2015 Q4 Form 10-Q Financial Statement

#000114420415064767 Filed on November 12, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $540.0K $970.4K $664.6K
YoY Change -36.47% 46.01% 96.15%
Cost Of Revenue $520.0K $644.2K $460.2K
YoY Change -28.77% 39.98% 142.19%
Gross Profit $30.00K $326.1K $204.4K
YoY Change -75.0% 59.59% 37.34%
Gross Profit Margin 5.56% 33.61% 30.75%
Selling, General & Admin $1.670M $1.590M $929.0K
YoY Change 32.54% 71.2% 19.27%
% of Gross Profit 5566.67% 487.66% 454.61%
Research & Development $1.400M $944.4K $484.5K
YoY Change 141.38% 94.92% 3.02%
% of Gross Profit 4666.67% 289.58% 237.1%
Depreciation & Amortization $230.0K $160.0K $60.00K
YoY Change 155.56% 166.67% -33.33%
% of Gross Profit 766.67% 49.06% 29.36%
Operating Expenses $3.220M $2.535M $1.414M
YoY Change 74.05% 79.33% 13.15%
Operating Profit -$3.190M -$2.297M -$1.269M
YoY Change 84.39% 81.03% 6.09%
Interest Expense -$290.0K $40.96K $66.33K
YoY Change -93.53% -38.26% -78.43%
% of Operating Profit
Other Income/Expense, Net -$10.00K -$128.0K -$2.032M
YoY Change -66.67% -93.7% 207.63%
Pretax Income -$3.510M -$2.425M -$3.301M
YoY Change -44.46% -26.55% 77.81%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.510M -$2.425M -$3.301M
YoY Change -44.46% -26.55% 77.81%
Net Earnings / Revenue -650.0% -249.9% -496.75%
Basic Earnings Per Share -$0.31
Diluted Earnings Per Share -$219.2K -$151.9K -$312.5K
COMMON SHARES
Basic Shares Outstanding 16.06M shares 10.56M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.90M $16.10M $600.0K
YoY Change 11800.0% 2583.33% -76.92%
Cash & Equivalents $11.88M $16.07M $564.3K
Short-Term Investments
Other Short-Term Assets $1.000M $1.600M $200.0K
YoY Change 66.67% 700.0% 100.0%
Inventory $3.300M $1.800M $1.100M
Prepaid Expenses
Receivables $300.0K $700.0K $100.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $16.53M $20.10M $2.000M
YoY Change 743.62% 905.0% -42.22%
LONG-TERM ASSETS
Property, Plant & Equipment $2.015M $800.0K $400.0K
YoY Change 383.36% 100.0% -22.98%
Goodwill
YoY Change
Intangibles $515.7K
YoY Change 21.77%
Long-Term Investments
YoY Change
Other Assets $100.0K $124.2K
YoY Change -19.5%
Total Long-Term Assets $3.032M $2.000M $1.900M
YoY Change 86.24% 5.26% 77.68%
TOTAL ASSETS
Total Short-Term Assets $16.53M $20.10M $2.000M
Total Long-Term Assets $3.032M $2.000M $1.900M
Total Assets $19.56M $22.10M $3.900M
YoY Change 445.28% 466.67% -13.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $907.4K $400.0K $1.700M
YoY Change -58.44% -76.47% -29.01%
Accrued Expenses $734.5K $700.0K $634.3K
YoY Change 5.07% 10.36% 3.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $100.0K
YoY Change -100.0% -100.0% -75.0%
Long-Term Debt Due $55.79K $100.0K $98.11K
YoY Change -56.56% 1.93% -1.96%
Total Short-Term Liabilities $1.802M $1.300M $2.875M
YoY Change -46.79% -54.78% -22.24%
LONG-TERM LIABILITIES
Long-Term Debt $1.228M $1.200M $1.100M
YoY Change 12.72% 9.09% 400.61%
Other Long-Term Liabilities $400.0K $300.0K $10.00M
YoY Change -97.06% -97.0% 16.28%
Total Long-Term Liabilities $1.668M $1.500M $11.10M
YoY Change -88.66% -86.49% 25.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.802M $1.300M $2.875M
Total Long-Term Liabilities $1.668M $1.500M $11.10M
Total Liabilities $3.470M $2.700M $13.90M
YoY Change -80.83% -80.58% 10.96%
SHAREHOLDERS EQUITY
Retained Earnings -$57.59M
YoY Change 30.41%
Common Stock $16.09K
YoY Change 42.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $16.09M $19.40M -$10.00M
YoY Change
Total Liabilities & Shareholders Equity $19.56M $22.10M $3.900M
YoY Change 445.28% 466.67% -13.92%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$3.510M -$2.425M -$3.301M
YoY Change -44.46% -26.55% 77.81%
Depreciation, Depletion And Amortization $230.0K $160.0K $60.00K
YoY Change 155.56% 166.67% -33.33%
Cash From Operating Activities -$2.800M -$3.580M -$1.370M
YoY Change 122.22% 161.31% -35.07%
INVESTING ACTIVITIES
Capital Expenditures -$1.360M -$420.0K -$290.0K
YoY Change 44.83% 190.0%
Acquisitions
YoY Change
Other Investing Activities $5.000M
YoY Change
Cash From Investing Activities -$1.360M $4.580M -$290.0K
YoY Change -1679.31% 190.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -40.00K 30.00K 260.0K
YoY Change -105.13% -88.46% -94.47%
NET CHANGE
Cash From Operating Activities -2.800M -3.580M -1.370M
Cash From Investing Activities -1.360M 4.580M -290.0K
Cash From Financing Activities -40.00K 30.00K 260.0K
Net Change In Cash -4.200M 1.030M -1.400M
YoY Change 775.0% -173.57% -156.22%
FREE CASH FLOW
Cash From Operating Activities -$2.800M -$3.580M -$1.370M
Capital Expenditures -$1.360M -$420.0K -$290.0K
Free Cash Flow -$1.440M -$3.160M -$1.080M
YoY Change 14.29% 192.59% -46.27%

Facts In Submission

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235912 USD
vuzi Reclassification Of Derivative Liability To Paidin Capital Upon Waiver Of Certain Antidilutive Provisions Of Warrants And Convertible Debt
ReclassificationOfDerivativeLiabilityToPaidinCapitalUponWaiverOfCertainAntidilutiveProvisionsOfWarrantsAndConvertibleDebt
11543354 USD
vuzi Reclassification Of Derivative Liability To Paidin Capital Upon Waiver Of Certain Antidilutive Provisions Of Warrants And Convertible Debt
ReclassificationOfDerivativeLiabilityToPaidinCapitalUponWaiverOfCertainAntidilutiveProvisionsOfWarrantsAndConvertibleDebt
0 USD
vuzi Increase Decrease In Vendors Prepayments
IncreaseDecreaseInVendorsPrepayments
1122184 USD
vuzi Increase Decrease In Vendors Prepayments
IncreaseDecreaseInVendorsPrepayments
0 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
139340 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
3000000 USD
vuzi Discount On Senior Convertible Debt Attributed To Embedded Conversion Price Adjustment Option
DiscountOnSeniorConvertibleDebtAttributedToEmbeddedConversionPriceAdjustmentOption
0 USD
vuzi Discount On Senior Convertible Debt Attributed To Embedded Conversion Price Adjustment Option
DiscountOnSeniorConvertibleDebtAttributedToEmbeddedConversionPriceAdjustmentOption
1938988 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
0 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
0 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
0 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
us-gaap Earnings Per Share Potentially Dilutive Securities
EarningsPerSharePotentiallyDilutiveSecurities
6,393,485
CY2014 us-gaap Earnings Per Share Potentially Dilutive Securities
EarningsPerSharePotentiallyDilutiveSecurities
7,012,767
CY2014Q4 us-gaap Inventory Raw Materials And Purchased Parts Net Of Reserves
InventoryRawMaterialsAndPurchasedPartsNetOfReserves
1251224 USD
CY2015Q3 us-gaap Inventory Raw Materials And Purchased Parts Net Of Reserves
InventoryRawMaterialsAndPurchasedPartsNetOfReserves
1653152 USD
CY2014Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
25974 USD
CY2015Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
2470 USD
CY2014Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
300889 USD
CY2015Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
472000 USD
CY2014Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
666138 USD
CY2015Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
365715 USD
CY2014Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
101445 USD
CY2015Q3 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
122708 USD
CY2014Q4 vuzi Accrued Compensation
AccruedCompensation
428786 USD
CY2015Q3 vuzi Accrued Compensation
AccruedCompensation
358719 USD
CY2014Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
45000 USD
CY2015Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
70500 USD
CY2014Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
39624 USD
CY2015Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
59876 USD
CY2015Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
0 USD
CY2015Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
24393 USD
CY2015Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1902500 USD
CY2015Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2026180 USD
CY2015Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
758636 USD
CY2014Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
11295387 shares
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8741 USD
CY2015Q3 us-gaap Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
103677 USD
CY2014Q4 us-gaap Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
75471 USD
vuzi Officers Compensation Payable Compounding Monthly Interest Rate
OfficersCompensationPayableCompoundingMonthlyInterestRate
0.08 pure
CY2015Q3 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
94006 USD
CY2014Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
62801 USD
CY2015Q3 us-gaap Interest Payable Current
InterestPayableCurrent
29340 USD
CY2014Q4 us-gaap Interest Payable Current
InterestPayableCurrent
26735 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
54840 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
75092 USD
CY2015Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
59876 USD
CY2015Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
45100 shares
CY2014Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
4730992 shares
vuzi Percentage Of Outstanding Warrants Issued By Parent
PercentageOfOutstandingWarrantsIssuedByParent
0.86 pure
CY2014Q4 us-gaap Convertible Debt
ConvertibleDebt
3000000 USD
CY2014Q2 vuzi Fair Value Of Debt Embedded Conversion Price Adjustment Option
FairValueOfDebtEmbeddedConversionPriceAdjustmentOption
1938988 USD
CY2015Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
99287 USD
CY2015Q3 us-gaap Long Term Debt
LongTermDebt
1267544 USD
CY2015Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2015Q3 us-gaap Preferred Stock Liquidation Preference
PreferredStockLiquidationPreference
1000
CY2015Q3 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
1121860 USD
vuzi Preferred Stock Shares Outstanding In Percent Liquidation Or Amendment Actions
PreferredStockSharesOutstandingInPercentLiquidationOrAmendmentActions
0.6 pure
CY2014Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
5236660 shares
vuzi Class Of Warrant Or Right Exercised In Period
ClassOfWarrantOrRightExercisedInPeriod
4721517 shares
vuzi Class Of Warrant Or Right Grants In Period
ClassOfWarrantOrRightGrantsInPeriod
60000 shares
CY2015Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
560329 shares
vuzi Class Of Warrant Or Right Expired In Period
ClassOfWarrantOrRightExpiredInPeriod
14814 shares
vuzi Class Of Warrant Or Right Outstanding Weighted Average Remaining Contractual Terms
ClassOfWarrantOrRightOutstandingWeightedAverageRemainingContractualTerms
P2Y6M
invest Investment Warrants Exercise Price
InvestmentWarrantsExercisePrice
2.39
CY2015Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
4168267 shares
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
397148 shares
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.09
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
525468 shares
vuzi Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageExercisePrice
3.83
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P9Y6M
CY2015Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
49626 shares
CY2015Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
49626 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2015Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2015Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
16059434 shares
CY2015Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
16059434 shares
CY2014Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
11295387 shares
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
427500 USD
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
600000 USD
vuzi Unamortized On Senior Convertible Debt Attributed To Embedded Conversion Price Adjustment Option
UnamortizedOnSeniorConvertibleDebtAttributedToEmbeddedConversionPriceAdjustmentOption
2855463 USD
vuzi Unamortized On Senior Convertible Debt Attributed To Embedded Conversion Price Adjustment Option
UnamortizedOnSeniorConvertibleDebtAttributedToEmbeddedConversionPriceAdjustmentOption
1927120 USD
CY2014Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
0 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
12621 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
0 USD
vuzi Unamortized Discount Upon Conversion Of Term Debt
UnamortizedDiscountUponConversionOfTermDebt
214536 USD
CY2014Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
39624 USD
us-gaap Basis Of Accounting
BasisOfAccounting
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 34.55pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in; BACKGROUND: transparent"> <b><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></font></b> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;BACKGROUND-COLOR: transparent; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in" align="left"><b>Note&#160;1&#160;&#151; Basis of Presentation</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;BACKGROUND-COLOR: transparent; MARGIN: 0pt 40.1pt 0pt 34.55pt; FONT: 10pt Times New Roman, Times, Serif"> <b>&#160;</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.5in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in" align="left">The accompanying unaudited Condensed Consolidated Financial Statements of Vuzix Corporation and Subsidiaries (&#8220;the Company") have been prepared in accordance with generally accepted accounting principles in the United States of America (&#8220;GAAP&#8221;) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission. Accordingly, the unaudited Condensed Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. The condensed consolidated balance sheet as of December 31, 2014 was derived from the audited Consolidated Financial Statements in Form 10-K.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.5in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in" align="left">The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements of the Company as of December 31, 2014, as reported in the Company&#8217;s Annual Report on Form 10-K filed with the Securities and Exchange Commission.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.5in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; TEXT-INDENT: 0.5in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in" align="left">The results of the Company&#8217;s operations for any interim period are not necessarily indicative of the results of the Company&#8217;s operations for any other interim period or for a full fiscal year.</div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2015Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
110788 USD
CY2015Q3 us-gaap Liabilities Fair Value Disclosure Recurring
LiabilitiesFairValueDisclosureRecurring
110788 USD
CY2014Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
2806942 USD
CY2014Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
10734196 USD
CY2014Q4 us-gaap Liabilities Fair Value Disclosure Recurring
LiabilitiesFairValueDisclosureRecurring
13541138 USD
CY2015Q3 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
335248 USD
us-gaap Description Of Lessor Leasing Arrangements Operating Leases
DescriptionOfLessorLeasingArrangementsOperatingLeases
The Company leases office and manufacturing space under operating leases that expire on September 30, 2015 through to March 31, 2016.
CY2014Q4 us-gaap Long Term Debt
LongTermDebt
1217421 USD
CY2015Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
12621 USD
CY2015Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
1833333 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y1M6D
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
325625 USD
us-gaap Conversion Of Stock Description
ConversionOfStockDescription
24% on as-converted to common stock basis with respect to shares of Series A Preferred Stock held by such stockholder
CY2015Q3 us-gaap Accounts Receivable Related Parties Current
AccountsReceivableRelatedPartiesCurrent
290625 USD
CY2015Q3 us-gaap Other Commitment
OtherCommitment
987000 USD
CY2015Q3 us-gaap Contractual Obligation
ContractualObligation
1676240 USD

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