Subsequent Events (Details Narrative) - USD ($) |
9 Months Ended | |
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Oct. 28, 2016 |
Sep. 30, 2016 |
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Purchase of common stock | 10 | |
Common stock units | 1 | |
Gross proceeds | $ 13,500,000 | |
Subsequent Event [Member] | ||
Gross proceeds | $ 13,500,000 | |
Subsequent Event [Member] | Redeemable Series 1 Preferred Stock [Member] | Series 1 Warrant [Member] | ||
Purchase of common stock | 10 | |
Common stock units | 1,000,000 | |
Exercise price | $ 13.50 | |
Subsequent Event [Member] | Series 1 Preferred Stock [Member] | ||
Cumulative dividends rate | 9.00% | |
Warrant term | 7 years | |
Rights offering description | The Company plans to make the rights offering through the distribution of non-transferable subscription rights to purchase units, each Unit consisting of one share of redeemable Series 1 Preferred Stock and one Series 1 Warrant to purchase 10 shares of common stock. The proposed rights offering will consist of up to an aggregate of 1,000,000 units at a price of $13.50 per unit. Holders of the Series 1 Preferred will be entitled to receive cumulative dividends at the rate of 9% of the purchase price per year for a term of seven years, payable quarterly. Each Series 1 Warrant may be exercised by surrendering one share of Series 1 Preferred for a term of seven years. |
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- Definition Common stock units. No definition available.
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- Definition Rights offering description. No definition available.
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- Definition Warrant term. No definition available.
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- Definition Number of securities into which each warrant or right may be converted. For example, but not limited to, each warrant may be converted into two shares. No definition available.
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- Definition The percentage rate used to calculate dividend payments on preferred stock. No definition available.
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- Definition The cash inflow during the period from additional borrowings in aggregate debt. Includes proceeds from short-term and long-term debt. No definition available.
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- Definition Per share or per unit amount of equity securities issued. No definition available.
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