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Loans from Directors
 3 Months Ended
Mar. 31, 2016
Debt Disclosure [Abstract]  
Loans from Directors

NOTE 7—Loans from Directors

 

In January 2016, the Company borrowed a total of $300 ($200 from one director and $100 from another director) under promissory notes which were to mature three days following the receipt of proceeds from the closing of the DSIT Transaction. In March 2016, the Company borrowed, on similar terms, an additional $75 from another director. Upon maturity, the Company was to pay to each director a single payment equal to 115% of the amounts borrowed under the promissory notes. Under the terms of each promissory note, at maturity, the lender could elect to convert the entire amount due under the promissory note into Common Stock of the Company at a conversion price equal to the closing price of the Company’s Common Stock on the trading day immediately preceding the maturity date of the loan. The lender of the most recent loan has agreed to lend the Company up to an additional $75 upon request by the Company under similar terms. All the above notes were repaid in full or converted to the Company’s common shares following the closing of the DSIT Transaction – see Note 12 - Subsequent Events.