Subsequent Events

3 Months Ended

Mar. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

10. Subsequent Events

Credit Facility

On May 12, 2016 we entered into a $4 million credit facility agreement with our largest shareholder WAVI Holding AG (“WAVI”). The agreement calls for WAVI to provide four $1 million tranches at specified times throughout the next 12 months. The related promissory note matures on June 1, 2017, and is unsecured, but senior to any existing debt. In addition, we have agreed not to pledge or secure our assets for any other obligations outside the normal course of our business. The promissory note carries an annual interest rate of 10% and WAVI was issued 5 year warrants to purchase 550,000 shares of common stock at a fixed exercise price of $1.75 per share.

MNX Relationship

In April, we formed a relationship with MNX Global Logistics, a specialty courier offering door to door, same day and next flight out managed logistics in order to increase the attractiveness of our product offering by offering value-added ancillary logistics services for time and temperature sensitive biologic materials.