Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 13-May-15 | |
Document Information [Line Items] | ||
Entity Registrant Name | Energous Corp | |
Entity Central Index Key | 1575793 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Non-accelerated Filer | |
Trading Symbol | WATT | |
Entity Common Stock, Shares Outstanding | 12,890,993 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2015 |
CONDENSED_BALANCE_SHEETS
CONDENSED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $26,500,696 | $31,494,592 |
Prepaid expenses and other current assets | 830,247 | 416,580 |
Prepaid rent, current | 80,784 | 80,784 |
Total current assets | 27,411,727 | 31,991,956 |
Property and equipment, net | 1,533,908 | 1,515,299 |
Prepaid rent, non-current | 278,824 | 299,020 |
Other assets | 22,648 | 22,648 |
Total assets | 29,247,107 | 33,828,923 |
Current liabilities: | ||
Accounts payable | 1,807,370 | 1,716,011 |
Accrued expenses | 917,332 | 792,349 |
Deferred revenue | 300,000 | 0 |
Total current liabilities | 3,024,702 | 2,508,360 |
Commitments and contingencies | ||
Stockholders’ equity | ||
Preferred Stock, $0.00001 par value, 10,000,000 shares authorized at March 31, 2015 and December 31, 2014, respectively; no shares issued or outstanding | 0 | 0 |
Common Stock, $0.00001 par value, 50,000,000 shares authorized at March 31, 2015 and December 31, 2014, respectively; 12,838,972 and 12,781,502 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively. | 128 | 127 |
Additional paid-in capital | 84,293,034 | 82,465,914 |
Accumulated deficit | -58,070,757 | -51,145,478 |
Total stockholders’ equity | 26,222,405 | 31,320,563 |
Total liabilities and stockholders’ equity | $29,247,107 | $33,828,923 |
CONDENSED_BALANCE_SHEETS_Paren
CONDENSED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 12,838,972 | 12,781,502 |
Common stock, shares outstanding | 12,838,972 | 12,781,502 |
CONDENSED_STATEMENTS_OF_OPERAT
CONDENSED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Revenue | $200,000 | $0 |
Operating expenses: | ||
Research and development | 4,145,764 | 929,213 |
General and administrative | 1,959,913 | 669,289 |
Marketing | 1,025,923 | 422,031 |
Total operating expenses | 7,131,600 | 2,020,533 |
Loss from operations | -6,931,600 | -2,020,533 |
Other (expense) income: | ||
Change in fair value of derivative liabilities | 0 | -27,991,000 |
Interest income (expense), net | 6,321 | -998,190 |
Total | 6,321 | -28,989,190 |
Net loss | ($6,925,279) | ($31,009,723) |
Basic and diluted net loss per common share | ($0.54) | ($11.45) |
Weighted average shares outstanding, basic and diluted | 12,787,884 | 2,708,217 |
CONDENSED_STATEMENT_OF_CHANGES
CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Balance at Dec. 31, 2014 | $31,320,563 | $127 | $82,465,914 | ($51,145,478) |
Balance (in shares) at Dec. 31, 2014 | 12,781,502 | |||
Issuance of shares for services | 147,900 | 0 | 147,900 | 0 |
Issuance of shares for services (in shares) | 15,000 | |||
Stock-based compensation - stock options | 259,515 | 0 | 259,515 | 0 |
Stock-based compensation - IR warrants | 85,831 | 0 | 85,831 | 0 |
Stock-based compensation - restricted stock units ("RSUs") | 1,333,875 | 0 | 1,333,875 | 0 |
Issuance of shares for RSUs | 0 | 1 | -1 | 0 |
Issuance of shares for RSUs (in shares) | 42,470 | |||
Net loss | -6,925,279 | 0 | 0 | -6,925,279 |
Balance at Mar. 31, 2015 | $26,222,405 | $128 | $84,293,034 | ($58,070,757) |
Balance (in shares) at Mar. 31, 2015 | 12,838,972 |
CONDENSED_STATEMENTS_OF_CASH_F
CONDENSED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities: | ||
Net loss | ($6,925,279) | ($31,009,723) |
Adjustments to reconcile net loss to Net cash used in operating activities: | ||
Depreciation and amortization | 191,219 | 24,213 |
Stock based compensation | 1,679,221 | 492,123 |
Amortization of debt discount | 0 | 920,739 |
Change in fair market value of derivative liabilities | 0 | 27,991,000 |
Amortization of prepaid rent from stock issuance to landlord | 20,196 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | -265,767 | -192,582 |
Accounts payable | 91,359 | 391,262 |
Accrued expenses | 124,983 | 135,864 |
Deferred revenue | 300,000 | 0 |
Net cash used in operating activities | -4,784,068 | -1,247,104 |
Cash flows from investing activities: | ||
Purchases of property and equipment | -209,828 | -27,739 |
Net cash used in investing activities | -209,828 | -27,739 |
Cash flows from financing activities: | ||
Payment of deferred offering cost | 0 | -248,658 |
Deposit to purchase common stock | 0 | 300,000 |
Net cash provided by financing activities | 0 | 51,342 |
Net decrease in cash and cash equivalents | -4,993,896 | -1,223,501 |
Cash and cash equivalents - beginning | 31,494,592 | 1,953,780 |
Cash and cash equivalents - ending | 26,500,696 | 730,279 |
Supplemental disclosure of non-cash financing activities: | ||
Common stock issued for services | 147,900 | 0 |
Common stock issued for RSUs | $1 | $0 |
Business_Organization_Nature_o
Business Organization, Nature of Operations | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 - Business Organization, Nature of Operations |
Energous Corporation (the “Company”) was incorporated in Delaware on October 30, 2012. The Company is developing WattUp TM, a wire-free charging technology that provides power at a distance for electronic devices that are mobile and under full software control. The Company’s ultimate goal is to license our WattUp technology to consumer product companies, device manufacturers, wireless data router manufacturers and other commercial partners. The Company believes that its proprietary technology can potentially be used in a variety of devices, including smart phones, tablets, e-book readers, wearables, keyboards, mice, remote controls, rechargeable lights and any other devices with similar charging requirements that would otherwise need a battery or a connection to a power outlet. | |
The Company believes its technology is novel in its approach, in that it charges devices by surrounding them with a radio frequency (“RF”) pocket (“RF pocket”). The Company is developing solutions that enable wire-free transmission of energy from one or multiple transmitter(s) to multiple receivers connected to or integrated into electronic devices, at distances of up to fifteen (15) feet. The Company has developed multiple prototype systems consisting of either a single or multiple transmitter (s) in various forms and sizes, multiple smart phone receiver cases, various other forms of receiving devices and management software. | |
Liquidity_and_Management_Plans
Liquidity and Management Plans | 3 Months Ended |
Mar. 31, 2015 | |
Liquidity And Management Plan Disclosure [Abstract] | |
Liquidity And Management Plan Disclosure [Text Block] | Note 2 – Liquidity and Management Plans |
As of March 31, 2015 the Company recorded revenue of $200,000 and incurred net losses of $6,925,279 and $31,009,723 for the three months ended March 31, 2015 and 2014, respectively. Since inception, the Company has met its liquidity requirements principally through the private placement of convertible notes, the sale of its common stock in a registered public offering, the sale of its common stock to a strategic investor, and the issuance of its common stock to the Company’s landlord to reduce its monthly base rent obligation and pay for certain tenant improvements and the sale of common stock in a December 2014 secondary offering. | |
As of March 31, 2015, the Company had cash on hand of $26,500,696. In April 2014, the Company completed its IPO of 4,600,000 shares of common stock through which the Company raised net proceeds of approximately $24.8 million. In connection with the completion of the IPO, the Company’s outstanding convertible notes and interest accrued thereon were converted into 1,833,336 and 96,792 shares, respectively, of common stock, thus extinguishing the debt associated with the notes. On April 4, 2014, the Company issued 210,527 shares of common stock to a strategic investor upon the receipt of net proceeds of $900,000 ($300,000 received on March 27, 2014, $700,000 received on April 4, 2014 less $100,000 to MDB Capital Group as a commission ). On September 10, 2014, the Company issued 41,563 shares of common stock to the Company’s landlord as prepaid rent and tenant improvements. On November 12, 2014, the Company issued 5,353 shares of common stock to a search firm for services associated with recruiting certain employees. In December 2014, the Company completed a secondary offering of 3,285,714 shares of common stock through which the Company raised net proceeds of approximately $21.0 million. The Company expects that cash on hand as of March 31, 2015, will be sufficient to fund the Company’s operations into the second quarter of 2016. | |
Research and development of new technologies is, by its nature, unpredictable. Although the Company will undertake development efforts with commercially reasonable diligence, there can be no assurance that our available resources including the net proceeds from the Company’s IPO, secondary offering, and strategic investor financing will be sufficient to enable it to develop and obtain regulatory approval of its technology to the extent needed to create future revenues sufficient to sustain its operations. The Company expects that it may choose to pursue additional financing, depending upon the market conditions, which could include follow-on equity offerings, debt financing, co-development agreements or other alternatives. Should the Company choose to pursue additional financing, there is no assurance that the Company would be able to do so on terms that it would find acceptable. On April 24, 2015, the Company filed a “shelf” registration statement on Form S-3, under which the Company may from time to time, sell any combination of debt or equity securities up to an aggregate of $75,000,000. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounting Policies [Abstract] | ||||||||
Significant Accounting Policies [Text Block] | Note 3 – Summary of Significant Accounting Policies | |||||||
Basis of Presentation | ||||||||
The accompanying financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). | ||||||||
Use of Estimates | ||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements as well as the reported expenses during the reporting periods. | ||||||||
The Company’s significant estimates and assumptions include the valuation of the Company’s common stock, the valuation of stock-based compensation instruments and recognition of revenue, the useful lives of long-lived assets, and income tax expense. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. Although the Company believes that its estimates and assumptions are reasonable, they are based upon information available at the time the estimates and assumptions were made. Actual results could differ from those estimates. | ||||||||
Cash and Cash Equivalents | ||||||||
The Company considers all short-term, highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. The Company maintains cash balances that may be uninsured or in deposit accounts that exceed Federal Deposit Insurance Corporation limits. The Company maintains its cash deposits with major financial institutions. | ||||||||
Revenue Recognition | ||||||||
The Company recognizes revenue when the following criteria have been met: persuasive evidence of an arrangement exists, services have been rendered, collection of the revenue is reasonably assured, and the fees are fixed or determinable. | ||||||||
The Company records revenue associated with product development projects that it enters into with certain customers. In general, these projects are associated with complex technology development, and as such the Company does not have certainty about its ability to achieve the program milestones. Achievement of the milestone is dependent on our performance and the milestone typically needs to be accepted by the customer. The payment associated with achieving the milestone is generally commensurate with the Company’s effort or the value of the deliverable and is nonrefundable. However, the Company also expects to receive nonrefundable payments, typically at the beginning of a customer relationship, for which there are no milestones. The Company recognizes this revenue ratably over the initial engineering product development period. The Company records the expenses related to these projects in the periods incurred and recognizes revenue when it has achieved the development milestones. The costs associated with the revenue from these projects are expensed as incurred and generally included in research and development expense. | ||||||||
Research and Development | ||||||||
Research and development expenses are charged to operations as incurred. For internally developed patents, all patent application costs are expensed as incurred as research and development expense. Patent application costs, generally legal costs, are expensed as research and development costs until such time as the future economic benefits of such patents become more certain. The Company incurred research and development costs of $4,145,764 and $929,213 for the three months ended March 31, 2015 and 2014, respectively. | ||||||||
Income Taxes | ||||||||
Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of March 31, 2015, no liability for unrecognized tax benefits was required to be reported. The guidance also discusses the classification of related interest and penalties on income taxes. The Company’s policy is to record interest and penalties on uncertain tax positions as a component of income tax expense. No interest or penalties were recorded during the three months ended March 31, 2015 and 2014. | ||||||||
Net Income (Loss) Per Common Share | ||||||||
Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options and warrants (using the treasury stock method), the vesting of restricted stock units (“RSUs”), the exercise and/or conversion of the Company’s convertible notes (using the if-converted method). The computation of diluted loss per share excludes potentially dilutive securities of 3,511,890 and 4,133,540 for the three months ended March 31, 2015 and 2014, respectively, because their inclusion would be antidilutive. | ||||||||
Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net income (loss) per share because the effect of their inclusion would have been anti-dilutive. | ||||||||
For the Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Convertible Notes – principal | - | 1,833,336 | ||||||
Convertible Notes – accrued interest | - | 95,233 | ||||||
Consulting Warrant to purchase common stock | 278,228 | 278,228 | ||||||
Financing Warrant to purchase common stock | 152,778 | 152,778 | ||||||
IPO Warrants to purchase common stock | 460,000 | - | ||||||
IR Consulting Warrant | 36,000 | 36,000 | ||||||
IR Incentive Warrant | 15,000 | - | ||||||
Options to purchase common stock | 1,607,075 | 1,737,965 | ||||||
RSUs | 962,809 | - | ||||||
Total potentially dilutive securities | 3,511,890 | 4,133,540 | ||||||
Recent Accounting Pronouncements | ||||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers" (Topic 606), which supersedes the revenue recognition requirements in ASC Topic 605, "Revenue Recognition," and most industry-specific guidance. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. The amendments in the ASU must be applied using one of two retrospective methods and are effective for annual and interim periods beginning after December 15, 2016. On April 1, 2015, the FASB voted to propose to defer the effective date of the new revenue recognition standard by one year. The FASB plans to expose its decisions for a thirty day public comment period in a proposed Accounting Standards Update (ASU), which is expected to be issued sometime during the second quarter of 2015. On April 1, 2015 the FASB decided to permit the adoption of the new revenue standard early, but not before the annual periods beginning after December 15, 2016. A public organization would apply the new revenue standard to all interim reporting periods within the year of adoption. The Company will evaluate the effects, if any, that adoption of this guidance will have on its financial statements. | ||||||||
In August 2014, FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This standard is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. Under U.S. GAAP, financial statements are prepared under the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. Financial reporting under this presumption is commonly referred to as the going concern basis of accounting. | ||||||||
The going concern basis of accounting is critical to financial reporting because it establishes the fundamental basis for measuring and classifying assets and liabilities. Currently, U.S. GAAP lacks guidance about management’s responsibility to evaluate whether there is substantial doubt about the organization’s ability to continue as a going concern or to provide related footnote disclosures. This ASU provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. The amendments are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. The adoption of this standard is not expected to have a material impact on the Company’s financial position and results of operations. | ||||||||
In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs." This standard amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. The Company is currently evaluating the impact the adoption of this standard would have on our condensed financial statements. | ||||||||
Management’s Evaluation of Subsequent Events | ||||||||
The Company evaluates events that have occurred after the balance sheet date of March 31, 2015, through the date which the financial statements are issued. Based upon the review, other than as disclosed in Notes 4 and 7, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. | ||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies Disclosure [Text Block] | Note 4 – Commitments and Contingencies | ||||
Investor Relations Agreements | |||||
Effective January 13, 2014, the Company entered into an agreement with a vendor (“IR Firm”) to provide investor relations services to the Company. Pursuant to the agreement, in addition to monthly cash compensation of $8,000 per month, on March 27, 2014 the Company issued to the IR firm a consulting warrant (“IR Consulting Warrant”) for the purchase of 36,000 shares of common stock. The IR Consulting Warrant has a strike price of $7.80, representing 130% of the IPO price. The IR Consulting Warrant had an initial catch up vesting equivalent to 3,000 shares per month of service, partial months to be prorated on a thirty (30) day basis, from the effective date of this agreement until March 27, 2014. Thereafter, the IR Consulting Warrant vested at a rate of 3,000 shares per month of service. During the three months ended March 31, 2015, the Company issued to the IR Firm incentive warrants (“IR Incentive Warrants”) to purchase 15,000 shares of common stock with a strike price of $7.80 based upon certain qualified investors and/or institutional or brokerage firms having purchased at least $250,000 in value of the Company’s common shares at the IPO price or greater in the open market on or after the 46th day following March 27, 2014. All IR Incentive Warrants granted during a six month period will collectively vest at each six month anniversary. Both the IR Consulting Warrant and IR Incentive Warrants will have an expiration date four (4) years from the grant date. The shares underlying both the IR Consulting Warrant and the IR Incentive Warrants will either be registered at the next available opportunity or the warrants will include a cashless exercise provision. | |||||
As of March 31, 2015, all 36,000 shares under the IR Consulting Warrant were vested. For the three months ended March 31, 2015, the Company incurred stock-based compensation expense of $7,522 in connection with the IR Consulting warrant, which was included in general and administrative expense. | |||||
On February 4, 2015, the Company entered into a six month consulting agreement with a consultant to provide the Company with investor relations services. Compensation under the agreement included the Company’s issuance on February 26, 2015, of 15,000 shares of common stock valued at $147,900 and a single cash payment of $5,000. The total value of the compensation was recorded as a prepaid expense and will be amortized over the six month contract period. | |||||
Operating Leases | |||||
On September 10, 2014, the Company entered into a Lease Agreement (the “Lease”) with Balzer Family Investments, L.P. (the “Landlord”) related to space located at Northpointe Business Center, 3590 North First Street, San Jose, California. The initial term of the lease is 60 months, with initial monthly base rent of $36,720 and the lease is subject to certain annual escalations as defined in the agreement. On October 1, 2014, the Company relocated its headquarters to this new location. The Company issued to the Landlord 41,563 shares of the Company’s common stock valued at $500,000, of which $400,000 will be applied to reduce the Company’s monthly base rent obligation by $6,732 per month and of which $100,000 was for certain tenant improvements. The Company recorded $400,000 as prepaid rent on its balance sheet, which will be amortized over the term of the lease and recorded $100,000 as leasehold improvements. | |||||
On February 26, 2015, the Company entered into a sub-lease agreement for additional space in the San Jose area. The agreement has a term which expires on June 30, 2019 at an initial monthly rent of $6,109 per month and the lease is subject to certain annual escalations as defined in the agreement. | |||||
The future minimum lease payments for leased locations are as follows: | |||||
For the Years Ended December 31, | Amount | ||||
2015 (Nine Months) | $ | 327,574 | |||
2016 | 448,488 | ||||
2017 | 462,135 | ||||
2018 | 475,838 | ||||
2019 | 344,611 | ||||
Total | $ | 2,058,646 | |||
Development and Licensing Agreement | |||||
Effective January 28, 2015, the Company signed a development and licensing agreement with a consumer electronics company to embed WattUp wire-free charging receiver technology in various products including, but not limited to certain mobile consumer electronics and related accessories. During the development phase and through customer shipment of their first product, Energous will afford this customer an exclusive “time to market advantage” in the licensed product categories. | |||||
This development and licensing agreement contains both invention and development milestones that the Company will need to achieve during the next two years. Pursuant to the Agreement, on March 23, 2015, the Company received an initial non-refundable payment of $500,000. The agreement provides for additional amounts to be received by the Company based upon its achievement of certain milestones which were initially recorded as deferred revenue. During the three months ended March 31, 2015, the Company recognized as revenue $200,000 under the agreement. | |||||
Effective April 3, 2015, the Company entered into an amendment of the development and license agreement with this consumer electronics company to include joint development of wire-free transmitter technology and technology license back to the Company. | |||||
Amended Employee Agreement | |||||
On April 3, 2015, Energous Corporation (the “Company”) entered into an Amended and Restated Executive Employment Agreement with Stephen R. Rizzone, the Company’s President and Chief Executive Officer (the “Employment Agreement”). | |||||
The Employment Agreement has an effective date of January 1, 2015 and an initial term of four years (the “Initial Employment Period”). The Employment Agreement provides for an annual base salary of $365,000, and Mr. Rizzone is eligible to receive quarterly cash bonuses with a total target amount equal to 100% of his base salary based upon achievement of performance-based objectives established by the Company’s board of directors. | |||||
Pursuant to Mr. Rizzone’s prior employment agreement, on December 12, 2013 Mr. Rizzone was granted a ten year option to purchase 275,689 shares of common stock at an exercise price of $1.68 vesting over four years in 48 monthly installments beginning October 1, 2013 (the “First Option”). Mr. Rizzone was also granted a second option award to purchase 496,546 shares of common stock at an exercise price of $6.00 (the “Second Option”). The Second Option vests over the same vesting schedule as the First Option. | |||||
Subject to the approval by the Company’s stockholders of a new performance-based equity plan, the Employment Agreement provides that Mr. Rizzone shall receive a grant of 639,075 Performance Share Units (the “PSUs”). The PSUs, which represent the right to receive shares of common stock, shall be earned based on the Company’s achievement of market capitalization growth between the effective date of the Employment Agreement and the end of the Initial Employment Period. If the Company’s market capitalization is $100 million or less, no PSUs will be earned. If the Company reaches a market capitalization of $1.1 billion or more, 100% of the PSUs will be earned. For market capitalization between $100 million and $1.1 billion, the percentage of PSUs earned will be determined on a quarterly basis based on straight line interpolation. PSUs earned as of the end of a calendar quarter will be paid 50% immediately and 50% will be deferred until the end of the Initial Employment Period subject to Mr. Rizzone’s continued employment with the Company. | |||||
Mr. Rizzone is also eligible to receive all customary and usual benefits generally available to senior executives of the Company. | |||||
The Employment Agreement provides that if Mr. Rizzone’s employment is terminated due to his death or disability, if Mr. Rizzone’s employment is terminated by the Company without cause or if he resigns for good reason, twenty-five percent (25%) of the shares subject to the Option and the Second Option shall immediately vest and become exercisable, he will have a period of one year post-termination to exercise the Option and the Second Option, and if a Liquidation Event (as defined in the Employment Agreement) shall occur prior to the termination of the Option and the Second Option, one hundred percent (100%) of the shares subject to the Option and Second Option shall immediately vest and become exercisable effective immediately prior to the consummation of the Liquidation Event. In addition, any outstanding deferred PSUs shall be immediately vested and paid, but any remaining unearned portion of the PSUs shall immediately be canceled and forfeited. | |||||
Stock_Based_Compensation
Stock Based Compensation | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 5 – Stock Based Compensation | ||||||||||||||||
Equity Incentive Plans | |||||||||||||||||
2013 Equity Incentive Plan | |||||||||||||||||
In December 2013 the Company’s board and stockholders approved the “2013 Equity Incentive Plan”, providing for the issuance of equity based instruments covering up to an initial total of 1,042,167 shares of common stock. Effective on March 27, 2014, the aggregate total shares which may be issued under the 2013 Equity Incentive Plan were increased to 2,335,967, as described below. | |||||||||||||||||
Effective on March 10, 2014, the Company’s board of directors and stockholders approved the First Amendment to the 2013 Equity Incentive Plan which provided for an increase in the aggregate number of shares of common stock that may be issued pursuant to the Plan to equal 18% of the total number of shares of common stock outstanding immediately following the completion of the IPO (assuming for this purpose the issuance of all shares issuable under the Company’s equity plans, the conversion into common stock of all outstanding securities that are convertible by their terms into common stock and the exercise of all options and warrants exercisable for shares of common stock and including shares and warrants issued to the underwriters for such IPO upon exercise of its over-allotment options). | |||||||||||||||||
As of March 31, 2015, 244,135 shares of common stock remain eligible to be issued through equity based instruments under the 2013 Equity Incentive Plan. | |||||||||||||||||
2014 Non-Employee Equity Compensation Plan | |||||||||||||||||
On March 6, 2014, the Company’s board of directors and stockholders approved the 2014 Non-Employee Equity Compensation Plan for the issuance of equity based instruments covering up to 250,000 shares of common stock to directors and other non-employees. | |||||||||||||||||
As of March 31, 2015, 188,537 shares of common stock remains eligible to be issued through equity based instruments under the 2014 Non-Employee Equity Compensation Plan. | |||||||||||||||||
Stock Option Award Activity | |||||||||||||||||
The following is a summary of the Company’s stock option activity during the three months ended March 31, 2015: | |||||||||||||||||
Weighted | |||||||||||||||||
Weighted | Weighted | Average | |||||||||||||||
Average | Average | Remaining | |||||||||||||||
Number of | Exercise | Grant Date | Life In | Intrinsic | |||||||||||||
Options | Price | Fair Value | Years | Value | |||||||||||||
Outstanding at January 1, 2015 | 1,607,075 | $ | 4.41 | $ | 2.47 | 9 | $ | - | |||||||||
Granted | - | - | - | - | - | ||||||||||||
Exercised | - | - | - | - | |||||||||||||
Forfeited | - | - | - | - | - | ||||||||||||
Outstanding at March 31, 2015 | 1,607,075 | $ | 4.41 | $ | 2.47 | 8.9 | $ | 8,089,568 | |||||||||
Exercisable at January 1, 2015 | 550,298 | $ | 4.33 | $ | 2.41 | 9.1 | $ | - | |||||||||
Vested | 103,787 | 4.61 | - | - | - | ||||||||||||
Exercised | - | - | - | - | - | ||||||||||||
Forfeited | - | - | - | - | - | ||||||||||||
Exercisable at March 31, 2015 | 654,085 | $ | 4.37 | $ | 2.44 | 8.9 | $ | 3,314,780 | |||||||||
The following table presents information related to stock options outstanding and exercisable at March 31, 2015: | |||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Exercise Price | Outstanding Number of Options | Weighted Average Remaining Life In Years | Exercisable Number of Options | ||||||||||||||
$ | 1.68 | 275,689 | 8.7 | 103,383 | |||||||||||||
2.49 | 326,754 | 8.8 | 129,777 | ||||||||||||||
3.63 | 51,958 | 8.9 | 51,958 | ||||||||||||||
4.99 | 99,214 | 9 | 39,063 | ||||||||||||||
6 | 853,460 | 9 | 329,904 | ||||||||||||||
1,607,075 | 8.9 | 654,085 | |||||||||||||||
As of March 31, 2015, the unamortized value of options held by employees was $2,356,330. As of March 31, 2015, the unamortized portion will be expensed over a weighted average period of 2.48 years. | |||||||||||||||||
Restricted Stock Units (“RSUs”) | |||||||||||||||||
On August 14, 2014, the compensation committee of the board of directors granted two inducement RSU awards to Cesar Johnston, the Company’s Senior Vice President of Engineering. Under the first award, Mr. Johnston has the right to receive 100,000 shares of the Company’s common stock and this award vests over four years beginning on the first anniversary of his employment start date of July 14, 2014. In addition, Mr. Johnston was granted 20,000 performance based RSU awards. On February 26, 2015, the compensation committee of the board of directors determined that Mr. Johnston had successfully met all conditions provided for in the performance based RSU award. The RSU’s had an aggregate grant date fair value of $1,356,000 based upon the fair value of the Company’s common stock on the date of grant. The awards granted vest over four years beginning on the first anniversary of the employee’s date of hire. Pursuant to the terms of the awards, the unvested shares terminate upon separation from the Company. | |||||||||||||||||
On January 2, 2015, the compensation committee of the board of directors granted to various directors, RSUs under which the holders have the right to receive 17,576 shares of the Company’s common stock. The awards granted vest fully on the first anniversary of the grant date. | |||||||||||||||||
On January 22, 2015, the compensation committee of the board of directors granted to various employees and consultants, RSUs under which the holders have the right to receive 54,500 shares of the Company’s common stock. The awards granted were vested on the date of grant. | |||||||||||||||||
On February 26, 2015, the compensation committee of the board of directors granted to two employees RSUs under which the holders have the right to receive 6,800 shares of the Company’s common stock. The awards granted were vested on the date of grant. | |||||||||||||||||
On February 26, 2015, the compensation committee of the board of directors granted to Mr. Rizzone, the Company’s Chief Executive Officer, RSUs under which Mr. Rizzone has the right to receive 246,226 shares of the Company’s common stock. The awards granted vest over four years beginning on the first anniversary of the date of grant. | |||||||||||||||||
On February 26, 2015, the compensation committee of the board of directors granted to a member of the advisory board RSUs under which the holder has the right to receive 5,071 shares. The award vests 12.5% on March 31, 2015 and then an additional 12.5% on each three month anniversary thereafter until fully vested. | |||||||||||||||||
The Company accounts for RSUs granted to consultants using the accounting guidance included in ASC 505-50 “Equity-Based Payments to Non-Employees” (“ASC 505-50”). In accordance with ASC 505-50, the Company estimates the fair value of the unvested portion of the RSU award each reporting period using the closing price of the Company’s common stock. | |||||||||||||||||
At March 31, 2015, the unamortized value of the RSUs was $8,223,004. The unamortized amount will be expensed over a weighted average period of 3.44 years. A summary of the activity related to RSUs for the three months ended March 31, 2015 is presented below: | |||||||||||||||||
Total | Weighted | ||||||||||||||||
Average Grant | |||||||||||||||||
Date Fair Value | |||||||||||||||||
Outstanding at January 1, 2015 | 733,628 | $ | 10.49 | ||||||||||||||
RSUs granted | 330,173 | $ | 9.89 | ||||||||||||||
RSUs forfeited | -58,522 | $ | 8.66 | ||||||||||||||
Shares of common stock issued in exchange for RSUs | -42,470 | $ | 12.08 | ||||||||||||||
Outstanding at March 31, 2015 | 962,809 | $ | 10.33 | ||||||||||||||
Vested at January 1, 2015 | 6,349 | $ | 9.94 | ||||||||||||||
RSUs vested | 130,772 | $ | 11.15 | ||||||||||||||
RSUs forfeited | - | $ | - | ||||||||||||||
Shares of common stock issued in exchange for RSUs | -42,470 | $ | 12.08 | ||||||||||||||
Vested at March 31, 2015 | 94,651 | $ | 10.65 | ||||||||||||||
Stock-Based Compensation Expense | |||||||||||||||||
The following tables summarize total stock-based compensation costs recognized for the three months ended March 31, 2015 and 2014: | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Stock options | $ | 259,515 | $ | 431,095 | |||||||||||||
RSUs | 1,333,875 | - | |||||||||||||||
IR warrants | 85,831 | 61,028 | |||||||||||||||
Total | $ | 1,679,221 | $ | 492,123 | |||||||||||||
The total amount of stock-based compensation was reflected within the statements of operations as: | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Research and development | $ | 1,034,318 | $ | 143,767 | |||||||||||||
General and administrative | 443,647 | 337,382 | |||||||||||||||
Sales and marketing | 201,256 | 10,974 | |||||||||||||||
Total | $ | 1,679,221 | $ | 492,123 | |||||||||||||
Related_Party
Related Party | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 6 – Related Party |
On July 14, 2014, the Company’s Board of Directors appointed Howard Yeaton as the Company’s Interim Chief Financial Officer. Howard Yeaton is the Managing Principal of Financial Consulting Strategies LLC (“FCS”). During the three months ended March 31, 2015, the Company incurred for FCS $25,963 in connection with Mr. Yeaton’s services as Interim Chief Financial Officer and $26,257 for other financial advisory and accounting services provided by FCS. | |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 7 – Subsequent Events |
Disgorgement of short swing profits | |
On April 11, 2015, $12,611 of proceeds was received from an officer of the Company who had purchased shares in the December 2014 secondary offering representing the disgorgement of a short swing profit on the officer’s April 2015 sale of the Company’s stock. | |
Filing of registration statement | |
On April 24, 2015, the Company filed a “shelf” registration statement on Form S-3, which became effective on April 30, 2015. The “shelf” registration statement allows the Company from time to time to sell any combination of debt or equity securities described in the registration statement up to aggregate proceeds of $75,000,000. | |
Share Issuance | |
On May 12, 2015, the Company issued an aggregate of 1,750 shares of its common stock, 1,000 shares in connection with the exercise of a stock option and 750 shares in connection with the delivery of RSUs. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounting Policies [Abstract] | ||||||||
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation | |||||||
The accompanying financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). | ||||||||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates | |||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements as well as the reported expenses during the reporting periods. | ||||||||
The Company’s significant estimates and assumptions include the valuation of the Company’s common stock, the valuation of stock-based compensation instruments and recognition of revenue, the useful lives of long-lived assets, and income tax expense. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. Although the Company believes that its estimates and assumptions are reasonable, they are based upon information available at the time the estimates and assumptions were made. Actual results could differ from those estimates. | ||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents | |||||||
The Company considers all short-term, highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. The Company maintains cash balances that may be uninsured or in deposit accounts that exceed Federal Deposit Insurance Corporation limits. The Company maintains its cash deposits with major financial institutions. | ||||||||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition | |||||||
The Company recognizes revenue when the following criteria have been met: persuasive evidence of an arrangement exists, services have been rendered, collection of the revenue is reasonably assured, and the fees are fixed or determinable. | ||||||||
The Company records revenue associated with product development projects that it enters into with certain customers. In general, these projects are associated with complex technology development, and as such the Company does not have certainty about its ability to achieve the program milestones. Achievement of the milestone is dependent on our performance and the milestone typically needs to be accepted by the customer. The payment associated with achieving the milestone is generally commensurate with the Company’s effort or the value of the deliverable and is nonrefundable. However, the Company also expects to receive nonrefundable payments, typically at the beginning of a customer relationship, for which there are no milestones. The Company recognizes this revenue ratably over the initial engineering product development period. The Company records the expenses related to these projects in the periods incurred and recognizes revenue when it has achieved the development milestones. The costs associated with the revenue from these projects are expensed as incurred and generally included in research and development expense. | ||||||||
Research and Development Expense, Policy [Policy Text Block] | Research and Development | |||||||
Research and development expenses are charged to operations as incurred. For internally developed patents, all patent application costs are expensed as incurred as research and development expense. Patent application costs, generally legal costs, are expensed as research and development costs until such time as the future economic benefits of such patents become more certain. The Company incurred research and development costs of $4,145,764 and $929,213 for the three months ended March 31, 2015 and 2014, respectively. | ||||||||
Income Tax, Policy [Policy Text Block] | Income Taxes | |||||||
Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of March 31, 2015, no liability for unrecognized tax benefits was required to be reported. The guidance also discusses the classification of related interest and penalties on income taxes. The Company’s policy is to record interest and penalties on uncertain tax positions as a component of income tax expense. No interest or penalties were recorded during the three months ended March 31, 2015 and 2014. | ||||||||
Earnings Per Share, Policy [Policy Text Block] | Net Income (Loss) Per Common Share | |||||||
Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options and warrants (using the treasury stock method), the vesting of restricted stock units (“RSUs”), the exercise and/or conversion of the Company’s convertible notes (using the if-converted method). The computation of diluted loss per share excludes potentially dilutive securities of 3,511,890 and 4,133,540 for the three months ended March 31, 2015 and 2014, respectively, because their inclusion would be antidilutive. | ||||||||
Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net income (loss) per share because the effect of their inclusion would have been anti-dilutive. | ||||||||
For the Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Convertible Notes – principal | - | 1,833,336 | ||||||
Convertible Notes – accrued interest | - | 95,233 | ||||||
Consulting Warrant to purchase common stock | 278,228 | 278,228 | ||||||
Financing Warrant to purchase common stock | 152,778 | 152,778 | ||||||
IPO Warrants to purchase common stock | 460,000 | - | ||||||
IR Consulting Warrant | 36,000 | 36,000 | ||||||
IR Incentive Warrant | 15,000 | - | ||||||
Options to purchase common stock | 1,607,075 | 1,737,965 | ||||||
RSUs | 962,809 | - | ||||||
Total potentially dilutive securities | 3,511,890 | 4,133,540 | ||||||
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements | |||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers" (Topic 606), which supersedes the revenue recognition requirements in ASC Topic 605, "Revenue Recognition," and most industry-specific guidance. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. The amendments in the ASU must be applied using one of two retrospective methods and are effective for annual and interim periods beginning after December 15, 2016. On April 1, 2015, the FASB voted to propose to defer the effective date of the new revenue recognition standard by one year. The FASB plans to expose its decisions for a thirty day public comment period in a proposed Accounting Standards Update (ASU), which is expected to be issued sometime during the second quarter of 2015. On April 1, 2015 the FASB decided to permit the adoption of the new revenue standard early, but not before the annual periods beginning after December 15, 2016. A public organization would apply the new revenue standard to all interim reporting periods within the year of adoption. The Company will evaluate the effects, if any, that adoption of this guidance will have on its financial statements. | ||||||||
In August 2014, FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This standard is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. Under U.S. GAAP, financial statements are prepared under the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. Financial reporting under this presumption is commonly referred to as the going concern basis of accounting. | ||||||||
The going concern basis of accounting is critical to financial reporting because it establishes the fundamental basis for measuring and classifying assets and liabilities. Currently, U.S. GAAP lacks guidance about management’s responsibility to evaluate whether there is substantial doubt about the organization’s ability to continue as a going concern or to provide related footnote disclosures. This ASU provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. The amendments are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. The adoption of this standard is not expected to have a material impact on the Company’s financial position and results of operations. | ||||||||
In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs." This standard amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. The Company is currently evaluating the impact the adoption of this standard would have on our condensed financial statements. | ||||||||
Subsequent Events, Policy [Policy Text Block] | Management’s Evaluation of Subsequent Events | |||||||
The Company evaluates events that have occurred after the balance sheet date of March 31, 2015, through the date which the financial statements are issued. Based upon the review, other than as disclosed in Notes 4 and 7, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. | ||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounting Policies [Abstract] | ||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net income (loss) per share because the effect of their inclusion would have been anti-dilutive. | |||||||
For the Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Convertible Notes – principal | - | 1,833,336 | ||||||
Convertible Notes – accrued interest | - | 95,233 | ||||||
Consulting Warrant to purchase common stock | 278,228 | 278,228 | ||||||
Financing Warrant to purchase common stock | 152,778 | 152,778 | ||||||
IPO Warrants to purchase common stock | 460,000 | - | ||||||
IR Consulting Warrant | 36,000 | 36,000 | ||||||
IR Incentive Warrant | 15,000 | - | ||||||
Options to purchase common stock | 1,607,075 | 1,737,965 | ||||||
RSUs | 962,809 | - | ||||||
Total potentially dilutive securities | 3,511,890 | 4,133,540 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The future minimum lease payments for leased locations are as follows: | ||||
For the Years Ended December 31, | Amount | ||||
2015 (Nine Months) | $ | 327,574 | |||
2016 | 448,488 | ||||
2017 | 462,135 | ||||
2018 | 475,838 | ||||
2019 | 344,611 | ||||
Total | $ | 2,058,646 | |||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following is a summary of the Company’s stock option activity during the three months ended March 31, 2015: | ||||||||||||||||
Weighted | |||||||||||||||||
Weighted | Weighted | Average | |||||||||||||||
Average | Average | Remaining | |||||||||||||||
Number of | Exercise | Grant Date | Life In | Intrinsic | |||||||||||||
Options | Price | Fair Value | Years | Value | |||||||||||||
Outstanding at January 1, 2015 | 1,607,075 | $ | 4.41 | $ | 2.47 | 9 | $ | - | |||||||||
Granted | - | - | - | - | - | ||||||||||||
Exercised | - | - | - | - | |||||||||||||
Forfeited | - | - | - | - | - | ||||||||||||
Outstanding at March 31, 2015 | 1,607,075 | $ | 4.41 | $ | 2.47 | 8.9 | $ | 8,089,568 | |||||||||
Exercisable at January 1, 2015 | 550,298 | $ | 4.33 | $ | 2.41 | 9.1 | $ | - | |||||||||
Vested | 103,787 | 4.61 | - | - | - | ||||||||||||
Exercised | - | - | - | - | - | ||||||||||||
Forfeited | - | - | - | - | - | ||||||||||||
Exercisable at March 31, 2015 | 654,085 | $ | 4.37 | $ | 2.44 | 8.9 | $ | 3,314,780 | |||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | The following table presents information related to stock options outstanding and exercisable at March 31, 2015: | ||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Exercise Price | Outstanding Number of Options | Weighted Average Remaining Life In Years | Exercisable Number of Options | ||||||||||||||
$ | 1.68 | 275,689 | 8.7 | 103,383 | |||||||||||||
2.49 | 326,754 | 8.8 | 129,777 | ||||||||||||||
3.63 | 51,958 | 8.9 | 51,958 | ||||||||||||||
4.99 | 99,214 | 9 | 39,063 | ||||||||||||||
6 | 853,460 | 9 | 329,904 | ||||||||||||||
1,607,075 | 8.9 | 654,085 | |||||||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | At March 31, 2015, the unamortized value of the RSUs was $8,223,004. The unamortized amount will be expensed over a weighted average period of 3.44 years. A summary of the activity related to RSUs for the three months ended March 31, 2015 is presented below: | ||||||||||||||||
Total | Weighted | ||||||||||||||||
Average Grant | |||||||||||||||||
Date Fair Value | |||||||||||||||||
Outstanding at January 1, 2015 | 733,628 | $ | 10.49 | ||||||||||||||
RSUs granted | 330,173 | $ | 9.89 | ||||||||||||||
RSUs forfeited | -58,522 | $ | 8.66 | ||||||||||||||
Shares of common stock issued in exchange for RSUs | -42,470 | $ | 12.08 | ||||||||||||||
Outstanding at March 31, 2015 | 962,809 | $ | 10.33 | ||||||||||||||
Vested at January 1, 2015 | 6,349 | $ | 9.94 | ||||||||||||||
RSUs vested | 130,772 | $ | 11.15 | ||||||||||||||
RSUs forfeited | - | $ | - | ||||||||||||||
Shares of common stock issued in exchange for RSUs | -42,470 | $ | 12.08 | ||||||||||||||
Vested at March 31, 2015 | 94,651 | $ | 10.65 | ||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | The following tables summarize total stock-based compensation costs recognized for the three months ended March 31, 2015 and 2014: | ||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Stock options | $ | 259,515 | $ | 431,095 | |||||||||||||
RSUs | 1,333,875 | - | |||||||||||||||
IR warrants | 85,831 | 61,028 | |||||||||||||||
Total | $ | 1,679,221 | $ | 492,123 | |||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | The total amount of stock-based compensation was reflected within the statements of operations as: | ||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Research and development | $ | 1,034,318 | $ | 143,767 | |||||||||||||
General and administrative | 443,647 | 337,382 | |||||||||||||||
Sales and marketing | 201,256 | 10,974 | |||||||||||||||
Total | $ | 1,679,221 | $ | 492,123 | |||||||||||||
Liquidity_and_Management_Plans1
Liquidity and Management Plans (Details Textual) (USD $) | 3 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Apr. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Apr. 24, 2015 | Dec. 31, 2013 | |
Liquidity And Management Plans [Line Items] | |||||||
Engineering product development | $200,000 | ||||||
Net loss | -6,925,279 | -31,009,723 | |||||
Cash and Cash Equivalents, at Carrying Value, Total | 26,500,696 | 730,279 | 730,279 | 31,494,592 | 1,953,780 | ||
Proceeds from Issuance of Common Stock | 0 | 300,000 | |||||
Debt Conversion, Converted Instrument, Shares Issued | 1,833,336 | ||||||
Stock Issued During Period Shares Upon Conversion Of Debt Instrument Interest | 96,792 | ||||||
Proceeds from Other Equity | 900,000 | ||||||
Payments for Commissions | 100,000 | ||||||
Common Stock [Member] | |||||||
Liquidity And Management Plans [Line Items] | |||||||
Net loss | 0 | ||||||
Proceeds from Issuance of Common Stock | 21,000,000 | ||||||
Stock Issued During Period, Shares, Issued for Services | 15,000 | 210,527 | |||||
Proceeds from Other Equity | 700,000 | 300,000 | |||||
Development Stage Entities, Stock Issued, Shares, Issued for Noncash Consideration | 41,563 | ||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 5,353 | ||||||
Stock Issued During Period, Shares, Other | 3,285,714 | ||||||
Subsequent Event [Member] | |||||||
Liquidity And Management Plans [Line Items] | |||||||
Proceeds from Issuance of Debt | 75,000,000 | ||||||
IPO [Member] | |||||||
Liquidity And Management Plans [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 4,600,000 | ||||||
Proceeds from Issuance of Common Stock | $24,800,000 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Potentially dilutive securities | 3,511,890 | 4,133,540 |
Convertible Notes Principal [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Potentially dilutive securities | 0 | 1,833,336 |
Convertible Notes Accrued Interest [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Potentially dilutive securities | 0 | 95,233 |
Consulting Warrant [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Potentially dilutive securities | 278,228 | 278,228 |
Financing Warrant [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Potentially dilutive securities | 152,778 | 152,778 |
IPO Warrants [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Potentially dilutive securities | 460,000 | 0 |
IR Consulting Warrant [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Potentially dilutive securities | 36,000 | 36,000 |
IR Incentive Warrant [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Potentially dilutive securities | 15,000 | |
Stock Option [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Potentially dilutive securities | 1,607,075 | 1,737,965 |
Restricted Stock Units (RSUs) [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Potentially dilutive securities | 962,809 | 0 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details Textual) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Research and Development Expense, Total | $4,145,764 | $929,213 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,511,890 | 4,133,540 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Mar. 31, 2015 |
Commitments and Contingencies [Line Items] | |
2015 (Nine Months) | $327,574 |
2016 | 448,488 |
2017 | 462,135 |
2018 | 475,838 |
2019 | 344,611 |
Total | $2,058,646 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details Textual) (USD $) | 3 Months Ended | 0 Months Ended | 1 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Feb. 04, 2015 | Sep. 30, 2014 | |
Commitments and Contingencies [Line Items] | ||||
Investor Relations Agreement, Initiation Date | 13-Jan-14 | |||
Stock based compensation expense | $1,679,221 | $492,123 | ||
Cash Compensation For Services Received Per Month 1 | 8,000 | |||
Lease Expiration Date | 30-Jun-19 | |||
Development Stage Entities, Stock Issued, Value, Issued for Noncash Consideration | 500,000 | |||
Payments for Tenant Improvements | 100,000 | |||
Payments for Rent | 400,000 | |||
Operating Leases, Rent Expense, Sublease Rentals | 6,109 | |||
Deferred Revenue, Revenue Recognized | 200,000 | |||
Employment Agreement Percentage of Base Salary | 100.00% | |||
Officers' Compensation | 365,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |||
Performance Based Equity Plan, Market Capitalization Minimum Amount | 100,000,000 | |||
Stock Issued During Period, Value, Issued for Services | 147,900 | 0 | ||
Consulting Agreement [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Payments for Fees | 5,000 | |||
Employee Stock Option [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued | 275,689 | |||
Deferred Compensation Arrangement with Individual, Exercise Price | $1.68 | |||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 48 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Licensing Agreements [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Research and Development Arrangement, Contract to Perform for Others, Compensation Earned | 500,000 | |||
Performance-Based Equity Plan [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Percentage Of Performance Share Units To Be Earned On Achievement Of Market Capitalization Growth | 100.00% | |||
Percentage Of Performance Share Units To Be Paid On Quarterly Basis | 50.00% | |||
Percentage Of Performance Share Units To Be Paid On Termination of Employment Agreement | 25.00% | |||
Performance Based Equity Plan Market Capitalization Maximum Amount | 1,100,000,000 | |||
Performance-Based Equity Plan [Member] | Phantom Share Units (PSUs) [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 639,075 | |||
Second Employee Stock Option [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued | 496,546 | |||
Deferred Compensation Arrangement with Individual, Exercise Price | $6 | |||
Balzer Family Investments, L.P [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Operating Leases, Rent Expense | 36,720 | |||
Operating Leases Expiration Period | 60 months | |||
Operating Leases, Rent Expense, Net | 6,732 | |||
Common Stock [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Development Stage Entities, Stock Issued, Shares, Issued for Noncash Consideration | 41,563 | |||
Subsequent Event [Member] | Common Stock [Member] | Consulting Agreement [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Stock Issued During Period, Shares, Issued for Services | 15,000 | |||
Stock Issued During Period, Value, Issued for Services | 147,900 | |||
IR Consulting Warrant [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Warrants Issued To Purchase Common Stock, Shares | 36,000 | |||
Investment Warrants, Exercise Price | $7.80 | |||
Warrants Exercise Price, Representing IPO Price Percentage | 130.00% | |||
Warrants Vesting, Each Month Of Service | 3,000 | |||
Warrants Vesting Thereafter, Each Month Of Service | 3,000 | |||
Warrant Vested During Period, Shares | 36,000 | |||
Stock based compensation expense | 7,522 | |||
IR Incentive Warrant [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Warrants Issued To Purchase Common Stock, Shares | 15,000 | |||
Investment Warrants, Exercise Price | $7.80 | |||
Terms Of Incentive Warrant Market Maker | $250,000 | |||
IR Consulting And Incentive Warrant [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Warrants Term | 4 years |
Stock_Based_Compensation_Detai
Stock Based Compensation (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options, Outstanding | 1,607,075 | |
Number of Options, Granted | 0 | |
Number of Options, Exercised | 0 | |
Number of Options, Forfeited | 0 | |
Number of Options, Outstanding | 1,607,075 | 1,607,075 |
Number of Options, Exercisable | 550,298 | |
Number of Options, Vested | 103,787 | |
Number of Options, Exercisable | 654,085 | 550,298 |
Weighted Average Exercise Price, Outstanding | $4.41 | |
Weighted Average Exercise Price, Granted | $0 | |
Weighted Average Exercise Price, Exercised | $0 | |
Weighted Average Exercise Price, Forfeited | $0 | |
Weighted Average Exercise Price, Outstanding | $4.41 | $4.41 |
Weighted Average Exercise Price, Exercisable | $4.33 | |
Weighted Average Exercise Price, Vested | $4.61 | |
Weighted Average Exercise Price, Exercisable | $4.37 | $4.33 |
Weighted Average Grant Date Fair Value, Outstanding | $2.47 | |
Weighted Average Grant Date Fair Value, Granted | $0 | |
Weighted Average Grant Date Fair Value, Exercised | $0 | |
Weighted Average Grant Date Fair Value, Forfeited | $0 | |
Weighted Average Grant Date Fair Value, Outstanding | $2.47 | $2.47 |
Weighted Average Grant Date Fair Value, Exercisable | $2.41 | |
Weighted Average Grant Date Fair Value, Vested | $0 | |
Weighted Average Grant Date Fair Value, Exercisable | $2.44 | $2.41 |
Weighted Average Remaining Life In Years, Outstanding | 8 years 10 months 24 days | 9 years |
Weighted Average Remaining Life In Years, Exercisable | 8 years 10 months 24 days | 9 years 1 month 6 days |
Intrinsic Value, Outstanding | $0 | |
Intrinsic Value, Exercised | ||
Intrinsic Value, Outstanding | 8,089,568 | 0 |
Intrinsic Value, Exercisable | 0 | |
Intrinsic Value, Exercisable | $3,314,780 | $0 |
Stock_Based_Compensation_Detai1
Stock Based Compensation (Details 1) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $4.41 | $4.41 |
Number of Options, Outstanding | 1,607,075 | 1,607,075 |
Weighted Average Remaining Life In Years | 8 years 10 months 24 days | 9 years 1 month 6 days |
Number of Options, Exercisable | 654,085 | 550,298 |
Stock Option One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $1.68 | |
Number of Options, Outstanding | 275,689 | |
Weighted Average Remaining Life In Years | 8 years 8 months 12 days | |
Number of Options, Exercisable | 103,383 | |
Stock Option Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $2.49 | |
Number of Options, Outstanding | 326,754 | |
Weighted Average Remaining Life In Years | 8 years 9 months 18 days | |
Number of Options, Exercisable | 129,777 | |
Stock Option Three [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $3.63 | |
Number of Options, Outstanding | 51,958 | |
Weighted Average Remaining Life In Years | 8 years 10 months 24 days | |
Number of Options, Exercisable | 51,958 | |
Stock Option Four [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $4.99 | |
Number of Options, Outstanding | 99,214 | |
Weighted Average Remaining Life In Years | 9 years | |
Number of Options, Exercisable | 39,063 | |
Stock Option Five [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $6 | |
Number of Options, Outstanding | 853,460 | |
Weighted Average Remaining Life In Years | 9 years | |
Number of Options, Exercisable | 329,904 |
Stock_Based_Compensation_Detai2
Stock Based Compensation (Details 2) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested at January 1, 2015 | 733,628 |
RSU Granted | 330,173 |
RSUs forfeited | -58,522 |
Shares of common stock issued in exchange for RSUs | -42,470 |
Nonvested at March 31, 2015 | 962,809 |
Weighted Average Grant Date Fair Value, Nonvested at January 1, 2015 | $10.49 |
Weighted Average Grant Date Fair Value, RSU Granted | $9.89 |
Weighted Average Grant Date Fair Value, RSUs forfeited | $8.66 |
Weighted Average Grant Date Fair Value, Shares of common stock issued in exchange for RSUs | $12.08 |
Weighted Average Grant Date Fair Value, Nonvested at March 31, 2015 | $10.33 |
Weighted Average Grant Date Fair Value, Vested at January 1, 2015 | $9.94 |
Weighted Average Grant Date Fair Value, RSUs vested | $11.15 |
Weighted Average Grant Date Fair Value, Shares of common stock issued in exchange for RSUs | $12.08 |
Weighted Average Grant Date Fair Value, Vested at March 31, 2015 | $10.65 |
Vested at January 1, 2015 | 6,349 |
RSUs vested | 130,772 |
Shares of common stock issued in exchange for RSUs | -42,470 |
Vested at March 31, 2015 | 94,651 |
Stock_Based_Compensation_Detai3
Stock Based Compensation (Details 3) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based Compensation, Total | $1,679,221 | $492,123 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-based Compensation Expense | 1,333,875 | 0 |
IR Consulting Warrant [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-based Compensation Expense | 85,831 | 61,028 |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-based Compensation Expense | $259,515 | $431,095 |
Stock_Based_Compensation_Detai4
Stock Based Compensation (Details 4) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based Compensation, Total | $1,679,221 | $492,123 |
Research and Development Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-based Compensation Expense | 1,034,318 | 143,767 |
General and Administrative Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-based Compensation Expense | 443,647 | 337,382 |
Sales and Marketing Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-based Compensation Expense | $201,256 | $10,974 |
Stock_Based_Compensation_Detai5
Stock Based Compensation (Details Textual) (USD $) | 3 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | |||||
Mar. 31, 2015 | Feb. 26, 2015 | Jan. 22, 2015 | Aug. 31, 2014 | Jan. 02, 2015 | Dec. 31, 2014 | Aug. 14, 2014 | Dec. 31, 2013 | Mar. 06, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 5 months 8 days | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 330,173 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $8,223,004 | ||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 5,071 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 12.50% | 12.50% | |||||||
Employees And Consultants [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 54,500 | ||||||||
Employee [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 6,800 | ||||||||
Mr. Cesar Johnston | Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 100,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | 1,356,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||||
Director [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 17,576 | ||||||||
Equity Incentive Plan 2013 [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,042,167 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Other Share Increase (Decrease) | 2,335,967 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Description and Terms | 18% | ||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 244,135 | ||||||||
Equity Incentive Plan 2013 [Member] | Mr. Rizzone [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 246,226 | ||||||||
Non-Employee Equity Compensation Plan 2014 [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 250,000 | ||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 188,537 | ||||||||
Employee Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $2,356,330 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 5 months 23 days | ||||||||
Performance Shares [Member] | Mr. Cesar Johnston | Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 20,000 |
Related_Party_Details_Textual
Related Party (Details Textual) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Howard Yeatons Service [Member] | |
Payments for Fees | $25,963 |
Other Financial Advisory and Accounting Services [Member] | |
Payments for Fees | $26,257 |
Subsequent_Events_Details_Text
Subsequent Events (Details Textual) (USD $) | 3 Months Ended | 1 Months Ended | 0 Months Ended | |
Mar. 31, 2015 | Apr. 24, 2015 | Apr. 11, 2015 | 12-May-15 | |
Subsequent Event [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Proceeds from Customers | $12,611 | |||
Proceeds from Issuance of Debt | 75,000,000 | |||
Subsequent Event [Member] | Common Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Stock Issued During Period, Value, New Issues | $1,750 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 1,000 | |||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 750 |