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Subsequent Events | 6 Months Ended
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Jun. 30, 2015
Subsequent Events [Abstract] |
Subsequent Events | NOTE 15 – SUBSEQUENT EVENTS The Company has evaluated all events and transactions after June 30, 2015 through the date these financial statements were issued. The following material matters have occurred through August 14, 2015. Issuance of shares On June 16, 2015, the Company’s Board of Directors approved the issuance of shares to certain third-party vendors for certain investor relation and consulting services. On July 1, 2015, a total of 32,000 shares of Company Common Stock was issued to two consulting firms. Financing On July 10, 2015, the Company filed a Form S-3 with Securities and Exchange Commission (“SEC”), pursuant to which, the Company intends to offer and sell from time to time the common stock and debt securities as described in the prospectus (the “Prospectus”). The total offering price of the securities described in the Prospectus will not exceed a total of $160.0 million. The Form S-3 has been declared effective by SEC on July 21, 2015. After the approval by the Company’s Board of Directors on July 23, 2015, the Company entered into an agreement with an institutional investor to purchase $10.0 million of the Company’s common stock in a registered direct offering and a concurrent private placement of warrants to purchase common stock on July 24, 2015. Pursuant to the definitive purchase agreement with the investor, the Company sold 1,280,410 shares of its common stock at a per share price of $7.81 in a registered direct offering. Additionally, in a concurrent private placement, the Company issued to the investor warrants to purchase 0.5 share of common stock for each share of common stock purchased in the registered direct offering at an exercise price of $10.00 per share, for a total of 640,205 shares of common stock. The warrants will be exercisable six months from the date of issuance and will expire 36 months from the date of issuance. The net proceeds to the Company from the offering, after deducting placement agent fees and estimated offering expenses, were approximately $9.365 million, which was received on July 28, 2015. The registered direct offering and the concurrent private placement closed on July 28, 2015. Additionally, the Company’s Co-CEO Derek Dubner earned a $150 bonus as a result of this transaction. Certain litigation On or about July 22, 2015, IDI, Inc., Peter W.H. Tan, Derek Dubner, and Jacky Wang were named as defendants in a class action complaint alleging violations of the U.S. federal securities laws, captioned Garrett Heim v. IDI, Inc., et al., Case No. 9:15-CV-81019-BB, in the United States District Court for the Southern District of Florida. In the estimation of our management, this lawsuit does not represent a material risk to our financial condition at this time; however, due to the early stage of litigation and limited information available at this time, our management can offer no assurances as to the outcome of such litigation, including the possibility that any outcome could be more adverse to the company than currently anticipated. In addition, it is possible similar lawsuits may be filed in the future, about which we can also not offer any assurance.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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