Sale of Securities (Details Narrative) |
1 Months Ended | 3 Months Ended | |||
---|---|---|---|---|---|
Feb. 28, 2015
USD ($)
$ / shares
$ / unit
shares
|
Nov. 30, 2014
USD ($)
$ / shares
$ / unit
shares
|
Jul. 31, 2015
USD ($)
$ / shares
shares
|
Oct. 31, 2014
USD ($)
|
Jul. 31, 2014
USD ($)
|
|
Securities Purchase Agreement (Textual) [Abstract] | |||||
Price per share | $ / shares | $ 1.91 | ||||
Restricted Stock | Chief Executive Officer | |||||
Securities Purchase Agreement (Textual) [Abstract] | |||||
Number of common stock called by warrants | shares | 316,000 | ||||
Net proceeds from sale of common stock and warrants | $ 365,000 | ||||
Exercise price of warrants | $ / shares | $ 2.50 | ||||
Risk-free interest rate | 1.19% | ||||
Expected volatility | 90.50% | ||||
Expected dividend rate | 0.00% | ||||
Strike price | $ / unit | 2.50 | ||||
Expected term | 5 years | ||||
Restricted shares, issued and sold | shares | 183,000 | ||||
Price per share | $ / shares | $ 2.00 | ||||
Adjustments to additional paid in capital, beneficial conversion feature | $ 0 | ||||
Private Placement | |||||
Securities Purchase Agreement (Textual) [Abstract] | |||||
Risk-free interest rate | 1.19% | ||||
Expected volatility | 90.50% | ||||
Expected dividend rate | 0.00% | ||||
Strike price | $ / unit | 2.50 | ||||
Expected term | 5 years | ||||
Private placement, description | On February 2, 2015, the Company completed a private placement of 26,600 shares of its Series A Stock together with Preferred Warrants to purchase shares of its common stock at a price of $5.00 per share, in accordance with the Purchase Agreement. | On November 12, 2014, the Company completed a private placement of 600,000 shares of its Series A Preferred Stock (Series A Stock) together with Warrants to purchase shares of its common stock (Preferred Warrant) at a price of $5.00 per share, in accordance with the Series A Preferred Stock Purchase Agreement dated October 20, 2014 (the Purchase Agreement). At any time from November 17, 2014, the date of Closing, and prior to October 20, 2019 (the Put/Call Exercise Period), the investors may exercise a right to purchase and require the Company to sell up to an additional 700,000 shares of Series A Stock. If the investors have not exercised this right during the Put/Call Exercise Period, the Company may exercise a right to cause and require the investors to purchase up to an additional 700,000 shares of Series A Stock, for an aggregate purchase price of $3,500,000. Holders of the Series A Stock shall initially have the right to convert such shares of Series A Stock into the number of authorized but previously unissued shares of the Companys common stock obtained by dividing the stated value of each share of Series A ($5.00) by $2.00. For each share of Series A Stock, the investors will receive 2.5 Preferred Warrants to purchase the Companys common stock at an exercise price of $2.50 per share. The Preferred Warrants are exercisable immediately for a period of five years from the date of closing. The exercise price of the Preferred Warrants is subject to adjustments in the case of stock splits, stock dividends, combinations of shares and similar recapitalization transactions. The exercisability of the Preferred Warrants may be limited if upon exercise, the warrant holder or any of its affiliates would beneficially own more than 4.99% of the Companys Common Stock. | |||
Private placement, conversion terms | Holders of the Series A Stock shall initially have the right to convert such shares of Series A Stock into the number of authorized but previously unissued shares of the Company's common stock obtained by dividing the stated value of each share of Series A ($5.00) by $2.00. For each share of Series A Stock, the investors will receive 2.5 Preferred Warrants to purchase the Company's common stock at an exercise price of $2.50 per share. The Preferred Warrants are exercisable immediately for a period of five years from the date of closing. The exercise price of the Preferred Warrants is subject to adjustments in the case of stock splits, stock dividends, combinations of shares and similar recapitalization transactions. The exercisability of the Preferred Warrants may be limited if upon exercise, the warrant holder or any of its affiliates would beneficially own more than 4.99% of the Company's Common Stock. | ||||
Private placement preferred shares issued | shares | 26,600 | 600,000 | |||
Proceeds from issuance of private placement | $ 133,000 | $ 2,700,000 | |||
Preferred stock, dividend rate, percentage | 8.00% | ||||
Preferred stock, dividend rate, per share dollar amount | $ / shares | $ 0.40 | ||||
Price per share | $ / shares | $ 5.00 | $ 5.00 | |||
Common stock issued for services | shares | 182,500 | ||||
Warrants issued for services | shares | 90,000 | ||||
Adjustments to additional paid in capital, beneficial conversion feature | $ 0 | $ 0 | |||
Securities Purchase Agreement | Accredited Investors | |||||
Securities Purchase Agreement (Textual) [Abstract] | |||||
Shares of stock sold | shares | 500,000 | ||||
Sale of stock, price per share | $ / shares | $ 1.00 | ||||
Sale of stock, value | $ 500,000 | ||||
Securities Purchase Agreement | Bridge Notes and Bridge Warrants | |||||
Securities Purchase Agreement (Textual) [Abstract] | |||||
Description of period for exercisability of warrants | The Bridge Warrants are exercisable for five years after the closing date of the Purchase Agreement, or July 15, 2019. For each $1,000 of principal amount of Bridge Notes, the holder received 1,200 Bridge Warrants, each exercisable for the purchase of one share of the Companys common stock. Each holder is entitled to exercise one-third of all Bridge Warrants received at an exercise price of $3.00, one-third of all Bridge Warrants received at an exercise price of $3.50, and one-third of all Bridge Warrants received at an exercise price that is equal to the closing price on the closing date of the Purchase Agreement, $2.94. | ||||
Bridge loan | $ 750,000 | ||||
Bridge loan, issuance date | Jul. 15, 2014 | ||||
Bridge loan, description | The Company issued $600,000 aggregate principal amount of the Bridge Notes to certain Institutional investors and $150,000 aggregate principal amount of the Bridge Notes to certain members of Management. | ||||
Bridge loan, maturity date | Jan. 15, 2016 | Oct. 15, 2014 | |||
Bridge loan, conversion description | The sale of shares of its Series A Stock resulted in the reduction of the conversion price of the Bridge Notes held by the institutional investors to $2.00 from $2.50 to equal the conversion price of the Series A Preferred Stock. | The initial conversion price for Institutional Investors is $2.50 per share (which was subsequently reduced), and the initial conversion price for Management is equal to the closing price of the Companys common stock on the closing date of the Purchase Agreement, $2.94. | |||
Bridge loan, interest rate | 8.00% | ||||
Sale of Series A preferred stock | shares | 600,000 | ||||
Bridge loan, repayment of debt | 70,000 | ||||
Bridge loan, amount of default | $ 80,000 | ||||
Risk-free interest rate | 1.26% | ||||
Expected volatility | 100.00% | ||||
Expected dividend rate | 0.00% | ||||
Discount on notes payable, warrants | $ 562,000 | ||||
Beneficial conversion feature | 188,000 | ||||
Non-cash interest charge | $ 617,000 | $ 133,000 | |||
Private Placement | Put/Call Option | |||||
Securities Purchase Agreement (Textual) [Abstract] | |||||
Risk-free interest rate | 1.64% | ||||
Expected volatility | 93.00% | ||||
Expected dividend rate | 8.00% | ||||
Strike price | $ / unit | 5.00 | ||||
Expected term | 5 years | ||||
Fair value assumptions, exercise price | $ / shares | $ 5.58 | ||||
Private Placement | Warrants | |||||
Securities Purchase Agreement (Textual) [Abstract] | |||||
Risk-free interest rate | 1.64% | ||||
Expected volatility | 93.00% | ||||
Expected dividend rate | 0.00% | ||||
Strike price | $ / unit | 2.50 | ||||
Expected term | 5 years | ||||
Warrants | |||||
Securities Purchase Agreement (Textual) [Abstract] | |||||
Stock warrants outstanding | shares | 3,358,275 | ||||
Warrants | Minimum | |||||
Securities Purchase Agreement (Textual) [Abstract] | |||||
Exercise price of warrants | $ / shares | $ 2.00 | ||||
Warrants | Maximum | |||||
Securities Purchase Agreement (Textual) [Abstract] | |||||
Exercise price of warrants | $ / shares | $ 13.56 |