Vuzix (VUZI) 10-Q 12 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 12, 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		16,059,434
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

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current Assets
Cash and Cash Equivalents	$ 16,072,222	$ 84,967
Accounts Receivable	664,567	383,533
Inventories, Net	1,761,907	911,949
Prepaid Manufacturing Vendor Payments	1,278,275	156,091
Prepaid Expenses and Other Assets	370,566	422,909
Total Current Assets	20,147,537	1,959,449
Tooling and Equipment, Net	804,937	416,965
Patents and Trademarks, Net	528,798	423,489
Software Development Costs, Net	572,901	787,738
Debt Issuance Costs, Net	77,781	112,521
Total Assets	22,131,954	3,700,162
Current Liabilities
Accounts Payable	397,927	2,183,565
Line of Credit	0	112,500
Notes Payable	0	37,038
Current Portion of Long-term Debt, Net of discount	73,985	128,425
Current Portion of Capital Leases	0	16,882
Customer Deposits	20,534	120,550
Unearned Revenue	74,031	53,403
Accrued Expenses	715,480	699,067
Income and Other Taxes Payable	9,528	35,158
Total Current Liabilities	1,291,485	3,386,588
Long-Term Liabilities
Long-Term Derivative Liability	110,788	13,541,138
Long-Term Portion of Term Debt, Net of discount	1,193,559	1,088,996
Long-Term Portion of Accrued Interest	149,309	81,451
Total Long-Term Liabilities	1,453,656	14,711,585
Total Liabilities	2,745,141	18,098,173
Stockholders’ Equity (Deficit)
Preferred Stock — $.001 Par Value, 5,000,000 Shares Authorized; 49,626 Shares Issued and Outstanding September 30, 2015, and 0 Shares Outstanding on December 31, 2014	50	0
Common Stock — $.001 Par Value, 100,000,000 Shares Authorized; 16,059,434 Shares Issued and Outstanding September 30, 2015 and 11,295,387 on December 31, 2014	16,058	11,296
Additional Paid-in Capital	73,450,245	29,752,083
Accumulated Deficit	(54,079,540)	(44,161,390)
Total Stockholders’ Equity (Deficit)	19,386,813	(14,398,011)
Total Liabilities and Stockholders’ Equity (Deficit)	$ 22,131,954	$ 3,700,162

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 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	0
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	16,059,434	11,295,387
Common Stock, Shares Outstanding	16,059,434	11,295,387

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - 9 months ended Sep. 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	401,863		401,863
Conversion of Note Payable	472,500	$ 210	472,290
Conversion of Note Payable (in shares)		210,000
Stock Issues for Services	638,264	$ 113	638,151
Stock Issues for Services (in shares)		113,337
Common Stock Awards to Officers, Directors and Law Firm	1,669,700	$ 325	1,669,375
Common Stock Awards to Officers, Directors and Law Firm (in Shares)		325,000
Warrants Issued for Services	260,373		260,373
Exercise of Warrants	1,262,626	$ 4,106	1,258,520
Exercise of Warrants (in shares)		4,107,254
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	(9,918,150)			(9,918,150)
Balance at Sep. 30, 2015	$ 19,386,813	$ 16,058	$ 73,450,245	$ (54,079,540)	$ 50
Balance (in shares) at Sep. 30, 2015		16,059,434			49,626

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
Sales of Products	$ 890,629	$ 624,586	$ 2,014,015	$ 1,883,891
Sales of Engineering Services	79,750	40,000	193,331	302,371
Total Sales	970,379	664,586	2,207,346	2,186,262
Cost of Sales - Products	612,346	444,234	1,590,284	1,251,690
Cost of Sales - Engineering Services	31,900	16,000	77,332	121,032
Total Cost of Sales	644,246	460,234	1,667,616	1,372,722
Gross Profit	326,133	204,352	539,730	813,540
Operating Expenses:
Research and Development	944,426	484,510	2,191,624	1,177,484
Selling and Marketing	469,443	336,099	1,172,252	957,422
General and Administrative	1,120,982	592,914	5,079,131	1,605,112
Depreciation and Amortization	88,285	59,680	226,472	260,823
(Loss) from Operations	(2,297,003)	(1,268,851)	(8,129,749)	(3,187,301)
Other Income (Expense)
Interest Income	12,621	0	12,621	0
Other Taxes	(30,443)	(9,747)	(44,508)	(56,282)
Foreign Exchange Gain (Loss)	287	(3,473)	1,335	(3,710)
Gain (Loss) on Derivative Valuation	58,239	(1,698,940)	(968,467)	2,124,878
Amortization of Senior Term Debt Discount	(116,008)	(253,977)	(635,949)	(294,191)
Amortization of Deferred Financing Costs	(11,708)	0	(34,740)	0
Interest Expenses	(40,956)	(66,333)	(118,693)	(133,699)
Total Other Income (Expense)	(127,968)	(2,032,470)	(1,788,401)	1,636,996
(Loss) Before Provision for Income Taxes	(2,424,971)	(3,301,321)	(9,918,150)	(1,550,305)
Provision (Benefit) for Income Taxes	0	0	0	0
Net Income (Loss)	(2,424,971)	(3,301,321)	(9,918,150)	(1,550,305)
Preferred Stock Dividends	(386,377)	0	(1,121,860)	0
(Loss) Attributable to Common Stockholders	$ (2,811,348)	$ (3,301,321)	$ (11,040,010)	$ (1,550,305)
(Loss) per Share
Basic and Diluted Loss per Share (Note 2)	$ (0.17)	$ (0.31)	$ (0.73)	$ (0.15)
Weighted-average Shares Outstanding Basic and Diluted	15,934,279	10,556,420	15,207,545	10,276,447

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash Flows from Operating Activities
Net (Loss)	$ (9,918,150)	$ (1,550,305)
Non-Cash Adjustments
Depreciation and Amortization	226,472	260,823
Amortization of Software Development Costs in cost of sales products	214,838	0
Common Stock Awards Compensation Expense	1,669,700	0
Stock-Based Option Compensation Expense	401,863	201,671
Amortization of Term Debt Discount	635,949	294,191
Amortization of Debt Issuance Costs	34,740	15,112
Common Stock and Warrants Issued for Services	984,559	0
(Gain) Loss on Derivative Valuation	968,467	(2,124,878)
(Increase) Decrease in Operating Assets
Accounts Receivable	(281,034)	97,441
Inventories	(849,958)	(127,812)
Vendor Prepayments	(1,122,184)	0
Prepaid Expenses and Other Assets	(33,579)	138,763
Increase (Decrease) in Operating Liabilities
Accounts Payable	(1,785,638)	(678,576)
Accrued Expense	16,410	80,044
Customer Deposits	(100,016)	6,484
Unearned Revenue	20,628	0
Income and Other Taxes Payable	(25,630)	(29,051)
Accrued Interest	67,858	65,757
Net Cash Flows Used in Operating Activities	(8,874,705)	(3,350,336)
Cash Flows from Investing Activities
Purchases of Tooling and Equipment	(553,448)	(189,558)
Purchases of Marketable Securities	0	0
Investments in Software	0	(643,790)
Investments in Patents and Trademarks	(166,305)	(68,884)
Net Cash Used in Investing Activities	(719,753)	(902,232)
Cash Flows from Financing Activities
Proceeds from Exercise of Warrants	1,262,626	1,928,241
Repayment of Capital Leases	(16,882)	(19,760)
Repayment of Long-Term Debt and Notes Payable	(150,362)	(262,411)
Proceeds from Senior Convertible Debt	0	3,000,000
Issuance Costs on Senior Convertible Debt	0	(139,340)
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	25,581,713	4,506,730
Net Increase in Cash and Cash Equivalents	15,987,255	254,162
Cash and Cash Equivalents - Beginning of Period	84,967	310,140
Cash and Cash Equivalents - End of Period	16,072,222	564,302
Supplemental Disclosures
Interest Paid	21,690	67,942
Common Stock and Warrants Issued for Services, Initially as Prepaid Expense	898,537	235,912
Unamortized Discount upon Conversion of Term Debt		214,536
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
Conversion of Long-Term Debt and Accrued Compensation into Common Stock	427,500	600,000
Reclassification of Derivative to Additional Paid-In Capital upon Note Conversions and Warrant Exercises	$ 2,855,463	$ 1,927,120

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2015 and 2014, 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. As of September 30, 2015 and December 31, 2014, there were 6,393,485 7,012,767

Cash and Cash Equivalents

Cash and Cash Equivalents	9 Months Ended
	Sep. 30, 2015
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents	Note 3 — Cash and Cash Equivalents The Company considers all highly liquid, short-term debt instruments with original maturities of three months or less to be cash equivalents.

Inventories

Inventories	9 Months Ended
	Sep. 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 September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Purchased Parts and Components $ 1,653,152 $ 1,251,224 Work in Process 2,470 25,974 Finished Goods 472,000 300,889 Less: Reserve for Obsolescence (365,715) (666,138) Net $ 1,761,907 $ 911,949

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2015
Notes Payable [Abstract]
Notes Payable	Note 5 — Notes Payable Notes payable represent promissory notes payable by the Company. September 30, 2015 December 31, 2014 Notes payable to officers and shareholders of the Company. The notes bore interest at 18.5% per year and were secured by all the assets of the Company. Paid in full during 2015. $ — $ 37,038 $ — $ 37,038

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2015
Payables and Accruals [Abstract]
Accrued Expenses	Note 6 — Accrued Expenses Accrued expenses consisted of the following: September 30, 2015 December 31, 2014 Accrued Wages and Related Costs $ 122,708 $ 101,445 Accrued Compensation 358,719 428,786 Accrued Professional Services 70,500 45,000 Accrued Warranty Obligations 59,876 39,624 Accrued Interest 103,677 75,471 Other Accrued Expenses — 8,741 Total $ 715,480 $ 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 94,006 62,801 29,340 26,735 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 Accrued Warranty Obligations at December 31, 2014 $ 39,624 Reductions for Settling Warranties (54,840) Warranties Issued During Period 75,092 Accrued Warranty Obligations at September 30, 2015 $ 59,876

Derivative Liability and Fair V

Derivative Liability and Fair Value Measurements	9 Months Ended
	Sep. 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 September 30, 2015 a total of 45,100 4,730,992 86 The Company recognized a derivative liability during the year ended December 31, 2014 for the $ 3,000,000 1,938,988 In connection with the Series A Private Placement on January 2, 2015, each of the holders of notes issued by the Company on September 30, 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, 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 September 30, 2015: Total Level 1 Level 2 Level 3 Warrant Liability 110,788 — — 110,788 Total liabilities measured at fair value (Long-Term) $ 110,788 $ — $ — $ 110,788 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 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 A summary of the various changes in the fair value of the derivative liability during the nine month period ended September 30, 2015 is as follows: 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 968,467 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 – September 30, 2015 $ 110,788 We used the Monte Carlo Options Lattice pricing model to estimate the fair value of the derivative liability outstanding as follows: September 30, 2015 December 31, 2014 Assumptions for Pricing Model: Expected term in years 2.85 3.59 to 3.78 Volatility range for years 104 % 81 to 89 % Risk-free interest rate 0.64 % 0.83 to 1.11 % Expected annual dividends None None

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Long-Term Debt	Note 8 — Long-Term Debt September December 30, 2015 31, 2014 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 rate, but imputed interest has been accrued based on a 12% discount rate and is reflected as a reduction in the principal. (27,423) (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 year and is secured by a subordinated position in all the assets of the Company. 25,437 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. (731,213) (1,348,185) $ 1,267,544 $ 1,217,421 Less: Amount Due Within One Year (73,985) (128,425) Amount Due After One Year $ 1,193,559 $ 1,088,996 Total Aggregate Maturity For Period Amounts 2015 $ 99,287 2016 24,393 2017 1,902,500 Total Required Principal Payments Exclusive of Debt Discounts 2,026,180 Total Unamortized Debt Discounts (758,636) Total Net Long-Term Borrowings as of September 30, 2015 $ 1,267,544

Income Taxes

Income Taxes	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 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 49,626 500 24,813,000 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). 214,169 Each share of Series A Preferred Stock is entitled to receive dividends at a rate of 6 1,121,860 1,000 40 20 For as long as at least 25 12,406 60 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	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Stock Warrants	Note 11 — Stock Warrants Number of Shares Warrants Outstanding at December 31, 2014 5,236,660 Exercised During the Period (4,721,517) Issued During the Period 60,000 Expired During the Period (14,814) Warrants Outstanding, September 30, 2015 560,329 The outstanding warrants as of September 30, 2015 expire from December 31, 2015 to August 5, 2018. The weighted average remaining term of the warrants is 2.5 2.39 4,168,267 3,554,004 553,250 $ 1,262,626 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 highly subjective assumptions, including expected term and expected volatility. ⋅ Expected term in years 2.8 3.0 ⋅ Volatility 122.8 122.9 ⋅ Risk-free interest rate 0.90 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 nine month period ended September 30, 2015.

Stock Option Plans

Stock Option Plans	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Option Plans	Note 12 — Stock Option Plans Weighted Number of Average Shares Exercise Price Outstanding at December 31, 2014 720,551 $ 4.46 Granted 254,000 $ 5.45 Exercised (15,833) $ 2.60 Expired or Forfeited (34,167) $ 3.38 Outstanding at September 30, 2015 924,551 $ 4.81 As of September 30, 2015, there were 397,148 6.09 7.0 As of September 30, 2015 there were 525,468 3.83 9.5 The weighted average fair value of option grants was calculated using the Black-Scholes-Merton option pricing method. At September 30, 2015, the Company had approximately $ 1,833,333 2.1 Expected term in years 6.0 years · Volatility 111.1% to 113.5% · Risk-free interest rate 1.74% to 1.84% · Expected annual dividends None · Fair value of options issued $1,159,754 The Company did not receive any cash from option exercises for the nine months ended September 30, 2015 and 2014. 8,456 15,833

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Note 13 — Related Party Transactions During the nine months ended September 30, 2015, $ 325,625 24% on as-converted to common stock basis with respect to shares of Series A Preferred Stock held by such stockholder 290,625

Litigation

Litigation	9 Months Ended
	Sep. 30, 2015
Litigation Disclosure [Abstract]
Litigation	Note 14 — Litigation We are not currently involved in any pending legal proceeding or litigation.

Contractual Obligations

Contractual Obligations	9 Months Ended
	Sep. 30, 2015
Contractual Obligations [Abstract]
Contractual Obligations	Note 15 — Contractual Obligations The Company leases office and manufacturing space under operating leases that expire on September 30, 2015 through to September 27, 2017. 68,718 The Company signed a lease agreement for new office and manufacturing space under an operating lease that commenced October 3, 2015. The base rent contractual payment obligations under this operating lease will 335,248 year. The lease has an original five year term with an option by the Company to renew for two additional three year terms at pre-agreed to lease rates. The Company’s total contractual payment obligations for these new premises over the next five years is $1,676,240. The Company pursuant to its new office and manufacturing space has made commitments net of landlord allowances for additional leasehold improvements, cleanroom equipment, office furniture, various IT, telco and security equipment expected to total approximately $987,000 at its new location. These amounts are expected to be incurred during the fourth quarter of 2015.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2015
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Note 16 — Recent Accounting Pronouncements 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)	9 Months Ended
	Sep. 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 September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Purchased Parts and Components $ 1,653,152 $ 1,251,224 Work in Process 2,470 25,974 Finished Goods 472,000 300,889 Less: Reserve for Obsolescence (365,715) (666,138) Net $ 1,761,907 $ 911,949

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Payable [Abstract]
Notes payable represent promissory notes payable	Notes payable represent promissory notes payable by the Company. September 30, 2015 December 31, 2014 Notes payable to officers and shareholders of the Company. The notes bore interest at 18.5% per year and were secured by all the assets of the Company. Paid in full during 2015. $ — $ 37,038 $ — $ 37,038

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2015
Payables and Accruals [Abstract]
Components of Accrued Expenses	Accrued expenses consisted of the following: September 30, 2015 December 31, 2014 Accrued Wages and Related Costs $ 122,708 $ 101,445 Accrued Compensation 358,719 428,786 Accrued Professional Services 70,500 45,000 Accrued Warranty Obligations 59,876 39,624 Accrued Interest 103,677 75,471 Other Accrued Expenses — 8,741 Total $ 715,480 $ 699,067
Changes in Accrued Warranty Obligations	The Company estimates its future warranty costs based on product-based historical performance rates and related costs to repair Accrued Warranty Obligations at December 31, 2014 $ 39,624 Reductions for Settling Warranties (54,840) Warranties Issued During Period 75,092 Accrued Warranty Obligations at September 30, 2015 $ 59,876

Derivative Liability and Fair26

Derivative Liability and Fair Value Measurements (Tables)	9 Months Ended
	Sep. 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 September 30, 2015: Total Level 1 Level 2 Level 3 Warrant Liability 110,788 — — 110,788 Total liabilities measured at fair value (Long-Term) $ 110,788 $ — $ — $ 110,788 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 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	A summary of the various changes in the fair value of the derivative liability during the nine month period ended September 30, 2015 is as follows: 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 968,467 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 – September 30, 2015 $ 110,788
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques	We used the Monte Carlo Options Lattice pricing model to estimate the fair value of the derivative liability outstanding as follows: September 30, 2015 December 31, 2014 Assumptions for Pricing Model: Expected term in years 2.85 3.59 to 3.78 Volatility range for years 104 % 81 to 89 % Risk-free interest rate 0.64 % 0.83 to 1.11 % Expected annual dividends None None

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Components of Long-Term Debt	September December 30, 2015 31, 2014 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 rate, but imputed interest has been accrued based on a 12% discount rate and is reflected as a reduction in the principal. (27,423) (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 year and is secured by a subordinated position in all the assets of the Company. 25,437 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. (731,213) (1,348,185) $ 1,267,544 $ 1,217,421 Less: Amount Due Within One Year (73,985) (128,425) Amount Due After One Year $ 1,193,559 $ 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 September 30, 2015 are as follows: Total Aggregate Maturity For Period Amounts 2015 $ 99,287 2016 24,393 2017 1,902,500 Total Required Principal Payments Exclusive of Debt Discounts 2,026,180 Total Unamortized Debt Discounts (758,636) Total Net Long-Term Borrowings as of September 30, 2015 $ 1,267,544

Stock Warrants (Tables)

Stock Warrants (Tables)	9 Months Ended
	Sep. 30, 2015
Changes in Warrants	Number of Shares Warrants Outstanding at December 31, 2014 5,236,660 Exercised During the Period (4,721,517) Issued During the Period 60,000 Expired During the Period (14,814) Warrants Outstanding, September 30, 2015 560,329
Summary of assumptions used to compute the fair value of stock options granted	The following summary table shows the assumptions used to compute the fair value of warrants granted during the nine month period ended September 30, 2015 for investor relations services and their estimated value: · Expected term in years 2.8 3.0 · Volatility 122.8 122.9 · Risk-free interest rate 0.90 0.99 · Expected annual dividends None · Fair value of warrants issued $ 260,373

Stock Option Plans (Tables)

Stock Option Plans (Tables)	9 Months Ended
	Sep. 30, 2015
Stock option plans	Weighted Number of Average Shares Exercise Price Outstanding at December 31, 2014 720,551 $ 4.46 Granted 254,000 $ 5.45 Exercised (15,833) $ 2.60 Expired or Forfeited (34,167) $ 3.38 Outstanding at September 30, 2015 924,551 $ 4.81
Summary of assumptions used to compute the fair value of stock options granted	The following summary table shows the assumptions used to compute the fair value of warrants granted during the nine month period ended September 30, 2015 for investor relations services and their estimated value: · Expected term in years 2.8 3.0 · Volatility 122.8 122.9 · Risk-free interest rate 0.90 0.99 · Expected annual dividends None · Fair value of warrants issued $ 260,373
Equity Option [Member]
Summary of assumptions used to compute the fair value of stock options granted	The following summary table shows the assumptions used to compute the fair value of options granted during the nine month period ended September 30, 2015 and their estimated value: Expected term in years 6.0 years · Volatility 111.1% to 113.5% · Risk-free interest rate 1.74% to 1.84% · Expected annual dividends None · Fair value of options issued $1,159,754

Earnings (Loss) Per Share (Addi

Earnings (Loss) Per Share (Additional Information) (Detail)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Earnings Per Share, Potentially Dilutive Securities	6,393,485	7,012,767

Inventories (Components of Inve

Inventories (Components of Inventories) (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Inventory Disclosure [Line Items]
Purchased Parts and Components	$ 1,653,152	$ 1,251,224
Work in Process	2,470	25,974
Finished Goods	472,000	300,889
Less: Reserve for Obsolescence	(365,715)	(666,138)
Net	$ 1,761,907	$ 911,949

Notes Payable (Notes Payable Re

Notes Payable (Notes Payable Represent Promissory Notes) (Detail) - USD ($)	Sep. 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)	Sep. 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 ($)	Sep. 30, 2015	Dec. 31, 2014
Accrued Liabilities [Line Items]
Accrued Wages and Related Costs	$ 122,708	$ 101,445
Accrued Compensation	358,719	428,786
Accrued Professional Services	70,500	45,000
Accrued Warranty Obligations	59,876	39,624
Accrued Interest	103,677	75,471
Other Accrued Expenses	0	8,741
Total	$ 715,480	$ 699,067

Accrued Expenses (Changes in Ac

Accrued Expenses (Changes in Accrued Warranty Obligations) (Detail)	9 Months Ended
	Sep. 30, 2015USD ($)
Class Of Warrant Or Right [Line Items]
Accrued Warranty Obligations at December 31, 2014	$ 39,624
Reductions for Settling Warranties	(54,840)
Warranties Issued During Period	75,092
Accrued Warranty Obligations at September 30, 2015	$ 59,876

Accrued Expenses - Additional I

Accrued Expenses - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Officers Compensation Payable Compounding Monthly Interest Rate	8.00%
Interest Payable	$ 94,006	$ 62,801
Interest Payable, Current	$ 29,340	$ 26,735

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 ($)	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note Conversion Feature Liability		$ 2,806,942
Warrant Liability	$ 110,788	10,734,196
Total liabilities measured at fair value (Long-Term)	110,788	13,541,138
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
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]
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]
Note Conversion Feature Liability		2,806,942
Warrant Liability	110,788	10,734,196
Total liabilities measured at fair value (Long-Term)	$ 110,788	$ 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]	9 Months Ended
	Sep. 30, 2015USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
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	968,467
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 - September 30, 2015	$ 110,788

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]	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Assumptions for Pricing Model:
Expected term in years	2 years 10 months 6 days
Volatility range for years	104.00%
Risk-free interest rate	0.64%
Minimum [Member]
Assumptions for Pricing Model:
Expected term in years		3 years 7 months 2 days
Volatility range for years		81.00%
Risk-free interest rate		0.83%
Maximum [Member]
Assumptions for Pricing Model:
Expected term in years		3 years 9 months 11 days
Volatility range for years		89.00%
Risk-free interest rate		1.11%

Derivative Liability and Fair40

Derivative Liability and Fair Value Measurements (Additional Information) (Detail) - USD ($)	Jun. 03, 2014	Sep. 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 ($)	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long term debt	$ 1,267,544	$ 1,217,421
Less: Amount Due Within One Year	(73,985)	(128,425)
Amount Due After One Year	1,193,559	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	(27,423)	(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	(731,213)	(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	$ 25,437	$ 50,874

Long-Term Debt (Components of42

Long-Term Debt (Components of Long-Term Debt) (Parenthetical) (Detail) - USD ($)	Jun. 03, 2014	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Fair Value Of Debt Embedded Conversion Price Adjustment Option	$ 1,938,988
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 months	36 months
Long term debt repayment starting date		Jul. 15, 2013	Jul. 15, 2013
Long term debt, fixed interest rate		12.00%	12.00%
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 months	48 months
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 ($)	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
2,015	$ 99,287
2,016	24,393
2,017	1,902,500
Total Required Principal Payments Exclusive of Debt Discounts	2,026,180
Total Unamortized Debt Discounts	(758,636)
Total Net Long-Term Borrowings as of September 30, 2015	$ 1,267,544	$ 1,217,421

Preferred Stock (Additional Inf

Preferred Stock (Additional Information) (Detail) - USD ($)	Jan. 02, 2015	Sep. 30, 2015	Dec. 31, 2014
Preferred Stock Shares Authorized		5,000,000	5,000,000
Conversion of Stock, Description		24% on as-converted to common stock basis with respect to shares of Series A Preferred Stock held by such stockholder
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		$ 1,121,860
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]
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).
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
Stock Issued During Period, Value, New Issues	$ 24,813,000
Payments of Stock Issuance Costs	$ 214,169

Stock Warrants (Changes in Warr

Stock Warrants (Changes in Warrants) (Detail)	9 Months Ended
	Sep. 30, 2015shares
Class Of Warrant Or Right [Line Items]
Warrants Outstanding at December 31, 2014	5,236,660
Exercised During the Period	(4,721,517)
Issued During the Period	60,000
Expired During the Period	(14,814)
Warrants Outstanding, September 30, 2015	560,329

Stock Warrants (Assumptions Use

Stock Warrants (Assumptions Used To Compute The Fair Value Of Warrants) (Detail) - Warrant [Member]	9 Months Ended
	Sep. 30, 2015USD ($)
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) - $ / shares	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Class of Warrant or Right [Line Items]
Weighted average term of warrants	2 years 6 months
Weighted average exercise price of warrants per share	$ 2.39
Class Of Warrant Or Right Outstanding	560,329	5,236,660
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	4,168,267
Warrants 1
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	3,554,004
Warrant [Member]
Class of Warrant or Right [Line Items]
Stock Issued During Period, Shares, Conversion of Convertible Securities	1,262,626

Stock Option Plans (Summary of

Stock Option Plans (Summary of Stock Option Activity) (Detail) - Employee Stock Option [Member]	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Number of shares outstanding
Outstanding, Beginning Balance	720,551
Granted	254,000
Exercised	(15,833)
Expired or Forfeited	(34,167)
Outstanding, Ending Balance	924,551
Weighted Average Exercise Price
Outstanding, Beginning Balance | $ / shares	$ 4.46
Granted | $ / shares	5.45
Exercised | $ / shares	2.60
Expired or Forfeited | $ / shares	3.38
Outstanding, Ending Balance | $ / shares	$ 4.81

Stock Option Plans (Assumptions

Stock Option Plans (Assumptions Used To Compute The Fair Value Of Stock Options) (Detail) - Equity Option [Member]	9 Months Ended
	Sep. 30, 2015USD ($)
Assumptions for Pricing Model:
Expected term in years	6 years
Expected annual dividends	$ 0
Value of options granted:
Fair value of options issued	$ 1,159,754
Minimum [Member]
Assumptions for Pricing Model:
Volatility	111.10%
Risk-free interest rate	1.74%
Maximum [Member]
Assumptions for Pricing Model:
Volatility	113.50%
Risk-free interest rate	1.84%

Stock Option Plans (Additional

Stock Option Plans (Additional Information) (Detail)	9 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Weighted average remaining contractual term on unvested options	7 years
Exercisable Options Outstanding Shares	397,148
Weighted average exercise price per share | $ / shares	$ 6.09
Unvested Options Outstanding, Shares	525,468
Unvested Options Outstanding, Weighted average exercise price | $ / shares	$ 3.83
Unvested Options Outstanding Weighted average remaining life (yrs)	9 years 6 months
Unrecognized stock compensation expense | $	$ 1,833,333
Weighted average recognition period	2 years 1 month 6 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

Related Party Transactions (Add

Related Party Transactions (Additional Information) (Detail)	9 Months Ended
	Sep. 30, 2015USD ($)
Related Party Transactions Additional Information [Line Items]
Revenue from Related Parties	$ 325,625
Conversion of Stock, Description	24% on as-converted to common stock basis with respect to shares of Series A Preferred Stock held by such stockholder
Accounts Receivable, Related Parties, Current	$ 290,625

Contractual Obligations (Additi

Contractual Obligations (Additional Information) (Detail)	9 Months Ended
	Sep. 30, 2015USD ($)
Contractual Obligation	$ 1,676,240
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 31, 2016.
Purchase Obligation, Future Minimum Payments, Remainder of Fiscal Year	$ 335,248
Other Commitment, Total	987,000
Premises [Member]
Contractual Obligation	$ 68,718