XML 45 R35.htm IDEA: XBRL DOCUMENT v3.5.0.2
Convertible Debentures (Details Textual) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Aug. 05, 2015
Apr. 10, 2014
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Mar. 31, 2016
Sep. 11, 2015
Convertible Debentures (Textual)                  
Interest rate on convertible debenture   8.00%              
Amount of discount on debentures   $ 532,944              
Conversion price   $ 0.25              
Legal fees             $ 20,763    
Interest expense on the convertible debentures       $ 79,914   $ 159,828      
Covertible debentures maturity value   $ 1,915,200              
Converion price, description         The Exchange Agreement and the 2015 SPA triggered anti-dilution adjustments to the warrants issued on the Existing Debentures based on a $0.25 per share conversion price (adjusted from the original stated conversion price of $0.43 per share), which reduces the exercise price to $0.25 per share and increases the number of shares issuable upon the exercise of the Existing Warrants from 4,818,605 to 8,288,000 shares.        
Debt default description         Upon any Event of Default (as defined in the 2014 Debentures), the outstanding principal amount of the 2014 Debentures, plus liquidated damages, interest, a premium of 30% and other amounts owing in respect thereof through the date of acceleration, shall become, at the debenture holders' election, immediately due and payable in cash. Commencing five days after the occurrence of any Event of Default, the interest rate on the 2014 Debentures shall accrue at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted under applicable law.        
Default penalty on convertible debentures                
Fair value of warrants                
Additional contractual interest         $ 146,509        
Share price     $ 1.00   $ 1.00        
Total amortization relating to the discount     $ 338,438 $ 101,208 $ 387,965 $ 202,416      
Successor [Member]                  
Convertible Debentures (Textual)                  
Conversion option liabilities     $ 394,460   $ 394,460        
Predecessor [Member]                  
Convertible Debentures (Textual)                  
Conversion option liabilities                
HCI [Member]                  
Convertible Debentures (Textual)                  
Common stock ratio shares         1        
Share price     $ 1.25   $ 1.25        
Minimum [Member]                  
Convertible Debentures (Textual)                  
Convertible debentures                 $ 1,247,310
Maximum [Member]                  
Convertible Debentures (Textual)                  
Convertible debentures                 $ 5,405,010
October 1, 2015 [Member]                  
Convertible Debentures (Textual)                  
Debt redemption amount               $ 998,925  
January 1, 2016 [Member]                  
Convertible Debentures (Textual)                  
Debt redemption amount               998,925  
April 1, 2016 [Member]                  
Convertible Debentures (Textual)                  
Debt redemption amount               $ 1,997,850  
Senior Convertible Debentures [Member]                  
Convertible Debentures (Textual)                  
Convertible debentures   $ 2,080,500              
Interest rate on convertible debenture   8.00%              
Maturity date   Apr. 01, 2016              
Proceeds from issuance of convertible debentures   $ 1,825,000              
Warrant to purchase company's common stock   8,322,000              
Amount of discount on debentures   $ 255,500              
Conversion price   $ 0.25              
Term of warrants   5 years              
Warrants exercise price   $ 0.275              
Percentage of conversion price   110.00%              
Fair value of conversion option liabilities   $ 413,606              
Converion price, description   The Company entered into a Securities Purchase Agreement (the "2014 SPA") with four investors, including Hillair pursuant to which the Company issued and sold (i) $2,080,500 in 8% Original Discount Senior Secured Convertible Debentures, for $1,825,000, with a conversion price of $0.25 per share, subject to adjustment, with a final maturity date of April 1, 2016 (the "2014 New Debentures" together with the 2014 Exchange Debentures, the "2014 Debentures"), and (ii) a five (5) year Common Stock purchase warrant to purchase up to 8,322,000 shares of the Company's common stock at an exercise price of $0.275 (110% of the conversion price), subject to adjustment with a fair value of $532,944 at issuance, which has been recorded as a discount to the 2014 New Debentures.              
Senior Convertible Debentures [Member] | HCI [Member]                  
Convertible Debentures (Textual)                  
Maturity date         Jun. 30, 2018        
Maximum principal amount         $ 2,500,000        
Common stock ratio shares         1        
Share price     $ 1.25   $ 1.25        
Senior Convertible Debentures [Member] | SGB [Member]                  
Convertible Debentures (Textual)                  
Subscription price sales         $ 2,000,000        
Percentage of OID secured convertible debenture     12.00%   12.00%        
Existing Debentures [Member]                  
Convertible Debentures (Textual)                  
Conversion price   $ 0.25              
Fair value of conversion option liabilities   $ 2,366              
Covertible debentures maturity value   $ 1,680,000              
Converion price, description   Under the terms of the Exchange Agreement, Existing Debentures with a stated maturity value of $1,680,000 were surrendered in exchange for (i) new Senior Convertible Debentures with a stated interest rate of eight percent (8%) per year, a stated maturity value of $1,915,200, a conversion price of $0.25 per share, subject to adjustment, with a final maturity date of April 1, 2016 (the "2014 Exchange Debentures"), and (ii) a five (5) year Common Stock purchase warrant to purchase up to 7,660,800 shares of the Company's common stock at an exercise price of $0.275 (110% of the conversion price), subject to adjustment (the "2014 Exchange Warrants").              
Fair value of warrants   $ 490,601              
Bridge Debenture [Member]                  
Convertible Debentures (Textual)                  
Maturity date Nov. 03, 2015                
Conversion price $ 0.10                
2015 New Debentures [Member]                  
Convertible Debentures (Textual)                  
Legal fees         $ 20,000   20,000    
2015 New Debentures [Member] | Successor [Member]                  
Convertible Debentures (Textual)                  
Amount of discount on debentures     $ 229,405   229,405        
2015 New Debentures [Member] | Predecessor [Member]                  
Convertible Debentures (Textual)                  
Amount of discount on debentures             $ 387,965    
2016 Debenture [Member] | Successor [Member]                  
Convertible Debentures (Textual)                  
Amount of discount on debentures     $ 939,611   $ 939,611        
Securities Purchase Agreement [Member] | Hillair Capital Investments Lp [Member]                  
Convertible Debentures (Textual)                  
Convertible debentures $ 162,000                
Financing amount $ 150,000                
Exchange Agreement [Member]                  
Convertible Debentures (Textual)                  
Interest rate on convertible debenture   8.00%              
Warrant to purchase company's common stock   7,660,800              
Conversion price   $ 0.25              
Term of warrants   5 years              
Warrants exercise price   $ 0.275              
Loss of transaction   $ 1,104,179              
Percentage of conversion price   110.00%              
Fair value of conversion option liabilities   $ 380,744