Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2016 | |
Document And Entity Information [Abstract] | |
Document Type | S-1/A |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2016 |
Trading Symbol | GBSN |
Entity Registrant Name | Great Basin Scientific, Inc. |
Entity Central Index Key | 1,512,138 |
Entity Filer Category | Smaller Reporting Company |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | |||
Cash | $ 2,307,191 | $ 4,787,759 | $ 2,017,823 |
Restricted Cash | 13,800,478 | 13,800,000 | |
Accounts receivable, net | 348,534 | 411,390 | 267,485 |
Inventory | 1,156,012 | 1,133,142 | 457,094 |
Prepaid and other current assets | 1,571,608 | 564,910 | 376,778 |
Total current assets | 19,183,823 | 20,697,201 | 3,119,180 |
Intangible assets, net | 93,465 | 119,171 | 216,580 |
Property and equipment, net | 8,315,185 | 7,741,991 | 4,237,467 |
Total assets | 27,592,473 | 28,558,363 | 7,573,227 |
Current liabilities: | |||
Accounts payable | 2,503,422 | 2,432,459 | 1,369,169 |
Accrued expenses | 1,754,966 | 1,313,149 | 612,359 |
Current portion of notes payable | 5,693 | 49,994 | |
Current portion of convertible notes payable, net of discount | 8,271,184 | 1,638,717 | |
Notes payable-related party, net of discount | 500,000 | 500,000 | 441,667 |
Current portion of capital lease obligations | 1,376,049 | 1,305,426 | 947,422 |
Current portion of derivative liability | 35,096,383 | ||
Total current liabilities | 49,502,004 | 7,195,444 | 3,420,611 |
Notes payable, net of current portion | 5,693 | ||
Convertible notes payable, net of current portion and debt discount | 525,000 | ||
Capital lease obligations, net of current portion | 483,681 | 851,410 | 2,156,837 |
Derivative liability | 21,011,177 | 43,181,472 | 9,998,636 |
Total liabilities | $ 70,996,862 | $ 51,753,326 | $ 15,581,777 |
Commitments and contingencies | |||
Stockholders' deficit: | |||
Preferred stock | $ 74 | $ 88 | |
Common stock | 329 | 30 | |
Additional paid-in capital | 112,151,579 | 98,708,784 | $ 55,996,146 |
Accumulated deficit | (155,556,371) | (121,903,865) | (64,004,696) |
Total stockholders' deficit | (43,404,389) | (23,194,963) | (8,008,550) |
Total liabilities and stockholders' deficit | $ 27,592,473 | $ 28,558,363 | $ 7,573,227 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 11, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 | |
Preferred stock, shares issued | 74,380 | 88,347 | 0 | |
Preferred Stock, Shares Outstanding | 74,380 | 88,347 | 0 | |
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 | 50,000,000 | |
Common stock, shares issued | 3,292,683 | 296,869 | 2,423 | |
Common stock, shares outstanding | 3,292,683 | 296,869 | 2,423 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | ||||
Revenues | $ 731,422 | $ 458,730 | $ 2,142,040 | $ 1,606,254 |
Cost of sales | 1,861,745 | 966,593 | 4,813,415 | 3,968,185 |
Gross loss | (1,130,323) | (507,863) | (2,671,375) | (2,361,931) |
Operating expenses | ||||
Research and development | 2,297,983 | 1,503,558 | 8,485,668 | 4,609,913 |
Selling and marketing | 1,478,778 | 806,118 | 5,007,320 | 2,301,610 |
General and administrative | 2,208,657 | 1,060,652 | 6,241,433 | 2,928,186 |
Gain on sale of assets | (8,166) | |||
Total operating expenses | 5,985,418 | 3,370,328 | 19,734,421 | 9,831,543 |
Loss from operations | (7,115,741) | (3,878,191) | (22,405,796) | (12,193,474) |
Other income (expense): | ||||
Interest expense | (6,316,330) | (305,582) | (11,757,445) | (1,136,054) |
Interest income | 578 | 4,297 | 18,193 | 3,176 |
Loss on extinguishment of warrants | (4,038,063) | |||
Change in fair value of derivative liability | (20,219,263) | (66,994,149) | (19,714,808) | (8,396,169) |
Total other income (expense) | (26,535,015) | (67,295,434) | (35,492,123) | (9,529,047) |
Loss before provision for income taxes | (33,650,756) | (71,173,625) | (57,897,919) | (21,722,521) |
Provision for income taxes | (1,750) | (1,250) | (5,297) | |
Net loss | $ (33,652,506) | $ (71,173,625) | $ (57,899,169) | $ (21,727,818) |
Net loss per common share-basic and diluted | $ (15.26) | $ (29,374.17) | $ (1,790.94) | $ (36,334.14) |
Weighted average common shares-basic and diluted | 2,205,230 | 2,423 | 32,329 | 598 |
STATEMENTS OF STOCKHOLDERS' DEF
STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($) | Total | Series A Warrants | Series C Warrant | Preferred Stock, Shares | Preferred Stock, SharesSeries A Warrants | Preferred Stock, SharesSeries C Warrant | Preferred Stock, SharesClass C Warrant | Common Stock, Shares | Common Stock, SharesSeries A Warrants | Common Stock, SharesSeries C Warrant | Common Stock, SharesSeries A and B Warrants | Common Stock, SharesClass C Warrant | Additional Paid-In Capital | Additional Paid-In CapitalSeries A Warrants | Additional Paid-In CapitalSeries C Warrant | Additional Paid-In CapitalClass C Warrant | Accumulated Deficit |
Beginning balance, value at Dec. 31, 2013 | $ (32,543,420) | $ 9,733,458 | $ (42,276,878) | ||||||||||||||
Beginning balance, shares at Dec. 31, 2013 | 55 | ||||||||||||||||
Issuance of stock and warrants | 6,375,837 | 6,375,837 | |||||||||||||||
Issuance of stock and warrants (in shares) | 548 | ||||||||||||||||
Exercise of common stock warrants | 31,600 | 31,600 | |||||||||||||||
Exercise of common stock warrants (in shares) | 75 | ||||||||||||||||
Employee stock option expense | 297,244 | 297,244 | |||||||||||||||
Conversion of preferred stock into common stock | 41,135,411 | 41,135,411 | |||||||||||||||
Conversion of preferred stock into common stock, shares | 1,745 | ||||||||||||||||
Derivative liability on warrants issued and exercised | (1,602,467) | (1,602,467) | |||||||||||||||
Modification of warrants | 25,063 | 25,063 | |||||||||||||||
Net loss for the year | (21,727,818) | (21,727,818) | |||||||||||||||
Ending balance, value at Dec. 31, 2014 | (8,008,550) | 55,996,146 | (64,004,696) | ||||||||||||||
Ending balance, shares at Dec. 31, 2014 | 2,423 | ||||||||||||||||
Issuance of stock and warrants | 57,213 | $ 2,724 | 54,489 | ||||||||||||||
Issuance of stock and warrants (in shares) | 2,724,000 | 0 | |||||||||||||||
Exercise of common stock warrants | $ 2,252,020 | $ 979,200 | $ 2,252,020 | $ 979,200 | |||||||||||||
Cash exercise of unit purchase option | 162,250 | $ 15 | 162,235 | ||||||||||||||
Exercise of common stock warrants (in shares) | 0 | 0 | 512 | 182 | |||||||||||||
Cash exercise of unit purchase option(in shares) | 14,750 | 0 | |||||||||||||||
Cashless exercise of warrants | $ 29 | $ (29) | |||||||||||||||
Cashless exercise of warrants (in shares) | 0 | 263 | 288,440 | ||||||||||||||
Employee stock option expense | 110,124 | 110,124 | |||||||||||||||
Conversion of preferred stock into common stock | $ (2,651) | $ 1 | 2,650 | ||||||||||||||
Conversion of preferred stock into common stock, shares | (2,650,403) | 5,049 | |||||||||||||||
Derivative liability on warrants issued and exercised | 39,151,949 | 39,151,949 | |||||||||||||||
Net loss for the year | (57,899,169) | (57,899,169) | |||||||||||||||
Ending balance, value at Dec. 31, 2015 | (23,194,963) | $ 88 | $ 30 | $ 98,708,784 | $ 121,903,865 | ||||||||||||
Ending balance, shares at Dec. 31, 2015 | 88,347 | 296,869 | |||||||||||||||
Issuance of stock and warrants (in shares) | 15,182 | ||||||||||||||||
Cash exercise of unit purchase option(in shares) | 1,520,888 | ||||||||||||||||
Net loss for the year | (33,652,506) | ||||||||||||||||
Ending balance, value at Mar. 31, 2016 | $ (43,404,389) |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | ||||
Net loss | $ (33,652,506) | $ (71,173,625) | $ (57,899,169) | $ (21,727,818) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 563,322 | 339,593 | 1,612,086 | 1,157,976 |
Bad debt expense | 86,273 | |||
Change in fair value of derivative liability | 20,219,263 | 66,994,149 | 19,714,808 | 8,396,169 |
Interest from issuance of convertible note | 10,594,182 | |||
Loss on extinguishment of warrants | 4,038,063 | |||
Gain on sale of assets | (8,166) | |||
Interest converted to preferred stock | 13,129 | |||
Employee stock compensation | 37,045 | 18,720 | 110,124 | 297,244 |
Warrant issuance and modifications | 612,006 | 25,063 | ||
Debt discount amortization | 6,107,467 | 25,000 | 122,050 | 41,667 |
Asset disposal | 11,124 | |||
Changes in operating assets and liabilities: | ||||
Increase in accounts receivable | (23,417) | (23,024) | (143,905) | (83,070) |
Increase in inventory | (22,870) | (47,602) | (676,048) | (136,855) |
Increase in prepaid and other assets | (1,006,698) | (181,741) | (56,797) | (217,597) |
Decrease in accounts payable | (899,776) | (37,237) | 602,056 | 37,171 |
Increase in accrued liabilities | 441,817 | 495,060 | 700,790 | (203,455) |
Net cash used in operating activities | (8,150,080) | (3,590,707) | (20,669,754) | (12,397,418) |
Cash flows from investing activities: | ||||
Acquisition of property and equipment | (216,230) | (83,566) | (1,566,044) | (248,133) |
Construction of equipment | (408,271) | (77,769) | (3,226,943) | (971,122) |
Proceeds from sale of assets | 35,000 | |||
Proceeds from sale leaseback | 1,500,000 | |||
Net cash used in investing activities | (624,501) | (161,335) | (4,792,987) | 315,745 |
Cash flows from financing activities: | ||||
Proceeds from issuance of common stock | 6,375,837 | |||
Proceeds from exercise of warrants | 1,335,950 | 88,000 | 3,161,220 | 31,600 |
Proceeds from issuance of convertible notes payable | 4,135,000 | 100,000 | ||
Proceeds from issuance of convertible notes payable - related party | 300,000 | |||
Proceeds from issuance of preferred stock | 6,569,886 | |||
Proceeds from follow-on offering | 5,575,741 | 22,154,639 | 21,933,874 | |
Proceeds from issuance of notes payable - related party | 250,000 | 250,000 | 890,000 | |
Payment of cash settlement for warrant exercises | (314,879) | |||
Principal payments of capital leases | (297,106) | (158,090) | (947,423) | (944,606) |
Principal payments of notes payable | (5,693) | (11,969) | (49,994) | (44,644) |
Principal payments of notes payable - related party | (250,000) | (390,000) | ||
Net cash provided by financing activities | 6,294,013 | 22,322,580 | 28,232,677 | 12,888,073 |
Net increase (decrease) in cash | (2,480,568) | 18,570,538 | 2,769,936 | 806,400 |
Cash, beginning of the period | 4,787,759 | 2,017,823 | 2,017,823 | 1,211,423 |
Cash, end of the period | 2,307,191 | 20,588,361 | 4,787,759 | 2,017,823 |
Supplemental disclosures of cash flow information: | ||||
Interest paid | 215,199 | 241,228 | 1,055,255 | 1,121,066 |
Income taxes paid | 1,750 | 1,250 | 6,447 | |
Supplemental schedule of non-cash investing and financing activities: | ||||
Conversion of preferred stock to common stock | 2,651 | 18,846,539 | ||
Initial public offering and follow-on offering costs incurred but unpaid | 483,952 | 453,015 | ||
Issuance of preferred stock as debt discount | 0 | 100,000 | ||
Restricted Cash from Convertible Debt | 13,800,000 | |||
Conversion of note payable to preferred stock | 0 | 400,000 | ||
Assets acquired through capital leases | 0 | 807,272 | ||
Offering costs incurred but unpaid | 235,020 | 64,760 | ||
Property and equipment included in accounts payable | 486,309 | $ 419,693 | 226,214 | 393,119 |
Cashless exercise of warrants | 187 | 1,011 | ||
Change in derivative liability from convertible debt | 15,731,315 | |||
Change in derivative liability from exercised and issued warrants | $ 12,384,852 | $ 39,151,949 | $ 1,586,181 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | ||
DESCRIPTION OF BUSINESS | NOTE 1 DESCRIPTION OF BUSINESS Great Basin Scientific, Inc. (the “Company”) (d.b.a., Great Basin Corporation) is a Delaware corporation headquartered in Salt Lake City, Utah. The Company was originally incorporated as Diagnostic Micro Arrays, Inc., a Nevada corporation, on June 27, 2003. The Company changed its name to Great Basin Scientific, Inc. on April 19, 2006. On August 12, 2008, the Company took steps to change its corporate domicile from Nevada to Delaware by forming Great Basin Scientific, Inc., a Delaware corporation, and on August 29, 2008, Great Basin Scientific, Inc., a Nevada corporation, was merged with and into Great Basin Scientific, Inc., a Delaware corporation, wherein the Delaware corporation was the sole surviving entity. The Company is a molecular diagnostic testing company focused on the development and commercialization of its patented, molecular diagnostic platform designed to test for infectious disease, especially hospital-acquired infections. The Company believes that small to medium sized hospital laboratories, those under 400 beds, are in need of simpler and more affordable molecular diagnostic testing methods. The Company markets a system that combines both affordability and ease-of-use, when compared to other commercially available molecular testing methods, which it believes will accelerate the adoption of molecular testing in small to medium sized hospitals. The system includes an analyzer, which is provided for our customers’ use without charge in the United States, and a diagnostic cartridge, which is sold to our customers. The testing platform has the capability to identify up to 64 individual targets at one time. If the test identifies one to three targets, they are referred to as low-plex tests, or tests, and if they identify four or more targets they are referred to as multi-plex panels, or panels. The Company currently has two commercially available tests, the first for clostridium difficile, or C. diff | NOTE 1 DESCRIPTION OF BUSINESS Great Basin Scientific, Inc. (the “Company”) (d.b.a., Great Basin Corporation) is a Delaware corporation headquartered in Salt Lake City, Utah. The Company was originally incorporated as Diagnostic Micro Arrays, Inc., a Nevada corporation, on June 27, 2003. The Company changed its name to Great Basin Scientific, Inc. on April 19, 2006. On August 12, 2008, the Company took steps to change its corporate domicile from Nevada to Delaware by forming Great Basin Scientific, Inc., a Delaware corporation, and on August 29, 2008, Great Basin Scientific, Inc., a Nevada corporation, was merged with and into Great Basin Scientific, Inc., a Delaware corporation, wherein the Delaware corporation was the sole surviving entity. The Company is a molecular diagnostic testing company focused on the development and commercialization of its patented, molecular diagnostic platform designed to test for infectious disease, especially hospital-acquired infections. The Company believes that small to medium sized hospital laboratories, those under 400 beds, are in need of simpler and more affordable molecular diagnostic testing methods. The Company markets a system that combines both affordability and ease-of-use, when compared to other commercially available molecular testing methods, which it believes will accelerate the adoption of molecular testing in small to medium sized hospitals. The system includes an analyzer, which is provided for our customers’ use without charge in the United States, and a diagnostic cartridge, which is sold to our customers. The testing platform has the capability to identify up to 64 individual targets at one time. If the test identifies one to three targets, they are referred to as low-plex tests, or tests, and if they identify four or more targets they are referred to as multi-plex panels, or panels. The Company currently has two commercially available tests, the first for clostridium difficile, or C. diff |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These condensed unaudited financial statements have been prepared to reflect the financial position, results of operations and cash flows of the Company as of March 31, 2016 and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. The accompanying condensed financial statements and notes are unaudited. In management’s opinion, the unaudited interim financial statements have been prepared on the same basis as the audited financial statements for the year ended December 31, 2015 and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of March 31, 2016 and its results of operations and cash flows for the three months ended March 31, 2016 and 2015. The results for the three months ended March 31, 2016 are not necessarily indicative of the results expected for the full fiscal year or any other interim period. Net Income (Loss) per Common Share Basic loss per share (“EPS”) is computed by dividing net loss (the numerator) by the weighted average number of common shares outstanding for the period (the denominator). Diluted EPS is computed by dividing net loss by the weighted average number of common shares and potential common shares outstanding (if dilutive) during each period. Potential common shares include convertible preferred stock, convertible notes, stock options and warrants. The number of potential common shares outstanding is computed using the treasury stock method. As the Company has incurred losses for the three months ended March 31, 2016 and 2015, the potentially dilutive shares are anti-dilutive and are thus not added into the loss per share calculations. As of March 31, 2016 and 2015, there were 5,732,109 and 18,495 potentially dilutive shares, respectively. Reverse Stock Split On March 30, 2016, the Company effected a reverse stock split of the Company’s common stock whereby each thirty-five shares of common stock was replaced with one share of common stock (with no fractional shares issued). The par value and the number of authorized shares of the common stock were not adjusted. All common share and per share amounts for all periods presented in these financial statements have been adjusted retroactively to reflect the reverse stock split. The quantity of Series E Preferred Stock, Common Warrants, Class A, Class B, Series A, Series B and Series C Warrants as well as employee and other options were not included in the reverse stock split and their outstanding quantities have not been adjusted. However, the conversion and exchange ratios were adjusted for the effect of the reverse stock splits such that upon conversion each 2,100 shares of Series E Preferred Stock will now be converted into four shares of common stock and upon exercise each 2,100 warrants or options will now be converted into one share of common stock. The quantity of Series D and Subordination Warrants were not included in the reverse stock split and their outstanding quantities have not been adjusted. However, the conversion ratio has been adjusted such that upon exercise each 35 of the Series D and Subordination Warrants will now be converted into one share of common stock (see NOTE 10 WARRANTS). Fair Value of Financial Instruments FASB ASC 820 defines fair value, establishes a framework for measuring fair value under GAAP and enhances disclosures about fair value measurements. Fair value is defined under FASB ASC 820 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value under FASB ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, with the first two inputs considered observable and the last input considered unobservable, that may be used to measure fair value as follows: • Level one • Level two • Level three Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter. The Company issued certain common stock warrants, employee stock options and convertible notes that are required to be recorded at fair value measured at the transaction date. In addition certain other warrants to purchase common stock and convertible notes qualify as derivative liabilities and are therefore required to be recorded at fair value measured at the transaction date and again at each reporting period end. The fair value of these warrants and conversion was determined using estimates and assumptions that are not readily available in public markets and the Company has designated this liability as Level 3. The assumptions used for the fair value calculation as well as the changes in the value of the derivative liability are shown in NOTE 11 DERIVATIVE LIABILITY. Derivative Instruments The Company accounts for derivative instruments under the provisions of ASC 815 Derivatives and Hedging New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB that are adopted by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s financial statements upon adoption. In February 2016, the FASB issued ASU No. 2016-02 Leases In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-11 Simplifying the Measurement of Inventory In April 2015, the FASB issued ASU No. 2015-03 Interest – Imputation of Interest, Simplifying the Presentation of Debt Issuance Cost. In August 2014, the FASB issued ASU No. 2014-15 Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern In May 2014, the FASB issued ASU No. 2014-09 Revenue from Contracts with Custo | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These financial statements have been prepared to reflect the financial position, results of operations and cash flows of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Reverse Stock Split On December 11, 2015, the Company effected a reverse stock split of the Company’s common stock whereby each sixty shares of common stock was replaced with one share of common stock (with no fractional shares issued). The par value of the common stock was adjusted from $0.001 per share to $0.0001 per share as a result of the reverse stock split. The authorized shares of the common stock were not adjusted. All common share and per share amounts for all periods presented in these financial statements have been adjusted retroactively to reflect the reverse stock split. The quantity of Series E Preferred Stock, Common Warrants, Class A, Class B, Series A, Series B and Series C Warrants as well as employee and other options were not included in the reverse stock split and their outstanding quantities have not been adjusted. However, the conversion and exchange ratios were adjusted as a result of the reverse stock split such that upon conversion each 60 shares of Series E Preferred Stock will be converted into four shares of common stock and upon exercise each 60 warrants or options will be converted into one share of common stock. On March 30, 2016, the Company effected another reverse stock split of the Company’s common stock whereby each thirty-five shares of common stock was replaced with one share of common stock (with no fractional shares issued). The par value and the number of authorized shares of the common stock were not adjusted. All common share and per share amounts for all periods presented in these financial statements have been adjusted retroactively to reflect the reverse stock split. The quantity of Series E Preferred Stock, Common Warrants, Class A, Class B, Series A, Series B and Series C Warrants as well as employee and other options were not included in the reverse stock split and their outstanding quantities have not been adjusted. However, the conversion and exchange ratios were adjusted for the cumulative effect of both reverse stock splits such that upon conversion each 2,100 shares of Series E Preferred Stock will now be converted into four shares of common stock and upon exercise each 2,100 warrants or options will now be converted into one share of common stock. The quantity of Series D and Subordination Warrants were not included in the reverse stock split and their outstanding quantities have not been adjusted. However, the conversion ratio has been adjusted such that upon exercise each 35 of the Series D and Subordination Warrants will now be converted into one share of common stock (see NOTE 11 WARRANTS). Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Such estimates include the warranty reserve, accounts receivable and inventory reserves, intangible assets and other long lived assets, legal and regulatory contingencies, income taxes, share based arrangements, the derivative liability and others. These estimates and assumptions are based on management’s best estimates and judgments. Actual amounts and results could differ from those estimates. Cash and Cash Equivalents The Company considers highly liquid investments with insignificant interest rate risk and original maturities to the Company of three months or less to be cash equivalents. Cash equivalents consist primarily of interest and non-interest bearing bank accounts held in checking, savings and money market accounts. These assets are generally available on a daily or weekly basis and are highly liquid in nature. If the balances are greater than $250,000, the Company does not have FDIC coverage on the entire amount of bank deposits. Restricted Cash Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements are recorded as restricted cash on our balance sheet. On December 30, 2015, the Company entered into a Securities Purchase Agreement pursuant to which the Company issued $22.1 million senior secured convertible notes and received $18.4 million in cash proceeds. Under the terms of the notes, at closing an initial tranche of $4.6 million was available for immediate use by the Company for general corporate purposes. The remaining cash proceeds of $13.8 million is available in three additional tranches that are subject to an account control agreement whereby the restrictions on the proceeds are terminated when the Company meets certain equity conditions (see NOTE 8 CONVERTIBLE NOTES PAYABLE). The restricted cash is deposited in an account that is not FDIC insured. Accounts Receivable Accounts receivable are generated from the sale of single use diagnostic test cartridges to end users in the United States and to a network of distributors outside the United States. These accounts receivable are recorded at the invoiced amount, net of allowances for doubtful amounts. The Company routinely reviews outstanding accounts receivable balances for estimated uncollectible accounts and establishes or adjusts the allowances for doubtful accounts receivable using the specific identification method and records a reserve for amounts not expected to be fully recovered. Actual balances are not applied against the reserve until substantially all collection efforts have been exhausted. The Company does not have customer acceptance provisions, but it does provide its customers a limited right of return for defective diagnostic test cartridges. The allowance for doubtful accounts at December 31, 2015 and 2014 was $16,892 and $5,482, respectively. Inventories Inventories are stated at the lower of cost or market with cost determined according to the average cost method. Manufactured inventory consists of raw material, direct labor and manufacturing overhead cost components. The Company reviews the components of its inventory on a regular basis for excess and obsolete inventory and makes appropriate adjustments when necessary. Inventories consisted of the following at December 31, 2015 and 2014: December 31, 2015 2014 Raw materials $ 758,870 $ 360,019 Work-in-process 277,827 91,153 Finished goods 96,445 5,922 Total inventories $ 1,133,142 $ 457,094 Property and Equipment Property and equipment is recorded at cost and depreciated over the estimated useful lives of the assets (which range from three to ten years) using the straight-line method. Amortization of leasehold improvements is computed on the straight-line method over the shorter of the lease term or estimated useful lives of the assets. The analyzers that the Company manufactures and retains title over are placed with customers and are recorded in property and equipment under “Analyzers.” The materials used for the manufacture of the analyzers are recorded in property and equipment under “Construction in progress.” Major renewals and betterments are capitalized and depreciated over their estimated useful lives while minor expenditures for maintenance and minor repairs are charged to operations as incurred. The Company classifies assets to be sold as assets held for sale when (i) Company management has approved and commits to a plan to sell the asset, (ii) the asset is available for immediate sale in its present condition and is ready for sale, (iii) an active program to locate a buyer and other actions required to sell the asset have been initiated, (iv) the sale of the asset is probable, (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (vi) it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Assets classified as held for sale are recorded at the lower of the carrying amount or fair value less the cost to sell and are a component of prepaid and other current assets in the balance sheets. The Company did not have any assets classified as held for sale as of December 31, 2015 and 2014. Intangible Assets The Company records its intangible assets at cost which consist of two licensing and royalty agreements for certain intellectual property rights used in the development and manufacture of our products. These intangible assets are being amortized over an estimated useful life of seven years from the date that the technology licenses became effective. As of December 31, 2015 and 2014, intangible assets totaled $600,000 valued at cost, less accumulated amortization of $480,829 and $383,420, respectively. The Company recorded amortization associated with these agreements of $97,407 and $117,445 for the years ended December 31, 2015 and 2014, respectively. Estimated future intangible asset amortization expense for the next five years are as follows: Years ended December 31, 2016 $ 76,580 2017 42,591 Total estimated amortization expense $ 119,171 Impairment of Long Lived Assets Long-lived tangible assets, including property and equipment, and definite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. The Company regularly evaluates whether events or circumstances have occurred that indicate possible impairment and relies on a number of factors, including expected future operating results, business plans, economic projections, and anticipated future cash flows. The Company uses an estimate of the future undiscounted net cash flows and comparisons to like-kind assets, as appropriate, of the related asset over the remaining life in measuring whether the assets are recoverable. Measurement of the amount of impairment, if any, is based upon the difference between the asset’s carrying value and estimated fair value. Fair value is determined through various valuation techniques, including cost-based, market and income approaches as considered necessary. Derivative Instruments The Company accounts for derivative instruments under the provisions of ASC 815 Derivatives and Hedging Fair Value of Financial Instruments The Company measures at fair value certain of its financial and non-financial assets and liabilities by using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is 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, essentially an exit price, based on the highest and best use of the asset or liability. The levels of the fair value hierarchy are: Level 1—Quoted market prices in active markets for identical assets or liabilities; Level 2—Significant other observable inputs (e.g. quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable, such as interest rate and yield curves, and market-corroborated inputs); and Level 3—Unobservable inputs in which there is little or no market data, which require the reporting unit to develop its own assumptions. The following tables set forth the financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy at December 31, 2015 and 2014 (see NOTE 12 DERIVATIVE LIABILITIES): Fair Value Measurements at December 31, 2015 Description Level 1 Level 2 Level 3 Total Derivative liability Common stock warrants $ — $ — $ 26,592,532 $ 26,592,532 Convertible notes payable $ — $ — $ 16,588,940 $ 16,588,940 Total derivative liability $ — $ — $ 43,181,472 $ 43,181,472 Fair Value Measurements at December 31, 2014 Description Level 1 Level 2 Level 3 Total Derivative liability Common stock warrants $ — $ — $ 9,998,636 $ 9,998,636 Total derivative liability $ — $ — $ 9,998,636 $ 9,998,636 The internal models used to determine fair value for these Level 3 instruments use certain significant unobservable inputs and their use requires determination of relevant inputs and assumptions. Accordingly, changes in these unobservable inputs may have a significant impact on fair value. Such inputs include risk free interest rate, expected average life, expected dividend yield, and expected volatility. These Level 3 liabilities would decrease (increase) in value based upon an increase (decrease) in risk free interest rate and expected dividend yield. Conversely, the fair value of these Level 3 liabilities would generally increase (decrease) in value if the expected average life or expected volatility were to increase (decrease). Revenue Recognition The Company derives its product revenue from the sale of single use diagnostic test cartridges sold through our dedicated sales force, except in the European Union where the Company sells through a network of distributors. Product revenue is recognized when all four of the following criteria are met: (1) persuasive evidence that an arrangement exists; (2) delivery of the products has occurred; (3) the selling price of the product is fixed or determinable; and (4) collectability of that price is reasonably assured. Change in title to the product and recognition of revenue from sales of diagnostic test cartridges occurs at the time of shipment. Shipping and handling fees and related freight costs and supplies for test kits are billed to customers. Additional costs associated with shipping products to customers are included as a component of cost of sales. Research and Development Costs Research and development costs are charged to operations as incurred. Research and development costs include, among other things, salaries and wages for research scientists and staff (including stock-based compensation), materials and supplies used in the development of new products, developing and validating the manufacturing process, costs for clinical trials, and costs for research and development facilities and equipment. Stock Based Compensation The Company has accounted for stock-based compensation under the provisions of Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 718, “Compensation—Stock Compensation” . Financial Instruments and Concentration of Credit Risk The Company’s financial instruments include cash and cash equivalents, accounts receivable, and accounts payable. The carrying amount of cash and cash equivalents, accounts receivable, and accounts payable approximate fair value because of their immediate or short-term maturities. All of the Company’s accounts receivable result from sales in the normal course of business to its customers primarily throughout the United States. The Company attempts to limit its credit risk by performing credit evaluations of new customers and maintaining adequate allowances for potential credit losses. As of December 31, 2015, 17% of the accounts receivable balance resulted from one customer. As of December 31, 2014, 30% of the accounts receivable balance resulted from one customer. Historically, the Company has not experienced any credit losses on such receivables. Allowances for bad debt in the amount of $16,892 and $5,482 were recorded against accounts receivable for the years ended December 31, 2015 and 2014, respectively. There was no bad debt for the year ended December 31, 2015. The Company cannot ensure that such losses will not be realized in the future. The Company’s customers consist of hospitals, clinics, laboratories and other healthcare providers in the United States, the European Union and New Zealand. For the year ended December 31, 2015, there were no customers that accounted for more than 10% of revenues. For the year ended December 31, 2014, 11% of revenues resulted from one customer who accounted for more than 10% of revenues. Income Taxes The Company accounts for income taxes under FASB ASC 740, “Income Taxes”. Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Accounting standards require the consideration of a valuation allowance for deferred tax assets if it is “more likely than not” that some component or all of the benefits of deferred tax assets will not be realized. The tax effects from an uncertain tax position can be recognized in the financial statements only if the position is more likely than not of being sustained if the position were to be challenged by a taxing authority. The Company has examined the tax positions taken in its tax returns and determined that there are no uncertain tax positions. As a result, the Company has recorded no uncertain tax liabilities in its balance sheet. Loss per Common Share Basic loss per share (“EPS”) is computed by dividing net loss, less cumulative preferred stock dividends for the period, including undeclared or unpaid cumulative dividends (the numerator) by the weighted average number of common shares outstanding for the period (the denominator). Diluted EPS is computed by dividing net loss by the weighted average number of common shares and potential common shares outstanding (if dilutive) during each period. Potential common shares include convertible preferred stock, stock options and warrants. The number of potential common shares outstanding is computed using the treasury stock method. As the Company has incurred losses for the years ended December 31, 2015 and 2014, the potentially dilutive shares are anti-dilutive and are thus not added into the loss per share calculations. As of December 31, 2015 and 2014, there were 784,801 and 2,930 potentially dilutive shares, respectively. Reclassification During 2015, the Company’s auditors identified a clerical error made by the Company during the preparation of the 2014 cash flow statement, wherein the amount for a certain fixed asset that was included in accounts payable had the sign inadvertently switched. The Company has corrected the presentation of the 2014 cash flows for this clerical item and in doing so, the statement of cash flows for 2014 was adjusted to increase net cash used in operating activities by $786,238, with a corresponding decrease in net cash used from investing activities. Other than the 2014 cash flow statement, no other cash flow statement for any annual or quarterly period, was impacted by this presentation correction. The Company has evaluated the effect of the incorrect presentation, both qualitatively and quantitatively, and concluded that it did not have a material impact on, nor require amendment of, any previously filed annual or quarterly financial statements. New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB that are adopted by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s financial statements upon adoption. In November 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-17, “Balance Sheet Classification of Deferred Taxes,” that requires companies to classify all deferred tax assets and liabilities, along with any valuation allowance, as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. The guidance does not change the existing requirement that only permits offsetting within a jurisdiction. The ASU is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. During the fourth quarter of 2015, the Company elected early adoption of this standard as it improved the efficiency of the year end financial reporting process for income taxes and applied the changes retrospectively to all prior periods presented in its financial statements. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory,” that simplifies the subsequent measurement of inventories by replacing the current lower of cost or market test with a lower of cost or net realizable value test. The ASU is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. The Company is still evaluating the impact this standard will have on its financial statements and related disclosures. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of debt discounts or premiums. The ASU is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. During the year 2015, the Company elected early adoption of this standard and applied the changes in its financial statements and related disclosures. In August 2014, the FASB issued ASU No. 2014-15 Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. In April 2015, the FASB deferred the effective date of ASU 2014-09 to fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2014-09 on its financial statements and related disclosures. |
GOING CONCERN
GOING CONCERN | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Text Block [Abstract] | ||
GOING CONCERN | NOTE 3 GOING CONCERN The Company’s condensed unaudited financial statements have been prepared on a going concern basis which contemplates the realization of assets and the liquidation of liabilities in the ordinary course of business. The Company has incurred substantial losses from operations and negative operating cash flows which raise substantial doubt about the Company’s ability to continue as a going concern. The Company sustained a net loss for the three months ended March 31, 2016 of $33.7 million and a net loss for the year ended December 31, 2015 of $57.9 million, and has an accumulated deficit of $155.6 million as of March 31, 2016. Whether and when the Company can attain profitability and positive cash flows from operations is uncertain. The Company intends to continue to develop its products and expand its customer base, but does not have sufficient realized revenues or operating cash flows in order to finance these activities internally. As a result, the Company intends to seek to obtain financing in order to fund its working capital and development needs. In February 2016 the Company obtained financing by completing another follow-on offering for net proceeds of $5.0 million. The Company has been able to meet its short-term needs through private placements of convertible preferred securities, an initial public offering (“IPO”), additional follow-on offerings, convertible debt financing and the sale and leaseback of analyzers used to report test results. The Company will continue to seek funding through the issuance of additional equity securities, debt financing, the sale and leaseback of analyzers, or a combination of these items. Any proceeds received from these items could provide the needed funds for continued operations and development programs. The Company can provide no assurance that it will be able to obtain sufficient additional financing that it needs to alleviate doubt about its ability to continue as a going concern. If the Company is able to obtain sufficient additional financing proceeds, the Company cannot be certain that this additional financing will be available on acceptable terms, if at all. To the extent the Company raises additional funds by issuing equity securities, the Company’s stockholders may experience significant dilution. Any debt financing, if available, may involve restrictive covenants that impact the Company’s ability to conduct business. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. If the Company is unable to obtain additional financings, the impact on the Company’s operations will be material and adverse. | NOTE 3 GOING CONCERN The Company’s financial statements have been prepared on a going concern basis which contemplates the realization of assets and the liquidation of liabilities in the ordinary course of business. The Company has incurred substantial losses from operations causing negative working capital and negative operating cash flows, which raise substantial doubt about the Company’s ability to continue as a going concern. The Company sustained a net loss for the year ended December 31, 2015 of $57,899,169 and a net loss for the year ended December 31, 2014 of $21,727,818, and has an accumulated deficit of $121,903,865 as of December 31, 2015. The Company intends to develop its products and expand its customer base, but does not have sufficient realized revenues or operating cash flows in order to finance these activities internally. As a result, the Company intends to seek financing in order to fund its working capital and development needs. The Company has been able to meet its short-term needs through private placements of convertible preferred securities, an initial public offering (“IPO”), a secondary public offering, convertible debt financing and the sale and leaseback of analyzers used to report test results. The Company will continue to seek funding through the issuance of additional equity securities, debt financing, the sale and leaseback of analyzers, or a combination of these items. Any proceeds received from these items could provide the needed funds for continued operations and development programs. The Company can provide no assurance that it will be able to obtain sufficient additional financing that it needs to alleviate doubt about its ability to continue as a going concern. If the Company is able to obtain sufficient additional financing proceeds, the Company cannot be certain that this additional financing will be available on acceptable terms, if at all. To the extent the Company raises additional funds by issuing equity securities, the Company’s stockholders may experience significant dilution. Any debt financing, if available, may involve restrictive covenants that impact the Company’s ability to conduct business. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. If the Company is unable to obtain additional financings, the impact on the Company’s operations will be material and adverse. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 4 PROPERTY AND EQUIPMENT Property and equipment consisted of the following at December 31, 2015 and December 31, 2014: December 31, 2015 2014 Construction in progress $ 680,679 $ 1,133,654 Analyzers 5,045,481 1,139,352 Computers and office equipment 462,441 290,754 Machinery and equipment 2,372,558 1,060,993 Leasehold improvements 393,271 366,945 Furniture and fixtures 72,618 16,145 Equipment under capital lease 2,148,476 2,148,476 11,175,522 6,156,319 Less: accumulated depreciation and amortization (3,433,531 ) (1,918,852 ) Total property and equipment, net $ 7,741,991 $ 4,237,467 The total expense for depreciation of fixed assets and amortization of leasehold improvements was $1,514,679 and $1,040,531 for the years ended December 31, 2015 and 2014, respectively. Of this amount $1,199,183 and $601,947 was for depreciation of equipment under capital leases for the year ended December 31, 2015 and 2014, respectively. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | NOTE 5 ACCRUED EXPENSES Accrued liabilities consisted of the following as of December 31, 2015 and 2014: December 31, 2015 2014 Accrued payroll $ 1,094,666 $ 421,645 Royalties 75,642 166,540 Accrued interest 44,291 — Accrued property and use tax 10,905 10,905 Other 87,645 13,269 Total accrued liabilities $ 1,313,149 $ 612,359 |
LEASE COMMITMENTS
LEASE COMMITMENTS | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | ||
LEASE COMMITMENTS | NOTE 4 LEASE COMMITMENTS Capital Leases The Company has entered into two lease agreements for the sale-leaseback of molecular diagnostic analyzers. The first agreement was entered into in November 2013 and provided for the sale of 125 molecular diagnostic analyzers for a sales price of $2,500,000, which are being leased back for a base period of thirty-six monthly payments of $74,875. The second agreement was entered into in April 2014 for the sale of 75 molecular diagnostic analyzers for a sales price of $1,500,000, which are being leased back for a base period of twenty-four monthly payments of $64,665. At the end of each lease term, the leases shall automatically renew for twelve additional months unless certain conditions are met. As such, the Company is amortizing the capital lease over a forty-eight month period for the first agreement and a thirty-six month period for the second agreement. The lease is accounted for as a capital lease sale-leaseback transaction in accordance with ASC 840, “Leases”. Operating Leases The Company leases approximately 35,540 square feet of office space located in Salt Lake City, Utah for use as the executive offices and labs. Base rent payments due under the lease are expected to be approximately $3,472,875 in the aggregate over the term of the lease of 65 months beginning on December 1, 2015. The Company also leases approximately 33,000 square feet of building space at another location in Salt Lake City, Utah for use primarily as manufacturing space and labs. Base rent payments due under these leases total $21,226 per month. The leases expire on April 30, 2017. The Company also leases certain office equipment such as copiers and printers under operating lease agreements that expire at various dates. Amounts charged to expense under operating leases were $165,045 and $74,268 for the three months ended March 31, 2016 and 2015, respectively. | NOTE 6 LEASE COMMITMENTS Capital Leases The Company has entered into two lease agreements for the sale-leaseback of molecular diagnostic analyzers. The first agreement was entered into in November 2013 and provided for the sale of 125 molecular diagnostic analyzers for a sales price of $2,500,000, which are being leased back for a base period of thirty-six monthly payments of $74,875. The second agreement was entered into in April 2014 for the sale of 75 molecular diagnostic analyzers for a sales price of $1,500,000, which are being leased back for a base period of twenty-four monthly payments of $64,665. At the end of each lease term, the leases shall automatically renew for twelve additional months at the current monthly rate unless the Company gives written notice 150 days prior to the end of the lease. If timely notice is given the Company shall have the opportunity to: 1) repurchase the analyzers for a negotiated purchase price, not to exceed forty percent of their original cost; or 2) terminate the lease, return the property and enter into a new lease with new property that replaces the property of the old lease. Both the Company and the lessor shall have the right to reject any terms of option 1 or 2 and if rejected, the 12 month extension shall apply. As such, the Company is amortizing the capital lease over a forty-eight month period for the first agreement and a thirty-six month period for the second agreement. The second agreement also has a rewrite clause wherein the leasing company agrees to use its commercially best efforts to rewrite the lease agreement at more favorable terms when the Company raises sufficient capital to cover current and future expenses for a minimum of 12 months. The Company’s obligations under the lease agreements are secured by a $500,000 letter of credit. The Letter of Credit was issued by a bank at the behest of a non-profit foundation and Spring Forth Investments LLC both of which are related parties through Mr. David Spafford, a director of the Company. The Company is obligated to reimburse the non-profit foundation and Spring Forth Investments LLC for any draws made under the Letter of Credit. The lease agreement is also secured by personal guarantees from Mr. Ryan Ashton, the Chief Executive Officer of the Company, and Mr. Spafford (See Note 14 RELATED PARTY TRANSACTIONS). The lease is accounted for as a capital lease sale-leaseback transaction in accordance with ASC 840, “Leases”. Annual future minimum lease payments of capital leases for the next five years are as follows: Years ended December 31, 2016 $ 1,694,006 2017 923,908 Total capital lease payments 2,617,914 Less amount representing interest (461,078 ) Total future minimum lease payments 2,156,836 Less current portion of capital leases (1,305,426 ) Long term portion of capital leases $ 851,410 Operating leases The Company leases approximately 33,000 square feet of building space located in Salt Lake City, Utah pursuant to two lease agreements totaling $21,226 in base rent per month. The leases expire on April 30, 2016 and each have two options, with each option for a three year renewal period. We also lease approximately 13,399 square feet of office space located at another location in Salt Lake City, Utah for use as our executive offices and labs. Base rent payments due under the lease are expected to be approximately $1,231,526 in the aggregate over the term of the lease of 65 months beginning on December 1, 2015. While the tenant improvements are being completed, we are leasing temporary office space in the same building on a monthly basis for base rent of $8,437 per month. The Company also leases certain office equipment such as copiers and printers under operating lease agreements that expire at various dates. Amounts charged to expense under operating leases were $279,296 and $293,773 for the years ended December 31, 2015 and 2014, respectively. Operating lease commitments for the next five years are as follows: Years ended December 31, 2016 $ 355,797 2017 246,255 2018 252,092 2019 259,132 2020 266,455 Total operating lease commitments $ 1,379,731 |
NOTES PAYABLE
NOTES PAYABLE | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Debt Disclosure [Abstract] | ||
NOTES PAYABLE | NOTE 5 NOTES PAYABLE The Company purchased certain machinery and equipment under two note payable agreements in January and February 2013. During the three months ended March 31, 2016, both notes were extinguished by making the final payments on the notes in the amount of $5,693. | NOTE 7 NOTES PAYABLE The Company purchased certain machinery and equipment under two note payable agreements which consist of the following as of December 31, 2015 and 2014: December 31, 2015 2014 Note payable, 15.2% interest, monthly payments of $1,328, due February 6, 2016, secured by equipment $ 2,607 $ 16,938 Note payable, 10.0% interest, monthly payments of $3,161, due January 1, 2016, secured by equipment 3,086 38,749 Total notes payable 5,693 55,687 Less: current portion of notes payable (5,693 ) (49,994 ) Long term portion of notes payable $ — $ 5,693 |
CONVERTIBLE NOTES PAYABLE
CONVERTIBLE NOTES PAYABLE | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Text Block [Abstract] | ||
CONVERTIBLE NOTES PAYABLE | NOTE 6 CONVERTIBLE NOTES PAYABLE On December 30, 2015, the Company entered into a Securities Purchase Agreement (“SPA”) with certain investors pursuant to which it agreed to issue $22.1 million in senior secured convertible notes (“Notes”) and Series D Warrants (further described below). The Notes are convertible into 3,946,429 shares of Common Stock at a price equal to $5.60 per share, subject to adjustment for certain dilutive events. $20 million of the notes were issued for cash proceeds totaling $18.4 million with an original issue discount in the amount of $1.6 million which is equal to sixteen (16) months of simple interest at a rate of six percent (6.0%) per annum on the aggregate principal of the Notes (assuming, that the entire aggregate original principal amount remains outstanding through the maturity date). $2.1 million of the Notes were issued to extinguish 1,050,000 outstanding Series C Warrants at an extinguish value of $2.00 per warrant. The Notes are senior secured obligations of the Company and will rank senior to all outstanding and future indebtedness of the Company. They are secured by a first priority perfected security interest (subject to permitted liens as defined in the Notes) in all of the current and future assets of the Company. The Notes contain standard and customary events of default and the entire principal balance is subject to the default and redemption provisions contained in the Notes, regardless of whether or not any of the proceeds have been released from the Company’s restricted accounts. In connection with the issuance of the Notes under the SPA, the Company issued Series D Warrants (the “Series D Warrants”), exercisable to acquire 100,090 shares of Common Stock, subject to a one time adjustment on December 31, 2016 under the terms of the Series D Warrants (see NOTE 10 WARRANTS). Each Series D Warrant is exercisable by the holder beginning six months after December 30, 2015 and continuing for a period five years thereafter. The Series D Warrants are exercisable at $5.60 per share of common stock, subject to adjustments for certain dilutive events. The Company has agreed to make amortization payments with respect to the Notes in twelve (12) equal installments beginning four (4) months after the original date of issuance of December 30, 2015 (each, an “Installment Date”). On each installment date, assuming certain equity conditions are met, the installment payment shall automatically be converted into shares of Common Stock at a conversion rate defined in the agreement. Under the terms of the Notes, at closing the Company received an initial tranche of $4.6 million for immediate use for general corporate purposes. The remaining cash proceeds of $13.8 million are being held in a restricted account and will be released to the Company from the Company’s restricted accounts in subsequent equal tranches subject to certain equity conditions. $20 million of the Notes were issued for cash proceeds of $18.4 million with an original issue discount in the amount of $1.6 million. The conversion feature in the Notes represents an embedded derivative that requires bifurcation due to the ratchet provision described above related to the conversion feature. The provisions in the Series D Warrants also require the Company to account for the warrants as derivative liabilities. The original issue discount, the fair value of the embedded conversion feature, the fair value of the Series D Warrants and the debt issuance costs are all together considered the debt discount. The Company recorded a debt discount in the amount of $20 million which is being amortized over the life of the note using the effective interest method. For the three months ended March 31, 2016, $6,107,467 of the debt discount had been amortized to interest expense. The following table summarizes the convertible notes outstanding at March 31, 2016: Convertible notes payable, principal $ 22,100,000 Debt discounts (13,828,816 ) Net convertible note payable 8,271,184 Less current portion (8,271,184 ) Convertible notes payable, long term $ — | NOTE 8 CONVERTIBLE NOTES PAYABLE On December 30, 2015, the Company entered into a Securities Purchase Agreement (“SPA”) with certain investors pursuant to which it agreed to issue $22.1 million in senior secured convertible notes (“Notes”) and Series D Warrants (further described below). The Notes are convertible into 341,313 shares of Common Stock at a price equal to $64.75 per share, subject to adjustment for certain dilutive events and currently subject to a 19.9% cap as described below. $20 million of the notes were issued for cash proceeds totaling $18.4 million with an original issue discount in the amount of $1.6 million which is equal to sixteen (16) months of simple interest at a rate of six percent (6.0%) per annum on the aggregate principal of the Notes (assuming, that the entire aggregate original principal amount remains outstanding through the maturity date). $2.1 million of the Notes were issued to extinguish 1,050,000 outstanding Series C Warrants at an extinguish value of $2.00 per warrant. The Notes are senior secured obligations of the Company and will rank senior to all outstanding and future indebtedness of the Company. They will be secured by a first priority perfected security interest (subject to permitted liens as defined in the Notes) in all of the current and future assets of the Company. The Notes contain standard and customary events of default and the entire principal balance is subject to the default and redemption provisions contained in the Notes, regardless of whether or not any of the proceeds have been released from the Company’s restricted accounts. The Notes also have a provision that the Company is required to reserve at least 120,000,000 shares of authorized and unissued common stock for issuance pursuant to the Notes and associated Series D warrants. In connection with the issuance of the Notes under the SPA, the Company issued Series D Warrants (the “Series D Warrants”), exercisable to acquire 100,090 shares of Common Stock, subject to a one time adjustment on December 31, 2016 under the terms of the Series D Warrants (see NOTE 11 WARRANTS). Each Series D Warrant is exercisable by the holder beginning six months after December 30, 2015 and continuing for a period five years thereafter. Each Series D Warrant was exercisable initially at $64.75 per share of common stock, subject to adjustments for certain dilutive events and subject to an exercise price floor equal to $40.60 per share. The Company has agreed to make amortization payments with respect to the Notes in twelve (12) equal installments beginning four (4) months after the original date of issuance of December 30, 2015 (each, an “Installment Date”). On each installment date, assuming certain equity conditions are met, the installment payment shall automatically be converted into shares of Common Stock at (i) at 80% of the five day volume weighted average price of the common stock for the first four payments and (ii) at 85% of the five day volume weighted average price of the common stock for the last 8 payments with both conversion rates being subject to a floor conversion price of $7.00. Under the terms of the Notes, at closing the Company received an initial tranche of $4.6 million for immediate use for general corporate purposes. The remaining cash proceeds of $13.8 million are being held in a restricted account and will be released to the Company from the Company’s restricted accounts in subsequent equal tranches subject to certain equity conditions and the following terms and conditions: (1) 25% will be released 30 trading days following the later of (i) the “Control Account Release Eligibility Date” and (ii) the first installment date under the Note, (2) 25% will be released 90 trading days following the Control Account Release Eligibility Date and (3) 25% will be released 120 trading days following the Control Account Release Eligibility Date. “Control Account Release Eligibility Date” means the later of (x) the date the Company obtains the required stockholder approval of the issuance of the shares of common stock upon conversion of the notes pursuant to the rules of the NASDAQ Stock Market and (y) the earlier of (I) the date a resale registration statement registering all of the shares of Common Stock issuable upon conversion of the Notes and (II) the initial date the shares of Common Stock issuable upon conversion of the Notes may be freely sold by a non-affiliate of the Company pursuant to Rule 144 of the Securities Act of 1933, as amended (the “Securities Act”). If shareholder approval is not obtained the Notes will go into default and restricted cash will not be released. The dilutive events that provide for the adjustment of the conversion price of the Notes and the exercise price of the Series D Warrants relate to any transaction in which the Company issues or is deemed to have issued shares of common stock for consideration per share less than the conversion price then in effect. The issuance of shares of common stock upon conversion of the Notes is subject to the rules of the NASDAQ Capital Market which requires an initial cap of 19.9% of the Company’s issued and outstanding shares of common stock on December 30, 2015 unless and until the Company’s stockholders approve removal of the cap. Further, the current exercise price floor of $40.60 on the exercise price of the Series D Warrants is subject to removal upon approval of the Company’s stockholders at which point the exercise price of the Series D Warrants will automatically reset pursuant to its anti-dilution provisions as if the exercise price floor was not applicable since the issuance of the Series D Warrants. Convertible Notes of $20 Million Issued for Cash $20 million of the Notes were issued for cash proceeds of $18.4 million with an original issue discount in the amount of $1.6 million. In addition the Company incurred debt issuance costs in the amount of $568,685. The conversion feature in the Notes represents an embedded derivative that requires bifurcation due to the ratchet provision described above related to the conversion feature. The provisions in the Series D Warrants also require the Company to account for the warrants as derivative liabilities. The original issue discount, the fair value of the embedded conversion feature, the fair value of the Series D Warrants and the debt issuance costs are all together considered the debt discount. Any excess of the total debt discount and the face value of the convertible notes are recorded to interest expense in the statement of operations. The initial fair value of the embedded conversion feature on the $20 million portion of the note was valued using a binomial model with Monte Carlo simulation, resulting in a fair value of $14,788,365. The initial fair value of the Series D Warrants related to the $20 million note was also valued using a binomial model with Monte Carlo simulation, resulting in a fair value of $13,637,132. The Company recorded a charge to interest expense in the amount of $10,594,182 in the statement of operations for the year ended December 31, 2015, representing the excess of the total debt discount over the face value of the convertible notes. The Company recorded a debt discount in the amount of $20 million which will be amortized over the life of the note using the effective interest method. As of December 31, 2015, $63,717 of the debt discount had been amortized to interest expense. Convertible Notes of $2.1 Million Issued for Series C Warrants $2.1 million of the Notes and related Series D Warrants were issued to extinguish 1,050,000 outstanding Series C Warrants. Since the Series C Warrants were derivative liabilities at the time of the transaction, the Company has accounted for this as an extinguishment of liabilities. Accordingly, all consideration issued to extinguish the liabilities were recorded at their fair value on the date of the extinguishment and the liabilities extinguished were removed at their carrying value. Since the liabilities extinguished were derivative liabilities, their carrying value is continuously adjusted to equal their fair value. The fair value of the Series C Warrants that were extinguished was calculated using the predetermined inputs to Black Scholes formula as defined in the Series C Warrant, resulting in a fair value of $2,340,240 for the extinguished warrants. The initial fair value of the embedded conversion feature on the $2.1 million portion of the Notes was valued using a binomial model with Monte Carlo simulation, resulting in a fair value of $1,865,729. The initial fair value of the Series D Warrants related to the $2.1 million note was also valued using a binomial model with Monte Carlo simulation, resulting in a fair value of $2,412,574. The host debt instrument’s fair value was deemed to be $2.1 million. The Company recorded a loss in the amount of $4,038,063 in its statement of operations for the year ended December 31, 2015, representing the excess of the consideration provided over the liability extinguished. The following table summarizes the convertible notes outstanding at December 31, 2015: Convertible notes payable, principal $ 22,100,000 Debt discounts (19,936,283 ) Net convertible note payable 2,163,717 Less current portion (1,638,717 ) Convertible notes payable, long term $ 525,000 |
NOTES PAYABLE - RELATED PARTY
NOTES PAYABLE - RELATED PARTY | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Text Block [Abstract] | ||
NOTES PAYABLE - RELATED PARTY | NOTE 7 NOTES PAYABLE – RELATED PARTY In July 2014, the Company entered into a note agreement for $500,000 with Spring Forth Investments, LLC a company owned by Mr. David Spafford, a director. The original maturity date for the note was July 18, 2015, which was extended by the Company to July 18, 2016 by giving notice and paying an extension fee of $10,000. The note pays interest at an annual rate of 20% and is paid monthly. The Company prepaid the last three months of interest for a total of $25,000 at the time of issuance of the note. As additional consideration for the note, the Company issued 4,000,000 Series D preferred stock units (which were separable into 4,000,000 shares of Series D preferred stock, 20,000 Class A warrants to purchase 10 shares of common stock at $5.60 per share and 20,000 Class B warrants to purchase 10 shares of common stock at $5.60 per share) at a value of $100,000 or $0.025 per unit. The 4,000,000 shares of Series D Preferred Stock were converted into 10 shares of Common Stock. The Series D preferred stock units were accounted as a debt discount which has been fully amortized. | NOTE 9 NOTES PAYABLE—RELATED PARTY In July 2014, the Company entered into a note agreement for $500,000 with Spring Forth Investments, LLC a company owned by Mr. David Spafford, a director. The original maturity date for the note was July 18, 2015, which was extended by the Company to July 18, 2016 by giving notice and paying an extension fee of $10,000. The note pays interest at an annual rate of 20% and is paid monthly. The Company prepaid the last three months of interest for a total of $25,000 at the time of issuance of the note. As additional consideration for the note, the Company issued 4,000,000 Series D preferred stock units (which were separable into 4,000,000 shares of Series D preferred stock, 20,000 Class A warrants to purchase one share of common stock for every 2,100 Class A Warrants at an exercise price of $10,332.00 per share and 20,000 Class B warrants to purchase one share of common stock for every 2,100 Class B warrants at an exercise price of $420.00 per share) at a value of $100,000 or $0.025 per unit. On the date of the IPO, the 4,000,000 shares of Series D Preferred Stock converted into 10 shares of Common Stock at a conversion ratio of 420,000 to 1. The Series D preferred stock units were accounted as a debt discount to be amortized over the life of the note. As of December 31, 2015 there was no unamortized debt discount. In February 2015, the Company entered into another loan agreement for $250,000 with Spring Forth Investments, LLC. The loan had an interest rate of twelve percent (12%) per year and matured the earlier of (i) 90 days from the date of the loan agreement, or (ii) five days after the closing of a registered public offering of securities of the Company. In April 2015, the Company paid off the note along with the accrued interest in the amount of $4,192 and a termination fee of $12,500. |
COMMON AND PREFERRED STOCK
COMMON AND PREFERRED STOCK | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Equity [Abstract] | ||
COMMON AND PREFERRED STOCK | NOTE 9 COMMON STOCK The Company had 200,000,000 shares of common stock authorized at a par value of $0.0001 per share as of March 31, 2016. As of March 31, 2016 there were 3,292,683 shares of common stock issued and outstanding. The Company has reserved 85,000,000 of authorized but unissued shares of common stock for issuance pursuant to the convertible notes and associated Series D Warrants. During the three months ended March 31, 2016, the Company issued 1,520,888 shares of common stock pursuant to the cashless exercise of 5,091,815 Series C Warrants. During the three months ended March 31, 2016, the Company issued 354,899 shares of common stock pursuant to the cash exercise of 121,540 Underwriter Unit Purchase Options at an exercise price of $11.00 for total proceeds of $1,335,950. Upon exercise of these options, 121,540 shares of Series E Convertible Preferred Stock were issued and immediately converted into 232 shares of common stock and 972,320 Series C Warrants were issued and immediately exercised pursuant to the cashless exercise provision into 354,667 shares of common stock. During the three months ended March 31, 2016, the Company issued 27 shares of common stock pursuant to the conversion of 13,967 shares of Series E Convertible preferred stock (see NOTE 8 PREFERRED STOCK). On February 24, 2016, the Company completed a public offering of 39.2 million Units. Each 35 units consisted of one share of common stock and 52.5 Series E Warrants. The Company received approximately $5.0 million of net proceeds. Pursuant to the sale of the units, the Company issued 1,120,000 shares of common stock. Each 35 Series E Warrants are exercisable into one share of common stock at $8.75 per share. The Series E Warrants expire six years from the date of grant, are not exercisable for one year and which exercise is subject to a shareholder vote and an increase in the number of authorized shares of common stock the Company can issue. | NOTE 10 COMMON AND PREFERRED STOCK Common Stock The Company had 200,000,000 and 50,000,000 shares of common stock authorized at a par value of $0.0001 per share as of December 31, 2015 and 2014, respectively. As of December 31, 2015 and 2014 there were 296,869 and 2,423 shares of common stock issued and outstanding, respectively. The Company has reserved 120,000,000 of authorized but unissued shares of common stock for issuance pursuant to the convertible notes and associated Series D Warrants. During the year ended December 31, 2014, the Company issued 23 shares of common stock to Spring Forth Investments pursuant to the exercise of the conversion option of 9,250,000 shares of Series A preferred stock at a conversion ratio of 420,000 to 1 (SEE NOTE 14 RELATED PARTY TRANSACTIONS). The Company also issued 76 shares of common stock to various unaffiliated investors upon the exercise of 158,000 of Class B warrants for cash proceeds of $31,600. In October 2014, the Company completed an IPO, whereby the Company sold 548 shares of its common stock and 1,150,000 Series A Warrants, which were sold in units of one share of common stock for every 2,100 units and one Series A Warrant at a public offering price of $7.00 per unit. Each Series A Warrant is exercisable for one share of common stock for every 2,100 warrants and one Series B Warrant. In addition, the underwriter was granted 57,500 common warrants and also exercised its option to purchase 172,500 Series A Warrants each of which is exercisable for one share of common stock for every 2,100 warrants. The shares began trading on the NASDAQ Capital Market on October 9, 2014. The aggregate net proceeds received by the Company from the offering were approximately $6.4 million, after deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company. Upon the closing of the IPO, all outstanding shares of convertible preferred stock converted into 1,723 shares of common stock. During the year ended December 31, 2015, the Company issued 512 shares of common stock pursuant to the cash exercise of 1,074,082 Series A Warrants for total net proceeds of $2,252,020. In conjunction with the exercise of the Series A Warrants, 1,074,082 Series B Warrants to purchase shares of common stock were also issued. During the year ended December 31, 2015, the Company issued 5,049 shares of common stock pursuant to the conversion of 2,650,403 shares of Series E Convertible preferred stock at a conversion ratio of 2,100 preferred shares to 4 common shares. During the year ended December 31, 2015, the Company issued 264 shares of common stock pursuant to the cashless exercise of both 508,641 Class A Warrants and 334,889 Class B Warrants. During the year ended December 31, 2015, the Company issued 288,614 shares of common stock pursuant to the exercise of 15,630,027 Series C Warrants. Of these, 288,431 shares of common stock were issued as a result of the cashless exercise of 15,246,027 Series C Warrants and 183 shares of common stock were issued as a result of the cash exercise of 384,000 Series C Warrants for total net proceeds of $979,200. Preferred Stock The Company had 5,000,000 shares of preferred stock authorized at a par value of $0.001 per share as of December 31, 2015 and 2014. As of December 31, 2015 there are 88,347 shares of Series E Preferred Stock issued and outstanding. There were no shares of preferred stock outstanding as of December 31, 2014. The preferred stock may be issued from time to time by the board of directors as shares of one or more classes or series with authority to fix the designation and relative powers including voting powers, preferences, rights, qualifications, limitations, and restrictions relating to the shares of each class or series. During the year ended December 31, 2014 the Company issued 14,888,211 shares of Series C preferred stock for cash in the amount of $366,250 or $0.0246 per share. The Company also sold 285,566,560 shares of Series D preferred stock units for gross proceeds in the amount of $7,139,164 or $0.025 per unit and after deducting offering costs and expenses, the Company received $6,203,636 in net proceeds. The preferred stock units were separated into 285,566,560 shares of Series D preferred stock, 1,427,832 Class A warrants with an exercise price of $4.92 to purchase one share of common stock for every 2,100 warrants and 1,427,832 Class B warrants with an exercise price of $0.20 to purchase one share of common stock for every 2,100 warrants. In conjunction with the offering an additional 7,200,000, 466,436 and 251,216 of Series D preferred stock warrants, Class A warrants and Class B warrants, respectively, were granted as part of the offering costs. During the year ended December 31, 2014, the Company converted notes payable in the amount of $400,000 plus $13,129 in accrued interest into 16,525,121 Series D preferred stock units at a conversion price of $0.025 per share. These units consist of 16,525,121 shares of Series D preferred stock, 82,625 Class A warrants with an exercise price of $4.92 to purchase one share of common stock for every 2,100 warrants and 82,625 Class B warrants with an exercise price of $0.20 to purchase one share of common stock for every 2,100 warrants. The shares of Series D preferred stock are convertible into shares of common stock at a ratio of 420,000 : 1, at the option of the holder at any time after issuance. The conversion of the notes was pursuant to the terms of the notes that upon a qualified equity financing of at least $5 million the notes would be converted into shares of the equity securities at the price per share at which the equity securities were issued in the qualified equity financing. The sale of the Series D preferred stock units through July 2014 met this threshold and triggered the conversion. During the year ended December 31, 2014, as additional consideration for the issuance of the Spring Forth Note (See NOTE 9 NOTES PAYABLE—RELATED PARTY) the Company issued 4,000,000 Series D preferred stock units (which were separable into 4,000,000 shares of Series D preferred stock, 20,000 Class A warrants with an exercise price of $4.92 to purchase one share of common stock for every 2,100 warrants and 20,000 Class B warrants with an exercise price of $0.20 to purchase one share of common stock for every 2,100 warrants) at a value of $100,000 or $0.025 per unit. During the year ended December 31, 2014, Spring Forth Investments exercised its conversion option and converted 9,250,000 shares of Series A preferred stock valued at $1,480,000 into 23 shares of common stock. The Series C and Series D preferred stock had a conversion price adjustment provision that in the event the Company sells shares of any additional stock, subject to certain exceptions, at a price per share less than the original issue price of the respective series preferred stock, the conversion price shall be adjusted to a price equal to the price paid per share for such additional stock. These conversion price adjustment provisions, and other relevant features of the preferred stock, were analyzed in accordance with the provisions of FASB ASC 815, “Derivatives and Hedging”. The Company evaluated the conversion price adjustment provision embedded in the preferred stock and other relevant features and determined, in accordance with the provisions of the referenced accounting guidance, that such conversion option or other relevant features do not meet the criteria requiring bifurcation as a derivative liability of these instruments. The characteristics of the common stock that is issuable upon a holder’s exercise of the conversion option embedded in the convertible preferred stock are deemed to be clearly and closely related to the characteristics of the preferred shares. Further, the Company determined the other relevant features of the preferred stock are clearly and closely related to the equity host and do not qualify for derivative accounting. During the year ended December 31, 2014, the Company filed a seventh amended and restated Certificate of Incorporation authorizing a modification to the number of authorize shares of common stock and preferred stock. The number of common shares authorized was amended to 50,000,000 shares and the number of preferred shares authorized was amended to 5,000,000 shares. In October 2014, upon the closing of the IPO, all outstanding shares of convertible preferred stock converted into 1,723 shares of common stock at a conversion ratio of 420,000 to 1. In February 2015 the Company initiated a Units Offering (the “February 2015 Units Offering”) whereby the Company sold 2,724,000 units at a price of $8.80 per unit for net proceeds of $21.8 million after deducting underwriting commissions and offering costs. Each unit consisted of one share of our Series E Convertible Preferred Stock and eight Series C Warrants (the “Units”). The original terms of the Units provided that shares of Series E Convertible Preferred Stock and the Series C Warrants would automatically separate on August 25, 2015. However, the shares of Series E Convertible Preferred Stock and the Series C Warrants would separate prior to August 25, 2015 if at any time after 30 days from February 25, 2015 the closing price of our common stock was greater than $8,400.00 per share for 20 consecutive trading days (the “Separation Trigger Date”). The Company refers to this separation herein as Early Separation. In the event of Early Separation, the shares of Series E Convertible Preferred Stock and the Series C Warrants would separate 15 days after the Separation Trigger Date. In June 2015, the above terms of the Series E Convertible Preferred Stock and Series C Warrants were each modified to allow for an optional early separation and conversion upon the cash exercise of all eight of the Series C Warrants within the Unit. In June 2015, 48,000 of the Units were separated early pursuant to the optional early separation resulting in the exercise of 384,000 Series C Warrants into 183 shares of common stock for cash proceeds of $979,200. On August 25, 2015 the remaining 2,676,000 Units separated into 2,676,000 shares of Series E Convertible Preferred Stock and 21,408,000 Series C Warrants. Each 2,100 shares of Series E Convertible Preferred Stock is convertible at the option of the holder into four shares of common stock. The Series E Convertible Preferred Stock has no voting rights. An amendment to the terms of the Series E Convertible Preferred Stock only requires the vote of the holders of Series E Convertible Preferred Stock. With respect to payment of dividends and distribution of assets upon liquidation or dissolution or winding up of the Company, the Series E Preferred Stock shall rank equal to the common stock of the Company. No sinking fund has been established for the retirement or redemption of the Convertible Preferred Stock. As such, the Series E Convertible Preferred Stock is not subject to any restriction on the repurchase or redemption of shares by the Company due to an arrearage in the payment of dividends or sinking fund installments. The Series E Convertible Preferred Stock also has no liquidation rights or preemption rights, and there are no special classifications of our Board of Directors related to the Series E Convertible Preferred Stock. During the year ended December 31, 2015, 14,750 Underwriter Purchase Options were exercised for cash in the amount of $162,250 or $11.00 per option. Pursuant to the exercise of these options, 14,750 shares of Series E Convertible Preferred Stock and 118,000 Series C Warrants were issued. During the year ended December 31, 2015, 2,650,403 shares of Series E Convertible Preferred Stock were converted into 5,049 shares of common stock at a conversion ratio of 2,100 preferred shares to 4 common shares. As of December 31, 2015, 88,347 shares of Series E Convertible Preferred Stock remain outstanding. |
WARRANTS
WARRANTS | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
WARRANTS | NOTE 10 WARRANTS The following table outlines the warrants outstanding and exercisable as of March 31, 2016: Total Shares of Aggregate Outstanding Warrant Common Stock Exercise Price and Exercise Underlying for One Warrants Exercisable Price the Warrant Common Share Expiration Class A 1,532,598 $ 0.0027 755 $ 5.60 April 2021 - July 2021 Class B 1,310,956 $ 0.0027 640 $ 5.60 April 2012 - July 2021 Series B 1,074,082 $ 8.04 530 $ 16,873.50 March 2021 - July 2021 Series D 3,503,116 $ 0.0027 100,090 $ 5.60 June 2021 Series E 58,800,000 $ 0.25 1,680,000 $ 8.75 February 2022 Subordination 105,516 $ 0.0027 3,015 $ 5.60 June 2021 Common 463,356 $ 0.0027 - $32.00 230 $ 5.60 - $67,200.00 April 2016 - July 2021 Total Warrants 66,789,624 1,785,260 Class A Warrants The Class A Warrants include a provision which provides that the exercise price of the Class A Warrants will be adjusted in connection with certain equity issuances by the Company. In February 2016, as a result of the February 2016 Unit Offering, the price adjustment provision was triggered and the exercise price was adjusted to $5.60 per share of common stock. Class B Warrants The Class B Warrants include a provision which provides that the exercise price of the Class B Warrants will be adjusted in connection with certain equity issuances by the Company. In February 2016, as a result of the February 2016 Unit Offering, the price adjustment provision was triggered and the exercise price was adjusted to $5.60 per share of common stock. Series B Warrants The Series B Warrants include a provision which provides that the exercise price of the Series B Warrants is subject to reduction in connection with certain equity issuances by the Company that are below the then current market price. In February 2016, as a result of the February 2016 Unit Offering, the price reduction provision was trigged and the exercise price was reduced to $16,873.50 per share of common stock. Series C Warrants During the three months ended March 31, 2016, 5,229,973 Series C Warrants were exercised pursuant to the cashless exercise provision. The Company settled 5,091,815 of the Series C Warrant exercises through the issuance of 1,520,888 shares of common stock and the Company settled 138,158 of the Series C Warrant exercises with cash in the amount of $314,879. On January 21, 2016 all outstanding Series C Warrants were mandatorily exercised utilizing the cashless provision of the warrants and the corresponding shares of common stock issued. As of March 31, 2016 there are 47,528 Series C Warrant certificates that have yet to be delivered to the Company representing 15,182 shares of common stock. Series D Warrants The Series D Warrants include a provision which provides that the exercise price of the Series D Warrants will be adjusted in connection with certain equity issuances by the Company subject to a floor exercise price of $7.00 per share of common stock. In February 2016, as a result of the February 2016 Unit Offering, the price adjustment provision was triggered and the exercise price was adjusted to the floor of $7.00 per share of common stock. In March 2016, pursuant to the approval of the Company’s stockholders of the removal of the exercise floor price, the exercise price was adjusted to $5.60 per share of common stock. Series E Warrants In connection with the February 2016 Unit Offering, the Company issued Series E Warrants to purchase 1,680,000 shares of common stock as part of the units sold in the offering (see NOTE 9 COMMON STOCK). Each 35 Series E Warrant will have an initial exercise price per share of $8.75, subject to certain adjustments. The Series E Warrants are exercisable beginning one year and one day from the date of issuance, but only if the Company has obtained stockholder approval (i) for the issuance of shares of common stock issuable upon the exercise of the Series E Warrants pursuant to the applicable rules and regulations of the NASDAQ Capital Market and (ii) to effect an additional reverse split of our common stock and/or increase our authorized shares of common stock so as to permit the exercise in full of the Series E Warrants. The Series E Warrants will expire on the fifth anniversary of the date they first become exercisable. One year from the date of issuance, the number of shares of common stock issuable upon the exercise of the Series E Warrants shall be increased to equal the difference, if positive, obtained by subtracting (x) the number of shares of common stock issuable upon the exercise of the Series E Warrants on the date of issuance) , from (y) the lesser of (A) 7% of the sum of the number of shares of common stock actually outstanding one year from the date of issuance, plus the number of shares of common stock deemed to be outstanding pursuant to the terms of the Series E Warrant, or (B) 200% of the shares of common stock issuable upon the exercise of the Series E Warrants on such date. The Series E Warrants include a provision that for one year from issuance the exercise price per share will adjust if the Company has certain equity issuances for consideration per share that is less than the current exercise price of the Series E Warrants. The Series E Warrants are exercisable on a cashless basis in the event there is no effective registration statement registering the shares underlying the Series E Warrants. Subordination Warrants The Subordination Warrants include a provision which provides that the exercise price of the Subordination Warrants will be adjusted in connection with certain equity issuances by the Company subject to a floor exercise price of $7.00 per share of common stock. In February 2016, as a result of the February 2016 Unit Offering, the price adjustment provision was triggered and the exercise price was adjusted to the floor of $7.00 per share of common stock. In March 2016, pursuant to the approval of the Company’s stockholders of the removal of the exercise floor price, the exercise price was adjusted to $5.60 per share of common stock. Common Warrants Certain Common Warrants include a provision which provides that the exercise price of these certain Common Warrants will be adjusted in connection with certain equity issuances by the Company. In February 2016, as a result of the February 2016 Unit Offering, the price adjustment provision was triggered and the exercise price of these certain Common Warrants was adjusted to $5.60 per share of common stock. The following table summarizes the common stock warrant activity during the three months ended March 31, 2016: Weighted Average Weighted Remainder Common Average Contractual Stock Exercise Term in Warrants Price Years As of March 31, 2016: Warrants Outstanding as of January 1, 2016 13,219,597 $ 2.71 4.7 Granted 58,800,000 $ 0.25 5.9 Exercised (5,229,973 ) $ 2.55 — Expired — — — Warrants outstanding as of March 31, 2016 66,789,624 $ 0.39 5.8 Underwriters’ Unit Purchase Option During the three months ended March 31, 2016, 121,540 Underwriters’ Unit Purchase Options were exercised for cash in the amount of $1,335,950. Pursuant to the exercise of these options, 121,540 shares of Series E Convertible Preferred Stock were issued and immediately converted into 232 shares of common stock and 972,320 Series C Warrants were issued and immediately exercised pursuant to the cashless exercise provision of the Series C Warrants into 354,667 shares of common stock. There are no outstanding Underwriters’ Unit Purchase Options as of March 31, 2016. | NOTE 11 WARRANTS As of December 31, 2014, the Company had 5,447,940 warrants outstanding to purchase shares of common stock. The following table outlines the warrants outstanding and exercisable as of December 31, 2014: Warrants Outstanding Warrant Common Total Aggregate Expiration Class A 2,041,239 $4.92 2,100 : 1 973 $10,332.00 April 2021 -July 2021 Class B 1,645,845 $0.20 2,100 : 1 784 $420.00 April 2021 -July 2021 Series A 1,322,500 $7.00 2,100 : 1 630 $14,700.00 October 2015 Common 438,356 $2.00 - $32.00 2,100 : 1 209 $4,200.00 - $67,200.00 April 2016 -July 2021 Total Warrants 5,447,940 2,596 During the year ended December 31, 2014 Class A and Class B warrants totaling 2,855,664 were granted as part of the sale for cash of the Series D preferred stock units (see NOTE 10 COMMON AND PREFERRED STOCK). In addition during 2014 prior to the IPO, 1,048,698 common warrants, Class A warrants and Class B warrants to purchase common stock and 7,200,000 warrants to purchase Series D preferred stock were granted in conjunction with the issuance of certain convertible notes payable, consulting services and as financing fees. The Company determined that the fair value of the warrants granted was nominal due to the fair value of the Company’s common stock as of the grant date being nominal as a result of the priority provisions of the preferred stock outstanding at that time. In October 2014, 57,500 common warrants and 1,322,500 Series A warrants were issued in conjunction with our IPO (see NOTE 10 COMMON AND PREFERRED STOCK). In October 2014 upon the closing of the IPO, 2,231,727 outstanding warrants to purchase shares of Series A preferred stock and 7,200,000 outstanding warrants to purchase shares of Series D preferred stock were converted at a ratio of 200 to 1 into 47,158 common warrants to purchase shares of common stock. In September 2014, 157,093 warrants previously issued were amended to eliminate a clause that would cancel the warrant upon the completion of an IPO. The Company recorded an expense for the incremental fair value based on the difference between the fair value of the modified award and the fair value of the original award immediately before it was modified using the Black-Scholes option valuation model to calculate the fair value. The Company determined the incremental fair value of the warrants to be $25,061 which was expensed in the period as the warrants were fully vested. The following is the weighted average of the assumptions used in calculating the fair value of the warrants at an exchange ratio of 2,100 warrants for one share of common stock after they were modified in September 2014 using the Black-Scholes method: Fair market value of one share of common stock $ 10,374 Aggregate exercise price of 2,100 warrants $ 21,000 Risk free rate 0.61 % Dividend yield 0.00 % Expected volatility 37.23 % Remaining contractual term 1.97 years The following table summarizes the Preferred A stock warrant activity during the year ended December 31, 2014: Preferred A Weighted Weighted As of December 31, 2014: Warrants outstanding as of January 1, 2014 2,231,727 $ 0.16 3.1 Granted — — — Converted (2,231,727 ) 0.16 2.3 Expired — — — Warrants outstanding as of December 31, 2014 — $ — — The following table summarizes the preferred D stock warrant activity during the year ended December 31, 2014: Preferred D Weighted Weighted As of December 31, 2014: Warrants outstanding as of January 1, 2014 — — — Granted 7,200,000 $ 0.025 6.8 Converted (7,200,000 ) $ 0.025 6.7 Expired — — — Warrants outstanding as of December 31, 2014 — $ — — As of December 31, 2015, the Company had 13,219,597 warrants outstanding to purchase shares of common stock. The following table outlines the warrants outstanding and exercisable as of December 31, 2015: Warrants Outstanding Warrant Common Total Aggregate Expiration Class A 1,532,598 $0.03 2,100 : 1 755 $64.75 April 2021 - July 2021 Class B 1,310,956 $0.03 2,100 : 1 640 $64.75 April 2021 - July 2021 Series B 1,074,082 $8.75 2,100 : 1 530 $18,375.00 March 2021 - July 2021 Series C 5,229,973 $2.55 2,100 : 1 2,491 $5,355.00 January 2017 Series D 3,503,116 $1.85 35 : 1 100,090 $64.75 June 2021 Subordination 105,516 $1.85 35 : 1 3,015 $64.75 June 2021 Common 463,356 $0.03 - $32.00 2,100 : 1 230 $64.75 - $67,200.00 April 2016 - July 2021 Total Warrants 13,219,597 107,751 Class A Warrants During the year ended December 31, 2015, 508,641 Class A Warrants were exercised pursuant to the cashless exercise provision of the warrant resulting in the issuance of 113 shares of common stock. The Class A Warrants include a provision which provides that the exercise price of the Class A Warrants will be adjusted in connection with certain equity issuances by the Company. In March 2015, as a result of the February 2015 Unit Offering, the price adjustment provision was triggered for our Class A Warrants and the exercise price was adjusted from $4.92 to $2.20. In December 2015, the price adjustment was triggered again for our Class A Warrants as the Company closed a senior secured convertible note financing and the exercise price was adjusted from $2.20 to $0.03. Class B Warrants During the year ended December 31, 2015, 334,889 Class B Warrants were exercised pursuant to the cashless exercise provision of the warrant resulting in the issuance of 151 shares of common stock. The Class B Warrants include a provision which provides that the exercise price of the Class B Warrants will be adjusted in connection with certain equity issuances by the Company. In December 2015, the Company closed a senior secured convertible note financing and the price adjustment provision was triggered for our Class B Warrants and the exercise price was adjusted from $0.20 to $0.03. Series A Warrants During the year ended December 31, 2015, 1,074,082 Series A Warrants were exercised into 512 shares of common stock resulting in net cash proceeds of $2,252,020. The Series A Warrants include a provision which provides that the exercise price of the Series A Warrants will be adjusted in connection with certain equity issuances by the Company. In March 2015, as a result of the February 2015 Unit Offering, the price adjustment provision was triggered for our Series A Warrants and the exercise price was adjusted from $7.00 to $2.20. The Series A Warrants expired on October 15, 2015 and all remaining 248,418 outstanding Series A Warrants expired unexercised. Series B Warrants The Company sold Units in connection with the Company’s IPO in October 2014, with each 35 Units consisting of one share of common stock and 35 Series A Warrants to purchase: (i) one share of common stock for every 2,100 Series A Warrants and (ii) 35 Series B Warrants to purchase one share of common stock for every 2,100 Series B Warrants. The Series B Warrants are only issued upon the exercise of the Series A Warrants, are exercisable immediately at an exercise price of 125% of the public offering price and expire 6 years from the date of issue. The exercise price and the number of shares for which each Series B Warrant may be exercised is subject to adjustment in the event of stock dividends, stock splits, reorganizations or similar events affecting our common stock. In addition, subject to certain exceptions, the exercise price of the Series B Warrants is subject to reduction if the Company issues shares of common stock (or securities convertible into common stock) in the future at a price below the then current market price. There have been no issuances that have triggered the price adjustment provision on the Series B Warrants. During the year ended December 31, 2015, the Company issued 1,074,082 Series B Warrants pursuant to the exercise of 1,074,082 Series A Warrants. Series C Warrants In connection with the February 2015 Units Offering, the Company issued Series C Warrants to purchase 10,378 shares of common stock as part of the Units sold in the follow-on offering (see NOTE 10 COMMON AND PREFERRED STOCK) with an exercise price of $2.55 which expire in five years. The exercise price and number of shares of common stock issuable upon exercise is subject to appropriate adjustment in the event of stock dividends, stock splits, reorganizations or similar events affecting our common stock and the exercise price. The Series C Warrants have a cashless exercise provision where in lieu of payment of the exercise price in cash, the holder may receive, at the Company’s discretion, either a cash payment of a predetermined Black Scholes Value of the number of shares the holder elects to exercise, or a number of shares of the Company’s common stock determined according to a cashless exercise formula using the predetermined Black Scholes Value. On December 11, 2015, an amendment was made to the Series C Warrants to require that all warrants be exercised within 25 trading days or be subject to a mandatory exercise provision. In June 2015, 48,000 of the Units were separated early pursuant to the optional early separation as 384,000 Series C Warrants were exercised into 183 shares of common stock resulting in cash proceeds of $979,200. On August 25, 2015 the remaining 2,676,000 Units separated into 2,676,000 shares of Series E Convertible Preferred Stock and 21,408,000 Series C Warrants. From August 25, 2015 through December 31, 2015, 15,128,027 Series C Warrants were exercised pursuant to the cashless exercise provision resulting in the issuance of 282,834 shares of Common Stock. During the year ended December 31, 2015, 14,750 Underwriter Purchase Options were exercised for cash in the amount of $162,250. Upon the exercise of these options, 118,000 Series C Warrants were issued and immediately exercised pursuant to the cashless exercise provision resulting in the issuance of 5,598 shares of common stock. As of December 31, 2015, 5,229,973 Series C Warrants remain outstanding. Had the cashless exercise provision been exercised by all holders of our Series C Warrants at December 31, 2015, the Company would have had to either pay $11.7 million in cash or issue 284,639 shares of common stock. The number of shares of common stock that would be required to satisfy the cashless exercise provision increases as the price of the Company’s stock decreases and decreases as the price of the Company’s stock increases. Series D Warrants In connection with the issuance of the Notes under the Securities Purchase Agreement, the Company issued Series D Warrants (the “Series D Warrants”), exercisable to acquire 100,090 shares of Common Stock. Each Series D Warrant is exercisable by the holder beginning six months after December 30, 2015 and continuing for a period five years thereafter. Each Series D Warrant will be exercisable initially at an exercise price of $64.75 per share, subject to adjustments for certain dilutive events and subject to an exercise price floor equal to $40.60 per share. On December 31, 2016, the number of warrants issuable upon exercise of the Series D Warrants will be increased to equal the difference, if positive, obtained by subtracting (x) the shares of Common Stock issuable under the Warrants on the date of issuance from (y) 16.6% of the sum of the number of shares of Common Stock actually outstanding on December 31, 2016, plus the number of shares of Common Stock deemed to be outstanding pursuant to all outstanding options or convertible securities of the Company. The Series D Warrants are exercisable on a cashless basis in the event that there is no effective registration statement under the Securities Act covering the resale of the shares of Common Stock issuable upon exercise of the Series D Warrants. Pursuant to the registration rights agreement between the investors under the Securities Purchase Agreement and the Company, the Company is required to file a registration statement for these shares of Common Stock and the Company intends to file the registration statement in early 2016. Subordination Warrants The Subordination Warrants were issued to Spring Forth Investments LLC and Utah Autism Foundation in relation to their agreement to enter into subordination agreements with the collateral agent in the Note Financing whereby each agreed to subordinate their debt to the Notes issued in the Note Financing. The Subordination Warrants have the same general material terms and conditions of the Series D Warrants. The Subordination Warrants are exercisable for 3,015 shares of common stock. On December 31, 2016, the number of warrants issuable upon exercise of the Subordination Warrants will be increased to equal the difference, if positive, obtained by subtracting (x) the shares of common stock issuable under the Subordination Warrants on the date of issuance from (y) 0.5% of the sum of the number of shares of common stock actually outstanding on December 31, 2016, plus the number of shares of common stock deemed to be outstanding pursuant to all outstanding options or convertible securities of the Company. Each Subordination Warrant is exercisable by the holder beginning six months after December 30, 2015 and continuing for a period five years thereafter. Each Subordination Warrant will be exercisable initially at a price of $64.75 per share, subject to adjustments for certain dilutive events (same as the Series D Warrants) and subject to an exercise price floor equal to the Series D Warrant exercise floor price of $40.60 per share. Common Warrants For the year ended December 31, 2015, the Company granted 25,000 Common Stock warrants to a consultant of the Company. The warrants are fully vested, have an exercise price of $2.56 and expire in August 2020. The Company recorded an expense in the amount of $54,489 on the date of grant which represents the fair value of the warrants. The Company estimates the fair value of the warrants at grant date using a Black-Scholes valuation model. The estimates in the Black-Scholes option-pricing model are based, in part, on assumptions, including a stock price volatility of 127.37%, the warrant life of 5 years, a risk free rate of 1.53%, the fair value of $5,376.00 of the equity stock underlying the option and the aggregate exercise price of $5,376.00 for one share of common stock. The following table summarizes the common stock warrant activity during the years ended December 31, 2015 and 2014: Common Weighted Weighted As of December 31, 2014: Warrants outstanding as of January 1, 2014 274,420 8.00 4.2 Granted 5,331,520 3.91 5.5 Exercised (158,000 ) 0.20 6.6 Expired — — — Warrants outstanding as of December 31, 2014 5,447,940 4.17 4.9 As of December 31, 2015: Warrants outstanding as of January 1, 2015 5,447,940 4.17 4.9 Granted 26,617,714 2.71 4.3 Exercised (17,547,639 ) 2.47 4.0 Expired (1,298,418 ) 2.48 3.4 Warrants outstanding as of December 31, 2015 13,219,597 2.71 4.7 Underwriters’ Unit Purchase Option In connection with the February 2015 Units Offering, the Company issued to the representative of the underwriters’ a Unit Purchase Option (“Option”) to purchase a number of our Units equal to an aggregate of 5% of the Units sold or 136,200 Units. The purchase option has an exercise price equal to 125% of the public offering price of the Units or $11.00, and the units may be exercised on a cashless basis and will expire 5 years from the date of issue. Each Unit consists of one share of Series E Convertible Preferred Stock and eight Series C Warrants. During the year ended December 31, 2015, 14,750 Underwriter Purchase Options were exercised for cash in the amount of $162,250. Pursuant to the exercise of these options, 14,750 shares of Series E Convertible Preferred Stock were issued and immediately converted into 29 shares of common stock and 118,000 Series C Warrants were issued and immediately exercise pursuant to the cashless exercise provision into 5,598 shares of common stock. As of December 31, 2015, 121,450 Unit Purchase Options remain outstanding. |
DERIVATIVE LIABILITIES
DERIVATIVE LIABILITIES | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
DERIVATIVE LIABILITIES | NOTE 11 DERIVATIVE LIABILITIES The derivative liability for our instruments classified as derivative liabilities are recorded at fair value at inception and subsequently re-measured to fair value as long as such instruments are classified as derivative liabilities. Changes in the fair value of the derivative liability was included as a component of Other income (expense) and has no effect on the Company’s cash flows. The valuation methodologies used vary by instrument and include a modified Black-Scholes option valuation model utilizing the fair value of the underlying common stock and a binomial model with Monte Carlo simulation. The Company has determined the fair value measurements to be a level 3 measurement (see NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES). Class A Warrants, Class B Warrants, Series B Warrants and Certain Common Warrants Our Class A Warrants, Class B Warrants, Series B Warrants and certain common warrants, have an exercise price adjustment provision that in the event the Company sells shares of any additional stock, subject to certain exceptions, at a price per share less than the original exercise price of the respective warrant, the exercise price shall be adjusted to a price equal to the price paid per share for such additional stock. Our Series B Warrants have an exercise price adjustment provision that in the event the Company sells shares of any additional stock, subject to certain exceptions, at a price per share less than the then current market price, the exercise price shall be adjusted to a price equal to the price paid per share for such additional stock. Such exercise price adjustments prohibit the Company from being able to conclude that the warrants are indexed to the Company’s own stock. Accordingly, these warrants are accounted for as derivative liabilities and are recorded at fair value at each reporting date with the change in fair value being recorded in earnings for the period. In February 2016, as a result of the February 2016 Unit Offering, the price adjustment provision was triggered for our Class A Warrants, Class B Warrants, Series B Warrants and certain common warrants and the exercise price per share was adjusted accordingly. The fair value of these warrants was calculated using a modified Black-Scholes option valuation model utilizing the fair value of underlying common stock. Black-Scholes has inherent limitations for use in the case of a warrant with a price protection provision, since the model is designed to be used when the inputs to the model are static throughout the life of a security. Due to the significant variance between the fair market value of the stock and the exercise price, the Black-Scholes option-pricing model resulted in a fair value that equals the current market value of the stock. As such, the fair value of the Class A, Class B, Series B and certain other common warrants was estimated to be $7.17 per share, which was the closing price of the common stock on March 31, 2016. The Company determined the total fair value of these warrants at March 31, 2016 was $13,500. Series C Warrants and Unit Purchase Option Our Series C Warrants contained a cashless exercise provision using a predetermined Black Scholes Value. Such provision, if exercised by the holder, would require the Company to settle these warrants, at its option, either by cash payment or the granting of a variable number of common shares. This provision results in the potential for the Company to either have to net cash settle the warrant or potentially issue an indeterminate number of common shares which prohibits the Company from being able to conclude that the warrants are indexed to the Company’s own stock. Accordingly, the warrants and the unit purchase option are accounted for as derivative liabilities and are recorded at fair value at each reporting date with the change in fair value being recorded in earnings for the period. During the three months ended March 31, 2016 all of the remaining Series C Warrants and unit purchase options were exercised. Convertible Notes Conversion Feature The convertible notes issued in December 2015 contain provisions that protect holders from future issuances of the Company’s common stock at prices below such convertible notes’ respective conversion price. These provisions could result in modification of the conversion price due to a future equity offering and as such the conversion feature cannot be considered indexed to the Company’s own stock. The note also provides that the Company will repay the principal amount at an initial conversion rate subject to certain adjustments. These features represent an embedded derivative that requires bifurcation and are recorded at fair value at each reporting period with the change in fair value being recorded in earnings for the period. The Company determined the fair value of the conversion feature to be $35,096,383 at March 31, 2016 using a binomial model with Monte Carlo simulation to reflect different scenarios where reset may be triggered using the following assumptions: Trading price of common stock on measurement date $ 7.17 Conversion price (1) $ 4.05 Risk free interest rate (2) 0.59 % Conversion notes lives in years 1.08 Expected volatility (3) 251 % Expected dividend yield (4) — (1) The conversion price of the convertible notes was calculated based on the formula in the Notes agreement as of the respective measurement date (2) The risk-free interest rate was determined by management using the 1-year Treasury Bill as of the respective measurement date. (3) The volatility factor was estimated by using the historical volatilities of the Company’s trading history. (4) Management determined the dividend yield to be 0% based upon its expectation that it will not pay dividends for the foreseeable future. Series D Warrants and Subordination Warrants In connection with the issuance of convertible notes in December 2015, the Company issued Series D Warrants to acquire 100,090 shares of common stock. In addition, the Company issued Subordination Warrants to acquire 3,015 shares of common stock. The Series D Warrants and Subordination Warrants contain provisions that will adjust the exercise price upon certain equity issuances. In addition, these warrants contain a provision for a one-time adjustment at December 31, 2016, to the number of warrants issued. The Company has determined that the provisions contained in the Series D Warrants and the Subordination Warrants could result in modification of the exercise price resulting in a variable number of additional common shares that could be issued. This prohibits the company from being able to conclude that the warrants are indexed to the Company’s own stock. Accordingly, the warrants represent a derivative liability that requires recording at fair value at each reporting period with the change in fair value being recorded in earnings for the period. The Company determined the fair of the Series D Warrants and Subordination Warrants to be $9,019,277 at March 31, 2016 using a binomial model with Monte Carlo simulation to reflect different scenarios where reset may be triggered and to project the range of the additional shares to be issued on December 31, 2016 using the following assumptions: Trading price of common stock on measurement date $ 7.17 Exercise price (1) $ 5.60 Risk free interest rate (2) 1.21 % Warrant lives in years 5.25 Expected volatility (3) 230 % Expected dividend yield (4) — (1) The exercise price of the Series D and Subordination Warrants as defined in the warrant agreement. (2) The risk-free interest rate was determined by management using the 5-year Treasury Bill as of the respective measurement date. (3) The volatility factor was estimated by using the historical volatilities of the Company’s trading history. (4) Management determined the dividend yield to be 0% based upon its expectation that it will not pay dividends for the foreseeable future. Series E Warrants In connection with the February 2016 Unit Offering, the Company issued Series E Warrants to purchase 1,680,000 shares of common stock as part of the units sold in the offering (see NOTE 9 COMMON STOCK). The Series E Warrants contain a provision that for one year from issuance the exercise price per share will adjust if the Company has certain equity issuances for consideration per share that is less than the current exercise price of the Series E Warrants. In addition, these warrants contain a provision for a one-time adjustment one year from date of issuance, to the number of warrants issued. The Company has determined that the provisions contained in the Series E Warrants could result in modification of the exercise price resulting in a variable number of additional common shares that could be issued. This prohibits the company from being able to conclude that the warrants are indexed to the Company’s own stock. Accordingly, the warrants represent a derivative liability that requires recording at fair value at issuance and again at each reporting period with the change in fair value being recorded in earnings for the period. The Company determined the fair of the Series E Warrants to be $11,390,400 at issuance and $11,978,400 at March 31, 2016 using a Black Scholes valuation model using the following assumptions: February 24, 2016 March 31, 2016 Trading price of common stock on measurement date $ 6.82 $ 7.17 Exercise price (1) $ 8.75 $ 8.75 Risk free interest rate (2) 2.73 % 2.75 % Warrant lives in years 6.01 5.91 Expected volatility (3) 225 % 230 % Expected dividend yield (4) — — (1) The exercise price of the Series E Warrants as defined in the warrant agreement. (2) The risk-free interest rate was determined by management using the 5-year Treasury Bill as of the respective measurement date. (3) The volatility factor was estimated by using the historical volatilities of the Company’s trading history. (4) Management determined the dividend yield to be 0% based upon its expectation that it will not pay dividends for the foreseeable future. The following summarizes the total change in the value of the derivative liabilities during the three months ended March 31, 2106: As of March 31, 2016: Balance at January 1, 2016 $ 43,181,472 Issuance of warrants and option 5,091,677 Exercise of warrants (12,384,852 ) Change in fair value of warrant and option liability 20,219,263 Balance at March 31, 2016 $ 56,107,560 | NOTE 12 DERIVATIVE LIABILITIES The derivative liability for our instruments classified as derivative liabilities are recorded at fair value at inception and subsequently re-measured to fair value as long as such instruments are classified as derivative liabilities. Changes in the fair value of the derivative liability was included as a component of Other income (expense) and has no effect on the Company’s cash flows. The valuation methodologies used vary by instrument and include a modified Black-Scholes option valuation model utilizing the fair value of underlying common stock and a binomial model with Monte Carlo simulation. The Company has determined the fair value measurements to be a level 3 measurement (see NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES). Class A Warrants, Class B Warrants, Series A Warrants, Series B Warrants and Certain Common Warrants Our Class A Warrants, Class B Warrants, Series A Warrants and certain common warrants, have an exercise price adjustment provision that in the event the Company sells shares of any additional stock, subject to certain exceptions, at a price per share less than the original exercise price of the respective warrant, the exercise price shall be adjusted to a price equal to the price paid per share for such additional stock. Our Series B Warrants have an exercise price adjustment provision that in the event the Company sells shares of any additional stock, subject to certain exceptions, at a price per share less than the then current market price, the exercise price shall be adjusted to a price equal to the price paid per share for such additional stock. Such exercise price adjustments prohibit the Company from being able to conclude that the warrants are indexed to the Company’s own stock. Accordingly, these warrants are accounted for as derivative liabilities and are recorded at fair value at each reporting date with the change in fair value being recorded in earnings for the period. In March 2015, as a result of the February 2015 Unit Offering, the price adjustment provision was triggered for our Class A Warrants, Series A Warrants and certain common warrants. In December 2015, as a result of the senior secured convertible note financing, the price adjustment provision was again triggered and the exercise price for our Class A, Class B and certain common warrants was adjusted to $0.03 or the equivalent of $64.75 per share. The fair value of these warrants was calculated using a modified Black-Scholes option valuation model utilizing the fair value of underlying common stock. Black-Scholes has inherent limitations for use in the case of a warrant with a price protection provision, since the model is designed to be used when the inputs to the model are static throughout the life of a security. Due to the significant variance between the fair market value of the stock and the exercise price, the Black-Scholes option-pricing model resulted in a fair value that equals the current market value of the stock. As such, the fair value of the Class A, Class B and certain other common warrants was estimated to be $32.90 per share, which was the closing price of the common stock on December 31, 2015. The total fair value of these warrants at December 31, 2015 was $61,941. Series C Warrants and Unit Purchase Option Our Series C Warrants contain a cashless exercise provision using a predetermined Black Scholes Value. Such provision, if exercised by the holder, would require the Company to settle these warrants, at its option, either by cash payment or the granting of a variable number of common shares. This provision results in the potential for the Company to either have to net cash settle the warrant or potentially issue an indeterminate number of common shares which prohibits the Company from being able to conclude that the warrants are indexed to the Company’s own stock. Accordingly, the warrants and the unit purchase option are accounted for as derivative liabilities and are recorded at fair value at each reporting date with the change in fair value being recorded in earnings for the period. The Series C Warrants have predetermined inputs to Black Scholes formula for the determination of the fair value of the warrant which the Company used for the calculation of the fair value of the Series C Warrants at December 31, 2015. The inputs to the Black-Scholes formula are a stock price volatility of 135.00%, the warrant life of 5 years, a risk free rate of 1.61%, the fair value of $5,355.00 of the equity stock underlying the option and the exercise price of $2.55. The total fair value of these warrants at December 31, 2015 was $12,404,503. Convertible Notes Conversion Feature The convertible notes issued on December 30, 2015 contain provisions that protect holders from future issuances of the Company’s common stock at prices below such convertible notes’ respective conversion price. These provisions could result in modification of the conversion price due to a future equity offering and as such the conversion feature cannot be considered indexed to the Company’s own stock. The note also provides that the Company will repay the principal amount at an initial conversion rate subject to certain adjustment with a floor price. These features represent an embedded derivative that requires bifurcation and was recorded at fair value at issuance and again at year end with the change in fair value being recorded in earnings for the period. The Company determined the fair value of the conversion feature using a binomial model with Monte Carlo simulation to reflect different scenarios where reset may be triggered using the following assumptions: Trading price of common stock on measurement date $32.90 - $38.50 Conversion price (1) $30.45 - $36.05 Risk free interest rate (2) 0.86% Conversion notes lives in years 1.33 Expected volatility (3) 215% Expected dividend yield (4) — Expected probability of shareholder approval (5) 85% (1) The conversion price of the convertible notes was calculated based the formula in the Notes agreement as of the respective measurement date (2) The risk-free interest rate was determined by management using the 1.5-year Treasury Bill as of the respective measurement date. (3) The volatility factor was estimated by using the historical volatilities of the Company’s trading history. (4) Management determined the dividend yield to be 0% based upon its expectation that it will not pay dividends for the foreseeable future. (5) Management has estimated a probability of 85% that shareholder approval will be obtained for the removal of the 19.9% conversion cap. This is based on past shareholder voting history and discussions with current shareholders and consultants. Series D Warrants and Subordination Warrants In connection with the issuance of convertible notes on December 30, 2015, the Company issued Series D Warrants to acquire 100,090 shares of common stock. In addition, the Company issued 3,015 shares of Subordination Warrants. The Company has determined that the provisions contained in the Series D Warrants and the Subordination Warrants could result in modification of the warrants exercise price resulting in a variable number of additional common shares that could be issued. These warrants also contain a provision for a one-time adjustment to the number of warrants issued. On December 31, 2016 the warrant share number for the Series D Warrants and the Subordination Warrants shall be increased by the difference, if positive, between the number of Series D Warrants and Subordination Warrants issued on the issuance date and 16.6%, in the case of the Series D Warrants, and 0.5%, in the case of the Subordination Warrants, of the number of shares of common stock actually outstanding or deemed to be outstanding on December 30, 2016. The issuance of shares of common stock upon conversion of the Notes is subject to an initial cap of 19.9% of the Company’s issued and outstanding shares of common stock on December 31, 2015 unless and until the Company’s shareholders approve removal of the cap (see NOTE 8 CONVERTIBLE NOTES PAYABLE). These provisions represent a derivative liability that requires recording at fair value at issuance and again at year end with the change in fair value being recorded in earnings for the period. The Company used a binomial model with Monte Carlo simulation to reflect different scenarios where reset may be triggered and to project the range of the additional shares to be issued on December 31, 2016 due to the 16.6% and 0.5% requirement. The fair values of the Series D Warrants and Subordination Warrants were determined using a binomial valuation model which included additional warrants to be issued on December 31, 2016 and the following assumptions: Trading price of common stock on measurement date $32.90 - $38.50 Exercise price (1) $64.75 Risk free interest rate (2) 1.80% Warrant lives in years 5.50 Expected volatility (3) 215% Expected dividend yield (4) — (1) The exercise price of the Series D Warrants calculated by 120% of the arithmetic average of five weighted average price of the common stock on the five consecutive trading days prior to issuance date on December 30, 2015. (2) The risk-free interest rate was determined by management using the 5-year Treasury Bill as of the respective measurement date. (3) The volatility factor was estimated by using the historical volatilities of the Company’s trading history. (4) Management determined the dividend yield to be 0% based upon its expectation that it will not pay dividends for the foreseeable future. The following summarizes the total change in the value of the derivative liabilities during the years ended December 31, 2015 and 2014: As of December 31, 2014: Balance at January 1, 2014 $ — Issuance of warrants and option 2,487,726 Exercise of warrants (885,259 ) Change in fair value of warrant and option liability 8,396,169 Balance at December 31, 2014 $ 9,998,636 As of December 31, 2015: Balance at January 1, 2015 $ 9,998,636 Issuance of warrants, unit purchase option and convertible note 56,026,979 Exercise and expiration of warrants and unit purchase option (42,558,951 ) Change in fair value of warrant, option and conversion feature liability 19,714,808 Balance at December 31, 2015 $ 43,181,472 |
EMPLOYEE STOCK OPTIONS
EMPLOYEE STOCK OPTIONS | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
EMPLOYEE STOCK OPTIONS | NOTE 12 EMPLOYEE STOCK OPTIONS The Company has three stock based employee compensation plans pursuant to which stock option grants have been made. Under the Great Basin Scientific, Inc. 2014 Omnibus Plan, the 2014 Stock Option Plan and the 2006 Stock Option Plan certain employees and non-employee directors have been granted options to purchase common stock. The Company has 792,034 employee stock options exercisable into 419 shares of common stock outstanding as of March 31, 2016. All options vest in installments over a three to four year period and expire ten years from the date of grant. Any future employee stock option grants will be made pursuant to the 2014 Omnibus Plan. As of March 31, 2016, employee stock options exercisable into 125 shares of common stock have been granted pursuant to the 2014 Omnibus Plan and options exercisable into 1,275 shares of common stock remain available for issuance under that plan. The following table summarizes the Company’s total option activity for the three months ended March 31, 2016: Total Aggregate Weighted Weighted Shares of Exercise Average Average Common Price Remaining Option Stock for One Contractual Exercise Underlying Common Term in Options Price the Option Share Years As of March 31, 2016: Options outstanding as of January 1, 2016 792,534 $ 2.84 420 $ 5,964.00 8.0 Granted — — — — — Exercised — — — — — Forfeited 500 $ 2.00 $ 1.00 $ 4,200.00 — Options outstanding as of March 31, 2016 792,034 $ 2.84 419 $ 5,964.00 7.8 Outstanding and exercisable stock options as of March 31, 2016 are as follows: Options Outstanding Options Exercisable Number of Remaining Number of Options Life Exercise Options Exercise Outstanding (Years) Price Exercisable Price March 31, 2016 792,034 7.8 $ 2.84 376,925 $ 3.04 The estimated fair value of the Company’s stock options, less expected forfeitures, is amortized over the options vesting period on the straight-line basis. The Company recognized $37,045 in equity-based compensation expenses during the three months ended March 31, 2016. There were $371,862 of total unrecognized compensation cost with a remaining vesting period of 2.46 years and $0 in intrinsic value of outstanding and vested stock options as of March 31, 2016. | NOTE 13 EMPLOYEE STOCK OPTIONS The Company has three stock based employee compensation plans, the 2006 Stock Option Plan, the 2014 Stock Option Plan, and the Omnibus Plan pursuant to which certain employees and non-employee directors have been granted options to purchase common stock. The Company had 792,534 and 703,034 employee stock options outstanding as of December 31, 2015 and 2014, respectively. All options vest in installments over a three to four year period and expire ten years from the date of grant. During the year ended December 31, 2014, the Company awarded 619,781 common stock options to certain employees and non-employee directors under the 2014 Stock Option and Omnibus Option plans. The options have an exercise price ranging from $2.00 to $7.00 per option expire ten years from date of issuance and vest over a period of three to four years. Pursuant to the reverse stock split on December 11, 2015, the exchange ratio upon the exercise of the options was adjusted such that for every 2,100 options exercised, one share of common stock would be issued. The Company accounts for employee stock options according to FASB ASC 718 which requires the Company to calculate the fair value of the stock options on the date of grant and amortize over the vesting period of the options. The Company determined the value of 483,000 options granted prior to our IPO in October 2014 to be nominal due to the fair value of the Company’s common stock as of the grant date being nominal as a result of the priority provisions of the preferred stock outstanding at the time. The Company determined the fair value of the remaining 136,784 stock options granted after our IPO in October 2014 to be $306,709 of which $54,394 was expensed in 2014 with the remainder to be expensed over the vesting term of the options. Also in the year ended December 31, 2014, the Company completed a tender offer to eligible employees to exchange 103,250 employee stock options under the 2006 Stock Option Plan for new options under the 2014 Stock Option Plan. The new options have an exercise price of $3.50 per option with all other terms the same as the original terms under the 2006 Option Plan. Pursuant to the reverse stock split on December 11, 2015, the exchange ratio upon the exercise of the options was adjusted such that for every 2,100 options exercised, one share of common stock would be issued. These transactions are accounted for under the provisions of FASB ASC 718 as a modification of a stock based compensation award and require the Company to record an expense for the incremental fair value based on the difference between the fair value of the modified award and the fair value of the original award immediately before it was modified. The Company used the Black-Scholes option valuation model to calculate the fair value of the stock options. The Company determined the incremental fair value of the options to be $223,031 which was expensed in 2014 as the options are fully vested. The following is the range of the weighted average of the assumptions used in calculating the fair value of the options granted after our IPO in October 2014 and the options modified in 2014 using the Black-Scholes method: Fair market value of one share of common stock $10,374.00 - $11,088.00 Aggregate exercise price of 2,100 options $ 7,350.00 - $12,411.00 Risk free rate 1.06% - 1.70% Dividend yield 0.00% Expected volatility 46.31% - 54.97% Expected term 2.74 - 6.06 years For the year ended December 31, 2015, the Company awarded 117,500 common stock options under the Omnibus Plan to certain employees and non-employee directors with an exercise price of $2.56 per option that expire in ten years and vest over a three and four year period. The Company determined the value of the 117,500 options granted during the year ended December 31, 2015 to be $268,202 of which $29,309 was expensed in 2015 with the remainder to be expensed over the vesting term of the options. The following is the weighted average of the assumptions used in calculating the fair value of the options granted in 2015 using the Black-Scholes method: Fair market value of one share of common stock $5,376.00 Aggregate exercise price of 2,100 options $5,376.00 Risk free rate 1.71% Dividend yield 0.00% Expected volatility 127.52% Expected term 6.14 years The following table summarizes the Company’s total option activity for the years ended December 31, 2015 and 2014: Options Weighted Weighted Intrinsic As of December 31, 2014: Options outstanding as of January 1, 2014 115,750 $ 30.00 6.3 Granted 619,784 $ 2.86 9.4 Exercised — — — Forfeited/expired (32,500 ) $ 8.92 5.7 Options outstanding as of December 31, 2014 703,034 $ 2.98 8.8 $ — As of December 31, 2015: Options outstanding as of January 1, 2015 703,034 $ 2.98 8.8 Granted 117,500 $ 2.56 9.6 Exercised — — — Forfeited/expired (28,000 ) $ 5.16 8.6 Options outstanding as of December 31, 2015 792,534 $ 2.84 8.0 $ — Outstanding and exercisable stock options as of December 31, 2015 and 2014 are as follows: Options Outstanding Options Exercisable Number of Remaining Exercise Number of Exercise Intrinsic December 31, 2014 703,034 8.8 $ 2.98 117,404 $ 3.86 $ — December 31, 2015 792,534 8.0 $ 2.84 328,445 $ 3.07 $ — The estimated fair value of the Company stock options, less expected forfeitures, is amortized over the options vesting period on the straight-line basis. The Company recognized the following equity-based compensation expenses during the twelve months ended December 31, 2015 and 2014: December 31, 2015 2014 Stock based compensation expense $ 110,123 $ 297,244 As of December 31, 2015 and 2014, there were $408,907 and $252,315 of total unrecognized compensation cost with a remaining vesting period of 2.71 and 3.44 years, respectively. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 14 RELATED PARTY TRANSACTIONS The Company’s obligations pursuant to its sale-leaseback agreements described in NOTE 6 LEASE COMMITMENTS are secured by letters of credit (Letters of Credit) in an aggregate amount of $3,000,000. The Letters of Credit were issued by a bank at the behest of a non-profit foundation (the “Foundation”) and Spring Forth Investments. The Company is obligated to reimburse the Foundation and Spring Forth Investments for any draws made under the Letters of Credit pursuant to two reimbursement agreements between the Company and the Foundation and Spring Forth Investments dated October 30, 2013. Mr. Spafford, one of our directors, and his wife, Susan Spafford, have been designated by the Foundation as “Founding Trustees” under its bylaws and have authority to control certain activities of the Foundation. Our obligations under the reimbursement agreements are secured by a security interest in all of our assets pursuant to a Security Agreement dated October 30, 2013. As of December 31, 2015, no draws on the line of credit had taken place. In February 2014, we issued a convertible promissory note with an 8% interest rate and 25,000 warrants to purchase common stock to Mr. Ashton. The consideration paid by Mr. Ashton for the note and warrants was $200,000. The maturity date for the promissory note was February 26, 2015, or upon or a qualified equity financing of at least $5 million. This financing was for general working capital purposes. The principal balance of this note, along with accrued interest of $6,751 converted to 8,270,027 Series D Units in July 2014 which separated into 8,270,027 shares of Series D Preferred Stock, 41,350 Class A warrants to purchase common stock exercisable at $4.92 per warrant which expire in July 2021 and 41,350 Class B warrants exercisable at $0.20 per warrant which expire in July 2021. Upon the closing of our IPO, the Series D Preferred Stock converted into 20 shares of common stock. The exercise price of the Class A warrants and Class B warrants has been adjusted pursuant to the price protection feature in the warrants and is currently at $0.03 for both the Class A warrants and Class B warrants. The exchange ratio for the Class A warrants and Class B warrants upon the exercise of the options is such that for every 2,100 options exercised, one share of common stock would be issued. In March 2014, we issued a convertible promissory note with an 8% interest rate and 12,500 warrants to purchase common stock to DRS, LLC, an entity controlled by Mr. Spafford. The consideration paid by DRS, LLC for the note and warrants was $100,000. The maturity date for the promissory note was March 10, 2015, or upon a qualified equity financing of at least $5 million. This financing was for general working capital purposes. The principal balance of this note, along with accrued interest of $3,112 converted to 4,124,493 Series D Units in July 2014 which separated into 4,124,493 shares of Series D Preferred Stock, 20,622 Class A warrants to purchase common stock exercisable at $4.92 per warrant which expire in July 2021 and 20,622 Series B warrants exercisable at $0.20 per warrant which expire in July 2021. Upon the closing of our IPO, the Series D Preferred Stock converted into 10 shares of common stock. The exercise price of the Class A warrants and Class B warrants has been adjusted pursuant to the price protection feature in the warrants and is currently at $0.03 for both the Class A warrants and Class B warrants. The exchange ratio for the Class A warrants and Class B warrants upon the exercise of the options is such that for every 2,100 options exercised, one share of common stock would be issued. In July 2014, the Company entered into a note agreement for $500,000 with Spring Forth Investments, LLC a company owned by Mr. Spafford. The maturity date for the note is July 18, 2015. The note pays interest at an annual rate of 20% and is paid monthly. The Company may extend the due date of the note to July 18, 2016 by giving notice no later than April 18, 2015 and paying an extension fee of $10,000. The Company prepaid the last three months of interest for a total of $25,000 at the time of issuance of the note. As additional consideration for the note, the Company issued 4,000,000 Series D preferred stock units at a value of $100,000 which separated into 4,000,000 shares of Series D preferred stock, 20,000 Class A warrants to purchase common stock exercisable at $4.92 per warrant and 20,000 Class B warrants to purchase common stock at $0.20 per warrant. The Series D preferred stock units were accounted as a debt discount to be amortized over the life of the note. As of December 31, 2015 the unamortized debt discount was $58,333. Upon the closing of our IPO, the 4,000,000 shares of Series D Preferred Stock converted into 10 shares of common stock. The exercise price of the Class A warrants and Class B warrants has been adjusted pursuant to the price protection feature in the warrants and is currently at $0.03 for both the Class A warrants and Class B warrants. The exchange ratio for the Class A warrants and Class B warrants upon the exercise of the options is such that for every 2,100 options exercised, one share of common stock would be issued. In April 2014, the Company entered into two Financial Advisory Agency Agreements with Rona Capital, LLC, an entity owned by Jeffrey A. Rona. Mr. Rona became our Chief Financial Officer in October 2014. The first agreement was for financial advisory services related to the Company’s ongoing financing activities prior to the filing of an S-1 registration with the SEC. The Company agreed to pay Rona Capital $15,000 per month plus reasonable out-or-pocket expenses. In addition, the Company issued warrants to Rona Capital to purchase 7,200,000 Series D units which separated into 7,200,000 Series D Preferred Shares, 36,000 Class A warrants to purchase common stock exercisable at $4.92 per warrant and 36,000 Class B warrants to purchase common stock exercisable at $0.20 per warrant pursuant to the initial S-1 filing with the SEC. The Company also indemnified Rona Capital for claims arising from the agreement, subject to certain exceptions. This agreement terminated upon the final closing of the Series D Preferred Stock financing. Upon the closing of our IPO, the 7,200,000 shares of Series D Preferred Stock converted into 18 shares of common stock. The exercise price of the Class A warrants and Class B warrants has been adjusted pursuant to the price protection feature in the warrants and is currently at $0.03 for both the Class A warrants and Class B warrants. The exchange ratio for the Class A warrants and Class B warrants upon the exercise of the options is such that for every 2,100 options exercised, one share of common stock would be issued. The Company also entered into a second Financial Advisory Agency Agreement with Rona Capital effective in June 2014, wherein Rona Capital provided the Company with financial advisory services related to the Company’s ongoing financing activities. The Company paid Rona Capital $15,000 per month and additional cash amounts on the achievement of specified milestones, including $50,000 upon the filing of an S-1 with the SEC and $100,000 upon the closing of an initial public offering. In relation to the convertible note financing on December 30, 2015, the Foundation and Spring Forth investments agreed to enter into subordination agreements with the collateral agent in the convertible note financing whereby each agreed to subordinate their debt to the notes issued in the convertible note financing. As consideration for their agreement the Company issued them Subordination Warrants exercisable for 3,015 shares of common stock (see NOTE 11 WARRANTS). |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 15 INCOME TAXES The Company utilizes the asset and liability approach to measuring deferred tax assets and liabilities based on temporary differences existing at each balance sheet date using currently enacted tax rates in accordance with FASB ASC 740 . The income tax expense for the years ended December 31, 2015 and 2014 consists of the following: 2015 2014 Current Federal $ — $ — State and Local 1,250 5,297 1,250 5,297 Deferred Federal — — State and Local — — — — $ 1,250 $ 5,297 The following is a reconciliation of the reported amount of income tax expense (benefit) for the years ended December 31, 2015 and 2014 to the amount of income tax expenses that would result from applying the statutory rate to pretax income. The components of the Company’s deferred tax assets for the years ended December 31, 2015 and 2014 are as follows: 2015 2014 Deferred tax assets: Net operating losses 4,194,990 18,229,887 Depreciation and amortization (182,903 ) 162,344 Allowance for doubtful accounts 6,324 2,035 Accrued vacation 112,892 85,081 Accrued personal property tax 4,083 4,048 Other 1,652 171 Total deferred tax assets 4,137,036 18,483,566 Less: Valuation allowance (4,137,036 ) (18,483,566 ) Net deferred tax assets $ — $ — Reconciliation of reported amount of income tax expense for the years ended December 31, 2015 and 2014 consists of the following: 2015 2014 Benefit for income taxes computed at federal statutory rate $ (19,685,292 ) $ (7,385,656 ) State income taxes, net of federal tax benefit (1,998,974 ) (407,156 ) Non-deductible expenses 12,902,916 3,024,860 NOL write off due to Section 382 limitation 23,200,232 — Increase (decrease) in valuation allowance (14,346,481 ) 4,622,286 Other, net (71,150 ) 150,963 Provision for income taxes $ 1,250 $ 5,297 Effective tax rate (0.01 %) (0.07 %) As of December 31, 2015 the Company has generated operating losses. As a result the Company has recorded a full valuation allowance against its net deferred tax assets as of December 31, 2015 and 2014. The valuation allowance decreased by $14,346,481 during the tax year ended December 31, 2015. During 2015, the Corporation had a change of ownership for Internal Revenue Code purposes. The amount of the NOLs for federal and state purposes was reduced to the amount that can be used considering those limitations. The amount presented is reduced based on the section 382 limitation and the carryforward period as provided by the federal and state tax laws. As of December 31, 2015 and 2014, the Company has a net operating loss carry forwards for Federal income tax purposes of $11.5 million and $51.8 million, respectively, which expire in varying amounts during the tax years 2025 and 2035. The Company has net operating loss carry forwards for State income tax purposes of $8.2 million and $32.5 million which expire in varying years from 2025 to 2035. Under FASB ASC 740, tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon ultimate settlement. Unrecognized tax benefits are tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of December 31, 2015 and 2014, the Company has no liabilities for unrecognized tax benefits. The Company’s policy is to recognize potential interest and penalties accrued related to unrecognized tax benefits within income tax expense. For the years ended December 31, 2015, and 2014, the Company did not recognize any interest or penalties in its statement of operations, nor did it have any interest or penalties accrued in its balance sheet at December 31, 2015 and 2014 relating to unrecognized tax benefits. The tax years 2012-2015 remain open to examination for federal income tax purposes and by the other major taxing jurisdictions to which the Company is subject. |
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | ||
LEGAL PROCEEDINGS | NOTE 13 LEGAL PROCEEDINGS We are not currently a party to any material pending or threatened legal proceeding or regulatory or government investigations. We may become involved in litigation from time to time relating to claims arising in the ordinary course of our business. We do not believe that the ultimate resolution of such claims would have a material effect on our business, results of operations, financial condition or cash flows. However, the results of these matters cannot be predicted with certainty, and an unfavorable resolution of one or more of these matters could have a material effect on our business, results of operations, financial condition and cash flows. | NOTE 16 LEGAL PROCEEDINGS The Company is not currently a party to any pending or threatened legal proceeding or regulatory or government investigations. We may become involved in litigation from time to time relating to claims arising in the ordinary course of our business. We do not believe that the ultimate resolution of such claims would have a material effect on our business, results of operations, financial condition or cash flows. However, the results of these matters cannot be predicted with certainty, and an unfavorable resolution of one or more of these matters could have a material effect on our business, results of operations, financial condition and cash flows. |
GEOGRAPHIC INFORMATION
GEOGRAPHIC INFORMATION | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
GEOGRAPHIC INFORMATION | NOTE 17 GEOGRAPHIC INFORMATION The Company has both domestic (U.S.) and international customers for its products. Sales for the years ended December 31, 2015 and 2014 were as follows: 2015 2014 Domestic sales $ 2,096,825 $ 1,559,614 International sales 45,215 46,640 Total sales $ 2,142,040 $ 1,606,254 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Subsequent Events [Abstract] | ||
SUBSEQUENT EVENTS | NOTE 14 SUBSEQUENT EVENTS On April 7, 2016, the Company entered into certain warrant exchange agreements (the “Exchange Agreements”), each by and between the Company and a holder of its outstanding Series E Warrants, pursuant to which the Company and each such holder agreed to exchange outstanding Series E Warrants for shares of common stock of the Company. Pursuant to the Exchange Agreements, the Company issued 650,160 shares of common stock of the Company in exchange for the surrender by the holders to the Company of 58,800,000 Series E Warrants exercisable to acquire approximately 1,680,000 shares of common stock of the Company (representing an exchange ratio of one share of common stock for each 2.584 shares of common stock underlying the surrendered Series E Warrants). The surrendered Series E Warrants were immediately cancelled by the Company and there are no Series E Warrants issued and outstanding. On April 5, 2016, the Company received notification from the Utah Labor Commission, Occupational Safety and Health Division (ULC) that a former employee filed a claim with the ULC alleging wrongful termination in violation of the Utah Occupational Safety and Health Act, Utah Code. The Company has performed an investigation and believes the claim is without merit. On May 2, 2016, the holders of the senior secured convertible notes of the Company voluntarily removed restrictions on the Company’s use of an aggregate of $1 million previously funded to the Company and authorized the release of those funds from the restricted cash accounts of the Company. On May 11, 2016, the Company and certain of the buyers. as set forth in the Schedule of Buyers attached to the Securities Purchase Agreement, dated December 28, 2015 (the “SPA”), in relation to the issuance and sale by the Company of $22.1 million aggregate principal amount of senior secured convertible notes (the “Notes”) and related Series D common stock purchase warrants (the “Warrants”), holding enough of the Notes and Warrants to constitute the Required Holders under Section 10 of the Registration Rights Agreement by and between the Company the Buyers (the “Registration Rights Agreement”) entered into December 30, 2015, entered into Amendment Agreement No.3 to the Registration Rights Agreement (the “Third Amendment Agreement”), whereby the Company and the Buyers agreed to extend the deadline for bringing the initial registration statement required thereunder registering our shares of common stock issuable upon conversion of the Notes and exercise of the Warrants to the date which is the earlier of May 31, 2016 and the fifth (5th) business day after the date the Company is notified (orally or in writing, whichever is earlier) by the SEC that such initial registration statement will not be subject to further review. Under the Third Amendment Agreement, the Buyers also waived any (i) any breach of the Registration Rights Agreement prior to May 11, 2016 under Section 2(a) of the Registration Rights Agreement for the Company’s failure to have the initial registration statement brought effective by the initial effectiveness deadline, prior to the date of Third Amendment Agreement and (ii) the Holder’s right to Registration Delay Payments (as defined under the Registration Rights Agreement) prior to the date of the Third Amendment Agreement for the Company’s failure to have the initial registration statement brought effective by the initial effectiveness deadline. | NOTE 18 SUBSEQUENT EVENTS In January and February 2016, the Company issued 1,846,903 shares of common stock pursuant to the cashless exercise of 5,001,687 Series C Warrants, the conversion of 13,967 shares of Series E Preferred Stock and the exercise of 121,450 unit purchase options with the immediate conversion and exercise of the Series E Preferred Stock and Series C Warrants. In January 2016, the Company settled the cashless exercise of 138,158 Series C Warrants with cash in the amount of $304,017. On January 21, 2016 all outstanding Series C Warrants were mandatorily exercised utilizing the cashless provision of the warrants. As of March 1, 2016 there are 50,418 Series C Warrants that have yet to be delivered and upon delivery, the Company will issue 16,105 shares of common stock. In February 2016, the Company entered into a settlement agreement with Dawson James Securities, Inc. (“Dawson James”) pursuant to a dispute related to an underwriting agreement. Dawson James has agreed to terminate its right of first refusal for a one time payment by the Company of $80,000. In addition, Dawson James has agreed to provide consulting services for a 12 month period in consideration of the Company paying them an aggregate consulting fee of $800,000 consisting of $200,000 paid upon execution of the agreement and $50,000 per month for 12 months. In February 2016, the Company entered into amendment agreements with holders of the Notes and Series D Warrants. The amendments (i) reduced the number of shares of common stock required to be reserved for issuance upon the conversion of the Notes and exercise of the Series D Warrants from 120,000,000 to 85,000,000. The reduction will expire on April 1, 2016, and (ii) extend the deadline for filing the initial registration statement to register the common stock issuable upon conversion of the Notes and exercise of the Series D Warrants. In February 2016 the Company completed a public offering of 39.2 million Units. Each 35 Units consists of one share of common stock and 1.5 Series E Warrants, each 35 Series E Warrants will purchase one share of our common stock at $0.25 per Series E Warrants. The Company received approximately $6.3 million of gross proceeds and approximately $5.6 million of net proceeds. The Series E Warrants expire six years from the date of issuance but were not exercisable for one year and were subject to a vote of the shareholders and an increase in the number of authorized common stock that the Company can issue. On April 4, 2016, we entered into certain warrant exchange agreements each by and between us and a holder of our outstanding Series E Warrants, pursuant to which we and each such holder agreed to exchange outstanding Series E Warrants for shares of common stock. All of the issued and outstanding Series E Warrants were exchanged for 650,160 shares of common stock. |
PREFERRED STOCK
PREFERRED STOCK | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
PREFERRED STOCK | NOTE 8 PREFERRED STOCK The Company had 5,000,000 shares of preferred stock authorized at a par value of $0.001 per share as of March 31, 2016. As of March 31, 2016 there were 74,380 shares of Series E Preferred Stock issued and outstanding which are convertible at the option of the holders into 142 shares of common stock. During the three months ended March 31, 2016, 13,967 shares of Series E Preferred Stock were converted into 27 shares of common stock. |
SUMMARY OF SIGNIFICANT ACCOUN26
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | ||
Basis of Presentation | Basis of Presentation These condensed unaudited financial statements have been prepared to reflect the financial position, results of operations and cash flows of the Company as of March 31, 2016 and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. The accompanying condensed financial statements and notes are unaudited. In management’s opinion, the unaudited interim financial statements have been prepared on the same basis as the audited financial statements for the year ended December 31, 2015 and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of March 31, 2016 and its results of operations and cash flows for the three months ended March 31, 2016 and 2015. The results for the three months ended March 31, 2016 are not necessarily indicative of the results expected for the full fiscal year or any other interim period. | Basis of Presentation These financial statements have been prepared to reflect the financial position, results of operations and cash flows of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). |
Reverse Stock Split | Reverse Stock Split On March 30, 2016, the Company effected a reverse stock split of the Company’s common stock whereby each thirty-five shares of common stock was replaced with one share of common stock (with no fractional shares issued). The par value and the number of authorized shares of the common stock were not adjusted. All common share and per share amounts for all periods presented in these financial statements have been adjusted retroactively to reflect the reverse stock split. The quantity of Series E Preferred Stock, Common Warrants, Class A, Class B, Series A, Series B and Series C Warrants as well as employee and other options were not included in the reverse stock split and their outstanding quantities have not been adjusted. However, the conversion and exchange ratios were adjusted for the effect of the reverse stock splits such that upon conversion each 2,100 shares of Series E Preferred Stock will now be converted into four shares of common stock and upon exercise each 2,100 warrants or options will now be converted into one share of common stock. The quantity of Series D and Subordination Warrants were not included in the reverse stock split and their outstanding quantities have not been adjusted. However, the conversion ratio has been adjusted such that upon exercise each 35 of the Series D and Subordination Warrants will now be converted into one share of common stock (see NOTE 10 WARRANTS). | Reverse Stock Split On December 11, 2015, the Company effected a reverse stock split of the Company’s common stock whereby each sixty shares of common stock was replaced with one share of common stock (with no fractional shares issued). The par value of the common stock was adjusted from $0.001 per share to $0.0001 per share as a result of the reverse stock split. The authorized shares of the common stock were not adjusted. All common share and per share amounts for all periods presented in these financial statements have been adjusted retroactively to reflect the reverse stock split. The quantity of Series E Preferred Stock, Common Warrants, Class A, Class B, Series A, Series B and Series C Warrants as well as employee and other options were not included in the reverse stock split and their outstanding quantities have not been adjusted. However, the conversion and exchange ratios were adjusted as a result of the reverse stock split such that upon conversion each 60 shares of Series E Preferred Stock will be converted into four shares of common stock and upon exercise each 60 warrants or options will be converted into one share of common stock. On March 30, 2016, the Company effected another reverse stock split of the Company’s common stock whereby each thirty-five shares of common stock was replaced with one share of common stock (with no fractional shares issued). The par value and the number of authorized shares of the common stock were not adjusted. All common share and per share amounts for all periods presented in these financial statements have been adjusted retroactively to reflect the reverse stock split. The quantity of Series E Preferred Stock, Common Warrants, Class A, Class B, Series A, Series B and Series C Warrants as well as employee and other options were not included in the reverse stock split and their outstanding quantities have not been adjusted. However, the conversion and exchange ratios were adjusted for the cumulative effect of both reverse stock splits such that upon conversion each 2,100 shares of Series E Preferred Stock will now be converted into four shares of common stock and upon exercise each 2,100 warrants or options will now be converted into one share of common stock. The quantity of Series D and Subordination Warrants were not included in the reverse stock split and their outstanding quantities have not been adjusted. However, the conversion ratio has been adjusted such that upon exercise each 35 of the Series D and Subordination Warrants will now be converted into one share of common stock (see NOTE 11 WARRANTS). |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Such estimates include the warranty reserve, accounts receivable and inventory reserves, intangible assets and other long lived assets, legal and regulatory contingencies, income taxes, share based arrangements, the derivative liability and others. These estimates and assumptions are based on management’s best estimates and judgments. Actual amounts and results could differ from those estimates. | |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers highly liquid investments with insignificant interest rate risk and original maturities to the Company of three months or less to be cash equivalents. Cash equivalents consist primarily of interest and non-interest bearing bank accounts held in checking, savings and money market accounts. These assets are generally available on a daily or weekly basis and are highly liquid in nature. If the balances are greater than $250,000, the Company does not have FDIC coverage on the entire amount of bank deposits. | |
Restricted Cash | Restricted Cash Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements are recorded as restricted cash on our balance sheet. On December 30, 2015, the Company entered into a Securities Purchase Agreement pursuant to which the Company issued $22.1 million senior secured convertible notes and received $18.4 million in cash proceeds. Under the terms of the notes, at closing an initial tranche of $4.6 million was available for immediate use by the Company for general corporate purposes. The remaining cash proceeds of $13.8 million is available in three additional tranches that are subject to an account control agreement whereby the restrictions on the proceeds are terminated when the Company meets certain equity conditions (see NOTE 8 CONVERTIBLE NOTES PAYABLE). The restricted cash is deposited in an account that is not FDIC insured. | |
Accounts Receivable | Accounts Receivable Accounts receivable are generated from the sale of single use diagnostic test cartridges to end users in the United States and to a network of distributors outside the United States. These accounts receivable are recorded at the invoiced amount, net of allowances for doubtful amounts. The Company routinely reviews outstanding accounts receivable balances for estimated uncollectible accounts and establishes or adjusts the allowances for doubtful accounts receivable using the specific identification method and records a reserve for amounts not expected to be fully recovered. Actual balances are not applied against the reserve until substantially all collection efforts have been exhausted. The Company does not have customer acceptance provisions, but it does provide its customers a limited right of return for defective diagnostic test cartridges. The allowance for doubtful accounts at December 31, 2015 and 2014 was $16,892 and $5,482, respectively. | |
Inventories | Inventories Inventories are stated at the lower of cost or market with cost determined according to the average cost method. Manufactured inventory consists of raw material, direct labor and manufacturing overhead cost components. The Company reviews the components of its inventory on a regular basis for excess and obsolete inventory and makes appropriate adjustments when necessary. Inventories consisted of the following at December 31, 2015 and 2014: December 31, 2015 2014 Raw materials $ 758,870 $ 360,019 Work-in-process 277,827 91,153 Finished goods 96,445 5,922 Total inventories $ 1,133,142 $ 457,094 | |
Property and Equipment | Property and Equipment Property and equipment is recorded at cost and depreciated over the estimated useful lives of the assets (which range from three to ten years) using the straight-line method. Amortization of leasehold improvements is computed on the straight-line method over the shorter of the lease term or estimated useful lives of the assets. The analyzers that the Company manufactures and retains title over are placed with customers and are recorded in property and equipment under “Analyzers.” The materials used for the manufacture of the analyzers are recorded in property and equipment under “Construction in progress.” Major renewals and betterments are capitalized and depreciated over their estimated useful lives while minor expenditures for maintenance and minor repairs are charged to operations as incurred. The Company classifies assets to be sold as assets held for sale when (i) Company management has approved and commits to a plan to sell the asset, (ii) the asset is available for immediate sale in its present condition and is ready for sale, (iii) an active program to locate a buyer and other actions required to sell the asset have been initiated, (iv) the sale of the asset is probable, (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (vi) it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Assets classified as held for sale are recorded at the lower of the carrying amount or fair value less the cost to sell and are a component of prepaid and other current assets in the balance sheets. The Company did not have any assets classified as held for sale as of December 31, 2015 and 2014. | |
Intangible Assets | Intangible Assets The Company records its intangible assets at cost which consist of two licensing and royalty agreements for certain intellectual property rights used in the development and manufacture of our products. These intangible assets are being amortized over an estimated useful life of seven years from the date that the technology licenses became effective. As of December 31, 2015 and 2014, intangible assets totaled $600,000 valued at cost, less accumulated amortization of $480,829 and $383,420, respectively. The Company recorded amortization associated with these agreements of $97,407 and $117,445 for the years ended December 31, 2015 and 2014, respectively. Estimated future intangible asset amortization expense for the next five years are as follows: Years ended December 31, 2016 $ 76,580 2017 42,591 Total estimated amortization expense $ 119,171 | |
Impairment of Long Lived Assets | Impairment of Long Lived Assets Long-lived tangible assets, including property and equipment, and definite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. The Company regularly evaluates whether events or circumstances have occurred that indicate possible impairment and relies on a number of factors, including expected future operating results, business plans, economic projections, and anticipated future cash flows. The Company uses an estimate of the future undiscounted net cash flows and comparisons to like-kind assets, as appropriate, of the related asset over the remaining life in measuring whether the assets are recoverable. Measurement of the amount of impairment, if any, is based upon the difference between the asset’s carrying value and estimated fair value. Fair value is determined through various valuation techniques, including cost-based, market and income approaches as considered necessary. | |
Derivative Instruments | Derivative Instruments The Company accounts for derivative instruments under the provisions of ASC 815 Derivatives and Hedging | Derivative Instruments The Company accounts for derivative instruments under the provisions of ASC 815 Derivatives and Hedging |
Fair Value of Financial Instruments | Fair Value of Financial Instruments FASB ASC 820 defines fair value, establishes a framework for measuring fair value under GAAP and enhances disclosures about fair value measurements. Fair value is defined under FASB ASC 820 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value under FASB ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, with the first two inputs considered observable and the last input considered unobservable, that may be used to measure fair value as follows: • Level one • Level two • Level three Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter. The Company issued certain common stock warrants, employee stock options and convertible notes that are required to be recorded at fair value measured at the transaction date. In addition certain other warrants to purchase common stock and convertible notes qualify as derivative liabilities and are therefore required to be recorded at fair value measured at the transaction date and again at each reporting period end. The fair value of these warrants and conversion was determined using estimates and assumptions that are not readily available in public markets and the Company has designated this liability as Level 3. The assumptions used for the fair value calculation as well as the changes in the value of the derivative liability are shown in NOTE 11 DERIVATIVE LIABILITY. | Fair Value of Financial Instruments The Company measures at fair value certain of its financial and non-financial assets and liabilities by using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is 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, essentially an exit price, based on the highest and best use of the asset or liability. The levels of the fair value hierarchy are: Level 1—Quoted market prices in active markets for identical assets or liabilities; Level 2—Significant other observable inputs (e.g. quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable, such as interest rate and yield curves, and market-corroborated inputs); and Level 3—Unobservable inputs in which there is little or no market data, which require the reporting unit to develop its own assumptions. The following tables set forth the financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy at December 31, 2015 and 2014 (see NOTE 12 DERIVATIVE LIABILITIES): Fair Value Measurements at December 31, 2015 Description Level 1 Level 2 Level 3 Total Derivative liability Common stock warrants $ — $ — $ 26,592,532 $ 26,592,532 Convertible notes payable $ — $ — $ 16,588,940 $ 16,588,940 Total derivative liability $ — $ — $ 43,181,472 $ 43,181,472 Fair Value Measurements at December 31, 2014 Description Level 1 Level 2 Level 3 Total Derivative liability Common stock warrants $ — $ — $ 9,998,636 $ 9,998,636 Total derivative liability $ — $ — $ 9,998,636 $ 9,998,636 The internal models used to determine fair value for these Level 3 instruments use certain significant unobservable inputs and their use requires determination of relevant inputs and assumptions. Accordingly, changes in these unobservable inputs may have a significant impact on fair value. Such inputs include risk free interest rate, expected average life, expected dividend yield, and expected volatility. These Level 3 liabilities would decrease (increase) in value based upon an increase (decrease) in risk free interest rate and expected dividend yield. Conversely, the fair value of these Level 3 liabilities would generally increase (decrease) in value if the expected average life or expected volatility were to increase (decrease). |
Revenue Recognition | Revenue Recognition The Company derives its product revenue from the sale of single use diagnostic test cartridges sold through our dedicated sales force, except in the European Union where the Company sells through a network of distributors. Product revenue is recognized when all four of the following criteria are met: (1) persuasive evidence that an arrangement exists; (2) delivery of the products has occurred; (3) the selling price of the product is fixed or determinable; and (4) collectability of that price is reasonably assured. Change in title to the product and recognition of revenue from sales of diagnostic test cartridges occurs at the time of shipment. Shipping and handling fees and related freight costs and supplies for test kits are billed to customers. Additional costs associated with shipping products to customers are included as a component of cost of sales. | |
Research and Development Costs | Research and Development Costs Research and development costs are charged to operations as incurred. Research and development costs include, among other things, salaries and wages for research scientists and staff (including stock-based compensation), materials and supplies used in the development of new products, developing and validating the manufacturing process, costs for clinical trials, and costs for research and development facilities and equipment. | |
Stock Based Compensation | Stock Based Compensation The Company has accounted for stock-based compensation under the provisions of Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 718, “Compensation—Stock Compensation” . | |
Financial Instruments and Concentration of Credit Risk | Financial Instruments and Concentration of Credit Risk The Company’s financial instruments include cash and cash equivalents, accounts receivable, and accounts payable. The carrying amount of cash and cash equivalents, accounts receivable, and accounts payable approximate fair value because of their immediate or short-term maturities. All of the Company’s accounts receivable result from sales in the normal course of business to its customers primarily throughout the United States. The Company attempts to limit its credit risk by performing credit evaluations of new customers and maintaining adequate allowances for potential credit losses. As of December 31, 2015, 17% of the accounts receivable balance resulted from one customer. As of December 31, 2014, 30% of the accounts receivable balance resulted from one customer. Historically, the Company has not experienced any credit losses on such receivables. Allowances for bad debt in the amount of $16,892 and $5,482 were recorded against accounts receivable for the years ended December 31, 2015 and 2014, respectively. There was no bad debt for the year ended December 31, 2015. The Company cannot ensure that such losses will not be realized in the future. The Company’s customers consist of hospitals, clinics, laboratories and other healthcare providers in the United States, the European Union and New Zealand. For the year ended December 31, 2015, there were no customers that accounted for more than 10% of revenues. For the year ended December 31, 2014, 11% of revenues resulted from one customer who accounted for more than 10% of revenues. | |
Income Taxes | Income Taxes The Company accounts for income taxes under FASB ASC 740, “Income Taxes”. Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Accounting standards require the consideration of a valuation allowance for deferred tax assets if it is “more likely than not” that some component or all of the benefits of deferred tax assets will not be realized. The tax effects from an uncertain tax position can be recognized in the financial statements only if the position is more likely than not of being sustained if the position were to be challenged by a taxing authority. The Company has examined the tax positions taken in its tax returns and determined that there are no uncertain tax positions. As a result, the Company has recorded no uncertain tax liabilities in its balance sheet. | |
Loss per Common Share | Net Income (Loss) per Common Share Basic loss per share (“EPS”) is computed by dividing net loss (the numerator) by the weighted average number of common shares outstanding for the period (the denominator). Diluted EPS is computed by dividing net loss by the weighted average number of common shares and potential common shares outstanding (if dilutive) during each period. Potential common shares include convertible preferred stock, convertible notes, stock options and warrants. The number of potential common shares outstanding is computed using the treasury stock method. As the Company has incurred losses for the three months ended March 31, 2016 and 2015, the potentially dilutive shares are anti-dilutive and are thus not added into the loss per share calculations. As of March 31, 2016 and 2015, there were 5,732,109 and 18,495 potentially dilutive shares, respectively. | Loss per Common Share Basic loss per share (“EPS”) is computed by dividing net loss, less cumulative preferred stock dividends for the period, including undeclared or unpaid cumulative dividends (the numerator) by the weighted average number of common shares outstanding for the period (the denominator). Diluted EPS is computed by dividing net loss by the weighted average number of common shares and potential common shares outstanding (if dilutive) during each period. Potential common shares include convertible preferred stock, stock options and warrants. The number of potential common shares outstanding is computed using the treasury stock method. As the Company has incurred losses for the years ended December 31, 2015 and 2014, the potentially dilutive shares are anti-dilutive and are thus not added into the loss per share calculations. As of December 31, 2015 and 2014, there were 784,801 and 2,930 potentially dilutive shares, respectively. |
Reclassification | Reclassification During 2015, the Company’s auditors identified a clerical error made by the Company during the preparation of the 2014 cash flow statement, wherein the amount for a certain fixed asset that was included in accounts payable had the sign inadvertently switched. The Company has corrected the presentation of the 2014 cash flows for this clerical item and in doing so, the statement of cash flows for 2014 was adjusted to increase net cash used in operating activities by $786,238, with a corresponding decrease in net cash used from investing activities. Other than the 2014 cash flow statement, no other cash flow statement for any annual or quarterly period, was impacted by this presentation correction. The Company has evaluated the effect of the incorrect presentation, both qualitatively and quantitatively, and concluded that it did not have a material impact on, nor require amendment of, any previously filed annual or quarterly financial statements. | |
New Accounting Pronouncements | New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB that are adopted by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s financial statements upon adoption. In February 2016, the FASB issued ASU No. 2016-02 Leases In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-11 Simplifying the Measurement of Inventory In April 2015, the FASB issued ASU No. 2015-03 Interest – Imputation of Interest, Simplifying the Presentation of Debt Issuance Cost. In August 2014, the FASB issued ASU No. 2014-15 Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern In May 2014, the FASB issued ASU No. 2014-09 Revenue from Contracts with Custo | New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB that are adopted by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s financial statements upon adoption. In November 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-17, “Balance Sheet Classification of Deferred Taxes,” that requires companies to classify all deferred tax assets and liabilities, along with any valuation allowance, as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. The guidance does not change the existing requirement that only permits offsetting within a jurisdiction. The ASU is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. During the fourth quarter of 2015, the Company elected early adoption of this standard as it improved the efficiency of the year end financial reporting process for income taxes and applied the changes retrospectively to all prior periods presented in its financial statements. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory,” that simplifies the subsequent measurement of inventories by replacing the current lower of cost or market test with a lower of cost or net realizable value test. The ASU is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. The Company is still evaluating the impact this standard will have on its financial statements and related disclosures. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of debt discounts or premiums. The ASU is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. During the year 2015, the Company elected early adoption of this standard and applied the changes in its financial statements and related disclosures. In August 2014, the FASB issued ASU No. 2014-15 Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. In April 2015, the FASB deferred the effective date of ASU 2014-09 to fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2014-09 on its financial statements and related disclosures. |
SUMMARY OF SIGNIFICANT ACCOUN27
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Inventories | Inventories consisted of the following at December 31, 2015 and 2014: December 31, 2015 2014 Raw materials $ 758,870 $ 360,019 Work-in-process 277,827 91,153 Finished goods 96,445 5,922 Total inventories $ 1,133,142 $ 457,094 |
Estimated Future Intangible Asset Amortization Expense | Estimated future intangible asset amortization expense for the next five years are as follows: Years ended December 31, 2016 $ 76,580 2017 42,591 Total estimated amortization expense $ 119,171 |
Financial Liabilities Measured at Fair Value on a Recurring Basis | The following tables set forth the financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy at December 31, 2015 and 2014 (see NOTE 12 DERIVATIVE LIABILITIES): Fair Value Measurements at December 31, 2015 Description Level 1 Level 2 Level 3 Total Derivative liability Common stock warrants $ — $ — $ 26,592,532 $ 26,592,532 Convertible notes payable $ — $ — $ 16,588,940 $ 16,588,940 Total derivative liability $ — $ — $ 43,181,472 $ 43,181,472 Fair Value Measurements at December 31, 2014 Description Level 1 Level 2 Level 3 Total Derivative liability Common stock warrants $ — $ — $ 9,998,636 $ 9,998,636 Total derivative liability $ — $ — $ 9,998,636 $ 9,998,636 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following at December 31, 2015 and December 31, 2014: December 31, 2015 2014 Construction in progress $ 680,679 $ 1,133,654 Analyzers 5,045,481 1,139,352 Computers and office equipment 462,441 290,754 Machinery and equipment 2,372,558 1,060,993 Leasehold improvements 393,271 366,945 Furniture and fixtures 72,618 16,145 Equipment under capital lease 2,148,476 2,148,476 11,175,522 6,156,319 Less: accumulated depreciation and amortization (3,433,531 ) (1,918,852 ) Total property and equipment, net $ 7,741,991 $ 4,237,467 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following as of December 31, 2015 and 2014: December 31, 2015 2014 Accrued payroll $ 1,094,666 $ 421,645 Royalties 75,642 166,540 Accrued interest 44,291 — Accrued property and use tax 10,905 10,905 Other 87,645 13,269 Total accrued liabilities $ 1,313,149 $ 612,359 |
LEASE COMMITMENTS (Tables)
LEASE COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Annual Future Minimum Lease Payments of Capital Leases | Annual future minimum lease payments of capital leases for the next five years are as follows: Years ended December 31, 2016 $ 1,694,006 2017 923,908 Total capital lease payments 2,617,914 Less amount representing interest (461,078 ) Total future minimum lease payments 2,156,836 Less current portion of capital leases (1,305,426 ) Long term portion of capital leases $ 851,410 |
Schedule of Operating Lease Commitments | Operating lease commitments for the next five years are as follows: Years ended December 31, 2016 $ 355,797 2017 246,255 2018 252,092 2019 259,132 2020 266,455 Total operating lease commitments $ 1,379,731 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Purchased Certain Machinery and Equipment under Two Note Payable Agreements | The Company purchased certain machinery and equipment under two note payable agreements which consist of the following as of December 31, 2015 and 2014: December 31, 2015 2014 Note payable, 15.2% interest, monthly payments of $1,328, due February 6, 2016, secured by equipment $ 2,607 $ 16,938 Note payable, 10.0% interest, monthly payments of $3,161, due January 1, 2016, secured by equipment 3,086 38,749 Total notes payable 5,693 55,687 Less: current portion of notes payable (5,693 ) (49,994 ) Long term portion of notes payable $ — $ 5,693 |
CONVERTIBLE NOTES PAYABLE (Tabl
CONVERTIBLE NOTES PAYABLE (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Text Block [Abstract] | ||
Summary of Convertible Notes Outstanding | The following table summarizes the convertible notes outstanding at March 31, 2016: Convertible notes payable, principal $ 22,100,000 Debt discounts (13,828,816 ) Net convertible note payable 8,271,184 Less current portion (8,271,184 ) Convertible notes payable, long term $ — | The following table summarizes the convertible notes outstanding at December 31, 2015: Convertible notes payable, principal $ 22,100,000 Debt discounts (19,936,283 ) Net convertible note payable 2,163,717 Less current portion (1,638,717 ) Convertible notes payable, long term $ 525,000 |
WARRANTS (Tables)
WARRANTS (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Warrants Outstanding and Exercisable | The following table outlines the warrants outstanding and exercisable as of March 31, 2016: Total Shares of Aggregate Outstanding Warrant Common Stock Exercise Price and Exercise Underlying for One Warrants Exercisable Price the Warrant Common Share Expiration Class A 1,532,598 $ 0.0027 755 $ 5.60 April 2021 - July 2021 Class B 1,310,956 $ 0.0027 640 $ 5.60 April 2012 - July 2021 Series B 1,074,082 $ 8.04 530 $ 16,873.50 March 2021 - July 2021 Series D 3,503,116 $ 0.0027 100,090 $ 5.60 June 2021 Series E 58,800,000 $ 0.25 1,680,000 $ 8.75 February 2022 Subordination 105,516 $ 0.0027 3,015 $ 5.60 June 2021 Common 463,356 $ 0.0027 - $32.00 230 $ 5.60 - $67,200.00 April 2016 - July 2021 Total Warrants 66,789,624 1,785,260 | The following table outlines the warrants outstanding and exercisable as of December 31, 2014: Warrants Outstanding Warrant Common Total Aggregate Expiration Class A 2,041,239 $4.92 2,100 : 1 973 $10,332.00 April 2021 -July 2021 Class B 1,645,845 $0.20 2,100 : 1 784 $420.00 April 2021 -July 2021 Series A 1,322,500 $7.00 2,100 : 1 630 $14,700.00 October 2015 Common 438,356 $2.00 - $32.00 2,100 : 1 209 $4,200.00 - $67,200.00 April 2016 -July 2021 Total Warrants 5,447,940 2,596 The following table outlines the warrants outstanding and exercisable as of December 31, 2015: Warrants Outstanding Warrant Common Total Aggregate Expiration Class A 1,532,598 $0.03 2,100 : 1 755 $64.75 April 2021 - July 2021 Class B 1,310,956 $0.03 2,100 : 1 640 $64.75 April 2021 - July 2021 Series B 1,074,082 $8.75 2,100 : 1 530 $18,375.00 March 2021 - July 2021 Series C 5,229,973 $2.55 2,100 : 1 2,491 $5,355.00 January 2017 Series D 3,503,116 $1.85 35 : 1 100,090 $64.75 June 2021 Subordination 105,516 $1.85 35 : 1 3,015 $64.75 June 2021 Common 463,356 $0.03 - $32.00 2,100 : 1 230 $64.75 - $67,200.00 April 2016 - July 2021 Total Warrants 13,219,597 107,751 |
Assumptions used in Calculating Fair Value of Warrants Granted | The following is the weighted average of the assumptions used in calculating the fair value of the warrants at an exchange ratio of 2,100 warrants for one share of common stock after they were modified in September 2014 using the Black-Scholes method: Fair market value of one share of common stock $ 10,374 Aggregate exercise price of 2,100 warrants $ 21,000 Risk free rate 0.61 % Dividend yield 0.00 % Expected volatility 37.23 % Remaining contractual term 1.97 years | |
Summary of Stock Option Activity | The following table summarizes the Company’s total option activity for the three months ended March 31, 2016: Total Aggregate Weighted Weighted Shares of Exercise Average Average Common Price Remaining Option Stock for One Contractual Exercise Underlying Common Term in Options Price the Option Share Years As of March 31, 2016: Options outstanding as of January 1, 2016 792,534 $ 2.84 420 $ 5,964.00 8.0 Granted — — — — — Exercised — — — — — Forfeited 500 $ 2.00 $ 1.00 $ 4,200.00 — Options outstanding as of March 31, 2016 792,034 $ 2.84 419 $ 5,964.00 7.8 | |
Common Stock Warrants Activity | The following table summarizes the common stock warrant activity during the years ended December 31, 2015 and 2014: Common Weighted Weighted As of December 31, 2014: Warrants outstanding as of January 1, 2014 274,420 8.00 4.2 Granted 5,331,520 3.91 5.5 Exercised (158,000 ) 0.20 6.6 Expired — — — Warrants outstanding as of December 31, 2014 5,447,940 4.17 4.9 As of December 31, 2015: Warrants outstanding as of January 1, 2015 5,447,940 4.17 4.9 Granted 26,617,714 2.71 4.3 Exercised (17,547,639 ) 2.47 4.0 Expired (1,298,418 ) 2.48 3.4 Warrants outstanding as of December 31, 2015 13,219,597 2.71 4.7 | |
Common Stock Warrants | ||
Summary of Stock Option Activity | The following table summarizes the common stock warrant activity during the three months ended March 31, 2016: Weighted Average Weighted Remainder Common Average Contractual Stock Exercise Term in Warrants Price Years As of March 31, 2016: Warrants Outstanding as of January 1, 2016 13,219,597 $ 2.71 4.7 Granted 58,800,000 $ 0.25 5.9 Exercised (5,229,973 ) $ 2.55 — Expired — — — Warrants outstanding as of March 31, 2016 66,789,624 $ 0.39 5.8 | |
Preferred A Stock Warrants | ||
Summary of Stock Option Activity | The following table summarizes the Preferred A stock warrant activity during the year ended December 31, 2014: Preferred A Weighted Weighted As of December 31, 2014: Warrants outstanding as of January 1, 2014 2,231,727 $ 0.16 3.1 Granted — — — Converted (2,231,727 ) 0.16 2.3 Expired — — — Warrants outstanding as of December 31, 2014 — $ — — | |
Preferred D Stock Warrants | ||
Summary of Stock Option Activity | The following table summarizes the preferred D stock warrant activity during the year ended December 31, 2014: Preferred D Weighted Weighted As of December 31, 2014: Warrants outstanding as of January 1, 2014 — — — Granted 7,200,000 $ 0.025 6.8 Converted (7,200,000 ) $ 0.025 6.7 Expired — — — Warrants outstanding as of December 31, 2014 — $ — — | |
Stock Option Activity | ||
Summary of Stock Option Activity | The following table summarizes the Company’s total option activity for the years ended December 31, 2015 and 2014: Options Weighted Weighted Intrinsic As of December 31, 2014: Options outstanding as of January 1, 2014 115,750 $ 30.00 6.3 Granted 619,784 $ 2.86 9.4 Exercised — — — Forfeited/expired (32,500 ) $ 8.92 5.7 Options outstanding as of December 31, 2014 703,034 $ 2.98 8.8 $ — As of December 31, 2015: Options outstanding as of January 1, 2015 703,034 $ 2.98 8.8 Granted 117,500 $ 2.56 9.6 Exercised — — — Forfeited/expired (28,000 ) $ 5.16 8.6 Options outstanding as of December 31, 2015 792,534 $ 2.84 8.0 $ — |
DERIVATIVE LIABILITIES (Tables)
DERIVATIVE LIABILITIES (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Summary of Assumptions for Fair Value Measurement Model | The Company determined the fair value of the conversion feature to be $35,096,383 at March 31, 2016 using a binomial model with Monte Carlo simulation to reflect different scenarios where reset may be triggered using the following assumptions: Trading price of common stock on measurement date $ 7.17 Conversion price (1) $ 4.05 Risk free interest rate (2) 0.59 % Conversion notes lives in years 1.08 Expected volatility (3) 251 % Expected dividend yield (4) — (1) The conversion price of the convertible notes was calculated based on the formula in the Notes agreement as of the respective measurement date (2) The risk-free interest rate was determined by management using the 1-year Treasury Bill as of the respective measurement date. (3) The volatility factor was estimated by using the historical volatilities of the Company’s trading history. (4) Management determined the dividend yield to be 0% based upon its expectation that it will not pay dividends for the foreseeable future. The Company determined the fair of the Series D Warrants and Subordination Warrants to be $9,019,277 at March 31, 2016 using a binomial model with Monte Carlo simulation to reflect different scenarios where reset may be triggered and to project the range of the additional shares to be issued on December 31, 2016 using the following assumptions: Trading price of common stock on measurement date $ 7.17 Exercise price (1) $ 5.60 Risk free interest rate (2) 1.21 % Warrant lives in years 5.25 Expected volatility (3) 230 % Expected dividend yield (4) — (1) The exercise price of the Series D and Subordination Warrants as defined in the warrant agreement. (2) The risk-free interest rate was determined by management using the 5-year Treasury Bill as of the respective measurement date. (3) The volatility factor was estimated by using the historical volatilities of the Company’s trading history. (4) Management determined the dividend yield to be 0% based upon its expectation that it will not pay dividends for the foreseeable future. The Company determined the fair of the Series E Warrants to be $11,390,400 at issuance and $11,978,400 at March 31, 2016 using a Black Scholes valuation model using the following assumptions: February 24, 2016 March 31, 2016 Trading price of common stock on measurement date $ 6.82 $ 7.17 Exercise price (1) $ 8.75 $ 8.75 Risk free interest rate (2) 2.73 % 2.75 % Warrant lives in years 6.01 5.91 Expected volatility (3) 225 % 230 % Expected dividend yield (4) — — (1) The exercise price of the Series E Warrants as defined in the warrant agreement. (2) The risk-free interest rate was determined by management using the 5-year Treasury Bill as of the respective measurement date. (3) The volatility factor was estimated by using the historical volatilities of the Company’s trading history. (4) Management determined the dividend yield to be 0% based upon its expectation that it will not pay dividends for the foreseeable future. | The Company determined the fair value of the conversion feature using a binomial model with Monte Carlo simulation to reflect different scenarios where reset may be triggered using the following assumptions: Trading price of common stock on measurement date $32.90 - $38.50 Conversion price (1) $30.45 - $36.05 Risk free interest rate (2) 0.86% Conversion notes lives in years 1.33 Expected volatility (3) 215% Expected dividend yield (4) — Expected probability of shareholder approval (5) 85% (1) The conversion price of the convertible notes was calculated based the formula in the Notes agreement as of the respective measurement date (2) The risk-free interest rate was determined by management using the 1.5-year Treasury Bill as of the respective measurement date. (3) The volatility factor was estimated by using the historical volatilities of the Company’s trading history. (4) Management determined the dividend yield to be 0% based upon its expectation that it will not pay dividends for the foreseeable future. (5) Management has estimated a probability of 85% that shareholder approval will be obtained for the removal of the 19.9% conversion cap. This is based on past shareholder voting history and discussions with current shareholders and consultants. The fair values of the Series D Warrants and Subordination Warrants were determined using a binomial valuation model which included additional warrants to be issued on December 31, 2016 and the following assumptions: Trading price of common stock on measurement date $32.90 - $38.50 Exercise price (1) $64.75 Risk free interest rate (2) 1.80% Warrant lives in years 5.50 Expected volatility (3) 215% Expected dividend yield (4) — (1) The exercise price of the Series D Warrants calculated by 120% of the arithmetic average of five weighted average price of the common stock on the five consecutive trading days prior to issuance date on December 30, 2015. (2) The risk-free interest rate was determined by management using the 5-year Treasury Bill as of the respective measurement date. (3) The volatility factor was estimated by using the historical volatilities of the Company’s trading history. (4) Management determined the dividend yield to be 0% based upon its expectation that it will not pay dividends for the foreseeable future. |
Summary of Change in the Value of the Derivative Liabilities | The following summarizes the total change in the value of the derivative liabilities during the three months ended March 31, 2106: As of March 31, 2016: Balance at January 1, 2016 $ 43,181,472 Issuance of warrants and option 5,091,677 Exercise of warrants (12,384,852 ) Change in fair value of warrant and option liability 20,219,263 Balance at March 31, 2016 $ 56,107,560 | The following summarizes the total change in the value of the derivative liabilities during the years ended December 31, 2015 and 2014: As of December 31, 2014: Balance at January 1, 2014 $ — Issuance of warrants and option 2,487,726 Exercise of warrants (885,259 ) Change in fair value of warrant and option liability 8,396,169 Balance at December 31, 2014 $ 9,998,636 As of December 31, 2015: Balance at January 1, 2015 $ 9,998,636 Issuance of warrants, unit purchase option and convertible note 56,026,979 Exercise and expiration of warrants and unit purchase option (42,558,951 ) Change in fair value of warrant, option and conversion feature liability 19,714,808 Balance at December 31, 2015 $ 43,181,472 |
EMPLOYEE STOCK OPTIONS (Tables)
EMPLOYEE STOCK OPTIONS (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Schedule of Assumptions Used in Calculation of Fair Value of the Options Exchanged | The following is the range of the weighted average of the assumptions used in calculating the fair value of the options granted after our IPO in October 2014 and the options modified in 2014 using the Black-Scholes method: Fair market value of one share of common stock $10,374.00 - $11,088.00 Aggregate exercise price of 2,100 options $ 7,350.00 - $12,411.00 Risk free rate 1.06% - 1.70% Dividend yield 0.00% Expected volatility 46.31% - 54.97% Expected term 2.74 - 6.06 years The following is the weighted average of the assumptions used in calculating the fair value of the options granted in 2015 using the Black-Scholes method: Fair market value of one share of common stock $5,376.00 Aggregate exercise price of 2,100 options $5,376.00 Risk free rate 1.71% Dividend yield 0.00% Expected volatility 127.52% Expected term 6.14 years | |
Summary of Stock Options Outstanding and Exercisable | Outstanding and exercisable stock options as of March 31, 2016 are as follows: Options Outstanding Options Exercisable Number of Remaining Number of Options Life Exercise Options Exercise Outstanding (Years) Price Exercisable Price March 31, 2016 792,034 7.8 $ 2.84 376,925 $ 3.04 | Outstanding and exercisable stock options as of December 31, 2015 and 2014 are as follows: Options Outstanding Options Exercisable Number of Remaining Exercise Number of Exercise Intrinsic December 31, 2014 703,034 8.8 $ 2.98 117,404 $ 3.86 $ — December 31, 2015 792,534 8.0 $ 2.84 328,445 $ 3.07 $ — |
Schedule of Equity-Based Compensation Expenses | The estimated fair value of the Company stock options, less expected forfeitures, is amortized over the options vesting period on the straight-line basis. The Company recognized the following equity-based compensation expenses during the twelve months ended December 31, 2015 and 2014: December 31, 2015 2014 Stock based compensation expense $ 110,123 $ 297,244 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | The income tax expense for the years ended December 31, 2015 and 2014 consists of the following: 2015 2014 Current Federal $ — $ — State and Local 1,250 5,297 1,250 5,297 Deferred Federal — — State and Local — — — — $ 1,250 $ 5,297 |
Components of Deferred Tax Assets | The components of the Company’s deferred tax assets for the years ended December 31, 2015 and 2014 are as follows: 2015 2014 Deferred tax assets: Net operating losses 4,194,990 18,229,887 Depreciation and amortization (182,903 ) 162,344 Allowance for doubtful accounts 6,324 2,035 Accrued vacation 112,892 85,081 Accrued personal property tax 4,083 4,048 Other 1,652 171 Total deferred tax assets 4,137,036 18,483,566 Less: Valuation allowance (4,137,036 ) (18,483,566 ) Net deferred tax assets $ — $ — |
Reconciliation of Reported Amount of Income Tax Expense | Reconciliation of reported amount of income tax expense for the years ended December 31, 2015 and 2014 consists of the following: 2015 2014 Benefit for income taxes computed at federal statutory rate $ (19,685,292 ) $ (7,385,656 ) State income taxes, net of federal tax benefit (1,998,974 ) (407,156 ) Non-deductible expenses 12,902,916 3,024,860 NOL write off due to Section 382 limitation 23,200,232 — Increase (decrease) in valuation allowance (14,346,481 ) 4,622,286 Other, net (71,150 ) 150,963 Provision for income taxes $ 1,250 $ 5,297 Effective tax rate (0.01 %) (0.07 %) |
GEOGRAPHIC INFORMATION (Tables)
GEOGRAPHIC INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Schedule of Domestic and International Customers Products Sales | The Company has both domestic (U.S.) and international customers for its products. Sales for the years ended December 31, 2015 and 2014 were as follows: 2015 2014 Domestic sales $ 2,096,825 $ 1,559,614 International sales 45,215 46,640 Total sales $ 2,142,040 $ 1,606,254 |
Description of Business - Addit
Description of Business - Additional Information (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Description Of Business [Line Items] | ||
Date of incorporation | Jun. 27, 2003 | |
Nevada Corporation | ||
Description Of Business [Line Items] | ||
Date of merger | Aug. 29, 2008 | Aug. 29, 2008 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Additional Information (Detail) | Mar. 30, 2016 | Dec. 30, 2015USD ($) | Dec. 11, 2015$ / shares | Oct. 31, 2014 | Jul. 31, 2014 | Mar. 31, 2016USD ($)$ / sharesshares | Mar. 31, 2015USD ($)shares | Dec. 31, 2015USD ($)CustomerAgreement$ / sharesshares | Dec. 31, 2014USD ($)Customer$ / sharesshares |
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Common Stock Per Share | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Conversion and Exchange Ratio | The conversion and exchange ratios were adjusted as a result of the reverse stock split such that upon conversion each 60 shares of Series E Preferred Stock will be converted into four shares of common stock and upon exercise each 60 warrants or options will be converted into one share of common stock. | ||||||||
Cash, FDIC Insured Amount | $ 250,000 | ||||||||
Proceeds from issuance of convertible notes payable | 4,135,000 | $ 100,000 | |||||||
Cash, Restricted | $ 13,800,478 | 13,800,000 | |||||||
Allowance for doubtful accounts receivable, current | $ 16,892 | 5,482 | |||||||
Number of licensing and royalty agreements | Agreement | 2 | ||||||||
Intangible assets amortization period | 7 years | ||||||||
Total intangible assets | $ 600,000 | 600,000 | |||||||
Accumulated amortization | 480,829 | 383,420 | |||||||
Amortization of intangible assets | $ 97,407 | $ 117,445 | |||||||
Dilutive shares excluded from computation of earnings per share | shares | 5,732,109 | 18,495 | 784,801 | 2,930 | |||||
Net cash used in operating activities | $ (8,150,080) | $ (3,590,707) | $ (20,669,754) | $ (12,397,418) | |||||
March 30, 2016 | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Conversion and Exchange Ratio | The conversion and exchange ratios were adjusted for the effect of the reverse stock splits such that upon conversion each 2,100 shares of Series E Preferred Stock will now be converted into four shares of common stock and upon exercise each 2,100 warrants or options will now be converted into one share of common stock. The quantity of Series D and Subordination Warrants were not included in the reverse stock split and their outstanding quantities have not been adjusted. However, the conversion ratio has been adjusted such that upon exercise each 35 of the Series D and Subordination Warrants will now be converted into one share of common stock | ||||||||
Series D Convertible Preferred Stock | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Conversion of preferred stock to common stock, conversion ratio | 200 | 420,000 | |||||||
Accounts Receivable | Customer Concentration Risk | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Concentration risk percentage | 17.00% | 30.00% | |||||||
Number of customers | Customer | 1 | 1 | |||||||
Sales Revenue | Customer Concentration Risk | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Concentration risk percentage | 11.00% | ||||||||
Number of customers | Customer | 0 | 1 | |||||||
Senior Secured Convertible Note | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Convertible notes payable, principal | $ 22,100,000 | $ 22,100,000 | $ 22,100,000 | ||||||
Securities Purchase Agreement | Senior Secured Convertible Note | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Convertible notes payable, principal | 22,100,000 | ||||||||
Note agreement carrying value | 18,400,000 | ||||||||
Subordination Warrants | Series D Warrant | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Proceeds from issuance of convertible notes payable | 4,600,000 | $ 4,600,000 | $ 4,600,000 | ||||||
Cash, Restricted | $ 13,800,000 | ||||||||
Common Stock | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Reverse stock split ratio | 0.01666667 | ||||||||
Reverse stock split ratio, Description | Each sixty shares of common stock was replaced with one share of common stock | ||||||||
Common Stock | March 30, 2016 | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Reverse stock split ratio | 0.02857143 | ||||||||
Reverse stock split ratio, Description | Each thirty-five shares of common stock was replaced with one share of common stock | Each thirty-five shares of common stock was replaced with one share of common stock | |||||||
Conversion of preferred stock to common stock, conversion ratio | 2,100 | ||||||||
Common Stock | Series E Warrants | March 30, 2016 | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Conversion of preferred stock to common stock, conversion ratio | 525 | ||||||||
Common Stock | Series D Convertible Preferred Stock | March 30, 2016 | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Conversion of preferred stock to common stock, conversion ratio | 35 | ||||||||
Common Stock | Subordination Warrants | March 30, 2016 | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Conversion of preferred stock to common stock, conversion ratio | 35 | ||||||||
Scenario, Previously Reported | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Common Stock Per Share | $ / shares | $ 0.001 | ||||||||
Restatement Adjustment [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Net cash used in operating activities | $ 786,238 | ||||||||
Minimum | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Estimated useful lives of assets | 3 years | ||||||||
Maximum | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Estimated useful lives of assets | 10 years |
Schedule of Inventories (Detail
Schedule of Inventories (Detail) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | |||
Raw materials | $ 758,870 | $ 360,019 | |
Work-in-process | 277,827 | 91,153 | |
Finished goods | 96,445 | 5,922 | |
Total inventories | $ 1,156,012 | $ 1,133,142 | $ 457,094 |
Estimated Future Intangible Ass
Estimated Future Intangible Asset Amortization Expense (Detail) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
2,016 | $ 76,580 | ||
2,017 | 42,591 | ||
Total estimated amortization expense | $ 93,465 | $ 119,171 | $ 216,580 |
Financial Liabilities Measured
Financial Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | $ 43,181,472 | $ 9,998,636 |
Convertible Notes Payable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 16,588,940 | |
Common Stock Warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 26,592,532 | 9,998,636 |
Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 0 | 0 |
Fair Value, Inputs, Level 1 | Convertible Notes Payable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 0 | |
Fair Value, Inputs, Level 1 | Common Stock Warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 0 | 0 |
Fair Value, Inputs, Level 2 | Convertible Notes Payable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 0 | |
Fair Value, Inputs, Level 2 | Common Stock Warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 0 | 0 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 43,181,472 | 9,998,636 |
Fair Value, Inputs, Level 3 | Convertible Notes Payable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 16,588,940 | |
Fair Value, Inputs, Level 3 | Common Stock Warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | $ 26,592,532 | $ 9,998,636 |
Going Concern - Additional Info
Going Concern - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Feb. 29, 2016 | Feb. 28, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Liquidity Disclosure Going Concern [Abstract] | ||||||
Net loss | $ (33,652,506) | $ (71,173,625) | $ (57,899,169) | $ (21,727,818) | ||
Accumulated deficit | $ (155,556,371) | $ (121,903,865) | (64,004,696) | |||
Proceeds from issuance of preferred stock | $ 5,000,000 | $ 21,800,000 | $ 6,569,886 |
Schedule of Property and Equipm
Schedule of Property and Equipment (Detail) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, gross | $ 11,175,522 | $ 6,156,319 | |
Less: accumulated depreciation and amortization | (3,433,531) | (1,918,852) | |
Total property and equipment, net | $ 8,315,185 | 7,741,991 | 4,237,467 |
Construction in Progress | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, gross | 680,679 | 1,133,654 | |
Analyzers | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, gross | 5,045,481 | 1,139,352 | |
Computers and office equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, gross | 462,441 | 290,754 | |
Machinery and Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, gross | 2,372,558 | 1,060,993 | |
Leasehold Improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, gross | 393,271 | 366,945 | |
Furniture and Fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, gross | 72,618 | 16,145 | |
Equipment under capital lease | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, gross | $ 2,148,476 | $ 2,148,476 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization | $ 563,322 | $ 339,593 | $ 1,612,086 | $ 1,157,976 |
Leasehold Improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization | 1,514,679 | 1,040,531 | ||
Equipment under capital lease | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization | $ 1,199,183 | $ 601,947 |
Schedule of Accrued Liabilities
Schedule of Accrued Liabilities (Detail) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | |||
Accrued payroll | $ 1,094,666 | $ 421,645 | |
Royalties | 75,642 | 166,540 | |
Accrued interest | 44,291 | ||
Accrued property and use tax | 10,905 | 10,905 | |
Other | 87,645 | 13,269 | |
Total accrued liabilities | $ 1,754,966 | $ 1,313,149 | $ 612,359 |
Lease Commitments - Additional
Lease Commitments - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016USD ($)ft² | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)ft² | Dec. 31, 2014USD ($) | |
Operating Leased Assets [Line Items] | ||||
Proceeds from sale leaseback | $ 1,500,000 | |||
Capital lease obligations | $ 500,000 | |||
Sale-leaseback transaction lease term | At the end of each lease term, the leases shall automatically renew for twelve additional months unless certain conditions are met. | At the end of each lease term, the leases shall automatically renew for twelve additional months at the current monthly rate unless the Company gives written notice 150 days prior to the end of the lease. | ||
Amounts charged to expense under operating leases | $ 165,045 | $ 74,268 | $ 279,296 | $ 293,773 |
Second Agreement | ||||
Operating Leased Assets [Line Items] | ||||
Sale-leaseback transaction agreement date | Apr. 30, 2014 | Apr. 30, 2014 | ||
Proceeds from sale leaseback | $ 1,500,000 | $ 1,500,000 | ||
Sale-leaseback transaction renewal period | 24 months | 24 months | ||
Sale-leaseback transaction monthly payments | $ 64,665 | $ 64,665 | ||
Amortizing of capital lease | 36 months | 36 months | ||
Period of future expense | 12 months | |||
First Agreement | ||||
Operating Leased Assets [Line Items] | ||||
Proceeds from sale leaseback | $ 2,500,000 | $ 2,500,000 | ||
Sale-leaseback transaction renewal period | 36 months | 36 months | ||
Sale-leaseback transaction monthly payments | $ 74,875 | $ 74,875 | ||
Amortizing of capital lease | 48 months | 48 months | ||
Sale-leaseback transaction lease term | The Company shall have the opportunity to 1) repurchase the analyzers for a negotiated purchase price, not to exceed forty percent of their original cost; or 2) terminate the lease, return the property and enter into a new lease with new property that replaces the property of the old lease. Both the Company and the lessor shall have the right to reject any terms of option 1 or 2 and if rejected, the 12 month extension shall apply. | |||
Building Space Lease | ||||
Operating Leased Assets [Line Items] | ||||
Area Of Leased Space | ft² | 33,000 | 33,000 | ||
Aggregate lease, base | $ 21,226 | $ 21,226 | ||
Lease Expiration Date | Apr. 30, 2017 | Apr. 30, 2016 | ||
Renewal Term | 3 years | |||
Office Space Lease | ||||
Operating Leased Assets [Line Items] | ||||
Area Of Leased Space | ft² | 35,540 | 13,399 | ||
Aggregate lease, base | $ 8,437 | |||
Aggregate lease, base | $ 3,472,875 | $ 1,231,526 | ||
Term of Contract | 65 months | 65 months |
Schedule of Annual Maturities o
Schedule of Annual Maturities of Capital Leases (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 31, 2016 | Dec. 31, 2014 | |
Leases [Abstract] | |||
2,016 | $ 1,694,006 | ||
2,017 | 923,908 | ||
Total capital lease payments | 2,617,914 | ||
Less amount representing interest | (461,078) | ||
Total future minimum lease payments | 2,156,836 | ||
Less current portion of capital leases | (1,305,426) | ||
Long term portion of capital leases | 851,410 | $ 483,681 | $ 2,156,837 |
Total future minimum lease payments | $ 2,156,836 |
Schedule of Operating Lease Com
Schedule of Operating Lease Commitments (Detail) | Dec. 31, 2015USD ($) |
Leases [Abstract] | |
2,016 | $ 355,797 |
2,017 | 246,255 |
2,018 | 252,092 |
2,019 | 259,132 |
2,020 | 266,455 |
Total operating lease commitments | $ 1,379,731 |
Notes Payable - Summary of Purc
Notes Payable - Summary of Purchased Certain Machinery and Equipment under Two Note Payable Agreements (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total notes payable | $ 5,693 | $ 55,687 |
Less: current portion of notes payable | (5,693) | (49,994) |
Long term portion of notes payable | 5,693 | |
Note Payable, 15.2% Interest | ||
Debt Instrument [Line Items] | ||
Total notes payable | 2,607 | 16,938 |
Note Payable, 10.0% Interest | ||
Debt Instrument [Line Items] | ||
Total notes payable | $ 3,086 | $ 38,749 |
Notes Payable - Summary of Pu51
Notes Payable - Summary of Purchased Certain Machinery and Equipment under Two Note Payable Agreements (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Note Payable, 15.2% Interest | |
Debt Instrument [Line Items] | |
Notes payable, interest rate | 15.20% |
Notes payable, monthly payments | $ 1,328 |
Maturity date of notes | Feb. 6, 2016 |
Note Payable, 10.0% Interest | |
Debt Instrument [Line Items] | |
Notes payable, interest rate | 10.00% |
Notes payable, monthly payments | $ 3,161 |
Maturity date of notes | Jan. 1, 2016 |
Convertible Notes Payable - Add
Convertible Notes Payable - Additional Information (Detail) | Dec. 30, 2015USD ($)$ / shares$ / Unitshares | Mar. 31, 2016USD ($)$ / sharesshares | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)shares | Feb. 28, 2015shares |
Debt Instrument [Line Items] | ||||||
Warrants Exercisable | shares | 66,789,624 | 13,219,597 | 5,447,940 | |||
Proceeds from issuance of convertible notes payable | $ 4,135,000 | $ 100,000 | ||||
Interest expense | $ 6,316,330 | $ 305,582 | 11,757,445 | 1,136,054 | ||
Amortization of Discount costs | $ 6,107,467 | $ 25,000 | $ 122,050 | $ 41,667 | ||
Outstanding warrants converted | shares | 66,789,624 | 13,219,597 | 5,447,940 | |||
Loss on extinguishment of warrants | $ (4,038,063) | |||||
Series D Warrant | ||||||
Debt Instrument [Line Items] | ||||||
Exercise price | $ / shares | $ 1.85 | |||||
Warrants Exercisable | shares | 3,503,116 | 3,503,116 | ||||
Outstanding warrants converted | shares | 3,503,116 | 3,503,116 | ||||
Series C Warrant | ||||||
Debt Instrument [Line Items] | ||||||
Conversion of stock, shares converted | shares | 138,158 | |||||
Exercise price | $ / shares | $ 2.55 | |||||
Warrants Exercisable | shares | 5,229,973 | 10,378 | ||||
Outstanding warrants converted | shares | 47,528 | 5,229,973 | ||||
Securities Purchase Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Exercise price | $ / shares | $ 5.60 | |||||
Note tranche receivable terms | The remaining cash purchase price of $13.8 million will be released to the Company in subsequent tranches subject to the following terms and conditions: (1) 25% will be released 30 trading days following the later of (x) the “Control Account Release Eligibility Date” and (ii) the first installment date under the Note, (2) 25% will be released 90 trading days following the Control Account Release Eligibility Date and (3) 25% will be released 120 trading days following the Control Account Release Eligibility Date. | |||||
Securities Purchase Agreement | Series D Warrant | ||||||
Debt Instrument [Line Items] | ||||||
Warrants Exercisable | shares | 100,090 | |||||
Subordination Warrants | Series D Warrant | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from issuance of convertible notes payable | $ 4,600,000 | $ 4,600,000 | $ 4,600,000 | |||
Remaining proceed from issuance of debt | 13,800,000 | 13,800,000 | ||||
Subordination Warrants | Series D Warrant | Embedded Derivative Financial Instruments | ||||||
Debt Instrument [Line Items] | ||||||
Warrant, Fair Value Disclosures | 9,019,277 | |||||
Senior Secured Convertible Note | ||||||
Debt Instrument [Line Items] | ||||||
Convertible notes payable, principal | $ 22,100,000 | 22,100,000 | 22,100,000 | |||
Debt instrument, number shares to be issued upon conversion | shares | 3,946,429 | |||||
Convertible debt, conversion price | $ / shares | $ 5.60 | |||||
Debt instrument, original issue discount | 13,828,816 | $ 19,936,283 | ||||
Debt Instrument Frequency Of Periodic Payment | The Company has agreed to make amortization payments with respect to the Notes in twelve (12) equal installments beginning four (4) months after the original date of issuance of December 30, 2015 (each, an “Installment Date”). On each installment date, assuming certain equity conditions are met, the installment payment shall automatically be converted into shares of Common Stock at (i) at 80% of the five day volume weighted average price of the common stock for the first four payments and (ii) at 85% of the five day volume weighted average price of the common stock for the last 8 payments with both conversion rates being subject to a floor conversion price of $0.20. | |||||
Senior Secured Convertible Note | Securities Purchase Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Convertible notes payable, principal | $ 22,100,000 | |||||
Debt instrument, number shares to be issued upon conversion | shares | 341,313 | |||||
Convertible debt, conversion price | $ / shares | $ 64.75 | |||||
Price adjustment percentage | 19.90% | |||||
Note agreement carrying value | $ 18,400,000 | |||||
Senior Secured Convertible Note | Securities Purchase Agreement | Embedded Derivative Financial Instruments | ||||||
Debt Instrument [Line Items] | ||||||
Convertible Debt, Fair Value Disclosures | 35,096,383 | |||||
Senior Secured Convertible Note | Securities Purchase Agreement | Notes issued for cash | ||||||
Debt Instrument [Line Items] | ||||||
Convertible notes payable, principal | 20,000,000 | |||||
Note agreement carrying value | 18,400,000 | |||||
Debt instrument, original issue discount | $ 1,600,000 | 20,000,000 | $ 20,000,000 | |||
Notes payable, interest rate | 6.00% | |||||
Debt Issuance cost incurred | $ 568,685 | |||||
Interest expense | 10,594,182 | |||||
Amortization of Discount costs | $ 6,107,467 | 63,717 | ||||
Senior Secured Convertible Note | Securities Purchase Agreement | Notes issued for cash | Embedded Derivative Financial Instruments | ||||||
Debt Instrument [Line Items] | ||||||
Convertible Debt, Fair Value Disclosures | 14,788,365 | |||||
Senior Secured Convertible Note | Securities Purchase Agreement | Notes issued upon exchange of outstanding Series C Warrants | ||||||
Debt Instrument [Line Items] | ||||||
Convertible notes payable, principal | $ 2,100,000 | |||||
Conversion of stock, shares converted | shares | 1,050,000 | |||||
Exercise price | $ / shares | $ 2 | |||||
Loss on extinguishment of warrants | 4,038,063 | |||||
Senior Secured Convertible Note | Securities Purchase Agreement | Notes issued upon exchange of outstanding Series C Warrants | Embedded Derivative Financial Instruments | ||||||
Debt Instrument [Line Items] | ||||||
Convertible Debt, Fair Value Disclosures | 1,865,729 | |||||
Senior Secured Convertible Note | Securities Purchase Agreement | Series D Warrant | ||||||
Debt Instrument [Line Items] | ||||||
Exercise price | $ / shares | $ 64.75 | |||||
Common Stock, Capital Shares Reserved for Future Issuance | shares | 120,000,000 | |||||
Warrants Exercisable | shares | 100,090 | |||||
Weighted Average Remainder Contractual Term in Years, Exercised | 5 years | |||||
Conversion feature, floor price | $ / Unit | 40.60 | |||||
Senior Secured Convertible Note | Securities Purchase Agreement | Series D Warrant | Notes issued for cash | ||||||
Debt Instrument [Line Items] | ||||||
Warrant, Fair Value Disclosures | 13,637,132 | |||||
Senior Secured Convertible Note | Securities Purchase Agreement | Series D Warrant | Notes issued upon exchange of outstanding Series C Warrants | ||||||
Debt Instrument [Line Items] | ||||||
Warrant, Fair Value Disclosures | 2,412,574 | |||||
Senior Secured Convertible Note | Securities Purchase Agreement | Series C Warrant | Notes issued upon exchange of outstanding Series C Warrants | ||||||
Debt Instrument [Line Items] | ||||||
Warrant, Fair Value Disclosures | $ 2,340,240 | |||||
Outstanding warrants converted | shares | 1,050,000 |
Convertible Notes Payable - Sum
Convertible Notes Payable - Summary of Convertible Notes Outstanding (Detail) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 30, 2015 |
Debt Instrument [Line Items] | |||
Net convertible note payable | $ 8,271,184 | $ 2,163,717 | |
Less current portion | (8,271,184) | (1,638,717) | |
Convertible notes payable, long term | 525,000 | ||
Net convertible note payable | 8,271,184 | 2,163,717 | |
Senior Secured Convertible Note | |||
Debt Instrument [Line Items] | |||
Convertible notes payable, principal | 22,100,000 | 22,100,000 | $ 22,100,000 |
Debt discounts | $ (13,828,816) | $ (19,936,283) |
Notes Payable - Related Party -
Notes Payable - Related Party - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Apr. 30, 2015USD ($) | Feb. 28, 2015USD ($)$ / shares | Oct. 31, 2014$ / sharesshares | Jul. 31, 2014USD ($)$ / sharesshares | Mar. 31, 2016shares | Dec. 31, 2015$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Feb. 29, 2016$ / shares | Mar. 31, 2015$ / shares | |
Related Party Transaction [Line Items] | |||||||||
Warrants Exercisable | 66,789,624 | 13,219,597 | 5,447,940 | ||||||
Common Stock | |||||||||
Related Party Transaction [Line Items] | |||||||||
Conversion of stock, shares issued | 23 | ||||||||
IPO | Common Stock | |||||||||
Related Party Transaction [Line Items] | |||||||||
Conversion of stock, shares issued | 1,723 | ||||||||
Series D Convertible Preferred Stock | |||||||||
Related Party Transaction [Line Items] | |||||||||
Conversion of preferred stock to common stock, conversion ratio | 200 | 420,000 | |||||||
Class A Warrant | |||||||||
Related Party Transaction [Line Items] | |||||||||
Common stock exchange ratio | 2,100 | 2,100 | |||||||
Preferred units issued as consideration, warrants price per share | $ / shares | $ 4.92 | $ 0.03 | $ 4.92 | $ 5.60 | $ 2.20 | ||||
Warrants Exercisable | 1,532,598 | 1,532,598 | 2,041,239 | ||||||
Class A Warrant | IPO | |||||||||
Related Party Transaction [Line Items] | |||||||||
Preferred units issued as consideration, warrants price per share | $ / shares | $ 7 | ||||||||
Class B Warrant | |||||||||
Related Party Transaction [Line Items] | |||||||||
Common stock exchange ratio | 2,100 | 2,100 | |||||||
Preferred units issued as consideration, warrants price per share | $ / shares | $ 0.03 | $ 0.20 | $ 5.60 | ||||||
Warrants Exercisable | 1,310,956 | 1,310,956 | 1,645,845 | ||||||
Notes Payable To Related Party | |||||||||
Related Party Transaction [Line Items] | |||||||||
Convertible notes payable, principal | $ | $ 500,000 | ||||||||
Notes payable, interest rate | 20.00% | ||||||||
Note maturity date description | The Company may extend the due date of the note to July 18, 2016 by giving notice no later than April 18, 2015 | ||||||||
Note extension fee amount | $ | $ 10,000 | ||||||||
Notes, maturity date | Jul. 18, 2015 | ||||||||
Prepaid interest | $ | $ 25,000 | ||||||||
Number of preferred units issued as consideration | 4,000,000 | 4,000,000 | |||||||
Value of preferred units issued as consideration | $ | $ 100,000 | $ 100,000 | |||||||
Preferred units issued as consideration, series D preferred shares | 4,000,000 | ||||||||
Preferred units issued as consideration, price per share | $ / shares | $ 0.025 | ||||||||
Notes Payable To Related Party | IPO | Common Stock | |||||||||
Related Party Transaction [Line Items] | |||||||||
Conversion of stock, shares issued | 20,000 | ||||||||
Notes Payable To Related Party | Series D Convertible Preferred Stock | IPO | |||||||||
Related Party Transaction [Line Items] | |||||||||
Conversion of stock, shares converted | 4,000,000 | ||||||||
Notes Payable To Related Party | Class A Warrant | |||||||||
Related Party Transaction [Line Items] | |||||||||
Preferred units issued as consideration, warrants price per share | $ / shares | $ 0.03 | 4.92 | |||||||
Warrants Exercisable | 20,000 | ||||||||
Notes Payable To Related Party | Class B Warrant | |||||||||
Related Party Transaction [Line Items] | |||||||||
Preferred units issued as consideration, warrants price per share | $ / shares | $ 0.03 | $ 0.20 | |||||||
Warrants Exercisable | 20,000 | ||||||||
Spring Forth Investments, LLC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Convertible notes payable, principal | $ | $ 250,000 | ||||||||
Notes payable, interest rate | 12.00% | ||||||||
Note maturity date description | The loan had an interest rate of twelve percent (12%) per year and matured the earlier of (i) 90 days from the date of the loan agreement, or (ii) five days after the closing of a registered public offering of securities of the Company. | ||||||||
Debt instrument maturity period after loan agreement | 90 days | ||||||||
Debt instrument maturity period after closing of registered public offering | 5 days | ||||||||
Notes payable, interest rate | $ | $ 4,192 | ||||||||
Termination Fee | $ | $ 12,500 | ||||||||
Spring Forth Investments, LLC | Notes Payable To Related Party | |||||||||
Related Party Transaction [Line Items] | |||||||||
Convertible notes payable, principal | $ | $ 500,000 | ||||||||
Notes payable, interest rate | 20.00% | ||||||||
Debt Instrument Frequency Of Periodic Payment | Monthly | Monthly | |||||||
Note maturity date description | The original maturity date for the note was July 18, 2015, which was extended by the Company to July 18, 2016 by giving notice and paying an extension fee of $10,000. | The original maturity date for the note was July 18, 2015, which was extended by the Company to July 18, 2016 by giving notice and paying an extension fee of $10,000. | |||||||
Note extension fee amount | $ | $ 10,000 | ||||||||
Notes, maturity date | Jul. 18, 2015 | Jul. 18, 2016 | Jul. 18, 2016 | ||||||
Prepaid interest | $ | $ 25,000 | ||||||||
Number of preferred units issued as consideration | 4,000,000 | ||||||||
Value of preferred units issued as consideration | $ | $ 100,000 | ||||||||
Preferred units issued as consideration, series D preferred shares | 4,000,000 | ||||||||
Preferred units issued as consideration, price per share | $ / shares | $ 0.025 | ||||||||
Spring Forth Investments, LLC | Notes Payable To Related Party | IPO | |||||||||
Related Party Transaction [Line Items] | |||||||||
Conversion of preferred stock to common stock, conversion ratio | 420,000 | ||||||||
Spring Forth Investments, LLC | Notes Payable To Related Party | IPO | Common Stock | |||||||||
Related Party Transaction [Line Items] | |||||||||
Conversion of stock, shares issued | 10 | ||||||||
Spring Forth Investments, LLC | Notes Payable To Related Party | Series D Convertible Preferred Stock | IPO | |||||||||
Related Party Transaction [Line Items] | |||||||||
Conversion of stock, shares converted | 4,000,000 | ||||||||
Spring Forth Investments, LLC | Notes Payable To Related Party | Class A Warrant | |||||||||
Related Party Transaction [Line Items] | |||||||||
Preferred units issued as consideration, price per share | $ / shares | $ 0.025 | ||||||||
Common stock exchange ratio | 2,100 | ||||||||
Warrants issued | 20,000 | ||||||||
Spring Forth Investments, LLC | Notes Payable To Related Party | Class A Warrant | Exercise Price 1 [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Preferred units issued as consideration, warrants price per share | $ / shares | $ 10,332 | ||||||||
Spring Forth Investments, LLC | Notes Payable To Related Party | Class A Warrant | Exercise Price 2 [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Preferred units issued as consideration, warrants price per share | $ / shares | $ 5.60 | ||||||||
Spring Forth Investments, LLC | Notes Payable To Related Party | Class B Warrant | |||||||||
Related Party Transaction [Line Items] | |||||||||
Common stock exchange ratio | 2,100 | ||||||||
Warrants Exercisable | 20,000 | ||||||||
Spring Forth Investments, LLC | Notes Payable To Related Party | Class B Warrant | Exercise Price 1 [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Preferred units issued as consideration, warrants price per share | $ / shares | $ 420 | ||||||||
Spring Forth Investments, LLC | Notes Payable To Related Party | Class B Warrant | Exercise Price 2 [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Preferred units issued as consideration, warrants price per share | $ / shares | $ 5.60 |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) | Feb. 24, 2016USD ($)$ / sharesshares | Dec. 11, 2015$ / shares | Aug. 25, 2015shares | Feb. 29, 2016USD ($)$ / sharesshares | Sep. 21, 2015shares | Jun. 30, 2015USD ($)shares | Oct. 31, 2014USD ($)$ / sharesshares | Feb. 29, 2016$ / sharesshares | Mar. 31, 2016USD ($)$ / sharesshares | Mar. 31, 2015USD ($)$ / shares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Feb. 28, 2015$ / sharesshares |
Class Of Stock [Line Items] | |||||||||||||
Common stock, shares authorized | 200,000,000 | 200,000,000 | 50,000,000 | ||||||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||
Common stock, shares issued | 3,292,683 | 296,869 | 2,423 | ||||||||||
Common stock, shares outstanding | 3,292,683 | 296,869 | 2,423 | ||||||||||
Proceeds from Warrant | $ | $ 1,335,950 | $ 88,000 | $ 3,161,220 | $ 31,600 | |||||||||
Warrants Exercisable | 66,789,624 | 13,219,597 | 5,447,940 | ||||||||||
Warrants exercised by underwriter | 172,500 | ||||||||||||
Proceeds from Issuance of Initial Public Offering | $ | $ 6,400,000 | ||||||||||||
Proceeds from exercise of warrants | $ | $ 31,600 | ||||||||||||
Common shares issued upon cash less exercise of warrants | 1,520,888 | 264 | |||||||||||
Proceeds from issuance of common stock | $ | $ 6,375,837 | ||||||||||||
IPO | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Issuance of stock | 39.2 | 39,200,000 | |||||||||||
Proceeds from Issuance of Initial Public Offering | $ | $ 5 | $ 5,600,000 | |||||||||||
Series A Convertible Preferred Stock | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Conversion of stock, shares converted | 9,250,000 | ||||||||||||
Conversion of preferred stock to common stock, conversion ratio | 23 | ||||||||||||
Series E Convertible Preferred Stock | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Conversion of stock, shares converted | 13,967 | 13,967 | 2,650,403 | ||||||||||
Common shares issued upon exercise of warrants | 27 | 5,049 | |||||||||||
Issuance of stock | 14,750 | ||||||||||||
Conversion of preferred stock to common stock, conversion ratio | 2,100 | ||||||||||||
Number of shares included in preferred unit | 1 | ||||||||||||
Series C Warrant | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Issuance of stock | 118,000 | ||||||||||||
Common Stock | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Conversion of stock, shares issued | 23 | ||||||||||||
Conversion of preferred stock to common stock, conversion ratio | 0.01666667 | ||||||||||||
Common shares issued upon exercise of warrants | 75 | ||||||||||||
Issuance of stock | 0 | 548 | |||||||||||
Share issued upon exercise of option | 0 | ||||||||||||
Common Stock | IPO | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Conversion of stock, shares issued | 1,723 | ||||||||||||
Conversion of preferred stock to common stock, conversion ratio | 420,000 | ||||||||||||
Issuance of stock | 1,120,000 | 548 | |||||||||||
Number of shares included in preferred unit | 1 | 1 | 1 | ||||||||||
Common Stock | Series E Convertible Preferred Stock | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Conversion of stock, shares issued | 27 | 5,049 | |||||||||||
Conversion of stock, shares converted | 13,967 | 2,650,403 | |||||||||||
Conversion of preferred stock to common stock, conversion ratio | 2,100 | ||||||||||||
Convertible Preferred Stock | Series A Convertible Preferred Stock | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Conversion of stock, shares converted | 9,250,000 | ||||||||||||
Conversion of preferred stock to common stock, conversion ratio | 420,000 | ||||||||||||
Underwriters Unit Purchase Option | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Common shares issued upon exercise of warrants | 354,899 | ||||||||||||
Warrants exercised | 121,540 | 14,750 | |||||||||||
Proceeds from Warrant | $ | $ 1,335,950 | ||||||||||||
Preferred units issued as consideration, warrants price per share | $ / shares | $ 11 | $ 11 | $ 11 | ||||||||||
Underwriters Unit Purchase Option | Series E Convertible Preferred Stock | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Conversion of stock, shares issued | 232 | ||||||||||||
Warrants exercised | 121,540 | ||||||||||||
Underwriters Unit Purchase Option | Series C Warrant | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Warrants exercised | 972,320 | ||||||||||||
Share issued upon exercise of option | 354,667 | ||||||||||||
Series D Warrant | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Preferred units issued as consideration, warrants price per share | $ / shares | $ 1.85 | ||||||||||||
Warrants Exercisable | 3,503,116 | 3,503,116 | |||||||||||
Series D Warrant | Common Stock | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Preferred units issued as consideration, warrants price per share | $ / shares | $ 5.60 | $ 5.60 | $ 7 | $ 64.75 | |||||||||
Warrants Exercisable | 100,090 | ||||||||||||
Warrants expiration | 5 years | ||||||||||||
Class B Warrant | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Common shares issued upon exercise of warrants | 76 | ||||||||||||
Warrants exercised | 158,000 | ||||||||||||
Proceeds from Warrant | $ | $ 31,600 | ||||||||||||
Preferred units issued as consideration, warrants price per share | $ / shares | 5.60 | 5.60 | $ 0.03 | $ 0.20 | |||||||||
Warrants Exercisable | 1,310,956 | 1,310,956 | 1,645,845 | ||||||||||
Cashless exercise of warrants | 334,889 | ||||||||||||
Common shares issued, price per share | $ / shares | $ 64.75 | ||||||||||||
Class A Warrant | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Preferred units issued as consideration, warrants price per share | $ / shares | 5.60 | 5.60 | $ 2.20 | $ 0.03 | $ 4.92 | $ 4.92 | |||||||
Warrants Exercisable | 1,532,598 | 1,532,598 | 2,041,239 | ||||||||||
Cashless exercise of warrants | 508,641 | ||||||||||||
Common shares issued, price per share | $ / shares | $ 64.75 | ||||||||||||
Class A Warrant | IPO | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Warrants issued during period | 1,150,000 | ||||||||||||
Number of shares can be converted description | In October 2014, the Company completed an IPO, whereby the Company sold 548 shares of its common stock and 1,150,000 Series A Warrants, which were sold in units of one share of common stock for every 2,100 units and one Series A Warrant at a public offering price of $7.00 per unit. | ||||||||||||
Preferred units issued as consideration, warrants price per share | $ / shares | $ 7 | ||||||||||||
Common Warrants | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Preferred units issued as consideration, warrants price per share | $ / shares | $ 0.03 | ||||||||||||
Warrants Exercisable | 463,356 | 463,356 | 438,356 | ||||||||||
Common shares issued, price per share | $ / shares | $ 64.75 | ||||||||||||
Common Warrants | IPO | Underwriter Purchase Options | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Warrants Exercisable | 57,500 | ||||||||||||
Series A Warrant | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Common shares issued upon exercise of warrants | 512 | ||||||||||||
Warrants exercised | 1,074,082 | ||||||||||||
Proceeds from Warrant | $ | $ 2,252,020 | ||||||||||||
Preferred units issued as consideration, warrants price per share | $ / shares | $ 7 | $ 2.20 | $ 7 | ||||||||||
Warrants Exercisable | 1,322,500 | ||||||||||||
Proceeds from exercise of warrants | $ | $ 2,252,020 | ||||||||||||
Series B Warrant | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Preferred units issued as consideration, warrants price per share | $ / shares | 16,873.50 | 16,873.50 | $ 8.75 | ||||||||||
Warrants Exercisable | 1,074,082 | 1,074,082 | |||||||||||
Series C Warrant | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Conversion of stock, shares converted | 138,158 | ||||||||||||
Common shares issued upon exercise of warrants | 183 | ||||||||||||
Warrants exercised | 384,000 | ||||||||||||
Proceeds from Warrant | $ | $ 979,200 | ||||||||||||
Warrants issued during period | 21,408,000 | ||||||||||||
Preferred units issued as consideration, warrants price per share | $ / shares | $ 2.55 | ||||||||||||
Warrants Exercisable | 5,229,973 | 10,378 | |||||||||||
Proceeds from exercise of warrants | $ | $ 979,200 | ||||||||||||
Common shares issued upon cash less exercise of warrants | 288,614 | ||||||||||||
Cashless exercise of warrants | 15,128,027 | 5,229,973 | 15,630,027 | ||||||||||
Proceeds from issuance of common stock | $ | $ 979,200 | ||||||||||||
Cashless exercise of warrants | 5,091,815 | ||||||||||||
Share issued upon exercise of option | 1,520,888 | ||||||||||||
Number of shares included in preferred unit | 8 | ||||||||||||
Common shares issued, price per share | $ / shares | $ 5,355 | ||||||||||||
Series C Warrant | Cashless Exercise | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Conversion of stock, shares converted | 15,246,027 | ||||||||||||
Issuance of stock | 288,431 | ||||||||||||
Series C Warrant | Warrant, Cash Exercise | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Conversion of stock, shares converted | 384,000 | ||||||||||||
Issuance of stock | 183 | ||||||||||||
Series C Warrant | Series E Convertible Preferred Stock | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Issuance of stock | 2,676,000 | ||||||||||||
Series C Warrant | Common Stock | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Common shares issued upon exercise of warrants | 182 | ||||||||||||
Issuance of stock | 183 | 15,182 | |||||||||||
Series C Warrant | Underwriters Unit Purchase Option | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Warrants exercised | 972,320 | 118,000 | |||||||||||
Number of shares included in preferred unit | 8 | ||||||||||||
Series E Warrants | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Preferred units issued as consideration, warrants price per share | $ / shares | $ 8.75 | $ 8.75 | |||||||||||
Warrants Exercisable | 1,680,000 | 1,680,000 | 58,800,000 | ||||||||||
Common shares issued, price per share | $ / shares | $ 6.82 | $ 7.17 | |||||||||||
Series E Warrants | IPO | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Number of shares included in preferred unit | 52.5 | 1.5 | 1.5 | ||||||||||
Common shares issued, price per share | $ / shares | $ 8.75 | $ 0.25 | $ 0.25 | ||||||||||
Warrants expiration | 6 years | 6 years | |||||||||||
Securities Purchase Agreement | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Preferred units issued as consideration, warrants price per share | $ / shares | $ 5.60 | ||||||||||||
Securities Purchase Agreement | Series D Warrant | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Warrants Exercisable | 100,090 | ||||||||||||
Notes issued upon exchange of outstanding Series C Warrants | Securities Purchase Agreement | Series D Warrant | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 85,000,000 | 120,000,000 |
Preferred Stock - Additional In
Preferred Stock - Additional Information (Detail) | Feb. 24, 2016shares | Dec. 11, 2015 | Aug. 25, 2015shares | Feb. 29, 2016USD ($)$ / sharesshares | Jan. 31, 2016USD ($)shares | Jun. 30, 2015USD ($)shares | Feb. 28, 2015USD ($)$ / sharesshares | Oct. 31, 2014$ / sharesshares | Jul. 31, 2014USD ($)$ / sharesshares | Feb. 29, 2016$ / sharesshares | Mar. 31, 2016USD ($)$ / sharesshares | Mar. 31, 2015USD ($)$ / shares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Mar. 01, 2016shares |
Class Of Stock [Line Items] | |||||||||||||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 | ||||||||||||
Preferred stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||
Preferred stock, shares issued | 74,380 | 88,347 | 0 | ||||||||||||
Preferred Stock, Shares Outstanding | 74,380 | 88,347 | 0 | ||||||||||||
Proceeds from issuance of convertible preferred stock value | $ | $ 5,000,000 | $ 21,800,000 | $ 6,569,886 | ||||||||||||
Preferred shares issued, price per share | $ / shares | $ 8.80 | ||||||||||||||
Warrants Exercisable | 66,789,624 | 13,219,597 | 5,447,940 | ||||||||||||
Conversion of preferred stock to common stock | $ | $ 2,651 | $ 18,846,539 | |||||||||||||
Common stock, shares authorized | 200,000,000 | 200,000,000 | 50,000,000 | ||||||||||||
Preferred unit description | Each unit consisted of one share of our Series E Convertible Preferred Stock and eight Series C Warrants (the "Units"). | ||||||||||||||
Separation description | The original terms of the Units provided that shares of Series E Convertible Preferred Stock and the Series C Warrants would automatically separate on August 25, 2015. However, the shares of Series E Convertible Preferred Stock and the Series C Warrants would separate prior to August 25, 2015 if at any time after 30 days from February 25, 2015 the closing price of our common stock was greater than $8,400.00 per share for 20 consecutive trading days (the "Separation Trigger Date"). The Company refers to this separation herein as Early Separation. In the event of Early Separation, the shares of Series E Convertible Preferred Stock and the Series C Warrants would separate 15 days after the Separation Trigger Date. In June 2015, the above terms of the Series E Convertible Preferred Stock and Series C Warrants were each modified to allow for an optional early separation and conversion upon the cash exercise of all eight of the Series C Warrants within the Unit. | ||||||||||||||
Proceeds from exercise of warrants | $ | $ 1,335,950 | $ 88,000 | $ 3,161,220 | $ 31,600 | |||||||||||
Preferred units outstanding | 2,676,000 | ||||||||||||||
Convertible Notes Payable | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Notes qualified for equity financing | $ | $ 5,000,000 | ||||||||||||||
Notes Payable To Related Party | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Number of preferred units issued as consideration | 4,000,000 | 4,000,000 | |||||||||||||
Value of preferred units issued as consideration | $ | $ 100,000 | $ 100,000 | |||||||||||||
Preferred units issued as consideration, price per share | $ / shares | $ 0.025 | ||||||||||||||
Series C Warrant | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Warrants Exercisable | 10,378 | 5,229,973 | |||||||||||||
Preferred units issued as consideration, warrants price per share | $ / shares | $ 2.55 | ||||||||||||||
Conversion of stock, shares converted | 138,158 | ||||||||||||||
Number of shares included in preferred unit | 8 | ||||||||||||||
Separation description | The Series C Warrants have an exercise price of $153.00 per common share and will expire on February 25, 2020. The original terms of the Units provided that shares of Series E Convertible Preferred Stock and the Series C Warrants would automatically separate on August 25, 2015. However, the shares of Series E Convertible Preferred Stock and the Series C Warrants would separate prior to August 25, 2015 if at any time after 30 days from February 25, 2015 the closing price of our common stock was greater than $240.00 per share for 20 consecutive trading days (the “Separation Trigger Date”). The Company refers to this separation herein as Early Separation. In the event of Early Separation, the shares of Series E Convertible Preferred Stock and the Series C Warrants would separate 15 days after the Separation Trigger Date. In June 2015, the above terms of the Series E Convertible Preferred Stock and Series C Warrants were each modified to allow for an optional early separation and conversion upon the cash exercise of all eight of the Series C Warrants within the Unit. | ||||||||||||||
Number of preferred units separated | 2,676,000 | 48,000 | |||||||||||||
Warrants exercised | 384,000 | ||||||||||||||
Common shares issued upon exercise of warrants | 183 | ||||||||||||||
Proceeds from exercise of warrants | $ | $ 979,200 | ||||||||||||||
Number of warrants separated | 21,408,000 | ||||||||||||||
Exercised | 1,520,888 | ||||||||||||||
Proceeds from Options Exercised | $ | $ 314,879 | ||||||||||||||
Class A Warrant | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Warrants Exercisable | 1,532,598 | 1,532,598 | 2,041,239 | ||||||||||||
Preferred units issued as consideration, warrants price per share | $ / shares | $ 5.60 | $ 4.92 | $ 5.60 | $ 2.20 | $ 0.03 | $ 4.92 | |||||||||
Class A Warrant | Convertible Notes Payable | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Warrants Exercisable | 82,625 | ||||||||||||||
Preferred units issued as consideration, warrants price per share | $ / shares | $ 4.92 | ||||||||||||||
Class A Warrant | Notes Payable To Related Party | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Warrants Exercisable | 20,000 | ||||||||||||||
Preferred units issued as consideration, warrants price per share | $ / shares | $ 0.03 | $ 4.92 | |||||||||||||
Preferred units issued as consideration, warrants | 20,000 | ||||||||||||||
Class B Warrant | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Warrants Exercisable | 1,310,956 | 1,310,956 | 1,645,845 | ||||||||||||
Preferred units issued as consideration, warrants price per share | $ / shares | $ 5.60 | $ 5.60 | $ 0.03 | $ 0.20 | |||||||||||
Warrants exercised | 158,000 | ||||||||||||||
Common shares issued upon exercise of warrants | 76 | ||||||||||||||
Proceeds from exercise of warrants | $ | $ 31,600 | ||||||||||||||
Class B Warrant | Convertible Notes Payable | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Warrants Exercisable | 82,625 | ||||||||||||||
Preferred units issued as consideration, warrants price per share | $ / shares | $ 0.20 | ||||||||||||||
Class B Warrant | Notes Payable To Related Party | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Warrants Exercisable | 20,000 | ||||||||||||||
Preferred units issued as consideration, warrants price per share | $ / shares | $ 0.03 | $ 0.20 | |||||||||||||
Preferred units issued as consideration, warrants | 20,000 | ||||||||||||||
IPO | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Issuance of stock | 39.2 | 39,200,000 | |||||||||||||
IPO | Class A Warrant | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Preferred units issued as consideration, warrants price per share | $ / shares | $ 7 | ||||||||||||||
Underwriters Warrants | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Exercised | 14,750 | ||||||||||||||
Proceeds from Options Exercised | $ | $ 162,250 | ||||||||||||||
Options Exercisable , Exercise Price | $ / shares | $ 11 | ||||||||||||||
Common Stock | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Issuance of stock | 0 | 548 | |||||||||||||
Conversion of stock, shares issued | 23 | ||||||||||||||
Conversion of preferred stock to common stock, conversion ratio | 0.01666667 | ||||||||||||||
Common shares issued upon exercise of warrants | 75 | ||||||||||||||
Exercised | 0 | ||||||||||||||
Common Stock | Series C Warrant | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Issuance of stock | 183 | 15,182 | |||||||||||||
Common shares issued upon exercise of warrants | 182 | ||||||||||||||
Common Stock | IPO | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Issuance of stock | 1,120,000 | 548 | |||||||||||||
Conversion of stock, shares issued | 1,723 | ||||||||||||||
Conversion of preferred stock to common stock, conversion ratio | 420,000 | ||||||||||||||
Number of shares included in preferred unit | 1 | 1 | 1 | ||||||||||||
Common Stock | IPO | Notes Payable To Related Party | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Conversion of stock, shares issued | 20,000 | ||||||||||||||
Convertible Preferred Stock | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |||||||||||||
Preferred stock, par value | $ / shares | $ 0.001 | $ 0.001 | |||||||||||||
Issuance of stock | 2,724,000 | ||||||||||||||
Series E Convertible Preferred Stock | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Preferred stock, shares issued | 74,380 | 88,347 | |||||||||||||
Preferred Stock, Shares Outstanding | 74,380 | 88,347 | |||||||||||||
Issuance of stock | 14,750 | ||||||||||||||
Conversion of preferred stock to common stock, conversion ratio | 2,100 | ||||||||||||||
Conversion of stock, shares converted | 13,967 | 13,967 | 2,650,403 | ||||||||||||
Number of shares included in preferred unit | 1 | ||||||||||||||
Number of preferred units separated | 2,676,000 | ||||||||||||||
Common shares issued upon exercise of warrants | 27 | 5,049 | |||||||||||||
Preferred units outstanding | 88,347 | ||||||||||||||
Convertible preferred stock into common stock upon option of holders | 142 | ||||||||||||||
Series E Convertible Preferred Stock | Series C Warrant | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Issuance of stock | 2,676,000 | ||||||||||||||
Series E Convertible Preferred Stock | Common Stock | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Conversion of preferred stock to common stock, conversion ratio | 2,100 | ||||||||||||||
Conversion of stock, shares converted | 13,967 | 2,650,403 | |||||||||||||
Conversion of stock, shares issued | 27 | 5,049 | |||||||||||||
Series C Warrant | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Issuance of stock | 118,000 | ||||||||||||||
Series C Convertible Preferred Stock | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Warrants Exercisable | 16,105 | ||||||||||||||
Conversion of stock, shares converted | 138,158 | ||||||||||||||
Proceeds from exercise of warrants | $ | $ 304,017 | ||||||||||||||
Series C Convertible Preferred Stock | Convertible Preferred Stock | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Issuance of stock | 14,888,211 | ||||||||||||||
Proceeds from issuance of convertible preferred stock value | $ | $ 366,250 | ||||||||||||||
Preferred shares issued, price per share | $ / shares | $ 0.0246 | ||||||||||||||
Series D Convertible Preferred Stock | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Proceeds from issuance of convertible preferred stock value | $ | $ 6,203,636 | ||||||||||||||
Preferred shares issued, price per share | $ / shares | $ 0.025 | ||||||||||||||
Gross proceeds from issuance of convertible preferred stock value | $ | $ 7,139,164 | ||||||||||||||
Convertible debt, amount converted | $ | $ 400,000 | ||||||||||||||
Conversion of notes payable to preferred stock, accrued interest | $ | $ 13,129 | ||||||||||||||
Convertible debt, conversion price | $ / shares | $ 0.025 | ||||||||||||||
Conversion of preferred stock to common stock, conversion ratio | 200 | 420,000 | |||||||||||||
Series D Convertible Preferred Stock | Class A Warrant | Convertible Notes Payable | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Warrants Exercisable | 1,427,832 | ||||||||||||||
Preferred units issued as consideration, warrants price per share | $ / shares | $ 4.92 | ||||||||||||||
Warrants granted as part of offering costs | 466,436 | ||||||||||||||
Series D Convertible Preferred Stock | Class B Warrant | Convertible Notes Payable | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Warrants Exercisable | 1,427,832 | ||||||||||||||
Warrants granted as part of offering costs | 251,216 | ||||||||||||||
Series D Convertible Preferred Stock | Series D Preferred Stock Warrant | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Warrants granted as part of offering costs | 7,200,000 | ||||||||||||||
Series D Convertible Preferred Stock | IPO | Notes Payable To Related Party | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Conversion of stock, shares converted | 4,000,000 | ||||||||||||||
Series D Convertible Preferred Stock | Convertible Preferred Stock | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Issuance of stock | 285,566,560 | ||||||||||||||
Preferred stock, shares issued | 285,566,560 | ||||||||||||||
Stock issued during period upon conversion of debt, shares | 16,525,121 | ||||||||||||||
Series A Convertible Preferred Stock | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Conversion of preferred stock to common stock, conversion ratio | 23 | ||||||||||||||
Conversion of stock, shares converted | 9,250,000 | ||||||||||||||
Conversion of preferred stock to common stock | $ | $ 1,480,000 | ||||||||||||||
Series A Convertible Preferred Stock | Convertible Preferred Stock | |||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||
Conversion of stock, shares converted | 9,250,000 | ||||||||||||||
Conversion of preferred stock to common stock, conversion ratio | 420,000 |
Warrants - Warrants Outstanding
Warrants - Warrants Outstanding and Exercisable (Detail) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2016$ / sharesshares | Dec. 31, 2015$ / sharesshares | Dec. 31, 2014$ / sharesshares | Feb. 29, 2016$ / sharesshares | Mar. 31, 2015$ / shares | Feb. 28, 2015$ / sharesshares | |
Class Of Warrant Or Right [Line Items] | ||||||
Warrants outstanding | shares | 66,789,624 | 13,219,597 | 5,447,940 | |||
Warrants Exercisable | shares | 66,789,624 | 13,219,597 | 5,447,940 | |||
Share of Common stock underlying Warrant | shares | 1,785,260 | 107,751 | 2,596 | |||
Class A Warrant | ||||||
Class Of Warrant Or Right [Line Items] | ||||||
Warrants outstanding | shares | 1,532,598 | 1,532,598 | 2,041,239 | |||
Warrants Exercisable | shares | 1,532,598 | 1,532,598 | 2,041,239 | |||
Exercise price | $ 0.03 | $ 4.92 | $ 5.60 | $ 2.20 | $ 4.92 | |
Common stock exchange ratio | 2,100 | 2,100 | ||||
Share of Common stock underlying Warrant | shares | 755 | 755 | 973 | |||
Exercise Price Per One Common Share | $ 64.75 | $ 10,332 | ||||
Class B Warrant | ||||||
Class Of Warrant Or Right [Line Items] | ||||||
Warrants outstanding | shares | 1,310,956 | 1,310,956 | 1,645,845 | |||
Warrants Exercisable | shares | 1,310,956 | 1,310,956 | 1,645,845 | |||
Exercise price | $ 0.03 | $ 0.20 | 5.60 | |||
Common stock exchange ratio | 2,100 | 2,100 | ||||
Share of Common stock underlying Warrant | shares | 640 | 640 | 784 | |||
Exercise Price Per One Common Share | $ 64.75 | $ 420 | ||||
Series A Warrant | ||||||
Class Of Warrant Or Right [Line Items] | ||||||
Warrants outstanding | shares | 1,322,500 | |||||
Warrants Exercisable | shares | 1,322,500 | |||||
Exercise price | $ 2.20 | $ 7 | $ 7 | |||
Common stock exchange ratio | 2,100 | |||||
Share of Common stock underlying Warrant | shares | 630 | |||||
Exercise Price Per One Common Share | $ 14,700 | |||||
Warrants Expiration | 2015-10 | |||||
Common Warrants | ||||||
Class Of Warrant Or Right [Line Items] | ||||||
Warrants outstanding | shares | 463,356 | 463,356 | 438,356 | |||
Warrants Exercisable | shares | 463,356 | 463,356 | 438,356 | |||
Exercise price | $ 0.03 | |||||
Common stock exchange ratio | 2,100 | 2,100 | ||||
Share of Common stock underlying Warrant | shares | 230 | 230 | 209 | |||
Series B Warrant | ||||||
Class Of Warrant Or Right [Line Items] | ||||||
Warrants outstanding | shares | 1,074,082 | 1,074,082 | ||||
Warrants Exercisable | shares | 1,074,082 | 1,074,082 | ||||
Exercise price | $ 8.75 | $ 16,873.50 | ||||
Common stock exchange ratio | 2,100 | |||||
Share of Common stock underlying Warrant | shares | 530 | 530 | ||||
Exercise Price Per One Common Share | $ 18,375 | |||||
Series C Warrant | ||||||
Class Of Warrant Or Right [Line Items] | ||||||
Warrants outstanding | shares | 47,528 | 5,229,973 | ||||
Warrants Exercisable | shares | 5,229,973 | 10,378 | ||||
Exercise price | $ 2.55 | |||||
Common stock exchange ratio | 2,100 | |||||
Share of Common stock underlying Warrant | shares | 2,491 | |||||
Exercise Price Per One Common Share | $ 5,355 | |||||
Warrants Expiration | 2017-01 | |||||
Series D Warrant | ||||||
Class Of Warrant Or Right [Line Items] | ||||||
Warrants outstanding | shares | 3,503,116 | 3,503,116 | ||||
Warrants Exercisable | shares | 3,503,116 | 3,503,116 | ||||
Exercise price | $ 1.85 | |||||
Common stock exchange ratio | 35 | |||||
Share of Common stock underlying Warrant | shares | 100,090 | 100,090 | ||||
Exercise Price Per One Common Share | $ 64.75 | |||||
Warrants Expiration | 2021-06 | |||||
Subordination | ||||||
Class Of Warrant Or Right [Line Items] | ||||||
Warrants outstanding | shares | 105,516 | 105,516 | ||||
Warrants Exercisable | shares | 105,516 | 105,516 | ||||
Exercise price | $ 1.85 | |||||
Common stock exchange ratio | 35 | |||||
Share of Common stock underlying Warrant | shares | 3,015 | 3,015 | ||||
Exercise Price Per One Common Share | $ 64.75 | |||||
Warrants Expiration | 2021-06 | |||||
Series E Warrants | ||||||
Class Of Warrant Or Right [Line Items] | ||||||
Warrants outstanding | shares | 58,800,000 | |||||
Warrants Exercisable | shares | 58,800,000 | 1,680,000 | ||||
Exercise price | $ 8.75 | |||||
Share of Common stock underlying Warrant | shares | 1,680,000 | |||||
Minimum | Class A Warrant | ||||||
Class Of Warrant Or Right [Line Items] | ||||||
Warrants Expiration | 2021-04 | 2021-04 | 2021-04 | |||
Minimum | Class B Warrant | ||||||
Class Of Warrant Or Right [Line Items] | ||||||
Warrants Expiration | 2012-04 | 2021-04 | 2021-04 | |||
Minimum | Common Warrants | ||||||
Class Of Warrant Or Right [Line Items] | ||||||
Exercise price | $ 0.0027 | $ 0.03 | $ 2 | |||
Exercise Price Per One Common Share | $ 5.6 | $ 64.75 | $ 4,200 | |||
Warrants Expiration | 2016-04 | 2016-04 | 2016-04 | |||
Minimum | Series B Warrant | ||||||
Class Of Warrant Or Right [Line Items] | ||||||
Warrants Expiration | 2021-03 | 2021-03 | ||||
Minimum | Series D Warrant | ||||||
Class Of Warrant Or Right [Line Items] | ||||||
Warrants Expiration | 2021-06 | |||||
Minimum | Subordination | ||||||
Class Of Warrant Or Right [Line Items] | ||||||
Warrants Expiration | 2021-06 | |||||
Minimum | Series E Warrants | ||||||
Class Of Warrant Or Right [Line Items] | ||||||
Warrants Expiration | 2022-02 | |||||
Maximum | Class A Warrant | ||||||
Class Of Warrant Or Right [Line Items] | ||||||
Exercise price | $ 0.0027 | |||||
Exercise Price Per One Common Share | $ 5.60 | |||||
Warrants Expiration | 2021-06 | 2021-07 | 2021-07 | |||
Maximum | Class B Warrant | ||||||
Class Of Warrant Or Right [Line Items] | ||||||
Exercise price | $ 0.0027 | |||||
Exercise Price Per One Common Share | $ 5.60 | |||||
Warrants Expiration | 2021-06 | 2021-07 | 2021-07 | |||
Maximum | Common Warrants | ||||||
Class Of Warrant Or Right [Line Items] | ||||||
Exercise price | $ 32 | $ 32 | $ 32 | |||
Exercise Price Per One Common Share | $ 67,200 | $ 67,200 | $ 67,200 | |||
Warrants Expiration | 2021-06 | 2021-07 | 2021-07 | |||
Maximum | Series B Warrant | ||||||
Class Of Warrant Or Right [Line Items] | ||||||
Exercise price | $ 8.0400 | |||||
Exercise Price Per One Common Share | $ 16,873.50 | |||||
Warrants Expiration | 2021-06 | 2021-07 | ||||
Maximum | Series D Warrant | ||||||
Class Of Warrant Or Right [Line Items] | ||||||
Exercise price | $ 0.0027 | |||||
Exercise Price Per One Common Share | 5.60 | |||||
Maximum | Subordination | ||||||
Class Of Warrant Or Right [Line Items] | ||||||
Exercise price | 0.0027 | |||||
Exercise Price Per One Common Share | 5.60 | |||||
Maximum | Series E Warrants | ||||||
Class Of Warrant Or Right [Line Items] | ||||||
Exercise price | 0.2500 | |||||
Exercise Price Per One Common Share | $ 8.75 |
Warrants - Additional Informati
Warrants - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Oct. 31, 2014shares | Sep. 30, 2014USD ($)shares | Jul. 31, 2014 | Mar. 31, 2016USD ($)shares | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013shares | |
Class Of Warrant Or Right [Line Items] | ||||||||
Warrants outstanding | 66,789,624 | 13,219,597 | 5,447,940 | |||||
Warrants previously issued | 157,093 | |||||||
Fair value of warrant expensed | $ | $ 25,061 | $ 20,219,263 | $ 66,994,149 | $ 19,714,808 | $ 8,396,169 | |||
Series A Convertible Preferred Stock | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Warrants issued | 2,231,727 | |||||||
Conversion of preferred stock to common stock, conversion ratio | 23 | |||||||
Series D Convertible Preferred Stock | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Warrants issued | 7,200,000 | |||||||
Conversion of preferred stock to common stock, conversion ratio | 200 | 420,000 | ||||||
Common Stock Warrants | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Warrants issued upon conversion | 47,158 | |||||||
Class A And Class B Warrants | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Warrants granted | 2,855,664 | |||||||
Warrants Issued Convertible Notes Payable | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Common stock warrants granted with nominal value | 1,048,698 | |||||||
Preferred D Stock Warrants | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Warrants outstanding | 0 | 0 | ||||||
Warrants granted | 7,200,000 | |||||||
Warrants issued | 7,200,000 | |||||||
Common Stock Warrants | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Warrants outstanding | 66,789,624 | 13,219,597 | 5,447,940 | 274,420 | ||||
Warrants granted | 58,800,000 | 26,617,714 | 5,331,520 | |||||
Common Stock Warrants | IPO | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Warrants granted | 57,500 | |||||||
Series A Warrants | IPO | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Warrants granted | 1,322,500 |
Warrants - Schedule of Assumpti
Warrants - Schedule of Assumptions Used in Calculation of Fair Value of the Options Exchanged (Detail) - Warrant | 1 Months Ended |
Sep. 30, 2014$ / shares | |
Class Of Warrant Or Right [Line Items] | |
Fair market value of one share of common stock | $ 10,374 |
Aggregate exercise price of 2,100 warrants | $ 21,000 |
Risk Free Rate | 0.61% |
Dividend yield | 0.00% |
Expected volatility | 37.23% |
Contractual Term | 1 year 11 months 19 days |
Warrants - Preferred A Stock Wa
Warrants - Preferred A Stock Warrants Activity (Detail) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class Of Warrant Or Right [Line Items] | |||
Warrants, Beginning Balance | 13,219,597 | 5,447,940 | |
Warrants, Ending Balance | 66,789,624 | 13,219,597 | 5,447,940 |
Preferred A Stock Warrants | |||
Class Of Warrant Or Right [Line Items] | |||
Warrants, Beginning Balance | 2,231,727 | ||
Warrants granted | 0 | ||
Warrants Converted | (2,231,727) | ||
Warrants Expired | 0 | ||
Warrants, Ending Balance | |||
Weighted Average Exercise Price, Warrants Outstanding Beginning Balance | $ 0 | $ 0.16 | |
Weighted Average Exercise Price, Granted | 0 | ||
Weighted Average Exercise Price, Converted | 0.16 | ||
Weighted Average Exercise Price, Expired | 0 | ||
Weighted Average Exercise Price, Warrants Outstanding Ending Balance | $ 0 | ||
Weighted Average Remainder Contractual Term in Years, Warrants Outstanding | 3 years 1 month 6 days | ||
Weighted Average Remainder Contractual Term in Years, Converted | 2 years 3 months 18 days |
Warrants - Preferred D Stock Wa
Warrants - Preferred D Stock Warrants Activity (Detail) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class Of Warrant Or Right [Line Items] | |||
Warrants, Beginning Balance | 13,219,597 | 5,447,940 | |
Warrants, Ending Balance | 66,789,624 | 13,219,597 | 5,447,940 |
Preferred D Stock Warrants | |||
Class Of Warrant Or Right [Line Items] | |||
Warrants, Beginning Balance | 0 | 0 | |
Warrants granted | 7,200,000 | ||
Warrants Converted | (7,200,000) | ||
Warrants Expired | 0 | ||
Warrants, Ending Balance | 0 | ||
Weighted Average Exercise Price, Warrants Outstanding Beginning Balance | $ 0 | $ 0 | |
Weighted Average Exercise Price, Granted | 0.025 | ||
Weighted Average Exercise Price, Converted | 0.025 | ||
Weighted Average Exercise Price, Expired | 0 | ||
Weighted Average Exercise Price, Warrants Outstanding Ending Balance | $ 0 | ||
Weighted Average Remainder Contractual Term in Years, Warrants Outstanding | 0 years | ||
Warrants Weighted Average Remainder Contractual Terms Granted | 6 years 9 months 18 days | ||
Weighted Average Remainder Contractual Term in Years, Converted | 6 years 8 months 12 days | ||
Weighted Average Remainder Contractual Term in Years, Expired | 0 years | ||
Weighted Average Remainder Contractual Term in Years, Warrants Outstanding | 0 years |
Warrants - Class A Warrants - A
Warrants - Class A Warrants - Additional Information (Detail) - Class A Warrant - $ / shares | 12 Months Ended | ||||
Dec. 31, 2015 | Feb. 29, 2016 | Mar. 31, 2015 | Feb. 28, 2015 | Dec. 31, 2014 | |
Class Of Warrant Or Right [Line Items] | |||||
Cashless exercise of warrants | 508,641 | ||||
Issuance of common stock upon exercise of warrants under cashless exercise provision | 113 | ||||
Exercise price | $ 0.03 | $ 5.60 | $ 2.20 | $ 4.92 | $ 4.92 |
Warrants - Class B Warrants - A
Warrants - Class B Warrants - Additional Information (Detail) - Class B Warrant - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 29, 2016 | Dec. 31, 2014 | |
Class Of Warrant Or Right [Line Items] | |||
Cashless exercise of warrants | 334,889 | ||
Issuance of common stock upon exercise of warrants under cashless exercise provision | 151 | ||
Exercise price | $ 0.03 | $ 5.60 | $ 0.20 |
Warrants - Series A Warrants -
Warrants - Series A Warrants - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class Of Warrant Or Right [Line Items] | ||||
Proceeds from exercise of warrants | $ 1,335,950 | $ 88,000 | $ 3,161,220 | $ 31,600 |
Series A Warrant | ||||
Class Of Warrant Or Right [Line Items] | ||||
Warrants exercised | 1,074,082 | |||
Proceeds from exercise of warrants | $ 2,252,020 | |||
Issuance of common stock upon exercise of warrants under cashless exercise provision | 512 | |||
Warrants Expiration Date | Oct. 15, 2015 | |||
Number of warrants expired | 248,418 | |||
Warrant Exercise Price | $ 7 | $ 2.20 | $ 7 |
Warrants - Series B Warrants -
Warrants - Series B Warrants - Additional Information (Detail) - $ / shares | 12 Months Ended | ||||
Dec. 31, 2015 | Mar. 31, 2016 | Feb. 29, 2016 | Mar. 31, 2015 | Dec. 31, 2014 | |
Class Of Warrant Or Right [Line Items] | |||||
Warrants Exercisable | 13,219,597 | 66,789,624 | 5,447,940 | ||
Series B Warrant | |||||
Class Of Warrant Or Right [Line Items] | |||||
Warrants Exercisable | 1,074,082 | 1,074,082 | |||
Weighted Average Remainder Contractual Term in Years, Exercised | 6 years | ||||
Percentage of public offering price | 125.00% | ||||
Exercise price | $ 8.75 | $ 16,873.50 | |||
Series A Warrant | |||||
Class Of Warrant Or Right [Line Items] | |||||
Warrants Exercisable | 1,322,500 | ||||
Warrants exercised | 1,074,082 | ||||
Exercise price | $ 2.20 | $ 7 | $ 7 |
Warrants - Series C Warrants -
Warrants - Series C Warrants - Additional Information (Detail) - USD ($) | Aug. 25, 2015 | Sep. 21, 2015 | Jun. 30, 2015 | Feb. 28, 2015 | Feb. 29, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Class Of Warrant Or Right [Line Items] | |||||||||
Warrants Exercisable | 66,789,624 | 13,219,597 | 5,447,940 | ||||||
Separation description | The original terms of the Units provided that shares of Series E Convertible Preferred Stock and the Series C Warrants would automatically separate on August 25, 2015. However, the shares of Series E Convertible Preferred Stock and the Series C Warrants would separate prior to August 25, 2015 if at any time after 30 days from February 25, 2015 the closing price of our common stock was greater than $8,400.00 per share for 20 consecutive trading days (the "Separation Trigger Date"). The Company refers to this separation herein as Early Separation. In the event of Early Separation, the shares of Series E Convertible Preferred Stock and the Series C Warrants would separate 15 days after the Separation Trigger Date. In June 2015, the above terms of the Series E Convertible Preferred Stock and Series C Warrants were each modified to allow for an optional early separation and conversion upon the cash exercise of all eight of the Series C Warrants within the Unit. | ||||||||
Proceeds from exercise of warrants | $ 1,335,950 | $ 88,000 | $ 3,161,220 | $ 31,600 | |||||
Warrants outstanding | 66,789,624 | 13,219,597 | 5,447,940 | ||||||
Series E Convertible Preferred Stock | |||||||||
Class Of Warrant Or Right [Line Items] | |||||||||
Number of preferred units separated | 2,676,000 | ||||||||
Shares, new Issues | 14,750 | ||||||||
Conversion of stock, shares converted | 13,967 | 13,967 | 2,650,403 | ||||||
Common Stock | |||||||||
Class Of Warrant Or Right [Line Items] | |||||||||
Shares, new Issues | 0 | 548 | |||||||
Share issued upon exercise of option | 0 | ||||||||
Common Stock | Series E Convertible Preferred Stock | |||||||||
Class Of Warrant Or Right [Line Items] | |||||||||
Conversion of stock, shares converted | 13,967 | 2,650,403 | |||||||
Series C Warrant | |||||||||
Class Of Warrant Or Right [Line Items] | |||||||||
Warrants Exercisable | 10,378 | 5,229,973 | |||||||
Warrants expire period | 2020-02 | ||||||||
Separation description | The Series C Warrants have an exercise price of $153.00 per common share and will expire on February 25, 2020. The original terms of the Units provided that shares of Series E Convertible Preferred Stock and the Series C Warrants would automatically separate on August 25, 2015. However, the shares of Series E Convertible Preferred Stock and the Series C Warrants would separate prior to August 25, 2015 if at any time after 30 days from February 25, 2015 the closing price of our common stock was greater than $240.00 per share for 20 consecutive trading days (the “Separation Trigger Date”). The Company refers to this separation herein as Early Separation. In the event of Early Separation, the shares of Series E Convertible Preferred Stock and the Series C Warrants would separate 15 days after the Separation Trigger Date. In June 2015, the above terms of the Series E Convertible Preferred Stock and Series C Warrants were each modified to allow for an optional early separation and conversion upon the cash exercise of all eight of the Series C Warrants within the Unit. | ||||||||
Number of preferred units separated | 2,676,000 | 48,000 | |||||||
Warrants exercised | 384,000 | ||||||||
Proceeds from exercise of warrants | $ 979,200 | ||||||||
Warrants Issued | 21,408,000 | ||||||||
Cashless exercise of warrants | 15,128,027 | 5,229,973 | 15,630,027 | ||||||
Issuance of common stock upon exercise of warrants under cashless exercise provision | 282,834 | 284,639 | |||||||
Proceeds from Options Exercised | $ 314,879 | ||||||||
Share issued upon exercise of option | 1,520,888 | ||||||||
Warrants outstanding | 47,528 | 5,229,973 | |||||||
Payable on exercise of warrants under cashless exercise provision | $ 11,700,000 | ||||||||
Cashless exercise of warrants | 5,091,815 | ||||||||
Conversion of stock, shares converted | 138,158 | ||||||||
Series C Warrant | Underwriter Purchase Options | |||||||||
Class Of Warrant Or Right [Line Items] | |||||||||
Options exercised | 14,750 | ||||||||
Proceeds from Options Exercised | $ 162,250 | ||||||||
Share issued upon exercise of option | 5,598 | ||||||||
Warrant or Right, Issued in Period | 118,000 | ||||||||
Series C Warrant | Series E Convertible Preferred Stock | |||||||||
Class Of Warrant Or Right [Line Items] | |||||||||
Shares, new Issues | 2,676,000 | ||||||||
Series C Warrant | Common Stock | |||||||||
Class Of Warrant Or Right [Line Items] | |||||||||
Shares, new Issues | 183 | 15,182 |
Warrants - Series D Warrants -
Warrants - Series D Warrants - Additional Information (Detail) | Dec. 31, 2016 | Dec. 30, 2015$ / shares$ / Unitshares | Dec. 31, 2016 | Dec. 31, 2015$ / shares$ / Unitshares | Mar. 31, 2016$ / sharesshares | Feb. 29, 2016$ / shares | Dec. 31, 2014shares |
Class Of Warrant Or Right [Line Items] | |||||||
Warrants Exercisable | 13,219,597 | 66,789,624 | 5,447,940 | ||||
Securities Purchase Agreement | |||||||
Class Of Warrant Or Right [Line Items] | |||||||
Exercise price | $ / shares | $ 5.60 | ||||||
Senior Secured Convertible Note | Securities Purchase Agreement | |||||||
Class Of Warrant Or Right [Line Items] | |||||||
Percentage of common stock outstanding | 19.90% | ||||||
Series D Warrant | |||||||
Class Of Warrant Or Right [Line Items] | |||||||
Warrants Exercisable | 3,503,116 | 3,503,116 | |||||
Exercise price | $ / shares | $ 1.85 | ||||||
Series D Warrant | Securities Purchase Agreement | |||||||
Class Of Warrant Or Right [Line Items] | |||||||
Warrants Exercisable | 100,090 | ||||||
Series D Warrant | Senior Secured Convertible Note | Securities Purchase Agreement | |||||||
Class Of Warrant Or Right [Line Items] | |||||||
Warrants Exercisable | 100,090 | ||||||
Exercise price | $ / shares | $ 64.75 | ||||||
Conversion feature, floor price | $ / Unit | 40.60 | ||||||
Series D Warrant | Scenario, Forecast | |||||||
Class Of Warrant Or Right [Line Items] | |||||||
Percentage of common stock outstanding | 16.60% | ||||||
Series D Warrant | Scenario, Forecast | Senior Secured Convertible Note | Securities Purchase Agreement | |||||||
Class Of Warrant Or Right [Line Items] | |||||||
Percentage of common stock outstanding | 16.60% | ||||||
Series D Warrant | Common Stock | |||||||
Class Of Warrant Or Right [Line Items] | |||||||
Warrants Exercisable | 100,090 | ||||||
Exercise price | $ / shares | $ 64.75 | $ 7 | $ 5.60 | ||||
Exercise period | 5 years | ||||||
Description of warrant terms | Each Series D Warrant is exercisable by the holder beginning six months after December 30, 2015 and continuing for a period five years thereafter. Each Series D Warrant will be exercisable initially at an exercise price of $64.75 per share, subject to adjustments for certain dilutive events and subject to an exercise price floor equal to $40.60 per share. | ||||||
Series D Warrant | Common Stock | Minimum | |||||||
Class Of Warrant Or Right [Line Items] | |||||||
Conversion feature, floor price | $ / Unit | 40.60 |
Warrants - Subordination Warran
Warrants - Subordination Warrants - Additional Information (Detail) - $ / shares | 12 Months Ended | ||||
Dec. 31, 2015 | Mar. 31, 2016 | Feb. 29, 2016 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class Of Warrant Or Right [Line Items] | |||||
Warrants Exercisable | 13,219,597 | 66,789,624 | 5,447,940 | ||
Subordination Warrants | Common Stock | |||||
Class Of Warrant Or Right [Line Items] | |||||
Warrants Exercisable | 3,015 | ||||
Exercise price | $ 64,750,000 | $ 5.60 | $ 7 | ||
Exercise period | 5 years | ||||
Description of warrant terms | On December 31, 2016, the number of warrants issuable upon exercise of the Subordination Warrants will be increased to equal the difference, if positive, obtained by subtracting (x) the shares of common stock issuable under the Subordination Warrants on the date of issuance from (y) 0.5% of the sum of the number of shares of common stock actually outstanding on December 31, 2016, plus the number of shares of common stock deemed to be outstanding pursuant to all outstanding options or convertible securities of the Company. Each Subordination Warrant is exercisable by the holder beginning six months after December 30, 2015 and continuing for a period five years thereafter. Each Subordination Warrant will be exercisable initially at a price of $64.75 per share, subject to adjustments for certain dilutive events (same as the Series D Warrants) and subject to an exercise price floor equal to the Series D Warrant exercise floor price of $40.60 per share. | ||||
Subordination Warrants | Common Stock | Minimum | |||||
Class Of Warrant Or Right [Line Items] | |||||
Exercise price | $ 40.60 | ||||
Common Stock Warrants | |||||
Class Of Warrant Or Right [Line Items] | |||||
Exercise price | $ 2.71 | $ 0.39 | $ 5.60 | $ 4.17 | $ 8 |
Warrants - Common Warrants - Ad
Warrants - Common Warrants - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class Of Warrant Or Right [Line Items] | |||
Warrant issuance and modifications | $ 612,006 | $ 25,063 | |
Common Stock Warrants | |||
Class Of Warrant Or Right [Line Items] | |||
Weighted Average Exercise Price, Granted | $ 0.25 | $ 2.71 | $ 3.91 |
Warrants granted | 58,800,000 | 26,617,714 | 5,331,520 |
Common Stock Warrants | Consultant [Member] | |||
Class Of Warrant Or Right [Line Items] | |||
Weighted Average Exercise Price, Granted | $ 2.56 | ||
Warrants granted | 25,000 | ||
Warrants Expiration | 2020-08 | ||
Warrant issuance and modifications | $ 54,489 | ||
Stock price volatility | 127.37% | ||
Warrant life | 5 years | ||
Risk Free Rate | 1.53% | ||
Closing price of common stock | $ 5,376 | ||
Exercise Price | $ 5,376 |
Warrants - Common Stock Warrant
Warrants - Common Stock Warrants Activity (Detail) - $ / shares | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class Of Warrant Or Right [Line Items] | ||||
Warrants, Beginning Balance | 13,219,597 | 5,447,940 | ||
Warrants, Ending Balance | 66,789,624 | 13,219,597 | 5,447,940 | |
Common Stock Warrants | ||||
Class Of Warrant Or Right [Line Items] | ||||
Warrants, Beginning Balance | 13,219,597 | 5,447,940 | 274,420 | |
Granted | 58,800,000 | 26,617,714 | 5,331,520 | |
Exercised | (5,229,973) | (17,547,639) | (158,000) | |
Expired | (1,298,418) | |||
Warrants, Ending Balance | 66,789,624 | 13,219,597 | 5,447,940 | 274,420 |
Weighted Average Exercise Price, Warrants Outstanding Beginning Balance | $ 2.71 | $ 4.17 | $ 8 | |
Granted | 0.25 | 2.71 | 3.91 | |
Exercised | 2.55 | 2.47 | 0.20 | |
Expired | 2.48 | |||
Weighted Average Exercise Price, Warrants Outstanding Ending Balance | $ 0.39 | $ 2.71 | $ 4.17 | $ 8 |
Warrants Weighted Average Remainder Contractual Terms Granted | 5 years 10 months 24 days | 4 years 3 months 18 days | 5 years 6 months | |
Warrants Weighted Average Remainder Contractual Terms, Exercised | 4 years | 6 years 7 months 6 days | ||
Warrants Weighted Average Remainder Contractual Terms, Expired | 3 years 4 months 12 days | |||
Weighted Average Remainder Contractual Term in Years, Warrants Outstanding | 5 years 9 months 18 days | 4 years 8 months 12 days | 4 years 10 months 24 days | 4 years 2 months 12 days |
Warrants - underwriters Unit Pu
Warrants - underwriters Unit Purchase Options - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Feb. 28, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | |
Series C Warrant | ||||
Class Of Warrant Or Right [Line Items] | ||||
Warrants exercised | 384,000 | |||
Warrant Exercise Price | $ 2.55 | |||
Number of shares included in preferred unit | 8 | |||
Underwriters Unit Purchase Option | ||||
Class Of Warrant Or Right [Line Items] | ||||
Warrants exercised | 121,540 | 14,750 | ||
Warrant Exercise Price | $ 11 | $ 11 | $ 11 | |
Weighted Average Remainder Contractual Term in Years, Exercised | 5 years | |||
Percentage of public offering price | 125.00% | |||
Aggregate number of units purchased | 5.00% | |||
Aggregate number of units Sold | 136,200 | |||
Underwriters Unit Purchase Option | Series C Warrant | ||||
Class Of Warrant Or Right [Line Items] | ||||
Warrants exercised | 972,320 | 118,000 | ||
Number of shares included in preferred unit | 8 | |||
Warrant exercise for cash | $ 1,335,950 | $ 162,250 | ||
Warrants and rights outstanding | 0 | 121,450 |
Derivative Liabilities - Additi
Derivative Liabilities - Additional Information (Detail) - USD ($) | Dec. 31, 2016 | Feb. 24, 2016 | Dec. 31, 2015 | Dec. 30, 2015 | Feb. 29, 2016 | Dec. 31, 2015 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Feb. 28, 2015 | ||
Derivative [Line Items] | ||||||||||||||
Valuation method | The Black-Scholes option-pricing model | The Black-Scholes option-pricing model | ||||||||||||
Derivative liability fair value | $ 43,181,472 | $ 43,181,472 | $ 21,011,177 | $ 43,181,472 | $ 9,998,636 | |||||||||
Warrants Exercisable | 13,219,597 | 13,219,597 | 66,789,624 | 13,219,597 | 5,447,940 | |||||||||
Warrants issuance, fair value | $ 5,091,677 | $ 56,026,979 | $ 2,487,726 | |||||||||||
Maximum | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Percentage of common stock outstanding | 19.90% | |||||||||||||
Subordination Warrants | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Warrant to acquire common stock | 3,015 | |||||||||||||
Securities Purchase Agreement | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Warrant, exercise price | $ 5.60 | |||||||||||||
Securities Purchase Agreement | Senior Secured Convertible Note | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Percentage of common stock outstanding | 19.90% | |||||||||||||
Securities Purchase Agreement | Embedded Derivative Financial Instruments | Senior Secured Convertible Note | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Fair value of conversion feature | $ 35,096,383 | |||||||||||||
Common Stock | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Valuation method | Binomial model with Monte Carlo simulation | |||||||||||||
Common Stock | Subordination Warrants | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Warrants issued | 3,015 | |||||||||||||
Warrants Exercisable | 3,015 | 3,015 | 3,015 | |||||||||||
Scenario, Forecast | Common Stock | Subordination Warrants | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Percentage of common stock outstanding | 0.50% | |||||||||||||
Class A Warrant | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Closing price of common stock | $ 64.75 | $ 64.75 | $ 64.75 | |||||||||||
Warrant, exercise price | $ 0.03 | $ 5.60 | $ 0.03 | 0.03 | $ 4.92 | $ 2.20 | $ 4.92 | |||||||
Warrant, fair value | $ 7.17 | $ 32.90 | ||||||||||||
Warrants Exercisable | 1,532,598 | 1,532,598 | 1,532,598 | 1,532,598 | 2,041,239 | |||||||||
Class A Warrant | Maximum | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Warrant, exercise price | $ 0.0027 | |||||||||||||
Class B Warrant | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Closing price of common stock | $ 64.75 | $ 64.75 | $ 64.75 | |||||||||||
Warrant, exercise price | $ 0.03 | 5.60 | $ 0.03 | 0.03 | $ 0.20 | |||||||||
Warrant, fair value | $ 7.17 | $ 32.90 | ||||||||||||
Warrants Exercisable | 1,310,956 | 1,310,956 | 1,310,956 | 1,310,956 | 1,645,845 | |||||||||
Class B Warrant | Maximum | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Warrant, exercise price | $ 0.0027 | |||||||||||||
Common Warrants | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Closing price of common stock | $ 64.75 | $ 64.75 | $ 64.75 | |||||||||||
Warrant, exercise price | $ 0.03 | $ 0.03 | 0.03 | |||||||||||
Warrant, fair value | $ 7.17 | $ 32.90 | ||||||||||||
Warrants Exercisable | 463,356 | 463,356 | 463,356 | 463,356 | 438,356 | |||||||||
Common Warrants | Maximum | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Warrant, exercise price | $ 32 | $ 32 | $ 32 | $ 32 | $ 32 | |||||||||
Class A And Class B Warrants | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Derivative liability fair value | $ 61,941 | $ 61,941 | $ 13,500 | $ 61,941 | ||||||||||
Series C Warrant | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Closing price of common stock | $ 5,355 | $ 5,355 | $ 5,355 | |||||||||||
Warrant, exercise price | $ 2.55 | $ 2.55 | $ 2.55 | |||||||||||
Valuation method | Black Scholes formula | |||||||||||||
Derivative liability fair value | $ 12,404,503 | $ 12,404,503 | $ 12,404,503 | |||||||||||
Expected volatility | 135.00% | |||||||||||||
Contractual Term | 5 years | |||||||||||||
Risk Free Rate | 1.61% | |||||||||||||
Exercise Price | $ 2.55 | $ 2.55 | $ 2.55 | |||||||||||
Warrants Exercisable | 5,229,973 | 5,229,973 | 5,229,973 | 10,378 | ||||||||||
Series D Warrant | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Warrant, exercise price | $ 1.85 | $ 1.85 | $ 1.85 | |||||||||||
Warrant to acquire common stock | 100,090 | 100,090 | ||||||||||||
Warrants Exercisable | 3,503,116 | 3,503,116 | 3,503,116 | 3,503,116 | ||||||||||
Series D Warrant | Maximum | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Warrant, exercise price | $ 0.0027 | |||||||||||||
Series D Warrant | Subordination Warrants | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Closing price of common stock | $ 7.17 | |||||||||||||
Expected volatility | 215.00% | 230.00% | [1] | |||||||||||
Contractual Term | 5 years 6 months | 5 years 3 months | ||||||||||||
Risk Free Rate | 1.80% | 1.21% | [2] | |||||||||||
Exercise Price | $ 64.75 | $ 64.75 | $ 5.60 | [3] | $ 64.75 | |||||||||
Series D Warrant | Subordination Warrants | Embedded Derivative Financial Instruments | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Warrants, fair value | $ 9,019,277 | |||||||||||||
Series D Warrant | Subordination Warrants | Maximum | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Closing price of common stock | 38.50 | 38.50 | 38.50 | |||||||||||
Series D Warrant | Securities Purchase Agreement | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Warrants Exercisable | 100,090 | |||||||||||||
Series D Warrant | Securities Purchase Agreement | Senior Secured Convertible Note | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Warrant, exercise price | $ 64.75 | |||||||||||||
Warrants Exercisable | 100,090 | |||||||||||||
Series D Warrant | Common Stock | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Warrant, exercise price | $ 64.75 | 5.60 | $ 64.75 | $ 7 | $ 64.75 | |||||||||
Warrants Exercisable | 100,090 | 100,090 | 100,090 | |||||||||||
Series D Warrant | Scenario, Forecast | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Percentage of common stock outstanding | 16.60% | |||||||||||||
Series D Warrant | Scenario, Forecast | Securities Purchase Agreement | Senior Secured Convertible Note | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Percentage of common stock outstanding | 16.60% | |||||||||||||
Series B Warrant | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Warrant, exercise price | $ 8.75 | 16,873.50 | $ 8.75 | $ 8.75 | ||||||||||
Warrant, fair value | $ 7.17 | |||||||||||||
Warrants Exercisable | 1,074,082 | 1,074,082 | 1,074,082 | 1,074,082 | ||||||||||
Series B Warrant | Maximum | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Warrant, exercise price | $ 8.0400 | |||||||||||||
Series E Warrants | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Closing price of common stock | $ 6.82 | $ 7.17 | ||||||||||||
Warrant, exercise price | $ 8.75 | |||||||||||||
Expected volatility | [1] | 225.00% | 230.00% | |||||||||||
Contractual Term | 6 years 4 days | 5 years 10 months 28 days | ||||||||||||
Risk Free Rate | [2] | 2.73% | 2.75% | |||||||||||
Exercise Price | [4] | $ 8.75 | $ 8.75 | |||||||||||
Warrants, fair value | $ 11,978,400 | |||||||||||||
Warrants Exercisable | 1,680,000 | 58,800,000 | ||||||||||||
Warrants issuance, fair value | $ 11,390,400 | |||||||||||||
Series E Warrants | Maximum | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Warrant, exercise price | $ 0.2500 | |||||||||||||
Series E Warrants | Securities Purchase Agreement | Senior Secured Convertible Note | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Percentage of common stock outstanding | 7.00% | |||||||||||||
[1] | The volatility factor was estimated by using the historical volatilities of the Company's trading history. | |||||||||||||
[2] | The risk-free interest rate was determined by management using the 5-year Treasury Bill as of the respective measurement date. | |||||||||||||
[3] | The exercise price of the Series D and Subordination Warrants as defined in the warrant agreement | |||||||||||||
[4] | The exercise price of the Series E Warrants as defined in the warrant agreement. |
Derivative Liabilities - Assump
Derivative Liabilities - Assumptions Used to Calculate Fair Value (Detail) - $ / shares | Feb. 24, 2016 | Dec. 31, 2015 | Dec. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |||
Series D Warrant | ||||||||
Fair Value Assumptions and Methodology for Liabilities [Abstract] | ||||||||
Expected dividend yield | 0.00% | |||||||
Series D Warrant | Subordination Warrants | ||||||||
Fair Value Assumptions and Methodology for Liabilities [Abstract] | ||||||||
Trading price of common stock on measurement date | $ 7.17 | |||||||
Conversion price / Exercise price | $ 64.75 | $ 5.60 | [1] | |||||
Risk free interest rate | 1.80% | 1.21% | [2] | |||||
Contractual Term | 5 years 6 months | 5 years 3 months | ||||||
Expected volatility | 215.00% | 230.00% | [3] | |||||
Expected dividend yield | 0.00% | |||||||
Series D Warrant | Subordination Warrants | Maximum | ||||||||
Fair Value Assumptions and Methodology for Liabilities [Abstract] | ||||||||
Trading price of common stock on measurement date | $ 38.50 | |||||||
Series D Warrant | Subordination Warrants | Minimum | ||||||||
Fair Value Assumptions and Methodology for Liabilities [Abstract] | ||||||||
Trading price of common stock on measurement date | $ 32.90 | |||||||
Series E Warrants | ||||||||
Fair Value Assumptions and Methodology for Liabilities [Abstract] | ||||||||
Trading price of common stock on measurement date | $ 6.82 | $ 7.17 | ||||||
Conversion price / Exercise price | [4] | $ 8.75 | $ 8.75 | |||||
Risk free interest rate | [2] | 2.73% | 2.75% | |||||
Contractual Term | 6 years 4 days | 5 years 10 months 28 days | ||||||
Expected volatility | [3] | 225.00% | 230.00% | |||||
Expected dividend yield | 0.00% | [5] | 0.00% | |||||
Convertible Notes Payable | ||||||||
Fair Value Assumptions and Methodology for Liabilities [Abstract] | ||||||||
Trading price of common stock on measurement date | $ 7.17 | |||||||
Conversion price / Exercise price | [6] | $ 4.05 | ||||||
Risk free interest rate | 0.86% | [7] | 0.59% | [8] | ||||
Contractual Term | 1 year 3 months 29 days | 1 year 29 days | ||||||
Expected volatility | [3] | 215.00% | 251.00% | |||||
Expected dividend yield | 0.00% | 0.00% | ||||||
Expected probability of shareholder approval | [9] | 85.00% | ||||||
Convertible Notes Payable | Maximum | ||||||||
Fair Value Assumptions and Methodology for Liabilities [Abstract] | ||||||||
Trading price of common stock on measurement date | $ 38.5 | |||||||
Conversion price / Exercise price | [10] | 35.05 | ||||||
Convertible Notes Payable | Minimum | ||||||||
Fair Value Assumptions and Methodology for Liabilities [Abstract] | ||||||||
Trading price of common stock on measurement date | 32.9 | |||||||
Conversion price / Exercise price | [10] | $ 30.45 | ||||||
[1] | The exercise price of the Series D and Subordination Warrants as defined in the warrant agreement | |||||||
[2] | The risk-free interest rate was determined by management using the 5-year Treasury Bill as of the respective measurement date. | |||||||
[3] | The volatility factor was estimated by using the historical volatilities of the Company's trading history. | |||||||
[4] | The exercise price of the Series E Warrants as defined in the warrant agreement. | |||||||
[5] | Management determined the dividend yield to be 0% based upon its expectation that it will not pay dividends for the foreseeable future. | |||||||
[6] | The conversion price of the convertible notes was calculated based on the formula in the Notes agreement as of the respective measurement date | |||||||
[7] | The risk-free interest rate was determined by management using the 1.5-year Treasury Bill as of the respective measurement date. | |||||||
[8] | The risk-free interest rate was determined by management using the 1-year Treasury Bill as of the respective measurement date. | |||||||
[9] | Management has estimated a probability of 85% that shareholder approval will be obtained for the removal of the 19.9% conversion cap. This is based on past shareholder voting history and discussions with current shareholders and consultants. | |||||||
[10] | The conversion price of the convertible notes was calculated based the formula in the Notes agreement as of the respective measurement date |
Derivative Liabilities - Assu74
Derivative Liabilities - Assumptions Used to Calculate Fair Value (Parenthetical) (Detail) | Feb. 24, 2016 | Dec. 31, 2015 | Dec. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | ||
Maximum | ||||||||
Derivative [Line Items] | ||||||||
Percentage of common stock outstanding | 19.90% | |||||||
Series D Warrant | ||||||||
Derivative [Line Items] | ||||||||
Dividend yield | 0.00% | |||||||
Debt instrument, conversion feature | The exercise price of the Series D Warrants calculated by 120% of the arithmetic average of five weighted average price of the common stock on the five consecutive trading days prior to issuance date on December 30, 2015. | |||||||
Conversion feature, threshold consecutive trading days | 5 days | |||||||
Series D Warrant | US Treasury Bill Securities | ||||||||
Derivative [Line Items] | ||||||||
Contractual Term | 5 years | 5 years | ||||||
Series E Warrants | ||||||||
Derivative [Line Items] | ||||||||
Contractual Term | 6 years 4 days | 5 years 10 months 28 days | ||||||
Dividend yield | 0.00% | [1] | 0.00% | |||||
Series E Warrants | US Treasury Bill Securities | ||||||||
Derivative [Line Items] | ||||||||
Contractual Term | 5 years | |||||||
Convertible Notes Payable | ||||||||
Derivative [Line Items] | ||||||||
Contractual Term | 1 year 3 months 29 days | 1 year 29 days | ||||||
Dividend yield | 0.00% | 0.00% | ||||||
Expected probability of shareholder approval | [2] | 85.00% | ||||||
Convertible Notes Payable | US Treasury Bill Securities | ||||||||
Derivative [Line Items] | ||||||||
Contractual Term | 1 year 6 months | 1 year | ||||||
Convertible Notes Payable | Maximum | ||||||||
Derivative [Line Items] | ||||||||
Percentage of common stock outstanding | 19.90% | |||||||
Subordination Warrants | Series D Warrant | ||||||||
Derivative [Line Items] | ||||||||
Contractual Term | 5 years 6 months | 5 years 3 months | ||||||
Dividend yield | 0.00% | |||||||
[1] | Management determined the dividend yield to be 0% based upon its expectation that it will not pay dividends for the foreseeable future. | |||||||
[2] | Management has estimated a probability of 85% that shareholder approval will be obtained for the removal of the 19.9% conversion cap. This is based on past shareholder voting history and discussions with current shareholders and consultants. |
Derivative Liabilities - Summar
Derivative Liabilities - Summary of Change in the Value of the Warrant Derivative Liability (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Balance at beginning of period | $ 43,181,472 | $ 9,998,636 | $ 9,998,636 | ||
Issuance of warrants | 5,091,677 | 56,026,979 | $ 2,487,726 | ||
Exercise of warrants and options | (12,384,852) | (42,558,951) | (885,259) | ||
Change in fair value of derivative liability | $ 25,061 | 20,219,263 | $ 66,994,149 | 19,714,808 | 8,396,169 |
Balance at end of period | $ 56,107,560 | $ 43,181,472 | $ 9,998,636 |
Employee Stock Options - Additi
Employee Stock Options - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)CompensationPlan$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Equity based compensation expense | $ | $ 37,045 | $ 110,123 | $ 297,244 | |
Unrecognized compensation cost related to stock option | $ | $ 371,862 | $ 408,907 | $ 252,315 | |
Remaining vesting period of stock option | 2 years 5 months 16 days | 2 years 8 months 16 days | 3 years 5 months 9 days | |
Intrinsic value of outstanding and vested stock options | $ | $ 0 | |||
2014 and Omnibus Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of stock options, outstanding | 125 | |||
Share-based compensation arrangement award number of common stock remain available for issuance | 1,275 | |||
Employee Stock Option | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of stock options, outstanding | 792,034 | 792,534 | 703,034 | 115,750 |
Stock options, maturity period | 10 years | 10 years | ||
Number of stock based compensation plans | CompensationPlan | 3 | |||
Options, Grants in Period, Exercise Price | $ / shares | $ 2.56 | $ 2.86 | ||
Deferred Compensation | $ | $ 306,709 | |||
Equity based compensation expense | $ | $ 54,394 | |||
Share-based Payment Award, Options, Grants in Period | 500 | |||
Number of stock options, granted | 117,500 | 619,784 | ||
Number of shares exercisable | 376,925 | 328,445 | 117,404 | |
Employee Stock Option | Common Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares exercisable | 419 | |||
Employee Stock Option | Pre IPO | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of stock options, outstanding | 483,000 | |||
Employee Stock Option | Post IPO | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of stock options, outstanding | 136,784 | |||
Employee Stock Option | Two Thousand Fourteen Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options, Grants in Period, Exercise Price | $ / shares | $ 3.50 | |||
Equity based compensation expense | $ | $ 223,031 | |||
Number of stock options, granted | 103,250 | |||
Valuation Method | Black-Scholes method | |||
Employee Stock Option | Omnibus Plans [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options, Grants in Period, Exercise Price | $ / shares | $ 2.56 | |||
Deferred Compensation | $ | $ 268,202 | |||
Equity based compensation expense | $ | $ 29,309 | |||
Number of stock options, granted | 117,500 | |||
Valuation Method | Black-Scholes method | |||
Options expiration period | 10 years | |||
Employee Stock Option | 2014 and Omnibus Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of stock options, granted | 619,781 | |||
Stock options, conversion | 1.66667% | |||
Employee Stock Option | Two Thousand Six Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based Payment Award, Options, Grants in Period | 103,250 | |||
Employee Stock Option | Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Option vesting period | 3 years | 3 years | ||
Employee Stock Option | Minimum | Omnibus Plans [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Option vesting period | 3 years | |||
Employee Stock Option | Minimum | 2014 and Omnibus Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options, Grants in Period, Exercise Price | $ / shares | $ 2 | |||
Employee Stock Option | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Option vesting period | 4 years | 4 years | ||
Employee Stock Option | Maximum | Omnibus Plans [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Option vesting period | 4 years | |||
Employee Stock Option | Maximum | 2014 and Omnibus Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options, Grants in Period, Exercise Price | $ / shares | $ 7 |
Employee Stock Options - Schedu
Employee Stock Options - Schedule of Assumption for Stock Option Valuation (Detail) - Employee Stock Option - Two Thousand Fourteen Plan [Member] | 12 Months Ended |
Dec. 31, 2015$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |
Risk free rate, minimum | 1.06% |
Risk free rate, maximum | 1.70% |
Dividend yield | 0.00% |
Expected volatility, minimum | 46.31% |
Expected volatility, maximum | 54.97% |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |
Fair market value of one share of common stock | $ 10,374 |
Aggregate exercise price of 2,100 options | $ 7,350 |
Expected term, maximum | 2 years 8 months 27 days |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |
Fair market value of one share of common stock | $ 11,088 |
Aggregate exercise price of 2,100 options | $ 12,411 |
Expected term, maximum | 6 years 22 days |
Employee Stock Options - Sche78
Employee Stock Options - Schedule of Assumptions Used in Calculation of Fair Value of the Options Exchanged (Detail) - Employee Stock Option - Omnibus Plans [Member] | 12 Months Ended |
Dec. 31, 2015$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |
Fair market value of one share of common stock | $ 5,376 |
Aggregate exercise price of 60 options | $ 5,376 |
Risk free rate | 1.71% |
Dividend yield | 0.00% |
Expected volatility | 127.52% |
Expected term | 6 years 1 month 21 days |
Employee Stock Options - Summar
Employee Stock Options - Summary of Stock Option Activity (Detail) - Employee Stock Option - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Number of stock options, outstanding | 792,534 | 703,034 | 115,750 | |
Number of options, Granted | 117,500 | 619,784 | ||
Number of options, forfeited/expired | 500 | |||
Number of options, exercised | 0 | 0 | ||
Number of options, forfeited/expired | (28,000) | (32,500) | ||
Number of stock options, outstanding | 792,034 | 792,534 | 703,034 | 115,750 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||
Balance | $ 2.84 | $ 2.98 | $ 30 | |
Weighted Average Exercise Price, granted | 2.56 | 2.86 | ||
Weighted Average Exercise Price, forfeited/expired | 2 | |||
Weighted Average Exercise Price, exercise | 0 | 0 | ||
Weighted Average Exercise Price, forfeited/expired | 5.16 | 8.92 | ||
Balance | $ 2.84 | $ 2.84 | $ 2.98 | $ 30 |
Shares of Common Stock Underlying the Option [Abstract] | ||||
Total shares of common stock underlying the option, outstanding | 420 | |||
Total shares of common stock underlying the option, forfeited | 1 | |||
Total shares of common stock underlying the option, outstanding | 419 | 420 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Weighted average remaining contractual term in Years, outstanding | 7 years 9 months 18 days | 8 years | 8 years 9 months 18 days | 6 years 3 months 18 days |
Weighted average remaining contractual term in Years, granted | 9 years 7 months 6 days | 9 years 14 months 24 days | ||
Weighted average remaining contractual term in Years, forfeited/expired | 8 years 7 months 6 days | 5 years 8 months 12 days | ||
Intrinsic value, balance | $ 0 | $ 0 |
Employee Stock Options - Summ80
Employee Stock Options - Summary of Stock Options Outstanding and Exercisable (Detail) - Employee Stock Option - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of stock options, outstanding | 792,034 | 792,534 | 703,034 | 115,750 |
Options Outstanding , Remaining Life (Years) | 7 years 9 months 18 days | 8 years | 8 years 9 months 18 days | 6 years 3 months 18 days |
Options Outstanding , Exercise Price | $ 2.84 | $ 2.84 | $ 2.98 | $ 30 |
Options Exercisable , Number of Options Exercisable | 376,925 | 328,445 | 117,404 | |
Options Exercisable , Exercise Price | $ 3.04 | $ 3.07 | $ 3.86 | |
Options Exercisable , Intrinsic Value | $ 0 | $ 0 |
Employee Stock Options - Sche81
Employee Stock Options - Schedule of Equity-Based Compensation Expenses (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Stock based compensation expense | $ 37,045 | $ 110,123 | $ 297,244 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||||||||||
Oct. 31, 2014$ / sharesshares | Jul. 31, 2014USD ($)$ / sharesshares | Jun. 30, 2014USD ($) | Apr. 30, 2014USD ($)$ / sharesshares | Mar. 31, 2014USD ($)$ / sharesshares | Feb. 28, 2014USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Mar. 31, 2016shares | Feb. 29, 2016$ / shares | Mar. 31, 2015$ / shares | Feb. 28, 2015$ / shares | |
Related Party Transaction [Line Items] | ||||||||||||
Warrants Exercisable | 13,219,597 | 5,447,940 | 66,789,624 | |||||||||
Common Stock | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Conversion of stock, shares issued | 23 | |||||||||||
IPO | Common Stock | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Conversion of stock, shares issued | 1,723 | |||||||||||
Series D Convertible Preferred Stock | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Convertible debt, amount converted | $ | $ 400,000 | |||||||||||
Sale Leaseback Obligations | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Letter of credit | $ | $ 3,000,000 | |||||||||||
Sale Leaseback Obligations | Letter of Credit | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Line of credit, amount drawn | $ | $ 0 | |||||||||||
Class A Warrant | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Warrants Exercisable | 1,532,598 | 2,041,239 | 1,532,598 | |||||||||
Exercise Price of Warrants or Rights | $ / shares | $ 0.03 | $ 4.92 | $ 5.60 | $ 2.20 | $ 4.92 | |||||||
Closing price of common stock | $ / shares | $ 64.75 | |||||||||||
Class A Warrant | IPO | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Exercise Price of Warrants or Rights | $ / shares | $ 7 | |||||||||||
Class B Warrant | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Warrants Exercisable | 1,310,956 | 1,645,845 | 1,310,956 | |||||||||
Exercise Price of Warrants or Rights | $ / shares | $ 0.03 | $ 0.20 | $ 5.60 | |||||||||
Closing price of common stock | $ / shares | $ 64.75 | |||||||||||
Subordination Warrants | Common Stock | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Warrants Exercisable | 3,015 | |||||||||||
Convertible Promissory Notes | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Maturity date of notes | Feb. 26, 2015 | |||||||||||
Notes qualified for equity financing | $ | $ 5,000,000 | |||||||||||
Convertible Promissory Notes | IPO | Common Stock | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Conversion of stock, shares issued | 20 | |||||||||||
Convertible Promissory Notes | Series D Convertible Preferred Stock | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Shares issued upon conversion of debt | 8,270,027 | |||||||||||
Convertible Promissory Notes | Class A Warrant | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Warrants Exercisable | 41,350 | |||||||||||
Exercise Price of Warrants or Rights | $ / shares | $ 4.92 | |||||||||||
Convertible Promissory Notes | Class A Warrant | Common Stock | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Exercise Price of Warrants or Rights | $ / shares | $ 0.03 | |||||||||||
Convertible Promissory Notes | Class B Warrant | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Warrants Exercisable | 41,350 | |||||||||||
Exercise Price of Warrants or Rights | $ / shares | $ 0.20 | |||||||||||
Convertible Promissory Notes | Class B Warrant | Common Stock | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Exercise Price of Warrants or Rights | $ / shares | $ 0.03 | |||||||||||
Convertible Promissory Notes | Accrued Interest | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Convertible debt, amount converted | $ | $ 6,751 | |||||||||||
Second Financial Advisory Agency Agreement | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Financial advisory fees | $ | $ 15,000 | $ 15,000 | ||||||||||
Fee paid upon the filling of S-1 with SEC | $ | $ 50,000 | |||||||||||
Fee payment upon closure of initial public offering | $ | $ 100,000 | |||||||||||
Second Financial Advisory Agency Agreement | IPO | Common Stock | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Conversion of stock, shares issued | 18 | |||||||||||
Second Financial Advisory Agency Agreement | Series D Convertible Preferred Stock | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Number of preferred units issued as consideration | 7,200,000 | |||||||||||
Second Financial Advisory Agency Agreement | Series D Convertible Preferred Stock | IPO | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Conversion of stock, shares converted | 7,200,000 | |||||||||||
Second Financial Advisory Agency Agreement | Class A Warrant | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Warrants Exercisable | 36,000 | |||||||||||
Exercise Price of Warrants or Rights | $ / shares | $ 4.92 | |||||||||||
Second Financial Advisory Agency Agreement | Class A Warrant | IPO | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Exercise Price of Warrants or Rights | $ / shares | $ 0.03 | |||||||||||
Exchange ratio of options exercised to common stock | 2,100 | |||||||||||
Second Financial Advisory Agency Agreement | Class B Warrant | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Warrants Exercisable | 36,000 | |||||||||||
Exercise Price of Warrants or Rights | $ / shares | $ 0.20 | |||||||||||
Second Financial Advisory Agency Agreement | Class B Warrant | IPO | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Exercise Price of Warrants or Rights | $ / shares | $ 0.03 | |||||||||||
Exchange ratio of options exercised to common stock | 2,100 | |||||||||||
Notes Payable To Related Party | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Interest rate on notes | 20.00% | |||||||||||
Maturity date of notes | Jul. 18, 2015 | |||||||||||
Convertible notes payable, principal | $ | $ 500,000 | |||||||||||
Note maturity date description | The Company may extend the due date of the note to July 18, 2016 by giving notice no later than April 18, 2015 | |||||||||||
Note extension fee amount | $ | 10,000 | |||||||||||
Prepaid interest | $ | $ 25,000 | |||||||||||
Number of preferred units issued as consideration | 4,000,000 | 4,000,000 | ||||||||||
Value of preferred units issued as consideration | $ | $ 100,000 | $ 100,000 | ||||||||||
Preferred units issued as consideration, series D preferred shares | 4,000,000 | |||||||||||
Notes payable - related party, discount | $ | $ 58,333 | |||||||||||
Notes Payable To Related Party | IPO | Common Stock | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Conversion of stock, shares issued | 20,000 | |||||||||||
Notes Payable To Related Party | Series D Convertible Preferred Stock | IPO | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Conversion of stock, shares converted | 4,000,000 | |||||||||||
Notes Payable To Related Party | Class A Warrant | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Warrants Exercisable | 20,000 | |||||||||||
Preferred units issued as consideration, warrants | 20,000 | |||||||||||
Exercise Price of Warrants or Rights | $ / shares | $ 0.03 | $ 4.92 | ||||||||||
Exchange ratio of options exercised to common stock | 2,100 | |||||||||||
Notes Payable To Related Party | Class A Warrant | Common Stock | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Closing price of common stock | $ / shares | $ 4.92 | |||||||||||
Notes Payable To Related Party | Class B Warrant | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Warrants Exercisable | 20,000 | |||||||||||
Preferred units issued as consideration, warrants | 20,000 | |||||||||||
Exercise Price of Warrants or Rights | $ / shares | $ 0.03 | $ 0.20 | ||||||||||
Exchange ratio of options exercised to common stock | 2,100 | |||||||||||
Notes Payable To Related Party | Class B Warrant | Common Stock | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Closing price of common stock | $ / shares | $ 0.20 | |||||||||||
Ryan Ashton, Chief Executive Officer | Convertible Promissory Notes | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Interest rate on notes | 8.00% | |||||||||||
Warrants Exercisable | 25,000 | |||||||||||
Preferred units issued as consideration, warrants | 200,000 | |||||||||||
Spring Forth Investments and the Bourne Spafford Charitable Trust | Convertible Promissory Notes | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Interest rate on notes | 8.00% | |||||||||||
Warrants Exercisable | 12,500 | |||||||||||
Preferred units issued as consideration, warrants | 100,000 | |||||||||||
Maturity date of notes | Mar. 10, 2015 | |||||||||||
Notes qualified for equity financing | $ | $ 5,000,000 | |||||||||||
Spring Forth Investments and the Bourne Spafford Charitable Trust | Convertible Promissory Notes | IPO | Common Stock | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Conversion of stock, shares issued | 10 | |||||||||||
Spring Forth Investments and the Bourne Spafford Charitable Trust | Convertible Promissory Notes | Series D Convertible Preferred Stock | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Shares issued upon conversion of debt | 4,124,493 | |||||||||||
Spring Forth Investments and the Bourne Spafford Charitable Trust | Convertible Promissory Notes | Class A Warrant | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Warrants Exercisable | 20,622 | |||||||||||
Exercise Price of Warrants or Rights | $ / shares | $ 4.92 | |||||||||||
Spring Forth Investments and the Bourne Spafford Charitable Trust | Convertible Promissory Notes | Class A Warrant | IPO | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Exercise Price of Warrants or Rights | $ / shares | $ 0.03 | |||||||||||
Spring Forth Investments and the Bourne Spafford Charitable Trust | Convertible Promissory Notes | Class B Warrant | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Warrants Exercisable | 20,622 | |||||||||||
Exercise Price of Warrants or Rights | $ / shares | $ 0.20 | |||||||||||
Spring Forth Investments and the Bourne Spafford Charitable Trust | Convertible Promissory Notes | Class B Warrant | IPO | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Exercise Price of Warrants or Rights | $ / shares | $ 0.03 | |||||||||||
Spring Forth Investments and the Bourne Spafford Charitable Trust | Convertible Promissory Notes | Accrued Interest | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Convertible debt, amount converted | $ | $ 3,112 |
Income Tax Expense (Detail)
Income Tax Expense (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current | |||
Federal | $ 0 | $ 0 | |
State and Local | 1,250 | 5,297 | |
Current income tax expense benefit | 1,250 | 5,297 | |
Deferred | |||
Federal | 0 | 0 | |
State and Local | 0 | 0 | |
Deferred income tax expense benefit | 0 | 0 | |
Provision for income taxes | $ 1,750 | $ 1,250 | $ 5,297 |
Components of Deferred Tax Asse
Components of Deferred Tax Assets (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Net operating losses | $ 4,194,990 | $ 18,229,887 |
Depreciation and amortization | 162,344 | |
Depreciation and amortization | (182,903) | |
Allowance for doubtful accounts | 6,324 | 2,035 |
Accrued vacation | 112,892 | 85,081 |
Accrued personal property tax | 4,083 | 4,048 |
Other | 1,652 | 171 |
Total deferred tax assets | 4,137,036 | 18,483,566 |
Less: Valuation allowance | (4,137,036) | (18,483,566) |
Net deferred tax assets | $ 0 | $ 0 |
Reconciliation of Reported Amou
Reconciliation of Reported Amount of Income Tax Expense (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Benefit for income taxes computed at federal statutory rate | $ (19,685,292) | $ (7,385,656) | |
State income taxes, net of federal tax benefit | (1,998,974) | (407,156) | |
Non-deductible expenses | 12,902,916 | 3,024,860 | |
NOL write off due to Section 382 limitation | 23,200,232 | ||
Increase (decrease) in valuation allowance | (14,346,481) | 4,622,286 | |
Other, net | (71,150) | 150,963 | |
Provision for income taxes | $ 1,750 | $ 1,250 | $ 5,297 |
Effective tax rate | (0.01%) | (0.07%) |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Line Items] | ||
Increase in valuation allowance | $ 14,346,481 | |
Unrecognized tax benefits | 0 | $ 0 |
Unrecognized tax benefits income tax penalties and interest recognized | 0 | 0 |
Unrecognized tax benefits income tax penalties and interest accrued | 0 | 0 |
Federal | ||
Income Taxes [Line Items] | ||
Net operating loss carry forwards | $ 11,500,000 | 51,800,000 |
Net tax operating losses, expiration | Expire in varying amounts during the tax years 2025 and 2035. | |
Federal | Earliest Tax Year | ||
Income Taxes [Line Items] | ||
Tax years open to examination | 2,012 | |
Federal | Latest Tax Year | ||
Income Taxes [Line Items] | ||
Tax years open to examination | 2,015 | |
State | ||
Income Taxes [Line Items] | ||
Net operating loss carry forwards | $ 8,200,000 | $ 32,500,000 |
Net tax operating losses, expiration | Expire in varying years from 2025 to 2035. |
Schedule of Domestic and Intern
Schedule of Domestic and International Customers Products Sales (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Geographical Information [Line Items] | ||||
Total sales | $ 731,422 | $ 458,730 | $ 2,142,040 | $ 1,606,254 |
Domestic (U.S.) | ||||
Schedule Of Geographical Information [Line Items] | ||||
Total sales | 2,096,825 | 1,559,614 | ||
International | ||||
Schedule Of Geographical Information [Line Items] | ||||
Total sales | $ 45,215 | $ 46,640 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | May. 02, 2016USD ($) | Feb. 24, 2016USD ($)$ / sharesshares | Feb. 29, 2016USD ($)$ / sharesshares | Jan. 31, 2016USD ($)shares | Oct. 31, 2014USD ($)shares | Feb. 29, 2016USD ($)$ / sharesshares | Mar. 31, 2016USD ($)$ / sharesshares | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | May. 11, 2016USD ($) | Apr. 07, 2016shares | Apr. 04, 2016shares | Mar. 01, 2016shares | Dec. 30, 2015USD ($) | Feb. 28, 2015shares |
Subsequent Event [Line Items] | ||||||||||||||||
Cashless exercise of warrants | 1,846,903 | |||||||||||||||
Proceeds from exercise of warrants | $ | $ 1,335,950 | $ 88,000 | $ 3,161,220 | $ 31,600 | ||||||||||||
Outstanding warrants | 66,789,624 | 13,219,597 | 5,447,940 | |||||||||||||
Warrants Exercisable | 66,789,624 | 13,219,597 | 5,447,940 | |||||||||||||
Consulting services for settlement of disputes | $ | $ 80,000 | |||||||||||||||
Consulting fee incurred | $ | 800,000 | $ 800,000 | ||||||||||||||
Consulting fee, paid | $ | $ 200,000 | |||||||||||||||
Proceeds from Issuance of Initial Public Offering | $ | $ 6,400,000 | |||||||||||||||
Shares of common stock underlying warrant | 1,785,260 | 107,751 | 2,596 | |||||||||||||
Senior Secured Convertible Note | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Convertible notes payable, principal | $ | $ 22,100,000 | $ 22,100,000 | $ 22,100,000 | |||||||||||||
Securities Purchase Agreement | Senior Secured Convertible Note | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Convertible notes payable, principal | $ | $ 22,100,000 | |||||||||||||||
Common Stock | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Shares issued, IPO | 0 | 548 | ||||||||||||||
IPO | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Shares issued, IPO | 39.2 | 39,200,000 | ||||||||||||||
Proceeds from Issuance of Initial Public Offering, gross | $ | $ 6,300,000 | |||||||||||||||
Proceeds from Issuance of Initial Public Offering | $ | $ 5 | $ 5,600,000 | ||||||||||||||
IPO | Common Stock | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Shares issued, IPO | 1,120,000 | 548 | ||||||||||||||
Number of shares included in preferred unit | 1 | 1 | 1 | |||||||||||||
Purchased Options | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Conversion of stock, shares converted | 121,450 | |||||||||||||||
Subsequent Event | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Funds from the restricted cash accounts | $ | $ 1,000,000 | |||||||||||||||
Subsequent Event | Securities Purchase Agreement | Senior Secured Convertible Note | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Convertible notes payable, principal | $ | $ 22,100,000 | |||||||||||||||
Series E Warrants | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Outstanding warrants | 58,800,000 | |||||||||||||||
Warrants Exercisable | 1,680,000 | 1,680,000 | 58,800,000 | |||||||||||||
Preferred shares issued, price per share | $ / shares | $ 6.82 | $ 7.17 | ||||||||||||||
Shares of common stock underlying warrant | 1,680,000 | |||||||||||||||
Series E Warrants | IPO | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Number of shares included in preferred unit | 52.5 | 1.5 | 1.5 | |||||||||||||
Preferred shares issued, price per share | $ / shares | $ 8.75 | $ 0.25 | $ 0.25 | |||||||||||||
Warrants expiration | 6 years | 6 years | ||||||||||||||
Series E Warrants | Subsequent Event | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Outstanding warrants | 58,800,000 | |||||||||||||||
Common shares issued in exchange of warrants | 650,160 | 650,160 | ||||||||||||||
Shares of common stock underlying warrant | 1,680,000 | |||||||||||||||
Common stock exchange ratio | 2.584 | |||||||||||||||
Series E Warrants | Subsequent Event | Warrants Cancelled | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Outstanding warrants | 0 | |||||||||||||||
Warrants issued | 0 | |||||||||||||||
Monthly Payment | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Consulting fee incurred | $ | $ 50,000 | $ 50,000 | ||||||||||||||
Series C Convertible Preferred Stock | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Cashless exercise of warrants | 5,001,687 | |||||||||||||||
Conversion of stock, shares converted | 138,158 | |||||||||||||||
Proceeds from exercise of warrants | $ | $ 304,017 | |||||||||||||||
Outstanding warrants | 50,418 | |||||||||||||||
Warrants Exercisable | 16,105 | |||||||||||||||
Series E Convertible Preferred Stock | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Conversion of stock, shares converted | 13,967 | 13,967 | 2,650,403 | |||||||||||||
Shares issued, IPO | 14,750 | |||||||||||||||
Number of shares included in preferred unit | 1 | |||||||||||||||
Series E Convertible Preferred Stock | Common Stock | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Conversion of stock, shares converted | 13,967 | 2,650,403 | ||||||||||||||
Series D Convertible Preferred Stock | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 85,000,000 | 85,000,000 | 120,000,000 |
Notes Payable - Additional Info
Notes Payable - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instruments [Abstract] | ||||
Extinguishment of notes, final payment amount | $ 5,693 | $ 11,969 | $ 49,994 | $ 44,644 |
Warrants - Series E Warrants -
Warrants - Series E Warrants - Additional Information (Detail) - $ / shares | Dec. 30, 2015 | Feb. 29, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Class Of Warrant Or Right [Line Items] | |||||
Warrants Exercisable | 66,789,624 | 13,219,597 | 5,447,940 | ||
Securities Purchase Agreement | |||||
Class Of Warrant Or Right [Line Items] | |||||
Exercise price | $ 5.60 | ||||
Senior Secured Convertible Note | Securities Purchase Agreement | |||||
Class Of Warrant Or Right [Line Items] | |||||
Percentage of common stock outstanding | 19.90% | ||||
Series E Warrants | |||||
Class Of Warrant Or Right [Line Items] | |||||
Warrants Exercisable | 1,680,000 | 58,800,000 | |||
Exercise price | $ 8.75 | ||||
Percentage of common stock issuable upon exercise of Warrants | 200.00% | ||||
Series E Warrants | Senior Secured Convertible Note | Securities Purchase Agreement | |||||
Class Of Warrant Or Right [Line Items] | |||||
Percentage of common stock outstanding | 7.00% |