|6 Months Ended|
Jun. 30, 2017
|Subsequent Events [Abstract]|
8. Subsequent Event
On July 26, 2017, the Company entered into an Exchange Right and Leak-Out Agreement with holders of the Series E Convertible Preferred Stock. Pursuant to the agreement, in lieu of the conversion right as provided in the Certificate of Designation of Preferences, Rights and Limitations of the Series E Preferred Stock, each holder has the right to exchange its shares (the “Shares”) of Series E Preferred Stock for shares (the “Exchange Shares”) of the Company’s common stock at an exchange rate so that for each Share, the holder will receive a number of Exchange Shares that would yield net proceeds of $1,350 upon resale of such Exchange Share. Additionally, the holders consented to any Company non-equity linked financing or financing of its interest in INVT SPE subject to certain limitations as provided in the agreement. The holders also agreed to not sell the Exchange Shares in an amount that would exceed the greater of (a) a percentage of the total trading volume on any given day and (b) $500, with an aggregate limit of 25% of total trading volume among all holders. Any sale of Exchange Shares at a price of more than $0.20 per share (the “Break-out Price”) is not subject to the agreement. The Break-out Price may be further reduced if the Company does not meet certain requirements under the agreement.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/presentationRef