Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Apr. 14, 2015 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Entity Registrant Name | Axion Power International, Inc. | ||
Entity Central Index Key | 1028153 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Smaller Reporting Company | ||
Trading Symbol | AXPW | ||
Entity Common Stock, Shares Outstanding | 70,552,439 | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $30,839,818 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
ASSETS | ||
Cash and cash equivalents | $3,436,198 | $1,169,093 |
Restricted cash | 0 | 3,780,341 |
Accounts receivable, net | 9,874 | 562,583 |
Other current assets | 193,974 | 281,055 |
Inventory, net | 1,136,948 | 2,250,637 |
Total current assets | 4,776,994 | 8,043,709 |
Property and equipment, net | 2,072,530 | 6,698,536 |
Other receivables | 0 | 29,000 |
Total assets | 6,849,524 | 14,771,245 |
Liabilities and stockholders' equity | ||
Accounts payable | 335,936 | 420,337 |
Other liabilities | 293,172 | 352,857 |
Note payable | 104,777 | 104,777 |
Accrued interest convertible notes | 15,628 | 52,001 |
Subordinated convertible notes, net of discount | 65,000 | 583,574 |
Senior convertible notes, net of discount | 0 | 2,046,948 |
Total current liabilities | 814,513 | 3,560,494 |
Deferred revenue | 55,871 | 922,362 |
Note payable | 104,804 | 219,722 |
Derivative liability senior warrants | 0 | 518,433 |
Derivative liability Series B warrants | 2,930,335 | 0 |
Total liabilities | 3,905,523 | 5,221,011 |
Stockholders' equity | ||
Convertible preferred stock-12,500,000 shares authorized Series A preferred - 2,000,000 shares designated 0 shares issued and outstanding | 0 | 0 |
Common stock-100,000,000 shares authorized $0.005 par value 7,238,293 issued and outstanding (3,608,028 in 2013) | 36,191 | 18,039 |
Additional paid in capital | 118,415,884 | 106,302,018 |
Retained earnings(deficit) | -115,256,461 | -96,518,212 |
Cumulative foreign currency translation adjustment | -251,613 | -251,611 |
Total stockholders' equity | 2,944,001 | 9,550,234 |
Total liabilities and stockholders’ equity | $6,849,524 | $14,771,245 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Convertible preferred stock, shares authorized | 12,500,000 | 12,500,000 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares issued | 7,238,293 | 3,608,028 |
Common stock, shares outstanding | 7,238,293 | 3,608,028 |
Series A Preferred Stock [Member] | ||
Convertible Preferred Stock, Shares Issued | 0 | 0 |
Convertible Preferred Stock, Shares Outstanding | 0 | 0 |
Preferred Stock Shares Designated | 2,000,000 | 2,000,000 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS and COMPREHENSIVE LOSS (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Net sales | $4,648,453 | $10,187,362 |
Cost of tangible goods sold | 5,042,521 | 10,219,654 |
Cost of goods sold - idle capacity | 1,937,802 | 1,758,407 |
Gross loss | -2,331,870 | -1,790,699 |
Research and development | 2,005,043 | 2,171,954 |
Selling, general and administrative | 4,365,665 | 4,591,054 |
Impairment of assets, net | 2,764,868 | 0 |
Other (income) expense | -70,970 | -322,683 |
Operating loss | -11,396,476 | -8,231,024 |
Change in value of senior warrants, loss (gain) | 2,125,576 | -2,419,568 |
Change in value of conversion feature senior notes,(gain) | -32 | -1,511,968 |
Change in value of Series B warrants, loss | 2,103,344 | 0 |
Debt discount amortization expense | 928,145 | 3,771,948 |
Interest expense, note payable | 21,472 | 19,405 |
Extinguishment loss on senior notes conversion | 1,192,189 | 1,957,689 |
Loss on extinguishment subordinated notes | 58,436 | 0 |
Derivative revaluations (gain) loss | 0 | -1,217 |
Interest on convertible notes | 912,644 | 1,915,725 |
Loss before income taxes | -18,738,250 | -11,963,038 |
Income taxes | 0 | 0 |
Net loss | -18,738,250 | -11,963,038 |
Foreign translation adjustment | -2 | 65 |
Comprehensive income/(loss) | ($18,738,252) | ($11,962,973) |
Basic and diluted net loss per share (in dollars per share) | ($3.77) | ($4.70) |
Weighted average common shares outstanding (in shares) | 4,976,754 | 2,547,033 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities | ||
Net Loss | ($18,738,250) | ($11,963,038) |
Adjustments to reconcile net loss to net cash (used in) operating activities: | ||
Depreciation expense | 1,423,474 | 1,505,944 |
Change in value of Series B warrants ,loss | 2,103,344 | 0 |
Change in value of senior warrants, ( gain) loss | 2,125,576 | -2,419,568 |
Change in value of conversion feature senior notes,( gain) | -32 | -1,511,968 |
Debt discount amortization expense | 678,084 | 3,771,948 |
Interest accrued, senior convertible notes paid in common stock | 519,277 | 1,180,870 |
Debt discount amortization expense on subordinated note | 416,426 | 81,368 |
Accrued interest Subordinated Notes paid in stock | 106,424 | 0 |
Extinguishment loss on senior notes conversions | 1,325,813 | 1,957,689 |
Extinguishment loss on subordinated notes | 58,436 | 0 |
Derivative revaluations (gain) loss | 0 | -1,217 |
Impairment of assets, net | 2,764,868 | 0 |
Amortization deferred finance costs | 66,930 | 601,486 |
Net (gain) on sale of assets | -11,935 | 0 |
Warrants issued for placement agent fees | 74,009 | 0 |
Stock based compensation expense | 168,776 | 201,757 |
Changes in operating assets and liabilities | ||
Accounts receivable, net | 552,708 | 208,827 |
Other current assets | 20,151 | -19,150 |
Inventory, net | 1,113,689 | 588,154 |
Accounts payable | -84,401 | -161,166 |
Other current liabilities | -59,683 | 43,507 |
Accrued interest | -36,373 | 52,001 |
Deferred revenue | -322,123 | -339,933 |
Net cash (used in) operating activities | -5,734,812 | -6,222,489 |
Investing Activities | ||
Other receivables | 29,000 | 12,000 |
Proceeds from sale of assets | 12,000 | 0 |
Capital expenditures | -106,769 | -241,439 |
Net cash (used in) investing activities | -65,769 | -229,439 |
Financing Activities | ||
Repayment of note payable | -114,918 | -120,670 |
Proceeds from senior and subordinated convertible notes | 0 | 10,000,000 |
Gross proceeds from sale of common stock | 6,099,375 | 0 |
Repayment of subordinated convertible note | -935,000 | 0 |
Payment of public offering and debt issuance costs | -762,110 | -482,424 |
Amount provided from (deposited into) restricted cash account | 3,780,341 | -3,780,341 |
Net cash provided by financing activities | 8,067,688 | 5,616,565 |
Net change in cash and cash equivalents | 2,267,107 | -835,363 |
Effect of exchange rate on cash | -2 | 65 |
Cash and cash equivalents - beginning | 1,169,093 | 2,004,391 |
Cash and cash equivalents - ending | 3,436,198 | 1,169,093 |
Supplemental Schedule of Non Cash Investing and Financing Activities: | ||
Warrants issued for placement agent fees | 74,009 | 172,804 |
Common stock issued for principal payments on senior notes | 2,725,000 | 6,275,000 |
Conversion of senior convertible note warrants | 2,644,099 | 0 |
Issuance of Series B warrants | $826,991 | $0 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (USD $) | Total | Other Comprehensive Income (Loss) [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Balance at Dec. 31, 2012 | $11,217,915 | ($251,676) | $11,326 | $96,013,439 | ($84,555,174) |
Balance (in shares) at Dec. 31, 2012 | 2,265,200 | ||||
Stock issuances related to senior convertible notes | 0 | 6,700 | 9,667,838 | ||
Stock issuances related to senior convertible notes (in shares) | 112,429 | 1,340,128 | |||
Beneficial conversion feature associated with subordinated notes | 246,212 | 246,212 | |||
Placement agent fees | 172,785 | 172,785 | |||
Stock based compensation | 201,757 | 13 | 201,744 | ||
Stock based compensation (in shares) | 2,700 | ||||
Net loss | -11,963,038 | -11,963,038 | |||
Foreign translation adjustment | 65 | 65 | |||
Comprehensive loss | -11,962,973 | ||||
Balance at Dec. 31, 2013 | 9,550,234 | -251,611 | 18,039 | 106,302,018 | -96,518,211 |
Balance (in shares) at Dec. 31, 2013 | 3,608,028 | ||||
Stock issuances related to senior convertible notes | 2,644,099 | 4,082 | 7,210,017 | ||
Stock issuances related to senior convertible notes (in shares) | 816,389 | ||||
Shares issued to settle accrued interest on Subordinated Note | 106,424 | 484 | 105,940 | ||
Shares issued to settle accrued interest on Subordinated Note (in shares) | 96,749 | ||||
Warrants issued to settle debt -Subordinated Note | 58,436 | 58,436 | |||
Placement agent fees | 74,009 | 74,009 | |||
Common stock issuances related to public offering | 4,510,274 | 9,375 | 4,500,899 | ||
Common stock issuances related to public offering (in shares) | 1,875,000 | ||||
Stock based compensation | 168,775 | 50 | 168,725 | ||
Stock based compensation (in shares) | 10,031 | ||||
Senior Debt warrants exercised-345,622 @ 1.7 shares per warrant | 0 | 2,938 | -2,938 | ||
Senior Debt warrants exercised-345,622 @ 1.7 shares per warrant (in shares) | 587,558 | ||||
True -Up Rounding Shares for Reverse Stock Split | 0 | 1,223 | -1,223 | ||
True -Up Rounding Shares for Reverse Stock Split (in shares) | 244,537 | 244,537 | |||
Net loss | -18,738,250 | -18,738,250 | |||
Foreign translation adjustment | -2 | -2 | |||
Comprehensive loss | -18,738,252 | ||||
Balance at Dec. 31, 2014 | $2,944,001 | ($251,613) | $36,191 | $118,415,884 | ($115,256,461) |
Balance (in shares) at Dec. 31, 2014 | 7,238,292 |
Basis_of_Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Basis Of Presentation And Recent Accounting Pronouncements [Text Block] | Note 1 — Basis of Presentation |
These consolidated financial statements of Axion Power International, Inc., a Delaware corporation (API), include the operations of its wholly owned subsidiaries; Axion Power Battery Manufacturing, Inc. (APB), Axion Power Corporation, a Canadian Federal corporation (“APC”), and C & T Co. Inc., an Ontario corporation (“C&T”) (collectively, the “Company”). | |
On July 7, 2014 our shareholders approved a reverse stock split of our common stock, in a ratio determined by our board of directors, of not less than 1-for-20 nor more than 1-for-50. All warrant, option, share and per share information in this Form 10-K gives retroactive effect for a 1-for-50 split with all numbers rounded up to the nearest whole share. Our stock split was effected and started trading giving effect to the reverse split on September 8, 2014. | |
During 2014 there were 244,537 true-up rounding shares issued due to the above mentioned reverse stock split. | |
Accounting_Policies
Accounting Policies | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Significant Accounting Policies [Text Block] | Note 2 — Accounting Policies | |||||||||
Use of Estimates: The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates, assumptions and judgments that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates. | ||||||||||
Principles of Consolidation: The consolidated financial statements include the accounts of the Company, and its wholly owned subsidiaries, APB, APC and C&T. All significant inter-company balances and transactions have been eliminated in consolidation. | ||||||||||
Segment Reporting: Management has determined that the Company is organized, managed and internally reported as one business segment. | ||||||||||
Foreign Currency Translation: The accounts of APC and C&T are measured using the Canadian dollar as the functional currency for all the periods presented in the financial statements. The translation from Canadian dollars to U.S. dollars is performed for the balance sheet accounts using current exchange rates in effect at each of the balance sheet dates, and for the revenue and expense accounts using the average rate in effect during the periods. The resulting translation adjustments are recorded as a component of accumulated other comprehensive income (loss) within stockholders’ equity. Gains or losses resulting from transactions denominated in currencies other than the functional currency are included in the results of operations as incurred. Any gains or losses arising from the inter-company loan denominated in U.S. dollars are directly reflected in other comprehensive income, as the amounts are not expected to be repaid in the foreseeable future. | ||||||||||
Comprehensive Income: The Company follows Financial Accounting Standards Board Account Standards Codification (“FASB ASC”) 220, “Comprehensive Income.” Comprehensive income is the change in equity of a business enterprise during a reporting period from transactions and other events and circumstances from non-owner sources. In addition to the Company’s net loss, the change in equity components under comprehensive income include any foreign currency translation adjustment. | ||||||||||
Fair Value of Financial Instruments: FASB ASC 825, “Financial Instruments," requires disclosure of fair value information about certain financial instruments, including, but not limited to, cash and cash equivalents, accounts receivable, refundable tax credits, prepaid expenses, accounts payable, accrued expenses, notes payable to related parties and convertible debt-related securities. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2014 and 2013. The carrying value of the balance sheet financial instruments included in the Company’s consolidated financial statements approximated their fair values. | ||||||||||
Cash and Cash Equivalents: The Company considers those short-term, highly liquid investments to be cash or cash equivalents. Our investment policy is that we only invest cash in U.S. Government Treasuries with original maturities of six months or less. At December 31, 2014 we had $1.1 million in cash and cash equivalents that were on deposit with one financial institution which were not invested in U.S. Government Treasuries nor protected under the Federal Deposit Insurance Corporation limit of $250,000 per institution. | ||||||||||
Accounts Receivable and Concentration of Credit Risk: The Company records its accounts receivable net of any allowance for doubtful accounts. The Company manages its credit risk exposure and establishes an allowance for doubtful accounts for accounts that are deemed at risk for collection. When management determines that an account is uncollectible, it is written off against the related allowance. The allowance for uncollectible accounts is $10,500 at December 31, 2014 and 2013. | ||||||||||
Inventory: Inventory is recorded at the lower of cost or market value, and adjusted as appropriate for decreases in valuation and obsolescence. Adjustments to the valuation and obsolescence reserves are made after analyzing market conditions, historical sales activity, inventory costs and inventory composition to determine appropriate reserve levels. Cost is determined using the first-in first-out (FIFO) method. Many components and raw materials we purchase have minimum order quantities. | ||||||||||
A summary of inventory at December 31, 2014 and 2013 is as follows: | ||||||||||
2014 | 2013 | |||||||||
Raw materials | $ | 601,196 | $ | 1,073,034 | ||||||
Work in process | 639,957 | 1,235,029 | ||||||||
Finished goods | 80,263 | 163,228 | ||||||||
Inventory reserves | -184,468 | -220,654 | ||||||||
$ | 1,136,948 | $ | 2,250,637 | |||||||
Property and Equipment: Property and equipment are recorded at cost. Depreciation is computed using the straight line method over the estimated useful lives of the assets, ranging from 3 to 22 years. Expenditures for renewals and betterments are capitalized. Expenditures for minor items are charged to repairs and maintenance expense. Gain or loss upon sale or retirement is reflected in operating results in the period the event takes place. | ||||||||||
A summary of property and equipment at December 31, 2014 and 2013 is as follows: | ||||||||||
Estimated useful life | 2014 | 2013 | ||||||||
Construction in progress | $ | - | $ | 434,082 | ||||||
Leasehold improvements | Lesser of lease term | - | 530,091 | |||||||
or 10 years | ||||||||||
Machinery & equipment | 3-22 years | 3,846,567 | 11,323,042 | |||||||
Less accumulated depreciation | -1,774,037 | -5,588,679 | ||||||||
Net | $ | 2,072,530 | $ | 6,698,536 | ||||||
Depreciation expense was $1,423,474 and $1,505,944 for the years ended December 31, 2014 and December 31, 2013, respectively. | ||||||||||
Certain of our machinery and equipment are secured by the Pennsylvania Department of Community and Economic Development in relation to the Machinery and Equipment Loan Fund financing. The loan proceeds of $776,244 were received by us on September 14, 2009. The balance owed on the loan at December 31, 2014 is $209,581, which bears interest at a rate of 5.25% and matures on October 1, 2016. | ||||||||||
Impairment or Disposal of Long-Lived Assets: The Company adopted the provisions of FASB ASC 360-10-15-3, “Impairment or Disposal of Long-lived Assets.” This standard requires, among other things, that long-lived assets be reviewed for potential impairment whenever events or circumstances indicate that the carrying amounts may not be recoverable. The assessment of possible impairment is based on the ability to recover the carrying value of the asset from the expected future pre-tax cash flows (undiscounted and without interest charges) of the related operations. If these expected cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between estimated fair value and carrying value. The primary measure of fair value is based on undiscounted future cash flows. The measurement of impairment requires management to make estimates of these cash flows related to long-lived assets, as well as other fair value determinations. | ||||||||||
For 2014, we determined that we would not be able to fully recover the carrying amount of certain machinery and equipment due to our decision to transition out of the manufacture of batteries. In accordance with the guidance for impairment of long-lived assets, we evaluated these assets for the recovery and as a result of estimated fair value estimates provided from third party sources, we recorded a net asset impairment charge of $2,764,868 in 2014 to adjust the carrying value of these assets to our estimate of their fair value at December 31, 2014. The impairment charge for 2014 is recorded in our Statement of Operations and Comprehensive Loss as an operating loss. There was no impairment charge for the year ended December 31, 2013. | ||||||||||
Derivative Financial Instruments: The Company’s objectives in using derivative financial instruments are to obtain the lowest cash cost-source of funds. Derivative liabilities are recognized in the consolidated balance sheets at fair value based on the criteria specified in FASB ASC topic 815-40 " Derivatives and Hedging – Contracts in Entity’s own Equity ". The estimated fair value of the derivative liabilities is calculated using either the Black-Scholes or Monte Carlo simulation model method where applicable and such estimates are revalued at each balance sheet date, with changes in value recorded as other income or expense in the consolidated statement of operations and comprehensive loss. As a result of the Company’s adoption of ASC topic 815-40, effective January 1, 2009 some of the Company’s warrants are now accounted for as derivatives. | ||||||||||
Revenue Recognition: The Company recognizes revenue when there is persuasive evidence of an agreement, delivery has occurred or services have been rendered, the sales price to the buyer is fixed or determinable and collectability is reasonably assured. Evidence of an agreement and fixed or determinable sales price is predominantly based on a customer purchase order or other form of written sales order or written agreement, and the receipt of appropriate deposits where applicable depending on the nature and amount of the purchase order. Sales on account are approved only for credit-worthy customers; otherwise partial or full payment is received prior to shipment. Shipping terms are generally FOB shipping point and revenue is recognized when product is shipped to the customer and the aforementioned revenue recognition criteria have been met. When the terms are FOB destination or contingent upon collection by a prime contractor, then in these cases, revenue is recognized when the product is delivered to the customer’s designated delivery site and the conditions for collection have been fulfilled. The Company records sales net of discounts and estimated customer allowances and returns. We offer a 90 day free replacement warranty on some specialty collector car and motorsports products. Collector car products also carry a four year prorated warranty that begins at the end of the 90 days. To date, our warranty exposure on these battery products has been minimal. Flooded battery sales do not have standard warranty provisions and instead are sold at a discount in lieu of warranty. There were no other post shipment obligations that may impact the timing of revenue recognition for the year ending December 31, 2014. | ||||||||||
Cost of Sales - Idle Capacity: Idle capacity consists of direct production costs in excess of charges allocated to our finished goods in production. Operating costs include direct and indirect labor, production supplies, repairs and maintenance, rent, utilities, insurance and property taxes. Our charges for labor and overhead allocated to our finished goods are determined on a basis which is calculated presuming normal capacity utilization of two shifts per day, five days per week, which is lower than our actual costs incurred. Operating costs in excess of production allocations are expensed in the period incurred rather than added to the cost of finished goods produced. Idle capacity expenses for the year ended December 31, 2014 are $1,937,802 and $1,758,407 for year ended December 31, 2013. The year over year increase is primarily due to decreased production. | ||||||||||
Grants: The Company recognizes government grants when there is reasonable assurance that the Company will comply with the conditions attached to the grant arrangement and the grant will be received. Government grants are recognized in the consolidated statements of operations on a systematic basis over the periods in which the Company recognizes the related costs for which the government grant is intended to compensate. Specifically, when government grants are related to reimbursements for cost of revenues or operating expenses, the government grants are recognized as a reduction of the related expense in the consolidated statements of operations. For government grants related to reimbursements of capital expenditures, the government grants are recognized as a reduction of the basis of the asset and recognized in the consolidated statements of operations over the estimated useful life of the depreciable asset as a reduced depreciation expense. The Company records government grants receivable in the consolidated balance sheets in other receivables. Deferred revenue is amortized into income over the estimated useful life of the related equipment. As of December 31, 2014, the liability for deferred revenue was $ 55,871 and there are no grant receivables at either December 31, 2014 or December 31, 2013. During 2014, $306,426 of income was recorded for the amortization of deferred revenue compared to $339,934 during 2013. We wrote off $544,368 of the deferred revenue account related to the impairment of the assets. | ||||||||||
Stock based Compensation: Stock-based compensation related to employees and non-employees is recognized as compensation expense in the accompanying consolidated statements of operations and comprehensive loss is based on the fair value of the services received or the fair value of the equity instruments issued, whichever is more readily determinable. Our accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows the provisions of ASC 505-50 “Equity-Based Payments to Non-Employees”. The measurement date for the fair value of the equity instruments issued is determined at the earlier of (1) the date at which a commitment for performance by the consultant or vendor is reached or (2) the date at which the consultant or vendor’s performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement. | ||||||||||
Income Taxes: Deferred income taxes are recorded in accordance with FASB ASC 740, “Income Taxes”, and deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax basis of assets and liabilities using the tax rates and laws in effect when the differences are expected to reverse. FASB ASC 740 provides for the recognition of deferred tax assets if realization of such assets is more likely than not to occur. Realization of net deferred tax assets is dependent upon generating sufficient taxable income in future years in appropriate tax jurisdictions to realize benefit from the reversal of temporary differences and from net operating loss, or NOL carry forwards. The Company has determined it is more likely than not that the deferred tax asset resulting from these timing differences will not materialize and have provided a valuation allowance against the entire net deferred tax asset. Management will continue to evaluate the realizability of the deferred tax asset and its related valuation allowance. If the assessment of the deferred tax assets or the corresponding valuation allowance were to change, the Company would record the related adjustment to income during the period in which the determination is made. The tax rate may also vary based on actual results and the mix of income or loss in domestic and foreign tax jurisdictions in which operations take place. The Company pays corporate-level franchise taxes which may be based on assets, equity, capital stock or a variation thereof. | ||||||||||
Recently Issued Accounting Pronouncements: In August 2014, the FASB issued Accounting standards Update No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 will require management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern for one year from the date the financial statements are issued. The effective date was delayed until annual periods ending after December 15, 2016 to allow the auditing guidance to catch up with this change. ASU No. 2014-15 affects all companies and nonprofits and early application is allowed. We are currently evaluating the impact of our pending adoption of ASU 2014-15 on our consolidated financial statements. | ||||||||||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than required under existing U.S. GAAP. | ||||||||||
The aforementioned standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2017. | ||||||||||
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. ASU 2014-12 requires a performance target that affects vesting and that can be achieved after the requisite service period to be treated as a performance condition. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved. ASU 2014-12 will be effective for annual periods and interim periods within those annual periods beginning after December 15, 2015, and can be applied either prospectively to new or modified awards or retrospectively to awards outstanding as of the beginning of the earliest annual period presented and to all new or modified awards thereafter. The Company has not yet selected a transition method and is currently evaluating the impact of the adoption of this standard on the Company’s financial statements. | ||||||||||
Senior_Convertible_Notes_and_W
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Debt Disclosure [Text Block] | Note 3. — Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants | |||||||||||||
On May 8, 2013, the Company consummated the sale of $9 million in aggregate principal amount of senior convertible notes (the “Senior Notes”) due on February 8, 2015 and warrants (the “Senior Warrants”) to various institutional investors (“Investors”). At closing, the Company received $2.76 million in net proceeds, after deducting placement agent fees of $240,000. Total offering expenses were $494,500 and were recorded as deferred financing fees. The $6,000,000 balance of the gross proceeds from the sale of Senior Notes was deposited into a series of control accounts in the Company’s name. Withdrawals from the control accounts were permitted (i) in connection with certain conversions of the Senior Notes or (ii) otherwise, as follows: $500,000 on each 30 day anniversary of the closing date (May 8, 2013) commencing on the 60th day after the effective date until there are no more funds in the control accounts. The Senior Notes and Senior Warrants and the Subordinated Notes and Subordinated Warrants described below were issued in transactions exempt from registration under Section 4(2) of the Securities Act of 1933, as amended. As of the end of the second quarter, 2014, all of the proceeds have been released, and the note holders have converted all amounts due under the note into shares of the Company’s common stock. | ||||||||||||||
Securities Purchase Agreement | ||||||||||||||
The Senior Convertible Notes and Senior Warrants were issued pursuant to the terms of a Securities Purchase Agreement (“Purchase Agreement”) entered into among us and the Investors. The Purchase Agreement provided for the sale of the Senior Convertible Notes and Senior Warrants for gross proceeds of $9 million to us. | ||||||||||||||
Ranking - The Senior Notes were senior unsecured obligations of the Company, subject only to certain secured obligations of the Company for up to a maximum of $1 million of government issued indebtedness for purchase of plant and machinery and other purchase money financing for property, plant and equipment. | ||||||||||||||
Maturity Date - Unless earlier converted or redeemed, the Senior Notes matured 21 months from the closing date subject to the right of the investors to extend the date (i) if an event of a default under the Senior Notes had occurred and (ii) for a period of 20 business days after the consummation of a fundamental transaction if certain events occurred. | ||||||||||||||
Interest - The Senior Notes bore interest at the rate of 8% per year, compounded monthly on the first calendar day of each calendar month. The interest rate would increase to 18% per year upon the occurrence and continuance of an event of default (as described below). | ||||||||||||||
Conversion - The Senior Notes were convertible at any time at the option of the holders, into shares of the Company’s common stock at an initial conversion price of $13.20 per share (subsequent conversions are based on the Company’s volume weighted average price per share). The conversion price was subject to adjustment for stock splits, combinations or similar events. In addition, the conversion price was also subject to a “full ratchet” anti-dilution adjustment if the Company issued or was deemed to have issued securities at a price lower than the then applicable conversion price. In the event certain equity conditions were not met, the Company may have been prevented from issuing shares to satisfy the installments due on the note. | ||||||||||||||
The Senior Notes were not convertible with respect to any note holder if, after giving effect to the conversion or issuance, the holder together with its affiliates would beneficially own in excess of 4.99% of the Company’s outstanding shares of common stock. At each holder’s option, the limit on percentage ownership could have been raised or lowered to any other percentage not in excess of 9.99%, except that any raise would only have been effective upon 61-days’ prior notice to the Company. | ||||||||||||||
Events of Default | ||||||||||||||
The Senior Notes contained standard and customary events of default including but not limited to: (i) failure to register our Common Stock within certain time periods; (ii) failure to make payments when due under the Senior Notes; and (iii) bankruptcy or insolvency of the Company. | ||||||||||||||
If an event of default occurred, the Senior Note holders may have required the Company to redeem all or any portion of the Senior Notes (including all accrued and unpaid interest thereon), in cash, at a price equal to the greater of (i) up to 125% of the amount being redeemed, depending on the nature of the default, and (ii) the intrinsic value of the shares of Common Stock then issuable upon conversion of the Convertible Note. | ||||||||||||||
Fundamental Transactions | ||||||||||||||
The Senior Notes prohibited the Company from entering into specified transactions involving a change of control, unless the successor entity assumed in writing all obligations under the Senior Notes under a written agreement. | ||||||||||||||
In the event of transactions involving a change of control, the Senior Notes would have been redeemable whole or in part (including all accrued and unpaid thereon) at a price equal to the greater 125% of the amount of the face value of the Senior Note being redeemed and the intrinsic value of the shares of Common Stock then issuable upon conversion of the Senior Note being redeemed. | ||||||||||||||
Warrants | ||||||||||||||
The Warrants entitled the holders to purchase, in the aggregate, 345,623 shares of common stock. The Warrants were exercisable beginning November 8, 2013. On August 1, 2014, the Company entered into warrant exchange agreements (“Warrant Exchange Agreements”) with the holders (“Senior Warrant holders”) of the Senior Warrants issued in conjunction with the Company’s May 7, 2013 senior convertible note financing (“Senior Warrants”). Pursuant to the Warrant Exchange Agreements, the Senior Warrant holders exchanged all of the Senior Warrants for shares of the Company’s stock (“Shares”) at a ratio of 1.7 Shares for each Senior Warrant exchanged, in a transaction exempt from registration under Section 3(a)(9) of the Securities Act of 1933 as amended. | ||||||||||||||
Pursuant to the Warrant Exchange Agreements, the Senior Warrant holders agreed to the following limitations on the resale of the Shares: | ||||||||||||||
Through October 31, 2014, each Senior Warrant holder could only sell, pledge, assign or otherwise transfer up to 10% of the number of Shares issued to it. | ||||||||||||||
From November 1, 2014 through January 31, 2015, each Senior Warrant holder may have sold, pledged, assigned or otherwise transferred up to an additional 25% of the number of Shares issued to it (up to an aggregate of 35% inclusive of the 10% set forth in the bullet point above). | ||||||||||||||
Through January 31, 2015, each Senior Warrant holder may have sold Shares during any trading day in an amount, in the aggregate, exceeding 15% of the composite aggregate share trading volume of the Company’s common stock measured at the time of each sale of securities during such trading day as reported on Bloomberg. | ||||||||||||||
However, each Senior Warrant holder may have sold Shares in excess of those permitted under the bullet points above on any trading day on which the VWAP for the Company’s Common Stock for the preceding trading day was at least $9.50 or less than $1.00. | ||||||||||||||
Accounting for the Conversion Option and Warrants | ||||||||||||||
The Company first considered whether the Senior Notes met the criteria under ASC 480-10-25-14 to be recorded as a liability and determined that, due to the Senior Note’s differing potential settlement features, it did not meet the criteria. The Company next considered whether the conversion option met the definition of a derivative, requiring it to be bifurcated and recorded as a liability. Pursuant to ASC 815-40, due to full-ratchet down-round price protection on the conversion price of the Senior Notes and the exercise price of the Warrants, the Company determined that the conversion features of the Senior Notes and the exercise features of the Senior Warrants were not indexed to the Company’s owned stock and must be recognized separately as a derivative liability in the consolidated balance sheet, measured at fair value and marked to market each reporting period until the Senior Notes have been fully paid or converted and the Senior Warrants fully exercised. | ||||||||||||||
The conversion feature of the Senior Notes was valued using the Monte Carlo simulation model under the following assumptions; (i) expected life of 0.9 years, (ii) volatility of 60%, (iii) risk-free interest rate of 0.10% and (iv) dividend rate of 0. The Senior Warrants were also valued using the Monte Carlo simulation model, under the following assumptions: (i) expected life of 5 years, (ii) volatility of 80%, (iii) risk-free interest rate of 0.75%, and (iv) dividend rate of zero. The initial fair values of the conversion feature and the warrants were estimated to be $2.9 million and $1.5 million, respectively, totaling $4.4 million. This amount was recorded as debt discount on May 8, 2013 and was amortized over the term of the Senior Notes using the effective interest method. In addition, debt issuance costs totaling $494,500 were amortized over the term of the note using the effective interest method. | ||||||||||||||
During 2014 and 2013 the change in fair value of $2,125,544 and ($3,931,535) respectively, was recorded as a non-cash loss (gain) in the consolidated statements of operations and comprehensive loss. As of December 2014 and 2013, the senior warrants and the conversion feature of the senior note are classified as a liability in the consolidated balance sheet as follows: | ||||||||||||||
Warrants | Conversion Feature | Total | ||||||||||||
Original valuation – May 8, 2013 | $ | 2,938,000 | $ | 1,512,000 | $ | 4,450,000 | ||||||||
Adjustment to fair value | -2,419,567 | -1,511,968 | -3,931,535 | |||||||||||
Balance-December 31, 2013 | 518,433 | 32 | 518,465 | |||||||||||
Change in value senior warrants | 2,125,576 | - | 2,125,576 | |||||||||||
Change in value conversion feature (gain) | - | -32 | -32 | |||||||||||
Conversion of warrants to stock | -2,644,009 | - | -2,644,009 | |||||||||||
Balance – December 31, 2014 | $ | - | $ | - | $ | - | ||||||||
Pursuant to the terms of the Senior Notes, the Company opted to pay the installment payments due prior to December 31, 2013 with shares of the Company’s common stock. As of December 31, 2013, the Company issued 1,227,700 shares of common stock at a weighted average conversion price of $5.40 for the first $5,750,000 in principal and $1,180,870 of interest. In addition, 112,429 shares were issued for accelerated conversions resulted in a release of $ 525,000. A loss on extinguishment was recognized in the amount of $1,957,689 for the difference between the installment amount and the fair value of the shares at the issuance date. During 2014, the Company issued 914,531 shares of common stock at the weighted average conversion price of $ 5.43 for the $2,725,000 remaining principal and $ 542,105 of interest. An extinguishment loss of $1,325,813 was incurred on the final stock issuances related to the debt. Subsequently, the extinguishment loss was reduced by $133,650 which was received as a result of the installment true-up. As of December 31, 2014 and 2013, the principal balance of the Senior Notes (net of discount) was as follows: | ||||||||||||||
Convertible | Debt Discount | Net Total | ||||||||||||
Note | ||||||||||||||
Original valuation – May 8, 2013 | $ | 9,000,000 | $ | -4,450,000 | $ | 4,550,000 | ||||||||
Installation payment in shares | -6,275,000 | - | -6,275,000 | |||||||||||
Amortization of debt discount | - | 3,771,948 | 3,771,948 | |||||||||||
Balance – December 31, 2013 | 2,725,000 | -678,052 | 2,046,948 | |||||||||||
Installation payment in shares | -2,725,000 | - | -2,725,000 | |||||||||||
Amortization of debt discount | - | 678,052 | 678,052 | |||||||||||
Balance – December 31, 2014 | $ | - | $ | - | $ | - | ||||||||
Placement Agent Warrants | ||||||||||||||
Upon the closing of the issuance of the Senior Notes and Senior Warrants, the Company issued 18,180 warrants to its placement agent under the same terms as the senior note holders. In addition the Company was obligated to issue additional warrants when the Company received further proceeds from the sale of the Senior Notes and Senior Warrants which were being held in the control accounts described above. The initial placement agent warrants were recognized as additional financing fees and were amortized over the life of the Senior Notes. These warrants were determined not to be derivative instruments, and as such they were recorded as equity. The fair value of the initial issuance of 18,180 placement agent warrants was estimated to be $144,000 using the Black-Scholes model with the following assumptions: (i) expected life of 5 years, (ii) volatility of 80%, (iii) risk free interest rate of 0.75% and (iv) dividend yield of zero. During 2013 an additional 13,409 warrants were issued valued at $28,804. In 2014, the Company issued 22,951 additional warrants valued at $74,009. The Black Scholes model was used to value warrants in both 2014 and 2013 with the following assumptions: (i) expected life of 5 years, (ii) volatility of 70%, (iii) risk free interest rate at 1.27%and (iv) dividend yield of zero. The final number of warrants issued through December 31, 2014 was 54,540. | ||||||||||||||
Subordinated Convertible Notes and Subordinated Warrants | ||||||||||||||
Simultaneously with the closing of the $9 million principal amount Senior Note transaction, the Company sold $1 million principal amount of its Subordinated Convertible Notes (the “Subordinated Notes”) to investors consisting of management and directors of the Company and one individual investor. The sale of the Subordinated Notes did not carry any additional fees and expenses, so the Company received the entire $1 million in proceeds from the Subordinated Notes at closing. The Subordinated Notes were subordinated in right of repayment to the Senior Notes and mature 91 days subsequent to the maturity date of the Senior Notes bear interest at the rate of 8% per year. Once 2/3 of the Senior Notes have been repaid, then the Subordinated Notes may be converted and/or prepaid in cash so long as there is no Event of Default with respect to the Senior Notes and all Equity Conditions (as defined in the securities purchase agreement for the Senior Notes) are met. The conversion price for the Subordinated Notes is $13.20 per share. The holders of the Subordinated Convertible Notes were issued five year warrants to purchase 38,403 shares of Company common stock (“Subordinated Warrants”). Each Subordinated Warrant has an exercise price of $15.10 per share. | ||||||||||||||
As the conversion feature of the Subordinated Notes and the related warrants were determined not to be derivative instruments, in accordance with the guidance in ASC Topic 470-20 Debt with Conversion and Other Options (“ASC 470”), the Company first calculated the fair value of the warrants issued and then calculated the relative value of the note and determined that there was a beneficial conversion feature in the amount of $246,000. Conversion of the Subordinated Notes was conditioned upon 2/3 of the Senior Notes being repaid, and therefore the beneficial conversion feature was determined to be contingent and therefore not booked at the date of the issuance. At December 31, 2013, the contingency was met, and therefore, the beneficial conversion feature was recorded as additional debt discount net of $11,129 of amortization. | ||||||||||||||
The fair value of the warrants, issued in connection with the Subordinated Notes is $304,000 in the aggregate and was calculated using the Black-Scholes option pricing model with the following assumptions: (i) expected life of 5 years, (ii) volatility of 80% (iii) risk free interest rate of 0.75% and (iv) dividend yield of zero. | ||||||||||||||
The relative value of the warrants to the subordinated note was $263,000, and recorded as original debt discount. | ||||||||||||||
The balance at December 31, 2014 and December 31, 2013 related to the Subordinated Notes was comprised of: | ||||||||||||||
Subordinated convertible notes payable, related and unrelated parties at May 8, 2013 | $ | 1,000,000 | ||||||||||||
Unamortized debt discount | -416,426 | |||||||||||||
Balance – December 31, 2013 | 583,574 | |||||||||||||
Conversion of accrued interest to principal | 66,049 | |||||||||||||
Repayment of subordinated notes | -935,000 | |||||||||||||
Amortization of debt discount | 416,426 | |||||||||||||
Conversion of interest into shares of common stock | -66,049 | |||||||||||||
Balance – December 31, 2014 | $ | 65,000 | ||||||||||||
On June 30, 2014, the Company entered into an amended note with respect to that certain $735,000 principal amount Subordinated Note issued to Robert Averill on May 7, 2013. The amendment to the note increased the principal amount to $801,049 which was the original principal amount of the note plus accrued and unpaid interest to June 18, 2014. The interest rate on the note was increased to 9% per annum commencing June 30, 2014, and the interest increased 1% per month, commencing on September 16, 2014 until the Note was paid in full. This amended note extended the maturity date to the earlier of December 31, 2014 or the date on which the Company consummates one or more financing transactions of at least $10,000,000 in the aggregate. On December 12, 2014 the Company repaid the principal balance of $735,000 to Mr. Averill and issued 96,749 shares of common stock, valued at $106,424 in lieu of a cash payment for interest. | ||||||||||||||
As part of the debt settlement, Mr. Averill was also given 96,749 warrants. The warrants were valued using Black-Scholes Merton model, under the following assumptions: (i) expected life of 5 years, (ii) volatility 186%, (iii) risk free interest rate of 0.98% and (iv) dividend rate of zero. The exercise price of these warrants is $1.00 and have a 5 year exercisable life. The value of the warrants issued was estimated to be $58, 436. | ||||||||||||||
Fair Value Disclosure | ||||||||||||||
The Company has three Level 3 financial instruments, Series B warrants associated with the public offering of common stock, Senior Warrants and the conversion feature associated with the Senior Notes, which are recorded at fair value on a periodic basis. The Series B warrants, Senior Warrants and the conversion feature are evaluated under the hierarchy of FASB ASC Subtopic 480-10, FASB ASC Paragraph 815-25-1 and FASB ASC Subparagraph 815-10-15-74 addressing embedded derivatives. The fair value of the warrants and the conversion feature are estimated using the Monte Carlo simulation model. The following table represents the Company’s fair value hierarchy for items that are required to be measured at fair value on a recurring basis. As of December 31, 2014 and 2013 the following tables represent the fair value of the warrant liabilities. | ||||||||||||||
2014 | ||||||||||||||
Fair | ||||||||||||||
Value | Level 1 | Level 2 | Level 3 | |||||||||||
Series B warranty liability | $ | 2,930,335 | - | - | $ | 2,930,335 | ||||||||
2013 | ||||||||||||||
Fair | ||||||||||||||
Value | Level 1 | Level 2 | Level 3 | |||||||||||
Embedded note conversion feature | $ | 32 | - | - | $ | 32 | ||||||||
Warrant liability | $ | 518,433 | - | - | $ | 518,433 | ||||||||
Public_offering_of_common_stoc
Public offering of common stock, Series A warrants and Series B warrants | 12 Months Ended |
Dec. 31, 2014 | |
Public Offering And Warrants Issuance [Abstract] | |
Public Offering And Warrants Issuance [Text Block] | Note 4 - Public offering of common stock, Series A warrants and Series B warrants |
Effective October 29, 2014, the Company consummated an underwritten public offering consisting of 1,875,000 shares of common stock ("Common Stock"), together with Series A warrants to purchase 1,875,000 shares of its Common Stock ("Series A Warrants") and Series B warrants to purchase 1,875,000 shares of its Common Stock (“Series B Warrants”) for gross proceeds to the Company of approximately $6.1 million and net proceeds of $5.5 million. The public offering price for each share of Common Stock, together with one Series A Warrant and one Series B Warrant, was $3.25. The Series A Warrants may be exercised for a period of five years and have an exercise price of $3.25 per share of Common Stock. The Series B Warrants may be exercised for a period of 15 months and have an exercise price of $3.25 per share of Common Stock. In connection with the offering, the Company granted to the underwriter a 45-day option to acquire up to 281,250 additional shares of Common Stock and/or up to 281,250 additional Series A Warrants and/or up to 281,250 additional Series B Warrants. The Company has also closed on the underwriter’s exercise of the over-allotment option on the Series A Warrants and the Series B Warrants. The Company’s Common Stock and Series A Warrants are now listed on the NASDAQ Capital Market under the symbols “AXPW” and “AXPWW”, respectively. | |
Imbedded in the Series B Warrant is a cashless exercise feature that allows for the holder to convert the warrant to common stock when the stock price is less than the exercise price (out-of-the-money). This cashless exercise feature vests 121 days following the issue date of October 24, 2014. Upon vesting the holder is able to exercise the warrant on a cashless basis and receive shares of the Company’s common stock based on a formula stipulated in the Warrant Agreement. Given the terms by which the cashless exercise feature is calculated, if the Company’s stock trading price declines, the Series B Warrant-holder is entitled to receive more shares upon exercise. | |
Accounting for the Series B Warrants | |
Pursuant to ASC 815-40, due to the net settlement terms included in the Series B warrants, which requires an increased number of shares to be issued if the price of the Company’s common stock falls, the Company determined that the Series B Warrants were not indexed to the Company’s own stock and must be recognized separately as a derivative liability in the consolidated balance sheet, measured at fair value and marked to market each reporting period. | |
As of October 29, 2014, the fair value of the Series B warrants was estimated to be $826,991. Using the Monte Carlo simulation model under the following assumptions; (i) expected life 15 months, (ii) volatility of 88.0%, (iii) risk free interest rate of 0.12%, (iv) dividend rate of zero, (v) stock price of $2.36, and (vi) exercise price of $3.25. | |
As of December 31, 2014, the fair value of the Series B warrants was estimated to be $2,930,335. Using the Monte Carlo simulation model under the following assumptions: (i) expected life 13 months, (ii) volatility of 99.0%, (iii) risk free interest rate of 0.28%, (iv) dividend rate of zero, (v) stock price of $0.94, and (vi) exercise price of $3.25. | |
Going_Concern
Going Concern | 12 Months Ended |
Dec. 31, 2014 | |
Going Concern [Abstract] | |
Going Concern [Text Block] | Note 5 — Going Concern |
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. At December 31, 2014 the Company’s working capital was $4.5 million. However, the financial resources of the Company will not provide sufficient funds for the Company’s operations beyond the third quarter of 2015, as those operations currently exist. Subsequent funding will be required to fund the Company’s ongoing operations, working capital, and capital expenditures beyond the third quarter of 2015. No assurances can be given that the Company will be successful in arranging the further funds needed to continue the execution of its business plan, which includes the development and commercialization of new products, or even if further funding is available, upon what terms. Failure to obtain such funds on terms acceptable to the Company’s management will require management to substantially curtail, if not cease, operations, which will result in a material adverse effect on the financial position and results of operations of the Company. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that might occur if the Company is unable to continue as a going concern. | |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Stockholders Equity Note [Abstract] | ||||||||||||||
Stockholders Equity Note Disclosure [Text Block] | Note 6 — Stockholders' Equity | |||||||||||||
Authorized Capitalization: The Company’s authorized capitalization includes 100 million shares of common stock and 12.5 million shares of preferred stock. | ||||||||||||||
Common Stock: At December 31, 2014, 7,238,293 shares of common stock were issued and outstanding. The holders of common stock are entitled to one vote for each share held of record on all matters to be voted on by stockholders. There is no cumulative voting with respect to the election of directors, with the result that the holders of more than 50% of the shares voted for the election of directors can elect all of the directors. Holders of common stock are entitled to receive dividends when and if declared by the board out of funds legally available. In the event of liquidation, dissolution or winding up, the common stockholders are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision has been made for each class of stock, if any, having preference over the common stock. The common stockholders have no conversion, preemptive or other subscription rights and there are no redemption provisions applicable to the common stock. All of the outstanding shares of common stock are fully paid and non-assessable. | ||||||||||||||
Preferred Stock: The Company’s certificate of incorporation authorizes the issuance of 12.5 million shares of blank check preferred stock. The Company’s board of directors has the power to establish the designation, rights and preferences of any preferred stock. Accordingly, the board of directors has the power, without stockholder approval, to issue preferred stock with dividend, liquidation, conversion, voting or other rights that could adversely affect the voting power or other rights of the holders of common stock. At December 31, 2014 and 2013, no shares of Series-A Convertible Preferred stock were issued and outstanding. | ||||||||||||||
Warrants: The following table provides summary information on warrants outstanding as of December 31, 2014 and 2013, with summary information on the various warrants issued by the Company in private placement transactions, warrants exercised to date, warrants that are presently exercisable and the current exercise prices of such warrants. | ||||||||||||||
2014 | 2013 | |||||||||||||
Shares | Weighted Average Exercise price | Shares | Weighted Average Exercise Price | |||||||||||
Warrants outstanding January 1 | 416,529 | $ | 15.19 | 234,247 | $ | 41.5 | ||||||||
Granted during year | 4,432,200 | 3.26 | 415,616 | 15.5 | ||||||||||
Exercised | -345,623 | 15.1 | - | - | ||||||||||
Lapsed | -913 | 56.13 | -233,334 | 41.5 | ||||||||||
Outstanding at December 31 | 4,502,193 | $ | 3.45 | 416,529 | $ | 15.19 | ||||||||
Weighted average years remaining | 5 | 4.8 | ||||||||||||
As of December 31, 2014 there are 2,156,250 warrants classified as derivative liabilities relating to the public offering of common stock that occurred on October 29, 2014. As of December 31, 2013 there were 345,622 warrants classified as derivative liabilities. Each reporting period the warrants are re-valued and adjusted through the captions“change in value of Series B warrants, loss “and” senior warrants loss(gain)” on the consolidated statements of operations and comprehensive loss. | ||||||||||||||
Equity_Compensation
Equity Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |||||||||||||||||
Shareholders Equity and Share-based Payments [Text Block] | Note 7 – Equity Compensation | ||||||||||||||||
Incentive Stock Plan Approved by Stockholders: The Company’s stockholders have adopted an incentive stock plan for the benefit of its employees, consultants and advisors. Under the terms of the original plan, the Company was authorized to grant incentive awards for up to 20,000 shares of common stock. At the Company’s 2005 annual meeting, its shareholders increased the authorization under the incentive stock plan to 40,000 shares. | |||||||||||||||||
The incentive stock plan authorizes a variety of awards including incentive stock options, non-qualified stock options, shares of restricted stock, and shares of phantom stock and stock bonuses. In addition, the plan authorizes the payment of cash bonuses when a participant is required to recognize income for federal income tax purposes because of the vesting of shares of restricted stock or the grant of a stock bonus. | |||||||||||||||||
The plan authorizes the grant of incentive awards to full-time employees of the Company who are not eligible to receive awards under the terms of an employment contract or another specialty plan. The plan also authorizes the grant of incentive awards to directors who are not eligible to participate in the Company’s outside directors’ stock option plan, independent agents, consultants and advisors who have contributed to the Company’s success. | |||||||||||||||||
The exercise price of incentive stock options must be equal to the fair market value of such shares on the date of the grant or, in the case of incentive stock options granted to the holder of more than 10% of the Company’s common stock, at least 110% of the fair market value of such shares on the date of the grant. The maximum exercise period for incentive stock options is ten years from the date of grant, or five years in the case of an individual who owns more than 10% of the Company’s common stock. The aggregate fair market value determined at the date of the option grant, of shares with respect to which incentive stock options are exercisable for the first time by the holder of the option during any calendar year, shall not exceed $100,000. | |||||||||||||||||
There are no incentive stock options outstanding at December 31, 2014 or 2013. | |||||||||||||||||
Independent Directors' Stock Option Plan Approved by Stockholders: The Company’s stockholders have adopted an outside directors' stock option plan for the benefit of its non-employee directors in order to encourage their continued service as directors. Under the terms of the original plan, the Company was authorized to grant incentive awards for up to 20,000 shares of common stock at December 31, 2013. On March 18, 2014 the Board of Directors amended the Axion Power International, Inc. independent director’s stock option plan to increase the number of shares of common stock available thereunder from 20,000 shares to 60,000 shares. As of December 31, 2014 the plan remains at 60,000 shaers of common stock available. | |||||||||||||||||
The option price of the stock subject to each option is required to be the fair market value of the stock on its date of grant. Options generally expire on the fifth anniversary of the date of grant. Any option granted under the plan shall become exercisable in full on the first anniversary of the date of grant, provided that the eligible director has not voluntarily resigned or been removed "for cause" as a member of the Board of Directors on or prior to the first anniversary of the date of grant (qualified option). Any qualified option shall remain exercisable after its first anniversary regardless of whether the optionee continues to serve as a member of the Board. | |||||||||||||||||
Stock Options Held by Officers, Employees, and Consultants Not Approved by Stockholders: | |||||||||||||||||
The Company uses the Black-Scholes-Merton Option Pricing Model to estimate the fair value of awards on the measurement date using the weighted average assumptions noted in the following table: | |||||||||||||||||
Year | Interest rate % | Dividend Yield % | Expected Volatility % | Expected Life | |||||||||||||
2014 | 0.9 | 0 | 180.93 | 96 months | |||||||||||||
2013 | 0.63 | 0 | 65.36 | 96 months | |||||||||||||
Expected volatilities are calculated based on the historical volatility of the Company’s stock since its listing on the public markets. Management has determined that it cannot reasonably estimate a forfeiture rate given the insufficient amount of time and activity of share option exercise and employee termination patterns. The expected life of options, representing the period of time that options granted are expected to be outstanding, was determined using the contractual term. The risk-free interest rate for periods within the expected life of the option is based on the interest rate for a similar time period of a U.S. Treasury note in effort on the date of the grant. | |||||||||||||||||
The following table provides consolidated summary information on the Company’s non-qualified stock option activity for the years ended December 31, 2014 and 2013. | |||||||||||||||||
2014 | |||||||||||||||||
Weighted Average | |||||||||||||||||
All Plan and Non-Plan Compensatory Options | Number of | Exercise | Fair Value | Remaining Life (years) | Aggregate Intrinsic Value | ||||||||||||
Options | |||||||||||||||||
Options outstanding at December 31, 2013 | 103,847 | $ | 61 | $ | 23 | 3.7 | $ | - | |||||||||
Granted | 54,000 | 8.24 | 4.39 | 5.5 | - | ||||||||||||
Exercised | - | - | - | - | - | ||||||||||||
Forfeited or lapsed | -22,310 | 62.7 | 19.94 | - | - | ||||||||||||
Options outstanding at December 31, 2014 | 135,537 | $ | 39.48 | $ | 14.44 | 3.8 | $ | - | |||||||||
Options exercisable at December 31, 2014 | 92,984 | $ | 53.79 | $ | 19.02 | 2.8 | $ | - | |||||||||
2013 | |||||||||||||||||
Weighted Average | |||||||||||||||||
All Plan and Non-Plan Compensatory Options | Number of | Exercise | Fair Value | Remaining Life (years) | Aggregate Intrinsic Value | ||||||||||||
Options | |||||||||||||||||
Options outstanding at December 31, 2012 | 81,527 | $ | 85 | $ | 28 | 3.8 | $ | - | |||||||||
Granted | 27,970 | 7 | 12.5 | 5.5 | - | ||||||||||||
Exercised | - | - | - | - | - | ||||||||||||
Forfeited or lapsed | -5,650 | 143.5 | 38.5 | - | - | ||||||||||||
Options outstanding at December 31, 2013 | 103,847 | $ | 61 | $ | 23 | 3.7 | $ | - | |||||||||
Options exercisable at December 31, 2013 | 68,630 | $ | 83 | $ | 29 | 2.6 | $ | - | |||||||||
The following table summarizes the status of the Company’s non-vested options: | |||||||||||||||||
All non-vested stock options as of December 31, 2014 | Shares | Fair Value | |||||||||||||||
Options subject to future vesting at December 31, 2013 | 35,217 | $ | 13.5 | ||||||||||||||
Options granted | 54,000 | 4.39 | |||||||||||||||
Options forfeited or lapsed | -17,384 | 7.83 | |||||||||||||||
Options vested | -29,280 | 6.95 | |||||||||||||||
Options subject to future vesting at December 31, 2014 | 42,553 | $ | 4.43 | ||||||||||||||
As of December 31, 2014, there was $217,136 of unrecognized compensation related to non-vested options compared to $159,037 at December 31, 2013. The Company expects to recognize the cost over a weighted average period of 2.2 years. The total fair value of options vested was $1,768,107 and $1,985,062 for 2014 and 2013, respectively. | |||||||||||||||||
The compensation expense that has been recognized for options granted was $107,992 and $160,987 for the years ended December 31, 2014 and 2013 respectively. In addition, the Company recognized non-cash compensation expense of $48,306 and $40,770 for the years ended December 31, 2014 and 2013, respectively, for stock granted to directors in lieu of cash. | |||||||||||||||||
EarningsLoss_Per_Share
Earnings/Loss Per Share | 12 Months Ended |
Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 8 — Earnings/Loss Per Share |
Basic earnings per share is computed by dividing income available to common shareholders (the numerator) by the weighted-average number of common shares outstanding (the denominator) for the period. Diluted earnings per share are computed by assuming that any dilutive convertible securities outstanding were converted, with related preferred stock dividend requirements and outstanding common shares adjusted accordingly. It also assumes that outstanding common shares were increased by shares issuable upon exercise of those stock options for which market price exceeds the exercise price, less shares which could have been purchased by us with the related proceeds. In periods of losses, diluted loss per share is computed on the same basis as basic loss per share as the inclusion of any other potential shares outstanding would be anti-dilutive. | |
Had the Company recorded income applicable to common shareholders for the periods ended December 31, 2014 and 2013 weighted-average number of common shares outstanding would have increased by 4,642,654 and 5,488 respectively, for these fiscal years. | |
Income_Taxes_Expense_Benefit
Income Taxes Expense (Benefit) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Income Tax Disclosure [Text Block] | Note 9 — Income Taxes Expense (Benefit) | |||||||
A summary of the components giving rise to the income tax expense (benefit) for the years ended December 31, 2014 and 2013 is as follows: | ||||||||
2014 | 2013 | |||||||
Current income tax expense: | ||||||||
Federal | $ | - | $ | - | ||||
State | - | - | ||||||
Foreign | - | - | ||||||
$ | - | $ | - | |||||
Deferred income tax expense (benefit): | ||||||||
Federal | $ | -4,053,430 | $ | -3,003,000 | ||||
State | -786,841 | -583,000 | ||||||
Foreign | 150,438 | 149,000 | ||||||
Total deferred tax | -4,689,833 | -3,437,000 | ||||||
Less increase in valuation allowance | 4,689,833 | 3,437,000 | ||||||
Net deferred tax | $ | - | $ | - | ||||
Total income tax expense (benefit) | $ | - | $ | - | ||||
Individual components giving rise to the deferred tax asset are as follows: | 2014 | 2013 | ||||||
Future tax benefit arising from net operating loss carry forwards | $ | 29,235,000 | $ | 24,453,000 | ||||
Future tax benefit arising from available tax credits | 1,373,000 | 1,373,000 | ||||||
Future tax benefit arising from options/warrants issued for services | 1,356,000 | 1, 292,000 | ||||||
Other | 222,000 | 214,000 | ||||||
Total future tax benefit | 32,186,000 | 27,332,000 | ||||||
Less valuation allowance | -32,186,000 | -27,332,000 | ||||||
Net deferred tax | $ | - | $ | - | ||||
The components of pretax loss are as follows: | 2014 | 2013 | ||||||
United States | $ | -18,738,250 | $ | -11,959,188 | ||||
Foreign | - | -3,850 | ||||||
$ | -18,738,250 | $ | -11,963,038 | |||||
The Company has net operating loss carry forwards of $68,500,000 and $2,800,000 available to reduce future income taxes in United States and Canada, respectively. The United States carry forwards expire at various dates between 2024 and 2034. The Canadian loss carry forwards expire at various dates between 2013 and 2028. The Company also has generated Canadian tax credits related to research and development activities. The credit, amounting to $734,000 U.S. Dollars, is available to offset future taxable income in Canada and expires at various dates between 2024 and 2027. The Company has adopted FASB ASC 740, which provides for the recognition of a deferred tax asset based upon the value certain items will have on future income taxes and management's estimate of the probability of the realization of these tax benefits. The Company has determined it more likely than not that these timing differences will not materialize and have provided a valuation allowance against the entire net deferred tax asset. due to equity transactions that have occurred, the utilization of NOL carry forwards may be subject to further change in control limitations that generally restricts the utilization of the NOL per year. | ||||||||
The reconciliation of the United States statutory federal income rate and the effective income tax rate in the accompanying Consolidated Statements of Operations for the years ended December 31, 2014 and 2013 is as follows: | ||||||||
2014 | 2013 | |||||||
Statutory U.S. federal income tax rate | -34 | % | -34 | % | ||||
State taxes, net | -4.2 | % | -4.9 | % | ||||
Foreign currency fluctuation | 0.8 | % | 1.3 | % | ||||
Revaluation of derivatives | -10 | % | -5.6 | % | ||||
Debt discount amortization | 2.4 | % | 14.5 | % | ||||
Change in valuation allowance | 25.2 | % | 28.7 | % | ||||
Effective income tax rate | 0 | % | 0 | % | ||||
The Company adopted the provisions of FASB ASC 740-10 “Income Taxes” on January 1, 2008. As the result of the assessment, the Company recognized no material adjustments to unrecognized tax benefits. At the adoption date of January 1, 2008 and as of December 31, 2014, the Company has no unrecognized tax benefits. By statute, tax years ending December 31, 2010 through 2014 remain open to examination by the major taxing jurisdictions to which the Company is subject | ||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 10 — Related Party Transactions |
None. | |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2014 | |
Supplemental Cash Flow Information [Abstract] | |
Additional Financial Information Disclosure [Text Block] | Note 11 — Supplemental Cash Flow Information |
Cash payments for interest during the years ended December 31, 2014 and December 31, 2013 were $37,516 and $19,405, respectively. There were no payments of federal or state income taxes during the years ended December 31, 2014 and 2013 | |
Commitments_and_Contingencies_
Commitments and Contingencies, Concentrations and Significant Contracts | 12 Months Ended | ||
Dec. 31, 2014 | |||
Commitments and Contingencies Disclosure [Abstract] | |||
Commitments and Contingencies Disclosure [Text Block] | Note 12 — Commitments and Contingencies, Concentrations and Significant Contracts | ||
Facilities: On March 28, 2010, we renewed our commercial lease for existing space at our manufacturing plant, located at 3601 Clover Lane, in New Castle, Pennsylvania. The salient terms of the Lease are as follows: | |||
· | The term commenced on April 3, 2010 with an initial term of three years. | ||
· | On March 10, 2013, we exercised our option for a five year renewal on our existing lease space. The lease may be extended for one additional five-year term with future rent to be negotiated at a commercially reasonable rate. | ||
· | The battery manufacturing facility includes 70,438 square feet of floor space, including 7,859 square feet of office, locker, lab and lunch area, 46,931 square feet of manufacturing space, 1,488 square feet of dedicated lab space, 9,200 square feet of storage buildings and 5,000 square feet of basement area. | ||
· | The rental amount for the renewal term is $17,200 per month, which is fixed through 2018. In addition to the monthly rental, we are obligated to pay all required maintenance costs, taxes and special assessments, maintain public liability insurance and maintain fire and casualty insurance for an amount equal to 100% of the replacement value of the leased premises. | ||
On November 4, 2010, the Company entered into a commercial lease for a 45,000 square foot building, located at 209 Green Ridge Road in New Castle PA. The salient terms of the Lease are as follows: | |||
· | The Lease term commenced on January 1, 2011 and the term expires on December 31, 2015. | ||
· | The Lease may be extended for two 5-year terms, by giving notice not less than 30 nor more than 120 days before the expiration of the initial term or first renewal term (as applicable). The renewal leases shall be on terms substantially similar to the terms of the initial Lease except for any adjustment to rent, if warranted, as mutually agreed upon by Lessor and the Company. | ||
· | The rental amount for the initial term is $19,297 per month and is on a “triple net” basis. | ||
· | The Company also has a right of first refusal to purchase the property within 30 days of receipt of notice of a third party offer from Lessor upon substantially the same terms as those offered by the third party. | ||
· | The Lease contains market terms on standard provisions such as defaults and maintenance. | ||
Rent expense for both facilities was $437,964 for 2014 and 2013. | |||
Concentration of Business Transacted with One Customer: We had one customer that accounted for 74.2% of sales in 2014 and for 84.5% of sales in 2013. | |||
Executive Employment Agreements: Effective as of April 1, 2013, the Company entered into an Executive Employment Agreement (“Agreement “ ) with Philip S. Baker as its Chief Operating Officer. Under the terms of the Agreement , which has a term of three years, Mr. Baker receives an annual salary of $199,800, which is subject to review annually , an annual stipend of $19,980, an annual bonus as determined by the Compensation Committee of the Board of Directors, and an annual car allowance of $6,000. On April 1, 2013, Mr. Baker was granted a five year option to purchase 4,600 shares of our common stock with an exercise price of $75 per share, 520 options vested on April 1, 2010, and, beginning in June, 2010, 120 options vested monthly through the remaining 34 months of his contract. | |||
Effective as of November 1, 2014, the Company entered into an Executive Employment Agreement (“Agreement “) with Charles R. Trego as its Chief Financial Officer. Under the terms of the Agreement, which has a term of two years, Mr. Trego receives an annual salary of $225,000, an annual stipend of $22,500 on the first and second anniversaries of the date of the Executive Employment Agreement, respectively, if he is still employed by the Company in such capacity on the first anniversary date, and on the second anniversary date, if he has an agreement to continue as the Chief Financial Officer of the Company for at least six months subsequent to the second anniversary date, an annual car allowance of $7,500. | |||
Effective November 1, 2014, Charles Trego, Phillip Baker and two other executives entered into salary deferral agreements with the Company pursuant to which each agreed to defer portions of their salary for one year from the date of effectiveness of the salary deferral agreement. The deferred portions of the salaries are to be paid to each such employee by the earlier of December 31, 2015 and the occurrence of one of the following events: (i) consummation by the Company of any subsequent financing transactions with at least $6,000,000 in gross proceeds in the aggregate; (ii) a change in control of the Company or (iii) a sale of all or substantially all of the assets of the Company. At December 31, 2014 the total deferred salaries amounted to $51,988. | |||
We have no retirement plans or other similar arrangements for any directors, officers or employees, other than a non-contributory 401(k) plan. | |||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 13 — Subsequent Events |
On January 1, 2015, the Board of Directors of Axion Power International, Inc. appointed Richard Bogan to replace Howard K. Schmidt, who resigned from the Board, effective December 31, 2014. | |
On January 10, 2015, Donald Farley was appointed a director, and on January 25, 2015, he was appointed Chairman to replace our CEO, David DiGiacinto, upon Mr. DiGiacinto's passing. | |
On February 19, 2015, Axion Power International, Inc. (the “Company”) received a written notification from the Nasdaq Stock Market LLC that it did not meet the $1.00 minimum bid requirement from January 5, 2015 to February 18, 2015 under NASDAQ Listing Rule 5550(a)(2) which requires the Company to maintain a minimum bid price of at least $1.00 for at least one trading day during any consecutive 30 trading day period. The Company has been provided with a 180 calendar day period, or until August 18, 2015, to regain compliance with this requirement. To regain compliance with the minimum bid price requirement, the Company must have a closing bid price of at least $1 per share for a minimum of ten consecutive business days during this compliance period. | |
On March 31, 2015, Axion Power International, Inc. accepted the resignation of Vani Dantam, Vice President of Sales and Marketing. | |
The period for the “cashless exercise” of the Company’s Series B Warrants, as set forth in Section 3.3.2.1 of the related Warrant Agreement, dated October 24, 2014, which provides for further cashless exercise of these Series B Warrants upon a market price for the Company’s common stock of less than $3.25 per share commenced on February 22, 2015, and will continue through the 15 month anniversary of the date of the Warrant Agreement. These shares will be issued in exchange for previously issued securities in a transaction exempt from registration pursuant to Section 3(a)(9) of the Securities Act. As of April 14, 2015, 1,312,904 Series B Warrants had been exercised, 843,346 Series B Warrants remain outstanding, and the total overall issued and outstanding common stock of the Company was 70,552,439 shares. | |
Our primary business is to develop, design, manufacture and sell advanced energy storage devices, components and systems that are based on our patented PbC technology. In 2014 we began the transition of our strategy to exit the manufacture of standard and specialty lead-acid batteries. In 2015, we intend to explore the sale of the lead-acid assets. The Company’s 2014 sales and cost of sales were generated from the utilization of these lead-acid based assets and it is appears that these lead - acid assets will likely qualify as discontinued operations in 2015 as we complete the transition. | |
Accounting_Policies_Policies
Accounting Policies (Policies) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates, assumptions and judgments that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates. | |||||||||
Consolidation, Policy [Policy Text Block] | Principles of Consolidation: The consolidated financial statements include the accounts of the Company, and its wholly owned subsidiaries, APB, APC and C&T. All significant inter-company balances and transactions have been eliminated in consolidation. | |||||||||
Segment Reporting, Policy [Policy Text Block] | Segment Reporting: Management has determined that the Company is organized, managed and internally reported as one business segment. | |||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation: The accounts of APC and C&T are measured using the Canadian dollar as the functional currency for all the periods presented in the financial statements. The translation from Canadian dollars to U.S. dollars is performed for the balance sheet accounts using current exchange rates in effect at each of the balance sheet dates, and for the revenue and expense accounts using the average rate in effect during the periods. The resulting translation adjustments are recorded as a component of accumulated other comprehensive income (loss) within stockholders’ equity. Gains or losses resulting from transactions denominated in currencies other than the functional currency are included in the results of operations as incurred. Any gains or losses arising from the inter-company loan denominated in U.S. dollars are directly reflected in other comprehensive income, as the amounts are not expected to be repaid in the foreseeable future. | |||||||||
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income: The Company follows Financial Accounting Standards Board Account Standards Codification (“FASB ASC”) 220, “Comprehensive Income.” Comprehensive income is the change in equity of a business enterprise during a reporting period from transactions and other events and circumstances from non-owner sources. In addition to the Company’s net loss, the change in equity components under comprehensive income include any foreign currency translation adjustment. | |||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments: FASB ASC 825, “Financial Instruments," requires disclosure of fair value information about certain financial instruments, including, but not limited to, cash and cash equivalents, accounts receivable, refundable tax credits, prepaid expenses, accounts payable, accrued expenses, notes payable to related parties and convertible debt-related securities. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2014 and 2013. The carrying value of the balance sheet financial instruments included in the Company’s consolidated financial statements approximated their fair values. | |||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents: The Company considers those short-term, highly liquid investments to be cash or cash equivalents. Our investment policy is that we only invest cash in U.S. Government Treasuries with original maturities of six months or less. At December 31, 2014 we had $1.1 million in cash and cash equivalents that were on deposit with one financial institution which were not invested in U.S. Government Treasuries nor protected under the Federal Deposit Insurance Corporation limit of $250,000 per institution. | |||||||||
Accounts Receivable And Concentration Of Credit Risk [Policy Text Block] | Accounts Receivable and Concentration of Credit Risk: The Company records its accounts receivable net of any allowance for doubtful accounts. The Company manages its credit risk exposure and establishes an allowance for doubtful accounts for accounts that are deemed at risk for collection. When management determines that an account is uncollectible, it is written off against the related allowance. The allowance for uncollectible accounts is $10,500 at December 31, 2014 and 2013. | |||||||||
Inventory, Policy [Policy Text Block] | Inventory: Inventory is recorded at the lower of cost or market value, and adjusted as appropriate for decreases in valuation and obsolescence. Adjustments to the valuation and obsolescence reserves are made after analyzing market conditions, historical sales activity, inventory costs and inventory composition to determine appropriate reserve levels. Cost is determined using the first-in first-out (FIFO) method. Many components and raw materials we purchase have minimum order quantities. | |||||||||
A summary of inventory at December 31, 2014 and 2013 is as follows: | ||||||||||
2014 | 2013 | |||||||||
Raw materials | $ | 601,196 | $ | 1,073,034 | ||||||
Work in process | 639,957 | 1,235,029 | ||||||||
Finished goods | 80,263 | 163,228 | ||||||||
Inventory reserves | -184,468 | -220,654 | ||||||||
$ | 1,136,948 | $ | 2,250,637 | |||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment: Property and equipment are recorded at cost. Depreciation is computed using the straight line method over the estimated useful lives of the assets, ranging from 3 to 22 years. Expenditures for renewals and betterments are capitalized. Expenditures for minor items are charged to repairs and maintenance expense. Gain or loss upon sale or retirement is reflected in operating results in the period the event takes place. | |||||||||
A summary of property and equipment at December 31, 2014 and 2013 is as follows: | ||||||||||
Estimated useful life | 2014 | 2013 | ||||||||
Construction in progress | $ | - | $ | 434,082 | ||||||
Leasehold improvements | Lesser of lease term | - | 530,091 | |||||||
or 10 years | ||||||||||
Machinery & equipment | 3-22 years | 3,846,567 | 11,323,042 | |||||||
Less accumulated depreciation | -1,774,037 | -5,588,679 | ||||||||
Net | $ | 2,072,530 | $ | 6,698,536 | ||||||
Depreciation expense was $1,423,474 and $1,505,944 for the years ended December 31, 2014 and December 31, 2013, respectively. | ||||||||||
Certain of our machinery and equipment are secured by the Pennsylvania Department of Community and Economic Development in relation to the Machinery and Equipment Loan Fund financing. The loan proceeds of $776,244 were received by us on September 14, 2009. The balance owed on the loan at December 31, 2014 is $209,581, which bears interest at a rate of 5.25% and matures on October 1, 2016. | ||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment or Disposal of Long-Lived Assets: The Company adopted the provisions of FASB ASC 360-10-15-3, “Impairment or Disposal of Long-lived Assets.” This standard requires, among other things, that long-lived assets be reviewed for potential impairment whenever events or circumstances indicate that the carrying amounts may not be recoverable. The assessment of possible impairment is based on the ability to recover the carrying value of the asset from the expected future pre-tax cash flows (undiscounted and without interest charges) of the related operations. If these expected cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between estimated fair value and carrying value. The primary measure of fair value is based on undiscounted future cash flows. The measurement of impairment requires management to make estimates of these cash flows related to long-lived assets, as well as other fair value determinations. | |||||||||
For 2014, we determined that we would not be able to fully recover the carrying amount of certain machinery and equipment due to our decision to transition out of the manufacture of batteries. In accordance with the guidance for impairment of long-lived assets, we evaluated these assets for the recovery and as a result of estimated fair value estimates provided from third party sources, we recorded a net asset impairment charge of $2,764,868 in 2014 to adjust the carrying value of these assets to our estimate of their fair value at December 31, 2014. The impairment charge for 2014 is recorded in our Statement of Operations and Comprehensive Loss as an operating loss. There was no impairment charge for the year ended December 31, 2013. | ||||||||||
Derivative Financial Instruments [Policy Text Block] | Derivative Financial Instruments: The Company’s objectives in using derivative financial instruments are to obtain the lowest cash cost-source of funds. Derivative liabilities are recognized in the consolidated balance sheets at fair value based on the criteria specified in FASB ASC topic 815-40 " Derivatives and Hedging – Contracts in Entity’s own Equity ". The estimated fair value of the derivative liabilities is calculated using either the Black-Scholes or Monte Carlo simulation model method where applicable and such estimates are revalued at each balance sheet date, with changes in value recorded as other income or expense in the consolidated statement of operations and comprehensive loss. As a result of the Company’s adoption of ASC topic 815-40, effective January 1, 2009 some of the Company’s warrants are now accounted for as derivatives. | |||||||||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: The Company recognizes revenue when there is persuasive evidence of an agreement, delivery has occurred or services have been rendered, the sales price to the buyer is fixed or determinable and collectability is reasonably assured. Evidence of an agreement and fixed or determinable sales price is predominantly based on a customer purchase order or other form of written sales order or written agreement, and the receipt of appropriate deposits where applicable depending on the nature and amount of the purchase order. Sales on account are approved only for credit-worthy customers; otherwise partial or full payment is received prior to shipment. Shipping terms are generally FOB shipping point and revenue is recognized when product is shipped to the customer and the aforementioned revenue recognition criteria have been met. When the terms are FOB destination or contingent upon collection by a prime contractor, then in these cases, revenue is recognized when the product is delivered to the customer’s designated delivery site and the conditions for collection have been fulfilled. The Company records sales net of discounts and estimated customer allowances and returns. We offer a 90 day free replacement warranty on some specialty collector car and motorsports products. Collector car products also carry a four year prorated warranty that begins at the end of the 90 days. To date, our warranty exposure on these battery products has been minimal. Flooded battery sales do not have standard warranty provisions and instead are sold at a discount in lieu of warranty. There were no other post shipment obligations that may impact the timing of revenue recognition for the year ending December 31, 2014. | |||||||||
Cost Of Sales Idle Capacity [Policy Text Block] | Cost of Sales - Idle Capacity: Idle capacity consists of direct production costs in excess of charges allocated to our finished goods in production. Operating costs include direct and indirect labor, production supplies, repairs and maintenance, rent, utilities, insurance and property taxes. Our charges for labor and overhead allocated to our finished goods are determined on a basis which is calculated presuming normal capacity utilization of two shifts per day, five days per week, which is lower than our actual costs incurred. Operating costs in excess of production allocations are expensed in the period incurred rather than added to the cost of finished goods produced. Idle capacity expenses for the year ended December 31, 2014 are $1,937,802 and $1,758,407 for year ended December 31, 2013. The year over year increase is primarily due to decreased production. | |||||||||
Grant [Policy Text Block] | Grants: The Company recognizes government grants when there is reasonable assurance that the Company will comply with the conditions attached to the grant arrangement and the grant will be received. Government grants are recognized in the consolidated statements of operations on a systematic basis over the periods in which the Company recognizes the related costs for which the government grant is intended to compensate. Specifically, when government grants are related to reimbursements for cost of revenues or operating expenses, the government grants are recognized as a reduction of the related expense in the consolidated statements of operations. For government grants related to reimbursements of capital expenditures, the government grants are recognized as a reduction of the basis of the asset and recognized in the consolidated statements of operations over the estimated useful life of the depreciable asset as a reduced depreciation expense. The Company records government grants receivable in the consolidated balance sheets in other receivables. Deferred revenue is amortized into income over the estimated useful life of the related equipment. As of December 31, 2014, the liability for deferred revenue was $ 55,871 and there are no grant receivables at either December 31, 2014 or December 31, 2013. During 2014, $306,426 of income was recorded for the amortization of deferred revenue compared to $339,934 during 2013. We wrote off $544,368 of the deferred revenue account related to the impairment of the assets. | |||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock based Compensation: Stock-based compensation related to employees and non-employees is recognized as compensation expense in the accompanying consolidated statements of operations and comprehensive loss is based on the fair value of the services received or the fair value of the equity instruments issued, whichever is more readily determinable. Our accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows the provisions of ASC 505-50 “Equity-Based Payments to Non-Employees”. The measurement date for the fair value of the equity instruments issued is determined at the earlier of (1) the date at which a commitment for performance by the consultant or vendor is reached or (2) the date at which the consultant or vendor’s performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement. | |||||||||
Income Tax, Policy [Policy Text Block] | Income Taxes: Deferred income taxes are recorded in accordance with FASB ASC 740, “Income Taxes”, and deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax basis of assets and liabilities using the tax rates and laws in effect when the differences are expected to reverse. FASB ASC 740 provides for the recognition of deferred tax assets if realization of such assets is more likely than not to occur. Realization of net deferred tax assets is dependent upon generating sufficient taxable income in future years in appropriate tax jurisdictions to realize benefit from the reversal of temporary differences and from net operating loss, or NOL carry forwards. The Company has determined it is more likely than not that the deferred tax asset resulting from these timing differences will not materialize and have provided a valuation allowance against the entire net deferred tax asset. Management will continue to evaluate the realizability of the deferred tax asset and its related valuation allowance. If the assessment of the deferred tax assets or the corresponding valuation allowance were to change, the Company would record the related adjustment to income during the period in which the determination is made. The tax rate may also vary based on actual results and the mix of income or loss in domestic and foreign tax jurisdictions in which operations take place. The Company pays corporate-level franchise taxes which may be based on assets, equity, capital stock or a variation thereof. | |||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements: In August 2014, the FASB issued Accounting standards Update No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 will require management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern for one year from the date the financial statements are issued. The effective date was delayed until annual periods ending after December 15, 2016 to allow the auditing guidance to catch up with this change. ASU No. 2014-15 affects all companies and nonprofits and early application is allowed. We are currently evaluating the impact of our pending adoption of ASU 2014-15 on our consolidated financial statements. | |||||||||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than required under existing U.S. GAAP. | ||||||||||
The aforementioned standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2017. | ||||||||||
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. ASU 2014-12 requires a performance target that affects vesting and that can be achieved after the requisite service period to be treated as a performance condition. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved. ASU 2014-12 will be effective for annual periods and interim periods within those annual periods beginning after December 15, 2015, and can be applied either prospectively to new or modified awards or retrospectively to awards outstanding as of the beginning of the earliest annual period presented and to all new or modified awards thereafter. The Company has not yet selected a transition method and is currently evaluating the impact of the adoption of this standard on the Company’s financial statements. | ||||||||||
Accounting_Policies_Tables
Accounting Policies (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Schedule of Inventory, Current [Table Text Block] | A summary of inventory at December 31, 2014 and 2013 is as follows: | |||||||||
2014 | 2013 | |||||||||
Raw materials | $ | 601,196 | $ | 1,073,034 | ||||||
Work in process | 639,957 | 1,235,029 | ||||||||
Finished goods | 80,263 | 163,228 | ||||||||
Inventory reserves | -184,468 | -220,654 | ||||||||
$ | 1,136,948 | $ | 2,250,637 | |||||||
Property, Plant and Equipment [Table Text Block] | A summary of property and equipment at December 31, 2014 and 2013 is as follows: | |||||||||
Estimated useful life | 2014 | 2013 | ||||||||
Construction in progress | $ | - | $ | 434,082 | ||||||
Leasehold improvements | Lesser of lease term | - | 530,091 | |||||||
or 10 years | ||||||||||
Machinery & equipment | 3-22 years | 3,846,567 | 11,323,042 | |||||||
Less accumulated depreciation | -1,774,037 | -5,588,679 | ||||||||
Net | $ | 2,072,530 | $ | 6,698,536 | ||||||
Senior_Convertible_Notes_and_W1
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Schedule of Debt Conversions [Table Text Block] | As of December 2014 and 2013, the senior warrants and the conversion feature of the senior note are classified as a liability in the consolidated balance sheet as follows: | |||||||||||||
Warrants | Conversion Feature | Total | ||||||||||||
Original valuation – May 8, 2013 | $ | 2,938,000 | $ | 1,512,000 | $ | 4,450,000 | ||||||||
Adjustment to fair value | -2,419,567 | -1,511,968 | -3,931,535 | |||||||||||
Balance-December 31, 2013 | 518,433 | 32 | 518,465 | |||||||||||
Change in value senior warrants | 2,125,576 | - | 2,125,576 | |||||||||||
Change in value conversion feature (gain) | - | -32 | -32 | |||||||||||
Conversion of warrants to stock | -2,644,009 | - | -2,644,009 | |||||||||||
Balance – December 31, 2014 | $ | - | $ | - | $ | - | ||||||||
Schedule of Debt [Table Text Block] | As of December 31, 2013, the principal balance of the Senior Notes (net of discount) was as follows: | |||||||||||||
Convertible | Debt Discount | Net Total | ||||||||||||
Note | ||||||||||||||
Original valuation – May 8, 2013 | $ | 9,000,000 | $ | -4,450,000 | $ | 4,550,000 | ||||||||
Installation payment in shares | -6,275,000 | - | -6,275,000 | |||||||||||
Amortization of debt discount | - | 3,771,948 | 3,771,948 | |||||||||||
Balance – December 31, 2013 | 2,725,000 | -678,052 | 2,046,948 | |||||||||||
Installation payment in shares | -2,725,000 | - | -2,725,000 | |||||||||||
Amortization of debt discount | - | 678,052 | 678,052 | |||||||||||
Balance – December 31, 2014 | $ | - | $ | - | $ | - | ||||||||
Schedule of Subordinated Borrowing [Table Text Block] | The balance at December 31, 2014 and December 31, 2013 related to the Subordinated Notes was comprised of: | |||||||||||||
Subordinated convertible notes payable, related and unrelated parties at May 8, 2013 | $ | 1,000,000 | ||||||||||||
Unamortized debt discount | -416,426 | |||||||||||||
Balance – December 31, 2013 | 583,574 | |||||||||||||
Conversion of accrued interest to principal | 66,049 | |||||||||||||
Repayment of subordinated notes | -935,000 | |||||||||||||
Amortization of debt discount | 416,426 | |||||||||||||
Conversion of interest into shares of common stock | -66,049 | |||||||||||||
Balance – December 31, 2014 | $ | 65,000 | ||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table represents the Company’s fair value hierarchy for items that are required to be measured at fair value on a recurring basis. As of December 31, 2014 and 2013 the following tables represent the fair value of the warrant liabilities. | |||||||||||||
2014 | ||||||||||||||
Fair | ||||||||||||||
Value | Level 1 | Level 2 | Level 3 | |||||||||||
Series B warranty liability | $ | 2,930,335 | - | - | $ | 2,930,335 | ||||||||
2013 | ||||||||||||||
Fair | ||||||||||||||
Value | Level 1 | Level 2 | Level 3 | |||||||||||
Embedded note conversion feature | $ | 32 | - | - | $ | 32 | ||||||||
Warrant liability | $ | 518,433 | - | - | $ | 518,433 | ||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Stockholders Equity Note [Abstract] | ||||||||||||||
Schedule of Stockholders Equity Note, Warrants or Rights [Table Text Block] | The following table provides summary information on warrants outstanding as of December 31, 2014 and 2013, with summary information on the various warrants issued by the Company in private placement transactions, warrants exercised to date, warrants that are presently exercisable and the current exercise prices of such warrants. | |||||||||||||
2014 | 2013 | |||||||||||||
Shares | Weighted Average Exercise price | Shares | Weighted Average Exercise Price | |||||||||||
Warrants outstanding January 1 | 416,529 | $ | 15.19 | 234,247 | $ | 41.5 | ||||||||
Granted during year | 4,432,200 | 3.26 | 415,616 | 15.5 | ||||||||||
Exercised | -345,623 | 15.1 | - | - | ||||||||||
Lapsed | -913 | 56.13 | -233,334 | 41.5 | ||||||||||
Outstanding at December 31 | 4,502,193 | $ | 3.45 | 416,529 | $ | 15.19 | ||||||||
Weighted average years remaining | 5 | 4.8 | ||||||||||||
Equity_Compensation_Tables
Equity Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The Company uses the Black-Scholes-Merton Option Pricing Model to estimate the fair value of awards on the measurement date using the weighted average assumptions noted in the following table: | ||||||||||||||||
Year | Interest rate % | Dividend Yield % | Expected Volatility % | Expected Life | |||||||||||||
2014 | 0.9 | 0 | 180.93 | 96 months | |||||||||||||
2013 | 0.63 | 0 | 65.36 | 96 months | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table provides consolidated summary information on the Company’s non-qualified stock option activity for the years ended December 31, 2014 and 2013. | ||||||||||||||||
2014 | |||||||||||||||||
Weighted Average | |||||||||||||||||
All Plan and Non-Plan Compensatory Options | Number of | Exercise | Fair Value | Remaining Life (years) | Aggregate Intrinsic Value | ||||||||||||
Options | |||||||||||||||||
Options outstanding at December 31, 2013 | 103,847 | $ | 61 | $ | 23 | 3.7 | $ | - | |||||||||
Granted | 54,000 | 8.24 | 4.39 | 5.5 | - | ||||||||||||
Exercised | - | - | - | - | - | ||||||||||||
Forfeited or lapsed | -22,310 | 62.7 | 19.94 | - | - | ||||||||||||
Options outstanding at December 31, 2014 | 135,537 | $ | 39.48 | $ | 14.44 | 3.8 | $ | - | |||||||||
Options exercisable at December 31, 2014 | 92,984 | $ | 53.79 | $ | 19.02 | 2.8 | $ | - | |||||||||
2013 | |||||||||||||||||
Weighted Average | |||||||||||||||||
All Plan and Non-Plan Compensatory Options | Number of | Exercise | Fair Value | Remaining Life (years) | Aggregate Intrinsic Value | ||||||||||||
Options | |||||||||||||||||
Options outstanding at December 31, 2012 | 81,527 | $ | 85 | $ | 28 | 3.8 | $ | - | |||||||||
Granted | 27,970 | 7 | 12.5 | 5.5 | - | ||||||||||||
Exercised | - | - | - | - | - | ||||||||||||
Forfeited or lapsed | -5,650 | 143.5 | 38.5 | - | - | ||||||||||||
Options outstanding at December 31, 2013 | 103,847 | $ | 61 | $ | 23 | 3.7 | $ | - | |||||||||
Options exercisable at December 31, 2013 | 68,630 | $ | 83 | $ | 29 | 2.6 | $ | - | |||||||||
Schedule of Nonvested Share Activity [Table Text Block] | The following table summarizes the status of the Company’s non-vested options: | ||||||||||||||||
All non-vested stock options as of December 31, 2014 | Shares | Fair Value | |||||||||||||||
Options subject to future vesting at December 31, 2013 | 35,217 | $ | 13.5 | ||||||||||||||
Options granted | 54,000 | 4.39 | |||||||||||||||
Options forfeited or lapsed | -17,384 | 7.83 | |||||||||||||||
Options vested | -29,280 | 6.95 | |||||||||||||||
Options subject to future vesting at December 31, 2014 | 42,553 | $ | 4.43 | ||||||||||||||
Income_Taxes_Expense_Benefit_T
Income Taxes Expense (Benefit) (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | A summary of the components giving rise to the income tax expense (benefit) for the years ended December 31, 2014 and 2013 is as follows: | |||||||
2014 | 2013 | |||||||
Current income tax expense: | ||||||||
Federal | $ | - | $ | - | ||||
State | - | - | ||||||
Foreign | - | - | ||||||
$ | - | $ | - | |||||
Deferred income tax expense (benefit): | ||||||||
Federal | $ | -4,053,430 | $ | -3,003,000 | ||||
State | -786,841 | -583,000 | ||||||
Foreign | 150,438 | 149,000 | ||||||
Total deferred tax | -4,689,833 | -3,437,000 | ||||||
Less increase in valuation allowance | 4,689,833 | 3,437,000 | ||||||
Net deferred tax | $ | - | $ | - | ||||
Total income tax expense (benefit) | $ | - | $ | - | ||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Individual components giving rise to the deferred tax asset are as follows: | 2014 | 2013 | |||||
Future tax benefit arising from net operating loss carry forwards | $ | 29,235,000 | $ | 24,453,000 | ||||
Future tax benefit arising from available tax credits | 1,373,000 | 1,373,000 | ||||||
Future tax benefit arising from options/warrants issued for services | 1,356,000 | 1, 292,000 | ||||||
Other | 222,000 | 214,000 | ||||||
Total future tax benefit | 32,186,000 | 27,332,000 | ||||||
Less valuation allowance | -32,186,000 | -27,332,000 | ||||||
Net deferred tax | $ | - | $ | - | ||||
Schedule Of Components Of Pre Tax Net Loss [Table Text Block] | The components of pretax loss are as follows: | 2014 | 2013 | |||||
United States | $ | -18,738,250 | $ | -11,959,188 | ||||
Foreign | - | -3,850 | ||||||
$ | -18,738,250 | $ | -11,963,038 | |||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The reconciliation of the United States statutory federal income rate and the effective income tax rate in the accompanying Consolidated Statements of Operations for the years ended December 31, 2014 and 2013 is as follows: | |||||||
2014 | 2013 | |||||||
Statutory U.S. federal income tax rate | -34 | % | -34 | % | ||||
State taxes, net | -4.2 | % | -4.9 | % | ||||
Foreign currency fluctuation | 0.8 | % | 1.3 | % | ||||
Revaluation of derivatives | -10 | % | -5.6 | % | ||||
Debt discount amortization | 2.4 | % | 14.5 | % | ||||
Change in valuation allowance | 25.2 | % | 28.7 | % | ||||
Effective income tax rate | 0 | % | 0 | % | ||||
Basis_of_Presentation_Details_
Basis of Presentation (Details Textual) | 0 Months Ended | 12 Months Ended |
Jul. 07, 2014 | Dec. 31, 2014 | |
Stockholders' Equity, Reverse Stock Split | 1-for-50 | |
Stock Issued During Period, Shares, Reverse Stock Splits | 244,537 | |
Maximum [Member] | ||
Stockholders' Equity, Reverse Stock Split | 1-for-50 | |
Minimum [Member] | ||
Stockholders' Equity, Reverse Stock Split | 1-for-20 |
Accounting_Policies_Details
Accounting Policies (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Significant Accounting Policies [Line Items] | ||
Raw materials | $601,196 | $1,073,034 |
Work in process | 639,957 | 1,235,029 |
Finished goods | 80,263 | 163,228 |
Inventory reserves | -184,468 | -220,654 |
Inventory, Net | $1,136,948 | $2,250,637 |
Accounting_policies_Details_1
Accounting policies (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Significant Accounting Policies [Line Items] | ||
Less accumulated depreciation | ($1,774,037) | ($5,588,679) |
Property, Plant and Equipment, Net | 2,072,530 | 6,698,536 |
Construction in progress [Member] | ||
Significant Accounting Policies [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 0 | 434,082 |
Leasehold improvements [Member] | ||
Significant Accounting Policies [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 0 | 530,091 |
Property, Plant and Equipment, Estimated Useful Lives | Lesser of lease term or 10 years | |
Machinery and equipment [Member] | ||
Significant Accounting Policies [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $3,846,567 | $11,323,042 |
Machinery and equipment [Member] | Maximum [Member] | ||
Significant Accounting Policies [Line Items] | ||
Property, Plant and Equipment, Useful Life | 22 years | |
Machinery and equipment [Member] | Minimum [Member] | ||
Significant Accounting Policies [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years |
Accounting_Policies_Details_Te
Accounting Policies (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2009 | |
Significant Accounting Policies [Line Items] | |||
Depreciation | $1,423,474 | $1,505,944 | |
Proceeds from Loan Originations | 209,581 | 776,244 | |
Machinery And Equipment Loan Interest Rate Stated Percentage | 5.25% | ||
Asset Impairment Charges | 2,764,868 | 0 | |
Deferred Revenue, Noncurrent | 55,871 | 922,362 | |
Deferred Revenue, Revenue Recognized | 306,426 | 339,934 | |
Cost of Goods Sold, Idle Capacity | 1,937,802 | 1,758,407 | |
Allowance for Doubtful Accounts Receivable | 10,500 | 10,500 | |
Deferred Revenue Wrote Off | 544,368 | ||
Interest-bearing Deposits in Banks and Other Financial Institutions | $1,100,000 |
Senior_Convertible_Notes_and_W2
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants (Details) (USD $) | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants [Line Items] | |||
Original valuation, Warrants | $2,938,000 | $518,433 | |
Adjustment to fair value, Warrants | -2,419,567 | -2,125,576 | 2,419,568 |
Original valuation, Warrants | 518,433 | 0 | 518,433 |
Change in value senior warrants, Warrants | 2,125,576 | ||
Conversion of warrants to stock, Warrants | -2,644,009 | ||
Original valuation, Conversion Feature | 1,512,000 | 32 | |
Adjustment to fair value Conversion Feature | -1,511,968 | ||
Original valuation, Conversion Feature | 32 | 0 | 32 |
Change in value conversion feature (gain), Conversion Feature | 32 | 1,511,968 | |
Original valuation, Total | 4,450,000 | 518,465 | |
Adjustment to fair value, Total | -3,931,535 | ||
Original valuation, Total | 518,465 | 0 | 518,465 |
Change in value senior warrants, Total | 2,125,576 | ||
Change in value conversion feature (gain), Total | -32 | ||
Conversion of warrants to stock, Total | ($2,644,009) |
Senior_Convertible_Notes_and_W3
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants (Details 1) (USD $) | 12 Months Ended | 8 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants [Line Items] | |||
Installment Payment in Shares, Debt Discount | $0 | ||
Amortization of Debt Discount, Debt Discount | 678,084 | 3,771,948 | |
Original valuation, Net | 2,046,948 | ||
Ending balance -Net | 0 | 2,046,948 | 2,046,948 |
Senior Notes [Member] | |||
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants [Line Items] | |||
Original valuation, Convertible Note | 2,725,000 | 9,000,000 | |
Installment Payment in Shares, Convertible Note | -2,725,000 | -6,275,000 | |
Amortization of debt discount, Convertible Note | 0 | 0 | |
Ending Balance, Convertible Debt | 0 | 2,725,000 | 2,725,000 |
Original valuation, Debt Discount | -678,052 | -4,450,000 | |
Installment Payment in Shares, Debt Discount | 0 | ||
Amortization of Debt Discount, Debt Discount | 678,052 | 3,771,948 | |
Ending Balance, Debt discount | 0 | -678,052 | -678,052 |
Original valuation, Net | 2,046,948 | 4,550,000 | |
Installment Payment in Shares, Net | -2,725,000 | -6,275,000 | |
Amortization of debt discount, Net | 678,052 | 3,771,948 | |
Ending balance -Net | $0 | $2,046,948 | $2,046,948 |
Senior_Convertible_Notes_and_W4
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | 8-May-13 | |
Subordinated Convertible Notes and Warrants, and Subordinated Notes and Warrants [Line Items] | |||
Conversion of accrued interest to principal | $2,644,099 | $0 | |
Repayment of Subordinated notes | -935,000 | 0 | |
Amortization of debt discount | 678,084 | 3,771,948 | |
Conversion of interest into shares of common stock | -2,644,009 | ||
Subordinated Debt [Member] | |||
Subordinated Convertible Notes and Warrants, and Subordinated Notes and Warrants [Line Items] | |||
Subordinated convertible notes payable, related and unrelated parties at May 8, 2013 | 583,574 | 1,000,000 | |
Unamortized debt discount | -416,426 | ||
Conversion of accrued interest to principal | 66,049 | ||
Repayment of Subordinated notes | -935,000 | ||
Amortization of debt discount | 416,426 | ||
Conversion of interest into shares of common stock | -66,049 | ||
Ending balance | $65,000 | $1,000,000 |
Senior_Convertible_Notes_and_W5
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants [Line Items] | ||
Embedded note conversion feature | $32 | |
Warrant liability | 518,433 | |
Series B warranty liability | 2,930,335 | |
Fair Value, Inputs, Level 1 [Member] | ||
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants [Line Items] | ||
Embedded note conversion feature | 0 | |
Warrant liability | 0 | |
Series B warranty liability | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants [Line Items] | ||
Embedded note conversion feature | 0 | |
Warrant liability | 0 | |
Series B warranty liability | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants [Line Items] | ||
Embedded note conversion feature | 32 | |
Warrant liability | 518,433 | |
Series B warranty liability | $2,930,335 |
Senior_Convertible_Notes_and_W6
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | 8 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 12, 2014 | Sep. 16, 2014 | Jun. 18, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Oct. 29, 2014 | 8-May-13 | |
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants [Line Items] | |||||||||
Deferred Financing Fee | $494,500 | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 281,250 | ||||||||
Fair Value Assumptions, Expected Term | 5 years | ||||||||
Debt Conversion, Converted Interest, Amount | 2,644,099 | 0 | |||||||
Gains (Losses) on Extinguishment of Debt, Total | -58,436 | 0 | |||||||
Fair Value Of Warrants | 2,900,000 | ||||||||
Adjustment to fair value Conversion Feature | 32 | 1,511,968 | |||||||
Amortization of Debt Discount (Premium) | 678,084 | 3,771,948 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $1.70 | ||||||||
Debt Conversion, Converted Instrument, Shares Issued | 112,429 | ||||||||
Debt Instrument, Fair Value Disclosure | 4,400,000 | ||||||||
Derivative, Gain (Loss) On Derivative, Net | 0 | 1,217 | |||||||
Amount Recorded To True Up Installment | 133,650 | ||||||||
Stock Issued During Period Value Interest Payment Of Debt | 106,424 | ||||||||
Purchase Agreement [Member] | |||||||||
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants [Line Items] | |||||||||
Proceeds from Issuance of Long-term Debt | 9,000,000 | ||||||||
Mr. Averill [Member] | |||||||||
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants [Line Items] | |||||||||
Fair Value Assumptions, Expected Term | 5 years | ||||||||
Fair Value Assumptions, Expected Volatility Rate | 186.00% | ||||||||
Fair Value Assumptions, Risk Free Interest Rate | 0.98% | ||||||||
Warrants Issued | 96,749 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $1 | ||||||||
Subordinated Debt | 735,000 | 735,000 | |||||||
Subordinated Liabilities, Period Increase (Decrease) | 801,049 | ||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 1.00% | 9.00% | |||||||
Long-term Debt, Gross | 10,000,000 | ||||||||
Common Stock Issued In Lieu Of Cash Payment | 96,749 | ||||||||
WarrantsExercisable Term | 5 years | ||||||||
Stock Issued During Period Value Interest Payment Of Debt | 106,424 | ||||||||
Warrant [Member] | |||||||||
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants [Line Items] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 345,623 | ||||||||
Derivative, Gain (Loss) On Derivative, Net | 2,125,544 | -3,931,535 | |||||||
Placement Agent Warrants [Member] | |||||||||
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants [Line Items] | |||||||||
Fair Value Assumptions, Expected Term | 5 years | ||||||||
Fair Value Assumptions, Expected Volatility Rate | 80.00% | ||||||||
Fair Value Assumptions, Risk Free Interest Rate | 0.75% | ||||||||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||||||
Warrants Issued | 54,540 | ||||||||
Additional Warrants Issuued | 22,951 | 13,409 | |||||||
Additional Warrants Issued Value | 74,009 | 28,804 | |||||||
Senior Notes [Member] | |||||||||
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants [Line Items] | |||||||||
Senior Notes | 9,000,000 | 9,000,000 | |||||||
Net Proceeds From Issuance Of Senior Note | 2,760,000 | ||||||||
Placement Agent Fee | 240,000 | ||||||||
Deferred Financing Fee | 494,500 | ||||||||
Proceeds From Issuance Of Senior Note - Control Account | 6,000,000 | ||||||||
Monthly Withdrawal From Control Accounts | 500,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||||||
Default Interest Rate Increase Per Year | 18.00% | ||||||||
Debt Instrument, Convertible, Conversion Price | $13.20 | $5.40 | $5.40 | ||||||
Fair Value Assumptions, Expected Term | 10 months 24 days | ||||||||
Fair Value Assumptions, Expected Volatility Rate | 60.00% | ||||||||
Fair Value Assumptions, Risk Free Interest Rate | 0.10% | ||||||||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||||||
Gains (Losses) on Extinguishment of Debt, Total | 1,957,689 | ||||||||
Fair Value Of Warrants | 144,000 | ||||||||
Amortization of Debt Discount (Premium) | 678,052 | 3,771,948 | |||||||
Debt Instrument, Periodic Payment, Principal | 2,725,000 | 5,750,000 | |||||||
Debt Instrument, Periodic Payment, Interest | 542,105 | 1,180,870 | |||||||
Debt Conversion, Converted Instrument, Shares Issued | 914,531 | 1,227,700 | |||||||
Subordinated Notes [Member] | |||||||||
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants [Line Items] | |||||||||
Subordinated Convertible Note | 1,000,000 | ||||||||
Debt Instrument, Convertible, Conversion Price | $13.20 | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 38,403 | ||||||||
Fair Value Assumptions, Expected Term | 5 years | ||||||||
Fair Value Assumptions, Expected Volatility Rate | 80.00% | ||||||||
Fair Value Assumptions, Risk Free Interest Rate | 0.75% | ||||||||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||||||
Warrants Issued | 304,000 | ||||||||
Proceeds from Issuance of Subordinated Notes | 1,000,000 | ||||||||
Adjustment to fair value Conversion Feature | 246,000 | ||||||||
Debt Discount | 263,000 | ||||||||
Amortization of Debt Discount (Premium) | $11,129 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $15.10 | ||||||||
Senior Warrants [Member] | |||||||||
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants [Line Items] | |||||||||
Fair Value Assumptions, Expected Term | 5 years | ||||||||
Fair Value Assumptions, Expected Volatility Rate | 80.00% | ||||||||
Fair Value Assumptions, Risk Free Interest Rate | 0.75% | ||||||||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||||||
Senior Warrants [Member] | Maximum [Member] | |||||||||
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants [Line Items] | |||||||||
Volume Weighted Average Price Of Common Stock | 9.50% | ||||||||
Senior Warrants [Member] | Minimum [Member] | |||||||||
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants [Line Items] | |||||||||
Volume Weighted Average Price Of Common Stock | 1.00% | ||||||||
Senior Warrants [Member] | Through October 31, 2014 [Member] | |||||||||
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants [Line Items] | |||||||||
Warrant Holders Share Transfer Rights Percentage | 10.00% | ||||||||
Senior Warrants [Member] | From November 1, 2014 through January 31, 2015 [Member] | |||||||||
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants [Line Items] | |||||||||
Warrant Holders Share Transfer Rights Percentage | 25.00% | ||||||||
Senior Warrants [Member] | From November 1, 2014 through January 31, 2015 [Member] | Maximum [Member] | |||||||||
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants [Line Items] | |||||||||
Warrant Holders Share Transfer Rights Percentage | 35.00% | ||||||||
Senior Warrants [Member] | From November 1, 2014 through January 31, 2015 [Member] | Minimum [Member] | |||||||||
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants [Line Items] | |||||||||
Warrant Holders Share Transfer Rights Percentage | 10.00% | ||||||||
Senior Warrants [Member] | Through January 31, 2015 [Member] | |||||||||
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants [Line Items] | |||||||||
Composite Aggregate Share Trading Volume Percentage | 15.00% | ||||||||
Senior Warrants [Member] | Placement Agent Warrants [Member] | |||||||||
Senior Convertible Notes and Warrants, and Subordinated Notes and Warrants [Line Items] | |||||||||
Warrants Issued | 18,180 |
Public_offering_of_common_stoc1
Public offering of common stock, Series A warrants and Series B warrants (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | |
Oct. 29, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 281,250 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $1.70 | ||
Proceeds from Issuance Initial Public Offering | $6,100,000 | ||
Net Proceeds From Public Offering | 5,500,000 | ||
Sale of Stock, Description of Transaction | The Series A Warrants may be exercised for a period of five years and have an exercise price of $3.25 per share of Common Stock. | ||
Fair Value of Series B Warrants Issued | 826,991 | 0 | |
IPO [Member] | |||
Stock Issued During Period, Shares, New Issues | 1,875,000 | ||
Series A Warrants [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 281,250 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $3.25 | ||
Warrants Exercisable Period | 5 years | ||
Series A Warrants [Member] | IPO [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,875,000 | ||
Series B Warrants [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 281,250 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $3.25 | $3.25 | |
Warrants Exercisable Period | 15 months | 13 years | |
Fair Value Assumptions, Risk Free Interest Rate | 0.12% | 0.28% | |
Fair Value Assumptions, Expected Volatility Rate | 88.00% | 99.00% | |
Fair Value of Series B Warrants Issued | $826,991 | $2,930,335 | |
Share Price | $2.36 | $0.94 | |
Series B Warrants [Member] | IPO [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,875,000 |
Going_Concern_Details_Textual
Going Concern (Details Textual) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Going Concern [Line Items] | |
Working Capital | $4.50 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Stockholders Equity [Line Items] | ||
Weighted Average Exercise Price Granted during year | $4.39 | |
Warrant [Member] | ||
Schedule of Stockholders Equity [Line Items] | ||
Warrants, outstanding January 1 | 416,529 | 234,247 |
Warrants, Granted during year | 4,432,200 | 415,616 |
Warrants, Exercised | -345,623 | 0 |
Warrants, Lapsed | -913 | -233,334 |
Warrants, Outstanding at December 31 | 4,502,193 | 416,529 |
Weighted average years remaining | 5 years | 4 years 9 months 18 days |
Weighted average Exercise Price Warrants outstanding | $15.19 | $41.50 |
Weighted Average Exercise Price Granted during year | $3.26 | $15.50 |
Weighted Average Exercise Price Exercised | $15.10 | $0 |
Weighted average Exercise Price Lapsed | $56.13 | $41.50 |
Weighted Average Exercise price Warrants outstanding | $3.45 | $15.19 |
Stockholders_Equity_Details_Te
Stockholders' Equity (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Stockholders Equity [Line Items] | ||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock, Shares Authorized | 12,500,000 | 12,500,000 |
Common Stock, Shares, Issued | 7,238,293 | 3,608,028 |
Common Stock, Shares, Outstanding | 7,238,293 | 3,608,028 |
Common Stock, Voting Rights | the holders of more than 50% of the shares voted for the election of directors can elect all of the directors. | |
Derivative Liability | $2,156,250 | $345,622 |
Preferred Stock [Member] | ||
Schedule of Stockholders Equity [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 12,500,000 |
Equity_Compensation_Details
Equity Compensation (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Year 2014 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 0.90% |
Dividend yield | 0.00% |
Expected volatility | 180.93% |
Expected term (in months) | 96 months |
Year 2013 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 0.63% |
Dividend yield | 0.00% |
Expected volatility | 65.36% |
Expected term (in months) | 96 months |
Equity_Compensation_Details_1
Equity Compensation (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options - Outstanding - Beginning balance | 103,847 | 81,527 | |
Options - Granted | 54,000 | 27,970 | |
Options - Exercised | 0 | 0 | |
Options - Forfeited or lapsed | -22,310 | -5,650 | |
Options - Outstanding - Ending balance | 135,537 | 103,847 | 81,527 |
Options - Exercisable | 92,984 | 68,630 | |
Weighted Average Exercise - Outstanding - Beginning balance | $61 | $85 | |
Weighted Average Exercise - Granted | $8.24 | $7 | |
Weighted Average Exercise - Exercised | $0 | $0 | |
Weighted Average Exercise - Forfeited or lapsed | $62.70 | $143.50 | |
Weighted Average Exercise - Outstanding - Ending balance | $39.48 | $61 | $85 |
Weighted Average Exercise - Exercisable | $53.79 | $83 | |
Weighted Average, Fair Value - Outstanding - Beginning balance | $23 | $28 | |
Weighted Average, Fair Value - Granted | $4.39 | $12.50 | |
Weighted Average, Fair Value - Exercised | $0 | $0 | |
Weighted Average, Fair Value - Forfeited or lapsed | $19.94 | $38.50 | |
Weighted Average, Fair Value - Outstanding - Ending balance | $14.44 | $23 | $28 |
Weighted Average, Fair Value - Exercisable | $19.02 | $29 | |
Weighted Average, Remaining Life (years) - Outstanding | 3 years 9 months 18 days | 3 years 8 months 12 days | 3 years 9 months 18 days |
Weighted Average, Remaining Life (years) - Granted | 5 years 6 months | 5 years 6 months | |
Weighted Average, Remaining Life (years) - Exercisable | 2 years 9 months 18 days | 2 years 7 months 6 days | |
Aggregate Intrinsic Value - Outstanding | $0 | $0 | |
Aggregate Intrinsic Value - Granted | 0 | 0 | |
Aggregate Intrinsic Value - Exercised | 0 | 0 | |
Aggregate Intrinsic Value - Forfeited or lapsed | 0 | 0 | |
Aggregate Intrinsic Value - Outstanding | 0 | 0 | 0 |
Aggregate Intrinsic Value - Exercisable | $0 | $0 |
Equity_Compensation_Details_2
Equity Compensation (Details 2) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options subject to future vesting - Shares | 35,217 |
Options granted - Shares | 54,000 |
Options forfeited or lapsed - Shares | -17,384 |
Options forfeited or lapsed - Shares | -29,280 |
Options subject to future vesting - Shares | 42,553 |
Options subject to future vesting - Fair Value | $13.50 |
Options granted - Fair Value | $4.39 |
Options forfeited or lapsed - Fair Value | $7.83 |
Options vested - Fair Value | $6.95 |
Options subject to future vesting - Fair Value | $4.43 |
Equity_Compensation_Details_Te
Equity Compensation (Details Textual) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Jan. 01, 2005 | Dec. 31, 2004 | Mar. 18, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | $107,992 | $160,987 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 217,136 | 159,037 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 1,768,107 | 1,985,062 | |||
Non Cash Compensation Expenses | 48,306 | 40,770 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 2 months 12 days | ||||
Incentive Stock Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 40,000 | 20,000 | |||
Maximum Value Options For Determination Of Aggregate Fair Market Value | $100,000 | ||||
Independent Directors Stock Option Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 60,000 | 20,000 | 60,000 | ||
Independent Directors Stock Option Plan [Member] | Prior To Amendment [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 20,000 |
EarningsLoss_Per_Share_Details
Earnings/Loss Per Share (Details Textual) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Earnings Per Share [Line Items] | ||
Weighted Average Number of Shares Outstanding, Diluted | 4,642,654 | 5,488 |
Income_Taxes_Expense_Benefit_D
Income Taxes Expense (Benefit) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Current income tax expense: | ||
Federal | $0 | $0 |
State | 0 | 0 |
Foreign | 0 | 0 |
Current Income Tax Expense, Total | 0 | 0 |
Deferred income tax expense (benefit): | ||
Federal | -4,053,430 | -3,003,000 |
State | -786,841 | -583,000 |
Foreign | 150,438 | 149,000 |
Total deferred tax | -4,689,833 | -3,437,000 |
Less increase in valuation allowance | 4,689,833 | 3,437,000 |
Net deferred tax | 0 | 0 |
Total income tax expense (benefit) | $0 | $0 |
Income_Taxes_Expense_Benefit_D1
Income Taxes Expense (Benefit) (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Expense Benefit [Line Items] | ||
Future tax benefit arising from net operating loss carry forwards | $29,235,000 | $24,453,000 |
Future tax benefit arising from available tax credits | 1,373,000 | 1,373,000 |
Future tax benefit arising from options/warrants issued for services | 1,356,000 | 1,292,000 |
Other | 222,000 | 214,000 |
Total future tax benefit | 32,186,000 | 27,332,000 |
Less valuation allowance | -32,186,000 | -27,332,000 |
Net deferred tax | $0 | $0 |
Income_Taxes_Expense_Benefit_D2
Income Taxes Expense (Benefit) (Details 2) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Expense Benefit [Line Items] | ||
Loss before income taxes | ($18,738,250) | ($11,963,038) |
Foreign [Member] | ||
Income Tax Expense Benefit [Line Items] | ||
Loss before income taxes | 0 | -3,850 |
United States [Member] | ||
Income Tax Expense Benefit [Line Items] | ||
Loss before income taxes | ($18,738,250) | ($11,959,188) |
Income_Taxes_Expense_Benefit_D3
Income Taxes Expense (Benefit) (Details 3) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Expense Benefit [Line Items] | ||
Statutory U.S. federal income tax rate | -34.00% | -34.00% |
State taxes, net | -4.20% | -4.90% |
Foreign currency fluctuation | 0.80% | 1.30% |
Revaluation of derivatives | -10.00% | -5.60% |
Debt discount amortization | 2.40% | 14.50% |
Change in valuation allowance | 25.20% | 28.70% |
Effective income tax rate | 0.00% | 0.00% |
Income_Taxes_Expense_Benefit_D4
Income Taxes Expense (Benefit) (Detail Textual) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Expense Benefit [Line Items] | |
Operating Loss Carryforwards | 68,500,000 |
State and Local Jurisdiction [Member] | |
Income Tax Expense Benefit [Line Items] | |
Operating Loss Carryforwards Expiration Period | between 2024 and 2034 |
Foreign Tax Authority [Member] | |
Income Tax Expense Benefit [Line Items] | |
Operating Loss Carryforwards | 2,800,000 |
Tax Credit Carryforward, Amount | 734,000 |
Operating Loss Carryforwards Expiration Period | between 2013 and 2028 |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Information [Line Items] | ||
Interest Paid, Total | $37,516 | $19,405 |
Commitments_and_Contingencies_1
Commitments and Contingencies, Concentrations and Significant Contracts (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||
Nov. 04, 2010 | Mar. 28, 2010 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 01, 2014 | Apr. 01, 2013 | Jun. 30, 2010 | Apr. 30, 2010 | Apr. 03, 2010 | |
acre | sqft | ||||||||
Commitments and Contingencies [Line Items] | |||||||||
Lease Initial Term | 3 years | ||||||||
Fire And Casualty Insurance Coverage | 100.00% | ||||||||
Lease Commencing Date | 1-Jan-11 | 3-Apr-10 | |||||||
Lease Expiration Date | 31-Dec-15 | ||||||||
Area Of Floor | 70,438 | ||||||||
Area of Land | 45,000 | ||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Net Of Forfeitures | 54,000 | 27,970 | |||||||
Share-Based Compensation Arrangements By Share-Based Payment Award, Options, Grants In Period, Weighted Average Exercise Price | $8.24 | $7 | |||||||
Lease Monthly Rental Expense | $19,297 | $17,200 | $7,859 | ||||||
Operating Leases, Rent Expense | 437,964 | 437,964 | |||||||
Deferred Compensation Liability, Current | 51,988 | ||||||||
Sales Revenue, Net [Member] | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Concentration Risk, Percentage | 74.20% | 84.50% | |||||||
Charles R Trego [Member] | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Employment Agreement Annual Car Allowance | 7,500 | ||||||||
Employment Agreement Annual Stipend | 22,500 | ||||||||
Due to Officers or Stockholders, Current | 225,000 | ||||||||
Philip S Baker [Member] | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Employment Agreement Annual Car Allowance | 6,000 | ||||||||
ShareBased Compensation Arrangement By Share Based Payment Award Options Vested In Period (in shares) | 120 | 520 | |||||||
Employment Agreement Annual Stipend | 19,980 | ||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Net Of Forfeitures | 4,600 | ||||||||
Share-Based Compensation Arrangements By Share-Based Payment Award, Options, Grants In Period, Weighted Average Exercise Price | $75 | ||||||||
Due to Officers or Stockholders, Current | $199,800 | ||||||||
Office Lab and Lunch [Member] | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Area Of Floor | 7,859 | ||||||||
Manufacuring [Member] | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Area Of Floor | 46,931 | ||||||||
Lab [Member] | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Area Of Floor | 1,488 | ||||||||
Storage Building [Member] | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Area Of Floor | 9,200 | ||||||||
Basement [Member] | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Area Of Floor | 5,000 |
Subsequent_Events_Details_Text
Subsequent Events (Details Textual) (USD $) | 0 Months Ended | |||
Apr. 14, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 22, 2015 | |
Subsequent Event [Line Items] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $1.70 | |||
Common Stock, Shares, Issued | 7,238,293 | 3,608,028 | ||
Common Stock, Shares, Outstanding | 7,238,293 | 3,608,028 | ||
Subsequent Event [Member] | Series B Warrants [Member] | ||||
Subsequent Event [Line Items] | ||||
Class Of Warrant Or Right Exercised | 1,312,904 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $3.25 | |||
Class of Warrant or Right, Outstanding | 843,346 | |||
Common Stock, Shares, Issued | 70,552,439 | |||
Common Stock, Shares, Outstanding | 70,552,439 |