XML 39 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
Financing (Tables)
3 Months Ended
Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Significant Terms Debentures for Entire Hybrid Instrument [Table Text Block]
The following table summarizes the significant terms of each of the debentures for which the entire hybrid instrument is recorded at fair value as of March 31, 2014:
 
 
 
 
 
 
 
 
 
 
 
 
Conversion Price – Lower of Fixed 
Price or Percentage of VWAP for
 Look-back period
 
 
 
 
 
 
 
 
 
 
 
 
Anti- 
Dilution
 
 
 
 
 
Debenture
 
Face
 
Interest
 
 
Fixed
 
Adjusted
 
 
 
Look-back
 
Issuance Year
 
Amount
 
Rate
 
 
Price
 
Price
 
%
 
Period
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2006
 
$
1,962
 
9.5
%
 
$
2.00
 
$
0.00018
 
90
%
125 Days
 
2007
 
 
567
 
9.5
%
 
$
2.00
 
$
0.00018
 
90
%
125 Days
 
2007
 
 
272
 
-
 
 
$
2.00
 
$
0.00019
 
95
%
125 Days
 
2008
 
 
1,217
 
9.5
%
 
$
2.00
 
$
0.00018
 
90
%
125 Days
 
2008
 
 
830
 
-
 
 
$
2.00
 
$
0.00019
 
95
%
125 Days
 
2009
 
 
134
 
9.5
%
 
$
2.00
 
$
0.00018
 
90
%
125 Days
 
2011
 
 
852
 
9.5
%
 
$
2.00
 
$
0.00018
 
90
%
125 Days
 
2012
 
 
762
 
9.5
%
 
$
2.00
 
$
0.00018
 
90
%
125 Days
 
2012
 
 
210
 
-
 
 
$
2.00
 
$
0.00019
 
95
%
125 Days
 
2013
 
 
22,084
 
9.5
%
 
$
2.00
 
$
0.00018
 
90
%
125 Days
 
2013
 
 
12,127
 
-
 
 
$
2.00
 
$
0.00019
 
95
%
125 Days
 
Total
 
$
41,017
Schedule of Number of Shares Issued Convertible Preferred Stock [Table Text Block]
The following table provides a summary of the preferred stock conversions that have occurred since inception and the number of common shares issued upon conversion.
 
 
 
Preferred 
shares
 
Preferred 
shares
 
Preferred 
shares
 
Common 
shares
 
 
 
issued
 
converted
 
remaining
 
issued
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Series C Convertible Preferred Stock
 
 
22
 
 
17
 
 
5
 
 
314,619
 
Series D Convertible Preferred Stock
 
 
25
 
 
22
 
 
3
 
 
245,162
 
Schedule of Debt Conversions [Table Text Block]
The outstanding principal and accrued interest for the debentures as of March 31, 2014 is reflected in the following table in addition to the principal and interest converted since inception and the number of shares of common stock issued upon conversion.
 
 
 
Outstanding
 principal and 
accrued interest 
at March  
31, 2014
 
Principal and 
accrued interest 
converted since 
inception
 
Common 
Shares 
issued
 
 
 
(in thousands)
 
Debentures
 
$
43,468
 
$
11,747
 
 
4,403,415
 
Schedule of Activities of Compound Embedded Derivative [Table Text Block]
The following table reflects the face value of the instruments and the fair value of the separately-recognized compound embedded derivative, as well the number of common shares into which the instruments are convertible as of March 31, 2014 and December 31, 2013.
 
March 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Face
 
Carrying
 
Embedded 
Conversion
 
Common 
Stock
 
 
 
Value
 
Value
 
Feature
 
Shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Series C Convertible Preferred Stock
 
$
4,816
 
$
4,816
 
$
148
 
 
24,823,015
 
Series D Convertible Preferred Stock
 
 
348
 
 
348
 
 
11
 
 
1,794,330
 
Total
 
$
5,164
 
$
5,164
 
$
159
 
 
26,617,345
 
 
December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Face
 
Carrying
 
Embedded 
Conversion
 
Common 
Stock
 
 
 
Value
 
Value
 
Feature
 
Shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Series C Convertible Preferred Stock
 
$
4,816
 
$
4,816
 
$
22,015
 
 
24,823,015
 
Series D Convertible Preferred Stock
 
 
348
 
 
348
 
 
1,591
 
 
1,794,330
 
Total
 
$
5,164
 
$
5,164
 
$
23,606
 
 
26,617,345
 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
Gain (loss) from change in fair value of derivative liability – Series C and D Convertible Preferred Stock and debentures
 
 
 
Three months ended 
March 31,
 
 
 
2014
 
2013
 
 
 
(in thousands)
 
Series C Convertible Preferred Stock
 
$
21,867
 
$
(289)
 
Series D Convertible Preferred Stock
 
 
1,580
 
 
(21)
 
 
 
 
 
 
 
 
 
Debentures:
 
 
 
 
 
 
 
2006
 
 
-
 
 
11
 
Gain (loss) from change in fair value of derivative liability - Series C and D Convertible Preferred Stock and debentures
 
$
23,447
 
$
(299)
 
Schedule of Hybrid Financial Instrument Disclosure [Table Text Block]
The following table reflects the face value of the financial instruments, the fair value of the hybrid financial instrument and the number of shares of common stock into which the instruments are convertible as of March 31, 2014 and December 31, 2013.
 
March 31, 2014
 
 
 
 
 
 
 
Common
 
 
 
Face
 
Fair
 
Stock
 
 
 
Value
 
Value
 
Shares
 
 
 
(in thousands)
 
Debentures:
 
 
 
 
 
 
 
 
 
 
2006
 
$
1,962
 
$
2,041
 
 
12,285,288
 
2007
 
 
839
 
 
950
 
 
3,244,058
 
2008
 
 
2,047
 
 
1,898
 
 
11,689,415
 
2009
 
 
134
 
 
155
 
 
923,440
 
2011
 
 
852
 
 
866
 
 
5,226,562
 
2012
 
 
972
 
 
1,013
 
 
8,524,582
 
2013
 
 
34,211
 
 
31,872
 
 
192,394,516
 
Total
 
$
41,017
 
$
38,795
 
 
234,287,861
 
 
December 31, 2013
 
 
 
 
 
 
 
Common
 
 
 
Face
 
Fair
 
Stock
 
 
 
Value
 
Value
 
Shares
 
 
 
(in thousands)
 
Debentures:
 
 
 
 
 
 
 
 
 
 
2006
 
$
1,962
 
$
13,512
 
 
12,285,288
 
2007
 
 
839
 
 
3,587
 
 
3,244,058
 
2008
 
 
2,047
 
 
12,825
 
 
11,689,415
 
2009
 
 
134
 
 
1,018
 
 
923,440
 
2011
 
 
852
 
 
5,745
 
 
5,226,562
 
2012
 
 
972
 
 
9,369
 
 
8,524,582
 
2013
 
 
34,211
 
 
211,395
 
 
192,394,516
 
Total
 
$
41,017
 
$
257,451
 
 
234,287,861
 
Schedule of Fair Value Hybrid Financial Instrument Disclosure [Table Text Block]
The changes in fair value of these hybrid financial instruments were as follows:
 
Gain from change in fair value of hybrid financial instruments
 
 
 
Three months ended
March 31,
 
 
 
2014
 
2013
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
 
2006
 
$
11,471
 
$
1,887
 
2007
 
 
2,637
 
 
2,329
 
2008
 
 
10,927
 
 
1,657
 
2009
 
 
863
 
 
(74)
 
2010
 
 
-
 
 
623
 
2011
 
 
4,879
 
 
249
 
2012
 
 
8,356
 
 
103
 
2013
 
 
179,523
 
 
-
 
Gain from changes in fair value of hybrid instruments
 
$
218,656
 
$
6,774
 
Schedule of Warrants Embedded Warrants Fair Value Outstanding and Anti Diluative Adjustment Disclosure [Table Text Block]
Warrants – The following table summarizes the warrants outstanding, their fair value and their exercise price after adjustment for anti-dilution provisions:
 
 
 
 
 
 
March 31, 2014
 
December 31, 2013
 
 
 
 
 
 
Anti-
Dilution
 
 
 
 
 
 
 
Anti-
Dilution
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted
 
 
 
 
 
 
 
Adjusted
 
 
 
 
 
 
 
 
 
Expiration
 
Exercise
 
 
 
 
Fair
 
Exercise
 
 
 
 
Fair
 
 
 
Year
 
Price ($)
 
Warrants
 
Value
 
Price ($)
 
Warrants
 
Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in thousands)
 
 
 
 
(in thousands)
 
Warrants issued with preferred stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Series D Convertible Preferred Stock
 
 
2017
 
 
0.000100
 
 
87,368
 
$
44
 
 
0.000100
 
 
87,368
 
$
121
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Warrants issued with debentures:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2008
 
 
2015
 
 
0.000100
 
 
238,079
 
 
117
 
 
0.000100
 
 
238,079
 
 
324
 
2010
 
 
2015
 
 
0.000100
 
 
81,340
 
 
40
 
 
0.000100
 
 
81,340
 
 
111
 
2011
 
 
2016
 
 
0.000100
 
 
58,256
 
 
29
 
 
0.000100
 
 
58,256
 
 
80
 
2012
 
 
2017
 
 
0.000100
 
 
34,947
 
 
17
 
 
0.000100
 
 
34,947
 
 
48
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
 
 
 
499,990
 
$
247
 
 
 
 
 
499,990
 
$
684
 
Schedule of Changes in Fair Value of Warrants [Table Text Block]
The changes in the fair value of the warrants were as follows:
 
Gain from change in fair value of derivative liability – warrants
 
 
 
Three months ended
March 31,
 
 
 
2014
 
2013
 
 
 
 
 
 
 
 
 
 
 
(in thousands)
 
Warrants issued with preferred stock:
 
 
 
 
 
 
 
Series D Convertible Preferred Stock
 
$
77
 
$
608
 
 
 
 
 
 
 
 
 
Warrants issued with debentures:
 
 
 
 
 
 
 
2008
 
 
207
 
 
1,424
 
2010
 
 
71
 
 
480
 
2011
 
 
51
 
 
387
 
2012
 
 
31
 
 
223
 
Gain from change in fair value of derivative liability – warrants
 
$
437
 
$
3,122
 
Schedule of Reconciliation Changes in Fair Value of Financial Instruments and Hybrid Instruments Carried at Fair Value [Table Text Block]
The following represents a reconciliation of the changes in fair value of financial instruments measured at fair value using Level 3 inputs during the three months ended March 31, 2014 (in thousands):
 
 
 
Compound
 
 
 
 
 
 
 
 
 
 
 
 
Embedded
 
Warrant
 
Hybrid
 
 
 
 
 
 
Derivatives
 
Derivatives
 
Instruments
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance, December 31, 2013:
 
$
23,606
 
$
684
 
$
257,451
 
$
281,741
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Compound embedded derivatives
 
 
(23,447)
 
 
-
 
 
-
 
 
(23,447)
 
Warrant derivatives
 
 
-
 
 
(437)
 
 
-
 
 
(437)
 
Hybrid instruments
 
 
-
 
 
-
 
 
(218,656)
 
 
(218,656)
 
Ending balance, March 31, 2014
 
$
159
 
$
247
 
$
38,795
 
$
39,201