Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Apr. 13, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | xG TECHNOLOGY, INC. | ||
Entity Central Index Key | 1,565,228 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 9,223,334 | ||
Trading Symbol | XGTI | ||
Entity Common Stock, Shares Outstanding | 46,051,516 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash | $ 368 | $ 758 |
Accounts Receivable, net of allowance of $87 and $30 ($138 and $480 from related party, respectively) | 641 | 702 |
Inventories, net | 777 | 4,070 |
Prepaid expenses and other current assets | 15 | 411 |
Total current assets | 1,801 | 5,941 |
Inventories, net | 2,078 | 0 |
Property and equipment, net | 792 | 816 |
Intangible assets, net | 11,903 | 16,382 |
Total assets | 16,574 | 23,139 |
Current liabilities | ||
Accounts payable | 1,196 | 868 |
Accrued expenses | 252 | 511 |
Accrued interest ($56 due to related party) | 137 | 42 |
Due to related parties | 324 | 2,110 |
Deferred revenue ($13 and $480 from related party, respectively) | 149 | 480 |
Convertible notes payable | 781 | 0 |
Obligation under capital lease | 54 | 123 |
Derivative liabilities | 1,284 | 270 |
Total current liabilities | 4,177 | 4,404 |
Long-term obligation under capital lease, net of current portion | 106 | 0 |
Convertible notes payable | 2,000 | 2,000 |
Total liabilities | $ 6,283 | $ 6,404 |
Commitments and contingencies | ||
Total convertible preferred stock | $ 0 | $ 378 |
Stockholders’ equity | ||
Preferred stock - $0.00001 par value per share: 10,000,000 shares authorized at December 31, 2015 and December 31, 2014; 0 and 750,000 shares issued and outstanding as of December 31, 2015 and December 31, 2014 | 0 | 0 |
Common stock, - $0.00001 par value, 100,000,000 shares authorized, 20,227,701 and 2,617,622 shares issued and 20,227,472 and 2,617,393 outstanding as of December 31, 2015 and December 31, 2014, respectively | 0 | 0 |
Additional paid in capital | 198,710 | 186,919 |
Treasury stock, at cost - 229 shares as of December 31, 2015 and 2014, respectively | (22) | (22) |
Accumulated deficit | (188,397) | (170,540) |
Total stockholder’s equity | 10,291 | 16,357 |
Total liabilities and stockholders’ equity | 16,574 | 23,139 |
Series A convertible Preferred Stock [Member] | ||
Current liabilities | ||
Total convertible preferred stock | $ 0 | $ 378 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 750,000 |
Preferred stock, shares outstanding | 0 | 750,000 |
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 20,227,701 | 2,617,622 |
Common Stock, Shares, Outstanding | 20,227,472 | 2,617,393 |
Treasury stock, shares | 229 | 229 |
Allowance for Doubtful Accounts Receivable, Current | $ 87,000 | $ 30,000 |
Accounts Receivable Related Parties Net Current | 138,000 | 480,000 |
Deferred Revenue Related Party | 13,000 | 480,000 |
Temporary equity, liquidation preference | 0 | |
Interest Payable, Current | 137,000 | 42,000 |
Related Party [Member] | ||
Interest Payable, Current | $ 56 | $ 56 |
Series A Convertible Preferred Stock [Member] | ||
Temporary equity, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Temporary equity, shares authorized | 3,000,000 | 3,000,000 |
Temporary equity, shares issued | 0 | 750,000 |
Temporary equity, shares outstanding | 0 | 750,000 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue | $ 932 | $ 628 |
Cost of Revenue and operating expenses | ||
Cost of components and personnel | 510 | 156 |
Inventory valuation adjustments | 861 | 200 |
General and administrative expenses | 6,259 | 7,418 |
Research and development | 4,658 | 7,597 |
Stock based compensation | 1,584 | 625 |
Impairment charge | 2,092 | 0 |
Amortization and depreciation | 4,829 | 3,871 |
Total cost of revenue and operating expenses | (20,793) | (19,867) |
Loss from operations | (19,861) | (19,239) |
Other income (expenses) | ||
Changes in fair value of derivative liabilities | 2,559 | |
Other income | 0 | 440 |
Other expense | (26) | 0 |
Interest expense | (529) | (179) |
Total other income | 2,004 | 261 |
Net loss | (17,857) | (18,978) |
Dividends and deemed dividends | (3,079) | 0 |
Net loss attributable to common shareholders | $ (20,936) | $ (18,978) |
Basic and diluted net loss per common share (in dollars per share) | $ (2.76) | $ (8.31) |
Weighted average number of shares outstanding basic and diluted (in shares) | 7,599 | 2,285 |
STATEMENT OF CHANGES IN STOCKHO
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Deficit [Member] |
Balance at Dec. 31, 2013 | $ 22,416 | $ 0 | $ 174,000 | $ (22) | $ (151,562) |
Balance (in shares) at Dec. 31, 2013 | 1,868,235 | ||||
Net loss | (18,978) | $ 0 | 0 | 0 | (18,978) |
Stock based compensation | 625 | 0 | 625 | 0 | 0 |
Compensation granted in common stock | 307 | $ 0 | 307 | 0 | 0 |
Compensation granted in common stock (in Shares) | 14,560 | ||||
Issuance of stock as payment of 2011 and 2012 bonus | 272 | $ 0 | 272 | 0 | 0 |
Issuance of stock as payment of 2011 and 2012 bonus (in shares) | 14,887 | ||||
Issuance of stock in exchange for payment of interest on convertible debt | 180 | $ 0 | 180 | 0 | 0 |
Issuance of stock in exchange for payment of interest on convertible debt (in shares) | 8,466 | ||||
Issuance of stock - third offering | 8,816 | $ 0 | 8,816 | 0 | 0 |
Issuance of stock - third offering (in shares) | 526,500 | ||||
Issuance of stock - 15 million purchase agreement | 439 | $ 0 | 439 | 0 | 0 |
Issuance of stock - 15 million purchase agreement (in shares) | 27,500 | ||||
Issuance of stock - 1 million purchase agreement | 961 | $ 0 | 961 | 0 | 0 |
Issuance of stock - 1 million purchase agreement (in shares) | 50,000 | ||||
Issuance of stock - S-3 financing | 1,302 | $ 0 | 1,302 | 0 | 0 |
Issuance of stock - S-3 financing (in shares) | 104,159 | ||||
Issuance of stock to financing agent - Series A financing | 17 | $ 0 | 17 | 0 | 0 |
Issuance of stock to financing agent - Series A financing (in shares) | 3,315 | ||||
Amortization of commitment fees | 0 | ||||
Issuance of common stock in connection with repayment of accrued interest | 180 | ||||
Issuance of common stock in connection with conversion of convertible notes payable | 0 | ||||
Balance at Dec. 31, 2014 | 16,357 | $ 0 | 186,919 | (22) | (170,540) |
Balance (in shares) at Dec. 31, 2014 | 2,617,622 | ||||
Net loss | (17,857) | $ 0 | 0 | 0 | (17,857) |
Stock based compensation | 530 | 0 | 530 | 0 | 0 |
Compensation granted in common stock | 1,834 | $ 0 | 1,834 | 0 | 0 |
Compensation granted in common stock (in Shares) | 1,833,464 | ||||
Issuance of common stock in settlement of due to related party (MBTH) | 1,756 | $ 0 | 1,756 | 0 | 0 |
Issuance of common stock in settlement of due to related party (MBTH) (in shares) | 399,114 | ||||
Amortization of commitment fees | 294 | $ 0 | (294) | 0 | 0 |
Issuance of common stock in connection with Series A Preferred Stock conversion See Note 13. | 1,011 | $ 0 | 1,011 | 0 | 0 |
Issuance of common stock in connection with Series A Preferred Stock conversion See Note 13. (in shares) | 239,247 | ||||
Issuance of common stock in connection with Series B Preferred Stock conversion (related parties) See Note 13. | 1,003 | $ 0 | 1,003 | 0 | 0 |
Issuance of common stock in connection with Series B Preferred Stock conversion (related parties) See Note 13.(in shares) | 222,791 | ||||
Issuance of common stock in connection with Series B Preferred Stock conversion | 474 | $ 0 | 474 | 0 | 0 |
Issuance of common stock in connection with Series B Preferred Stock conversion (in shares) | 182,708 | ||||
Issuance of common stock in connection with Series C Preferred Stock conversion | 3,189 | $ 0 | 3,189 | 0 | 0 |
Issuance of common stock in connection with Series C Preferred Stock conversion (in shares) | 946,518 | ||||
Issuance of common stock in connection with settlement of amounts due to related parties | 24 | $ 0 | 24 | 0 | 0 |
Issuance of common stock in connection with settlement of amounts due to related parties (in shares) | 5,310 | ||||
Issuance of common stock in connection with Series B Financing See Note 13. | 10 | $ 0 | 10 | 0 | 0 |
Issuance of common stock in connection with Series B Financing See Note 13. (in shares) | 2,462 | ||||
Issuance of common stock in connection with Series C Financing See Note 13. | 53 | $ 0 | 53 | 0 | 0 |
Issuance of common stock in connection with Series C Financing See Note 13. (in shares) | 11,864 | ||||
Issuance of common stock in connection with repayment of accrued interest | 180 | $ 0 | 180 | 0 | 0 |
Issuance of common stock in connection with repayment of accrued interest (in shares) | 200,435 | ||||
Issuance of common stock in connection with underwritten offering, net of offering costs | 1,302 | $ 0 | 1,302 | 0 | 0 |
Issuance of common stock in connection with underwritten offering, net of offering costs (in shares) | 2,550,000 | ||||
Issuance of common stock in connection with reclassification of derivative liability and warrant exercise | 3,147 | $ 0 | 3,147 | 0 | 0 |
Issuance of common stock in connection with reclassification of derivative liability and warrant exercise (in shares) | 9,365,000 | ||||
Issuance of common stock in connection with conversion of convertible notes payable | 5,677 | $ 0 | 150 | 0 | 0 |
Issuance of common stock in connection with conversion of convertible notes payable (in shares) | 758,308 | ||||
Issuance of common stock in connection with conversion of advances from related parties | 500 | $ 0 | 500 | 0 | 0 |
Issuance of common stock in connection with conversion of advances from related parties (in shares) | 892,858 | ||||
Dividends and deemed dividends | (3,079) | $ 0 | (3,079) | 0 | |
Balance at Dec. 31, 2015 | $ 10,291 | $ 0 | $ 198,710 | $ (22) | $ (188,397) |
Balance (in shares) at Dec. 31, 2015 | 20,227,701 |
STATEMENT OF CHANGES IN STOCKH6
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
$1M Purchase Agreement [Member] | ||
Purchase Agreement Value | $ 1,000,000 | $ 1,000,000 |
$15M Purchase Agreement [Member] | ||
Purchase Agreement Value | $ 15,000,000 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows used in operating activities | ||
Net loss | $ (17,857) | $ (18,978) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Stock-based compensation | 1,584 | 625 |
Payment made in stock (payroll and consultants) | 1,834 | 307 |
Allowance for doubtful accounts | 78 | 14 |
Bad debt write-off | 0 | 257 |
Reserve for slow moving inventory | 861 | 200 |
Depreciation and amortization | 4,829 | 3,871 |
Impairment charge | 2,092 | 0 |
Expenses associated with offering of warrant liabilities | 640 | 0 |
Change in fair value of derivative liabilities | (2,559) | 0 |
Other income | 0 | (440) |
Amortization of offering costs | 326 | 0 |
Non-monetary exchange | 0 | (65) |
Reversal of accrued bonus expense | 0 | (25) |
Inventory write-off | 0 | 159 |
Changes in assets and liabilities | ||
Accounts receivable | (336) | (185) |
Inventory | 354 | (1,676) |
Prepaid expenses and other current assets | 102 | (3) |
Accounts payable | 328 | (973) |
Accrued expenses and interest | 1,096 | 359 |
Deferred revenue - related party | (12) | 0 |
Due to related parties | 0 | 1,649 |
Net cash used in operating activities | (7,693) | (14,904) |
Cash flows used in investing activities | ||
Capital expenditures for property and equipment | (34) | (134) |
Capitalization of intangible assets | (2,192) | (1,771) |
Net cash used in investing activities | (2,226) | (1,905) |
Cash flows provided by financing activities | ||
Repayment of capital lease obligations | (156) | (123) |
Proceeds from issuance of convertible preferred stock, common stock and warrants | 1,977 | 664 |
Proceeds received from related party advances | 2,330 | $ 285 |
Repayments of advances to related parties | (1,015) | |
Proceeds from issuance of convertible notes payable | 1,470 | $ 0 |
Principle repayments of convertible notes payable | (702) | 0 |
Costs incurred in connection with convertible notes payable | (163) | 0 |
Proceeds from issuance of common stock and warrants | 4,976 | 11,224 |
Costs associated with under written offering | (946) | 0 |
Net proceeds from the exercise of warrants | 1,758 | 0 |
Net cash provided by financing activities | 9,529 | 12,050 |
Net decrease in cash | (390) | (4,759) |
Cash, beginning of year | 758 | 5,517 |
Cash, end of year | 368 | 758 |
Cash paid for interest | 240 | 0 |
Cash paid for taxes | 0 | 0 |
Supplemental cash flow disclosures of investing and financing activities | ||
Stock issued as payment of fees under the $15M purchase agreement | 0 | 294 |
Acquisition of equipment under capital lease obligation | 193 | 0 |
Issuance of Common stock in connection with conversion of amounts due to related party | 1,756 | |
Common stock issued in connection with conversion of preferred stock | 5,677 | 0 |
Conversion of amounts of due to related parties into Series B Preferred, common stock and warrants | 845 | 0 |
Reclassification of derivative liabilities to stockholders’ equity upon the exercise of warrants | 1,390 | 0 |
Issuance of common stock in connection with the conversion of promissory note (related party) | 500 | 0 |
Issuance of common stock in connection with the conversion of convertible notes payable | 150 | 0 |
Amortization of commitment fees | 294 | 0 |
Issuance of common stock in connection with the payment of a bonus | 0 | 272 |
Issuance of common stock in connection with the repayment of accrued interest | 180 | 180 |
Derivative liability in connection with conversion option and warrants | 270 | 270 |
Reclassification of inventory to fixed asset | 0 | 163 |
Stock issued as payment of fees on convertible preferred stock | 0 | 17 |
Deemed dividend | $ 3,079 | $ 0 |
STATEMENTS OF CASH FLOWS (Paren
STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Issued During Period, Value, Purchase of Assets | $ 15 | $ 15 |
Debt Instrument, Interest Rate, Stated Percentage | 8.00% |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Nature of Operations [Text Block] | Description of Business xG Technology, Inc. (the “Company”) is a Delaware corporation that has developed a broad portfolio of innovative intellectual property that it believes will enhance wireless communications. The Company’s intellectual property is embedded in proprietary software algorithms designed to offer cognitive interference mitigation and spectrum access solutions to organizations in a wide variety of industries, including national defense and rural broadband, which represent the primary vertical markets that the Company is initially targeting. On January 29, 2016, the Company completed the acquisition of certain assets and liabilities of Integrated Microwave Technologies, LLC, a Delaware limited liability company (‘‘IMT’’), pursuant to an asset purchase agreement by and between the Company and IMT (the ‘‘Asset Purchase Agreement’’). Pursuant to the terms of the Asset Purchase Agreement, the Company acquired substantially all of the assets and liabilities of IMT in connection with, necessary for or material to IMT’s business of designing, manufacturing and supplying of Coded Orthogonal Frequency Division Multiplexing (COFDM) microwave transmitters and receivers serving the broadcast, sports and entertainment, military, aerospace and government markets (the ‘‘Transaction’’). The purchase price for the Transaction was $ 3,000,000 1,500,000 that was originally due on March 31, 2016 (the ‘‘Initial Payment Note’’); and (ii) the issuance of a promissory note in the principal amount 1,500,000 due July 29, 2017 (the ‘‘Deferred Payment Note’’). The acquisition of IMT will be treated as a business combination in accordance with Accounting Standards Codification 805. See Note 17. IMT comprises the microwave brands Nucomm and RF Central offering customers worldwide complete video solutions. Nucomm is a premium brand of digital broadcast microwave video systems. RF Central is an innovative brand of compact microwave video equipment for licensed and license-free sports and entertainment applications. IMT is a trusted provider of mission-critical wireless video solutions to state, local and federal police departments. Reverse Stock Split On July 9, 2015, the Company’s Board of Directors (the “Board”) approved a resolution to amend the Company’s Certificate of Incorporation and to authorize the Company to effect a reverse split of the Company’s outstanding common stock at a ratio of 1-for-10. On July 17, 2015, the Company effected a one-for-ten reverse stock split. Upon effectiveness of the reverse stock split, every 10 shares of outstanding common stock decreased to one share of common stock. Throughout this report the reverse split was retroactively applied to all periods presented. Delisting Notice On September 28, 2015, the Company received a written notification from the Nasdaq indicating that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2) relating to the minimum bid requirements as the Company’s closing bid price was below $ 1.00 Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been granted a 180 calendar day compliance period, or until March 28, 2016, to regain compliance with the minimum bid price requirements. During the compliance period, the Company’s shares of common stock will continue to be listed and traded on the Nasdaq Capital Market. To regain compliance, the closing bid of the Company’s shares of common stock must meet or exceed $1.00 per share for at least ten (10) consecutive business days during the 180 calendar day grace period. On March 29, 2016, the Company received written notice from Nasdaq, that it had granted the Company an additional 180 calendar days, or until September 26, 2016, to regain compliance with the minimum bid price requirement of $ 1.00 |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Dec. 31, 2015 | |
Going Concern [Abstract] | |
Going Concern Disclosure [Text Block] | 2 GOING CONCERN The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which contemplate continuation of the Company as a going concern. At December 31, 2015, the Company has an accumulated deficit of $ 188.4 17.9 The ability to recognize revenue and ultimately cash receipts is contingent upon, but not limited to, acceptable performance of the delivered equipment and services. If the Company is unable to raise additional capital and/or close on some of its revenue producing opportunities in the near term, the carrying value its assets may be materially impacted. The financial statements do not include any adjustments related to the recovery and classification of asset carrying amounts or the amount and classification of liabilities that might result should the Company be unable to continue as a going concern. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates and assumptions include reserves and write-downs related to receivables and inventories, the recoverability of long-lived assets, the valuation allowance relating to the Company’s deferred tax assets, valuation of equity and derivative instruments, and debt discounts. The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. The Company did not have any cash equivalents on hand as of December 31, 2015 and 2014. Concentrations of Credit Risk for Cash and Accounts Receivable The Company does not have any off-balance-sheet concentrations of credit risk. Credit risk is the risk that counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company’s credit risk is primarily attributable to its cash and account receivables. The Company’s policy is to maintain its cash with high credit quality financial institutions to limit its risk of loss exposure. During the year, the Company had cash balances in excess of the federally insured limits of $ 250,000 Inventories, consisting principally of raw materials and finished goods, are carried at the lower of cost or market. Cost is determined using the first-in, first-out (FIFO) method. Raw materials consist of purchased parts, components and supplies. The Company evaluates inventory balances and either writes-down its inventory to its net realizable value based on a lower of cost or market analysis or a obsolecense or records a reserve for slow moving or excess inventory. Software costs incurred in the research, design and development of software for sale to others as a separate product or embedded in a product and sold as part of the product as a whole are charged to expense until technological feasibility is established. Costs incurred in connection with the enhancement of software that has reached technological feasibility are capitalized and amortized on a straight-line basis over five years, beginning when the products are offered for sale or the enhancements are integrated into the products. Management is required to use its judgment in determining whether software costs meet the criteria for immediate expense or capitalization, in accordance with U.S. GAAP. The unamortized capitalized costs of a computer software product are compared to the net realizable value of that product and any excess is written off. The Company’s proprietary software solutions operate in a fast changing industry that may generate unknown methods of detecting and monitoring disturbances that could render its technology inferior, resulting in the Company’s results of operations being materially adversely affected. The Company does, however, closely monitor trends and changes in technologies and customer demand that could adversely impact its competitiveness and overall success. It is reasonably possible that those estimates of anticipated future gross revenues, the remaining estimated economic life of the product, or both will be reduced significantly in the near term due to competitive pressures. As a result, the Company recorded an impairment charge of $ 2.1 0 Costs incurred for product enhancements are charged to expense as research and development until the technological feasibility of the enhancement has been established. These enhancements are amortized on a straight line basis over the useful life of the product enhancement which is currently estimated to be five years beginning when the enhancements are integrated into the products that are offered for sale. Patents and licenses are measured initially at purchase cost and are amortized on a straight line basis over their useful lives which range between 18.5 20 Property and Equipment Property and equipment are presented at cost at the date of acquisition. Depreciation is computed using the straight-line method over estimated useful asset lives, which range from 3 7 Long lived assets including certain intangible assets with finite lives are reviewed for impairment annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the undiscounted future net cash flows expected to be generated by that asset. If the carrying amount of an asset exceeds its estimated future undiscounted cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Impairment of intangible assets amounted to $ 2.1 0 0 0 Trade accounts receivable are recorded net of allowances for cash discounts for prompt payment, doubtful accounts, and sales returns. Estimates for cash discounts and sales returns are based on analysis of contractual terms and historical trends. In the event that management determines that a receivable becomes uncollectible, or events or circumstances change, which result in a temporary cessation of payments from the customer, the Company will make a best estimate of probable or potential losses in accounts receivable balance using the allowance method for each quarterly period. Management will periodically review the receivables at the end of each quarterly reporting period and the appropriate accrual will be made based on current available evidence and historical experience. Allowance for doubtful accounts were $ 87 30 Revenue Recognition The Company recognizes revenues when persuasive evidence of an arrangement exists, services have been rendered, the price is fixed and determinable, and collectability is reasonably assured. Revenues from management and consulting, time-and-materials service contracts, maintenance agreements and other services are recognized as the services are provided or at the time the goods are shipped and title as passed. Research and Development Expenses Development expenses consist primarily of salaries and related costs for technical and programming personnel associated with the Company’s software and the products for which such software is embedded. These costs are expensed as incurred. The Company classifies common stock purchase warrants and other free standing derivative financial instruments as equity if the contracts (i) require physical settlement or net-share settlement in common stock or (ii) give the Company a choice of net-cash settlement or settlement in common stock (physical settlement or net-share settlement). The Company classifies the following contracts as either an asset or a liability: contracts that (i) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the control of the Company), (ii) give the counterparty a choice of net-cash settlement or settlement in common stock (physical settlement or net-share settlement) or (iii) contain reset provisions. The Company assesses classification of its freestanding derivatives at each reporting date to determine whether a change in classification between assets and liabilities is required. The Company evaluates and bifurcates conversion features from the instruments containing such features and accounts for them as free standing derivative financial instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the underlying instrument, (b) the hybrid instrument that contains both the embedded derivative instrument and the underlying instrument is not re-measured at fair value under otherwise applicable U.S. GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. The Company accounts for income taxes using the assets and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the tax rate is recognized in income or expense in the period that the change is effective. Tax benefits are recognized when it is probable that the deduction will be sustained. A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The Company files a U.S. federal and state income tax return. The Company recognizes liabilities for uncertain tax positions based on the two-step process prescribed by U.S. GAAP. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the tax benefit as the largest amount that is more than 50 The Company accounts for stock-based awards to employees in accordance with U.S. GAAP, which requires compensation expense related to share-based transactions, including employee stock options, to be measured and recognized in the financial statements based on a determination of the fair value of the stock options. The grant date fair value is determined using the Black-Scholes-Merton (“Black-Scholes”) pricing model. For all employee stock options, the Company recognizes expense over the employee’s requisite service period (generally the vesting period of the equity grant). The Company’s option pricing model requires the input of highly subjective assumptions, including the expected stock price volatility, and expected term. Any changes in these highly subjective assumptions significantly impact stock-based compensation expense. Equity instruments issued to non-employees are recorded on the basis of the fair value of the instruments, as required by Accounting Standards Codification (“ASC”) 718. ASC No. 505, Equity Based Payments to Non-Employees (“ASC 505”), defines the measurement date and recognition period for such instruments. In general, the measurement date is (a) when a performance commitment, as defined, is reached or (b) when the earlier of (i) the non-employee performance is complete and (ii) the instruments are vested. The measured value related to the instruments is recognized over a period based on the facts and circumstances of each particular grant as defined in ASC 505. The unvested portions of non-employee awards are revalued each reporting period. Shares of common stock repurchased are recorded at cost as treasury stock. When shares are reissued, the cost method is used for determining cost. In accordance with GAAP, the excess of the acquisition cost over the reissuance price of the treasury stock, if any, is recorded to additional paid-in capital, limited to the amount previously credited to additional paid-in capital, if any. Any excess is charged to accumulated deficit. Basic loss per common share amounts are based on weighted average number of common shares outstanding. Diluted loss per share amounts are based on the weighted average number of common shares outstanding, plus the incremental shares that would have been outstanding upon the assumed exercise of all potentially dilutive stock options, warrants, convertible preferred stock, and convertible debt. All such potentially dilutive instruments were anti-dilutive as of December 31, 2015 and 2014. At December 31, 2015 and 2014 approximately 11.9 0.7 Although the Company tests its product in accordance with its quality programs and processes, its warranty obligation is affected by product failure rates and service delivery costs incurred in correcting a product failure. Should actual product failure rates or service costs differ from the Company’s estimates, which are based on limited historical data, where applicable, revisions to the estimated warranty liability would be required. The warranty reserve for the fiscal year ending December 31, 2015 and 2014 was $ 9,000 9,000 There were immaterial warranty accruals during the year ended December 31, 2015 and immaterial claims made. Advertising costs are charged to operations as incurred. Advertising costs amounted to $ 48,000 347,000 U.S. GAAP requires disclosing the fair value of financial instruments to the extent practicable for financial instruments which are recognized or unrecognized in the balance sheet. The fair value of the financial instruments disclosed herein is not necessarily representative of the amount that could be realized or settled, nor does the fair value amount consider the tax consequences of realization or settlement. In assessing the fair value of financial instruments, the Company uses a variety of methods and assumptions, which are based on estimates of market conditions and risks existing at the time. For certain instruments, including accounts receivable, accounts payable, and accrued expenses, the fair value was estimated that the carrying amount approximated fair value because of the short maturities of these instruments. All debt is based on current rates at which the Company could borrow funds with similar remaining maturities and approximates fair value. U.S. GAAP establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use on unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is described below: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. Quoted Prices in Active Markets for Identical Significant Other Significant Assets/Liabilities Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total Assets: Capitalized software development costs $ $ $ 7,147,000 $ 7,147,000 Total $ $ $ 7,147,000 $ 7,147,000 Liabilities: $ $ $ $ Derivative liability 1,284,000 1,284,000 Total $ $ $ 1,284,000 $ 1,284,000 The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2014, consistent with the fair value hierarchy provisions: Quoted Prices in Active Markets for Identical Significant Other Significant Assets/Liabilities Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total Assets: $ $ $ $ Liabilities: Preferred stock -conversion feature $ $ $ 150,000 $ 150,000 Preferred stock -warrants $ $ $ 120,000 $ 120,000 The Financial Accounting Standards Board (the “FASB”) has issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842). ASU 2016-02 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. Public business entities are required to apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted upon issuance. The Company has not yet determined the effect of the adoption of this standard on the Company’s financial position and results of operations. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments Overall (Subtopic 825-10) (“ASU 2016-01”), which updates certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company has not yet determined the effect of the adoption of this standard will have on the Company’s financial position and results of operations. In August 2015, the FASB issued FASB ASU No. 2015-15, “InterestImputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements”. ASU 2015-15 clarified the presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements. Such costs may be presented in the balance sheet as an asset and subsequently amortized ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU 2015-15 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. Earlier adoption is permitted for financial statements that have not been previously issued. The adoption of this standard is not expected to have a material impact on the Company’s financial position and results of operations. The FASB has issued ASU No. 2014-09, Revenue from Contracts with Customers. This ASU supersedes the revenue recognition requirements in Accounting Standards Codification 605 - Revenue Recognition and most industry-specific guidance throughout the Codification. The standard requires that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This ASU is effective on January 1, 2017 and should be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the ASU recognized at the date of initial application. For all other entities, the amendments in this ASU are effective for annual reporting periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. A nonpublic entity may elect to apply this guidance earlier, however, only as prescribed in this ASU. The Company has not yet determined the effect of the adoption of this standard will have on the Company’s financial position and results of operations. In July 2015, the FASB issued ASU No. 2015-11, “ Simplifying the Measurement of Inventory In April 2015, the FASB issued ASU 2015-03, InterestImputation of Interest-Simplifying the Presentation of Debt Issuance Costs (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this update. Debt issuance costs related to revolving lines of credit are not within the scope of this new guidance. Additionally, in August 2015 the FASB issued guidance expanding the April 2015 update (ASU 2015-15). It states that, given the absence of authoritative guidance within the update, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset for revolving lines of credit and subsequently amortizing the deferred debt issuance costs ratably over the term of the arrangement, regardless of whether there are any outstanding borrowings on the line of credit. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted for financial statements that have not been previously issued. Full retrospective application is required. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements when adopted. In August 2014, FASB issued Accounting Standards Update (ASU) No. 2014-15, Disclosure of Uncertainties about an Entities Ability to Continue as a Going Concern, which is included in Accounting Standards Codification (ASC) 205, Presentation of Financial Statements |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 4 INVENTORIES December 31, December 31, 2015 2014 Raw materials $ 2,113,000 $ 2,084,000 Finished goods 1,803,000 2,186,000 Sub-total inventories 3,916,000 4,270,000 Less reserve for slow moving and excess inventory (1,061,000) (200,000) Total inventories, net $ 2,855,000 $ 4,070,000 Based upon the Company’s analysis of slow moving goods the Company has recorded a reserve for inventory of $ 1,061,000 200,000 0 159 |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Financing Receivables [Text Block] | 5 ACCOUNTS RECEIVABLE December 31, December 31, 2015 2014 Accounts receivable $ 572,000 $ 252,000 Accounts receivable related party (see note 16) 156,000 480,000 728,000 732,000 Allowance for doubtful accounts (87,000) (30,000) Net accounts receivable $ 641,000 $ 702,000 During the years ended December 31, 2015 and 2014, the Company incurred bad debt expense of $ 78,000 208,000 336,000 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 6 PROPERTY AND EQUIPMENT Useful Life (years) December 31, 2015 2014 Cost: Furniture and equipment 3 7 years $ 3,157,000 $ 2,930,000 Accumulated depreciation (2,365,000) (2,114,000) Property and equipment, net $ 792,000 $ 816,000 Depreciation of property and equipment amounted to $ 251,000 287,000 163,000 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | INTANGIBLE ASSETS Software Development Costs Patents & Licenses Cost A.A. Cost A.A. Total Balance as of December 31, 2013 $ 14,788,000 $ (2,574,000) $ 12,275,000 $ (6,293,000) $ 18,196,000 Additions 1,667,000 103,000 1,770,000 Amortization (2,920,000) (664,000) (3,584,000) Balance as of December 31, 2014 $ 16,455,000 $ (5,494,000) $ 12,378,000 $ (6,957,000) $ 16,382,000 Additions 2,192,000 2,192,000 Impairments (2,092,000) (2,092,000) Amortization (3,914,000) (665,000) (4,579,000) Balance as of December 31, 2015 $ 18,647,000 $ (11,500,000) $ 12,378,000 $ (7,622,000) $ 11,903,000 Amortization of intangible assets amounted to $ 4,579,000 3,584,000 Software Development Costs: At December 31, 2015 the Company has capitalized a total of $ 18.6 3.9 2.9 in 2015 and 2014, respectively. 2.1 as the Company’s sales cycles continue to take longer to complete than anticipated Patents & Licenses: At December 31, 2015 the Company has capitalized a total of $ 12.4 12.3 0.1 18.5 20 0.7 Estimated amortization expense for total intangible assets for the succeeding five years is as follows: 2016 $ 3,989,000 2017 3,568,000 2018 1,680,000 2019 664,000 2020 664,000 Thereafter 1,338,000 $ 11,903,000 The Company's intangible assets will be amortized over a weighted average remaining life of approximately 4.6 |
OBLIGATIONS UNDER CAPITAL LEASE
OBLIGATIONS UNDER CAPITAL LEASE | 12 Months Ended |
Dec. 31, 2015 | |
Leases, Capital [Abstract] | |
Capital Leases in Financial Statements of Lessee Disclosure [Text Block] | 8 OBLIGATIONS UNDER CAPITAL LEASE 2016 $ 66,000 2017 66,000 2018 24,000 2019 16,000 2020 14,000 Total minimum lease payments 186,000 Less amount representing interest (26,000) Present value of the net minimum lease payments 160,000 Less obligations under capital lease maturing within one year 54,000 Long-term portion of obligations under capital lease $ 106,000 The interest rate for the capital leases range between 7.6 7.9 and the leases mature between February 2018 As of December 31, 2015 and 2014, the Company held equipment under capital leases was in the gross amount of $ 195,000 370,000 19,000 55,000 |
CONVERTIBLE NOTES PAYABLE
CONVERTIBLE NOTES PAYABLE | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 9 CONVERTIBLE NOTES PAYABLE Treco On October 6, 2011, the Company entered into a convertible promissory note (the “$ 2 2 October 6, 2018 350.00 9 2 180,000 42,329 3,410 90,000 5,057 90,000 30,623 90,000 169,812 90,000 Short-Term 8% Convertible Notes Overview. On June 11, 2015, the Company entered into a securities purchase agreement (the “June 2015 Purchase Agreement”) with a group of accredited investors pursuant to which the Company sold an aggregate of $ 1,166,666 8 1,050,000 466,667 8 420,000 400,000 1,470 5 163,500 163,333 Maturity and Interest. The First Tranche of 8% Convertible Notes matured on December 11, 2015 January 14, 2016 March 11, 2016 April 14, 2016 24 48,000 Conversion. The 8% Convertible Notes are convertible at any time, in whole or in part, at the option of the holders into shares of common stock at a conversion price of $ 5.00 5.00 85 20 150,000 758,263 Prepayments and Redemptions. The Company may, at its option, prepay in cash any portion of the principal amount of the 8% Convertible Notes and any accrued and unpaid interest. If such prepayment is made within sixty (60) days after the issuance date of the 8% Convertible Notes, the Company shall pay an amount in cash equal to 125 135 7,000,000 125 135 60 On August 19, 2015, the Company made repayments of principal and interest of $ 702 9,700 234,000 Right to Participate in Future Financings. 500,000 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 10 INCOME TAXES December 31, 2015 2014 Current tax provision (benefit) Federal $ $ State Deferred tax provision (benefit) Federal (6,923,000) (5,530,980) State (741,000) (547,020) Change in valuation allowance 7,664,000 6,078,000 Income tax provision (benefit) $ $ December 31, 2015 2014 Statutory Federal income tax rate 34.0 % 35 % State and local taxes net of Federal benefit 4.15 5.50 Permanent differences 4.77 (1.90) Valuation allowance (42.92) (38.60) Effective tax rate % % There were no uncertain tax positions taken, or expected to be taken, in a tax return that would be determined to be an unrecognized tax benefit taken or expected to be taken in a tax return that should have been recorded on the Company’s financial statements for the years ended December 31, 2015 or 2014. Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial accounting purposes and the amounts used for income tax reporting. December 31, 2015 2014 Deferred Tax Assets Federal R&D credit $ 2,285,000 $ 2,285,000 Inventory 399,000 75,000 Allowance for bad debt 33,000 11,000 Compensation Related 68,000 113,000 Other Accruals 9,000 184,000 State NOL 5,094,000 4,540,000 Federal NOL 47,831,000 42,658,000 Property & Equipment 157,000 187,000 Stock Options 7,371,000 7,172,000 Valuation Allowance (59,023,000) (51,359,000) Total Deferred Tax Assets 4,224,000 5,866,000 Deferred Tax Liabilities Intangibles (4,224,000) (5,866,000) Total Deferred Tax Liabilities (4,224,000) (5,866,000) Net Deferred Tax Asset/(Liability) $ - $ - Net operating losses (“NOL”) of approximately $ 140.7 2.3 Realization of the NOL carry forwards and other deferred tax temporary differences is contingent on future taxable earnings. The Company’s deferred tax asset was reviewed for expected utilization using a “more likely than not” approach by assessing the available positive and negative evidence surrounding its recoverability. Accordingly, a valuation allowance has been recorded against the Company’s deferred tax asset, as it was determined based upon past and present losses that it was “more likely than not” that the Company’s deferred tax assets would not be realized. The valuation allowance was increased to the full carrying amount of the Company’s deferred tax assets. In future years, if the deferred tax assets are determined by management to be “more likely than not” to be realized, the recognized tax benefits relating to the reversal of the valuation allowance will be recorded. The Company will continue to assess and evaluate strategies that will enable the deferred tax asset, or portion thereof, to be utilized, and will reduce the valuation allowance appropriately as such time when it is determined that the “more likely than not” criteria is satisfied. The net operating loss carryovers may be subject to annual limitations under Internal Revenue Code Section 382, and similar state provisions, should there be a greater than 50% ownership change as determined under the applicable income tax regulations. The amount of the limitation would be determined based on the value of the company immediately prior to the ownership change and subsequent ownership changes could further impact the amount of the annual limitation. An ownership change pursuant to Section 382 may have occurred in the past or could happen in the future, such that the NOLs available for utilization could be significantly limited. The Company plans to perform a Section 382 analysis in the future. |
DERIVATIVE LIABILITIES
DERIVATIVE LIABILITIES | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 11 DERIVATIVE LIABILITIES Series A, B and C Preferred Stock Conversion Options The conversion features embedded in the Company’s Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock were bifurcated as they were not considered to be clearly and closely related to the host agreement and were accounted for as a derivative liabilities. During the year ended December 31, 2015, all issued and outstanding shares of the Company’s Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock were converted into shares of the Company’s common stock. As a result, on the date of conversion the Company re-measured the fair value of each of the conversion features, recorded the change in fair value of the conversion feature in other expense on the statements of operations, and reclassified the re-measured amount to stockholders’ equity. Warrants to Purchase Common Stock The warrants issued in connection with the Series A Financing, Series B Financing, and Series C Financing issued to investors on December 30, 2014, February 11, 2015 and February 24, 2015, respectively, have been accounted for as derivative liabilities as each of the warrants contain a net cash settlement provision whereby, upon certain fundamental events, the holders could put the warrants back to the Company for cash. On July 20, 2015, and effective June 11, 2015, the Company amended the warrants issued to investors on December 30, 2014, February 11, 2015 and February 24, 2015 in connection with issuances of the Series A Preferred Stock, Series B Preferred Stock and Series C Preferred Stock, respectively, to lower the exercise price from $ 20.00 11.50 20.00 Series A Series B Series B Series C Financing Financing (Related Party) Financing Total Balance at January 1, 2015 $ 270,000 $ $ $ $ 270,000 Recognition of conversion feature liability 81,000 220,000 468,000 769,000 Recognition of warrant derivative liability 45,000 118,000 252,000 415,000 Reclassification to stockholders’ equity upon conversion (150,000) (54,000) (220,000) (245,000) (669,000) Change in fair value of derivative liabilities (114,000) (71,000) (117,000) (470,000) (772,000) Balance at December 31, 2015 $ 6,000 $ 1,000 $ 1,000 $ 5,000 $ 13,000 Series A Series B Series B Series C Financing Financing (Related Party) Financing Date of issuance 12/31/2014 2/11/2015 2/24/2015 2/24/2015 Number of shares convertible into 750,000 350,000 845,000 1,800,000 Fair market value of stock $ 5.10 $ 4.22 $ 4.50 $ 4.50 Conversion price $ 5.70 $ 3.57 $ 4.00 $ 4.00 Volatility 131 % 143.4 % 143.4 % 143.4 % Risk-free interest rate 0.25 % 0.24 % 0.22 % 0.22 % Expected dividend yield 7 % 7 % 7 % 7 % Life of convertible preferred stock (years) 1 1 1 1 Series A Series B Series B Series C Financing Financing (Related Party) Financing Date of warrant 12/31/2014 2/11/2015 2/24/2015 2/24/2015 Number of shares underlying the warrants 37,500 17,500 42,250 90,000 Fair market value of stock $ 5.10 $ 4.22 $ 4.50 $ 4.50 Exercise price $ 20.00 $ 20.00 $ 20.00 $ 20.00 Volatility 112.9 % 120.6 % 115.8 % 115.8 % Risk-free interest rate 0.96 % 0.90 % 0.90 % 0.90 % Expected dividend yield Warrant life (years) 5 5 5 5 Series A Series B Series B Series C Financing Financing (Related Party) Financing Number of shares underlying the warrants on December 31, 2015 37,500 17,500 42,250 90,000 Fair market value of stock $ 0.23 $ 0.23 $ 0.23 $ 0.23 Exercise price $ 11.50 $ 11.50 $ 20.00 $ 11.50 Volatility 118.4 % 116.8 % 116.3 % 116.3 % Risk-free interest rate 1.2 % 1.2 % 1.2 % 1.2 % Expected dividend yield Warrant life (years) 4.00 4.10 4.15 4.15 August 2015 Underwritten Offering On August 19, 2015, the Company closed an underwritten public offering of its Class A Units, Class B Units, Series C Warrants and Series D Warrants. The Company offered (i) 2,550,000 1.00 0.5 1.00 2,450,000 0.99 0.5 2,550,000 0.01 1.00 1.00 4,950,000 0.01 0.99 0.99 Settlement with Holders of Series B Warrants On November 2, 2015, the Company entered into a Settlement Agreement and Mutual Release (the ‘‘Agreement’’) with certain holders (the ‘‘Holders’’) of our Series B Warrants to purchase common stock (the ‘‘Original Warrants’’) issued in connection with the August 2015 underwritten public offering. Upon the consummation of the Agreement, in full and complete satisfaction of all claims that the Holders made or could have made against us arising in connection with the Original Warrants, the Company delivered to the Holders new warrants initially exercisable to purchase, in the aggregate, 2,450,000 0.00001 0.75 November 2, 2018 Series B and Series A Settlement Series C Series D Total Balance at January 1, 2015 $ $ $ $ $ Recognition of warrant liability on issuance date 2,053,000 4,275,000 178,000 347,000 6,853,000 Reclassification of derivative liability to stockholders’ equity upon exercise (2,617,000) (714,000) (464,000) (3,795,000) Change in fair value of derivative liabilities (1,124,000) (1,316,000) 536,000 117,000 (1,787,000) Balance at December 31, 2015 $ 929,000 $ 342,000 $ $ $ 1,271,000 Series A Series B Series C Series D Date of warrant 8/19/2015 8/19/2015 8/19/2015 8/19/2015 Number of shares underlying the warrants 2,500,000 2,450,000 2,550,000 4,950,000 Fair market value of stock $ 0.65 $ 0.65 $ 0.65 $ 0.65 Exercise price $ 1.00 $ 0.01 $ 1.00 $ 0.99 Volatility 121.4 % 121.4 % 125.4 % 125.4 % Risk-free interest rate 1.03 % 1.03 % 0.30 % 0.30 % Expected dividend yield Warrant life (years) 5 5 0.25 0.25 Series B Series A Settlement Date of warrant 11/10 to 11/19/2015 11/2/2015 Number of shares underlying the warrants 3,457,501 2,450,000 Fair market value of stock $ 0.25 to 0.53 $ 0.60 Exercise price $ 1.00 $ 0.75 Volatility 123 to 127 % 128 % Risk-free interest rate 0.93 % 0.26 % Expected dividend yield Warrant life (years) 5 3 Series B Series A Settlement Series C Series D Number of shares underlying the warrants on December 31, 2015 5,957,501 2,450,000 Fair market value of stock $ 0.23 $ 0.23 $ $ Exercise price $ 1.00 $ 0.75 $ $ Volatility 129 % 140 % % % Risk-free interest rate 1.2 % 0.48 % % % Expected dividend yield Warrant life (years) 4.63 to 4.88 2.83 Level 3 liabilities are valued using unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the liabilities. For fair value measurements categorized within Level 3 of the fair value hierarchy, the Company’s accounting and finance department, who report to the Chief Financial Officer, determine its valuation policies and procedures. The development and determination of the unobservable inputs for Level 3 fair value measurements and fair value calculations are the responsibility of the Company’s accounting and finance department and are approved by the Chief Financial Officer. Level 3 Valuation Techniques: Level 3 financial liabilities consist of the derivative liabilities for which there is no current market for these securities such that the determination of fair value requires significant judgment or estimation. Changes in fair value measurements categorized within Level 3 of the fair value hierarchy are analyzed each period based on changes in estimates or assumptions and recorded as appropriate. The Company deems financial instruments which do not have fixed settlement provisions to be derivative instruments. In accordance with ASC Topic 480, Distinguishing Liabilities from Equity The Company’s derivative liabilities are carried at fair value and were classified as Level 3 in the fair value hierarchy due to the use of significant unobservable inputs. In order to calculate fair value, the Company uses a binomial model style simulation, as the value of certain features of the warrant derivative liabilities would not be captured by the standard Black-Scholes model. Years Ended December 31, 2015 2014 Beginning balance $ 270,000 $ - Recognition of conversion feature liability 769,000 150,000 Recognition of warrant liability on issuance date 7,268,000 120,000 Reclassification to stockholders’ equity upon exercise (4,464,000) - Change in fair value of derivative liabilities (2,559,000) - Ending balance $ 1,284,000 $ 270,000 |
PREFERRED STOCK
PREFERRED STOCK | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Preferred Stock [Text Block] | 12 Preferred Stock In March 2013, by approval of the majority of the shareholders, the Company was authorized to issue 10,000,000 0.00001 3,000,000 On February 11, 2015, 3,000,000 3,000,000 Series A Convertible Preferred Stock On December 30, 2014, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with 31 Group, LLC (“31 Group”) pursuant to which the Company sold to 31 Group, for a purchase price of $750,000, 750,000 0.00001 37,500 3,315 The warrants were exercisable immediately for a period of five years from their issue date. The exercise price with respect to the warrants is $ 20.00 11.50 Holder Optional Redemption after Maturity Date At any time from and after the tenth business day prior to the maturity date, December 30, 2015, any holder may require the Company to redeem all or any number of Series A Preferred Stock held by such holder at a purchase price equal to 105 Ranking The Series A Preferred Stock will rank with respect to dividend rights and/or rights upon distributions, liquidation, dissolution or winding up of the Company senior to all of the Company’s common stock and other classes of capital stock, unless the holders of a majority of the outstanding shares of Series A Preferred Stock consent to the creation of parity stock or senior preferred stock. Liquidation Preference of Series A Preferred Stock Upon the voluntary or involuntary liquidation, dissolution or winding up of the Company, before the payment of any amount to the holder of shares of junior stock, but pari passu with any parity stock, the holders of Series A Preferred Stock are entitled to receive an amount equal to the greater of (i) the stated value of the Series A Preferred Stock or (ii) the amount the holder of Series A Preferred Stock would receive if such holder converted the Series A Preferred Stock into common stock immediately prior to the date of the liquidation event, including accrued and unpaid dividends. Dividends on Series A Preferred Stock Holders of Series A Preferred Stock shall be entitled to receive from the first date of issuance of the Series A Preferred Stock cumulative dividends at a rate of 7.0 Redemption of Series A Preferred Stock Upon the occurrence of certain triggering events as defined in the certificate of designation, the holder of Series A Preferred Stock shall have the right to require the Company, by written notice, to redeem all or any of the shares of Series A Preferred Stock at a price equal to the greater of (i) 125% of the conversion amount to be redeemed and (ii) the product of (a) the conversion amount divided by 85% of the average of the five (5) lowest volume weighted average prices of the common stock during the twenty (20) consecutive trading day period ending the trading day immediately preceding the delivery of the applicable conversion notice multiplied by (b) 125% of the greatest closing sale price of the common stock on any trading day during the period commencing on the date immediately preceding such triggering event and ending on the date the Company makes the entire redemption payment to the holder of Series A Preferred Stock Upon the occurrence of a change in control of the Company, a holder of Series A Preferred Stock shall have the right to require the Company to redeem all or any portion of the Series A Preferred Stock at a price equal to 125% of the stated value of the Series A Preferred Stock. In addition, so long as certain conditions do not exist (including the Company shall have timely delivered any Common Stock upon the conversion of the Series A Preferred Stock), then the Company shall have the right to redeem all, but not less than all, of the Series A Preferred Stock outstanding in cash at a price equal to the sum of (i) 125% of the stated value of the Series A Preferred Stock and (ii) all accrued and unpaid dividends thereon. At any time from and after the tenth (10) business day prior to the date of maturity, a holder of the Series A Preferred Stock may require the Company to redeem all or any number of Series A Preferred Stock shares held by such holder at a purchase price equal to 105% of the conversion amount of such Series A Preferred Stock shares. Conversion Rights of Preferred Stock A holder of Series A Preferred Stock shall have the right to convert the Series A Preferred Stock, in whole or in part, upon written notice to the Company at a conversion price equal to the lower of (i) $20.00 or (ii) 85% of the average of the five (5) lowest volume weighted average prices of the Common Stock during the twenty (20) consecutive trading day period ending the trading day immediately preceding the delivery of the applicable conversion notice (as adjusted for stock splits, share combinations and similar transactions) Fundamental Transaction The Company shall use its commercially reasonable efforts to not enter into a “fundamental transaction” unless the successor entity assumes the obligations of the Company under the Certificate of Designations and the successor entity (including its parent entity) is a publicly traded company whose shares of common stock are quoted or listed on an eligible national securities exchange. Upon a change of control of the Company, a holder of Series A Preferred Stock shall have the right to require the Company to redeem all or any portion of the Series A Preferred Stock at the applicable premium redemption price. A fundamental transaction is a transaction in which (i) the Company, directly or indirectly, in one or more related transactions, (a) consolidates or merges with or into any other entity (except where the Company is the surviving entity), (b) sells, leases, licenses, assigns, transfers, conveys or otherwise disposes of all or substantially all of its properties or assets to any other entity, (c) allows any other entity to make a purchase, tender or exchange offer that is accepted by such holders of more than 50% of the outstanding shares of voting stock of the Company (not including any shares of voting stock of the Company held by the entity making or party to, or associated or affiliated with the entity making or party to, such purchase, tender or exchange offer), or (d) consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with any other entity whereby such other entity acquires more than 50% of the outstanding shares of voting stock of the Company (not including any shares of voting stock of the Company held by the other entity making or party to, or associated or affiliated with the other entity making or party to, such stock or share purchase agreement or other business combination), or (e) reorganizes, recapitalizes or reclassifies the Common Stock (which shall not include a reverse stock split), or (ii) any “person” or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act of 1934, as amended, (the “Exchange Act”) and the rules and regulations promulgated thereunder) is or shall become the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 50 Voting Rights Holders of Series A Preferred Stock shall have no voting rights. Conversions Series A Preferred Stock During the year ended December 31, 2015, 750,000 52,500 239,247 150,000 1,011 483,000 Series B Convertible Preferred Stock 31 Group LLC Offering On February 11, 2015, the Company entered into a purchase agreement, pursuant to which the Company sold to the 31 Group, 350,000 0.00001 17,500 350,000 2,462 10,000 89,000 The warrants are exercisable immediately for a period of five years from their issue date. The exercise price with respect to the warrants is $20.00 per share and were subsequently lowered to $11.50 as of June 11, 2015. The exercise price for the warrants is subject to adjustment upon certain events, such as stock splits, combinations, dividends, distributions, reclassifications, mergers or other corporate change and dilutive issuances. In addition, the warrants also contain a net cash settlement provision whereby, upon certain fundamental events, the holders could put the warrants back to the Company for cash. On July 20, 2015, and effective June 11, 2015, the Company amended the warrants issued to investors of the Series B Preferred Stock to lower the exercise price from $ 20.00 11.50 20.00 Liquidation Preference of Series B Preferred Stock The Series B Preferred Stock rank pari passu with our Series A Preferred Stock with respect to dividend rights and/or rights upon distributions, liquidation, dissolution or winding up of the Company and have the same terms and preferences as the Series A Preferred Stock except for the following: Dividends on Series B Preferred Stock Holders of Series B Preferred Stock shall be entitled to receive from the first date of issuance of the Series B Preferred Stock cumulative dividends at a rate of 7.0 Conversion Rights of Series B Preferred Stock . A holder of Series B Preferred Stock shall have the right to convert the Series B Preferred Stock, in whole or in part, upon written notice to the Company at a conversion price equal to the lower of (i) $20.00 or (ii) 85% of the lowest volume weighted average price of the common stock of the Company during the five (5) consecutive trading day period ending and including the trading day immediately preceding the delivery of the applicable conversion notice (as adjusted for stock splits, share combinations and similar transactions). Conversions of Series B Preferred Stock During the first and second quarters of 2015, 350,000 24,500 182,708 125 54,000 474 295,000 Related Party Extinguishment On December 30, 2014, the Company received a $ 245 100 245 700 145 845 On February 23, 2015, the Company issued 845,000 5,310 42,250 20.00 845,000 On February 23, 2015, 845,000 222,791 1,003,000 300,000 Series C Convertible Preferred Stock On February 24, 2015, the Company entered into a purchase agreement, pursuant to which the Company sold to institutional investors, 1,800,000 0.00001 90,000 1,800,000 11,864 53,000 84,000 The warrants are exercisable immediately for a period of five years from their issue date. The exercise price with respect to the warrants is $ 20.00 11.50 On July 20, 2015, and effective June 11, 2015, the Company amended the warrants issued to investors of the Series C Preferred Stock to lower the exercise price from $20.00 per share to $11.50 per share. The change in fair value of the warrant liabilities was measured on the date of modification was not material to the Company’s results of operations. Liquidation Preference of Series C Preferred Stock The Series C Preferred Stock rank pari passu with our Series A Preferred Stock and our Series B Preferred Stock with respect to dividend rights and/or rights upon distributions, liquidation, dissolution or winding up of the Company and have the same terms and preferences as the Series A and Series B Preferred Stock except for the following: Dividends on Series C Preferred Stock Holders of Series C Preferred Stock shall be entitled to receive from the first date of issuance of the Series C Preferred Stock cumulative dividends at a rate of 7.0 Conversion Rights of Series C Preferred Stock . Upon the occurrence of certain triggering events (including the Series C Preferred Stock or common stock underlying the Series C Preferred Stock is not freely tradeable without restriction; the failure of the common stock to be listed on the NASDAQ Capital Market or other national securities exchange; and bankruptcy, insolvency, reorganization or liquidation proceedings instituted against the Company shall not be dismissed in thirty (30) days or the voluntary commencement of such proceedings by the Company), the holder of Preferred Stock shall have the right to require the Company, by written notice, to redeem all or any of the shares of Series C Preferred Stock at a price equal to the greater of (i) 125% of the conversion amount to be redeemed and (ii) the product of (a) the conversion amount divided by the lower of (x) $20.00 or (y) 85% of the lowest volume weighted average price of the common stock of the Company during the five (5) consecutive trading day period ending and including the trading day immediately preceding the delivery of the applicable conversion notice multiplied by (b) 125% of the greatest closing sale price of the common stock on any trading day during the period commencing on the date immediately preceding such triggering event and ending on the date the Company makes the entire redemption payment to the holder of Series C Preferred Stock Conversions of Series C Preferred Stock During the first and second quarters of 2015, 1,800,000 126,000 946,518 245,000 3,189 2,001,000 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stockholders Equity Note Disclosure [Text Block] | 13 STOCKHOLDERS’ EQUITY April 2014 Offering On April 22, 2014, the Company closed an underwritten public offering of 526,500 19.00 8,816,000 Reduction in Authorized Shares On June 11, 2014, the Board approved a resolution to amend the Corporation’s Certificate of Incorporation, declaring said resolution to be advisable, and calling for the submission of the following resolution to the shareholders to authorize the Board to decrease the number of authorized shares of common stock from 300,000,000 100,000,000 Purchase Agreements and Registration Rights Agreement with Lincoln Park $ 1,000,000 On September 22, 2014, the Company entered into a Purchase Agreement with Lincoln Park Capital Fund (“Lincoln Park”), pursuant to which we offered 50,000 20.00 961,000 50,000 $ 15,000,000 On September 19, 2014, the Company entered into a Purchase Agreement (the “$15M Purchase Agreement”) and a registration rights agreement with Lincoln Park. In consideration for entering into the transaction, the Company issued 17,500 15 346,000 19.80 15,000,000 The $15M Purchase Agreement provides that, from time to time over the term of the $15M Purchase Agreement, on any business day, as often as every other business day, and at our sole discretion, the Company may require Lincoln Park to purchase up to 10,000 15,000 20.00 20,000 25.00 25,000 30.00 1,000,000 15.00 On October 3, 2014, the Company filed a registration statement on Form S-1 with the SEC to register 478,291 15 17,500 4,857,906 Between October 20, 2014 and May 18, 2015, the Company had drawn down $ 145,000 10,000 0 346,000 346,000 $ 1,331,500 On November 25, 2014, the Company entered into a purchase agreement, pursuant to which the Company sold to Lincoln Park, certain officers and directors of the Company (the “Affiliate Purchasers”) and certain other investors (the “Other Investors”) an aggregate of $ 1,331,500 1,311,500 20,000 50,000 12.50 24,599 13.70 29,560 12.50 Equity Distribution Agreement with Roth Capital Partners, LLC On November 18, 2014, the Company entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with Roth Capital Partners, LLC (“Roth”), pursuant to which the Company may sell from time to time up to $ 10,000,000 1,000,000 Issuance of common stock to 31 Group On December 30, 2014, the Company issued 3,315 August 2015 Underwritten Offering On August 19, 2015, the Company closed an underwritten public offering of its Class A Units, Class B Units, Series C Warrants and Series D Warrants. The Company offered (i) 2,550,000 1.00 Class A Unit, each of which consists of one share of common stock and 0.5 of a Series A Warrant to purchase one share of its common stock at an exercise price of $1.00 per warrant 2,450,000 0.99 Class B Unit, each of which consists of one pre-funded Series B Warrant to purchase one share of common stock and 0.5 of a Series A Warrant 2,550,000 0.01 1.00 4,950,000 0.01 0.99 0.99 4,975,500 Each Series A Warrant was immediately exercisable at an initial exercise price of $1.00 per share. The Series A Warrants will expire on the fifth anniversary of the initial date of issuance. Each Pre-funded Series B Warrant was immediately exercisable at an initial exercise price of $0.01 per share. The Pre-funded Series B Warrants will expire on the fifth anniversary of the initial date of issuance. Pre-funded Series B Warrants that expire unexercised will have no further value and the holder of such warrant will lose the pre-funded amount. Each Series C Warrant was exercisable for one additional Class A Unit, each of which consists of one share of our common stock and 0.5 of a Series A Warrant to purchase one share of our common stock. The Series C Warrants are exercisable immediately at an initial exercise price of $1.00 per Class A Unit, subject to adjustment. Beginning at the close of trading on the 60th trading day following the date of issuance, and effective beginning on the third (3rd) trading day immediately preceding such 60th trading day, the Series C Warrants will be exercisable at a per Class A Unit exercise price equal to the lowest of (i) the then-effective exercise price per Class A Unit, (ii) 80% of the closing price of our common stock on such 60th trading day and (iii) 80% of the average of the volume weighted average price of our common stock (‘‘VWAP’’) for the three (3) trading days ending and including the 60th trading day following the date of issuance. The Series C Warrants expired at the close of business at 5:00 p.m. (New York time) on November 19, 2015, the 65th trading day following the date of issuance. Each Series D Warrant was exercisable for one additional Class B Unit, each of which consists of one Pre-funded Series B Warrant to purchase one share of our common stock and 0.5 of a Series AWarrant to purchase one share of our common stock. The Series D Warrants are exercisable immediately at an initial exercise price of $0.99 per Class B Unit, subject to adjustment. Beginning at the close of trading on the 60th trading day following the date of issuance, and effective beginning on the third (3rd) trading day immediately preceding such 60th trading day, the Series D Warrants will be exercisable at a per Class B Unit exercise price equal to the lowest of (i) the then-effective exercise price per Class B Unit, (ii) 80% of the closing price of our common stock on such 60th trading day and (iii) 80% of the average of the VWAP for the three (3) trading days ending and including the 60th trading day following the date of issuance. The Series D Warrants will expired at the close of business at 5:00 p.m.(New York time) on November 19, 2015, the 65th trading day following the date of issuance. As a result of the net cash settlement provisions included in each of the warrants issued in the offering, the Company recorded an aggregate $ 3,368,000 1,607,000 945,000 640,000 305,000 At various dates from the date of the offering through December 31, 2015, all 2,450,000 2,450,000 17 1,197,000 From October 1, 2015 through November 19, 2015, 2,250,000 2,250,000 2,250,000 1,125,000 0.2518 From October 1, 2015 through November 19, 2015, 4,665,000 4,665,000 4,665,000 2,332,501 0.2518 4,665,000 4,665,000 Settlement with Holders of Series B Warrants On November 2, 2015, the Company entered into a Settlement Agreement and Mutual Release (the “Agreement”) with certain holders (the “Holders”) of the Company’s Series B Warrants to purchase common stock (the “Original Warrants”), issued in connection with the August 2015 underwritten offering. Upon the consummation of the Agreement, in full and complete satisfaction of all claims that the Holders made or could have made against the Company arising in connection with the Original Warrants, the Company delivered to the Holders new warrants initially exercisable to purchase, in the aggregate, two million four hundred fifty thousand ( 2,450,000 0.00001 0.75 Settlement of Amounts Due to Related Parties In October 2015, George Schmitt, Chief Executive Officer and Chairman of the Board, agreed to convert $ 500,000 892,858 500,000 Shares Issued for Services In 2015, the Company issued 1,363,333 1,325,221 469,411 509,072 Stock Options Equity Incentive Plans: The Company’s stock option plans provide for the grant of options to purchase shares of common stock to officers, directors, other key employees and consultants. The purchase price may be paid in cash or “net settled” in shares of the Company’s common stock. In a net settlement of an option, the Company does not require a payment of the exercise price of the option from the optionee, but reduces the number of shares of common stock issued upon the exercise of the option by the smallest number of whole shares that has an aggregate fair market value equal to or in excess of the aggregate exercise price for the option shares covered by the option exercised. Options generally vest over a three year period from the date of grant and expire ten years from the date of grant. Shares Shares Options Plan Name Options Authorized Options Granted Exercised Forfeited/Expired Outstanding 2004 14,287 14,287 (6,746) (4,683) 2,858 2005 14,287 14,287 (1,000) (13,287) 0 2006 31,429 31,011 (631) (7,242) 23,138 2007 2,858 2,572 (429) 2,143 2009 28,572 35,844 (1,005) (14,970) 19,869 2013 90,630 49,323 (12,644) 36,679 2015 236,500 236,500 (18,000) 218,500 Total 418,563 383,824 (9,382) (71,255) 303,187 The weighted average fair value of options granted was $ 2.16 12.18 2015 2014 Exercise price $ 2.55 $ 14.20 Volatility 116 % 118 % Risk-free interest rate 1.54 % 1.63 % Expected dividend yield 0 % 0 % Expected term (years) 6 6 The risk-free rate is based on the rate for the U.S. Treasury note over the expected term of the option. The expected term for employees represents the period of time that options granted are expected to be outstanding using the simplified method and for non-employee options, the expected term is the full term of the option. Expected volatility is based on the average of the weekly share price changes over the shorter of the expected term or the period from the placement on London Stock Exchange’s AIM Market to the date of the grant. The forfeiture rate for the year ended December 31, 2015 was 5.5 Weighted Number of Options Average (in Shares) Exercise Price Options Outstanding, January 1, 2015 95,940 $ 266.86 Granted 244,500 2.55 Exercised Forfeited or Expired (37,253) 53.75 Options outstanding, December 31, 2015 303,187 79.90 Exercisable, December 31, 2015 65,723 $ 356.27 As of December 31, 2015, the weighted average remaining contractual life was 8.26 4.29 Outstanding Exercisable Weighted Average Number Remaining Weighted Number Weighted Outstanding (in Contractual Life Average Exercisable (in Average Range of Exercise Prices shares) (in years) Exercise Price shares) Exercise Price $2.50 80.50 263,489 9.13 $ 6.34 26,474 $ 34.79 84 238 13,597 6.65 125.17 13,148 124.93 350 700 23,538 0.19 688.20 23,538 688.20 1,225 2,890 2,563 1.01 1,815.45 2,563 1,815.45 303,187 65,723 Under the provisions of ASC 718, the Company recorded approximately $ 530 625 269 305 261 320 0.5 0.6 53.75 In 2015 and 2014, no options were exercised. The intrinsic value of options exercisable at December 31, 2015 and 2014 was $ 0 0 498,000 830,000 The Company had approximately $0.5 million of unrecognized stock-based compensation expense related to unvested stock options, net of estimated forfeitures, as of December 31, 2015, which we expect to be recognized over the next three years. Warrants: The Company has issued warrants, at exercise prices equal to or greater than market value of the Company’s common stock at the date of issuance in connection with numerous financing transactions. Number of Weighted Options/Warrants Average (in Shares) Exercise Price Warrants Outstanding, January 1, 2015 462,116 $ 61.60 Granted 23,172,251 0.51 Exercised (14,030,000) 0.13 Forfeited or Expired (585,000) 1.15 Warrants Outstanding, December 31, 2015 9,019,367 4.21 Exercisable, December 31, 2015 9,019,367 $ 4.21 Weighted Average Remaining Number Outstanding (in Contractual Life Exercise Price shares) (in years) $0.75 2,450,000 2.83 $1.00 5,957,501 4.77 $11.50 145,000 4.10 $20.00 42,250 4.14 $21.88 17,145 2.89 $35.00 7,074 2.65 $55.00 57,144 0.13 $68.70 326,680 2.66 $78.70 1,429 0.28 $87.50 14,286 2.04 $350.00 858 1.20 Exercisable, December 31, 2015 9,019,367 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies Disclosure [Text Block] | 14 COMMITMENTS AND CONTINGENCIES Leases: The Company’s office rental, deployment sites and warehouse facilities expenses aggregated approximately $ 484,000 437,000 Year Ending December 31, 2016 $ 215,000 2017 84,000 2018 87,000 2019 66,000 $ 452,000 In connection with the acquisition of IMT, the Company assumed the lease obligations relating to IMT’s were house and office space. Future payments under such lease will amount to $ 360,000 60,000 Legal: The Company is subject, from time to time, to claims by third parties under various legal theories. The defense of such claims, or any adverse outcome relating to any such claims, could have a material adverse effect on the Company’s liquidity, financial condition and cash flows. For the years ended December 31, 2015 and 2014, the Company did not have any legal actions pending. |
CONCENTRATIONS
CONCENTRATIONS | 12 Months Ended |
Dec. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | 15 CONCENTRATIONS During the year ended December 31, 2015, the Company recorded sales to two customers of $ 229,000 25 150,000 16 10 204,000 32 100,000 16 10 200,000 32 At December 31, 2015, approximately 100 272,000 43 231,000 36 138,000 21 97 289,000 41 190,000 27 172,000 24 During the year ended December 31, 2015, approximately 61 41,000 30 27,000 19 16,000 12 33 239,000 13 188,000 10 178,000 10 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 16 RELATED PARTY TRANSACTIONS MB Technology Holdings, LLC On April 29, 2014, the Company entered into a management agreement (the “Management Agreement”) with MB Technology Holdings, LLC (“MBTH”), pursuant to which MBTH agreed to provide certain management and financial services to the Company for a monthly fee of $ 25,000 300,000 300,000 6.1 On February 24, 2015, the Company issued 399,114 1,756,098 4.40 24 The Company has agreed to award MBTH a 3 700,000 3 109,000 809,000 809 90,000 90,000 in general and administrative expenses on the accompanying statement of operations George Schmitt- Due to Related Party On December 30, 2014, the Company received a $ 245,000 On February 23, 2015, the Company issued 845,000 5,310 42,250 20.00 845,000 From January 1, 2015 through December 31, 2015, the Company received a total of $ 1,900,000 500 In October 2015, George Schmitt, Chief Executive Officer and Chairman of the Board, agreed to convert $ 500,000 892,858 500,000 Deferred Revenue On October 16, 2013, the Company completed the first delivery of xMax comprehensive cognitive radio system, shipping equipment and providing engineering services required to fulfill the $ 179,000 On December 16, 2013, the Company sold xMax comprehensive cognitive radio system to Haxtun Telephone Company for $ 301,000 (Larry Townes resigned as a Director effective December 30, 2014) On March 31, 2015, the Company shipped additional equipment purchased by Larry Townes and received a partial payment for the equipment that had been previously delivered in those transactions as the purchasers indicated that the equipment met certain technical specifications associated with their networks. Despite the technical specifications being met, the customer opted to return a portion of the equipment to the Company during the year ended December 31, 2015 resulting in the Company reversing accounts receivable of $ 336,000 In May 2015, the Company received an order for approximately $ 100,000 58,000 Related party revenue was $ 156,000 0 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Management has evaluated subsequent events or transactions occurring through the date the financial statements were issued and determined that no events or transactions are required to be disclosed herein, except as disclosed. Delisting Notice from Nasdaq On March 29, 2016, the Company received written notice from Nasdaq, that it had granted the Company an additional 180 calendar days, or until September 26, 2016, to regain compliance with the minimum bid price requirement of $ 1 Acquisition of Integrated Microwave Technologies, LLC On January 29, 2016 3,000,000 1,500,000 March 31, 2016 1,500,000 July 29, 2017 1.5 The fair value of the purchase consideration issued to the sellers of IMT was allocated to the preliminary fair value of the net tangible assets acquired and to the separately identifiable intangibles. The excess of the aggregate fair value of the net tangible assets and identified intangible assets has been treated as a gain on bargain purchase in accordance with ASC 805. Purchase Consideration Amount of consideration: $ 3,000,000 Tangible assets acquired and liabilities assumed at preliminary fair value Cash $ 477,000 Accounts receivable 676,000 Inventories 2,649,000 Property and equipment 133,000 Prepaid expenses 55,000 Accounts payable and deferred revenue (423,000) Deferred rent (167,000) Accrued expenses (378,000) Net tangible assets acquired $ 3,022,000 Identifiable intangible assets Trade names and technology $ 320,000 Customer relationships 170,000 Total Identifiable Intangible Assets $ 490,000 Total net assets acquired $ 3,512,000 Consideration paid 3,000,000 Preliminary gain on bargain purchase $ 512,000 For the Year Ended 2015 2014 Revenues, net $ 8,160 $ 14,970 Net loss allocable to common shareholders $ (24,634) $ (21,339) Net loss per share $ (3.24) $ (9.34) Weighted average number of shares outstanding 7,599 2,285 The unaudited pro-forma results of operations are presented for information purposes only. The unaudited pro-forma results of operations are not intended to present actual results that would have been attained had the acquisition been completed as of January 1, 2014 or to project potential operating results as of any future date or for any future periods. $500,000 Securities Purchase Agreement On January 29, 2016, the Company entered into a securities purchase agreement (the ‘‘Securities Purchase Agreement’’) pursuant to which the Company sold 5% Senior Secured Convertible Promissory Notes (the ‘‘5% Convertible Notes’’) to accredited investors (each, a ‘‘Holder’’, and collectively, the ‘‘Holders’’) for an aggregate purchase price of $ 500,000 500,000 the February 2016 Financing 5 February 2016 Financing On February 29, 2016, the Company closed the public offering of 3,556,660 1.00 0.5 0.21 3,556,660 218,000 Series A Preferred Stock and Series C Preferred Stock The Series A Convertible Preferred Stock and Series C Convertible Preferred Stock were cancelled on February 5, 2016. Series B Preferred Stock On February 5, 2016, the Company filed an Amended and Restated Certificate of Designation of its Series B Convertible Preferred Stock to modify the terms of the Series B Preferred stock and the following terms were amended: Dividends on Series B Preferred Stock Holders of Series B Preferred Stock shall be entitled to receive from the first date of issuance of the Series B Preferred Stock until the Maturity Date cumulative dividends at a rate of 12.5 Redemption of Series B Preferred Stock Upon the occurrence of certain triggering events (including if the Series B Preferred Stock or common stock underlying the Series B Preferred Stock is not freely tradeable without restriction; the failure of the common stock to be listed on the NASDAQ Capital Market or other national securities exchange; and bankruptcy, insolvency, reorganization or liquidation proceedings instituted against us shall not be dismissed in thirty (30) days or the voluntary commencement of such proceedings by us), the holders of Series B Preferred Stock shall have the right to require the Company, by written notice, to redeem all or any of the shares of Series B Preferred Stock at a price equal to the greater of (i) 125% of the conversion amount to be redeemed and (ii) the product of (a) the conversion amount divided by the lower of (x) $0.25 or (y) 87.5% of the lowest volume weighted average price of our common stock during the five (5) consecutive trading-day period ending and including the trading day immediately preceding the delivery of the applicable conversion notice multiplied by (b) 125% of the greatest closing sale price of the common stock on any trading day during the period commencing on the date immediately the Company makes provided Shares Issued Under S-8 Registration Statement From January 1, 2016 to April 13, 2016, the Company issued 1,062,387 284,534 39,000 From January 1, 2016 to April 13, 2016, holders of our 8 250 1,809,476 From January 1, 2016 to April 13, 2016, the Company issued a total of 732,373 Conversions and Balances of Outstanding Series B Preferred Stock from February 2016 Financing From January 1, 2016 to 1,966,807 240,851 21,200,445 1,589,853 Conversions of Series A Warrants From January 1, 2016 to April 13, 2016, 734,600 734,600 MB Technology Holdings On March 3, 2016, the Board of Directors approved to award MBTH 300,000 300,000 As of April 14, 2016, the balance due to MBTH is $ 190,847 |
SUMMARY OF SIGNIFICANT ACCOUN26
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates and assumptions include reserves and write-downs related to receivables and inventories, the recoverability of long-lived assets, the valuation allowance relating to the Company’s deferred tax assets, valuation of equity and derivative instruments, and debt discounts. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. The Company did not have any cash equivalents on hand as of December 31, 2015 and 2014. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk for Cash and Accounts Receivable The Company does not have any off-balance-sheet concentrations of credit risk. Credit risk is the risk that counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company’s credit risk is primarily attributable to its cash and account receivables. The Company’s policy is to maintain its cash with high credit quality financial institutions to limit its risk of loss exposure. During the year, the Company had cash balances in excess of the federally insured limits of $ 250,000 |
Inventory, Policy [Policy Text Block] | Inventory Inventories, consisting principally of raw materials and finished goods, are carried at the lower of cost or market. Cost is determined using the first-in, first-out (FIFO) method. Raw materials consist of purchased parts, components and supplies. The Company evaluates inventory balances and either writes-down its inventory to its net realizable value based on a lower of cost or market analysis or a obsolecense or records a reserve for slow moving or excess inventory. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets Software costs incurred in the research, design and development of software for sale to others as a separate product or embedded in a product and sold as part of the product as a whole are charged to expense until technological feasibility is established. Costs incurred in connection with the enhancement of software that has reached technological feasibility are capitalized and amortized on a straight-line basis over five years, beginning when the products are offered for sale or the enhancements are integrated into the products. Management is required to use its judgment in determining whether software costs meet the criteria for immediate expense or capitalization, in accordance with U.S. GAAP. The unamortized capitalized costs of a computer software product are compared to the net realizable value of that product and any excess is written off. The Company’s proprietary software solutions operate in a fast changing industry that may generate unknown methods of detecting and monitoring disturbances that could render its technology inferior, resulting in the Company’s results of operations being materially adversely affected. The Company does, however, closely monitor trends and changes in technologies and customer demand that could adversely impact its competitiveness and overall success. It is reasonably possible that those estimates of anticipated future gross revenues, the remaining estimated economic life of the product, or both will be reduced significantly in the near term due to competitive pressures. As a result, the Company recorded an impairment charge of $ 2.1 0 Costs incurred for product enhancements are charged to expense as research and development until the technological feasibility of the enhancement has been established. These enhancements are amortized on a straight line basis over the useful life of the product enhancement which is currently estimated to be five years beginning when the enhancements are integrated into the products that are offered for sale. Patents and licenses are measured initially at purchase cost and are amortized on a straight line basis over their useful lives which range between 18.5 20 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are presented at cost at the date of acquisition. Depreciation is computed using the straight-line method over estimated useful asset lives, which range from 3 7 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets Long lived assets including certain intangible assets with finite lives are reviewed for impairment annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the undiscounted future net cash flows expected to be generated by that asset. If the carrying amount of an asset exceeds its estimated future undiscounted cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Impairment of intangible assets amounted to $ 2.1 0 0 0 |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts Trade accounts receivable are recorded net of allowances for cash discounts for prompt payment, doubtful accounts, and sales returns. Estimates for cash discounts and sales returns are based on analysis of contractual terms and historical trends. In the event that management determines that a receivable becomes uncollectible, or events or circumstances change, which result in a temporary cessation of payments from the customer, the Company will make a best estimate of probable or potential losses in accounts receivable balance using the allowance method for each quarterly period. Management will periodically review the receivables at the end of each quarterly reporting period and the appropriate accrual will be made based on current available evidence and historical experience. Allowance for doubtful accounts were $ 87 30 |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company recognizes revenues when persuasive evidence of an arrangement exists, services have been rendered, the price is fixed and determinable, and collectability is reasonably assured. Revenues from management and consulting, time-and-materials service contracts, maintenance agreements and other services are recognized as the services are provided or at the time the goods are shipped and title as passed. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expenses Development expenses consist primarily of salaries and related costs for technical and programming personnel associated with the Company’s software and the products for which such software is embedded. These costs are expensed as incurred. |
Accounting for Preferred Stock Warrants [Policy Text Block] | Common Stock Purchase Warrants and Other Derivative Financial Instruments The Company classifies common stock purchase warrants and other free standing derivative financial instruments as equity if the contracts (i) require physical settlement or net-share settlement in common stock or (ii) give the Company a choice of net-cash settlement or settlement in common stock (physical settlement or net-share settlement). The Company classifies the following contracts as either an asset or a liability: contracts that (i) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the control of the Company), (ii) give the counterparty a choice of net-cash settlement or settlement in common stock (physical settlement or net-share settlement) or (iii) contain reset provisions. The Company assesses classification of its freestanding derivatives at each reporting date to determine whether a change in classification between assets and liabilities is required. |
Derivatives, Policy [Policy Text Block] | Convertible Instruments The Company evaluates and bifurcates conversion features from the instruments containing such features and accounts for them as free standing derivative financial instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the underlying instrument, (b) the hybrid instrument that contains both the embedded derivative instrument and the underlying instrument is not re-measured at fair value under otherwise applicable U.S. GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes using the assets and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the tax rate is recognized in income or expense in the period that the change is effective. Tax benefits are recognized when it is probable that the deduction will be sustained. A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The Company files a U.S. federal and state income tax return. The Company recognizes liabilities for uncertain tax positions based on the two-step process prescribed by U.S. GAAP. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the tax benefit as the largest amount that is more than 50 |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation The Company accounts for stock-based awards to employees in accordance with U.S. GAAP, which requires compensation expense related to share-based transactions, including employee stock options, to be measured and recognized in the financial statements based on a determination of the fair value of the stock options. The grant date fair value is determined using the Black-Scholes-Merton (“Black-Scholes”) pricing model. For all employee stock options, the Company recognizes expense over the employee’s requisite service period (generally the vesting period of the equity grant). The Company’s option pricing model requires the input of highly subjective assumptions, including the expected stock price volatility, and expected term. Any changes in these highly subjective assumptions significantly impact stock-based compensation expense. Equity instruments issued to non-employees are recorded on the basis of the fair value of the instruments, as required by Accounting Standards Codification (“ASC”) 718. ASC No. 505, Equity Based Payments to Non-Employees (“ASC 505”), defines the measurement date and recognition period for such instruments. In general, the measurement date is (a) when a performance commitment, as defined, is reached or (b) when the earlier of (i) the non-employee performance is complete and (ii) the instruments are vested. The measured value related to the instruments is recognized over a period based on the facts and circumstances of each particular grant as defined in ASC 505. The unvested portions of non-employee awards are revalued each reporting period. |
Treasury Stock Policy [Policy Text Block] | Treasury Stock Shares of common stock repurchased are recorded at cost as treasury stock. When shares are reissued, the cost method is used for determining cost. In accordance with GAAP, the excess of the acquisition cost over the reissuance price of the treasury stock, if any, is recorded to additional paid-in capital, limited to the amount previously credited to additional paid-in capital, if any. Any excess is charged to accumulated deficit. |
Earnings Per Share, Policy [Policy Text Block] | Loss Per Share Basic loss per common share amounts are based on weighted average number of common shares outstanding. Diluted loss per share amounts are based on the weighted average number of common shares outstanding, plus the incremental shares that would have been outstanding upon the assumed exercise of all potentially dilutive stock options, warrants, convertible preferred stock, and convertible debt. All such potentially dilutive instruments were anti-dilutive as of December 31, 2015 and 2014. At December 31, 2015 and 2014 approximately 11.9 0.7 |
Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | Warranty Reserve Although the Company tests its product in accordance with its quality programs and processes, its warranty obligation is affected by product failure rates and service delivery costs incurred in correcting a product failure. Should actual product failure rates or service costs differ from the Company’s estimates, which are based on limited historical data, where applicable, revisions to the estimated warranty liability would be required. The warranty reserve for the fiscal year ending December 31, 2015 and 2014 was $ 9,000 9,000 There were immaterial warranty accruals during the year ended December 31, 2015 and immaterial claims made. |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs Advertising costs are charged to operations as incurred. Advertising costs amounted to $ 48,000 347,000 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments U.S. GAAP requires disclosing the fair value of financial instruments to the extent practicable for financial instruments which are recognized or unrecognized in the balance sheet. The fair value of the financial instruments disclosed herein is not necessarily representative of the amount that could be realized or settled, nor does the fair value amount consider the tax consequences of realization or settlement. In assessing the fair value of financial instruments, the Company uses a variety of methods and assumptions, which are based on estimates of market conditions and risks existing at the time. For certain instruments, including accounts receivable, accounts payable, and accrued expenses, the fair value was estimated that the carrying amount approximated fair value because of the short maturities of these instruments. All debt is based on current rates at which the Company could borrow funds with similar remaining maturities and approximates fair value. U.S. GAAP establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use on unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is described below: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. Quoted Prices in Active Markets for Identical Significant Other Significant Assets/Liabilities Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total Assets: Capitalized software development costs $ $ $ 7,147,000 $ 7,147,000 Total $ $ $ 7,147,000 $ 7,147,000 Liabilities: $ $ $ $ Derivative liability 1,284,000 1,284,000 Total $ $ $ 1,284,000 $ 1,284,000 The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2014, consistent with the fair value hierarchy provisions: Quoted Prices in Active Markets for Identical Significant Other Significant Assets/Liabilities Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total Assets: $ $ $ $ Liabilities: Preferred stock -conversion feature $ $ $ 150,000 $ 150,000 Preferred stock -warrants $ $ $ 120,000 $ 120,000 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Principles The Financial Accounting Standards Board (the “FASB”) has issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842). ASU 2016-02 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. Public business entities are required to apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted upon issuance. The Company has not yet determined the effect of the adoption of this standard on the Company’s financial position and results of operations. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments Overall (Subtopic 825-10) (“ASU 2016-01”), which updates certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company has not yet determined the effect of the adoption of this standard will have on the Company’s financial position and results of operations. In August 2015, the FASB issued FASB ASU No. 2015-15, “InterestImputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements”. ASU 2015-15 clarified the presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements. Such costs may be presented in the balance sheet as an asset and subsequently amortized ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU 2015-15 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. Earlier adoption is permitted for financial statements that have not been previously issued. The adoption of this standard is not expected to have a material impact on the Company’s financial position and results of operations. The FASB has issued ASU No. 2014-09, Revenue from Contracts with Customers. This ASU supersedes the revenue recognition requirements in Accounting Standards Codification 605 - Revenue Recognition and most industry-specific guidance throughout the Codification. The standard requires that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This ASU is effective on January 1, 2017 and should be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the ASU recognized at the date of initial application. For all other entities, the amendments in this ASU are effective for annual reporting periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. A nonpublic entity may elect to apply this guidance earlier, however, only as prescribed in this ASU. The Company has not yet determined the effect of the adoption of this standard will have on the Company’s financial position and results of operations. In July 2015, the FASB issued ASU No. 2015-11, “ Simplifying the Measurement of Inventory In April 2015, the FASB issued ASU 2015-03, InterestImputation of Interest-Simplifying the Presentation of Debt Issuance Costs (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this update. Debt issuance costs related to revolving lines of credit are not within the scope of this new guidance. Additionally, in August 2015 the FASB issued guidance expanding the April 2015 update (ASU 2015-15). It states that, given the absence of authoritative guidance within the update, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset for revolving lines of credit and subsequently amortizing the deferred debt issuance costs ratably over the term of the arrangement, regardless of whether there are any outstanding borrowings on the line of credit. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted for financial statements that have not been previously issued. Full retrospective application is required. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements when adopted. In August 2014, FASB issued Accounting Standards Update (ASU) No. 2014-15, Disclosure of Uncertainties about an Entities Ability to Continue as a Going Concern, which is included in Accounting Standards Codification (ASC) 205, Presentation of Financial Statements |
SUMMARY OF SIGNIFICANT ACCOUN27
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2015, consistent with the fair value hierarchy provisions: Quoted Prices in Active Markets for Identical Significant Other Significant Assets/Liabilities Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total Assets: Capitalized software development costs $ $ $ 7,147,000 $ 7,147,000 Total $ $ $ 7,147,000 $ 7,147,000 Liabilities: $ $ $ $ Derivative liability 1,284,000 1,284,000 Total $ $ $ 1,284,000 $ 1,284,000 The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2014, consistent with the fair value hierarchy provisions: Quoted Prices in Active Markets for Identical Significant Other Significant Assets/Liabilities Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total Assets: $ $ $ $ Liabilities: Preferred stock -conversion feature $ $ $ 150,000 $ 150,000 Preferred stock -warrants $ $ $ 120,000 $ 120,000 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories included in the accompanying balance sheet are stated at the lower of cost or market as summarized below: December 31, December 31, 2015 2014 Raw materials $ 2,113,000 $ 2,084,000 Finished goods 1,803,000 2,186,000 Sub-total inventories 3,916,000 4,270,000 Less reserve for slow moving and excess inventory (1,061,000) (200,000) Total inventories, net $ 2,855,000 $ 4,070,000 |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts receivable consist of the following: December 31, December 31, 2015 2014 Accounts receivable $ 572,000 $ 252,000 Accounts receivable related party (see note 16) 156,000 480,000 728,000 732,000 Allowance for doubtful accounts (87,000) (30,000) Net accounts receivable $ 641,000 $ 702,000 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property and equipment consists of the following: Useful Life (years) December 31, 2015 2014 Cost: Furniture and equipment 3 7 years $ 3,157,000 $ 2,930,000 Accumulated depreciation (2,365,000) (2,114,000) Property and equipment, net $ 792,000 $ 816,000 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Intangible assets consist of the following: Software Development Costs Patents & Licenses Cost A.A. Cost A.A. Total Balance as of December 31, 2013 $ 14,788,000 $ (2,574,000) $ 12,275,000 $ (6,293,000) $ 18,196,000 Additions 1,667,000 103,000 1,770,000 Amortization (2,920,000) (664,000) (3,584,000) Balance as of December 31, 2014 $ 16,455,000 $ (5,494,000) $ 12,378,000 $ (6,957,000) $ 16,382,000 Additions 2,192,000 2,192,000 Impairments (2,092,000) (2,092,000) Amortization (3,914,000) (665,000) (4,579,000) Balance as of December 31, 2015 $ 18,647,000 $ (11,500,000) $ 12,378,000 $ (7,622,000) $ 11,903,000 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Estimated amortization expense for total intangible assets for the succeeding five years is as follows: 2016 $ 3,989,000 2017 3,568,000 2018 1,680,000 2019 664,000 2020 664,000 Thereafter 1,338,000 $ 11,903,000 |
OBLIGATIONS UNDER CAPITAL LEA32
OBLIGATIONS UNDER CAPITAL LEASE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases, Capital [Abstract] | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | The future minimum payments for capital leases as of December 31, 2015 are as follows: 2016 $ 66,000 2017 66,000 2018 24,000 2019 16,000 2020 14,000 Total minimum lease payments 186,000 Less amount representing interest (26,000) Present value of the net minimum lease payments 160,000 Less obligations under capital lease maturing within one year 54,000 Long-term portion of obligations under capital lease $ 106,000 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision (benefit) for income taxes consists of the following: December 31, 2015 2014 Current tax provision (benefit) Federal $ $ State Deferred tax provision (benefit) Federal (6,923,000) (5,530,980) State (741,000) (547,020) Change in valuation allowance 7,664,000 6,078,000 Income tax provision (benefit) $ $ |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of the statutory tax rate to the effective tax rate is as follows: December 31, 2015 2014 Statutory Federal income tax rate 34.0 % 35 % State and local taxes net of Federal benefit 4.15 5.50 Permanent differences 4.77 (1.90) Valuation allowance (42.92) (38.60) Effective tax rate % % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of the Company’s deferred tax assets are as follows: December 31, 2015 2014 Deferred Tax Assets Federal R&D credit $ 2,285,000 $ 2,285,000 Inventory 399,000 75,000 Allowance for bad debt 33,000 11,000 Compensation Related 68,000 113,000 Other Accruals 9,000 184,000 State NOL 5,094,000 4,540,000 Federal NOL 47,831,000 42,658,000 Property & Equipment 157,000 187,000 Stock Options 7,371,000 7,172,000 Valuation Allowance (59,023,000) (51,359,000) Total Deferred Tax Assets 4,224,000 5,866,000 Deferred Tax Liabilities Intangibles (4,224,000) (5,866,000) Total Deferred Tax Liabilities (4,224,000) (5,866,000) Net Deferred Tax Asset/(Liability) $ - $ - |
DERIVATIVE LIABILITIES (Tables)
DERIVATIVE LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
DERIVATIVE LIABILITY [Line Items] | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The table below sets forth a summary of changes in the fair value of the Company’s Level 3 derivative warrant associated with the August 2015 underwritten offering for the year ended December 31, 2015: Series B and Series A Settlement Series C Series D Total Balance at January 1, 2015 $ $ $ $ $ Recognition of warrant liability on issuance date 2,053,000 4,275,000 178,000 347,000 6,853,000 Reclassification of derivative liability to stockholders’ equity upon exercise (2,617,000) (714,000) (464,000) (3,795,000) Change in fair value of derivative liabilities (1,124,000) (1,316,000) 536,000 117,000 (1,787,000) Balance at December 31, 2015 $ 929,000 $ 342,000 $ $ $ 1,271,000 |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | The following are the key assumptions used in connection with the valuation of the warrants associated with the August 2015 offering into common stock on the date of issuance, various exercise dates, and December 31, 2015: Series A Series B Series C Series D Date of warrant 8/19/2015 8/19/2015 8/19/2015 8/19/2015 Number of shares underlying the warrants 2,500,000 2,450,000 2,550,000 4,950,000 Fair market value of stock $ 0.65 $ 0.65 $ 0.65 $ 0.65 Exercise price $ 1.00 $ 0.01 $ 1.00 $ 0.99 Volatility 121.4 % 121.4 % 125.4 % 125.4 % Risk-free interest rate 1.03 % 1.03 % 0.30 % 0.30 % Expected dividend yield Warrant life (years) 5 5 0.25 0.25 Series B Series A Settlement Date of warrant 11/10 to 11/19/2015 11/2/2015 Number of shares underlying the warrants 3,457,501 2,450,000 Fair market value of stock $ 0.25 to 0.53 $ 0.60 Exercise price $ 1.00 $ 0.75 Volatility 123 to 127 % 128 % Risk-free interest rate 0.93 % 0.26 % Expected dividend yield Warrant life (years) 5 3 Series B Series A Settlement Series C Series D Number of shares underlying the warrants on December 31, 2015 5,957,501 2,450,000 Fair market value of stock $ 0.23 $ 0.23 $ $ Exercise price $ 1.00 $ 0.75 $ $ Volatility 129 % 140 % % % Risk-free interest rate 1.2 % 0.48 % % % Expected dividend yield Warrant life (years) 4.63 to 4.88 2.83 |
Derivative Financial Instruments, Liabilities [Member] | |
DERIVATIVE LIABILITY [Line Items] | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table sets forth a summary of the changes in the fair value of our Level 3 financial liabilities that are measured at fair value on a recurring basis: Years Ended December 31, 2015 2014 Beginning balance $ 270,000 $ - Recognition of conversion feature liability 769,000 150,000 Recognition of warrant liability on issuance date 7,268,000 120,000 Reclassification to stockholders’ equity upon exercise (4,464,000) - Change in fair value of derivative liabilities (2,559,000) - Ending balance $ 1,284,000 $ 270,000 |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | The following are the key assumptions used in connection with the valuation of the conversion options associated with the Series A Financing, Series B Financing, and Series C Financing on the date of issuance, at December 31, 2014 and December 31, 2015: Series A Series B Series B Series C Financing Financing (Related Party) Financing Date of issuance 12/31/2014 2/11/2015 2/24/2015 2/24/2015 Number of shares convertible into 750,000 350,000 845,000 1,800,000 Fair market value of stock $ 5.10 $ 4.22 $ 4.50 $ 4.50 Conversion price $ 5.70 $ 3.57 $ 4.00 $ 4.00 Volatility 131 % 143.4 % 143.4 % 143.4 % Risk-free interest rate 0.25 % 0.24 % 0.22 % 0.22 % Expected dividend yield 7 % 7 % 7 % 7 % Life of convertible preferred stock (years) 1 1 1 1 |
Preferred Stock [Member] | |
DERIVATIVE LIABILITY [Line Items] | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The table below sets forth a summary of changes in the fair value of the Company’s Level 3 derivative liabilities (conversion option and warrant derivatives) associated with the Series A Financing, Series B Financing, and Series C Financing for the year ended December 31, 2015: Series A Series B Series B Series C Financing Financing (Related Party) Financing Total Balance at January 1, 2015 $ 270,000 $ $ $ $ 270,000 Recognition of conversion feature liability 81,000 220,000 468,000 769,000 Recognition of warrant derivative liability 45,000 118,000 252,000 415,000 Reclassification to stockholders’ equity upon conversion (150,000) (54,000) (220,000) (245,000) (669,000) Change in fair value of derivative liabilities (114,000) (71,000) (117,000) (470,000) (772,000) Balance at December 31, 2015 $ 6,000 $ 1,000 $ 1,000 $ 5,000 $ 13,000 |
Warrant [Member] | |
DERIVATIVE LIABILITY [Line Items] | |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | The following are the key assumptions used in connection with the valuation of the warrants associated with the Series A Financing, Series B Financing, and Series C Financing at December 31, 2014, their respective issuance dates, and December 31, 2015: Series A Series B Series B Series C Financing Financing (Related Party) Financing Date of warrant 12/31/2014 2/11/2015 2/24/2015 2/24/2015 Number of shares underlying the warrants 37,500 17,500 42,250 90,000 Fair market value of stock $ 5.10 $ 4.22 $ 4.50 $ 4.50 Exercise price $ 20.00 $ 20.00 $ 20.00 $ 20.00 Volatility 112.9 % 120.6 % 115.8 % 115.8 % Risk-free interest rate 0.96 % 0.90 % 0.90 % 0.90 % Expected dividend yield Warrant life (years) 5 5 5 5 Series A Series B Series B Series C Financing Financing (Related Party) Financing Number of shares underlying the warrants on December 31, 2015 37,500 17,500 42,250 90,000 Fair market value of stock $ 0.23 $ 0.23 $ 0.23 $ 0.23 Exercise price $ 11.50 $ 11.50 $ 20.00 $ 11.50 Volatility 118.4 % 116.8 % 116.3 % 116.3 % Risk-free interest rate 1.2 % 1.2 % 1.2 % 1.2 % Expected dividend yield Warrant life (years) 4.00 4.10 4.15 4.15 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Class of Warrant or Right [Line Items] | |
Schedule of Share-based Compensation, Activity [Table Text Block] | A summary of the warrant and option activity is as follows: Number of Weighted Options/Warrants Average (in Shares) Exercise Price Warrants Outstanding, January 1, 2015 462,116 $ 61.60 Granted 23,172,251 0.51 Exercised (14,030,000) 0.13 Forfeited or Expired (585,000) 1.15 Warrants Outstanding, December 31, 2015 9,019,367 4.21 Exercisable, December 31, 2015 9,019,367 $ 4.21 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Each option is estimated on the date of grant, using the Black-Scholes model and the following assumptions (all in weighted averages): 2015 2014 Exercise price $ 2.55 $ 14.20 Volatility 116 % 118 % Risk-free interest rate 1.54 % 1.63 % Expected dividend yield 0 % 0 % Expected term (years) 6 6 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Summary information regarding the warrants as of December 31, 2015 is as follows: Weighted Average Remaining Number Outstanding (in Contractual Life Exercise Price shares) (in years) $0.75 2,450,000 2.83 $1.00 5,957,501 4.77 $11.50 145,000 4.10 $20.00 42,250 4.14 $21.88 17,145 2.89 $35.00 7,074 2.65 $55.00 57,144 0.13 $68.70 326,680 2.66 $78.70 1,429 0.28 $87.50 14,286 2.04 $350.00 858 1.20 Exercisable, December 31, 2015 9,019,367 |
Equity Incentive Plans One [Member] | |
Class of Warrant or Right [Line Items] | |
Schedule of Share-based Compensation, Activity [Table Text Block] | A summary of the Company’s historical stock option plan activity as of December 31, 2015 is as follows: Shares Shares Options Plan Name Options Authorized Options Granted Exercised Forfeited/Expired Outstanding 2004 14,287 14,287 (6,746) (4,683) 2,858 2005 14,287 14,287 (1,000) (13,287) 0 2006 31,429 31,011 (631) (7,242) 23,138 2007 2,858 2,572 (429) 2,143 2009 28,572 35,844 (1,005) (14,970) 19,869 2013 90,630 49,323 (12,644) 36,679 2015 236,500 236,500 (18,000) 218,500 Total 418,563 383,824 (9,382) (71,255) 303,187 |
Equity Incentive Plans Two [Member] | |
Class of Warrant or Right [Line Items] | |
Schedule of Share-based Compensation, Activity [Table Text Block] | A summary of the status of the Company’s stock option plans for the years ended December 31, 2015 and 2014 is as follows: Weighted Number of Options Average (in Shares) Exercise Price Options Outstanding, January 1, 2015 95,940 $ 266.86 Granted 244,500 2.55 Exercised Forfeited or Expired (37,253) 53.75 Options outstanding, December 31, 2015 303,187 79.90 Exercisable, December 31, 2015 65,723 $ 356.27 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Summary information regarding the options outstanding and exercisable at December 31, 2015 is as follows: Outstanding Exercisable Weighted Average Number Remaining Weighted Number Weighted Outstanding (in Contractual Life Average Exercisable (in Average Range of Exercise Prices shares) (in years) Exercise Price shares) Exercise Price $2.50 80.50 263,489 9.13 $ 6.34 26,474 $ 34.79 84 238 13,597 6.65 125.17 13,148 124.93 350 700 23,538 0.19 688.20 23,538 688.20 1,225 2,890 2,563 1.01 1,815.45 2,563 1,815.45 303,187 65,723 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Total obligation of minimum future annual rentals, exclusive of real estate taxes and related costs, are approximately as follows: Year Ending December 31, 2016 $ 215,000 2017 84,000 2018 87,000 2019 66,000 $ 452,000 |
SUBSEQUENT EVENTS (Tables)
SUBSEQUENT EVENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The preliminary purchase price allocation was based, in part, on management’s knowledge of IMT’s business and the preliminary results of a third party appraisal commissioned by management. Purchase Consideration Amount of consideration: $ 3,000,000 Tangible assets acquired and liabilities assumed at preliminary fair value Cash $ 477,000 Accounts receivable 676,000 Inventories 2,649,000 Property and equipment 133,000 Prepaid expenses 55,000 Accounts payable and deferred revenue (423,000) Deferred rent (167,000) Accrued expenses (378,000) Net tangible assets acquired $ 3,022,000 Identifiable intangible assets Trade names and technology $ 320,000 Customer relationships 170,000 Total Identifiable Intangible Assets $ 490,000 Total net assets acquired $ 3,512,000 Consideration paid 3,000,000 Preliminary gain on bargain purchase $ 512,000 |
Business Acquisition, Pro Forma Information [Table Text Block] | The following presents the unaudited pro-forma combined results of operations of the Company with IMT as if the acquisition occurred on January 1, 2014. For the Year Ended 2015 2014 Revenues, net $ 8,160 $ 14,970 Net loss allocable to common shareholders $ (24,634) $ (21,339) Net loss per share $ (3.24) $ (9.34) Weighted average number of shares outstanding 7,599 2,285 |
NATURE OF OPERATIONS (Details T
NATURE OF OPERATIONS (Details Textual) - USD ($) | Jul. 09, 2015 | Mar. 29, 2016 | Jan. 29, 2016 | Dec. 31, 2015 | Sep. 28, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Stockholders' Equity, Reverse Stock Split | 1-for-10 | ||||
Business Combination, Consideration Transferred, Total | $ 3,000,000 | ||||
Debt Instrument, Face Amount | $ 2,000,000 | ||||
First Notice [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Bid Price Per Share | $ 1 | ||||
Subsequent Event [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Stock Closing Bid Price Minimum | $ 1 | ||||
Subsequent Event [Member] | Integrated Microwave Technologies [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Business Combination, Consideration Transferred, Total | $ 3,000,000 | ||||
Subsequent Event [Member] | Integrated Microwave Technologies [Member] | Initial Payment Note [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Instrument, Face Amount | $ 1,500,000 | ||||
Debt Instrument, Maturity Date | Mar. 31, 2016 | ||||
Subsequent Event [Member] | Integrated Microwave Technologies [Member] | Deferred Payment Note [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Instrument, Face Amount | $ 1,500,000 | ||||
Debt Instrument, Maturity Date | Jul. 29, 2017 |
GOING CONCERN (Details Textual)
GOING CONCERN (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Going Concern Disclosure [Line Items] | ||
Retained Earnings (Accumulated Deficit) | $ (188,397) | $ (170,540) |
Net Income (Loss) Attributable to Parent, Total | $ (17,857) | $ (18,978) |
SUMMARY OF SIGNIFICANT ACCOUN40
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Assets - Carrying Amount | $ 7,147,000 | $ 0 |
Liabilities: | ||
Liabilities - Carrying Amount | 1,284,000 | |
Derivative Financial Instruments, Liabilities [Member] | ||
Liabilities: | ||
Liabilities - Carrying Amount | 0 | |
Capitalized software development costs [Member] | ||
Assets: | ||
Assets - Carrying Amount | 7,147,000 | |
Preferred stock -warrants [Member] | ||
Liabilities: | ||
Liabilities - Carrying Amount | 1,284,000 | 120,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Assets - Carrying Amount | 0 | 0 |
Liabilities: | ||
Liabilities - Carrying Amount | 0 | |
Fair Value, Inputs, Level 1 [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Liabilities: | ||
Liabilities - Carrying Amount | 0 | |
Fair Value, Inputs, Level 1 [Member] | Capitalized software development costs [Member] | ||
Assets: | ||
Assets - Carrying Amount | 0 | |
Fair Value, Inputs, Level 1 [Member] | Preferred stock -warrants [Member] | ||
Liabilities: | ||
Liabilities - Carrying Amount | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Assets - Carrying Amount | 0 | 0 |
Liabilities: | ||
Liabilities - Carrying Amount | 0 | |
Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Liabilities: | ||
Liabilities - Carrying Amount | 0 | |
Fair Value, Inputs, Level 2 [Member] | Capitalized software development costs [Member] | ||
Assets: | ||
Assets - Carrying Amount | 0 | |
Fair Value, Inputs, Level 2 [Member] | Preferred stock -warrants [Member] | ||
Liabilities: | ||
Liabilities - Carrying Amount | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Assets - Carrying Amount | 7,147,000 | 0 |
Liabilities: | ||
Liabilities - Carrying Amount | 1,284,000 | |
Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Liabilities: | ||
Liabilities - Carrying Amount | 0 | |
Fair Value, Inputs, Level 3 [Member] | Capitalized software development costs [Member] | ||
Assets: | ||
Assets - Carrying Amount | 7,147,000 | |
Fair Value, Inputs, Level 3 [Member] | Preferred stock -warrants [Member] | ||
Liabilities: | ||
Liabilities - Carrying Amount | $ 1,284,000 | 120,000 |
Preferred stock -conversion feature [Member] | ||
Liabilities: | ||
Liabilities - Carrying Amount | 150,000 | |
Preferred stock -conversion feature [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Liabilities: | ||
Liabilities - Carrying Amount | 0 | |
Preferred stock -conversion feature [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities: | ||
Liabilities - Carrying Amount | 0 | |
Preferred stock -conversion feature [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities: | ||
Liabilities - Carrying Amount | $ 150,000 |
SUMMARY OF SIGNIFICANT ACCOUN41
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, at Carrying Value, Total | $ 368,000 | $ 758,000 | $ 5,517,000 |
Impairment of Intangible Assets, Finite-lived | 2,100,000 | 0 | |
Impairment of Long-Lived Assets to be Disposed of | 0 | 0 | |
Allowance for Doubtful Accounts Receivable, Current | $ 87,000 | 30,000 | |
Effective Income Tax Rate Reconciliation, Tax Settlement, Domestic, Percent | 50.00% | ||
Liability for Uncertain Tax Positions, Current | $ 0 | $ 0 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 11.9 | 0.7 | |
Advertising Expense | $ 48,000 | $ 347,000 | |
Cash, Uninsured Amount | 250,000 | ||
Computer Software, Intangible Asset [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of Intangible Assets, Finite-lived | 2,100,000 | 0 | |
Warranty Reserves [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Product Warranty Expense | $ 9,000 | $ 9,000 | |
Minimum [Member] | Property, Plant and Equipment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Maximum [Member] | Property, Plant and Equipment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
Patents And Licenses [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 18 years 6 months | ||
Patents And Licenses [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory [Line Items] | ||
Raw materials | $ 2,113,000 | $ 2,084,000 |
Finished goods | 1,803,000 | 2,186,000 |
Sub-total inventories | 3,916,000 | 4,270,000 |
Less reserve for slow moving and excess inventory | (1,061,000) | (200,000) |
Total inventories, net | $ 2,078,000 | $ 0 |
INVENTORIES (Details Textual)
INVENTORIES (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Inventory [Line Items] | ||
Inventory Valuation Reserves | $ 1,061,000 | $ 200,000 |
Inventory Write-down | $ 0 | $ 159,000 |
ACCOUNTS RECEIVABLE (Details)
ACCOUNTS RECEIVABLE (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 572,000 | $ 252,000 |
Accounts receivable - related party (see note 16) | 156,000 | 480,000 |
Accounts Receivable, Gross | 728,000 | 732,000 |
Allowance for doubtful accounts | (87,000) | (30,000) |
Net accounts receivable | $ 641,000 | $ 702,000 |
ACCOUNTS RECEIVABLE (Details Te
ACCOUNTS RECEIVABLE (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Provision for Doubtful Accounts | $ 78 | $ 14 |
Increase (Decrease) in Accounts Receivable | $ (336) | $ (185) |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cost: | ||
Furniture and equipment | $ 3,157,000 | $ 2,930,000 |
Accumulated depreciation | (2,365,000) | (2,114,000) |
Property and equipment, net | $ 792,000 | $ 816,000 |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Cost: | ||
Useful Life | 7 years | |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Cost: | ||
Useful Life | 3 years |
PROPERTY AND EQUIPMENT (Detai47
PROPERTY AND EQUIPMENT (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Prior Period Reclassification Adjustment | $ 163,000 | |
Depreciation | $ 251,000 | $ 287,000 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Balance Beginning | $ 16,382,000 | $ 18,196,000 |
Additions | 2,192,000 | 1,770,000 |
Impairments | (2,092,000) | |
Amortization | (4,579,000) | (3,584,000) |
Balance Ending | 11,903,000 | 16,382,000 |
Patents And Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance Beginning, Cost | 12,378,000 | 12,275,000 |
Balance Beginning, A.A. | (6,957,000) | (6,293,000) |
Additions | 0 | 103,000 |
Impairments | 0 | |
Amortization | (665,000) | (664,000) |
Balance Ending, Cost | 12,378,000 | 12,378,000 |
Balance Ending, A.A. | (7,622,000) | (6,957,000) |
Software Development [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance Beginning, Cost | 16,455,000 | 14,788,000 |
Balance Beginning, A.A. | (5,494,000) | (2,574,000) |
Additions | 2,192,000 | 1,667,000 |
Impairments | (2,092,000) | |
Amortization | (3,914,000) | (2,920,000) |
Balance Ending, Cost | 18,647,000 | 16,455,000 |
Balance Ending, A.A. | $ (11,500,000) | $ (5,494,000) |
INTANGIBLE ASSETS (Details 1)
INTANGIBLE ASSETS (Details 1) | Dec. 31, 2015USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,016 | $ 3,989,000 |
2,017 | 3,568,000 |
2,018 | 1,680,000 |
2,019 | 664,000 |
2,020 | 664,000 |
Thereafter | 1,338,000 |
Finite-Lived Intangible Assets, Net, Total | $ 11,903,000 |
INTANGIBLE ASSETS (Details Text
INTANGIBLE ASSETS (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 4,579,000 | $ 3,584,000 | |
Impairment of Intangible Assets, Finite-lived | $ 2,100,000 | 0 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 4 years 7 months 6 days | ||
Patents And Licenses [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 12,300,000 | ||
Intangible Assets, Gross (Excluding Goodwill), Total | 12,378,000 | 12,378,000 | $ 12,275,000 |
Amortization of Intangible Assets | 665,000 | 664,000 | |
Amortization Of Intangible Assets Accumulated Amortization | $ 100,000 | ||
Patents And Licenses [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 18 years 6 months | ||
Patents And Licenses [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Computer Software, Intangible Asset [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of Intangible Assets, Finite-lived | $ 2,100,000 | 0 | |
Software Development [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets, Gross (Excluding Goodwill), Total | 18,647,000 | 16,455,000 | $ 14,788,000 |
Amortization of Intangible Assets | $ 3,914,000 | $ 2,920,000 |
OBLIGATIONS UNDER CAPITAL LEA51
OBLIGATIONS UNDER CAPITAL LEASE (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Capital Lease Obligation [Line Items] | ||
2,016 | $ 66,000 | |
2,017 | 66,000 | |
2,018 | 24,000 | |
2,019 | 16,000 | |
2,020 | 14,000 | |
Total minimum lease payments | 186,000 | |
Less amount representing interest | (26,000) | |
Present value of the net minimum lease payments | 160,000 | |
Less obligations under capital lease maturing within one year | 54,000 | |
Long-term portion of obligations under capital lease | $ 106,000 | $ 0 |
OBLIGATIONS UNDER CAPITAL LEA52
OBLIGATIONS UNDER CAPITAL LEASE (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Equipment [Member] | ||
Capital Lease Obligation [Line Items] | ||
Capital Leased Assets, Gross | $ 195,000 | $ 370,000 |
Capital Leases, Income Statement, Amortization Expense | $ 19,000 | $ 55,000 |
Minimum [Member] | ||
Capital Lease Obligation [Line Items] | ||
Interest Rate on Capital Leases | 7.60% | |
Lease Maturity Term | February 2,018 | |
Maximum [Member] | ||
Capital Lease Obligation [Line Items] | ||
Interest Rate on Capital Leases | 7.90% |
CONVERTIBLE NOTES PAYABLE (Deta
CONVERTIBLE NOTES PAYABLE (Details Textual) - USD ($) | Oct. 14, 2015 | Jul. 14, 2015 | Jun. 11, 2015 | Nov. 05, 2014 | May. 07, 2014 | Aug. 19, 2015 | Apr. 16, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 06, 2011 |
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||||
Debt Instrument, Face Amount | $ 2,000,000 | |||||||||
Proceeds from Notes Payable | 1,470,000 | $ 0 | ||||||||
Interest Payable, Current | 137,000 | 42,000 | ||||||||
Repayments of Notes Payable | $ 702,000 | 702,000 | 0 | |||||||
Debt Instrument, Periodic Payment, Interest | 9,700 | |||||||||
Proceeds from Issuance of Debt | $ 234,000 | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 7,000,000 | |||||||||
Stock Issued During Period, Value, New Issues | $ 500,000 | |||||||||
First and Second Tranche [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from Notes Payable | 1,470,000 | |||||||||
Debt Instrument, Unamortized Discount | $ 163,333 | |||||||||
Convertible Notes Payable [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 758,263 | |||||||||
Debt Conversion, Original Debt, Amount | $ 150,000 | |||||||||
Interest Payable, Current | 39,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 24.00% | |||||||||
Debt Instrument, Convertible, Conversion Price | $ 5 | |||||||||
Debt Instrument, Convertible, Stock Price Trigger | $ 5 | |||||||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 85.00% | |||||||||
Debt Instrument, Convertible, Threshold Trading Days | 20 | |||||||||
Interest Expense, Debt, Total | $ 48,000 | |||||||||
Line of Credit Facility, Commitment Fee Percentage | 5.00% | |||||||||
Line of Credit Facility, Commitment Fee Amount | $ 163,500 | |||||||||
Convertible Notes Payable [Member] | Underwritten Public Offerings [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 135.00% | |||||||||
Debt Instrument, Convertible, Threshold Trading Days | 60 | |||||||||
Debt Instrument, Redemption Price, Percentage | 125.00% | |||||||||
Convertible Notes Payable [Member] | Public Offering [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 135.00% | |||||||||
Debt Instrument, Convertible, Threshold Trading Days | 60 | |||||||||
Debt Instrument, Redemption Price, Percentage | 125.00% | |||||||||
Convertible Notes Payable [Member] | First Tranche [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Maturity Date | Dec. 11, 2015 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||||
Debt Instrument, Face Amount | $ 1,166,666 | |||||||||
Long-term Debt, Gross | $ 1,050,000 | |||||||||
Proceeds from Issuance of Debt | $ 466,667 | |||||||||
Debt Instrument, Maturity Date Range, End | Mar. 11, 2016 | |||||||||
Convertible Notes Payable [Member] | Second Tranche [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Maturity Date | Jan. 14, 2016 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||||
Long-term Debt, Gross | $ 420,000 | |||||||||
Proceeds from Convertible Debt | $ 400,000 | |||||||||
Debt Instrument, Maturity Date Range, End | Apr. 14, 2016 | |||||||||
Treco International, S.A [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Maturity Date | Oct. 6, 2018 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | |||||||||
Accrued Interest And Fees | $ 42,329 | 42,329 | ||||||||
Long-term Debt, Gross | $ 2,000,000 | |||||||||
Debt Instrument, Convertible, Conversion Price | $ 350 | |||||||||
Treco International, S.A [Member] | Convertible Notes Payable [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 169,812 | 5,057 | 3,410 | 30,623 | ||||||
Long-term Debt, Gross | 2,000,000 | |||||||||
Paid-in-Kind Interest | $ 90,000 | $ 90,000 | $ 90,000 | $ 90,000 | ||||||
Interest Expense, Debt, Total | $ 180,000 | $ 180,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Current tax provision (benefit) | ||
Federal | $ 0 | $ 0 |
State | 0 | 0 |
Current Income Tax Expense (Benefit), Total | 0 | 0 |
Deferred tax provision (benefit) | ||
Federal | (6,923,000) | (5,530,980) |
State | (741,000) | (547,020) |
Change in valuation allowance | 7,664,000 | 6,078,000 |
Income tax provision (benefit) | $ 0 | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | ||
Statutory Federal income tax rate | 34.00% | 35.00% |
State and local taxes net of Federal benefit | 4.15% | 5.50% |
Permanent differences | 4.77% | (1.90%) |
Valuation allowance | (42.92%) | (38.60%) |
Effective tax rate | 0.00% | 0.00% |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Assets | ||
Federal R&D credit | $ 2,285,000 | $ 2,285,000 |
Inventory | 399,000 | 75,000 |
Allowance for bad debt | 33,000 | 11,000 |
Compensation Related | 68,000 | 113,000 |
Other Accruals | 9,000 | 184,000 |
State NOL | 5,094,000 | 4,540,000 |
Federal NOL | 47,831,000 | 42,658,000 |
Property & Equipment | 157,000 | 187,000 |
Stock Options | 7,371,000 | 7,172,000 |
Valuation Allowance | (59,023,000) | (51,359,000) |
Total Deferred Tax Assets | 4,224,000 | 5,866,000 |
Deferred Tax Liabilities | ||
Intangibles | (4,224,000) | (5,866,000) |
Total Deferred Tax Liabilities | (4,224,000) | (5,866,000) |
Net Deferred Tax Asset/(Liability) | $ 0 | $ 0 |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) $ in Millions | Dec. 31, 2015USD ($) |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 140.7 |
Deferred Tax Assets, Tax Credit Carryforwards, Research | $ 2.3 |
DERIVATIVE LIABILITIES (Details
DERIVATIVE LIABILITIES (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2015 | |
Derivative [Line Items] | ||
Reclassification to stockholders' equity upon conversion | $ 54,000 | |
Conversion Options [Member] | ||
Derivative [Line Items] | ||
Balance at beginning of year | $ 270,000 | |
Recognition of conversion feature liability | 769,000 | |
Recognition of warrant derivative liability | 415,000 | |
Reclassification to stockholders' equity upon conversion | (669,000) | |
Change in fair value of derivative liabilities | (772,000) | |
Balance at end of year | 13,000 | |
Series A Preferred Stock [Member] | ||
Derivative [Line Items] | ||
Reclassification to stockholders' equity upon conversion | 150,000 | |
Series A Preferred Stock [Member] | Conversion Options [Member] | ||
Derivative [Line Items] | ||
Balance at beginning of year | 270,000 | |
Recognition of conversion feature liability | 0 | |
Recognition of warrant derivative liability | 0 | |
Reclassification to stockholders' equity upon conversion | (150,000) | |
Change in fair value of derivative liabilities | (114,000) | |
Balance at end of year | 6,000 | |
Series B Preferred Stock [Member] | Conversion Options [Member] | ||
Derivative [Line Items] | ||
Balance at beginning of year | 0 | |
Recognition of conversion feature liability | 81,000 | |
Recognition of warrant derivative liability | 45,000 | |
Reclassification to stockholders' equity upon conversion | (54,000) | |
Change in fair value of derivative liabilities | (71,000) | |
Balance at end of year | 1,000 | |
Series B Preferred Stock [Member] | Related Party [Member] | Conversion Options [Member] | ||
Derivative [Line Items] | ||
Balance at beginning of year | 0 | |
Recognition of conversion feature liability | 220,000 | |
Recognition of warrant derivative liability | 118,000 | |
Reclassification to stockholders' equity upon conversion | (220,000) | |
Change in fair value of derivative liabilities | (117,000) | |
Balance at end of year | 1,000 | |
Series C Preferred Stock [Member] | ||
Derivative [Line Items] | ||
Reclassification to stockholders' equity upon conversion | $ 245,000 | |
Series C Preferred Stock [Member] | Conversion Options [Member] | ||
Derivative [Line Items] | ||
Balance at beginning of year | 0 | |
Recognition of conversion feature liability | 468,000 | |
Recognition of warrant derivative liability | 252,000 | |
Reclassification to stockholders' equity upon conversion | (245,000) | |
Change in fair value of derivative liabilities | (470,000) | |
Balance at end of year | $ 5,000 |
DERIVATIVE LIABILITIES (Detai59
DERIVATIVE LIABILITIES (Details 1) - $ / shares | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | |||
Volatility | 116.00% | 118.00% | |
Risk-free interest rate | 1.54% | 1.63% | |
Expected dividend yield | 0.00% | 0.00% | |
Life of Convertible Preferred Stock (year) | 6 years | 6 years | |
Series A Preferred Stock [Member] | 31 December 2014 | Conversion Options [Member] | |||
Derivative [Line Items] | |||
Date of issuance | Dec. 31, 2014 | ||
Number of shares convertible into | 750,000 | ||
Fair market value of stock | $ 5.10 | ||
Conversion Price | $ 5.70 | ||
Volatility | 131.00% | ||
Risk-free interest rate | 0.25% | ||
Expected dividend yield | 7.00% | ||
Life of Convertible Preferred Stock (year) | 1 year | ||
Series B Preferred Stock [Member] | 11 February 2015 | Conversion Options [Member] | |||
Derivative [Line Items] | |||
Date of issuance | Feb. 11, 2015 | ||
Number of shares convertible into | 350,000 | ||
Fair market value of stock | $ 4.22 | ||
Conversion Price | $ 3.57 | ||
Volatility | 143.40% | ||
Risk-free interest rate | 0.24% | ||
Expected dividend yield | 7.00% | ||
Life of Convertible Preferred Stock (year) | 1 year | ||
Series B Preferred Stock [Member] | 24 February 2015 | Related Party [Member] | Conversion Options [Member] | |||
Derivative [Line Items] | |||
Date of issuance | Feb. 24, 2015 | ||
Number of shares convertible into | 845,000 | ||
Fair market value of stock | $ 4.50 | ||
Conversion Price | $ 4 | ||
Volatility | 143.40% | ||
Risk-free interest rate | 0.22% | ||
Expected dividend yield | 7.00% | ||
Life of Convertible Preferred Stock (year) | 1 year | ||
Series C Preferred Stock [Member] | |||
Derivative [Line Items] | |||
Number of shares convertible into | 946,518 | ||
Series C Preferred Stock [Member] | 24 February 2015 | Conversion Options [Member] | |||
Derivative [Line Items] | |||
Date of issuance | Feb. 24, 2015 | ||
Number of shares convertible into | 1,800,000 | ||
Fair market value of stock | $ 4.50 | ||
Conversion Price | $ 4 | ||
Volatility | 143.40% | ||
Risk-free interest rate | 0.22% | ||
Expected dividend yield | 7.00% | ||
Life of Convertible Preferred Stock (year) | 1 year |
DERIVATIVE LIABILITIES (Detai60
DERIVATIVE LIABILITIES (Details 2) - $ / shares | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | |||
Volatility | 116.00% | 118.00% | |
Risk-free interest rate | 1.54% | 1.63% | |
Expected dividend yield | 0.00% | 0.00% | |
Warrant life (years) | 6 years | 6 years | |
Series A Preferred Stock [Member] | Warrant [Member] | |||
Derivative [Line Items] | |||
Number of shares underlying the Warrants | 37,500 | ||
Fair market value of stock | $ 0.23 | ||
Exercise Price | $ 11.50 | ||
Volatility | 118.40% | ||
Risk-free interest rate | 1.20% | ||
Expected dividend yield | 0.00% | ||
Warrant life (years) | 4 years | ||
Series A Preferred Stock [Member] | 31 December 2014 | Warrant [Member] | |||
Derivative [Line Items] | |||
Date of warrant | Dec. 31, 2014 | ||
Number of shares underlying the Warrants | 37,500 | ||
Fair market value of stock | $ 5.10 | ||
Exercise Price | $ 20 | ||
Volatility | 112.90% | ||
Risk-free interest rate | 0.96% | ||
Expected dividend yield | 0.00% | ||
Warrant life (years) | 5 years | ||
Series B Preferred Stock [Member] | Warrant [Member] | |||
Derivative [Line Items] | |||
Number of shares underlying the Warrants | 17,500 | ||
Fair market value of stock | $ 0.23 | ||
Exercise Price | $ 11.50 | ||
Volatility | 116.80% | ||
Risk-free interest rate | 1.20% | ||
Expected dividend yield | 0.00% | ||
Warrant life (years) | 4 years 1 month 6 days | ||
Series B Preferred Stock [Member] | Related Party [Member] | Warrant [Member] | |||
Derivative [Line Items] | |||
Number of shares underlying the Warrants | 42,250 | ||
Fair market value of stock | $ 0.23 | ||
Exercise Price | $ 20 | ||
Volatility | 116.30% | ||
Risk-free interest rate | 1.20% | ||
Expected dividend yield | 0.00% | ||
Warrant life (years) | 4 years 1 month 24 days | ||
Series B Preferred Stock [Member] | 11 February 2015 | Warrant [Member] | |||
Derivative [Line Items] | |||
Date of warrant | Feb. 11, 2015 | ||
Number of shares underlying the Warrants | 17,500 | ||
Fair market value of stock | $ 4.22 | ||
Exercise Price | $ 20 | ||
Volatility | 120.60% | ||
Risk-free interest rate | 0.90% | ||
Expected dividend yield | 0.00% | ||
Warrant life (years) | 5 years | ||
Series B Preferred Stock [Member] | 24 February 2015 | Related Party [Member] | Warrant [Member] | |||
Derivative [Line Items] | |||
Date of warrant | Feb. 24, 2015 | ||
Number of shares underlying the Warrants | 42,250 | ||
Fair market value of stock | $ 4.50 | ||
Exercise Price | $ 20 | ||
Volatility | 115.80% | ||
Risk-free interest rate | 0.90% | ||
Expected dividend yield | 0.00% | ||
Warrant life (years) | 5 years | ||
Series C Preferred Stock [Member] | |||
Derivative [Line Items] | |||
Number of shares underlying the Warrants | 946,518 | ||
Series C Preferred Stock [Member] | Warrant [Member] | |||
Derivative [Line Items] | |||
Number of shares underlying the Warrants | 90,000 | ||
Fair market value of stock | $ 0.23 | ||
Exercise Price | $ 11.50 | ||
Volatility | 116.30% | ||
Risk-free interest rate | 1.20% | ||
Expected dividend yield | 0.00% | ||
Warrant life (years) | 4 years 1 month 24 days | ||
Series C Preferred Stock [Member] | 24 February 2015 | Warrant [Member] | |||
Derivative [Line Items] | |||
Date of warrant | Feb. 24, 2015 | ||
Number of shares underlying the Warrants | 90,000 | ||
Fair market value of stock | $ 4.50 | ||
Exercise Price | $ 20 | ||
Volatility | 115.80% | ||
Risk-free interest rate | 0.90% | ||
Expected dividend yield | 0.00% | ||
Warrant life (years) | 5 years |
DERIVATIVE LIABILITIES (Detai61
DERIVATIVE LIABILITIES (Details 3) - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2015 | |
Reclassification of derivative liability to stockholders' equity upon exercise | $ 54,000 | |
August 2015 Underwritten Offering [Member] | ||
Balance at beginning of year | $ 0 | |
Recognition of warrant liability on issuance date | 6,853,000 | |
Reclassification of derivative liability to stockholders' equity upon exercise | (3,795,000) | |
Change in fair value of derivative liabilities | (1,787,000) | |
Balance at end of year | 1,271,000 | |
Series A Preferred Stock [Member] | ||
Reclassification of derivative liability to stockholders' equity upon exercise | 150,000 | |
Series A Preferred Stock [Member] | Warrant [Member] | August 2015 Underwritten Offering [Member] | ||
Balance at beginning of year | 0 | |
Recognition of warrant liability on issuance date | 2,053,000 | |
Reclassification of derivative liability to stockholders' equity upon exercise | 0 | |
Change in fair value of derivative liabilities | (1,124,000) | |
Balance at end of year | 929,000 | |
Series B Preferred Stock [Member] | Warrant [Member] | August 2015 Underwritten Offering [Member] | ||
Balance at beginning of year | 0 | |
Recognition of warrant liability on issuance date | 4,275,000 | |
Reclassification of derivative liability to stockholders' equity upon exercise | (2,617,000) | |
Change in fair value of derivative liabilities | (1,316,000) | |
Balance at end of year | 342,000 | |
Series C Preferred Stock [Member] | ||
Reclassification of derivative liability to stockholders' equity upon exercise | $ 245,000 | |
Series C Preferred Stock [Member] | Warrant [Member] | August 2015 Underwritten Offering [Member] | ||
Balance at beginning of year | 0 | |
Recognition of warrant liability on issuance date | 178,000 | |
Reclassification of derivative liability to stockholders' equity upon exercise | (714,000) | |
Change in fair value of derivative liabilities | 536,000 | |
Balance at end of year | 0 | |
Series D Preferred Stock [Member] | Warrant [Member] | August 2015 Underwritten Offering [Member] | ||
Balance at beginning of year | 0 | |
Recognition of warrant liability on issuance date | 347,000 | |
Reclassification of derivative liability to stockholders' equity upon exercise | (464,000) | |
Change in fair value of derivative liabilities | 117,000 | |
Balance at end of year | $ 0 |
DERIVATIVE LIABILITIES (Detai62
DERIVATIVE LIABILITIES (Details 4) - $ / shares | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Volatility | 116.00% | 118.00% | |
Risk-free interest rate | 1.54% | 1.63% | |
Expected dividend yield | 0.00% | 0.00% | |
Warrant life (years) | 6 years | 6 years | |
Series A Preferred Stock [Member] | Warrant [Member] | |||
Number of shares underlying the warrants | 37,500 | ||
Fair market value of stock | $ 0.23 | ||
Exercise price | $ 11.50 | ||
Volatility | 118.40% | ||
Risk-free interest rate | 1.20% | ||
Expected dividend yield | 0.00% | ||
Warrant life (years) | 4 years | ||
Series A Preferred Stock [Member] | Warrant [Member] | August 2015 Underwritten Offering [Member] | |||
Number of shares underlying the warrants | 5,957,501 | ||
Fair market value of stock | $ 0.23 | ||
Exercise price | $ 1 | ||
Volatility | 129.00% | ||
Risk-free interest rate | 1.20% | ||
Expected dividend yield | 0.00% | ||
Series A Preferred Stock [Member] | Warrant [Member] | August 2015 Underwritten Offering [Member] | Maximum [Member] | |||
Warrant life (years) | 4 years 10 months 17 days | ||
Series A Preferred Stock [Member] | Warrant [Member] | August 2015 Underwritten Offering [Member] | Minimum [Member] | |||
Warrant life (years) | 4 years 7 months 17 days | ||
Series A Preferred Stock [Member] | Warrant [Member] | 19 Auguest 2015 | August 2015 Underwritten Offering [Member] | |||
Number of shares underlying the warrants | 2,500,000 | ||
Fair market value of stock | $ 0.65 | ||
Exercise price | $ 1 | ||
Volatility | 121.40% | ||
Risk-free interest rate | 1.03% | ||
Expected dividend yield | 0.00% | ||
Warrant life (years) | 5 years | ||
Series A Preferred Stock [Member] | Warrant [Member] | 11/10 to 11/19/2015 | Maximum [Member] | |||
Fair market value of stock | $ 0.53 | ||
Volatility | 127.00% | ||
Series A Preferred Stock [Member] | Warrant [Member] | 11/10 to 11/19/2015 | Minimum [Member] | |||
Fair market value of stock | $ 0.25 | ||
Volatility | 123.00% | ||
Series A Preferred Stock [Member] | Warrant [Member] | 11/10 to 11/19/2015 | August 2015 Underwritten Offering [Member] | |||
Number of shares underlying the warrants | 3,457,501 | ||
Exercise price | $ 1 | ||
Risk-free interest rate | 0.93% | ||
Expected dividend yield | 0.00% | ||
Warrant life (years) | 5 years | ||
Series A Preferred Stock [Member] | Warrant [Member] | 11/10 to 11/19/2015 | August 2015 Underwritten Offering [Member] | Maximum [Member] | |||
Date of issuance | Aug. 19, 2015 | ||
Series A Preferred Stock [Member] | Warrant [Member] | 11/10 to 11/19/2015 | August 2015 Underwritten Offering [Member] | Minimum [Member] | |||
Date of issuance | Nov. 10, 2015 | ||
Series B Preferred Stock [Member] | Warrant [Member] | |||
Number of shares underlying the warrants | 17,500 | ||
Fair market value of stock | $ 0.23 | ||
Exercise price | $ 11.50 | ||
Volatility | 116.80% | ||
Risk-free interest rate | 1.20% | ||
Expected dividend yield | 0.00% | ||
Warrant life (years) | 4 years 1 month 6 days | ||
Series B Preferred Stock [Member] | Warrant [Member] | August 2015 Underwritten Offering [Member] | |||
Number of shares underlying the warrants | 2,450,000 | ||
Fair market value of stock | $ 0.23 | ||
Exercise price | $ 0.75 | ||
Volatility | 140.00% | ||
Risk-free interest rate | 0.48% | ||
Expected dividend yield | 0.00% | ||
Warrant life (years) | 2 years 9 months 29 days | ||
Series B Preferred Stock [Member] | Warrant [Member] | 19 Auguest 2015 | August 2015 Underwritten Offering [Member] | |||
Date of issuance | Aug. 19, 2015 | ||
Number of shares underlying the warrants | 2,450,000 | ||
Fair market value of stock | $ 0.65 | ||
Exercise price | $ 0.01 | ||
Volatility | 121.40% | ||
Risk-free interest rate | 1.03% | ||
Expected dividend yield | 0.00% | ||
Warrant life (years) | 5 years | ||
Series B Preferred Stock [Member] | Warrant [Member] | 11/10 to 11/19/2015 | August 2015 Underwritten Offering [Member] | Maximum [Member] | |||
Date of issuance | Nov. 19, 2015 | ||
Series B Preferred Stock [Member] | Warrant [Member] | Two Eleven Two Thousand Fifteen [Member] | August 2015 Underwritten Offering [Member] | |||
Date of issuance | Nov. 2, 2015 | ||
Number of shares underlying the warrants | 2,450,000 | ||
Fair market value of stock | $ 0.60 | ||
Exercise price | $ 0.75 | ||
Volatility | 128.00% | ||
Risk-free interest rate | 0.26% | ||
Expected dividend yield | 0.00% | ||
Warrant life (years) | 3 years | ||
Series C Preferred Stock [Member] | |||
Number of shares underlying the warrants | 946,518 | ||
Series C Preferred Stock [Member] | Warrant [Member] | |||
Number of shares underlying the warrants | 90,000 | ||
Fair market value of stock | $ 0.23 | ||
Exercise price | $ 11.50 | ||
Volatility | 116.30% | ||
Risk-free interest rate | 1.20% | ||
Expected dividend yield | 0.00% | ||
Warrant life (years) | 4 years 1 month 24 days | ||
Series C Preferred Stock [Member] | Warrant [Member] | August 2015 Underwritten Offering [Member] | |||
Number of shares underlying the warrants | 0 | ||
Fair market value of stock | $ 0 | ||
Exercise price | $ 0 | ||
Volatility | 0.00% | ||
Risk-free interest rate | 0.00% | ||
Expected dividend yield | 0.00% | ||
Warrant life (years) | 0 years | ||
Series C Preferred Stock [Member] | Warrant [Member] | 19 Auguest 2015 | August 2015 Underwritten Offering [Member] | |||
Date of issuance | Aug. 19, 2015 | ||
Number of shares underlying the warrants | 2,550,000 | ||
Fair market value of stock | $ 0.65 | ||
Exercise price | $ 1 | ||
Volatility | 125.40% | ||
Risk-free interest rate | 0.30% | ||
Expected dividend yield | 0.00% | ||
Warrant life (years) | 3 months | ||
Series D Preferred Stock [Member] | Warrant [Member] | August 2015 Underwritten Offering [Member] | |||
Number of shares underlying the warrants | 0 | ||
Fair market value of stock | $ 0 | ||
Exercise price | $ 0 | ||
Volatility | 0.00% | ||
Risk-free interest rate | 0.00% | ||
Expected dividend yield | 0.00% | ||
Warrant life (years) | 0 years | ||
Series D Preferred Stock [Member] | Warrant [Member] | 19 Auguest 2015 | August 2015 Underwritten Offering [Member] | |||
Date of issuance | Aug. 19, 2015 | ||
Number of shares underlying the warrants | 4,950,000 | ||
Fair market value of stock | $ 0.65 | ||
Exercise price | $ 0.99 | ||
Volatility | 125.40% | ||
Risk-free interest rate | 0.30% | ||
Expected dividend yield | 0.00% | ||
Warrant life (years) | 3 months |
DERIVATIVE LIABILITIES (Detai63
DERIVATIVE LIABILITIES (Details 5) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Beginning balance | $ 270,000 | $ 0 |
Recognition of conversion feature liability | 769,000 | 150,000 |
Recognition of warrant liability on issuance date | 7,268,000 | 120,000 |
Reclassification to stockholders’ equity upon exercise | (4,464,000) | 0 |
Change in fair value of derivative liabilities | (2,559,000) | 0 |
Ending balance | $ 1,284,000 | $ 270,000 |
DERIVATIVE LIABILITIES (Detai64
DERIVATIVE LIABILITIES (Details Textual) - $ / shares | Jun. 11, 2015 | Feb. 11, 2015 | Nov. 30, 2015 | Feb. 24, 2015 | Dec. 31, 2015 | Aug. 19, 2015 | Dec. 31, 2014 |
DERIVATIVE LIABILITY [Line Items] | |||||||
Common Stock, Par or Stated Value Per Share | $ 0.00001 | $ 0.00001 | |||||
August 2015 Underwritten Offering [Member] | |||||||
DERIVATIVE LIABILITY [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,450,000 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.75 | ||||||
Warrants Expiration Date | Nov. 2, 2018 | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.00001 | ||||||
Series A Preferred Stock [Member] | |||||||
DERIVATIVE LIABILITY [Line Items] | |||||||
Sale of Stock, Price Per Share | $ 11.50 | ||||||
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Lower Range Limit | $ 11.50 | 20 | |||||
Series B Preferred Stock [Member] | |||||||
DERIVATIVE LIABILITY [Line Items] | |||||||
Sale of Stock, Price Per Share | $ 20 | ||||||
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Lower Range Limit | $ 20 | ||||||
Series C Preferred Stock [Member] | |||||||
DERIVATIVE LIABILITY [Line Items] | |||||||
Sale of Stock, Price Per Share | 20 | ||||||
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Lower Range Limit | $ 11.50 | $ 11.50 | |||||
Class A [Member] | August 2015 Underwritten Offering [Member] | |||||||
DERIVATIVE LIABILITY [Line Items] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1 | ||||||
Additional Class Of Warrant Or Right Exercise Price Of Warrants Or Rights | $ 1 | ||||||
Class A [Member] | Warrant [Member] | August 2015 Underwritten Offering [Member] | |||||||
DERIVATIVE LIABILITY [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,550,000 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1 | ||||||
Class B [Member] | August 2015 Underwritten Offering [Member] | |||||||
DERIVATIVE LIABILITY [Line Items] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | 0.99 | ||||||
Additional Class Of Warrant Or Right Exercise Price Of Warrants Or Rights | $ 0.99 | ||||||
Class B [Member] | Warrant [Member] | August 2015 Underwritten Offering [Member] | |||||||
DERIVATIVE LIABILITY [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,450,000 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.99 | ||||||
Series A Warrant [Member] | August 2015 Underwritten Offering [Member] | |||||||
DERIVATIVE LIABILITY [Line Items] | |||||||
Sale of Stock, Price Per Share | 0.5 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | 1 | ||||||
Series B Warrant [Member] | August 2015 Underwritten Offering [Member] | |||||||
DERIVATIVE LIABILITY [Line Items] | |||||||
Sale of Stock, Price Per Share | $ 0.5 | ||||||
Series C Warrant [Member] | Warrant [Member] | August 2015 Underwritten Offering [Member] | |||||||
DERIVATIVE LIABILITY [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,550,000 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | ||||||
Series D Warrant [Member] | Warrant [Member] | August 2015 Underwritten Offering [Member] | |||||||
DERIVATIVE LIABILITY [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 4,950,000 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 |
PREFERRED STOCK (Details Textua
PREFERRED STOCK (Details Textual) - USD ($) | Jun. 11, 2015 | Feb. 11, 2015 | Jan. 08, 2015 | Feb. 24, 2015 | Feb. 23, 2015 | Dec. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 13, 2015 | Mar. 31, 2013 |
Class of Stock [Line Items] | |||||||||||
Preferred Stock, Value, Issued | $ 0 | $ 0 | |||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||||||||
Stock Issued During Period, Shares, Other | 3,315 | ||||||||||
Percentage Of Outstanding Shares Of Voting Stock | 50.00% | ||||||||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||
Due to Related Parties, Current | $ 324,000 | $ 2,110,000 | |||||||||
Repayments of Related Party Debt | 1,015,000 | ||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers, Net | $ 54,000 | ||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 5,677,000 | $ 0 | |||||||||
Stock Issued During Period, Value, New Issues | $ 500,000 | ||||||||||
Payments of Stock Issuance Costs | $ 946,000 | $ 0 | |||||||||
Preferred Stock Redemption Discount | $ 125,000 | ||||||||||
Aggregate Loan of Family of George Schmitt [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Debt Conversion, Converted Instrument, Warrants or Options Issued | 42,250 | ||||||||||
Board of Directors Chairman [Member] | Short-term Debt [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Due to Related Parties, Current | $ 245,000 | $ 845,000 | $ 245,000 | $ 700,000 | |||||||
Repayments of Related Party Debt | $ 100,000 | $ 145,000 | |||||||||
Common Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Issuance Of Stock Shares Issued Under Series C Financing Arrangement | 11,864 | ||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 0 | ||||||||||
Common Stock [Member] | 31 Group, LLC [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock Issued During Period, Shares, New Issues | 2,462 | ||||||||||
Stock Issued During Period, Value, New Issues | $ 10,000 | ||||||||||
Payments of Stock Issuance Costs | $ 89,000 | ||||||||||
Common Stock [Member] | Short-term Debt [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 5,310 | ||||||||||
Series A convertible Preferred Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.00% | ||||||||||
Preferred Stock, Redemption Terms | (i) 125% of the conversion amount to be redeemed and (ii) the product of (a) the conversion amount divided by 85% of the average of the five (5) lowest volume weighted average prices of the common stock during the twenty (20) consecutive trading day period ending the trading day immediately preceding the delivery of the applicable conversion notice multiplied by (b) 125% of the greatest closing sale price of the common stock on any trading day during the period commencing on the date immediately preceding such triggering event and ending on the date the Company makes the entire redemption payment to the holder of Series A Preferred Stock | ||||||||||
Purchase Price Which Equal To Value Of Conversion Amount, Percentage | 105.00% | ||||||||||
Convertible Preferred Stock, Terms of Conversion | (i) $20.00 or (ii) 85% of the average of the five (5) lowest volume weighted average prices of the Common Stock during the twenty (20) consecutive trading day period ending the trading day immediately preceding the delivery of the applicable conversion notice (as adjusted for stock splits, share combinations and similar transactions) | ||||||||||
Preferred Stock, Shares Authorized | 3,000,000 | ||||||||||
Conversion of Stock, Shares Issued | 239,247 | ||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 750,000 | ||||||||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 52,500 | ||||||||||
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Upper Range Limit | $ 20 | ||||||||||
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Lower Range Limit | 11.50 | $ 20 | |||||||||
Dividends And Deemed Dividend | $ 483,000 | ||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers, Net | 150,000 | ||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 1,011,000 | ||||||||||
Series A convertible Preferred Stock [Member] | 31 Group, LLC [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred Stock, Value, Issued | $ 750,000 | ||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.00001 | ||||||||||
Preferred Stock, Shares Authorized | 750,000 | ||||||||||
Series A convertible Preferred Stock [Member] | Warrant [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Conversion of Stock, Shares Converted | 37,500 | ||||||||||
Series A convertible Preferred Stock [Member] | Warrant [Member] | 31 Group, LLC [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock Issued During Period, Shares, New Issues | 37,500 | ||||||||||
Stock Issued During Period, Shares, Other | 3,315 | ||||||||||
Series B convertible Preferred Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred Stock, Value, Issued | $ 703,000 | ||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.00% | ||||||||||
Convertible Preferred Stock, Terms of Conversion | (i) $20.00 or (ii) 85% of the lowest volume weighted average price of the common stock of the Company during the five (5) consecutive trading day period ending and including the trading day immediately preceding the delivery of the applicable conversion notice (as adjusted for stock splits, share combinations and similar transactions). | ||||||||||
Preferred Stock, Shares Authorized | 3,000,000 | ||||||||||
Conversion of Stock, Amount Converted | $ 1,003,000 | ||||||||||
Conversion of Stock, Shares Issued | 222,791 | 182,708 | |||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 845,000 | 350,000 | |||||||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 24,500 | ||||||||||
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Lower Range Limit | $ 20 | ||||||||||
Dividends And Deemed Dividend | $ 300,000 | $ 295,000 | |||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 474,000 | ||||||||||
Series B convertible Preferred Stock [Member] | 31 Group, LLC [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.00001 | ||||||||||
Stock Issued During Period, Shares, New Issues | 17,500 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | 20 | ||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 350,000 | ||||||||||
Sale of Stock, Consideration Received Per Transaction | $ 350,000 | ||||||||||
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Upper Range Limit | 20 | ||||||||||
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Lower Range Limit | 11.50 | ||||||||||
Series B convertible Preferred Stock [Member] | Short-term Debt [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 20 | ||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 845,000 | ||||||||||
Extinguishment of Debt, Amount | $ 845,000 | ||||||||||
Series B convertible Preferred Stock [Member] | Warrant [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Conversion of Stock, Shares Converted | 17,500 | ||||||||||
Series C convertible Preferred Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred Stock, Value, Issued | $ 943,000 | ||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.00% | ||||||||||
Convertible Preferred Stock, Terms of Conversion | (i) 125% of the conversion amount to be redeemed and (ii) the product of (a) the conversion amount divided by the lower of (x) $20.00 or (y) 85% of the lowest volume weighted average price of the common stock of the Company during the five (5) consecutive trading day period ending and including the trading day immediately preceding the delivery of the applicable conversion notice multiplied by (b) 125% of the greatest closing sale price of the common stock on any trading day during the period commencing on the date immediately preceding such triggering event and ending on the date the Company makes the entire redemption payment to the holder of Series C Preferred Stock | ||||||||||
Preferred Stock, Shares Authorized | 3,000,000 | ||||||||||
Conversion of Stock, Shares Converted | 946,518 | ||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 1,800,000 | ||||||||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 126,000 | ||||||||||
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Upper Range Limit | 20 | ||||||||||
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Lower Range Limit | $ 11.50 | $ 11.50 | |||||||||
Dividends And Deemed Dividend | $ 2,001,000 | ||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers, Net | 245,000 | ||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 3,189,000 | ||||||||||
Series C convertible Preferred Stock [Member] | Institutional Investors [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.00001 | ||||||||||
Stock Issued During Period, Shares, New Issues | 90,000 | ||||||||||
Conversion of Stock, Amount Converted | $ 53,000 | ||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 1,800,000 | ||||||||||
Sale of Stock, Consideration Received Per Transaction | $ 1,800,000 | ||||||||||
Payments of Stock Issuance Costs | $ 84,000 | ||||||||||
Series C convertible Preferred Stock [Member] | Warrant [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Conversion of Stock, Shares Converted | 90,000 | ||||||||||
Series C convertible Preferred Stock [Member] | Common Stock [Member] | Institutional Investors [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Issuance Of Stock Shares Issued Under Series C Financing Arrangement | 11,864 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - Historical Stock Option Plan Activity [Member] | 12 Months Ended |
Dec. 31, 2015shares | |
Class of Warrant or Right [Line Items] | |
Options Authorized | 418,563 |
Options Granted | 383,824 |
Shares Exercised | (9,382) |
Shares Forfeited/Expired | (71,255) |
Options Outstanding | 303,187 |
Option Plan 2004 [Member] | |
Class of Warrant or Right [Line Items] | |
Options Authorized | 14,287 |
Options Granted | 14,287 |
Shares Exercised | (6,746) |
Shares Forfeited/Expired | (4,683) |
Options Outstanding | 2,858 |
Option Plan 2005 [Member] | |
Class of Warrant or Right [Line Items] | |
Options Authorized | 14,287 |
Options Granted | 14,287 |
Shares Exercised | (1,000) |
Shares Forfeited/Expired | (13,287) |
Options Outstanding | 0 |
Option Plan 2006 [Member] | |
Class of Warrant or Right [Line Items] | |
Options Authorized | 31,429 |
Options Granted | 31,011 |
Shares Exercised | (631) |
Shares Forfeited/Expired | (7,242) |
Options Outstanding | 23,138 |
Option Plan 2007 [Member] | |
Class of Warrant or Right [Line Items] | |
Options Authorized | 2,858 |
Options Granted | 2,572 |
Shares Exercised | 0 |
Shares Forfeited/Expired | (429) |
Options Outstanding | 2,143 |
Option Plan 2009 [Member] | |
Class of Warrant or Right [Line Items] | |
Options Authorized | 28,572 |
Options Granted | 35,844 |
Shares Exercised | (1,005) |
Shares Forfeited/Expired | (14,970) |
Options Outstanding | 19,869 |
Option Plan 2013 [Member] | |
Class of Warrant or Right [Line Items] | |
Options Authorized | 90,630 |
Options Granted | 49,323 |
Shares Exercised | 0 |
Shares Forfeited/Expired | (12,644) |
Options Outstanding | 36,679 |
Option Plan 2015 [Member] | |
Class of Warrant or Right [Line Items] | |
Options Authorized | 236,500 |
Options Granted | 236,500 |
Shares Exercised | 0 |
Shares Forfeited/Expired | (18,000) |
Options Outstanding | 218,500 |
STOCKHOLDERS' EQUITY (Details 1
STOCKHOLDERS' EQUITY (Details 1) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Exercise price | $ 2.55 | $ 14.20 |
Volatility | 116.00% | 118.00% |
Risk-free interest rate | 1.54% | 1.63% |
Expected dividend yield | 0.00% | 0.00% |
Expected term (years) | 6 years | 6 years |
STOCKHOLDERS' EQUITY (Details 2
STOCKHOLDERS' EQUITY (Details 2) - Equity Incentives Plan Two [Member] | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Class of Warrant or Right [Line Items] | |
Number of Options, Outstanding (in Shares) | shares | 95,940 |
Number of Options, Granted (in Shares) | shares | 244,500 |
Number of Options, Exercised (in Shares) | shares | 0 |
Number of Options, Forfeited or Expired (in Shares) | shares | (37,253) |
Number of Options, Outstanding (in Shares) | shares | 303,187 |
Number of Options, Exercisable (in Shares) | shares | 65,723 |
Weighted Average Exercise Price Outstanding | $ / shares | $ 266.86 |
Weighted Average Exercise Price, Granted | $ / shares | 2.55 |
Weighted Average Exercise Price, Exercised | $ / shares | 0 |
Weighted Average Exercise Price, Forfeited or Expired | $ / shares | 53.75 |
Weighted Average Exercise Price, Outstanding | $ / shares | 79.90 |
Weighted Average Exercise Price, Exercisable | $ / shares | $ 356.27 |
STOCKHOLDERS' EQUITY (Details 3
STOCKHOLDERS' EQUITY (Details 3) - Equity Incentives Plan Two [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Warrant or Right [Line Items] | ||
Number Outstanding (in shares) | 303,187 | 95,940 |
Weighted Average Exercise Price | $ 79.90 | $ 266.86 |
Number Exercisable (in shares) | 65,723 | |
Exercisable Weighted Average Exercise Price | $ 356.27 | |
Exercise Prices Range 1 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Number Outstanding (in shares) | 263,489 | |
Weighted Average Remaining Contractual Life (in years) | 9 years 1 month 17 days | |
Weighted Average Exercise Price | $ 6.34 | |
Number Exercisable (in shares) | 26,474 | |
Exercisable Weighted Average Exercise Price | $ 34.79 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 2.50 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 80.50 | |
Exercise Prices Range 2 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Number Outstanding (in shares) | 13,597 | |
Weighted Average Remaining Contractual Life (in years) | 6 years 7 months 24 days | |
Weighted Average Exercise Price | $ 125.17 | |
Number Exercisable (in shares) | 13,148 | |
Exercisable Weighted Average Exercise Price | $ 124.93 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 84 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 238 | |
Exercise Prices Range 3 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Number Outstanding (in shares) | 23,538 | |
Weighted Average Remaining Contractual Life (in years) | 2 months 8 days | |
Weighted Average Exercise Price | $ 688.20 | |
Number Exercisable (in shares) | 23,538 | |
Exercisable Weighted Average Exercise Price | $ 688.20 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 350 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 700 | |
Exercise Prices Range 4 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Number Outstanding (in shares) | 2,563 | |
Weighted Average Remaining Contractual Life (in years) | 1 year 4 days | |
Weighted Average Exercise Price | $ 1,815.45 | |
Number Exercisable (in shares) | 2,563 | |
Exercisable Weighted Average Exercise Price | $ 1,815.45 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 1,225 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 2,890 |
STOCKHOLDERS' EQUITY (Details 4
STOCKHOLDERS' EQUITY (Details 4) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Class of Warrant or Right [Line Items] | |
Warrants Outstanding, Number of Options and Warrants (in Shares) | shares | 462,116 |
Granted Number of Options and Warrants (in Shares) | shares | 23,172,251 |
Exercised, Number of Options and Warrants (in Shares) | shares | (14,030,000) |
Forfeited or Expired, Number of Options and Warrants (in Shares) | shares | (585,000) |
Warrants Outstanding, Number of Options and Warrants (in Shares) | shares | 9,019,367 |
Exercisable, Number of Options and Warrants (in Shares) | shares | 9,019,367 |
Warrants Outstanding, Weighted Average Exercise Price | $ / shares | $ 61.60 |
Granted, Weighted Average Exercise Price | $ / shares | 0.51 |
Exercised, Weighted Average Exercise Price | $ / shares | 0.13 |
Forfeited or Expired, Weighted Average Exercise Price | $ / shares | 1.15 |
Warrants Outstanding, Weighted Average Exercise Price | $ / shares | 4.21 |
Exercisable, Weighted Average Exercise Price | $ / shares | $ 4.21 |
STOCKHOLDERS' EQUITY (Details 5
STOCKHOLDERS' EQUITY (Details 5) | 12 Months Ended |
Dec. 31, 2015shares | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Number Outstanding (in shares) | 9,019,367 |
Exercise Price $0.75 [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Number Outstanding (in shares) | 2,450,000 |
Weighted Average Remaining Contractual Life (in years) | 2 years 9 months 29 days |
Exercise Price $1.00 [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Number Outstanding (in shares) | 5,957,501 |
Weighted Average Remaining Contractual Life (in years) | 4 years 9 months 7 days |
Exercise Price $11.50 [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Number Outstanding (in shares) | 145,000 |
Weighted Average Remaining Contractual Life (in years) | 4 years 1 month 6 days |
Exercise Price $20.00 [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Number Outstanding (in shares) | 42,250 |
Weighted Average Remaining Contractual Life (in years) | 4 years 1 month 20 days |
Exercise Price $21.88 [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Number Outstanding (in shares) | 17,145 |
Weighted Average Remaining Contractual Life (in years) | 2 years 10 months 20 days |
Exercise Price $35.00 [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Number Outstanding (in shares) | 7,074 |
Weighted Average Remaining Contractual Life (in years) | 2 years 7 months 24 days |
Exercise Price $55.00 [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Number Outstanding (in shares) | 57,144 |
Weighted Average Remaining Contractual Life (in years) | 1 month 17 days |
Exercise Price $68.70 [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Number Outstanding (in shares) | 326,680 |
Weighted Average Remaining Contractual Life (in years) | 2 years 7 months 28 days |
Exercise Price $78.70 [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Number Outstanding (in shares) | 1,429 |
Weighted Average Remaining Contractual Life (in years) | 3 months 11 days |
Exercise Price $87.50 [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Number Outstanding (in shares) | 14,286 |
Weighted Average Remaining Contractual Life (in years) | 2 years 14 days |
Exercise Price $350.00 [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Number Outstanding (in shares) | 858 |
Weighted Average Remaining Contractual Life (in years) | 1 year 2 months 12 days |
STOCKHOLDERS' EQUITY (Details T
STOCKHOLDERS' EQUITY (Details Textual) - USD ($) | Jun. 11, 2015 | Oct. 03, 2014 | Oct. 31, 2015 | Aug. 19, 2015 | Feb. 23, 2015 | Nov. 25, 2014 | Nov. 18, 2014 | Sep. 22, 2014 | Sep. 19, 2014 | Apr. 22, 2014 | Nov. 19, 2015 | May. 18, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 02, 2015 | Jun. 11, 2014 |
Class of Warrant or Right [Line Items] | ||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 500,000 | |||||||||||||||
Payments of Stock Issuance Costs | $ 946,000 | $ 0 | ||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.00001 | $ 0.00001 | ||||||||||||||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.16 | $ 12.18 | ||||||||||||||
Share-based Compensation, Total | $ 1,584,000 | $ 625,000 | ||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | 500,000 | 600,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 0 | 0 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 498,000 | 830,000 | ||||||||||||||
Warrants Issued During Period Number Of Warrants | 3,368,000 | |||||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 945,000 | |||||||||||||||
Prepaid Expense and Other Assets, Current | 15,000 | $ 411,000 | ||||||||||||||
Prepaid Expense | $ 346,000 | |||||||||||||||
Stock Issued During Period, Shares, Other | 3,315 | |||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years | |||||||||||||||
Proceeds from Issuance or Sale of Equity, Total | $ 1,607,000 | |||||||||||||||
Offering Costs On Pro Rata Basis To Warrants and Common Shares | 640,000 | |||||||||||||||
Offering Costs Expenses | 305,000 | |||||||||||||||
Proceeds from Warrant Exercises | $ 1,758,000 | $ 0 | ||||||||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 8 years 3 months 4 days | |||||||||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 4 years 3 months 14 days | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ 53.75 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award Options Percentage Of Forfeitures | 5.50% | |||||||||||||||
Post Effective Amendment [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Common Stock Shares Deregistration | 4,857,906 | |||||||||||||||
Employee [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Share-based Compensation, Total | $ 269,000 | 305,000 | ||||||||||||||
Non Employee [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Share-based Compensation, Total | 261,000 | 320,000 | ||||||||||||||
$1M Purchase Agreement [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Purchase Agreement Value | 1,000,000 | 1,000,000 | ||||||||||||||
$15M Purchase Agreement [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Purchase Agreement Value | $ 15,000,000 | |||||||||||||||
$1,331,500 Purchase Agreement [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Payments of Stock Issuance Costs | $ 20,000 | |||||||||||||||
Proceeds from Issuance of Common Stock | $ 1,311,500 | |||||||||||||||
$1,331,500 Purchase Agreement [Member] | Affiliated Entity [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Sale of Stock, Price Per Share | $ 13.70 | |||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 24,599 | |||||||||||||||
Investor [Member] | $1,331,500 Purchase Agreement [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Sale of Stock, Price Per Share | $ 12.50 | |||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 29,560 | |||||||||||||||
Lincoln Park Capital Fund LLC [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 17,500 | 17,500 | ||||||||||||||
Sale of Stock, Price Per Share | $ 19.80 | |||||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 145,000 | |||||||||||||||
Prepaid Expense and Other Assets, Current | $ 346,000 | |||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 478,291 | 1,331,500 | ||||||||||||||
Sale of Stock, Consideration Received Per Transaction | $ 15,000,000 | 15,000,000 | ||||||||||||||
Prepaid Expense | $ 346,000 | 0 | ||||||||||||||
Increase (Decrease) in Prepaid Expense | 346,000 | |||||||||||||||
Lincoln Park Capital Fund LLC [Member] | Common Stock [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Shares Issued, Price Per Share | $ 12.50 | |||||||||||||||
Stock Issued During Period, Shares, New Issues | 50,000 | 50,000 | 10,000 | |||||||||||||
Sale of Stock, Price Per Share | $ 20 | |||||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 961,000 | |||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 10,000 | |||||||||||||||
Lincoln Park Capital Fund LLC [Member] | $1M Purchase Agreement [Member] | Common Stock [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 50,000 | |||||||||||||||
Lincoln Park Capital Fund LLC [Member] | $15M Purchase Agreement [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Purchase Agreement Value | $ 15,000,000 | |||||||||||||||
Lincoln Park Capital Fund LLC [Member] | $1,331,500 Purchase Agreement [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 1,331,500 | |||||||||||||||
Roth Capital Partners, LLC [Member] | Equity Distribution Agreement [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 10,000,000 | |||||||||||||||
Sale of Stock, Consideration Received Per Transaction | $ 1,000,000 | |||||||||||||||
George Schmitt [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 892,858 | |||||||||||||||
Share-based Compensation Arrangement By Share-based Payment Award Option Grant Date Fair Value | $ 500,000 | |||||||||||||||
Debt Conversion, Original Debt, Amount | $ 500,000 | $ 845,000 | ||||||||||||||
Maximum [Member] | Lincoln Park Capital Fund LLC [Member] | Common Stock [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 1,000,000 | |||||||||||||||
Maximum [Member] | Lincoln Park Capital Fund LLC [Member] | Common Stock One [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 15,000 | |||||||||||||||
Maximum [Member] | Lincoln Park Capital Fund LLC [Member] | Common Stock Two [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 20,000 | |||||||||||||||
Maximum [Member] | Lincoln Park Capital Fund LLC [Member] | Common Stock Three [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 25,000 | |||||||||||||||
Minimum [Member] | Lincoln Park Capital Fund LLC [Member] | Common Stock [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Sale of Stock, Price Per Share | $ 15 | |||||||||||||||
Minimum [Member] | Lincoln Park Capital Fund LLC [Member] | Common Stock One [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Sale of Stock, Price Per Share | 20 | |||||||||||||||
Minimum [Member] | Lincoln Park Capital Fund LLC [Member] | Common Stock Two [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Sale of Stock, Price Per Share | 25 | |||||||||||||||
Minimum [Member] | Lincoln Park Capital Fund LLC [Member] | Common Stock Three [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Sale of Stock, Price Per Share | $ 30 | |||||||||||||||
IPO [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 526,500 | |||||||||||||||
Sale of Stock, Price Per Share | $ 19 | |||||||||||||||
Proceeds from Issuance Initial Public Offering | $ 8,816,000 | |||||||||||||||
IPO [Member] | Maximum [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Common Stock, Shares Authorized | 300,000,000 | |||||||||||||||
IPO [Member] | Minimum [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Common Stock, Shares Authorized | 100,000,000 | |||||||||||||||
Form S 8 Registration Statement [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 469,411 | |||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 509,072 | |||||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures, Total | 1,363,333 | |||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures, Total | $ 1,325,221 | |||||||||||||||
August 2015 Underwritten Offering [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Number Of Warrants Issued | 2,250,000 | |||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.00001 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.75 | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,450,000 | |||||||||||||||
August 2015 Underwritten Offering [Member] | Common Stock [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Number Of Warrants Issued | 2,250,000 | |||||||||||||||
Number of Warrants Exercised | 4,665,000 | |||||||||||||||
Class B Units [Member] | August 2015 Underwritten Offering [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Number Of Warrants Issued | 4,665,000 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.99 | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,450,000 | |||||||||||||||
Additional Class Of Warrant Or Right Exercise Price Of Warrants Or Rights | $ 0.99 | |||||||||||||||
Class A Units [Member] | August 2015 Underwritten Offering [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1 | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,550,000 | |||||||||||||||
Additional Class Of Warrant Or Right Exercise Price Of Warrants Or Rights | $ 1 | |||||||||||||||
Number of Warrants Exercised | 2,250,000 | |||||||||||||||
Underwriting Agreement [Member] | Class B Units [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Stock Units Issued, Description | Class B Unit, each of which consists of one pre-funded Series B Warrant to purchase one share of common stock and 0.5 of a Series A Warrant | |||||||||||||||
Underwriting Agreement [Member] | Class A Units [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Stock Units Issued, Description | Class A Unit, each of which consists of one share of common stock and 0.5 of a Series A Warrant to purchase one share of its common stock at an exercise price of $1.00 per warrant | |||||||||||||||
Series D Warrant [Member] | August 2015 Underwritten Offering [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Number Of Warrants Issued | 4,665,000 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 4,950,000 | |||||||||||||||
Series D Warrant [Member] | Underwriting Agreement [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 4,975,500 | |||||||||||||||
Series C Warrant [Member] | August 2015 Underwritten Offering [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,550,000 | |||||||||||||||
Series A Warrant [Member] | August 2015 Underwritten Offering [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Number Of Warrants Issued | 1,125,000 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.2518 | $ 0.2518 | ||||||||||||||
Series B Warrant [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants Exercised | 2,450,000 | |||||||||||||||
Warrants Exercised Into Common Stock | 2,450,000 | |||||||||||||||
Exercise And Reclassified Of Derivative Liabilities | $ 1,197,000 | |||||||||||||||
Proceeds from Warrant Exercises | $ 17,000 | |||||||||||||||
Series B Warrant [Member] | August 2015 Underwritten Offering [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Number Of Warrants Issued | 4,665,000 | |||||||||||||||
Number of Warrants Exercised | 2,332,501 | |||||||||||||||
Series B Warrant [Member] | Class B Units [Member] | August 2015 Underwritten Offering [Member] | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Number Of Warrants Issued | 4,665,000 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.99 |
COMMITMENTS AND CONTINGENCIES73
COMMITMENTS AND CONTINGENCIES (Details) | Dec. 31, 2015USD ($) |
Other Commitments [Line Items] | |
2,016 | $ 215,000 |
2,017 | 84,000 |
2,018 | 87,000 |
2,019 | 66,000 |
Operating Leases, Future Minimum Payments Due, Total | $ 452,000 |
COMMITMENTS AND CONTINGENCIES74
COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Other Commitments [Line Items] | ||
Operating Leases, Rent Expense, Net, Total | $ 484,000 | $ 437,000 |
Operating Leases Expiration Term | 2016 through 2019 | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 215,000 | |
Operating Leases, Future Minimum Payments, Due in Two Years | 84,000 | |
Integrated Microwave Technologies LLC [Member] | ||
Other Commitments [Line Items] | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 360,000 | |
Operating Leases, Future Minimum Payments, Due in Two Years | $ 60,000 | |
Operating Leases Expiration Year and Month | 2017-02 |
CONCENTRATIONS (Details Textual
CONCENTRATIONS (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Sales Revenue, Net [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 10.00% | 10.00% |
Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 100.00% | 97.00% |
Inventories [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 61.00% | 33.00% |
One Customer [Member] | Sales Revenue, Net [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Net Assets Amount, Geographic Area | $ 229,000 | $ 204,000 |
Concentration Risk, Percentage | 25.00% | 32.00% |
One Customer [Member] | Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Net Assets Amount, Geographic Area | $ 289,000 | |
Concentration Risk, Percentage | 41.00% | |
One Customer [Member] | Accounts Receivable [Member] | Unrelated Parties [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Net Assets Amount, Geographic Area | $ 272,000 | |
Concentration Risk, Percentage | 43.00% | |
One Customer [Member] | Consulting Revenue [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Net Assets Amount, Geographic Area | $ 200,000 | |
Concentration Risk, Percentage | 32.00% | |
One Customer [Member] | Inventories [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Net Assets Amount, Geographic Area | $ 41,000 | $ 239,000 |
Concentration Risk, Percentage | 30.00% | 13.00% |
Two Customers [Member] | Sales Revenue, Net [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Net Assets Amount, Geographic Area | $ 150,000 | $ 100,000 |
Concentration Risk, Percentage | 16.00% | 16.00% |
Two Customers [Member] | Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Net Assets Amount, Geographic Area | $ 190,000 | |
Concentration Risk, Percentage | 27.00% | |
Two Customers [Member] | Accounts Receivable [Member] | Unrelated Parties [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Net Assets Amount, Geographic Area | $ 231,000 | |
Concentration Risk, Percentage | 36.00% | |
Two Customers [Member] | Inventories [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Net Assets Amount, Geographic Area | $ 27,000 | $ 188,000 |
Concentration Risk, Percentage | 19.00% | 10.00% |
Three Customers [Member] | Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Net Assets Amount, Geographic Area | $ 172,000 | |
Concentration Risk, Percentage | 24.00% | |
Three Customers [Member] | Accounts Receivable [Member] | Related Parties [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Net Assets Amount, Geographic Area | $ 138,000 | |
Concentration Risk, Percentage | 21.00% | |
Three Customers [Member] | Inventories [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Net Assets Amount, Geographic Area | $ 16,000 | $ 178,000 |
Concentration Risk, Percentage | 12.00% | 10.00% |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) | 1 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||
Oct. 31, 2015 | Aug. 19, 2015 | Jun. 30, 2015 | May. 31, 2015 | Feb. 24, 2015 | Feb. 23, 2015 | Dec. 30, 2014 | Apr. 29, 2014 | Apr. 16, 2014 | Dec. 16, 2013 | Oct. 16, 2013 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 300,000 | $ 300,000 | ||||||||||||
Repayments of Related Party Debt | $ 1,015,000 | |||||||||||||
Percentage Of Outstanding Shares Of Voting Stock | 50.00% | |||||||||||||
Revenue, Net | $ 932,000 | $ 628,000 | ||||||||||||
Due to Related Parties, Current | $ 2,110,000 | 324,000 | 2,110,000 | |||||||||||
Revenue from Related Parties | 156,000 | 0 | ||||||||||||
Technology Services Costs | 90,000 | |||||||||||||
Aggregate Loan of Family Members of George Schmitt [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Debt Conversion Converted Instrument Stock Options Issued | 42,250 | |||||||||||||
Warrants Issued To Purchase Common Stock Exercise Price | $ 20 | |||||||||||||
Aggregate Loan of Family Members of George Schmitt [Member] | Common Stock [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 5,310 | |||||||||||||
Aggregate Loan of Family Members of George Schmitt [Member] | Series B Preferred Stock [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 845,000 | |||||||||||||
MB Technology Holdings LLC [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 25,000 | |||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 1,756,098 | |||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 4.40 | |||||||||||||
Distribution Fees | $ 700,000 | $ 109,000 | $ 90,000 | |||||||||||
Deferred Compensation Arrangement with Individual, Cash Awards Granted, Percentage | 3.00% | |||||||||||||
Percentage Of Distribution Fees | 3.00% | |||||||||||||
Percentage Of Outstanding Shares Of Voting Stock | 6.10% | |||||||||||||
Due to Related Parties, Current | $ 809,000 | $ 24,000 | ||||||||||||
Stock Issued During Period, Shares, New Issues | 399,114 | |||||||||||||
MB Technology Holdings LLC [Member] | General and Administrative Expense [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Distribution Fees | $ 809,000 | |||||||||||||
Walnut Hill Telephone Company [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Related Party Transaction, Other Revenues from Transactions with Related Party | $ 179,000 | |||||||||||||
Haxtun Telephone Company [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Related Party Transaction, Other Revenues from Transactions with Related Party | $ 301,000 | |||||||||||||
George Schmitt [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 245,000 | |||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 892,858 | |||||||||||||
Repayments of Related Party Debt | $ 500,000 | |||||||||||||
Due to Related Parties | 1,900,000 | |||||||||||||
Debt Conversion, Original Debt, Amount | $ 500,000 | $ 845,000 | ||||||||||||
Common Stock Grant Date Fair Value | $ 500,000 | |||||||||||||
Itellum LLC [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Revenue, Net | $ 58,000 | $ 100,000 | ||||||||||||
Larr Townes [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Reversal Of Revenue From Related Party | $ 336,000 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Purchase Consideration | |
Amount of consideration: | $ 3,000,000 |
Tangible assets acquired and liabilities assumed at preliminary fair value | |
Cash | 477,000 |
Accounts receivable | 676,000 |
Inventories | 2,649,000 |
Property and equipment | 133,000 |
Prepaid expenses | 55,000 |
Accounts payable and deferred revenue | (423,000) |
Deferred rent | (167,000) |
Accrued expenses | (378,000) |
Net tangible assets acquired | 3,022,000 |
Identifiable intangible assets | |
Total Identifiable Intangible Assets | 490,000 |
Total net assets acquired | 3,512,000 |
Consideration paid | 3,000,000 |
Preliminary gain on bargain purchase | 512,000 |
Trade names and technology [Member] | |
Identifiable intangible assets | |
Total Identifiable Intangible Assets | 320,000 |
Customer relationships [Member] | |
Identifiable intangible assets | |
Total Identifiable Intangible Assets | $ 170,000 |
SUBSEQUENT EVENTS (Details 1)
SUBSEQUENT EVENTS (Details 1) - IMT [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Subsequent Event [Line Items] | ||
Revenues, net | $ 8,160 | $ 14,970 |
Net loss allocable to common shareholders | $ (24,634) | $ (21,339) |
Net loss per share (in dollars per share) | $ (3.24) | $ (9.34) |
Weighted average number of shares outstanding (in shares) | 7,599 | 2,285 |
SUBSEQUENT EVENTS (Details Text
SUBSEQUENT EVENTS (Details Textual) - USD ($) | Mar. 03, 2016 | Jun. 11, 2015 | Mar. 29, 2016 | Feb. 29, 2016 | Jan. 29, 2016 | Feb. 24, 2015 | Feb. 23, 2015 | Apr. 13, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 14, 2016 | Jan. 31, 2016 | Nov. 30, 2015 |
Subsequent Event [Line Items] | ||||||||||||||
Preferred Stock, Shares Outstanding | 0 | 750,000 | ||||||||||||
Debt Instrument, Face Amount | $ 2,000,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||||||||
Stock Issued During Period, Value, New Issues | $ 500,000 | |||||||||||||
Stock Issued During Period, Value, Employee Benefit Plan | 1,834,000 | $ 307,000 | ||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 5,677,000 | 0 | ||||||||||||
Proceeds from Warrant Exercises | $ 1,758,000 | 0 | ||||||||||||
August 2015 Underwritten Offering [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,450,000 | |||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.00% | |||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 474,000 | |||||||||||||
Conversion of Stock, Shares Issued | 222,791 | 182,708 | ||||||||||||
MB Technology Holdings LLC [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Stock Issued During Period, Shares, New Issues | 399,114 | |||||||||||||
Common Stock [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Stock Issued During Period, Value, Employee Benefit Plan | $ 0 | $ 0 | ||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 0 | |||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 758,308 | |||||||||||||
Convertible Preferred Stock [Member] | Series B Preferred Stock [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Preferred Stock, Shares Outstanding | 1,589,853 | |||||||||||||
Subsequent Event [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Stock Closing Bid Price Minimum | $ 1 | |||||||||||||
Stock Issued During Period, Shares, New Issues | 732,373 | |||||||||||||
Stock Issued During Period, Value, New Issues | $ 115,700 | |||||||||||||
Warrants Issued To Common Stock | 734,600 | |||||||||||||
Placement Agent Fees And Stock Offering Expenses | $ 218,000 | |||||||||||||
Subsequent Event [Member] | August 2015 Underwritten Offering [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Proceeds from Warrant Exercises | $ 75,042 | |||||||||||||
Subsequent Event [Member] | Eight Percent Convertible Notes Payable [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 250,000 | |||||||||||||
Subsequent Event [Member] | Integrated Microwave Technologies [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Business Acquisition, Effective Date of Acquisition | Jan. 29, 2016 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest, Total | $ 3,000,000 | |||||||||||||
Business Combination, Contingent Consideration, Liability | $ 1,500,000 | |||||||||||||
Subsequent Event [Member] | 8% Convertible Notes [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||||||||
Subsequent Event [Member] | Initial Payment Note [Member] | Integrated Microwave Technologies [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 1,500,000 | |||||||||||||
Debt Instrument, Maturity Date | Mar. 31, 2016 | |||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 1,500,000 | |||||||||||||
Subsequent Event [Member] | Deferred Payment Note [Member] | Integrated Microwave Technologies [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 1,500,000 | |||||||||||||
Debt Instrument, Maturity Date | Jul. 29, 2017 | |||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 1,500,000 | |||||||||||||
Subsequent Event [Member] | Five Percent Convertible Notes [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 500,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||||||||||||
Proceeds from Convertible Debt | $ 500,000 | |||||||||||||
Subsequent Event [Member] | Dividend Declared [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Conversion of Stock, Shares Converted | 240,851 | |||||||||||||
Subsequent Event [Member] | Series B Preferred Stock [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 12.50% | |||||||||||||
Preferred Stock, Redemption Terms | all or any of the shares of Series B Preferred Stock at a price equal to the greater of (i) 125% of the conversion amount to be redeemed and (ii) the product of (a) the conversion amount divided by the lower of (x) $0.25 or (y) 87.5% of the lowest volume weighted average price of our common stock during the five (5) consecutive trading-day period ending and including the trading day immediately preceding the delivery of the applicable conversion notice multiplied by (b) 125% of the greatest closing sale price of the common stock on any trading day during the period commencing on the date immediately | |||||||||||||
Conversion of Stock, Shares Converted | 1,966,807 | |||||||||||||
Subsequent Event [Member] | MB Technology Holdings LLC [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Due to Related Parties | $ 190,847 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 300,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 300,000 | |||||||||||||
Subsequent Event [Member] | Common Stock [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 284,534 | |||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 39,000 | |||||||||||||
Stock Issued During Period, Value, New Issues | 1,062,387 | |||||||||||||
Stock Issued During Period, Value, Employee Benefit Plan | $ 147,630 | |||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 1,809,476 | |||||||||||||
Conversion of Stock, Shares Issued | 21,200,445 | |||||||||||||
Subsequent Event [Member] | Common Stock [Member] | August 2015 Underwritten Offering [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 734,600 | |||||||||||||
Subsequent Event [Member] | Convertible Preferred Stock [Member] | Series B Preferred Stock [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 0.21 | |||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 3,556,660 | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 0.5 | |||||||||||||
Proceeds From Registered Offering | $ 3,556,660 | |||||||||||||
Shares Issued, Price Per Share | $ 1 |