Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 13, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Pershing Gold Corp. | |
Entity Central Index Key | 1,432,196 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | PGLC | |
Entity Common Stock, Shares Outstanding | 21,723,049 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 8,339,361 | $ 15,147,837 |
Restricted cash | 2,250,000 | 2,250,000 |
Prepaid expenses and other current assets | 359,032 | 798,633 |
Total Current Assets | 10,948,393 | 18,196,470 |
NON - CURRENT ASSETS: | ||
Property and equipment, net | 5,621,160 | 6,398,221 |
Mineral rights | 22,786,912 | 16,786,912 |
Reclamation bond deposit | 25,000 | 25,000 |
Total Non - Current Assets | 28,433,072 | 23,210,133 |
Total Assets | 39,381,465 | 41,406,603 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 840,965 | 714,291 |
Note payable - current portion | 23,596 | 24,423 |
Deferred rent | 16,923 | 0 |
Total Current Liabilities | 881,484 | 738,714 |
LONG-TERM LIABILITIES: | ||
Note payable - long term portion | 0 | 17,319 |
Asset retirement obligation | 792,836 | 798,605 |
Total Liabilities | $ 1,674,320 | $ 1,554,638 |
Commitments and Contingencies | ||
STOCKHOLDERS' EQUITY : | ||
Common stock ($0.0001 Par Value; 200,000,000 Shares Authorized; 21,723,049 and 19,745,223 shares issued and outstanding as of September 30, 2015 and December 31, 2014) | $ 2,173 | $ 1,975 |
Additional paid-in capital | 169,942,097 | 158,018,742 |
Accumulated deficit | (132,237,126) | (118,168,753) |
Total Stockholders' Equity | 37,707,145 | 39,851,965 |
Total Liabilities and Stockholders' Equity | 39,381,465 | 41,406,603 |
Convertible Series A Preferred Stock | ||
STOCKHOLDERS' EQUITY : | ||
Preferred stock, $0.0001 par value; 50,000,000 authorized | 0 | 0 |
Convertible Series B Preferred Stock | ||
STOCKHOLDERS' EQUITY : | ||
Preferred stock, $0.0001 par value; 50,000,000 authorized | 0 | 0 |
Convertible Series C Preferred Stock | ||
STOCKHOLDERS' EQUITY : | ||
Preferred stock, $0.0001 par value; 50,000,000 authorized | 0 | 0 |
Convertible Series D Preferred Stock | ||
STOCKHOLDERS' EQUITY : | ||
Preferred stock, $0.0001 par value; 50,000,000 authorized | 0 | 0 |
Convertible Series E Preferred Stock | ||
STOCKHOLDERS' EQUITY : | ||
Preferred stock, $0.0001 par value; 50,000,000 authorized | $ 1 | $ 1 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued | 21,723,049 | 19,745,223 |
Common Stock, Shares, Outstanding | 21,723,049 | 19,745,223 |
Convertible Series A Preferred Stock | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 2,250,000 | 2,250,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Convertible Series B Preferred Stock | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 8,000,000 | 8,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Convertible Series C Preferred Stock | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 3,284,396 | 3,284,396 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Convertible Series D Preferred Stock | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 7,500,000 | 7,500,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Convertible Series E Preferred Stock | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 15,151 | 15,151 |
Preferred Stock, Shares Issued | 9,375 | 9,425 |
Preferred Stock, Shares Outstanding | 9,375 | 9,425 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Operating expenses: | ||||
Compensation and related taxes | 1,129,967 | 826,203 | 3,197,770 | 3,171,286 |
Exploration cost | 3,389,808 | 2,019,373 | 6,249,742 | 3,900,798 |
Consulting fees | 290,412 | 215,807 | 953,180 | 868,858 |
General and administrative expenses | 1,129,254 | 913,581 | 3,666,382 | 2,984,952 |
Total operating expenses | 5,939,441 | 3,974,964 | 14,067,074 | 10,925,894 |
Loss from operations | (5,939,441) | (3,974,964) | (14,067,074) | (10,925,894) |
Other income (expenses): | ||||
Interest expense and other finance costs, net of interest income | (441) | (957) | (1,299) | (3,188) |
Total other income (expenses) - net | (441) | (957) | (1,299) | (3,188) |
Loss before provision for income taxes | (5,939,882) | (3,975,921) | (14,068,373) | (10,929,082) |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net loss | $ (5,939,882) | $ (3,975,921) | $ (14,068,373) | $ (10,929,082) |
Net loss per common share, basic and diluted | $ (0.27) | $ (0.23) | $ (0.67) | $ (0.68) |
Weighted average common shares outstanding - basic and diluted | 21,709,882 | 17,401,507 | 20,977,050 | 16,136,518 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (14,068,373) | $ (10,929,082) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 847,327 | 733,920 |
Accretion | 34,611 | 0 |
Stock-based compensation | 1,461,711 | 2,000,663 |
Changes in operating assets and liabilities: | ||
Other receivables | 0 | 10,112 |
Prepaid expenses and other current assets | 439,601 | 234,792 |
Accounts payable and accrued expenses | 126,674 | 34,608 |
Deferred rent | 16,923 | 0 |
NET CASH USED IN OPERATING ACTIVITIES | (11,141,526) | (7,914,987) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of mineral rights | (6,000,000) | 0 |
Asset retirement obligation settled | (18,737) | 0 |
Purchase of property and equipment | (91,909) | (105,173) |
NET CASH USED IN INVESTING ACTIVITIES | (6,110,646) | (105,173) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from sale of common stock, net of issuance costs | 10,461,842 | 10,919,639 |
Purchase of treasury stock | 0 | (181,421) |
Payments on notes payable | (18,146) | (16,847) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 10,443,696 | 10,721,371 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (6,808,476) | 2,701,211 |
CASH AND CASH EQUIVALENTS- beginning of period | 15,147,837 | 7,743,107 |
CASH AND CASH EQUIVALENTS- end of period | 8,339,361 | 10,444,318 |
Cash paid for: | ||
Interest | 1,886 | 3,188 |
Income taxes | $ 0 | $ 0 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 ORGANIZATION AND DESCRIPTION OF BUSINESS Pershing Gold Corporation (the “Company”), formerly named Sagebrush Gold Ltd., was incorporated under the laws of the State of Nevada on August 2, 2007. The Company is a gold and precious metals exploration company pursuing exploration and development opportunities primarily in Nevada. The Company is currently focused on exploration of its Relief Canyon properties in Pershing County in northwestern Nevada. None of the Company’s properties contain proven and probable reserves, and all of the Company’s activities on all of its properties are exploratory in nature. On August 30, 2011, the Company, through its wholly-owned subsidiary, Gold Acquisition Corp. (“Gold Acquisition”), acquired the Relief Canyon Mine property (“Relief Canyon”) located in Pershing County, near Lovelock, Nevada. A wholly-owned subsidiary, Pershing Royalty Company, a Delaware corporation, was formed on May 17, 2012 to hold royalty interests in two gold exploration properties. A wholly-owned subsidiary, EXCX Funding Corp., a Nevada corporation, was formed in January 2011 and held a note payable - related party, which was exchanged for the Company’s Series E Convertible Preferred Stock (“Series E Preferred Stock”) and warrants in August 2013 and was cancelled. On April 6, 2014 EXCX Funding Corp. was liquidated and dissolved. On June 17, 2015, the Board of Directors of the Company approved a reverse stock split of the Company’s common stock, par value $ 0.0001 1-for-18 800,000,000 200,000,000 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation and principles of consolidation The unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”) and present the consolidated financial statements of the Company as of September 30, 2015. All intercompany transactions and balances have been eliminated. All adjustments (consisting of normal recurring items) necessary to present fairly the Company’s financial position as of September 30, 2015, and the results of operations and cash flows for the nine months ended September 30, 2015 have been included. The results of operations for the nine months ended September 30, 2015 are not necessarily indicative of the results to be expected for the full year. The accounting policies and procedures employed in the preparation of these consolidated financial statements have been derived from the audited financial statements of the Company for the fiscal year ended December 31, 2014, which are contained in the Company’s Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on March 5, 2015. The consolidated balance sheet as of December 31, 2014, contained herein, was derived from those financial statements. Use of estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet, and revenues and expenses for the period then ended. Actual results may differ significantly from those estimates. Significant estimates made by management include, but are not limited to, the useful life of property and equipment, amounts and timing of closure obligations, the assumptions used to calculate fair value of restricted stock units, options and warrants granted, stock-based compensation, beneficial conversion on convertible notes payable and preferred stock, capitalized mineral rights, asset valuations, timing of the performance criteria of restricted stock units and the fair value of common stock issued. Cash and cash equivalents The Company considers all highly liquid investments with a maturity of three months or less when acquired to be cash equivalents. The Company places its cash with high credit quality financial institutions. The Company’s accounts at these institutions are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $ 250,000 Restricted cash Restricted cash consists of cash and investments which are held as collateral under a surface management surety bond issued on the Company’s behalf. Fair value of financial instruments The Company adopted Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures” (“ASC 820”), for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that requires the use of fair value measurements, establishes a framework for measuring fair value and expands disclosure about such fair value measurements. The adoption of ASC 820 did not have an impact on the Company’s financial position or operating results, but did expand certain disclosures. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. The Company analyzes all financial instruments with features of both liabilities and equity under the Financial Accounting Standard Board’s (“FASB”) accounting standard for such instruments. Under this standard, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, prepaid expenses, accounts payable and accrued expenses approximate their estimated fair market values based on the short-term maturity of these instruments. The carrying amount of the note payable at September 30, 2015 approximates its respective fair value based on the Company’s incremental borrowing rate. Prepaid expenses and other current assets Prepaid expenses and other current assets of $ 359,032 798,633 Mineral property acquisition and exploration costs Costs of lease, exploration, carrying and retaining unproven mineral lease properties are expensed as incurred. The Company expenses all mineral exploration costs as incurred as it is still in the exploration stage. If the Company identifies proven and probable reserves in its investigation of its properties and upon development of a plan for operating a mine, it would enter the development stage and capitalize future costs until production is established. When a property reaches the production stage, the related capitalized costs are amortized using the units-of-production method over the estimated life of the proven and probable reserves. If in the future the Company has capitalized mineral properties, these properties will be periodically assessed for impairment. To date, the Company has not established the commercial feasibility of any exploration prospects; therefore, all exploration costs are being expensed. ASC 930-805, “Extractive Activities-Mining: Business Combinations” (“ASC 930-805”), states that mineral rights consist of the legal right to explore, extract, and retain at least a portion of the benefits from mineral deposits. Mining assets include mineral rights. Acquired mineral rights are considered tangible assets under ASC 930-805. ASC 930-805 requires that mineral rights be recognized at fair value as of the acquisition date. As a result, the direct costs to acquire mineral rights are initially capitalized as tangible assets. Mineral rights include costs associated with acquiring patented and unpatented mining claims. ASC 930-805-30-1 and 30-2 provides that in fair valuing mineral assets, an acquirer should take into account both: ⋅ ⋅ Property and equipment Property and equipment are carried at cost. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income in the year of disposition. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets, generally one 25 Impairment of long-lived assets The Company accounts for the impairment or disposal of long-lived assets according to the ASC 360, “Property, Plant and Equipment”. The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of long-lived assets, including mineral rights, may not be recoverable. Long-lived assets in the exploration stage are monitored for impairment based on factors such as the Company’s continued right to explore the area, exploration reports, assays, technical reports, drill results and the Company’s continued plans to fund exploration programs on the property, and whether sufficient work has been performed to indicate that the carrying amount of the mineral property cost carried forward as an asset will not be fully recovered. The tests for long-lived assets in the exploration stage are monitored for impairment based on factors such as current market value of the long-lived assets and results of exploration, future asset utilization, business climate, mineral prices and future undiscounted cash flows expected to result from the use of the related assets. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated future net undiscounted cash flows expected to be generated by the asset. When necessary, impaired assets are written down to estimated fair value based on the best information available. Estimated fair value is generally based on either appraised value or measured by discounting estimated future cash flows. Considerable management judgment is necessary to estimate discounted future cash flows. Accordingly, actual results could vary significantly from such estimates. The Company recognizes an impairment loss when the sum of expected undiscounted future cash flows is less than the carrying amount of the asset. The Company did not record any impairment of its long-lived assets at September 30, 2015 and December 31, 2014, respectively. Asset Retirement Obligations Asset retirement obligations (“ARO”), consisting primarily of estimated mine reclamation and closure costs at the Company’s Relief Canyon property, are recognized in the period incurred and when a reasonable estimate can be made, and recorded as liabilities at fair value. Such obligations, which are initially estimated based on discounted cash flow estimates, are accreted to full value over time through charges to accretion expense. Corresponding asset retirement costs are capitalized as part of the carrying amount of the related long-lived asset and depreciated over the asset’s remaining useful life. Asset retirement obligations are periodically adjusted to reflect changes in the estimated present value resulting from revisions to the estimated timing or amount of reclamation and closure costs. The Company reviews and evaluates its asset retirement obligations annually or more frequently at interim periods if deemed necessary. Income taxes The Company accounts for income taxes pursuant to the provision of ASC 740-10, “Accounting for Income Taxes” (“ASC 740-10”), which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets for which management believes it is more likely than not that the net deferred asset will not be realized. The Company follows the provision of ASC 740-10 related to Accounting for Uncertain Income Tax Positions. When tax returns are filed, there may be uncertainty about the merits of positions taken or the amount of the position that would be ultimately sustained. In accordance with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold are measured at the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefit associated with tax positions taken that exceed the amount measured as described above should be reflected as a liability for uncertain tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The Company believes its tax positions are all more likely than not to be upheld upon examination. As such, the Company has not recorded a liability for uncertain tax benefits. The Company has adopted ASC 740-10-25, “Definition of Settlement”, which provides guidance on how an entity should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits and provides that a tax position can be effectively settled upon the completion and examination by a taxing authority without being legally extinguished. For tax positions considered effectively settled, an entity would recognize the full amount of tax benefit, even if the tax position is not considered more likely than not to be sustained based solely on the basis of its technical merits and the statute of limitations remains open. The federal and state income tax returns of the Company are subject to examination by the IRS and state taxing authorities, generally for three years after they are filed. Stock-based compensation Stock-based compensation is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718, “Compensation Stock Compensation” (“ASC 718”), which requires recognition in the consolidated financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. Pursuant to ASC Topic 505-50, “Equity Based Payments to Non-employees”, for share-based payments to consultants and other third-parties, compensation expense is determined at the “measurement date.” The expense is recognized over the vesting period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company initially records compensation expense based on the fair value of the award at the reporting date. Related party transaction Parties are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all related party transactions. Recent accounting pronouncements In August 2014, FASB issued Accounting Standards Update (“ASU”) No. 2014-15, “Presentation of Financial StatementsGoing Concern” (“ASU No. 2014-15”). The provisions of ASU No. 2014-15 require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this ASU are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company is currently assessing the impact of this ASU on the Company’s consolidated financial statements. In November 2014, FASB issued ASU No. 2014-17, “Business Combinations: Pushdown Accounting” (“ASU No. 2014-17”). This ASU amended the Business Combination Accounting Standards Codification to provide guidance on whether and at what threshold an acquired entity that is a business or nonprofit activity can apply pushdown accounting in its separate financial statements. The Company’s adoption of ASU No. 2014-17 effective November 14, 2014 did not have an impact on the Company’s consolidated results of operations, financial position and related disclosures. In April 2015, FASB issued ASU 2015-03, “Interest Imputation of Interest” (Subtopic 835-30) which focuses on simplifying the presentation of debt issuance costs. The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. The ASU will be effective for periods beginning after December 15, 2015 for public companies. Early adoption is permitted, including adoption in an interim period. The Company is currently assessing the impact of this ASU on the Company’s consolidated financial statements. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures. |
MINERAL PROPERTIES
MINERAL PROPERTIES | 9 Months Ended |
Sep. 30, 2015 | |
Mineral Industries Disclosures [Abstract] | |
MINERAL PROPERTIES | NOTE 3 MINERAL PROPERTIES The Company’s Relief Canyon property rights currently total approximately 25,000 948 120 172 2,235 2,770 2 4.5 2 5 Pershing Pass Property The Pershing Pass property consists of over 700 12,000 600 17 2 19 The primary term of the unpatented mining claim lease referenced above is ten years ending in January 2023, which may be extended as long as mineral exploration, development or mining continue on the property. Production from the lease is subject to a 1 0.5 10,000 12,500 15,000 20,000 250,000 The primary term of the private lands lease referenced above is ten years ending in January 2023, and that may be extended as long as mineral development work continues on the property. Production from the lease is subject to a 2 2 500 3.5 1,500 3 600,000 1 Newmont Properties On April 5, 2012, the Company purchased from Victoria Gold Corp. and Victoria Resources (US) Inc. their interest in approximately 13,300 Approximately 8,900 155 2,800 4,900 62 On January 14, 2015, the Company entered into an Asset Purchase Agreement with Newmont pursuant to which the Company acquired for $ 6.0 74 1,300 New Mining Lease with New Nevada Resources and New Nevada Lands, Replacing Portion of Newmont Sublease As part of the January 2015 transactions completed pursuant to the Asset Purchase Agreement, a subsidiary of the Company entered into a Mining Lease (the “2015 Mining Lease”) with New Nevada Resources, LLC and New Nevada Lands, LLC (the “Owners”), covering certain fee lands (the “Leased Properties”) included in the Company’s Relief Canyon properties. The 2015 Mining Lease has a term of twenty years and for as long thereafter as any mining, development or processing operations are being conducted on a continuous basis. The 2015 Mining Lease contains customary terms and conditions, including an advance royalty and a 2.5 Newmont Leased Property As part of the Asset Purchase Agreement transactions, Newmont and the Company entered into an amendment of the 2006 Minerals Lease and Sublease (the “Third Amendment”), pursuant to which the Company agreed to a $ 2.6 2.4 Also as part of the transactions completed pursuant to the Asset Purchase Agreement, Newmont and the Owners entered into a new Mining Lease (the “2015 Newmont Lease”) covering about 2,770 General The Company has posted a statewide surface management surety bond with the United States Department of the Interior Bureau of Land Management (“BLM”) as required by the State of Nevada in an amount of approximately $ 5.6 108,000 2,250,000 45 5.0 As of September 30, 2015, based on management’s review of the carrying value of mineral rights, management determined that there is no evidence that the cost of these acquired mineral rights will not be fully recovered and accordingly, the Company has determined that no adjustment to the carrying value of mineral rights was required. As of the date of these consolidated financial statements, the Company has not established any proven or probable reserves on its mineral properties and has incurred only acquisition and exploration costs. September 30, 2015 December 31, Relief Canyon Mine Gold Acquisition $ 8,501,071 $ 8,501,071 Relief Canyon Mine Newmont Properties 13,709,441 7,709,441 Pershing Pass Property 576,400 576,400 $ 22,786,912 $ 16,786,912 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 4 PROPERTY AND EQUIPMENT Estimated Life September 30, 2015 December 31, Furniture and fixtures 5 years $ 56,995 $ 56,995 Office and computer equipment 1 - 5 years 402,835 402,835 Land 358,886 266,977 Building and improvements 5 - 25 years 815,036 817,187 Site costs 10 years 1,403,762 1,407,465 Crushing system 20 years 2,489,298 2,495,865 Process plant and equipment 10 years 3,495,742 3,504,964 Vehicles and mining equipment 5 - 10 years 699,025 699,025 9,721,579 9,651,313 Less: accumulated depreciation (4,100,419) (3,253,092) $ 5,621,160 $ 6,398,221 For the nine months ended September 30, 2015 and 2014, depreciation expense amounted to $ 847,327 733,920 |
NOTES PAYABLE
NOTES PAYABLE | 9 Months Ended |
Sep. 30, 2015 | |
Notes Payable [Abstract] | |
NOTES PAYABLE | NOTE 5 NOTES PAYABLE In August 2012, the Company issued a note payable in the amount of $ 92,145 7 48 2,226 September 30, 2015 December 31, 2014 Total notes payable $ 23,596 $ 41,742 Less: current portion (23,596) (24,423) Long term portion $ - $ 17,319 |
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS | 9 Months Ended |
Sep. 30, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
ASSET RETIREMENT OBLIGATIONS | NOTE 6 ASSET RETIREMENT OBLIGATIONS In conjunction with the permit approval permitting the Company to resume mining in the existing open pits at the Relief Canyon Mine during the third quarter of 2014, the Company has recorded an asset retirement obligation based upon the reclamation plan submitted in connection with the permit. For the Nine Balance, beginning of period $ 798,605 Accretion expense 34,611 Reclamation expenditures (18,737) Additions and changes in estimates (21,643) Balance, end of period $ 792,836 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 7 STOCKHOLDERS’ EQUITY On June 17, 2015, the Board of Directors of the Company approved a reverse stock split of the Company’s Common Stock at a ratio of 1-for-18 800,000,000 200,000,000 Preferred Stock The Company is authorized within the limitations and restrictions stated in the Amended and Restated Articles of Incorporation to provide by resolution or resolutions for the issuance of 50,000,000 0.0001 Series A Convertible Preferred Stock As of September 30, 2015, 2,250,000 0.0001 Series B Convertible Preferred Stock As of September 30, 2015, 8,000,000 0.0001 Series C Convertible Preferred Stock As of September 30, 2015, 3,284,396 0.0001 9% Series D Cumulative Preferred Stock As of September 30, 2015, 7,500,000 0.0001 Series E Convertible Preferred Stock As of September 30, 2015, 15,151 0.0001 9,375 As a result of the Reverse Stock Split, the conversion price of the Company’s Series E Preferred Stock was proportionately adjusted to $ 5.04 196.429 During September 2015, a certain holder of the Company’s Series E Preferred Stock converted 50 9,822 Common Stock Private Placement In April 2015, the Company raised approximately $ 11.5 1,962,501 5.85 0.4 7.92 10.5 1,962,501 785,045 120,187 5.85 In connection with the private placement, the Company and the investors entered into registration rights agreements which require the Company to file a registration statement under the Securities Act of 1933, as amended, to register the resale of the Common Stock issued as part of the Units and the Common Stock issuable upon the exercise of the Warrants. The Registration Rights Agreement also contains piggyback registration rights requiring the Company to include the investors’ shares of Common Stock under certain circumstances in future registration statements that may be filed by the Company. Restricted Stock Units On June 8, 2015 and June 9, 2015, the Company granted an aggregate of 66,668 406,000 5,556 5,556 On June 28, 2015, the Company granted an aggregate of 700,000 300,000 400,000 1,755,000 2,340,000 During the nine months ended September 30, 2015 and 2014, the Company recorded stock-based compensation expense in connection with restricted stock and restricted stock unit awards of $ 1,437,402 2,022,747 5,056,791 as of September 30, 2015, and of changes in outstanding during the nine months ended September 30, 2015, is as follows: Nine Months Ended September 30, 2015 Restricted Stock Units Weighted Outstanding at January 1, 2015 19,158 $ 5.20 Granted 766,668 5.87 Vested and converted (5,556) 5.94 Forfeited - - Outstanding at September 30, 2015 780,270 $ 5.77 Common Stock Options Number of Weighted Weighted Balance at December 31, 2014 1,811,121 $ 7.20 7.18 Granted Exercised Forfeited Cancelled Balance at September 30, 2015 1,811,121 7.20 6.43 Options exercisable at end of period 1,811,121 $ 7.20 Options expected to vest Weighted average fair value of options granted during the period $ At September 30, 2015 there was $0 intrinsic value for the stock options outstanding in the above table. Common Stock Warrants Number of Weighted Weighted Balance at December 31, 2014 2,114,188 $ 7.74 1.83 Granted 913,566 7.62 1.62 Cancelled Forfeited Exercised Balance at September 30, 2015 3,027,754 $ 7.65 1.24 Warrants exercisable at September 30, 2015 3,027,754 $ 7.65 1.24 Weighted average fair value of warrants granted during the period $ 7.60 On January 28, 2015, the Company issued four-year warrants to purchase 8,334 5.40 8,334 2.88 24,300 5.40 72 4 1.25 24,300 In April 2015, in connection with the private placement, the Company issued 24 month warrants to purchase 0.4 of a share of Common Stock at an exercise price of $ 7.92 785,045 120,187 5.85 Treasury Stock The Company accounts for treasury stock under the cost method. Between February 2014 and March 2014, the Company reacquired 27,362 181,421 22,222 |
NET LOSS PER COMMON SHARE
NET LOSS PER COMMON SHARE | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
NET LOSS PER COMMON SHARE | NOTE 8 NET LOSS PER COMMON SHARE Net loss per common share is calculated in accordance with ASC Topic 260, “Earnings Per Share”. Basic loss per share is computed by dividing net loss available to common stockholder, adjusted for preferred dividends, by the weighted average number of shares of Common Stock outstanding during the period. The computation of diluted net loss per share does not include anti-dilutive Common Stock equivalents in the weighted average shares outstanding. For the Nine For the Nine Numerator: Net loss $ (14,068,373) $ (10,929,082) Denominator: Denominator for basic and diluted loss per share (weighted-average shares) 20,977,050 16,136,518 Net loss per common share, basic and diluted $ (0.67) $ (0.68) September 30, 2015 September 30, 2014 Common stock equivalents: Stock options 1,811,121 1,811,121 Stock warrants 3,027,754 2,114,141 Restricted stock units 780,270 - Convertible preferred stock 1,841,528 1,570,833 Total 7,460,673 5,496,095 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 9 COMMITMENTS AND CONTINGENCIES Operating Lease The Company leases its corporate facility, and certain office equipment, in Lakewood, Colorado under operating leases with expiration dates through 2018. Rent expense was $ 44,817 35,694 2015 $ 20,087 2016 81,345 2017 83,343 2018 45,455 $ 230,230 In April 2015, the Company executed a new operating lease agreement for its corporate facility in Lakewood, Colorado. The new lease is for a period of 39 16,923 Mining Leases As more fully discussed in Note 3 Mineral Properties, the Company leases certain mineral properties included in its Pershing Pass Property. The future minimum lease payments under these mining leases are as follows: 2015 $ 10,000 2016 20,000 2017 25,000 2018 25,000 2019 25,000 Thereafter 92,500 $ 197,500 |
SUMMARY OF SIGNIFICANT ACCOUN15
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of presentation and principles of consolidation | Basis of presentation and principles of consolidation The unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”) and present the consolidated financial statements of the Company as of September 30, 2015. All intercompany transactions and balances have been eliminated. All adjustments (consisting of normal recurring items) necessary to present fairly the Company’s financial position as of September 30, 2015, and the results of operations and cash flows for the nine months ended September 30, 2015 have been included. The results of operations for the nine months ended September 30, 2015 are not necessarily indicative of the results to be expected for the full year. The accounting policies and procedures employed in the preparation of these consolidated financial statements have been derived from the audited financial statements of the Company for the fiscal year ended December 31, 2014, which are contained in the Company’s Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on March 5, 2015. The consolidated balance sheet as of December 31, 2014, contained herein, was derived from those financial statements. |
Use of estimates | Use of estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet, and revenues and expenses for the period then ended. Actual results may differ significantly from those estimates. Significant estimates made by management include, but are not limited to, the useful life of property and equipment, amounts and timing of closure obligations, the assumptions used to calculate fair value of restricted stock units, options and warrants granted, stock-based compensation, beneficial conversion on convertible notes payable and preferred stock, capitalized mineral rights, asset valuations, timing of the performance criteria of restricted stock units and the fair value of common stock issued. |
Cash and cash equivalents | Cash and cash equivalents The Company considers all highly liquid investments with a maturity of three months or less when acquired to be cash equivalents. The Company places its cash with high credit quality financial institutions. The Company’s accounts at these institutions are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $ 250,000 |
Restricted cash | Restricted cash Restricted cash consists of cash and investments which are held as collateral under a surface management surety bond issued on the Company’s behalf. |
Fair value of financial instruments | Fair value of financial instruments The Company adopted Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures” (“ASC 820”), for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that requires the use of fair value measurements, establishes a framework for measuring fair value and expands disclosure about such fair value measurements. The adoption of ASC 820 did not have an impact on the Company’s financial position or operating results, but did expand certain disclosures. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. The Company analyzes all financial instruments with features of both liabilities and equity under the Financial Accounting Standard Board’s (“FASB”) accounting standard for such instruments. Under this standard, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, prepaid expenses, accounts payable and accrued expenses approximate their estimated fair market values based on the short-term maturity of these instruments. The carrying amount of the note payable at September 30, 2015 approximates its respective fair value based on the Company’s incremental borrowing rate. |
Prepaid expenses | Prepaid expenses and other current assets Prepaid expenses and other current assets of $ 359,032 798,633 |
Mineral property acquisition and exploration costs | Mineral property acquisition and exploration costs Costs of lease, exploration, carrying and retaining unproven mineral lease properties are expensed as incurred. The Company expenses all mineral exploration costs as incurred as it is still in the exploration stage. If the Company identifies proven and probable reserves in its investigation of its properties and upon development of a plan for operating a mine, it would enter the development stage and capitalize future costs until production is established. When a property reaches the production stage, the related capitalized costs are amortized using the units-of-production method over the estimated life of the proven and probable reserves. If in the future the Company has capitalized mineral properties, these properties will be periodically assessed for impairment. To date, the Company has not established the commercial feasibility of any exploration prospects; therefore, all exploration costs are being expensed. ASC 930-805, “Extractive Activities-Mining: Business Combinations” (“ASC 930-805”), states that mineral rights consist of the legal right to explore, extract, and retain at least a portion of the benefits from mineral deposits. Mining assets include mineral rights. Acquired mineral rights are considered tangible assets under ASC 930-805. ASC 930-805 requires that mineral rights be recognized at fair value as of the acquisition date. As a result, the direct costs to acquire mineral rights are initially capitalized as tangible assets. Mineral rights include costs associated with acquiring patented and unpatented mining claims. ASC 930-805-30-1 and 30-2 provides that in fair valuing mineral assets, an acquirer should take into account both: ⋅ ⋅ |
Property and equipment | Property and equipment Property and equipment are carried at cost. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income in the year of disposition. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets, generally one 25 |
Impairment of long-lived assets | Impairment of long-lived assets The Company accounts for the impairment or disposal of long-lived assets according to the ASC 360, “Property, Plant and Equipment”. The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of long-lived assets, including mineral rights, may not be recoverable. Long-lived assets in the exploration stage are monitored for impairment based on factors such as the Company’s continued right to explore the area, exploration reports, assays, technical reports, drill results and the Company’s continued plans to fund exploration programs on the property, and whether sufficient work has been performed to indicate that the carrying amount of the mineral property cost carried forward as an asset will not be fully recovered. The tests for long-lived assets in the exploration stage are monitored for impairment based on factors such as current market value of the long-lived assets and results of exploration, future asset utilization, business climate, mineral prices and future undiscounted cash flows expected to result from the use of the related assets. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated future net undiscounted cash flows expected to be generated by the asset. When necessary, impaired assets are written down to estimated fair value based on the best information available. Estimated fair value is generally based on either appraised value or measured by discounting estimated future cash flows. Considerable management judgment is necessary to estimate discounted future cash flows. Accordingly, actual results could vary significantly from such estimates. The Company recognizes an impairment loss when the sum of expected undiscounted future cash flows is less than the carrying amount of the asset. The Company did not record any impairment of its long-lived assets at September 30, 2015 and December 31, 2014, respectively. |
Asset Retirement Obligations | Asset Retirement Obligations Asset retirement obligations (“ARO”), consisting primarily of estimated mine reclamation and closure costs at the Company’s Relief Canyon property, are recognized in the period incurred and when a reasonable estimate can be made, and recorded as liabilities at fair value. Such obligations, which are initially estimated based on discounted cash flow estimates, are accreted to full value over time through charges to accretion expense. Corresponding asset retirement costs are capitalized as part of the carrying amount of the related long-lived asset and depreciated over the asset’s remaining useful life. Asset retirement obligations are periodically adjusted to reflect changes in the estimated present value resulting from revisions to the estimated timing or amount of reclamation and closure costs. The Company reviews and evaluates its asset retirement obligations annually or more frequently at interim periods if deemed necessary. |
Income taxes | Income taxes The Company accounts for income taxes pursuant to the provision of ASC 740-10, “Accounting for Income Taxes” (“ASC 740-10”), which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets for which management believes it is more likely than not that the net deferred asset will not be realized. The Company follows the provision of ASC 740-10 related to Accounting for Uncertain Income Tax Positions. When tax returns are filed, there may be uncertainty about the merits of positions taken or the amount of the position that would be ultimately sustained. In accordance with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold are measured at the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefit associated with tax positions taken that exceed the amount measured as described above should be reflected as a liability for uncertain tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The Company believes its tax positions are all more likely than not to be upheld upon examination. As such, the Company has not recorded a liability for uncertain tax benefits. The Company has adopted ASC 740-10-25, “Definition of Settlement”, which provides guidance on how an entity should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits and provides that a tax position can be effectively settled upon the completion and examination by a taxing authority without being legally extinguished. For tax positions considered effectively settled, an entity would recognize the full amount of tax benefit, even if the tax position is not considered more likely than not to be sustained based solely on the basis of its technical merits and the statute of limitations remains open. The federal and state income tax returns of the Company are subject to examination by the IRS and state taxing authorities, generally for three years after they are filed. |
Stock-based compensation | Stock-based compensation Stock-based compensation is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718, “Compensation Stock Compensation” (“ASC 718”), which requires recognition in the consolidated financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. Pursuant to ASC Topic 505-50, “Equity Based Payments to Non-employees”, for share-based payments to consultants and other third-parties, compensation expense is determined at the “measurement date.” The expense is recognized over the vesting period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company initially records compensation expense based on the fair value of the award at the reporting date. |
Related party transaction | Related party transaction Parties are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all related party transactions. |
Recent accounting pronouncements | Recent accounting pronouncements In August 2014, FASB issued Accounting Standards Update (“ASU”) No. 2014-15, “Presentation of Financial StatementsGoing Concern” (“ASU No. 2014-15”). The provisions of ASU No. 2014-15 require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this ASU are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company is currently assessing the impact of this ASU on the Company’s consolidated financial statements. In November 2014, FASB issued ASU No. 2014-17, “Business Combinations: Pushdown Accounting” (“ASU No. 2014-17”). This ASU amended the Business Combination Accounting Standards Codification to provide guidance on whether and at what threshold an acquired entity that is a business or nonprofit activity can apply pushdown accounting in its separate financial statements. The Company’s adoption of ASU No. 2014-17 effective November 14, 2014 did not have an impact on the Company’s consolidated results of operations, financial position and related disclosures. In April 2015, FASB issued ASU 2015-03, “Interest Imputation of Interest” (Subtopic 835-30) which focuses on simplifying the presentation of debt issuance costs. The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. The ASU will be effective for periods beginning after December 15, 2015 for public companies. Early adoption is permitted, including adoption in an interim period. The Company is currently assessing the impact of this ASU on the Company’s consolidated financial statements. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures. |
MINERAL PROPERTIES (Tables)
MINERAL PROPERTIES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Mineral Industries Disclosures [Abstract] | |
Mineral Property | Mineral properties consisted of the following: September 30, 2015 December 31, Relief Canyon Mine Gold Acquisition $ 8,501,071 $ 8,501,071 Relief Canyon Mine Newmont Properties 13,709,441 7,709,441 Pershing Pass Property 576,400 576,400 $ 22,786,912 $ 16,786,912 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property and equipment consisted of the following: Estimated Life September 30, 2015 December 31, Furniture and fixtures 5 years $ 56,995 $ 56,995 Office and computer equipment 1 - 5 years 402,835 402,835 Land 358,886 266,977 Building and improvements 5 - 25 years 815,036 817,187 Site costs 10 years 1,403,762 1,407,465 Crushing system 20 years 2,489,298 2,495,865 Process plant and equipment 10 years 3,495,742 3,504,964 Vehicles and mining equipment 5 - 10 years 699,025 699,025 9,721,579 9,651,313 Less: accumulated depreciation (4,100,419) (3,253,092) $ 5,621,160 $ 6,398,221 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Notes Payable [Abstract] | |
Schedule of Notes Payable | September 30, 2015 December 31, 2014 Total notes payable $ 23,596 $ 41,742 Less: current portion (23,596) (24,423) Long term portion $ - $ 17,319 |
ASSET RETIREMENT OBLIGATIONS (T
ASSET RETIREMENT OBLIGATIONS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Asset Retirement Obligations | The following table summarizes activity in the Company’s ARO: For the Nine Balance, beginning of period $ 798,605 Accretion expense 34,611 Reclamation expenditures (18,737) Additions and changes in estimates (21,643) Balance, end of period $ 792,836 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Summary of the outstanding restricted stock | A summary of the status of the as of September 30, 2015, and of changes in outstanding during the nine months ended September 30, 2015, is as follows: Nine Months Ended September 30, 2015 Restricted Stock Units Weighted Outstanding at January 1, 2015 19,158 $ 5.20 Granted 766,668 5.87 Vested and converted (5,556) 5.94 Forfeited - - Outstanding at September 30, 2015 780,270 $ 5.77 |
Summary of the outstanding stock options | A summary of the Company’s outstanding stock options as of September 30, 2015 and changes during the period then ended are presented below: Number of Weighted Weighted Balance at December 31, 2014 1,811,121 $ 7.20 7.18 Granted Exercised Forfeited Cancelled Balance at September 30, 2015 1,811,121 7.20 6.43 Options exercisable at end of period 1,811,121 $ 7.20 Options expected to vest Weighted average fair value of options granted during the period $ |
Summary of the outstanding stock warrants | A summary of the Company’s outstanding stock warrants as of September 30, 2015 and changes during the period then ended are presented below: Number of Weighted Weighted Balance at December 31, 2014 2,114,188 $ 7.74 1.83 Granted 913,566 7.62 1.62 Cancelled Forfeited Exercised Balance at September 30, 2015 3,027,754 $ 7.65 1.24 Warrants exercisable at September 30, 2015 3,027,754 $ 7.65 1.24 Weighted average fair value of warrants granted during the period $ 7.60 |
NET LOSS PER COMMON SHARE (Tabl
NET LOSS PER COMMON SHARE (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Earnings Per Share | The following table sets forth the computation of basic and diluted loss per share: For the Nine For the Nine Numerator: Net loss $ (14,068,373) $ (10,929,082) Denominator: Denominator for basic and diluted loss per share (weighted-average shares) 20,977,050 16,136,518 Net loss per common share, basic and diluted $ (0.67) $ (0.68) |
Schedule of antidilutive securities excluded from computation diluted shares outstanding | The following were excluded from the computation of diluted shares outstanding as they would have had an anti-dilutive impact on the Company’s net loss. In periods where the Company has a net loss, all dilutive securities are excluded. September 30, 2015 September 30, 2014 Common stock equivalents: Stock options 1,811,121 1,811,121 Stock warrants 3,027,754 2,114,141 Restricted stock units 780,270 - Convertible preferred stock 1,841,528 1,570,833 Total 7,460,673 5,496,095 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum rental payments required under the lease | 2015 $ 20,087 2016 81,345 2017 83,343 2018 45,455 $ 230,230 |
Schedule of future minimum lease payments under mining leases | The future minimum lease payments under these mining leases are as follows: 2015 $ 10,000 2016 20,000 2017 25,000 2018 25,000 2019 25,000 Thereafter 92,500 $ 197,500 |
ORGANIZATION AND DESCRIPTION 23
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Textual) | 1 Months Ended | ||||
Jun. 17, 2015$ / sharesshares | Sep. 30, 2015$ / sharesshares | Jun. 16, 2015shares | Dec. 31, 2014$ / sharesshares | May. 17, 2012 | |
Number Of Entity Properties Contain Proven And Probable Reserves | 0 | ||||
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 | |||
Stockholders' Equity, Reverse Stock Split | 1-for-18 | ||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | $ 0.0001 | |||
Pershing Royalty Company | |||||
Number Of Gold Exploration Properties | 2 | ||||
Amendment [Member] | |||||
Common Stock, Shares Authorized | 200,000,000 | 800,000,000 | |||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 |
SUMMARY OF SIGNIFICANT ACCOUN24
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Prepaid expenses | $ 359,032 | $ 798,633 |
Federal Deposit Insurance Corporation Premium Expense | $ 250,000 | |
Maximum [Member] | Property, Plant and Equipment [Member] | ||
Estimated useful life | 25 years | |
Minimum [Member] | Property, Plant and Equipment [Member] | ||
Estimated useful life | 1 year |
MINERAL PROPERTIES (Details)
MINERAL PROPERTIES (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Mineral properties | ||
Total Mineral Properties | $ 22,786,912 | $ 16,786,912 |
Relief Canyon Mine - Gold Acquisition | ||
Mineral properties | ||
Total Mineral Properties | 8,501,071 | 8,501,071 |
Relief Canyon Mine - Newmont Properties | ||
Mineral properties | ||
Total Mineral Properties | 13,709,441 | 7,709,441 |
Pershing Pass Property | ||
Mineral properties | ||
Total Mineral Properties | $ 576,400 | $ 576,400 |
MINERAL PROPERTIES (Details Tex
MINERAL PROPERTIES (Details Textual) | Jan. 14, 2015USD ($)amine | Jun. 30, 2015USD ($) | Sep. 30, 2015USD ($)aminelb | Dec. 31, 2014USD ($) | Nov. 30, 2013USD ($) | Apr. 05, 2012amine |
Mineral properties | ||||||
Royalty percentage on precious metals | 1.00% | |||||
Restricted cash | $ 2,250,000 | $ 2,250,000 | $ 2,250,000 | |||
Payments to Acquire Businesses, Gross | $ 6,000,000 | |||||
Relief Canyon | ||||||
Mineral properties | ||||||
Unpatented millsites owned | mine | 74 | |||||
Net smelter return royalty percentage | 2.00% | |||||
Unpatented mining claims owned | mine | 948 | |||||
Acres of Property | a | 25,000 | |||||
Minesite Claim Owned | mine | 120 | |||||
Unpatented Mining Claims Leased | mine | 172 | |||||
Area of Land for Leased | a | 2,235 | |||||
Area of Land for Subleased | a | 2,770 | |||||
Royalty Return Percentage | 2.00% | |||||
Royalty Return Percentage Total | 4.50% | |||||
Third party | ||||||
Mineral properties | ||||||
Amount of the bonds written | $ 5,000,000 | |||||
Restricted cash required to be maintained as a percentage of the value of the bonds | 45.00% | |||||
Newmont USA Ltd | ||||||
Mineral properties | ||||||
Acres of Property | a | 1,300 | |||||
BLM | ||||||
Mineral properties | ||||||
Statewide bond | $ 5,600,000 | |||||
Excess amount of the current coverage requirement to reclaim land disturbed in exploration and mining operations | $ 108,000 | |||||
New Nevada Lands, LLC | ||||||
Mineral properties | ||||||
Acres of Property | a | 1,600 | |||||
Maximum | Relief Canyon | ||||||
Mineral properties | ||||||
Net smelter return royalty percentage | 5.00% | |||||
Royalty Return Percentage | 5.00% | |||||
Minimum | Relief Canyon | ||||||
Mineral properties | ||||||
Net smelter return royalty percentage | 2.00% | |||||
Royalty Return Percentage | 2.00% | |||||
Relief Canyon Mine - Newmont Properties | ||||||
Mineral properties | ||||||
Unpatented lode mining claims owned | mine | 62 | |||||
Relief Canyon Mine - Newmont Properties | Victoria Gold | ||||||
Mineral properties | ||||||
Area of properties held under leases and subleases | a | 8,900 | |||||
Relief Canyon Mine - Newmont Properties | Victoria Gold | Relief Canyon | ||||||
Mineral properties | ||||||
Acres of Property | a | 13,300 | |||||
Relief Canyon Mine - Newmont Properties | Newmont USA Ltd | ||||||
Mineral properties | ||||||
Unpatented lode mining claims owned | mine | 155 | |||||
Acres of privately-owned fee minerals leased (in acres) | a | 4,900 | |||||
Relief Canyon Mine - Newmont Properties | Newmont USA Ltd | Relief Canyon | ||||||
Mineral properties | ||||||
Acres of Property | a | 2,800 | |||||
Pershing Pass Property | ||||||
Mineral properties | ||||||
Unpatented millsites owned | mine | 17 | |||||
Net smelter return royalty percentage | 2.00% | |||||
Unpatented mining claims owned | mine | 700 | |||||
Acres of Property | a | 12,000 | |||||
Area of properties held under leases and subleases | a | 600 | |||||
Royalty percentage on all metals produced other than gold | 2.00% | |||||
Royalty percentage on gold if gold prices are less than $500 per ounce | 2.00% | |||||
Gold price (per ounce) | lb | 500 | |||||
Royalty percentage on gold if gold prices are over $1,500 per ounce | 3.50% | |||||
Gold price (per ounce) | lb | 1,500 | |||||
Royalty percentage on gold production that the entity can repurchase | 3.00% | |||||
Rate at which the entity can repurchase royalty percentage of gold | $ 600,000 | |||||
Each royalty percentage that the company can repurchase at specified rate | 1.00% | |||||
Royalty Return Percentage | 2.00% | |||||
Pershing Pass Property | Other Metal | ||||||
Mineral properties | ||||||
Royalty percentage on precious metals | 0.50% | |||||
Pershing Pass Property | Wolf Pack Gold (Nevada) Corp | ||||||
Mineral properties | ||||||
Unpatented mining claims owned | mine | 19 | |||||
Purchase price for acquisition of unpatented mining claims | $ 250,000 | |||||
Pershing Pass Property | Minimum | Wolf Pack Gold (Nevada) Corp | Starting September 2016 till September 2023 | ||||||
Mineral properties | ||||||
Advance royalty required to pay per year | 10,000 | |||||
Pershing Pass Property | Minimum | Wolf Pack Gold (Nevada) Corp | Starting September 2023 till September 2028 | ||||||
Mineral properties | ||||||
Advance royalty required to pay per year | 12,500 | |||||
Pershing Pass Property | Minimum | Wolf Pack Gold (Nevada) Corp | Starting September 2028 till September 2033 | ||||||
Mineral properties | ||||||
Advance royalty required to pay per year | 15,000 | |||||
Pershing Pass Property | Minimum | Wolf Pack Gold (Nevada) Corp | September 2033 | ||||||
Mineral properties | ||||||
Advance royalty required to pay per year | $ 20,000 | |||||
2015 Newmont Lease | ||||||
Mineral properties | ||||||
Acres of Property | a | 2,770 | |||||
Percentage of Royalty To Smelter Returns | 2.50% | |||||
Minerals Lease and Sublease work commitment Amount | $ 2,600,000 | |||||
Minerals Lease and Sublease exploration expenditures | $ 2,400,000 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 9,721,579 | $ 9,651,313 |
Less: accumulated depreciation | (4,100,419) | (3,253,092) |
Total property and equipment, net | 5,621,160 | 6,398,221 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 56,995 | 56,995 |
Estimated Life | 5 years | |
Office and computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 402,835 | 402,835 |
Office and computer equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life | 5 years | |
Office and computer equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life | 1 year | |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 358,886 | 266,977 |
Estimated Life | 0 years | |
Building and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 815,036 | 817,187 |
Building and improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life | 25 years | |
Building and improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life | 5 years | |
Site costs | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 1,403,762 | 1,407,465 |
Estimated Life | 10 years | |
Crushing system | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 2,489,298 | 2,495,865 |
Estimated Life | 20 years | |
Process plant and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 3,495,742 | 3,504,964 |
Estimated Life | 10 years | |
Vehicles and mining equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 699,025 | $ 699,025 |
Vehicles and mining equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life | 10 years | |
Vehicles and mining equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life | 5 years |
PROPERTY AND EQUIPMENT (Detai28
PROPERTY AND EQUIPMENT (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 847,327 | $ 733,920 |
NOTES PAYABLE (Details)
NOTES PAYABLE (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule Of Short Term And Long Term Portion [Line Items] | ||
Total notes payable | $ 23,596 | $ 41,742 |
Less: current portion | (23,596) | (24,423) |
Long term portion | $ 0 | $ 17,319 |
NOTES PAYABLE (Details Textual)
NOTES PAYABLE (Details Textual) | 9 Months Ended | ||
Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Aug. 31, 2012USD ($) | |
Debt Instrument [Line Items] | |||
Notes payable | $ 23,596 | $ 41,742 | |
Note Payable | |||
Debt Instrument [Line Items] | |||
Number of equal monthly payments of the debt | 48 | ||
Notes payable | $ 92,145 | ||
Interest rate (as a percent) | 7.00% | ||
Monthly payments of the debt | $ 2,226 |
ASSET RETIREMENT OBLIGATIONS (D
ASSET RETIREMENT OBLIGATIONS (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Balance, beginning of period | $ 798,605 |
Accretion expense | 34,611 |
Reclamation expenditures | (18,737) |
Additions and changes in estimates | (21,643) |
Balance, end of period | $ 792,836 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Restricted Stock Unit | |
Beginning Balance | 19,158 |
Granted | 766,668 |
Vested and converted | (5,556) |
Forfeited | 0 |
Ending Balance | 780,270 |
Weighted Average Grant-Date Fair Value Per Share | |
Beginning Balance | $ / shares | $ 5.20 |
Granted | $ / shares | 5.87 |
Vested and converted | $ / shares | 5.94 |
Forfeited | $ / shares | 0 |
Ending Balance | $ / shares | $ 5.77 |
STOCKHOLDERS' EQUITY (Details 1
STOCKHOLDERS' EQUITY (Details 1) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Number of Options | ||
Beginning Balance | 1,811,121 | |
Granted | 0 | |
Exercised | 0 | |
Forfeited | 0 | |
Cancelled | 0 | |
Ending Balance | 1,811,121 | 1,811,121 |
Options exercisable at end of period | 1,811,121 | |
Options expected to vest | 0 | |
Weighted Average Exercise Price | ||
Beginning Balance | $ 7.2 | |
Granted | 0 | |
Exercised | 0 | |
Forfeited | 0 | |
Cancelled | 0 | |
Ending Balance | 7.2 | $ 7.2 |
Options exercisable at end of period | 7.20 | |
Weighted average fair value of options granted during the period | $ 0 | |
Weighted Average Remaining Contractual Life (Years) | ||
Balance | 6 years 5 months 5 days | 7 years 2 months 5 days |
STOCKHOLDERS' EQUITY (Details 2
STOCKHOLDERS' EQUITY (Details 2) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Number of Warrants | ||
Beginning Balance | 2,114,188 | |
Granted | 913,566 | |
Cancelled | 0 | |
Forfeited | 0 | |
Exercised | 0 | |
Ending Balance | 3,027,754 | 2,114,188 |
Balance at September 30, 2015 | 3,027,754 | |
Weighted Average Exercise Price | ||
Beginning Balance | $ 7.74 | |
Granted | 7.62 | |
Cancelled | 0 | |
Forfeited | 0 | |
Exercised | 0 | |
Ending Balance | 7.65 | $ 7.74 |
Warrants exercisable at September 30, 2015 | 7.65 | |
Weighted average fair value of warrants granted during the period | $ 7.60 | |
Weighted Average Remaining Contractual Life (Years) | ||
Balance | 1 year 2 months 26 days | 1 year 9 months 29 days |
Granted | 1 year 7 months 13 days | |
Warrants exercisable at September 30, 2015 | 1 year 2 months 26 days |
STOCKHOLDERS' EQUITY (Details T
STOCKHOLDERS' EQUITY (Details Textual) - USD ($) | Jun. 28, 2015 | Jun. 09, 2015 | Jun. 17, 2015 | Apr. 30, 2015 | Jan. 28, 2015 | Jul. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 16, 2015 | Dec. 31, 2014 |
Class of Stock [Line Items] | |||||||||||
Stock authorized, shares | 50,000,000 | 50,000,000 | |||||||||
Par value of preferred stock authorized (in dollars per share) | $ 0.0001 | $ 0.0001 | |||||||||
Number of share of preferred stock converted in common shares | 50 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | ||||||||||
Share Price | $ 5.40 | ||||||||||
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Expected Volatility Rate | 72.00% | ||||||||||
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Expected Term | 4 years | ||||||||||
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Risk Free Interest Rate | 1.25% | ||||||||||
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 | |||||||||
Stockholders' Equity, Reverse Stock Split | 1-for-18 | ||||||||||
Shares Converted Into Common Stock | 9,822 | ||||||||||
Stock Issued During Period, Value, Issued for Services | $ 24,300 | ||||||||||
Preferred Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock authorized, shares | 50,000,000 | ||||||||||
Par value of preferred stock authorized (in dollars per share) | $ 0.0001 | ||||||||||
Amendment [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common Stock, Shares Authorized | 200,000,000 | 800,000,000 | |||||||||
Private Placement [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock issued (in shares) | 785,045 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 5.85 | ||||||||||
Proceeds from Issuance or Sale of Equity | $ 10,500,000 | ||||||||||
Warrants To Purchase Common Stock | 120,187 | ||||||||||
Warrants Expiration Term | 30 month | ||||||||||
Shares Issued, Price Per Share | $ 7.92 | ||||||||||
Treasury Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common stock reacquired (in shares) | 27,362 | ||||||||||
Unvested Restricted Stock Awards | 22,222 | ||||||||||
Units Shares [Member] | Private Placement [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common Stock Units Sold | 1,962,501 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 5.85 | ||||||||||
Gross proceeds from sale of units | $ 11,500,000 | ||||||||||
Warrant [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Restricted common stock granted | 8,334 | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Options Granted In Period Total Fair Value | $ 24,300 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.88 | ||||||||||
Warrant [Member] | Private Placement [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Number of shares of common stock issued for each warrant | 0.4 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 7.92 | ||||||||||
Warrants Expiration Term | 24 month | ||||||||||
2014 Stock Surrender | Treasury Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock Surrender Value | $ 181,421 | ||||||||||
Restricted Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock-based compensation expense | $ 1,437,402 | $ 2,022,747 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 5,056,791 | ||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Restricted common stock granted | 766,668 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.87 | ||||||||||
Consultant | |||||||||||
Class of Stock [Line Items] | |||||||||||
Warrants To Purchase Common Stock Shares | 8,334 | ||||||||||
Board of Directors | Restricted Stock Units (RSUs) [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Restricted common stock granted | 66,668 | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Granted In Period Total Fair Value | $ 406,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 5,556 | ||||||||||
Chief Executive Officer And President [Member] | Initial RSU [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Restricted common stock granted | 300,000 | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Granted In Period Total Fair Value | $ 1,755,000 | ||||||||||
Chief Executive Officer And President [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Restricted common stock granted | 700,000 | ||||||||||
Chief Executive Officer And President [Member] | Incentive RSU [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Restricted common stock granted | 400,000 | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Granted In Period Total Fair Value | $ 2,340,000 | ||||||||||
Warrant To Purchase Common Stock | Consultant | |||||||||||
Class of Stock [Line Items] | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 5.40 | ||||||||||
Convertible Series A Preferred Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock authorized, shares | 2,250,000 | 2,250,000 | |||||||||
Par value of preferred stock authorized (in dollars per share) | $ 0.0001 | $ 0.0001 | |||||||||
Preferred stock, Outstanding (in shares) | 0 | 0 | |||||||||
Convertible Series B Preferred Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock authorized, shares | 8,000,000 | 8,000,000 | |||||||||
Par value of preferred stock authorized (in dollars per share) | $ 0.0001 | $ 0.0001 | |||||||||
Preferred stock, Outstanding (in shares) | 0 | 0 | |||||||||
Convertible Series C Preferred Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock authorized, shares | 3,284,396 | 3,284,396 | |||||||||
Par value of preferred stock authorized (in dollars per share) | $ 0.0001 | $ 0.0001 | |||||||||
Preferred stock, Outstanding (in shares) | 0 | 0 | |||||||||
Series E Preferred Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock authorized, shares | 15,151 | 15,151 | |||||||||
Par value of preferred stock authorized (in dollars per share) | $ 0.0001 | $ 0.0001 | |||||||||
Preferred stock, Outstanding (in shares) | 9,375 | 9,425 | |||||||||
Number of common shares issued upon conversion | 196.429 | ||||||||||
Conversion price per share of common stock (in dollars per share) | $ 5.04 | ||||||||||
Common Stock | Private Placement [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock issued (in shares) | 1,962,501 | ||||||||||
Warrants To Purchase Common Stock | 785,045 | ||||||||||
Common Stock | Restricted Stock Units (RSUs) [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock issued (in shares) | 5,556 | ||||||||||
9% Series D Cumulative Preferred Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock authorized, shares | 7,500,000 | ||||||||||
Par value of preferred stock authorized (in dollars per share) | $ 0.0001 |
NET LOSS PER COMMON SHARE (Deta
NET LOSS PER COMMON SHARE (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Numerator: | ||||
Net loss | $ (14,068,373) | $ (10,929,082) | ||
Denominator: | ||||
Denominator for basic and diluted loss per share (weighted-average shares) | 21,709,882 | 17,401,507 | 20,977,050 | 16,136,518 |
Net loss per common share, basic and diluted | $ (0.27) | $ (0.23) | $ (0.67) | $ (0.68) |
NET LOSS PER COMMON SHARE (De37
NET LOSS PER COMMON SHARE (Details 1) - shares | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common stock equivalents | 7,460,673 | 5,496,095 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common stock equivalents | 1,811,121 | 1,811,121 |
Stock warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common stock equivalents | 3,027,754 | 2,114,141 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common stock equivalents | 780,270 | 0 |
Convertible preferred stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common stock equivalents | 1,841,528 | 1,570,833 |
COMMITMENTS AND CONTINGENCIES38
COMMITMENTS AND CONTINGENCIES (Details) | Sep. 30, 2015USD ($) |
Other Commitments [Line Items] | |
2,015 | $ 20,087 |
2,016 | 81,345 |
2,017 | 83,343 |
2,018 | 45,455 |
Total | $ 230,230 |
COMMITMENTS AND CONTINGENCIES39
COMMITMENTS AND CONTINGENCIES (Details 1) | Sep. 30, 2015USD ($) |
COMMITMENTS AND CONTINGENCIES [Line Items] | |
2,015 | $ 10,000 |
2,016 | 20,000 |
2,017 | 25,000 |
2,018 | 25,000 |
2,019 | 25,000 |
Thereafter | 92,500 |
Total | $ 197,500 |
COMMITMENTS AND CONTINGENCIES40
COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($) | 1 Months Ended | 9 Months Ended | ||
Apr. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Other Commitments [Line Items] | ||||
Operating Leases, Rent Expense, Net | $ 44,817 | $ 35,694 | ||
Lease Expiring Period | 39 months | |||
Deferred Rent Credit, Current | $ 16,923 | $ 0 |