XML 36 R23.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stockholders' Equity (Deficit) (Tables)
 6 Months Ended
Jun. 30, 2016
Equity [Abstract]  
Summary of Preferred Stock Allocated to Investors

The Purchase Agreement provides for the Company to issue and sell to the Investor shares of the Company’s preferred stock in the amounts set forth in the following table (numbers have been adjusted for the February 2016 reverse stock split):

 

Convertible

Preferred Stock

    Shares      Price Per Share      Total Investment  

Series AA-1

      8,427,004      $ 12.00       $ 101,124,048  

Series AA-2

      7,223,145      $ 6.00         43,338,870  
  

 

 

        

 

 

  
     15,650,149         $ 144,462,918  
  

 

 

        

 

 

  
Stock Options Valuation Assumptions

The Black-Scholes option valuation model was developed for estimating the fair value of traded options that have no vesting restrictions and are fully transferable. Because option valuation models require the use of subjective assumptions, changes in or variations from these assumptions can materially affect the fair value of the options.

 

     June 30,
2016		     June 30,
2015		  

Risk-free interest rate

      1.29 %      —     

Expected volatility of common stock

      80.87 %      —     

Dividend yield

      0 %      —     

Expected life of options

      8.2 years        —