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Liquidity | 12 Months Ended
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Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Liquidity | 2. LIQUIDITY At December 31, 2016, the Company had a working capital deficit of $4.3 million as compared with a working capital deficit of $8.9 million as of December 31, 2015. The decrease in the working capital deficit of $4.6 million was primarily due to an increase in cash and cash equivalents of $2.4 million and an aggregate decrease in accounts payable and accrued liabilities of $2.0 million. The increase in cash and cash equivalents and the decrease in accounts payable and accrued liabilities are due to the Company’s fundraising efforts during 2016, which included the completion of registered direct offerings on April 4, 2016 and February 4, 2016 for net proceeds of $1.2 million and $0.8 million, respectively, $6.7 million in net proceeds from the sale of common stock to Aspire Capital under the terms of the CSPA and $5.8 million in net proceeds from the sale of common stock sold through the Company’s at-the-market sales program. Subsequent to December 31, 2016, the Company received $2.2 million upon the completion of the sale of its wholly-owned subsidiary Hydro Resources, Inc to Laramide on January 5, 2017 and received an aggregate $13.4 million upon completion of a public offering on January 19, 2017 and a registered direct offering on February 16, 2017. In addition, the Company repaid the remaining $5.5 million outstanding under the RCF Loan on February 9, 2017. As a result of the above, the Company’s cash balances were $10.4 million at February 28, 2017, which the Company expects will provide it the necessary liquidity through the first quarter of 2018. The Company also has $4.3 million available for future sales under the CPSA, but would need to obtain stockholder approval before issuing any additional shares to Aspire Capital. The Company continues to explore additional opportunities to raise capital, further monetize its non-core assets and identify ways to reduce its cash expenditures. While the Company has been successful in the past raising funds through equity and debt financings as well as through the sale of non-core assets, no assurance can be given that additional financing will be available to it in amounts sufficient to meet the Company’s needs or on terms acceptable to the Company. In the event that funds are not available, the Company may be required to materially change its business plans.

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- Definition The entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 40 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=64819266&loc=SL51888449-203568 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 40 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=64819266&loc=SL51888443-203568 + Details
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