Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 24, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PVCT | ||
Entity Registrant Name | PROVECTUS BIOPHARMACEUTICALS, INC. | ||
Entity Central Index Key | 315,545 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 205,030,845 | ||
Entity Public Float | $ 105,469,044 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 14,178,902 | $ 17,391,601 |
Short-term receivable - settlement, net of reserve for uncollectibility | 500,000 | 733,333 |
Other current assets | 41,192 | 978,000 |
Total Current Assets | 14,720,094 | 19,102,934 |
Equipment and furnishings, less accumulated depreciation of $451,028 and $437,863, respectively | 85,145 | 92,171 |
Patents, net of amortization of $8,802,857 and $8,131,737, respectively | 2,912,588 | 3,583,708 |
Long-term receivable - reimbursable legal fees, net of reserve for uncollectibility | 683,250 | |
Long-term receivable - settlement, net of discount and reserve for uncollectibility | 2,011,735 | 3,378,345 |
Other assets | 27,000 | 27,000 |
Total Assets | 20,439,812 | 26,184,158 |
Current Liabilities | ||
Accounts payable - trade | 1,887,171 | 440,702 |
Accrued consulting expense | 133,282 | 91,282 |
Accrued settlement expense | 1,850,000 | |
Other accrued expenses | 252,418 | 315,738 |
Total Current Liabilities | 4,122,871 | 847,722 |
Long-Term Liability | ||
Warrant liability | 146,560 | |
Total Liabilities | $ 4,122,871 | $ 994,282 |
Stockholders' Equity | ||
Preferred stock; par value $.001 per share; 25,000,000 shares authorized; no shares outstanding as of December 31, 2015 and 2014 | ||
Common stock; par value $.001 per share; 400,000,000 shares authorized; 204,979,100 and 184,796,275 shares issued and outstanding, respectively | $ 204,979 | $ 184,796 |
Paid-in capital | 196,908,112 | 181,298,890 |
Accumulated deficit | (180,796,150) | (156,293,810) |
Total Stockholders' Equity | 16,316,941 | 25,189,876 |
Total Liabilities and Stockholders' Equity | $ 20,439,812 | $ 26,184,158 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation on equipment and furnishings | $ 451,028 | $ 437,863 |
Amortization on patents | $ 8,802,857 | $ 8,131,737 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 204,979,100 | 184,796,275 |
Common stock, shares outstanding | 204,979,100 | 184,796,275 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Gain on settlement - net of discount | $ 4,178,345 | ||
Operating expenses | |||
Research and development | $ 10,708,569 | 5,137,927 | $ 3,595,555 |
General and administrative | 13,274,072 | 11,002,326 | 8,761,264 |
Amortization | 671,120 | 671,120 | 671,120 |
Total operating loss | (24,653,761) | (12,663,028) | (13,027,939) |
Investment income | 4,861 | 5,645 | 1,325 |
Gain (loss) on change in fair value of warrant liability | 146,560 | 2,384,393 | (14,671,130) |
Net income (loss) | (24,502,340) | (10,242,990) | (27,697,744) |
Dividends on preferred stock | 0 | (1,188,648) | |
Net loss applicable to common shareholders | $ (24,502,340) | $ (10,242,990) | $ (28,886,392) |
Basic and diluted loss per common share | $ (0.13) | $ (0.06) | $ (0.22) |
Weighted average number of common shares outstanding - basic and diluted | 195,661,859 | 175,828,004 | 132,000,796 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Total | Preferred Stock [Member] | Common Stock [Member] | Paid in Capital [Member] | Accumulated Deficit [Member] |
Beginning Balance at Dec. 31, 2012 | $ 4,393,484 | $ 2,478 | $ 118,428 | $ 122,625,654 | $ (118,353,076) |
Beginning Balance, shares at Dec. 31, 2012 | 2,478,185 | 118,427,925 | |||
Issuance of stock for services | 526,000 | $ 750 | 525,250 | ||
Issuance of stock for services, shares | 750,000 | ||||
Issuance of warrants for services | 1,786,824 | 1,786,824 | |||
Reclassification of warrant liability | 4,402,078 | ||||
Cash proceeds from exercise of warrants and stock options | 7,835,470 | $ 6,320 | 7,829,150 | ||
Cash proceeds from exercise of warrants and stock options, Shares | 6,319,594 | ||||
Issuance of common stock and warrants pursuant to Regulation D | 18,419,335 | $ 28,409 | 18,390,926 | ||
Issuance of common stock and warrants pursuant to Regulation D, shares | 28,409,353 | ||||
Issuance of preferred stock and warrants pursuant to Regulation D | 1,252,050 | $ 3,400 | 1,248,650 | ||
Issuance of preferred stock and warrants pursuant to Regulation D, shares | 3,400,001 | ||||
Preferred stock conversions into common stock | $ (5,845) | $ 5,845 | |||
Preferred stock conversions into common stock, shares | (5,844,852) | 5,844,852 | |||
Dividends on preferred stock | (29,063) | (29,063) | |||
Employee compensation from stock options | 142,310 | 142,310 | |||
Net loss | (27,697,744) | (27,697,744) | |||
Ending Balance at Dec. 31, 2013 | 6,628,666 | $ 33 | $ 159,752 | 152,519,701 | (146,050,820) |
Ending Balance, shares at Dec. 31, 2013 | 33,334 | 159,751,724 | |||
Issuance of stock for services | 418,250 | $ 300 | 417,950 | ||
Issuance of stock for services, shares | 300,000 | ||||
Issuance of warrants for services | 2,321,327 | 2,321,327 | |||
Reclassification of warrant liability | 10,335,619 | 10,335,619 | |||
Cash proceeds from exercise of warrants and stock options | 4,490,757 | $ 14,926 | 4,475,831 | ||
Cash proceeds from exercise of warrants and stock options, Shares | 14,926,617 | ||||
Issuance of common stock and warrants pursuant to Regulation D | 11,122,602 | $ 9,785 | 11,112,817 | ||
Issuance of common stock and warrants pursuant to Regulation D, shares | 9,784,600 | ||||
Preferred stock conversions into common stock | $ (33) | $ 33 | |||
Preferred stock conversions into common stock, shares | (33,334) | 33,334 | |||
Employee compensation from stock options | 115,645 | 115,645 | |||
Net loss | (10,242,990) | (10,242,990) | |||
Ending Balance at Dec. 31, 2014 | 25,189,876 | $ 184,796 | 181,298,890 | (156,293,810) | |
Ending Balance, shares at Dec. 31, 2014 | 184,796,275 | ||||
Issuance of stock for services | 202,814 | $ 306 | 202,508 | ||
Issuance of stock for services, shares | 305,627 | ||||
Issuance of warrants for services | 552,358 | 552,358 | |||
Cash proceeds from exercise of warrants and stock options | 549,730 | $ 590 | 549,140 | ||
Cash proceeds from exercise of warrants and stock options, Shares | 590,098 | ||||
Issuance of common stock and warrants pursuant to Regulation D | 1,554,777 | $ 1,787 | 1,552,990 | ||
Issuance of common stock and warrants pursuant to Regulation D, shares | 1,787,100 | ||||
Issuance of common stock and warrants pursuant to Section 5 | 12,099,150 | $ 17,500 | 12,081,650 | ||
Issuance of common stock and warrants pursuant to Section 5, shares | 17,500,000 | ||||
Employee compensation from stock options | 670,576 | 670,576 | |||
Net loss | (24,502,340) | (24,502,340) | |||
Ending Balance at Dec. 31, 2015 | $ 16,316,941 | $ 204,979 | $ 196,908,112 | $ (180,796,150) | |
Ending Balance, shares at Dec. 31, 2015 | 204,979,100 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows From Operating Activities | |||
Net loss | $ (24,502,340) | $ (10,242,990) | $ (27,697,744) |
Adjustments to reconcile net loss to net cash used in operating activities | |||
Depreciation | 13,165 | 8,532 | 6,366 |
Amortization of patents | 671,120 | 671,120 | 671,120 |
Compensation through issuance of stock options | 670,576 | 115,645 | 142,310 |
Issuance of stock for services | 202,814 | 418,250 | 526,000 |
Issuance of warrants for services | 552,358 | 2,321,327 | 1,786,824 |
(Gain) loss on change in fair value of warrant liability | (146,560) | (2,384,393) | 14,671,130 |
Gain on settlement | (4,178,345) | ||
Settlement receivable and related interest | 1,599,943 | 66,667 | |
Other assets | 253,558 | (978,000) | |
Increase (decrease) in liabilities | |||
Accounts payable | 1,446,469 | 91,833 | 105,434 |
Accrued settlement expense | 1,850,000 | ||
Accrued expenses | (21,320) | 242,943 | (103,912) |
Net cash used in operating activities | (17,410,217) | (13,847,411) | (9,892,472) |
Cash Flows From Investing Activities | |||
Capital expenditures | (6,139) | (70,590) | (6,650) |
Net cash used in investing activities | (6,139) | (70,590) | (6,650) |
Cash Flows From Financing Activities | |||
Net proceeds from sales of preferred stock and warrants | 2,550,000 | ||
Net proceeds from sales of common stock and warrants | 13,653,927 | 11,122,602 | 18,419,335 |
Proceeds from exercises of warrants and stock options | 549,730 | 4,490,757 | 3,433,392 |
Cash paid for preferred dividends | (29,063) | ||
Net cash provided by financing activities | 14,203,657 | 15,613,359 | 24,373,664 |
Net change in cash and cash equivalents | (3,212,699) | 1,695,358 | 14,474,542 |
Cash and cash equivalents, at beginning of period | 17,391,601 | 15,696,243 | 1,221,701 |
Cash and cash equivalents, at end of period | $ 14,178,902 | 17,391,601 | 15,696,243 |
Supplemental Disclosure of Noncash Investing and Financing Activities | |||
Reclassification of warrant liability to equity due to exercise of warrants | $ 10,335,619 | $ 4,402,078 |
Organization and Significant Ac
Organization and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Significant Accounting Policies | 1. Organization and Significant Accounting Policies Nature of Operations Provectus Biopharmaceuticals, Inc. (together with its subsidiaries, the “Company”) is a biopharmaceutical company that is focusing on developing minimally invasive products for the treatment of psoriasis and other topical diseases, and certain forms of cancer including melanoma, breast cancer, and cancers of the liver. To date, the Company has no revenues from planned principal operations. The Company’s activities are subject to significant risks and uncertainties, including failing to successfully develop and license or commercialize the Company’s prescription drug candidates, or sell or license the Company’s OTC products or non-core technologies. Principles of Consolidation Intercompany balances and transactions have been eliminated in consolidation. Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash Concentrations Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed federally insured limits of $250,000 although the Company seeks to minimize this through treasury management. We have never experienced any losses related to these balances. Equipment and Furnishings Equipment and furnishings are stated at cost. Depreciation of equipment is provided for using the straight-line method over the estimated useful lives of the assets. Computers and laboratory equipment are being depreciated over five years; furniture and fixtures are being depreciated over seven years. Long-Lived Assets The Company reviews the carrying values of its long-lived assets for possible impairment whenever an event or change in circumstances indicates that the carrying amount of the assets may not be recoverable. Any long-lived assets held for disposal are reported at the lower of their carrying amounts or fair value less cost to sell. Management has determined there to be no impairment. Patent Costs Internal patent costs are expensed in the period incurred. Patents purchased are capitalized and amortized over the remaining life of the patent. Patents at December 31, 2015 were acquired as a result of the merger with Valley Pharmaceuticals, Inc. (“Valley”) on November 19, 2002. The majority stockholders of Provectus also owned all of the shares of Valley and therefore the assets acquired from Valley were recorded at their carry-over basis. The patents are being amortized over the remaining lives of the patents, which range from 1-6 Research and Development Research and development costs are charged to expense when incurred. An allocation of payroll expenses to research and development is made based on a percentage estimate of time spent. The research and development costs include the following: payroll, consulting and contract labor, lab supplies and pharmaceutical preparations, legal, insurance, rent and utilities, and depreciation. Income Taxes The Company accounts for income taxes under the liability method in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740 “Income Taxes”. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is established if it is more likely than not that all, or some portion, of deferred income tax assets will not be realized. The Company has recorded a full valuation allowance to reduce its net deferred income tax assets to zero. In the event the Company were to determine that it would be able to realize some or all its deferred income tax assets in the future, an adjustment to the deferred income tax asset would increase income in the period such determination was made. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained upon an examination. Any recognized income tax positions would be measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement would be reflected in the period in which the change in judgment occurs. The Company would recognize any corresponding interest and penalties associated with its income tax positions in income tax expense. There were no income taxes, interest or penalties incurred in 2015, 2014 or 2013. Tax years going back to 2012 remain open for examination by the IRS. Basic and Diluted Loss Per Common Share Basic and diluted loss per common share is computed based on the weighted average number of common shares outstanding. Loss per share excludes the impact of outstanding options and warrants and convertible preferred stock as they are antidilutive. Potential common shares excluded from the calculation for the years ended December 31, 2015, 2014 and 2013, respectively, are 80,121,595, 63,235,956 and 73,037,416 from warrants, 10,630,000, 10,845,098 and 15,322,206 from options, and 0, 0 and 33,334 from convertible preferred shares. Derivative Instruments The warrants issued in conjunction with convertible preferred stock in March and April 2010 private placements include a reset provision if the Company issues additional warrants, in certain circumstances as defined in the agreement, below the exercise price of $1.00. Effective January 1, 2009, the reset provision of these warrants preclude equity accounting treatment under ASC 815. Accordingly, the Company is required to record the warrants as liabilities at their fair value upon issuance and remeasure the fair value at each period end with the change in fair value recorded in the statement of operations. When the warrants are exercised or cancelled, they are reclassified to equity. The Company used the Monte-Carlo Simulation model to estimate the fair value of the warrants. At December 31, 2015, there are no remaining 2010 warrants and, therefore, no associated liability. Significant assumptions used at December 31, 2014 include a weighted average term of 0.2 years, a 5% probability that the warrant exercise price would be reset, a volatility of 63.7% and a risk free interest rate that ranges between 0.03% and 0.04%. Additionally, the Series A and Series C Warrants issued in conjunction with the January 2011 registered direct public offering include a reset provision if the Company issues additional warrants, in certain circumstances as defined in the agreement, below the exercise price of $1.12. During 2012, the warrant exercise price was reset to $0.675. Significant assumptions used at December 31, 2015 include a weighted average term of 0 years, a 5% probability that the warrant exercise price would be further reset, a volatility of 40.4% and a risk free interest rate of 0.13%. Significant assumptions used at December 31, 2014 include a weighted average term of 1.0 years, a 5% probability that the warrant exercise price would be further reset, a volatility of 159.2% and a risk free interest rate range of 0.25%. On February 22, 2013, the Company entered into a Securities Purchase Agreement with certain accredited investors for the issuance and sale in a private placement of an aggregate of $2,550,000 of Units at a purchase price of $0.75 per Unit. Each Unit consists of one share of Series A 8% Convertible Preferred Stock, par value $.001 per share, and a warrant to purchase one and one-quarter shares of the Company’s common stock, par value $.001 per share (subject to adjustment) at an exercise price of $1.00 per whole share (subject to adjustment). The total Series A 8% Convertible Preferred Stock issued was 3,400,001 shares, and the total warrants were 4,250,000. The Company used the net proceeds of the private placement for working capital, FDA trials, securing licensing partnerships, and general corporate purposes. The Company determined that warrants issued in February 2013 with the Series A 8% Convertible Preferred Stock should be classified as liabilities in accordance with ASC 815 because the warrants in question contain exercise price reset features that require the exercise price of the warrants be adjusted if the Company issues certain other equity related instruments at a lower price per share. The preferred stock was determined to have characteristics more akin to equity than debt. As a result, the conversion option was determined to be clearly and closely related to the preferred stock and therefore does not need to be bifurcated and classified as a liability. At June 30, 2014, there were no remaining 2013 warrants and therefore no associated warrant liability. Fair Value of Financial Instruments The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, short-term settlement receivable, other current assets and accounts payable approximate their fair value because of the short-term nature of these items. Cash equivalents are measured on a recurring basis within the fair value hierarchy using Level 1 inputs. The fair value of derivative instruments is determined by management with the assistance of an independent third party valuation specialist. Certain derivatives with limited market activity are valued using Level 3 inputs with externally developed models that consider unobservable market parameters. Stock-Based Compensation The compensation cost relating to share-based payment transactions is measured based on the fair value of the equity or liability instruments at date of issuance and is expensed on a straight-line basis. The Company utilizes the Black-Scholes option-pricing model for purposes of estimating the fair value of each stock option on the date of grant. The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected volatility factor of the market price of the Company’s common stock (as determined by reviewing its historical public market closing prices). Warrants to non-employees are generally vested and nonforfeitable upon the date of the grant. Accordingly, fair value is determined on the grant date. Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2018. The Company currently does not have revenues but will consider any related impact going forward. In August 2014, the FASB issued Accounting Standards Update 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15), which addresses when and how to disclose going-concern uncertainties in the financial statements. ASU 2014-15 requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year after the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The amended guidance is not expected to have a material impact on the Company’s consolidated financial statements. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | 2. Commitments Leases The Company leases office and laboratory space in Knoxville, Tennessee on an annual basis, renewable for one year at our option. Rent expense was $60,000, $60,000 and $55,379 for the years ended December 31, 2015, 2014 and 2013, respectively. Employee Agreements On April 28, 2014, the Company entered into amended and restated executive employment agreements (the “Employment Agreements”) with each of the following executive officers of the Company: H. Craig Dees, Ph.D. to serve as its Chief Executive Officer, Timothy C. Scott, Ph.D. to serve as its President, Eric A. Wachter, Ph.D. to serve as its Chief Technology Officer, and Peter R. Culpepper to serve as its Chief Financial Officer and Chief Operating Officer (collectively, the “executives”). Effective February 27, 2016, Dr. Dees resigned as Chief Executive Officer and Chairman of the Board of Directors. Under the terms of the Amended and Restated Executive Employment Agreement entered into by Craig Dees and the Company on April 28, 2014 (the “Agreement”), Dr. Dees is owed no severance payments as a result of his resignation. Dr. Dees’s employment terminated with his resignation without “Good Reason” as that term is defined in the Agreement. Under section 6 of the Agreement, “Effect of Termination,” a resignation by Dr. Dees without “Good Reason” terminates any payments due to Dr. Dees as of the last day of his employment. Each Employment Agreement provides that such executive will be employed for an initial term of five years, subject to automatic renewal for successive one-year periods, unless the executive or the Company (i) terminates the Employment Agreement and the executive’s employment thereunder as provided in the Employment Agreement or (ii) provides notice of his or its intent not to renew. Each executive’s initial base salary is $500,000 per year, and any increases to such executive’s base salary shall be determined by the Compensation Committee of the Company’s Board of Directors in its sole discretion (the “Compensation Committee”). The executives are also eligible for annual bonuses and annual equity incentive awards as determined by the Compensation Committee in its sole discretion. Each of the Employment Agreements generally provides that in the event that the executive’s employment is terminated (i) voluntarily by the executive without Good Reason (as defined in the Employment Agreement), or (ii) by the Company for Cause (as defined in the Employment Agreement), the Company shall pay the executive’s compensation only through the last day of the employment period and, except as may otherwise be expressly provided, the Company shall have no further obligation to the executive. In the event that the executive’s employment is terminated by the Company other than for Cause (including death or disability), or if the executive voluntarily resigns for Good Reason, for so long as the executive is not in breach of his continuing obligations under the non-competition, non-solicitation During the term of each executive’s employment by the Company, and for a period of twenty-four (24) months following termination of employment, in the event that such executive voluntarily terminates his employment with the Company other than for Good Reason or such executive is terminated for Cause, then neither the executive nor any other person or entity with executive’s assistance shall (i) participate in any business that is directly competitive with the Company’s business or (ii) directly or indirectly, solicit any employee of the Company to quit or terminate their employment with the Company or employ as an employee, independent contractor, consultant, or in any other position, any person who was an employee of the Company or the Company’s affiliates within the preceding six months, subject to certain exceptions. In addition, without the express written consent of the Company, each executive shall not at any time (either during or after the termination of executive’s employment) use (other than for the benefit of the Company) or disclose to any other business entity proprietary or confidential information concerning the Company, any of their affiliates, or any of its officers. Neither shall such executive disclose any of the Company’s or the Company’s affiliates’ trade secrets or inventions of which he gained knowledge during his employment with the Company (subject to certain exceptions). |
Equity Transactions
Equity Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Equity Transactions | 3. Equity Transactions Common Stock Issued for Services (a) During the three months ended March 31, 2013, the Company issued 75,000 shares of common stock to consultants in exchange for services. Consulting costs charged to operations were $48,750. During the three months ended June 30, 2013, the Company issued 75,000 shares of common stock to consultants in exchange for services. Consulting costs charged to operations were $49,500. During the three months ended September 30, 2013, the Company issued 75,000 shares of common stock to consultants in exchange for services. Consulting costs charged to operations were $51,250. During the three months ended December 31, 2013, the Company issued 275,000 shares of common stock to consultants in exchange for services. Consulting costs charged to operations were $214,000. As the fair market value of these services was not readily determinable, these services were valued based on the fair market value of stock at grant date. During the three months ended March 31, 2014, the Company issued 75,000 shares of common stock to consultants in exchange for services. Consulting costs charged to operations were $137,500. During the three months ended June 30, 2014, the Company issued 75,000 shares of common stock to consultants in exchange for services. Consulting costs charged to operations were $140,250. During the three months ended September 30, 2014, the Company issued 75,000 shares of common stock to consultants in exchange for services. Consulting costs charged to operations were $68,500. During the three months ended December 31, 2014, the Company issued 75,000 shares of common stock to consultants in exchange for services. Consulting costs charged to operations were $72,000. As the fair market value of these services was not readily determinable, these services were valued based on the fair market value of stock at grant date. During the three months ended March 31, 2015, the Company issued 75,000 shares of common stock to consultants in exchange for services. Consulting costs charged to operations were $64,000. During the three months ended June 30, 2015, the Company issued 75,000 shares of common stock to consultants in exchange for services. Consulting costs charged to operations were $63,000. During the three months ended September 30, 2015, the Company issued 78,877 shares of common stock to consultants in exchange for services. Consulting costs charged to operations were $38,439. During the three months ended December 31, 2015, the Company issued 76,750 shares of common stock to consultants in exchange for services. Consulting costs charged to operations were $37,375. As the fair market value of these services was not readily determinable, these services were valued based on the fair market value of stock at grant date. Warrants Issued for Services (b) During the three months ended March 31, 2013, the Company issued 1,924,973 fully vested warrants to consultants in exchange for services. Consulting costs charged to operations were $409,640. During the three months ended March 31, 2013, 859,833 expired warrants were forfeited. During the three months ended June 30, 2013, the Company issued 2,605,000 fully vested warrants to consultants in exchange for services. Consulting costs charged to operations were $931,655. During the three months ended June 30, 2013, 1,051,500 expired warrants were forfeited. During the three months ended September 30, 2013, the Company issued 442,000 fully vested warrants to consultants in exchange for services. Consulting costs charged to operations were $186,223. During the three months ended September 30, 2013, 136,500 expired warrants were forfeited. During the three months ended December 31, 2013, the Company issued 209,473 fully vested warrants to consultants in exchange for services. Consulting costs charged to operations were $259,306. During the three months ended December 31, 2013, 247,973 expired warrants were forfeited. During the three months ended December 31, 2013, 4,480,005 warrants were exercised on a cashless basis resulting in 2,386,004 shares being issued. During the three months ended December 31, 2013, 3,899,840 warrants were exercised for $3,412,392 resulting in 3,899,840 common shares issued. As the fair market value of these services was not readily determinable, these services were valued based on the fair market value of the warrants, determined using the Black-Scholes option-pricing model. The fair market value for the warrants issued in 2013 ranged from $0.10 to $1.97. During the three months ended March 31, 2014, the Company issued 733,000 fully vested warrants to consultants in exchange for services. Consulting costs charged to operations were $900,317. During the three months ended March 31, 2014, 121,500 expired warrants were forfeited. During the three months ended March 31, 2014, 12,522,198 warrants were exercised on a cashless basis resulting in 9,100,824 common shares being issued. During the three months ended March 31, 2014, 3,036,218 warrants were exercised for $2,672,364 resulting in 3,036,218 common shares issued. During the three months ended June 30, 2014, the Company issued 202,000 fully vested warrants to consultants in exchange for services. Consulting costs charged to operations were $450,002. During the three months ended June 30, 2014, 315,000 expired warrants were forfeited. During the three months ended June 30, 2014, 1,594,082 warrants were exercised on a cashless basis resulting in 915,467 common shares being issued. During the three months ended June 30, 2014, 372,000 warrants were exercised for $372,000 resulting in 372,000 common shares issued. During the three months ended September 30, 2014, the Company issued 6,000 fully vested warrants to consultants in exchange for services. Consulting costs charged to operations were $4,189. During the three months ended September 30, 2014, 228,500 expired warrants were forfeited. During the three months ended December 31, 2014, the Company issued 1,503,913 fully vested warrants to consultants in exchange for services. Consulting costs charged to operations were $966,819. During the three months ended December 31, 2014, 1,027,635 expired warrants were forfeited. As the fair market value of these services was not readily determinable, these services were valued based on the fair market value of the warrants, determined using the Black-Scholes option-pricing model. The fair market value for the warrants issued in 2014 ranged from $0.55 to $2.56. During the three months ended March 31, 2015, the Company issued 3,000 fully vested warrants to consultants in exchange for services. Consulting costs charged to operations were $1,632. During the three months ended March 31, 2015, 3,693,898 warrants were forfeited. During the three months ended June 30, 2015, the Company issued 100,000 fully vested warrants to consultants in exchange for services. Consulting costs charged to operations were $53,582. During the three months ended June 30, 2015, 1,161,790 warrants were forfeited. During the three months ended September 30, 2015, the Company issued 79,500 fully vested warrants to consultants in exchange for services. Consulting costs charged to operations were $24,262. During the three months ended September 30, 2015, 1,152,135 warrants were forfeited. During the three months ended December 31, 2015, the Company issued 1,766,202 fully vested warrants to consultants in exchange for services. Consulting costs charged to operations were $472,882. During the three months ended December 31, 2015, 252,500 warrants were forfeited. As the fair market value of these services was not readily determinable, these services were valued based on the fair market value of the warrants, determined using the Black-Scholes There are no provisions or obligations that would require the Company to cash settle any of its outstanding warrants. The equity classification of certain of the Company’s warrants is appropriate considering that these warrants provide the counterparties the right to purchase a fixed number of shares at a fixed price and the terms are not subject to any potential adjustments. Private Offerings of Common Stock and Warrants (c) The Company determined that warrants issued January 13, 2011 and referred to as Series A Warrants and Series C Warrants should be classified as liabilities in accordance with ASC 815 because the warrants in question contain exercise price reset features that require the exercise price of the warrants be adjusted if the Company issues certain other equity related instruments at a lower price per share. The value of the warrant liability was determined based on the Monte-Carlo Simulation model at the date the warrants were issued. The warrant liability is then revalued at each subsequent quarter. At December 31, 2012, the Series A Warrants and the Series C Warrants exercise price of $1.12 per share was reduced to $0.675 per share due to a new issuance price, net of commissions, from a private offering of common stock and warrants to accredited investors during the three months ended December 31, 2012 and pursuant to their exercise price reset provision. During the three months ended December 31, 2013, 1,269,520 of the Series A Warrants were exercised. During the three months ended December 31, 2013, 748,663 of the Series C Warrants were exercised. The Company determined the fair value of the Series A and Series C Warrants exercised on the date of exercise and adjusted the related warrant liability accordingly. The adjusted fair value of the Series A and Series C Warrants exercised of $1,620,081 was reclassified into additional paid-in capital. For the year ended December 31, 2013 there was a loss recognized from the revaluation of the warrant liability of $3,873,187. During the three months ended March 31, 2014, 858,825 of the Series A Warrants were exercised. During the three months ended March 31, 2014, 697,092 of the Series C Warrants were exercised. The Company determined the fair value of the Series A and Series C Warrants exercised on the date of exercise and adjusted the related warrant liability accordingly. The adjusted fair value of the Series A and Series C Warrants exercised in 2014 of $3,911,370 was reclassified into additional paid-in capital. For the year ended December 31, 2014 there was a loss recognized from the revaluation of the warrant liability of $959,320. For the year ended December 31, 2015 there was a gain recognized from the revaluation of the warrant liability of $66,809. During the three months ended March 31, 2013 the Company completed a private offering of common stock and warrants to accredited investors for gross proceeds of $4,045,510. The Company accepted subscriptions, in the aggregate, for 5,394,013 shares of common stock, and five year warrants to purchase 7,277,264 shares of common stock. Investors received five year fully vested warrants to purchase up to 100% to 150% of the number of shares purchased by the investors in the offering. The warrants have an exercise price of $1.00 per share. The purchase price for each share of common stock together with the warrants was $0.75. The Company used the proceeds for working capital and other general corporate purposes. Network 1 Financial Securities, Inc. served as placement agent for the offering. In connection with the offering, the Company paid $522,640 and issued five year fully vested warrants to purchase 539,401 shares of common stock with an exercise price of $1.00 to Network 1 Financial Securities, Inc., which represents 10% of the total number of shares of common stock sold to investors solicited by Network 1 Financial Securities, Inc. During the three months ended June 30, 2013 the Company completed a private offering of common stock and warrants to accredited investors for gross proceeds of $2,641,501. The Company accepted subscriptions, in the aggregate, for 3,522,001 shares of common stock, and five year warrants to purchase 5,283,003 shares of common stock. Investors received five year fully vested warrants to purchase up to 150% of the number of shares purchased by the investors in the offering. The warrants have an exercise price of $1.00 per share. The purchase price for each share of common stock together with the warrants was $0.75. The Company used the proceeds for working capital and other general corporate purposes. Network 1 Financial Securities, Inc. served as placement agent for the offering. In connection with the offering, the Company paid $314,173, accrued $32,500 at June 30, 2013 which was paid in July 2013 and issued five year fully vested warrants to purchase 352,200 shares of common stock with an exercise price of $1.00 to Network 1 Financial Securities, Inc., which represents 10% of the total number of shares of common stock sold to investors solicited by Network 1 Financial Securities, Inc. During the three months ended September 30, 2013 the Company completed a private offering of common stock and warrants to accredited investors for gross proceeds of $4,613,037. The Company accepted subscriptions, in the aggregate, for 6,150,718 shares of common stock and five year warrants to purchase 9,226,077 shares of common stock. Investors received five year fully vested warrants to purchase up to 150% of the number of shares purchased by the investors in the offering. The warrants have an exercise price of $1.00 per share. The purchase price for each share of common stock together with the warrants was $0.75. The Company used the proceeds for working capital and other general corporate purposes. Network 1 Financial Securities, Inc. served as placement agent for the offering. In connection with the offering, the Company paid $564,686 and issued five year fully vested warrants to purchase 615,072 shares of common stock with an exercise price of $1.00 to Network 1 Financial Securities, Inc., which represents 10% of the total number of shares of common stock sold to investors solicited by Network 1 Financial Securities, Inc. During the three months ended September 30, 2013 the Company completed a private offering of common stock and warrants to accredited investors for gross proceeds of $2,687,500. The Company accepted subscriptions, in the aggregate, for 3,583,333 shares of common stock and five year warrants to purchase 5,375,000 shares of common stock. Investors received five year fully vested warrants to purchase up to 150% of the number of shares purchased by the investors in the offering. The warrants have an exercise price of $1.00 per share. The purchase price for each share of common stock together with the warrants was $0.75. The Company used the proceeds for working capital and other general corporate purposes. Maxim Group LLC served as placement agent for the offering. In connection with the offering, the Company paid $349,375 and issued five year fully vested warrants to purchase 358,333 shares of common stock with an exercise price of $1.00 to Maxim Group LLC, which represents 10% of the total number of shares of common stock sold to investors solicited by Maxim Group LLC. During the three months ended December 31, 2013 the Company completed a private offering of common stock and warrants to accredited investors for gross proceeds of $5,820,588. The Company accepted subscriptions, in the aggregate, for 7,760,784 shares of common stock and five year warrants to purchase 11,641,176 shares of common stock. Investors received five year fully vested warrants to purchase up to 150% of the number of shares purchased by the investors in the offering. The warrants have an exercise price of $1.00 per share. The purchase price for each share of common stock together with the warrants was $0.75. The Company plans to use the proceeds for working capital and other general corporate purposes. Network 1 Financial Securities, Inc. served as placement agent for the offering. In connection with the offering, the Company paid $747,302 and issued five year fully vested warrants to purchase 776,078 shares of common stock with an exercise price of $1.00 to Network 1 Financial Securities, Inc., which represents 10% of the total number of shares of common stock sold to investors solicited by Network 1 Financial Securities, Inc. During the three months ended December 31, 2013 the Company completed a private offering of common stock and warrants to accredited investors for gross proceeds of $1,312,500. The Company accepted subscriptions, in the aggregate, for 1,750,000 shares of common stock and five year warrants to purchase 2,625,000 shares of common stock. Investors received five year fully vested warrants to purchase up to 150% of the number of shares purchased by the investors in the offering. The warrants have an exercise price of $1.00 per share. The purchase price for each share of common stock together with the warrants was $0.75. The Company used the proceeds for working capital and other general corporate purposes. Maxim Group LLC served as placement agent for the offering. In connection with the offering, the Company paid $170,625 and issued five year fully vested warrants to purchase 175,000 shares of common stock with an exercise price of $1.00 to Maxim Group LLC, which represents 10% of the total number of shares of common stock sold to investors solicited by Maxim Group LLC. During the three months ended June 30, 2014, the Company completed a private offering of common stock and warrants to accredited investors for gross proceeds of $5,000,000. The Company accepted subscriptions, in the aggregate, for 2,000,000 shares of common stock and five year warrants to purchase 2,000,000 shares of common stock. Investors received five year fully vested warrants to purchase up to 100% of the number of shares purchased by the investors in the offering. The warrants have an exercise price of $3.00 per share. The purchase price for each share of common stock together with the warrants was $2.50. The Company used the proceeds for working capital and other general corporate purposes. Network 1 Financial Securities, Inc. served as placement agent for the offering. In connection with the offering, the Company paid $650,000 and issued five year fully vested warrants to purchase 300,000 shares of common stock with an exercise price of $2.50 to Network 1 Financial Securities, Inc., which represents 15% of the total number of shares of common stock sold to investors solicited by Network 1 Financial Securities, Inc. During the three months ended September 30, 2014, the Company commenced a private offering of up to $15 million of common stock and five-year warrants to accredited investors. The warrants have an exercise price of $1.25 per share. The purchase price for each share of common stock together with the warrants is $1.00. The Company plans to use the proceeds for working capital and other general corporate purposes. Network 1 Financial Securities, Inc. is serving as placement agent for the offering. During the three months ended September 30, 2014, the Company received subscriptions, in the aggregate, for 3,586,300 shares of common stock and five year warrants to purchase 1,793,150 shares of common stock for an aggregate of $3,586,300. Investors will receive five year fully vested warrants to purchase up to 50% of the number of shares purchased by the investors in the offering. The warrants have an exercise price of $1.25 per share. The purchase price for each share of common stock together with the warrants is $1.00. The Company plans to use the proceeds for working capital and other general corporate purposes. Network 1 Financial Securities, Inc. is serving as placement agent for the offering. In connection with the offering, the Company paid $466,219 and issued five year fully vested warrants to purchase 358,630 shares of common stock with an exercise price of $1.25 to Network 1 Financial Securities, Inc., which represents 10% of the total number of shares of common stock subscribed for by investors solicited by Network 1 Financial Securities, Inc. During the three months ended December 31, 2014 the Company completed a private offering of common stock and warrants to accredited investors for gross proceeds of $4,198,300. The Company accepted subscriptions, in the aggregate, for 4,198,300 shares of common stock and five year warrants to purchase 2,099,150 shares of common stock. Investors received five year fully vested warrants to purchase up to 50% of the number of shares purchased by the investors in the offering. The warrants have an exercise price of $1.25 per share. The purchase price for each share of common stock together with the warrants was $1.00. The Company used the proceeds for working capital and other general corporate purposes. Network 1 Financial Securities, Inc. served as placement agent for the offering. In connection with the offering, the Company paid $545,779 and issued five year fully vested warrants to purchase 419,830 shares of common stock with an exercise price of $1.25 to Network 1 Financial Securities, Inc., which represents 10% of the total number of shares of common stock sold to investors solicited by Network 1 Financial Securities, Inc. During the three months ended March 31, 2015, the Company completed a private offering of common stock and warrants to accredited investors for gross proceeds of $776,000. The Company received subscriptions, in the aggregate, for 776,000 shares of common stock and five year warrants to purchase 388,000 shares of common stock. Investors received five year fully vested warrants to purchase up to 50% of the number of shares purchased by the investors in the offering. The warrants have an exercise price of $1.25 per share. The purchase price for each share of common stock together with the warrants is $1.00. The Company plans to use the proceeds for working capital and other general corporate purposes. Network 1 Financial Securities, Inc. served as placement agent for the offering. In connection with the offering, the Company paid $100,880 and issued five year fully vested warrants to purchase 77,600 shares of common stock with an exercise price of $1.25 to Network 1 Financial Securities, Inc., which represents 10% of the total number of shares of common stock subscribed for by investors solicited by Network 1 Financial Securities, Inc. During the three months ended June 30, 2015, the Company completed a private offering of common stock and warrants to accredited investors for gross proceeds of $1,011,100. The Company received subscriptions, in the aggregate, for 1,011,100 shares of common stock and five year warrants to purchase 505,550 shares of common stock. Investors received five year fully vested warrants to purchase up to 50% of the number of shares purchased by the investors in the offering. The warrants have an exercise price of $1.25 per share. The purchase price for each share of common stock together with the warrants is $1.00. The Company plans to use the proceeds for working capital and other general corporate purposes. Network 1 Financial Securities, Inc. served as placement agent for the offering. In connection with the offering, the Company paid $131,443 and issued five year fully vested warrants to purchase 101,110 shares of common stock with an exercise price of $1.25 to Network 1 Financial Securities, Inc., which represents 10% of the total number of shares of common stock subscribed for by investors solicited by Network 1 Financial Securities, Inc. Private Offering of Convertible Preferred Stock with Warrants (d) In March and April 2010, the Company issued 8% Convertible Preferred Stock with warrants. The Company determined that warrants issued with the 8% Convertible Preferred Stock should be classified as liabilities in accordance with ASC 815 because the warrants in question contain exercise price reset features that require the exercise price of the warrants be adjusted if the Company issues certain other equity related instruments at a lower price per share. The value of the warrant liability was determined based on the Monte-Carlo Simulation model at the date the warrants were issued. The warrant liability is then revalued at each subsequent quarter. During the three months ended December 31, 2013, 1,146,662 of the warrants included in the warrant liability were exercised. The Company determined the fair value of the warrants exercised on the date of exercise and adjusted the related warrant liability accordingly. The adjusted fair value of the warrants exercised of $765,997 was reclassified into additional paid-in capital. For the year ended December 31, 2013 there was a loss recognized from the revaluation of the warrant liability of $6,911,583. During the three months ended March 31, 2014, 1,756,665 of the warrants included in the warrant liability were exercised. During the three months ended June 30, 2014, 133,232 of the warrants included in the warrant liability were exercised. The Company determined the fair value of the warrants exercised on the date of exercise and adjusted the related warrant liability accordingly. The adjusted fair value of the warrants exercised in 2014 of $2,377,133 was reclassified into additional paid-in capital. For the year ended December 31, 2014 there was a gain recognized from the revaluation of the warrant liability of $4,222,519. During the three months ended March 31, 2015, the remaining warrants included in the warrant liability were forfeited so no more 2010 warrants remain. For the year ended December 31, 2015 there was a gain recognized from the revaluation of the warrant liability of $79,751. Dividends on the 8% Convertible Preferred Stock accrued at an annual rate of 8% of the original issue price and are payable in either cash or common stock. If the dividend is paid in common stock, the number of shares of common stock will equal the quotient of the amount of cash dividends divided by the market price of the stock on the dividend payment date. The dividends are payable quarterly on the 15 th During the three months ended March 31, 2013 there were 593,000 shares of the Company’s redeemable preferred stock that converted into 593,000 shares of the Company’s common stock. During the three months ended June 30, 2013 there were 403,520 shares of the Company’s redeemable preferred stock that converted into 403,520 shares of the Company’s common stock. During the three months ended September 30, 2013 there were 734,999 shares of the Company’s redeemable preferred stock that converted into 734,999 shares of the Company’s common stock. During the three months ended December 31, 2013 there were 746,666 shares of the Company’s redeemable preferred stock that converted into 746,666 shares of the Company’s common stock. At December 31, 2013 there was no 8% Convertible Preferred Stock outstanding. (e) On February 22, 2013, the Company entered into a Securities Purchase Agreement with certain accredited investors for the issuance and sale in a private placement of an aggregate of $2,550,000 of Units at a purchase price of $0.75 per Unit. Each Unit consists of one share of Series A 8% Convertible Preferred Stock, par value $.001 per share, and a warrant to purchase one and one-quarter The Company determined that warrants issued in February, 2013 with the Series A 8% Convertible Preferred Stock should be classified as liabilities in accordance with ASC 815 because the warrants in question contain exercise price reset features that require the exercise price of the warrants be adjusted if the Company issues certain other equity related instruments at a lower price per share. The preferred stock was determined to have characteristics more akin to equity than debt. As a result, the conversion option was determined to be clearly and closely related to the preferred stock and therefore does not need to be bifurcated and classified as a liability. The proceeds received from the issuance of the preferred stock were first allocated to the fair value of the warrants with the remainder allocated to the preferred stock. The fair value of the preferred stock if converted on the date of issuance was greater than the value allocated to the preferred stock. As a result, a beneficial conversion amount was recorded upon issuance. The fair value of the warrants recorded from the February 2013 issuance was $1,297,950 resulting in a beneficial conversion amount of $1,025,950. The beneficial conversion has been recorded as a deemed dividend as of March 31, 2013 and is included in dividends on preferred stock on the consolidated statements of operations. The value of the warrant liability was determined based on the Monte-Carlo Simulation model at the date the warrants were issued. The warrant liability is then revalued at each subsequent quarter. During the three months ended December 31, 2013, 2,400,000 of the warrants included in the warrant liability were exercised, resulting in 2,400,000 common shares being issued. The Company determined the fair value of the warrants exercised on the date of exercise and adjusted the related warrant liability accordingly. The adjusted fair value of the warrants exercised of $2,016,000 was reclassified into additional paid-in capital. For the year ended December 31, 2013 there was a loss recognized from the revaluation of the warrant liability of $3,886,360. During the three months ended March 31, 2014, 1,650,000 of the warrants included in the warrant liability were exercised. During the three months ended June 30, 2014, 200,000 of the warrants included in the warrant liability were exercised, which is the remainder of the 2013 warrants. The Company determined the fair value of the warrants exercised on the date of exercise and adjusted the related warrant liability accordingly. The adjusted fair value of the warrants exercised in 2014 of $4,047,116 was reclassified into additional paid-in capital. For the year ended December 31, 2014 there was a loss recognized from the revaluation of the warrant liability of $878,806. Dividends on the Series A 8% Convertible Preferred Stock accrued at an annual rate of 8% of the original issue price and are payable in either cash or common stock. If the dividend is paid in common stock, the number of shares of common stock will equal the quotient of the amount of cash dividends divided by the market price of the stock on the dividend payment date. The dividends are payable quarterly on the 15th day after the quarter-end. The Company paid the dividends in common stock although was required to pay the initial dividends due in cash. The Company has a deficit and, as a result, the dividends are recorded against additional paid-in capital. At March 31, 2013, the Company recognized dividends of $29,063 which are included in dividends on preferred stock on the consolidated statement of operations and were paid in April 2013. At June 30, 2013, the Company recognized dividends of $50,860 which are included in dividends on preferred stock on the consolidated statement of operations. In July 2013, the Company issued 79,401 shares of common stock in dividends on preferred stock in lieu of cash dividends due as of July 15, 2013. At September 30, 2013, the Company recognized dividends of $28,104 which are included in dividends on preferred stock on the consolidated statement of operations. In October 2013, the Company issued 32,033 shares of common stock in dividends on preferred stock in lieu of cash dividends due as of October 15, 2013. At December 31, 2013, the Company recognized no dividends due because of the full conversion of preferred stock to common stock as of January 15, 2014. In 2014, the Company recognized no dividends because of the conversion of all outstanding preferred stock to common stock as of January 15, 2014. During the three months ended September 30, 2013 there were 441,667 shares of the Company’s Series A 8% Convertible Preferred Stock that converted into 441,667 shares of the Company’s common stock. During the three months ended December 31, 2013 there were 2,925,000 shares of the Company’s Series A 8% Convertible Preferred Stock that converted into 2,925,000 shares of the Company’s common stock. In January 2014 there were 33,334 shares of the Company’s Series A 8% Convertible Preferred Stock that converted into 33,334 shares of the Company’s common stock. As of January 15, 2014, there were no shares of Series A 8% Convertible Preferred Stock outstanding. Common Stock Purchase Agreements (f) In December 2010, we entered into a purchase agreement with Lincoln Park Capital Fund, LLC, pursuant to which the Company could, in our sole discretion, direct Lincoln Park to purchase up to an a |
Stock Incentive Plan and Warran
Stock Incentive Plan and Warrants | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Plan and Warrants | 4. Stock Incentive Plan and Warrants The Company maintained two long-term incentive compensation plans which have been terminated; namely, the Provectus Pharmaceuticals, Inc. 2002 Stock Plan, which provided for the issuance of 18,450,000 shares of common stock pursuant to stock options, and the 2012 Stock Plan, which provided for the issuance of up to 20,000,000 shares of common stock pursuant to stock options. Currently, the Provectus Biopharmaceuticals, Inc. 2014 Equity Compensation Plan provides for the issuance of up to 20,000,000 shares of common stock pursuant to stock options for the benefit of eligible employees and directors of the Company. Options granted under the 2002 Stock Plan and under the 2012 Stock Plan were either “incentive stock options” within the meaning of Section 422 of the Internal Revenue Code or options which were not incentive stock options. Options granted under the 2014 Equity Compensation Plan are either “incentive stock options” within the meaning of Section 422 of the Internal Revenue Code or options which are not incentive stock options. The stock options are exercisable over a period determined by the Board of Directors (through its Compensation Committee), but generally no longer than 10 years after the date they are granted. For stock options granted to employees during 2015, 2014 and 2013, the Company has estimated the fair value of each option granted using the Black-Scholes option pricing model with the following assumptions: 2015 2014 2013 Weighted average fair value per options granted $ 0.38 $ 0.77 $ 0.57 Significant assumptions (weighted average) risk-free 0.25 % 0.25 % 0.25 % Expected stock price volatility 90% – 92 % 85% – 92 % 83% – 85 % Expected option life (years) 10 10 10 One employee of the Company exercised 18,750 options at an exercise price of $0.32 per share of common stock for $6,000 and 25,000 options at an exercise price of $0.60 per share of common stock for $15,000 during the three months ended June 30, 2013. One former non-employee member of the board forfeited 25,000 stock options on May 29, 2013. On August 19, 2013, the Company issued 250,000 stock options to its re-elected members of the board. All of the stock options issued in 2013 vest on the date of grant and have an exercise price equal to the fair market price on the date of issuance. One employee of the Company exercised 25,000 options at an exercise price of $0.95 per share of common stock for $23,750, 14,248 options at an exercise price of $0.75 per share of common stock for $10,686 and 600,000 options at an exercise price of $0.93 per share of common stock for $558,000 during the three months ended March 31, 2014. Another employee of the Company exercised 300,000 options at an exercise price of $1.10 per share of common stock for $330,000 during the three months ended March 31, 2014. Another employee of the Company exercised 189,624 options at an exercise price of $1.10 per share of common stock for $208,586 during the three months ended March 31, 2014. One employee of the Company forfeited 300,000 stock options on February 26, 2014. One employee of the Company exercised 25,000 options at an exercise price of $0.95 per share of common stock for $23,750 during the three months ended June 30, 2014. Another employee of the Company exercised 100,000 options at an exercise price of $1.25 per share of common stock for $125,000 during the three months ended June 30, 2014. A former non-employee One employee of the Company exercised 185,000 options at an exercise price of $1.02 per share of common stock for $188,700 during the three months ended March 31, 2015. Another employee of the Company exercised 76,764 options at an exercise price of $0.64 per share of common stock for $49,129 during the three months ended March 31, 2015. Another employee of the Company exercised 33,334 options at an exercise price of $0.75 per share of common stock for $25,000 and 29,786 options at an exercise price of $0.94 per share of common stock for $27,999 during the three months ended March 31, 2015. One employee of the Company forfeited 300,000 stock options on January 7, 2015. Two employees and a former non-employee member of the board of the Company each forfeited 25,000 stock options on May 19, 2015 for a total of 75,000 options. Two employees of the Company each forfeited 300,000 stock options on May 25, 2015 for a total of 600,000 options. Two employees of the Company each forfeited 200,000 stock options on December 9, 2015 for a total of 400,000 options. One employee of the Company exercised 120,000 options at an exercise price of $1.02 per share of common stock for $122,400 during the three months ended December 31, 2015. Another employee of the Company exercised 145,214 options at an exercise price of $0.94 per share of common stock for $136,502 during the three months ended December 31, 2015. On December 9, 2015, the Company issued a total of 150,000 stock options to its three re-elected non-employee The compensation cost relating to share-based payment transactions is measured based on the fair value of the equity or liability instruments issued. For purposes of estimating the fair value of each stock option on the date of grant, the Company utilized the Black-Scholes option-pricing model. The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. In addition, option-pricing models require the input of highly subjective assumptions including the expected volatility factor of the market price of the Company’s common stock (as determined by reviewing its historical public market closing prices). Included in the results for the year ended December 31, 2015, is $670,576 of stock-based The following table summarizes the options granted, exercised, outstanding and exercisable as of December 31, 2013, 2014 and 2015: Shares Exercise Price Per Share Weighted Average Exercise Price Outstanding at January 1, 2013 15,140,956 $ 0.32 – 1.50 $ 0.97 Granted 250,000 $ 0.67 $ 0.67 Exercised (43,750 ) $ 0.32 – 0.60 $ 0.48 Forfeited (25,000 ) $ 0.60 $ 0.60 Outstanding and exercisable at December 31, 2013 15,322,206 $ 0.62 – 1.50 $ 0.97 Outstanding at January 1, 2014 15,322,206 $ 0.62 – 1.50 $ 0.97 Granted 150,000 $ 0.88 $ 0.88 Settlement (Note 9) (2,800,000 ) $ 0.93 – 1.00 $ 0.97 Exercised (1,502,108 ) $ 0.64 – 1.25 $ 0.96 Forfeited (325,000 ) $ 0.95 – 1.10 $ 1.09 Outstanding and exercisable at December 31, 2014 10,845,098 $ 0.64 – 1.50 $ 0.97 Outstanding at January 1, 2015 10,845,098 $ 0.64 – 1.50 $ 0.97 Granted 1,750,000 $ 0.75 $ 0.75 Exercised (590,098 ) $ 0.64 – 1.02 $ 0.93 Forfeited (1,375,000 ) $ 0.62 – 0.94 $ 0.77 Outstanding and exercisable at December 31, 2015 10,630,000 $ 0.67 – 1.50 $ 0.96 The following table summarizes information about stock options outstanding at December 31, 2015 in order of issuance from oldest to newest. Exercise Price Number Weighted Outstanding Number Exercisable $1.02 3,830,000 0.50 years $ 1.02 3,830,000 $ 1.02 $1.50 200,000 1.50 years $ 1.50 200,000 $ 1.50 $1.16 50,000 2.42 years $ 1.16 50,000 $ 1.16 $1.00 150,000 2.50 years $ 1.00 150,000 $ 1.00 $1.04 250,000 3.50 years $ 1.04 250,000 $ 1.04 $1.16 250,000 4.50 years $ 1.16 250,000 $ 1.16 $1.00 1,600,000 4.50 years $ 1.00 1,600,000 $ 1.00 $1.04 250,000 5.50 years $ 1.04 250,000 $ 1.04 $0.99 50,000 5.50 years $ 0.99 50,000 $ 0.99 $0.93 1,600,000 5.67 years $ 0.93 1,600,000 $ 0.93 $0.93 50,000 6.38 years $ 0.93 50,000 $ 0.93 $0.84 200,000 6.50 years $ 0.84 200,000 $ 0.84 $0.67 250,000 7.71 years $ 0.67 250,000 $ 0.67 $0.88 150,000 8.67 years $ 0.88 150,000 $ 0.88 $0.75 1,750,000 9.96 years $ 0.75 1,750,000 $ 0.75 10,630,000 4.92 years $ 0.96 10,630,000 $ 0.96 The weighted-average grant-date fair value of options granted during 2015 was $0.38. The total intrinsic value of options exercised during the year ended December 31, 2015 which were in the money was $16,151. The weighted-average grant-date fair value of options granted during 2014 was $0.77. The total intrinsic value of options exercised during the year ended December 31, 2014 which were in the money was $1,327,300. The weighted-average grant-date fair value of options granted during 2013 was $0.57. The total intrinsic value of options exercised during the year ended December 31, 2013 which were in the money was $7,000. The following is a summary of nonvested stock option activity for the year ended December 31, 2015: Number of Shares Weighted Average Grant-Date Fair Value Nonvested at December 31, 2014 — $ — Granted 1,750,000 $ 0.38 Vested (1,750,000 ) $ 0.38 Canceled — — Nonvested at December 31, 2015 — $ — As of December 31, 2015, there was no unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan. The following is a summary of the aggregate intrinsic value of shares outstanding and exercisable at December 31, 2015. The aggregate intrinsic value of stock options outstanding and exercisable is defined as the difference between the market value of the Company’s stock as of the end of the period and the exercise price of the stock options which are in the money. Number of Shares Aggregate Intrinsic Outstanding and Exercisable at December 31, 2015 10,630,000 $ 0 The following table summarizes the warrants granted, exercised, outstanding and exercisable as of December 31, 2013, 2014 and 2015. Warrants Exercise Price Weighted Average Outstanding at January 1, 2013 30,038,017 $ 0.68 – 2.00 $ 1.05 Granted 53,675,050 $ 0.68 – 1.12 $ 1.00 Exercised (8,379,845 ) $ 0.68 – 1.25 $ 0.93 Forfeited (2,295,806 ) $ 0.68 – 1.12 $ 0.87 Outstanding and exercisable at December 31, 2013 73,037,416 $ 0.68 – 2.00 $ 1.03 Outstanding at January 1, 2014 73,037,416 $ 0.68 – 2.00 $ 1.03 Granted 9,415,673 $ 1.00 – 3.00 $ 1.61 Exercised (17,524,498 ) $ 0.68 – 1.50 $ 1.01 Forfeited (1,692,635 ) $ 0.95 – 1.25 $ 1.07 Outstanding and exercisable at December 31, 2014 63,235,956 $ 0.68 – 3.00 $ 1.12 Outstanding at January 1, 2015 63,235,956 $ 0.68 – 3.00 $ 1.12 Granted 23,145,962 $ 0.85 – 1.25 $ 0.88 Forfeited (6,260,323 ) $ 0.95 – 1.50 $ 1.10 Outstanding and exercisable at December 31, 2015 80,121,595 $ 0.68 – 3.00 $ 1.05 The following table summarizes information about warrants outstanding at December 31, 2015. Exercise Price Number Outstanding Weighted Average Weighted Average $0.68 134,994 0.00 $ 0.68 $0.85 20,125,000 4.50 $ 0.85 $1.00 47,125,026 2.61 $ 1.00 $1.12 1,337,035 1.33 $ 1.12 $1.25 8,176,540 2.82 $ 1.25 $1.50 400,000 0.83 $ 1.50 $1.75 200,000 0.00 $ 1.75 $2.00 323,000 1.25 $ 2.00 $2.50 300,000 3.33 $ 2.50 $3.00 2,000,000 3.33 $ 3.00 80,121,595 3.08 $ 1.05 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 5. Related Party Transactions The Company paid one non-employee member of the board $54,000 for consulting services performed as of December 31, 2013. The Company paid another non-employee member of the board $75,000 for consulting services performed as of December 31, 2013. The Company paid a third non-employee member of the board $75,000 for consulting services performed as of December 31, 2013. The Company paid one of the Company’s directors $6,000 as of March 31, 2014, all of which was paid as part of his overall compensation of an aggregate of $85,000 for board and committee service. On March 15, 2016, the Audit Committee made the following findings related to travel expense advances to its former Chief Executive Officer and Chairman of the Board of Directors, Dr. Dees: (1) in 2015, Dr. Dees received $898,430 in travel expense advances but submitted receipts totaling only $297,170, most of which did not appear to be authentic; (2) in 2014, Dr. Dees received $819,000 for travel expense advances, for which no receipts were submitted; and (3) in 2013, Dr. Dees received $752,034 for travel expense advances; no receipts were submitted by Dr. Dees for $698,000 of these expenses and $54,034 of submitted receipts did not appear to be authentic. The Company intends to pursue collection efforts on all of Dr. Dees’ unsubstantiated travel expenses, including those which did not appear to be authentic. The travel expense advances to Dr. Dees could be deemed to be in violation of Section 402 of the Sarbanes-Oxley Act of 2002. If it were determined that these advances violated the prohibitions of Section 402 from making personal loans to executive officers or directors, we could be subject to investigation and/or litigation that could involve significant time and costs and may not be resolved favorably. The Company is unable to predict the extent of its ultimate liability with respect to these advances. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes Reconciliations between the statutory federal income tax rate and the Company’s effective tax rate follow: 2015 2014 2013 Years Ended December 31, Amount % Amount % Amount % Federal statutory rate $ (8,331,000 ) (34.0 ) $ (3,483,000 ) (34.0 ) $ (9,417,000 ) (34.0 ) State taxes (1,103,000 ) (4.5 ) (461,000 ) (4.5 ) (1,246,000 ) (4.5 ) Adjustment to valuation allowance 9,490,000 38.7 4,862,000 47.7 5,015,000 18.1 Non-deductible compensation — — — — — — (Gain) loss on warrant liability (56,000 ) (0.2 ) (918,000 ) (9.2 ) 5,648,000 20.4 Actual tax benefit $ — — $ — — $ — — The components of the Company’s deferred income taxes are summarized below: December 31, 2015 2014 Deferred tax assets Net operating loss carry-forwards $ 42,457,000 $ 34,046,000 Theft loss 963,000 — Stock-based compensation 6,602,000 6,344,000 Warrants for services 5,633,000 5,421,000 Deferred tax asset 55,655,000 45,811,000 Deferred tax liabilities Patent amortization (1,121,000 ) (1,380,000 ) Valuation allowance (54,534,000 ) (44,431,000 ) Net deferred taxes $ — $ — A valuation allowance against deferred tax assets is required if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets may not be realized. The Company is in the development stage and realization of the deferred tax assets is not considered more likely than not. As a result, the Company has recorded a full valuation allowance for the net deferred tax asset. Since inception of the Company on January 17, 2002, the Company has generated tax net operating losses of approximately $110 million, expiring in 2022 through 2035. The tax loss carry-forwards of the Company may be subject to limitation by Section 382 of the Internal Revenue Code with respect to the amount utilizable each year. This limitation reduces the Company’s ability to utilize net operating loss carry-forwards. The Company completed a Section 382 study for the period from inception through the year ended December 31, 2014 and recorded a limitation of $3.2 million to their net operating loss carry-forward. The Company has determined that there are no uncertain tax positions as of December 31, 2015 or 2014 and does not expect any significant change within the next year. |
401(K) Profit Sharing Plan
401(K) Profit Sharing Plan | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
401(K) Profit Sharing Plan | 7. 401(K) Profit Sharing Plan Contributions made by the Company totaled approximately $212,000, $320,000 and $226,000 in 2015, 2014 and 2013, respectively. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 8. Fair Value of Financial Instruments The FASB’s authoritative guidance on fair value measurements establishes a framework for measuring fair value, and expands disclosure about fair value measurements. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. Under this guidance, assets and liabilities carried at fair value must be classified and disclosed in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. In determining the appropriate levels, the Company performs a detailed analysis of the assets and liabilities that are measured and reported on a fair value basis. At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs are classified as Level 3. The fair value of certain of the Company’s financial instruments which are considered Level 1, including Cash and cash equivalents and Accounts payable, approximates the carrying value due to the relatively short maturity of such instruments. The fair value of derivative instruments is determined by management with the assistance of an independent third party valuation specialist. The warrant liability is a derivative instrument and is classified as Level 3. The Company used the Monte-Carlo Simulation model to estimate the fair value of the warrants. Significant assumptions used are as follows: December 31, 2015 December 31, 2014 December 31, 2013 2010 Warrants: Weighted average term N/A 0.2 years 1.2 years Probability the warrant exercise price would be reset N/A 5% 5% Volatility N/A 63.7% 66.5% to 69.5% Risk free interest rate N/A 0.03% to 0.04% 0.13% to 0.38% 2011 Warrants: Weighted average term 0 years 1.0 years 2.0 years Probability the warrant exercise price would be reset 5% 5% 5% Volatility 40.4% 159.2% 64.7% Risk free interest rate 0.13% 0.25% 0.38% to 0.78% 2013 Warrants: Weighted average term N/A N/A 4.1 years Probability the warrant exercise price would be reset N/A N/A 5% Volatility N/A N/A 67.2% Risk free interest rate N/A N/A 0.78% to 1.78% At December 31, 2015 there are no remaining 2010 or 2013 warrants and therefore no associated warrant liability. The warrant liability measured at fair value on a recurring basis is as follows: Total Level 1 Level 2 Level 3 Derivative instruments: Warrant liability at December 31, 2015 $ — $ — $ — $ — Warrant liability at December 31, 2014 $ 146,560 $ — $ — $ 146,560 A reconciliation of the warranty liability measured at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) from January 1, 2014 to December 31, 2015 follows: Balance at January 1, 2014 $ 12,866,572 Issuance of warrants — Net gain included in earnings (2,384,393 ) Exercise of warrants (10,335,619 ) Balance at December 31, 2014 $ 146,560 Balance at January 1, 2015 $ 146,560 Issuance of warrants — Net gain included in earnings (146,560 ) Exercise of warrants — Balance at December 31, 2015 $ — |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | 9. Litigation Kleba Shareholder Derivative Lawsuit On January 2, 2013, Glenn Kleba, derivatively on behalf of the Company, filed a shareholder derivative complaint in the Circuit Court for the State of Tennessee, Knox County (the “Court”), against H. Craig Dees, Timothy C. Scott, Eric A. Wachter, and Peter R. Culpepper (collectively, the “Executives”), Stuart Fuchs, Kelly M. McMasters, and Alfred E. Smith, IV (collectively, together with the Executives, the “Individual Defendants”), and against the Company as a nominal defendant (the “Shareholder Derivative Lawsuit”). The Shareholder Derivative Lawsuit alleged (i) breach of fiduciary duties, (ii) waste of corporate assets, and (iii) unjust enrichment, all three claims based on Mr. Kleba’s allegations that the defendants authorized and/or accepted stock option awards in violation of the terms of the Company’s 2002 Stock Plan (the “Plan”) by issuing stock options in excess of the amounts authorized under the Plan and delegated to defendant H. Craig Dees the sole authority to grant himself and the other Executives cash bonuses that Mr. Kleba alleges to be excessive. In April 2013, the Company’s Board of Directors appointed a special litigation committee to investigate the allegations of the Shareholder Derivative Complaint and make a determination as to how the matter should be resolved. The special litigation committee conducted its investigation, and proceedings in the case were stayed pending the conclusion of the committee’s investigation. The Company has established a reserve of $100,000 for potential liabilities because such is the amount of the self-insured retention of its insurance policy. On February 21, 2014, an Amended Shareholder Derivative Complaint was filed which added Don B. Dale (“Mr. Dale”) as a plaintiff. On March 6, 2014, the Company filed a Joint Notice of Settlement (the “Notice of Settlement”) in the Shareholder Derivative Lawsuit. In addition to the Company, the parties to the Notice of Settlement are Mr. Kleba, Mr. Dale and the Individual Defendants. On June 6, 2014, the Company, in its capacity as a nominal defendant, entered into a Stipulated Settlement Agreement and Mutual Release (the “Settlement”) in the Shareholder Derivative Lawsuit. In addition to the Company and the Individual Defendants, Plaintiffs Glenn Kleba and Don B. Dale are parties to the Settlement. By entering into the Settlement, the settling parties have resolved the derivative claims to their mutual satisfaction. The Individual Defendants have not admitted the validity of any claims or allegations and the settling plaintiffs have not admitted that any claims or allegations lack merit or foundation. Under the terms of the Settlement, (i) the Executives each agreed (A) to re-pay to the Company $2.24 Million of the cash bonuses they each received in 2010 and 2011, which amount equals 70% of such bonuses or an estimate of the after-tax net proceeds to each Executive; provided, however, that subject to certain terms and conditions set forth in the Settlement, the Executives are entitled to a 2:1 credit such that total actual repayment may be $1.12 Million each; (B) to reimburse the Company for 25% of the actual costs, net of recovery from any other source, incurred by the Company as a result of the Shareholder Derivative Lawsuit; and (C) to grant to the Company a first priority security interest in 1,000,000 shares of the Company’s common stock owned by each such Executive to serve as collateral for the amounts due to the Company under the Settlement; (ii) Drs. Dees and Scott and Mr. Culpepper agreed to retain incentive stock options for 100,000 shares but shall forfeit 50% of the nonqualified stock options granted to each such Executive in both 2010 and 2011. The Settlement also requires that each of the Executives enter into new employment agreements with the Company, which were entered into on April 28, 2014, and that the Company adhere to certain corporate governance principles and processes in the future. Under the Settlement, Messrs. Fuchs and Smith and Dr. McMasters have each agreed to pay the Company $25,000 in cash, subject to reduction by such amount that the Company’s insurance carrier pays to the Company on behalf of such defendant pursuant to such defendant’s directors and officers liability insurance policy. The Settlement also provides for an award to plaintiffs’ counsel of attorneys’ fees and reimbursement of expenses in connection with their role in this litigation, subject to Court approval. On July 24, 2014, the Court approved the terms of the proposed Settlement and awarded $911,000 to plaintiffs’ counsel for attorneys’ fees and reimbursement of expenses in connection with their role in the Shareholder Derivative Lawsuit. The payment to plaintiff’s counsel was made by the Company during October 2014 and was recorded as other current assets at December 31, 2014. The Company is seeking reimbursement of the full amount from insurance and if the full amount is not received from insurance, the amount remaining will be reimbursed to the Company from the Individual Defendants. The amount was reclassed to long-term receivable at December 31, 2015. A reserve for uncollectibility of $227,750 was established at December 31, 2015 in connection with the resignation of Dr. Dees. On October 3, 2014, the Settlement was effective and stock options for Drs. Dees and Scott and Mr. Culpepper were rescinded, totaling 2,800,000. $900,000 was repaid by the Executives as of December 31, 2015. The first year payment due has been paid. The remaining cash settlement amounts will continue to be repaid to the Company over a period of four years with the second payment due in total by October 2016 and the final payment is expected to be received by October 3, 2019. $103,969 of the settlement discount was amortized as of December 31, 2015. The remaining balance due the Company as of December 31, 2015 is $2,511,735, including a reserve for uncollectibility of $870,578 in connection with the resignation of Dr. Dees, with a present value discount remaining of $197,686. As a result of his resignation, Dr. Dees is no longer entitled to the 2:1 credit, such that his total repayment obligation of $2,040,000 (the total $2.24 million owed by Dr. Dees pursuant to the Settlement less the $200,000 that he repaid as of December 31, 2015) plus Dr. Dees’s proportionate share of the litigation costs is immediately due and payable. The Company sent Dr. Dees a notice of default in March 2016 for the total amount he owes the Company. Class Action Lawsuits On May 27, 2014, Cary Farrah and James H. Harrison, Jr., individually and on behalf of all others similarly situated (the “Farrah Case”), and on May 29, 2014, each of Paul Jason Chaney, individually and on behalf of all others similarly situated (the “Chaney Case”), and Jayson Dauphinee, individually and on behalf of all others similarly situated (the “Dauphinee Case”) (the plaintiffs in the Farrah Case, the Chaney Case and the Dauphinee Case collectively referred to as the “Plaintiffs”), each filed a class action lawsuit in the United States District Court for the Middle District of Tennessee against the Company, H. Craig Dees, Timothy C. Scott and Peter R. Culpepper (the “Defendants”) alleging violations by the Defendants of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder. Specifically, the Plaintiffs in each of the Farrah Case, the Chaney Case and the Dauphinee Case allege that the Defendants are liable for making false statements and failing to disclose adverse facts known to them about the Company, in connection with the Company’s application to the FDA for Breakthrough Therapy Designation (“BTD”) of the Company’s melanoma drug, PV-10, in the Spring of 2014, and the FDA’s subsequent denial of the Company’s application for BTD. On July 9, 2014, the Plaintiffs and the Defendants filed joint motions in the Farrah Case, the Chaney Case and the Dauphinee Case to consolidate the cases and transfer them to United States District Court for the Eastern District of Tennessee. By order dated July 16, 2014, the United States District Court for the Middle District of Tennessee entered an order consolidating the Farrah Case, the Chaney Case and the Dauphinee Case (collectively and, as consolidated, the “Securities Litigation”) and transferred the Securities Litigation to the United States District Court for the Eastern District of Tennessee. On November 26, 2014, the United States District Court for the Eastern District of Tennessee (the “Court”) entered an order appointing Fawwaz Hamati as the Lead Plaintiff in the Securities Litigation, with the Law Firm of Glancy Binkow & Goldberg, LLP as counsel to Lead Plaintiff. On February 3, 2015, the Court entered an order compelling the Lead Plaintiff to file a consolidated amended complaint within 60 days of entry of the order. On April 6, 2015, the Lead Plaintiff filed a Consolidated Amended Class Action Complaint (the “Consolidated Complaint”) in the Class Action Case, alleging that Provectus and the other individual defendants made knowingly false representations about the likelihood that PV-10 would be approved as a candidate for BTD, and that such representations caused injury to Lead Plaintiff and other shareholders. The Consolidated Complaint also added Eric Wachter as a named defendant. On June 5, 2015, Provectus filed its Motion to Dismiss the Consolidated Complaint (the “Motion to Dismiss”). On July 20, 2015, the Lead Plaintiff filed his response in opposition to the Motion to Dismiss (the “Response”). Pursuant to order of the Court, Provectus replied to the Response on September 18, 2015. On October 1, 2015, the Court entered an order staying a ruling on the Motion to Dismiss pending a mediation to resolve the Securities Litigation in its entirety. A mediation occurred on October 28, 2015, and discussions are continuing. On January 28, 2016, a settlement terms sheet (the “Terms Sheet”) was executed by counsel for the Company and counsel for the Lead Plaintiff in the consolidated Federal Class Actions. Pursuant to the Terms Sheet, the parties agree, contingent upon the approval of the court in the consolidated Federal Class Actions, that the cases will be settled as a class action on the basis of a class period of December 17, 2013 through May 22, 2014. The Company and its insurance carrier will pay the total amount of $3.5 Million (the “Settlement Funds”) into an interest bearing escrow account upon preliminary approval by the court in the Consolidated Federal Class Actions. The Company has determined that it is probable that the Company will pay $1.85 Million of the total, which has been accrued at December 31, 2015. The insurance carrier will pay $1.65 Million of the total directly to the plaintiff’s trust escrow account and it will not pass through the Company. Notice will be provided to shareholder members of the class. Shareholder members of the class will have both the opportunity to file claims to the Settlement Funds and to object to the settlement. If the court enters final approval of the settlement, the Federal Class Actions will be dismissed with full prejudice, the Defendants will be released from any and all claims in the Federal Class Actions and the Federal Class Actions will be fully concluded. If the court does not give final approval of the Settlement, the Settlement Funds, less any claims administration expenses, will be returned to the Company and its insurance carrier. A Stipulation of Settlement encompassing the details of the Settlement and procedures for preliminary and final court approval was filed on March 8, 2016. The Stipulation of Settlement incorporates the provisions of the Terms Sheet and provides for the procedures for providing notice to stockholders who bought or sold stock of the Company during the class period. The Stipulation of Settlement provides for (1) the methodology of administering and calculating claims, final awards to stockholders, and supervision and distribution of the Settlement Funds and (2) the procedure for preliminary and final approval of the settlement of the Federal Class Action. The court in the Federal Class Action has set April 7, 2016 for a hearing on preliminary settlement approval. If the Settlement is not approved and consummated, the Company intends to defend vigorously against all claims in the Consolidated Complaint. Hurtado Shareholder Derivative Lawsuit On June 4, 2014, Karla Hurtado, derivatively on behalf of the Company, filed a shareholder derivative complaint in the United States District Court for the Middle District of Tennessee against H. Craig Dees, Timothy C. Scott, Jan E. Koe, Kelly M. McMasters, and Alfred E. Smith, IV (collectively, the “Individual Defendants”), and against the Company as a nominal defendant (the “Hurtado Shareholder Derivative Lawsuit”). The Hurtado Shareholder Derivative Lawsuit alleges (i) breach of fiduciary duties and (ii) abuse of control, both claims based on Ms. Hurtado’s allegations that the Individual Defendants (a) recklessly permitted the Company to make false and misleading disclosures and (b) failed to implement adequate controls and procedures to ensure the accuracy of the Company’s disclosures. On July 25, 2014, the United States District Court for the Middle District of Tennessee entered an order transferring the case to the United States District Court for the Eastern District of Tennessee and, in light of the pending Securities Litigation, relieving the Individual Defendants from responding to the complaint in the Hurtado Shareholder Derivative Lawsuit pending further order from the United States District Court for the Eastern District of Tennessee. On April 9, 2015, the United States District Court for the Eastern District of Tennessee entered an Order staying the Hurtado Shareholder Derivative Lawsuit pending a ruling on the Motion to Dismiss filed by Provectus in the Class Action Case. As a nominal defendant, no relief is sought against the Company itself in the Hurtado Shareholder Derivative Lawsuit. Montiminy Shareholder Derivative Lawsuit On October 24, 2014, Paul Montiminy brought a shareholder derivative complaint on behalf of the Company in the United States District Court for the Eastern District of Tennessee (the “Montiminy Shareholder Derivative Lawsuit”) against H. Craig Dees, Timothy C. Scott, Jan E. Koe, Kelly M. McMasters, and Alfred E. Smith, IV (collectively, the “Individual Defendants”). Like the Hurtado Shareholder Derivative Lawsuit, the Montiminy Shareholder Derivative Lawsuit alleges (i) breach of fiduciary duties and (ii) gross mismanagement of the assets and business of the Company, both claims based on Mr. Montiminy’s allegations that the Individual Defendants recklessly permitted the Company to make certain false and misleading disclosures regarding the likelihood that the Company’s melanoma drug, PV-10, would qualify for BTD. As a practical matter, the factual allegations and requested relief in the Montiminy Shareholder Derivative Lawsuit are substantively the same as those in the Hurtado Shareholder Derivative Lawsuit. On December 29, 2014, the United States District Court for the Eastern District of Tennessee (the “Court”) entered an order consolidating the Hurtado Shareholder Derivative Lawsuit and the Montiminy Derivative Lawsuit. On February 25, 2015, the parties submitted a proposed agreed order staying the Hurtado and Montiminy Shareholder Derivative Lawsuits until the Court issues a ruling on the anticipated motion to dismiss the amended consolidated complaint to be filed in the Securities Litigation. On April 9, 2015, the United States District Court for the Eastern District of Tennessee entered an Order staying the Hurtado and Montiminy Shareholder Derivative Lawsuits pending a ruling on the Motion to Dismiss filed by Provectus in the Class Action Case. As in the Hurtado Shareholder Derivative Lawsuit, no relief is sought against the Company itself; the action is against the Individual Defendants only. Foley Shareholder Derivative Complaint On October 28, 2014, Chris Foley, derivatively on behalf of the Company, filed a shareholder derivative complaint in the Chancery Court of Knox County, Tennessee against H. Craig Dees, Timothy C. Scott, Jan E. Koe, Kelly M. McMasters, and Alfred E. Smith, IV (collectively, the “Individual Defendants”), and against the Company as a nominal defendant (the “Foley Shareholder Derivative Lawsuit”). The Foley Shareholder Derivative Lawsuit was brought by the same attorney as the Montiminy Shareholder Derivative Lawsuit, Paul Kent Bramlett of Bramlett Law Offices. Other than the difference in the named plaintiff, the complaints in the Foley Shareholder Derivative Lawsuit and the Montiminy Shareholder Derivative Lawsuit are identical. On March 6, 2015, the Chancery Court of Knox County, Tennessee entered an Order staying the Foley Derivative Lawsuit until the United States District Court for the Eastern District of Tennessee issues a ruling on the Motion to Dismiss filed by Provectus in the Class Action Case. As in the Hurtado and Montiminy Shareholder Derivative Lawsuits, no relief is sought against the Company itself; the action is against the Individual Defendants only. Donato Shareholder Derivative Lawsuit On June 24, 2015, Sean Donato, derivatively on behalf of the Company, filed a shareholder derivative complaint in the Chancery Court of Knox County, Tennessee against H. Craig Dees, Timothy C. Scott, Jan. E. Koe, Kelly M. McMasters, and Alfred E. Smith, IV (collectively, the “Individual Defendants”), and against the Company as a nominal defendant (the “Donato Shareholder Derivative Lawsuit”). Other than the difference in the named plaintiff, the Donato Shareholder Derivative Lawsuit is virtually identical to the other pending derivative lawsuits. All of these cases assert claims against the Defendants for breach of fiduciary duties based on the Company’s purportedly misleading statements about the likelihood that PV-10 would be approved by the FDA. We are not in a position at this time to give you an evaluation of the likelihood of an unfavorable outcome, or an estimate of the amount or range of potential loss to the Company. As in the Hurtado, Montiminy, and Foley Shareholder Derivative Lawsuits, no relief is sought against the Company itself; the action is against the Individual Defendants only. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. Subsequent Events The Company has evaluated subsequent events through the date of the filing of these financial statements. As of December 28, 2015, we had outstanding Existing Warrants to purchase an aggregate of 59,861,601 shares of Common Stock, which were issued between January 6, 2011 and November 1, 2015 in transactions exempt from registration under the Securities Act. Each Existing Warrant has an exercise price of between $1.00 and $3.00 per share (not taking into account the discounted exercise price), and expires between January 6, 2016 and November 1, 2020. On December 31, 2015, we offered pursuant to an Offer Letter/Prospectus 59,861,601 shares of our Common Stock for issuance upon exercise of the Existing Warrants. The shares issued upon exercise of the Existing Warrants are unrestricted and freely transferable. There is no established trading market for the Existing Warrants. The Offer was to temporarily modify the terms of the Existing Warrants so that each holder who tendered Existing Warrants during the Offer Period for early exercise were able to do so at a discounted exercise price of $0.50 per share. The modification of the exercise price of the Existing Warrants and the Replacement Warrants are treated as an inducement to enter into the exchange offer and will be accounted for as of the closing date. Each Existing Warrant holder who tendered Existing Warrants for early exercise during the Offer Period received, in addition to the shares of Common Stock purchased upon exercise, an equal number of Replacement Warrants. Each Replacement Warrant has a cash exercise price of $0.85 per share and will expire on June 19, 2020, unless sooner exercised. The exchange offer expired at 4:00 p.m., Eastern Time, on March 28, 2016. Approximately $4.0 Million in gross proceeds were received upon closing of the exchange offer. Under the terms of the Amended and Restated Executive Employment Agreement entered into by Craig Dees and the Company on April 28, 2014 (the “Agreement”), Dr. Dees is owed no severance payments as a result of his resignation on February 27, 2016 as the Company’s Chief Executive Officer and Chairman of the Board of Directors. Dr. Dees’s employment terminated with his resignation without “Good Reason” as that term is defined in the Agreement. Under section 6 of the Agreement, “Effect of Termination,” a resignation by Dr. Dees without “Good Reason” terminates any payments due to Dr. Dees as of the last day of his employment. As reported in the Company’s press release furnished with the Company’s Current Report on Form 8-K filed with the Commission on February 29, 2016, in connection with the resignation of Dr. Dees as the Company’s Chief Executive Officer and Chairman of the Board of Directors, which was effective February 27, 2016, the Audit Committee conducted a review of Company procedures, policies and practices, including travel expense advancements and reimbursements. The Audit Committee retained independent counsel and an advisory firm with forensic accounting expertise to assist the Audit Committee in conducting the investigation. On March 15, 2016, the Audit Committee completed this investigation and made the following findings: (1) in 2015, Dr. Dees received $898,430 in travel expense advances but submitted receipts totaling only $297,170, most of which did not appear to be authentic; (2) in 2014, Dr. Dees received $819,000 for travel expense advances, for which no receipts were submitted; and (3) in 2013, Dr. Dees received $752,034 for travel expense advances; no receipts were submitted by Dr. Dees for $698,000 of these expenses and $54,034 of submitted receipts did not appear to be authentic. The Company intends to pursue collection efforts on all of Dr. Dees’ unsubstantiated travel expenses, including those which did not appear to be authentic. The Company treats all relevant travel expenses of Dr. Dees as a theft loss and therefore any uncollectible amounts will be treated as income to Dr. Dees and a Form 1099 MISC will be issued by the Company to him in 2016 in that regard. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | 11. Selected Quarterly Financial Data (Unaudited) The following tables present a summary of quarterly results of operations for 2015 and 2014: Three Months Ended March 31, June 30, September 30, December 31, (in thousands, except per share data) Consolidated Statement of Operations Data: Gain on settlement – net of discount $ — $ — $ — $ — Total operating loss not including gain on settlement (4,620 ) (4,592 ) (5,779 ) (9,663 ) Other income (expense), net 95 47 (1 ) 11 Net income (loss) (4,525 ) (4,545 ) (5,780 ) (9,652 ) Net income (loss) applicable to common stockholders $ (4,525 ) $ (4,545 ) $ (5,780 ) $ (9,652 ) Basic and diluted income (loss) per common share $ (0.02 ) $ (0.02 ) $ (0.03 ) $ (0.05 ) Weighted average number of common shares outstanding – basic and diluted 185,196 187,793 204,610 204,735 Three Months Ended March 31, June 30, September 30, December 31, (in thousands, except per share data) Consolidated Statement of Operations Data: Gain on settlement – net of discount $ — $ — $ — $ 4,178 Total operating loss not including gain on settlement (4,382 ) (4,160 ) (3,826 ) (4,443 ) Other income (expense), net (2,285 ) 3,517 77 1,081 Net income (loss) (6,667 ) (643 ) (3,749 ) 816 Net income (loss) applicable to common stockholders $ (6,667 ) $ (643 ) $ (3,749 ) $ 816 Basic and diluted income (loss) per common share $ (0.04 ) $ (0.00 ) $ (0.02 ) $ 0.00 Weighted average number of common shares outstanding – basic and diluted 168,860 175,554 179,089 182,057 |
Organization and Significant 18
Organization and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations Provectus Biopharmaceuticals, Inc. (together with its subsidiaries, the “Company”) is a biopharmaceutical company that is focusing on developing minimally invasive products for the treatment of psoriasis and other topical diseases, and certain forms of cancer including melanoma, breast cancer, and cancers of the liver. To date, the Company has no revenues from planned principal operations. The Company’s activities are subject to significant risks and uncertainties, including failing to successfully develop and license or commercialize the Company’s prescription drug candidates, or sell or license the Company’s OTC products or non-core technologies. |
Principles of Consolidation | Principles of Consolidation Intercompany balances and transactions have been eliminated in consolidation. |
Estimates | Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. |
Cash Concentrations | Cash Concentrations Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed federally insured limits of $250,000 although the Company seeks to minimize this through treasury management. We have never experienced any losses related to these balances. |
Equipment and Furnishings | Equipment and Furnishings Equipment and furnishings are stated at cost. Depreciation of equipment is provided for using the straight-line method over the estimated useful lives of the assets. Computers and laboratory equipment are being depreciated over five years; furniture and fixtures are being depreciated over seven years. |
Long-Lived Assets | Long-Lived Assets The Company reviews the carrying values of its long-lived assets for possible impairment whenever an event or change in circumstances indicates that the carrying amount of the assets may not be recoverable. Any long-lived assets held for disposal are reported at the lower of their carrying amounts or fair value less cost to sell. Management has determined there to be no impairment. |
Patent Costs | Patent Costs Internal patent costs are expensed in the period incurred. Patents purchased are capitalized and amortized over the remaining life of the patent. Patents at December 31, 2015 were acquired as a result of the merger with Valley Pharmaceuticals, Inc. (“Valley”) on November 19, 2002. The majority stockholders of Provectus also owned all of the shares of Valley and therefore the assets acquired from Valley were recorded at their carry-over basis. The patents are being amortized over the remaining lives of the patents, which range from 1-6 |
Research and Development | Research and Development Research and development costs are charged to expense when incurred. An allocation of payroll expenses to research and development is made based on a percentage estimate of time spent. The research and development costs include the following: payroll, consulting and contract labor, lab supplies and pharmaceutical preparations, legal, insurance, rent and utilities, and depreciation. |
Income Taxes | Income Taxes The Company accounts for income taxes under the liability method in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740 “Income Taxes”. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is established if it is more likely than not that all, or some portion, of deferred income tax assets will not be realized. The Company has recorded a full valuation allowance to reduce its net deferred income tax assets to zero. In the event the Company were to determine that it would be able to realize some or all its deferred income tax assets in the future, an adjustment to the deferred income tax asset would increase income in the period such determination was made. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained upon an examination. Any recognized income tax positions would be measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement would be reflected in the period in which the change in judgment occurs. The Company would recognize any corresponding interest and penalties associated with its income tax positions in income tax expense. There were no income taxes, interest or penalties incurred in 2015, 2014 or 2013. Tax years going back to 2012 remain open for examination by the IRS. |
Basic and Diluted Loss Per Common Share | Basic and Diluted Loss Per Common Share Basic and diluted loss per common share is computed based on the weighted average number of common shares outstanding. Loss per share excludes the impact of outstanding options and warrants and convertible preferred stock as they are antidilutive. Potential common shares excluded from the calculation for the years ended December 31, 2015, 2014 and 2013, respectively, are 80,121,595, 63,235,956 and 73,037,416 from warrants, 10,630,000, 10,845,098 and 15,322,206 from options, and 0, 0 and 33,334 from convertible preferred shares. |
Derivative Instruments | Derivative Instruments The warrants issued in conjunction with convertible preferred stock in March and April 2010 private placements include a reset provision if the Company issues additional warrants, in certain circumstances as defined in the agreement, below the exercise price of $1.00. Effective January 1, 2009, the reset provision of these warrants preclude equity accounting treatment under ASC 815. Accordingly, the Company is required to record the warrants as liabilities at their fair value upon issuance and remeasure the fair value at each period end with the change in fair value recorded in the statement of operations. When the warrants are exercised or cancelled, they are reclassified to equity. The Company used the Monte-Carlo Simulation model to estimate the fair value of the warrants. At December 31, 2015, there are no remaining 2010 warrants and, therefore, no associated liability. Significant assumptions used at December 31, 2014 include a weighted average term of 0.2 years, a 5% probability that the warrant exercise price would be reset, a volatility of 63.7% and a risk free interest rate that ranges between 0.03% and 0.04%. Additionally, the Series A and Series C Warrants issued in conjunction with the January 2011 registered direct public offering include a reset provision if the Company issues additional warrants, in certain circumstances as defined in the agreement, below the exercise price of $1.12. During 2012, the warrant exercise price was reset to $0.675. Significant assumptions used at December 31, 2015 include a weighted average term of 0 years, a 5% probability that the warrant exercise price would be further reset, a volatility of 40.4% and a risk free interest rate of 0.13%. Significant assumptions used at December 31, 2014 include a weighted average term of 1.0 years, a 5% probability that the warrant exercise price would be further reset, a volatility of 159.2% and a risk free interest rate range of 0.25%. On February 22, 2013, the Company entered into a Securities Purchase Agreement with certain accredited investors for the issuance and sale in a private placement of an aggregate of $2,550,000 of Units at a purchase price of $0.75 per Unit. Each Unit consists of one share of Series A 8% Convertible Preferred Stock, par value $.001 per share, and a warrant to purchase one and one-quarter shares of the Company’s common stock, par value $.001 per share (subject to adjustment) at an exercise price of $1.00 per whole share (subject to adjustment). The total Series A 8% Convertible Preferred Stock issued was 3,400,001 shares, and the total warrants were 4,250,000. The Company used the net proceeds of the private placement for working capital, FDA trials, securing licensing partnerships, and general corporate purposes. The Company determined that warrants issued in February 2013 with the Series A 8% Convertible Preferred Stock should be classified as liabilities in accordance with ASC 815 because the warrants in question contain exercise price reset features that require the exercise price of the warrants be adjusted if the Company issues certain other equity related instruments at a lower price per share. The preferred stock was determined to have characteristics more akin to equity than debt. As a result, the conversion option was determined to be clearly and closely related to the preferred stock and therefore does not need to be bifurcated and classified as a liability. At June 30, 2014, there were no remaining 2013 warrants and therefore no associated warrant liability. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, short-term settlement receivable, other current assets and accounts payable approximate their fair value because of the short-term nature of these items. Cash equivalents are measured on a recurring basis within the fair value hierarchy using Level 1 inputs. The fair value of derivative instruments is determined by management with the assistance of an independent third party valuation specialist. Certain derivatives with limited market activity are valued using Level 3 inputs with externally developed models that consider unobservable market parameters. |
Stock-Based Compensation | Stock-Based Compensation The compensation cost relating to share-based payment transactions is measured based on the fair value of the equity or liability instruments at date of issuance and is expensed on a straight-line basis. The Company utilizes the Black-Scholes option-pricing model for purposes of estimating the fair value of each stock option on the date of grant. The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected volatility factor of the market price of the Company’s common stock (as determined by reviewing its historical public market closing prices). Warrants to non-employees are generally vested and nonforfeitable upon the date of the grant. Accordingly, fair value is determined on the grant date. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2018. The Company currently does not have revenues but will consider any related impact going forward. In August 2014, the FASB issued Accounting Standards Update 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15), which addresses when and how to disclose going-concern uncertainties in the financial statements. ASU 2014-15 requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year after the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The amended guidance is not expected to have a material impact on the Company’s consolidated financial statements. |
Stock Incentive Plan and Warr19
Stock Incentive Plan and Warrants (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value of Option Granted to Employees | For stock options granted to employees during 2015, 2014 and 2013, the Company has estimated the fair value of each option granted using the Black-Scholes option pricing model with the following assumptions: 2015 2014 2013 Weighted average fair value per options granted $ 0.38 $ 0.77 $ 0.57 Significant assumptions (weighted average) risk-free 0.25 % 0.25 % 0.25 % Expected stock price volatility 90% – 92 % 85% – 92 % 83% – 85 % Expected option life (years) 10 10 10 |
Summary of Options Granted, Exercised, Outstanding and Exercisable | The following table summarizes the options granted, exercised, outstanding and exercisable as of December 31, 2013, 2014 and 2015: Shares Exercise Price Per Share Weighted Average Exercise Price Outstanding at January 1, 2013 15,140,956 $ 0.32 – 1.50 $ 0.97 Granted 250,000 $ 0.67 $ 0.67 Exercised (43,750 ) $ 0.32 – 0.60 $ 0.48 Forfeited (25,000 ) $ 0.60 $ 0.60 Outstanding and exercisable at December 31, 2013 15,322,206 $ 0.62 – 1.50 $ 0.97 Outstanding at January 1, 2014 15,322,206 $ 0.62 – 1.50 $ 0.97 Granted 150,000 $ 0.88 $ 0.88 Settlement (Note 9) (2,800,000 ) $ 0.93 – 1.00 $ 0.97 Exercised (1,502,108 ) $ 0.64 – 1.25 $ 0.96 Forfeited (325,000 ) $ 0.95 – 1.10 $ 1.09 Outstanding and exercisable at December 31, 2014 10,845,098 $ 0.64 – 1.50 $ 0.97 Outstanding at January 1, 2015 10,845,098 $ 0.64 – 1.50 $ 0.97 Granted 1,750,000 $ 0.75 $ 0.75 Exercised (590,098 ) $ 0.64 – 1.02 $ 0.93 Forfeited (1,375,000 ) $ 0.62 – 0.94 $ 0.77 Outstanding and exercisable at December 31, 2015 10,630,000 $ 0.67 – 1.50 $ 0.96 |
Summary of Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2015 in order of issuance from oldest to newest. Exercise Price Number Weighted Outstanding Number Exercisable $1.02 3,830,000 0.50 years $ 1.02 3,830,000 $ 1.02 $1.50 200,000 1.50 years $ 1.50 200,000 $ 1.50 $1.16 50,000 2.42 years $ 1.16 50,000 $ 1.16 $1.00 150,000 2.50 years $ 1.00 150,000 $ 1.00 $1.04 250,000 3.50 years $ 1.04 250,000 $ 1.04 $1.16 250,000 4.50 years $ 1.16 250,000 $ 1.16 $1.00 1,600,000 4.50 years $ 1.00 1,600,000 $ 1.00 $1.04 250,000 5.50 years $ 1.04 250,000 $ 1.04 $0.99 50,000 5.50 years $ 0.99 50,000 $ 0.99 $0.93 1,600,000 5.67 years $ 0.93 1,600,000 $ 0.93 $0.93 50,000 6.38 years $ 0.93 50,000 $ 0.93 $0.84 200,000 6.50 years $ 0.84 200,000 $ 0.84 $0.67 250,000 7.71 years $ 0.67 250,000 $ 0.67 $0.88 150,000 8.67 years $ 0.88 150,000 $ 0.88 $0.75 1,750,000 9.96 years $ 0.75 1,750,000 $ 0.75 10,630,000 4.92 years $ 0.96 10,630,000 $ 0.96 |
Summary of Nonvested Stock Option Activity | The following is a summary of nonvested stock option activity for the year ended December 31, 2015: Number of Shares Weighted Average Grant-Date Fair Value Nonvested at December 31, 2014 — $ — Granted 1,750,000 $ 0.38 Vested (1,750,000 ) $ 0.38 Canceled — — Nonvested at December 31, 2015 — $ — |
Summary of the Aggregate Intrinsic Value of Shares Outstanding and Exercisable | The following is a summary of the aggregate intrinsic value of shares outstanding and exercisable at December 31, 2015. The aggregate intrinsic value of stock options outstanding and exercisable is defined as the difference between the market value of the Company’s stock as of the end of the period and the exercise price of the stock options which are in the money. Number of Shares Aggregate Intrinsic Outstanding and Exercisable at December 31, 2015 10,630,000 $ 0 |
Tradable Warrants [Member] | |
Summary of Warrants Granted, Exercised, Outstanding and Exercisable | The following table summarizes the warrants granted, exercised, outstanding and exercisable as of December 31, 2013, 2014 and 2015. Warrants Exercise Price Weighted Average Outstanding at January 1, 2013 30,038,017 $ 0.68 – 2.00 $ 1.05 Granted 53,675,050 $ 0.68 – 1.12 $ 1.00 Exercised (8,379,845 ) $ 0.68 – 1.25 $ 0.93 Forfeited (2,295,806 ) $ 0.68 – 1.12 $ 0.87 Outstanding and exercisable at December 31, 2013 73,037,416 $ 0.68 – 2.00 $ 1.03 Outstanding at January 1, 2014 73,037,416 $ 0.68 – 2.00 $ 1.03 Granted 9,415,673 $ 1.00 – 3.00 $ 1.61 Exercised (17,524,498 ) $ 0.68 – 1.50 $ 1.01 Forfeited (1,692,635 ) $ 0.95 – 1.25 $ 1.07 Outstanding and exercisable at December 31, 2014 63,235,956 $ 0.68 – 3.00 $ 1.12 Outstanding at January 1, 2015 63,235,956 $ 0.68 – 3.00 $ 1.12 Granted 23,145,962 $ 0.85 – 1.25 $ 0.88 Forfeited (6,260,323 ) $ 0.95 – 1.50 $ 1.10 Outstanding and exercisable at December 31, 2015 80,121,595 $ 0.68 – 3.00 $ 1.05 |
Summary of Warrants Outstanding | The following table summarizes information about warrants outstanding at December 31, 2015. Exercise Price Number Outstanding Weighted Average Weighted Average $0.68 134,994 0.00 $ 0.68 $0.85 20,125,000 4.50 $ 0.85 $1.00 47,125,026 2.61 $ 1.00 $1.12 1,337,035 1.33 $ 1.12 $1.25 8,176,540 2.82 $ 1.25 $1.50 400,000 0.83 $ 1.50 $1.75 200,000 0.00 $ 1.75 $2.00 323,000 1.25 $ 2.00 $2.50 300,000 3.33 $ 2.50 $3.00 2,000,000 3.33 $ 3.00 80,121,595 3.08 $ 1.05 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Reconciliations between Statutory Federal Income Tax Rate and Company's Effective Tax Rate | Reconciliations between the statutory federal income tax rate and the Company’s effective tax rate follow: 2015 2014 2013 Years Ended December 31, Amount % Amount % Amount % Federal statutory rate $ (8,331,000 ) (34.0 ) $ (3,483,000 ) (34.0 ) $ (9,417,000 ) (34.0 ) State taxes (1,103,000 ) (4.5 ) (461,000 ) (4.5 ) (1,246,000 ) (4.5 ) Adjustment to valuation allowance 9,490,000 38.7 4,862,000 47.7 5,015,000 18.1 Non-deductible compensation — — — — — — (Gain) loss on warrant liability (56,000 ) (0.2 ) (918,000 ) (9.2 ) 5,648,000 20.4 Actual tax benefit $ — — $ — — $ — — |
Components of Company's Deferred Income Taxes | The components of the Company’s deferred income taxes are summarized below: December 31, 2015 2014 Deferred tax assets Net operating loss carry-forwards $ 42,457,000 $ 34,046,000 Theft loss 963,000 — Stock-based compensation 6,602,000 6,344,000 Warrants for services 5,633,000 5,421,000 Deferred tax asset 55,655,000 45,811,000 Deferred tax liabilities Patent amortization (1,121,000 ) (1,380,000 ) Valuation allowance (54,534,000 ) (44,431,000 ) Net deferred taxes $ — $ — |
Fair Value of Financial Instr21
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Value of Warrants | The Company used the Monte-Carlo Simulation model to estimate the fair value of the warrants. Significant assumptions used are as follows: December 31, 2015 December 31, 2014 December 31, 2013 2010 Warrants: Weighted average term N/A 0.2 years 1.2 years Probability the warrant exercise price would be reset N/A 5% 5% Volatility N/A 63.7% 66.5% to 69.5% Risk free interest rate N/A 0.03% to 0.04% 0.13% to 0.38% 2011 Warrants: Weighted average term 0 years 1.0 years 2.0 years Probability the warrant exercise price would be reset 5% 5% 5% Volatility 40.4% 159.2% 64.7% Risk free interest rate 0.13% 0.25% 0.38% to 0.78% 2013 Warrants: Weighted average term N/A N/A 4.1 years Probability the warrant exercise price would be reset N/A N/A 5% Volatility N/A N/A 67.2% Risk free interest rate N/A N/A 0.78% to 1.78% |
Warrant Liability Measured at Fair Value on a Recurring Basis | The warrant liability measured at fair value on a recurring basis is as follows: Total Level 1 Level 2 Level 3 Derivative instruments: Warrant liability at December 31, 2015 $ — $ — $ — $ — Warrant liability at December 31, 2014 $ 146,560 $ — $ — $ 146,560 |
Reconciliation of the Warranty Liability Measured at Fair Value on a Recurring Basis | A reconciliation of the warranty liability measured at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) from January 1, 2014 to December 31, 2015 follows: Balance at January 1, 2014 $ 12,866,572 Issuance of warrants — Net gain included in earnings (2,384,393 ) Exercise of warrants (10,335,619 ) Balance at December 31, 2014 $ 146,560 Balance at January 1, 2015 $ 146,560 Issuance of warrants — Net gain included in earnings (146,560 ) Exercise of warrants — Balance at December 31, 2015 $ — |
Selected Quarterly Financial 22
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results of Operations | The following tables present a summary of quarterly results of operations for 2015 and 2014: Three Months Ended March 31, June 30, September 30, December 31, (in thousands, except per share data) Consolidated Statement of Operations Data: Gain on settlement – net of discount $ — $ — $ — $ — Total operating loss not including gain on settlement (4,620 ) (4,592 ) (5,779 ) (9,663 ) Other income (expense), net 95 47 (1 ) 11 Net income (loss) (4,525 ) (4,545 ) (5,780 ) (9,652 ) Net income (loss) applicable to common stockholders $ (4,525 ) $ (4,545 ) $ (5,780 ) $ (9,652 ) Basic and diluted income (loss) per common share $ (0.02 ) $ (0.02 ) $ (0.03 ) $ (0.05 ) Weighted average number of common shares outstanding – basic and diluted 185,196 187,793 204,610 204,735 Three Months Ended March 31, June 30, September 30, December 31, (in thousands, except per share data) Consolidated Statement of Operations Data: Gain on settlement – net of discount $ — $ — $ — $ 4,178 Total operating loss not including gain on settlement (4,382 ) (4,160 ) (3,826 ) (4,443 ) Other income (expense), net (2,285 ) 3,517 77 1,081 Net income (loss) (6,667 ) (643 ) (3,749 ) 816 Net income (loss) applicable to common stockholders $ (6,667 ) $ (643 ) $ (3,749 ) $ 816 Basic and diluted income (loss) per common share $ (0.04 ) $ (0.00 ) $ (0.02 ) $ 0.00 Weighted average number of common shares outstanding – basic and diluted 168,860 175,554 179,089 182,057 |
Organization and Significant 23
Organization and Significant Accounting Policies - Additional Information (Detail) - USD ($) | Mar. 31, 2013 | Feb. 22, 2013 | Feb. 28, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 28, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 |
Property, Plant and Equipment [Line Items] | ||||||||||||||
Material revenue | $ 0 | |||||||||||||
Maturity of highly liquid investments | Three months or less | |||||||||||||
Amount of insurance coverage | $ 250,000 | |||||||||||||
Impairment | 0 | |||||||||||||
Reduced amount of deferred tax asset | $ 0 | |||||||||||||
Recognized income tax positions measured | 50.00% | |||||||||||||
Income taxes, interest or penalties incurred | $ 0 | $ 0 | $ 0 | |||||||||||
Exercise price of common stock | $ 1 | $ 1.25 | $ 1 | $ 1.25 | $ 1.25 | $ 1.25 | $ 3 | $ 1 | $ 1 | |||||
Weighted average term | 2 months 12 days | |||||||||||||
Probability that the warrant exercise price would be reset | 5.00% | |||||||||||||
Minimum range of risk free interest rate | 0.03% | |||||||||||||
Maximum range of risk free interest rate | 0.04% | |||||||||||||
Volatility rate that the warrant exercise price | 63.70% | |||||||||||||
Range of risk free interest rate | 0.25% | 0.25% | 0.25% | |||||||||||
Issuance and sale in a private placement accredited to investors | $ 2,550,000 | |||||||||||||
Convertible preferred stock | 8.00% | |||||||||||||
Purchase price of common stock | $ 0.75 | |||||||||||||
8% convertible preferred stock, par value | 0.001 | |||||||||||||
Preferred stock, par value | 0.001 | $ 0.001 | $ 0.001 | |||||||||||
Common stock, par value | 0.001 | $ 0.001 | $ 0.001 | |||||||||||
Minimum [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Exercise price of common stock | $ 1 | |||||||||||||
Volatility rate that the warrant exercise price | 90.00% | 85.00% | 83.00% | |||||||||||
Maximum [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Exercise price of common stock | $ 3 | |||||||||||||
Volatility rate that the warrant exercise price | 92.00% | 92.00% | 85.00% | |||||||||||
Patents [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Amortization of patents, 2016 | $ 671,000 | |||||||||||||
Amortization of patents, 2017 | 659,000 | |||||||||||||
Amortization of patents, 2018 | 659,000 | |||||||||||||
Amortization of patents, 2019 | 547,000 | |||||||||||||
Amortization of patents, 2020 | 330,000 | |||||||||||||
Amortization of patents, thereafter | $ 47,000 | |||||||||||||
Patents [Member] | Minimum [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Remaining lives of the patents | 1 year | |||||||||||||
Patents [Member] | Maximum [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Remaining lives of the patents | 6 years | |||||||||||||
8% Convertible Preferred Stock [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Exercise price of common stock | $ 1 | |||||||||||||
Common Stock [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Exercise price of common stock | $ 1 | |||||||||||||
Tradable Warrants [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Exercise price of common stock | $ 1.12 | |||||||||||||
Weighted average term | 0 years | 1 year | ||||||||||||
Probability that the warrant exercise price would be reset | 5.00% | 5.00% | ||||||||||||
Volatility rate that the warrant exercise price | 40.40% | 159.20% | ||||||||||||
Range of risk free interest rate | 0.13% | 0.25% | 0.675% | |||||||||||
Tradable Warrants [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Antidilutive common shares excluded from the calculation of loss per share | 80,121,595 | 63,235,956 | 73,037,416 | |||||||||||
Equity Option [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Antidilutive common shares excluded from the calculation of loss per share | 10,630,000 | 10,845,098 | 15,322,206 | |||||||||||
8% Convertible Preferred Stock [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Antidilutive common shares excluded from the calculation of loss per share | 0 | 0 | 33,334 | |||||||||||
Series A 8% Convertible Preferred Stock [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Convertible preferred stock | 8.00% | 8.00% | 8.00% | |||||||||||
Preferred stock, shares issued | 3,400,001 | |||||||||||||
Warrants issued | 4,250,000 | |||||||||||||
Remaining 2013 warrants | 0 | |||||||||||||
Associated warrant liability | $ 0 | |||||||||||||
Computer Laboratory Equipment [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Estimated useful lives of the assets | 5 years | |||||||||||||
Furniture and Fixtures [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Estimated useful lives of the assets | 7 years |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent Expense | $ 60,000 | $ 60,000 | $ 55,379 |
Lease renewable period | 1 year | ||
Employment agreement period for executive | 5 years | ||
Automatic employment renewal period for executive | 1 year | ||
Initial base salary | $ 500,000 |
Equity Transactions - Additiona
Equity Transactions - Additional Information 1 (Detail) - USD ($) | Jun. 24, 2015 | Mar. 31, 2013 | Apr. 30, 2010 | Mar. 31, 2010 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 28, 2015 | Feb. 22, 2013 | Dec. 31, 2012 |
Class of Stock [Line Items] | ||||||||||||||||||||||
Issuance of common stock to consultants | 76,750 | 78,877 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 275,000 | 75,000 | 75,000 | 75,000 | ||||||||||
Issuance of warrants to consultants | 1,766,202 | 79,500 | 100,000 | 3,000 | 1,503,913 | 6,000 | 202,000 | 733,000 | 209,473 | 442,000 | 2,605,000 | 1,924,973 | ||||||||||
Consulting costs charges related to warrants | $ 472,882 | $ 24,262 | $ 53,582 | $ 1,632 | $ 966,819 | $ 4,189 | $ 450,002 | $ 900,317 | $ 259,306 | $ 186,223 | $ 931,655 | $ 409,640 | $ 552,358 | $ 2,321,327 | $ 1,786,824 | |||||||
Warrants forfeited | 252,500 | 1,152,135 | 1,161,790 | 3,693,898 | 1,027,635 | 228,500 | 315,000 | 121,500 | 247,973 | 136,500 | 1,051,500 | 859,833 | ||||||||||
Warrants exercised on cashless basis | 1,594,082 | 12,522,198 | 4,480,005 | |||||||||||||||||||
Shares issued in cashless exercise | 915,467 | 9,100,824 | 2,386,004 | |||||||||||||||||||
Warrants exercised | 372,000 | 3,036,218 | 3,899,840 | |||||||||||||||||||
Exercise price of warrants | $ 372,000 | $ 2,672,364 | $ 3,412,392 | |||||||||||||||||||
Common stock to be issued on exercise of warrant | 372,000 | 3,036,218 | 3,899,840 | 3,899,840 | 59,861,601 | |||||||||||||||||
Exercise price of common stock | $ 1 | $ 1.25 | $ 1.25 | $ 1.25 | $ 1.25 | $ 3 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1.25 | $ 1 | ||||||||||
Reduced exercise price due to new issuance price | $ 0.675 | |||||||||||||||||||||
Series A warrants exercised | 133,232 | 1,756,665 | 1,146,662 | |||||||||||||||||||
Adjusted fair value of warrants exercised, reclassified into additional paid in capital | $ 765,997 | $ 2,377,133 | ||||||||||||||||||||
Gain (loss) on revaluation of warrants liability | $ 66,809 | $ 959,320 | $ 3,873,187 | |||||||||||||||||||
Gross proceeds from private offering of common stock and warrants to accredited investors | $ 1,011,100 | $ 776,000 | $ 4,198,300 | $ 5,000,000 | $ 5,820,588 | $ 4,613,037 | $ 2,641,501 | $ 4,045,510 | ||||||||||||||
Company accepted subscriptions in aggregate | 1,011,100 | 776,000 | 4,198,300 | 3,586,300 | 2,000,000 | 7,760,784 | 6,150,718 | 3,522,001 | 5,394,013 | |||||||||||||
Number of shares issuable on exercises of warrants issued | 59,861,601 | 59,861,601 | ||||||||||||||||||||
Investors received five year warrants | 50.00% | 50.00% | 50.00% | 50.00% | 100.00% | 150.00% | 150.00% | 150.00% | ||||||||||||||
Purchase price of common stock with warrants | $ 1 | $ 1 | $ 1 | $ 1 | $ 2.50 | $ 0.75 | $ 0.75 | $ 0.75 | $ 0.75 | |||||||||||||
Percentage of total number of shares of common stock sold to investors | 10.00% | 10.00% | ||||||||||||||||||||
Aggregate amount of common stock | $ 3,586,300 | |||||||||||||||||||||
Convertible preferred stock | 8.00% | |||||||||||||||||||||
Loss from the revaluation of the warrant liability | $ (6,911,583) | |||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Fair market value for the warrants issued | $ 0.14 | $ 0.55 | $ 0.10 | |||||||||||||||||||
Exercise price of common stock | $ 1 | |||||||||||||||||||||
Investors received five year warrants | 100.00% | |||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Fair market value for the warrants issued | 0.54 | $ 2.56 | $ 1.97 | |||||||||||||||||||
Exercise price of common stock | $ 3 | |||||||||||||||||||||
Investors received five year warrants | 150.00% | |||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Consulting costs charges | $ 37,375 | $ 38,439 | $ 63,000 | $ 64,000 | $ 72,000 | $ 68,500 | $ 140,250 | $ 137,500 | $ 214,000 | $ 51,250 | $ 49,500 | $ 48,750 | ||||||||||
Exercise price of common stock | $ 1 | |||||||||||||||||||||
Tradable Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Exercise price of common stock | $ 1.12 | $ 1.12 | ||||||||||||||||||||
Series A warrants exercised | 200,000 | 1,650,000 | ||||||||||||||||||||
Gain (loss) on revaluation of warrants liability | $ 79,751 | $ 4,222,519 | ||||||||||||||||||||
Loss from the revaluation of the warrant liability | $ (878,806) | $ (3,886,360) | ||||||||||||||||||||
Public Offering [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Common stock to be issued on exercise of warrant | 17,500,000 | |||||||||||||||||||||
Exercise price of common stock | $ 0.85 | |||||||||||||||||||||
Gross proceeds from private offering of common stock and warrants to accredited investors | $ 13,151,250 | |||||||||||||||||||||
Purchase price of common stock with warrants | $ 0.01 | |||||||||||||||||||||
Number of shares of common stock and warrants issued | 17,500,000 | |||||||||||||||||||||
Public offering price per share | $ 0.75 | |||||||||||||||||||||
Number of shares called by each warrant | 1 | |||||||||||||||||||||
Warrants vesting period | 5 years | |||||||||||||||||||||
Percentage of share purchased | 100.00% | |||||||||||||||||||||
Additional shares of common stock purchased | 2,625,000 | |||||||||||||||||||||
Public Offering [Member] | Tradable Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Warrants outstanding | 20,125,000 | 20,125,000 | ||||||||||||||||||||
8% Convertible Preferred Stock [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Convertible preferred stock | 8.00% | 8.00% | ||||||||||||||||||||
Network 1 Financial Securities [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Common stock to be issued on exercise of warrant | 539,401 | 101,110 | 77,600 | 419,830 | 358,630 | 300,000 | 776,078 | 615,072 | 352,200 | 539,401 | 419,830 | 776,078 | ||||||||||
Exercise price of common stock | $ 1 | $ 1.25 | $ 1.25 | $ 1.25 | $ 1.25 | $ 2.50 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1.25 | $ 1 | ||||||||||
Payment of fully vested warrants | $ 131,443 | $ 100,880 | $ 545,779 | $ 466,219 | $ 650,000 | $ 747,302 | $ 564,686 | $ 314,173 | $ 522,640 | |||||||||||||
Percentage of total number of shares of common stock sold to investors | 10.00% | 10.00% | 10.00% | 10.00% | 15.00% | 10.00% | 10.00% | 10.00% | 10.00% | |||||||||||||
Warrant accrued | $ 32,500 | |||||||||||||||||||||
Maxim Group LLC [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Common stock to be issued on exercise of warrant | 175,000 | 358,333 | 175,000 | |||||||||||||||||||
Exercise price of common stock | $ 1 | $ 1 | $ 1 | |||||||||||||||||||
Gross proceeds from private offering of common stock and warrants to accredited investors | $ 1,312,500 | $ 2,687,500 | ||||||||||||||||||||
Company accepted subscriptions in aggregate | 1,750,000 | 3,583,333 | ||||||||||||||||||||
Payment of fully vested warrants | $ 170,625 | $ 349,375 | ||||||||||||||||||||
Maxim Group LLC [Member] | Public Offering [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Payment of fully vested warrants | $ 1,052,100 | |||||||||||||||||||||
Five Year Warrant [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Exercise price of common stock | $ 1.25 | |||||||||||||||||||||
Gross proceeds from private offering of common stock and warrants to accredited investors | $ 15,000,000 | |||||||||||||||||||||
Expiration of warrants | 5 years | 5 years | 5 years | 5 years | 5 years | 5 years | 5 years | 5 years | 5 years | |||||||||||||
Number of shares issuable on exercises of warrants issued | 7,277,264 | 505,550 | 388,000 | 2,099,150 | 1,793,150 | 2,000,000 | 11,641,176 | 9,226,077 | 5,283,003 | 7,277,264 | 2,099,150 | 11,641,176 | ||||||||||
Purchase price of common stock with warrants | $ 1 | |||||||||||||||||||||
Five Year Warrant [Member] | Maxim Group LLC [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Number of shares issuable on exercises of warrants issued | 2,625,000 | 5,375,000 | 2,625,000 | |||||||||||||||||||
Series A Warrant [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Exercise price of common stock | 1.12 | |||||||||||||||||||||
Series C Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Exercise price of common stock | $ 1.12 | |||||||||||||||||||||
Series C warrants exercised | 697,092 | 748,663 | ||||||||||||||||||||
Series A Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Series A warrants exercised | 858,825 | 1,269,520 | ||||||||||||||||||||
Series A and Series C Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Adjusted fair value of warrants exercised, reclassified into additional paid in capital | $ 3,911,370 | $ 1,620,081 |
Equity Transactions - Additio26
Equity Transactions - Additional Information 2 (Detail) - USD ($) | Sep. 30, 2013 | Jul. 22, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2013 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 |
Class of Stock [Line Items] | ||||||||||
Dividends on preferred stock | $ 10,586 | $ 21,921 | $ 29,063 | |||||||
Common stock shares issued in lieu of cash dividend | 12,066 | 34,598 | 29,384 | 61,022 | ||||||
8% Convertible Preferred Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Dividends on preferred stock | $ 22,164 | |||||||||
Lincoln Park Capital Fund LLC [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Additional purchase of common stock | $ 30,000,000 | |||||||||
Purchase price of common stock | $ 0.75 | |||||||||
Term of purchase | 30 months | |||||||||
Alpha Capital Anstalt [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Purchase agreement date of agreement | Jul. 22, 2013 | |||||||||
Purchase of common stock | $ 30,000,000 | |||||||||
Term of purchase Agreement | 30 months | |||||||||
Purchase of common stock | 100,000 | |||||||||
Issue of common stock | 250,000 | |||||||||
Costs charged to operations for commitment fee | $ 162,500 | |||||||||
Number of consecutive business day | 12 days | |||||||||
Alpha Capital Anstalt [Member] | Maximum [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Regular purchase limit | $ 250,000 | |||||||||
Alpha Capital Anstalt [Member] | Minimum [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Purchase agreement, per share value of common stock | $ 0.75 |
Equity Transactions - Additio27
Equity Transactions - Additional Information 3 (Detail) - USD ($) | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Feb. 22, 2013 | Jan. 31, 2014 | Feb. 28, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jan. 15, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 |
Class of Stock [Line Items] | |||||||||||||||||||||||
Converted preferred stock | 33,334 | 2,925,000 | 441,667 | ||||||||||||||||||||
Preferred stock converted into shares | 441,667 | 33,334 | 2,925,000 | 441,667 | 2,925,000 | ||||||||||||||||||
Convertible preferred stock | 8.00% | ||||||||||||||||||||||
Issuance and sale in a private placement accredited to investors | $ 2,550,000 | ||||||||||||||||||||||
Purchase price of common stock | $ 0.75 | ||||||||||||||||||||||
8% convertible preferred stock, par value | 0.001 | ||||||||||||||||||||||
Preferred stock, par value | 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||||
Common stock, par value | 0.001 | 0.001 | 0.001 | ||||||||||||||||||||
Exercise price of common stock | $ 1 | $ 1 | $ 1 | $ 3 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1.25 | $ 1 | $ 1.25 | $ 1.25 | $ 1.25 | ||||||||||
Common stock unit fair value warrants recorded on issuance | $ 1,297,950 | ||||||||||||||||||||||
Common stock unit beneficial conversion amount | $ 1,025,950 | ||||||||||||||||||||||
Issued warrants | $ 2,400,000 | ||||||||||||||||||||||
Adjusted fair value of warrants exercised | $ 765,997 | $ 2,377,133 | |||||||||||||||||||||
Loss from the revaluation of the warrant liability | $ (6,911,583) | ||||||||||||||||||||||
Warrants exercised | 133,232 | 1,756,665 | 1,146,662 | ||||||||||||||||||||
Dividends on preferred stock | $ 28,104 | $ 50,860 | $ 29,063 | 0 | 1,188,648 | ||||||||||||||||||
Common stock shares issued in lieu of cash dividends for preferred stock | 12,066 | 34,598 | 29,384 | 61,022 | |||||||||||||||||||
Convertible preferred stock outstanding | 0 | ||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Exercise price of common stock | $ 1 | ||||||||||||||||||||||
Tradable Warrants [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Exercise price of common stock | $ 1.12 | ||||||||||||||||||||||
Loss from the revaluation of the warrant liability | (878,806) | $ (3,886,360) | |||||||||||||||||||||
Warrants exercised | 200,000 | 1,650,000 | |||||||||||||||||||||
Redeemable Preferred Stock [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Converted preferred stock | 746,666 | 734,999 | 403,520 | 593,000 | |||||||||||||||||||
Preferred stock converted into shares | 734,999 | 403,520 | 593,000 | 746,666 | 734,999 | 403,520 | 593,000 | 746,666 | |||||||||||||||
Series A 8% Convertible Preferred Stock [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Convertible preferred stock | 8.00% | 8.00% | 8.00% | ||||||||||||||||||||
Preferred stock, shares issued | 3,400,001 | ||||||||||||||||||||||
Warrants issued | 4,250,000 | ||||||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Adjusted fair value of warrants exercised | $ 2,016,000 | $ 4,047,116 | |||||||||||||||||||||
Common stock shares issued in lieu of cash dividends for preferred stock | 32,033 | 79,401 |
Stock Incentive Plan and Warr28
Stock Incentive Plan and Warrants - Additional Information (Detail) | Dec. 09, 2015Employees$ / sharesshares | May. 25, 2015Employeesshares | May. 19, 2015Employeesshares | Jan. 07, 2015shares | Jul. 29, 2014Directorsshares | May. 27, 2014Employeesshares | Feb. 26, 2014Employeesshares | Aug. 19, 2013shares | May. 29, 2013Employeesshares | Dec. 31, 2015USD ($)Employees$ / sharesshares | Mar. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)Employees$ / sharesshares | Jun. 30, 2014USD ($)Employees$ / sharesshares | Mar. 31, 2014USD ($)Employees$ / sharesshares | Jun. 30, 2013USD ($)Employees$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2013USD ($)$ / shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of long - term incentive compensation plans | Two | |||||||||||||||||
Number of options exercised at an exercise price | 1,600,000 | |||||||||||||||||
Number of employees | Employees | 2 | |||||||||||||||||
Exercise price/share | $ / shares | $ 0.75 | |||||||||||||||||
Number of Shares forfeited | 400,000 | 300,000 | ||||||||||||||||
Number of stock option issued | 150,000 | 1,750,000 | ||||||||||||||||
Stock-based compensation expense | $ | $ 670,576 | $ 115,645 | $ 142,310 | |||||||||||||||
Weighted average fair value per options granted | $ / shares | $ 0.38 | $ 0.77 | $ 0.57 | |||||||||||||||
Total intrinsic value of options exercised | $ | $ 16,151 | $ 1,327,300 | $ 7,000 | |||||||||||||||
Unrecognized stock-based compensation expense | $ | $ 0 | $ 0 | ||||||||||||||||
Maximum [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Period of plan | 10 years | |||||||||||||||||
Employee One [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of options exercised at an exercise price | 120,000 | 185,000 | 25,000 | |||||||||||||||
Number of employees | Employees | 1 | 1 | 1 | 1 | ||||||||||||||
Exercise price/share | $ / shares | $ 1.02 | $ 1.02 | $ 0.95 | |||||||||||||||
Common stock value | $ | $ 122,400 | $ 188,700 | $ 23,750 | |||||||||||||||
Number of Shares forfeited | 300,000 | 25,000 | ||||||||||||||||
Employee Two [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of options exercised at an exercise price | 145,214 | |||||||||||||||||
Exercise price/share | $ / shares | $ 0.94 | |||||||||||||||||
Common stock value | $ | $ 136,502 | |||||||||||||||||
Number of Shares forfeited | 200,000 | |||||||||||||||||
Non Employee Directors [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of employees | Directors | 3 | |||||||||||||||||
Employees [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of employees | Employees | 3 | |||||||||||||||||
ReElected Nonemployee Member [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of options exercised at an exercise price | 150,000 | |||||||||||||||||
Options Exercised Price One [Member] | Employee One [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of options exercised at an exercise price | 96,875 | 25,000 | ||||||||||||||||
Number of employees | Employees | 1 | 1 | ||||||||||||||||
Exercise price/share | $ / shares | $ 0.64 | $ 0.95 | ||||||||||||||||
Common stock value | $ | $ 62,000 | $ 23,750 | ||||||||||||||||
Options Exercised Price One [Member] | Employee Two [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of options exercised at an exercise price | 300,000 | |||||||||||||||||
Exercise price/share | $ / shares | $ 1.10 | |||||||||||||||||
Common stock value | $ | $ 330,000 | |||||||||||||||||
Options Exercised Price One [Member] | Employee Three [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of options exercised at an exercise price | 100,000 | 189,624 | ||||||||||||||||
Exercise price/share | $ / shares | $ 1.25 | $ 1.10 | ||||||||||||||||
Common stock value | $ | $ 125,000 | $ 208,586 | ||||||||||||||||
Options Exercised Price One [Member] | Non Employee [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of options exercised at an exercise price | 25,000 | |||||||||||||||||
Exercise price/share | $ / shares | $ 0.95 | |||||||||||||||||
Common stock value | $ | $ 23,750 | |||||||||||||||||
Options Exercised Price Two [Member] | Employee One [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of options exercised at an exercise price | 126,361 | 14,248 | ||||||||||||||||
Exercise price/share | $ / shares | $ 0.64 | $ 0.75 | ||||||||||||||||
Common stock value | $ | $ 80,871 | $ 10,686 | ||||||||||||||||
Options Exercised Price Three [Member] | Employee One [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of options exercised at an exercise price | 600,000 | |||||||||||||||||
Exercise price/share | $ / shares | $ 0.93 | |||||||||||||||||
Common stock value | $ | $ 558,000 | |||||||||||||||||
Stock Options [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of options exercised at an exercise price | 18,450,000 | |||||||||||||||||
Stock Options [Member] | Re Elected Board Member [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of options exercised at an exercise price | 250,000 | |||||||||||||||||
Stock Options [Member] | Employee One [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of options exercised at an exercise price | 18,750 | |||||||||||||||||
Number of employees | Employees | 1 | |||||||||||||||||
Exercise price/share | $ / shares | $ 0.32 | |||||||||||||||||
Common stock value | $ | $ 6,000 | |||||||||||||||||
Stock Options [Member] | Other Employee [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of options exercised at an exercise price | 25,000 | |||||||||||||||||
Number of employees | Employees | 1 | |||||||||||||||||
Exercise price/share | $ / shares | $ 0.60 | |||||||||||||||||
Common stock value | $ | $ 15,000 | |||||||||||||||||
Number of Shares forfeited | 25,000 | |||||||||||||||||
Stock Compensation Plan [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of options exercised at an exercise price | 20,000,000 | |||||||||||||||||
2014 Equity Compensation Plan [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of options exercised at an exercise price | 20,000,000 | |||||||||||||||||
Options Exercised Price One [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of employees | Employees | 2 | |||||||||||||||||
Number of Shares forfeited | 75,000 | |||||||||||||||||
Options Exercised Price One [Member] | Employee One [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of Shares forfeited | 25,000 | |||||||||||||||||
Options Exercised Price One [Member] | Employee Two [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of Shares forfeited | 25,000 | |||||||||||||||||
Options Exercised Price One [Member] | Employee Three [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of options exercised at an exercise price | 76,764 | |||||||||||||||||
Exercise price/share | $ / shares | $ 0.64 | |||||||||||||||||
Common stock value | $ | $ 49,129 | |||||||||||||||||
Options Exercised Price One [Member] | Non Employee [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of Shares forfeited | 25,000 | |||||||||||||||||
Options Exercised Price One [Member] | Employee Four [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of options exercised at an exercise price | 33,334 | |||||||||||||||||
Exercise price/share | $ / shares | $ 0.75 | |||||||||||||||||
Common stock value | $ | $ 25,000 | |||||||||||||||||
Options Exercised Price Two [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of employees | Employees | 2 | |||||||||||||||||
Number of Shares forfeited | 600,000 | |||||||||||||||||
Options Exercised Price Two [Member] | Employee One [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of Shares forfeited | 300,000 | |||||||||||||||||
Options Exercised Price Two [Member] | Employee Two [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of Shares forfeited | 300,000 | |||||||||||||||||
Options Exercised Price Two [Member] | Employee Four [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of options exercised at an exercise price | 29,786 | |||||||||||||||||
Exercise price/share | $ / shares | $ 0.94 | |||||||||||||||||
Common stock value | $ | $ 27,999 |
Stock Incentive Plan and Warr29
Stock Incentive Plan and Warrants - Fair Value of Option Granted to Employees (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average fair value per options granted | $ 0.38 | $ 0.77 | $ 0.57 |
Significant assumptions (weighted average) risk-free interest rate at grant date | 0.25% | 0.25% | 0.25% |
Expected stock price volatility | 63.70% | ||
Expected option life (years) | 10 years | 10 years | 10 years |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected stock price volatility | 90.00% | 85.00% | 83.00% |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected stock price volatility | 92.00% | 92.00% | 85.00% |
Stock Incentive Plan and Warr30
Stock Incentive Plan and Warrants - Summary of Options Granted, Exercised, Outstanding and Exercisable (Detail) - $ / shares | Dec. 09, 2015 | Oct. 03, 2014 | Jul. 29, 2014 | Feb. 26, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of Shares, Granted | 150,000 | 1,750,000 | |||||
Number of Shares, Settlement | (2,800,000) | ||||||
Number of Shares, Exercised | (1,600,000) | ||||||
Number of Shares, Forfeited | (400,000) | (300,000) | |||||
Weighted Average Exercise Price, Exercised | $ 0.75 | ||||||
Range One [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of Shares Outstanding, Beginning balance | 10,845,098 | 15,322,206 | 15,140,956 | ||||
Number of Shares Outstanding, Ending balance | 10,845,098 | 15,322,206 | |||||
Exercise price, minimum | $ 0.64 | $ 0.62 | $ 0.32 | ||||
Exercise price, maximum | 1.50 | 1.50 | 1.50 | ||||
Weighted Average Exercise Price Outstanding, Beginning balance | $ 0.97 | $ 0.97 | $ 0.97 | ||||
Range Two [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of Shares, Granted | 1,750,000 | 150,000 | 250,000 | ||||
Exercise price, maximum | $ 0.75 | $ 0.88 | $ 0.67 | ||||
Weighted Average Exercise Price, Granted | $ 0.75 | $ 0.88 | $ 0.67 | ||||
Range Three [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of Shares, Exercised | (590,098) | (1,502,108) | (43,750) | ||||
Exercise price, minimum | $ 0.64 | $ 0.64 | $ 0.32 | ||||
Exercise price, maximum | 1.02 | 1.25 | 0.60 | ||||
Weighted Average Exercise Price, Exercised | $ 0.93 | $ 0.96 | $ 0.48 | ||||
Range Four [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of Shares, Forfeited | (1,375,000) | (325,000) | (25,000) | ||||
Exercise price, minimum | $ 0.62 | $ 0.95 | |||||
Exercise price, maximum | 0.94 | 1.10 | $ 0.60 | ||||
Weighted Average Exercise Price, Forfeited | $ 0.77 | $ 1.09 | $ 0.60 | ||||
Range Five [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of Shares Outstanding, Beginning balance | 10,845,098 | 15,322,206 | |||||
Number of Shares Outstanding, Ending balance | 10,630,000 | 10,845,098 | 15,322,206 | ||||
Exercise price, minimum | $ 0.67 | $ 0.64 | $ 0.62 | ||||
Exercise price, maximum | 1.50 | 1.50 | 1.50 | ||||
Weighted Average Exercise Price Outstanding, Ending balance | $ 0.96 | $ 0.97 | $ 0.97 | ||||
Range Six [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of Shares, Settlement | (2,800,000) | ||||||
Weighted Average Exercise Price, Settlement | $ 0.97 | ||||||
Exercise price, minimum | 0.93 | ||||||
Exercise price, maximum | $ 1 |
Stock Incentive Plan and Warr31
Stock Incentive Plan and Warrants - Summary of Stock Options Outstanding (Detail) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding at December 31, 2015 | shares | 10,630,000 |
Weighted Average Remaining contractual Life | 4 years 11 months 1 day |
Outstanding Weighted Average Exercise price | $ / shares | $ 0.96 |
Number Exercisable at December 31, 2015 | shares | 10,630,000 |
Exercisable Weighted Average Exercise Price | $ / shares | $ 0.96 |
Range One [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding at December 31, 2015 | shares | 3,830,000 |
Weighted Average Remaining contractual Life | 6 months |
Outstanding Weighted Average Exercise price | $ / shares | $ 1.02 |
Number Exercisable at December 31, 2015 | shares | 3,830,000 |
Exercisable Weighted Average Exercise Price | $ / shares | $ 1.02 |
Range Two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding at December 31, 2015 | shares | 200,000 |
Weighted Average Remaining contractual Life | 1 year 6 months |
Outstanding Weighted Average Exercise price | $ / shares | $ 1.50 |
Number Exercisable at December 31, 2015 | shares | 200,000 |
Exercisable Weighted Average Exercise Price | $ / shares | $ 1.50 |
Range Three [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding at December 31, 2015 | shares | 50,000 |
Weighted Average Remaining contractual Life | 2 years 5 months 1 day |
Outstanding Weighted Average Exercise price | $ / shares | $ 1.16 |
Number Exercisable at December 31, 2015 | shares | 50,000 |
Exercisable Weighted Average Exercise Price | $ / shares | $ 1.16 |
Range Four [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding at December 31, 2015 | shares | 150,000 |
Weighted Average Remaining contractual Life | 2 years 6 months |
Outstanding Weighted Average Exercise price | $ / shares | $ 1 |
Number Exercisable at December 31, 2015 | shares | 150,000 |
Exercisable Weighted Average Exercise Price | $ / shares | $ 1 |
Range Five [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding at December 31, 2015 | shares | 250,000 |
Weighted Average Remaining contractual Life | 3 years 6 months |
Outstanding Weighted Average Exercise price | $ / shares | $ 1.04 |
Number Exercisable at December 31, 2015 | shares | 250,000 |
Exercisable Weighted Average Exercise Price | $ / shares | $ 1.04 |
Range Six [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding at December 31, 2015 | shares | 250,000 |
Weighted Average Remaining contractual Life | 4 years 6 months |
Outstanding Weighted Average Exercise price | $ / shares | $ 1.16 |
Number Exercisable at December 31, 2015 | shares | 250,000 |
Exercisable Weighted Average Exercise Price | $ / shares | $ 1.16 |
Range Seven [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding at December 31, 2015 | shares | 1,600,000 |
Weighted Average Remaining contractual Life | 4 years 6 months |
Outstanding Weighted Average Exercise price | $ / shares | $ 1 |
Number Exercisable at December 31, 2015 | shares | 1,600,000 |
Exercisable Weighted Average Exercise Price | $ / shares | $ 1 |
Range Eight [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding at December 31, 2015 | shares | 250,000 |
Weighted Average Remaining contractual Life | 5 years 6 months |
Outstanding Weighted Average Exercise price | $ / shares | $ 1.04 |
Number Exercisable at December 31, 2015 | shares | 250,000 |
Exercisable Weighted Average Exercise Price | $ / shares | $ 1.04 |
Range Nine [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding at December 31, 2015 | shares | 50,000 |
Weighted Average Remaining contractual Life | 5 years 6 months |
Outstanding Weighted Average Exercise price | $ / shares | $ 0.99 |
Number Exercisable at December 31, 2015 | shares | 50,000 |
Exercisable Weighted Average Exercise Price | $ / shares | $ 0.99 |
Range Ten [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding at December 31, 2015 | shares | 1,600,000 |
Weighted Average Remaining contractual Life | 5 years 8 months 1 day |
Outstanding Weighted Average Exercise price | $ / shares | $ 0.93 |
Number Exercisable at December 31, 2015 | shares | 1,600,000 |
Exercisable Weighted Average Exercise Price | $ / shares | $ 0.93 |
Range Eleven [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding at December 31, 2015 | shares | 50,000 |
Weighted Average Remaining contractual Life | 6 years 4 months 7 days |
Outstanding Weighted Average Exercise price | $ / shares | $ 0.93 |
Number Exercisable at December 31, 2015 | shares | 50,000 |
Exercisable Weighted Average Exercise Price | $ / shares | $ 0.93 |
Range Twelve [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding at December 31, 2015 | shares | 200,000 |
Weighted Average Remaining contractual Life | 6 years 6 months |
Outstanding Weighted Average Exercise price | $ / shares | $ 0.84 |
Number Exercisable at December 31, 2015 | shares | 200,000 |
Exercisable Weighted Average Exercise Price | $ / shares | $ 0.84 |
Range Thirteen [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding at December 31, 2015 | shares | 250,000 |
Weighted Average Remaining contractual Life | 7 years 8 months 16 days |
Outstanding Weighted Average Exercise price | $ / shares | $ 0.67 |
Number Exercisable at December 31, 2015 | shares | 250,000 |
Exercisable Weighted Average Exercise Price | $ / shares | $ 0.67 |
Range Fourteen [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding at December 31, 2015 | shares | 150,000 |
Weighted Average Remaining contractual Life | 8 years 8 months 1 day |
Outstanding Weighted Average Exercise price | $ / shares | $ 0.88 |
Number Exercisable at December 31, 2015 | shares | 150,000 |
Exercisable Weighted Average Exercise Price | $ / shares | $ 0.88 |
Range Fifteen [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding at December 31, 2015 | shares | 1,750,000 |
Weighted Average Remaining contractual Life | 9 years 11 months 16 days |
Outstanding Weighted Average Exercise price | $ / shares | $ 0.75 |
Number Exercisable at December 31, 2015 | shares | 1,750,000 |
Exercisable Weighted Average Exercise Price | $ / shares | $ 0.75 |
Stock Incentive Plan and Warr32
Stock Incentive Plan and Warrants - Summary of Nonvested Stock Option Activity (Detail) - $ / shares | Jul. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Nonvested, Beginning balance, Number of Shares | 0 | |||
Granted, Number of Shares | 150,000 | 1,750,000 | ||
Vested, Number of Shares | (1,750,000) | |||
Canceled, Number of Shares | 0 | |||
Nonvested, Ending balance, Number of Shares | 0 | 0 | ||
Granted, Weighted Average Grant-Date Fair Value | $ 0.38 | $ 0.77 | $ 0.57 | |
Vested, Weighted Average Grant-Date Fair Value | 0.38 | |||
Canceled, Weighted Average Grant-Date Fair Value | $ 0 |
Stock Incentive Plan and Warr33
Stock Incentive Plan and Warrants - Summary of the Aggregate Intrinsic Value of Shares Outstanding and Exercisable (Detail) | Dec. 31, 2015USD ($)shares |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number of Shares | shares | 10,630,000 |
Aggregate Intrinsic Value | $ | $ 0 |
Stock Incentive Plan and Warr34
Stock Incentive Plan and Warrants - Summary of Warrants Granted, Exercised, Outstanding and Exercisable (Detail) - $ / shares | Dec. 09, 2015 | Jul. 29, 2014 | Feb. 26, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Warrants, Granted | 150,000 | 1,750,000 | ||||
Number of Warrants, Forfeited | (400,000) | (300,000) | ||||
Number of Warrants, Exercised | (1,600,000) | |||||
Weighted Average Exercise Price, Exercised | $ 0.75 | |||||
Range One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Shares Outstanding, Beginning balance | 10,845,098 | 15,322,206 | 15,140,956 | |||
Number of Shares Outstanding, Ending balance | 10,845,098 | 15,322,206 | ||||
Exercise Price Per Warrant, Minimum | $ 0.64 | $ 0.62 | $ 0.32 | |||
Exercise Price Per Warrant, Maximum | 1.50 | 1.50 | 1.50 | |||
Weighted Average Exercise Price Outstanding, Beginning balance | $ 0.97 | 0.97 | 0.97 | |||
Weighted Average Exercise Price Outstanding and exercisable, Ending balance | $ 0.97 | $ 0.97 | ||||
Range Two [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Warrants, Granted | 1,750,000 | 150,000 | 250,000 | |||
Exercise Price Per Warrant, Maximum | $ 0.75 | $ 0.88 | $ 0.67 | |||
Weighted Average Exercise Price, Granted | $ 0.75 | $ 0.88 | $ 0.67 | |||
Range Three [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Warrants, Exercised | (590,098) | (1,502,108) | (43,750) | |||
Exercise Price Per Warrant, Minimum | $ 0.64 | $ 0.64 | $ 0.32 | |||
Weighted Average Exercise Price, Exercised | 0.93 | 0.96 | 0.48 | |||
Exercise Price Per Warrant, Maximum | $ 1.02 | $ 1.25 | $ 0.60 | |||
Range Four [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Warrants, Forfeited | (1,375,000) | (325,000) | (25,000) | |||
Exercise Price Per Warrant, Minimum | $ 0.62 | $ 0.95 | ||||
Exercise Price Per Warrant, Maximum | 0.94 | 1.10 | $ 0.60 | |||
Weighted Average Exercise Price, Forfeited | $ 0.77 | $ 1.09 | $ 0.60 | |||
Range Five [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Shares Outstanding, Beginning balance | 10,845,098 | 15,322,206 | ||||
Number of Shares Outstanding, Ending balance | 10,630,000 | 10,845,098 | 15,322,206 | |||
Exercise Price Per Warrant, Minimum | $ 0.67 | $ 0.64 | $ 0.62 | |||
Exercise Price Per Warrant, Maximum | $ 1.50 | $ 1.50 | $ 1.50 | |||
Tradable Warrants [Member] | Range One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Shares Outstanding, Beginning balance | 63,235,956 | 73,037,416 | 30,038,017 | |||
Number of Shares Outstanding, Ending balance | 63,235,956 | 73,037,416 | ||||
Exercise Price Per Warrant, Minimum | $ 0.68 | $ 0.68 | $ 0.68 | |||
Exercise Price Per Warrant, Maximum | 3 | 2 | 2 | |||
Weighted Average Exercise Price Outstanding, Beginning balance | $ 1.12 | 1.03 | 1.05 | |||
Weighted Average Exercise Price Outstanding and exercisable, Ending balance | $ 1.12 | $ 1.03 | ||||
Tradable Warrants [Member] | Range Two [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Warrants, Granted | 23,145,962 | 9,415,673 | 53,675,050 | |||
Exercise Price Per Warrant, Minimum | $ 0.85 | $ 1 | $ 0.68 | |||
Exercise Price Per Warrant, Maximum | 1.25 | 3 | 1.12 | |||
Weighted Average Exercise Price, Granted | $ 0.88 | $ 1.61 | $ 1 | |||
Tradable Warrants [Member] | Range Three [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Warrants, Forfeited | (6,260,323) | |||||
Number of Warrants, Exercised | (17,524,498) | (8,379,845) | ||||
Exercise Price Per Warrant, Minimum | $ 0.95 | $ 0.68 | $ 0.68 | |||
Weighted Average Exercise Price, Exercised | 1.01 | 0.93 | ||||
Exercise Price Per Warrant, Maximum | 1.50 | $ 1.50 | $ 1.25 | |||
Weighted Average Exercise Price, Forfeited | $ 1.10 | |||||
Tradable Warrants [Member] | Range Four [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Warrants, Forfeited | (1,692,635) | (2,295,806) | ||||
Number of Shares Outstanding, Ending balance | 80,121,595 | |||||
Exercise Price Per Warrant, Minimum | $ 0.68 | $ 0.95 | $ 0.68 | |||
Exercise Price Per Warrant, Maximum | 3 | 1.25 | 1.12 | |||
Weighted Average Exercise Price, Forfeited | $ 1.07 | $ 0.87 | ||||
Weighted Average Exercise Price Outstanding and exercisable, Ending balance | $ 1.05 | |||||
Tradable Warrants [Member] | Range Five [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Shares Outstanding, Beginning balance | 63,235,956 | 73,037,416 | ||||
Number of Shares Outstanding, Ending balance | 63,235,956 | 73,037,416 | ||||
Exercise Price Per Warrant, Minimum | $ 0.68 | $ 0.68 | ||||
Exercise Price Per Warrant, Maximum | 3 | 2 | ||||
Weighted Average Exercise Price Outstanding, Beginning balance | $ 1.12 | 1.03 | ||||
Weighted Average Exercise Price Outstanding and exercisable, Ending balance | $ 1.12 | $ 1.03 |
Stock Incentive Plan and Warr35
Stock Incentive Plan and Warrants - Summary of Warrants Outstanding (Detail) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding and Exercisable at December 31, 2013 | shares | 80,121,595 |
Weighted Average Remaining Contractual Life in Years | 3 years 29 days |
Range One [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding and Exercisable at December 31, 2013 | shares | 134,994 |
Weighted Average Remaining Contractual Life in Years | 0 years |
Range Two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding and Exercisable at December 31, 2013 | shares | 20,125,000 |
Weighted Average Remaining Contractual Life in Years | 4 years 6 months |
Range Three [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding and Exercisable at December 31, 2013 | shares | 47,125,026 |
Weighted Average Remaining Contractual Life in Years | 2 years 7 months 10 days |
Range Four [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding and Exercisable at December 31, 2013 | shares | 1,337,035 |
Weighted Average Remaining Contractual Life in Years | 1 year 3 months 29 days |
Range Five [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding and Exercisable at December 31, 2013 | shares | 8,176,540 |
Weighted Average Remaining Contractual Life in Years | 2 years 9 months 26 days |
Range Six [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding and Exercisable at December 31, 2013 | shares | 400,000 |
Weighted Average Remaining Contractual Life in Years | 9 months 29 days |
Range Seven [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding and Exercisable at December 31, 2013 | shares | 200,000 |
Weighted Average Remaining Contractual Life in Years | 0 years |
Range Eight [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding and Exercisable at December 31, 2013 | shares | 323,000 |
Weighted Average Remaining Contractual Life in Years | 1 year 3 months |
Range Nine [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding and Exercisable at December 31, 2013 | shares | 300,000 |
Weighted Average Remaining Contractual Life in Years | 3 years 3 months 29 days |
Range Ten [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding and Exercisable at December 31, 2013 | shares | 2,000,000 |
Weighted Average Remaining Contractual Life in Years | 3 years 3 months 29 days |
Tradable Warrants [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted Average Exercise Price | $ / shares | $ 1.05 |
Tradable Warrants [Member] | Range One [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted Average Exercise Price | $ / shares | 0.68 |
Tradable Warrants [Member] | Range Two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted Average Exercise Price | $ / shares | 0.85 |
Tradable Warrants [Member] | Range Three [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted Average Exercise Price | $ / shares | 1 |
Tradable Warrants [Member] | Range Four [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted Average Exercise Price | $ / shares | 1.12 |
Tradable Warrants [Member] | Range Five [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted Average Exercise Price | $ / shares | 1.25 |
Tradable Warrants [Member] | Range Six [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted Average Exercise Price | $ / shares | 1.50 |
Tradable Warrants [Member] | Range Seven [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted Average Exercise Price | $ / shares | 1.75 |
Tradable Warrants [Member] | Range Eight [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted Average Exercise Price | $ / shares | 2 |
Tradable Warrants [Member] | Range Nine [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted Average Exercise Price | $ / shares | 2.50 |
Tradable Warrants [Member] | Range Ten [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted Average Exercise Price | $ / shares | $ 3 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | Dec. 31, 2013USD ($)NonEmployee | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)Directors | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)NonEmployee |
Related Party Transaction [Line Items] | |||||
Number of members to whom consulting services paid | NonEmployee | 1 | 1 | |||
Payment for consulting services | $ 54,000 | ||||
Advances to travel expense received | $ 898,430 | $ 819,000 | $ 752,034 | ||
Amount of receipts submitted for travel expense advances - not authentic | 54,034 | ||||
Non Employee [Member] | |||||
Related Party Transaction [Line Items] | |||||
Payment for consulting services to another non-employee | 75,000 | 75,000 | |||
Third Non Employee [Member] | |||||
Related Party Transaction [Line Items] | |||||
Payment for consulting services to another non-employee | $ 75,000 | 75,000 | |||
Director [Member] | |||||
Related Party Transaction [Line Items] | |||||
Number of members to whom consulting services paid | Directors | 1 | ||||
Payment for consulting services | $ 6,000 | $ 85,000 | |||
Former Chief Executive Officer [Member] | |||||
Related Party Transaction [Line Items] | |||||
Advances to travel expense received | 898,430 | 819,000 | 752,034 | ||
Amount of receipts submitted for travel expense advances - not authentic | $ 297,170 | $ 0 | 698,000 | ||
Amount of receipts submitted for travel expense advances - authentic | $ 54,034 |
Income Taxes - Reconciliations
Income Taxes - Reconciliations between Statutory Federal Income Tax Rate and Company's Effective Tax Rate (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate, Value | $ (8,331,000) | $ (3,483,000) | $ (9,417,000) |
State taxes, Value | (1,103,000) | (461,000) | (1,246,000) |
Adjustment to valuation allowance, Value | 9,490,000 | 4,862,000 | 5,015,000 |
Non-deductible compensation, Value | 0 | 0 | 0 |
(Gain) loss on warrant liability | (56,000) | (918,000) | 5,648,000 |
Actual tax benefit, Value | $ 0 | $ 0 | $ 0 |
Federal statutory rate | (34.00%) | (34.00%) | (34.00%) |
State taxes | (4.50%) | (4.50%) | (4.50%) |
Adjustment to valuation allowance | 38.70% | 47.70% | 18.10% |
Non-deductible compensation | 0.00% | 0.00% | 0.00% |
(Gain) loss on warrant liability | (0.20%) | (9.20%) | 20.40% |
Actual tax benefit | 0.00% | 0.00% | 0.00% |
Income Taxes - Components of Co
Income Taxes - Components of Company's Deferred Income Taxes (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets | ||
Net operating loss carry-forwards | $ 42,457,000 | $ 34,046,000 |
Theft loss | 963,000 | |
Stock-based compensation | 6,602,000 | 6,344,000 |
Warrants for services | 5,633,000 | 5,421,000 |
Deferred tax asset | 55,655,000 | 45,811,000 |
Deferred tax liabilities | ||
Patent amortization | (1,121,000) | (1,380,000) |
Valuation allowance | (54,534,000) | (44,431,000) |
Net deferred taxes | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Line Items] | ||
Tax net operating losses | $ 110,000,000 | |
Limitation of net operating loss carry-forward | $ 3,200,000 | |
Limitation of net operating loss carry-forward, description | The Company completed a Section 382 study for the perio d from inception through the year ended December 31, 2014 and recorded a limitation of $3.2 million to their net operating loss carry-forward. | |
Uncertain tax positions | $ 0 | $ 0 |
Earliest Tax Year [Member] | ||
Income Taxes [Line Items] | ||
Operating losses expiration period | 2,022 | |
Latest Tax Year [Member] | ||
Income Taxes [Line Items] | ||
Operating losses expiration period | 2,035 |
401 (K) Profit Sharing Plan - A
401 (K) Profit Sharing Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Contributions to the 401(K) Profit Sharing Plan | $ 212,000 | $ 320,000 | $ 226,000 |
Fair Value of Financial Instr41
Fair Value of Financial Instruments - Estimated Fair Value of Warrants (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
2010 Warrants [Member] | |||
Class of Stock [Line Items] | |||
Weighted average term | 2 months 12 days | 1 year 2 months 12 days | |
Probability the warrant exercise price would be reset | 5.00% | 5.00% | |
Volatility | 63.70% | ||
2010 Warrants [Member] | Minimum [Member] | |||
Class of Stock [Line Items] | |||
Volatility | 66.50% | ||
Risk free interest rate | 0.03% | 0.13% | |
2010 Warrants [Member] | Maximum [Member] | |||
Class of Stock [Line Items] | |||
Volatility | 69.50% | ||
Risk free interest rate | 0.04% | 0.38% | |
2011 Warrants [Member] | |||
Class of Stock [Line Items] | |||
Weighted average term | 0 years | 1 year | 2 years |
Probability the warrant exercise price would be reset | 5.00% | 5.00% | 5.00% |
Volatility | 40.40% | 159.20% | 64.70% |
Risk free interest rate | 0.13% | 0.25% | |
2011 Warrants [Member] | Minimum [Member] | |||
Class of Stock [Line Items] | |||
Risk free interest rate | 0.38% | ||
2011 Warrants [Member] | Maximum [Member] | |||
Class of Stock [Line Items] | |||
Risk free interest rate | 0.78% | ||
2013 Warrants [Member] | |||
Class of Stock [Line Items] | |||
Weighted average term | 4 years 1 month 6 days | ||
Probability the warrant exercise price would be reset | 5.00% | ||
Volatility | 67.20% | ||
2013 Warrants [Member] | Minimum [Member] | |||
Class of Stock [Line Items] | |||
Risk free interest rate | 0.78% | ||
2013 Warrants [Member] | Maximum [Member] | |||
Class of Stock [Line Items] | |||
Risk free interest rate | 1.78% |
Fair Value of Financial Instr42
Fair Value of Financial Instruments - Warrant Liability Measured at Fair Value on a Recurring Basis (Detail) - Recurring [Member] - Tradable Warrants [Member] | Dec. 31, 2014USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrant liability | $ 146,560 |
Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrant liability | $ 146,560 |
Fair Value of Financial Instr43
Fair Value of Financial Instruments - Reconciliation of the Warranty Liability Measured at Fair Value on a Recurring Basis (Detail) - Recurring [Member] - Level 3 [Member] - Tradable Warrants [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning Balance | $ 146,560 | $ 12,866,572 |
Issuance of warrants | 0 | 0 |
Net gain included in earnings | $ (146,560) | (2,384,393) |
Exercise of warrants | (10,335,619) | |
Ending Balance | $ 146,560 |
Litigation - Additional Informa
Litigation - Additional Information (Detail) - USD ($) | Oct. 03, 2014 | Jul. 24, 2014 | Jun. 06, 2014 | Dec. 31, 2015 | Apr. 30, 2013 |
Loss Contingencies [Line Items] | |||||
Reserve for litigation | $ 227,750 | $ 100,000 | |||
Damages sought to be receivable | $ 2,240,000 | ||||
Estimated bonus percentage | 70.00% | ||||
Future payment ratio of contingent consideration | 2 | ||||
Repayment under contingency | $ 1,120,000 | ||||
Reimbursement cost percentage | 25.00% | ||||
Attorney's fees and reimbursement of expenses | $ 911,000 | ||||
Stock options | 2,800,000 | ||||
Litigation settlement payment description | The remaining cash settlement amounts will continue to be repaid to the Company over a period of four years with the second payment due in total by October 2016 and the final payment is expected to be received by October 3, 2019. $103,969 of the settlement discount was amortized as of December 31, 2015. | ||||
Litigation settlement, amortization of discount | $ 103,969 | ||||
Litigation settlement, remaining balance due | 2,511,735 | ||||
Litigation settlement, present value of discount remaining | 197,686 | ||||
Litigation settlement, reserve for uncollectibility | 870,578 | ||||
Class Action Lawsuits [Member] | |||||
Loss Contingencies [Line Items] | |||||
Litigation settlement, Amount | 3,500,000 | ||||
Litigation settlement, Amount accrued | 1,850,000 | ||||
Litigation settlement, Amount to be paid by insurance carrier | 1,650,000 | ||||
Executive Officer [Member] | |||||
Loss Contingencies [Line Items] | |||||
Repayment under contingency | 900,000 | ||||
Number of shares acquired under litigation | 1,000,000 | ||||
Stock option issued to employees | 100,000 | ||||
Share-based compensation forfeiture rate | 50.00% | ||||
Other Defendants [Member] | |||||
Loss Contingencies [Line Items] | |||||
Damages sought to be receivable | $ 25,000 | ||||
Executive Officer One [Member] | |||||
Loss Contingencies [Line Items] | |||||
Damages sought to be receivable | 2,040,000 | ||||
Repayment under contingency | $ 200,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Mar. 28, 2016 | Feb. 27, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 28, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
Subsequent Event [Line Items] | ||||||||||||||
Common stock to be issued on exercise of warrant | 3,899,840 | 59,861,601 | 372,000 | 3,036,218 | ||||||||||
Exercise price of warrants | $ 1.25 | $ 1 | $ 1.25 | $ 1.25 | $ 1.25 | $ 3 | $ 1 | $ 1 | $ 1 | |||||
Number of shares issuable on exercises of warrants issued | 59,861,601 | |||||||||||||
Discounted exercise price of warrants | $ 0.50 | |||||||||||||
Cash exercise price of warrants | 0.85 | |||||||||||||
Travel expense advances | $ 898,430 | $ 819,000 | $ 752,034 | |||||||||||
Travel expense advances with receipt | $ 297,170 | |||||||||||||
Travel expense advances without receipt | $ 0 | 698,000 | ||||||||||||
Travel expense advances not authentic | $ 54,034 | |||||||||||||
Subsequent Event [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Gross proceeds from warrants | $ 4,000,000 | |||||||||||||
Chief Executive Officer and Board of Directors Chairman [Member] | Subsequent Event [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Severance payments | $ 0 | |||||||||||||
Minimum [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Exercise price of warrants | 1 | |||||||||||||
Maximum [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Exercise price of warrants | $ 3 |
Selected Quarterly Financial 46
Selected Quarterly Financial Data (Unaudited) - Summary of Quarterly Results of Operations (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statement of Operations Data: | |||||||||||
Gain on settlement - net of discount | $ 4,178,000 | $ 4,178,345 | |||||||||
Total operating loss not including gain on settlement | $ (9,663,000) | $ (5,779,000) | $ (4,592,000) | $ (4,620,000) | (4,443,000) | $ (3,826,000) | $ (4,160,000) | $ (4,382,000) | |||
Other income (expense), net | 11,000 | (1,000) | 47,000 | 95,000 | 1,081,000 | 77,000 | 3,517,000 | (2,285,000) | |||
Net income (loss) | (9,652,000) | (5,780,000) | (4,545,000) | (4,525,000) | 816,000 | (3,749,000) | (643,000) | (6,667,000) | $ (24,502,340) | (10,242,990) | $ (27,697,744) |
Net income (loss) applicable to common stockholders | $ (9,652,000) | $ (5,780,000) | $ (4,545,000) | $ (4,525,000) | $ 816,000 | $ (3,749,000) | $ (643,000) | $ (6,667,000) | $ (24,502,340) | $ (10,242,990) | $ (28,886,392) |
Basic and diluted income (loss) per common share | $ (0.05) | $ (0.03) | $ (0.02) | $ (0.02) | $ 0 | $ (0.02) | $ 0 | $ (0.04) | |||
Weighted average number of common shares outstanding - basic and diluted | 204,735,000 | 204,610,000 | 187,793,000 | 185,196,000 | 182,057,000 | 179,089,000 | 175,554,000 | 168,860,000 | 195,661,859 | 175,828,004 | 132,000,796 |