Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 10, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Vringo Inc | ||
Entity Central Index Key | 1,410,428 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 49,466,000 | ||
Trading Symbol | VRNG | ||
Entity Common Stock, Shares Outstanding | 14,956,026 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Current assets | |||
Cash and cash equivalents | $ 24,951 | $ 16,023 | |
Deposits with courts | 1,930 | 2,067 | |
Other current assets | 1,396 | 510 | |
Total current assets | 28,277 | 18,600 | |
Intangible assets, net | 16,476 | 17,625 | |
Goodwill | 4,863 | 0 | |
Other assets | 916 | 1,210 | |
Total assets | 50,532 | 37,435 | |
Current liabilities | |||
Accounts payable, accrued expenses and other current liabilities | 6,030 | 4,732 | |
Senior secured convertible notes, net | 3,184 | 0 | |
Total current liabilities | 9,214 | 4,732 | |
Long-term liabilities | |||
Derivative warrant liabilities | 416 | 174 | |
Other liabilities | $ 386 | $ 1,349 | |
Commitments and contingencies (Note 17) | |||
Stockholders’ equity | |||
Common stock, $0.01 par value per share 150,000,000 shares authorized; 13,220,050 and 9,340,490 shares issued and outstanding as of December 31, 2015 and 2014, respectively | [1] | $ 132 | $ 93 |
Additional paid-in capital | [1] | 237,246 | 216,792 |
Accumulated deficit | [1] | (196,862) | (185,705) |
Total stockholders’ equity | [1] | 40,516 | 31,180 |
Total liabilities and stockholders’ equity | 50,532 | 37,435 | |
Series A convertible preferred stock [Member] | |||
Stockholders’ equity | |||
Preferred stock | [1] | 0 | 0 |
Series B Convertible Preferred Stock [Member] | |||
Stockholders’ equity | |||
Preferred stock | [1] | $ 0 | $ 0 |
[1] | Adjusted to reflect the impact of the 1:10 reverse stock split that became effective on November 27, 2015. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Stockholders' Equity, Reverse Stock Split | 1:10 reverse stock split | |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized | 150,000,000 | 150,000,000 |
Common stock, issued | 13,220,050 | 9,340,490 |
Common stock, outstanding | 13,220,050 | 9,340,490 |
Series A convertible preferred stock [Member] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, authorized | 500,000 | 500,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Series B Convertible Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, authorized | 5,000,000 | 5,000,000 |
Preferred stock, issued | 1,666,667 | 1,666,667 |
Preferred stock, outstanding | 0 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Revenue: | |||
Licensing revenue | $ 21,750 | $ 1,425 | |
Product revenue | 937 | 0 | |
Total revenue | 22,687 | 1,425 | |
Costs and expenses | |||
Cost of goods sold | 800 | 0 | |
Operating legal costs | 18,553 | 25,368 | |
Amortization and impairment of intangible assets | 3,295 | 5,123 | |
General and administrative | 10,383 | 16,373 | |
Goodwill impairment | 0 | 65,757 | |
Total operating expenses | 33,031 | 112,621 | |
Operating loss from continuing operations | (10,344) | (111,196) | |
Non-operating expense, net | (357) | (162) | |
Gain on revaluation of warrants and conversion feature | 2,544 | 2,201 | |
Interest expense | (2,594) | 0 | |
Extinguishment of debt | (1,373) | 0 | |
Issuance of warrants | 0 | (65) | |
Loss from continuing operations before income taxes | (12,124) | (109,222) | |
Income tax benefit | 866 | 0 | |
Loss from continuing operations | (11,258) | (109,222) | |
Loss from discontinued operations before income taxes | 0 | (209) | |
Income tax expense | 0 | (246) | |
Loss from discontinued operations | 0 | (455) | |
Net loss | (11,258) | (109,677) | |
Net loss attributable to the noncontrolling interest | 101 | 0 | |
Net loss attributable to the Company | $ (11,157) | $ (109,677) | |
Basic | |||
Loss per share from continuing operations | [1] | $ (1.09) | $ (12.18) |
Loss per share from discontinued operations | [1] | 0 | (0.06) |
Total net loss per share | [1] | (1.09) | (12.24) |
Diluted | |||
Loss per share from continuing operations | [1] | (1.09) | (12.31) |
Loss per share from discontinued operations | [1] | 0 | (0.05) |
Total net loss per share | [1] | $ (1.09) | $ (12.36) |
Weighted-average number of shares outstanding during the year: | |||
Basic | [1] | 10,217,734 | 8,964,033 |
Diluted | [1] | 10,217,734 | 9,048,974 |
Includes stock-based compensation expense, as follows: | |||
Stock Based Compensation Expense | $ 5,064 | $ 10,967 | |
Operating legal costs [Member] | |||
Includes stock-based compensation expense, as follows: | |||
Stock Based Compensation Expense | 761 | 1,343 | |
General and Administrative [Member] | |||
Includes stock-based compensation expense, as follows: | |||
Stock Based Compensation Expense | 4,303 | 9,473 | |
Discontinued Operations [Member] | |||
Includes stock-based compensation expense, as follows: | |||
Stock Based Compensation Expense | $ 0 | $ 151 | |
[1] | Adjusted to reflect the impact of the 1:10 reverse stock split that became effective on November 27, 2015. |
CONSOLIDATED STATEMENTS OF OPE5
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity, Reverse Stock Split | 1:10 reverse stock split |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | [1] | Additional Paid-in Capital [Member] | [1] | Accumulated Deficit [Member] | Total Vringo [Member] | Noncontrolling Interest [Member] | |
Balance as of January 1, 2014, unadjusted at Dec. 31, 2013 | $ 114,282 | $ 845 | $ 189,465 | $ (76,028) | $ 114,282 | $ 0 | |||
Adjustment for reverse stock split 10:1, effective November 27, 2015 | 0 | (760) | 760 | 0 | 0 | 0 | |||
Balance at Dec. 31, 2013 | 114,282 | 85 | 190,225 | (76,028) | 114,282 | 0 | |||
Exercise of stock options and vesting of RSUs | 2,160 | 2 | 2,158 | 0 | 2,160 | 0 | |||
Issuance of warrants | 65 | 0 | 65 | 0 | 65 | 0 | |||
Exercise of warrants | 12,999 | 6 | 12,993 | 0 | 12,999 | 0 | |||
Issuance of common stock for services | 384 | 0 | 384 | 0 | 384 | 0 | |||
Stock-based compensation | 10,967 | 0 | 10,967 | 0 | 10,967 | 0 | |||
Net loss for the year | (109,677) | 0 | 0 | (109,677) | (109,677) | 0 | |||
Balance at Dec. 31, 2014 | 31,180 | [1] | 93 | 216,792 | (185,705) | 31,180 | 0 | ||
Reclassification of derivative Reload Warrants and Series 1 Warrants to equity warrants | 175 | 0 | 175 | 0 | 175 | 0 | |||
Issuance of warrants | 114 | 0 | 114 | 0 | 114 | 0 | |||
Issuance of common stock for repayment of convertible debt and related interest | 9,391 | 21 | 9,370 | 0 | 9,391 | 0 | |||
Issuance of common stock for acquisition of IDG | 5,850 | 18 | 5,731 | 0 | 5,749 | 101 | |||
Stock-based compensation | 5,064 | 0 | 5,064 | 0 | 5,064 | 0 | |||
Net loss for the year | (11,258) | 0 | 0 | (11,157) | (11,157) | (101) | |||
Balance at Dec. 31, 2015 | $ 40,516 | [1] | $ 132 | $ 237,246 | $ (196,862) | $ 40,516 | $ 0 | ||
[1] | Adjusted to reflect the impact of the 1:10 reverse stock split that became effective on November 27, 2015. |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity, Reverse Stock Split | 1:10 reverse stock split |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | ||
Net loss | $ (11,258) | $ (109,677) |
Items not affecting cash flows | ||
Depreciation and amortization | 3,516 | 4,023 |
Impairment of goodwill and intangible assets | 0 | 67,112 |
Change in deferred tax assets and liabilities | (866) | 0 |
Amortization of debt discount | 2,014 | 0 |
Amortization of debt issuance costs | 145 | 0 |
Stock-based compensation | 5,064 | 10,967 |
Issuance of warrants | 114 | 65 |
Loss on extinguishment of debt | 1,707 | 0 |
Issuance of shares of common stock related to the acquisition of IDG | 17 | 0 |
Change in fair value of derivative warrant liabilities and conversion feature | (2,544) | (2,201) |
Exchange rate loss, net | 346 | 192 |
Changes in assets and liabilities net of effects of acquisition | ||
Decrease (increase) in other assets | (243) | 374 |
Increase (decrease) in payables and accruals | (583) | 763 |
Net cash used in operating activities | (2,571) | (28,382) |
Cash flows from investing activities | ||
Acquisition of property and equipment | 0 | (246) |
Cash acquired as part of the acquisition of IDG | 144 | 0 |
Increase in deposits | (248) | (2,404) |
Net cash used in investing activities | (104) | (2,650) |
Cash flows from financing activities | ||
Exercise of stock options | 0 | 2,160 |
Exercise of warrants | 0 | 11,292 |
Net proceeds from senior secured convertible notes and warrants | 12,425 | 0 |
Repayment of notes payable | (610) | 0 |
Debt issuance costs | (218) | 0 |
Net cash provided by financing activities | 11,597 | 13,452 |
Effect of exchange rate changes on cash and cash equivalents | 6 | 17 |
Decrease (increase) in cash and cash equivalents | 8,928 | (17,563) |
Cash and cash equivalents at beginning of the year | 16,023 | 33,586 |
Cash and cash equivalents at end of the year | 24,951 | 16,023 |
Supplemental disclosure of cash flows information | ||
Income taxes paid | 0 | 0 |
Non-cash investing and financing transactions | ||
Non-cash acquisition of cost method investment | 0 | 787 |
Conversion of derivative warrant liabilities into common stock | 0 | 1,707 |
Change in classification of derivative warrant liabilities into equity warrants | 175 | 0 |
Issuance of common stock to repay $8,032 of debt and interest | 9,391 | 0 |
Debt discount | 2,961 | 0 |
Cash acquired as part of the acquisition of IDG | ||
Working capital (excluding cash and cash equivalents) | 454 | 0 |
Intangible assets | (2,146) | 0 |
Goodwill | (4,863) | 0 |
Deferred tax liabilities | 866 | 0 |
Fair value of Vringo shares issued ($5,571 on October 15, 2015 and $262 on December 28, 2015) | 5,833 | 0 |
Cash acquired as part of the acquisition of IDG | $ 144 | $ 0 |
CONSOLIDATED STATEMENTS OF CAS9
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | Oct. 15, 2015 | Dec. 28, 2015 | Dec. 31, 2015 |
Debt Conversion, Original Debt, Amount | $ 8,032 | ||
Stock Issued | $ 5,833 | ||
Common Stock [Member] | |||
Stock Issued | $ 5,571 | $ 262 |
General
General | 12 Months Ended |
Dec. 31, 2015 | |
General [Abstract] | |
General | Note 1. General Overview Vringo, Inc. (“Vringo” or the “Company”) is engaged in the innovation, development and monetization of intellectual property, as well as the commercialization and distribution of wire-free power and rugged computing devices. The Company has three operating segments: • Intellectual Property • Fli Charge • Group Mobile The Company was incorporated in Delaware on January 9, 2006 and completed an initial public offering in June 2010. On July 19, 2012, Vringo closed the Merger with I/P. On August 9, 2012, the Company acquired a patent portfolio from Nokia, comprised of 124 22,000 35 On October 15, 2015, the Company acquired 100 70 5,571 30 Fli Charge owns a patented conductive wire-free charging technology and is focused on the development and commercialization of its technology through the direct to consumer sale of enablements as well as partnerships and licensing agreements in various industries. Fli Charge is currently working with partners that are interested in implementing Fli Charge technology for smart furniture, Original Equipment Manufacturers “OEM” and after-market automobiles, and vaporizers. Fli Charge’s business model is to license its technology in exchange for recurring licensing revenue as well as to manufacture and commercialize its own conductive charging pads and associated cases for phones, tablets and laptops. Group Mobile is a full service reseller of rugged computers, rugged tablets, rugged mobile devices, accessories and other related products geared toward emergency first responders, municipalities and corporations. In addition, Group Mobile specializes in high-quality customer support for those products. Prior to December 31, 2013, Vringo operated a global platform for the distribution of mobile social applications and services. On February 18, 2014, the Company sold its mobile social application business to InfoMedia Services Limited (“InfoMedia”), receiving an 8.25 Each of the Company’s operating segments are described below. Intellectual Property Vringo’s Intellectual Property operating segment is engaged in the innovation, development and monetization of intellectual property. The Company’s portfolio consists of over 600 patents and patent applications covering telecom infrastructure, internet search, ad-insertion and mobile technologies; it includes the following key categories: • Wireless Infrastructure and Devices This portfolio encompasses technologies relating to telecom infrastructure, including communication management, data and signal transmission, mobility management, radio resources management and services. • Content Distribution This portfolio includes seven patents as well as several pending patent applications. As one of the means of realizing the value of these patents, on October 20, 2015, the Company filed suit against DirecTV in the United States District Court for the Southern District of New York. Vringo is currently focused on identifying, generating, acquiring, and deriving economic benefits from intellectual property assets and the Company monetizes its technology portfolio through a variety of value enhancing initiatives, including, but not limited to licensing, litigation and strategic partnerships. Fli Charge Fli Charge is a wire-free power company dedicated to making it easier for people to power and charge the multitude of mobile electronic devices they use on a daily basis. By eliminating the need to search and compete for outlets and charging cables, Fli Charge is improving the powering and charging experience for all battery and DC powered devices. Fli Charge designs, develops, licenses, manufactures and markets wire-free conductive power and charging solutions. Fli Charge is currently working with partners in several verticals to bring products to market. These verticals include education, office, hospitality, automotive and consumer electronics among others. To date, Fli Charge has not yet generated any substantial revenue from its products. Fli Charge’s patented technology is the only wire-free power solution that is fully interoperable between different mobile devices ranging from smartphones to power tools, and many more. Fli Charge’s wire-free power solution can simultaneously power multiple devices on the same pad no matter their power requirements or positions on the pad. The Fli Charge ecosystem consists of power pads or surfaces as well as devices that are connected to or embedded with Fli Charge enabling technology. Fli Charge pads and surfaces are connected to a power source or battery. The surface of the pad has conductive contact strips that provide power and are constantly monitored by control circuitry that immediately halts power transfer if an unapproved load or short-circuit condition is detected. Fli Charge-enabled devices are embedded with the Fli Charge contact enablement that consists of four contact points, known as the Fli Charge “constellation.” The constellation is designed to make an immediate and continuous electrical connection with the contact strips regardless of the device’s orientation on the pad. The enablement monitors the power coming from the pad and ensures that the correct amount of power goes to the device. Once an approved Fli Charge device is placed on a pad, power is transferred immediately to charge or power the device. Group Mobile Group Mobile is a provider of rugged, mobile and field-use computing products, serving customers worldwide. Group Mobile provides total hardware solutions, including rugged laptops, tablets, and handheld computers. Group Mobile also carries rugged mobile printers, vehicle computer docking and mounting gear, power accessories, wireless communication products, antennas, carrying cases, and other peripherals, accessories, and add-ons needed to maximize productivity in a mobile- or field-computing environment. Group Mobile operates a full-service ecommerce website with live chat, up-to-date product information, and computer system configuration capabilities. Group Mobile’s goal is to ensure that its customers purchase the best product for their specific requirements. Group Mobile purchases rugged mobile computing equipment and complementary products from its primary distribution and manufacturing partners and sells them to enterprise, reseller, and retail customers. Group Mobile’s primary customers range from corporations to local governments, emergency first responders and healthcare organizations. Group Mobile believes that its business is characterized by gross profits as a percentage of revenue slightly higher than is commonly found in resellers of computing devices. The market for rugged mobile computing products is trending towards an increase in the volume of unit sales combined with declining unit prices as the business transitions from primarily being comprised of laptops to one primarily comprised of rugged tablets. As this transition has occurred, Group Mobile is seeing shortened product life cycles and industry specific devices for segments such as healthcare. Group Mobile sets sale prices based on the market supply and demand characteristics for each particular product. Group Mobile is highly dependent on the end-market demand for rugged mobile computing products, which is influenced by many factors including the introduction of new IT products by OEM, replacement cycles for existing rugged mobile computing products, overall economic growth, local and state budgets, and general business activity. Product costs represent the single largest expense and product inventory is one of the largest working capital investments for Group Mobile. Group Mobile’s primary suppliers include Synnex Corporation, Ingram Micro Inc., Xplore Technologies Corporation and Flextronics International Ltd., which combined represent approximately 80% of Group Mobile’s inventory purchases. We have reseller agreements with most of our OEM and distribution partners. These agreements usually provide for nonexclusive resale and distribution rights. The agreements are generally short-term, subject to periodic renewal, and often contain provisions permitting termination by either our supplier or us without cause upon relatively short notice. Furthermore, product procurement from the OEM suppliers is a highly complex process and as such, efficient and effective purchasing operations are critical to Group Mobile’s success. Recent Developments ZTE Agreement On December 7, 2015, the Company entered into a confidential settlement and license agreement (the “Settlement Agreement”) with ZTE Corporation and its affiliates (“ZTE”), pursuant to which: (i) ZTE paid the Company a total of $ 21,500 Acquisition On October 15, 2015, the Company acquired 100% of IDG, a holding company consisting of two subsidiaries, Fli Charge and Group Mobile. IDG owned 70% of Fli Charge and 100% of Group Mobile. The acquisition was a stock purchase whereby Vringo acquired its entire interest in IDG in exchange for shares in Vringo. The total value of the consideration was $5,571. On December 28, 2015, Vringo acquired the remaining 30% of Fli Charge from third party shareholders in exchange for shares in Vringo. Notes Financing On May 4, 2015 (the “Closing Date”), Vringo entered into a securities purchase agreement with certain institutional investors in a registered direct offering of $ 12,500 537,500 (after giving effect to the one-for-ten reverse stock split 10.00 8 21 537,500 10.00 five years 12,425 8,294 Reverse Stock Split On November 27, 2015 As of November 27, 2015, every 10 shares of our issued and outstanding common stock were combined into one share of our common stock, except to the extent that the Reverse Stock Split resulted in any of our stockholders owning a fractional share, which was rounded up to the next highest whole share. In connection with the Reverse Stock Split, there was no change in the nominal par value per share of $0.01 All references in this Annual Report on Form 10-K to number of shares of common stock, price per share and weighted average shares of common stock have been adjusted to reflect the Reverse Stock Split on a retroactive basis for all periods presented, unless otherwise noted. NASDAQ On December 18, 2014, we received a notification letter from NASDAQ informing us that for the last 30 1.00 Financial conditions As of December 31, 2015, the Company had a cash balance of $ 24,951 1,930 1,279 214 2,365 On May 4, 2015, the Company entered into a securities purchase agreement with certain institutional investors in a registered direct offering of $12,500 of Notes and warrants to purchase up to 537,500 shares of the Company’s common stock, which are exercisable at $10.00 per share for a period of five years. The Notes are repaid monthly in cash or shares at the election of the Company. The total amount of principal outstanding under the Notes was $ 4,206 |
Accounting and Reporting Polici
Accounting and Reporting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Accounting and Reporting Policies | Note 2. Accounting and Reporting Policies The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP. As a result of Vringo’s acquisition of IDG in the fourth quarter of 2015, Vringo incorporated IDG and its subsidiaries’ financial information in its consolidated balance sheet as of December 31, 2015, and the related consolidated statement of operations, changes in stockholders’ equity and cash flows for the period from the date of acquisition. All significant intercompany balances and transactions have been eliminated in consolidation. The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from such estimates. Significant items subject to such estimates and assumptions include the Company’s intangibles assets, the useful lives of the Company’s intangible assets, the valuation of the Company’s derivative warrants, the valuation of stock-based compensation, deferred tax assets and liabilities, income tax uncertainties, and other contingencies. The Company conducts certain transactions in foreign currencies, which are recorded at the exchange rate as of the transaction date. All exchange gains and losses occurring from the remeasurement of monetary balance sheet items denominated in non-dollar currencies are reflected as non-operating income or expense in the consolidated statements of operations. The Company deposits its cash in checking accounts with financial institutions. The Company has established guidelines relating to diversification and maturities of its investments in order to minimize credit risk and maintain high liquidity of funds. All highly liquid investments with original maturities of three months or less at acquisition date are considered cash equivalents. The Company recognizes all derivative instruments as either assets or liabilities in the consolidated balance sheets at their respective fair values. The Company's derivative instruments have been recorded as liabilities at fair value, and are revalued at each reporting date, with changes in the fair value of the instruments included in the consolidated statements of operations as non-operating income (expense). The Company reviews the terms of features embedded in non-derivative instruments to determine if such features require bifurcation and separate accounting as derivative financial instruments. Equity-linked derivative instruments are evaluated in accordance with FASB Accounting Standard Codification 815-40, “ Contracts in an Entity’s Own Equity” Accounts receivable are recorded net of an allowance for doubtful accounts for estimated losses resulting from the inability of customers to make required payments. In developing the allowance, the Company considers historical loss experience, the overall quality of the receivable portfolio and specifically identified customer risks. The Company periodically reviews the adequacy of the allowance and the factors used in the estimation making adjustments to the estimate as necessary. Accounts receivable are Inventory is valued at the lower of cost or market value. Cost is determined using a weighted-average cost method. The Company periodically reviews inventory for potential obsolescence based upon an aging analysis of the inventory on hand, specifically known inventory-related risks, and assumptions about future demand and market conditions. Inventory items determined to be impaired based on such review are reduced to their net realizable value. Inventory Intangible assets include purchased patents, which are recorded based on the cost to acquire them, as well as trade names, customer relationships and technology, which were acquired as part of the acquisition of IDG in the fourth quarter of 2015 and are recorded based on the estimated fair values in purchase price allocation. The intangible assets are amortized over their estimated useful lives, which are periodically evaluated for reasonableness. The Company’s intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In assessing the recoverability of the Company's intangible assets, the Company must make estimates and assumptions regarding future cash flows and other factors to determine the fair value of the respective assets. These estimates and assumptions could have a significant impact on whether an impairment charge is recognized and also the magnitude of any such charge. Fair value estimates are made at a specific point in time, based on relevant information. These estimates are subjective in nature and involve uncertainties and matters of significant judgments and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. If these estimates or material related assumptions change in the future, the Company may be required to record impairment charges related to its intangible assets. Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is reviewed for impairment at least annually, and when triggering events occur, in accordance with the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 350, Intangibles Goodwill and Other If the fair value of the reporting unit exceeds its carrying value, then the second step of the impairment test (measurement) does not need to be performed. If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the Company must perform the second step of the impairment test. Under the second step, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to an acquisition price allocation and the residual fair value after this allocation is the implied fair value of the reporting unit goodwill. A significant amount of judgment is required in performing goodwill impairment tests including estimating the fair value of a reporting unit and the implied fair value of goodwill. There were no indications of impairment as of December 31, 2015. When the Company performed the first step of its annual goodwill impairment test as of December 31, 2014, the Company determined that the fair value of the reporting unit did not exceed its carrying amount and therefore the second step of the goodwill impairment test was required. In performing the second step of the goodwill impairment test, the Company compared the carrying value of goodwill to its implied fair value. In estimating the implied fair value of goodwill, the Company assigned the fair value of the reporting unit to all of the assets and liabilities associated with the reporting unit as if the reporting unit had been acquired in a business combination. As part of this step, the Company estimated the fair value of its patents using an income approach. The key assumptions for this approach are projected future cash flows, ranges of royalty rates as determined by management in consultations with valuation experts, and a discount rate which is based on a weighted average cost of capital adjusted for the relevant risk associated with the characteristics of the business and the projected future cash flows. Based on the estimated implied fair value of goodwill, the Company recorded an impairment charge in the consolidated statement of operations for the year ended December 31, 2014 of $ 65,757 Revenue from patent licensing and enforcement is recognized if collectability is reasonably assured, persuasive evidence of an arrangement exists, the sales price is fixed or determinable and delivery of the service has been rendered. The Company uses management's best estimate of selling price for individual elements in multiple-element arrangements, where vendor specific evidence or third party evidence of selling price is not available. Currently, revenue arrangements related to intellectual property provide for the payment of contractually determined fees and other consideration for the grant of certain intellectual property rights related to the Company’s patents. These rights typically include some combination of the following: (i) the grant of a non-exclusive, retroactive and future license to manufacture and/or sell products covered by patents, (ii) the release of the licensee from certain claims, and (iii) the dismissal of any pending litigation. The intellectual property rights granted typically extend until the expiration of the related patents. Pursuant to the terms of these agreements, the Company has no further obligation with respect to the grant of the non-exclusive retroactive and future licenses, covenants-not-to-sue, releases, and other deliverables, including no express or implied obligation on the Company’s part to maintain or upgrade the related technology, or provide future support or services. Generally, the agreements provide for the grant of the licenses, covenants-not-to-sue, releases, and other significant deliverables upon execution of the agreement, or upon receipt of the upfront payment. As such, the earnings process is complete and revenue is recognized upon the execution of the agreement, upon receipt of the upfront fee, and when all other revenue recognition criteria have been met. The Company records revenue from the product sales of Fli Charge and Group Mobile when title and risk of loss are passed to the customer, there is persuasive evidence of an arrangement for sale, delivery has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. Company’s shipping terms typically specify F.O.B. destination, at which time title and risk of loss have passed to the customer. At the time of sale of hardware products, the Company records an estimate for sales returns and allowances based on historical experience. Hardware products sold by the Company are warranted by the vendor. Group Mobile uses drop-shipment arrangements with many of its hardware vendors and suppliers to deliver products directly to customers. Revenue for drop-shipment arrangements is recorded on a gross basis upon delivery to the customer with contract terms that typically specify F.O.B. destination. Revenue is recognized on a gross basis as Group Mobile is the principal in the transaction as the primary obligor in the arrangement, assumes the inventory risk if the product is returned by the customer, sets the price of the product to the customer, assumes credit risk for the amounts invoiced, and works closely with the customers to determine their hardware specifications. Freight billed to customers is recognized as net product revenue and the related freight costs as a cost of goods sold. Deferred revenue includes: (i) payments received from customers in advance of providing the product and (ii) amounts deferred if other conditions of revenue recognition have not been met. The Company operates in three operating segments: Intellectual Property, Fli Charge and Group Mobile. Intellectual Property is engaged in the innovation, development and monetization of mobile technologies and intellectual property. Fli Charge develops wireless charging devices and licenses technology to various channels and applications. Group Mobile provides rugged, mobile and field-use computing products to customers through their e-commerce platform. Operating legal costs include expenses incurred in connection with the Company’s patent licensing and enforcement activities, patent-related legal expenses paid to external patent counsel, including contingent legal fees, licensing and enforcement related research, consulting and other expenses paid to third parties, as well as related internal payroll expenses and stock-based compensation. In addition, amounts received by the Company for reimbursements of legal fees in connection with its litigation campaigns are recorded in operating legal costs as an offset to legal expense. Stock-based compensation is recognized as an expense in the consolidated statements of operations and such cost is measured at the grant-date fair value of the equity-settled award. The fair value of stock options is estimated at the date of grant using the Black-Scholes-Merton option-pricing model. The expense is recognized on a straight-line basis, over the requisite service period. The Company uses the simplified method to estimate the expected term of options due to insufficient history and high turnover in the past. Since the Company lacks sufficient history, expected volatility is estimated based on a weighted average historical volatility of the Company and comparable entities with publicly traded shares. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve at the date of grant. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not more likely than not to be realized. Tax benefits related to excess deductions on stock-based compensation arrangements are recognized when they reduce taxes payable. In assessing the need for a valuation allowance, the Company looks at cumulative losses in recent years, estimates of future taxable earnings, feasibility of tax planning strategies, the realizability of tax benefit carryforwards, and other relevant information. Valuation allowances related to deferred tax assets can be impacted by changes to tax laws, changes to statutory tax rates and future taxable earnings. Ultimately, the actual tax benefits to be realized will be based upon future taxable earnings levels, which are very difficult to predict. In the event that actual results differ from these estimates in future periods, the Company will be required to adjust the valuation allowance. Significant judgment is required in evaluating the Company's federal, state and foreign tax positions and in the determination of its tax provision. Despite management's belief that the Company's liability for unrecognized tax benefits is adequate, it is often difficult to predict the final outcome or the timing of the resolution of any particular tax matters. The Company may adjust these accruals as relevant circumstances evolve, such as guidance from the relevant tax authority, its tax advisors, or resolution of issues in the courts. The Company's tax expense includes the impact of accrual provisions and changes to accruals that it considers appropriate. These adjustments are recognized as a component of income tax expense entirely in the period in which new information is available. The Company records interest related to unrecognized tax benefits in interest expense and penalties in the consolidated statements of operations as general and administrative expenses. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Basic net loss per share is computed by dividing the net loss attributable to the Company for the period by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing the net loss attributable to the Company for the period by the weighted-average number of shares of common stock plus dilutive potential common stock considered outstanding during the period. However, as the Company generated net losses in all periods presented, some potentially dilutive securities that relate to the continuing operations, including certain warrants and stock options, were not reflected in diluted net loss per share because the impact of such instruments was anti-dilutive. Liabilities for loss contingencies arising from assessments, estimates or other sources are to be recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs expected to be incurred in connection with a loss contingency are expensed as incurred. The Company measures fair value in accordance with FASB ASC 820-10, Fair Value Measurements and Disclosures Level 1 Level 2 Level 3 The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements (Topic 205): Going Concern In November 2014, the FASB issued ASU 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity. In April 2015, the FASB issued ASU No. 2015-03, Interest Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments Overall (Topic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities Certain balances have been reclassified to conform to presentation requirements, including to retroactively present the effect of the reverse stock split. |
Net Loss per Common Share
Net Loss per Common Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Net Loss per Common Share | Note 3. Net Loss per Common Share On November 27, 2015, the Company effected a one-for-ten reverse stock split of its issued and outstanding shares of common stock. As a result, all references to number of shares of common stock, price per share and weighted average shares of common stock have been adjusted to reflect the one-for-ten reverse stock split on a retroactive basis for all periods presented, unless otherwise noted. For the year ended December 31, 2015 2014 Basic Numerator: Loss from continuing operations attributable to shares of common stock $ (11,157) $ (109,222) Loss from discontinued operations attributable to shares of common stock (455) Net loss attributable to shares of common stock $ (11,157) $ (109,677) Basic Denominator: Weighted average number of shares of common stock outstanding during the year 10,217,734 8,964,033 Weighted average number of penny stock options Basic common stock shares outstanding 10,217,734 8,964,033 Basic loss per common stock share from continuing operations $ (1.09) $ (12.18) Basic loss per common stock share from discontinued operations (0.06) Basic net loss per common stock share $ (1.09) $ (12.24) Diluted Numerator: Net loss from continuing operations attributable to shares of common stock $ (11,157) $ (109,222) Increase in net loss attributable to derivative warrants (2,201) Diluted net loss from continuing operations attributable to shares of common stock (11,157) (111,423) Diluted net loss from discontinued operations attributable to shares of common stock (455) Diluted net loss attributable to shares of common stock $ (11,157) $ (111,878) Diluted Denominator: Basic common stock shares outstanding 10,217,734 8,964,033 Shares assumed issued upon exercise of derivative warrants during the year 84,941 Diluted common stock shares outstanding 10,217,734 9,048,974 Diluted loss per common stock share from continuing operations $ (1.09) $ (12.31) Diluted loss per common stock share from discontinued operations (0.05) Diluted net loss per common stock share $ (1.09) $ (12.36) Net loss per share data presented excludes from the calculation of diluted net loss the following potentially dilutive securities, as they had an anti-dilutive impact: Both vested and unvested options to purchase an equal number of shares of common stock of the Company 871,484 805,235 Unvested RSUs to issue an equal number of shares of common stock of the Company 53,280 119,636 Warrants to purchase an equal number of shares of common stock of the Company 1,006,679 1,655,324 Conversion feature of Senior Secured Notes 1,250,000 Total number of potentially dilutive instruments, excluded from the calculation of net loss per share 3,181,443 2,580,195 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Note 4. Cash and Cash Equivalents As of December 31, 2015 2014 Cash denominated in U.S. dollars $ 24,918 $ 2,897 Money market funds denominated in U.S. dollars 13,085 Cash in currency other than U.S. dollars 33 41 $ 24,951 $ 16,023 |
Business Combination
Business Combination | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combination | Note 5. Business Combination On October 15, 2015, the Company acquired IDG. Pursuant to the Purchase Agreement, the Company acquired 100 70 As consideration for the acquisition, the Company issued an equivalent of 1,666,667 (after giving effect to the Reverse Stock Split), 1,604,167 1,604,167 , 57,500 5,000 240,625 1,604,167 Purchase consideration value was determined based on the market value of the Company’s common shares at the date of the transactions, discounted for the fact that the shares are restricted as to their marketability for a period of six months from the issuance date. The transaction has been accounted for as a business combination. Assets acquired and liabilities assumed were recorded at their fair values at the closing date. October 15, 2015 Acquisition: Fair Value Series B Preferred Stock $ 5,378 Debt assumed, settled in shares 193 Total share value issued $ 5,571 The purchase price for the acquisition was allocated to the net tangible and intangible assets based on their fair values as of the closing date. The excess of the purchase price over the net tangible assets and intangible assets was recorded as goodwill. Fair Value Assets: Cash and cash equivalents $ 144 Accounts receivable 245 Inventory 234 Prepaid expenses 18 Current Assets 641 Intangible assets 2,146 Goodwill 4,863 Total Assets 7,650 Liabilities: Accounts payable 464 Credit line 270 Accrued expenses 44 Other current liabilities 173 Deferred tax liabilities 866 Total liabilities 1,817 Noncontrolling interest in Fli Charge 262 Total $ 5,571 The allocation of the purchase price was based upon a valuation and the Company's estimates and assumptions, which are subject to change within the measurement period (up to one year from the acquisition dates). The principal area of potential purchase price adjustments relate to the shares placed in escrow. In connection with the acquisition, the Company also entered into a Consulting Agreement with IDG’s former Chief Executive Officer and director for an initial term of six months, which may be extended on a month-to-month basis or longer thereafter, and the payment of $ 9 50,000 5.00 114 On December 28, 2015, the Company acquired the remaining 30 110,000 262 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 6. Goodwill and Intangible Assets Intangible assets December 31, 2015 December 31, 2014 Gross Carrying Accumulated Net Gross Accumulated Net Weighted average Patents $ 28,213 $ (13,782) $ 14,431 $ 28,213 $ (10,588) $ 17,625 8.60 Additions during the year (Note 5): Customer relationships 1,163 (62) 1,101 3.91 Trade name 504 (21) 483 4.90 Technology 479 (18) 461 5.68 Total intangible assets $ 30,359 $ (13,883) $ 16,476 $ 28,213 $ (10,588) $ 17,625 The Company’s patents consist of three major patent portfolios, which were acquired from third parties, as well as a number of internally developed patents. The costs related to internally developed patents are expensed as incurred. The Company’s patents and other intangible assets are amortized over their expected useful lives (i.e., through the expiration date of the patent). During the years ended December 31, 2015 and 2014, the Company recorded amortization expense of $ 3,295 3,768 During the third quarter of 2014, the Company determined that there were impairment indicators related to certain of its patents. A significant factor that was considered when making this determination included the announcement of the Federal Circuit’s decision on August 15, 2014, in which they held that the claims of the patents-in-suit asserted by I/P Engine against the Defendants are invalid for obviousness. The Company concluded that this factor was deemed a “triggering” event requiring that the related patent assets be tested for impairment during the third quarter of 2014. In performing this impairment test, the Company determined that the patent portfolio containing the patents-in-suit in I/P Engine's litigation against AOL Inc., Google Inc. et al, which represents an asset group, was subject to impairment testing. In the first step of the impairment test, the Company utilized its projections of future undiscounted cash flows based on the Company’s existing plans for the patents. As a result, it was determined that the Company’s projections of future undiscounted cash flows were less than the carrying value of the asset group. Accordingly, the Company performed the second step of the impairment test to measure the potential impairment by calculating the asset group’s fair value. This resulted in an impairment of $ 1,355 The impairment charge is included in amortization and impairment of intangibles in the consolidated statement of operations for the year ended December 31, 2014. There were no impairment charges related to the Company’s patents during the year ended December 31, 2015 Year ending December 31, Amount 2016 $ 3,362 2017 3,291 2018 3,268 2019 2,874 2020 1,692 Thereafter 1,989 $ 16,476 Goodwill For the year ended December 31, 2015 2014 Balance as of January 1: $ $ 67,757 Acquisition of IDG (Note 5): Fli Charge goodwill 757 Group Mobile goodwill 4,106 Goodwill impairment (67,757) $ 4,863 $ As of December 31, 2015, goodwill related to the purchase of IDG, which was consummated during the fourth quarter of 2015. There were no indicators of impairment as of December 31, 2015. The Company performed its annual goodwill impairment test as of December 31, 2014. The Company performed the first step of the goodwill impairment test by comparing the fair value of the reporting unit with its carrying amount, including goodwill. Similar to the interim goodwill impairment test described above, the fair value of the reporting unit was determined using certain valuation techniques, including the estimation of an implied control premium, in addition to the Company’s market capitalization on the measurement date, as the market capitalization is derived on a non-controlling basis. The implied control premium selected was consistent with the control premium utilized in the interim goodwill impairment test described above, as no new significant observable market data of comparable companies was available. During the fourth quarter of 2014, the Company’s stock price declined and the closing price of the Company’s stock on December 31, 2014 was $ 5.50 Based on the estimated implied fair value of goodwill, the Company recorded an impairment charge of $ 65,757 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Note 7. Segment Information For the year ended December 31, 2015 2014 Revenue: Intellectual Property $ 21,750 $ 1,425 Fli Charge 2 Group Mobile 935 Total Revenue $ 22,687 $ 1,425 Segment operating loss: Intellectual Property $ (9,854) $ (45,439) Fli Charge (139) Group Mobile (351) Total Segment operating loss $ (10,344) $ (45,439) Unallocated expenses, net: Goodwill impairment (65,757) Total unallocated expenses, net (65,757) Non-operating income (expense), net (1,780) 1,974 Loss before income tax benefit (expense) $ (12,124) $ (109,222) Assets: Intellectual Property $ 42,721 $ 37,435 Fli Charge 6,228 Group Mobile 1,583 Total Assets $ 50,532 $ 37,435 General and administrative costs are allocated to the Intellectual Property segment. |
Revenue from Settlements and Li
Revenue from Settlements and Licensing Agreements | 12 Months Ended |
Dec. 31, 2015 | |
Revenue from Settlements and Licensing Agreements [Abstract] | |
Revenue from Settlements and Licensing Agreements | Note 8. Revenue from Settlements and Licensing Agreements On December 7, 2015, the Company entered into a confidential settlement and license agreement (the “Settlement Agreement”) with ZTE Corporation and its affiliates (“ZTE”), pursuant to which: (i) ZTE paid the Company a total of $ 21,500 During the year ended December 31, 2014, the Company recorded total licensing revenue of $ 1,425 |
Senior Secured Convertible Note
Senior Secured Convertible Notes | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Senior Secured Convertible Notes | Note 9. Senior Secured Convertible Notes On May 4, 2015 (the “Closing Date”), the Company entered into a securities purchase agreement with certain institutional investors in a registered direct offering of $ 12,500 537,500 (after giving effect to the Reverse Stock Split) 10.00 8 21 537,500 10.00 12,425 218 The principal amount of the outstanding Notes is being repaid monthly, and the Company may make such payments and related interest payments in cash or, subject to certain conditions, in registered shares of the Company’s common stock, at its election. On each of the principal installment dates, the Company’s scheduled principal amortization payment is an amount equal to $ 595 15 Notes contain provisions that under certain events of default, as defined in the agreement, the amount owed could increase by amounts ranging from 115% to 120% of the face value depending on when the event occurred, and additionally, the interest rates would increase to 16.5% per annum upon the occurrence and continuance of an event of default. In addition, the Company may choose to repay the Notes early at a premium ranging from 115% to 120% of the face value depending on when the election is made. The 8 Net cash proceeds from the Notes ($12,500 less investors issuance costs of $75) $ 12,425 Debt discount: May 2015 Warrants 1,717 Conversion feature 1,244 Total Debt discount attributed to Warrants and Conversion feature 2,961 Net Total May 4, 2015 9,464 Debt discount amortization 2,014 Debt repayments (8,294) Net Total December 31, 2015 (presented as short-term) $ 3,184 The debt discount is attributable to the value of the separately accounted for conversion feature and May 2015 Warrants issued in connection with the financing. The embedded conversion feature derivatives relate to the conversion option, redemption in case of an event of default, and redemption in the case of a change in control features of the Notes. The embedded derivatives were evaluated under FASB ASC Topic 815-15 2,014 145 96 During August 2015, the holders of the Notes accelerated six principal installments in exchange for common stock as permitted under the securities purchase agreement. The debt is now expected to mature in July 2016. During the year ended December 31, 2015, the Company made principal payments in the aggregate amount of $ 8,294 595 7,699 15 2,070,000 (after giving effect to the Reverse Stock Split) 1,373 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 10. Fair Value Measurements Fair value measurement at reporting date using Quoted prices in active markets Significant other Significant for identical observable unobservable Balance assets (Level 1) inputs (Level 2) inputs (Level 3) December 31, 2015: May 2015 Warrants $ 416 $ $ $ 416 Conversion feature $ 1 $ $ $ 1 December 31, 2014: Conversion Warrants, the derivative Reload Warrants and the derivative Series 1 Warrants $ 175 $ $ $ 175 The Company measures its derivative liabilities at fair value. The Conversion Warrants, the derivative Reload Warrants and the derivative Series 1 Warrants were classified within Level 3 because they were valued using the Black-Scholes-Merton and the Monte-Carlo models, as these warrants included down-round protection clauses, which utilize significant inputs that are unobservable in the market. On January 1, 2015, the down-round protection clauses associated with all of the Company’s outstanding derivative warrant liabilities expired and, as a result, these warrants no longer meet the criteria for liability classification. As such, the related liabilities were revalued as of January 1, 2015 and the balance of $ 175 174 1 The May 2015 Warrants were classified within Level 3 because they were valued using the Black-Sholes-Merton model, which utilizes significant inputs that are unobservable in the market. They are recorded as derivative warrant liabilities as they are freestanding instruments and there are several features within the warrants that may require the Company to cash settle or partially cash settle. In particular, the Company may have to cash settle, partially cash settle, or make cash payments to the holders including cash settlement upon exercise when insufficient shares are authorized to be issued, and that the Company is obligated to issue registered shares when the warrants are exercised. The derivative warrant liabilities are initially measured at fair value and marked to market at each balance sheet date. The conversion feature was classified within Level 3 because it was valued using the Monte-Carlo model, which utilizes significant inputs that are unobservable in the market. The embedded conversion feature derivatives relate to the conversion option, redemption in case of an event of default, and redemption in the case of a change in control features of the Notes. The conversion feature was separated from the host debt contract and accounted for as a derivative instrument because the feature is not clearly and closely related to the debt host and a separate instrument with the same terms as the embedded derivative would be a derivative instrument. In addition to the above, the Company’s financial instruments as of December 31, 2015 and 2014 consisted of cash, cash equivalents, receivables, accounts payable, deposits and Notes. The carrying amounts of all the aforementioned financial instruments approximate fair value because of the short-term maturities of these instruments. Conversion Warrants, the May 2015 Conversion December 31, 2014 $ 175 $ $ Reclassification of derivative Reload Warrants and Series 1 Warrants to equity warrants (175) Issuance of Notes and May 2015 Warrants 1,717 1,244 Gain on revaluation of warrants and conversion feature (1,301) (1,243) December 31, 2015 $ $ 416 $ 1 During August 2015, the holders of the Notes accelerated six principal installments in exchange for common stock as permitted under the securities purchase agreement. The debt is now expected to mature in July 2016. These events resulted in a significant decline in the value of the conversion feature between May 4, 2015 and December 31, 2015, which resulted in a concurrent gain on the revaluation of the conversion feature. Valuation processes for Level 3 Fair Value Measurements December 31, 2015: Description Valuation technique Unobservable inputs Range Conversion feature Monte-Carlo model Volatility 82.46 % Risk free interest rate 0.46 % Expected term, in years 0.51 Conversion price $10.00 May 2015 Warrants Black-Scholes-Merton Volatility 79.13 % Risk free interest rate 1.68 % Expected term, in years 4.34 Dividend yield 0.00 % December 31, 2014: Description Valuation technique Unobservable inputs Range Conversion Warrants, derivative Reload Black-Scholes-Merton and Volatility 56.55% - 77.06% Warrants and derivative Series 1 Warrants the Monte-Carlo models Risk free interest rate 0.13% - 0.87% Expected term, in years 0.48 - 2.55 Dividend yield 0% Sensitivity of Level 3 measurements to changes in significant unobservable inputs The inputs to estimate the fair value of the Company’s derivative warrant liabilities and conversion feature were the current market price of the Company’s common stock, the exercise price of the warrants and conversion feature, their remaining expected term, the volatility of the Company’s common stock price and the risk-free interest rate over the expected term. Significant changes in any of those inputs in isolation can result in a significant change in the fair value measurement. Generally, an increase in the market price of the Company’s shares of common stock, an increase in the volatility of the Company’s shares of common stock, and an increase in the remaining term of the warrants and conversion feature would each result in a directionally similar change in the estimated fair value of the Company’s warrants. Such changes would increase the associated liability while decreases in these assumptions would decrease the associated liability. An increase in the risk-free interest rate or a decrease in the differential between the warrants’ and conversion feature’s exercise prices and the market price of the Company’s shares of common stock would result in a decrease in the estimated fair value measurement and thus a decrease in the associated liability. The Company has not, and does not plan to, declare dividends on its common stock, and as such, there is no change in the estimated fair value of the warrants and conversion feature due to the dividend assumption. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Stock-based Compensation | Note 11. Stock-based Compensation The Company has a stock-based compensation plan available to grant stock options and RSUs to the Company’s directors, employees and consultants. Under the 2012 Employee, Director and Consultant Equity Incentive Plan (the “Plan”), a maximum of 1,560,000 (after giving effect to the one-for-ten reverse stock split) 2,100,000 933,460 5,064 10,967 Title Grant date No. of Exercise price Fair market value Vesting terms Assumptions used in Black-Scholes Directors and employees January 2015 115,000 $5.10 - $5.90 $3.30 - $3.80 Over 1 year for directors; over 3 years for employees Volatility: 74.9 % - 77.1% Certain options granted to officers, directors and certain key employees are subject to acceleration of vesting of 75 100 RSUs Options No. of RSUs Weighted average No. of options Weighted average Exercise price Weighted average Outstanding at December 31, 2014 119,636 $ 36.40 805,235 $ 33.60 $9.60 - $55.00 $ 22.40 Granted 115,000 $ 5.45 $5.10 - $5.90 $ 3.52 Vested/Exercised (30,991) $ 36.51 Forfeited (35,365) $ 36.31 (48,751) $ 19.41 $5.10 - $37.60 $ 11.13 Expired Outstanding at December 31, 2015 53,280 $ 36.31 871,484 $ 30.65 $5.10 - $55.00 $ 20.49 Exercisable at December 31, 2015 815,361 $ 31.49 $5.10 - $55.00 Non-vested stock options: Non-vested RSU: No. of options Weighted average No. of RSUs Weighted average Balance at January 1, 2015 187,965 $ 22.10 119,636 $ 36.40 Granted 115,000 $ 3.52 $ Vested (214,631) $ 17.18 (30,991) $ 36.51 Forfeited (32,211) $ 8.48 (35,365) $ 36.31 Balance at December 31, 2015 56,123 $ 10.66 53,280 $ 36.31 Exercise price range No. options outstanding No. options exercisable Weighted average remaining $ 0.01-10.00 98,618 70,285 4.18 $ 10.00-20.00 84,566 79,567 4.88 $ 20.00-30.00 46,000 41,000 7.50 $ 30.00-40.00 518,550 514,926 7.20 $ 40.00-50.00 102,500 88,333 8.15 $ 50.00-60.00 21,250 21,250 1.09 871,484 815,361 As of December 31, 2015 and 2014, the total aggregate intrinsic values of options outstanding and options exercisable were zero since these instruments were “out-of-the-money” as of these dates. The total aggregate intrinsic value of options exercised during the year ended December 31, 2014 was $ 2,363 The total fair value of stock options that vested in the years ended December 31, 2015 and 2014 was $ 3,687 7,987 1,420 1.05 The Company did not recognize tax benefits related to its stock-based compensation as there is a full valuation allowance recorded. |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2015 | |
Warrants and Rights Note Disclosure [Abstract] | |
Warrants | Note 12. Warrants No. of warrants Weighted average Exercise December 31, 2014 1,740,265 $ 42.26 $9.40 - $50.60 Granted 587,500 $ 9.57 $5.00 - $10.00 Expired on June 21, 2015 (1,321,086) $ 50.55 $9.40 - $50.60 December 31, 2015 1,006,679 $ 12.92 $10.00 - $17.60 On May 4, 2015, the Company issued warrants to purchase up to 537,500 10.00 In October 2015, in connection with the purchase of IDG, the Company granted the finder with warrants to purchase up to 50,000 5.00 Prior to June 21, 2015, the Company had public warrants to purchase 478,400 50.60 842,686 June 21, 2015 No. outstanding Exercise price Remaining Expiration Date Series 1 Warrants 149,025 $ 17.60 1.55 years July 19, 2017 Series 2 Warrants 194,352 $ 17.60 1.55 years July 19, 2017 Reload Warrants 75,802 $ 17.60 1.10 years February 6, 2017 October 2015 Warrants 50,000 $ 5.00 5.29 years April 15, 2021 Outstanding as of December 31, 2015 469,179 The Company’s outstanding derivative warrant liabilities as of December 31, 2015 consist of the following: No. outstanding Exercise price Remaining Expiration Date May 2015 Warrants 537,500 $ 10.00 4.34 years May 4, 2020 |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Other Current Assets | Note 13. Other Current Assets For the year ended December 31, 2015 2014 Prepaid expenses $ 674 $ 482 Inventory 379 Accounts receivable 246 Other 97 28 Balance as of December 31 $ 1,396 $ 510 |
Accounts Payable, Accrued Expen
Accounts Payable, Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accounts Payable, Accrued Expenses and Other Current Liabilities | Note 14. Accounts Payable, Accrued Expenses and Other Current Liabilities For the year ended December 31, 2015 2014 Accounts payable $ 4,278 $ 3,598 Accrued liabilities 607 465 Tax liabilities 538 559 Other 607 110 Balance as of December 31 $ 6,030 $ 4,732 On July 12, 2015, Group Mobile amended its existing loan agreement with Oklahoma Fidelity Bank, a division of Fidelity Bank. The total amount of the loan is $ 300 lower of the Wall Street Journal prime rate plus 1% or 5% annually July 12, 2016 268 |
Discontinued Operations and Ass
Discontinued Operations and Assets Held For Sale | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations and Assets Held For Sale | Note 15. Discontinued Operations and Assets Held For Sale On February 18, 2014, the Company executed the sale of its mobile social application business to InfoMedia. As consideration for the assets and agreements related to the Company’s mobile social application business, the Company received 18 Class B shares of InfoMedia, which represent an 8.25 787 In connection with the sale of its mobile social application business, the Company is required to present the results of the Company’s mobile social application business as discontinued operations in the consolidated statements of operations. As of December 31, 2015 2014 Revenue $ $ 37 Operating expenses (266) Operating loss (229) Non-operating income (expense) 20 Loss before taxes on income (209) Income tax expense (246) Loss from discontinued operations $ $ (455) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 16. Income Taxes 2015 2014 Domestic $ (12,072) $ (108,828) Foreign (52) (394) $ (12,124) $ (109,222) Income tax expense (benefit) attributable to continuing and 2015 2014 Continued operations: Current: Federal $ $ State Deferred: Federal (866) State $ (866) $ Discontinued operations: Current: Federal $ $ (246) State Deferred: Federal State $ $ (246) For the year ended December 31, 2015 2014 Loss from continuing operations before taxes on income $ (12,124) $ (109,222) Tax rate 35 % 35 % Computed "expected" tax benefit 4,243 38,228 State taxes, net of federal income tax benefit 294 793 Change in valuation allowance (3,627) (13,864) Nondeductible expenses (64) (25,070) Other items 20 (87) Income tax benefit attributable to continuing operations $ 866 $ December 31, 2015 2014 Deferred income tax assets: Net operating loss carryforwards $ 44,756 $ 43,558 Stock-based compensation 4,839 4,789 Patents and other 1,212 341 Net deferred income tax assets 50,807 48,688 Less: Valuation allowance (50,807) (48,688) Net deferred income tax assets $ $ The Company assesses the need for a valuation allowance related to its deferred income tax assets by considering whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. A valuation allowance has been recorded against the Company’s deferred income tax assets, as it is in the opinion of management that it is more likely than not that the net operating loss carryforwards ("NOL") will not be utilized in the foreseeable future. The Company acquired IDG in the fourth quarter of 2015 and, as a result of the acquisition, all components of IDG’s deferred tax liabilities were recorded as part of the acquisition and were netted with similar deferred tax assets of the Company. This resulted in the reduction of the valuation allowance of $ 866 The valuation allowance for 2015 is $ 50,807 As of January 1, 2014 $ 37,758 Charged to cost and expenses continuing operations 13,864 Charged to cost and expenses discontinued operations 299 Return to provision true-up and other (3,233) As of December 31, 2014 $ 48,688 Charged to cost and expenses continuing operations 3,627 Charged to cost and expenses discontinued operations (299) Return to provision true-up and other (1,209) As of December 31, 2015 $ 50,807 As of December 31, 2015, the Company’s estimated aggregate total NOL were $ 123,591 20 The NOL available post-merger that the Company completed in 2012 that are not subject to limitation amount to $83,990. The remaining NOLs of $39,601 are subject to the limitation of Section 382. 2,000 The Company files its tax returns in the U.S. federal jurisdiction, as well as in various state and local jurisdictions. Vringo, Inc. has open tax years for 2012 through 2014. As of December 31, 2015, all tax years for the Company’s subsidiary Innovate/Protect are still open. The Company’s Israeli subsidiary filed its income tax returns in Israel prior to closing the business in the first quarter of 2014; there are no open tax years. The Company did not have any material unrecognized tax benefits as of December 31, 2015. The Company does not expect to record any additional material provisions for unrecognized tax benefits within the next year. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 17. Commitments and Contingencies Litigation and legal proceedings ZTE On December 7, 2015, the Company entered into the Settlement Agreement with ZTE, pursuant to which the parties withdrew all pending litigations and proceedings against each other and the Company granted ZTE a non-exclusive, non-transferable, worldwide perpetual license to certain patents and patent applications owned by the Company. Pursuant to the Settlement Agreement, the parties have taken steps to withdraw all pending litigations and proceedings against one another. As such, the Company reversed 1,059 In several jurisdictions, although ZTE requested that government organizations close proceedings against Vringo, the organizations make such determinations on their own volition. In China, ZTE requested that the National Developmental and Reform Commission (“NDRC”) conclude its investigation against Vringo. However, the NDRC has not yet closed its investigation. In addition, ZTE requested that the European Commission close its file on Vringo following ZTE’s withdrawal of its complaint against Vringo. On February 1, 2016, the European Commission confirmed that it would close its file on ZTE’s complaint against Vringo. In addition, in China and the Netherlands, Vringo continues to appeal patent invalidity rulings issued in connection with proceedings originally brought by ZTE. In each instance, ZTE has indicated that it will not oppose Vringo’s appeals, although Vringo must still plead its case before the respective adjudicatory body in each jurisdiction. In addition, the European Patent Office (“EPO”) has not yet dismissed an opposition action filed on one of Vringo’s recently issued European patents, and the EPO may require Vringo to defend this action even though ZTE has indicated that it will not continue to pursue the action. ASUS Vringo has filed patent infringement lawsuits against ASUSTek Computer Inc. and its subsidiaries in Germany, India, and Spain. Should the Company be deemed the losing party, it may be held responsible for a portion of the defendant’s legal fees for the relevant application or for the litigation. Other The Company is also engaged in additional litigation, for which no contingent liability is recorded. Deposits with courts The Company made deposits with courts during 2015 and 2014, related to its proceedings in Germany, Brazil, Romania and Malaysia. Deposits with courts paid in local currency are remeasured on the balance sheet date based on the related foreign exchange rate on that date. As of December 31, 2015, deposits with courts, which are recorded as current assets, totaled $ 1,930 1,279 Leases In January 2014, the Company entered into an amended lease agreement for its corporate executive office in New York for the lease of a different office space within the same building. The initial annual rental fee for this new office is approximately $ 403 72 Rent expense for operating leases for the years ended December 31, 2015 and 2014 were $ 381 366 Year ending December 31, Amount 2016 $ 439 2017 407 2018 416 2019 347 Total $ 1,609 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 18. Subsequent Events On March 9, 2016, the Company amended the Notes, which were originally issued on May 4, 2015, and entered into an exchange note agreement (the “Exchange Note Agreement”). Pursuant to the Exchange Note Agreement, the Company issued to the investors an aggregate of 703,644 0.01 1,267 3,016 1,749 June 30, 2017 102 1,784 8 10 2,900 In addition, the Company agreed to reduce the exercise price of the May 2015 Warrants to purchase an aggregate of 537,500 10.00 3.00 In connection with the foregoing amendments, the Company paid a restructuring fee in the amount of $ 50 The Company is currently in the process of evaluating the accounting for this transaction. |
Accounting and Reporting Poli28
Accounting and Reporting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of presentation and principles of consolidation | (a) Basis of presentation and principles of consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP. As a result of Vringo’s acquisition of IDG in the fourth quarter of 2015, Vringo incorporated IDG and its subsidiaries’ financial information in its consolidated balance sheet as of December 31, 2015, and the related consolidated statement of operations, changes in stockholders’ equity and cash flows for the period from the date of acquisition. All significant intercompany balances and transactions have been eliminated in consolidation. |
Use of estimates | (b) Use of estimates The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from such estimates. Significant items subject to such estimates and assumptions include the Company’s intangibles assets, the useful lives of the Company’s intangible assets, the valuation of the Company’s derivative warrants, the valuation of stock-based compensation, deferred tax assets and liabilities, income tax uncertainties, and other contingencies. |
Translation into U.S. dollars | (c) Translation into U.S. dollars The Company conducts certain transactions in foreign currencies, which are recorded at the exchange rate as of the transaction date. All exchange gains and losses occurring from the remeasurement of monetary balance sheet items denominated in non-dollar currencies are reflected as non-operating income or expense in the consolidated statements of operations. |
Cash and cash equivalents | (d) Cash and cash equivalents The Company deposits its cash in checking accounts with financial institutions. The Company has established guidelines relating to diversification and maturities of its investments in order to minimize credit risk and maintain high liquidity of funds. All highly liquid investments with original maturities of three months or less at acquisition date are considered cash equivalents. |
Derivative instruments | (e) Derivative instruments The Company recognizes all derivative instruments as either assets or liabilities in the consolidated balance sheets at their respective fair values. The Company's derivative instruments have been recorded as liabilities at fair value, and are revalued at each reporting date, with changes in the fair value of the instruments included in the consolidated statements of operations as non-operating income (expense). The Company reviews the terms of features embedded in non-derivative instruments to determine if such features require bifurcation and separate accounting as derivative financial instruments. Equity-linked derivative instruments are evaluated in accordance with FASB Accounting Standard Codification 815-40, “ Contracts in an Entity’s Own Equity” |
Accounts receivable | (f) Accounts receivable Accounts receivable are recorded net of an allowance for doubtful accounts for estimated losses resulting from the inability of customers to make required payments. In developing the allowance, the Company considers historical loss experience, the overall quality of the receivable portfolio and specifically identified customer risks. The Company periodically reviews the adequacy of the allowance and the factors used in the estimation making adjustments to the estimate as necessary. Accounts receivable are |
Inventory | (g) Inventory Inventory is valued at the lower of cost or market value. Cost is determined using a weighted-average cost method. The Company periodically reviews inventory for potential obsolescence based upon an aging analysis of the inventory on hand, specifically known inventory-related risks, and assumptions about future demand and market conditions. Inventory items determined to be impaired based on such review are reduced to their net realizable value. Inventory |
Intangible assets | (h) Intangible assets Intangible assets include purchased patents, which are recorded based on the cost to acquire them, as well as trade names, customer relationships and technology, which were acquired as part of the acquisition of IDG in the fourth quarter of 2015 and are recorded based on the estimated fair values in purchase price allocation. The intangible assets are amortized over their estimated useful lives, which are periodically evaluated for reasonableness. The Company’s intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In assessing the recoverability of the Company's intangible assets, the Company must make estimates and assumptions regarding future cash flows and other factors to determine the fair value of the respective assets. These estimates and assumptions could have a significant impact on whether an impairment charge is recognized and also the magnitude of any such charge. Fair value estimates are made at a specific point in time, based on relevant information. These estimates are subjective in nature and involve uncertainties and matters of significant judgments and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. If these estimates or material related assumptions change in the future, the Company may be required to record impairment charges related to its intangible assets. |
Goodwill | (i) Goodwill Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is reviewed for impairment at least annually, and when triggering events occur, in accordance with the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 350, Intangibles Goodwill and Other If the fair value of the reporting unit exceeds its carrying value, then the second step of the impairment test (measurement) does not need to be performed. If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the Company must perform the second step of the impairment test. Under the second step, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to an acquisition price allocation and the residual fair value after this allocation is the implied fair value of the reporting unit goodwill. A significant amount of judgment is required in performing goodwill impairment tests including estimating the fair value of a reporting unit and the implied fair value of goodwill. There were no indications of impairment as of December 31, 2015. When the Company performed the first step of its annual goodwill impairment test as of December 31, 2014, the Company determined that the fair value of the reporting unit did not exceed its carrying amount and therefore the second step of the goodwill impairment test was required. In performing the second step of the goodwill impairment test, the Company compared the carrying value of goodwill to its implied fair value. In estimating the implied fair value of goodwill, the Company assigned the fair value of the reporting unit to all of the assets and liabilities associated with the reporting unit as if the reporting unit had been acquired in a business combination. As part of this step, the Company estimated the fair value of its patents using an income approach. The key assumptions for this approach are projected future cash flows, ranges of royalty rates as determined by management in consultations with valuation experts, and a discount rate which is based on a weighted average cost of capital adjusted for the relevant risk associated with the characteristics of the business and the projected future cash flows. Based on the estimated implied fair value of goodwill, the Company recorded an impairment charge in the consolidated statement of operations for the year ended December 31, 2014 of $ 65,757 |
Revenue recognition | (j) Revenue recognition Revenue from patent licensing and enforcement is recognized if collectability is reasonably assured, persuasive evidence of an arrangement exists, the sales price is fixed or determinable and delivery of the service has been rendered. The Company uses management's best estimate of selling price for individual elements in multiple-element arrangements, where vendor specific evidence or third party evidence of selling price is not available. Currently, revenue arrangements related to intellectual property provide for the payment of contractually determined fees and other consideration for the grant of certain intellectual property rights related to the Company’s patents. These rights typically include some combination of the following: (i) the grant of a non-exclusive, retroactive and future license to manufacture and/or sell products covered by patents, (ii) the release of the licensee from certain claims, and (iii) the dismissal of any pending litigation. The intellectual property rights granted typically extend until the expiration of the related patents. Pursuant to the terms of these agreements, the Company has no further obligation with respect to the grant of the non-exclusive retroactive and future licenses, covenants-not-to-sue, releases, and other deliverables, including no express or implied obligation on the Company’s part to maintain or upgrade the related technology, or provide future support or services. Generally, the agreements provide for the grant of the licenses, covenants-not-to-sue, releases, and other significant deliverables upon execution of the agreement, or upon receipt of the upfront payment. As such, the earnings process is complete and revenue is recognized upon the execution of the agreement, upon receipt of the upfront fee, and when all other revenue recognition criteria have been met. The Company records revenue from the product sales of Fli Charge and Group Mobile when title and risk of loss are passed to the customer, there is persuasive evidence of an arrangement for sale, delivery has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. Company’s shipping terms typically specify F.O.B. destination, at which time title and risk of loss have passed to the customer. At the time of sale of hardware products, the Company records an estimate for sales returns and allowances based on historical experience. Hardware products sold by the Company are warranted by the vendor. Group Mobile uses drop-shipment arrangements with many of its hardware vendors and suppliers to deliver products directly to customers. Revenue for drop-shipment arrangements is recorded on a gross basis upon delivery to the customer with contract terms that typically specify F.O.B. destination. Revenue is recognized on a gross basis as Group Mobile is the principal in the transaction as the primary obligor in the arrangement, assumes the inventory risk if the product is returned by the customer, sets the price of the product to the customer, assumes credit risk for the amounts invoiced, and works closely with the customers to determine their hardware specifications. Freight billed to customers is recognized as net product revenue and the related freight costs as a cost of goods sold. Deferred revenue includes: (i) payments received from customers in advance of providing the product and (ii) amounts deferred if other conditions of revenue recognition have not been met. |
Segment reporting | (k) Segment reporting The Company operates in three operating segments: Intellectual Property, Fli Charge and Group Mobile. Intellectual Property is engaged in the innovation, development and monetization of mobile technologies and intellectual property. Fli Charge develops wireless charging devices and licenses technology to various channels and applications. Group Mobile provides rugged, mobile and field-use computing products to customers through their e-commerce platform. |
Operating legal costs | (l) Operating legal costs Operating legal costs include expenses incurred in connection with the Company’s patent licensing and enforcement activities, patent-related legal expenses paid to external patent counsel, including contingent legal fees, licensing and enforcement related research, consulting and other expenses paid to third parties, as well as related internal payroll expenses and stock-based compensation. In addition, amounts received by the Company for reimbursements of legal fees in connection with its litigation campaigns are recorded in operating legal costs as an offset to legal expense. |
Stock-based compensation | (m) Stock-based compensation Stock-based compensation is recognized as an expense in the consolidated statements of operations and such cost is measured at the grant-date fair value of the equity-settled award. The fair value of stock options is estimated at the date of grant using the Black-Scholes-Merton option-pricing model. The expense is recognized on a straight-line basis, over the requisite service period. The Company uses the simplified method to estimate the expected term of options due to insufficient history and high turnover in the past. Since the Company lacks sufficient history, expected volatility is estimated based on a weighted average historical volatility of the Company and comparable entities with publicly traded shares. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve at the date of grant. |
Income taxes | (n) Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not more likely than not to be realized. Tax benefits related to excess deductions on stock-based compensation arrangements are recognized when they reduce taxes payable. In assessing the need for a valuation allowance, the Company looks at cumulative losses in recent years, estimates of future taxable earnings, feasibility of tax planning strategies, the realizability of tax benefit carryforwards, and other relevant information. Valuation allowances related to deferred tax assets can be impacted by changes to tax laws, changes to statutory tax rates and future taxable earnings. Ultimately, the actual tax benefits to be realized will be based upon future taxable earnings levels, which are very difficult to predict. In the event that actual results differ from these estimates in future periods, the Company will be required to adjust the valuation allowance. Significant judgment is required in evaluating the Company's federal, state and foreign tax positions and in the determination of its tax provision. Despite management's belief that the Company's liability for unrecognized tax benefits is adequate, it is often difficult to predict the final outcome or the timing of the resolution of any particular tax matters. The Company may adjust these accruals as relevant circumstances evolve, such as guidance from the relevant tax authority, its tax advisors, or resolution of issues in the courts. The Company's tax expense includes the impact of accrual provisions and changes to accruals that it considers appropriate. These adjustments are recognized as a component of income tax expense entirely in the period in which new information is available. The Company records interest related to unrecognized tax benefits in interest expense and penalties in the consolidated statements of operations as general and administrative expenses. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. |
Net loss per common share | (o) Net loss per common share Basic net loss per share is computed by dividing the net loss attributable to the Company for the period by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing the net loss attributable to the Company for the period by the weighted-average number of shares of common stock plus dilutive potential common stock considered outstanding during the period. However, as the Company generated net losses in all periods presented, some potentially dilutive securities that relate to the continuing operations, including certain warrants and stock options, were not reflected in diluted net loss per share because the impact of such instruments was anti-dilutive. |
Commitments and contingencies | (p) Commitments and contingencies Liabilities for loss contingencies arising from assessments, estimates or other sources are to be recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs expected to be incurred in connection with a loss contingency are expensed as incurred. |
Fair value measurements | (q) Fair value measurements The Company measures fair value in accordance with FASB ASC 820-10, Fair Value Measurements and Disclosures Level 1 Level 2 Level 3 The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. |
Recently Issued Accounting Pronouncements | (r) Recently issued accounting pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements (Topic 205): Going Concern In November 2014, the FASB issued ASU 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity. In April 2015, the FASB issued ASU No. 2015-03, Interest Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments Overall (Topic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities |
Reclassification | (s) Reclassification Certain balances have been reclassified to conform to presentation requirements, including to retroactively present the effect of the reverse stock split. |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Computation of Net Loss per Common Share | The table below presents the computation of basic and diluted net losses per common share: For the year ended December 31, 2015 2014 Basic Numerator: Loss from continuing operations attributable to shares of common stock $ (11,157) $ (109,222) Loss from discontinued operations attributable to shares of common stock (455) Net loss attributable to shares of common stock $ (11,157) $ (109,677) Basic Denominator: Weighted average number of shares of common stock outstanding during the year 10,217,734 8,964,033 Weighted average number of penny stock options Basic common stock shares outstanding 10,217,734 8,964,033 Basic loss per common stock share from continuing operations $ (1.09) $ (12.18) Basic loss per common stock share from discontinued operations (0.06) Basic net loss per common stock share $ (1.09) $ (12.24) Diluted Numerator: Net loss from continuing operations attributable to shares of common stock $ (11,157) $ (109,222) Increase in net loss attributable to derivative warrants (2,201) Diluted net loss from continuing operations attributable to shares of common stock (11,157) (111,423) Diluted net loss from discontinued operations attributable to shares of common stock (455) Diluted net loss attributable to shares of common stock $ (11,157) $ (111,878) Diluted Denominator: Basic common stock shares outstanding 10,217,734 8,964,033 Shares assumed issued upon exercise of derivative warrants during the year 84,941 Diluted common stock shares outstanding 10,217,734 9,048,974 Diluted loss per common stock share from continuing operations $ (1.09) $ (12.31) Diluted loss per common stock share from discontinued operations (0.05) Diluted net loss per common stock share $ (1.09) $ (12.36) Net loss per share data presented excludes from the calculation of diluted net loss the following potentially dilutive securities, as they had an anti-dilutive impact: Both vested and unvested options to purchase an equal number of shares of common stock of the Company 871,484 805,235 Unvested RSUs to issue an equal number of shares of common stock of the Company 53,280 119,636 Warrants to purchase an equal number of shares of common stock of the Company 1,006,679 1,655,324 Conversion feature of Senior Secured Notes 1,250,000 Total number of potentially dilutive instruments, excluded from the calculation of net loss per share 3,181,443 2,580,195 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | As of December 31, 2015 2014 Cash denominated in U.S. dollars $ 24,918 $ 2,897 Money market funds denominated in U.S. dollars 13,085 Cash in currency other than U.S. dollars 33 41 $ 24,951 $ 16,023 |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration | The purchase price consideration is as follows: October 15, 2015 Acquisition: Fair Value Series B Preferred Stock $ 5,378 Debt assumed, settled in shares 193 Total share value issued $ 5,571 |
Components of Recognized Identified Assets Acquired and Liabilities Assumed | The purchase price allocation is as follows: Fair Value Assets: Cash and cash equivalents $ 144 Accounts receivable 245 Inventory 234 Prepaid expenses 18 Current Assets 641 Intangible assets 2,146 Goodwill 4,863 Total Assets 7,650 Liabilities: Accounts payable 464 Credit line 270 Accrued expenses 44 Other current liabilities 173 Deferred tax liabilities 866 Total liabilities 1,817 Noncontrolling interest in Fli Charge 262 Total $ 5,571 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Finite-Lived Intangible Assets | The following table provides information regarding the Company’s intangible assets, which consist of the following: December 31, 2015 December 31, 2014 Gross Carrying Accumulated Net Gross Accumulated Net Weighted average Patents $ 28,213 $ (13,782) $ 14,431 $ 28,213 $ (10,588) $ 17,625 8.60 Additions during the year (Note 5): Customer relationships 1,163 (62) 1,101 3.91 Trade name 504 (21) 483 4.90 Technology 479 (18) 461 5.68 Total intangible assets $ 30,359 $ (13,883) $ 16,476 $ 28,213 $ (10,588) $ 17,625 |
Finite-Lived Intangible Assets, Future Amortization Expense | Estimated amortization expense for each of the five succeeding years, of the Company’s intangible assets at December 31, 2015 is as follows: Year ending December 31, Amount 2016 $ 3,362 2017 3,291 2018 3,268 2019 2,874 2020 1,692 Thereafter 1,989 $ 16,476 |
Schedule of Goodwill | The following table provides information regarding the Company’s goodwill: For the year ended December 31, 2015 2014 Balance as of January 1: $ $ 67,757 Acquisition of IDG (Note 5): Fli Charge goodwill 757 Group Mobile goodwill 4,106 Goodwill impairment (67,757) $ 4,863 $ |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | For the year ended December 31, 2015 2014 Revenue: Intellectual Property $ 21,750 $ 1,425 Fli Charge 2 Group Mobile 935 Total Revenue $ 22,687 $ 1,425 Segment operating loss: Intellectual Property $ (9,854) $ (45,439) Fli Charge (139) Group Mobile (351) Total Segment operating loss $ (10,344) $ (45,439) Unallocated expenses, net: Goodwill impairment (65,757) Total unallocated expenses, net (65,757) Non-operating income (expense), net (1,780) 1,974 Loss before income tax benefit (expense) $ (12,124) $ (109,222) Assets: Intellectual Property $ 42,721 $ 37,435 Fli Charge 6,228 Group Mobile 1,583 Total Assets $ 50,532 $ 37,435 |
Senior Secured Convertible No34
Senior Secured Convertible Notes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Upon issuance of the Notes on May 4, 2015, the Company recorded the following: Net cash proceeds from the Notes ($12,500 less investors issuance costs of $75) $ 12,425 Debt discount: May 2015 Warrants 1,717 Conversion feature 1,244 Total Debt discount attributed to Warrants and Conversion feature 2,961 Net Total May 4, 2015 9,464 Debt discount amortization 2,014 Debt repayments (8,294) Net Total December 31, 2015 (presented as short-term) $ 3,184 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the placement in the fair value hierarchy of liabilities measured at fair value on a recurring basis as of December 31, 2015 and December 31, 2014: Fair value measurement at reporting date using Quoted prices in active markets Significant other Significant for identical observable unobservable Balance assets (Level 1) inputs (Level 2) inputs (Level 3) December 31, 2015: May 2015 Warrants $ 416 $ $ $ 416 Conversion feature $ 1 $ $ $ 1 December 31, 2014: Conversion Warrants, the derivative Reload Warrants and the derivative Series 1 Warrants $ 175 $ $ $ 175 |
Changes in Liabilities Measured at Fair Value Using Significant Unobservable Inputs | The following table summarizes the changes in the Company’s liabilities measured at fair value using significant unobservable inputs (Level 3) during the year ended December 31, 2015: Conversion Warrants, the May 2015 Conversion December 31, 2014 $ 175 $ $ Reclassification of derivative Reload Warrants and Series 1 Warrants to equity warrants (175) Issuance of Notes and May 2015 Warrants 1,717 1,244 Gain on revaluation of warrants and conversion feature (1,301) (1,243) December 31, 2015 $ $ 416 $ 1 |
Fair Value Measurements Based Upon Sensitivity and Nature of Inputs | Fair value measurement of the derivative warrant liabilities falls within Level 3 of the fair value hierarchy. The fair value measurements are evaluated by management to ensure that changes are consistent with expectations of management based upon the sensitivity and nature of the inputs. December 31, 2015: Description Valuation technique Unobservable inputs Range Conversion feature Monte-Carlo model Volatility 82.46 % Risk free interest rate 0.46 % Expected term, in years 0.51 Conversion price $10.00 May 2015 Warrants Black-Scholes-Merton Volatility 79.13 % Risk free interest rate 1.68 % Expected term, in years 4.34 Dividend yield 0.00 % December 31, 2014: Description Valuation technique Unobservable inputs Range Conversion Warrants, derivative Reload Black-Scholes-Merton and Volatility 56.55% - 77.06% Warrants and derivative Series 1 Warrants the Monte-Carlo models Risk free interest rate 0.13% - 0.87% Expected term, in years 0.48 - 2.55 Dividend yield 0% |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Schedule of Options Granted | The following table illustrates the stock options granted during the year ended December 31, 2015. There were no RSUs granted during the year ended December 31, 2015. Title Grant date No. of Exercise price Fair market value Vesting terms Assumptions used in Black-Scholes Directors and employees January 2015 115,000 $5.10 - $5.90 $3.30 - $3.80 Over 1 year for directors; over 3 years for employees Volatility: 74.9 % - 77.1% |
Stock Options and Restricted Stock Units Activity | The following tables summarize information about stock options and RSU activity during the year ended December 31, 2015: RSUs Options No. of RSUs Weighted average No. of options Weighted average Exercise price Weighted average Outstanding at December 31, 2014 119,636 $ 36.40 805,235 $ 33.60 $9.60 - $55.00 $ 22.40 Granted 115,000 $ 5.45 $5.10 - $5.90 $ 3.52 Vested/Exercised (30,991) $ 36.51 Forfeited (35,365) $ 36.31 (48,751) $ 19.41 $5.10 - $37.60 $ 11.13 Expired Outstanding at December 31, 2015 53,280 $ 36.31 871,484 $ 30.65 $5.10 - $55.00 $ 20.49 Exercisable at December 31, 2015 815,361 $ 31.49 $5.10 - $55.00 |
Nonvested Restricted Stock Units Activity | Non-vested stock options: Non-vested RSU: No. of options Weighted average No. of RSUs Weighted average Balance at January 1, 2015 187,965 $ 22.10 119,636 $ 36.40 Granted 115,000 $ 3.52 $ Vested (214,631) $ 17.18 (30,991) $ 36.51 Forfeited (32,211) $ 8.48 (35,365) $ 36.31 Balance at December 31, 2015 56,123 $ 10.66 53,280 $ 36.31 |
Employee and Non-Employee Stock Options | The following table summarizes information about employee and non-employee stock options outstanding as of December 31, 2015: Exercise price range No. options outstanding No. options exercisable Weighted average remaining $ 0.01-10.00 98,618 70,285 4.18 $ 10.00-20.00 84,566 79,567 4.88 $ 20.00-30.00 46,000 41,000 7.50 $ 30.00-40.00 518,550 514,926 7.20 $ 40.00-50.00 102,500 88,333 8.15 $ 50.00-60.00 21,250 21,250 1.09 871,484 815,361 |
Warrants (Tables)
Warrants (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Warrants and Rights Note Disclosure [Abstract] | |
Schedule Of Changes In Warrants Activity | The following table summarizes information about warrant activity during the year ended December 31, 2015: No. of warrants Weighted average Exercise December 31, 2014 1,740,265 $ 42.26 $9.40 - $50.60 Granted 587,500 $ 9.57 $5.00 - $10.00 Expired on June 21, 2015 (1,321,086) $ 50.55 $9.40 - $50.60 December 31, 2015 1,006,679 $ 12.92 $10.00 - $17.60 |
Schedule Of Warrants Outstanding | Certain of the Company’s outstanding warrants are classified as equity warrants and certain are classified as derivative warrant liabilities. The Company’s outstanding equity warrants as of December 31, 2015 consist of the following: No. outstanding Exercise price Remaining Expiration Date Series 1 Warrants 149,025 $ 17.60 1.55 years July 19, 2017 Series 2 Warrants 194,352 $ 17.60 1.55 years July 19, 2017 Reload Warrants 75,802 $ 17.60 1.10 years February 6, 2017 October 2015 Warrants 50,000 $ 5.00 5.29 years April 15, 2021 Outstanding as of December 31, 2015 469,179 The Company’s outstanding derivative warrant liabilities as of December 31, 2015 consist of the following: No. outstanding Exercise price Remaining Expiration Date May 2015 Warrants 537,500 $ 10.00 4.34 years May 4, 2020 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Other Current Assets | As of December 31, 2015 and 2014, the Company’s other current assets were comprised of the following: For the year ended December 31, 2015 2014 Prepaid expenses $ 674 $ 482 Inventory 379 Accounts receivable 246 Other 97 28 Balance as of December 31 $ 1,396 $ 510 |
Accounts Payable, Accrued Exp39
Accounts Payable, Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable, Accrued Expenses and Other Current Liabilities | As of December 31, 2015 and 2014, the Company’s accounts payable, accrued expenses and other current liabilities were comprised of the following: For the year ended December 31, 2015 2014 Accounts payable $ 4,278 $ 3,598 Accrued liabilities 607 465 Tax liabilities 538 559 Other 607 110 Balance as of December 31 $ 6,030 $ 4,732 |
Discontinued Operations and A40
Discontinued Operations and Assets Held For Sale (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | The following table represents the components of operating results from discontinued operations, as presented in the consolidated statements of operations: As of December 31, 2015 2014 Revenue $ $ 37 Operating expenses (266) Operating loss (229) Non-operating income (expense) 20 Loss before taxes on income (209) Income tax expense (246) Loss from discontinued operations $ $ (455) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | For the years ended December 31, 2015 and 2014, the loss from continuing operations before taxes consists of the following: 2015 2014 Domestic $ (12,072) $ (108,828) Foreign (52) (394) $ (12,124) $ (109,222) |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) attributable to continuing and 2015 2014 Continued operations: Current: Federal $ $ State Deferred: Federal (866) State $ (866) $ Discontinued operations: Current: Federal $ $ (246) State Deferred: Federal State $ $ (246) |
Schedule of Effective Income Tax Rate Reconciliation | Income tax expense attributable to continuing operations differed from the amounts computed by applying the applicable U.S. federal income tax rate to loss from continuing operations before taxes on income as a result of the following: For the year ended December 31, 2015 2014 Loss from continuing operations before taxes on income $ (12,124) $ (109,222) Tax rate 35 % 35 % Computed "expected" tax benefit 4,243 38,228 State taxes, net of federal income tax benefit 294 793 Change in valuation allowance (3,627) (13,864) Nondeductible expenses (64) (25,070) Other items 20 (87) Income tax benefit attributable to continuing operations $ 866 $ |
Schedule of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities are as follows as of December 31, 2015 and 2014: December 31, 2015 2014 Deferred income tax assets: Net operating loss carryforwards $ 44,756 $ 43,558 Stock-based compensation 4,839 4,789 Patents and other 1,212 341 Net deferred income tax assets 50,807 48,688 Less: Valuation allowance (50,807) (48,688) Net deferred income tax assets $ $ |
Summary of Valuation Allowance | The following table presents the changes to the valuation allowance during the years presented: As of January 1, 2014 $ 37,758 Charged to cost and expenses continuing operations 13,864 Charged to cost and expenses discontinued operations 299 Return to provision true-up and other (3,233) As of December 31, 2014 $ 48,688 Charged to cost and expenses continuing operations 3,627 Charged to cost and expenses discontinued operations (299) Return to provision true-up and other (1,209) As of December 31, 2015 $ 50,807 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Future Minimum Lease Payments Under Non Cancelable Operating Leases | Future minimum lease payments under non-cancelable operating leases for office space, as of December 31, 2015, are as follows: Year ending December 31, Amount 2016 $ 439 2017 407 2018 416 2019 347 Total $ 1,609 |
General (Additional Information
General (Additional Information) (Details) $ / shares in Units, $ in Thousands | Dec. 07, 2015USD ($) | Nov. 04, 2015 | Oct. 15, 2015USD ($) | May. 04, 2015USD ($)$ / sharesshares | Aug. 09, 2012 | Feb. 29, 2016USD ($) | Nov. 30, 2015 | Nov. 27, 2015 | Dec. 18, 2014$ / shares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($) | Mar. 09, 2016$ / sharesshares | Dec. 28, 2015 | Feb. 18, 2014 | Dec. 31, 2013USD ($) |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 10 | ||||||||||||||
Deposits Assets, Current | $ 1,930 | $ 2,067 | |||||||||||||
Cash and cash equivalents | 24,951 | 16,023 | $ 33,586 | ||||||||||||
Business Combination, Consideration Transferred, Total | $ 5,571 | ||||||||||||||
Repayments of Debt | $ 8,294 | ||||||||||||||
Stockholders' Equity Note, Stock Split | As of November 27,2015, every 10 shares of our issued and outstanding common stock were combined into one share of our common stock, except to the extent that the Reverse Stock Split resulted in any of our stockholders owning a fractional share, which was rounded up to the next highest whole share. In connection with the Reverse Stock Split, there was no change in the nominal par value per share of $0.01 | ||||||||||||||
Number of Patent Portfolio Acquired | 124 | ||||||||||||||
Percentage Of Royalty Payable On Excess Of Gross Revenue | 35.00% | ||||||||||||||
Stockholders' Equity, Reverse Stock Split | 1:10 reverse stock split | ||||||||||||||
Warrants Expiration Period | 5 years | ||||||||||||||
Stockholders Equity Reverse Stock Split Effective Date | Nov. 27, 2015 | ||||||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 days | ||||||||||||||
Stock Bid Price | $ / shares | $ 1 | ||||||||||||||
Other Operating Activities, Cash Flow Statement | $ 214 | $ 2,365 | |||||||||||||
Subsequent Event [Member] | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 537,500 | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 3 | ||||||||||||||
Payments for Deposits | $ 1,279 | ||||||||||||||
Infomedia [Member] | |||||||||||||||
Cost Method Investment Ownership Percentage | 8.25% | ||||||||||||||
Licensing Agreements [Member] | |||||||||||||||
Proceeds from License Fees Received | $ 21,500 | ||||||||||||||
Patents [Member] | |||||||||||||||
Payments to Acquire Intangible Assets | 22,000 | ||||||||||||||
International Development Group Limited [Member] | |||||||||||||||
Business Combination, Consideration Transferred, Total | $ 5,571 | ||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||||||
fliCharge International Ltd [Member] | |||||||||||||||
Equity Method Investment, Ownership Percentage | 30.00% | ||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 70.00% | ||||||||||||||
Warrant [Member] | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 10 | ||||||||||||||
Class of Warrant or Right, Unissued | shares | 537,500 | ||||||||||||||
Senior Secured Convertible Notes Payable [Member] | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 537,500 | ||||||||||||||
Proceeds from Issuance of Warrants | $ 12,425 | ||||||||||||||
Debt Instrument, Face Amount | $ 12,500 | ||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 10 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||||||||||||
Debt Instrument, Term | 21 months | ||||||||||||||
Long-term Debt, Gross | 4,206 | ||||||||||||||
Repayments of Debt | $ 8,294 | ||||||||||||||
Stockholders' Equity, Reverse Stock Split | one-for-ten reverse stock split | ||||||||||||||
Senior Secured Convertible Notes Payable [Member] | Subsequent Event [Member] | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% |
Accounting and Reporting Poli44
Accounting and Reporting Policies (Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill, Impairment Loss | $ 0 | $ 65,757 |
Net Loss per Common Share (Comp
Net Loss per Common Share (Computation of basic and diluted net losses per common share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Earnings Per Share Disclosure [Line Items] | |||
Loss from discontinued operations attributable to shares of common stock | $ 0 | $ (455) | |
Net loss attributable to shares of common stock | $ (11,157) | $ (109,677) | |
Basic common stock shares outstanding | [1] | 10,217,734 | 8,964,033 |
Basic loss per common stock share from continuing operations | [1] | $ (1.09) | $ (12.18) |
Basic loss per common stock share from discontinued operations | [1] | 0 | (0.06) |
Basic net loss per common stock share | [1] | $ (1.09) | $ (12.24) |
Diluted common stock shares outstanding | [1] | 10,217,734 | 9,048,974 |
Diluted loss per common stock share from continuing operations | [1] | $ (1.09) | $ (12.31) |
Diluted loss per common stock share from discontinued operations | [1] | 0 | (0.05) |
Diluted net loss per common stock share | [1] | $ (1.09) | $ (12.36) |
Net loss per share data presented excludes from the calculation of diluted net loss the following potentially dilutive securities, as they had an anti-dilutive impact: | |||
Total number of potentially dilutive instruments, excluded from the calculation of net loss per share | 3,181,443 | 2,580,195 | |
Basic Numerator [Member] | |||
Earnings Per Share Disclosure [Line Items] | |||
Net loss from continuing operations attributable to shares of common stock | $ (11,157) | $ (109,222) | |
Loss from discontinued operations attributable to shares of common stock | 0 | (455) | |
Net loss attributable to shares of common stock | $ (11,157) | $ (109,677) | |
Basic Denominator [Member] | |||
Earnings Per Share Disclosure [Line Items] | |||
Weighted average number of shares of common stock outstanding during the year | 10,217,734 | 8,964,033 | |
Weighted average number of penny stock options | 0 | 0 | |
Basic common stock shares outstanding | 10,217,734 | 8,964,033 | |
Basic loss per common stock share from continuing operations | $ (1.09) | $ (12.18) | |
Basic loss per common stock share from discontinued operations | 0 | (0.06) | |
Basic net loss per common stock share | $ (1.09) | $ (12.24) | |
Diluted Numerator [Member] | |||
Earnings Per Share Disclosure [Line Items] | |||
Net loss from continuing operations attributable to shares of common stock | $ (11,157) | $ (109,222) | |
Increase in net loss attributable to derivative warrants | 0 | (2,201) | |
Diluted net loss from continuing operations attributable to shares of common stock | (11,157) | (111,423) | |
Diluted net loss from discontinued operations attributable to shares of common stock | 0 | (455) | |
Diluted net loss attributable to shares of common stock | $ (11,157) | $ (111,878) | |
Diluted Denominator [Member] | |||
Earnings Per Share Disclosure [Line Items] | |||
Basic common stock shares outstanding | 10,217,734 | 8,964,033 | |
Shares assumed issued upon exercise of derivative warrants during the year | 0 | 84,941 | |
Diluted common stock shares outstanding | 10,217,734 | 9,048,974 | |
Diluted loss per common stock share from continuing operations | $ (1.09) | $ (12.31) | |
Diluted loss per common stock share from discontinued operations | 0 | (0.05) | |
Diluted net loss per common stock share | $ (1.09) | $ (12.36) | |
Both vested and unvested options to purchase an equal number of shares of common stock of the Company | |||
Net loss per share data presented excludes from the calculation of diluted net loss the following potentially dilutive securities, as they had an anti-dilutive impact: | |||
Total number of potentially dilutive instruments, excluded from the calculation of net loss per share | 871,484 | 805,235 | |
Unvested Restricted Stock Units (“RSU”) [Member] | |||
Net loss per share data presented excludes from the calculation of diluted net loss the following potentially dilutive securities, as they had an anti-dilutive impact: | |||
Total number of potentially dilutive instruments, excluded from the calculation of net loss per share | 53,280 | 119,636 | |
Warrants to purchase an equal number of shares of common stock of the Company [Member] | |||
Net loss per share data presented excludes from the calculation of diluted net loss the following potentially dilutive securities, as they had an anti-dilutive impact: | |||
Total number of potentially dilutive instruments, excluded from the calculation of net loss per share | 1,006,679 | 1,655,324 | |
Conversion feature of Senior Secured Notes [Member] | |||
Net loss per share data presented excludes from the calculation of diluted net loss the following potentially dilutive securities, as they had an anti-dilutive impact: | |||
Total number of potentially dilutive instruments, excluded from the calculation of net loss per share | 1,250,000 | 0 | |
[1] | Adjusted to reflect the impact of the 1:10 reverse stock split that became effective on November 27, 2015. |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Cash and Cash Equivalents [Line Items] | |||
Cash denominated in U.S. dollars | $ 24,918 | $ 2,897 | |
Money market funds denominated in U.S. dollars | 0 | 13,085 | |
Cash in currency other than U.S. dollars | 33 | 41 | |
Cash and Cash Equivalents, at Carrying Value | $ 24,951 | $ 16,023 | $ 33,586 |
Business Combination (Additiona
Business Combination (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 15, 2015 | Dec. 28, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 27, 2015 | May. 04, 2015 |
Business Combination [Line Items] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 10 | |||||
Fair Value Adjustment of Warrants | $ 0 | $ 65 | ||||
Finder [Member] | ||||||
Business Combination [Line Items] | ||||||
Aggregate of shares of common stock purchased by warrant | 50,000 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 5 | |||||
Former Chief Executive Officer and Director [Member] | ||||||
Business Combination [Line Items] | ||||||
Officers' Compensation | $ 9 | |||||
Common Stock [Member] | ||||||
Business Combination [Line Items] | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 1,604,167 | |||||
Convertible Preferred Stock, Shares Issued upon Conversion | 1,604,167 | |||||
Series A Preferred Stock [Member] | ||||||
Business Combination [Line Items] | ||||||
Preferred Stock, Shares Issued | 1,604,167 | |||||
Warrant [Member] | ||||||
Business Combination [Line Items] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 10 | |||||
Fair Value Adjustment of Warrants | $ 114 | |||||
Unregistered Common Stock [Member] | ||||||
Business Combination [Line Items] | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 57,500 | 110,000 | ||||
Payments to Acquire Businesses, Gross | $ 262 | |||||
fliCharge International Ltd [Member] | ||||||
Business Combination [Line Items] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 70.00% | |||||
Equity Method Investment, Ownership Percentage | 30.00% | |||||
International Development Group Limited [Member] | ||||||
Business Combination [Line Items] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 1,666,667 | |||||
Series B Preferred Stock [Member] | ||||||
Business Combination [Line Items] | ||||||
Preferred Stock, Shares Authorized | 5,000 | |||||
Shares Held In Escrow | 240,625 |
Business Combination (Purchase
Business Combination (Purchase Price Consideration) (Details) $ in Thousands | Oct. 15, 2015USD ($) |
October 15, 2015 Acquisition: | |
Series B Preferred Stock | $ 5,378 |
Debt assumed, settled in shares | 193 |
Total share value issued | $ 5,571 |
Business Combination (Purchas49
Business Combination (Purchase Price Allocation) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets: | |||
Cash and cash equivalents | $ 144 | ||
Accounts receivable | 245 | ||
Inventory | 234 | ||
Prepaid expenses | 18 | ||
Current Assets | 641 | ||
Intangible assets | 2,146 | ||
Goodwill | 4,863 | $ 0 | $ 67,757 |
Total assets acquired, net | 7,650 | ||
Liabilities: | |||
Accounts payable | 464 | ||
Credit line | 270 | ||
Accrued expenses | 44 | ||
Other current liabilities | 173 | ||
Deferred tax liabilities | 866 | ||
Total liabilities | 1,817 | ||
Noncontrolling interest in Fli Charge | 262 | ||
Total | $ 5,571 |
Goodwill and Intangible Asset50
Goodwill and Intangible Assets (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 3,295 | $ 3,768 | |
Impairment of Intangible Assets, Finite-lived | $ 1,355 | ||
Sale of Stock, Price Per Share | $ 5.50 | ||
Goodwill, Impairment Loss | $ 0 | $ 65,757 |
Goodwill and Intangible Asset51
Goodwill and Intangible Assets (Schedule of Finite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 30,359 | $ 28,213 |
Accumulated Amortization | (13,883) | (10,588) |
Finite-Lived Intangible Assets, Net | 16,476 | 17,625 |
Technology Sector [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 479 | 0 |
Accumulated Amortization | (18) | 0 |
Finite-Lived Intangible Assets, Net | $ 461 | |
Weighted average amortization period (years) | 5 years 8 months 5 days | |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 28,213 | 28,213 |
Accumulated Amortization | (13,782) | (10,588) |
Finite-Lived Intangible Assets, Net | $ 14,431 | 17,625 |
Weighted average amortization period (years) | 8 years 7 months 6 days | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,163 | 0 |
Accumulated Amortization | (62) | 0 |
Finite-Lived Intangible Assets, Net | $ 1,101 | |
Weighted average amortization period (years) | 3 years 10 months 28 days | |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 504 | 0 |
Accumulated Amortization | (21) | $ 0 |
Finite-Lived Intangible Assets, Net | $ 483 | |
Weighted average amortization period (years) | 4 years 10 months 24 days |
Goodwill and Intangible Asset52
Goodwill and Intangible Assets (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
2,016 | $ 3,362 | |
2,017 | 3,291 | |
2,018 | 3,268 | |
2,019 | 2,874 | |
2,020 | 1,692 | |
Thereafter | 1,989 | |
Finite-Lived Intangible Assets, Net | $ 16,476 | $ 17,625 |
Goodwill and Intangible Asset53
Goodwill and Intangible Assets (Company's Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Balance as of January 1: | $ 0 | $ 67,757 |
Acquisition of IDG (Note 5) | 4,863 | 0 |
Goodwill impairment | 0 | (65,757) |
Balance | 4,863 | $ 0 |
Fli Charge goodwill [Member] | ||
Acquisition of IDG (Note 5) | 757 | |
Group Mobile goodwill [Member] | ||
Acquisition of IDG (Note 5) | $ 4,106 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue: | ||
Revenues | $ 22,687 | $ 1,425 |
Segment operating loss: | ||
Operating Loss | (10,344) | (45,439) |
Unallocated expenses, net: | ||
Goodwill impairment | 0 | (65,757) |
Total unallocated expenses, net | 0 | (65,757) |
Nonoperating Income (Expense), Adjustment | (1,780) | 1,974 |
Loss before income tax benefit (expense) | (12,124) | (109,222) |
Assets: | ||
Assets | 50,532 | 37,435 |
Intellectual Property [Member] | ||
Revenue: | ||
Revenues | 21,750 | 1,425 |
Segment operating loss: | ||
Operating Loss | (9,854) | (45,439) |
Assets: | ||
Assets | 42,721 | 37,435 |
Fli Charge International Ltd [Member] | ||
Revenue: | ||
Revenues | 2 | 0 |
Segment operating loss: | ||
Operating Loss | (139) | 0 |
Assets: | ||
Assets | 6,228 | 0 |
Group Mobile Goodwill [Member] | ||
Revenue: | ||
Revenues | 935 | 0 |
Segment operating loss: | ||
Operating Loss | (351) | 0 |
Assets: | ||
Assets | $ 1,583 | $ 0 |
Revenue from Settlements and 55
Revenue from Settlements and Licensing Agreements (Additional Information) (Details) - USD ($) $ in Thousands | Dec. 07, 2015 | Dec. 31, 2014 |
Intellectual Property [Member] | ||
License and Services Revenue | $ 21,500 | $ 1,425 |
Senior Secured Convertible No56
Senior Secured Convertible Notes (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | May. 04, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 10 | ||
Proceeds From Issuance Of Notes Payable And Warrants | $ 12,425 | $ 0 | |
Payments of Debt Issuance Costs | 218 | 0 | |
Debt Instrument, Periodic Payment, Principal | $ 8,294 | ||
Debt Discount Percentage | 15.00% | ||
Debt Instrument, Description | Notes contain provisions that under certain events of default, as defined in the agreement, the amount owed could increase by amounts ranging from 115% to 120% of the face value depending on when the event occurred, and additionally, the interest rates would increase to 16.5% per annum upon the occurrence and continuance of an event of default. In addition, the Company may choose to repay the Notes early at a premium ranging from 115% to 120% of the face value depending on when the election is made. | ||
Amortization of Debt Discount (Premium) | $ 2,014 | 0 | |
Amortization of Financing Costs | 145 | 0 | |
Accounts Payable and Accrued Liabilities | 96 | ||
Extinguishment of Debt, Amount | $ 1,373 | $ 0 | |
Stock Issued During Period, Shares, New Issues | 2,070,000 | ||
Debt Issuance Cost | $ 75 | ||
Payments In Cash [Member] | |||
Debt Instrument, Periodic Payment, Interest | 595 | ||
Payments In Shares [Member] | |||
Debt Instrument, Periodic Payment, Interest | $ 7,699 | ||
Warrant [Member] | |||
Warrants Issued During Period Shares | 537,500 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 10 | ||
Common Stock [Member] | |||
Debt Discount Percentage | 15.00% | ||
Senior Note [Member] | |||
Debt Instrument, Face Amount | $ 12,500 | ||
Debt Instrument, Convertible, Conversion Price | $ 10 | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||
Debt Instrument, Term | 21 months | ||
Debt Instrument, Periodic Payment, Principal | $ 595 |
Senior Secured Convertible No57
Senior Secured Convertible Notes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | May. 04, 2015 | |
Net cash proceeds from the Notes ($12,500 less investors issuance costs of $75) | $ 12,425 | $ 0 | |
Debt Instrument, Unamortized Discount | $ 2,961 | ||
Convertible Notes Payable | 3,184 | 9,464 | |
Debt discount amortization | 2,014 | $ 0 | |
Debt repayments | $ (8,294) | ||
May Twenty Fifteen Warrants [Member] | |||
Debt Instrument, Unamortized Discount | 1,717 | ||
Conversion Warrants [Member] | |||
Debt Instrument, Unamortized Discount | $ 1,244 |
Fair Value Measurements (Additi
Fair Value Measurements (Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2015 | |
Embedded Derivative, No Longer Bifurcated, Amount Reclassified to Stockholders' Equity | $ 175 | |
Derivative Liabilities Noncurrent | 174 | $ 416 |
Derivative Liability, Current | $ 1 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Liabilities | ||
Derivative liabilities | $ 1 | $ 175 |
Warrant [Member] | ||
Liabilities | ||
Derivative liabilities | 416 | |
Fair Value, Inputs, Level 1 [Member] | ||
Liabilities | ||
Derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Warrant [Member] | ||
Liabilities | ||
Derivative liabilities | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Liabilities | ||
Derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Warrant [Member] | ||
Liabilities | ||
Derivative liabilities | 0 | |
Fair Value Inputs Level 3 [Member] | ||
Liabilities | ||
Derivative liabilities | 1 | $ 175 |
Fair Value Inputs Level 3 [Member] | Warrant [Member] | ||
Liabilities | ||
Derivative liabilities | $ 416 |
Fair Value Measurements (Change
Fair Value Measurements (Changes In Company's Liabilities Measured At Fair Value Using Significant Unobservable Inputs) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
December 31, 2014 | $ 175 |
December 31, 2015 | 1 |
Series One Warrants [Member] | |
December 31, 2014 | 175 |
Reclassification of derivative Reload Warrants and Series 1 Warrants to equity warrants | (175) |
Issuance of Notes and May 2015 Warrants | 0 |
Gain on revaluation of warrants and conversion feature | 0 |
December 31, 2015 | 0 |
May Twenty Fifteen Warrants [Member] | |
December 31, 2014 | 0 |
Reclassification of derivative Reload Warrants and Series 1 Warrants to equity warrants | 0 |
Issuance of Notes and May 2015 Warrants | 1,717 |
Gain on revaluation of warrants and conversion feature | (1,301) |
December 31, 2015 | 416 |
Conversion Warrants [Member] | |
December 31, 2014 | 0 |
Reclassification of derivative Reload Warrants and Series 1 Warrants to equity warrants | 0 |
Issuance of Notes and May 2015 Warrants | 1,244 |
Gain on revaluation of warrants and conversion feature | (1,243) |
December 31, 2015 | $ 1 |
Fair Value Measurements (Based
Fair Value Measurements (Based Upon Sensitivity and Nature of Inputs) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Dividend yield | 0.00% | |
May 2015 Warrants [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Volatility | 79.13% | |
Risk free interest rate | 1.68% | |
Expected term, in years | 4 years 4 months 2 days | |
Dividend yield | 0.00% | |
Conversion feature [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Volatility | 82.46% | |
Risk free interest rate | 0.46% | |
Expected term, in years | 6 months 4 days | |
Conversion price | $ 10 | |
Minimum [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Volatility | 56.55% | |
Risk free interest rate | 0.13% | |
Expected term, in years | 5 months 23 days | |
Maximum [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Volatility | 77.06% | |
Risk free interest rate | 0.87% | |
Expected term, in years | 2 years 6 months 18 days |
Stock-based Compensation (Addit
Stock-based Compensation (Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Stockholders Equity [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ 2,363 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 3,687 | 7,987 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 18 days | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,420 | |
Share-Based Compensation | $ 5,064 | $ 10,967 |
Maximum [Member] | ||
Stockholders Equity [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,100,000 | |
Minimum [Member] | ||
Stockholders Equity [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 75.00% | |
Two Thousand Twelve Stock Option Plan [Member] | ||
Stockholders Equity [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 933,460 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,560,000 |
Stock-based Compensation (Sched
Stock-based Compensation (Schedule Of Common Stock Options Granted) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Stockholders Equity [Line Items] | ||
No. of options | 115,000 | |
Exercise price | $ 30.65 | $ 33.6 |
Fair market value at grant date | 3.52 | |
Maximum [Member] | ||
Stockholders Equity [Line Items] | ||
Exercise price | 55 | 55 |
Minimum [Member] | ||
Stockholders Equity [Line Items] | ||
Exercise price | $ 5.1 | $ 9.60 |
Management Directors and Employees [Member] | ||
Stockholders Equity [Line Items] | ||
Grant Date | January 2,015 | |
No. of options | 115,000 | |
Vesting terms | Over 1 year for directors; over 3 years for employees | |
Volatility Rate, Minimum | 74.90% | |
Volatility Rate, Maximum | 77.10% | |
Risk free interest rate, Minimum | 1.27% | |
Risk free interest rate, Maximum | 1.51% | |
Dividend yield | 0.00% | |
Management Directors and Employees [Member] | Maximum [Member] | ||
Stockholders Equity [Line Items] | ||
Exercise price | $ 5.90 | |
Fair market value at grant date | $ 3.80 | |
Expected term, in years | 5 years 9 months 22 days | |
Management Directors and Employees [Member] | Minimum [Member] | ||
Stockholders Equity [Line Items] | ||
Exercise price | $ 5.10 | |
Fair market value at grant date | $ 3.30 | |
Expected term, in years | 5 years 3 months 22 days |
Stock-based Compensation (Stock
Stock-based Compensation (Stock options and RSU activity) (Details) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Stockholders Equity [Line Items] | |
No. of options, Outstanding at January 1, 2015 | shares | 805,235 |
No. of options, Granted | shares | 115,000 |
No. of options, Vested/Exercised | shares | 0 |
No. of options, Forfeited | shares | (48,751) |
No. of options, Expired | shares | 0 |
No. of options, Outstanding at December 31, 2015 | shares | 871,484 |
No. of options, Exercisable at December 31, 2015 | shares | 815,361 |
Exercise price range, Outstanding at January 1, 2015 | $ 33.6 |
Exercise price range, Granted | 5.45 |
Exercise price range, Vested/Exercised | 0 |
Exercise price range, Forfeited | 19.41 |
Exercise price range, Expired | 0 |
Exercise price range, Outstanding December 31, 2015 | 30.65 |
Exercise price range, Exercisable at December 31,, 2015 | 31.49 |
Weighted average grant date fair value, Outstanding at January 1, 2015 | 22.4 |
Weighted average grant date fair value, Granted | 3.52 |
Weighted average grant date fair value, Vested/Exercised | 0 |
Weighted average grant date fair value, Forfeited | 11.13 |
Weighted average grant date fair value, Expired | 0 |
Weighted average grant date fair value, Outstanding at December 31, 2015 | 20.49 |
Restricted Stock [Member] | |
Stockholders Equity [Line Items] | |
Weighted average grant date fair value, Outstanding at January 1, 2015 | 36.4 |
Weighted average grant date fair value, Outstanding at December 31, 2015 | $ 36.31 |
Beginning Balance | shares | 119,636 |
No. of RSUs, Granted | shares | 0 |
No. of RSUs, Vested/Exercised | shares | (30,991) |
No. of RSUs, Forfeited | shares | (35,365) |
No. of RSUs, Expired | shares | 0 |
Ending Balance | shares | 53,280 |
No. of RSUs, Exercisable at December 31, 2015 | shares | 0 |
Weighted average grant date fair value, Granted | $ 0 |
Weighted average grant date fair value, Vested/Exercised | 36.51 |
Weighted average grant date fair value, Forfeited | 36.31 |
Weighted average grant date fair value, Expired | 0 |
Weighted average grant date fair value, Exercisable at December 31, 2015 | 0 |
Minimum [Member] | |
Stockholders Equity [Line Items] | |
Exercise price range, Outstanding at January 1, 2015 | 9.60 |
Exercise price range, Granted | 5.1 |
Exercise price range, Forfeited | 5.1 |
Exercise price range, Outstanding December 31, 2015 | 5.1 |
Exercise price range, Exercisable at December 31,, 2015 | 5.1 |
Maximum [Member] | |
Stockholders Equity [Line Items] | |
Exercise price range, Outstanding at January 1, 2015 | 55 |
Exercise price range, Granted | 5.90 |
Exercise price range, Forfeited | 37.60 |
Exercise price range, Outstanding December 31, 2015 | 55 |
Exercise price range, Exercisable at December 31,, 2015 | $ 55 |
Stock-based Compensation (Non-v
Stock-based Compensation (Non-vested options) (Details) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Employee Stock Option [Member] | |
Balance at January 1, 2015 | shares | 187,965 |
Granted | shares | 115,000 |
Vested | shares | (214,631) |
Forfeited | shares | (32,211) |
Balance at December 31, 2015 | shares | 56,123 |
Weighted average grant date fair value Outstanding at January 1, 2015 | $ / shares | $ 22.10 |
Weighted average grant date fair value Granted | $ / shares | 3.52 |
Weighted average grant date fair value Vested | $ / shares | 17.18 |
Weighted average grant date fair value Forfeited | $ / shares | 8.48 |
Weighted average grant date fair value Outstanding at December 31, 2015 | $ / shares | $ 10.66 |
Restricted Stock [Member] | |
Beginning Balance | shares | 119,636 |
Granted | shares | 0 |
Vested | shares | (30,991) |
Forfeited | shares | (35,365) |
Ending Balance | shares | 53,280 |
Weighted average grant date fair value Outstanding at January 1, 2015 | $ / shares | $ 36.40 |
Weighted average grant date fair value, Granted | $ / shares | 0 |
Weighted average grant date fair value, Vested | $ / shares | 36.51 |
Weighted average grant date fair value, Forfeited | $ / shares | 36.31 |
Weighted average grant date fair value, Outstanding at December 31, 2015 | $ / shares | $ 36.31 |
Stock-based Compensation (Emplo
Stock-based Compensation (Employee and non-employee stock options outstanding) (Details) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Based Arrangements With Employees And Non employees [Line Items] | |
Options outstanding, Number | 871,484 |
Options Exercisable, Number | 815,361 |
Range One [Member] | |
Based Arrangements With Employees And Non employees [Line Items] | |
Exercise price, Lower Limit | $ / shares | $ 0.01 |
Exercise price, Upper Limit | $ / shares | $ 10 |
Options outstanding, Number | 98,618 |
Options Exercisable, Number | 70,285 |
Options Outstanding, Weighted Average Remaining Contractual Term | 4 years 2 months 5 days |
Range Two [Member] | |
Based Arrangements With Employees And Non employees [Line Items] | |
Exercise price, Lower Limit | $ / shares | $ 10 |
Exercise price, Upper Limit | $ / shares | $ 20 |
Options outstanding, Number | 84,566 |
Options Exercisable, Number | 79,567 |
Options Outstanding, Weighted Average Remaining Contractual Term | 4 years 10 months 17 days |
Range Three [Member] | |
Based Arrangements With Employees And Non employees [Line Items] | |
Exercise price, Lower Limit | $ / shares | $ 20 |
Exercise price, Upper Limit | $ / shares | $ 30 |
Options outstanding, Number | 46,000 |
Options Exercisable, Number | 41,000 |
Options Outstanding, Weighted Average Remaining Contractual Term | 7 years 6 months |
Range Four [Member] | |
Based Arrangements With Employees And Non employees [Line Items] | |
Exercise price, Lower Limit | $ / shares | $ 30 |
Exercise price, Upper Limit | $ / shares | $ 40 |
Options outstanding, Number | 518,550 |
Options Exercisable, Number | 514,926 |
Options Outstanding, Weighted Average Remaining Contractual Term | 7 years 2 months 12 days |
Range Five [Member] | |
Based Arrangements With Employees And Non employees [Line Items] | |
Exercise price, Lower Limit | $ / shares | $ 40 |
Exercise price, Upper Limit | $ / shares | $ 50 |
Options outstanding, Number | 102,500 |
Options Exercisable, Number | 88,333 |
Options Outstanding, Weighted Average Remaining Contractual Term | 8 years 1 month 24 days |
Range Six [Member] | |
Based Arrangements With Employees And Non employees [Line Items] | |
Exercise price, Lower Limit | $ / shares | $ 50 |
Exercise price, Upper Limit | $ / shares | $ 60 |
Options outstanding, Number | 21,250 |
Options Exercisable, Number | 21,250 |
Options Outstanding, Weighted Average Remaining Contractual Term | 1 year 1 month 2 days |
Warrants (Additional Informatio
Warrants (Additional Information) (Details) - $ / shares | May. 04, 2015 | Oct. 31, 2015 | Jun. 21, 2015 | Dec. 31, 2015 |
Warrants [Line Items] | ||||
Exercise Price | $ 10 | |||
Warrant [Member] | ||||
Warrants [Line Items] | ||||
Exercise Price | $ 10 | |||
Warrants Issued | 537,500 | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercisable In Period | 5 years | |||
IPO [Member] | ||||
Warrants [Line Items] | ||||
Exercise Price | $ 50.60 | |||
Warrant outstanding | 478,400 | |||
Private [Member] | ||||
Warrants [Line Items] | ||||
Warrant outstanding | 842,686 | |||
Warrants Expired | Jun. 21, 2015 | |||
IDG [Member] | ||||
Warrants [Line Items] | ||||
Exercise Price | $ 5 | |||
Warrants Issued | 50,000 |
Warrants (Schedule Of Changes I
Warrants (Schedule Of Changes In Warrants Activity) (Details) - Warrant [Member] | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Warrants [Line Items] | |
Beginning Balance | shares | 1,740,265 |
Granted | shares | 587,500 |
Expired on June 21, 2015 | shares | (1,321,086) |
Ending Balance | shares | 1,006,679 |
Weighted average exercise price, Beginning Balance | $ 42.26 |
Weighted average exercise price, Granted | 9.57 |
Weighted average exercise price, Expired on June 21, 2015 | 50.55 |
Weighted average exercise price, Ending Balance | 12.92 |
Minimum [Member] | |
Warrants [Line Items] | |
Exercise price range, Beginning Balance | 9.40 |
Exercise price range, Granted | 5 |
Exercise price range, Expired on June 21, 2015 | 9.40 |
Exercise price range, Ending Balance | 10 |
Maximum [Member] | |
Warrants [Line Items] | |
Exercise price range, Beginning Balance | 50.60 |
Exercise price range, Granted | 10 |
Exercise price range, Expired on June 21, 2015 | 50.60 |
Exercise price range, Ending Balance | $ 17.60 |
Warrants (Schedule of Warrants
Warrants (Schedule of Warrants Outstanding) (Details) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Warrants [Line Items] | |
No. outstanding | shares | 469,179 |
Exercise price | $ / shares | $ 10 |
Series 1 Warrants [Member] | |
Warrants [Line Items] | |
No. outstanding | shares | 149,025 |
Exercise price | $ / shares | $ 17.6 |
Remaining contractual life | 1 year 6 months 18 days |
Expiration Date | July 19, 2017 |
Series 2 Warrants [Member] | |
Warrants [Line Items] | |
No. outstanding | shares | 194,352 |
Exercise price | $ / shares | $ 17.6 |
Remaining contractual life | 1 year 6 months 18 days |
Expiration Date | July 19, 2017 |
Reload Warrants [Member] | |
Warrants [Line Items] | |
No. outstanding | shares | 75,802 |
Exercise price | $ / shares | $ 17.6 |
Remaining contractual life | 1 year 1 month 6 days |
Expiration Date | February 6, 2017 |
October 2015 Warrants [Member] | |
Warrants [Line Items] | |
No. outstanding | shares | 50,000 |
Exercise price | $ / shares | $ 5 |
Remaining contractual life | 5 years 3 months 14 days |
Expiration Date | April 15, 2021 |
May 2015 Warrants [Member] | |
Warrants [Line Items] | |
No. outstanding | shares | 537,500 |
Exercise price | $ / shares | $ 10 |
Remaining contractual life | 4 years 4 months 2 days |
Expiration Date | May 4, 2020 |
Other Current Assets (Schedule
Other Current Assets (Schedule of Other Current Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Current Assets [Line Items] | ||
Prepaid expenses | $ 674 | $ 482 |
Inventory | 379 | 0 |
Accounts receivable | 246 | 0 |
Other | 97 | 28 |
Balance as of December 31 | $ 1,396 | $ 510 |
Accounts Payable, Accrued Exp71
Accounts Payable, Accrued Expenses and Other Current Liabilities (Additional Information) (Details) - USD ($) $ in Thousands | Jul. 04, 2016 | Jul. 12, 2015 | Dec. 31, 2015 |
Accounts Payable Accrued Expenses And Other Current Liabilities [Line Items] | |||
Loans Payable, Total | $ 300 | $ 268 | |
Debt Instrument, Description of Variable Rate Basis | lower of the Wall Street Journal prime rate plus 1% or 5% annually | ||
Loans Payable [Member] | Subsequent Event [Member] | |||
Accounts Payable Accrued Expenses And Other Current Liabilities [Line Items] | |||
Debt Instrument, Maturity Date | Jul. 12, 2016 |
Accounts Payable, Accrued Exp72
Accounts Payable, Accrued Expenses and Other Current Liabilities (Schedule of Accounts Payable, Accrued Expenses and Other Current Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Payable Accrued Expenses And Other Current Liabilities [Line Items] | ||
Accounts payable | $ 4,278 | $ 3,598 |
Accrued liabilities | 607 | 465 |
Tax liabilities | 538 | 559 |
Other | 607 | 110 |
Balance as of December 31 | $ 6,030 | $ 4,732 |
Discontinued Operations and A73
Discontinued Operations and Assets Held For Sale (Additional Information) (Details) - Infomedia [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 18, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cost Method Investment Ownership Percentage | 8.25% | ||
Cost Method Investments | $ 787 | $ 787 |
Discontinued Operations and A74
Discontinued Operations and Assets Held For Sale (Disposal Group Not Discontinued Operation Income Statement Disclosures) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenue | $ 0 | $ 37 |
Operating expenses | 0 | (266) |
Operating loss | 0 | (229) |
Non-operating income (expense) | 0 | 20 |
Loss before taxes on income | 0 | (209) |
Income tax expense | 0 | (246) |
Loss from discontinued operations | $ 0 | $ (455) |
Income Taxes (Additional Inform
Income Taxes (Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | |||
Operating Loss Carryforwards | $ 123,591 | ||
Tax Credit Carryforward, Limitations on Use | The NOL available post-merger that the Company completed in 2012 that are not subject to limitation amount to $83,990. The remaining NOLs of $39,601 are subject to the limitation of Section 382. | ||
Income Tax Expense (Benefit) | $ (866) | $ 0 | |
Deferred Tax Assets, Valuation Allowance | 50,807 | $ 48,688 | $ 37,758 |
Annual Limitation on Net Operating Loss Carryforwards | $ 2,000 | ||
Net Operating Loss Expiration | 20 years |
Income Taxes (Components of inc
Income Taxes (Components of income (loss) before income taxes ) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Line Items] | ||
Domestic | $ (12,072) | $ (108,828) |
Foreign | (52) | (394) |
Total | $ (12,124) | $ (109,222) |
Income Taxes (Income Tax Benefi
Income Taxes (Income Tax Benefit (Expense) Attributable To The Operating Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | ||
Federal | $ 0 | $ 0 |
State | 0 | 0 |
Deferred: | ||
Federal | (866) | 0 |
State | 0 | 0 |
Deferred Federal, State and Local, Tax Expense (Benefit), Total | (866) | 0 |
Discontinued operations: | ||
Discontinued Operation, Tax Effect of Discontinued Operation | 0 | 246 |
Federal [Member] | ||
Discontinued operations: | ||
Current | 0 | (246) |
Deferred | 0 | 0 |
State [Member] | ||
Discontinued operations: | ||
Current | 0 | 0 |
Deferred | $ 0 | $ 0 |
Income Taxes (Income Tax Bene78
Income Taxes (Income Tax Benefit Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Line Items] | ||
Loss from continuing operations before taxes on income | $ (12,124) | $ (109,222) |
Tax rate | 35.00% | 35.00% |
Computed "expected" tax benefit | $ 4,243 | $ 38,228 |
State taxes, net of federal income tax benefit | 294 | 793 |
Change in valuation allowance | (3,627) | (13,864) |
Nondeductible expenses | (64) | (25,070) |
Other items | 20 | (87) |
Income tax benefit attributable to continuing operations | $ 866 | $ 0 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred income tax assets: | |||
Net operating loss carryforwards | $ 44,756 | $ 43,558 | |
Stock-based compensation | 4,839 | 4,789 | |
Patents and other | 1,212 | 341 | |
Net deferred income tax assets | 50,807 | 48,688 | |
Less: | |||
Valuation allowance | (50,807) | (48,688) | $ (37,758) |
Net deferred income tax assets | $ 0 | $ 0 |
Income Taxes (Changes to Valuat
Income Taxes (Changes to Valuation Allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Line Items] | ||
Beginning Balance | $ 48,688 | $ 37,758 |
Return to provision true-up and other | (1,209) | (3,233) |
Ending Balance | 50,807 | 48,688 |
Continuing Operations [Member] | ||
Income Taxes [Line Items] | ||
Charged to cost and expenses | 3,627 | 13,864 |
Discontinued Operations [Member] | ||
Income Taxes [Line Items] | ||
Charged to cost and expenses | $ (299) | $ 299 |
Commitments and Contingencies81
Commitments and Contingencies (Additional Information) (Details) - USD ($) $ in Thousands | Dec. 07, 2015 | Jun. 30, 2016 | Feb. 29, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Loss Contingencies [Line Items] | |||||
Deposits Assets, Current | $ 1,930 | $ 2,067 | |||
Legal Fees | $ 1,059 | 18,553 | 25,368 | ||
Operating Leases, Rent Expense, Net, Total | $ 381 | 366 | |||
Until Renovation Of Building [Member] | |||||
Loss Contingencies [Line Items] | |||||
Operating Lease Rent Expense Annual Fee | $ 403 | ||||
Subsequent Event [Member] | |||||
Loss Contingencies [Line Items] | |||||
Deposits Returned | $ 1,279 | ||||
New York [Member] | Subsequent Event [Member] | |||||
Loss Contingencies [Line Items] | |||||
Operating Lease Rent Expense Annual Fee | $ 72 |
Commitments and Contingencies82
Commitments and Contingencies (Future Minimum Lease Payments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,016 | $ 439 |
2,017 | 407 |
2,018 | 416 |
2,019 | 347 |
Total | $ 1,609 |
Subsequent Events (Additional I
Subsequent Events (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 09, 2016 | Dec. 31, 2015 | May. 04, 2015 | Dec. 31, 2014 |
Subsequent Event [Line Items] | ||||
Common Stock, Par Or Stated Value Per Share | $ 0.01 | $ 0.01 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 10 | |||
Convertible Notes Payable | $ 3,184 | $ 9,464 | ||
Senior Notes [Member] | ||||
Subsequent Event [Line Items] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 537,500 | |||
Convertible Notes Payable | $ 3,016 | |||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 537,500 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 3 | |||
Payments of Debt Restructuring Costs | $ 50 | |||
Subsequent Event [Member] | Senior Notes [Member] | ||||
Subsequent Event [Line Items] | ||||
Common Stock, Par Or Stated Value Per Share | $ 0.01 | |||
Debt Conversion, Converted Instrument, Shares Issued | 703,644 | |||
Unregistered Common Stock Issued For Forgiveness Of Debt | $ 1,267 | |||
Convertible Notes Payable | $ 1,749 | |||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 102.00% | |||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 1,784 | |||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||
Debt Instrument, Collateral Amount | $ 2,900 | |||
Debt Instrument, Maturity Date | Jun. 30, 2017 |