Cash equivalents | $ 0 |
Fair Value of Financial Instr57
Fair Value of Financial Instruments - Schedule of Fair Value Reconciliation of Level 3 Liabilities Measured (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | ||
Beginning balance | $ 2,239 | |
Fair value of common stock warrant issued | $ 156,725 | |
Change in fair value of derivative liabilities | (116,795) | $ (2,329) |
Ending balance | $ 39,930 |
Fair Value of Financial Instr58
Fair Value of Financial Instruments - Schedule of Assumptions Utilized in Valuation of Level 3 Liabilities (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract] | ||
Risk-free interest rate | 2.20% | 0.58% |
Assumed time-to-liquidity | 4 years 5 months 9 days | 2 years |
Expected volatility of underlying stock | 63.00% | 81.00% |
Expected dividend yield | 0.00% | 0.00% |
Fair Value of Common Stock De59
Fair Value of Common Stock December 31, 2016 - Summary of Significant Assumptions used in Option Pricing Model (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract] | ||
Market value | $ 9 | |
Volatility | 63.00% | 81.00% |
Time to liquidity | 4 years 5 months 9 days | 2 years |
Risk free rate | 2.20% | 0.58% |
Discount for lack of marketability | 25.00% |
Fair Value of Common Stock De60
Fair Value of Common Stock December 31, 2016 - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | ||
Assumed time-to-liquidity | 4 years 5 months 9 days | 2 years |
Volatility rate | 63.00% | 81.00% |
Discount for lack of marketability | 25.00% |
Fair Value of Common Stock De61
Fair Value of Common Stock December 31, 2016 - Summary of Fair Value of Outstanding Securities (Detail) - $ / shares | Nov. 13, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Common Stock | $ 6.29 | |
Common Stock [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Common Stock | $ 1.04 | |
Series A-1 Preferred Stock [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Preferred Stock | 1.25 | |
Series B-1 Preferred Stock [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Preferred Stock | $ 4.06 |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 06, 2017USD ($)$ / sharesshares | Dec. 04, 2017USD ($)$ / sharesshares | Nov. 13, 2017USD ($)$ / sharesshares | Jun. 09, 2017USD ($)$ / sharesshares | Dec. 20, 2016$ / sharesshares | Jun. 30, 2017USD ($)shares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 03, 2017USD ($)shares | Dec. 31, 2016USD ($)$ / sharesshares |
Class of Stock [Line Items] | ||||||||||
Aggregate proceeds offering expenses | $ | $ 2,922,885 | |||||||||
Common stock warrants, exercise price per share | $ / shares | $ 6.47 | |||||||||
Authorized issue of shares | 125,000,000 | |||||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | 5,600,000 | 100,000,000 | 100,000,000 | |||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Preferred stock, shares authorized | 25,000,000 | 25,000,000 | 4,100,000 | 25,000,000 | ||||||
Preferred stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||
Repayment of outstanding principal and accrued interest | $ | $ 1,081,135 | $ 1,215,900 | ||||||||
Common stock shares issued | 11,139,667 | 11,139,667 | 1,124,888 | |||||||
Common stock issued for the exercise of common stock options, shares | 80,085 | 124,459 | ||||||||
Proceeds from exercise of stock options | $ | $ 26,954 | $ 2,873 | ||||||||
Common stock issued for the exercise of warrants, shares | 34,800 | |||||||||
Common stock issued for the exercise of warrants | $ | $ 102,660 | |||||||||
Fair value of stock issued | $ | $ 86,004 | |||||||||
Common stock, shares outstanding | 11,138,859 | 11,138,859 | 1,124,080 | |||||||
Reverse stock split, description | One-for sixteen | |||||||||
Reverse stock split conversion ratio | 0.0625 | |||||||||
Restricted Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock, shares outstanding | 253,783 | |||||||||
Provisions for lapsing forfeiture rights extended period | 48 months | |||||||||
Unamortized stock compensation expense | $ | $ 177,400 | $ 177,400 | ||||||||
Weighted-average remaining contractual term | 3 years 7 months 17 days | |||||||||
Employee Stock Option [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock subject to forfeiture | 2,626 | |||||||||
Unamortized stock compensation expense | $ | $ 348,000 | $ 348,000 | $ 2,300 | |||||||
Weighted-average remaining contractual term | 2 years 2 months 23 days | 29 days | ||||||||
2004 Stock Option and Incentive Plan and 2014 Stock Option and Grant Plan [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares reserved for issuance upon the exercise of stock options | 806,313 | |||||||||
80% of Share Price on Repayment Date [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock shares price per share | $ / shares | $ 5.03 | |||||||||
Common stock shares issued | 107,505 | |||||||||
20% Share Price on Repayment Date [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock shares price per share | $ / shares | $ 6.29 | |||||||||
Common stock shares issued | 86,004 | |||||||||
Convertible Promissory Notes 2016 [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Accrued but unpaid interest, total | $ | $ 5,467,389 | |||||||||
Convertible common stock, shares | 1,055,430 | |||||||||
Weighted average price per share | $ / shares | $ 5.18 | |||||||||
Private Placement [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Other offering expenses | $ | $ 2,500 | |||||||||
Sale of stock | 557,216 | |||||||||
Common stock shares price per share | $ / shares | $ 5.25 | |||||||||
Aggregate proceeds offering expenses | $ | $ 2,925,385 | |||||||||
Warrant expiration period | 3 years | |||||||||
Common stock warrants, exercise price per share | $ / shares | $ 7.50 | |||||||||
Share unit, description | Each unit consists of one share of common stock and a three-year warrant to purchase one share of common stock exercisable for $7.50 per share. | |||||||||
FPO [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Warrants to purchase common stock | 4,175,000 | |||||||||
Warrant expiration date | Dec. 4, 2022 | |||||||||
Over-allotment Option [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Other offering expenses | $ | $ 1,115,000 | $ 1,115,000 | ||||||||
Stock issued during period | 4,801,250 | 4,801,250 | ||||||||
Warrants to purchase common stock | 4,801,250 | 4,801,250 | ||||||||
Proceeds from sale of common stock | $ | $ 11,523,000 | $ 11,523,000 | ||||||||
Fair value of stock issued | $ | $ 10,407,706 | |||||||||
Common Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock raising | $ | $ 4,991,235 | |||||||||
Other offering expenses | $ | $ 1,061,157 | |||||||||
Sale of stock | 665,498 | |||||||||
Sale of stock price per share | $ / shares | $ 7.50 | |||||||||
Convertible common stock, shares | 1,055,430 | |||||||||
Common stock issued for the exercise of common stock options, shares | 80,085 | 80,085 | 124,456 | |||||||
Proceeds from exercise of stock options | $ | $ 26,954 | $ 2,873 | ||||||||
Common stock issued for the exercise of warrants, shares | 34,800 | |||||||||
Common stock issued for the exercise of warrants | $ | $ 3 | |||||||||
Shares issued for services | 4,000 | |||||||||
Conversion of Series A-1 and Series B-1 convertible preferred stock into common stock, Shares | 2,622,187 | 2,622,187 | ||||||||
Common Stock [Member] | Accredited Investors [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Sale of stock on a private placement , description | The Company also closed on a private placement pursuant to which it sold to accredited investors an aggregate of 557,216 units at $5.25 per unit, for aggregate proceeds of $2,925,385, before offering expenses of $2,500. Each unit consists of one share of common stock and a three-year warrant to purchase one share of common stock exercisable for $7.50 per share. | |||||||||
Common Stock [Member] | Investor [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares issued for services | 4,000 | |||||||||
Fair value of stock issued | $ | $ 30,000 | |||||||||
Common Stock [Member] | FPO [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock shares price per share | $ / shares | $ 2.40 | |||||||||
Common stock warrants, exercise price per share | $ / shares | $ 2.95 | |||||||||
Stock issued during period | 4,175,000 | |||||||||
Common Stock [Member] | Over-allotment Option [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock issued during period | 4,801,250 | |||||||||
Fair value of stock issued | $ | $ 480 | |||||||||
Common Stock and Warrants [Member] | FPO [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock shares price per share | $ / shares | $ 2.40 | |||||||||
Stock issued during period | 626,250 |
Treasury Stock - Additional Inf
Treasury Stock - Additional Information (Detail) - shares | Dec. 31, 2017 | Dec. 31, 2016 |
Treasury Stock, Shares [Abstract] | ||
Treasury stock, common, shares | 808 | 808 |
Redeemable Preferred Stock - Ad
Redeemable Preferred Stock - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Series B-1 Convertible Preferred Stock [Member] | |
Temporary Equity [Line Items] | |
Common stock shares issued | 1,662,104 |
Conversion of common stock, shares | 1,662,104 |
Convertible preferred stock, shares issued | 1,662,104 |
Convertible preferred stock, shares outstanding | 1,662,104 |
Gross proceeds from conversion of preferred stock | $ | $ 15,000,000 |
Accrued dividend rate per share | $ / shares | $ 0.3949568 |
Series A-1 Convertible Preferred Stock [Member] | |
Temporary Equity [Line Items] | |
Common stock shares issued | 960,083 |
Conversion of common stock, shares | 960,083 |
Convertible preferred stock, shares issued | 960,083 |
Convertible preferred stock, shares outstanding | 960,083 |
Gross proceeds from conversion of preferred stock | $ | $ 15,000,000 |
Redeemable Preferred Stock - Su
Redeemable Preferred Stock - Summary of Authorized, Issued and Outstanding Preferred Stock (Detail) | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Series B-1 Convertible Preferred Stock [Member] | |
Temporary Equity [Line Items] | |
Shares Authorized | 1,862,500 |
Shares Issued and Outstanding | 1,662,104 |
Par Value per Share | $ / shares | $ 0.0001 |
Cumulative Dividends | $ | $ 1,495,127 |
Dividend Arrearage Per Share | $ / shares | $ 0.90 |
Liquidation Preference Including Dividend Arrearage | $ | $ 9,701,313 |
Series A-1 Convertible Preferred Stock [Member] | |
Temporary Equity [Line Items] | |
Shares Authorized | 1,594,958 |
Shares Issued and Outstanding | 960,083 |
Par Value per Share | $ / shares | $ 0.0001 |
Liquidation Preference Including Dividend Arrearage | $ | $ 4,740,066 |
Stock Award Plans and Stock-b66
Stock Award Plans and Stock-based Compensation - Additional Information (Detail) - USD ($) | Dec. 31, 2017 | Aug. 15, 2017 | Oct. 25, 2016 | Sep. 30, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Aug. 23, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Income tax benefit recognized | $ 0 | $ 0 | |||||
weighted-average grant date fair value per share | $ 1.62 | $ 0.72 | |||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares granted | 46,500 | ||||||
Aggregate fair market value on the date of grant | $ 313,900 | ||||||
Compensation expense | $ 123,000 | ||||||
Unrecognized compensation cost | $ 177,400 | $ 177,400 | |||||
Weighted-average remaining contractual term | 3 years 7 months 17 days | ||||||
Employee Stock Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation cost | $ 348,000 | $ 348,000 | $ 2,300 | ||||
Weighted-average remaining contractual term | 2 years 2 months 23 days | 29 days | |||||
Maximum [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 4 years | ||||||
Minimum [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 5 months | ||||||
2016 Equity Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Additional awards granted | 0 | ||||||
Number of common shares reserved for issuance | 562,500 | ||||||
Number of shares available for future grant | 377,000 | 377,000 | |||||
2014 Stock Option and Grant Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of common shares reserved for issuance | 899,549 | ||||||
2014 Stock Option and Grant Plan [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 4 years | ||||||
2014 Stock Option and Grant Plan [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 10 years |
Stock Award Plans and Stock-b67
Stock Award Plans and Stock-based Compensation - Summary of Stock Option Activity (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Shares, Beginning balance | 246,344 | 272,494 | |
Shares, Granted | 210,600 | 101,661 | |
Shares, Forfeited or cancelled | (7,855) | (3,352) | |
Shares, Exercised | (80,085) | (124,459) | |
Shares, Ending balance | 369,004 | 246,344 | 272,494 |
Weighted average exercise price, Beginning balance | $ 0.5133 | $ 0.1088 | |
Shares, Options exercisable | 141,847 | 140,724 | |
Weighted average exercise price, Granted | $ 2.6568 | $ 0.9987 | |
Weighted average exercise price, Forfeited or cancelled | 0.9717 | 0.5125 | |
Weighted average exercise price, Exercised | 0.3366 | 0.0259 | |
Weighted average exercise price, Ending balance | $ 1.7652 | $ 0.5133 | $ 0.1088 |
Intrinsic value, Beginning balance | $ 132,121 | $ 207,146 | |
Weighted average exercise price, Options exercisable | $ 0.6906 | $ 0.3464 | |
Intrinsic value, Ending balance | $ 732,399 | $ 132,121 | $ 207,146 |
Weighted average remaining life | 8 years 7 months 24 days | 7 years 1 month 6 days | 6 years 11 months 12 days |
Intrinsic value, Options exercisable | $ 433,960 | $ 99,879 | |
Weighted average remaining life, Options exercisable | 7 years 4 months 20 days | 5 years 8 months 5 days |
Stock Award Plans and Stock-b68
Stock Award Plans and Stock-based Compensation - Schedule of Grant Date Fair Value (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Option Indexed to Issuer's Equity [Line Items] | ||
Volatility | 81.00% | |
Risk-free interest rate | 0.58% | |
Dividend yield | 0.00% | 0.00% |
Minimum [Member] | ||
Option Indexed to Issuer's Equity [Line Items] | ||
Volatility | 62.71% | |
Risk-free interest rate | 0.58% | |
Weighted-average expected option term (in years) | 5 years 9 months | 5 years 9 months |
Maximum [Member] | ||
Option Indexed to Issuer's Equity [Line Items] | ||
Volatility | 80.00% | |
Risk-free interest rate | 2.29% | |
Weighted-average expected option term (in years) | 6 years 2 months 30 days | 6 years 2 months 30 days |
Stock Award Plans and Stock-b69
Stock Award Plans and Stock-based Compensation - Summary of Restricted Stock Activity (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares, Awarded | 6,304,015 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares, Awarded | 46,500 | |
Number of shares, Vested | (312) | |
Number of shares, Canceled | (2,000) | |
Number of shares outstanding, ending balance | 44,188 | |
Weighted average grand fair value, Awarded | $ 6.75 | |
Weighted average grand fair value, Vested | 6.75 | |
Weighted average grand fair value, Canceled | 6.75 | |
Weighted average grand fair value outstanding, ending balance | $ 6.75 | |
Weighted average remaining contractual life | 6 years 9 months | 0 years |
Stock Award Plans and Stock-b70
Stock Award Plans and Stock-based Compensation - Schedule of Stock-based Compensation Expense (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share based compensation expense | $ 279,508 | $ 94,094 |
Research and Development Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share based compensation expense | 12,382 | |
Selling, General and Administrative Expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share based compensation expense | $ 267,126 | $ 94,094 |
Warrants - Additional Informati
Warrants - Additional Information (Detail) - USD ($) | Dec. 06, 2017 | Dec. 04, 2017 | Jun. 09, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Class of Warrant or Right [Line Items] | |||||
Warrants outstanding purchase of common stock, Shares | 557,216 | ||||
Warrants exercisable price per share | $ 7.50 | ||||
Warrants are fully vested, exercise price | $ 8.25 | ||||
Fair value of the warrants derivative liability | $ 156,725 | $ 39,930 | |||
Common stock warrants, exercise price per share | $ 6.47 | ||||
Warrants issued, description | The Company issued warrants that expire in 2021 for the purchase of an aggregate of 8,228 shares of stock at an exercise price of $6.47 per share. | ||||
Weighted average remaining contractual life of warrants outstanding and exercisable | 7 years 4 months 20 days | 5 years 8 months 5 days | |||
Massachusetts Life Sciences Center [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Common stock warrants, exercise price per share | $ 6.47 | ||||
Warrant expiration date | Dec. 31, 2021 | ||||
Warrants to purchase common stock | 8,228 | ||||
Warrants [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Weighted average remaining contractual life of warrants outstanding and exercisable | 4 years 4 months 13 days | ||||
IPO Selling Agent [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Purchase of warrants issued | 33,275 | ||||
FPO [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Purchase of warrants issued | 4,175,000 | ||||
Warrant expiration date | Dec. 4, 2022 | ||||
Warrants to purchase common stock | 4,175,000 | ||||
FPO [Member] | Common Stock [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Common stock warrants, exercise price per share | $ 2.95 | ||||
Stock issued during period | 4,175,000 | ||||
FPO [Member] | Common Stock and Warrants [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Stock issued during period | 626,250 | ||||
Over-allotment Option [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Stock issued during period | 4,801,250 | 4,801,250 | |||
Warrants to purchase common stock | 4,801,250 | 4,801,250 | |||
Over-allotment Option [Member] | Common Stock [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Stock issued during period | 4,801,250 | ||||
Underwriters Follow on Public Offering [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants years of life | 3 years | ||||
Purchase of warrants issued | 83,500 | ||||
Warrants are fully vested, exercise price | $ 2.40 | ||||
2016 Convertible Promissory Notes [Member] | IPO [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants years of life | 3 years | ||||
Purchase of warrants issued | 799,349 | ||||
Convertible Promissory Notes 2015 [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants outstanding purchase of common stock, Shares | 29,425 | ||||
Warrants exercisable price per share | $ 5.25 | ||||
Convertible Promissory Notes 2015 [Member] | IPO [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants years of life | 5 years | ||||
Purchase of warrants issued | 29,425 |
Warrants - Summary of Common St
Warrants - Summary of Common Stock Warrants Activity (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Equity [Abstract] | ||
Warrants outstanding, beginning balance | 8,228 | 8,228 |
Warrants outstanding, issued | 6,304,015 | |
Warrants outstanding, exercised | (34,800) | |
Warrants outstanding, ending balance | 6,277,443 | 8,228 |
Warrants exercisable, beginning balance | 8,228 | 8,228 |
Warrants exercisable, issued | 6,220,515 | |
Warrants exercisable, exercised | (34,800) | |
Warrants exercisable, beginning balance | 6,193,943 | 8,228 |
Weighted average exercise price outstanding, beginning balance | $ 6.47 | $ 6.47 |
Weighted average exercise price outstanding, issued | 3.84 | |
Weighted average exercise price outstanding, exercised | 2.95 | |
Weighted average exercise price outstanding, ending balance | 3.85 | 6.47 |
Weighted average exercise price exercisable, beginning balance | 6.47 | 6.47 |
Weighted average exercise price exercisable, issued | 3.85 | 0 |
Weighted average exercise price exercisable, exercised | 2.95 | 0 |
Weighted average exercise price exercisable, ending balance | $ 3.86 | $ 6.47 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Dec. 04, 2017 | Jun. 09, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Nov. 13, 2017 |
Related Party Transaction [Line Items] | |||||
Revenue recognized from related party | $ 53,500 | $ 49,100 | |||
Accounts receivable | 77,600 | 24,500 | |||
Charges for services | 356,400 | 156,900 | |||
Accounts payable and accrued expenses | $ 65,800 | 6,600 | |||
Share price | $ 6.29 | ||||
Common stock warrants, exercise price per share | $ 6.47 | ||||
Private Placement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Common stock warrants, exercise price per share | $ 7.50 | ||||
Director [Member] | |||||
Related Party Transaction [Line Items] | |||||
Purchase of subordinated convertible promissory notes | $ 1,080,000 | ||||
Directors And Officers [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stock issued during period | 285,000 | 14,000 | |||
Share price | $ 2.40 | $ 7.50 | |||
Warrants to purchase common stock | 285,000 | ||||
Common stock warrants, exercise price per share | $ 2.95 | ||||
Directors And Officers [Member] | Private Placement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stock issued during period | 125,238 | ||||
Share price | $ 5.25 | ||||
Warrants to purchase common stock | 125,238 | ||||
Common stock warrants, exercise price per share | $ 7.50 | ||||
Directors And Officers [Member] | Series B-1 Convertible Preferred Stock [Member] | |||||
Related Party Transaction [Line Items] | |||||
Purchase of preferred shares | 142,653 | ||||
Preferred shares price per share | $ 4.94 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Dec. 31, 2017USD ($)Customer | Dec. 31, 2016USD ($)Customer | Dec. 31, 2017USD ($)Customershares | Dec. 29, 2017shares | Dec. 31, 2016USD ($)Customer |
Commitments And Contingencies [Line Items] | |||||
Rent expense | $ 221,200 | $ 108,400 | |||
Proceeds from issuance of common stock | $ 10,407,706 | ||||
Product warranty period | 3 years | 1 year | |||
Revenue | $ 1,558,866 | $ 1,103,277 | |||
Sales Revenue, Net [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Number of customers | Customer | 3 | 4 | |||
Sales Revenue, Net [Member] | One Customer [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Revenue | $ 334,200 | $ 253,300 | |||
Sales Revenue, Net [Member] | Two Customers [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Revenue | 241,700 | 155,800 | |||
Sales Revenue, Net [Member] | Three Customer [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Revenue | $ 197,800 | 155,000 | |||
Sales Revenue, Net [Member] | Four Customer [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Revenue | $ 127,200 | ||||
Accounts Receivable [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Number of customers | Customer | 3 | 4 | |||
Accounts Receivable [Member] | One Customer [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Revenue | $ 77,640 | $ 26,100 | |||
Accounts Receivable [Member] | Two Customers [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Revenue | 52,200 | 25,700 | |||
Accounts Receivable [Member] | Three Customer [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Revenue | $ 32,700 | 24,500 | |||
Accounts Receivable [Member] | Four Customer [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Revenue | $ 15,200 | ||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Concentration risk, percentage | 54.00% | 64.00% | |||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | One Customer [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Concentration risk, percentage | 23.00% | 23.00% | |||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Two Customers [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Concentration risk, percentage | 17.00% | 14.00% | |||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Three Customer [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Concentration risk, percentage | 14.00% | 14.00% | |||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Four Customer [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Concentration risk, percentage | 12.00% | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Concentration risk, percentage | 55.00% | 80.00% | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Customer [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Concentration risk, percentage | 26.00% | 23.00% | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Two Customers [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Concentration risk, percentage | 18.00% | 23.00% | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Three Customer [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Concentration risk, percentage | 11.00% | 21.00% | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Four Customer [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Concentration risk, percentage | 13.00% | ||||
Clinical Research Studies [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Contractual amount payable | $ 275,800 | ||||
Licensing Agreements [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Minimum sales covenant | $ 750,000 | ||||
Licensing Agreements [Member] | Licensors [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Stock issued during period | shares | 6,172 | 492 | |||
Minimum percentage of outstanding common stock to be maintained | 1.00% | ||||
Proceeds from issuance of common stock | $ 3,000,000 | ||||
Licensing Agreements [Member] | Cost of Sales [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Royalty charge | $ 25,000 | $ 25,000 |
Commitments and Contingencies75
Commitments and Contingencies - Future Minimum Amounts Due under Agreement (Detail) - Licensing Agreements [Member] | Dec. 31, 2017USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,018 | $ 25,000 |
2,019 | 25,000 |
2,020 | 25,000 |
2,021 | 25,000 |
2022 through expiration of the patents | $ 50,000 |
Commitments and Contingencies76
Commitments and Contingencies - Summary of Changes in Warranty Liability (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Product Warranties Disclosures [Abstract] | ||
Accrual provided for warranties issued during the period Accrued warranty liability, beginning of year | $ 63,147 | $ 2,994 |
Accrual provided for warranties issued during the period | 14,867 | 67,382 |
Adjustments to prior accruals | 570 | (3,773) |
Actual warranty expenditures | (27,859) | (3,456) |
Accrued warranty liability, end of year | $ 50,725 | $ 63,147 |
Income Taxes - Summary of Tax P
Income Taxes - Summary of Tax Provision (Benefit) (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
U.S. federal | ||
Current | $ 0 | $ 0 |
Deferred | (534,000) | (1,184,000) |
State and local | ||
Current | 0 | 0 |
Deferred | (538,000) | (177,000) |
Total | (1,072,000) | (1,361,000) |
Deferred tax expense related to tax law change | 2,909,000 | |
Change in valuation allowance | (1,837,000) | 1,361,000 |
Income tax provision | $ 0 | $ 0 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation between U.S. Statutory Federal Income Tax Rate and Effective Rate (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||
U.S. federal statutory rate | 34.00% | 34.00% |
State income taxes, net of federal benefit | 4.67% | 5.45% |
Federal rate change, deferred items | (23.03%) | 0.00% |
State rate change and other | 0.89% | (0.54%) |
Non-deductible interest | (17.67%) | |
Federal NOLs to expire unutilized due to sec 382 limitation | (14.02%) | 0.00% |
Other permanent items | (0.03%) | (0.29%) |
Change in valuation allowance | 15.19% | (38.62%) |
Effective rate | 0.00% | 0.00% |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Components of Deferred Tax Assets [Abstract] | ||
Net operating loss carryover | $ 5,925,000 | $ 7,876,000 |
Tax credits | 190,000 | 189,000 |
Stock-based compensation | 53,000 | 19,000 |
Other | 219,000 | 140,000 |
Total deferred tax asset | 6,387,000 | 8,224,000 |
Less: valuation allowance | (6,387,000) | (8,224,000) |
Deferred tax asset, net of valuation allowance | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax [Line Items] | ||||
Net operating loss carryforwards limitations | $ 1,559,000 | |||
Operating loss carryforward unutilized | 5,000,000 | |||
Valuation allowance on net operating loss carryforwards | $ 1,700,000 | |||
U.S. federal statutory rate | 34.00% | 34.00% | ||
Valuation of deferred tax assets due to change in enacted tax rate | $ 3,383,000 | |||
Change in valuation allowance | (1,837,000) | $ 1,361,000 | ||
Tax penalties and interest | 0 | 0 | $ 0 | |
Accrued interest and penalties | 0 | |||
Tax Liability [Member] | ||||
Income Tax [Line Items] | ||||
Accrued interest and penalties | 0 | |||
Scenario, Forecast [Member] | ||||
Income Tax [Line Items] | ||||
U.S. federal statutory rate | 21.00% | |||
Federal [Member] | ||||
Income Tax [Line Items] | ||||
Net operating loss | $ 26,400,000 | 20,400,000 | ||
Net operating loss beginning year | begin expiring in the year | |||
State [Member] | ||||
Income Tax [Line Items] | ||||
Net operating loss | $ 22,000,000 | $ 16,900,000 | ||
Net operating loss beginning year | begin to expire in 2019 through 2027 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Jan. 01, 2018 | Aug. 15, 2017 | Jun. 09, 2017 |
Subsequent Event [Line Items] | |||
Warrants, weighted average strike price | $ 6.47 | ||
Restricted Stock [Member] | |||
Subsequent Event [Line Items] | |||
Shares of common stock issued upon vesting of stock awards | 46,500 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Number of shares of common stock issued to warrant holders | 1,193,556 | ||
Number of warrant exercised | 1,193,556 | ||
Warrants, weighted average strike price | $ 2.95 | ||
Subsequent Event [Member] | Restricted Stock [Member] | |||
Subsequent Event [Line Items] | |||
Shares of common stock issued upon vesting of stock awards | 32,540 | ||
Shares of common stock issued upon vesting of stock awards, aggregate fair value | $ 3.85 | ||
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] | |||
Subsequent Event [Line Items] | |||
Shares of common stock issued upon vesting of stock awards | 27,581 | ||
Shares of common stock issued upon vesting of stock awards, aggregate fair value | $ 3.65 |