Document and Entity Information
Document and Entity Information - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | May. 16, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | iSign Solutions Inc. | ||
Entity Central Index Key | 727,634 | ||
Document Type | 10-Q | ||
Document Period End Date | Mar. 31, 2016 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | Q1 | ||
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 | 187,463 | ||
Entity Public Float | $ 1,866,260 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 313 | $ 846 |
Accounts receivable, net of allowance of $16 at March 31, 2016 and $22 at December 31, 2015, respectively | 61 | 94 |
Prepaid expenses and other current assets | 353 | 372 |
Total current assets | 727 | 1,312 |
Property and equipment, net | 33 | 44 |
Intangible assets, net | 510 | 591 |
Other assets | 29 | 29 |
Total assets | 1,299 | 1,976 |
Current liabilities: | ||
Accounts payable | 1,079 | 787 |
Short-term debt, net | 1,097 | 991 |
Accrued compensation | 269 | 263 |
Other accrued liabilities | 827 | 615 |
Deferred revenue | 419 | 384 |
Derivative liability | 305 | 330 |
Total current liabilities | 3,996 | 3,370 |
Deferred revenue long-term | 420 | 455 |
Other long-term liabilities | 21 | 21 |
Total liabilities | $ 4,437 | 3,846 |
Commitments and Contingencies | ||
Equity (deficit) | ||
Common stock | $ 2 | 2 |
Treasury stock | (325) | (325) |
Additional paid in capital | 94,522 | 95,312 |
Accumulated deficit | (128,448) | (127,116) |
Accumulated other comprehensive loss | (14) | (14) |
Total iSign stockholder's deficit | (2,602) | (1,334) |
Non-controlling interest | (536) | (536) |
Total deficit | (3,138) | (1,870) |
Total liabilities and deficit | 1,299 | 1,976 |
Series A-1 Preferred Stock [Member] | ||
Equity (deficit) | ||
Preferred stock by class of stock | 966 | 947 |
Series B Preferred Stock [Member] | ||
Equity (deficit) | ||
Preferred stock by class of stock | 11,990 | 11,653 |
Series C Preferred Stock [Member] | ||
Equity (deficit) | ||
Preferred stock by class of stock | 6,206 | 6,069 |
Series D-1 Preferred Stock [Member] | ||
Equity (deficit) | ||
Preferred stock by class of stock | 7,068 | 6,866 |
Series D-2 Preferred Stock [Member] | ||
Equity (deficit) | ||
Preferred stock by class of stock | $ 5,431 | $ 5,272 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Accounts receivable, allowance | $ 16 | $ 22 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenue: | ||
Product | $ 59 | $ 230 |
Maintenance | 217 | 216 |
Total revenues | 276 | 446 |
Cost of sales: | ||
Product | 37 | 111 |
Maintenance | 133 | 12 |
Research and development | 318 | 522 |
Sales and marketing expense | 202 | 298 |
General and administrative expense | 730 | 521 |
Total operating costs and expenses | 1,420 | 1,464 |
Loss from operations | (1,144) | (1,018) |
Other expense, net | 4 | (1) |
Interest expense: | ||
Related party | (51) | |
Other | (60) | |
Amortization of debt discount: | ||
Related Party | (22) | |
Other | (84) | |
Gain on derivative liability | 25 | 16 |
Net loss | (1,332) | (1,003) |
Accretion of beneficial conversion feature, preferred shares: | ||
Related party | (115) | (458) |
Other | (130) | (69) |
Preferred stock dividends: | ||
Related party | (420) | (354) |
Other | $ (434) | $ (376) |
Income tax expense | ||
Net loss attributable to common stockholders | $ (2,431) | $ (2,260) |
Basic and diluted loss per common share | $ (13) | $ (12.09) |
Weighted average common shares outstanding, basic and diluted | 187 | 187 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (1,332) | $ (1,003) |
Adjustments to reconcile net loss to net cash used for operating activities: | ||
Depreciation and amortization | 91 | 89 |
Stock-based employee compensation | 65 | 213 |
Amortization of debt discount | 106 | 0 |
Gain on derivative liability | (25) | (16) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 33 | (132) |
Prepaid expenses and other assets | 19 | (24) |
Accounts payable | 292 | 104 |
Accrued Compensation | 6 | (11) |
Other accrued liabilities | 212 | 28 |
Deferred revenue | 71 | |
Net cash used in operating activities | $ (533) | (681) |
Cash flows from investing activities: | ||
Acquisition of property and equipment | (5) | |
Net cash used in investing activities | (5) | |
Cash flows from financing activities: | ||
Proceeds from issuance of Series D preferred Stock, net of issuance costs of $33 | 1,200 | |
Net cash provided by financing activities | 1,200 | |
Net decrease in cash and cash equivalents | $ (533) | 514 |
Cash and cash equivalents at beginning of period | 846 | 775 |
Cash and cash equivalents at end of period | 313 | 1,289 |
Supplemental disclosure of cash flow information: | ||
Interest paid | $ 1 | $ 1 |
Income tax paid | ||
Non-cash financing and investing transactions: | ||
Dividends on preferred shares | $ 854 | $ 730 |
Accretion of beneficial conversion feature on issuance of convertible Preferred Stock | 498 | |
Accretion of beneficial conversion feature on issuance of Preferred Stock dividends | $ 245 | $ 29 |
Nature of business, basis of pr
Nature of business, basis of presentation and summary of significant accounting policies | 3 Months Ended |
Mar. 31, 2016 | |
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 On January 21, 2016, iSign Solutions Inc. (the "Company" or "iSign") filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation (the "Certificate of Amendment") with the Secretary of State of the State of Delaware to effect a 1-for-1,250 reverse split of the Company's outstanding shares of common stock. The reverse split became effective on January 22, 2016. The information with respect to common stock for the period ended March 31, 2015 has been retroactively restated to give effect to the 1-for-1,250 reverse split. iSign Solutions Inc. and its subsidiary is a leading supplier of digital transaction management (DTM) software enabling the paperless, secure and cost-effective management and authentication of document-based transactions. iSign's solutions encompass a wide array of functionality and services, including electronic signatures, simple-to-complex workflow management and various options for biometric authentication. 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. iSign's platform can be deployed both on premise and as a cloud-based ("SaaS") service, with the ability to easily transition between deployment models. The Company is headquartered in Redwood Shores, California. 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, 2015. 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 March 31, 2016 the Company's accumulated deficit was $128,448. The Company has primarily met its working capital needs through the sale of debt and equity securities. As of March 31, 2016, the Company's cash balance was $313. 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 On February 25, 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) 2016, Leases (Topic 842) intended to improve financial reporting about leasing transactions. which requires companies to report capital and operating leases with a term of 12 Months or longer on their balance sheets. Disclosure requirements of the leasing arrangement will include qualitative and quantitative information about the amounts recorded in the financial statements. Implementation of ASU 2016 is not expected to have a material impact on the Company's financial position, results of operations and cash flows. |
Concentrations
Concentrations | 3 Months Ended |
Mar. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | 2. Concentrations The following table summarizes accounts receivable and revenue concentrations: Accounts Receivable Total Revenue 2016 2015 2016 2015 Customer #1 - 35% 15% 27% Customer #2 33% 28% - 15% Customer #3 63% - - - Customer #4 - - 13% - Customer #5 - - 13% - Total concentration 96% 63% 41% 42% |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Patents | 3. Intangible Assets, Net 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 technology as of December 31, 2015. Based on that analysis, the Company concluded that no impairment of the carrying value of the intangible assets existed. The Company believes that no events or circumstances changed during the three months ended March 31, 2016 that would impact this conclusion. Amortization of intangible asset costs was $81 for the three months ended March 31, 2016 and $87 for the three months ended March 31, 2015, respectively. The following table summarizes the intangible assets balance: March 31, 2016 December 31, 2015 Carrying Accumulated Net Carrying Accumulative Net Technology $6,745 $(6,235) $510 $6,745 $(6,154) $591 |
Net loss per share
Net loss per share | 3 Months Ended |
Mar. 31, 2016 | |
Net loss per share [Abstract] | |
Net loss per share | 4. 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 net 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 diluted earnings per share as the inclusion of shares from the assumed exercise of such options and warrants and the conversion of such preferred shares would be anti-dilutive: For the Three Months Ended March 31, 2016 March 31, 2015 Stock options 75 86 Warrants 206 184 Preferred shares as if converted Series A-1 Preferred Stock 50 46 Series B Preferred Stock 1,069 968 Series C Preferred Stock 579 525 Series D-1 Preferred Stock 1,144 992 Series D-2 Preferred Stock 763 691 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Short-term notes payable [Abstract] | |
Debt | 5. Debt Short-term notes payable: In fourth quarter of 2015, the Company entered into unsecured convertible promissory note purchase agreements with investors and affiliates of the Company aggregating $1,268 in cash. The principal amount of the unsecured convertible promissory notes issued in connection with the Company's unsecured debt financing in November and December 2015 bear interest at a rate of 24% per year, are due on August 25, 2016 and are convertible into shares of our Common Stock at the holder's option (i) prior to maturity, in the event the Company consummates an SEC registered public offering of shares of common stock, at a conversion price that is 30% less than the price to the public of the Common Stock in the public offering, or (ii) up to 60 days after maturity, at a conversion price based upon a Company pre-money valuation of $5,000,000, as determined by taking into account the outstanding shares of Common Stock and Preferred Stock, on an as-converted basis, on the maturity date of the note; provided, that following such conversion after the maturity date, each holder that converted such note will also receive cash payments, payable from 1.5% for each $100,000 of notes converted of the revenue received by the Company from its European customer to be paid quarterly on a pro rata basis, with any and all other holders who converted their notes; provided, further, however, that the total amount of cash payments that the holder will be entitled to receive will not exceed three times the aggregate principal amount of each holder's note. The conversion option included within the unsecured convertible promissory notes was deemed to be an embedded derivative, which required the Company to bifurcate and separately account for the embedded derivative as a separate liability on the consolidated balance sheets at the estimated fair value upon issuance. The Company estimated the fair value of the derivative liability to be $330 upon issuance of the notes. The amount of short-term debt recorded on the balance sheets is net of the amount of the derivative liability. The Company recorded $106 and $0 in debt discount amortization expense associated with the notes for the three months ended March 31, 2016 and 2015, respectively. |
Derivative Liability
Derivative Liability | 3 Months Ended |
Mar. 31, 2016 | |
Derivative liability [Abstract] | |
Derivative Liability | 6. Derivative Liability The Company has determined that a contract that would otherwise meet the definition of a derivative but is both (a) indexed to the Company's own stock and (b) classified in stockholders' deficit in the statement of financial position would not be considered a derivative financial instrument. The Company applies a two-step model in determining whether a financial instrument or an embedded feature is indexed to an issuer's own stock and thus able to qualify for the scope exception. In November and December 2015, the Company entered into unsecured convertible promissory note purchase agreements with investors and affiliates of the Company. The accounting for the unsecured convertible notes, which are convertible into shares of our common stock, requires us to bifurcate the conversion feature and account for it as a derivative liability at the estimated fair value upon issuance. The Company used a Monte Carlo simulation to value the conversion feature with the following assumptions: As of March 31, 2016 Common Stock price $ 2.81 Convertible debt principal amount $ 1,268,000 Term (years) 0.08 to 0.40 Expected volatility 111% Convertible debt interest rate 24% Trials (each trial equals 150,000 iterations) 10 Discount to IPO/next round 30% The fair value framework requires a categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets and liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: Level 1: Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2: Applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3: Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. There were no financial assets or liabilities measured at fair value, with the exception of cash and cash equivalents (level 1) and the above mentioned derivative liability (level 3) as of March 31, 2016 and December 31, 2015, respectively. The fair value of the conversion feature (on the unsecured convertible promissory notes) derivative liability at March 31, 2016 and December 31, 2015 was $305 and $330, respectively. Changes in the fair value of the level 3 derivative liability for the three month period ended March 31, 2016 are as follows: Derivative Liability Balance at January 1, 2016 $ 330 Gain on derivative liability (25) Balance at March 31, 2016 $ 305 |
Equity
Equity | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 7. Equity (Deficit) 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 March 31, 2016 and 2015 was approximately 11.89% and 7.57%, 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 over the vesting period of the options. The fair value calculations are based on the following assumptions: Three Months Ended Three Months Ended Risk free interest rate 0.04% - 3.19% 0.04% - 3.73% Expected term (years) 2.82 - 7.00 3.26 - 7.00 Expected volatility 112.75% - 198.90% 91.99% - 198.38% Expected dividends None None There were no stock options granted, and no stock options exercised during the three months ended March 31, 2016. The Company granted 29 stock options during the three months ended March 31, 2015 at a weighted average exercise price of $28.13 per share. No stock options were exercised during the three month period ended March 31, 2015. The following table summarizes the allocation of stock-based compensation expense for the three months ended March 31: 2016 2015 Research and development $19 $65 Sales and marketing 14 52 General and administrative 24 80 Director 8 16 Total stock-based compensation $65 $213 A summary of option activity under the Company's plans for the three months ended March 31, 2016 and 2015 is as follows: Options 2016 2015 Shares Weighted Weighted Aggregate Shares Weighted Weighted Aggregate Outstanding 82 $45.35 57 $56.20 Granted - $- 28 $28.20 Forfeited or (7) $40.51 - $- Outstanding 75 $45.84 3.86 85 $46.90 4.87 Vested and 72 $46.42 3.80 $- 83 $47.40 4.82 $- Exercisable 59 $52.16 3.21 47 $57.70 3.67 The following table summarizes significant ranges of outstanding and exercisable options as of March 31, 2016: Range of Exercise Prices Options Outstanding Options Exercisable Number Weighted Weighted Number Weighted $25.00 - $625.00 75 3.86 $ 45.84 59 $ 52.16 A summary of the status of the Company's non-vested shares as of March 31, 2016 is as follows: Non-vested Shares Shares Weighted Non-vested at January 1, 2016 25 $28.61 Forfeited (4) $28.80 Vested (5) $38.06 Non-vested at March 31, 2016 16 $26.47 As of March 31, 2016, there was $179 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 1.9 years. Preferred Stock Information with respect to the classes of Preferred Stock as of March 31, 2016 is as follows: Class of Annual Annual Liquidation Conversion Total Common Series A-1 8% Quarterly in $1.00 $0.01555 966 50 Series B 10% Quarterly in $1.50 $0.01037 13,861 1,069 Series C 10% Quarterly in $1.50 $0.00777 5,628 579 Series D-1 10% Quarterly in $1.00 $0.00579 8,278 1,144 Series D-2 10% Quarterly in $1.00 $0.00686 6,539 763 Total 35,272 3,605 Information with respect to dividends and Preferred Shares issued for the periods ended March 31 is as follows: Dividends Beneficial Preferred Shares Beneficial March 31, March 31, March 31, March 31, 2016 2015 2016 2015 2016 2015 2016 2015 Series A-1 $19 $17 $3 $- $- $- $- $- Series B 337 302 73 - - - - - Series C 137 123 39 13 - - - - Series D-1 202 145 78 16 - 1,200 - 498 Series D-2 159 143 52 - - - - - Total $854 $730 $245 $29 - $1,200 $- $498 Series D Preferred Stock 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. Investors received warrants to purchase 22 shares of Common Stock, immediately exercisable at $29 per share. In October 2015 the investors received additional warrants to purchase 18 shares of Common Stock immediately exercisable at $16 per share, and the exercise price of the March 2015 warrants was reduced to $16 per share consistent with the terms of the July 2015 financing. The warrants expire March 23, 2018. The Company ascribed a value of $422 to the warrants using the Black-Scholes-Merton pricing model. The warrants are exercisable in whole or in part. Warrants A summary of the warrant activity for the three months ended March 31 is as follows: 2016 2015 Warrants Weighted Warrants Weighted Outstanding at beginning of period 206 $28.70 171 $36.13 Issued - $- 22 $28.13 Expired/Canceled - $- (9) $- Outstanding at end of period 206 $28.70 184 34.63 Exercisable at end of period 206 $28.70 184 $34.63 A summary of the status of the warrants outstanding and exercisable as of March 31, 2016 is as follows: Number of Warrants Weighted Average Weighted Average 14 0.04 $2.56 105 0.40 $17.64 33 0.12 $4.42 54 0.54 $4.09 206 1.11 $28.70 |
Nature of business, basis of 13
Nature of business, basis of presentation and summary of significant accounting policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
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, 2015. 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 | 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 March 31, 2016 the Company's accumulated deficit was $128,448. The Company has primarily met its working capital needs through the sale of debt and equity securities. As of March 31, 2016, the Company's cash balance was $313. 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 Changes and Recent Accounting Pronouncements On February 25, 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) 2016, Leases (Topic 842) intended to improve financial reporting about leasing transactions. which requires companies to report capital and operating leases with a term of 12 Months or longer on their balance sheets. Disclosure requirements of the leasing arrangement will include qualitative and quantitative information about the amounts recorded in the financial statements. Implementation of ASU 2016 is not expected to have a material impact on the Company's financial position, results of operations and cash flows. |
Intangible Assets, Net | 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 net income per share, which is based on the weighted average number of shares and potential dilutive shares outstanding. |
Derivatives policy | The Company has determined that a contract that would otherwise meet the definition of a derivative but is both (a) indexed to the Company's own stock and (b) classified in stockholders' deficit in the statement of financial position would not be considered a derivative financial instrument. The Company applies a two-step model in determining whether a financial instrument or an embedded feature is indexed to an issuer's own stock and thus able to qualify for the scope exception. The accounting for the unsecured convertible notes, which are convertible into shares of our common stock, requires us to bifurcate the conversion feature and account for it as a derivative liability at the estimated fair value upon issuance. |
Fair value measurement | The fair value framework requires a categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets and liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: Level 1: Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2: Applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3: Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. |
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. The estimated average forfeiture rate for the three months ended March 31, 2016 and 2015 was approximately 11.89% and 7.57%, 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 over the vesting period of the options. |
Concentration (Tables)
Concentration (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Schedule of accounts receivable and revenue concentration | The following table summarizes accounts receivable and revenue concentrations: Accounts Receivable Total Revenue 2016 2015 2016 2015 Customer #1 - 35% 15% 27% Customer #2 33% 28% - 15% Customer #3 63% - - - Customer #4 - - 13% - Customer #5 - - 13% - Total concentration 96% 63% 41% 42% |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | The following table summarizes the intangible assets balance: March 31, 2016 December 31, 2015 Carrying Accumulated Net Carrying Accumulative Net Technology $6,745 $(6,235) $510 $6,745 $(6,154) $591 |
Net loss per share (Tables)
Net loss per share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 diluted earnings per share as the inclusion of shares from the assumed exercise of such options and warrants and the conversion of such preferred shares would be anti-dilutive: For the Three Months Ended March 31, 2016 March 31, 2015 Stock options 75 86 Warrants 206 184 Preferred shares as if converted Series A-1 Preferred Stock 50 46 Series B Preferred Stock 1,069 968 Series C Preferred Stock 579 525 Series D-1 Preferred Stock 1,144 992 Series D-2 Preferred Stock 763 691 |
Derivative Liability (Tables)
Derivative Liability (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative liability [Abstract] | |
Fair value assumptions used in valuation techniques | The Company used a Monte Carlo simulation to value the conversion feature with the following assumptions: As of March 31, 2016 Common Stock price $ 2.81 Convertible debt principal amount $ 1,268,000 Term (years) 0.08 to 0.40 Expected volatility 111% Convertible debt interest rate 24% Trials (each trial equals 150,000 iterations) 10 Discount to IPO/next round 30% |
Changes in the market value of the Level 3 derivative liability | Changes in the fair value of the level 3 derivative liability for the three month period ended March 31, 2016 are as follows: Derivative Liability Balance at January 1, 2016 $ 330 Gain on derivative liability (25) Balance at March 31, 2016 $ 305 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity [Abstract] | |
Key assumptions for fair value calculation, stock options | The fair value calculations are based on the following assumptions: Three Months Ended Three Months Ended Risk free interest rate 0.04% - 3.19% 0.04% - 3.73% Expected term (years) 2.82 - 7.00 3.26 - 7.00 Expected volatility 112.75% - 198.90% 91.99% - 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 for the three months ended March 31: 2016 2015 Research and development $19 $65 Sales and marketing 14 52 General and administrative 24 80 Director 8 16 Total stock-based compensation $65 $213 |
Summary of option activity | A summary of option activity under the Company's plans for the three months ended March 31, 2016 and 2015 is as follows: Options 2016 2015 Shares Weighted Weighted Aggregate Shares Weighted Weighted Aggregate Outstanding 82 $45.35 57 $56.20 Granted - $- 28 $28.20 Forfeited or (7) $40.51 - $- Outstanding 75 $45.84 3.86 85 $46.90 4.87 Vested and 72 $46.42 3.80 $- 83 $47.40 4.82 $- Exercisable 59 $52.16 3.21 47 $57.70 3.67 |
Summary of the significant ranges of outstanding and exercisable options | The following table summarizes significant ranges of outstanding and exercisable options as of March 31, 2016: Range of Exercise Prices Options Outstanding Options Exercisable Number Weighted Weighted Number Weighted $25.00 - $625.00 75 3.86 $ 45.84 59 $ 52.16 |
Summary of the status of the Company's non-vested shares | A summary of the status of the Company's non-vested shares as of March 31, 2016 is as follows: Non-vested Shares Shares Weighted Non-vested at January 1, 2016 25 $28.61 Forfeited (4) $28.80 Vested (5) $38.06 Non-vested at March 31, 2016 16 $26.47 |
Information with respect to the classes of Preferred Stock | Information with respect to the classes of Preferred Stock as of March 31, 2016 is as follows: Class of Annual Annual Liquidation Conversion Total Common Series A-1 8% Quarterly in $1.00 $0.01555 966 50 Series B 10% Quarterly in $1.50 $0.01037 13,861 1,069 Series C 10% Quarterly in $1.50 $0.00777 5,628 579 Series D-1 10% Quarterly in $1.00 $0.00579 8,278 1,144 Series D-2 10% Quarterly in $1.00 $0.00686 6,539 763 Total 35,272 3,605 |
Information with respect to dividends issued on the Company's preferred stock | Information with respect to dividends and Preferred Shares issued for the periods ended March 31 is as follows: Dividends Beneficial Preferred Shares Beneficial March 31, March 31, March 31, March 31, 2016 2015 2016 2015 2016 2015 2016 2015 Series A-1 $19 $17 $3 $- $- $- $- $- Series B 337 302 73 - - - - - Series C 137 123 39 13 - - - - Series D-1 202 145 78 16 - 1,200 - 498 Series D-2 159 143 52 - - - - - Total $854 $730 $245 $29 - $1,200 $- $498 |
Summary of the warrants issued | Warrants A summary of the warrant activity for the three months ended March 31 is as follows: 2016 2015 Warrants Weighted Warrants Weighted Outstanding at beginning of period 206 $28.70 171 $36.13 Issued - $- 22 $28.13 Expired/Canceled - $- (9) $- Outstanding at end of period 206 $28.70 184 34.63 Exercisable at end of period 206 $28.70 184 $34.63 |
Status of the warrants outstanding | A summary of the status of the warrants outstanding and exercisable as of March 31, 2016 is as follows: Number of Warrants Weighted Average Weighted Average 14 0.04 $2.56 105 0.40 $17.64 33 0.12 $4.42 54 0.54 $4.09 206 1.11 $28.70 |
Nature of business, basis of 19
Nature of business, basis of presentation and summary of significant accounting policies (Details Textual) $ in Thousands | Jan. 22, 2016 | Jan. 31, 2016 | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Accumulated deficit | $ (128,448) | $ (127,116) | ||||
Cash and Cash Equivalents, at Carrying Value | $ 313 | $ 846 | $ 1,289 | $ 775 | ||
Reverse stock split, description | On January 21, 2016, iSign Solutions Inc (the Company or iSign) filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation (the Certificate of Amendment) with the Secretary of State of the State of Delaware to effect a 1-for-1,250 reverse split of the Company outstanding shares of common stock. The reverse split became effective at 9:01 a.m. on January 22, 2016. The information with respect to common stock for the years ended December 31, 2015 and 2014 have been retroactively restated to give effect to the 1-for-1,250 reverse split. | |||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 1,250 | 1 |
Concentrations (Details)
Concentrations (Details) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 96.00% | 63.00% |
Accounts Receivable [Member] | Customer One [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 35.00% | |
Accounts Receivable [Member] | Customer Two[Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 33.00% | 28.00% |
Accounts Receivable [Member] | Customer Three [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 63.00% | |
Sales Revenue, Services, Net [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 41.00% | 42.00% |
Sales Revenue, Services, Net [Member] | Customer One [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 15.00% | 27.00% |
Sales Revenue, Services, Net [Member] | Customer Two[Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 15.00% | |
Sales Revenue, Services, Net [Member] | Customer Four [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 13.00% | |
Sales Revenue, Services, Net [Member] | Customer Five [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 13.00% |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Amortizable intangible assets | ||
Finite-Lived Intangible Assets, Net | $ 510 | $ 591 |
Technology [Member] | ||
Amortizable intangible assets | ||
Finite-lived intangible assets, gross | 6,745 | 6,745 |
Finite-Lived intangible assets, accumulated amortization | (6,235) | (6,154) |
Finite-Lived Intangible Assets, Net | $ 510 | $ 591 |
Intangible Assets (Details Text
Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Patent amortization expense | $ 81 | $ 87 |
Patents impairment | $ 0 | $ 0 |
Net loss per share (Details)
Net loss per share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
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 | 50 | 46 |
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 | 1,069 | 968 |
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 | 579 | 525 |
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 | 1,144 | 992 |
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 | 763 | 691 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, shares | 75 | 86 |
Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, shares | 206 | 184 |
Debt (Details Texual)
Debt (Details Texual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)$ / shares | Mar. 31, 2015USD ($) | |
Short-term Debt [Line Items] | |||
Fair value of the derivative liability | $ 330 | ||
Amortization of debt discount | $ 106 | $ 0 | |
Unsecured Convertible Promissory Notes [Member] | Investors and Affiliates [Member] | |||
Short-term Debt [Line Items] | |||
Proceeds from issuance of short-term debt | $ 1,268 | ||
Terms of debt conversion feature | convertible into shares of our Common Stock at the holders option (i) prior to maturity, in the event the Company consummates an SEC registered public offering of shares of common stock, at a conversion price that is 30% less than the price to the public of the Common Stock in the public offering, or (ii) up to 60 days after maturity, at a conversion price based upon a Company pre-money valuation of $5,000,000, as determined by taking into account the outstanding shares of Common Stock and Preferred Stock, on an as-converted basis, on the maturity date of the note; provided, that following such conversion after the maturity date, each holder that converted such note will also receive cash payments, payable from 1.5% for each $100,000 of notes converted of the revenue received by the Company from its European customer to be paid quarterly on a pro rata basis, with any and all other holders who converted their notes; provided, further, however, that the total amount of cash payments that the holder will be entitled to receive will not exceed three times the aggregate principal amount of each holders note | ||
Stated percentage of loans borrowed | 24.00% | ||
Promissory notes due date | Aug. 25, 2016 | ||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 30.00% | ||
Threshold trading days | $ / shares | 60 | ||
Company pre-money valuation amount | $ 5,000 | ||
Percentage of cash payments paid based on each $100,000 of notes converted from the revenue | 1.50% | ||
Incremental amount of notes converted into revenue received that serves as basis for calculation of cash payments | $ 100 |
Derivative Liability (Details)
Derivative Liability (Details) - Derivative Financial Instruments, Liabilities [Member] $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016USD ($)$ / shares | Dec. 31, 2016 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Common Stock price | $ / shares | $ 2.81 | |
Convertible debt principal amount | $ | $ 1,268 | |
Expected volatility | 111.00% | |
Convertible debt interest rate | 24.00% | |
Trials (each trial equals 150,000 itirations) | 10 | |
Discount to IPO/next Round | 30.00% | |
Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Term (years) | 13 days | |
Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Term (years) | 4 months 24 days |
Derivative Liability (Details P
Derivative Liability (Details Parenthetical) | Mar. 31, 2016 |
Derivative Financial Instruments, Liabilities [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Number of itirations in each Monte Carlo simulation trial | 150,000 |
Derivative Liability (Details 1
Derivative Liability (Details 1) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at end of period | $ 330 |
Derivative Financial Instruments, Liabilities [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at beginning of period | 330 |
Gain on derivative liability | (25) |
Balance at end of period | $ 305 |
Derivative Liability (Details T
Derivative Liability (Details Textual) $ in Thousands | Mar. 31, 2016USD ($) |
Derivative Liability, Fair Value, Net [Abstract] | |
Fair value of the derivative liability | $ 330 |
Equity (Details)
Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||
Risk-free interest rate, minimum | 0.04% | 0.04% |
Risk-free interest rate, maximum | 3.19% | 3.73% |
Expected volatility, minimum | 112.75% | 91.99% |
Expected volatility, maximum | 198.38% | 198.38% |
Expected dividend yield | $ 0 | $ 0 |
Minimum [Member] | ||
Fair value assumptions, stock options | ||
Expected life | 2 years 9 months 25 days | 3 years 3 months 4 days |
Maximum [Member] | ||
Fair value assumptions, stock options | ||
Expected life | 7 years | 7 years |
Equity (Details 1)
Equity (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 65 | $ 213 |
Research and Development Expense [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 19 | 65 |
Selling and Marketing Expense [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 14 | 52 |
General and Administrative Expense [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 24 | 80 |
Director Expense [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 8 | $ 16 |
Equity (Details 2)
Equity (Details 2) - USD ($) shares in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Summary of stock options outstanding | ||
Stock Options Outstanding, Beginning Balance | 82 | 57 |
Stock Options, Granted | 29 | |
Stock Options, Exercised | ||
Stock Options, Forfeited, or expired | (7) | |
Stock Options Outstanding, Ending Balance | 75 | 85 |
Stock Options, Vested and expected to vest at ending balance | 72 | 83 |
Options exercisable | 59 | 47 |
Weighted Average Exercise Price, Beginning Period | $ 45.35 | $ 56.20 |
Weighted Average Exercise Price, Granted | $ 28.20 | |
Weighted Average Exercise Price, Forfeited, or expired | $ 40.51 | |
Weighted Average Exercise Price, Ending Period | 45.84 | $ 46.90 |
Weighted Average Exercise Price, Vested and expected to vest at ending balance | 46.42 | 47.40 |
Weighted Average Exercise Price, Exercisable at ending balance | $ 52.16 | $ 57.70 |
Weighted Average Remaining Contractual Term, ending balance | 3 years 10 months 9 days | 4 years 10 months 13 days |
Weighted Average Remaining Contractual Term, vested and expected to vest at ending balance | 3 years 9 months 18 days | 4 years 9 months 26 days |
Weighted Average Remaining Contractual Term, excercisable at ending balance | 3 years 2 months 15 days | 3 years 8 months 1 day |
Aggregate Intrinsic Value, Beginning Balance | ||
Aggregate Intrinsic Value, Granted | ||
Aggregate Intrinsic Value, Exercised | ||
Aggregate Intrinsic Value, Forfeited or expired | ||
Aggregate Intrinsic Value, Ending Balance |
Equity (Details 3)
Equity (Details 3) shares in Thousands | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | |
Outstanding Options, Weighted Average Exercise Price | $ 28.13 |
Range One [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | 25 |
Exercise Price Range, Upper Range Limit | $ 625 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | |
Number of Outstanding Options | shares | 75 |
Outstanding Options, Weighted Average Remaining Contractual Term | 3 years 10 months 9 days |
Outstanding Options, Weighted Average Exercise Price | $ 45.84 |
Exercise Price Range, Number of Exercisable Options | shares | 59 |
Exercisable Options, Weighted Average Exercise Price | $ 52.16 |
Equity (Details 4)
Equity (Details 4) shares in Thousands | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Equity Instruments, Options, Nonvested Shares Roll-Forward | |
Non-vested shares, Beginning Balance | shares | 25 |
Non-vested shares, forfeited, or expired | shares | (4) |
Non-vested shares, vested | shares | (5) |
Stock Options Outstanding, Ending Balance | shares | 16 |
Weighted Average Grant Date Fair Value, Options Nonvested at beginning of period | $ / shares | $ 28.61 |
Weighted Average Grant Date Fair Value, Options nonvested, forfeited in period | $ / shares | 28.80 |
Weighted Average Grant Date Fair Value, Options nonvested, vested in period | $ / shares | 38.06 |
Weighted Average Grant Date Fair Value, Options nonvested at end of period | $ / shares | $ 26.47 |
Equity (Details 5)
Equity (Details 5) $ / shares in Units, shares in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($)$ / sharesshares | |
Total Preferred Shares Outstanding | 35,272 |
Common Shares to be Issued if Fully Converted | 3,605 |
Series A Preferred Stock [Member] | |
Annual Dividend | 8.00% |
Annual Dividend Payable, in Cash or In Kind | Quarterly in Arrears |
Liquidation preference | $ | $ 1 |
Conversion price | $ / shares | $ 0.01555 |
Total Preferred Shares Outstanding | 966 |
Common Shares to be Issued if Fully Converted | 50 |
Series B Preferred Stock [Member] | |
Annual Dividend | 10.00% |
Annual Dividend Payable, in Cash or In Kind | Quarterly in Arrears |
Liquidation preference | $ | $ 1.50 |
Conversion price | $ / shares | $ 0.01037 |
Total Preferred Shares Outstanding | 13,861 |
Common Shares to be Issued if Fully Converted | 1,069 |
Series C Preferred Stock [Member] | |
Annual Dividend | 10.00% |
Annual Dividend Payable, in Cash or In Kind | Quarterly in Arrears |
Liquidation preference | $ | $ 1.50 |
Conversion price | $ / shares | $ 0.00777 |
Total Preferred Shares Outstanding | 5,628 |
Common Shares to be Issued if Fully Converted | 579 |
Series D One Preferred Stock [Member] | |
Annual Dividend | 10.00% |
Annual Dividend Payable, in Cash or In Kind | Quarterly in Arrears |
Liquidation preference | $ | $ 1 |
Conversion price | $ / shares | $ 0.00579 |
Total Preferred Shares Outstanding | 8,278 |
Common Shares to be Issued if Fully Converted | 1,144 |
Series D Two Preferred Stock [Member] | |
Annual Dividend | 10.00% |
Annual Dividend Payable, in Cash or In Kind | Quarterly in Arrears |
Liquidation preference | $ | $ 1 |
Conversion price | $ / shares | $ 0.00686 |
Total Preferred Shares Outstanding | 6,539 |
Common Shares to be Issued if Fully Converted | 763 |
Equity (Details 6)
Equity (Details 6) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Dividends Net of Beneficial Conversion Feature | $ 854 | $ 730 |
Accretion of beneficial conversion feature related to dividends | $ 245 | 29 |
Preferred Shares | 1,200 | |
Beneficial Conversion Feature Related to Preferred Shares Issued | 498 | |
Series A Preferred Stock [Member] | ||
Dividends Net of Beneficial Conversion Feature | $ 19 | $ 17 |
Accretion of beneficial conversion feature related to dividends | $ 3 | |
Preferred Shares | ||
Beneficial Conversion Feature Related to Preferred Shares Issued | ||
Series B Preferred Stock [Member] | ||
Dividends Net of Beneficial Conversion Feature | $ 337 | $ 302 |
Accretion of beneficial conversion feature related to dividends | $ 73 | |
Preferred Shares | ||
Beneficial Conversion Feature Related to Preferred Shares Issued | ||
Series C Preferred Stock [Member] | ||
Dividends Net of Beneficial Conversion Feature | $ 137 | $ 123 |
Accretion of beneficial conversion feature related to dividends | $ 39 | $ 13 |
Preferred Shares | ||
Beneficial Conversion Feature Related to Preferred Shares Issued | ||
Series D One Preferred Stock [Member] | ||
Dividends Net of Beneficial Conversion Feature | $ 202 | $ 145 |
Accretion of beneficial conversion feature related to dividends | $ 78 | 16 |
Preferred Shares | 1,200 | |
Beneficial Conversion Feature Related to Preferred Shares Issued | 498 | |
Series D Two Preferred Stock [Member] | ||
Dividends Net of Beneficial Conversion Feature | $ 159 | $ 143 |
Accretion of beneficial conversion feature related to dividends | $ 52 | |
Preferred Shares | ||
Beneficial Conversion Feature Related to Preferred Shares Issued |
Equity (Details 7)
Equity (Details 7) shares in Thousands | 3 Months Ended | |
Mar. 31, 2016$ / sharesshares | Mar. 31, 2015$ / sharesshares | |
Class Of Warrant Or Right Number Of Warrants Or Rights Roll Forward | ||
Number of Warrants Outstanding at beginning of period | shares | 206 | 171 |
Number of warrants issued | shares | 22 | |
Number Of Warrants Or Rights Expired | shares | (9) | |
Number of Warrants Outstanding at end of period | shares | 206 | |
Number of Warrants Or Rights Exercisable at end of period | shares | 206 | 184 |
Excercise Price of Warrants Outstanding at beginning of period | $ / shares | $ 28.70 | $ 36.13 |
Exercise Price Of Warrants Issued | $ / shares | 28.13 | |
Exercise Price Of Warrants Expired | $ / shares | ||
Excercise Price of Warrants Outstanding at end of period | $ / shares | $ 28.70 | $ 34.63 |
Exercise Price Of WarrantsExercisable at end of period | $ / shares | 28.70 | 34.63 |
Equity (Details 8)
Equity (Details 8) - $ / shares shares in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Class of Warrant or Right [Line Items] | ||||
Number of Warrants Outstanding and Excercisable | 206 | 206 | 171 | |
Weighted Average Remaining Life Of Warrants Or Rights | 1 year 1 month 9 days | |||
Warrants Weighted Average Exercise Price | $ 28.70 | $ 28.70 | $ 34.63 | $ 36.13 |
Warrants Group One [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Warrants Outstanding and Excercisable | 14 | |||
Weighted Average Remaining Life Of Warrants Or Rights | 14 days | |||
Warrants Weighted Average Exercise Price | $ 2.56 | |||
Warrants Group Two [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Warrants Outstanding and Excercisable | 105 | |||
Weighted Average Remaining Life Of Warrants Or Rights | 4 months 24 days | |||
Warrants Weighted Average Exercise Price | $ 17.64 | |||
Warrants Group Three [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Warrants Outstanding and Excercisable | 33 | |||
Weighted Average Remaining Life Of Warrants Or Rights | 1 month 13 days | |||
Warrants Weighted Average Exercise Price | $ 4.42 | |||
Warrants Group Four [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of Warrants Outstanding and Excercisable | 54 | |||
Weighted Average Remaining Life Of Warrants Or Rights | 6 months 14 days | |||
Warrants Weighted Average Exercise Price | $ 4.09 |
Equity (Details Textual)
Equity (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Arrangements with Employees and Nonemployees [Abstract] | ||
Estimated average forfeiture rate | 11.89% | 7.57% |
Stock Options, Granted | 29 | |
Outstanding Options, Weighted Average Exercise Price | $ 28.13 | |
Stock Options, Exercised | ||
Total unrecognized compensation expense related to non-vested share-based compensation arrangements granted under the plans | $ 179 | |
Unrecognized compensation expense amortization period | 1 year 10 months 24 days |
Equity (Details Textual 1)
Equity (Details Textual 1) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | ||||
Oct. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Subsidiary, Sale of Stock [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 34.63 | $ 28.70 | $ 28.70 | $ 36.13 | |
Series D Preferred Stock [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Proceeds from sale of stock, net | $ 1,200 | ||||
Administrative fee | $ 33 | ||||
Fair Value Assumptions, Expected Term | 3 years | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 16 | $ 29 | |||
Warrants, expiration date | Mar. 31, 2018 | Mar. 31, 2018 | |||
Number of common shares callable by warrants | 22 | ||||
Warrants And Rights Issued Fair Value Initial | $ 422 | ||||
Series D Preferred Stock [Member] | Additional Warrants [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 16 | ||||
Warrants, expiration date | Mar. 31, 2018 | ||||
Number of common shares callable by warrants | 18 | ||||
Series D One Preferred Stock [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Number of shares sold in private placement | 1,233 |