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Liquidity | 12 Months Ended
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Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Liquidity | 2. LIQUIDITY At December 31, 2017, the Company had working capital of $3.9 million, which along with the anticipated funding from the financing agreements described below is expected to provide it with the necessary liquidity through March 31, 2019. At December 31, 2016, the Company had a working capital deficit of $4.2 million. The increase in working capital of $8.1 million for 2017 was primarily due to the following:
| ● | the completion of three equity offerings in January 2017, February 2017 and September 2017 for net proceeds of $8.9 million, $4.5 million and $2.0 million respectively, as further described under “Recent Developments”;
| ● | the completion of the sale of the Company’s wholly-owned subsidiary HRI to Laramide on January 5, 2017. Upon completion, the Company received $2.2 million in cash, a $5.0 million promissory note, of which $1.5 million was paid in January 2018, 2,218,333 shares of Laramide’s common stock which had a fair value of $0.9 million at December 31, 2017 and 2,218,333 common stock purchase warrants which had a fair value of $0.5 million at December 31, 2017. Details regarding this transaction are discussed in Note 4 to the accompanying condensed consolidated financial statements; and
| ● | the repayment of the $5.5 million outstanding balance under the RCF Loan (discussed in Note 7 to the accompanying condensed consolidated financial statements.)
Also during 2017, the Company entered into the following financing agreements and anticipates funding from these sources to sustain operations through March 31, 2019:
| ● | Controlled Equity Offering Sales Agreement
|  | On April 14, 2017, the Company entered into the ATM Offering with Cantor acting as sales agent, pursuant to which the Company has registered the offer and sale from time to time of shares of its common stock having an aggregate offering price of up to $30.0 million of which approximately $28.8 million is available for future sales as of March 1, 2018. The Company is unable to sell shares of its common stock through the ATM Offering on dates that it places shares with Aspire Capital through its CSPA, as discussed below.
| ● | Common Stock Purchase Agreement
|  | On September 25, 2017, the Company entered into a CSPA with Aspire Capital to place up to $22.0 million in the aggregate of its common stock over a term of 30 months. Upon execution of the CSPA, the Company issued 880,000 shares of common stock to Aspire Capital as a commitment fee. The Company cannot sell in excess of 5,033,677 shares of common stock, the Exchange Cap, including the 880,000 commitment shares, unless (i) stockholder approval is obtained, or (ii) the average price paid for all shares issued under the CSPA (including the 880,000 commitment shares) is equal to or greater than $1.38. As of March 1, 2018, the Company has dollar capacity of $19.8 million of common stock available for future sales, limited to the current Exchange Cap of 2.6 million shares of common stock unless conditions (i) or (ii) above are met. See Note 10 to the accompanying consolidated financial statements for further details.
The Company believes that the ATM Offering and the CSPA, along with its existing working capital balance, will provide it with the necessary liquidity to fund operations through March 31, 2019. The Company will also continue 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 -URI http://asc.fasb.org/subtopic&trid=51888271 + Details
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