XML 48 R37.htm IDEA: XBRL DOCUMENT v3.8.0.1
Emergence from Bankruptcy (Details Textual) - USD ($)
 1 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Nov. 17, 2016
Jun. 29, 2016
Oct. 15, 2015
Jun. 30, 2016
Dec. 31, 2016
Jun. 30, 2016
Sep. 30, 2016
Dec. 31, 2017
Dec. 31, 2015
Emergence from Bankruptcy (Textual)                  
Accumulated deficit         $ (1,306,576)     $ (5,819,256)  
Cash balance       $ 955,803 $ 549,100 $ 955,803 $ 346,417 4,870,824 $ 955,803
Short-term investment               $ 30,000  
Common stock, shares authorized         300,000,000     300,000,000  
Common stock, par value         $ 0.01     $ 0.01  
Common stock, shares issued         163,901     4,260,041  
Common stock, shares outstanding         163,901     4,260,041  
Preferred stock, shares authorized         5,405,010     5,405,010  
Preferred stock, par value         $ 1.00     $ 1.00  
Preferred stock, shares issued         1,801,670     0  
Preferred stock, shares outstanding         1,801,670     0  
Debt conversion, description               Each of the general unsecured claims received a distribution of 100% of its allowed claim, plus post-petition interest calculated at the Federal judgment rate, payable as follows: 50% on the Effective Date, 25% at the conclusion of the next full fiscal quarter after the Effective Date and the remaining 25%, plus any post-petition interest owed, at the conclusion of the second full fiscal quarter after the Effective Date.  
Identified separable intangible assets, description               The identified separable intangible assets included proprietary technology and knowledge and customer contacts. These were valued through identification of the specific cash flows attributable to each asset, using a discount rate of 30% in each case. The proprietary technology and knowledge was valued at $2,766,000 using a royalty savings method over the expected 20-year life of the asset. This method recognizes that ownership of intellectual property relieves the owner from having to pay a royalty to another party for its use. The customer relationships were valued in aggregate at $1,113,000 using a multi-period excess earnings method (MPEEM) over a period of 2.5 years.  
Enterprise value               $ 8,551,528  
Received net proceeds         $ 750,000      
Interest expense           146,509      
Discounted cash flow analysis, description            

The DCF analysis also included a terminal value at the end of the forecast period (e.g., after 3.5 years). The terminal value was derived using a Gordon Growth model, which capitalizes the terminal year cash flow at a rate of 5%. The DCF included a 40% tax rate and the use of the Company’s existing net operating loss carry-forward.The discount rate employed in the DCF model was approximately 36.73%.

    
Successor [Member]                  
Emergence from Bankruptcy (Textual)                  
Accumulated deficit              
Cash balance       955,803   955,803      
Debtor in possession financing              
Common stock, shares authorized       300,000,000   300,000,000      
Common stock, par value       $ 0.01   $ 0.01      
Common stock, shares issued       163,901   163,901      
Common stock, shares outstanding       163,901   163,901      
Preferred stock, shares authorized       5,405,000   5,405,000      
Preferred stock, par value       $ 1.00   $ 1.00      
Preferred stock, shares issued       1,801,670   1,801,670      
Preferred stock, shares outstanding       1,801,670   1,801,670      
Predecessor [Member]                  
Emergence from Bankruptcy (Textual)                  
Accumulated deficit       $ (14,822,777)   $ (14,822,777)      
Cash balance       955,803   955,803     $ 466,997
Debtor in possession financing       600,000   600,000      
Common stock, shares authorized                 300,000,000
Common stock, par value                 $ 0.01
Common stock, shares issued                 42,918,927
Common stock, shares outstanding                 42,918,927
Preferred stock, shares authorized                 5,000,000
Preferred stock, par value                 $ 0.01
Preferred stock, shares issued                 0
Preferred stock, shares outstanding                 0
Received net proceeds           1,919,001      
Derivative Financial Instruments [Member]                  
Emergence from Bankruptcy (Textual)                  
Debtor in possession financing       600,000   600,000      
Received net proceeds       1,319,001          
Recorded discount       500,000   500,000      
Interest expense       35,848          
Reorganization costs       45,151   45,151      
Derivative financial instrument       394,460   394,460      
Debt amount       1,605,540          
Debt, face amount       $ 2,500,000   2,500,000      
Former Common Stock [Member]                  
Emergence from Bankruptcy (Textual)                  
Common stock, shares authorized   300,000,000              
Common stock, par value   $ 0.01              
Common stock, shares issued   42,918,927              
Common stock, shares outstanding   42,918,927              
Preferred stock conversion basis, description  
The holders of Former Common Stock, representing 7.5% of SGB’s issued and outstanding New Common Stock, after taking into account full exercise of the Management Options (as defined below) and conversion of the New Preferred Stock (as defined below), but prior to any conversion of the Exit Facility, as of the Effective Date. Further, under the Plan, upon the Effective Date certain members of the Company’s management were entitled to receive options (“Management Options”) to acquire an aggregate of 10%, or approximately 218,384 shares, of SGB’s New Common Stock, on a fully diluted basis, assuming conversion of all of the New Preferred Stock but not the Exit Facility.
              
Former Preferred Stock [Member]                  
Emergence from Bankruptcy (Textual)                  
Preferred stock, shares authorized   5,000,000              
Preferred stock, par value   $ 0.01              
New Common Stock [Member]                  
Emergence from Bankruptcy (Textual)                  
Common stock, par value   $ 0.01              
Common stock, shares issued   163,901              
Preferred stock, shares authorized   5,405,010              
Preferred stock, par value   $ 1.00              
Preferred stock conversion basis, description   Prior to its conversion in June 2017, the New Preferred Stock was convertible into New Common Stock on a 1:1 basis and, if converted on the Effective Date, would convert into 82.5% of the New Common Stock issued and outstanding on the Effective Date, after taking into account shares of New Common Stock issued to holders of the Former Common Stock and the exercise of the Management Options but prior to any conversion of the Exit Facility. As described elsewhere in this Annual Report on Form 10-K, in connection with the Company's Public Offering, the Company converted all of the issued and outstanding shares of New Preferred Stock into 1,801,670 shares of New Common Stock.              
Preferred stock shares, received   1,801,670              
DIP Credit Agreement [Member]                  
Emergence from Bankruptcy (Textual)                  
Debtor in possession financing     $ 600,000            
Interest rate     12.00%            
Maturity date     Apr. 15, 2016            
Collateral fee     $ 25,000            
2016 SPA [Member]                  
Emergence from Bankruptcy (Textual)                  
Maturity date       Jun. 30, 2018          
Subscription price sales       $ 2,000,000          
Original issue discount rate       12.00%          
Convertible debt principal amount       $ 2,500,000   $ 2,500,000      
Debt conversion, description       The Exit Facility was convertible at HCI's option at any time in whole or in part into shares of New Common Stock (as defined below) at a ratio of 1 share for every $3.75 of debt.          
Conversion of stock, shares converted       375,758          
Securities Purchase Agreement [Member] | HCI [Member]                  
Emergence from Bankruptcy (Textual)                  
Maturity date Jun. 30, 2018                
Subscription price sales $ 750,000                
Original issue discount rate 12.00%                
Convertible debt principal amount $ 937,500                
Debt conversion, description The November 2016 Debenture was convertible at HCI's option at any time in whole or in part into shares of New Common Stock at a ratio of 1 share for every $3.75 of debt.                
Debenture converted shares 140,909                
Convertible options [Member]                  
Emergence from Bankruptcy (Textual)                  
Fair value assumptions, stock price           $ 3.00      
Fair value assumptions, strike price           $ 3.75      
Fair value assumptions, expected volatility rate           48.80%      
Fair value assumptions, risk free interest rate           0.58%      
Fair value assumptions, expected term           2 years