Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 13, 2015 | Jun. 30, 2014 | |
Document And Entity Information | |||
Entity Registrant Name | CHASE PACKAGING CORP | ||
Entity Central Index Key | 1025771 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -19 | ||
Is Entity a Well-known Seasoned Issuer | No | ||
Is Entity a Voluntary Filer | No | ||
Is Entity's Reporting Status Current | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $501,533 | ||
Entity Common Stock, Shares Outstanding | 15,536,275 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 |
BALANCE_SHEETS
BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
CURRENT ASSETS: | ||
Cash | $1,061,726 | $1,221,675 |
TOTAL ASSETS | 1,061,726 | 1,221,675 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 11,005 | 14,965 |
TOTAL CURRENT LIABILITIES | 11,005 | 14,965 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY : | ||
PREFERRED STOCK, $1.00 par value; 4,000,000 authorized: Series A 10% Convertible Preferred stock; 50,000 shares authorized; 27,466 and 24,971 shares issued and outstanding as of December 31, 2014 and 2013, liquidation preference of $2,746,600 and $2,497,100 as of December 31, 2014 and 2013 | 2,058,680 | 2,056,185 |
Common stock, $.10 par value 200,000,000 shares authorized; 16,033,862 shares issued and 15,536,275 shares outstanding as of December 31, 2014 and 2013 | 1,603,387 | 1,603,387 |
Treasury Stock, $.10 par value 497,587 shares as of December 31, 2014 and 2013 | -49,759 | -49,759 |
Additional paid-in capital | 2,562,160 | 2,562,577 |
Accumulated deficit | -5,123,747 | -4,965,680 |
TOTAL STOCKHOLDERS' EQUITY | 1,050,721 | 1,206,710 |
TOTAL LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS' EQUITY | $1,061,726 | $1,221,675 |
BALANCE_SHEETS_Parenthetical
BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
STOCKHOLDERS' EQUITY : | ||
Preferred Stock, Par Value | $1 | $1 |
Preferred Stock, Shares Authorized | 4,000,000 | 4,000,000 |
Common Stock, Par Value | $0.10 | $0.10 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares Issued | 16,033,862 | 16,033,862 |
Common Stock, Shares, Outstanding | 15,536,275 | 15,536,275 |
Treasury Stock, Par Value | $0.10 | $0.10 |
Treasury Stock, Shares | 497,587 | 497,587 |
Preferred Class A | ||
STOCKHOLDERS' EQUITY : | ||
Preferred Stock, Shares Authorized | 50,000 | 50,000 |
Preferred Stock, Shares Issued | 27,466 | 24,971 |
Preferred Stock, Shares Outstanding | 27,466 | 24,971 |
Preferred Stock, Liquidation Preference, Value | $2,746,600 | $2,497,100 |
STATEMENTS_OF_OPERATIONS
STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Statements Of Operations | ||
NET SALES | ||
OPERRATING EXPENSES: | ||
General and administrative expense | 159,368 | 133,257 |
LOSS FROM OPERATIONS | -159,368 | -133,257 |
OTHER INCOME (EXPENSE) | ||
Interest and other income | 1,301 | 139 |
TOTAL OTHER INCOME | 1,301 | 139 |
LOSS BEFORE INCOME TAXES | -158,067 | -133,118 |
Provision for income taxes | ||
NET LOSS | ($158,067) | ($133,118) |
LOSS PER COMMON SHARE - BASIC AND DILUTED | ($0.01) | ($0.01) |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 15,536,275 | 15,536,275 |
STATEMENTS_OF_STOCKHOLDERS_DEF
STATEMENTS OF STOCKHOLDER'S DEFICIT (USD $) | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Treasury Stock | Total |
Beginning Balance, Amount at Dec. 31, 2012 | $2,053,918 | $1,603,387 | $2,558,254 | ($4,832,562) | ($49,759) | $1,333,238 |
Beginning Balance, Share at Dec. 31, 2012 | 22,704 | 16,033,862 | -497,587 | |||
Preferred shares issued as dividend, Amount | 2,267 | -2,267 | ||||
Preferred shares issued as dividend, Share | 2,267 | |||||
Stock based compensation | 6,590 | 6,590 | ||||
Net loss | -133,118 | -133,118 | ||||
Ending Balance, Amount at Dec. 31, 2013 | 2,056,185 | 1,603,387 | 2,562,577 | -4,965,680 | -49,759 | 1,206,710 |
Ending Balance, Share at Dec. 31, 2013 | 24,971 | 16,033,862 | -497,587 | |||
Preferred shares issued as dividend, Amount | 2,495 | -2,495 | ||||
Preferred shares issued as dividend, Share | 2,495 | |||||
Stock based compensation | 2,078 | 2,078 | ||||
Net loss | -158,067 | -158,067 | ||||
Ending Balance, Amount at Dec. 31, 2014 | $2,058,680 | $1,603,387 | $2,562,160 | ($5,123,747) | ($49,759) | $1,050,721 |
Ending Balance, Share at Dec. 31, 2014 | 27,466 | 16,033,862 | 497,587 |
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | ($158,067) | ($133,118) |
Adjustment to reconcile to net loss to net cash used in operating activities: | ||
Stock based compensation | 2,078 | 6,590 |
Change in assets and liabilities | ||
Accounts payable and accrued expenses | -3,960 | 9,847 |
Net cash used in operating activities | -159,949 | -116,681 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net cash provided by financing activities | 0 | 0 |
NET INCREASE (DECREASE) IN CASH | -159,949 | -116,681 |
Cash, at beginning of year | 1,221,675 | 1,338,356 |
CASH, END OF YEAR | 1,061,726 | 1,221,675 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for: Interest | ||
Cash paid for: Income taxes | ||
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: | ||
Preferred stock issued as stock dividend | $2,495 | $2,267 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
NOTE 1 - BASIS OF PRESENTATION | Chase Packaging Corporation (“the Company”), a Texas Corporation, previously manufactured woven paper mesh for industrial applications, polypropylene mesh fabric bags for agricultural use, and distributed agricultural packaging manufactured by other companies.Management’s plans for the Company include securing a merger or acquisition, raising additional capital, and other strategies designed to optimize shareholder value. However, no assurance can be given that management will be successful in its efforts. The failure to achieve these plans will have a material adverse effect on the Company’s financial position, results of operations, and ability to continue as a going concern. |
NEW_ACCOUNTING_PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Note 2 - NEW ACCOUNTING PRONOUNCEMENTS | In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which is the new, comprehensive revenue recognition standard that will supersede all existing revenue recognition guidance under GAAP. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to a customer in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This ASU is effective for annual and interim periods beginning on or after December 15, 2016, and early adoption is not permitted. Entities will have the option of using either a full retrospective approach or a modified approach to adopt the guidance in the ASU. The Company currently has no revenues and does not expect any impact of adopting this guidance. |
In June 2014 Accounting Standards Update 2014-10 removed the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. This ASU is effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. Early adoption is permitted. The Company adopted this ASU effective with the December 31, 2014 annual report on Form 10-K and its adoption resulted in the removal of previously required development stage. | |
In June 2014, the FASB issued ASU 2014-12, “Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period.” This ASU provides more explicit guidance for treating share-based payment awards that require a specific performance target that affects vesting and that could be achieved after the requisite service period as a performance condition. The new guidance is effective for annual and interim reporting periods beginning after December 15, 2015. The Company does not expect the adoption of this guidance to have a material impact on the financial statements. | |
In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements – Going Concern (Topic 205-40)”, which requires management to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern for each annual and interim reporting period. If substantial doubt exists, additional disclosure is required. This new standard will be effective for the Company for annual and interim periods beginning after December 15, 2016. Early adoption is permitted. The Company expects to adopt this new standard for the fiscal year ending December 31, 2015 and the Company will continue to assess the impact on its financial statements. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Use of Estimates: |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Cash and Cash Equivalents | |
The Company considers all highly liquid investments that are readily convertible into cash with a remaining maturity of three months or less at the time of acquisition to be cash equivalents. The Company maintains its cash and cash equivalents balances with high credit quality financial institutions. As of December 31, 2014, and 2013, the Company had cash and cash equivalents held in financial institutions that were uninsured by Federal Deposit Insurance Corporation in the amount of approximately $1,062,000 and $1,222,000 respectively. | |
Income Taxes | |
The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for operating loss and tax credit carry forwards and for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured assuming enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such asset will be realized. | |
The Company adopted FASB Interpretation of “Accounting for Uncertainty in Income Taxes”. There was no impact on the Company’s financial position, results of operations, or cash flows as a result of implementing this guidance. At December 31, 2014 and 2013, the Company evaluated its tax positions and did not have any unrecognized tax benefits. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company currently has no federal or state tax examinations in progress. |
BASIC_AND_DILUTED_NET_LOSS_PER
BASIC AND DILUTED NET LOSS PER COMMON SHARE | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
NOTE 4 - BASIC AND DILUTED NET LOSS PER COMMON SHARE | Basic loss per common share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding. Diluted loss per share is computed by dividing the net loss by the sum of the weighted-average number of shares of common stock outstanding plus the dilutive effect of shares issuable through the exercise of common stock equivalents. |
We have excluded 32,030,000 common stock equivalents (preferred stock, warrants and stock options) from the calculation of diluted loss per share for the years ended December 31, 2014 and 2013 respectively, which, if included, would have an antidilutive effect. | |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Notes to Financial Statements | |||||||||
NOTE 5 - INCOME TAXES | No current provision for Federal income taxes was required for the years ended December 31, 2014 and 2013, due to the Company’s operating losses. At December 31, 2014 and 2013 the Company had unused net operating loss carry-forwards of approximately $918,000 and $760,000 which expire at various dates through 2032. Most of this amount is subject to annual limitations under certain provisions of the Internal Revenue Code related to “changes in ownership.” | ||||||||
As of December 31, 2014 and 2013, the deferred tax assets related to the aforementioned carry-forwards have been fully offset by valuation allowances, since it is more likely than not that significant utilization of such amounts will not occur in the foreseeable future. | |||||||||
2014 | 2013 | ||||||||
Deferred tax assets and valuation allowances consist of: | |||||||||
Deferred tax assets: | |||||||||
Net operating loss carry forwards | $ | 367,000 | $ | 304,000 | |||||
Less valuation allowance | (367,000 | ) | (304,000 | ) | |||||
Net deferred tax assets | $ | - | $ | - | |||||
We file income tax returns in the U.S. Federal and Texas state jurisdictions. Tax years for fiscal 2008 through 2014 are open and potentially subject to examination by the New Jersey and Texas state taxing authority. | |||||||||
The following is a reconciliation of the tax derived by applying the statutory rate to the earnings before income taxes, and comparing that to the recorded income tax (expense) benefits: | |||||||||
Year ended | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Tax benefits (expense) at statutory rate | 35 | % | 35 | % | |||||
Unrecognized tax benefits (expense) of current period tax losses | (35 | )% | (35 | )% | |||||
Effective tax rate | - | - | |||||||
The Company had no uncertain tax positions that would necessitate recording of a tax related liability. |
PRIVATE_PLACEMENT_OFFERING
PRIVATE PLACEMENT OFFERING | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Notes to Financial Statements | |||||||||||||||||
NOTE 6 - PRIVATE PLACEMENT OFFERING | On September 7, 2007, the Company completed a private placement, pursuant to which 13,334 units (the “Units”) were sold at a per Unit cash purchase price of $150, for a total subscribed amount of $2,000,100. Each Unit consists of: (1) one share of Series A 10% convertible preferred stock, par value $1.00, stated value $100 (the “Preferred Stock”); (2) 500 shares of the Company’s common stock, par value $0.10 (the “Common Stock”); and (3) 500 warrants (the “Warrants”) exercisable into Common Stock on a one-for-one basis. The proceeds of $2,000,100 were allocated to the instruments as follows: | ||||||||||||||||
Warrant liabilities | $ | 141,027 | |||||||||||||||
Redeemable and Convertible Preferred Stock | 1,388,367 | ||||||||||||||||
Common Stock | 470,706 | ||||||||||||||||
Total allocated gross proceeds: | $ | 2,000,100 | |||||||||||||||
Warrants | |||||||||||||||||
As of December 31, 2014, warrants to purchase 6,909,000 shares were outstanding, having exercise prices at $0.15 and an expiration date of September 7, 2015. As of December 31, 2013, warrants to purchase 6,909,000 shares were outstanding, having exercise prices at $0.15 and an expiration date of September 7, 2014. | |||||||||||||||||
The Company entered into an amendment to its warrant agreements to extend the expiration date of the warrants from September 7, 2014 until September 7, 2015. | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Number of | Weighted average | Number of | Weighted average | ||||||||||||||
warrants | exercise price | warrants | exercise price | ||||||||||||||
Balance at January 1 | 6,909,000 | $ | 0.15 | 6,909,000 | $ | 0.15 | |||||||||||
Issued during the period | - | $ | - | - | $ | - | |||||||||||
Exercised during the period | - | $ | - | - | $ | - | |||||||||||
Extended during the period | 6,909,000 | ) | $ | 0.15 | - | $ | - | ||||||||||
Expired during the period | (6,909,000 | ) | $ | 0.15 | - | $ | - | ||||||||||
Balance at December 31 | 6,909,000 | $ | 0.15 | 6,909,000 | $ | 0.15 | |||||||||||
As of December 31, 2014 and 2013, the average remaining contractual life of the outstanding warrants was 0.68 year and 0.68 years, respectively. The Warrants expire on September 7, 2015. | |||||||||||||||||
The warrants, which were issued to investors in the September 7, 2007, private placement offering, contained a provision for net cash settlement in the event that there was a fundamental transaction (contractually defined as a merger, sale of substantially all assets, tender offer, or share exchange). If a fundamental transaction occurred in which the consideration issued consisted principally of cash or stock in a non-public company, then the warrant holder had the option to receive cash, equal to the fair value of the remaining unexercised portion of the warrant. Due to this contingent redemption provision, the warrants required liability classification in accordance with ASC Topic 480, “Distinguishing Liabilities from Equity,” (“ASC 480”) and were recorded at fair value. In addition, these warrants were not indexed to the Company’s stock, and therefore also required liability classification under ASC 815, “Derivatives and Hedging,” (ASC 815). | |||||||||||||||||
ASC 820 provides requirements for disclosure of liabilities that are measured at fair value on a recurring basis in periods subsequent to the initial recognition. Fair values for warrants are determined using the Binomial Lattice valuation technique. The Binomial Lattice valuation model provides for dynamic assumptions regarding volatility and risk-free interest rates within the total period to maturity. Accordingly, within the contractual term, the Company provided multiple date intervals over which multiple volatilities and risk free interest rates were used. These intervals allow the Binomial Lattice valuation model to project outcomes along specific paths which consider volatilities and risk free rates that would be more likely in an early exercise scenario. | |||||||||||||||||
Warrants | |||||||||||||||||
Significant assumptions are determined as follows: | |||||||||||||||||
Trading market values—Published trading market values; | |||||||||||||||||
Exercise price—Stated exercise price; | |||||||||||||||||
Term—Remaining contractual term of the warrant; | |||||||||||||||||
Volatility—Historical trading volatility for periods consistent with the remaining terms; | |||||||||||||||||
Risk-free rate—Yields on zero coupon government securities with remaining terms consistent with the remaining terms of the warrants. | |||||||||||||||||
Due to the fundamental transaction provision, which could provide for early redemption of the warrants, the model also considered the probability the Company would enter into a fundamental transaction during the remaining term of the warrant. Since the Company is still in its development stage and is not yet achieving positive cash flow, management believes the probability of a fundamental transaction occurring over the term of the warrant is approximately ranging from 0.75% to1.00%. For valuation purposes, the Company also assumed that if such a transaction did occur, it was more likely to occur towards the end of the term of the warrants. | |||||||||||||||||
The warrants issued are not only subject to traditional anti-dilution protection, such as stock splits and dividends, but they were also subject to down-round anti-dilution protection. Accordingly, if the Company sold common stock or common stock indexed financial instruments below the stated exercise price, the exercise price related to these warrants would adjust to that lower amount. The Lattice model used to value the warrants with down-round anti-dilution protection provided for multiple, probability-weighted scenarios at the stated exercise price and at five additional decrements/scenarios on each valuation date in order to encompass the value of the anti-dilution provisions in the estimate of fair value of the warrants, Calculations were performed at the stated exercise price and at five additional decrements/scenarios on each valuation date. The calculations provide for multiple, probability-weighted scenarios reflecting decrements that result from declines in the market prices. Decrements are predicated on the trading market prices in decreasing ranges below the contractual exercise price. For each valuation date, multiple Binomial Lattice calculations were performed which were probability weighted by considering both the Company’s (i) historical market pricing trends, and (ii) an outlook for whether or not the Company may need to issue equity or equity-indexed instruments in the future with a price less than the current exercise price. | |||||||||||||||||
Effective June 30, 2012, the Company entered into an amendment to its Warrant Agreement. The amendment to remove the put and the down round protection feature allows for the Warrants to be treated as equity beginning with the quarter ended June 30, 2012. Effective August 31, 2014, the Company entered into an amendment to its Warrant Agreement to extend the expiration date of the warrants from September 7, 2014 to September 7, 2015. | |||||||||||||||||
The following table summarizes the fair value of the warrants as of the balance sheet date: | |||||||||||||||||
Fair values | December 31, | December 31, | At transaction | ||||||||||||||
2014 | 2013 | date | |||||||||||||||
September 7, 2007 financing | $ | - | $ | - | $ | 141,027 | |||||||||||
Warrants issued to the placement agents in the private placement are included with the warrants to investors as they have identical exercise prices and terms. | |||||||||||||||||
As of December 31, 2014 and 2013, the number of shares indexed to the warrants was 0. | |||||||||||||||||
The following are the assumptions for the valuation of the fair value of the warrant liability: | |||||||||||||||||
December 31, | December 31, | At transaction | |||||||||||||||
2014 | 2013 | date | |||||||||||||||
Warrants outstanding | - | - | 6,909,000 | ||||||||||||||
Exercise price | $ | - | $ | - | $ | 0.15 | |||||||||||
Annual dividend yield | % | % | 4.01% | ||||||||||||||
Expected life (years) | - | - | 5 | ||||||||||||||
Risk-free interest rate | % | % | 4.14% | ||||||||||||||
Expected volatility | % | % | 53.94% | ||||||||||||||
Series A 10% Convertible Preferred Stock | |||||||||||||||||
The principal terms of the Series A 10% Convertible Preferred Stock were as follows: | |||||||||||||||||
Voting rights – The Series A 10% Convertible Preferred Stock has voting rights (one vote per share) equal to those of the Company’s common stock. | |||||||||||||||||
Dividend rights – The Series A 10% Convertible Preferred Stock carries a fixed cumulative dividend, as and when declared by our Board of Directors, of 10% per annum, accrued daily, compounded annually and payable in cash upon a liquidation event for up to five years, as well as the right to receive any dividends paid to holders of common stock. | |||||||||||||||||
Conversion rights– The holders of the Series A 10% Convertible Preferred Stock have the right to convert any or all of their Series A 10% Convertible Preferred Stock, at the option of the holder, at any time, into common stock on a one for one thousand basis. | |||||||||||||||||
Redemption rights –The shares of the Series A 10% Convertible Preferred Stock may be redeemed by the Company, in whole or in part, at the option of the Company, upon written notice by the Company to the holders of Series A 10% Convertible Preferred Stock at any time in the event that the Preferred Stock of one or more holders has not been previously converted. The Company shall redeem each share of Preferred Stock of such holders within thirty (30) days of the Company's delivery of notice to such holders and such holders shall surrender the certificate(s) representing such shares of Preferred Stock. | |||||||||||||||||
Liquidation entitlement – In the event of any liquidation, dissolution or winding up of the Company, the holders of the Series A 10% Convertible Preferred Stock shall be entitled to receive, in preference to the holders of common stock, an amount equal to $100 per share of Series A 10% Convertible Preferred Stock plus all accrued and unpaid dividends. | |||||||||||||||||
At any time on or after August 2, 2011, the Holders of 66 2/3% or more of the Preferred Stock then outstanding could have requested liquidation of their Preferred Stock. In the event that, at the time of such requested liquidation, the Company's cash funds (in excess of a $50,000 reserve fund) then available to effect such requested liquidation were inadequate for such purpose, then such requested liquidation should have taken place (on a ratable basis) only to the extent such excess cash funds were available for such purpose. | |||||||||||||||||
Other provisions – There will be proportional adjustments for stock splits, stock dividends, recapitalizations and the like. | |||||||||||||||||
Effective June 30, 2012, the holders of the Convertible Preferred Stock agreed to an amendment to the Series A 10% Convertible Preferred Stock which deleted the liquidation provisions. As a result, the Convertible Preferred Stock has been classified as equity (rather than temporary equity) in all filings beginning with the quarter ended June 30, 2012. |
DIVIDENDS
DIVIDENDS | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
NOTE 7 - DIVIDENDS | On November 1, 2013, the Company announced that the Board of Directors had declared a ten percent stock dividend on its outstanding Series A 10% Convertible Preferred Stock. Stockholders of record as of November 15, 2013 received the stock dividend for each share of Series A Preferred Stock owned on that date, payable December 1, 2013. As of November 1, 2013, the Company had 22,704 shares of Preferred Stock outstanding; the total dividend paid consisted of 2,267 shares of Series A Preferred Stock (which are convertible into 2,267,000 shares of Common Stock) with a fair value of $226,700 and a total of 14 fractional shares which will be accumulated until whole shares can be issued. Due to the absence of Retained Earnings, the $2,267 par value of Preferred Stock dividend was charged against Additional Paid-in Capital. |
On October 31, 2014, the Company announced that the Board of Directors had declared a ten percent stock dividend on its outstanding Series A 10% Convertible Preferred Stock. Stockholders of record as of November 15, 2014 received the stock dividend for each share of Series A Preferred Stock owned on that date, payable December 1, 2014. As of October 31, 2014, the Company had 24,971 shares of Preferred Stock outstanding; the total dividend paid consisted of 2,495 shares of Series A Preferred Stock (which are convertible into 2,495,000 shares of Common Stock) with a fair value of $249,500 and a total of 14 fractional shares which will be accumulated until whole shares can be issued. Due to the absence of Retained Earnings, the $2,495 par value of Preferred Stock dividend was charged against Additional Paid-in Capital. | |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Notes to Financial Statements | |||||||||||||||||
NOTE 8 - STOCKHOLDERS' EQUITY | The Company's 2008 Stock Awards Plan was approved April 9, 2008 by the Board of Directors and ratified at the Company's annual meeting of stockholders held on June 3, 2008. The 2008 Plan became effective April 9, 2008 and will terminate on April 8, 2018. Subject to certain adjustments, the number of shares of Common Stock that may be issued pursuant to awards under the 2008 Plan is 2,000,000 shares. A maximum of 80,000 shares may be granted in any one year in any form to any one participant, of which a maximum of (i) 50,000 shares may be granted to a participant in the form of stock options and (ii) 30,000 shares may be granted to a participant in the form of Common Stock or restricted stock. The 2008 Plan will be administered by a committee of the Board of Directors. Employees, including any employee who is also a director or an officer, consultants, and outside directors of the Company are eligible to participate in the 2008 Plan. | ||||||||||||||||
On June 24, 2013, the Company’s Board approved the granting of incentive stock options to the 4 officers and 2 outside directors under the Company’s 2008 Stock Awards Plan for the purchase of 200,000 and 100,000 shares with grant date on June 25, 2013, respectively of the Company’s common stock at an exercise price of $0.03 per share on June 25, 2013. | |||||||||||||||||
Stock Option | |||||||||||||||||
The fair value of each option was estimated on June 25, 2013 (date of grant) using the following Black-Scholes assumptions: | |||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||
Expected term (in years) | 5 | ||||||||||||||||
Expected stock price volatility | 185.25 | % | |||||||||||||||
Risk-free interest rate | 1.48 | % | |||||||||||||||
Expected dividend yield | - | ||||||||||||||||
The Company vested 50% of the optioned shares on date of granting the stock options and the remaining 50% of the optioned shares were vested on June 25, 2014. | |||||||||||||||||
The following table summarizes all stock option activity under the plans: | |||||||||||||||||
Number of | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate | ||||||||||||||
Options | Intrinsic Value | ||||||||||||||||
Outstanding at January 1, 2014 | 300,000 | 0.03 | 4.48 | $ | 9,000 | ||||||||||||
Granted | - | ||||||||||||||||
Exercised | - | - | - | - | |||||||||||||
Forfeited/expired | - | - | - | - | |||||||||||||
Outstanding at December 31, 2014 | 300,000 | $ | 0.03 | 3.48 | $ | 9000 | |||||||||||
Exercisable at December 31, 2014 | 300,000 | $ | 0.03 | 3.48 | $ | 9,000 | |||||||||||
The Company recognized approximately $2,078 and $6,590 of stock based compensation costs related to stock options awards for the years ended December 31, 2014 and 2013, respectively. The weighted-average grant date fair value of options outstanding at December 31, 2014 was $0.0289. As ofDecember 31, 2014, the unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the plan was approximately $0. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Notes to Financial Statements | |||||||||||||||||||||
NOTE 9 - FAIR VALUE MEASUREMENTS | ASC 820, “Fair Value Measurements and Disclosure,” (“ASC 820”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, not adjusted for transaction costs. ASC 820 also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels giving the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). | ||||||||||||||||||||
The three levels are described below: | |||||||||||||||||||||
Level 1 Inputs — Unadjusted quoted prices in active markets for identical assets or liabilities that is accessible by the Company; | |||||||||||||||||||||
Level 2 Inputs — Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; | |||||||||||||||||||||
Level 3 Inputs — Unobservable inputs for the asset or liability including significant assumptions of the Company and other market participants. | |||||||||||||||||||||
There were no transfers in or out of any level the year ended December 31, 2014 and 2013. | |||||||||||||||||||||
Except for those assets and liabilities which are required by authoritative accounting guidance to be recorded at fair value in the Company’s balance sheets, the Company has elected not to record any other assets or liabilities at fair value, as permitted by ASC 820. No events occurred during the year ended December 31, 2014 which would require adjustment to the recognized balances of assets or liabilities which are recorded at fair value on a nonrecurring basis. | |||||||||||||||||||||
The Company determines fair values for its investment assets as follows: | |||||||||||||||||||||
Cash equivalents at fair value — the Company’s cash equivalents, at fair value, consist of money market funds — marked to market. The Company’s money market funds are classified within Level 1 of the fair value hierarchy since they are valued using quoted market prices from an exchange. | |||||||||||||||||||||
The following tables provide information on those assets measured at fair value on a recurring basis as of December 312014 and December 31, 2013, respectively: | |||||||||||||||||||||
Carrying Amount In Balance Sheet | Fair Value | Fair Value Measurement Using | |||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2014 | 2014 | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets: | |||||||||||||||||||||
Money Market Funds | $ | 1,061,726 | $ | 1,061,726 | $ | 1,061,726 | $ | — | $ | — | |||||||||||
Carrying Amount In Balance Sheet | Fair Value | Fair Value Measurement Using | |||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2013 | 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets: | |||||||||||||||||||||
Money Market Funds | $ | 1,221,675 | $ | 1,221,675 | $ | 1,221,675 | $ | — | $ | — |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
NOTE 10 - COMMITMENTS AND CONTINGENCIES | The Company’s Board of Directors has agreed to pay the Company’s Chief Financial Officer an annual salary of $17,000. No other officers or directors of the Company receive compensation other than reimbursement of out-of-pocket expenses incurred in connection with Company business and development. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Summary Of Significant Accounting Policies Policies | |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | The Company considers all highly liquid investments that are readily convertible into cash with a remaining maturity of three months or less at the time of acquisition to be cash equivalents. The Company maintains its cash and cash equivalents balances with high credit quality financial institutions. As of December 31, 2014, and 2013, the Company had cash and cash equivalents held in financial institutions that were uninsured by Federal Deposit Insurance Corporation in the amount of approximately $1,062,000 and $1,222,000 respectively. |
Income Taxes | The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for operating loss and tax credit carry forwards and for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured assuming enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such asset will be realized. |
The Company adopted FASB Interpretation of “Accounting for Uncertainty in Income Taxes”. There was no impact on the Company’s financial position, results of operations, or cash flows as a result of implementing this guidance. At December 31, 2014 and 2013, the Company evaluated its tax positions and did not have any unrecognized tax benefits. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company currently has no federal or state tax examinations in progress. |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Taxes Tables | |||||||||
Summary of deferred tax assets | As of December 31, 2014 and 2013, the deferred tax assets related to the aforementioned carry-forwards have been fully offset by valuation allowances, since it is more likely than not that significant utilization of such amounts will not occur in the foreseeable future. | ||||||||
2014 | 2013 | ||||||||
Deferred tax assets and valuation allowances consist of: | |||||||||
Deferred tax assets: | |||||||||
Net operating loss carry forwards | $ | 367,000 | $ | 304,000 | |||||
Less valuation allowance | (367,000 | ) | (304,000 | ) | |||||
Net deferred tax assets | $ | - | $ | - | |||||
Summary of income tax (expense) benefits | The following is a reconciliation of the tax derived by applying the statutory rate to the earnings before income taxes, and comparing that to the recorded income tax (expense) benefits: | ||||||||
Year ended | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Tax benefits (expense) at statutory rate | 35 | % | 35 | % | |||||
Unrecognized tax benefits (expense) of current period tax losses | (35 | )% | (35 | )% | |||||
Effective tax rate | - | - |
PRIVATE_PLACEMENT_OFFERING_Tab
PRIVATE PLACEMENT OFFERING (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Private Placement Offering Tables | |||||||||||||||||
Allocated to the instruments as follows | The proceeds of $2,000,100 were allocated to the instruments as follows: | ||||||||||||||||
Warrant liabilities | $ | 141,027 | |||||||||||||||
Redeemable and Convertible Preferred Stock | 1,388,367 | ||||||||||||||||
Common Stock | 470,706 | ||||||||||||||||
Total allocated gross proceeds: | $ | 2,000,100 | |||||||||||||||
Warrants | The Company entered into an amendment to its warrant agreements to extend the expiration date of the warrants from September 7, 2014 until September 7, 2015. | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Number of | Weighted average | Number of | Weighted average | ||||||||||||||
warrants | exercise price | warrants | exercise price | ||||||||||||||
Balance at January 1 | 6,909,000 | $ | 0.15 | 6,909,000 | $ | 0.15 | |||||||||||
Issued during the period | - | $ | - | - | $ | - | |||||||||||
Exercised during the period | - | $ | - | - | $ | - | |||||||||||
Extended during the period | 6,909,000 | ) | $ | 0.15 | - | $ | - | ||||||||||
Expired during the period | (6,909,000 | ) | $ | 0.15 | - | $ | - | ||||||||||
Balance at December 31 | 6,909,000 | $ | 0.15 | 6,909,000 | $ | 0.15 | |||||||||||
Summarizes the fair value of the warrants liabilities | The following table summarizes the fair value of the warrants as of the balance sheet date: | ||||||||||||||||
Fair values | December 31, | December 31, | At transaction | ||||||||||||||
2014 | 2013 | date | |||||||||||||||
September 7, 2007 financing | $ | - | $ | - | $ | 141,027 | |||||||||||
Assumptions for the valuation of the fair value of the warrant liability | The following are the assumptions for the valuation of the fair value of the warrant liability: | ||||||||||||||||
The following are the assumptions for the valuation of the fair value of the warrant liability: | |||||||||||||||||
December 31, | December 31, | At transaction | |||||||||||||||
2014 | 2013 | date | |||||||||||||||
Warrants outstanding | - | - | 6,909,000 | ||||||||||||||
Exercise price | $ | - | $ | - | $ | 0.15 | |||||||||||
Annual dividend yield | % | % | 4.01% | ||||||||||||||
Expected life (years) | - | - | 5 | ||||||||||||||
Risk-free interest rate | % | % | 4.14% | ||||||||||||||
Expected volatility | % | % | 53.94% |
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Stockholders Equity Tables | |||||||||||||||||
Stock option valuation assumptions | The fair value of each option was estimated on June 25, 2013 (date of grant) using the following Black-Scholes assumptions: | ||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||
Expected term (in years) | 5 | ||||||||||||||||
Expected stock price volatility | 185.25 | % | |||||||||||||||
Risk-free interest rate | 1.48 | % | |||||||||||||||
Expected dividend yield | - | ||||||||||||||||
Schedule of option activities | The following table summarizes all stock option activity under the plans: | ||||||||||||||||
Number of | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate | ||||||||||||||
Options | Intrinsic Value | ||||||||||||||||
Outstanding at January 1, 2014 | 300,000 | 0.03 | 4.48 | $ | 9,000 | ||||||||||||
Granted | - | ||||||||||||||||
Exercised | - | - | - | - | |||||||||||||
Forfeited/expired | - | - | - | - | |||||||||||||
Outstanding at December 31, 2014 | 300,000 | $ | 0.03 | 3.48 | $ | 9000 | |||||||||||
Exercisable at December 31, 2014 | 300,000 | $ | 0.03 | 3.48 | $ | 9,000 |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Measurements Tables | |||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | The following tables provide information on those assets measured at fair value on a recurring basis as of December 312014 and December 31, 2013, respectively: | ||||||||||||||||||||
Carrying Amount In Balance Sheet | Fair Value | Fair Value Measurement Using | |||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2014 | 2014 | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets: | |||||||||||||||||||||
Money Market Funds | $ | 1,061,726 | $ | 1,061,726 | $ | 1,061,726 | $ | — | $ | — | |||||||||||
Carrying Amount In Balance Sheet | Fair Value | Fair Value Measurement Using | |||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2013 | 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets: | |||||||||||||||||||||
Money Market Funds | $ | 1,221,675 | $ | 1,221,675 | $ | 1,221,675 | $ | — | $ | — |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summary Of Significant Accounting Policies Details Narrative | |||
Cash | $1,061,726 | $1,221,675 | $1,338,356 |
BASIC_AND_DILUTED_NET_LOSS_PER1
BASIC AND DILUTED NET LOSS PER COMMON SHARE (Details Narrative) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Basic And Diluted Net Loss Per Common Share Details Narrative | ||
Common stock equivalents (preferred stock and warrants) | 32,030,000 | 32,030,000 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax assets: | ||
Net operating loss carry forwards | $367,000 | $304,000 |
Less valuation allowance | -367,000 | -304,000 |
Net deferred tax assets |
INCOME_TAXES_Details_1
INCOME TAXES (Details 1) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes Details 1 | ||
Tax benefits (expense) at statutory rate | 35.00% | -35.00% |
Unrecognized tax benefits (expense) of current period tax losses | -35.00% | 35.00% |
Effective tax rate |
INCOME_TAXES_Details_Narrative
INCOME TAXES (Details Narrative) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes Details Narrative | ||
Unused net operating loss carry-forwards | $918,000 | $760,000 |
Expiration date | various dates through 2032 |
PRIVATE_PLACEMENT_OFFERING_Det
PRIVATE PLACEMENT OFFERING (Details) (USD $) | Dec. 31, 2014 |
Private Placement Offering Details | |
Warrant liabilities | $141,027 |
Redeemable and Convertible Preferred Stock | 1,388,367 |
Common Stock | 470,706 |
Total allocated gross proceeds: | $2,000,100 |
PRIVATE_PLACEMENT_OFFERING_Det1
PRIVATE PLACEMENT OFFERING (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Warrants | ||
Number of warrants/options outstanding, beginning | 6,909,000 | 6,909,000 |
Number of warrants Issued during the period | ||
Number of warrants Exercised during the period | ||
Number of warrants Extended during the period | 6,909,000 | |
Number of warrants Expired during the period | -6,909,000 | |
Number of warrants/options outstanding, ending | 6,909,000 | 6,909,000 |
Weighted Average Exercise Price | ||
Weighted average exercise price outstanding, beginning | $0.15 | $0.15 |
Weighted average exercise price Issued during the period | ||
Weighted average exercise price Exercised during the period | ||
Weighted average exercise price Extended during the period | $0.15 | |
Weighted average exercise price Expired during the period | $0.15 | |
Weighted average exercise price outstanding, ending | $0.15 | $0.15 |
PRIVATE_PLACEMENT_OFFERING_Det2
PRIVATE PLACEMENT OFFERING (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Fair values of September 7, 2007 financing | ||
At transaction date | ||
Fair values of September 7, 2007 financing | $141,027 |
PRIVATE_PLACEMENT_OFFERING_Det3
PRIVATE PLACEMENT OFFERING (Details 3) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Warrants outstanding | ||
Exercise price | ||
Annual dividend yield | ||
Risk-free interest rate | ||
Expected volatility | ||
At transaction date | ||
Warrants outstanding | 6,909,000 | |
Exercise price | $0.15 | |
Annual dividend yield | 4.01% | |
Expected life (years) | 5 years | |
Risk-free interest rate | 4.14% | |
Expected volatility | 53.94% |
PRIVATE_PLACEMENT_OFFERING_Det4
PRIVATE PLACEMENT OFFERING (Details Narrative) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Private Placement Offering Details Narrative | ||
Outstanding warrants | 6,909,000 | 6,909,000 |
Exercise price | $0.15 | $0.15 |
Expiry date | 7-Sep-15 | 7-Sep-14 |
Contractual life of the outstanding warrants | 8 months 5 days | 8 months 5 days |
Shares indexed to the warrants | 0 | 0 |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Expected stock price volatility | ||
Risk-free interest rate | ||
Expected dividend yield | ||
Stock Option [Member] | ||
Expected term (in years) | 5 years | |
Expected stock price volatility | 185.25% | |
Risk-free interest rate | 1.48% | |
Expected dividend yield |
STOCKHOLDERS_EQUITY_Details_1
STOCKHOLDERS' EQUITY (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Number of Options | ||
Number of warrants/options outstanding, beginning | 6,909,000 | 6,909,000 |
Number of Options, Granted | ||
Number of Options, Exercised | ||
Number of Options, Forfeited/expired | -6,909,000 | |
Number of warrants/options outstanding, ending | 6,909,000 | 6,909,000 |
Weighted Average Exercise Price | ||
Weighted average exercise price outstanding, beginning | $0.15 | $0.15 |
Weighted Average Exercise Price, Exercised | ||
Weighted Average Exercise Price, Forfeited/expired | $0.15 | |
Weighted average exercise price outstanding, ending | $0.15 | $0.15 |
Stock Option [Member] | ||
Number of Options | ||
Number of warrants/options outstanding, beginning | 300,000 | |
Number of Options, Exercised | ||
Number of Options, Forfeited/expired | ||
Number of warrants/options outstanding, ending | 300,000 | |
Number of Options, Exercisable | 300,000 | |
Weighted Average Exercise Price | ||
Weighted average exercise price outstanding, beginning | $0.03 | |
Weighted Average Exercise Price, Exercised | ||
Weighted Average Exercise Price, Forfeited/expired | ||
Weighted average exercise price outstanding, ending | $0.03 | |
Weighted Average Exercise Price, Exercisable | $0.03 | |
Weighted Average Remaining Contractual Life (Years) | ||
Weighted Average Remaining Contractual Life (Years), Beginning | 4 years 5 months 23 days | |
Weighted Average Remaining Contractual Life (Years), Outstanding | 3 years 5 months 23 days | |
Weighted Average Remaining Contractual Life (Years), Exercisable | 3 years 5 months 23 days | |
Aggregate Intrinsic Value | ||
Aggregate Intrinsic Value, Outstanding, Beginning | $9,000 | |
Aggregate Intrinsic Value, Granted | ||
Aggregate Intrinsic Value, Outstanding | 9,000 | |
Aggregate Intrinsic Value, Exercisable | $9,000 |
STOCKHOLDERS_EQUITY_Details_Na
STOCKHOLDERS' EQUITY (Details Narrative) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Stockholders Equity Details Narrative | ||
Stock based compensation costs related to stock and stock options awards | $2,078 | $6,590 |
Weighted-average grant date fair value of options outstanding | $0.03 | |
Unrecognized compensation cost related to non-vested share based compensation | $0 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (Money Market Funds [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Assets at fair value on recurring basis | $1,061,726 | $1,221,675 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets at fair value on recurring basis | 1,061,726 | 1,221,675 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets at fair value on recurring basis | ||
Fair Value, Inputs, Level 3 [Member] | ||
Assets at fair value on recurring basis | ||
Carrying Value [Member] | ||
Assets at fair value on recurring basis | $1,061,726 | $1,221,675 |