Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 15, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | iSign Solutions Inc. | |
Entity Central Index Key | 727,634 | |
Amendment Flag | false | |
Trading Symbol | ISGN | |
Current Fiscal Year End Date | --12-31 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 5,761,980 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 116 | $ 285 |
Accounts receivable, net of allowance of $0 at March 31, 2018 and $1 at December 31, 2017, respectively | 31 | 45 |
Prepaid expenses and other current assets | 22 | 28 |
Total current assets | 169 | 358 |
Property and equipment, net | 11 | 13 |
Other assets | 17 | 17 |
Total assets | 197 | 388 |
Current liabilities: | ||
Accounts payable | 1,275 | 1,289 |
Short-term debt | 1,482 | 1,458 |
Accrued compensation | 147 | 201 |
Other accrued liabilities | 827 | 740 |
Deferred revenue | 350 | 310 |
Short-term capital lease | 4 | 4 |
Total current liabilities | 4,085 | 4,002 |
Deferred revenue long-term | 145 | 175 |
Long-term capital lease | 5 | 6 |
Other long-term liabilities | 7 | |
Total liabilities | 4,235 | 4,190 |
Commitments and contingencies | ||
Stockholders' equity (deficit): | ||
Common stock, $0.01 par value; 2,000,000 shares authorized; 5,760 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively | 58 | 58 |
Treasury shares, 5 at March 31, 2018 and December 31, 2017, respectively | (325) | (325) |
Additional paid in capital | 129,075 | 129,027 |
Accumulated deficit | (132,846) | (132,562) |
Total stockholders' deficit | (4,038) | (3,802) |
Total liabilities and stockholders' deficit | $ 197 | $ 388 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, net of allowance | $ 0 | $ 1 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 2,000,000 | 2,000,000 |
Common stock, shares issued | 5,760 | 5,760 |
Common stock, shares outstanding | 5,760 | 5,760 |
Treasury shares | 5 | 5 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue: | ||
Product | $ 40 | $ 48 |
Maintenance | 174 | 163 |
Total revenue | 214 | 211 |
Cost of sales: | ||
Product | 3 | 4 |
Maintenance | 7 | 45 |
Research and development | 229 | 284 |
Sales and marketing | 19 | 58 |
General and administrative | 176 | 389 |
Total operating costs and expenses | 434 | 780 |
Loss from operations | (220) | (569) |
Interest expense: | ||
Related party | (8) | (6) |
Other | (30) | (15) |
Amortization of debt discount: | ||
Related party | (7) | (7) |
Other | (17) | (17) |
Net loss | (282) | (614) |
Income tax expense | (2) | |
Net loss | $ (284) | $ (614) |
Basic and diluted net loss per common share | $ (0.05) | $ (0.11) |
Weighted average common shares outstanding, basic and diluted | 5,762 | 5,762 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (284) | $ (614) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2 | 86 |
Stock-based compensation | 48 | 21 |
Amortization of debt discount | 24 | 24 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 14 | 119 |
Prepaid expenses and other assets | 6 | 5 |
Accounts payable | (14) | (16) |
Accrued compensation | (54) | (10) |
Other accrued and long-term liabilities | 79 | 96 |
Deferred revenue | 10 | 27 |
Net cash used in operating activities | (169) | (262) |
Cash flows from investing activities: | ||
Acquisition of property and equipment | (2) | |
Net cash used in investing activities | (2) | |
Cash flows from financing activities: | ||
Proceeds from issuance of short-term debt | 120 | |
Payment on short term debt | (120) | |
Net cash provided by financing activities | ||
Net decrease in cash and cash equivalents | (169) | (264) |
Cash and cash equivalents at beginning of period | 285 | 389 |
Cash and cash equivalents at end of period | 116 | 125 |
Supplementary disclosure of cash flow information | ||
Interest paid | 6 | |
Income taxes paid | $ 2 |
Nature of Business and Summary
Nature of Business and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Nature of Business and Summary of Significant Accounting Policies [Abstract] | |
Nature of Business and Summary of Significant Accounting Policies | 1. Nature of Business and Summary of Significant Accounting Policies Nature of Business iSign Solutions Inc. and its subsidiary is a leading supplier of digital transaction management (DTM) software enabling the paperless, secure and cost-effective management and authentication of document-based transactions. iSign’s solutions encompass a wide array of functionality and services, including electronic signatures, simple-to-complex workflow management and various options for biometric authentication. These solutions are available across virtually all enterprise, desktop and mobile environments as a seamlessly integrated platform for both ad-hoc and fully automated transactions. iSign’s platform can be deployed both on premise and as a cloud-based (“SaaS”) service, with the ability to easily transition between deployment models. The Company is headquartered in San Jose, California. The Company’s products include SignatureOne™ Ceremony™ Server, the iSign™ suite of products and services, including iSign™ Enterprise and iSign™ Console™, and Sign-it™ programs. Basis of Presentation The financial information contained herein should be read in conjunction with the Company’s consolidated audited financial statements and notes thereto included in its Annual Report on Form 10-K for the year ended December 31, 2017. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete consolidated financial statements. In the opinion of management, the unaudited condensed consolidated financial statements included in this quarterly report reflect all adjustments (consisting only of normal recurring adjustments) that the Company considers necessary for a fair presentation of its financial position at the dates presented and the Company’s results of operations and cash flows for the periods presented. The Company’s interim results are not necessarily indicative of the results to be expected for the entire year. Going Concern The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred significant cumulative losses since its inception and, at March 31, 2018 the Company’s accumulated deficit was $132,846. The Company has primarily met its working capital needs through the sale of debt and equity securities. As of March 31, 2018, the Company’s cash balance was $116. These factors raise substantial doubt about the Company’s ability to continue as a going concern. There can be no assurance that the Company will be successful in securing adequate capital resources to fund planned operations or that any additional funds will be available to the Company when needed, or if available, will be available on favorable terms or in amounts required by the Company. If the Company is unable to obtain adequate capital resources to fund operations, it may be required to delay, scale back or eliminate some or all of its operations, which may have a material adverse effect on the Company’s business, results of operations and ability to operate as a going concern. The unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Recently Adopted Accounting Pronouncements ASC Topic 606, “Revenue from Contracts with Customers On January 1, 2018, the Company adopted Accounting Standard Codification No. 606, Revenue from Contracts with Customers (“Topic 606”), using the modified retrospective method. There were no open contracts which were not completed as of January 1, 2018, except for maintenance and support contracts. Results for the reporting period beginning January 1, 2018 are presented under Topic 606, while prior period amounts are not restated, and continue to be reported in accordance with the Company’s historic accounting under ASC 605, Revenue Recognition (“Topic 605”). Under Topic 606, the Company will recognize a contract asset for satisfied performance obligations that do not provide the Company with an unconditional right to consideration, which was restricted under the previous standard. Revenue Recognition The Company’s principal sources of revenues are from the sale of software products, SOW (engineering services), annual software product, and software maintenance contracts. The Company also derives revenue from customers based on the numbers of signatures produced by the Company’s signature software solutions imbedded within the customer’s product. Revenue from contracts with customers is recognized using the following five steps: a) Identify the contract(s) with a customer; b) Identify the performance obligations (a good or service) in the contract; c) Determine the transaction price; for each performance obligation within the contract d) Allocate the transaction price to the performance obligations in the contract; and e) Recognize revenue when (or as) the Company satisfies a performance obligation. Contracts contain performance obligation(s) for the transfer goods or services to a customer. The performance obligations are a promise (or a group of promises) that are distinct. The transaction price is the amount of consideration a Company expects to receive from a customer in exchange for satisfying the performance obligations specified in the contract. Contracts may contain one or more performance obligations (a good or service). Performance obligations are accounted for separately if they are distinct. A good or service is distinct if the customer can benefit from the good or service either on its own or together with other resources readily available to the customer, and the good or service is distinct in the context of the contract. Otherwise performance obligations will be combined with other promised goods or services until the Company identifies a bundle of goods or services that is distinct. The transaction price is allocated to all separate performance obligations within the contract based on their relative standalone selling prices (“SSP”). The best evidence for SSP is the price the Company would charge for that good or service when sold separately in similar circumstances to similar customers. If goods or services are not always sold separately, the Company would use the best estimate of SSP in the allocation of transaction price. The transaction price reflects the amount of consideration to which the Company expects to be entitled in exchange for transferring goods or services, which may include an estimate of variable consideration to the extent that it is probable of not being subject to significant reversals in the future based on the Company’s experience with similar arrangements. The transaction price also reflects the impact of the time value of money if there is a significant financing component present in an arrangement. The transaction price excludes amounts collected on behalf of third parties, such as sales taxes. Revenue is recognized when the Company satisfies each performance obligation identified within the contract by transferring control of the promised goods or services to the customer. Goods or services can transfer at a point in time or over time depending on the nature of the arrangement. Deferred revenue represents the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration from the customer. Our payment terms do not vary by the type of products or services offered. The term between invoicing and when payment is due is not significant. During the three-month period ended March 30, 2018, the Company recognized $189 of revenue that was included in deferred revenue at the beginning of the period. Contract assets exist when the Company has satisfied a performance obligation but does not have an unconditional right to consideration (e.g., because the entity first must satisfy another performance obligation in the contract before it is entitled to invoice the customer). The Company transfers all of its goods and services electronically with the associated costs recorded in cost of sales in the Company’s Condensed Consolidated Statements of Operations. Software. Revenue from the sale of software products is recognized when the control is transferred. For most of the Company’s software product sales, the control is transferred at the time the product is electronically transferred because the customer has significant risks and rewards of ownership of the asset and the Company has a present right to payment at that time. Statement of Work (SOW). Revenue from SOW (engineering services) is recognized upon completion, transfer and satisfaction of the performance obligations identified with in the contract by the customer. Transactional revenue. For transactional type contracts, the Company’s performance obligations are met upon transfer of the software master to the customer. Revenue from transactional customers is recognized as the customer reports the number of units (signatures) rendered over the specified reporting period, generally three months. Recurring Product revenue. The company has revenue contracts that allow the customer to utilize the Company’s signature software on an annual basis. Maintenance and support costs are included in the annual price to the customer. The customer has the right to renew or cancel the contract on an annual basis. Recurring revenue is recognized on a straight line basis over the contract period, generally one year. Maintenance and support. Maintenance and support services are satisfied ratably over time as the customer simultaneously receives and consumes the benefits of the services. As a result, support and maintenance revenue is recognized on a straight line basis over the period of the contract. Arrangements with Multiple Performance Obligations. The Company has, from time to time, revenue arrangements that include multiple performance obligations. The Company allocates transaction price to all separate performance obligations based on their relative standalone selling prices (“SSP”). The Company’s best evidence for SSP is the price the Company would charge for that good or service when the Company sells it separately in similar circumstances to similar customers. If goods or services are not always sold separately, the Company uses the best estimate of SSP in the allocation of transaction price. The Company’s process for determining best estimate of SSP involves management’s judgment, and considers multiple factors including, but not limited to, major product groupings, gross margin objectives and pricing practices. Pricing practices may vary over time, depending upon the unique facts and circumstances related to each deliverable. If the facts and circumstances underlying the factors considered change or should future facts and circumstances lead the Company to consider additional factors, the Company’s best estimate of SSP may also change. Contract costs. The incremental costs of obtaining a contract are capitalized if the costs are expected to be recovered. Costs that are recognized as assets are amortized straight-line over the period as the related goods or services transfer to the customer. Costs incurred to fulfill a contract are capitalized if they are not covered by other relevant guidance, relate directly to a contract, will be used to satisfy future performance obligations, and are expected to be recovered. There was no adjustment to the opening balance of accumulated deficit as of January 1, 2018 from adopting Topic 606. Significant Judgments. The Company may exercise significant judgment when determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together. Practical Expedients and Exemptions. Under Topic 606, incremental costs of obtaining a contract, such as sales commissions, are capitalized if they are expected to be recovered. Expensing these costs as they are incurred is not permitted unless they qualify for the practical expedient. The Company elected the practical expedient to expense the costs to obtain a contract as incurred when the expected amortization period is one year or less. The Company elected the practical expedient under Topic 606 to not disclose the transaction price allocated to remaining performance obligations, since the majority of the Company’s arrangements have original expected durations of one year or less, or the invoicing corresponds to the value of the Company’s performance completed to date. The Company elected the practical expedient that allows the Company to not assess a contract for a significant financing component if the period between the customer’s payment and the transfer of the goods or services is one year or less. Accounting Changes and Recent Accounting Pronouncements Accounting Standards Update (“ASU”) No. 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments in ASU 2018-2 allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. Consequently, the amendments eliminate the stranded tax effects resulting from the Tax Cuts and Jobs Act and will improve the usefulness of information reported to financial statement users. The Board decided that the amendments in this Update should be effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Due to the Company’s net operating losses, implementation of ASU 2018-2 would not be expected to have a material impact on the Company’s financial position, results of operations and cash flows. Accounting Standards Update No. 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2018-03 retained the current framework for accounting for financial instruments in generally accepted accounting principles (GAAP) but makes targeted improvements to address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. For public business entities the amendments in this Update are effective for fiscal years beginning after December 15, 2017. The Company is currently evaluating the impact of ASU 2018-3 on the Company’s financial position, results of operations and cash flows. Accounting Standards Update No. 2018-05, Income Taxes (Topic 740), Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118. ASU 2018-05 covers income Tax accounting implications of the Tax Cuts and Jobs Act for instance, ASU 2018-05 introduces changes that impact U.S. corporate tax rates, business-related exclusions, and deductions and credits. The Act will also have international tax consequences for many companies that operate internationally. The Company is currently evaluating the impact of ASU 2018-05 on the Company’s financial position, results of operations and cash flows. Other Accounting Standards Updates issued in 2018 are not applicable to the Company, therefore implementation would not be expected to have a material impact on the Company’s financial position, results of operations and cash flows. |
Concentrations
Concentrations | 3 Months Ended |
Mar. 31, 2018 | |
Concentrations [Abstract] | |
Concentrations | 2. Concentrations The following table summarizes accounts receivable and revenue concentrations: Accounts Receivable Total Revenue 2018 2017 2018 2017 Customer #1 - - 14 % 15 % Customer #2 - 34 % - - Customer #3 76 % 47 % 11 % 10 % Customer #4 - - 16 % 17 % Customer #5 - - 20 % 12 % Customer #6 16 % 11 % - - Total concentration 92 % 92 % 61 % 54 % |
Intangible Assets, Net
Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2018 | |
Intangible Assets, Net [Abstract] | |
Intangible Assets, Net | 3. Intangible Assets, Net The Company performs an intangible asset impairment analysis at least annually or whenever circumstances or events indicate such assets might be impaired. The Company would recognize an impairment charge in the event the net book value of such assets exceeded the future undiscounted cash flows attributable to such assets. Amortization of intangible asset costs was $0 and $81 for the three months ended March 31, 2018 and 2017, respectively. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Net Loss Per Share [Abstract] | |
Net Loss Per Share | 4. Net Loss Per Share The Company calculates basic net loss per share based on the weighted average number of shares outstanding, and when applicable, diluted net income per share, which is based on the weighted average number of shares and potential dilutive shares outstanding. The following table lists shares and warrants that were excluded from the calculation of diluted earnings per share as the inclusion of shares from the assumed exercise of such options and warrants would be anti-dilutive: For the Three Months Ended March 31, 2018 March 31, 2017 Stock options 736 71 Warrants 1,839 1,878 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2018 | |
Debt [Abstract] | |
Debt | 5. Debt Notes payable: In November 2016, the Company issued long-term unsecured convertible promissory notes to investors and affiliates of the Company aggregating $700 in cash. The Company also issued the same long-term notes to affiliates in exchange for an aggregate of $200 in demand notes that had been issued earlier in September and October of 2016. The long-term notes are mandatorily convertible into Common Stock at a conversion rate of the lesser of $0.50 per share (initially, $1.30 per share and subsequently reduced in connection with the May 2017 financing described below) or the price per share of Common Stock, upon closing a new debt and or equity financing of at least $1,000 in aggregate proceeds. The notes bear interest at the rate of 6% per annum and are due December 31, 2018. The Company issued warrants to purchase 277 shares of Common Stock in connection with these long-term notes. The Company ascribed a value of $204 to the 277 warrants and recorded a discount to the long-term notes and a corresponding amount to additional paid-in capital. The discount is being amortized using the effective interest method over the term of the notes. In May 2017, the Company issued secured convertible promissory notes to investors and affiliates of the Company aggregating $505 in cash. In addition, certain investors and affiliates of the Company that had taken part in the November 2016 financing discussed above, and that also participated in the May 2017 financing, exchanged $450 of unsecured convertible promissory notes received in the November 2016 financing for $250 in secured notes with the same terms as the secured notes issued in the May 2017 financing and $200 in unsecured notes with the same terms as the November 2016 financing discussed above. The secured notes are mandatorily convertible into Common Stock at a conversion rate of the lesser of $0.50 per share or the price per share of Common Stock, upon closing a new financing of at least $1,000 in aggregate proceeds. The secured notes bear interest at the rate of 10% per annum, are due December 31, 2018 and are secured by an interest in all the Company’s rights, title and interest in, to and under its intellectual property. Should the secured notes remain outstanding following the maturity date an additional 30% of the note’s principal amount shall become due and payable. Notes payable: In December 2017, the Company issued additional secured convertible promissory notes to investors and affiliates of the Company aggregating $150 in cash. The secured notes have substantially the same terms as the secured notes issued in the May 2017 financing. The Company used the funds received from the above financing for working capital and general corporate purposes. During the three months ended March 31, 2018, the Company accrued $38 of interest expense, $32 associated with the notes, of which $8 was to related parties and $24 was to other investors. The Company recorded $24 in debt discount amortization for the three months ended March 31, 2018 and 2017, respectively. |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) | 3 Months Ended |
Mar. 31, 2017 | |
Stockholders' Equity (Deficit) [Abstract] | |
Stockholders' equity (deficit) | 6. Stockholders’ Equity (Deficit) Stock-based compensation expense is based on the estimated grant date fair value of the portion of stock-based payment awards that are ultimately expected to vest during the period. The grant date fair value of stock-based awards to employees and directors is calculated using the Black-Scholes-Merton valuation model. Forfeitures of stock-based payment awards are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The estimated average forfeiture rate for the three months ended March 31, 2018 and 2017 was approximately 5.95% and 12.34%, respectively, based on historical data. Valuation and Expense Information: The weighted-average fair value of stock-based compensation is based on the Black-Scholes-Merton valuation model. Forfeitures are estimated and it is assumed no dividends will be declared. The estimated fair value of stock-based compensation awards to employees is amortized over the vesting period of the options. There were no stock options granted, and no stock options exercised during the three months ended March 31, 2018 and 2017, respectively. The following table summarizes the allocation of stock-based compensation expense for the three months ended March 31: 2018 2017 Research and development $ 31 $ 8 Sales and marketing ─ ─ General and administrative 13 10 Director 4 3 Total stock-based compensation $ 48 $ 21 A summary of option activity under the Company’s plans for the three months ended March 31, 2018 and 2017 is as follows: 2018 2017 Options Shares Weighted Average Exercise Price per share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Shares Weighted Average Exercise Price per share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 1 736 $ 3.65 71 $ 45.21 Granted - $ - - $ - Forfeited or expired - $ - - $ - Outstanding at March 31 736 $ 3.65 6.11 $ - 71 $ 45.21 2.91 $ - Vested and expected to vest at March 31 702 $ 3.86 6.09 $ - 70 $ 45.53 2.88 $ - Exercisable at March 31 153 $ 15.67 4.82 $ - 62 $ 48.02 2.63 $ - The following table summarizes significant ranges of outstanding and exercisable options as of March 31, 2018: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Term (in years) Weighted Average Exercise Price Number Outstanding Weighted Average Exercise Price $25.00 – $625.00 736 6.11 $ 3.65 153 $ 15.67 A summary of the status of the Company’s non-vested shares as of March 31, 2018 is as follows: Non-vested Shares Shares Weighted Average Non-vested at January 1, 2018 641 $ 0.57 Vested (58 ) $ 1.63 Non-vested at March 31, 2018 583 $ 0.51 As of March 31, 2018, there was $106 of total unrecognized compensation expense related to non-vested stock-based compensation arrangements granted under the plans. The unrecognized compensation expense is expected to be realized over a weighted average period of 1.5 years. Warrants A summary of the warrant activity to purchase shares of Common Stock for the three months ended March 31 is as follows: 2018 2017 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding at beginning of period 1,878 $ 2.46 1,882 $ 2.52 Issued - $ - ─ $ ─ Expired/Canceled (39 ) $ 15.63 (4 ) $ 34.38 Outstanding at end of period 1,839 $ 1.58 1,878 $ 2.69 Exercisable at end of period 1,839 $ 1.58 1,878 $ 2.69 A summary of the status of the warrants outstanding and exercisable to purchase shares of Common Stock as of March 31, 2018 is as follows: Number of Shares Weighted Average Remaining Life Weighted Average Exercise Price per share 11 0.03 $ 0.09 1,551 3.18 $ 1.83 277 2.83 $ 0.24 1,839 3.11 $ 1.58 |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Event [Abstract] | |
Subsequent event | 7. Subsequent event On April 30, 2018, the Company received advances aggregating $40 against certain accounts receivable from a related party and others. The advances were repaid May 8, 2018 upon collection of the accounts receivable together with a five percent advance fee. The funds were used for working capital purposes. |
Nature of Business and Summar13
Nature of Business and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Nature of Business and Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The financial information contained herein should be read in conjunction with the Company's consolidated audited financial statements and notes thereto included in its Annual Report on Form 10-K for the year ended December 31, 2017. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete consolidated financial statements. In the opinion of management, the unaudited condensed consolidated financial statements included in this quarterly report reflect all adjustments (consisting only of normal recurring adjustments) that the Company considers necessary for a fair presentation of its financial position at the dates presented and the Company’s results of operations and cash flows for the periods presented. The Company’s interim results are not necessarily indicative of the results to be expected for the entire year. |
Going Concern | Going Concern The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred significant cumulative losses since its inception and, at March 31, 2018 the Company’s accumulated deficit was $132,846. The Company has primarily met its working capital needs through the sale of debt and equity securities. As of March 31, 2018, the Company’s cash balance was $116. These factors raise substantial doubt about the Company’s ability to continue as a going concern. There can be no assurance that the Company will be successful in securing adequate capital resources to fund planned operations or that any additional funds will be available to the Company when needed, or if available, will be available on favorable terms or in amounts required by the Company. If the Company is unable to obtain adequate capital resources to fund operations, it may be required to delay, scale back or eliminate some or all of its operations, which may have a material adverse effect on the Company's business, results of operations and ability to operate as a going concern. The unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements ASC Topic 606, “Revenue from Contracts with Customers On January 1, 2018, the Company adopted Accounting Standard Codification No. 606, Revenue from Contracts with Customers (“Topic 606”), using the modified retrospective method. There were no open contracts which were not completed as of January 1, 2018, except for maintenance and support contracts. Results for the reporting period beginning January 1, 2018 are presented under Topic 606, while prior period amounts are not restated, and continue to be reported in accordance with the Company’s historic accounting under ASC 605, Revenue Recognition (“Topic 605”). Under Topic 606, the Company will recognize a contract asset for satisfied performance obligations that do not provide the Company with an unconditional right to consideration, which was restricted under the previous standard. Revenue Recognition The Company’s principal sources of revenues are from the sale of software products, SOW (engineering services), annual software product, and software maintenance contracts. The Company also derives revenue from customers based on the numbers of signatures produced by the Company’s signature software solutions imbedded within the customer’s product. Revenue from contracts with customers is recognized using the following five steps: a) Identify the contract(s) with a customer; b) Identify the performance obligations (a good or service) in the contract; c) Determine the transaction price; for each performance obligation within the contract d) Allocate the transaction price to the performance obligations in the contract; and e) Recognize revenue when (or as) the Company satisfies a performance obligation. Contracts contain performance obligation(s) for the transfer goods or services to a customer. The performance obligations are a promise (or a group of promises) that are distinct. The transaction price is the amount of consideration a Company expects to receive from a customer in exchange for satisfying the performance obligations specified in the contract. Contracts may contain one or more performance obligations (a good or service). Performance obligations are accounted for separately if they are distinct. A good or service is distinct if the customer can benefit from the good or service either on its own or together with other resources readily available to the customer, and the good or service is distinct in the context of the contract. Otherwise performance obligations will be combined with other promised goods or services until the Company identifies a bundle of goods or services that is distinct. The transaction price is allocated to all separate performance obligations within the contract based on their relative standalone selling prices (“SSP”). The best evidence for SSP is the price the Company would charge for that good or service when sold separately in similar circumstances to similar customers. If goods or services are not always sold separately, the Company would use the best estimate of SSP in the allocation of transaction price. The transaction price reflects the amount of consideration to which the Company expects to be entitled in exchange for transferring goods or services, which may include an estimate of variable consideration to the extent that it is probable of not being subject to significant reversals in the future based on the Company’s experience with similar arrangements. The transaction price also reflects the impact of the time value of money if there is a significant financing component present in an arrangement. The transaction price excludes amounts collected on behalf of third parties, such as sales taxes. Revenue is recognized when the Company satisfies each performance obligation identified within the contract by transferring control of the promised goods or services to the customer. Goods or services can transfer at a point in time or over time depending on the nature of the arrangement. Deferred revenue represents the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration from the customer. Our payment terms do not vary by the type of products or services offered. The term between invoicing and when payment is due is not significant. During the three-month period ended March 30, 2018, the Company recognized $189 of revenue that was included in deferred revenue at the beginning of the period. Contract assets exist when the Company has satisfied a performance obligation but does not have an unconditional right to consideration (e.g., because the entity first must satisfy another performance obligation in the contract before it is entitled to invoice the customer). The Company transfers all of its goods and services electronically with the associated costs recorded in cost of sales in the Company’s Condensed Consolidated Statements of Operations. Software. Revenue from the sale of software products is recognized when the control is transferred. For most of the Company’s software product sales, the control is transferred at the time the product is electronically transferred because the customer has significant risks and rewards of ownership of the asset and the Company has a present right to payment at that time. Statement of Work (SOW). Revenue from SOW (engineering services) is recognized upon completion, transfer and satisfaction of the performance obligations identified with in the contract by the customer. Transactional revenue. For transactional type contracts, the Company’s performance obligations are met upon transfer of the software master to the customer. Revenue from transactional customers is recognized as the customer reports the number of units (signatures) rendered over the specified reporting period, generally three months. Recurring Product revenue. The company has revenue contracts that allow the customer to utilize the Company’s signature software on an annual basis. Maintenance and support costs are included in the annual price to the customer. The customer has the right to renew or cancel the contract on an annual basis. Recurring revenue is recognized on a straight line basis over the contract period, generally one year. Maintenance and support. Maintenance and support services are satisfied ratably over time as the customer simultaneously receives and consumes the benefits of the services. As a result, support and maintenance revenue is recognized on a straight line basis over the period of the contract. Arrangements with Multiple Performance Obligations. The Company has, from time to time, revenue arrangements that include multiple performance obligations. The Company allocates transaction price to all separate performance obligations based on their relative standalone selling prices (“SSP”). The Company’s best evidence for SSP is the price the Company would charge for that good or service when the Company sells it separately in similar circumstances to similar customers. If goods or services are not always sold separately, the Company uses the best estimate of SSP in the allocation of transaction price. The Company’s process for determining best estimate of SSP involves management’s judgment, and considers multiple factors including, but not limited to, major product groupings, gross margin objectives and pricing practices. Pricing practices may vary over time, depending upon the unique facts and circumstances related to each deliverable. If the facts and circumstances underlying the factors considered change or should future facts and circumstances lead the Company to consider additional factors, the Company’s best estimate of SSP may also change. Contract costs. The incremental costs of obtaining a contract are capitalized if the costs are expected to be recovered. Costs that are recognized as assets are amortized straight-line over the period as the related goods or services transfer to the customer. Costs incurred to fulfill a contract are capitalized if they are not covered by other relevant guidance, relate directly to a contract, will be used to satisfy future performance obligations, and are expected to be recovered. There was no adjustment to the opening balance of accumulated deficit as of January 1, 2018 from adopting Topic 606. Significant Judgments. The Company may exercise significant judgment when determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together. Practical Expedients and Exemptions. Under Topic 606, incremental costs of obtaining a contract, such as sales commissions, are capitalized if they are expected to be recovered. Expensing these costs as they are incurred is not permitted unless they qualify for the practical expedient. The Company elected the practical expedient to expense the costs to obtain a contract as incurred when the expected amortization period is one year or less. The Company elected the practical expedient under Topic 606 to not disclose the transaction price allocated to remaining performance obligations, since the majority of the Company’s arrangements have original expected durations of one year or less, or the invoicing corresponds to the value of the Company’s performance completed to date. The Company elected the practical expedient that allows the Company to not assess a contract for a significant financing component if the period between the customer’s payment and the transfer of the goods or services is one year or less. Accounting Changes and Recent Accounting Pronouncements Accounting Standards Update (“ASU”) No. 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments in ASU 2018-2 allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. Consequently, the amendments eliminate the stranded tax effects resulting from the Tax Cuts and Jobs Act and will improve the usefulness of information reported to financial statement users. The Board decided that the amendments in this Update should be effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Due to the Company’s net operating losses, implementation of ASU 2018-2 would not be expected to have a material impact on the Company’s financial position, results of operations and cash flows. Accounting Standards Update No. 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2018-03 retained the current framework for accounting for financial instruments in generally accepted accounting principles (GAAP) but makes targeted improvements to address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. For public business entities the amendments in this Update are effective for fiscal years beginning after December 15, 2017. The Company is currently evaluating the impact of ASU 2018-3 on the Company’s financial position, results of operations and cash flows. Accounting Standards Update No. 2018-05, Income Taxes (Topic 740), Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118. ASU 2018-05 covers income Tax accounting implications of the Tax Cuts and Jobs Act for instance, ASU 2018-05 introduces changes that impact U.S. corporate tax rates, business-related exclusions, and deductions and credits. The Act will also have international tax consequences for many companies that operate internationally. The Company is currently evaluating the impact of ASU 2018-05 on the Company’s financial position, results of operations and cash flows. Other Accounting Standards Updates issued in 2018 are not applicable to the Company, therefore implementation would not be expected to have a material impact on the Company’s financial position, results of operations and cash flows. |
Concentrations (Tables)
Concentrations (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Concentrations [Abstract] | |
Summary of accounts receivable and revenue concentrations | Accounts Receivable Total Revenue 2018 2017 2018 2017 Customer #1 - - 14 % 15 % Customer #2 - 34 % - - Customer #3 76 % 47 % 11 % 10 % Customer #4 - - 16 % 17 % Customer #5 - - 20 % 12 % Customer #6 16 % 11 % - - Total concentration 92 % 92 % 61 % 54 % |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Net Loss Per Share [Abstract] | |
Schedule of antidilutive excluded from calculation of earnings per share | For the Three Months Ended March 31, 2018 March 31, 2017 Stock options 736 71 Warrants 1,839 1,878 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity (Deficit) [Abstract] | |
Summary of stock-based compensation expense | 2018 2017 Research and development $ 31 $ 8 Sales and marketing ─ ─ General and administrative 13 10 Director 4 3 Total stock-based compensation $ 48 $ 21 |
Summary of option activity | 2018 2017 Options Shares Weighted Average Exercise Price per share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Shares Weighted Average Exercise Price per share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 1 736 $ 3.65 71 $ 45.21 Granted - $ - - $ - Forfeited or expired - $ - - $ - Outstanding at March 31 736 $ 3.65 6.11 $ - 71 $ 45.21 2.91 $ - Vested and expected to vest at March 31 702 $ 3.86 6.09 $ - 70 $ 45.53 2.88 $ - Exercisable at March 31 153 $ 15.67 4.82 $ - 62 $ 48.02 2.63 $ - |
Summary of significant ranges of outstanding and exercisable options | Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Term (in years) Weighted Average Exercise Price Number Outstanding Weighted Average Exercise Price $25.00 – $625.00 736 6.11 $ 3.65 153 $ 15.67 |
Summary of status of the Company's non-vested shares | Non-vested Shares Shares Weighted Average Non-vested at January 1, 2018 641 $ 0.57 Vested (58 ) $ 1.63 Non-vested at March 31, 2018 583 $ 0.51 |
Summary of warrants issued | 2018 2017 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding at beginning of period 1,878 $ 2.46 1,882 $ 2.52 Issued - $ - ─ $ ─ Expired/Canceled (39 ) $ 15.63 (4 ) $ 34.38 Outstanding at end of period 1,839 $ 1.58 1,878 $ 2.69 Exercisable at end of period 1,839 $ 1.58 1,878 $ 2.69 |
Summary of information warrants outstanding and exercisable | Number of Shares Weighted Average Remaining Life Weighted Average Exercise Price per share 11 0.03 $ 0.09 1,551 3.18 $ 1.83 277 2.83 $ 0.24 1,839 3.11 $ 1.58 |
Nature of Business and Summar17
Nature of Business and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Nature of Business and Summary of Significant Accounting Policies (Textual) | |||||
Accumulated deficit | $ (132,846) | $ (132,562) | |||
Cash balance | $ 116 | $ 285 | $ 125 | $ 389 | |
Recognized deferred revenue | $ 189 |
Concentrations (Details)
Concentrations (Details) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration | 92.00% | 92.00% |
Accounts Receivable [Member] | Customer #1 [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration | ||
Accounts Receivable [Member] | Customer #2 [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration | 34.00% | |
Accounts Receivable [Member] | Customer #3 [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration | 76.00% | 47.00% |
Accounts Receivable [Member] | Customer #4 [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration | ||
Accounts Receivable [Member] | Customer #5 [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration | ||
Accounts Receivable [Member] | Customer #6 [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration | 16.00% | 11.00% |
Total Revenue [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration | 61.00% | 54.00% |
Total Revenue [Member] | Customer #1 [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration | 14.00% | 15.00% |
Total Revenue [Member] | Customer #2 [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration | ||
Total Revenue [Member] | Customer #3 [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration | 11.00% | 10.00% |
Total Revenue [Member] | Customer #4 [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration | 16.00% | 17.00% |
Total Revenue [Member] | Customer #5 [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration | 20.00% | 12.00% |
Total Revenue [Member] | Customer #6 [Member] | ||
Concentration Risk [Line Items] | ||
Total concentration |
Intangible Assets, Net (Details
Intangible Assets, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Intangible Assets, Net (Textual) | ||
Amortization of intangible asset costs | $ 0 | $ 81 |
Net Loss Per Share (Details)
Net Loss Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Stock options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-diluted earnings per share of stock options and warrants shares | 736 | 71 |
Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-diluted earnings per share of stock options and warrants shares | 1,839 | 1,878 |
Debt (Details)
Debt (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||
May 31, 2017 | Nov. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Debt (Textual) | |||||
Debt discount amortization | $ 24 | $ 24 | |||
Accrued interest expense | 38 | ||||
Notes issued | 32 | ||||
Due from related parties | 8 | ||||
Investors and Affiliates [Member] | |||||
Debt (Textual) | |||||
Aggregate cash | $ 150 | ||||
Due from related parties | $ 24 | ||||
Unsecured convertible promissory notes [Member] | Investors and Affiliates [Member] | |||||
Debt (Textual) | |||||
Warrants issued to purchase of common stock | 277 | ||||
Proceeds from issuance of long-term notes | $ 505 | $ 700 | |||
Description of replacement notes | Should the secured notes remain outstanding following the maturity date an additional 30% of the note's principal amount shall become due and payable. | ||||
Unsecured convertible promissory notes received | $ 450 | ||||
Demand promissory notes [Member] | Investors and Affiliates [Member] | |||||
Debt (Textual) | |||||
Exchange of demand notes for long-term unsecured convertible notes | $ 200 | ||||
Notes Payable [Member] | |||||
Debt (Textual) | |||||
Conversion price | $ 1.30 | $ 0.50 | |||
Proceeds of equity financing | $ 1,000 | $ 1,000 | |||
Interest rate | 10.00% | 6.00% | |||
Due date | Dec. 31, 2018 | Dec. 31, 2018 | |||
Unsecured convertible promissory notes received | $ 250 | ||||
Notes Payable [Member] | Minimum [Member] | |||||
Debt (Textual) | |||||
Warrants and recorded a discount to the long-term notes | $ 204 | ||||
Notes Payable [Member] | Maximum [Member] | |||||
Debt (Textual) | |||||
Warrants and recorded a discount to the long-term notes | $ 277 |
Stockholders' Equity (Deficit22
Stockholders' Equity (Deficit) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | $ 48 | $ 21 |
Research and development [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | 31 | 8 |
Sales and marketing [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | ||
General and administrative [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | 13 | 10 |
Director [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | $ 4 | $ 3 |
Stockholders' Equity (Deficit23
Stockholders' Equity (Deficit) (Details 1) - USD ($) shares in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Shares, Outstanding, Beginning balance | 736 | 71 |
Options Shares, Granted | ||
Options Shares, Forfeited or expired | ||
Options Shares, Outstanding, Ending balance | 736 | 71 |
Options Shares, Vested and expected to vest | 702 | 70 |
Options Shares, Exercisable | 153 | 62 |
Weighted Average Exercise Price per share, Outstanding, Beginning balance | $ 3.65 | $ 45.21 |
Weighted Average Exercise Price per share, Granted | ||
Weighted Average Exercise Price per share, Forfeited or expired | ||
Weighted Average Exercise Price per share, Outstanding, Ending balance | 3.65 | 45.21 |
Weighted Average Exercise Price per share, Vested and expected to vest | 3.86 | 45.53 |
Weighted Average Exercise Price per share, Exercisable | $ 15.67 | $ 48.02 |
Weighted Average Remaining Contractual Term (Years), Outstanding | 6 years 1 month 9 days | 2 years 10 months 28 days |
Weighted Average Remaining Contractual Term (Years), Vested and expected to vest | 6 years 1 month 2 days | 2 years 10 months 17 days |
Weighted Average Remaining Contractual Term (Years), Exercisable | 4 years 9 months 25 days | 2 years 7 months 17 days |
Aggregate Intrinsic Value, Outstanding, Ending balance | ||
Aggregate Intrinsic Value, Vested and expected to vest | ||
Aggregate Intrinsic Value, Exercisable |
Stockholders' Equity (Deficit24
Stockholders' Equity (Deficit) (Details 2) - $25.00 - $625.00[Member] shares in Thousands | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Range Limit | $ 25 |
Range of Exercise Prices, Upper Range Limit | $ 625 |
Options Outstanding, Number Outstanding | shares | 736 |
Options Outstanding, Weighted Average Remaining Contractual Life (in years) | 6 years 1 month 9 days |
Options Outstanding, Weighted Average Exercise Price | $ 3.65 |
Options Exercisable, Number Outstanding | shares | 153 |
Options Exercisable, Weighted Average Exercise Price Per Share | $ 15.67 |
Stockholders' Equity (Deficit25
Stockholders' Equity (Deficit) (Details 3) shares in Thousands | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Non-vested Shares | |
Non-vested at January 1, 2018 | shares | 641 |
Vested | shares | (58) |
Non-vested at March 31, 2018 | shares | 583 |
Weighted Average Grant-Date Fair Value | |
Non-vested at January 1, 2018 | $ / shares | $ 0.57 |
Vested | $ / shares | 1.63 |
Non-vested at March 31, 2018 | $ / shares | $ 0.51 |
Stockholders' Equity (Deficit26
Stockholders' Equity (Deficit) (Details 4) - Warrants [Member] - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Shares, Outstanding at beginning of period | 1,878 | 1,882 |
Shares, Issued | ||
Shares, Expired/Canceled | (39) | (4) |
Shares, Outstanding at end of period | 1,839 | 1,878 |
Shares, Exercisable at end of period | 1,839 | 1,878 |
Weighted Average Exercise Price, Outstanding at beginning of period | $ 2.46 | $ 2.52 |
Weighted Average Exercise Price, Issued | ||
Weighted Average Exercise Price, Expired | 15.63 | 34.38 |
Weighted Average Exercise Price, Outstanding at end of period | 1.58 | 2.69 |
Weighted Average Exercise Price, Exercisable at end of period | $ 1.58 | $ 2.69 |
Stockholders' Equity (Deficit27
Stockholders' Equity (Deficit) (Details 5) - Warrants [Member] | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Class of Warrant or Right [Line Items] | |
Number of Shares Outstanding and Exercisable | shares | 1,839 |
Weighted Average Remaining Life | 3 years 1 month 9 days |
Weighted Average Exercise Price per share | $ / shares | $ 1.58 |
0.09 [Member] | |
Class of Warrant or Right [Line Items] | |
Number of Shares Outstanding and Exercisable | shares | 11 |
Weighted Average Remaining Life | 11 days |
Weighted Average Exercise Price per share | $ / shares | $ 0.09 |
1.83 [Member] | |
Class of Warrant or Right [Line Items] | |
Number of Shares Outstanding and Exercisable | shares | 1,551 |
Weighted Average Remaining Life | 3 years 2 months 5 days |
Weighted Average Exercise Price per share | $ / shares | $ 1.83 |
0.24 [Member] | |
Class of Warrant or Right [Line Items] | |
Number of Shares Outstanding and Exercisable | shares | 277 |
Weighted Average Remaining Life | 2 years 9 months 29 days |
Weighted Average Exercise Price per share | $ / shares | $ 0.24 |
Stockholders' Equity (Deficit28
Stockholders' Equity (Deficit) (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Stockholders' Equity (Deficit) (Textual ) | ||
Unrecognized compensation cost | $ 106 | |
Unrecognized compensation cost, weighted average period | 1 year 6 months | |
Estimated average forfeiture rate | 5.95% | 12.34% |
Subsequent event (Details)
Subsequent event (Details) - Subsequent Event [Member] $ in Thousands | 1 Months Ended |
Apr. 30, 2018USD ($) | |
Subsequent event (Textual) | |
Received advances, accounts receivable from a related party | $ 40 |
Percentage of advance fees | 5.00% |