|9 Months Ended|
Sep. 30, 2016
|Subsequent Events [Abstract]|
On October 24, 2016, the Company entered into a $2,250,000 loan agreement with Anson through an unsecured promissory note (the “Anson October Note”). In consideration of the loan amount the Company also issued to Anson a Common Stock Purchase Warrant (the “Anson October Warrant”) to purchase 340,000 shares of the Company’s common stock at an exercise price of $2.39 per share.
The Anson October Warrant is exercisable at any time through October 24, 2026, in whole or in part. The Anson October Warrant contains limitations that prevent the Anson from acquiring shares of the Company’s common stock upon exercise of the Anson October Warrant that would result in the number of shares beneficially owned by it and its affiliates exceeding 9.99% of the total number of shares of the Company’s common stock then issued and outstanding.
The Anson October Note bears interest at a rate of 10% per annum, payable quarterly commencing December 31, 2016. The entire balance of the Anson October Note is due on its maturity date of October 24, 2021.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
No definition available.