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Subsequent Events
3 Months Ended
Mar. 31, 2017
Subsequent Events [Abstract]  
Subsequent Events

18. SUBSEQUENT EVENTS

Failure to Timely File Annual Report on Form 10-K

The Company did not timely file its Annual Report on Form 10-K for the year ended December 31, 2016 (the “Form 10K”), which was due on April 17, 2017. As a result, the Company is currently ineligible to file new short form registration statements on Form S-3, is unable to conduct “off the shelf” offerings under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), using its currently effective registration statement on Form S-3 (File No. 333-206277) and its resale registration statement on Form S-3 covering the sale of up to 8,534,261 shares of common stock by selling stockholders, including stockholders who acquired common stock in connection with private placements, cannot currently be used by such selling stockholders to resell such shares of common stock. In addition, the failure to timely file the Form 10-K constituted a breach of the Company’s covenant under the SPA to make all required Securities Exchange Act of 1934, as amended (the “Exchange Act”), filings with the Securities and Exchange Commission on a timely basis. The breach was cured upon the filing of Form 10-K within the required 15 trading days following the breach.

Failure to Timely File Registration Statement

Pursuant to the Company’s Registration Rights Agreement, dated March 15, 2017, with JGB, which was entered into in connection with the SPA and the Debentures, the Company was required to file a registration statement with the SEC registering for resale the Company’s common stock underlying the securities issued or issuable to JGB in the financing. Because the Company failed to file the registration statement with the SEC by April 17, 2017, commencing on April 18, 2017, the Company began accruing liquidated damages payable to JGB at a rate of approximately $7,000 per day. These damages accrued at the same rate on a daily basis until the registration statement was filed with the SEC on April 26, 2017. On May 3, 2017, JGB waived any claim or right to receive liquidated damages for the late filing of the registration statement.

Filing of Resale Registration Statement on Form S-1

On April 26, 2017, in accordance with the Registration Rights Agreement, the Company filed a Registration Statement on Form S-1 (the “Form S-1”) registering for resale an aggregate of 8,250,000 shares of the Company’s common stock that may be issued by the Company upon the conversion or redemption of the Debentures or the exercise of the Warrants. The Form S-1 was declared effective by the SEC on May 11, 2017.

Failure to Timely File Quarterly Report on Form 10-Q

The Company did not timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 (the “Form 10-Q”), which was due on May 22, 2017. As a result, the Company is currently ineligible to file new short form registration statements on Form S-3, is unable to conduct “off the shelf” offerings under Rule 415 of the Securities Act using its currently effective registration statement on Form S-3 (File No. 333-206277) and its resale registration statement on Form S-3 covering the sale of up to 8,534,261 shares of common stock by selling stockholders, including stockholders who acquired common stock in connection with private placements, cannot currently be used by such selling stockholders to resell such shares of common stock. In addition, the failure to timely file the Form 10-Q constituted a breach of the Company’s covenant under the SPA to make all required Exchange Act filings with the SEC on a timely basis. The breach can be cured upon the filing of Form 10-Q within the required 15 trading days following the breach.