Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 13, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Communication Intelligence Corp | |
Entity Central Index Key | 727,634 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
EntityVoluntaryFilers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 234,307,542 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 358 | $ 775 |
Accounts receivable, net of allowance of $86 at September 30, 2015 and $22 at December 31, 2014 | 159 | 122 |
Prepaid expenses and other current assets | 125 | 80 |
Total current assets | 642 | 977 |
Property and equipment, net | 17 | 11 |
Patents, net | 673 | 933 |
Other assets | 29 | 29 |
Total assets | 1,361 | 1,950 |
Current liabilities: | ||
Short-term debt | 250 | |
Accounts payable | 420 | 328 |
Accrued compensation | 272 | 293 |
Other accrued liabilities | 477 | 338 |
Deferred revenue | 353 | 257 |
Total current liabilities | 1,772 | 1,216 |
Deferred revenue long-term | 490 | 700 |
Deferred rent | 2 | 41 |
Derivative liability | 18 | |
Other long-term liabilities | 21 | 28 |
Total liabilities | $ 2,285 | $ 2,003 |
Commitments and Contingencies | ||
Equity (Deficit) | ||
Common stock | $ 2,407 | $ 2,407 |
Treasury shares | (325) | (325) |
Additional paid in capital | 93,604 | 94,995 |
Accumulated deficit | (126,082) | (123,199) |
Accumulated other comprehensive loss | (14) | (14) |
Total CIC stockholder's equity | (388) | 483 |
Non-Controlling interest | (536) | (536) |
Total deficit | (924) | (53) |
Total liabilities and shareholders' equity | 1,361 | 1,950 |
Series A-1 Preferred Stock [Member] | ||
Equity (Deficit) | ||
Preferred Stock | 929 | 875 |
Total deficit | 929 | 875 |
Series B Preferred Stock [Member] | ||
Equity (Deficit) | ||
Preferred Stock | 11,320 | 10,381 |
Total deficit | 11,320 | 10,381 |
Series C Preferred Stock [Member] | ||
Equity (Deficit) | ||
Preferred Stock | 5,934 | 5,553 |
Total deficit | 5,934 | 5,553 |
Series D-1 Preferred Stock [Member] | ||
Equity (Deficit) | ||
Preferred Stock | 6,724 | 5,139 |
Total deficit | 6,724 | 5,139 |
Series D-2 Preferred Stock [Member] | ||
Equity (Deficit) | ||
Preferred Stock | 5,115 | 4,671 |
Total deficit | $ 5,115 | $ 4,671 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Accounts receivable, allowance | $ 86 | $ 22 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenue: | ||||
Product | $ 127 | $ 85 | $ 510 | $ 491 |
Maintenance | 224 | 200 | 654 | 568 |
Total revenues | 351 | 285 | 1,164 | 1,059 |
Cost of sales: | ||||
Product | 40 | 26 | 185 | 69 |
Maintenance | 29 | 20 | 102 | 111 |
Research and development | 446 | 476 | 1,467 | 1,549 |
Sales and marketing expense | 216 | 303 | 756 | 942 |
General and administrative expense | 470 | 410 | 1,551 | 1,325 |
Total operating costs and expenses | 1,201 | 1,235 | 4,061 | 3,996 |
Loss from operations | (850) | (950) | (2,897) | (2,937) |
Other income, net | 49 | 51 | ||
Interest expense | (3) | (13) | (3) | (258) |
(Loss) gain on derivative liability | 2 | 17 | 5 | |
Net loss | (853) | (912) | (2,883) | (3,139) |
Accretion of beneficial conversion feature, preferred stock: | ||||
Related party | (103) | (458) | (186) | |
Other | (68) | (69) | (416) | |
Preferred stock dividends: | ||||
Related party | (408) | (345) | (1,154) | (1,014) |
Other | (411) | (363) | (1,181) | (975) |
Net loss attributable to common stockholders | $ (1,672) | $ (1,791) | $ (5,745) | $ (5,730) |
Basic and diluted loss per common share | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.02) |
Weighted average common shares outstanding, basic and diluted | 234,308 | 232,646 | 234,308 | 232,588 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (2,883) | $ (3,139) |
Adjustments to reconcile net loss to net cash used for operating activities: | ||
Depreciation and amortization | 267 | 278 |
Stock-based employee compensation | 487 | 242 |
Warrants cost issued as interest expense | 258 | |
Gain on derivative liability | (17) | (5) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (37) | 195 |
Prepaid expenses and other assets | (45) | (31) |
Accounts payable | 92 | (106) |
Accrued compensation | (21) | (50) |
Other accrued and long-term liabilities | 93 | 15 |
Deferred revenue | (114) | (165) |
Net cash used in operating activities | (2,178) | (2,508) |
Cash flows from investing activities: | ||
Acquisition of property and equipment | (14) | (4) |
Net cash used in investing activities | (14) | (4) |
Cash flows from financing activities: | ||
Proceeds from issuance of short-term debt | 250 | |
Net cash provided by financing activities | $ 1,775 | $ 2,208 |
Effect of exchange rate changes on cash and cash equivalents | ||
Net decrease in cash and cash equivalents | $ (417) | $ (304) |
Cash and cash equivalents at beginning of period | 775 | 945 |
Cash and cash equivalents at end of period | 358 | $ 641 |
Supplemental disclosure of cash flow information: | ||
Interest paid | $ 3 | |
Income tax paid | ||
Non-cash financing and investing transactions: | ||
Dividends on Preferred Stock | $ 2,335 | $ 1,989 |
Accretion of beneficial conversion feature on issuance of convertible Preferred Stock | 498 | 337 |
Accretion of beneficial conversion feature on issuance of Preferred Stock dividends | 29 | 265 |
Conversion of Series C Preferred Stock into Common Stock | 1 | |
Series D-1 Preferred Stock [Member] | ||
Cash flows from financing activities: | ||
Proceeds from issuance of Series D Preferred Stock, net of issuance costs | 1,525 | 1,828 |
Non-cash financing and investing transactions: | ||
Dividends on Preferred Stock | 516 | 329 |
Accretion of beneficial conversion feature on issuance of Preferred Stock dividends | $ 16 | 151 |
Series D-2 Preferred Stock [Member] | ||
Cash flows from financing activities: | ||
Proceeds from issuance of Series D Preferred Stock, net of issuance costs | 380 | |
Non-cash financing and investing transactions: | ||
Dividends on Preferred Stock | $ 445 | $ 400 |
Accretion of beneficial conversion feature on issuance of Preferred Stock dividends |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Series D-1 Preferred Stock [Member] | ||
Series D Preferred Stock issuance costs | $ 37 | $ 84 |
Series D-2 Preferred Stock [Member] | ||
Series D Preferred Stock issuance costs | $ 17 |
Nature of business, basis of pr
Nature of business, basis of presentation and summary of significant accounting policies | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of business, basis of presentation and summary of significant accounting policies | 1. Nature of business and summary of significant accounting policies Nature of Business Communication Intelligence Corporation and its subsidiary (the "Company" or "CIC") is a leading provider of digital transaction management (DTM) software enabling fully digital (paperless) business processes. The Company's solutions encompass a wide array of functionality and services, including electronic signatures, biometric authentication and simple-to-complex workflow management. These solutions are available across virtually all enterprise, desktop and mobile environments as a seamlessly integrated platform for both ad-hoc and fully automated transactions. The Company's software can be deployed both on-premise and as a cloud-based service, with the ability to easily transition between deployment models. To date, the Company primarily has delivered its solutions to channel partners and end-user customers in the financial services industry. The Company's products include SignatureOne® Ceremony™ Server, the iSign® suite of products and services, including iSign® Enterprise and iSign® Console™, and Sign-it® programs. Basis of Presentation The financial information contained herein should be read in conjunction with the Company's consolidated audited financial statements and notes thereto included in its Annual Report on Form 10-K for the year ended December 31, 2014. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America ("GAAP") for complete consolidated financial statements. In the opinion of management, the unaudited condensed consolidated financial statements included in this quarterly report reflect all adjustments (consisting only of normal recurring adjustments) that the Company considers necessary for a fair presentation of its financial position at the dates presented and the Company's results of operations and cash flows for the periods presented. The Company's interim results are not necessarily indicative of the results to be expected for the entire year. Going Concern The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred significant cumulative losses since its inception and, at September 30, 2015, the Company's accumulated deficit was $126,082. The Company has primarily met its working capital needs through the sale of debt and equity securities. As of September 30, 2015, the Company's cash balance was $358. These factors raise substantial doubt about the Company's ability to continue as a going concern. There can be no assurance that the Company will be successful in securing adequate capital resources to fund planned operations or that any additional funds will be available to the Company when needed, or if available, will be available on favorable terms or in amounts required by the Company. If the Company is unable to obtain adequate capital resources to fund operations, it may be required to delay, scale back or eliminate some or all of its operations, which may have a material adverse effect on the Company's business, results of operations and ability to operate as a going concern. The unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Accounting Changes and Recent Accounting Pronouncements Accounting Standards Issued But Not Yet Adopted Accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company's financial position, results of operations and cash flows. |
Concentrations
Concentrations | 9 Months Ended |
Sep. 30, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | 2. Concentrations The following table summarizes accounts receivable and revenue concentrations: Accounts Receivable Total Revenue Total Revenue 2015 2014 2015 2014 2015 2014 Customer #1 38% 46% - 17% 12% 11% Customer #2 24% - 17% - - - Customer #3 - - 10% 12% - 10% Customer #4 - 12% - - - - Customer #5 - 19% - - - - Customer #6 - - - 10% 16% - Customer #7 - - - - 17% 14% Total concentration 62% 77% 27% 39% 45% 35% |
Patents
Patents | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Patents | 3. Patents The Company performs an intangible asset impairment analysis at least annually or whenever circumstances or events indicate such assets might be impaired. The Company would recognize an impairment charge in the event the net book value of such assets exceeded the future undiscounted cash flows attributable to such assets. Management completed an analysis of the Company's patents as of December 31, 2014. Based on that analysis, the Company concluded that no impairment of the carrying value of the patents existed. The Company believes that no events or circumstances changed during the three and nine months ended September 30, 2015 that would impact this conclusion. Amortization of patent costs was $87 and $260 for the three and nine-month periods ended September 30, 2015 and $90 and $270 for the three- and nine-month periods ended September 30, 2014. The following table summarizes the amortizable intangible assets: Amortizable intangible assets: September 30, 2015 December 31, 2014 Carrying Accumulated Net Value Carrying Accumulative Net Value Patents $ 6,745 $ (6,072) $ 673 $ 6,745 $ (5,812) $ 933 |
Short-term note payable
Short-term note payable | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Short-term notes payable | 4. Short-term note payable On September 29, 2015, the Company issued a demand note for an aggregate amount of $250 to an affiliate of the Company. This note bears interest at the rate of 10% per annum and both the principal and interest accrued are payable on demand. |
Net loss per share
Net loss per share | 9 Months Ended |
Sep. 30, 2015 | |
Net loss per share [Abstract] | |
Net loss per share | 5. Net loss per share The Company calculates basic net loss per share based on the weighted average number of shares outstanding, and when applicable, diluted income per share, which is based on the weighted average number of shares and potential dilutive shares outstanding. The following table lists shares and warrants that were excluded from the calculation of dilutive earnings per share as the exercise of such options and warrants and the conversion of such preferred shares would be anti-dilutive: For the Nine Months Ended September 30, 2015 September 30, 2014 Stock options 106,495 70,960 Warrants 237,822 173,814 Preferred shares as if converted Series A-1 Preferred Stock 6,633 7,818 Series B Preferred Stock 304,430 275,888 Series C Preferred Stock 238,056 215,668 Series D-1 Preferred Stock 350,127 251,435 Series D-2 Preferred Stock 124,470 112,737 |
Equity
Equity | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 6. Equity Stock-based compensation expense is based on the estimated grant date fair value of the portion of stock-based payment awards that are ultimately expected to vest during the period. The grant date fair value of stock-based awards to employees and directors is calculated using the Black-Scholes-Merton valuation model. Forfeitures of stock-based payment awards are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The estimated average forfeiture rate for the three months ended September 30, 2015 and 2014, was approximately 7.89% and 9.75%, respectively, based on historical data. Valuation and Expense Information: The weighted-average fair value of stock-based compensation is based on the Black-Scholes-Merton valuation model. Forfeitures are estimated and it is assumed no dividends will be declared. The estimated fair value of stock-based compensation awards to employees is amortized using the accrual method over the vesting period of the options. The fair value calculations are based on the following assumptions: Nine Months Ended Nine Months Ended Risk free interest rate 0.04% - 3.28% 0.04% - 3.73% Expected life (years) 3.26 - 6.33 2.82 - 7.00 Expected volatility 120.74% - 198.38% 93.63% - 198.38% Expected dividends None None There were no stock options granted during the three month period ended September 30, 2015. The Company granted 36,633 stock options during the nine months ended September 30, 2015 at a weighted average exercise price of $0.0224 per share. There were no stock options exercised during the three- and nine-months ended September 30, 2015. There were no stock options granted during the three months ended September 30, 2014. The Company granted 2,500 stock options during the nine months ended September 30, 2014 at a weighted average exercise price of $0.0273 per share. There were no stock options exercised during the three- and nine-months ended September 30, 2014. The following table summarizes the allocation of stock-based compensation expense related to stock option grants for the three- and nine-month periods ended September 30, 2015 and 2014. Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Research and development $ 35 $ 16 $ 148 $ 64 Sales and marketing $ 26 $ 17 $ 112 $ 54 General and administrative $ 47 $ 29 $ 192 $ 112 Director options $ 8 $ 3 $ 35 $ 12 Stock-based compensation expense $ 116 $ 65 $ 487 $ 242 A summary of option activity under the Company's plans as of September 30, 2015 and 2014 is as follows: Options 2015 2014 Shares Weighted Share Weighted (Years) Aggregate Value Shares Weighted Share Weighted (Years) Aggregate Value Outstanding at January 1, 72,012 $ 0.04 $ - 69,537 $ 0.05 $ - Granted 36,633 $ 0.02 $ - 2,500 $ 0.03 $ - Exercised - - $ - - $ - $ - Forfeited or expired (2,150) $ 0.03 $ - (1,077) $ 0.05 $ - Outstanding at 106,495 $ 0.04 4.39 $ - 70,960 $ 0.05 4.30 $ - Vested and 103,820 $ 0.03 3.21 $ - 63,996 $ 0.05 4.30 $ - Exercisable at September 30 69,757 $ 0.04 3.53 $ - 55,102 $ 0.05 3.98 $ - The following table summarizes significant ranges of outstanding and exercisable options as of September 30, 2015: Range of Exercise Prices Options Outstanding Options Exercisable Number Weighted Weighted Number Weighted $0.01 - $0.02 3,000 6.23 $ 0.02 584 $ 0.02 $0.02 - $0.03 53,170 5.21 $ 0.02 23,107 $ 0.02 $0.03 - $0.06 31,416 4.06 $ 0.05 27,157 $ 0.05 $0.06 - $0.20 18,909 2.32 $ 0.07 18,909 $ 0.07 106,495 4.39 $ 0.04 69,757 $ 0.04 The following table summarizes the Company's non-vested option shares as of September 30, 2015: Non-vested Option Shares Shares Weighted Average Non-vested at January 1, 2015 14,954 $ 0.04 Granted 36,633 $ 0.02 Forfeited (1,020) $ 0.02 Vested (13,829) $ 0.03 Non-vested at September 30, 2015 36,738 $ 0.02 As of September 30, 2015, there was $363 of total unrecognized compensation expense related to non-vested stock-based compensation arrangements granted under the plans. The unrecognized compensation expense is expected to be realized over a weighted average period of 3.2 years. Preferred Stock Information with respect to the class of Preferred Stock at September 30, 2015 is as follows: Class of Annual Annual Liquidation Conversion Total Common Series A-1 8% Quarterly in $ 1.00 $ 0.1400 929 6,633 Series B 10% Quarterly in $ 1.50 $ 0.0433 13,191 304,430 Series C 10% Quarterly in $ 1.50 $ 0.0225 5,356 238,056 Series D-1 10% Quarterly in $ 1.00 $ 0.0225 7,878 350,127 Series D-2 10% Quarterly in $ 1.00 $ 0.0500 6,223 124,470 Information with respect to in-kind dividends issued on the Company's Preferred Stock for the three and nine-month periods ended September 30, 2015 and September 30, 2014 is as follows: Dividends Beneficial Conversion Feature Related to Dividends Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended 2015 2014 2015 2014 2015 2014 2015 2014 Series A-1 $ 18 $ 22 $ 53 $ 63 $ - $ - $ - $ - Series B 324 294 939 852 - - - - Series C 132 119 382 345 - 64 13 114 Series D-1 192 128 516 329 - 107 16 151 Series D-2 153 145 445 400 - - - - Total $ 819 $ 708 $ 2,335 $ 1,989 $ - $ 171 $ 29 $ 265 Series D Preferred Stock On February 7, 2014, the Company sold for $733 in cash, net of a $47 administrative fee paid in cash to SG Phoenix and a nonrelated third party, 520 shares of Series D-1 Preferred Stock and 260 shares of Series D-2 Preferred Stock. The investors received one hundred percent (100%) warrant coverage. These warrants have an exercise price of $0.0225 per share, are immediately exercisable and expire December 31, 2016. The warrants are exercisable in whole or in part and contain a cashless exercise provision. On March 6, 2014, the Company sold for $406 in cash, net of $4 in administrative fees paid in cash to an unrelated third party, 273 shares of Series D-1 Preferred Stock and 137 shares of Series D-2 Preferred Stock. The investors received one hundred percent (100%) warrant coverage. These warrants have an exercise price of $0.0275 per share, are immediately exercisable and expire December 31, 2016. The warrants are exercisable in whole or in part and contain a cashless exercise provision. SG Phoenix received warrants to purchase 3,000 shares of common stock, and two unrelated parties received warrants to purchase an aggregate of 1,600 shares of common stock in payment of administrative and related fees associated with the financings, in addition to the cash payments discussed above. These warrants have an exercise price of $0.0275 per share, are immediately exercisable and expire three (3) years from the date of issuance. The warrants are exercisable in whole or in part and contain a cashless exercise provision. On March 24, 2015, the Company sold for $1,200 in cash, net of $33 in administrative fees paid in cash to SG Phoenix, 1,233 shares of Series D-1 Preferred Stock. The investors received 27,400 warrants, immediately exercisable into common stock of the Company at an exercise price of $0.0225 per share. The warrants expire March 23, 2018. The Company ascribed a value of $366 to the warrants using the Black-Scholes-Merton pricing model. See the warrant table below for more detail. The warrants are exercisable in whole or in part and contain a cashless exercise provision. On July 23, 2015, the Company sold for $325 in cash, net of $4 in administrative fees paid in cash to SG Phoenix, 329 Shares of Series D-1 Preferred Stock. The investors received 13,160 warrants, immediately exercisable into common stock of the Company at $0.0125 per share. The warrants expire July 22, 2018. The Company ascribed a value of $91 to the warrants using the Black-Scholes-Merton pricing model. See the warrant table below for more detail. The warrants are exercisable in whole or in part and contain a cashless exercise provision. Warrants On February 23, 2015, the Company and Venture Champion Asia Limited, an affiliate of IGC Global Limited, mutually agreed to terminate the $2,000 Credit Agreement signed in May 2014. At the time of the termination of the Credit Agreement, no amount was owed by the Company under the Credit Agreement, and contemporaneously with the termination of the Credit Agreement, the 10,909 warrants were likewise terminated. A summary of the warrant activity is as follows: September 30, 2015 September 30, 2014 Warrants Weighted Warrants Weighted Outstanding at beginning of period 213,521 $ 0.0289 77,155 $ 0.0289 Issued 40,560 0.0193 124,711 0.0275 Expired/Cancelled (16,259) 0.0500 (28,052) 0.0225 Outstanding at end of period 237,822 $ 0.0264 173,814 $ 0.0286 Exercisable at end of period 237,822 $ 0.0264 173,814 $ 0.0286 A summary of the status of the warrants outstanding and exercisable as of September 30, 2015 is as follows: Number of Warrants Weighted Average Remaining Life Weighted Average Exercise Price Warrants 27,400 2.52 $ 0.0225 Warrants 193,968 1.26 $ 0.0275 Warrants 3,294 0.13 $ 0.0500 Warrants 13,160 2.83 $ 0.0125 237,822 1.48 $ 0.0264 |
Nature of business, basis of 13
Nature of business, basis of presentation and summary of significant accounting policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Summary of Significant Accounting Policies | |
Basis of presentation | Basis of Presentation The financial information contained herein should be read in conjunction with the Company's consolidated audited financial statements and notes thereto included in its Annual Report on Form 10-K for the year ended December 31, 2014. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America ("GAAP") for complete consolidated financial statements. In the opinion of management, the unaudited condensed consolidated financial statements included in this quarterly report reflect all adjustments (consisting only of normal recurring adjustments) that the Company considers necessary for a fair presentation of its financial position at the dates presented and the Company's results of operations and cash flows for the periods presented. The Company's interim results are not necessarily indicative of the results to be expected for the entire year. |
Going concern and management plans | Going Concern The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred significant cumulative losses since its inception and, at September 30, 2015, the Company's accumulated deficit was $126,082. The Company has primarily met its working capital needs through the sale of debt and equity securities. As of September 30, 2015, the Company's cash balance was $358. These factors raise substantial doubt about the Company's ability to continue as a going concern. There can be no assurance that the Company will be successful in securing adequate capital resources to fund planned operations or that any additional funds will be available to the Company when needed, or if available, will be available on favorable terms or in amounts required by the Company. If the Company is unable to obtain adequate capital resources to fund operations, it may be required to delay, scale back or eliminate some or all of its operations, which may have a material adverse effect on the Company's business, results of operations and ability to operate as a going concern. The unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Recently issued accounting pronouncement | Accounting Changes and Recent Accounting Pronouncements Accounting Standards Issued But Not Yet Adopted Accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company's financial position, results of operations and cash flows. |
Patents | The Company performs an intangible asset impairment analysis at least annually or whenever circumstances or events indicate such assets might be impaired. The Company would recognize an impairment charge in the event the net book value of such assets exceeded the future undiscounted cash flows attributable to such assets. |
Net loss per share | The Company calculates basic net loss per share based on the weighted average number of shares outstanding, and when applicable, diluted income per share, which is based on the weighted average number of shares and potential dilutive shares outstanding. |
Share-based payment | Stock-based compensation expense is based on the estimated grant date fair value of the portion of stock-based payment awards that are ultimately expected to vest during the period. The grant date fair value of stock-based awards to employees and directors is calculated using the Black-Scholes-Merton valuation model. Forfeitures of stock-based payment awards are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. |
Concentration (Tables)
Concentration (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Risks and Uncertainties [Abstract] | |
Schedule of accounts receivable and revenue concentration | The following table summarizes accounts receivable and revenue concentrations: Accounts Receivable Total Revenue Total Revenue 2015 2014 2015 2014 2015 2014 Customer #1 38% 46% - 17% 12% 11% Customer #2 24% - 17% - - - Customer #3 - - 10% 12% - 10% Customer #4 - 12% - - - - Customer #5 - 19% - - - - Customer #6 - - - 10% 16% - Customer #7 - - - - 17% 14% Total concentration 62% 77% 27% 39% 45% 35% |
Patents (Tables)
Patents (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | The following table summarizes the amortizable intangible assets: Amortizable intangible assets: September 30, 2015 December 31, 2014 Carrying Accumulated Net Value Carrying Accumulative Net Value Patents $ 6,745 $ (6,072) $ 673 $ 6,745 $ (5,812) $ 933 |
Net loss per share (Tables)
Net loss per share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Net loss per share [Abstract] | |
Schedule of Antidilutive Securities Excluded from Calculation of Earnings Per Share | The following table lists shares and warrants that were excluded from the calculation of dilutive earnings per share as the exercise of such options and warrants and the conversion of such preferred shares would be anti-dilutive: For the Nine Months Ended September 30, 2015 September 30, 2014 Stock options 106,495 70,960 Warrants 237,822 173,814 Preferred shares as if converted Series A-1 Preferred Stock 6,633 7,818 Series B Preferred Stock 304,430 275,888 Series C Preferred Stock 238,056 215,668 Series D-1 Preferred Stock 350,127 251,435 Series D-2 Preferred Stock 124,470 112,737 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity [Abstract] | |
Key assumptions for fair value calculation, stock options | The weighted-average fair value of stock-based compensation is based on the Black-Scholes-Merton valuation model. Forfeitures are estimated and it is assumed no dividends will be declared. The estimated fair value of stock-based compensation awards to employees is amortized using the accrual method over the vesting period of the options. The fair value calculations are based on the following assumptions: Nine Months Ended Nine Months Ended Risk free interest rate 0.04% - 3.28% 0.04% - 3.73% Expected life (years) 3.26 - 6.33 2.82 - 7.00 Expected volatility 120.74% - 198.38% 93.63% - 198.38% Expected dividends None None |
Allocation of stock-based compensation expense related to stock option grants | The following table summarizes the allocation of stock-based compensation expense related to stock option grants for the three- and nine-month periods ended September 30, 2015 and 2014. Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Research and development $ 35 $ 16 $ 148 $ 64 Sales and marketing $ 26 $ 17 $ 112 $ 54 General and administrative $ 47 $ 29 $ 192 $ 112 Director options $ 8 $ 3 $ 35 $ 12 Stock-based compensation expense $ 116 $ 65 $ 487 $ 242 |
Summary of option activity | A summary of option activity under the Company's plans as of September 30, 2015 and 2014 is as follows: Options 2015 2014 Shares Weighted Share Weighted (Years) Aggregate Value Shares Weighted Share Weighted (Years) Aggregate Value Outstanding at January 1, 72,012 $ 0.04 $ - 69,537 $ 0.05 $ - Granted 36,633 $ 0.02 $ - 2,500 $ 0.03 $ - Exercised - - $ - - $ - $ - Forfeited or expired (2,150) $ 0.03 $ - (1,077) $ 0.05 $ - Outstanding at 106,495 $ 0.04 4.39 $ - 70,960 $ 0.05 4.30 $ - Vested and 103,820 $ 0.03 3.21 $ - 63,996 $ 0.05 4.30 $ - Exercisable at September 30 69,757 $ 0.04 3.53 $ - 55,102 $ 0.05 3.98 $ - |
Summary of the significant ranges of outstanding and exercisable options | The following table summarizes significant ranges of outstanding and exercisable options as of September 30, 2015: Range of Exercise Prices Options Outstanding Options Exercisable Number Weighted Weighted Number Weighted $0.01 - $0.02 3,000 6.23 $ 0.02 584 $ 0.02 $0.02 - $0.03 53,170 5.21 $ 0.02 23,107 $ 0.02 $0.03 - $0.06 31,416 4.06 $ 0.05 27,157 $ 0.05 $0.06 - $0.20 18,909 2.32 $ 0.07 18,909 $ 0.07 106,495 4.39 $ 0.04 69,757 $ 0.04 |
Summary of the status of the Company's non-vested shares | The following table summarizes the Company's non-vested option shares as of September 30, 2015: Non-vested Option Shares Shares Weighted Average Non-vested at January 1, 2015 14,954 $ 0.04 Granted 36,633 $ 0.02 Forfeited (1,020) $ 0.02 Vested (13,829) $ 0.03 Non-vested at September 30, 2015 36,738 $ 0.02 |
Information with respect to the classes of Preferred Stock | Preferred Stock Information with respect to the class of Preferred Stock at September 30, 2015 is as follows: Class of Annual Annual Liquidation Conversion Total Common Series A-1 8% Quarterly in $ 1.00 $ 0.1400 929 6,633 Series B 10% Quarterly in $ 1.50 $ 0.0433 13,191 304,430 Series C 10% Quarterly in $ 1.50 $ 0.0225 5,356 238,056 Series D-1 10% Quarterly in $ 1.00 $ 0.0225 7,878 350,127 Series D-2 10% Quarterly in $ 1.00 $ 0.0500 6,223 124,470 |
Information with respect to dividends issued on the Company's preferred stock | Information with respect to in-kind dividends issued on the Company's Preferred Stock for the three and nine-month periods ended September 30, 2015 and September 30, 2014 is as follows: Dividends Beneficial Conversion Feature Related to Dividends Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended 2015 2014 2015 2014 2015 2014 2015 2014 Series A-1 $ 18 $ 22 $ 53 $ 63 $ - $ - $ - $ - Series B 324 294 939 852 - - - - Series C 132 119 382 345 - 64 13 114 Series D-1 192 128 516 329 - 107 16 151 Series D-2 153 145 445 400 - - - - Total $ 819 $ 708 $ 2,335 $ 1,989 $ - $ 171 $ 29 $ 265 |
Summary of the warrants issued | A summary of the warrant activity is as follows: September 30, 2015 September 30, 2014 Warrants Weighted Warrants Weighted Outstanding at beginning of period 213,521 $ 0.0289 77,155 $ 0.0289 Issued 40,560 0.0193 124,711 0.0275 Expired/Cancelled (16,259) 0.0500 (28,052) 0.0225 Outstanding at end of period 237,822 $ 0.0264 173,814 $ 0.0286 Exercisable at end of period 237,822 $ 0.0264 173,814 $ 0.0286 |
Status of the warrants outstanding | A summary of the status of the warrants outstanding and exercisable as of September 30, 2015 is as follows: Number of Warrants Weighted Average Remaining Life Weighted Average Exercise Price Warrants 27,400 2.52 $ 0.0225 Warrants 193,968 1.26 $ 0.0275 Warrants 3,294 0.13 $ 0.0500 Warrants 13,160 2.83 $ 0.0125 237,822 1.48 $ 0.0264 |
Nature of business, basis of 18
Nature of business, basis of presentation and summary of significant accounting policies (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 358 | $ 775 | $ 641 | $ 945 |
Accumulated deficit | $ (126,082) | $ (123,199) |
Concentrations (Details)
Concentrations (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accounts Receivable [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 62.00% | 77.00% | ||
Accounts Receivable [Member] | Customer One [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 38.00% | 46.00% | ||
Accounts Receivable [Member] | Customer Two [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 24.00% | |||
Accounts Receivable [Member] | Customer Four [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 12.00% | |||
Accounts Receivable [Member] | Customer Five [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 19.00% | |||
Sales Revenue, Services, Net [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 27.00% | 39.00% | 45.00% | 35.00% |
Sales Revenue, Services, Net [Member] | Customer One [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 17.00% | 12.00% | 11.00% | |
Sales Revenue, Services, Net [Member] | Customer Two [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 17.00% | |||
Sales Revenue, Services, Net [Member] | Customer Three [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 10.00% | 12.00% | 10.00% | |
Sales Revenue, Services, Net [Member] | Customer Six [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 10.00% | 16.00% | ||
Sales Revenue, Services, Net [Member] | Customer Seven [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 17.00% | 14.00% |
Patents (Details)
Patents (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Amortizable intangible assets | ||
Finite-lived intangible assets, gross | $ 6,745 | $ 6,745 |
Finite-Lived intangible assets, accumulated amortization | (6,072) | (5,812) |
Finite-lived intangible assets, net | $ 673 | $ 933 |
Patents (Details Textual)
Patents (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Patent amortization expense | $ 87 | $ 90 | $ 260 | $ 270 |
Patents impairment | $ 0 | $ 0 | $ 0 | $ 0 |
Short-term note payable (Detail
Short-term note payable (Details Textual) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Debt Disclosure [Abstract] | |
Aggregate amount of demand note | $ 250 |
Stated percentage of demand short-term note | 10.00% |
Issuance Date of demand short-term note | Sep. 29, 2015 |
Net loss per share (Details)
Net loss per share (Details) - shares shares in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Series A Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, shares | 6,633 | 7,818 |
Series B Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, shares | 304,430 | 275,888 |
Series C Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, shares | 238,056 | 215,668 |
Series D One Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, shares | 350,127 | 251,435 |
Series D Two Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, shares | 124,470 | 112,737 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, shares | 106,495 | 70,960 |
Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, shares | 237,822 | 173,814 |
Equity (Details)
Equity (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||
Risk-free interest rate, minimum | 0.04% | 0.04% |
Risk-free interest rate, maximum | 3.28% | 3.73% |
Expected volatility, minimum | 120.74% | 93.63% |
Expected volatility, maximum | 198.38% | 198.38% |
Expected dividend yield | $ 0 | $ 0 |
Minimum [Member] | ||
Fair value assumptions, stock options | ||
Expected life | 3 years 3 months 3 days | 2 years 9 months 25 days |
Maximum [Member] | ||
Fair value assumptions, stock options | ||
Expected life | 6 years 3 months 29 days | 7 years |
Equity (Details 1)
Equity (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 116 | $ 65 | $ 487 | $ 342 |
Research and Development Expense [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 35 | 16 | 148 | 64 |
Selling and Marketing Expense [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 26 | 17 | 112 | 54 |
General and Administrative Expense [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 47 | 29 | 192 | 112 |
Director Expense [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 8 | $ 3 | $ 35 | $ 12 |
Equity (Details 2)
Equity (Details 2) - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Summary of stock options outstanding | ||||
Stock Options Outstanding, Beginning Balance | 72,012 | 69,537 | ||
Stock Options, Granted | 36,633 | 2,500 | ||
Stock Options, Exercised | ||||
Stock Options, Forfeited, or expired | (2,150) | (1,077) | ||
Stock Options Outstanding, Ending Balance | 106,495 | 70,960 | 106,495 | 70,960 |
Stock Options, Vested and expected to vest at ending balance | 103,820 | 63,996 | 103,820 | 63,996 |
Options exercisable | 69,757 | 55,102 | 69,757 | 55,102 |
Weighted Average Exercise Price, Beginning Period | $ 0.04 | $ 0.05 | ||
Weighted Average Exercise Price, Granted | $ 0.02 | $ 0.03 | ||
Weighted Average Exercise Price, Exercised | ||||
Weighted Average Exercise Price, Forfeited, or expired | $ 0.03 | $ 0.05 | ||
Weighted Average Exercise Price, Ending Period | $ 0.04 | $ 0.05 | 0.04 | 0.05 |
Weighted Average Exercise Price, Vested and expected to vest at ending balance | 0.03 | 0.05 | 0.03 | 0.05 |
Weighted Average Exercise Price, Exercisable at ending balance | $ 0.04 | $ 0.05 | $ 0.04 | $ 0.05 |
Weighted Average Remaining Contractual Term, ending balance | 4 years 4 months 12 days | 4 years 3 months 18 days | ||
Weighted Average Remaining Contractual Term, vested and expected to vest at ending balance | 3 years 2 months 15 days | 4 years 3 months 18 days | ||
Weighted Average Remaining Contractual Term, excercisable at ending balance | 3 years 6 months 10 days | 4 years 11 months 22 days | ||
Aggregate Intrinsic Value, Beginning Balance | ||||
Aggregate Intrinsic Value, Granted | ||||
Aggregate Intrinsic Value, Exercised | ||||
Aggregate Intrinsic Value, Forfeited or expired | ||||
Aggregate Intrinsic Value, Ending Balance | ||||
Aggregate Intrinsic Value, Vested and expected to vest at ending balance | ||||
Aggregate Intrinsic Value, Exercisable at ending balance |
Equity (Details 3)
Equity (Details 3) - $ / shares shares in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | ||
Number of Outstanding Options | 106,495 | |
Outstanding Options, Weighted Average Remaining Contractual Term | 4 years 4 months 20 days | |
Outstanding Options, Weighted Average Exercise Price | $ 0.0224 | $ 0.0273 |
Exercise Price Range, Number of Exercisable Options | 69,757 | |
Exercisable Options, Weighted Average Exercise Price | $ 0.04 | |
Range One [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower Range Limit | 0.01 | |
Exercise Price Range, Upper Range Limit | $ 0.02 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | ||
Number of Outstanding Options | 3,000 | |
Outstanding Options, Weighted Average Remaining Contractual Term | 6 years 2 months 22 days | |
Outstanding Options, Weighted Average Exercise Price | $ 0.02 | |
Exercise Price Range, Number of Exercisable Options | 584 | |
Exercisable Options, Weighted Average Exercise Price | $ 0.02 | |
Range Two [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower Range Limit | 0.02 | |
Exercise Price Range, Upper Range Limit | $ 0.03 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | ||
Number of Outstanding Options | 53,170 | |
Outstanding Options, Weighted Average Remaining Contractual Term | 5 years 2 months 15 days | |
Outstanding Options, Weighted Average Exercise Price | $ 0.02 | |
Exercise Price Range, Number of Exercisable Options | 23,107 | |
Exercisable Options, Weighted Average Exercise Price | $ 0.02 | |
Range Three [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower Range Limit | 0.03 | |
Exercise Price Range, Upper Range Limit | $ 0.06 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | ||
Number of Outstanding Options | 31,416 | |
Outstanding Options, Weighted Average Remaining Contractual Term | 4 years 21 days | |
Outstanding Options, Weighted Average Exercise Price | $ 0.05 | |
Exercise Price Range, Number of Exercisable Options | 27,157 | |
Exercisable Options, Weighted Average Exercise Price | $ 0.05 | |
Range Four [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower Range Limit | 0.06 | |
Exercise Price Range, Upper Range Limit | $ 0.20 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | ||
Number of Outstanding Options | 18,909 | |
Outstanding Options, Weighted Average Remaining Contractual Term | 2 years 3 months 25 days | |
Outstanding Options, Weighted Average Exercise Price | $ 0.07 | |
Exercise Price Range, Number of Exercisable Options | 18,909 | |
Exercisable Options, Weighted Average Exercise Price | $ 0.07 |
Equity (Details 4)
Equity (Details 4) shares in Thousands | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Equity Instruments, Options, Nonvested Shares Roll-Forward | |
Non-vested shares, Beginning Balance | shares | 14,954 |
Non-vested shares, Granted | shares | 36,633 |
Non-vested shares, Forfeited, or expired | shares | (1,020) |
Non-vested shares, vested | shares | (13,829) |
Stock Options Outstanding, Ending Balance | shares | 36,738 |
Weighted Average Grant Date Fair Value, Options Nonvested at beginning of period | $ 0.04 |
Weighted Average Grant Date Fair Value, Options nonvested, grants in period | 0.02 |
Weighted Average Grant Date Fair Value, Options nonvested, forfeited in period | 0.02 |
Weighted Average Grant Date Fair Value, Options nonvested, vested in period | 0.03 |
Weighted Average Grant Date Fair Value, Options nonvested at end of period | $ 0.02 |
Equity (Details 5)
Equity (Details 5) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | |
Annual Dividend | 0.00% | |
Series A Preferred Stock [Member] | ||
Annual Dividend | 8.00% | |
Annual Dividend Payable, in Cash or In Kind | Quarterly in Arrears | |
Per Share Liquidation preference | $ | $ 1 | $ 1 |
Conversion price | $ / shares | $ 0.1400 | $ 0.1400 |
Total Preferred Shares Outstanding | 929,000 | 929,000 |
Common Shares to be Issued if Fully Converted | 6,633,000 | 6,633,000 |
Series B Preferred Stock [Member] | ||
Annual Dividend | 10.00% | |
Annual Dividend Payable, in Cash or In Kind | Quarterly in Arrears | |
Per Share Liquidation preference | $ | $ 1.50 | $ 1.50 |
Conversion price | $ / shares | $ 0.0433 | $ 0.0433 |
Total Preferred Shares Outstanding | 13,191,000 | 13,191,000 |
Common Shares to be Issued if Fully Converted | 304,430,000 | 304,430,000 |
Series C Preferred Stock [Member] | ||
Annual Dividend | 10.00% | |
Annual Dividend Payable, in Cash or In Kind | Quarterly in Arrears | |
Per Share Liquidation preference | $ | $ 1.50 | $ 1.50 |
Conversion price | $ / shares | $ 0.0225 | $ 0.0225 |
Total Preferred Shares Outstanding | 5,356,000 | 5,356,000 |
Common Shares to be Issued if Fully Converted | 238,056,000 | 238,056,000 |
Series D One Preferred Stock [Member] | ||
Annual Dividend | 10.00% | |
Annual Dividend Payable, in Cash or In Kind | Quarterly in Arrears | |
Per Share Liquidation preference | $ | $ 1 | $ 1 |
Conversion price | $ / shares | $ 0.0225 | $ 0.0225 |
Total Preferred Shares Outstanding | 7,878,000 | 7,878,000 |
Common Shares to be Issued if Fully Converted | 350,127,000 | 350,127,000 |
Series D Two Preferred Stock [Member] | ||
Annual Dividend | 10.00% | |
Annual Dividend Payable, in Cash or In Kind | Quarterly in Arrears | |
Per Share Liquidation preference | $ | $ 1 | $ 1 |
Conversion price | $ / shares | $ 0.0500 | $ 0.0500 |
Total Preferred Shares Outstanding | 6,223,000 | 6,223,000 |
Common Shares to be Issued if Fully Converted | 124,470,000 | 124,470,000 |
Equity (Details 6)
Equity (Details 6) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
YTD Dividend Shares in Kind | $ 819 | $ 708 | $ 2,335 | $ 1,989 |
Accretion of beneficial conversion feature related to dividends | 171 | 29 | 265 | |
Series A Preferred Stock [Member] | ||||
YTD Dividend Shares in Kind | $ 18 | $ 22 | $ 53 | $ 63 |
Accretion of beneficial conversion feature related to dividends | ||||
Series B Preferred Stock [Member] | ||||
YTD Dividend Shares in Kind | $ 324 | $ 294 | $ 939 | $ 852 |
Accretion of beneficial conversion feature related to dividends | ||||
Series C Preferred Stock [Member] | ||||
YTD Dividend Shares in Kind | $ 132 | $ 119 | $ 382 | $ 345 |
Accretion of beneficial conversion feature related to dividends | 64 | 13 | 114 | |
Series D One Preferred Stock [Member] | ||||
YTD Dividend Shares in Kind | $ 192 | 128 | 516 | 329 |
Accretion of beneficial conversion feature related to dividends | 107 | 16 | 151 | |
Series D Two Preferred Stock [Member] | ||||
YTD Dividend Shares in Kind | $ 153 | $ 145 | $ 445 | $ 400 |
Accretion of beneficial conversion feature related to dividends |
Equity (Details 7)
Equity (Details 7) shares in Thousands | 9 Months Ended | |
Sep. 30, 2015$ / sharesshares | Sep. 30, 2014$ / sharesshares | |
Class Of Warrant Or Right Number Of Warrants Or Rights Roll Forward | ||
Number of Warrants Outstanding at beginning of period | shares | 213,521 | 77,155 |
Number of warrants issued | shares | 40,560 | 124,711 |
Number Of Warrants Or Rights Exercised | shares | ||
Number Of Warrants Or Rights Expired | shares | (16,259) | (28,052) |
Number of Warrants Outstanding at end of period | shares | 237,822 | 173,814 |
Number of Warrants Or Rights Exercisable at end of period | shares | 237,822 | 173,814 |
Excercise Price of Warrants Outstanding at beginning of period | $ 0.0289 | $ 0.0289 |
Exercise Price Of Warrants Issued | 0.0193 | 0.0275 |
Exercise Price Of Warrants Exercised | ||
Exercise Price Of Warrants Expired | 0.0500 | 0.0225 |
Excercise Price of Warrants Outstanding at end of period | $ 0.0264 | $ 0.0286 |
Exercise Price Of WarrantsExercisable at end of period | 0.0264 | 0.0286 |
Equity (Details 8)
Equity (Details 8) - $ / shares shares in Thousands | 9 Months Ended | |||
Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
Class of Warrant or Right [Line Items] | ||||
Number of Warrants Outstanding and Excercisable | 237,822 | 213,521 | 173,814 | 77,155 |
Weighted Average Remaining Life Of Warrants Or Rights | 1 year 5 months 22 days | |||
Warrants Weighted Average Exercise Price | $ 0.0264 | $ 0.0289 | $ 0.0286 | $ 0.0289 |
Warrants Group One [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Warrants Outstanding and Excercisable | 27,400 | |||
Weighted Average Remaining Life Of Warrants Or Rights | 2 years 6 months 6 days | |||
Warrants Weighted Average Exercise Price | $ 0.0225 | |||
Warrants Group Two [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Warrants Outstanding and Excercisable | 193,968 | |||
Weighted Average Remaining Life Of Warrants Or Rights | 1 year 3 months 3 days | |||
Warrants Weighted Average Exercise Price | $ 0.0275 | |||
Warrants Group Three [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Warrants Outstanding and Excercisable | 3,294 | |||
Weighted Average Remaining Life Of Warrants Or Rights | 1 month 16 days | |||
Warrants Weighted Average Exercise Price | $ 0.0500 | |||
Warrants Group Four [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Warrants Outstanding and Excercisable | 13,160 | |||
Weighted Average Remaining Life Of Warrants Or Rights | 2 years 9 months 28 days | |||
Warrants Weighted Average Exercise Price | $ 0.0125 |
Equity (Details Textual)
Equity (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Arrangements with Employees and Nonemployees [Abstract] | ||||
Estimated average forfeiture rate | 7.89% | 9.75% | ||
Stock Options, Granted | 36,633 | 2,500 | ||
Outstanding Options, Weighted Average Exercise Price | $ 0.0224 | $ 0.0273 | $ 0.0224 | $ 0.0273 |
Stock Options, Exercised | ||||
Total unrecognized compensation expense related to non-vested share-based compensation arrangements granted under the plans | $ 363 | $ 363 | ||
Unrecognized compensation expense amortization period | 3 years 2 months 12 days |
Equity (Details Textual 1)
Equity (Details Textual 1) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | |||||||||
Jul. 31, 2015 | Mar. 31, 2015 | Feb. 28, 2015 | Mar. 31, 2014 | Feb. 28, 2014 | Sep. 30, 2015 | Jul. 23, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.0264 | $ 0.0289 | $ 0.0286 | $ 0.0289 | ||||||
Venture Champion Asia Limited [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Credit Agreement origination date | May 6, 2014 | |||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 2,000 | |||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 | |||||||||
Credit Agreement expiration date | Feb. 23, 2015 | |||||||||
Warrants Issued to SG Phoenix [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Fair Value Assumptions, Expected Term | 3 years | |||||||||
Number of common shares callable by warrants | 3,000 | |||||||||
Warrants Issued to Unrelated Parties [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Fair Value Assumptions, Expected Term | 3 years | |||||||||
Number of common shares callable by warrants | 1,600 | |||||||||
Series D Preferred Stock [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Proceeds from sale of stock, net | $ 325 | $ 1,200 | $ 406 | $ 733 | ||||||
Administrative fee | $ 4 | $ 33 | $ 4 | $ 47 | ||||||
Warrant coverage, maximum percentage | 100.00% | 100.00% | ||||||||
Fair Value Assumptions, Expected Term | 3 years | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.0025 | $ 0.0125 | ||||||||
Warrants, expiration date | Jul. 22, 2018 | Mar. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2016 | ||||||
Number of common shares callable by warrants | 27,400 | 13,160 | ||||||||
Warrants And Rights Issued Fair Value Initial | $ 366 | $ 91 | ||||||||
Series D One Preferred Stock [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Number of shares sold in private placement | 329 | 1,233 | 273 | 520 | ||||||
Series D Two Preferred Stock [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Number of shares sold in private placement | 137 | 260 | ||||||||
Note Warrant [Member] | Venture Champion Asia Limited [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Number of common shares callable by warrants | 10,909 |