Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 09, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | Geospatial Corp | |
Entity Central Index Key | 1,011,395 | |
Document Type | 10-Q | |
Trading Symbol | GSPH | |
Document Period End Date | Mar. 31, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity a Well-known Seasoned Issuer | No | |
Entity a Voluntary Filer | No | |
Entity's Reporting Status Current | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 256,947,117 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,017 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 67,636 | $ 66,992 |
Accounts receivable | 75,400 | 65,800 |
Prepaid expenses and other current assets | 77,743 | 140,105 |
Total current assets | 220,779 | 272,897 |
Property and equipment: | ||
Field equipment | 357,070 | 357,070 |
Field vehicles | 43,285 | 43,285 |
Total property and equipment | 400,355 | 400,355 |
Less: accumulated depreciation | (372,048) | (355,616) |
Net property and equipment | 28,307 | 44,739 |
Total assets | 249,086 | 317,636 |
Current liabilities: | ||
Accounts payable | 264,950 | 274,319 |
Accrued expenses | 927,859 | 813,197 |
Current portion of capital lease liability to related party | 2,393 | 3,278 |
Notes payable | 1,416,953 | 1,365,738 |
Accrued registration payment arrangement | 254,457 | 522,115 |
Total current liabilities | 2,866,612 | 2,978,647 |
Stockholders' deficit: | ||
Common stock, $.001 par value; 750,000,000 shares authorized at March 31, 2017 and December 31, 2016; 249,325,260 and 226,211,740 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively | 249,325 | 226,212 |
Additional paid-in capital | 39,157,418 | 38,905,332 |
Additional paid-in capital, warrants | 20,626 | 20,626 |
Accumulated deficit | (42,048,540) | (41,817,725) |
Total stockholders' deficit | (2,617,526) | (2,661,011) |
Total liabilities and stockholders' deficit | 249,086 | 317,636 |
Series C Preferred Stock [Member] | ||
Stockholders' deficit: | ||
Preferred stock | $ 3,645 | $ 4,544 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Common Stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 750,000,000 | 750,000,000 |
Common Stock, shares issued | 249,325,260 | 226,211,740 |
Common Stock, shares outstanding | 249,325,260 | 226,211,740 |
Undesignated Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Series B Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred Stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Series C Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 3,644,578 | 4,543,654 |
Preferred stock, shares outstanding | 3,644,578 | 4,543,654 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Sales | $ 98,200 | $ 181,200 |
Cost of sales | 42,054 | 57,933 |
Gross profit | 56,146 | 123,267 |
Selling, general and administrative expenses | 482,643 | 379,823 |
Net loss from operations | (426,497) | (256,556) |
Other income (expense): | ||
Interest expense | (72,469) | (63,219) |
Gain on extinguishment of debt | 13,693 | 74,918 |
Registration payment arrangements | 254,458 | 492,583 |
Total other income | 195,682 | 504,282 |
Net income (loss) before income taxes | (230,815) | 247,726 |
Net income (loss) | $ (230,815) | $ 247,726 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - 3 months ended Mar. 31, 2017 - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital, Warrants [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2016 | $ 4,544 | $ 226,212 | $ 38,905,332 | $ 20,626 | $ (41,817,725) | $ (2,661,011) |
Balance (in shares) at Dec. 31, 2016 | 4,543,654 | 226,211,740 | ||||
Sale of common stock, net of issuance costs | $ 5,000 | 245,000 | 250,000 | |||
Sale of common stock, net of issuance costs, (in shares) | 5,000,000 | |||||
Conversion of Series C Convertible Preferred Stock to common stock | $ (899) | $ 17,981 | (17,082) | |||
Conversion of Series C Convertible Preferred Stock to common stock ( in shares) | (899,076) | 17,981,520 | ||||
Issuance of common stock for registration penalty | $ 132 | 13,068 | 13,200 | |||
Issuance of common stock for registration penalty, (in shares) | 132,000 | |||||
Issuance of convertible securities with beneficial conversion features | 11,100 | 11,100 | ||||
Net loss | (230,815) | (230,815) | ||||
Balance at Mar. 31, 2017 | $ 3,645 | $ 249,325 | $ 39,157,418 | $ 20,626 | $ (42,048,540) | $ (2,617,526) |
Balance (in shares) at Mar. 31, 2017 | 3,644,578 | 249,325,260 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (230,815) | $ 247,726 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 16,432 | 27,102 |
Amortization of discount on notes payable | 26,917 | 21,941 |
Gain on extinguishment of debt | (13,693) | (74,918) |
Accrued registration payment arrangement | (254,458) | (492,583) |
Accrued interest payable | 44,204 | 33,164 |
Changes in operating assets and liablities: | ||
Accounts receivable | (9,600) | (115,300) |
Prepaid expenses and other current assets | 62,362 | 4,562 |
Accounts payable | 13,884 | (62,148) |
Accrued expenses | 114,949 | 120,250 |
Due to related parties | (504) | |
Net cash used in operating activities | (229,818) | (290,708) |
Cash flows from financing activities: | ||
Proceeds from issuance of notes payable | 250,000 | |
Principal payments on notes payable | (18,653) | (42,866) |
Principal payments on capital lease liabilities | (885) | (860) |
Proceeds from sale of common stock, net of offering costs | 250,000 | |
Proceeds from sale of Series C Convertible Preferred Stock, net of offering costs | 243,373 | |
Net cash provided by financing activities | 230,462 | 449,647 |
Net change in cash and cash equivalents | 644 | 158,939 |
Cash and cash equivalents at beginning of period | 66,992 | 16,962 |
Cash and cash equivalents at end of period | 67,636 | 175,901 |
Supplemental disclosures: | ||
Cash paid during period for interest | 1,348 | 8,114 |
Non-cash transactions: | ||
Issuance of common stock for registration penalty | 13,200 | |
Liabilities settled by issuance of notes payable | 9,560 | |
Issuance of convertible securities with beneficial conversion features | $ 11,100 | $ 62,500 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation The Unaudited Consolidated Financial Statements included herein have been prepared by Geospatial Corporation (the “Company”) in accordance with accounting principles generally accepted in the United States of America for interim financial information and regulations issued pursuant to the Securities Exchange Act of 1934, as amended. Accordingly, the accompanying Unaudited Consolidated Financial Statements do not include all the information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. The accompanying Unaudited Consolidated Financial Statements as of and for the three months ended March 31, 2017 should be read in conjunction with the Company’s Financial Statements as of and for the year ended December 31, 2016. In the opinion of the Company’s management, all adjustments considered necessary for a fair statement of the accompanying Unaudited Consolidated Financial Statements have been included, and all adjustments, unless otherwise discussed in the Notes to the Unaudited Consolidated Financial Statements, are of a normal and recurring nature. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017, or any other interim periods, or any future year or period. The use of accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Consolidated Financial Statements include the accounts of the Company and its subsidiaries, Geospatial Mapping Systems, Inc. and Utility Services and Consulting Corporation, which ceased operations in 2011. All intercompany accounts and transactions have been eliminated. |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Note 2 – Accrued Expenses Accrued expenses consisted of the following: March 31, December 31, 2017 2016 Payroll and taxes $ 757,537 $ 632,678 Accounting 52,139 62,792 Contractors and subcontractors 10,227 10,227 Interest 1,863 2,150 Other 106,093 105,350 Accrued expenses $ 927,859 $ 813,197 |
Related-Party Transactions
Related-Party Transactions | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Note 3 – Related-Party Transactions The Company leases its headquarters building from Mark A. Smith, the Company’s Chairman and Chief Executive Officer. The building has approximately 3,200 square feet of office space, and is used by the Company’s corporate, technical, and operations staff. Mr. Smith has agreed to suspend collection of rent effective April 1, 2016. The lease is cancellable by either party upon 30 days’ notice. No rent will accrue during the suspension. The Company incurred no lease expense during the three months ended March 31, 2017, and $19,500 of lease expense during the three months ended March 31, 2016. On November 9, 2012, the Company and Mr. Smith entered into a Lease Agreement, pursuant to which the Company leases a field vehicle from Mr. Smith. The lease is for 60 months, and is for substantially the same terms for which Mr. Smith leases the vehicle from the manufacturer. Interest on the lease amounted to $22 and $47 for the three months ended March 31, 2017 and 2016, respectively. The lease is recorded as a capital lease. At March 31, 2017, gross assets recorded under the lease and associated accumulated depreciation were $16,870 and $14,761, respectively. Future minimum payments under the capital lease are as follows as of March 31, 2017: Balance of 2017 $ 2,419 Thereafter — Total minimum payments 2,419 Less: minimum interest payments (26 ) Minimum principal payments $ 2,393 |
Notes Payable
Notes Payable | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Notes Payable | Note 4 – Notes Payable Current notes payable consisted of the following: March 31, December 31, 2016 Secured Promissory Note, payable to an individual, bearing interest at 10% per annum, due January 31, 2017, net of discount. After January 31, 2017, the note bears interest at 20%. The note is convertible to common stock at 75% of the weighted average trading price, and is secured by substantially all the assets of the Company $ 1,393,139 $ 1,332,920 Note payable under settlement agreement with vendors, payable monthly over 10 months, with no interest 8,560 — Notes payable under settlement agreements with former employees, payable monthly with terms of up to twelve months, with interest rates ranging from 0% to 20% 15,254 32,818 Current notes payable $ 1,416,953 $ 1,365,738 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 5 – Income Taxes The Company’s provision for (benefit from) income taxes is summarized below: Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Current: Federal $ — $ — State — — — — Deferred: Federal (71,608 ) (76,770 ) State (22,733 ) (24,371 ) (94,341 ) (101,141 ) Total income taxes (94,341 ) (101,141 ) Less: valuation allowance 94,341 101,141 Net income taxes $ — $ — The reconciliation of the federal statutory income tax rate to the effective income tax rate is as follows: Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Federal statutory rate 35.0 % 35.0 % State income taxes (net of federal benefit) 6.5 6.5 Valuation allowance (41.5 ) (41.5 ) Effective rate 0.0 % 0.0 % Significant components of the Company’s deferred tax assets and liabilities are summarized below. A valuation allowance has been established as realization of such assets has not met the more-likely-than-not threshold requirement under FASB ASC 740. March 31, 2017 December 31, 2016 Start-up costs $ 25,199 $ 35,033 Depreciation (35,891 ) (37,423 ) Accrued expenses 240,716 745,103 Net operating loss carryforward 16,715,333 15,714,795 Deferred income taxes 16,945,357 16,457,508 Less: valuation allowance (16,945,357 ) (16,457,508 ) Net deferred income taxes $ — $ — At March 31, 2017, the Company had federal and state net operating loss carryforwards of approximately $38,820,000. The federal and state net operating loss carryforwards will expire beginning in 2021 and 2026, respectively. The amount of the state net operating loss carryforward that can be utilized each year to offset taxable income is limited by state law. |
Net Income (Loss) Per Share of
Net Income (Loss) Per Share of Common Stock | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share of Common Stock | Note 6 – Net Income (Loss) Per Share of Common Stock Basic net income (loss) per share of common stock are computed by dividing earnings available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share reflects per share amounts that would have resulted if dilutive potential common stock had been converted to common stock. Dilutive potential common shares are calculated in accordance with the treasury stock method, which assumes that proceeds from the exercise of all warrants and options are used to repurchase common stock at market value. The number of shares remaining after the proceeds are exhausted represents the potentially dilutive effect of the securities. The following reconciles amounts reported in the financial statements: Three Months Three Months Net income (loss) $ (230,815 ) $ 247,726 Weighted average number of shares of common stock outstanding 237,659,384 143,336,073 Dilutive potential shares of common stock 237,659,384 143,336,073 Net income (loss) per share of common stock: Basic $ (0.00 ) $ 0.00 Diluted $ (0.00 ) $ 0.00 The following securities were not included in the computation of diluted net loss per share, as their effect would have been anti-dilutive: Three Months Three Months Series C Convertible Preferred Stock 80,883,347 4,395,604 Options and warrants to purchase common stock 17,275,938 20,020,000 Secured Promissory Note 30,465,278 18,014,815 Total 128,624,563 42,430,419 |
Stock-Based Payments
Stock-Based Payments | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Payments | Note 7 – Stock-Based Payments During the three months ended March 31, 2017, the Company granted warrants to purchase 500,000 shares of the Company’s common stock to investors at exercise price of $0.065 in connection with investments in the Company’s common stock. |
Gains on Extinguishment of Debt
Gains on Extinguishment of Debt | 3 Months Ended |
Mar. 31, 2017 | |
Gains On Extinguishment Of Debt | |
Gains on Extinguishment of Debt | Note 8 – Gains on Extinguishment of Debt Due to significant cash flow problems, the Company has negotiated concessions on the amounts of certain liabilities and extensions of payment terms. The Company accounts for such concessions in accordance with Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 470-60, Troubled Debt Restructurings by Debtors Extinguishment of Liabilities |
Registration Payment Arrangemen
Registration Payment Arrangements | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Registration Payment Arrangements | Note 9 – Registration Payment Arrangements The Company is contractually obligated to issue shares of its common stock to certain investors for failure to register shares of its common stock under the Securities Act of 1933, as amended (the “Securities Act”). The Company has recorded a liability for the estimated number of shares to be issued at the fair value of the stock to be issued. The Company measures fair value by the price of its common stock at its most recent sale. The Company reviews its estimate of the number of shares to be issued and the fair value of the stock to be issued quarterly. The liability is included on the Consolidated Balance Sheet under the heading “accrued registration payment arrangement,” and amounted to $254,457 and $522,115 at March 31, 2017 and December 31, 2016, respectively. Gains or losses resulting from changes in the carrying amount of the liability are included in the Consolidated Statement of Operations in other income and expense under the heading “registration payment arrangements”. The Company had gains from registration payment arrangements of $254,458 and $492,583 during the three months ended March 31, 2017 and 2016, respectively. |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses | Accrued expenses consisted of the following: March 31, December 31, 2017 2016 Payroll and taxes $ 757,537 $ 632,678 Accounting 52,139 62,792 Contractors and subcontractors 10,227 10,227 Interest 1,863 2,150 Other 106,093 105,350 Accrued expenses $ 927,859 $ 813,197 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of future minimum capital leases | Future minimum payments under the capital lease are as follows as of March 31, 2017: Balance of 2017 $ 2,419 Thereafter — Total minimum payments 2,419 Less: minimum interest payments (26 ) Minimum principal payments $ 2,393 |
Notes Payable (Tables)
Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of current notes payable | Current notes payable consisted of the following: March 31, December 31, 2016 Secured Promissory Note, payable to an individual, bearing interest at 10% per annum, due January 31, 2017, net of discount. After January 31, 2017, the note bears interest at 20%. The note is convertible to common stock at 75% of the weighted average trading price, and is secured by substantially all the assets of the Company $ 1,393,139 $ 1,332,920 Note payable under settlement agreement with vendors, payable monthly over 10 months, with no interest 8,560 — Notes payable under settlement agreements with former employees, payable monthly with terms of up to twelve months, with interest rates ranging from 0% to 20% 15,254 32,818 Current notes payable $ 1,416,953 $ 1,365,738 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of the provision for (benefit from) income taxes | The Company’s provision for (benefit from) income taxes is summarized below: Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Current: Federal $ — $ — State — — — — Deferred: Federal (71,608 ) (76,770 ) State (22,733 ) (24,371 ) (94,341 ) (101,141 ) Total income taxes (94,341 ) (101,141 ) Less: valuation allowance 94,341 101,141 Net income taxes $ — $ — |
Schedule of the reconciliation of the federal statutory income tax rate to the effective income tax rate | The reconciliation of the federal statutory income tax rate to the effective income tax rate is as follows: Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Federal statutory rate 35.0 % 35.0 % State income taxes (net of federal benefit) 6.5 6.5 Valuation allowance (41.5 ) (41.5 ) Effective rate 0.0 % 0.0 % |
Schedule of deferred tax assets and liabilities | Significant components of the Company’s deferred tax assets and liabilities are summarized below. A valuation allowance has been established as realization of such assets has not met the more-likely-than-not threshold requirement under FASB ASC 740. March 31, 2017 December 31, 2016 Start-up costs $ 25,199 $ 35,033 Depreciation (35,891 ) (37,423 ) Accrued expenses 240,716 745,103 Net operating loss carryforward 16,715,333 15,714,795 Deferred income taxes 16,945,357 16,457,508 Less: valuation allowance (16,945,357 ) (16,457,508 ) Net deferred income taxes $ — $ — |
Net Income (Loss) Per Share o20
Net Income (Loss) Per Share of Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share | The following reconciles amounts reported in the financial statements: Three Months Three Months Net income (loss) $ (230,815 ) $ 247,726 Weighted average number of shares of common stock outstanding 237,659,384 143,336,073 Dilutive potential shares of common stock 237,659,384 143,336,073 Net income (loss) per share of common stock: Basic $ (0.00 ) $ 0.00 Diluted $ (0.00 ) $ 0.00 |
Schedule of antidilutive securities excluded from computation of earnings | The following securities were not included in the computation of diluted net loss per share, as their effect would have been anti-dilutive: Three Months Three Months Series C Convertible Preferred Stock 80,883,347 4,395,604 Options and warrants to purchase common stock 17,275,938 20,020,000 Secured Promissory Note 30,465,278 18,014,815 Total 128,624,563 42,430,419 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Payables and Accruals [Abstract] | ||
Payroll and taxes | $ 757,537 | $ 632,678 |
Accounting | 52,139 | 62,792 |
Contractors and subcontractors | 10,227 | 10,227 |
Interest | 1,863 | 2,150 |
Other | 106,093 | 105,350 |
Accrued expenses | $ 927,859 | $ 813,197 |
Related-Party Transactions (Det
Related-Party Transactions (Details) | Mar. 31, 2017USD ($) |
Future minimum payments under capital leases: | |
Balance of 2017 | $ 2,419 |
Total minimum payments | 2,419 |
Less: minimum interest payments | (26) |
Minimum principal payments | $ 2,393 |
Related-Party Transactions (D23
Related-Party Transactions (Details Narrative) - Board of Directors Chairman [Member] | Nov. 09, 2012 | Mar. 31, 2017USD ($)ft² | Mar. 31, 2016USD ($) |
Area of office space | ft² | 3,200 | ||
Lease expense | $ 0 | $ 19,500 | |
Lease term | 60 months | ||
Interest on lease | 22 | $ 47 | |
Gross assets under capital lease | 16,870 | ||
Accumulated depreciation | $ 14,761 |
Notes Payable (Details)
Notes Payable (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Current notes payable | $ 1,416,953 | $ 1,365,738 |
Secured Promissory Note [Member] | ||
Debt Instrument [Line Items] | ||
Current notes payable | 1,393,139 | 1,332,920 |
Notes Payable under Settlement Agreement with Vendors [Member] | ||
Debt Instrument [Line Items] | ||
Current notes payable | 8,560 | |
Notes Payable under Settlement Agreement with Former Employees [Member] | ||
Debt Instrument [Line Items] | ||
Current notes payable | $ 15,254 | $ 32,818 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) | 3 Months Ended |
Mar. 31, 2017 | |
Secured Promissory Note [Member] | |
Debt due date | Jan. 31, 2017 |
Debt conversion percentage | 75.00% |
Interest rate | 10.00% |
Interest rate after due date | 20.00% |
Notes Payable under Settlement Agreement with Vendors [Member] | |
Term of debt | 10 months |
Notes Payable under Settlement Agreement with Former Employees [Member] | Maximum [Member] | |
Interest rate | 20.00% |
Term of debt | 12 months |
Notes Payable under Settlement Agreement with Former Employees [Member] | Minimum [Member] | |
Interest rate | 0.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Deferred: | ||
Federal | $ (71,608) | $ (76,770) |
State | (22,733) | (24,371) |
Deferred Federal and State | (94,341) | (101,141) |
Total income taxes | (94,341) | (101,141) |
Less: valuation allowance | $ 94,341 | $ 101,141 |
Income Taxes (Details 1)
Income Taxes (Details 1) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory rate | 35.00% | 35.00% |
State income taxes (net of federal benefit) | 6.50% | 6.50% |
Valuation allowance | (41.50%) | (41.50%) |
Effective rate | 0.00% | 0.00% |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Income Tax Disclosure [Abstract] | ||
Start-up costs | $ 25,199 | $ 35,033 |
Depreciation | (35,891) | (37,423) |
Accrued expenses | 240,716 | 745,103 |
Net operating loss carryforward | 16,715,333 | 15,714,795 |
Deferred income taxes | 16,945,357 | 16,457,508 |
Less: valuation allowance | $ (16,945,357) | $ (16,457,508) |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | Mar. 31, 2017USD ($) |
Income Tax Disclosure [Abstract] | |
Federal and state net operating loss carryforwards | $ 38,820,000 |
Net Income (Loss) Per Share o30
Net Income (Loss) Per Share of Common Stock (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Net income (loss) | $ (230,815) | $ 247,726 |
Weighted average number of shares of common stock outstanding | 237,659,384 | 143,336,073 |
Dilutive potential shares of common stock | 237,659,384 | 143,336,073 |
Net income (loss) per share of common stock: | ||
Basic (in dollars per share) | $ 0 | $ 0 |
Diluted (in dollars per share) | $ 0 | $ 0 |
Net Income (Loss) Per Share o31
Net Income (Loss) Per Share of Common Stock (Details 1) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Total number of securities anti diliutive | 128,624,563 | 42,430,419 |
Series C Preferred Stock [Member] | ||
Total number of securities anti diliutive | 80,883,347 | 4,395,604 |
Options And Warrants To Purchase Common Stock [Member] | ||
Total number of securities anti diliutive | 17,275,938 | 20,020,000 |
Secured Promissory Note [Member] | ||
Total number of securities anti diliutive | 30,465,278 | 18,014,815 |
Stock-Based Payments (Details N
Stock-Based Payments (Details Narrative) - Warrants [Member] | Mar. 31, 2017$ / sharesshares |
Number of shares authorized for grant | shares | 500,000 |
Exercise price | $ / shares | $ 0.065 |
Gains on Extinguishment of De33
Gains on Extinguishment of Debt (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Gains On Extinguishment Of Debt | ||
Gain on extinguishment of debt | $ 13,693 | $ 74,918 |
Registration Payment Arrangem34
Registration Payment Arrangements (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Accrued registration payment arrangement | $ 254,457 | $ 522,115 | |
Registration payment arrangements | $ 254,458 | $ 492,583 |