Vuzix (VUZI) 10-Q 13 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 13, 2015
Document Information [Line Items]
Entity Registrant Name	Vuzix Corp
Entity Central Index Key	1,463,972
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	VUZI
Entity Common Stock, Shares Outstanding		16,031,434
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,015

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Current Assets
Cash and Cash Equivalents	$ 15,047,989	$ 84,967
Accounts Receivable	84,380	383,533
Marketable Securities	5,000,000	0
Inventories, Net	1,086,838	911,949
Prepaid Manufacturing Vendor Payments	843,772	156,091
Prepaid Expenses and Other Assets	536,373	422,909
Total Current Assets	22,599,352	1,959,449
Tooling and Equipment, Net	486,190	416,965
Patents and Trademarks, Net	514,295	423,489
Software Development Costs, Net	644,513	787,738
Debt Issuance Costs, Net	89,488	112,521
Total Assets	24,333,838	3,700,162
Current Liabilities
Accounts Payable	688,397	2,183,565
Line of Credit	0	112,500
Notes Payable	0	37,038
Current Portion of Long-term Debt, Net of discount	82,464	128,425
Current Portion of Capital Leases	6,009	16,882
Customer Deposits	21,872	120,550
Unearned Revenue	68,591	53,403
Accrued Expenses	719,837	699,067
Income and Other Taxes Payable	6,732	35,158
Total Current Liabilities	1,593,902	3,386,588
Long-Term Liabilities
Long-Term Derivative Liability	169,027	13,541,138
Long-Term Portion of Term Debt, Net of discount	1,077,552	1,088,996
Long-Term Portion of Accrued Interest	125,405	81,451
Total Long-Term Liabilities	1,371,984	14,711,585
Total Liabilities	2,965,886	18,098,173
Stockholders’ Equity (Deficit)
Preferred Stock — $.001 Par Value, 5,000,000 Shares Authorized; 49,626 Shares Issued and Outstanding June 30, 2015, and 0 Shares Outstanding on December 31, 2014	50	0
Common Stock — $.001 Par Value, 100,000,000 Shares Authorized; 16,001,434 Shares Issued and Outstanding June 30, 2015 and 11,295,387 on December 31, 2014	16,000	11,296
Additional Paid-in Capital	73,006,471	29,752,083
Accumulated Deficit	(51,654,569)	(44,161,390)
Total Stockholders’ Equity (Deficit)	21,367,952	(14,398,011)
Total Liabilities and Stockholders’ Equity (Deficit)	$ 24,333,838	$ 3,700,162

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Preferred Stock, Par Value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Shares Issued	49,626
Preferred Stock, Shares Outstanding	49,626	0
Common Stock, Par Value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares Issued	16,001,434	11,295,387
Common Stock, Shares Outstanding	16,001,434	11,295,387

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - 6 months ended Jun. 30, 2015 - USD ($)	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Preferred Stock
Balance at Dec. 31, 2014	$ (14,398,011)	$ 11,296	$ 29,752,083	$ (44,161,390)	$ 0
Balance (in shares) at Dec. 31, 2014		11,295,387			0
Stock Compensation Expense	252,331		252,331
Conversion of Note Payable	472,500	$ 210	472,290
Conversion of Note Payable (in shares)		210,000
Stock Issues for Services	583,664	$ 100	583,564
Stock Issues for Services (in shares)		100,337
Common Stock Awards to Officers, Directors and Law Firm	1,475,000	$ 295	1,474,705
Common Stock Awards to Officers, Directors and Law Firm (in Shares)		295,000
Warrants Issued for Services	260,373		260,373
Exercise of Warrants	1,217,626	$ 4,091	1,213,535
Exercise of Warrants (in shares)		4,092,254
Reclass Fair Value of Warrant Derivative Liability upon Exercise	2,855,463		2,855,463
Reclass Fair Value of Warrant Derivative Liability Upon Waiver of Certain Anti-Dilutive Provisions	8,736,412		8,736,412
Reclass Fair Value of Note Derivative Liability Upon Waiver of Certain Anti-Dilutive Provisions	2,806,942		2,806,942
Proceeds from Preferred Stock Offering	24,813,000		24,812,950		$ 50
Proceeds from Preferred Stock Offering (in Shares)					49,626
Direct costs of preferred stock Offering	(214,169)		(214,169)
Exercise of Stock Options	0	$ 8	(8)
Exercise of Stock Options (in shares)		8,456
Net Loss	(7,493,179)			(7,493,179)
Balance at Jun. 30, 2015	$ 21,367,952	$ 16,000	$ 73,006,471	$ (51,654,569)	$ 50
Balance (in shares) at Jun. 30, 2015		16,001,434			49,626

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Sales of Products	$ 427,812	$ 609,887	$ 1,123,386	$ 1,259,305
Sales of Engineering Services	0	113,371	113,581	262,371
Total Sales	427,812	723,258	1,236,967	1,521,676
Cost of Sales — Products	392,548	416,808	977,938	807,457
Cost of Sales — Engineering Services	0	45,432	45,432	105,032
Total Cost of Sales	392,548	462,240	1,023,370	912,489
Gross Profit	35,264	261,018	213,597	609,187
Operating Expenses:
Research and Development	732,491	295,552	1,247,198	692,974
Selling and Marketing	345,262	256,767	702,809	621,322
General and Administrative	1,023,244	532,561	3,958,149	1,012,197
Depreciation and Amortization	78,548	101,438	138,187	201,143
(Loss) from Operations	(2,144,281)	(925,300)	(5,832,746)	(1,918,449)
Other Income (Expense)
Other Taxes	(2,290)	(25,093)	(14,065)	(46,535)
Foreign Exchange Gain (Loss)	(4,223)	3,713	1,048	(237)
Gain (Loss) on Derivative Valuation	(23,279)	1,248,556	(1,026,706)	3,823,818
Amortization of Senior Term Debt Discount	(178,981)	(33,889)	(519,941)	(40,214)
Amortization of Deferred Financing Costs	(11,580)	(3,405)	(23,032)	(3,405)
Interest Expenses	(37,693)	(25,472)	(77,737)	(63,962)
Total Other Income (Expense)	(258,046)	1,164,410	(1,660,433)	3,669,465
Income (Loss) Before Provision for Income Taxes	(2,402,327)	239,110	(7,493,179)	1,751,016
Provision (Benefit) for Income Taxes	0	0	0	0
Net Income (Loss)	(2,402,327)	239,110	(7,493,179)	1,751,016
Preferred Stock Dividends	(376,545)	0	(735,483)	0
Earnings Available to Common Shareholders	$ (2,778,872)	$ 239,110	$ (8,228,662)	$ 1,751,016
Earnings (Loss) per Share
Basic	$ (0.17)	$ 0.02	$ (0.56)	$ 0.17
Diluted	$ (0.17)	$ 0.02	$ (0.56)	$ 0.15
Weighted-average Shares Outstanding:
Basic	15,934,279	10,285,453	14,754,298	10,135,387
Diluted	15,934,279	11,226,921	14,754,298	11,395,405

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows from Operating Activities
Net Income (Loss)	$ (7,493,179)	$ 1,751,016
Non-Cash Adjustments
Depreciation and Amortization	138,187	201,143
Amortization of Software Development Costs in cost of sales products	143,225	0
Common Stock Awards Compensation Expense	1,475,000	0
Stock-Based Option Compensation Expense	252,331	38,694
Amortization of Term Debt Discount	519,941	40,214
Amortization of Debt Issuance Costs	23,032	3,405
Common Stock and Warrants Issued for Services	821,121	0
(Gain) Loss on Derivative Valuation	1,026,706	(3,823,818)
(Increase) Decrease in Operating Assets
Accounts Receivable	299,153	48,783
Inventories	(174,889)	36,801
Vendor Prepayments	(687,681)	0
Prepaid Expenses and Other Assets	(90,547)	140,200
Increase (Decrease) in Operating Liabilities
Accounts Payable	(1,495,169)	(327,655)
Accrued Expense	20,770	28,427
Customer Deposits	(98,678)	(103,671)
Unearned Revenue	15,188	0
Income and Other Taxes Payable	(28,426)	(37,051)
Accrued Interest	43,954	24,513
Net Cash Flows Used in Operating Activities	(5,289,961)	(1,978,999)
Cash Flows from Investing Activities
Purchases of Tooling and Equipment	(171,243)	(83,619)
Purchases of Marketable Securities	(5,000,000)	0
Investments in Software	0	(482,196)
Investments in Patents and Trademarks	(126,975)	(43,821)
Net Cash Used in Investing Activities	(5,298,218)	(609,636)
Cash Flows from Financing Activities
Proceeds from Exercise of Warrants	1,217,626	1,586,691
Repayment of Capital Leases	(10,873)	(15,171)
Repayment of Long-Term Debt and Notes Payable	(141,883)	(183,624)
Proceeds from Senior Convertible Debt	0	3,000,000
Issuance Costs on Senior Convertible Debt	0	(138,090)
Proceeds from Preferred Stock Offering	24,813,000	0
Issuance Costs on Preferred Stock Offering	(214,169)	0
Net Change in Lines of Credit	(112,500)	0
Net Cash Flows Provided by Financing Activities	25,551,201	4,249,806
Net Increase in Cash and Cash Equivalents	14,963,022	1,661,171
Cash and Cash Equivalents — Beginning of Period	84,967	310,140
Cash and Cash Equivalents — End of Period	15,047,989	1,979,311
Supplemental Disclosures
Interest Paid	25,495	42,854
Common Stock and Warrants Issued for Services, Classified as Prepaid Expense	843,937	0
Conversion of Long-Term Debt	427,500	0
Discount on Senior Convertible Debt attributed to embedded Conversion Price Adjustment Option	0	1,938,988
Reclassification of Derivative Liability to Paid-In Capital upon Waiver of Certain Anti-Dilutive Provisions of Warrants and Convertible Debt	11,543,354	0
Reclassification of Derivative Liability Upon Warrant Exercises	$ 2,855,463	$ 0

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
Basis of Presentation	Note 1 — Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of Vuzix Corporation and Subsidiaries (“the Company") have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission. Accordingly, the unaudited Condensed Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. The condensed consolidated balance sheet as of December 31, 2014 was derived from the audited Consolidated Financial Statements in Form 10-K. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements of the Company as of December 31, 2014, as reported in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission. The results of the Company’s operations for any interim period are not necessarily indicative of the results of the Company’s operations for any other interim period or for a full fiscal year.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2015
Earnings (Loss) Per Share
Earnings (Loss) Per Share	Note 2 – Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income or loss by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution from the assumed exercise of stock options and warrants, and the conversion of any convertible debt and convertible preferred shares. During periods of net loss, all common stock equivalents are excluded from the diluted EPS calculation because they are antidilutive. Since the Company reported a net loss for the three and six months ended June 30, 2015, the calculation for basic and diluted earnings per share is considered to be the same, as the impact of potential common shares is anti-dilutive. Since the Company reported net income for the three and six months ended June 30, 2014, a total of 941,467 and 1,260,019 additional shares have been included respectively for these diluted calculations. As of June 30, 2015 and December 31, 2014, there were 7,283,036 and 7,012,767 respectively, common stock share equivalents potentially issuable under convertible debt agreements, conversion of preferred shares, options, and warrants that could potentially dilute basic earnings per share in the future.

Marketable Securities

Marketable Securities	6 Months Ended
	Jun. 30, 2015
Cash and Cash Equivalents [Abstract]
Cash and Equivalents and Marketable Securities	Note 3 — Marketable Securities Marketable securities consists of highly liquid, highly rated, short term commercial paper with original maturities of more than three months and less than twelve months. These investments are classified as available-for-sale with a fair value determinable based on level 1 inputs. As of June 30, 2015, the contractual maturities of these investments totaled $5,000,000 which approximated their fair value. The Company held no such investments as of December 31, 2014.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Inventories	Note 4 — Inventories Inventories are stated at the lower of cost (determined on the first-in, first-out or specific identification method) or market and consisted of the following as at June 30, 2015 and December 31, 2014: June 30, 2015 December 31, 2014 Purchased Parts and Components $ 1,031,521 $ 1,251,224 Work in Process 10,895 25,974 Finished Goods 329,494 300,889 Less: Reserve for Obsolescence (285,072 ) (666,138 ) Net $ 1,086,838 $ 911,949

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2015
Notes Payable [Abstract]
Notes Payable	Note 5 — Notes Payable Notes payable represent promissory notes payable by the Company. June 30, December 31, Notes payable to officers and shareholders of the Company. The notes bear interest at 18.5% and secured by all the assets of the Company. Paid in full during 2015. $ — $ 37,038 $ — $ 37,038

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2015
Payables and Accruals [Abstract]
Accrued Expenses	Note 6 — Accrued Expenses Accrued expenses consisted of the following: June 30, 2015 December 31, 2014 Accrued Wages and Related Costs $ 107,474 $ 101,445 Accrued Compensation 417,286 428,786 Accrued Professional Services 52,000 45,000 Accrued Warranty Obligations 46,663 39,624 Accrued Interest 96,414 75,471 Other Accrued Expenses — 8,741 Total $ 719,837 $ 699,067 Included in the above accrued compensation are amounts owed to officers of the Company for services rendered that remain outstanding. These amounts are not subject to a fixed repayment schedule and they bear interest at a rate of 8% per annum, compounding monthly. The related interest amounts included in Accrued Interest were $71,076 and $62,801 respectively as of June 30, 2015 and December 31, 2014. The related interest expense amounts for the six months ended June 30, 2015 and 2014 were $18,171 and $8,994 respectively. The Company has warranty obligations in connection with the sale of certain of its products. The warranty period for its products is generally one year except in certain European countries where it is two years. The costs incurred to provide for these warranty obligations are estimated and recorded as an accrued liability at the time of sale. The Company estimates its future warranty costs based on product-based historical performance rates and related costs to repair. The changes in the Company’s accrued warranty obligations for the six months ended June 30, 2015 were as follows: Accrued Warranty Obligations at December 31, 2014 $ 39,624 Reductions for Settling Warranties (38,032 ) Warranties Issued During Period 45,071 Accrued Warranty Obligations at June 30, 2015 $ 46,663

Derivative Liability and Fair V

Derivative Liability and Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Liability and Fair Value Measurements	Note 7 – Derivative Liability and Fair Value Measurements The Company recognized a derivative liability for the warrants to purchase shares of its common stock issued in connection with the public equity offering and related debt conversions on August 5, 2013. These warrants have a cashless exercise provision and an exercise price that is subject to adjustment in the event of subsequent equity sales at a lower purchase price (subject to certain exceptions) along with full-ratchet anti-dilution provisions. In accordance with ASC 815-10-25, we measured the derivative liability using a Monte Carlo Options Lattice pricing model at their issuance date and subsequently remeasured the liability on each reporting date. Accordingly, at the end of each quarterly reporting date the derivative fair market value is remeasured and adjusted to current market value. As at June 30, 2015 a total of 45,100 of these warrants were outstanding and as at December 31, 2014 a total of 4,730,992 warrants were outstanding that contained a full-ratchet anti-dilution provision. In connection with the Series A Private Placement on January 2, 2015 (see Note 10), holders of approximately 86% of outstanding warrants issued by the Company in its public offering and in connection with the conversion by certain holders of the Company’s outstanding debt in connection with the Company’s public offering (collectively, the “Public Offering Warrants”) agreed to irrevocably waive their rights to anti-dilution protection under Section 2(b) of the Public Offering Warrants in the event the Company issues additional securities at a per share price lower than the exercise price of the Public Offering Warrants (the “Public Offering Warrant Waiver”). As a result the related derivative liability was reversed to Nil and reclassified into stockholders equity under Additional Paid-In Capital. The Company recognized a derivative liability during the year ended December 31, 2014 for the $3,000,000 of senior convertible notes with a conversion price that is subject to adjustment in the event of subsequent equity sales at a lower purchase price (subject to certain exceptions). In accordance with FASB ASC 815-10-25, we measured the derivative liability of this embedded conversion option using a Monte Carlo Options Lattice pricing model at the June 3, 2014 issuance date as $1,938,988. The value of the derivative liability at issuance was recorded as a discount against the notes in the Long-Term Liabilities section of the balance sheet which is amortized into interest expense over the term of the related note. At the end of each quarterly reporting date the derivative fair market value is remeasured and adjusted to current market value through earnings. In connection with the Series A Private Placement on January 2, 2015, each of the holders of notes issued by the Company on June 3, 2014 (the “June 2014 Notes”) agreed to irrevocably waive their rights to anti-dilution protection under Section 5(b) of the June 2014 Notes in the event the Company issues additional securities at a per share price lower than the conversion price of the June 2014 Notes (the “June 2014 Note Waiver”). As a result this derivative liability was reversed to Nil and reclassified into stockholders equity under Additional Paid-In Capital. For period ending December 31, 2014, the Monte Carlo Options Lattice pricing model was used to estimate the fair value of the embedded conversion option on the convertible notes issued during this period. The Company has adopted FASB ASC Topic 820 for financial instruments measured at fair value on a recurring basis. ASC Topic 820 defines fair value, establishes a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements. Fair value is defined 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. FASB ASC Topic 820 establishes a six-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include: - Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; - Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and - Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The Company’s financial instruments primarily consists of cash and cash equivalents, marketable securities, accounts receivable, accounts payable, lines of credit, long-term debt and capital leases, customer deposits, accrued expenses, and income taxes payable. As of the consolidated balance sheet dates, the estimated fair values of the financial instruments were not materially different from their carrying values as presented due to both the short maturities of these instruments and that the interest rates on borrowing approximate those that would have been available for loans for similar remaining maturity and risk profiles. We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows at June 30, 2015: Total Level 1 Level 2 Level 3 Marketable Securities $ 5,000,000 $ 5,000,000 $ — $ — Total assets measured at fair value 5,000,000 5,000,000 — — Liabilities Warrant Liability 169,027 — — 169,027 Total liabilities measured at fair value (Long-Term) $ 169,027 $ — $ — $ 169,027 We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows at December 31, 2014: Total Level 1 Level 2 Level 3 Assets $ — $ — $ — $ — Total assets measured at fair value — — — — Liabilities Note Conversion Feature Liability 2,806,942 — — 2,806,942 Warrant Liability 10,734,196 — — 10,734,196 Total liabilities measured at fair value (Long-Term) $ 13,541,138 $ — $ — $ 13,541,138 Fair value – December 31, 2014 $ 13,541,138 Reclassification of warrant exercises to Additional Paid-in Capital (2,855,463 ) Change in fair value for the period of warrant derivative liability 1,026,706 Reclassification of embedded debt conversion price adjustment provision liability to Additional Paid-in Capital upon waiver of certain anti-dilutive provisions (2,806,942 ) Reclassification of warrant exercise price adjustment provision liability to Additional Paid-in Capital upon waiver of certain anti-dilutive provisions (8,736,412 ) Fair value – June 30, 2015 $ 169,027 The Monte Carlo Options Lattice pricing model was used to estimate the fair value of the derivative liability outstanding: June 30, 2015 December 31, Assumptions for Pricing Model: Expected term in years 3.10 to 3.29 3.59 to 3.78 Volatility range for years 94 to 104% 81 to 89% Risk-free interest rate 0.86 to 1.01% 0.83 to 1.11% Expected annual dividends None None

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Long-Term Debt	Note 8 — Long-Term Debt Long-term debt consisted of the following: June 30, December Note payable for research and development equipment. The principal is subject to a fixed semi-annual repayment schedule commencing October 31, 2013 over 48 months. The note carries a 0% interest rate. $ 98,243 $ 186,131 The note carries a 0% interest, but imputed interest has been accrued based on a 12% discount rate and is reflected as a reduction in the principal. (33,748 ) (46,399 ) Note payable for which the principal and interest is subject to a fixed blended repayment schedule of 36 months, commencing July 15, 2013. The loan bears interest at 12% per annum and is secured by a subordinated position in all the assets of the Company. 33,916 50,874 Convertible, Senior Secured Notes payable. The principal is due June 3, 2017 and no principal payments are required prior to maturity. The notes carry 5% interest, payable upon the note’s maturity. Both the principal plus accrued interest is convertible into shares of the Company’s common shares at $2.25, subject to normal adjustments. The notes are secured by a first security position in all the assets of the Company. 1,902,500 2,375,000 Unamortized debt discount related to derivative liability associated with above notes’ conversion price that is subject to adjustment in the event of subsequent equity sales at a lower purchase price (subject to certain exceptions). Upon issuance on June 3, 2014 the discount was $1,938,988. (840,895 ) (1,348,185 ) 1,160,016 1,217,421 Less: Amount Due Within One Year (82,464 ) (128,425 ) Amount Due After One Year $ 1,077,552 $ 1,088,996 The calendar year aggregate maturities for all long-term borrowings exclusive of discounts as of June 30, 2015 are as follows: Total Aggregate Maturity For Period Amounts 2015 $ 107,766 2016 24,393 2017 1,902,500 Total Required Principal Payments Exclusive of Debt Discounts 2,034,659 Total Unamortized Debt Discounts (874,643 ) Total Net Long-Term Borrowings as of June 30, 2015 $ 1,160,016

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Note 9 — Income Taxes The Company’s effective income tax rate is a combination of federal, state and foreign tax rates and differs from the U.S. statutory rate due to taxes on foreign income, permanent differences including tax-exempt interest, and the resolution of tax uncertainties, offset by a valuation allowance against U.S. deferred income tax assets.

Preferred Stock

Preferred Stock	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Preferred Stock	Note 10 — Preferred Stock The Company may issue shares of undesignated preferred stock in one or more series. The Board of Directors is authorized to establish and designate the different series and to fix and determine the voting powers and other special rights and qualifications. A total of 5,000,000 shares of preferred stock are authorized as of June 30, 2015 and December 31, 2014. On January 2, 2015 (the “Series A Closing Date”), we entered into and closed a Series A Preferred Stock Purchase Agreement (the “Series A Purchase Agreement”) with Intel Corporation (the “Series A Purchaser”), pursuant to which we issued and sold to the Series A Purchaser, an aggregate of 49,626 shares of the Company’s Series A Preferred Stock, at a purchase price of $500 per share, for an aggregate purchase price of $24,813,000 (the “Series A Private Placement”). Each share of Series A Preferred Stock is convertible, at the option of the Series A Purchaser, into 100 shares of the Company’s common stock (determined by dividing the Series A Original Issue Price of $500 by the Series A Conversion Price. The Series A Conversion Price is $5.00, subject to adjustment in the event of stock splits, dividends or other combinations). Total costs incurred connection with this offering were approximately $214,000. Each share of Series A Preferred Stock is entitled to receive dividends at a rate of 6% per annum, compounded quarterly and payable in cash or in kind, at the Company’s sole discretion. As of June 30, 2015, total accrued and unpaid preferred dividends were $735,483. In the event of the liquidation, dissolution or winding up of the Company, each share of Series A Preferred Stock is entitled to a liquidation preference equal to one times (1x) the Series A Purchaser’s original per share purchase price, plus a right to receive an additional liquidation distribution together with the common stock holders pro rata on an as converted basis, but not in excess of $1,000 per share in the aggregate (subject to adjustment for accrued but unpaid dividends and in the event of stock splits, dividends or other combinations). Each share of Series A Preferred Stock is entitled to vote with the holders of the Company’s common stock on matters presented to its stockholders, and is entitled to cast such number of votes equal to the whole number of shares of common stock into which such shares of Series A Preferred Stock are convertible. The holders of record of the Series A Preferred Stock are entitled to nominate and elect 2 directors to the Company’s Board of Directors (the “Board Election Right”), at least one of whom will be required to qualify as an “independent” director, as that term is used in applicable exchange listing rules. The Board Election Right with respect to the independent director will terminate on such date as the number of shares of Series A Preferred Stock then outstanding is less than 40% of the original amount purchased by the Series A Purchaser. The Board Election Right with respect to the second director shall terminate on such date as the number of shares of Series A Preferred Stock then outstanding is less than 20% of the original amount purchased by the Series A Purchaser. The Company also granted the Series A Purchaser the right to have a board observer at meetings of the Company’s Board of Directors and committees thereof. For as long as at least 25% (or 12,406 shares) of the Series A Preferred Stock is outstanding, the Company may not, without the consent of holders of at least 60% of the then outstanding shares of Series A Preferred Stock, take certain actions, including but not limited to: (i) liquidate, dissolve, or wind up the business and affairs of the Company; (ii) amend, alter or repeal any provision of its charter or bylaws in a manner that adversely effects the rights of the Series A Preferred Stock; (iii) create or issue any capital stock that is equal to or senior to the Series A Preferred Stock with respect to preferences; (iv) create or issue any debt security, subject to certain exceptions; (v) pay off any debt obligation prior to its stated maturity date; or (vi) enter into any stockholders rights plan or similar arrangement or take other actions that may limit actions that holders of a majority of the Series A Preferred Stock can take under Section 203 (“Section 203”) of the Delaware General Corporation Law, as well as such other customary provisions protecting the rights of the holder of the Series A Preferred Stock, as are outlined in the Certificate of Designation. The Series A Purchaser has the right to participate in any proposed issuance by the Company of its securities, subject to certain exceptions (the “Participation Right”). In the event the Series A Purchaser is not afforded the opportunity to exercise its Participation Right, the Series A Purchaser will have the right, but not the obligation, up to two times per calendar year, to acquire additional securities from the Company in such amount as is sufficient to maintain the Series A Purchaser’s ownership percentage in the Company, calculated immediately prior to such applicable financing, at a purchase price equal to the per share price of the Company’s securities in such applicable financing. In connection with the Series A Private Placement, the Company entered into an investor’s rights agreement with the Series A Purchaser, pursuant to which the Company agreed to file a “resale” registration statement with the Securities and Exchange Commission (the “SEC”) covering all shares of common stock issuable upon conversion of the Series A Preferred Stock sold in the Series A Private Placement on or before February 14, 2015. The Company filed the registration statement on February 12, 2015 and the registration statement was declared effective by the SEC on February 17, 2015.

Stock Warrants

Stock Warrants	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Stock Warrants	Note 11 — Stock Warrants A summary of the various changes in warrants during the six-month period ended June 30, 2015 is as follows. Number of Warrants Outstanding at December 31, 2014 5,236,660 Exercised During the Period (4,706,517 ) Issued During the Period 60,000 Expired During the Period (14,814 ) Warrants Outstanding, June 30, 2015 575,329 The outstanding warrants as of June 30, 2015 expire from December 31, 2015 to August 5, 2018. The weighted average remaining term of the warrants is 2.7 years. The weighted average exercise price is $2.40 per share. During the six months ending June 30, 2015 a total 4,168,267 warrants were exercised on a cashless basis resulting in the issuance of 3,554,004 shares. The Black-Scholes-Merton pricing model was used to estimate the fair value of share-based awards under FASB ASC Topic 718. The Black-Scholes-Merton pricing model incorporates various and highly subjective assumptions, including expected term and expected volatility. The following summary table shows the assumptions used to compute the fair value of warrants granted during the six period ended June 30, 2015 for investor relations services and their estimated value: · Expected term in years 2.8 to 3.0 years · Volatility 122.8 to 122.9% · Risk-free interest rate 0.90 to 0.99% · Expected annual dividends None · Fair value of warrants issued $260,373 The entire fair value amount of the warrants issued was recognized during the six-month period ended June 30, 2015.

Stock Option Plans

Stock Option Plans	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Option Plans	Note 12 — Stock Option Plans A summary of stock option activity for the six months ended June 30, 2015 is as follows: Weighted Average Number of Exercise Outstanding at December 31, 2014 720,551 $ 4.46 Granted 229,000 $ 5.36 Exercised (15,833 ) $ 2.60 Expired or Forfeited (34,167 ) $ 3.38 Outstanding at June 30, 2015 899,551 $ 4.76 As of June 30, 2015, there were 347,222 options that were fully vested and exercisable at a weighted average exercise price of $6.48 per share. The weighted average remaining contractual term on the vested options is 7.0 years. As of June 30, 2015 there were 552,329 unvested options exercisable at a weighted average exercise price of $3.69 per share. The weighted average remaining contractual term on the unvested options is 9.8 years. The following summary table shows the assumptions used to compute the fair value of options granted during the six period ended June 30, 2015 and their estimated value: · Expected term in years 6.0 years · Volatility 111.1% · Risk-free interest rate 1.74% · Expected annual dividends None · Fair value of options issued $1,026,243 No cash was received from option exercises for the six months ended June 30, 2015 and 2014. During the quarter ended June 30, 2015 the Company issued a total of 8,456 shares of common stock as the result of the cashless exercise of 15,833 options. The weighted average fair value of option grants was calculated using the Black-Scholes-Merton option pricing method. At June 30, 2015, the Company had approximately $1,843,903 of unrecognized stock compensation expense, which will be recognized over a weighted average period of approximately 2.2 years.

Litigation

Litigation	6 Months Ended
	Jun. 30, 2015
Litigation Disclosure [Abstract]
Litigation	Note 13 — Litigation We are not currently involved in any pending legal proceeding or litigation.

Contractual Obligations

Contractual Obligations	6 Months Ended
	Jun. 30, 2015
Contractual Obligations [Abstract]
Contractual Obligations	Note 14 — Contractual Obligations The Company leases office and manufacturing space under operating leases that expire on September 30, 2015 through to March 1, 2016. The Company’s total contractual payment obligations for operating leases as of June 30, 2015 total $40,000. The Company signed a lease agreement for new office and manufacturing space under an operating lease that is contemplated to commence any time after October 1, 2015, subject to completion. The lease is cancellable by the Company upon 30 days-notice if the premises are not ready for possession by November 30, 2015. The base rent contractual payment obligations under this operating lease will be $335,248 per year, once the lease commences. The lease has an original 5 year term with an option by the Company to renew for two 3 year terms at pre-agreed to lease rates.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2015
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Note 15 — Recent Accounting Pronouncements FASB ASU 2015-1, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. This FASB ASU eliminates from GAAP the concept of extraordinary items. FASB ASU 2015-1 is effective for the annual period ending after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. FASB ASU 2015-03—Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This FASB ASU requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability (same treatment as debt discounts). FASB ASU 2015-3 is effective for the annual periods beginning after December 15, 2015. Early adoption is permitted for financial statements that not have been previously issued. FASB ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. This ASU requires inventory within the scope of the guidance be measured at the lower of cost or net realizable value. FASB ASU 2015-11 is effective for annual and interim periods beginning after December 15, 2016, with prospective application required. Early adoption is permitted. The Company is evaluating the potential impact of this FASB ASU on the condensed consolidated financial statements. There are no other recent accounting pronouncements that are expected to have a material impact on the condensed consolidated financial statements.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories are stated at the lower of cost (determined on the first-in, first-out or specific identification method) or market and consisted of the following as at June 30, 2015 and December 31, 2014: June 30, 2015 December 31, 2014 Purchased Parts and Components $ 1,031,521 $ 1,251,224 Work in Process 10,895 25,974 Finished Goods 329,494 300,889 Less: Reserve for Obsolescence (285,072 ) (666,138 ) Net $ 1,086,838 $ 911,949

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Payable [Abstract]
Notes payable represent promissory notes payable	Notes payable represent promissory notes payable by the Company. June 30, December 31, Notes payable to officers and shareholders of the Company. The notes bear interest at 18.5% and secured by all the assets of the Company. Paid in full during 2015. $ — $ 37,038 $ — $ 37,038

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2015
Payables and Accruals [Abstract]
Components of Accrued Expenses	Accrued expenses consisted of the following: June 30, 2015 December 31, 2014 Accrued Wages and Related Costs $ 107,474 $ 101,445 Accrued Compensation 417,286 428,786 Accrued Professional Services 52,000 45,000 Accrued Warranty Obligations 46,663 39,624 Accrued Interest 96,414 75,471 Other Accrued Expenses — 8,741 Total $ 719,837 $ 699,067
Changes in Accrued Warranty Obligations	The changes in the Company’s accrued warranty obligations for the six months ended June 30, 2015 were as follows: Accrued Warranty Obligations at December 31, 2014 $ 39,624 Reductions for Settling Warranties (38,032 ) Warranties Issued During Period 45,071 Accrued Warranty Obligations at June 30, 2015 $ 46,663

Derivative Liability and Fair25

Derivative Liability and Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis	We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows at June 30, 2015: Total Level 1 Level 2 Level 3 Marketable Securities $ 5,000,000 $ 5,000,000 $ — $ — Total assets measured at fair value 5,000,000 5,000,000 — — Liabilities Warrant Liability 169,027 — — 169,027 Total liabilities measured at fair value (Long-Term) $ 169,027 $ — $ — $ 169,027 We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows at December 31, 2014: Total Level 1 Level 2 Level 3 Assets $ — $ — $ — $ — Total assets measured at fair value — — — — Liabilities Note Conversion Feature Liability 2,806,942 — — 2,806,942 Warrant Liability 10,734,196 — — 10,734,196 Total liabilities measured at fair value (Long-Term) $ 13,541,138 $ — $ — $ 13,541,138
Schedule of Fair Value Level 3 warrant liabilities	Fair value – December 31, 2014 $ 13,541,138 Reclassification of warrant exercises to Additional Paid-in Capital (2,855,463 ) Change in fair value for the period of warrant derivative liability 1,026,706 Reclassification of embedded debt conversion price adjustment provision liability to Additional Paid-in Capital upon waiver of certain anti-dilutive provisions (2,806,942 ) Reclassification of warrant exercise price adjustment provision liability to Additional Paid-in Capital upon waiver of certain anti-dilutive provisions (8,736,412 ) Fair value – June 30, 2015 $ 169,027
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques	The Monte Carlo Options Lattice pricing model was used to estimate the fair value of the derivative liability outstanding: June 30, 2015 December 31, Assumptions for Pricing Model: Expected term in years 3.10 to 3.29 3.59 to 3.78 Volatility range for years 94 to 104% 81 to 89% Risk-free interest rate 0.86 to 1.01% 0.83 to 1.11% Expected annual dividends None None

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Components of Long-Term Debt	Long-term debt consisted of the following: June 30, December Note payable for research and development equipment. The principal is subject to a fixed semi-annual repayment schedule commencing October 31, 2013 over 48 months. The note carries a 0% interest rate. $ 98,243 $ 186,131 The note carries a 0% interest, but imputed interest has been accrued based on a 12% discount rate and is reflected as a reduction in the principal. (33,748 ) (46,399 ) Note payable for which the principal and interest is subject to a fixed blended repayment schedule of 36 months, commencing July 15, 2013. The loan bears interest at 12% per annum and is secured by a subordinated position in all the assets of the Company. 33,916 50,874 Convertible, Senior Secured Notes payable. The principal is due June 3, 2017 and no principal payments are required prior to maturity. The notes carry 5% interest, payable upon the note’s maturity. Both the principal plus accrued interest is convertible into shares of the Company’s common shares at $2.25, subject to normal adjustments. The notes are secured by a first security position in all the assets of the Company. 1,902,500 2,375,000 Unamortized debt discount related to derivative liability associated with above notes’ conversion price that is subject to adjustment in the event of subsequent equity sales at a lower purchase price (subject to certain exceptions). Upon issuance on June 3, 2014 the discount was $1,938,988. (840,895 ) (1,348,185 ) 1,160,016 1,217,421 Less: Amount Due Within One Year (82,464 ) (128,425 ) Amount Due After One Year $ 1,077,552 $ 1,088,996
Aggregate maturities for all long-term borrowings	The calendar year aggregate maturities for all long-term borrowings exclusive of discounts as of June 30, 2015 are as follows: Total Aggregate Maturity For Period Amounts 2015 $ 107,766 2016 24,393 2017 1,902,500 Total Required Principal Payments Exclusive of Debt Discounts 2,034,659 Total Unamortized Debt Discounts (874,643 ) Total Net Long-Term Borrowings as of June 30, 2015 $ 1,160,016

Stock Warrants (Tables)

Stock Warrants (Tables)	6 Months Ended
	Jun. 30, 2015
Changes in Warrants	A summary of the various changes in warrants during the six-month period ended June 30, 2015 is as follows. Number of Warrants Outstanding at December 31, 2014 5,236,660 Exercised During the Period (4,706,517 ) Issued During the Period 60,000 Expired During the Period (14,814 ) Warrants Outstanding, June 30, 2015 575,329
Warrant [Member]
Schedule Of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	The following summary table shows the assumptions used to compute the fair value of warrants granted during the six period ended June 30, 2015 for investor relations services and their estimated value: · Expected term in years 2.8 to 3.0 years · Volatility 122.8 to 122.9% · Risk-free interest rate 0.90 to 0.99% · Expected annual dividends None · Fair value of warrants issued $260,373

Stock Option Plans (Tables)

Stock Option Plans (Tables)	6 Months Ended
	Jun. 30, 2015
Stock option plans	A summary of stock option activity for the six months ended June 30, 2015 is as follows: Weighted Average Number of Exercise Outstanding at December 31, 2014 720,551 $ 4.46 Granted 229,000 $ 5.36 Exercised (15,833 ) $ 2.60 Expired or Forfeited (34,167 ) $ 3.38 Outstanding at June 30, 2015 899,551 $ 4.76
Equity Option [Member]
Summary of assumptions used to compute the fair value of stock options granted	· Expected term in years 6.0 years · Volatility 111.1% · Risk-free interest rate 1.74% · Expected annual dividends None · Fair value of options issued $1,026,243

Earnings (Loss) Per Share (Addi

Earnings (Loss) Per Share (Additional Information) (Detail) - shares	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	941,467		1,260,019
Earnings Per Share, Potentially Dilutive Securities		7,283,036		7,012,767

Marketable Securities (Details

Marketable Securities (Details Textual)	Jun. 30, 2015USD ($)
Available For Sale Securities	$ 5,000,000

Inventories (Components of Inve

Inventories (Components of Inventories) (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Inventory Disclosure [Line Items]
Purchased Parts and Components	$ 1,031,521	$ 1,251,224
Work in Process	10,895	25,974
Finished Goods	329,494	300,889
Less: Reserve for Obsolescence	(285,072)	(666,138)
Net	$ 1,086,838	$ 911,949

Notes Payable (Notes Payable Re

Notes Payable (Notes Payable Represent Promissory Notes) (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Notes and Promissory Notes [Line Items]
Notes Payable	$ 0	$ 37,038
Officer and Shareholders [Member]
Notes and Promissory Notes [Line Items]
Notes Payable	$ 0	$ 37,038

Notes Payable (Notes Payable 33

Notes Payable (Notes Payable Represent Promissory Notes) (Parenthetical) (Detail)	Jun. 30, 2015
Officer and Shareholders [Member]
Notes and Promissory Notes [Line Items]
Interest percentage	18.50%

Accrued Expenses (Components of

Accrued Expenses (Components of Accrued Expenses) (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Accrued Liabilities [Line Items]
Accrued Wages and Related Costs	$ 107,474	$ 101,445
Accrued Compensation	417,286	428,786
Accrued Professional Services	52,000	45,000
Accrued Warranty Obligations	46,663	39,624
Accrued Interest	96,414	75,471
Other Accrued Expenses	0	8,741
Total	$ 719,837	$ 699,067

Accrued Expenses (Changes in Ac

Accrued Expenses (Changes in Accrued Warranty Obligations) (Detail)	6 Months Ended
	Jun. 30, 2015USD ($)
Class Of Warrant Or Right [Line Items]
Accrued Warranty Obligations , begining balance	$ 39,624
Reductions for Settling Warranties	(38,032)
Warranties Issued During Period	45,071
Accrued Warranty Obligations , Ending balance	$ 46,663

Accrued Expenses - Additional I

Accrued Expenses - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Officers Compensation Payable Compounding Monthly Interest Rate	8.00%
Interest Payable	$ 71,076	$ 62,801
Interest Payable, Current	$ 18,171	$ 8,994

Derivative Liability and Fair37

Derivative Liability and Fair Value Measurements (Schedule of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 5,000,000	$ 0
Total assets measured at fair value	5,000,000	0
Note Conversion Feature Liability		2,806,942
Warrant Liability	169,027	10,734,196
Total liabilities measured at fair value (Long-Term)	169,027	13,541,138
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	5,000,000	0
Total assets measured at fair value	5,000,000	0
Note Conversion Feature Liability		0
Warrant Liability	0	0
Total liabilities measured at fair value (Long-Term)	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Total assets measured at fair value	0	0
Note Conversion Feature Liability		0
Warrant Liability	0	0
Total liabilities measured at fair value (Long-Term)	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Total assets measured at fair value	0	0
Note Conversion Feature Liability		2,806,942
Warrant Liability	169,027	10,734,196
Total liabilities measured at fair value (Long-Term)	$ 169,027	$ 13,541,138

Derivative Liability and Fair38

Derivative Liability and Fair Value Measurements (Schedule of Fair Value Level 3 Warrant Liabilities) (Detail) - Warrant Liabilities [Member]	6 Months Ended
	Jun. 30, 2015USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value -beginning of period	$ 13,541,138
Reclassification of warrant exercises to Additional Paid-in Capital	(2,855,463)
Change in fair value for the period of warrant derivative liability	1,026,706
Reclassification of embedded debt conversion price adjustment provision liability to Additional Paid-in Capital upon waiver of certain anti-dilutive provisions	(2,806,942)
Reclassification of warrant exercise price adjustment provision liability to Additional Paid-in Capital upon waiver of certain anti-dilutive provisions	(8,736,412)
Fair value - end of period	$ 169,027

Derivative Liability and Fair39

Derivative Liability and Fair Value Measurements (Estimate the fair value of warrants outstanding) (Detail) - Monte Carlo Options Lattice Pricing Model Warrants Outstanding [Member] - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Value of warrants outstanding:
Fair value of warrants	$ 169,027	$ 10,734,196
Minimum [Member]
Assumptions for Pricing Model:
Expected term in years	3 years 1 month 6 days	3 years 7 months 2 days
Volatility range for years	94.00%	81.00%
Risk-free interest rate	0.86%	0.83%
Maximum [Member]
Assumptions for Pricing Model:
Expected term in years	3 years 3 months 14 days	3 years 9 months 11 days
Volatility range for years	104.00%	89.00%
Risk-free interest rate	1.01%	1.11%

Derivative Liability and Fair40

Derivative Liability and Fair Value Measurements (Additional Information) (Detail) - USD ($)	Jun. 03, 2014	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right		45,100	4,730,992
Convertible Debt			$ 3,000,000
Fair Value Of Debt Embedded Conversion Price Adjustment Option	$ 1,938,988
Percentage of Outstanding Warrants Issued By Parent		86.00%

Long-Term Debt (Components of L

Long-Term Debt (Components of Long-Term Debt) (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long term debt	$ 1,160,016	$ 1,217,421
Less: Amount Due Within One Year	(82,464)	(128,425)
Amount Due After One Year	1,077,552	1,088,996
The note carries a 0% interest, but imputed interest has been accrued based on a 12% discount rate and is reflected as a reduction in the principal [Member]
Debt Instrument [Line Items]
Long term debt	(33,748)	(46,399)
Convertible to shares of the Company's common shares at 2.25, subject to adjustment [Member]
Debt Instrument [Line Items]
Long term debt	1,902,500	2,375,000
Unamortized debt discount related to derivative liability associated with above notes’ conversion price that is subject to adjustment in the event of subsequent equity sales at a lower purchase price (subject to certain exceptions). Upon issuance on June 3, 2014 the discount was $1,938,988 [Member]
Debt Instrument [Line Items]
Unamortized Debt Discount Related To Derivative Liability	(840,895)	(1,348,185)
Notes Payable [Member] | The principal is subject to a fixed semi-annual repayment schedule commencing October 31, 2013 over 48 months [Member]
Debt Instrument [Line Items]
Long term debt	98,243	186,131
Notes Payable [Member] | The principal and interest is subject to a fixed blended repayment schedule of 36 months, commencing July 15, 2013 [Member]
Debt Instrument [Line Items]
Long term debt	$ 33,916	$ 50,874

Long-Term Debt (Components of42

Long-Term Debt (Components of Long-Term Debt) (Parenthetical) (Detail) - USD ($)	Jun. 03, 2014	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Fair Value Of Debt Embedded Conversion Price Adjustment Option	$ 1,938,988
Notes Payable [Member] | The principal and interest is subject to a fixed blended repayment schedule of 36 months, commencing July 15, 2013.
Debt Instrument [Line Items]
Long term debt, fixed interest repayment term		36	36
Long term debt repayment starting date		Jul. 15, 2013	Jul. 15, 2013
Long term debt, fixed interest rate		12.00%	12.00%
Notes Payable [Member] | The principal is subject to a fixed semi-annual repayment schedule commencing October 31, 2013 over 48 months [Member]
Debt Instrument [Line Items]
Long term debt, fixed interest repayment term		48	48
Long term debt repayment starting date		Oct. 31, 2013	Oct. 31, 2013
Long term debt, fixed interest rate		0.00%	0.00%
Convertible Senior Secured Notes payable [Member]
Debt Instrument [Line Items]
Long term debt repayment starting date		Jun. 3, 2017	Jun. 3, 2017
Long term debt, fixed interest rate		5.00%	5.00%
Debt Instrument, Convertible, Conversion Price		$ 2.25	$ 2.25

Long-Term Debt (Aggregate Matur

Long-Term Debt (Aggregate Maturities For All Long Term Borrowings) (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
2,015	$ 107,766
2,016	24,393
2,017	1,902,500
Total Required Principal Payments Exclusive of Debt Discounts	2,034,659
Total Unamortized Debt Discounts	(874,643)
Total Net Long-Term Borrowings as of June 30, 2015	$ 1,160,016	$ 1,217,421

Preferred Stock (Additional Inf

Preferred Stock (Additional Information) (Detail) - USD ($)	Jan. 02, 2015	Jun. 30, 2015	Dec. 31, 2014
Preferred Stock Shares Authorized		5,000,000	5,000,000
Preferred Stock, Liquidation Preference Per Share		$ 1,000
Preferred Stock Shares Outstanding		49,626	0
Preferred Stock Shares Outstanding In Percent liquidation or amendment actions		60.00%
Dividends Payable		$ 735,483
Director Two [Member]
Preferred Stock Shares Outstanding In Percent		25.00%
Director One [Member]
Preferred Stock Shares Outstanding In Percent		20.00%
Series A Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage		6.00%
Preferred Stock Shares Outstanding		12,406
Series A Preferred Stock [Member] | Director [Member]
Preferred Stock Shares Outstanding In Percent		40.00%
Series A Preferred Stock [Member] | Corporation [Member]
Stock Issued During Period, Shares, New Issues	49,626
Shares Issued, Price Per Share	$ 500
Conversion of Stock, Description	Each share of Series A Preferred Stock is convertible, at the option of the Series A Purchaser, into 100 shares of the Companys common stock (determined by dividing the Series A Original Issue Price of $500 by the Series A Conversion Price. The Series A Conversion Price is $5.00, subject to adjustment in the event of stock splits, dividends or other combinations).
Stock Issued During Period, Value, New Issues	$ 24,813,000
Payments of Stock Issuance Costs	$ 214,000

Stock Warrants (Changes in Warr

Stock Warrants (Changes in Warrants) (Detail)	6 Months Ended
	Jun. 30, 2015shares
Class Of Warrant Or Right [Line Items]
Warrants Outstanding, Beginning of Period	5,236,660
Exercised During the Period	(4,706,517)
Issued During the Period	60,000
Expired During the Period	(14,814)
Warrants Outstanding, End of Period	575,329

Stock Warrants (Assumptions Use

Stock Warrants (Assumptions Used To Compute The Fair Value Of Warrants) (Detail) - 6 months ended Jun. 30, 2015 - Warrant [Member] - USD ($)	Total
Warrants Issued Aggregate Fair Value	$ 260,373
Minimum [Member]
Fair Value Assumptions, Expected Term	2 years 9 months 18 days
Fair Value Assumptions, Expected Volatility Rate	122.80%
Fair Value Assumptions, Risk Free Interest Rate	0.90%
Maximum [Member]
Fair Value Assumptions, Expected Term	3 years
Fair Value Assumptions, Expected Volatility Rate	122.90%
Fair Value Assumptions, Risk Free Interest Rate	0.99%

Stock Warrants (Additional Info

Stock Warrants (Additional Information) (Detail) - Jun. 30, 2015 - $ / shares	Total
Class of Warrant or Right [Line Items]
Weighted average term of warrants	2 years 8 months 12 days
Weighted average exercise price of warrants per share	$ 2.40
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	4,168,267
Warrant [Member]
Class of Warrant or Right [Line Items]
Stock Issued During Period, Shares, Conversion of Convertible Securities	3,554,004

Stock Option Plans (Summary of

Stock Option Plans (Summary of Stock Option Activity) (Detail) - 6 months ended Jun. 30, 2015 - Employee Stock Option [Member] - $ / shares	Total
Number of shares outstanding
Outstanding, Beginning Balance	720,551
Granted	229,000
Exercised	(15,833)
Expired or Forfeited	(34,167)
Outstanding, Ending Balance	899,551
Weighted Average Exercise Price
Outstanding, Beginning Balance	$ 4.46
Granted	5.36
Exercised	2.60
Expired or Forfeited	3.38
Outstanding, Ending Balance	$ 4.76

Stock Option Plans (Assumptions

Stock Option Plans (Assumptions Used To Compute The Fair Value Of Stock Options) (Detail) - 6 months ended Jun. 30, 2015 - Equity Option [Member] - USD ($)	Total
Assumptions for Pricing Model:
Expected term in years	6 years
Volatility	111.10%
Risk-free interest rate	1.74%
Expected annual dividends	$ 0
Value of options granted:
Fair value of options granted	$ 1,026,243

Stock Option Plans (Additional

Stock Option Plans (Additional Information) (Detail) - Jun. 30, 2015 - USD ($)	Total
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Weighted average remaining contractual term on unvested options	7 years
Exercisable Options Outstanding Shares	347,222
Weighted average exercise price per share	$ 6.48
Unvested Options Outstanding, Shares	552,329
Unvested Options Outstanding, Weighted average exercise price	$ 3.69
Unvested Options Outstanding Weighted average remaining life (yrs)	9 years 9 months 18 days
Unrecognized stock compensation expense	$ 1,843,903
Weighted average recognition period	2 years 2 months 12 days
Equity Option [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Stock Issued During Period, Shares, Conversion of Convertible Securities	8,456
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercises In Period	15,833

Contractual Obligations (Additi

Contractual Obligations (Additional Information) (Detail) - Jun. 30, 2015 - USD ($)	Total
Contractual Obligation	$ 40,000
Description Of Lessor Leasing Arrangements Operating Leases	The Company leases office and manufacturing space under operating leases that expire on September 30, 2015 through to March 1, 2016.
Purchase Obligation, Future Minimum Payments, Remainder of Fiscal Year	$ 335,248
Lessee Leasing Arrangements, Operating Leases, Term of Contract	5 years
Lessee Leasing Arrangements, Operating Leases, Renewal Term	3 years