XML 59 R41.htm IDEA: XBRL DOCUMENT v3.6.0.2
Liquidity and Financial Condition (Details) - USD ($)
Sep. 30, 2016
Jun. 30, 2016
Dec. 31, 2015
Sep. 30, 2015
Dec. 31, 2014
Dec. 31, 2013
Current assets:            
Cash and cash equivalents     $ 466,997   $ 884,188 $ 594,248
Short-term investment     30,003   39,399  
Accounts receivable, net     86,035   165,933  
Inventory     158,181   198,970  
Total current assets     741,216   1,296,207  
Equipment, net     7,229   10,957  
Security deposit     3,900   15,900  
Totals     757,549   1,349,083  
Current liabilities:            
Accounts payable and accrued expenses     41,163   279,066  
Accounts payable and accrued expenses - subject to compromise     120,325    
Accrued interest, related party - subject to compromise     43,301   36,833  
Accrued interest     173,147    
Related party accounts payable and accrued expenses- subject to compromise     370,151    
Related party notes payable - secured claim     73,500   73,500  
Convertible debentures, net of discounts     5,017,045   800,726  
Billings in excess of costs and estimated earnings on uncompleted contracts     28,024   3,500  
Deferred revenue     170,530   303,427  
Total current liabilities     6,037,186   2,276,204  
Debtor in possession financing     600,000    
Total liabilities     6,637,186   4,678,380  
Commitments and Contingencies        
Stockholders' equity (deficit):            
Accumulated deficit     (13,480,509)   (10,737,393)  
Total stockholders' equity (deficit)     (5,879,637)   (3,329,297) $ (2,088,549)
Totals     757,549   1,349,083  
Predecessor [Member]            
Current assets:            
Cash and cash equivalents   $ 955,803 466,997 $ 26,127 $ 884,188  
Short-term investment   30,011 30,003      
Accounts receivable, net   190,893 86,035      
Prepaid expenses   28,589      
Inventory   40,170 158,181      
Total current assets   289,663 741,216      
Equipment, net   5,600 7,229      
Security deposit   1,200 3,900      
Goodwill        
Intangible assets          
Totals   296,463 757,549      
Current liabilities:            
Accounts payable and accrued expenses   487,699 41,163      
Accounts payable and accrued expenses - subject to compromise   120,325 120,325      
Accrued interest, related party - subject to compromise   43,301 43,301      
Accrued interest   173,147 173,147      
Related party accounts payable and accrued expenses- subject to compromise   370,151 370,151      
Related party notes payable - secured claim   73,500 73,500      
Convertible debentures, net of discounts   5,405,010 5,017,045      
Billings in excess of costs and estimated earnings on uncompleted contracts   42,674 28,024      
Deferred revenue   83,415 170,530      
Convertible option liabilities          
Total current liabilities   6,799,222 6,037,186      
Debtor in possession financing   600,000 600,000      
Convertible debentures, net of discounts          
Total liabilities   7,399,222 6,637,186      
Commitments and Contingencies        
Stockholders' equity (deficit):            
Successor Preferred stock, $1.00 par value, 5,405,000 shares authorized; 5,405,010 issued and outstanding at June 30, 2016          
Predecessor Preferred stock, $0.01 par value, 5,000,000 shares authorized; 0 issued and outstanding at December 31, 2015          
Successor Common stock, $0.01 par value, 300,000,000 shares authorized; 491,357 issued and outstanding at June 30, 2016          
Predecessor Common stock, $0.01 par value, 300,000,000 shares authorized; 42,918,927 issued and outstanding at December 31, 2015   429,189        
Successor additional paid-in capital          
Predecessor additional paid-in capital   7,290,829        
Accumulated deficit   (14,822,777) (13,480,509)      
Total stockholders' equity (deficit)   (5,879,637)      
Totals   296,463 $ 757,549      
Reorganization Adjustments [Member]            
Current assets:            
Cash and cash equivalents   955,803        
Short-term investment          
Accounts receivable, net          
Prepaid expenses          
Inventory          
Total current assets   955,803        
Equipment, net          
Security deposit          
Goodwill          
Intangible assets          
Totals   955,803        
Current liabilities:            
Accounts payable and accrued expenses [1]   (212,219)        
Accounts payable and accrued expenses - subject to compromise [1]   (86,612)        
Accrued interest, related party - subject to compromise [1]   (16,801)        
Accrued interest [1]   (173,147)        
Related party accounts payable and accrued expenses- subject to compromise [1]   (163,522)        
Related party notes payable - secured claim          
Convertible debentures, net of discounts [2]   (5,405,010)        
Billings in excess of costs and estimated earnings on uncompleted contracts          
Deferred revenue          
Convertible option liabilities [3]   394,460        
Total current liabilities   (5,662,851)        
Debtor in possession financing [3]   (600,000)        
Convertible debentures, net of discounts [3]   1,605,540        
Total liabilities   (4,657,311)        
Commitments and Contingencies          
Stockholders' equity (deficit):            
Successor Preferred stock, $1.00 par value, 5,405,000 shares authorized; 5,405,010 issued and outstanding at June 30, 2016 [2]   5,405,010        
Predecessor Preferred stock, $0.01 par value, 5,000,000 shares authorized; 0 issued and outstanding at December 31, 2015          
Successor Common stock, $0.01 par value, 300,000,000 shares authorized; 491,357 issued and outstanding at June 30, 2016 [4]   4,913        
Predecessor Common stock, $0.01 par value, 300,000,000 shares authorized; 42,918,927 issued and outstanding at December 31, 2015 [4]   (429,189)        
Successor additional paid-in capital [5]   (45,151)        
Predecessor additional paid-in capital          
Accumulated deficit   677,531        
Total stockholders' equity (deficit)   5,613,114        
Totals   955,803        
Fresh-Start Adjustments [Member]            
Current assets:            
Cash and cash equivalents          
Short-term investment          
Accounts receivable, net          
Prepaid expenses          
Inventory          
Total current assets          
Equipment, net          
Security deposit          
Goodwill [6]   4,162,173        
Intangible assets [6]   3,879,000        
Totals   8,041,173        
Current liabilities:            
Accounts payable and accrued expenses          
Accounts payable and accrued expenses - subject to compromise          
Accrued interest, related party - subject to compromise          
Accrued interest          
Related party accounts payable and accrued expenses- subject to compromise          
Related party notes payable - secured claim          
Convertible debentures, net of discounts          
Billings in excess of costs and estimated earnings on uncompleted contracts          
Deferred revenue          
Convertible option liabilities          
Total current liabilities          
Debtor in possession financing          
Convertible debentures, net of discounts          
Total liabilities          
Commitments and Contingencies          
Stockholders' equity (deficit):            
Successor Preferred stock, $1.00 par value, 5,405,000 shares authorized; 5,405,010 issued and outstanding at June 30, 2016          
Predecessor Preferred stock, $0.01 par value, 5,000,000 shares authorized; 0 issued and outstanding at December 31, 2015          
Successor Common stock, $0.01 par value, 300,000,000 shares authorized; 491,357 issued and outstanding at June 30, 2016          
Predecessor Common stock, $0.01 par value, 300,000,000 shares authorized; 42,918,927 issued and outstanding at December 31, 2015          
Successor additional paid-in capital [6]   1,186,756        
Predecessor additional paid-in capital [6]   (7,290,829)        
Accumulated deficit [6]   14,145,246        
Total stockholders' equity (deficit)   8,041,173        
Totals   8,041,173        
Successor [Member]            
Current assets:            
Cash and cash equivalents $ 346,417 955,803        
Short-term investment 30,014 30,011        
Accounts receivable, net 279,767 190,893        
Prepaid expenses 33,589 28,589        
Inventory 138,427 40,170        
Total current assets 853,967 1,245,466        
Equipment, net 4,926 5,600        
Security deposit 1,200 1,200        
Goodwill 4,162,173 4,162,173        
Intangible assets   3,879,000        
Totals 8,755,391 9,293,439        
Current liabilities:            
Accounts payable and accrued expenses 199,077 275,480        
Accounts payable and accrued expenses - subject to compromise 12,516 33,713        
Accrued interest, related party - subject to compromise 26,500        
Accrued interest        
Related party accounts payable and accrued expenses- subject to compromise 92,840 206,629        
Related party notes payable - secured claim 25,000 73,500        
Convertible debentures, net of discounts        
Billings in excess of costs and estimated earnings on uncompleted contracts 111,353 42,764        
Deferred revenue 167,002 83,415        
Convertible option liabilities   394,460        
Total current liabilities 1,029,721 1,136,371        
Debtor in possession financing        
Convertible debentures, net of discounts   1,605,540        
Total liabilities 2,747,069 2,741,911        
Commitments and Contingencies        
Stockholders' equity (deficit):            
Successor Preferred stock, $1.00 par value, 5,405,000 shares authorized; 5,405,010 issued and outstanding at June 30, 2016   5,405,010        
Predecessor Preferred stock, $0.01 par value, 5,000,000 shares authorized; 0 issued and outstanding at December 31, 2015          
Successor Common stock, $0.01 par value, 300,000,000 shares authorized; 491,357 issued and outstanding at June 30, 2016   4,913        
Predecessor Common stock, $0.01 par value, 300,000,000 shares authorized; 42,918,927 issued and outstanding at December 31, 2015          
Successor additional paid-in capital   1,141,605        
Predecessor additional paid-in capital          
Accumulated deficit (543,206)        
Total stockholders' equity (deficit) 6,008,322        
Totals $ 8,755,391 $ 9,293,439        
[1] Reflects the settlement of accounts payable and accrued expenses upon Emergence, as well as payments made on the Effective Date.
[2] Reflects the conversion of Convertible Debentures to Preferred Stock.
[3] Reflects the Convertible Debentures.
[4] Reflects the cancellation of predecessor common stock and the issuance of successor common stock.
[5] Reorganization adjustment.
[6] Reflects the recognition of goodwill, intangible assets and the cumulative impact of fresh-start adjustments.