Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 15, 2017 | |
Document and Entity Information: | ||
Entity Registrant Name | SIGMA LABS, INC. | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Trading Symbol | sglb | |
Amendment Flag | false | |
Entity Central Index Key | 788,611 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 4,570,199 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 |
Condensed Balance Sheets(Unaudi
Condensed Balance Sheets(Unaudited) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash | $ 4,633,046 | $ 398,391 |
Accounts Receivable, net | 157,354 | 288,236 |
Note Receivable, net | 500,000 | 0 |
Inventory | 200,973 | 187,241 |
Prepaid Assets | 29,017 | 36,056 |
Total Current Assets | 5,520,390 | 909,924 |
Other Assets: | ||
Property and Equipment, net | 558,310 | 564,933 |
Intangible Assets, net | 237,365 | 226,450 |
Investment in Joint Venture | 500 | 500 |
Prepaid Stock Compensation | 165,208 | 167,562 |
Total Other Assets | 961,383 | 959,445 |
TOTAL ASSETS | 6,481,773 | 1,869,369 |
Current Liabilities: | ||
Accounts Payable | 280,020 | 112,175 |
Notes Payable, net of original issue discount $55,228 | 944,772 | 561,834 |
Accrued Expenses | 161,781 | 125,116 |
Total Current Liabilities | 1,386,573 | 799,125 |
Long-Term Liabilities | ||
Derivative Liability | 0 | 93,206 |
Total Long-Term Liability | 0 | 93,206 |
TOTAL LIABILITIES | 1,386,573 | 892,331 |
Stockholders' Equity | ||
Preferred Stock, $0.001 par; 10,000,000 shares authorized; None issued and outstanding | 0 | 0 |
Common Stock, $0.001 par; 7,500,000 shares authorized; 4,570,199 and 3,133,789 issued and outstanding at March 31, 2017 and 2016, respectively | 4,570 | 3,135 |
Additional Paid-In Capital | 15,795,550 | 10,734,857 |
Accumulated Deficit | (10,704,919) | (9,760,954) |
Total Stockholders' Equity | 5,095,201 | 977,038 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 6,481,773 | $ 1,869,369 |
Balance Sheets Parentheticals
Balance Sheets Parentheticals - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Parentheticals | ||
Net of original issue discount, Notes Payable | $ 55,228 | $ 55,228 |
Preferred Stock, par value | $ 0.001 | $ 0.001 |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 7,500,000 | 7,500,000 |
Common Stock, shares issued | 4,570,199 | 3,133,789 |
Common Stock, shares outstanding | 4,570,199 | 3,133,789 |
Condensed Statements of Operati
Condensed Statements of Operations(Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenue | ||
Revenues | $ 150,203 | $ 358,455 |
COST OF REVENUE | 74,534 | 107,581 |
GROSS PROFIT | 75,669 | 250,874 |
EXPENSES: | ||
Other General and Administration | 643,795 | 395,488 |
Payroll Expense | 376,621 | 215,589 |
Stock-Based Compensation | 139,632 | 71,551 |
Research and Development | 48,762 | 39,071 |
Total Expenses | 1,208,810 | 721,699 |
OTHER INCOME (EXPENSE) | ||
Interest Income | 343 | 158 |
Other Income | 152,068 | 0 |
Other Income-Decrease in fair value of derivative liabilities | 93,206 | 0 |
Other Expense - Debt discount amortization | (56,441) | 0 |
Total Other Income | 189,176 | 158 |
LOSS BEFORE PROVISION FOR INCOME TAXES | (943,965) | (470,667) |
Provision for income Taxes | 0 | 0 |
Net Loss | $ (943,965) | $ (470,667) |
Net Loss per Common Share - Basic and Diluted | $ (0.25) | $ (0.08) |
Weighted Average Number of Shares Outstanding - Basic and Diluted | 3,835,875 | 3,116,865 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows(Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
OPERATING ACTIVITIES | ||
Net Loss | $ (943,965) | $ (470,667) |
Noncash Expenses: | ||
Amortization | 6,526 | 5,002 |
Depreciation | 39,623 | 42,868 |
Stock Compensation | 140,671 | 71,551 |
Revaluation of derivative liability and debt discount related to notes payable | (93,206) | 0 |
Note payable original issue discount | 24,658 | 0 |
Note payable debt discount amortization | 56,441 | 0 |
Change in assets and liabilities: | ||
Accounts Receivable | 130,882 | (101,087) |
Inventory | (13,732) | (74,057) |
Prepaid Assets | 7,039 | 16,622 |
Accounts Payable | 167,845 | 105,633 |
Accrued Expenses | 36,665 | 11,107 |
NET CASH USED IN OPERATING ACTIVITIES | (440,553) | (393,028) |
INVESTING ACTIVITIES | ||
Purchase of Furniture and Equipment | (33,000) | (25,430) |
Purchase of Intangible Assets | (17,441) | (34,988) |
Notes receivable | (500,000) | 0 |
NET CASH USED IN INVESTING ACTIVITIES | (550,441) | (60,418) |
FINANCING ACTIVITIES | ||
Proceeds from issuance of common stock and warrants | 5,225,649 | 0 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 5,225,649 | 0 |
NET CASH DECREASE FOR PERIOD | 4,234,655 | (453,446) |
CASH AT BEGINNING OF PERIOD | 398,391 | 1,539,809 |
CASH AT END OF PERIOD | 4,633,046 | 1,086,363 |
Cash paid during the period for: | ||
Interest | 20,114 | 0 |
Income Taxes | 0 | 0 |
Supplemental Schedule of Noncash Investing and Financing Activities: | ||
Issuance of Common Stock for services | $ 51,408 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Summary of Significant Accounting Policies: | |
Summary of Significant Accounting Policies | NOTE 1 Summary of Significant Accounting Policies Nature of Business B6 Sigma, Inc., incorporated February 5, 2010, was founded by a group of scientists, engineers and businessmen to develop and commercialize novel and unique manufacturing and materials technologies. The Company believes that some of these technologies will fundamentally redefine conventional quality assurance and process control practices by embedding them into the manufacturing processes in real time, enabling process intervention and ultimately leading to closed loop process control. The Company anticipates that its core technologies will allow its clientele to combine advanced manufacturing quality assurance and process control protocols with novel materials to achieve breakthrough product potential in many industries including aerospace, defense, oil and gas, bio-medical, and power generation. Basis of Presentation Reclassification Loss Per Share Recently Enacted Accounting Standards Recent Accounting Standards Updates (ASU) through ASU No. 2015-01 contain technical corrections to existing guidance or affects guidance to specialized industries or situations. The Company has evaluated recently issued technical pronouncements and has determined that these updates have no current applicability to the Company or their effect on the financial statements would not have been significant. Accounting Estimates |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Stockholders' Equity {1} | |
Stockholders' Equity | NOTE 2 Stockholders Equity Common Stock Effective March 17, 2016, our Amended and Restated Articles of Incorporation were amended pursuant to a Certificate of Change Pursuant to Nevada Revised Statutes 78.209 (the Certificate of Change) filed with the Nevada Secretary of State. The Certificate of Change provided for both a reverse stock split of the outstanding shares of our common stock on a 1-for-100 basis (the Reverse Stock Split), and a corresponding decrease in the number of shares of our common stock that we are authorized to issue (the Share Decrease). As a result of the Reverse Stock Split, the number of issued and outstanding shares of our common stock on March 17, 2016 decreased from 622,969,835 pre-Reverse Stock Split shares to 6,229,710 post-Reverse Stock Split shares (after adjustment for any fractional shares). Pursuant to the Share Decrease, the number of authorized shares of our common stock decreased from 750,000,000 to 7,500,000 shares of common stock. All amounts shown for common stock included in these financial statements are presented post-Reverse Stock Split. On April 28, 2016, the Companys Amended and Restated Articles of Incorporation were amended to increase the number of authorized shares of the Companys common stock from 7,500,000 to 15,000,000 shares of common stock. Effective February 15, 2017, our Amended and Restated Articles of Incorporation were amended pursuant to a Certificate of Change Pursuant to Nevada Revised Statutes 78.209 (the Certificate of Change) filed with the Nevada Secretary of State. The Certificate of Change provided for both a reverse stock split of the outstanding shares of our common stock on a 1-for-2 basis (the Reverse Stock Split), and a corresponding decrease in the number of shares of our common stock that we are authorized to issue (the Share Decrease). As a result of the Reverse Stock Split, the number of issued and outstanding shares of our common stock on February 15, 2017 decreased from 6,307,577 pre-Reverse Stock Split shares to 3,153,801 post-Reverse Stock Split shares (after adjustment for any fractional shares). Pursuant to the Share Decrease, the number of authorized shares of our common stock decreased from 15,000,000 to 7,500,000 shares of common stock, $0.001 par value per share. As of March 31, 2017, the Company had 7,500,000 shares of authorized common stock, $0.001 par value per share. In January, 2017, the Company issued 20,000 shares of common stock to two directors in equal amounts of 10,000 shares each, valued at $1.72 per share, or $34,404. In February, 2017, the Company issued 5,232 shares of common stock to a director valued at $3.25 per share, or $17,004. On February 14, 2017, The NASDAQ Stock Market LLC informed the Company that it had approved the listing of the Companys common stock The NASDAQ Capital Market, effective as of February 15, 2017. The Companys common stock ceased trading on the OTCQB on February 15, 2017, and on such date the common stock commenced trading on The NASDAQ Capital Market under the ticker symbol SGLB. As of March 31, 2017 and 2016, there were 4,570,199 and 3,133,789 shares of common stock issued and outstanding, respectively. Preferred Stock The Company is authorized to issue 10,000,000 shares of preferred stock, $0.001 par value. No shares of preferred stock were issued and outstanding at March 31, 2017 and 2016. Stock Options During the quarter ended March 31, 2017, the Company granted a total of 123,750 options to an officer with an eighteen month vesting period. The weighted average period over which total the compensation cost of the options of $278,314 ($162,350 in 2017) will be recognized is 1.5 years. The weighted average exercise price of all outstanding options as of March 31, 2107 is $4.00 and the weighted average fair value of the options on the grant dates was $2.85. The estimated fair value of the options was determined using the Black-Scholes pricing model using the following assumptions: Expected term: 1.5 - 10 years Volatility: 67.3 139.5% Dividend yield: 0.00% Risk-free interest rate: .79 - 2.32% Warrants As of March 31, 2017, the Company had outstanding warrants to purchase a total of 80,000 shares of common stock at an exercise price of $4.13 per share. If not exercised, the warrants to purchase the 80,000 shares will expire on October 17, 2019. In addition, as of March 31, 2017, the Company had outstanding warrants to purchase a total of 1,621,500 shares of common stock at an exercise price of $4.00 per share. If not exercised, the warrants to purchase the 1,621,500 shares will expire on February 21, 2022. The 1,621,500 warrants trade on The NASDAQ Capital Market under the ticker symbol SGLBW. Unit Purchase Option On February 15, 2017, Sigma Labs, Inc. (the Company) entered into an underwriting agreement (the Underwriting Agreement) with Dawson James Securities, Inc., as underwriter (the Underwriter) in connection with a public offering (the Offering) of the Companys securities. Pursuant to the Underwriting Agreement, the Company has granted the Underwriter the right to purchase from the Company 70,500 Units at an exercise price equal to 125% of the public offering price of the Units in the Offering, or $5.1625 per Unit. The Unit Purchase Option has a term of five years and is not redeemable by us. A Unit is defined as of one share of the Companys common stock, par value $0.001 per share and one warrant to purchase one share of the Companys common stock, par value $0.001 per share, at an exercise price of $4.00 per share. |
Note Receivable
Note Receivable | 3 Months Ended |
Mar. 31, 2017 | |
Note Receivable | |
Note Receivable | NOTE 3 Note Receivable On March 27, 2017, the Company completed funding a loan in the principal amount of $500,000 to Morf3D, Inc., an Illinois corporation, pursuant to a Secured Convertible Promissory Note dated March 27, 2017 delivered by Morf3D to the Company. The loan bears interest at the rate of 7% per annum, is due and payable in full on March 27, 2018, is secured by certain assets of Morf3D, and is convertible at the Companys option into 10% of the outstanding shares of the common stock of Morf3D unless Morf3D exercises its right under specified circumstances to repay all principal and accrued interest on the loan. The purpose of the loan is to provide working capital to Morf3D to, among other things, lease an EOS M 400 system for Morf3D for Morf3D to expand production for contracts related to AM of high-precision aerospace and defense components, in furtherance of our strategic alliance and in contemplation of a possible acquisition of or merger with Morf3D. |
Notes Payable
Notes Payable | 3 Months Ended |
Mar. 31, 2017 | |
Notes Payable: | |
Notes Payable | NOTE 4 Notes Payable Effective October 17, 2016, the Company entered into a Securities Purchase Agreement with two accredited investors (the Investors) for the private placement by the Company of Secured Convertible Notes in the aggregate principal amount of $1,000,000 (the Notes) and warrants (the Warrants) to purchase up to 80,000 shares (the Warrant Shares) of the Companys common stock (Common Stock) (subject to adjustment in certain circumstances), for aggregate gross proceeds, before expenses, to the Company of $900,000 (the Financing Transaction). The Notes carry a one-time upfront interest charge of a total of $100,000, which is being expensed to interest expense monthly over the 1-year term of the Notes and correspondingly increases in the Notes Payable balance each period. As of March 31, 2017, the Notes Payable balance is $944,772. However, the effective Notes Payable balance is $1 million since that is the amount we would have to pay in order to payoff the note anytime between now and the maturity date of October 17, 2017, in addition to accrued interest and a 15% pre-payment penalty. The Notes carry an interest rate of 10% per annum, calculated on the basis of a 360-day year, based on the $1 million Notes Payable effective balance. Such interest is payable every three months in cash, or, at the holders option, in unrestricted shares of Common Stock, if a registration statement is then in effect for such shares of common stock. In connection with the Financing Transaction, the Company entered into a Registration Rights Agreement, dated October 17, 2016, with the Investors (the Registration Rights Agreement), pursuant to which the Company agreed to file a registration statement related to the Financing Transaction with the Securities and Exchange Commission (SEC) covering the resale of (i) the shares of Common Stock that will be issued to the Investors upon conversion of the Notes (the Conversion Shares), and (ii) the Warrant Shares that will be issued to the Investors upon exercise of the Warrants. The Notes are secured by the assets of the Company pursuant to a Security Agreement, dated October 17, 2016, between the Company and the collateral agent (as defined in the Notes) for the benefit of itself and each of the Investors. The Notes are convertible into shares of Common Stock at a conversion price equal to the lesser of (i) the final unit price of the Companys proposed public offering initially filed with the SEC on July 28, 2016, and (ii) 150% of the closing price of the Common Stock as reported by the OTC Markets Group, Inc. on the date of issuance of the Notes (subject to adjustment as provided therein). As such, as of March 31, 2017, the conversion price of the Notes was $4.13, which is the final unit price of the Companys public offering. Each Warrant has an exercise price equal to the lesser of (i) the final unit price of the Companys proposed public offering initially filed with the SEC on July 28, 2016, and (ii) 150% of the closing price of the Common Stock as reported by the OTC Markets Group, Inc. on the date of issuance of the Warrants (subject to adjustment as provided therein), which Warrants may be exercised on a cashless basis as provided in the Warrants. As such, as of March 31, 2017, the exercise price of the Warrants was $4.13, which is the final unit price of the Companys public offering. |
Continuing Operations
Continuing Operations | 3 Months Ended |
Mar. 31, 2017 | |
Continuing Operations: | |
Continuing Operations | NOTE 5 - Continuing Operations The Company has sustained losses and has negative cash flows from operating activities since its inception. However, the Company has raised significant equity capital and is currently developing new product lines to increase future revenues. On February 21, 2017, the Company closed an underwritten public offering of equity securities resulting in net proceeds of approximately $5.25 million, after deducting underwriting discounts and commissions and other offering expenses payable by the Company. As such, the Company believes it has adequate working capital and cash to fund operations through 2017. |
Loss Per Share
Loss Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Loss Per Share | |
Loss Per Share | NOTE 6 Loss Per Share The following data show the amounts used in computing loss per share and the weighted average number of shares of dilutive potential common stock for the periods ended March 31, 2017 and 2016: Three Months Ending March 31, 2017 March 31, 2016 Loss from continuing Operations available to Common stockholders (numerator) $ (943,965) $ (470,667) Weighted average number of common shares Outstanding used in loss per share during the Period (denominator) 3,835,875 3,116,865 Dilutive loss per share was not presented as the Company had no common equivalent shares for all periods presented that would affect the computation of diluted loss per share or its effect is anti-dilutive. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events | |
Subsequent Events | NOTE 7 Subsequent Events On May 1, 2017, the Company completed funding a loan in the principal amount of $250,000 to Jaguar Precision Machine, LLC, a New Mexico limited liability company, pursuant to a Secured Convertible Promissory Note dated May 1, 2017 delivered by Jaguar to the Company. The loan bears interest at the rate of 7% per annum, is due and payable in full on May 1, 2018, is secured by certain assets of Jaguar, and is convertible at the Companys option into 10% of the outstanding shares of the common stock of Jaguar unless Jaguar exercises its right under specified circumstances to repay all principal and accrued interest on the loan. The purpose of the loan is to provide working capital to Jaguar to, among other things, stand up a metallugical laboratory and become ASM9100 certified for contracts related to AM of high-precision aerospace and defense components, in furtherance of our strategic alliance. Sigma will receive from Jaguar priority for use of certain machines and services of Jaguar. On April 19, 2017, the Company granted a stock option to an officer to purchase up to of 20,000 shares of common stock, at an exercise price equal to $3.27 per share, which was the closing market price of our common stock on April 19, 2017 (i.e., the date of grant), which option is subject to vesting over a12 month vesting period. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies: | |
Nature of Business, Policy | Nature of Business B6 Sigma, Inc., incorporated February 5, 2010, was founded by a group of scientists, engineers and businessmen to develop and commercialize novel and unique manufacturing and materials technologies. The Company believes that some of these technologies will fundamentally redefine conventional quality assurance and process control practices by embedding them into the manufacturing processes in real time, enabling process intervention and ultimately leading to closed loop process control. The Company anticipates that its core technologies will allow its clientele to combine advanced manufacturing quality assurance and process control protocols with novel materials to achieve breakthrough product potential in many industries including aerospace, defense, oil and gas, bio-medical, and power generation. |
Basis of Presentation, Policy | Basis of Presentation |
Reclassification, Policy | Reclassification |
Loss Per Share , Policy | Loss Per Share |
Recently Enacted Accounting Standards , Policy | Recently Enacted Accounting Standards Recent Accounting Standards Updates (ASU) through ASU No. 2015-01 contain technical corrections to existing guidance or affects guidance to specialized industries or situations. The Company has evaluated recently issued technical pronouncements and has determined that these updates have no current applicability to the Company or their effect on the financial statements would not have been significant. |
Accounting Estimates | Accounting Estimates |
Schedule of Stock Options (Tabl
Schedule of Stock Options (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Schedule of Stock Options (Tables): | |
Schedule of Stock Options (Tables) | The estimated fair value of the options was determined using the Black-Scholes pricing model using the following assumptions: Expected term: 1.5 - 10 years Volatility: 67.3 139.5% Dividend yield: 0.00% Risk-free interest rate: .79 - 2.32% |
Schedule of Loss Per Share (Tab
Schedule of Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Schedule of Loss Per Share (Tables): | |
Schedule of Loss Per Share (Tables) | The following data show the amounts used in computing loss per share and the weighted average number of shares of dilutive potential common stock for the periods ended March 31, 2017 and 2016: Three Months Ending March 31, 2017 March 31, 2016 Loss from continuing Operations available to Common stockholders (numerator) $ (943,965) $ (470,667) Weighted average number of common shares Outstanding used in loss per share during the Period (denominator) 3,835,875 3,116,865 |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Details Textual) | Sep. 13, 2010$ / shares |
Summary Of Significant Accounting Policies Details | |
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 100.00% |
Number Of Shares Exchanged For Each Share Of Acquired Entity | $ 6.67 |
Equity (Details Textual)
Equity (Details Textual) - USD ($) | Mar. 31, 2017 | Feb. 28, 2017 | Feb. 15, 2017 | Jan. 31, 2017 | Apr. 28, 2016 | Mar. 31, 2016 | Mar. 17, 2016 |
Equity Details | |||||||
Number of issued and outstanding shares of our common stock decreased | 622,969,835 | ||||||
Reverse Stock Split shares | 6,229,710 | ||||||
Number of authorized shares of our common stock decreased from 750,000,000 to | 7,500,000 | ||||||
Increase the number of authorized shares of the common stock from 7,500,000 to | 15,000,000 | ||||||
Number of issued and outstanding shares of our common stock decreased | 6,307,577 | ||||||
Pre-Reverse Stock Split shares | 3,153,801 | ||||||
Number of authorized shares of our common stock decreased from 15,000,000 to | 7,500,000 | ||||||
Number of authorized shares of our common stock decreased par value per share | $ 0.001 | ||||||
Company had shares of authorized common stock | 7,500,000 | ||||||
Company had shares of authorized common stock par value per share | $ 0.001 | ||||||
Company issued shares of common stock to two directors | 20,000 | ||||||
Company issued shares of common stock to two directors valued at per share | $ 1.72 | ||||||
Company issued shares of common stock to two directors amounts | $ 34,404 | ||||||
Company issued shares of common stock to a director | 5,232 | ||||||
Company issued shares of common stock to a director valued at | $ 17,004 | ||||||
Company issued shares of common stock to a director valued at per share | $ 3.25 | ||||||
Shares of common stock issued and outstanding | 4,570,199 | 3,133,789 | |||||
Preferred Stock | |||||||
Company is authorized to issue shares of preferred stock | 10,000,000 | 10,000,000 | |||||
Company is authorized to issue shares of preferred stock par value per share | $ 0.001 | $ 0.001 |
Stock Options (Details)
Stock Options (Details) | Mar. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($) |
Stock Options Details | ||
Company granted a total of options | shares | 123,750 | |
Total compensation cost of the options | $ | $ 162,350 | $ 278,314 |
Total compensation cost of the options will be recognized in years | 1.50 | |
Weighted average exercise price of the options | $ 4 | |
Weighted average fair value of the options on the dates of grant | $ 2.85 |
Stock Options Valuation Assumpt
Stock Options Valuation Assumptions (Details) | Mar. 31, 2017 | Dec. 31, 2016 |
Stock Options Valuation Assumptions Details | ||
Expected term (in years) Minimum | 1.5 | 1.5 |
Expected term (in years) Maximum | 10 | 10 |
Volatility, Minimum | 67.30% | 67.30% |
Volatility, Maximum | 139.50% | 139.50% |
Dividend yield | 0.00% | 0.00% |
Risk-free interest rate, Minimum | 0.79% | 0.79% |
Risk-free interest rate, Maximum | 2.32% | 2.32% |
Warrants (Details)
Warrants (Details) | Mar. 31, 2017$ / sharesshares |
Warrants Details | |
Warrant to purchase shares of common stock | shares | 80,000 |
Warrant to purchase shares of common stock at an exercise price per share | $ / shares | $ 4.13 |
Warrant to purchase shares of common stock | shares | 1,621,500 |
Warrant to purchase shares of common stock at an exercise price per share | $ / shares | $ 4 |
Unit Purchase Option (Details)
Unit Purchase Option (Details) | Feb. 15, 2017$ / shares |
Unit Purchase Option Details | |
Company has granted the Underwriter the right to purchase from the Company Units | 70,500 |
Company has granted the Underwriter the right to purchase from the Company Units at an exercise price equal to | 125.00% |
Company has granted the Underwriter the right to purchase from the Company Units per Unit | 5.1625 |
A "Unit" is defined as of one share of the Company's common stock, par value per share | $ 0.001 |
One warrant to purchase one share of the Company's common stock, par value per share | 0.001 |
One warrant to purchase one share of the Company's common stock at an exercise price of per share. | $ 4 |
Note Receivable (Details)
Note Receivable (Details) | Mar. 27, 2017USD ($) |
Note Receivable Details | |
Company completed funding a loan in the principal amount | $ 500,000 |
Loan bears interest at the rate of per annum | 7.00% |
Notes Payable (Details)
Notes Payable (Details) - USD ($) | Mar. 31, 2017 | Oct. 17, 2016 |
Notes Payable Details | ||
Secured Convertible Notes in the aggregate principal amount | $ 1,000,000 | |
Warrants to purchase shares of the Company's common stock | 80,000 | |
Aggregate gross proceeds before expenses to the Company | $ 900,000 | |
Notes carry a one-time upfront interest charge | $ 100,000 | |
Notes Payable balance | $ 944,772 | |
Notes carry an interest rate per annum | 10.00% | |
Conversion price of the Notes | $ 4.13 | |
Conversion price of the Notes of the closing price of the Common Stock | 150.00% | |
Exercise price of the Warrants | $ 4.13 |
Continuing Operations (Details)
Continuing Operations (Details) | Feb. 21, 2017USD ($) |
Continuing Operations Details | |
Company closed an underwritten public offering of equity securities resulting in net proceeds | $ 52,500,000 |
Loss Per Share (Details)
Loss Per Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Loss Per Share Details | ||
Loss from continuing Operations available to Common stockholders (numerator) | $ (943,965) | $ (470,667) |
Weighted average number of common shares Outstanding used in loss per share during the Period (denominator) | 3,835,875 | 3,116,865 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - USD ($) | May 01, 2017 | Apr. 19, 2017 |
Subsequent Event Details | ||
Company completed funding a loan in the principal amount | $ 250,000 | |
Company granted a stock option to an officer to purchase shares of common stock | 20,000 | |
Company granted a stock option to an officer to purchase shares of common stock at an exercise price per share | $ 3.27 |