Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 01, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,017 | |
Entity Current Reporting Status | Yes | |
Entity Registrant Name | UQM TECHNOLOGIES INC | |
Entity Central Index Key | 315,449 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 54,054,477 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 8,035,754 | $ 2,100,089 |
Restricted cash, current | 165,575 | 0 |
Accounts receivable | 634,108 | 1,163,316 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 29,917 | |
Inventories, net | 2,688,933 | 1,749,735 |
Prepaid expenses and other current assets | 292,795 | 259,682 |
Total current assets | 11,817,165 | 5,302,739 |
Property and equipment, at cost: | ||
Land | 896,388 | 1,683,330 |
Building | 4,516,301 | 4,516,301 |
Machinery and equipment | 7,098,898 | 7,052,740 |
Property, plant and equipment, gross | 12,511,587 | 13,252,371 |
Less accumulated depreciation | (7,853,574) | (7,590,641) |
Net property and equipment | 4,658,013 | 5,661,730 |
Patent costs, net of accumulated amortization of $948,438 and $932,564, respectively | 210,865 | 213,326 |
Trademark costs, net of accumulated amortization of $84,257 and $80,885, respectively | 91,583 | 94,955 |
Restricted cash, noncurrent | 376,407 | |
Total assets | 17,154,033 | 11,272,750 |
Liabilities and Stockholders' Equity | ||
Accounts payable | 1,388,825 | 809,950 |
Other current liabilities | 1,585,997 | 1,318,941 |
Billings in excess of costs and estimated earnings on engineering services contracts | 25,378 | |
Total current liabilities | 3,000,200 | 2,128,891 |
Long-term debt, net of deferred financing costs of $54,406 and $0, respectively | 3,110,123 | |
Other long-term liabilities | 126,667 | 141,667 |
Total long-term liabilities | 3,236,790 | 141,667 |
Total liabilities | 6,236,990 | 2,270,558 |
Stockholders' equity: | ||
Common stock, $0.01 par value, 175,000,000 shares authorized; 54,035,328 and 48,519,313 shares issued and outstanding, respectively | 540,353 | 485,193 |
Additional paid-in capital | 133,767,272 | 128,409,933 |
Accumulated deficit | (123,390,582) | (119,892,934) |
Total stockholders' equity | 10,917,043 | 9,002,192 |
Total liabilities and stockholders' equity | $ 17,154,033 | $ 11,272,750 |
Consolidated Condensed Balance3
Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Consolidated Condensed Balance Sheets [Abstract] | ||
Patent costs, accumulated amortization | $ 948,438 | $ 932,564 |
Trademark costs, accumulated amortization | 84,257 | 80,885 |
Deferred financing costs | $ 54,406 | $ 0 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 175,000,000 | 175,000,000 |
Common stock, shares issued | 54,035,328 | 48,519,313 |
Common stock, shares outstanding | 54,035,328 | 48,519,313 |
Consolidated Condensed Statemen
Consolidated Condensed Statements Of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenue: | ||||
Product sales | $ 2,752,554 | $ 728,921 | $ 5,169,479 | $ 3,120,979 |
Contract services | 292,204 | 387,075 | 839,517 | |
Total revenue | 2,752,554 | 1,021,125 | 5,556,554 | 3,960,496 |
Operating costs and expenses: | ||||
Costs of product sales | 1,471,334 | 525,313 | 3,085,822 | 2,094,236 |
Costs of contract services | 251,291 | 161,616 | 791,681 | |
Research and development | 403,273 | 882,090 | 1,591,520 | 2,285,354 |
Selling, general and administrative | 1,983,450 | 1,738,439 | 4,757,571 | 4,655,978 |
Recovery of impaired assets | (585,800) | |||
Total operating costs and expenses | 3,858,057 | 3,397,133 | 9,596,529 | 9,241,449 |
Loss from operations | (1,105,503) | (2,376,008) | (4,039,975) | (5,280,953) |
Other income / (expense): | ||||
Interest income | 112 | 2,445 | 2,211 | 9,735 |
Interest expense | (42,895) | (65,626) | ||
Amortization of deferred financing costs | (9,327) | (20,208) | ||
Gain on sale of long-lived assets | 606,006 | 606,006 | ||
Other | 8,206 | 5,318 | 19,944 | 18,025 |
Total other income | 562,102 | 7,763 | 542,327 | 27,760 |
Net loss | $ (543,401) | $ (2,368,245) | $ (3,497,648) | $ (5,253,193) |
Net loss per common share - basic and diluted | $ (0.01) | $ (0.05) | $ (0.07) | $ (0.11) |
Weighted average number of shares of common stock outstanding - basic and diluted | 48,941,702 | 48,479,908 | 48,677,423 | 48,351,907 |
Consolidated Condensed Stateme5
Consolidated Condensed Statements Of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (3,497,648) | $ (5,253,193) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 302,385 | 533,983 |
Non-cash equity based compensation | 269,891 | 299,349 |
Recovery of impaired assets | (585,800) | |
Gain on sale of long-lived assets | (606,006) | |
Impairment of inventories | 9,906 | |
Change in operating assets and liabilities: | ||
Accounts receivable | 529,208 | 178,941 |
Costs and estimated earnings on uncompleted contracts | 29,917 | (16,329) |
Inventories | (939,197) | (157,430) |
Prepaid expenses and other current assets | (43,198) | 12,834 |
Accounts payable and other current liabilities | 845,931 | 244,231 |
Billings in excess of costs and estimated earnings on engineering services contracts | 25,378 | (60,266) |
Other long-term liabilities | (15,000) | 125,000 |
Net cash used in operating activities | (3,098,339) | (4,668,774) |
Cash flows from investing activities: | ||
Acquisition of property and equipment | (46,158) | (102,545) |
Cash paid for patent and trademark fees | (13,411) | (15,198) |
Cash proceeds from the sale of long-lived assets | 1,392,948 | |
Net cash provided by / (used in) investing activities | 1,333,379 | (117,743) |
Cash flows from financing activities: | ||
Cash received for shares exercised under employee stock purchase plan | 36,327 | 35,474 |
Registered direct offering costs | (65,000) | |
Draw on line of credit | 3,100,000 | |
Payment of employee tax withholdings in exchange for return of common stock | (12,381) | (10,678) |
Issuance of common stock upon definitive stock purchase argeement | 5,099,898 | |
Issuance of common stock upon exercise of employee and directors options | 18,763 | |
Net cash provided by / (used in) financing activities | 8,242,607 | (40,204) |
Increase / (decrease) in cash, cash equivalents, and restricted cash | 6,477,647 | (4,826,721) |
Cash, cash equivalents, and restricted cash at beginning of period | 2,100,089 | 8,688,668 |
Cash, cash equivalents, and restricted cash at end of period | $ 8,577,736 | $ 3,861,947 |
Basis Of Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Basis Of Presentation | |
Basis Of Presentation | (1) Basis of Presentation The accompanying consolidated condensed financial statements are unaudited; however, in the opinion of management, all adjustments, which were solely of a normal recurring nature, necessary to a fair presentation of the results for the interim periods, have been made. The results for the interim periods are not necessarily indicative of the results to be expected for the year. The Notes contained herein should be read in conjunction with the Notes to our Consolidated Financial Statements filed on Form 10-KT for the nine-month transition period ended December 31, 2016. |
Segement Reporting
Segement Reporting | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting | |
Segment Reporting | (2) Segment Reporting The Company has performed its quarterly assessment to determine if additional disclosures are required for segment reporting. Management has determined that the Company has one operating segment because the chief operating decision maker (CODM) and management make business decisions based on product and contract services revenues taken as a whole. Therefore, no further disclosure is required at this time. Management will perform an assessment quarterly to determine if additional disclosures around this standard are needed in the future. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2017 | |
New Accounting Pronouncements | |
New Accounting Pronouncements | (3) New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued a new standard to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. generally accepted accounting principles. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new standard is effective for us for the first fiscal year beginning after December 15, 2017. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application and providing additional disclosures. The Company currently anticipates adopting the standard using the retrospective method with the cumulative effect and additional disclosures at the period of adoption. Based on the Company’s assessment on the impact of this guidance on our consolidated condensed financial statements, we expect revenue related to product and contract services to remain substantially unchanged. In July 2015, the FASB issued guidance on simplifying the measurement of inventory from the lower of cost or market to the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This guidance is effective for years beginning after December 15, 2016, including interim periods within those fiscal years. Prospective application is allowed as of the beginning of an interim or annual reporting period. An entity is only required to disclose the nature of and reason for the change in accounting principle in the first interim and annual period of adoption. The Company adopted this new standard in the quarter ended March 31, 2017. There was no material impact on the consolidated financial statements upon adoption. In March 2016, the FASB issued guidance on improvements to employee share-based payment accounting for stock compensation. The new standard addresses the topics of accounting for income taxes, classification of excess tax benefits on the Statement of Cash Flows, forfeitures, minimum statutory tax withholding requirements, and classification of employee taxes paid on the Statement of Cash Flows when an employer withholds shares for tax withholding purposes. This is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted within any interim or annual period. Any adjustments should be reflective as of the beginning of the fiscal year that includes that interim period. The Company adopted this new standard in the quarter ended March 31, 2017. No adjustments were necessary upon adoption of the standard. In November, 2016, the FASB issued guidance on the Statement of Cash Flows and the presentation of restricted cash in the statement. The new standard will require the Statement of Cash Flows to explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash. As a result, the amounts generally described as restricted cash should be included in the cash and cash equivalents when reconciling the beginning of the period and end of the period total amounts shown on the Statement of Cash Flows. This is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The amendments should be applied using the retrospective transition method in each period presented. The Company elected to early adopt this standard in the quarter ended June 30, 2017. The ending cash balance in the Consolidated Condensed Statements of Cash Flows was updated to reflect the adoption of the standard. Additional disclosure has been included in Note 5 of the Consolidated Condensed Financial Statements as required by adopting the standard. |
Going Concern
Going Concern | 9 Months Ended |
Sep. 30, 2017 | |
Basis Of Presentation | |
Going Concern | (4) Going Concern These consolidated condensed financial statements are presented assuming that the Company will continue as a going concern. The going concern concept contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As of September 30, 2017, the Company had sustained recurring losses from continuing operations, had working capital surplus of $8,816,965, and accumulated deficit of $123,390,582. On March 15, 2017, the Company entered into a non-revolving line of credit for $5.6 million. The interest rate is variable based upon the one month LIBOR rate plus 4.0% per annum on the outstanding balance. The non-revolving line of credit will expire on March 15, 2019 and the amounts repaid during the term of the loan may not be re-borrowed. At the expiry date, all outstanding principal and interest are due. As of September 30, 2017, $3,164,529 was drawn on the line of credit. For additional information, see Note 9 of the Consolidated Condensed Financial Statements. On July 6, 2017, the Company sold 15 acres of vacant land adjacent to its manufacturing facility. The gross selling price of the land was $1.5 million (net proceeds were $1.4 million) which was representative of the fair market value. On September 25, 2017, the Company closed the first stage investment pursuant to a definitive stock purchase agreement entered into with China National Heavy Duty Truck Group Co., Ltd. and its wholly-owned subsidiary, Sinotruk (BVI) Limited (the Buyer), which resulted in the sale of 5,347,300 shares of the Company’s common stock to the Buyer and the Company’s receipt of cash proceeds of $5.1 million on that date. Based on management’s projections of operations, the non-revolving line of credit, and a cash balance of approximately $8.0 million on September 30, 2017, the Company believes that it currently has sufficient cash and bank financing resources to support day to day activities through operations as they become due and sustain operations for at least the next twelve months. |
Cash, Cash Equivalents, and Res
Cash, Cash Equivalents, and Restricted Cash | 9 Months Ended |
Sep. 30, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Cash, cash equivalents, and restricted cash | (5) Cash, cash equivalents, and restricted cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the Consolidated Condensed Balance Sheets to the cash on the Consolidated Condensed Statements of Cash Flows for the period ending September 30, 2017. There was no restricted cash as of September 30, 2016 or December 31, 2016. September 30, 2017 Cash and cash equivalents $ 8,035,754 Restricted cash 165,575 Restricted cash included in other long-term assets 376,407 Total cash, cash equivalents, and restricted cash shown in the Consolidated Condensed Statements of Cash Flows $ 8,577,736 Restricted cash classified as a current asset on the Consolidated Condensed Balance Sheets represents the amount required to be set aside pursuant to a contractual agreement with the Company’s lender for the payment of interest on borrowings from the line of credit that is expected to be paid within the next twelve months. In addition, restricted cash included in other long-term assets on the Consolidated Condensed Balance Sheets represents interest due on the line of credit more than twelve months from the date of the financial statements as contractually required by the lender. The restrictions will lapse when the related long-term debt is paid off. |
Contracts In Process
Contracts In Process | 9 Months Ended |
Sep. 30, 2017 | |
Contracts In Process [Abstract] | |
Contracts In Process | (6) Contracts in Process At September 30, 2017 and December 31, 2016, the estimated period to complete contracts in process ranged from zero and one to six months, respectively. We expect to collect all accounts receivable arising from these contracts within sixty days of billing. The following summarizes contracts in process: September 30, December 31, 2017 2016 Costs incurred on engineering services contracts $ 502,701 $ 502,701 Estimated earnings 331,969 331,969 834,670 834,670 Less billings to date (860,048) (804,753) Contracts in process $ (25,378) $ 29,917 Included in the accompanying Consolidated Condensed Balance Sheets is as follows: Costs and estimated earnings in excess of billings on uncompleted contracts $ - $ 29,917 Billings in excess of costs and estimated earnings on engineering services contracts (25,378) - Contracts in process $ (25,378) $ 29,917 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2017 | |
Inventories [Abstract] | |
Inventories | (7) Inventories Inventories at September 30, 2017 and December 31, 2016 consisted of: September 30, December 31, 2017 2016 Raw materials $ 7,564,248 $ 7,277,612 Work-in-process 756,528 105,252 Finished products 1,389,386 1,531,544 Reserve for excess and obsolete inventory (7,021,229) (7,164,673) $ 2,688,933 $ 1,749,735 We maintain raw material inventories of electronic components, motor parts and other materials to meet our expected manufacturing needs for proprietary products and for products manufactured to the design specifications of our customers. Some of these components may become obsolete or impaired due to bulk purchases in excess of customer requirements. Accordingly, we periodically assess our raw material and finished product inventories for potential impairment of value based on then available information, expectations and estimates and establish impairment reserves as appropriate. As of December 31, 2016, we re-evaluated the carrying value of our PowerPhase Pro® product. A key factor in our analysis during the nine-month transition period ended December 31, 2016 was that in October 2016, our customer, ITL Efficient Energy Co., Ltd, informed us of their intention to purchase in cash a significant portion of the PowerPhase Pro® inventory by the filing date of our Form 10-KT for the nine-month transition period ended December 31, 2016. That payment had not at that point in time been received, nor have we received any payment as of the date of this quarterly filing. Because of the long delays in this customer’s product launch and the lack of a significant cash payment towards this inventory, we determined that approximately $6.8 million of this inventory be reserved as excess inventory and we took a charge for this amount against this inventory as of December 31, 2016. We have purchase orders from existing customers to acquire the remaining balance of the PowerPhase Pro® inventory. We also reserved approximately $350,000 for other obsolete inventory as of December 31, 2016. During the nine months ended September 30, 2017, we sold $143,443 of inventory that was previously reserved as discussed in the preceding paragraph. There was no net cost basis in the inventory that was sold, and as a result of the transactions, there was no adjustment to the inventory cost basis. |
Other Current Liabilities
Other Current Liabilities | 9 Months Ended |
Sep. 30, 2017 | |
Other Current Liabilities [Abstract] | |
Other Current Liabilities | (8) Other Current Liabilities Other current liabilities at September 30, 2017 and December 31, 2016 consisted of: September 30, December 31, 2017 2016 Accrued payroll and employee benefits $ 126,503 $ 62,220 Accrued personal property and real estate taxes 179,879 232,326 Accrued warranty costs 346,539 289,710 Unearned revenue 587,519 116,886 Accrued royalties 48,336 48,336 Accrued import duties 87,100 87,100 Accrued vendor settlements 189,175 189,175 Accrued executive compensation - 272,222 Other 20,946 20,966 $ 1,585,997 $ 1,318,941 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt | |
Debt | (9) Debt On March 15, 2017, the Company entered into a non-revolving line of credit for $5.6 million. The loan is collateralized by the Company’s headquarters facility. The interest rate is variable based upon the one month LIBOR rate plus 4.0% per annum on the outstanding balance which was 5.23% as of September 30, 2017. As a condition of the loan, $600,000 was immediately drawn on the line of credit to be used for monthly interest payments on borrowings over the life of the loan. This is reported as restricted cash on the Consolidated Condensed Balance Sheet as of September 30, 2017. For additional information, see Note 5 to the Consolidated Condensed Financial Statements. The covenants under the debt agreement require the Company to have liquid assets of a minimum of $1.5 million with the lender. In addition, financial statements are to be presented no later than 45 days after the end of each quarter and 90 days after the end of each fiscal year. These covenants took effect for the quarter ending June 30, 2017. As of September 30, 2017, the Company was in compliance with its covenants. The non-revolving line of credit will expire on March 15, 2019 and the amounts repaid during the term of the loan may not be re-borrowed. At the expiry date, all outstanding principal and interest are due. As of September 30, 2017, $3,164,529 was drawn on the line of credit. The Company incurred deferred financing costs of $73,060 upon securing the line of credit. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | (10) Stock-Based Compensation Share-Based Compensation Expense The table below shows total share-based compensation expense for the quarters and nine months ended September 30, 2017 and 2016, and the classification of these expenses: Quarter Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Costs of product sales $ 9,300 $ 3,265 $ 16,627 $ 8,519 Costs of contract services - 3,491 2,097 7,826 Research and development 18,521 12,332 37,422 23,744 Selling, general and administrative 113,522 176,932 213,745 259,260 $ 141,343 $ 196,020 $ 269,891 $ 299,349 Stock Option Plans Activity Additional information with respect to stock option activity during the nine months ended September 30, 2017 under our Stock Option Plans is as follows: Weighted- Weighted- Average Shares Average Remaining Aggregate Under Exercise Contractual Intrinsic Option Price Life Value Outstanding at December 31, 2016 3,004,798 $ 1.20 6.4 years $ - Granted 500,047 $ 0.87 - Exercised (22,105) $ 0.85 $ - Forfeited (99,255) $ 1.28 $ 480 Outstanding at September 30, 2017 3,383,485 $ 1.15 6.5 years $ 765,296 Exercisable at September 30, 2017 2,451,144 $ 1.30 5.4 years $ 412,812 Vested and expected to vest at September 30, 2017 2,938,864 $ 1.23 6.2 years $ 557,173 As of September 30, 2017, there was $451,381 of total unrecognized compensation cost related to stock options granted under our Stock Option Plans. The unrecognized compensation cost is expected to be recognized over a weighted-average period of twenty-six months. The total fair value of stock options that vested during each of the nine months ended September 30, 2017 and 2016 was $236,328 and $264,004, respectively. Stock Bonus Plan Activity Activity with respect to non-vested shares under the Stock Bonus Plan as of September 30, 2017 and 2016 and changes during the nine months ended September 30, 2017 and 2016 are presented below: Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Weighted-Average Weighted-Average Shares Under Grant Date Shares Under Grant Date Contract Fair Value Contract Fair Value Unvested at beginning of period 102,048 $ 0.84 90,561 $ 1.36 Granted 23,735 $ 0.87 160,389 $ 0.68 Vested (68,023) $ 0.98 (144,982) $ 0.98 Forfeited - $ - (3,920) $ 1.25 Unvested at end of period 57,760 $ 0.68 102,048 $ 0.84 As of September 30, 2017, there was $33,512 of total unrecognized compensation cost related to common stock granted under our Stock Bonus Plan. The unrecognized compensation cost at September 30, 2017 is expected to be recognized over a weighted-average period of twenty-one months. Employee Stock Purchase Plan Activity During the three months ended September 30, 2017 and 2016, we issued 45,849 and 26,175 shares of common stock, respectively, under the Employee Stock Purchase Plan. Cash received by us upon the purchase of shares under the Employee Stock Purchase Plan for the three months ended September 30, 2017 and 2016 was $17,881 and $13,088, respectively. As of September 30, 2017, 25,777 options had been purchased under this plan but the employee(s) had not exercised their right to acquire the common stock under the terms of the Employee Stock Purchase Plan. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | (11) Stockholders’ Equity Changes in the components of stockholders’ equity during the nine months ended September 30, 2017 were as follows: Number of common Additional Total shares Common paid-in Accumulated stockholders’ issued stock capital deficit equity Balances at December 31, 2016 48,519,313 $ 485,193 $ 128,409,933 $ (119,892,934) $ 9,002,192 Issuance of common stock under employee stock purchase plan 3,823 38 1,912 - 1,950 Compensation expense from employee and director stock option and common stock grants - - 61,564 - 61,564 Net loss - - - (1,606,026) (1,606,026) Balances at March 31, 2017 48,523,136 $ 485,231 $ 128,473,409 $ (121,498,960) $ 7,459,680 Issuance of common stock under employee stock purchase plan 43,412 434 16,062 - 16,496 Compensation expense from employee and director stock option and common stock grants - 66,984 - 66,984 Net loss - - - (1,348,221) (1,348,221) Balances at June 30, 2017 48,566,548 $ 485,665 $ 128,556,455 $ (122,847,181) $ 6,194,939 Issuance of common stock upon exercise of employee and director options 22,105 221 18,542 - 18,763 Issuance of common stock under employee stock purchase plan 45,849 458 17,423 - 17,881 Issuance of common stock under stock bonus plan 68,022 680 (680) - - Issuance of common stock under definitive stock purchase agreement 5,347,300 53,473 5,046,425 - 5,099,898 Common stock used for tax withholdings (14,496) (144) (12,236) - (12,380) Compensation expense from employee and director stock option and common stock grants - - 141,343 - 141,343 Net loss - - - (543,401) (543,401) Balances at September 30, 2017 54,035,328 $ 540,353 $ 133,767,272 $ (123,390,582) $ 10,917,043 The Company has warrants outstanding as follows: Common Stock Warrants Follow-on Offering Under Option Earliest Offering Date (Shares) (Shares) Exercise Date Expiration Date February, 2014 2,864,872 1,489,733 August 6, 2014 August 5, 2018 October, 2015 8,000,000 4,000,000 April 30, 2016 October 30, 2020 10,864,872 5,489,733 Weighted- Weighted- Average Warrants Average Remaining Under Exercise Contractual Option Price Life Outstanding at December 31, 2016 5,489,733 $ 1.53 3.3 years Granted - $ - Exercised - $ - Forfeited - $ - Outstanding at September 30, 2017 5,489,733 $ 1.53 2.5 years Exercisable at September 30, 2017 5,489,733 $ 1.53 2.5 years |
Significant Customers
Significant Customers | 9 Months Ended |
Sep. 30, 2017 | |
Significant Customers [Abstract] | |
Significant Customers | (12) Significant Customers We have historically derived significant revenue from a few key customers. The following table summarizes revenue and percent of total revenue from significant customers for the quarters and nine months ended September 30, 2017 and 2016: Quarter Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Customer A $ 1,800,000 65 % $ - - % $ 1,974,000 36 % $ - - % Customer B $ 308,341 11 % $ 448,597 31 % $ 1,714,876 31 % $ 1,212,252 41 % Customer C $ 102,499 4 % $ 14,838 1 % $ 136,781 2 % $ 311,069 11 % Customer D $ 61,785 2 % $ - - % $ 286,515 5 % $ 45,897 2 % Customer E $ 52,364 2 % $ 141,379 10 % $ 227,502 4 % $ 499,389 17 % Customer F $ - - % $ - - % $ 300,000 5 % $ - - % Customer G $ - - % $ 239,005 17 % $ - - % $ 775,018 26 % The following table summarizes accounts receivable from significant customers as of September 30, 2017 and December 31, 2016: September 30, December 31, 2017 2016 Customer A - % - % Customer B 41 % 45 % Customer C - % 11 % Customer D 10 % 29 % Customer E 8 % 10 % Customer F - % - % Customer G - % - % |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Taxes | |
Income Taxes | (13) Income Taxes The Company currently has a full valuation allowance against its deferred tax assets, as it is management’s judgment that it is more-likely-than-not that net deferred tax assets will not be realized to reduce future taxable income. As of September 30, 2017 and 2016, we had no provisions for interest or penalties related to uncertain tax positions. The Company is subject to taxation in the U.S. and various state jurisdictions. As of September 30, 2017, the Company’s tax years for 2012 to 2016 are subject to examination by the tax authorities. |
Loss Per Common Share
Loss Per Common Share | 9 Months Ended |
Sep. 30, 2017 | |
Loss Per Common Share [Abstract] | |
Loss Per Common Share | (14) Loss Per Common Share The following table sets forth the computation of basic and diluted net loss per share for the quarters and nine months ended September 30, 2017 and 2016: Quarter Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Numerator: Net loss $ (543,401) $ (2,368,245) $ (3,497,648) $ (5,253,193) Denominator for basic and diluted net loss per common share: Weighted average number of shares of common stock outstanding - basic and diluted 48,941,702 48,479,908 48,677,423 48,351,907 Net loss per common share - basic and diluted $ (0.01) $ (0.05) $ (0.07) $ (0.11) The following table sets forth the potential shares of common stock that are not included in the calculation of diluted net loss per share because to do so would be anti-dilutive as of the end of each period presented: September 30, 2017 2016 Non-vested stock bonus plan shares 57,760 102,048 Stock options outstanding 3,409,262 3,106,096 Warrants to purchase common stock 5,489,733 5,489,733 |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value of Financial Instruments | |
Fair Value Of Financial Instruments | (15) Fair Value of Financial Instruments The carrying amounts of cash, cash equivalents, restricted cash, accounts receivable and accounts payable approximate fair value because of the short maturity of these instruments. The Company measures the fair value of outstanding debt for disclosure purposes on a recurring basis and its long-term debt of $3,110,123 is reported at amortized cost. The Company’s long-term debt is subject to variable rates of interest and accordingly its carrying value is considered to be representative of its fair market value. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | (16) Commitments and Contingencies Employment Agreements On July 21, 2015, the Company entered into employment agreements with its four officers that expired on June 30, 2017. Effective July 1, 2017, the Company entered into new employment agreements with its four officers, which expire December 31, 2019. The aggregate future base salary payable to the executive officers over their remaining terms is $2,399,634. Litigation We are involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, and based on current available information, the ultimate disposition of these matters is not expected to have a material adverse effect on our financial position, results of operations or cash flow. |
New Accounting Pronouncements (
New Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
New Accounting Pronouncements | |
New Accounting Pronouncements | In May 2014, the Financial Accounting Standards Board (“FASB”) issued a new standard to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. generally accepted accounting principles. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new standard is effective for us for the first fiscal year beginning after December 15, 2017. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application and providing additional disclosures. The Company currently anticipates adopting the standard using the retrospective method with the cumulative effect and additional disclosures at the period of adoption. Based on the Company’s assessment on the impact of this guidance on our consolidated condensed financial statements, we expect revenue related to product and contract services to remain substantially unchanged. In July 2015, the FASB issued guidance on simplifying the measurement of inventory from the lower of cost or market to the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This guidance is effective for years beginning after December 15, 2016, including interim periods within those fiscal years. Prospective application is allowed as of the beginning of an interim or annual reporting period. An entity is only required to disclose the nature of and reason for the change in accounting principle in the first interim and annual period of adoption. The Company adopted this new standard in the quarter ended March 31, 2017. There was no material impact on the consolidated financial statements upon adoption. In March 2016, the FASB issued guidance on improvements to employee share-based payment accounting for stock compensation. The new standard addresses the topics of accounting for income taxes, classification of excess tax benefits on the Statement of Cash Flows, forfeitures, minimum statutory tax withholding requirements, and classification of employee taxes paid on the Statement of Cash Flows when an employer withholds shares for tax withholding purposes. This is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted within any interim or annual period. Any adjustments should be reflective as of the beginning of the fiscal year that includes that interim period. The Company adopted this new standard in the quarter ended March 31, 2017. No adjustments were necessary upon adoption of the standard. In November, 2016, the FASB issued guidance on the Statement of Cash Flows and the presentation of restricted cash in the statement. The new standard will require the Statement of Cash Flows to explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash. As a result, the amounts generally described as restricted cash should be included in the cash and cash equivalents when reconciling the beginning of the period and end of the period total amounts shown on the Statement of Cash Flows. This is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The amendments should be applied using the retrospective transition method in each period presented. The Company elected to early adopt this standard in the quarter ended June 30, 2017. The ending cash balance in the Consolidated Condensed Statements of Cash Flows was updated to reflect the adoption of the standard. Additional disclosure has been included in Note 5 of the Consolidated Condensed Financial Statements as required by adopting the standard. |
Cash, Cash Equivalents, and R23
Cash, Cash Equivalents, and Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Cash, cash equivalents, and restricted cash | September 30, 2017 Cash and cash equivalents $ 8,035,754 Restricted cash 165,575 Restricted cash included in other long-term assets 376,407 Total cash, cash equivalents, and restricted cash shown in the Consolidated Condensed Statements of Cash Flows $ 8,577,736 |
Contracts In Process (Tables)
Contracts In Process (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Contracts In Process [Abstract] | |
Summary Of Contract In Process | September 30, December 31, 2017 2016 Costs incurred on engineering services contracts $ 502,701 $ 502,701 Estimated earnings 331,969 331,969 834,670 834,670 Less billings to date (860,048) (804,753) Contracts in process $ (25,378) $ 29,917 Included in the accompanying Consolidated Condensed Balance Sheets is as follows: Costs and estimated earnings in excess of billings on uncompleted contracts $ - $ 29,917 Billings in excess of costs and estimated earnings on engineering services contracts (25,378) - Contracts in process $ (25,378) $ 29,917 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Inventories [Abstract] | |
Schedule Of Inventories | September 30, December 31, 2017 2016 Raw materials $ 7,564,248 $ 7,277,612 Work-in-process 756,528 105,252 Finished products 1,389,386 1,531,544 Reserve for excess and obsolete inventory (7,021,229) (7,164,673) $ 2,688,933 $ 1,749,735 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Other Current Liabilities [Abstract] | |
Schedule Of Other Current Liabilities | September 30, December 31, 2017 2016 Accrued payroll and employee benefits $ 126,503 $ 62,220 Accrued personal property and real estate taxes 179,879 232,326 Accrued warranty costs 346,539 289,710 Unearned revenue 587,519 116,886 Accrued royalties 48,336 48,336 Accrued import duties 87,100 87,100 Accrued vendor settlements 189,175 189,175 Accrued executive compensation - 272,222 Other 20,946 20,966 $ 1,585,997 $ 1,318,941 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Stock-Based Compensation [Abstract] | |
Schedule Of Share-Based Compensation Expense | Quarter Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Costs of product sales $ 9,300 $ 3,265 $ 16,627 $ 8,519 Costs of contract services - 3,491 2,097 7,826 Research and development 18,521 12,332 37,422 23,744 Selling, general and administrative 113,522 176,932 213,745 259,260 $ 141,343 $ 196,020 $ 269,891 $ 299,349 |
Summary Of Stock Option Activity | Weighted- Weighted- Average Shares Average Remaining Aggregate Under Exercise Contractual Intrinsic Option Price Life Value Outstanding at December 31, 2016 3,004,798 $ 1.20 6.4 years $ - Granted 500,047 $ 0.87 - Exercised (22,105) $ 0.85 $ - Forfeited (99,255) $ 1.28 $ 480 Outstanding at September 30, 2017 3,383,485 $ 1.15 6.5 years $ 765,296 Exercisable at September 30, 2017 2,451,144 $ 1.30 5.4 years $ 412,812 Vested and expected to vest at September 30, 2017 2,938,864 $ 1.23 6.2 years $ 557,173 |
Schedule Of Nonvested Share Activity | Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Weighted-Average Weighted-Average Shares Under Grant Date Shares Under Grant Date Contract Fair Value Contract Fair Value Unvested at beginning of period 102,048 $ 0.84 90,561 $ 1.36 Granted 23,735 $ 0.87 160,389 $ 0.68 Vested (68,023) $ 0.98 (144,982) $ 0.98 Forfeited - $ - (3,920) $ 1.25 Unvested at end of period 57,760 $ 0.68 102,048 $ 0.84 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity [Abstract] | |
Changes In Components Of Stockholders' Equity | Number of common Additional Total shares Common paid-in Accumulated stockholders’ issued stock capital deficit equity Balances at December 31, 2016 48,519,313 $ 485,193 $ 128,409,933 $ (119,892,934) $ 9,002,192 Issuance of common stock under employee stock purchase plan 3,823 38 1,912 - 1,950 Compensation expense from employee and director stock option and common stock grants - - 61,564 - 61,564 Net loss - - - (1,606,026) (1,606,026) Balances at March 31, 2017 48,523,136 $ 485,231 $ 128,473,409 $ (121,498,960) $ 7,459,680 Issuance of common stock under employee stock purchase plan 43,412 434 16,062 - 16,496 Compensation expense from employee and director stock option and common stock grants - 66,984 - 66,984 Net loss - - - (1,348,221) (1,348,221) Balances at June 30, 2017 48,566,548 $ 485,665 $ 128,556,455 $ (122,847,181) $ 6,194,939 Issuance of common stock upon exercise of employee and director options 22,105 221 18,542 - 18,763 Issuance of common stock under employee stock purchase plan 45,849 458 17,423 - 17,881 Issuance of common stock under stock bonus plan 68,022 680 (680) - - Issuance of common stock under definitive stock purchase agreement 5,347,300 53,473 5,046,425 - 5,099,898 Common stock used for tax withholdings (14,496) (144) (12,236) - (12,380) Compensation expense from employee and director stock option and common stock grants - - 141,343 - 141,343 Net loss - - - (543,401) (543,401) Balances at September 30, 2017 54,035,328 $ 540,353 $ 133,767,272 $ (123,390,582) $ 10,917,043 |
Warrants | Common Stock Warrants Follow-on Offering Under Option Earliest Offering Date (Shares) (Shares) Exercise Date Expiration Date February, 2014 2,864,872 1,489,733 August 6, 2014 August 5, 2018 October, 2015 8,000,000 4,000,000 April 30, 2016 October 30, 2020 10,864,872 5,489,733 Weighted- Weighted- Average Warrants Average Remaining Under Exercise Contractual Option Price Life Outstanding at December 31, 2016 5,489,733 $ 1.53 3.3 years Granted - $ - Exercised - $ - Forfeited - $ - Outstanding at September 30, 2017 5,489,733 $ 1.53 2.5 years Exercisable at September 30, 2017 5,489,733 $ 1.53 2.5 years |
Significant Customers (Tables)
Significant Customers (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Sales Revenue, Goods, Net [Member] | |
Concentration Risk [Line Items] | |
Schedule of significant customers | Quarter Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Customer A $ 1,800,000 65 % $ - - % $ 1,974,000 36 % $ - - % Customer B $ 308,341 11 % $ 448,597 31 % $ 1,714,876 31 % $ 1,212,252 41 % Customer C $ 102,499 4 % $ 14,838 1 % $ 136,781 2 % $ 311,069 11 % Customer D $ 61,785 2 % $ - - % $ 286,515 5 % $ 45,897 2 % Customer E $ 52,364 2 % $ 141,379 10 % $ 227,502 4 % $ 499,389 17 % Customer F $ - - % $ - - % $ 300,000 5 % $ - - % Customer G $ - - % $ 239,005 17 % $ - - % $ 775,018 26 % |
Accounts Receivable [Member] | |
Concentration Risk [Line Items] | |
Schedule of significant customers | September 30, December 31, 2017 2016 Customer A - % - % Customer B 41 % 45 % Customer C - % 11 % Customer D 10 % 29 % Customer E 8 % 10 % Customer F - % - % Customer G - % - % |
Loss Per Common Share (Tables)
Loss Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Loss Per Common Share [Abstract] | |
Basic and Diluted Net Loss Per Share | Quarter Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Numerator: Net loss $ (543,401) $ (2,368,245) $ (3,497,648) $ (5,253,193) Denominator for basic and diluted net loss per common share: Weighted average number of shares of common stock outstanding - basic and diluted 48,941,702 48,479,908 48,677,423 48,351,907 Net loss per common share - basic and diluted $ (0.01) $ (0.05) $ (0.07) $ (0.11) |
Shares Not Included In Diluted Net Loss Per Share | September 30, 2017 2016 Non-vested stock bonus plan shares 57,760 102,048 Stock options outstanding 3,409,262 3,106,096 Warrants to purchase common stock 5,489,733 5,489,733 |
Segement Reporting (Details)
Segement Reporting (Details) | 9 Months Ended |
Sep. 30, 2017segment | |
Segment Reporting | |
Number of Operating Segments | 1 |
Going Concern (Details)
Going Concern (Details) | Sep. 25, 2017USD ($)shares | Jul. 06, 2017USD ($)a | Mar. 15, 2017USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) |
Basis Of Presentation | |||||
Working Capital Surplus | $ 8,816,965 | ||||
Accumulated deficit | 123,390,582 | $ 119,892,934 | |||
Line of credit | $ 5,600,000 | ||||
Line of credit rate plus one month LIBOR rate | 4.00% | ||||
Drawn on the line of credit | 3,164,529 | ||||
Area of Land | a | 15 | ||||
Selling price of the land | $ 1,500,000 | ||||
Net proceeds from sale of land | $ 1,400,000 | ||||
Issuance of common stock under definitive stock purchase agreement, shares | shares | 5,347,300 | ||||
Stock Issued During Period, Value, New Issues | $ 5,100,000 | $ 5,099,898 |
Cash, Cash Equivalents, and R33
Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 8,035,754 | $ 2,100,089 | ||
Restricted cash, current | 165,575 | 0 | ||
Restricted cash, noncurrent | 376,407 | |||
Total cash, cash equivalents, and restricted cash | $ 8,577,736 | $ 2,100,089 | $ 3,861,947 | $ 8,688,668 |
Contracts In Process (Narrative
Contracts In Process (Narrative) (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Contracts In Process [Abstract] | ||
Estimated Period To Complete Contracts In Process, Minimum | 0 months | 1 month |
Estimated Period To Complete Contracts In Process, Maximum | 6 months | |
Expected collection period of accounts receivable | 60 days |
Contracts In Process (Summary O
Contracts In Process (Summary Of Contract In Process) (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Contracts In Process [Abstract] | ||
Costs incurred on engineering services contracts | $ 502,701 | $ 502,701 |
Estimated earnings | 331,969 | 331,969 |
Contracts in process, gross | 834,670 | 834,670 |
Less billings to date | (860,048) | (804,753) |
Contracts in progress, total | (25,378) | 29,917 |
Costs and estimated earnings in excess of billings on uncompleted contracts | $ 29,917 | |
Billings in excess of costs and estimated earnings on engineering services contracts | $ (25,378) |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Inventories [Abstract] | ||
Raw materials | $ 7,564,248 | $ 7,277,612 |
Work-in-process | 756,528 | 105,252 |
Finished products | 1,389,386 | 1,531,544 |
Reserve for excess and obsolete inventory | 7,021,229 | 7,164,673 |
Inventories, total | $ 2,688,933 | $ 1,749,735 |
Inventories (Details)
Inventories (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2017 | Dec. 31, 2016 | |
Reserve for excess and obsolete inventory | $ 7,021,229 | $ 7,164,673 | |
Inventory sold that was previously reserved | $ 143,443 | ||
Impairment of inventories | $ 9,906 | ||
PowerPhase Pro [Member] | |||
Reserve for excess and obsolete inventory | 6,800,000 | ||
Other Obsolete Inventory [Member] | |||
Reserve for excess and obsolete inventory | $ 350,000 |
Other Current Liabilities (Sche
Other Current Liabilities (Schedule Of Other Current Liabilities) (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Other Current Liabilities [Abstract] | ||
Accrued payroll and employee benefits | $ 126,503 | $ 62,220 |
Accrued personal property and real estate taxes | 179,879 | 232,326 |
Accrued warranty costs | 346,539 | 289,710 |
Unearned revenue | 587,519 | 116,886 |
Accrued royalties | 48,336 | 48,336 |
Accrued import duties | 87,100 | 87,100 |
Accrued vendor settlements | 189,175 | 189,175 |
Accrued executive compensation | 272,222 | |
Other | 20,946 | 20,966 |
Other current liabilities, Total | $ 1,585,997 | $ 1,318,941 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | Mar. 15, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Debt | |||
Line of credit | $ 5,600,000 | ||
Line of credit rate plus one month LIBOR rate | 4.00% | ||
Interest rate at end of period | 5.23% | ||
Minimum Liquid Assets | $ 1,500,000 | ||
Amount drawn on line of credit | 600,000 | $ 3,164,529 | |
Deferred financing costs | $ 73,060 | $ 54,406 | $ 0 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of options vested in period | $ 236,328 | $ 264,004 | ||
Stock Option Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation costs | $ 451,381 | $ 451,381 | ||
Unrecognized compensation costs, period for recognition | 26 months | |||
Stock Bonus Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation costs | $ 33,512 | $ 33,512 | ||
Unrecognized compensation costs, period for recognition | 21 months | |||
Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares issued in period for share-based awards | 45,849 | 26,175 | ||
Cash received from settlement of share-based awards | $ 17,881 | $ 13,088 | ||
Options purchased under this plan | 25,777 | 25,777 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Share-Based Compensation Expense) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | $ 141,343 | $ 196,020 | $ 269,891 | $ 299,349 |
Costs Of Product Sales [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | 9,300 | 3,265 | 16,627 | 8,519 |
Costs Of Contract Services [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | 3,491 | 2,097 | 7,826 | |
Research And Development [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | 18,521 | 12,332 | 37,422 | 23,744 |
Selling, General And Administrative [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | $ 113,522 | $ 176,932 | $ 213,745 | $ 259,260 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Stock Option Activity) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at period end, options | 3,409,262 | |
Stock Option Plans [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at period start, options | 3,004,798 | |
Granted, options | 500,047 | |
Exercised, options | (22,105) | |
Forfeited, options | (99,255) | |
Outstanding at period end, options | 3,383,485 | 3,004,798 |
Exercisable, options | 2,451,144 | |
Vested and expected to vest, options | 2,938,864 | |
Outstanding at period start, weighted-average exercise price | $ 1.20 | |
Granted, weighted-average exercise price | 0.87 | |
Exercised, weighted-average exercise price | 0.85 | |
Forfeited, weighted-average exercise price | 1.28 | |
Outstanding at period end, weighted-average exercise price | 1.15 | $ 1.20 |
Exercisable, weighted-average exercise price | 1.30 | |
Vested and expected to vest, weighted-average exercise price | $ 1.23 | |
Outstanding, weighted-average remaining contractual life | 6 years 6 months | 6 years 4 months 24 days |
Exercisable, weighted-average remaining contractual life | 5 years 4 months 24 days | |
Vested and expected to vest, weighted-average remaining contractual life | 6 years 2 months 12 days | |
Forfeited, aggregate intrinsic value | $ 480 | |
Outstanding at period end, aggregate intrinsic value | 765,296 | |
Exercisable, aggregate intrinsic value | 412,812 | |
Vested and expected to vest, aggregrate intrinsic value | $ 557,173 |
Stock-Based Compensation (Sch43
Stock-Based Compensation (Schedule Of Nonvested Share Activity) (Details) - Stock Bonus Plan [Member] - $ / shares | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-vested beginning balance, shares | 102,048 | 90,561 |
Granted, shares | 23,735 | 160,389 |
Vested, shares | (68,023) | (144,982) |
Forfeited, shares | (3,920) | |
Non-vested ending balance, shares | 57,760 | 102,048 |
Non-vested beginning balance, weighted-average grant date fair value | $ 0.84 | $ 1.36 |
Granted, weighted-average grant date fair value | 0.87 | 0.68 |
Vested, weighted-average grant date fair value | 0.98 | 0.98 |
Forfeited, weighted-average grant date fair value | 1.25 | |
Non-vested ending balance, weighted-average grant date fair value | $ 0.68 | $ 0.84 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | Sep. 25, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
Class of Stock [Line Items] | |||||||
Beginning balance, value | $ 6,194,939 | $ 7,459,680 | $ 9,002,192 | $ 9,002,192 | |||
Beginning balance, shares | 48,519,313 | 48,519,313 | |||||
Issuance of common stock upon exercise of employee and director options, value | 18,763 | ||||||
Issuance of common stock under employee stock purchase plan, value | 17,881 | 16,496 | $ 1,950 | ||||
Issuance of common stock under definitive stock purchase agreement, value | $ 5,100,000 | 5,099,898 | |||||
Issuance of common stock under definitive stock purchase agreement, shares | 5,347,300 | ||||||
Common stock used for tax withholdings, value | (12,380) | ||||||
Compensation expense from employee and director stock option and common stock grants | 141,343 | 66,984 | 61,564 | ||||
Net loss | (543,401) | (1,348,221) | (1,606,026) | $ (2,368,245) | $ (3,497,648) | $ (5,253,193) | |
Ending balance, value | $ 10,917,043 | 6,194,939 | 7,459,680 | $ 10,917,043 | |||
Ending balance, shares | 54,035,328 | 54,035,328 | |||||
Common Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Beginning balance, value | $ 485,665 | $ 485,231 | $ 485,193 | $ 485,193 | |||
Beginning balance, shares | 48,566,548 | 48,523,136 | 48,519,313 | 48,519,313 | |||
Issuance of common stock upon exercise of employee and director options, value | $ 221 | ||||||
Issuance of common stock upon exercise of employee and director options, shares | 22,105 | ||||||
Issuance of common stock under employee stock purchase plan, value | $ 458 | $ 434 | $ 38 | ||||
Issuance of common stock under employee stock purchase plan, shares | 45,849 | 43,412 | 3,823 | ||||
Issuance of common stock under stock bonus plan, value | $ 680 | ||||||
Issuance of common stock under stock bonus plan, shares | 68,022 | ||||||
Issuance of common stock under definitive stock purchase agreement, value | $ 53,473 | ||||||
Issuance of common stock under definitive stock purchase agreement, shares | 5,347,300 | ||||||
Common stock used for tax withholdings, value | $ (144) | ||||||
Common stock used for tax withholdings, shares | (14,496) | ||||||
Ending balance, value | $ 540,353 | $ 485,665 | $ 485,231 | $ 540,353 | |||
Ending balance, shares | 54,035,328 | 48,566,548 | 48,523,136 | 54,035,328 | |||
Additional Paid-in Capital [Member] | |||||||
Class of Stock [Line Items] | |||||||
Beginning balance, value | $ 128,556,455 | $ 128,473,409 | $ 128,409,933 | $ 128,409,933 | |||
Issuance of common stock upon exercise of employee and director options, value | 18,542 | ||||||
Issuance of common stock under employee stock purchase plan, value | 17,423 | 16,062 | 1,912 | ||||
Issuance of common stock under stock bonus plan, value | (680) | ||||||
Issuance of common stock under definitive stock purchase agreement, value | 5,046,425 | ||||||
Common stock used for tax withholdings, value | (12,236) | ||||||
Compensation expense from employee and director stock option and common stock grants | 141,343 | 66,984 | 61,564 | ||||
Ending balance, value | 133,767,272 | 128,556,455 | 128,473,409 | 133,767,272 | |||
Accumulated Deficit [Member] | |||||||
Class of Stock [Line Items] | |||||||
Beginning balance, value | (122,847,181) | (121,498,960) | (119,892,934) | (119,892,934) | |||
Net loss | (543,401) | (1,348,221) | (1,606,026) | ||||
Ending balance, value | $ (123,390,582) | $ (122,847,181) | $ (121,498,960) | $ (123,390,582) |
Stockholders' Equity - Warrants
Stockholders' Equity - Warrants (Details) - $ / shares | Sep. 25, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Class of Warrant or Right [Line Items] | |||
Common stock follow-on offering (shares) | 5,347,300 | ||
Warrants under option, outstanding beginning balance | 5,489,733 | ||
Warrants under option, outstanding ending balance | 5,489,733 | 5,489,733 | |
Warrants under option, exercisable | 5,489,733 | ||
Weighted-average exercise price, beginning balance | $ 1.53 | ||
Weighted-average exercise price, ending balance | 1.53 | $ 1.53 | |
Weighted-average exercise price, exercisable | $ 1.53 | ||
Weighted-average remaining contractual life, outstanding | 2 years 6 months | 3 years 3 months 18 days | |
Weighted-average remaining contractual life, exercisable | 2 years 6 months | ||
February 2014 [Member] | |||
Class of Warrant or Right [Line Items] | |||
Common stock follow-on offering (shares) | 2,864,872 | ||
Warrants under option (shares) | 1,489,733 | ||
October 2015 [Member] | |||
Class of Warrant or Right [Line Items] | |||
Common stock follow-on offering (shares) | 8,000,000 | ||
Warrants under option (shares) | 4,000,000 |
Significant Customers (Details)
Significant Customers (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Concentration Risk [Line Items] | |||||
Revenue from major customer, amount | $ 2,752,554 | $ 728,921 | $ 5,169,479 | $ 3,120,979 | |
Customer A [Member] | Sales Revenue, Goods, Net [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, amount | $ 1,800,000 | $ 1,974,000 | |||
Customer A [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, percentage | 65.00% | 36.00% | |||
Customer B [Member] | Sales Revenue, Goods, Net [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, amount | $ 308,341 | $ 448,597 | $ 1,714,876 | $ 1,212,252 | |
Customer B [Member] | Accounts Receivable [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, percentage | 41.00% | 45.00% | |||
Customer B [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, percentage | 11.00% | 31.00% | 31.00% | 41.00% | |
Customer C [Member] | Sales Revenue, Goods, Net [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, amount | $ 102,499 | $ 14,838 | $ 136,781 | $ 311,069 | |
Customer C [Member] | Accounts Receivable [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, percentage | 11.00% | ||||
Customer C [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, percentage | 4.00% | 1.00% | 2.00% | 11.00% | |
Customer D [Member] | Sales Revenue, Goods, Net [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, amount | $ 61,785 | $ 286,515 | $ 45,897 | ||
Customer D [Member] | Accounts Receivable [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, percentage | 10.00% | 29.00% | |||
Customer D [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, percentage | 2.00% | 5.00% | 2.00% | ||
Customer E [Member] | Sales Revenue, Goods, Net [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, amount | $ 52,364 | $ 141,379 | $ 227,502 | $ 499,389 | |
Customer E [Member] | Accounts Receivable [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, percentage | 8.00% | 10.00% | |||
Customer E [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, percentage | 2.00% | 10.00% | 4.00% | 17.00% | |
Customer F [Member] | Sales Revenue, Goods, Net [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, amount | $ 300,000 | ||||
Customer F [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, percentage | 5.00% | ||||
Customer G [Member] | Sales Revenue, Goods, Net [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, amount | $ 239,005 | $ 775,018 | |||
Customer G [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, percentage | 17.00% | 26.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Income Taxes | ||
Interest or penalties related to uncertain tax positions | $ 0 | $ 0 |
Loss Per Common Share (Basic an
Loss Per Common Share (Basic and Diluted Net Loss Per Share) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Loss Per Common Share [Abstract] | ||||||
Net loss | $ (543,401) | $ (1,348,221) | $ (1,606,026) | $ (2,368,245) | $ (3,497,648) | $ (5,253,193) |
Weighted average number of shares of common stock outstanding - basic and diluted | 48,941,702 | 48,479,908 | 48,677,423 | 48,351,907 | ||
Net loss per common share - basic and diluted | $ (0.01) | $ (0.05) | $ (0.07) | $ (0.11) |
Loss Per Common Share (Number S
Loss Per Common Share (Number Shares) (Details) - shares | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Stock options outstanding | 3,409,262 | 3,106,096 | ||
Warrants to purchase common stock | 5,489,733 | 5,489,733 | 5,489,733 | |
Stock Bonus Plan [Member] | ||||
Non-vested stock bonus plan shares | 57,760 | 102,048 | 102,048 | 90,561 |
Fair Value of Financial Instr50
Fair Value of Financial Instruments (Details) | Sep. 30, 2017USD ($) |
Recurring | Carrying value | |
Fair Value of Financial Instruments | |
Long-term debt | $ 3,110,123 |
Commitments And Contingencies (
Commitments And Contingencies (Details) | Sep. 30, 2017USD ($) |
Commitments And Contingencies [Abstract] | |
Aggregate future base salary payable | $ 2,399,634 |