STATEMENTS OF CASH FLOWS (USD $)
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12 Months Ended | |
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Dec. 31, 2014
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Dec. 31, 2013
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Cash flows from operating activities: | ||
Net loss | $ (45,603,110)us-gaap_NetIncomeLoss | $ (5,521,081)us-gaap_NetIncomeLoss |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 371,189us-gaap_DepreciationDepletionAndAmortization | 4,717us-gaap_DepreciationDepletionAndAmortization |
Loss on retirement of fixed assets | 22,818us-gaap_GainsLossesOnSalesOfAssets | 0us-gaap_GainsLossesOnSalesOfAssets |
Stock based compensation | 2,547,978us-gaap_ShareBasedCompensation | 16,148us-gaap_ShareBasedCompensation |
Amortization of debt discount | 964,851us-gaap_AmortizationOfDebtDiscountPremium | 705,289us-gaap_AmortizationOfDebtDiscountPremium |
Warrant expense | 0us-gaap_FairValueAdjustmentOfWarrants | 724,000us-gaap_FairValueAdjustmentOfWarrants |
Write-off of abandoned trademark | 0us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf | 4,725us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf |
Gain on conversion of notes payable and accrued interest | (2,084,368)us-gaap_GainsLossesOnExtinguishmentOfDebt | 0us-gaap_GainsLossesOnExtinguishmentOfDebt |
Change in fair market value of derivative liabilities | 26,265,177us-gaap_ChangeInUnrealizedGainLossOnFairValueHedgingInstruments1 | 177,000us-gaap_ChangeInUnrealizedGainLossOnFairValueHedgingInstruments1 |
Amortization of prepaid rent from stock issuance to landlord | 20,196watt_AmortizationOfPrepaidRentFromStockIssuanceToLandlord | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (289,383)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets | (127,197)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets |
Other assets | (15,689)us-gaap_IncreaseDecreaseInOtherNoncurrentAssets | (6,959)us-gaap_IncreaseDecreaseInOtherNoncurrentAssets |
Accounts payable | 1,354,973us-gaap_IncreaseDecreaseInAccountsPayable | 359,163us-gaap_IncreaseDecreaseInAccountsPayable |
Accrued expenses | 838,945us-gaap_IncreaseDecreaseInAccruedLiabilities | 233,217us-gaap_IncreaseDecreaseInAccruedLiabilities |
Net cash used in operating activities | (15,606,423)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations | (3,430,978)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations |
Cash flows from investing activities: | ||
Purchase of property and equipment | (1,619,694)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment | (194,329)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment |
Costs of trademark | 0watt_PaymentsToAcquireCostsOfTrademark | (4,725)watt_PaymentsToAcquireCostsOfTrademark |
Net cash used in investing activities | (1,619,694)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations | (199,054)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations |
Cash flows from financing activities: | ||
Proceeds from the sale of common stock | 0us-gaap_ProceedsFromIssuanceOfCommonStock | 200,681us-gaap_ProceedsFromIssuanceOfCommonStock |
Payment of deferred offering cost | 0watt_PaymentOfDeferredOfferingCosts | (88,319)watt_PaymentOfDeferredOfferingCosts |
Repurcharse of restricted common stock | 0us-gaap_PaymentsForRepurchaseOfCommonStock | (29,553)us-gaap_PaymentsForRepurchaseOfCommonStock |
Proceeds from IPO, net of underwriter's discount and offering expenses | 24,872,170us-gaap_ProceedsFromIssuanceInitialPublicOffering | 0us-gaap_ProceedsFromIssuanceInitialPublicOffering |
Proceeds from secondary offering, net of underwriter's discount and offering expenses | 20,993,759watt_ProceedsFromIssuanceSecondaryPublicOffering | |
Proceeds from the sale of senior secured convertible notes | 0us-gaap_ProceedsFromConvertibleDebt | 5,500,009us-gaap_ProceedsFromConvertibleDebt |
Proceeds from the sale of stock to strategic investor, net | 900,000us-gaap_ProceedsFromOtherEquity | 0us-gaap_ProceedsFromOtherEquity |
Sale of warrant to IPO underwriter | 1,000us-gaap_ProceedsFromIssuanceOfWarrants | 0us-gaap_ProceedsFromIssuanceOfWarrants |
Net cash provided by financing activities | 46,766,929us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations | 5,582,818us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations |
Net increase in cash and cash equivalents | 29,540,812us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease | 1,952,786us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
Cash and cash equivalents - beginning | 1,953,780us-gaap_CashAndCashEquivalentsAtCarryingValue | 994us-gaap_CashAndCashEquivalentsAtCarryingValue |
Cash and cash equivalents - ending | 31,494,592us-gaap_CashAndCashEquivalentsAtCarryingValue | 1,953,780us-gaap_CashAndCashEquivalentsAtCarryingValue |
Supplemental disclosure of non-cash financing activities: | ||
Decrease in deferred offering costs charged to the IPO | 88,319us-gaap_IncreaseDecreaseInDeferredCharges | 0us-gaap_IncreaseDecreaseInDeferredCharges |
Common stock issued upon conversion of notes payable and accrued interest payable | 26,790,177us-gaap_DebtConversionConvertedInstrumentAmount1 | 0us-gaap_DebtConversionConvertedInstrumentAmount1 |
Increase in additional paid in capital upon extinguishment of derivative liability for warrants | 5,752,000us-gaap_AdjustmentsToAdditionalPaidInCapitalOther | 0us-gaap_AdjustmentsToAdditionalPaidInCapitalOther |
Common stock issued to landlord for tenant improvements of $100,000 and prepaid rent of $400,000 | $ 500,000us-gaap_StockIssuedDuringPeriodValueIssuedForNoncashConsiderations | $ 0us-gaap_StockIssuedDuringPeriodValueIssuedForNoncashConsiderations |
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- Definition
Amount of other increase (decrease) in additional paid in capital (APIC). No definition available.
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- Details
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- Definition
Amount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of gain (loss) from the increase (decrease) in fair value of derivative and nonderivative instruments designated as fair value hedging instruments recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The value of the financial instrument(s) that the original debt is being converted into in a noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of expense (income) related to adjustment to fair value of warrant liability. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of gain (loss) on sale or disposal of assets utilized in financial service operations. No definition available.
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- Definition
The aggregate amount of write-downs for impairments recognized during the period for long-lived assets held for abandonment, exchange or sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the value of expenditures made during the current reporting period for benefits that will be received over a period of years. Deferred charges differ from prepaid expenses in that they usually extend over a long period of time and may or may not be regularly recurring costs of operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The increase (decrease) during the reporting period in other noncurrent operating assets not separately disclosed in the statement of cash flows. No definition available.
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- Definition
The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from the issuance of a long-term debt instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow associated with the amount received from entity's first offering of stock to the public. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from issuance of rights to purchase common shares at predetermined price (usually issued together with corporate debt). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from other equity not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Value of shares issued for noncash consideration for development stage entities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The expense charged against earnings for the periodic recognition of the prepaid rent from stock issuance to landlord. These expenses are paid in one accounting period, but are deducted from earnings over time through amortization. No definition available.
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- Definition
The cash outflow for incremental costs directly attributable to a proposed or actual offering of securities which are deferred at the end of the reporting period. No definition available.
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- Definition
The cash outflow for acquisition of costs of trademark during the period. No definition available.
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- Definition
The cash inflow associated with the amount received from entity's secondary offering of stock to the public and underwriters discount and offering expenses No definition available.
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