Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 03, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | WATT | |
Entity Registrant Name | Energous Corp | |
Entity Central Index Key | 0001575793 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 30,420,532 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 36,129,119 | $ 20,106,485 |
Accounts receivable | 66,650 | 44,550 |
Prepaid expenses and other current assets | 490,295 | 637,708 |
Operating lease right-of-use assets | 287,134 | |
Total current assets | 36,973,198 | 20,788,743 |
Property and equipment, net | 1,144,897 | 1,219,016 |
Other assets | 2,410 | 2,410 |
Total assets | 38,120,505 | 22,010,169 |
Current liabilities: | ||
Accounts payable | 1,855,306 | 1,861,385 |
Accrued expenses | 1,858,519 | 1,778,349 |
Operating lease liabilities | 331,261 | |
Total current liabilities | 4,045,086 | 3,639,734 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred Stock, $0.00001 par value, 10,000,000 shares authorized at March 31, 2019 and December 31, 2018; no shares issued or outstanding | ||
Common Stock, $0.00001 par value, 50,000,000 shares authorized at March 31, 2019 and December 31, 2018; 30,328,549 and 26,526,303 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively. | 303 | 265 |
Additional paid-in capital | 269,836,155 | 243,111,741 |
Accumulated deficit | (235,761,039) | (224,741,571) |
Total stockholders’ equity | 34,075,419 | 18,370,435 |
Total liabilities and stockholders’ equity | $ 38,120,505 | $ 22,010,169 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
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 | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 30,328,549 | 26,526,303 |
Common stock, shares outstanding | 30,328,549 | 26,526,303 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Revenue | $ 66,500 | $ 25,000 |
Operating expenses: | ||
Research and development | 6,800,678 | 8,721,552 |
Sales and marketing | 1,599,452 | 1,472,396 |
General and administrative | 2,761,911 | 3,280,215 |
Total operating expenses | 11,162,041 | 13,474,163 |
Loss from operations | (11,095,541) | (13,449,163) |
Other income: | ||
Interest income | 76,073 | 5,706 |
Total other income | 76,073 | 5,706 |
Net loss | $ (11,019,468) | $ (13,443,457) |
Basic and diluted loss per common share | $ (0.39) | $ (0.55) |
Weighted average shares outstanding, basic and diluted | 27,939,166 | 24,536,274 |
Condensed Statement of Changes
Condensed Statement of Changes in Stockholders' Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2017 | $ 11,758,730 | $ 225 | $ 185,659,954 | $ (173,901,449) |
Beginning balance (in shares) at Dec. 31, 2017 | 22,584,588 | |||
Stock-based compensation - restricted stock units ("RSUs") | 4,251,961 | 4,251,961 | ||
Stock-based compensation - employee stock purchase plan ("ESPP") | 154,545 | 154,545 | ||
Stock-based compensation - performance share units ("PSUs") | 202,702 | 202,702 | ||
Issuance of shares for RSUs | $ 3 | (3) | ||
Issuance of shares for RSUs (in shares) | 341,936 | |||
Issuance of shares for PSUs | $ 1 | (1) | ||
Issuance of shares for PSUs (in shares) | 80,098 | |||
Exercise of stock options | 981,053 | $ 2 | 981,051 | |
Exercise of stock options (in shares) | 179,732 | |||
Cashless exercise of warrants (in shares) | 7,989 | |||
Proceeds from contributions to the ESPP | 200,935 | 200,935 | ||
Issuance of shares in an at-the-market ("ATM") offering, net of issuance costs | 38,846,815 | $ 22 | 38,846,793 | |
Issuance of shares in an at-the-market ("ATM") offering, net of issuance costs (in shares) | 2,221,455 | |||
Net loss | (13,443,457) | (13,443,457) | ||
Ending balance at Mar. 31, 2018 | 42,953,284 | $ 253 | 230,297,937 | (187,344,906) |
Ending balance (in shares) at Mar. 31, 2018 | 25,415,798 | |||
Beginning balance at Dec. 31, 2018 | 18,370,435 | $ 265 | 243,111,741 | (224,741,571) |
Beginning balance (in shares) at Dec. 31, 2018 | 26,526,303 | |||
Stock-based compensation - restricted stock units ("RSUs") | 3,083,567 | 3,083,567 | ||
Stock-based compensation - employee stock purchase plan ("ESPP") | 87,825 | 87,825 | ||
Issuance of shares for RSUs | $ 4 | (4) | ||
Issuance of shares for RSUs (in shares) | 434,522 | |||
Shares withheld for payroll tax on RSUs | (10,207) | (10,207) | ||
Shares withheld for payroll tax on RSUs (in shares) | (1,329) | |||
Shares withheld for payroll tax on performance share units ("PSUs") | (329,159) | (329,159) | ||
Shares withheld for payroll tax on performance share units ("PSUs") (in shares) | (44,481) | |||
Exercise of stock options | 400,103 | $ 1 | 400,102 | |
Exercise of stock options (in shares) | 80,201 | |||
Proceeds from contributions to the ESPP | 173,167 | 173,167 | ||
Issuance of shares and warrants in private placements, net of issuance costs | 23,319,156 | $ 33 | 23,319,123 | |
Issuance of shares and warrants in private placements, net of issuance costs (in shares) | 3,333,333 | |||
Net loss | (11,019,468) | (11,019,468) | ||
Ending balance at Mar. 31, 2019 | $ 34,075,419 | $ 303 | $ 269,836,155 | $ (235,761,039) |
Ending balance (in shares) at Mar. 31, 2019 | 30,328,549 |
Condensed Statement of Change_2
Condensed Statement of Changes in Stockholders' Equity (Parenthetical) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | ||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 1,680,844 | $ 1,153,715 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (11,019,468) | $ (13,443,457) |
Adjustments to reconcile net loss to Net cash used in operating activities: | ||
Depreciation and amortization | 235,368 | 299,520 |
Stock based compensation | 3,171,392 | 4,609,208 |
Amortization of operating lease right-of-use assets | 127,293 | |
Amortization of prepaid rent from stock issuance to landlord | 20,196 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (22,100) | (25,000) |
Prepaid expenses and other current assets | 147,413 | 372,021 |
Accounts payable | (6,079) | (120,659) |
Accrued expenses | 80,170 | 560,460 |
Operating lease liabilities | (83,166) | |
Net cash used in operating activities | (7,369,177) | (7,727,711) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (161,249) | (238,611) |
Net cash used in investing activities | (161,249) | (238,611) |
Cash flows from financing activities: | ||
Net proceeds from the sales of common stock | 23,319,156 | 38,846,815 |
Proceeds from the exercise of stock options | 400,103 | 981,053 |
Proceeds from contributions to employee stock purchase plan | 173,167 | 200,935 |
Net cash provided by financing activities | 23,553,060 | 40,028,803 |
Net increase in cash and cash equivalents | 16,022,634 | 32,062,481 |
Cash and cash equivalents - beginning | 20,106,485 | 12,795,254 |
Cash and cash equivalents - ending | 36,129,119 | 44,857,735 |
Restricted Stock Units (RSUs) [Member] | ||
Cash flows from financing activities: | ||
Shares repurchased for tax withholdings on vesting | (10,207) | |
Supplemental disclosure of non-cash financing activities: | ||
Common stock issued | 4 | $ 3 |
Performance Shares [Member] | ||
Cash flows from financing activities: | ||
Shares repurchased for tax withholdings on vesting | $ (329,159) |
Business Organization, Nature o
Business Organization, Nature of Operations | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Business Organization, Nature of Operations | Note 1 - Business Organization, Nature of Operations Energous Corporation (the “Company”) was incorporated in Delaware on October 30, 2012. The Company has developed its WattUp® technology, consisting of proprietary semiconductor chipsets, software, hardware designs and antennas, that enables radio frequency (“RF”) based charging for electronic devices, providing wire-free contact and non-contact charging solutions, with the potential to enable charging with mobility. The Company believes its proprietary WattUp technology can be utilized in consumer electronics such as wearables, hearing aids, earbuds, Bluetooth headsets, Internet of Things (“IoT”) devices, smartphones, tablets, e-book readers, keyboards, mice, remote controls, rechargeable lights, cylindrical batteries, medical devices and other devices with charging requirements that would otherwise require battery replacement or wired power connection. |
Liquidity and Management Plans
Liquidity and Management Plans | 3 Months Ended |
Mar. 31, 2019 | |
Liquidity And Management Plan Disclosure [Abstract] | |
Liquidity and Management Plans | Note 2 – Liquidity and Management Plans During the three months ended March 31, 2019 and 2018, the Company recorded revenue of $66,500 and $25,000, respectively. During the three months ended March 31, 2019 and 2018, the Company recorded net losses of $11,019,468 and $13,443,457, respectively. Net cash used in operating activities was $7,369,177 and $7,727,711 for the three months ended March 31, 2019 and 2018, respectively. The Company is currently meeting its liquidity requirements through the proceeds of securities offerings that raised net proceeds of $23,319,156 in March 2019 and $38,846,815 in January 2018, along with payments received under product development projects. As of March 31, 2019, the Company had cash on hand of $36,129,119. The Company expects that cash on hand as of March 31, 2019, together with anticipated revenues, will be sufficient to fund the Company’s operations into the second quarter of 2020. Research and development of new technologies is by its nature unpredictable. Although the Company intends to continue its research and development activities, there can be no assurance that its available resources and business operations will generate revenues sufficient to sustain operations. Accordingly, the Company may pursue additional financing, which could include offerings of equity or debt securities, bank financings, commercial agreements with customers or strategic partners, and other alternatives, depending upon market conditions. There is no assurance that such financing would be available on terms that it would find acceptable, or at all. The market for products using the Company’s technology is broad, but is nascent and unproven, so the Company’s success is dependent upon many factors, including customer acceptance of our existing products, technical feasibility of future products, regulatory approval, competition and global market fluctuations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 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 (“SEC”). These unaudited condensed interim financial statements should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended December 31, 2018 included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2018, filed with the SEC on February 28, 2019. The accounting policies used in preparing these unaudited condensed interim financial statements are consistent with those described in the Company’s December 31, 2018 audited financial statements . Use of Estimates The preparation of financial statements in conformity with US GAAP 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 stock-based compensation instruments, 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. Note 3 – Summary of Significant Accounting Policies, continued 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 On January 1, 2018, the Company adopted Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers" (Topic 606), which is described below in Recent Accounting Pronouncements. In accordance with Topic 606, the Company recognizes revenue using the following five-step approach: 1. Identify the contract with a customer. 2. Identify the performance obligations in the contract. 3. Determine the transaction price of the contract. 4. Allocate the transaction price to the performance obligations in the contract. 5. Recognize revenue when the performance obligations are met or delivered. The Company records revenue associated with product development projects that it enters into with certain customers. In general, these development projects are complex, and the Company does not have certainty about its ability to achieve the project milestones. The achievement of a milestone is dependent on the Company’s performance obligation and requires acceptance by the customer. The Company recognizes revenue based on when the performance obligation is met. However, the Company does not recognize revenue in excess of that payable upon achievement of an accepted milestone, as there would be uncertainty of payment for work that has not been accepted. The payment associated with achieving the performance obligation is generally commensurate with the Company’s effort or the value of the deliverable and is nonrefundable. The Company records the expenses related to these projects in research and development expense, in the periods such expenses were incurred. The Company records royalty revenue from its manufacturing partner, Dialog, based on shipments from Dialog to its customers. Currently, other than royalty revenue from Dialog, the Company’s only revenue source is product development projects. 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, which are 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 $6,800,678 and $8,721,552 for the three months ended March 31, 2019 and 2018, respectively. Stock-Based Compensation The Company accounts for equity instruments issued to employees, board members and contractors in accordance with accounting guidance that requires awards to be recorded at their fair value on the date of grant and are amortized over the vesting period of the award. The Company recognizes compensation costs on a straight-line basis over the requisite service period of the award, which is typically the vesting term of the equity instrument issued. Under the Energous Corporation Employee Stock Purchase Plan (“ESPP”), employees may purchase a limited number of shares of the Company’s common stock at a 15% discount from the lower of the closing market prices measured on the first and last days of each half-year period. The Company recognizes compensation expense for the fair value of the purchase options, as measured on the grant date. Note 3 – Summary of Significant Accounting Policies, continued 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, 2019, no liability for unrecognized tax benefits was required to be reported. 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, 2019 and 2018. Net Loss Per Common Share Basic net loss per share is computed by dividing net 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”), performance stock units (“PSUs”) and the shares issuable from the enrollment of employees in the ESPP. The computation of diluted loss per share excludes potentially dilutive securities of 7,601,654 and 7,420,048 for the three months ended March 31, 2019 and 2018, respectively, because their inclusion would be anti-dilutive. Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive. For the Three Months Ended March 31, 2019 2018 Financing Warrant to purchase common stock - 13,889 Warrant issued to private investors 4,702,354 3,035,688 Options to purchase common stock 576,293 857,507 RSUs 2,323,007 2,641,405 PSUs - 871,559 Total potentially dilutive securities 7,601,654 7,420,048 Note 3 – Summary of Significant Accounting Policies, continued Leases As of January 1, 2019, the Company determines if an arrangement is a lease at the inception of the arrangement. The Company applies the short-term lease recognition exemption and recognizes lease payments in profit or loss at lease commencement for facility or equipment leases that have a lease term of 12 months or less and do not include a purchase option whose exercise is reasonably certain. Operating leases are included in operating lease right-of-use (ROU) assets and operating lease liabilities. ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are measured and recorded at the later of the adoption date, January 1, 2019, or the service commencement date based on the present value of lease payments over the lease term. The Company uses the implicit interest rate when readily determinable; however, most leases do not establish an implicit rate, so the Company uses an estimate of the incremental borrowing rate based on the information available at the time of measurement. Lease expense for lease payments is recognized on a straight-line basis over the lease term. See Note 4 – Commitments and Contingencies, Operating Leases Recent Accounting Pronouncements In January 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”. This standard requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (230) – Restricted Cash.” ASU No. 2016-18 requires an entity to include amounts described as restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. It is effective for annual reporting periods beginning after December 15, 2018. The Company has adopted ASU 2016-18 and its adoption had no material impact on its financial statements. In July 2017, the FASB issued a two-part ASU No. 2017-11, I. Accounting for Certain Financial Instruments with Down Round Features and II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception. ASU 2017-11 amends guidance in FASB ASC 260, Earnings Per Share, FASB ASC 480, Distinguishing Liabilities from Equity, and FASB ASC 815, Derivatives and Hedging. The amendments in Part I of ASU 2017-11 change the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. The amendments in Part II of ASU 2017-11 re-characterize the indefinite deferral of certain provisions of Topic 480 that now are presented as pending content in the Codification, to a scope exception. Those amendments do not have an accounting effect. ASU 2017-11 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company has adopted ASU 2017-11 and its adoption had no material impact on its financial statements. In June 2018, the FASB issued ASU No. 2018-07, “Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-based Payment Accounting.” ASU 2018-07 aligns accounting for share-based payments issued to nonemployees to that of employees under the existing guidance of Topic 718, with certain exceptions. This update supersedes previous guidance for equity-based payments to nonemployees under Subtopic 505-50, “Equity – Equity-based Payments to Nonemployees.” It is effective for annual reporting periods beginning after December 15, 2018. The Company adopted ASU 2018-07 and its adoption had no material impact on its financial statements. Note 3 – Summary of Significant Accounting Policies, continued Management’s Evaluation of Subsequent Events The Company evaluates events that have occurred after the balance sheet date of March 31, 2019, through the date which the financial statements are issued. Based upon the review, 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, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 4 – Commitments and Contingencies Operating Leases On September 10, 2014, the Company entered into a Lease Agreement 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 February 26, 2015, the Company entered into a sub-lease agreement for additional space in its San Jose location on the first floor. The agreement has a term which expires on June 30, 2019 and a current monthly rent of $6,668 per month. On August 25, 2015, the Company entered into an additional amended sub-lease agreement for additional space on the first floor. The agreement has a term which expires on June 30, 2019 and a current monthly rent of $4,578 per month. On March 13, 2019, the Company amended its Lease Agreement with the Landlord which combined both the first floor space and the second floor space for the final three months of the original lease term for the second floor, which expires on September 30, 2019. Effective July 1, 2019 through September 30, 2019, the new monthly rent payment will be $48,372. On May 31, 2017, the Company renewed a lease agreement for the Company’s space in Costa Mesa, California. The agreement has a term that expires on September 30, 2019 with initial monthly rent of $9,040, and is subject to certain annual escalations as defined in the agreement. The Company is currently negotiating renewals of its main facility leases. I n February 2016, the FASB issued its final standard on lease accounting, ASU No. 2016-02, “Leases (Topic 842),” which superseded Topic 840, “Leases,” which was further modified in ASU No. 2018-10, “Codification Improvements” to clarify the implementation guidance. The new accounting standard was effective for the Company beginning on January 1, 2019 and required the recognition on the balance sheet of right-of-use assets and lease liabilities. The Company elected the optional transition method and adopted the new guidance on January 1, 2019 on a modified retrospective basis with no restatement of prior period amounts. The Company’s adoption of the new standard resulted in the recognition of right-of-use assets of $414,426 and operating lease liabilities of $485,747, with no material cumulative effect adjustment to equity as of the date of adoption. As of March 31, 2019, the Company’s remaining weighted average operating lease terms were approximately 6 months. The weighted average discount rate used to measure the outstanding operating lease liabilities was 10% as of March 31, 2019. A reconciliation of undiscounted cash flows to lease liabilities recognized as of March 31, 2019 is as follows: Amount (unaudited) 2019 338,871 Present value discount (10% weighted average) (7,610 ) Total operating lease liabilities $ 331,261 Note 4 – Commitments and Contingencies, continued Hosted Design Solution Agreement In June 2015, the Company entered into a three-year agreement to license electronic design automation software in a hosted environment. Pursuant to the agreement, under which services began in July 2015, the Company is required to remit quarterly payments in the amount of approximately $101,000 with the last payment due in March 2018. In December 2015, the agreement was amended to update and redefine the hosted hardware and software licensed by the Company and the quarterly payments increased to approximately $198,000. In July 2018, the Company renewed the three-year agreement, and the Company is required to remit quarterly payments in the amount of approximately $218,000, with the last payment due in March 2021. Litigations, Claims, and Assessments The Company is from time to time involved in various disputes, claims, liens and litigation matters arising in the normal course of business. While the outcome of these disputes, claims, liens and litigation matters cannot be predicted with certainty, after consulting with legal counsel, management does not believe that the outcome of these matters will have a material adverse effect on the Company's combined financial position, results of operations or cash flows. MBO Bonus Plan On March 15, 2018, the Company’s Board of Directors (“Board”), on the recommendation of the Board’s Compensation Committee (“Compensation Committee”), approved the Energous Corporation MBO Bonus Plan (“Bonus Plan”) for executive officers of the Company. To be eligible to receive a bonus under the Bonus Plan, an executive officer must be continuously employed throughout the applicable performance period, and in good standing, and achieve the performance objectives selected by the Compensation Committee. Under the Bonus Plan, the Compensation Committee is responsible for selecting the amounts of potential bonuses for executive officers, the performance metrics used to determine whether any such bonuses will be paid and determining whether those performance metrics have been achieved. During the three months ended March 31, 2019, the Company accrued $314,513 in expense under the Bonus Plan, which will be paid during the second quarter of 2019. During the three months ended March 31, 2018, the Company accrued $267,296 in bonus expense, which was paid during the second quarter of 2018. Severance and Change in Control Agreement On March 15, 2018, the Compensation Committee approved a form of Severance and Change in Control Agreement (“Severance Under the Severance Agreement, if an Executive is terminated in a qualifying termination, the Company agrees to pay the Executive six to 12 months of that Executive’s monthly base salary and bonuses, in under some circumstances. If the Executive elects continued coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) the Company agrees to pay the full amount of Executive’s premiums under the Company’s health, dental and vision plans, including coverage for the Executive’s eligible dependents, for the six to 12 month period following the Executive’s termination. Employee Agreement – Stephen Rizzone On April 3, 2015, the Company entered into an Amended and Restated Executive Employment Agreement with Stephen R. Rizzone, the Company’s President and Chief Executive Officer (“Employment Agreement”). The Employment Agreement was effective as of January 1, 2015, had an initial term of four years and has been automatically renewed annually thereafter. 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 Board. Mr. Rizzone is also eligible to receive all customary and usual benefits generally available to senior executives of the Company. Note 4 – Commitments and Contingencies, continued Strategic Alliance Agreement In November 2016, the Company and Dialog Semiconductor plc (“Dialog”), a related party (see Note 7—Related Party Transactions), entered into a Strategic Alliance Agreement (“Alliance Agreement”) for the manufacture, distribution and commercialization of products incorporating the Company’s wire-free charging technology (“Licensed Products”). Pursuant to the terms of the Alliance Agreement, the Company agreed to engage Dialog as the exclusive supplier of the Licensed Products for specified fields of use, subject to certain exceptions (the “Company Exclusivity Requirement”). Dialog agreed to not distribute, sell or work with any third party to develop any competing products without the Company’s approval (the “Dialog Exclusivity Requirement”). In addition, both parties agreed on a revenue sharing arrangement and will collaborate on the commercialization of Licensed Products based on a mutually-agreed upon plan. Each party will retain all of its intellectual property. The Alliance Agreement has an initial term of seven years and will automatically renew annually thereafter unless terminated by either party upon 180 days’ prior written notice. The Company may terminate the Alliance Agreement at any time after the third anniversary of the Agreement upon 180 days’ prior written notice to Dialog, or if Dialog breaches certain exclusivity obligations. Dialog may terminate the Alliance Agreement if sales of Licensed Products do not meet specified targets. The Company Exclusivity Requirement will terminate upon the earlier of January 1, 2021 or the occurrence of certain events relating to the Company’s pre-existing exclusivity obligations. The Dialog Exclusivity Requirement will terminate if no Licensed Products have received the necessary Federal Communications Commission approvals within specified timeframes. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | Note 5 – Stockholders’ Equity Authorized Capital The holders of the Company’s common stock are entitled to one vote per share. Holders of common stock are entitled to receive ratably such dividends, if any, as may be declared by the Board out of legally available funds. Upon the liquidation, dissolution or winding up of the Company, holders of common stock are entitled to share ratably in all assets of the Company that are legally available for distribution. Public Offerings Pursuant to a shelf registration statement on Form S-3 filed on April 24, 2015, in January 2018, the Company raised $38,846,815 (net of $1,153,715 in underwriter’s discount and issuance costs) from the sale of stock in an “at-the-market” offering of its common stock. On August 9, 2018, the Company filed a shelf registration statement on Form S-3, which became effective on August 17, 2018. This shelf registration statement allows the Company to sell, from time to time, any combination of debt or equity securities described in the registration statement up to aggregate proceeds of $75,000,000. Pursuant to this registration statement, in March 2019 the Company raised $23,319,156 (net of $1,680,844 in underwriter’s discount and issuance costs) from an offering of shares of its common stock and warrants to purchase 1,666,666 shares of common stock at an exercise price of $10.00 per share. |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | Note 6 – Stock-Based Compensation Equity Incentive Plans 2013 Equity Incentive Plan Effective on May 16, 2018, the Company’s stockholders approved the amendment and restatement of the 2013 Equity Incentive Plan to increase the number of shares reserved for issuance through equity-based instruments thereunder by 1,600,000 shares, bringing to 6,085,967 the total number of shares approved for issuance under that plan. As of March 31, 2019, 1,501,148 shares of common stock remain available to be issued under the 2013 Equity Incentive Plan. Note 6 – Stock Based Compensation, continued Equity Incentive Plans, continued 2014 Non-Employee Equity Compensation Plan Effective on May 16, 2018, the Company’s stockholders approved the amendment and restatement of the 2014 Equity Incentive Plan to increase the number of shares reserved for issuance through equity-based instruments thereunder by 250,000 shares, bringing to 850,000 the total number of shares approved for issuance under that plan. As of March 31, 2019, 208,842 shares of common stock remain available to be issued through equity-based instruments under the 2014 Non-Employee Equity Compensation Plan. 2015 Performance Share Unit Plan Effective on May 16, 2018, the Company’s stockholders approved the amendment and restatement of the 2015 Performance Share Unit Plan to increase the number of shares reserved for issuance through equity-based instruments thereunder by 1,400,000 shares, bringing to 2,710,104 the total number of shares approved for issuance under that plan. As of March 31, 2019, 1,431,951 shares of common stock remain available to be issued through equity-based instruments under the Performance Share Unit Plan. 2017 Equity Inducement Plan On December 28, 2017, the Board approved the 2017 Equity Inducement Plan. Under the plan, the Board reserved 600,000 shares of common stock for the grant of RSUs. These grants will be administered by a committee of the Board or the Board acting as a committee. These awards will be granted to individuals who (a) are being hired as an employee by the Company or any subsidiary and such award is a material inducement to such person being hired; (b) are being rehired as an employee following a bona fide period of interruption of employment with the Company or any subsidiary; or (c) will become an employee of the Company or any subsidiary in connection with a merger or acquisition. As of March 31, 2019, 283,469 shares of common stock remain available to be issued through equity-based instruments under the 2017 Equity Inducement Plan. Employee Stock Purchase Plan In April 2015, the Company’s Board approved the ESPP, under which 600,000 shares of common stock were reserved for purchase by the Company’s employees, and on May 21, 2015, the Company’s stockholders approved the ESPP. Under the ESPP, employees may designate an amount not less than 1% but not more than 10% of their annual compensation for the purchase of Company shares. No more than 7,500 shares may be purchased by an employee under the ESPP during an offering period. An offering period shall be six months in duration commencing on or about January 1 and July 1 of each year. The exercise price of the purchase option will be the lesser of 85% of the fair market of the common stock on the first business day of the offering period and 85% of the fair market value of the common stock on the applicable exercise date. As of March 31, 2019, 343,753 shares of common stock remain available to be issued under the ESPP. As of March 31, 2019, employees have contributed $173,167 through payroll withholdings to the ESPP for the current offering period. Shares will be deemed delivered on June 30, 2019 for the current offering period. Note 6 – Stock Based Compensation, continued Stock Option Activity The following is a summary of the Company’s stock option activity during the three months ended March 31, 2019: Number of Options Weighted Average Exercise Price Weighted Average Remaining Life In Years Intrinsic Value Outstanding at January 1, 2019 656,494 $ 5.57 4.6 $ 252,887 Granted – – – – Exercised (80,201 ) 4.99 – – Forfeited – – – – Outstanding at March 31, 2019 576,293 $ 5.65 5.0 $ 794,214 Exercisable at January 1, 2019 656,494 $ 5.57 4.6 $ 252,887 Vested – – – – Exercised (80,201 ) 4.99 – – Forfeited – – – – Exercisable at March 31, 2019 576,293 $ 5.65 5.0 $ 794,214 As of March 31, 2019, the unamortized value of options was $0. Note 6 – Stock Based Compensation, continued Restricted Stock Units (“RSUs”) During the three months ended March 31, 2019, the Compensation Committee granted various directors and consultants RSUs covering 157,987 shares of common stock under the 2014 Non-Employee Equity Compensation Plan. The awards vest over terms from one to three years. During the three months ended March 31, 2019, the Compensation Committee granted various employees RSUs covering 310,750 shares of common stock under the 2013 Equity Incentive Plan. The awards vest over terms ranging from one to four years. During the three months ended March 31, 2019, the Compensation Committee granted employees RSUs covering 25,500 shares of common stock under the 2017 Equity Inducement Plan. The awards vest over four years. As of t h un am or ti ze v a l u o t h R a $ T h un am or ti ze am oun il b e xp e n e ov e weighted average p e r i o o 2.1 y ea r Total Weighted Average Grant Date Fair Value Outstanding at January 1, 2019 2,469,174 $ 15.07 RSUs granted 494,237 $ 6.16 RSUs forfeited (205,882 ) $ 15.28 RSUs vested (434,522 ) $ 15.97 Outstanding at March 31, 2019 2,323,007 $ 12.99 Performance Share Units (“PSUs”) Performance share units (“PSUs”) are grants that vest upon the achievement of certain performance goals. The performance goals are related to the Company’s market capitalization or market price of the common stock. Amortization for all PSU awards was $0 and $202,702 for the three months ended March 31, 2019 and 2018, respectively. At March 31, 2019, all PSUs had either vested or expired and were no longer outstanding. Employee Stock Purchase Plan (“ESPP”) The current offering period under the ESPP started on January 1, 2019 and will conclude on June 30, 2019. During the year ended December 31, 2018, there were two offering periods for the ESPP. The first offering period started on January 1, 2018 and concluded on June 30, 2018. The second offering period started on July 1, 2018 and concluded on December 31, 2018. The weighted-average grant-date fair value of the purchase option for each designated share purchased under this plan was approximately $2.43 and $13.84 for the three months ended March 31, 2019 and 2018, respectively, which represents the fair value of the option, consisting of three main components: (i) the value of the discount on the enrollment date, (ii) the proportionate value of the call option for 85% of the stock and (iii) the proportionate value of the put option for 15% of the stock. The Company recognized compensation expense for the plan of $87,825 and $154,545 for the three months ended March 31, 2019 and 2018, respectively. Note 6 – Stock Based Compensation, continued Employee Stock Purchase Plan (“ESPP”), continued The Company estimated the fair value of ESPP purchase options granted during the three months ended March 31, 2019 and 2018 using the Black-Scholes option pricing model. The fair values of stock options granted were estimated using the following assumptions: Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Stock price $ 5.79 $ 22.34 Dividend yield 0 % 0 % Expected volatility 96 % 177 % Risk-free interest rate 2.51 % 1.61 % Expected life 6 months 6 months Stock-Based Compensation Expense The following tables summarize total stock-based compensation costs recognized for the three months ended March 31, 2019 and 2018: Three Months Ended March 31, 2019 2018 RSUs 3,083,567 $ 4,251,961 PSUs – 202,702 ESPP 87,825 154,545 Total $ 3,171,392 $ 4,609,208 The total amount of stock-based compensation was reflected within the statements of operations as: Three Months Ended March 31, 2019 2018 Research and development $ 1,656,553 $ 3,058,530 Sales and marketing 377,048 281,358 General and administrative 1,137,791 1,269,320 Total $ 3,171,392 $ 4,609,208 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 7 – Related Party Transactions In November 2016, the Company and Dialog entered into an alliance agreement for the manufacture, distribution and commercialization of products incorporating the Company’s wire-free charging technology (See Note 4 – Commitments and Contingencies, Strategic Alliance Agreement |
Customer Concentration
Customer Concentration | 3 Months Ended |
Mar. 31, 2019 | |
Risks And Uncertainties [Abstract] | |
Customer Concentration | Note 8 – Customer Concentration Four customers accounted for approximately 98% of the Company’s revenue for the three months ended March 31, 2019 and one customer accounted for 100% of the Company’s revenue for the three months ended March 31, 2018. Four customers accounted for approximately 98% of the accounts receivable balance as of March 31, 2019. Three customers accounted for approximately 86% of the accounts receivable balance as of December 31, 2018. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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 (“SEC”). These unaudited condensed interim financial statements should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended December 31, 2018 included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2018, filed with the SEC on February 28, 2019. The accounting policies used in preparing these unaudited condensed interim financial statements are consistent with those described in the Company’s December 31, 2018 audited financial statements . |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with US GAAP 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 stock-based compensation instruments, 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 | 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 | Revenue Recognition On January 1, 2018, the Company adopted Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers" (Topic 606), which is described below in Recent Accounting Pronouncements. In accordance with Topic 606, the Company recognizes revenue using the following five-step approach: 1. Identify the contract with a customer. 2. Identify the performance obligations in the contract. 3. Determine the transaction price of the contract. 4. Allocate the transaction price to the performance obligations in the contract. 5. Recognize revenue when the performance obligations are met or delivered. The Company records revenue associated with product development projects that it enters into with certain customers. In general, these development projects are complex, and the Company does not have certainty about its ability to achieve the project milestones. The achievement of a milestone is dependent on the Company’s performance obligation and requires acceptance by the customer. The Company recognizes revenue based on when the performance obligation is met. However, the Company does not recognize revenue in excess of that payable upon achievement of an accepted milestone, as there would be uncertainty of payment for work that has not been accepted. The payment associated with achieving the performance obligation is generally commensurate with the Company’s effort or the value of the deliverable and is nonrefundable. The Company records the expenses related to these projects in research and development expense, in the periods such expenses were incurred. The Company records royalty revenue from its manufacturing partner, Dialog, based on shipments from Dialog to its customers. Currently, other than royalty revenue from Dialog, the Company’s only revenue source is product development projects. |
Research and Development | 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, which are 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 $6,800,678 and $8,721,552 for the three months ended March 31, 2019 and 2018, respectively. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for equity instruments issued to employees, board members and contractors in accordance with accounting guidance that requires awards to be recorded at their fair value on the date of grant and are amortized over the vesting period of the award. The Company recognizes compensation costs on a straight-line basis over the requisite service period of the award, which is typically the vesting term of the equity instrument issued. Under the Energous Corporation Employee Stock Purchase Plan (“ESPP”), employees may purchase a limited number of shares of the Company’s common stock at a 15% discount from the lower of the closing market prices measured on the first and last days of each half-year period. The Company recognizes compensation expense for the fair value of the purchase options, as measured on the grant date. |
Income Taxes | 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, 2019, no liability for unrecognized tax benefits was required to be reported. 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, 2019 and 2018. |
Net Loss Per Common Share | Net Loss Per Common Share Basic net loss per share is computed by dividing net 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”), performance stock units (“PSUs”) and the shares issuable from the enrollment of employees in the ESPP. The computation of diluted loss per share excludes potentially dilutive securities of 7,601,654 and 7,420,048 for the three months ended March 31, 2019 and 2018, respectively, because their inclusion would be anti-dilutive. Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive. For the Three Months Ended March 31, 2019 2018 Financing Warrant to purchase common stock - 13,889 Warrant issued to private investors 4,702,354 3,035,688 Options to purchase common stock 576,293 857,507 RSUs 2,323,007 2,641,405 PSUs - 871,559 Total potentially dilutive securities 7,601,654 7,420,048 |
Leases | Leases As of January 1, 2019, the Company determines if an arrangement is a lease at the inception of the arrangement. The Company applies the short-term lease recognition exemption and recognizes lease payments in profit or loss at lease commencement for facility or equipment leases that have a lease term of 12 months or less and do not include a purchase option whose exercise is reasonably certain. Operating leases are included in operating lease right-of-use (ROU) assets and operating lease liabilities. ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are measured and recorded at the later of the adoption date, January 1, 2019, or the service commencement date based on the present value of lease payments over the lease term. The Company uses the implicit interest rate when readily determinable; however, most leases do not establish an implicit rate, so the Company uses an estimate of the incremental borrowing rate based on the information available at the time of measurement. Lease expense for lease payments is recognized on a straight-line basis over the lease term. See Note 4 – Commitments and Contingencies, Operating Leases |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”. This standard requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (230) – Restricted Cash.” ASU No. 2016-18 requires an entity to include amounts described as restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. It is effective for annual reporting periods beginning after December 15, 2018. The Company has adopted ASU 2016-18 and its adoption had no material impact on its financial statements. In July 2017, the FASB issued a two-part ASU No. 2017-11, I. Accounting for Certain Financial Instruments with Down Round Features and II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception. ASU 2017-11 amends guidance in FASB ASC 260, Earnings Per Share, FASB ASC 480, Distinguishing Liabilities from Equity, and FASB ASC 815, Derivatives and Hedging. The amendments in Part I of ASU 2017-11 change the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. The amendments in Part II of ASU 2017-11 re-characterize the indefinite deferral of certain provisions of Topic 480 that now are presented as pending content in the Codification, to a scope exception. Those amendments do not have an accounting effect. ASU 2017-11 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company has adopted ASU 2017-11 and its adoption had no material impact on its financial statements. In June 2018, the FASB issued ASU No. 2018-07, “Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-based Payment Accounting.” ASU 2018-07 aligns accounting for share-based payments issued to nonemployees to that of employees under the existing guidance of Topic 718, with certain exceptions. This update supersedes previous guidance for equity-based payments to nonemployees under Subtopic 505-50, “Equity – Equity-based Payments to Nonemployees.” It is effective for annual reporting periods beginning after December 15, 2018. The Company adopted ASU 2018-07 and its adoption had no material impact on its financial statements. |
Management's Evaluation of Subsequent Events | Management’s Evaluation of Subsequent Events The Company evaluates events that have occurred after the balance sheet date of March 31, 2019, through the date which the financial statements are issued. Based upon the review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive. For the Three Months Ended March 31, 2019 2018 Financing Warrant to purchase common stock - 13,889 Warrant issued to private investors 4,702,354 3,035,688 Options to purchase common stock 576,293 857,507 RSUs 2,323,007 2,641,405 PSUs - 871,559 Total potentially dilutive securities 7,601,654 7,420,048 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Reconciliation of Undiscounted Cash Flows to Lease Liabilities Recognized | A reconciliation of undiscounted cash flows to lease liabilities recognized as of March 31, 2019 is as follows: Amount (unaudited) 2019 338,871 Present value discount (10% weighted average) (7,610 ) Total operating lease liabilities $ 331,261 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | The following is a summary of the Company’s stock option activity during the three months ended March 31, 2019: Number of Options Weighted Average Exercise Price Weighted Average Remaining Life In Years Intrinsic Value Outstanding at January 1, 2019 656,494 $ 5.57 4.6 $ 252,887 Granted – – – – Exercised (80,201 ) 4.99 – – Forfeited – – – – Outstanding at March 31, 2019 576,293 $ 5.65 5.0 $ 794,214 Exercisable at January 1, 2019 656,494 $ 5.57 4.6 $ 252,887 Vested – – – – Exercised (80,201 ) 4.99 – – Forfeited – – – – Exercisable at March 31, 2019 576,293 $ 5.65 5.0 $ 794,214 |
Schedule of Restricted Stock Units Activity | A summary of the activity related to RSUs for the three months ended March 31, 2019 is presented below: Total Weighted Average Grant Date Fair Value Outstanding at January 1, 2019 2,469,174 $ 15.07 RSUs granted 494,237 $ 6.16 RSUs forfeited (205,882 ) $ 15.28 RSUs vested (434,522 ) $ 15.97 Outstanding at March 31, 2019 2,323,007 $ 12.99 |
Summary of Fair Values of Stock Options Granted | The fair values of stock options granted were estimated using the following assumptions: Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Stock price $ 5.79 $ 22.34 Dividend yield 0 % 0 % Expected volatility 96 % 177 % Risk-free interest rate 2.51 % 1.61 % Expected life 6 months 6 months |
Summary of Stock-based Compensation Costs Recognized | The following tables summarize total stock-based compensation costs recognized for the three months ended March 31, 2019 and 2018: Three Months Ended March 31, 2019 2018 RSUs 3,083,567 $ 4,251,961 PSUs – 202,702 ESPP 87,825 154,545 Total $ 3,171,392 $ 4,609,208 |
Summary of Stock-based Compensation Reflected within Statements of Operations | The total amount of stock-based compensation was reflected within the statements of operations as: Three Months Ended March 31, 2019 2018 Research and development $ 1,656,553 $ 3,058,530 Sales and marketing 377,048 281,358 General and administrative 1,137,791 1,269,320 Total $ 3,171,392 $ 4,609,208 |
Liquidity and Management Plans
Liquidity and Management Plans - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Mar. 31, 2019 | Jan. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Liquidity And Management Plans [Line Items] | |||||
Engineering product development | $ 66,500 | $ 25,000 | |||
Net income (loss) | (11,019,468) | (13,443,457) | |||
Net cash provided by (used in) operating activities | (7,369,177) | (7,727,711) | |||
Proceeds of securities offerings | $ 23,319,156 | $ 38,846,815 | 23,319,156 | 38,846,815 | |
Cash and cash equivalents, at carrying value, total | $ 36,129,119 | 36,129,119 | $ 20,106,485 | ||
Technology Service [Member] | |||||
Liquidity And Management Plans [Line Items] | |||||
Engineering product development | $ 66,500 | $ 25,000 |
Significant Accounting Policies
Significant Accounting Policies - Additional Information (Detail) - USD ($) | Apr. 30, 2015 | Mar. 31, 2019 | Mar. 31, 2018 |
Summary Of Significant Accounting Policies [Line Items] | |||
Research and development expense, total | $ 6,800,678 | $ 8,721,552 | |
Liability for unrecognized tax benefits | 0 | ||
Interest or penalties for uncertain tax positions | $ 0 | $ 0 | |
Antidilutive securities excluded from computation of earnings per share, amount | 7,601,654 | 7,420,048 | |
Employee Stock Purchase Plan [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Common stock purchase price discount percentage | 85.00% | 15.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Total potentially dilutive securities | 7,601,654 | 7,420,048 |
Financing Warrant to Purchase Common Stock [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total potentially dilutive securities | 13,889 | |
Warrant Issued to Private Investors [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total potentially dilutive securities | 4,702,354 | 3,035,688 |
Employee Stock Option [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total potentially dilutive securities | 576,293 | 857,507 |
Restricted Stock Units (RSUs) [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total potentially dilutive securities | 2,323,007 | 2,641,405 |
Performance Share Units [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total potentially dilutive securities | 871,559 |
Commitments and Contingencies -
Commitments and Contingencies - Operating Leases - Additional Information (Detail) - USD ($) | Mar. 13, 2019 | May 31, 2017 | Aug. 25, 2015 | Feb. 26, 2015 | Sep. 10, 2014 | Sep. 30, 2019 | Mar. 31, 2019 | Jan. 01, 2019 |
Commitments And Contingencies [Line Items] | ||||||||
Operating lease right-of-use assets | $ 287,134 | |||||||
Operating lease liabilities | $ 331,261 | |||||||
Remaining weighted average operating lease terms | 6 months | |||||||
Weighted average discount rate used to measure the outstanding operating lease liabilities | 10.00% | |||||||
ASU No. 2016-02 [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Operating lease right-of-use assets | $ 414,426 | |||||||
Operating lease liabilities | $ 485,747 | |||||||
San Jose, California [Member] | Amended Sub-lease Agreement [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Operating leases, rent expense, net | $ 4,578 | |||||||
Lease expiration date | Jun. 30, 2019 | |||||||
San Jose, California [Member] | Sub-lease Agreement [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Operating leases, rent expense, sublease rentals | $ 6,668 | |||||||
Lease expiration date | Jun. 30, 2019 | |||||||
Costa Mesa, California [Member] | Sub-lease Agreement [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Operating leases, rent expense | $ 9,040 | |||||||
Lease expiration date | Sep. 30, 2019 | |||||||
Balzer Family Investments Lp [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Operating leases expiration period | 60 months | |||||||
Operating leases, rent expense | $ 36,720 | |||||||
Balzer Family Investments Lp [Member] | Lease Agreement [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Lease expiration date | Sep. 30, 2019 | |||||||
Balzer Family Investments Lp [Member] | Lease Agreement [Member] | Scenario Forecast [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Operating leases, rent expense | $ 48,372 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Reconciliation of Undiscounted Cash Flows to Lease Liabilities Recognized (Detail) | Mar. 31, 2019USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2019 | $ 338,871 |
Present value discount (10% weighted average) | (7,610) |
Operating lease liabilities | $ 331,261 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Reconciliation of Undiscounted Cash Flows to Lease Liabilities Recognized (Parenthetical) (Detail) | Mar. 31, 2019 |
Operating Leases Future Minimum Payments Due [Abstract] | |
Weighted average discount rate percent | 10.00% |
Commitments and Contingencies_4
Commitments and Contingencies - Hosted Design Solution Agreement - Additional Information (Detail) - Hosted Design Solution Agreement [Member] - USD ($) | 1 Months Ended | 3 Months Ended | ||
Jul. 31, 2018 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2019 | |
Commitments And Contingencies [Line Items] | ||||
Initial term of agreement | 3 years | 3 years | ||
Other cost of services | $ 218,000 | $ 101,000 | ||
Hardware and software licensed payments period increase | $ 198,000 |
Commitments and Contingencies_5
Commitments and Contingencies - MBO Bonus Plan - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Executive Officers [Member] | ||
Commitments And Contingencies [Line Items] | ||
Accrued bonus expense | $ 314,513 | $ 267,296 |
Commitments and Contingencies_6
Commitments and Contingencies - Employee Agreement - Stephen Rizzone - Additional Information (Detail) - Mr. Rizzone [Member] - USD ($) | Jan. 01, 2015 | Mar. 31, 2019 |
Commitments And Contingencies [Line Items] | ||
Agreement effective date | Jan. 1, 2015 | |
Initial term of agreement | 4 years | |
Officers' compensation | $ 365,000 | |
Employment agreement percentage of base salary | 100.00% |
Commitments and Contingencies_7
Commitments and Contingencies - Strategic Alliance Agreement - Additional Information (Detail) | 1 Months Ended |
Nov. 30, 2016 | |
Strategic Alliance Agreement [Member] | |
Commitments And Contingencies [Line Items] | |
Initial term of agreement | 7 years |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | Aug. 17, 2018USD ($) | Mar. 31, 2019USD ($)Vote$ / sharesshares | Jan. 31, 2018USD ($) | Mar. 31, 2019USD ($)Vote$ / sharesshares |
Class of Stock [Line Items] | ||||
Number of common stock voting entitlement per share | Vote | 1 | 1 | ||
Underwriter’s discount and issuance costs | $ 1,680,844 | |||
Issuance of shares and warrants in private placements, net of issuance costs | $ 23,319,156 | $ 23,319,156 | ||
Class of warrant or right, number of securities called by warrants or rights | shares | 1,666,666 | 1,666,666 | ||
Class of warrant or right, exercise price of warrants or rights | $ / shares | $ 10 | $ 10 | ||
Consummation of Offering Under Shelf Registration [Member] | ||||
Class of Stock [Line Items] | ||||
Stock issued during period, value, new issues | $ 38,846,815 | |||
Underwriter’s discount and issuance costs | $ 1,153,715 | |||
Proceeds from shelf registration debt or equity securities | $ 75,000,000 |
Stock Based Compensation - Equi
Stock Based Compensation - Equity Incentive Plan - Additional Information (Detail) - USD ($) | Apr. 30, 2015 | Mar. 31, 2019 | May 16, 2018 | Dec. 28, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee contribution through payroll withholdings | $ 173,167 | |||
Performance Share Units [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 for issuance | 2,710,104 | |||
Common stock, capital shares reserved for future issuance | 1,400,000 | |||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 1,431,951 | |||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock, capital shares reserved for future issuance | 600,000 | |||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 343,753 | |||
Lowest percentage of annual compensation to be utilized by an employee for purchase of shares under the plan | 1.00% | |||
Highest percentage of annual compensation to be utilized by an employee for purchase of shares under the plan | 10.00% | |||
Maximum number of shares permitted to purchase | 7,500 | |||
Offering period | 6 months | |||
Exercise price discount from fair value on offering date | 85.00% | |||
Exercise price discount from fair value on exercise date | 85.00% | 15.00% | ||
Share-based compensation arrangement by share-based payment award, terms of award | In April 2015, the Company’s Board approved the ESPP, under which 600,000 shares of common stock were reserved for purchase by the Company’s employees, and on May 21, 2015, the Company’s stockholders approved the ESPP. Under the ESPP, employees may designate an amount not less than 1% but not more than 10% of their annual compensation for the purchase of Company shares. No more than 7,500 shares may be purchased by an employee under the ESPP during an offering period. An offering period shall be six months in duration commencing on or about January 1 and July 1 of each year. The exercise price of the purchase option will be the lesser of 85% of the fair market of the common stock on the first business day of the offering period and 85% of the fair market value of the common stock on the applicable exercise date. | |||
2013 Equity Incentive Plan [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 for issuance | 6,085,967 | |||
Common stock, capital shares reserved for future issuance | 1,600,000 | |||
Common stock to be issued | 1,501,148 | |||
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 for issuance | 850,000 | |||
Common stock, capital shares reserved for future issuance | 250,000 | |||
Common stock available to be issued | 208,842 | |||
2017 Equity Inducement Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock available to be issued | 283,469 | |||
2017 Equity Inducement Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock, capital shares reserved for future issuance | 600,000 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Stock Option Activity (Detail) - Employee Stock Option [Member] - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options, Outstanding | 656,494 | |
Number of Options, Granted | 0 | |
Number of Options, Exercised | (80,201) | |
Number of Options, Forfeited | 0 | |
Number of Options, Outstanding | 576,293 | 656,494 |
Number of Options, Exercisable | 656,494 | |
Number of Options, Vested | 0 | |
Number of Options, Exercised | (80,201) | |
Number of Options, Forfeited | 0 | |
Number of Options, Exercisable | 576,293 | 656,494 |
Weighted Average Exercise Price, Outstanding | $ 5.57 | |
Weighted Average Exercise Price, Granted | 0 | |
Weighted Average Exercise Price, Exercised | 4.99 | |
Weighted Average Exercise Price, Forfeited | 0 | |
Weighted Average Exercise Price, Outstanding | 5.65 | $ 5.57 |
Weighted Average Exercise Price, Exercisable | 5.57 | |
Weighted Average Exercise Price, Vested | 0 | |
Weighted Average Exercise Price, Exercised | 4.99 | |
Weighted Average Exercise Price, Forfeited | 0 | |
Weighted Average Exercise Price, Exercisable | $ 5.65 | $ 5.57 |
Weighted Average Remaining Life In Years, Outstanding | 5 years | 4 years 7 months 6 days |
Weighted Average Remaining Life In Years, Exercisable | 5 years | 4 years 7 months 6 days |
Intrinsic Value, Outstanding | $ 794,214 | $ 252,887 |
Intrinsic Value, Exercisable | $ 794,214 | $ 252,887 |
Stock Based Compensation - Stoc
Stock Based Compensation - Stock Option Award Activity - Additional Information (Detail) | Mar. 31, 2019USD ($) |
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 | $ 0 |
Stock Based Compensation - Rest
Stock Based Compensation - Restricted Stock Units - Additional Information (Detail) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Mar. 31, 2019USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee service share-based compensation, nonvested awards, compensation not yet recognized, share-based awards other than options | $ | $ 22,695,586 |
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 2 years 1 month 6 days |
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, equity instruments other than options, grants in period | 157,987 |
Non-Employee Equity Compensation Plan 2014 [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, award vesting period | 1 year |
Non-Employee Equity Compensation Plan 2014 [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, award vesting period | 3 years |
2013 Equity Incentive Plan [Member] | Employee [Member] | Common Stock [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 | 310,750 |
2013 Equity Incentive Plan [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, award vesting period | 1 year |
2013 Equity Incentive Plan [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, award vesting period | 4 years |
2017 Equity Inducement Plan [Member] | Employee [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 | 25,500 |
Share-based compensation arrangement by share-based payment award, award vesting period | 4 years |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of Restricted Stock Units Activity (Detail) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options, Outstanding | shares | 2,469,174 |
RSUs granted | shares | 494,237 |
RSUs forfeited | shares | (205,882) |
RSUs vested | shares | (434,522) |
Number of Options, Outstanding | shares | 2,323,007 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 15.07 |
Weighted Average Grant Date Fair Value, RSUs granted | $ / shares | 6.16 |
Weighted Average Grant Date Fair Value, RSUs forfeited | $ / shares | 15.28 |
Weighted Average Grant Date Fair Value, RSUs vested | $ / shares | 15.97 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 12.99 |
Stock Based Compensation - Perf
Stock Based Compensation - Performance Share Units - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Performance Share Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated share-based compensation expense | $ 0 | $ 202,702 |
Stock Based Compensation - Empl
Stock Based Compensation - Employee Stock Purchase Plan - Additional Information (Detail) - Employee Stock Purchase Plan [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
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, weighted average grant date fair value | $ 2.43 | $ 13.84 |
Percentage of proportionate value of call option of stock | 85.00% | |
Percentage of proportionate value of put option of stock | 15.00% | |
Allocated share-based compensation expense | $ 87,825 | $ 154,545 |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Fair Values of Stock Options Granted (Detail) - Employee Stock Purchase Plan [Member] - Employee Stock Option [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock price | $ 5.79 | $ 22.34 |
Dividend yield | 0.00% | 0.00% |
Expected volatility | 96.00% | 177.00% |
Risk-free interest rate | 2.51% | 1.61% |
Expected life | 6 months | 6 months |
Stock Based Compensation -Summa
Stock Based Compensation -Summary of Stock-based Compensation Costs Recognized (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total | $ 3,171,392 | $ 4,609,208 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated share-based compensation expense | 3,083,567 | 4,251,961 |
Performance Share Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated share-based compensation expense | 0 | 202,702 |
Employee Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated share-based compensation expense | $ 87,825 | $ 154,545 |
Stock Based Compensation - Su_3
Stock Based Compensation - Summary of Stock-based Compensation Reflected within Statements of Operations (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based Compensation, Total | $ 3,171,392 | $ 4,609,208 |
Research and Development Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated share-based compensation expense | 1,656,553 | 3,058,530 |
Selling and Marketing Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated share-based compensation expense | 377,048 | 281,358 |
General and Administrative Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated share-based compensation expense | $ 1,137,791 | $ 1,269,320 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 3 Months Ended | 8 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Jun. 28, 2017 | |
Related Party Transaction [Line Items] | |||
Class of warrant or right, number of securities called by warrants or rights | 1,666,666 | ||
Dialog Semiconductor Plc [Member] | |||
Related Party Transaction [Line Items] | |||
Equity method investment, ownership percentage | 5.70% | ||
Percentage of common shares potentially own outstanding shares | 9.90% | ||
Dialog Semiconductor Plc [Member] | Research and Development Expense [Member] | |||
Related Party Transaction [Line Items] | |||
Payments for fees | $ 0 | $ 43,700 | |
Strategic Alliance Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue | $ 7,100 | $ 0 | |
Private Placements [Member] | Dialog Semiconductor Plc [Member] | |||
Related Party Transaction [Line Items] | |||
Stock issued during period, shares, new issues | 1,739,691 | ||
Private Placements [Member] | Warrant Issued to Private Investors [Member] | Dialog Semiconductor Plc [Member] | |||
Related Party Transaction [Line Items] | |||
Class of warrant or right, number of securities called by warrants or rights | 1,417,565 |
Customer Concentration - Additi
Customer Concentration - Additional Information (Detail) - Customer Concentration Risk [Member] - Customer | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Revenues [Member] | |||
Concentration Risk [Line Items] | |||
Number of customers | 4 | 1 | |
Concentration percentage | 98.00% | 100.00% | |
Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Number of customers | 4 | 3 | |
Concentration percentage | 98.00% | 86.00% |