Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 12, 2016 | |
Entity Registrant Name | PAYMENT DATA SYSTEMS INC | |
Entity Central Index Key | 1,088,034 | |
Trading Symbol | pyds | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 12,409,816 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 4,223,891 | $ 4,059,606 |
Accounts receivable, net | 1,012,526 | 1,135,384 |
Settlement processing assets | 23,423,208 | 39,797,232 |
Prepaid expenses and other | 326,924 | 149,118 |
Current assets before restricted cash | 28,986,549 | 45,141,340 |
Restricted cash | 18,243,556 | 17,972,065 |
Total current assets | 47,230,105 | 63,113,405 |
Property and equipment, net | 3,001,935 | 3,077,421 |
Other assets: | ||
Intangibles, net | 301,032 | 341,816 |
Deferred tax asset | 1,621,000 | $ 1,621,000 |
Note receivable | 200,000 | |
Other assets | 202,250 | $ 202,849 |
Total other assets | 2,324,282 | 2,165,665 |
Total assets | 52,556,322 | 68,356,491 |
Current liabilities: | ||
Accounts payable | 141,853 | 143,180 |
Accrued expenses | 1,345,245 | $ 1,328,738 |
Deferred revenues | 12,500 | |
Settlement processing obligations | 23,423,208 | $ 39,797,232 |
Current liabilities before restricted cash | 24,922,806 | 41,269,150 |
Restricted cash | 18,243,556 | 17,972,065 |
Total current liabilities | 43,166,362 | 59,241,215 |
Stockholders’ equity: | ||
Preferred stock, $0.01 par value, 10,000,000 shares authorized; -0- shares outstanding at March 31, 2016 (unaudited) and December 31, 2015 | 0 | 0 |
Common stock, $0.001 par value, 200,000,000 shares authorized; 12,407,316 and 12,379,537 issued, and 12,057,684 and 12,029,905 outstanding at March 31, 2016 (unaudited) and December 31, 2015, respectively | 185,561 | 185,533 |
Additional paid-in capital | 64,379,182 | 64,302,498 |
Treasury stock, at cost; 349,632 and 349,632 shares | (286,394) | (286,394) |
Deferred compensation | (5,801,387) | (6,031,362) |
Accumulated deficit | (49,087,002) | (49,054,999) |
Total stockholders’ equity | 9,389,960 | 9,115,276 |
Total liabilities and stockholders’ equity | $ 52,556,322 | $ 68,356,491 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 12,407,316 | 12,379,537 |
Common stock, shares oustanding (in shares) | 12,057,684 | 12,029,905 |
Treasury stock, shares (in shares) | 349,632 | 349,632 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues | $ 3,228,631 | $ 3,742,460 |
Operating expenses: | ||
Cost of services | 2,154,783 | 2,303,999 |
Selling, general and administrative: | ||
Non-cash stock based compensation | $ 287,689 | 233,531 |
Cancellation of stock based compensation | (163,936) | |
Other expenses | $ 608,349 | 588,574 |
Depreciation and amortization | 224,223 | 85,571 |
Total operating expenses | 3,275,044 | 3,047,739 |
Operating income (loss) | (46,413) | 694,721 |
Other income and (expense): | ||
Interest income | 22,011 | 19,000 |
Other income (expense) | (600) | (104) |
Total other income and (expense), net | 21,411 | 18,896 |
Income (loss) before income taxes | (25,002) | 713,617 |
Income taxes | 7,000 | 5,000 |
Net income (loss) | $ (32,002) | $ 708,617 |
Basic earnings per common share: (in dollars per share) | $ 0 | $ 0.10 |
Diluted earnings per common share: (in dollars per share) | $ 0 | $ 0.06 |
Weighted average common shares outstanding | ||
Basic (in shares) | 7,719,248 | 7,359,314 |
Diluted (in shares) | 7,719,248 | 12,122,431 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating activities: | ||
Net income (loss) | $ (32,002) | $ 708,617 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 183,437 | 75,651 |
Amortization | 40,784 | 9,921 |
Non-cash stock based compensation | $ 287,689 | 233,531 |
Cancellation of stock based compensation | $ (163,936) | |
Issuance of stock to consultant | $ 19,000 | |
Changes in current assets and current liabilities: | ||
Accounts receivable | 122,858 | $ 125,377 |
Prepaid expenses and other | (177,806) | (111,126) |
Other assets | 599 | (4,741) |
Accounts payable and accrued expenses | 15,180 | $ (48,719) |
Deferred revenues | $ 12,500 | |
Settlement processing assets, net | ||
Net cash provided by operating activities: | $ 472,239 | $ 824,575 |
Investing activities: | ||
Purchases of property and equipment | (107,954) | $ (253,933) |
Note receivable | (200,000) | |
Net cash (used) by investing activities: | $ (307,954) | $ (253,933) |
Financing activities: | ||
Net cash (used) by financing activities: | ||
Change in cash and cash equivalents | $ 164,285 | $ 570,641 |
Cash and cash equivalents, beginning of period | 4,059,606 | 2,803,455 |
Cash and cash equivalents, end of period | $ 4,223,891 | $ 3,374,096 |
Supplemental disclosure of cash flow information: | ||
Interest | ||
Income taxes | $ 7,000 | $ 50,000 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | Note 1. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements of Payment Data Systems, Inc. and its subsidiaries (the “Company”) have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with United States generally accepted accounting principles have been omitted pursuant to such rules and regulations. In the opinion of management, the accompanying interim condensed consolidated financial statements reflect all adjustments of a normal recurring nature considered necessary to present fairly the Company's financial position, results of operations and cash flows for such periods. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2015, as filed with the Securities and Exchange Commission on March 30, 2016. Results of operations for interim periods are not necessarily indicative of results that may be expected for any other interim periods or the full fiscal year. Cash and Cash Equivalents Settlement Processing Assets and Obligations Restricted Cash Internal Use Software: Estimates: New Accounting Pronouncement In February 2016, the FASB issued, “Leases (Topic 842)”, which is intended to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee will be required to recognize on the balance sheet an asset (right to use) and a liability (lease obligation) for leases with terms of more than 12 months. Accounting by lessors will remain largely unchanged from current U.S. generally accepted accounting principles. The new standard is effective for public companies for fiscal years beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. The Company is currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures. Reclassifications |
Note 2 - Accrued Expenses
Note 2 - Accrued Expenses | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | Note 2. Accrued Expenses Accrued expenses consisted of the following balances: March 31, 2016 December 31, 2015 Indemnification liability $ 450,000 $ 450,000 Accrued commissions 400,399 440,232 Reserve for merchant losses 248,868 248,868 Other accrued expenses 125,335 112,414 Accrued taxes 55,388 54,077 Accrued salaries 65,255 23,147 Total accrued expenses $ 1,345,245 $ 1,328,738 |
Note 3 - Net Income Per Share
Note 3 - Net Income Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 3. Net Income Per Share Basic earnings per share (EPS) were computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted EPS differs from basic EPS due to the assumed conversion of potentially dilutive awards and options that were outstanding during the period. The following is a reconciliation of the numerators and the denominators of the basic and diluted per share computations for net income for the three months ended March 31, 2016 and 2015. Three Months Ended 2016 2015 Numerator: Numerator for basic and diluted earnings per share, net income available to common shareholders $ (32,002 ) $ 708,617 Denominator: Denominator for basic earnings per share, weighted average shares outstanding 7,719,248 7,359,314 Effect of dilutive securities - 4,763,117 Denominator for diluted earnings per share, adjusted weighted average shares and assumed conversion 7,719,248 12,122,431 Basic earnings per common share $ 0.00 $ 0.10 Diluted earnings per common share and common share equivalent $ 0.00 $ 0.06 The awards and options to purchase shares of common stock that were outstanding at March 31, 2016 and 2015 that were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive, are as follows: Three Months Ended 2016 2015 Anti-dilutive awards and options 4,325,676 - |
Note 4 - Acquisition
Note 4 - Acquisition | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 4. Acquisition On December 22, 2014, the Company acquired the assets of Akimbo Financial, Inc. to increase market share of prepaid debit card services. The purchase price for the software, customer list, fixed assets and goodwill was $3 million in company stock. The operations are included in the consolidated financial statements from the date of acquisition. The purchase price was allocated based on the fair values of the assets at the date of acquisition as follows: Software $ 2,585,385 Equipment and other assets 2,252 Customer list and contracts 396,824 Goodwill 15,539 Trade accounts payable (300,000 ) Indemnification liability (450,000 ) Total $ 2,250,000 Goodwill is being amortized for 15 years for tax purposes. |
Note 5 - Income Taxes
Note 5 - Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 5. Income Taxes The Company has recognized a deferred tax asset of $1.6 million and has recorded a valuation allowance of $12.2 million to reduce the other deferred tax assets. The Company will review the assessment of the deferred tax asset and valuation allowance for the period ending June 30, 2016. |
Note 6 - Related Party Transact
Note 6 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 6. Related Party Transactions Herb Authier During the three months ending March 31, 2016 and the year ended December 31, 2015, the Company paid Herb Authier a total of and $45,750 in cash, respectively, for services related to network engineering and administration that he provided to the Company. Mr. Authier is the father-in-law of Louis Hoch, the Company’s President and Chief Operating Officer. Nikole Hoch During the three months ending March 31, 2016 and the year ended December 31, 2015, the Company purchased a total of $2,250 and $857, respectively, of corporate imprinted sportswear and caps from Angry Pug Sportswear. Nikole Hoch and Louis Hoch, the Company’s President and Chief Operating Officer, are co-owners of Angry Pug Sportswear. Miguel Chapa During the three months ending March 31, 2016 and the year ended December 31, 2015, the Company received $12,120 and $20,901, respectively, in revenue from Club Rio Maroc Bar, Lush Rooftop, and Nirvana Bar and Rock. Miguel Chapa, a member of our Board of Directors, is an owner in Club Rio Maroc Bar, Lush Rooftop, and Nirvana Bar and Rock. Louis Hoch, the Company’s President and Chief Operating Officer, is also a minority owner in Lush Rooftop. |
Note 7 - Reverse Stock Split
Note 7 - Reverse Stock Split | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 7. Reverse Stock Split On July 23, 2015, pursuant to shareholder and board approval, the Company effected a 1-for-15 reverse stock split of the outstanding common stock by filing a certificate of change with the Secretary of State of the State of Nevada and obtaining approval by the Financial Industry Regulatory Authority. The number of our authorized common shares remained unchanged at 200,000,000 shares, par value $0.001 per share, after the reverse stock split. The number of our authorized preferred stock remains unchanged at 10,000,000 shares, par value $0.01 per share. As a result of the reverse split, the Company issued 1,117 shares due to rounding of fractional shares because the Company agreed to issue to each shareholder a full share for any fractional shares that resulted from the reverse split. All figures and calculations using a share count assuming the 1-for-15 reverse stock split even if the numbers were for a period prior to the reverse stock split. |
Note 8 - Legal Proceedings
Note 8 - Legal Proceedings | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | Note 8. Legal Proceedings The Company was involved in a lawsuit with a customer that alleged it did not warn or stop the processing of $181,709 in fraudulent credit transactions from occurring. The Company believes that the customer breached the Company’s processing agreement and that a security breach occurred because of the customer’s lack of controls over the login and password information utilized by the customer to process transactions resulting in the customer becoming a victim of a malware attack. The agreement between the customer and the Company has a limitation of liability provision that allows for the maximum liability of the Company to not exceed the amount of fees of a single month of service. On April 29, 2015, Brightmoor Church filed a notice of voluntary dismissal, which the Court accepted on April 30, 2015, and dismissed the lawsuit without prejudice. On November 3, 2015, the Company filed a lawsuit against Brightmoor Church in the District Court for the judicial district of Bexar County, Texas, alleging a breach of contract by Brightmoor Church resulting in the fraudulent credit transactions described before and demanding payment of damages. On March 24, 2016, the Company entered into a settlement agreement with Brightmoor Church and on March 28, 2016, the Company filed to dismiss the lawsuit for no consideration. On June 26, 2015, Michael McFarland, derivatively on behalf the Company, and individually on behalf of himself and all other similarly situated shareholders of the Company, filed a class-action lawsuit in United States District Court, District of Nevada. The suit alleges breach of fiduciary duties and unjust enrichment by the Company’s Board of Directors and certain executive officers and directors in connection with excessive and unfair compensation paid or awarded during fiscal years 2013 and 2014. The lawsuit seeks disgorgement of excessive compensation as well as damages in an unspecified amount. As of March 17, 2016 the Court signed an order dismissing the claims against Peter Kirby and Michael Long, but did not rule as to the other defendants. The Company filed an unopposed motion for final judgment as to everyone else and confirmed again with the Plaintiff that they do not oppose dismissal of the whole case. On April 26, 2016, Michael McFarland, derivatively on behalf the Company, re- filed the same class-action lawsuit in United States District Court, District of Nevada. The suit alleges breach of fiduciary duties and unjust enrichment by the Company’s Board of Directors and certain executive officers and directors in connection with excessive and unfair compensation paid or awarded during fiscal years 2013 and 2014. The lawsuit seeks disgorgement of excessive compensation as well as damages in an unspecified amount. The Company believes the claims are without merit and it is unlikely that a loss will be incurred, therefore the Company has not accrued for a potential loss. However, the outcomes of the disputes are still uncertain and it is possible the Company may incur legal fees and losses in the future. Aside from the lawsuits described above, the Company may be involved in legal matters arising in the ordinary course of business from time to time. While the Company believes that such matters are currently not material, there can be no assurance that matters arising in the ordinary course of business for which the Company is or could become involved in litigation will not have a material adverse effect on the Company’s business, financial condition or results of operations. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents |
Deposit Contracts, Policy [Policy Text Block] | Settlement Processing Assets and Obligations |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash |
Internal Use Software, Policy [Policy Text Block] | Internal Use Software: |
Use of Estimates, Policy [Policy Text Block] | Estimates: |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncement In February 2016, the FASB issued, “Leases (Topic 842)”, which is intended to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee will be required to recognize on the balance sheet an asset (right to use) and a liability (lease obligation) for leases with terms of more than 12 months. Accounting by lessors will remain largely unchanged from current U.S. generally accepted accounting principles. The new standard is effective for public companies for fiscal years beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. The Company is currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures. |
Reclassification, Policy [Policy Text Block] | Reclassifications |
Note 2 - Accrued Expenses (Tabl
Note 2 - Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | March 31, 2016 December 31, 2015 Indemnification liability $ 450,000 $ 450,000 Accrued commissions 400,399 440,232 Reserve for merchant losses 248,868 248,868 Other accrued expenses 125,335 112,414 Accrued taxes 55,388 54,077 Accrued salaries 65,255 23,147 Total accrued expenses $ 1,345,245 $ 1,328,738 |
Note 3 - Net Income Per Share (
Note 3 - Net Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended 2016 2015 Numerator: Numerator for basic and diluted earnings per share, net income available to common shareholders $ (32,002 ) $ 708,617 Denominator: Denominator for basic earnings per share, weighted average shares outstanding 7,719,248 7,359,314 Effect of dilutive securities - 4,763,117 Denominator for diluted earnings per share, adjusted weighted average shares and assumed conversion 7,719,248 12,122,431 Basic earnings per common share $ 0.00 $ 0.10 Diluted earnings per common share and common share equivalent $ 0.00 $ 0.06 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended 2016 2015 Anti-dilutive awards and options 4,325,676 - |
Note 4 - Acquisition (Tables)
Note 4 - Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Software $ 2,585,385 Equipment and other assets 2,252 Customer list and contracts 396,824 Goodwill 15,539 Trade accounts payable (300,000 ) Indemnification liability (450,000 ) Total $ 2,250,000 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Property and Equipment [Member] | Software Development [Member] | ||
Capitalized Computer Software, Net | $ 100,154 | $ 447,259 |
Note 2 - Accrued Expenses (Deta
Note 2 - Accrued Expenses (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Indemnification liability | $ 450,000 | $ 450,000 |
Accrued commissions | 400,399 | 440,232 |
Reserve for merchant losses | 248,868 | 248,868 |
Other accrued expenses | 125,335 | 112,414 |
Accrued taxes | 55,388 | 54,077 |
Accrued salaries | 65,255 | 23,147 |
Total accrued expenses | $ 1,345,245 | $ 1,328,738 |
Note 3 - Earnings per Share Num
Note 3 - Earnings per Share Numerator and Denominator (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Numerator: | ||
Numerator for basic and diluted earnings per share, net income available to common shareholders | $ (32,002) | $ 708,617 |
Denominator: | ||
Denominator for basic earnings per share, weighted average shares outstanding (in shares) | 7,719,248 | 7,359,314 |
Effect of dilutive securities (in shares) | 4,763,117 | |
Denominator for diluted earnings per share, adjusted weighted average shares and assumed conversion (in shares) | 7,719,248 | 12,122,431 |
Basic earnings per common share (in dollars per share) | $ 0 | $ 0.10 |
Diluted earnings per common share and common share equivalent (in dollars per share) | $ 0 | $ 0.06 |
Note 3 - Antidilutive Securitie
Note 3 - Antidilutive Securities Excluded from Calculation of EPS (Details) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Anti-dilutive awards and options (in shares) | 4,325,676 |
Note 4 - Acquisition (Details T
Note 4 - Acquisition (Details Textual) - Akimbo [Member] $ in Millions | Dec. 22, 2014USD ($) |
Stock Issued During Period, Value, Acquisitions | $ 3 |
Goodwill Amortization Period | 15 years |
Note 4 - Business Acquisition (
Note 4 - Business Acquisition (Details) - Akimbo [Member] | Dec. 22, 2014USD ($) |
Software | $ 2,585,385 |
Equipment and other assets | 2,252 |
Customer list and contracts | 396,824 |
Goodwill | 15,539 |
Trade accounts payable | (300,000) |
Indemnification liability | (450,000) |
Total | $ 2,250,000 |
Note 5 - Income Taxes (Details
Note 5 - Income Taxes (Details Textual) $ in Millions | Mar. 31, 2016USD ($) |
Deferred Tax Assets, Net of Valuation Allowance | $ 1.6 |
Deferred Tax Assets, Valuation Allowance | $ 12.2 |
Note 6 - Related Party Transa25
Note 6 - Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Herb Authier [Member] | ||
Related Party Transaction, Purchases from Related Party | $ 10,385 | $ 45,750 |
Angry Pug Sportswear [Member] | ||
Related Party Transaction, Purchases from Related Party | 2,250 | 857 |
Club Rio Maroc Bar, Lush Rooftop, and Nirvana Bar and Rock [Member] | ||
Revenue from Related Parties | $ 12,120 | $ 20,901 |
Note 7 - Reverse Stock Split (D
Note 7 - Reverse Stock Split (Details Textual) | Jul. 23, 2015$ / sharesshares | Mar. 31, 2016$ / sharesshares | Dec. 31, 2015$ / sharesshares |
Reverse Stock Split [Member] | |||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 15 | ||
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 | 200,000,000 |
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 |
Stock Issued During Period, Shares, Reverse Stock Splits | 1,117 |
Note 8 - Legal Proceedings (Det
Note 8 - Legal Proceedings (Details Textual) | Mar. 31, 2016USD ($) |
Fraudulent Credit Transactions on a Customer Account [Member] | Maximum [Member] | |
Loss Contingency, Estimate of Possible Loss, Dismissal Amount | $ 181,709 |