Subsequent Events (Details Narrative) (USD $)
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0 Months Ended | 1 Months Ended |
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Nov. 12, 2014
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Nov. 17, 2014
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Subsequent Event [Line Items] | ||
Preferred stock issued | 600,000us-gaap_PreferredStockSharesIssued | |
Proceeds from issuance of private placement | $ 2,700,000us-gaap_ProceedsFromIssuanceOfPrivatePlacement | |
Subsequent Event | Series A Preferred Stock | ||
Subsequent Event [Line Items] | ||
Preferred stock issued |
600,000us-gaap_PreferredStockSharesIssued / us-gaap_StatementClassOfStockAxis = us-gaap_SeriesAPreferredStockMember / us-gaap_SubsequentEventTypeAxis = us-gaap_SubsequentEventMember |
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Price per share |
$ 5.00us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1 / us-gaap_StatementClassOfStockAxis = us-gaap_SeriesAPreferredStockMember / us-gaap_SubsequentEventTypeAxis = us-gaap_SubsequentEventMember |
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Proceeds from issuance of private placement |
$ 2,700,000us-gaap_ProceedsFromIssuanceOfPrivatePlacement / us-gaap_StatementClassOfStockAxis = us-gaap_SeriesAPreferredStockMember / us-gaap_SubsequentEventTypeAxis = us-gaap_SubsequentEventMember |
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Preferred Stock, call or exercise features | 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. | |
Preferred stock, 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 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. | |
Preferred stock, dividend rate percentage |
8.00%us-gaap_PreferredStockDividendRatePercentage / us-gaap_StatementClassOfStockAxis = us-gaap_SeriesAPreferredStockMember / us-gaap_SubsequentEventTypeAxis = us-gaap_SubsequentEventMember |
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Preferred stock, dividend rate per share amount |
$ 0.40us-gaap_PreferredStockDividendRatePerDollarAmount / us-gaap_StatementClassOfStockAxis = us-gaap_SeriesAPreferredStockMember / us-gaap_SubsequentEventTypeAxis = us-gaap_SubsequentEventMember |
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- Definition
Exercise price per share or per unit of warrants or rights outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Specific terms relevant to convertibility. Includes class of preferred stock and number of shares convertible into, exercise (or conversion) price or rates, dates relevant to conversion timing and events relevant to conversion. Describe also any beneficial conversion features. where convertible preferred stock with a nondetachable conversion feature is in-the-money at commitment date. For contingently convertible preferred stock, discuss the circumstances of the contingency, including the events or changes in circumstance that would cause the contingency to be met and any of the significant features necessary to understand the conversion rights and the timing of those rights. Include also an events or changes in circumstance, if any, that could adjust or change the contingency, conversion price, or number of shares, including significant terms of those changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Describe call and/or exercise rights, prices and dates of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The percentage rate used to calculate dividend payments on preferred stock. No definition available.
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- Definition
The amount per share used to calculated dividend payments on preferred stock. No definition available.
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- Definition
Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow associated with the amount received from entity's raising of capital via private rather than public placement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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