Riot Blockchain (RIOT) 10-K 23 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 23, 2016	Jun. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Venaxis, Inc.
Entity Central Index Key	1,167,419
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		30,990,029
Entity Public Float			$ 11,852,000

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 2,012,283	$ 3,539,911
Short-term investments (Note 1)	14,147,991	20,998,789
Prepaid expenses and other current assets (Note 1)	251,778	357,083
Total current assets	16,412,052	24,895,783
Property and equipment, net (Note 2)	1,954,496	$ 2,103,880
Long-term investments (Note 1)	972,000
Other long term assets, net (Notes 1 and 3)	1,523,649	$ 1,724,190
Total assets	20,862,197	28,723,853
Current liabilities:
Accounts payable	701,064	437,519
Accrued compensation	449,873	609,417
Accrued expenses	241,882	325,400
Notes and other obligations, current portion (Note 4)	301,250	312,934
Deferred revenue, current portion (Note 7)	96,698	96,698
Total current liabilities	1,790,767	1,781,968
Notes and other obligations, less current portion (Note 4)	1,838,779	1,998,049
Deferred revenue, less current portion (Note 7)	1,162,015	1,258,713
Total liabilities	$ 4,791,561	$ 5,038,730
Commitments and contingencies (Notes 7 and 9)
Stockholders' equity (Notes 5 and 6):
Common stock, no par value, 60,000,000 shares authorized; 30,990,029 and 30,990,029 shares issued and outstanding	$ 121,653,075	$ 120,509,997
Accumulated deficit	(105,582,439)	(96,824,874)
Total stockholders' equity	16,070,636	23,685,123
Total liabilities and stockholders' equity	$ 20,862,197	$ 28,723,853

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, par value
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	30,990,029	30,990,029
Common stock, shares outstanding	30,990,029	30,990,029

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
Sales (Note 1)	$ 101,388	$ 166,955	$ 56,068
Cost of sales	30,586	71,470	21,193
Gross profit	70,802	95,485	34,875
Other revenue - fee (Note 7)	96,698	95,699	84,620
Operating expenses:
Selling, general and administrative	6,757,074	6,559,640	5,516,504
Research and development	2,159,137	4,034,580	6,706,174
Total operating expenses	8,916,211	10,594,220	12,222,678
Operating loss	(8,748,711)	(10,403,036)	(12,103,183)
Other income (expense):
Interest	(98,964)	(116,180)	(135,218)
Investment income	82,000	42,130	39,093
Other income	8,110	34,000	50,653
Total other (expense) income	(8,854)	(40,050)	(45,472)
Net loss	$ (8,757,565)	$ (10,443,086)	$ (12,148,655)
Basic and diluted net loss per share (Note 1)	$ (0.28)	$ (0.36)	$ (0.72)
Basic and diluted weighted average number of common shares outstanding (Notes 1)	30,990,029	28,632,677	16,948,901

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($)	Common Stock [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2012	$ 84,924,133	$ (74,233,133)	$ 10,691,000
Balance, shares at Dec. 31, 2012	9,954,380
Stock-based compensation issued for services	$ 1,437,865		1,437,865
Common stock issued for cash, net of offering costs	$ 12,969,587		12,969,587
Common stock issued for cash, shares	11,500,000
Net loss		$ (12,148,655)	(12,148,655)
Balance at Dec. 31, 2013	$ 99,331,585	$ (86,381,788)	$ 12,949,797
Balance, shares at Dec. 31, 2013	21,454,380		21,454,380
Stock-based compensation issued for services	$ 1,055,760		$ 1,055,760
Common stock issued for cash, net of offering costs	$ 18,461,291		18,461,291
Common stock issued for cash, shares	8,335,000
Common stock issued for option and warrant exercises	$ 1,661,361		1,661,361
Common stock issued for option and warrant exercises, shares	1,200,649
Net loss		$ (10,443,086)	(10,443,086)
Balance at Dec. 31, 2014	$ 120,509,997	$ (96,824,874)	$ 23,685,123
Balance, shares at Dec. 31, 2014	30,990,029		30,990,029
Stock-based compensation issued for services	$ 1,143,078		$ 1,143,078
Net loss		$ (8,757,565)	(8,757,565)
Balance at Dec. 31, 2015	$ 121,653,075	$ (105,582,439)	$ 16,070,636
Balance, shares at Dec. 31, 2015	30,990,029		30,990,029

Statements of Stockholders' Eq6

Statements of Stockholders' Equity (Parenthetical) - USD ($)	1 Months Ended		12 Months Ended
	Apr. 30, 2014	May. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Statement of Stockholders' Equity [Abstract]
Common stock issued for cash, issuance costs	$ 1,543,000	$ 1,405,000	$ 1,542,709	$ 1,380,413

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net loss	$ (8,757,565)	$ (10,443,086)	$ (12,148,655)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation for services	1,143,078	1,055,760	1,437,865
Depreciation and amortization	253,818	$ 288,751	326,534
Other noncash charges	188,141		47,503
Amortization of license fee	(96,698)	$ (95,699)	$ (84,620)
Gain on equipment disposals	(8,110)	(34,000)
Change in:
Accounts receivable	(202)	18,793	$ (32,194)
Prepaid expenses and other current assets	388,331	402,206	289,967
Accounts payable	263,545	(342,995)	166,589
Accrued expenses	(83,518)	(582,332)	265,677
Accrued compensation	$ (159,544)	460,495	(303,956)
Deferred revenue		68,585	305,636
Net cash used in operating activities	$ (6,868,724)	(9,203,522)	(9,729,654)
Cash flows from investing activities:
Purchases of short-term investments	(27,178,337)	(35,552,989)	(24,436,509)
Sales of short-term investments	$ 33,057,135	23,196,848	16,956,765
Purchases of property and equipment		(30,142)	(26,316)
Purchases of patent and other assets	$ (92,033)	(207,537)	$ (125,430)
Proceeds from sale of equipment	8,110	34,000
Net cash provided by (used in) investing activities	5,794,875	(12,559,820)	$ (7,631,490)
Cash flows from financing activities:
Repayment of notes payable and other obligations	$ (453,779)	(478,082)	(927,734)
Net proceeds from issuance of common stock		20,122,652	12,969,587
Net cash (used in) provided by financing activities	$ (453,779)	19,644,570	12,041,853
Net decrease in cash and cash equivalents	(1,527,628)	(2,118,772)	(5,319,291)
Cash and cash equivalents, at beginning of year	3,539,911	5,658,683	10,977,974
Cash and cash equivalents, at end of year	2,012,283	3,539,911	5,658,683
Supplemental disclosure of cash flow information:
Cash paid during the year for Interest	99,382	106,453	138,754
Schedule of non-cash investing and financing transactions:
Acquisitions of assets for installment obligations	$ 282,825	$ 318,686	$ 344,689

Organization and summary of sig

Organization and summary of significant accounting policies	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and summary of significant accounting policies	Note 1. Organization and summary of significant accounting policies: Nature of operations: Venaxis, Inc. (the “Company” or “Venaxis”) was organized on July 24, 2000, as a Colorado corporation. In December 2012, the Company’s name was changed to Venaxis, Inc., from AspenBio Pharma, Inc. Venaxis’ business had been in the development and commercialization of innovative products that address unmet diagnostic and therapeutic needs. The Company's lead product candidate, the APPY Through December 31, 2015, the Company’s research, development and commercial activities have been focused primarily on a human acute appendicitis blood-based test. As further described in Note 12, in January 2016 Venaxis entered into a series of definitive agreements for a transaction with Strand Life Sciences Private Limited (“Strand”), its shareholders and its U.S. subsidiary, Strand Genomics, Inc. (“SGI”). Such definitive agreements were terminated on March 11, 2016 pursuant to a Mutual Termination Agreement executed by Venaxis, Strand and SGI. Currently, the Company is focused on pursuit of a strategic transaction with a new partner following termination of the Strand transactions, managing a planned winding down of the APPY Management’s plans and basis of presentation: The Company has experienced recurring losses and negative cash flows from operations. At December 31, 2015, the Company had approximate balances of cash and liquid investments of $16,160,000, working capital of $14,621,000, total stockholders’ equity of $16,071,000 and an accumulated deficit of $105,582,000. To date, the Company has in large part relied on equity financing to fund its operations. The Company expects to continue to incur losses from operations for the near-term and these losses could be significant as professional and other associated expenses in connection with possible strategic considerations, evaluations and transactions, appendicitis portfolio related expenses, public company and administrative related expenses are incurred. The Company believes that its current working capital position will be sufficient to meet its estimated cash needs into early 2017. The Company continues to explore obtaining additional financing. The Company is closely monitoring its cash balances, cash needs and expense levels. Following the recent termination of the Strand transaction, the Company has begun evaluating potential strategic alternatives. The Company expects in the near term to establish the primary criteria it will consider as it evaluates its next steps and strategic path forward with the goal of maximizing value for its shareholders. As a result of the current market trends and uncertainties, and the impact on many companies, management believes that there may currently be attractive opportunities available to the Company. Management’s strategic plans include the following: · exploring other possible strategic options available to the Company following termination of the Strand transactions; · Evaluating options to monetize, partner or license the Company's appendicitis product portfolio; · continuing to explore prospective partnering or licensing opportunities with complementary opportunities and technologies; and · continuing to implement cost control initiatives to conserve cash. As part of the Company’s process to identify possible strategic partners, several targets were identified that the Company assessed as possibly having a business model that could be interested in discussions with Venaxis for possibly acquiring or licensing the appendicitis assets. Venaxis has made initial contact with several of these, under NDAs to gauge their interest level, which initially is more focused on the APPY Cash, cash equivalents and short-term investments: The Company considers all highly liquid investments with an original maturity of three months or less at the date of acquisition to be cash equivalents. From time to time, the Company’s cash account balances exceed the balances as covered by the Federal Deposit Insurance System. The Company has never suffered a loss due to such excess balances. The Company invests excess cash from time to time in highly-liquid debt and equity investments of highly-rated entities, which are classified as trading securities. Historically, the purpose of the investments has been to fund research and development, product development, FDA clearance-related activities and general corporate purposes. Such amounts are recorded at market values using Level 1 inputs in determining fair value and are generally classified as current, as the Company does not intend to hold the investments beyond twelve months. Investment securities classified as trading are those securities that are bought and held principally for the purpose of selling them in the near term, with the objective of preserving principal and generating profits. These securities are reported at fair value with unrealized gains and losses reported as an element of other (expense) income in current period earnings. The Company’s Board of Directors has approved an investment policy covering the investment parameters to be followed with the primary goals being the safety of principal amounts and maintaining liquidity. The policy provides for minimum investment rating requirements as well as limitations on investment duration and concentrations. Based upon market conditions, the investment guidelines have been tightened to increase the minimum acceptable investment ratings required for investments and shorten the maximum investment term. As of December 31, 2015 and 2014, approximately 9% and 6% of the investment portfolio was in cash and cash equivalents, which is presented as such on the accompanying balance sheet, and the remaining funds were invested in marketable securities with none individually representing a material amount of the portfolio. Investments with a scheduled maturity beyond one year are classified as long-term investments on the balance sheet. To date, the Company’s cumulative realized market loss from the investments has not been significant. For the years ended December 31, 2015, 2014 and 2013, there were approximately $30,000, $31,000 and $19,000, respectively, in management fee expenses. Fair value of financial instruments: The Company accounts for financial instruments under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic (ASC) 820, Fair Value Measurements Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 — observable inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and Level 3 — assets and liabilities whose significant value drivers are unobservable. Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on the Company’s market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to measure an asset or liability may fall into different levels of the fair value hierarchy. In those instances, the fair value measurement is required to be classified using the lowest level of input that is significant to the fair value measurement. Such determination requires significant management judgment. There were no financial assets or liabilities measured at fair value, with the exception of cash, cash equivalents (level 1) and short-term investments (level 2) as of December 31, 2015 and 2014. The carrying amounts of the Company’s financial instruments (other than cash, cash equivalents and short-term investments as discussed above) approximate fair value because of their variable interest rates and / or short maturities combined with the recent historical interest rate levels. Revenue recognition and accounts receivable: We recognize sales of goods under the provisions of FASB ASC 605 and the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) 104, Revenue Recognition Revenue is recognized when the following four basic criteria have been met: (i) persuasive evidence of an arrangement exists; (ii) delivery has occurred and risk of loss has passed; (iii) the seller’s price to the buyer is fixed or determinable; and (iv) collectability is reasonably assured. In international markets, the Company sells its products to distributors or re-sellers, who subsequently resell the products to hospitals. The Company has an agreement with the distributor which provides that title and risk of loss pass to the distributor upon shipment of the products, FOB to the distributor. Revenue is recognized upon shipment of products to the distributor as the products are shipped based on FOB shipping point terms. Revenues are recorded less a reserve for estimated product returns and allowances which to date has not been significant. Determination of the reserve for estimated product returns and allowances is based on management’s analyses and judgments regarding certain conditions. Should future changes in conditions prove management’s conclusions and judgments on previous analyses to be incorrect, revenue recognized for any reporting period could be adversely affected. The Company extends credit to customers generally without requiring collateral. At December 31, 2015 and 2014, the Company did not have any accounts receivable. During the year ended December 31, 2015, three European-based customers accounted for total net sales, each representing 52%, 26% and 22%, respectively. During the year ended December 31, 2014, two European-based customers accounted for total net sales, each representing 89% and 11%, respectively. During the year ended December 31, 2013, three European-based customers accounted for the total net sales, each representing 43%, 35% and 22%, respectively. The Company monitors its exposure for credit losses and maintains allowances for anticipated losses. The Company records an allowance for doubtful accounts when it is probable that the accounts receivable balance will not be collected. When estimating the allowance, the Company takes into consideration such factors as its day-to-day knowledge of the financial position of specific clients, the industry and size of its clients. A financial decline of any one of the Company’s large clients could have an adverse and material effect on the collectability of receivables and thus the adequacy of the allowance for doubtful accounts receivable. Increases in the allowance are recorded as charges to bad debt expense and are reflected in other operating expenses in the Company’s statements of operations. Write-offs of uncollectible accounts are charged against the allowance. Property and equipment: Property and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets, generally twenty-five years for the building, ten years for land improvements, five years for equipment, and three years for computer related assets. Goodwill: Goodwill arose from the initial formation of the Company and represents the purchase price paid and liabilities assumed in excess of the fair market value of tangible assets acquired. The Company performs a goodwill impairment analysis in the fourth quarter of each year, or whenever there is an indication of impairment. When conducting its annual goodwill impairment assessment, the Company initially performs a qualitative evaluation to determine if it is more likely than not that the fair value of its reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform a two-step goodwill impairment test. The Company has determined, based on its qualitative evaluation, that it was not necessary to perform the two-step goodwill impairment test and that no impairment had occurred as of December 31, 2015. Impairment of long-lived assets: Management reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to undiscounted future cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Based on its review, including an updated assessment subsequent to year end, management determined that certain costs previously incurred for patents had been impaired during the years ended December 31, 2015 and 2014 and 2013. Approximately $188,000, $13,000 and $33,000 of such net patent costs were determined to be impaired during the years ended December 31, 2015, 2014 and 2013, respectively, resulting from management’s decisions not to pursue patents based upon a cost benefit analysis of patent expenses and coverage protection in several smaller world markets that were determined to not have the economic or fiscal potential to make the patent pursuit viable. Impairment charges are included in research and development expenses in the accompanying statements of operations. Research and development: Research and development costs are charged to expense as incurred. Use of estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ significantly from those estimates. Income taxes: The Company accounts for income taxes under the asset and liability method, in which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is required to the extent any deferred tax assets may not be realizable. The Company does not have an accrual for uncertain tax positions as of December 31, 2015 and 2014. The Company files corporate income tax returns with the Internal Revenue Service and the states where the Company determines it is required to do so, and there are open statutes of limitations for tax authorities to audit the Company’s tax returns from 2013 through the current period. The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. At December 31, 2015, the Company did not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized during the years ended December 31, 2015, 2014 or 2013. Stock-based compensation: Venaxis recognizes the cost of employee services received in exchange for an award of equity instruments in the financial statements which is measured based on the grant date fair value of the award. Stock option compensation expense is recognized over the period during which an employee is required to provide service in exchange for the award (generally the vesting period). The Company estimates the fair value of each stock option at the grant date by using the Black-Scholes option pricing model. Income (loss) per share: ASC 260, Earnings Per Share Basic earnings (loss) per share includes no dilution and is computed by dividing net earnings (loss) available to stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the Company’s earnings (loss). The effect of the inclusion of the dilutive shares would have resulted in a decrease in loss per share during the years ended December 31, 2015, 2014 and 2013. Accordingly, the weighted average shares outstanding have not been adjusted for dilutive shares. Outstanding stock options and warrants are not considered in the calculation, as the impact of the potential common shares (totaling approximately 6,116,000, 5,310,000 and 5,841,000 shares for each of the years ended December 31, 2015, 2014 and 2013, respectively) would be to decrease the net loss per share. Recently issued and adopted accounting pronouncements: The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequences of the change to its consolidated financial statements and assures that there are proper controls in place to ascertain that the Company’s consolidated financial statements properly reflect the change. In May 2014, FASB issued Accounting Standards Update ("ASU") No. 2014-09 "Revenue from Contracts from Customers," which supersedes the revenue recognition requirements in "Revenue Recognition (Topic 605)," and requires entities to recognize revenue in a way that depicts the transfer of potential goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to the exchange for those goods or services. In July 2015, the FASB extended the effective date of ASU 2014-09 by one year, to now be effective for fiscal years, and interim periods beginning after December 15, 2017, and is to be applied retrospectively, with early adoption now permitted for fiscal years, and interim periods beginning after December 31, 2015. The Company is currently evaluating the new standard and assessing any potential impact on its future operations and financial statements.

Property and equipment

Property and equipment	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Property and equipment	Note 2. Property and equipment: Property and equipment consisted of the following as of December 31: 2015 2014 Land and improvements $ 1,107,508 $ 1,107,508 Building 2,589,231 2,589,231 Building improvements 253,526 253,526 Laboratory equipment 848,014 1,112,480 Office and computer equipment 318,254 328,299 5,116,533 5,391,044 Less accumulated depreciation 3,162,037 3,287,164 $ 1,954,496 $ 2,103,880 Depreciation expense totaled approximately $149,000, $193,000 and $244,000 for each of years ended December 31, 2015, 2014 and 2013, respectively. Subsequent to December 31, 2015 the Company completed the sale of its land and building which also paid off its mortgage obligations. See Note 12.

Other long-term assets

Other long-term assets	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Other long-term assets	Note 3. Other long-term assets: Other long-term assets consisted of the following as of December 31: 2015 2014 Patents, trademarks and applications, net of accumulated amortization of $548,327 and $507,644 $ 1,136,410 $ 1,336,951 Goodwill 387,239 387,239 $ 1,523,649 $ 1,724,190 The Company capitalizes legal costs and filing fees associated with obtaining patents on its new discoveries. Once the patents have been issued, the Company amortizes these costs over the shorter of the legal life of the patent or its estimated economic life using the straight-line method. Based upon the current status of the above intangible assets, the aggregate amortization expense is estimated to be approximately $94,000 for each of the next five fiscal years. The Company tests intangible assets with finite lives upon significant changes in the Company’s business environment. The testing resulted in approximately $188,000, $13,000, and $33,000 of net patent impairment charges during the years ended December 31, 2015, 2014, and 2013, respectively. The impairment charges are related to the Company’s ongoing analysis on which specific patents in specific countries the Company intends to continue to pursue.

Notes and other obligations

Notes and other obligations	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Notes and other obligations	Note 4. Notes and other obligations: Notes payable and installment obligations consisted of the following as of December 31: 2015 2014 Mortgage notes $ 1,997,701 $ 2,150,608 Other short-term installment obligations 142,328 160,375 2,140,029 2,310,983 Less current portion 301,250 312,934 $ 1,838,779 $ 1,998,049 Mortgage notes: In 2015, the Company had a mortgage facility on its land and building. The mortgage was held by a commercial bank and included approximately 32% that was guaranteed by the U. S. Small Business Administration (“SBA”). The loan was collateralized by the real property and the SBA portion was also personally guaranteed by a former officer of the Company. The commercial bank portion of the mortgage was refinanced with the existing lender in May 2013. The revised terms included a payment schedule based on a fifteen year amortization, with a balloon maturity at five years. The commercial bank portion had the interest rate fixed at 3.95%, and the SBA portion bore interest at the rate of 5.86%. The commercial bank portion of the loan required total monthly payments of approximately $11,700, which included approximately $4,500 per month in interest. The SBA portion of the loan required total monthly payments of approximately $9,000 through July 2023, which included approximately $3,200 per month in interest and fees in 2015. Subsequent to December 31, 2015 the Company completed the sale of its land and building, which also paid off its mortgage obligations. See Note 12. Other short-term installment obligations: The Company has executed financing agreements for certain of the Company’s insurance premiums. At December 31, 2015, these obligations totaled $142,328, all of which are due in 2016. Future maturities: The Company’s total debt obligations as of December 31, 2015, required minimum annual principal payments of approximately $301,000 in 2016. Upon the sale of the Company’s land and building in February 2016, all long-term debt obligations were paid off. The Company’s exclusive license agreement with The Washington University also requires minimum annual royalty payments of $20,000 per year during its term (Note 7).

Stockholders' equity

Stockholders' equity	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Stockholders' equity	Note 5. Stockholders’ equity: 2015 Transactions: The Company had no equity offerings in 2015, as it focused on strategic alternatives, including the Strand transactions. 2014 Transactions: In April 2014, the Company completed a public offering of securities consisting of 8,335,000 shares of common stock at an offering price of $2.40 per share, generating approximately $20 million in total proceeds. Fees and other expenses totaled approximately $1,543,000, including a placement fee of 6.5%. During the year ended December 31, 2014, warrants from the May 2013 public offering, described below, were exercised to purchase 1,161,570 shares of common at $1.36 per share stock resulting in total proceeds of approximately $1,580,000. During the year ended December 31, 2014, incentive stock options were exercised to purchase 39,079 common shares, resulting in total proceeds of approximately $82,000 and with a total intrinsic value when exercised of approximately $14,000. 2013 Transactions: In May 2013, the Company completed a public offering of securities consisting of 11,500,000 shares of common stock at an offering price of $1.25 per share, generating approximately $14.4 million in total proceeds. Fees and other expenses totaled approximately $1,405,000, including a placement fee of 7%. Under the terms of the offering, investors received, for each common share purchased, a warrant to purchase 0.35 of a common share, this resulted in the issuance of warrants to purchase a total of 4,025,000 shares of common stock if all warrants are fully exercised. The exercise price of the warrants is $1.36 per share; the warrants were exercisable upon issuance and expire in May 2018. Under the terms of the Underwriting Agreement, the underwriter exercised the option to purchase an additional 15% of the offering amount which is included in the above amounts. The purpose of the offering was to raise funds for working capital, new product development and general corporate purposes.

Stock options and warrants

Stock options and warrants	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock options and warrants	Note 6. Stock options and warrants: The Company currently provides stock-based compensation to employees, directors and consultants, both under the Company’s 2002 Stock Incentive Plan, as amended (the “Plan”) and non-qualified options and warrants issued outside of the Plan. During September 2015, the Company’s shareholders approved amendments to the Plan to increase the number of shares reserved under the Plan from 3,673,127 to 5,673,127 The Company’s determination of the estimated fair value of share-based payment awards on the date of grant is affected by the following variables and assumptions: · The grant date exercise price – the closing market price of the Company's common stock on the date of the grant; · Estimated option term – based on historical experience with existing option holders; · Estimated dividend rates – based on historical and anticipated dividends over the life of the option; · Term of the option – based on historical experience, grants have lives of approximately 3-5 years; · Risk-free interest rates – with maturities that approximate the expected life of the options granted; · Calculated stock price volatility – calculated over the expected life of the options granted, which is calculated based on the daily closing price of the Company's common stock over a period equal to the expected term of the option; and · Option exercise behaviors – based on actual and projected employee stock option exercises and forfeitures. The Company recognized stock-based compensation during the years ended December 31, as follows: 2015 2014 2013 Stock options to employees, officers, and directors $ 1,143,078 $ 1,055,250 $ 1,436,572 Stock options to consultants for: APPY - 510 1,293 Total stock-based compensation $ 1,143,078 $ 1,055,760 $ 1,437,865 The above expenses are included in the accompanying Statements of Operations for the years ended December 31, in the following categories: 2015 2014 2013 Selling, general and administrative expenses $ 1,016,011 $ 991,088 $ 1,298,942 Research and development expenses 127,067 64,672 138,923 Total stock-based compensation $ 1,143,078 $ 1,055,760 $ 1,437,865 Stock incentive plan options: The Company currently provides stock-based compensation to employees, directors and consultants under the Plan. The Company utilized assumptions in the estimation of fair value of stock-based compensation for the years ended December 31, as follows: 2015 2014 2013 Dividend yield 0% 0% 0% Expected price volatility 93% 94 to 126% 127 to 128% Risk free interest rate 1.39% 1.52 to 1.74% .65 to .76% Expected term 5 years 5 years 5 years A summary of stock option activity under the Plan for options to employees, officers, directors and consultants, for the year ended December 31, 2015, is presented below: Shares Underlying Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 1, 2015 1,854,258 $ 5.79 Granted 1,094,500 1.89 Exercised - - Forfeited (288,791 ) 3.58 Outstanding at December 31, 2015 2,659,967 $ 4.42 7.8 $ - Exercisable at December 31, 2015 2,393,238 $ 4.70 7.7 $ - The aggregate intrinsic value in the table above represents the total intrinsic value (the difference between the Company’s closing stock price on December 31, 2015 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders, had all option holders been able to, and in fact had, exercised their options on December 31, 2015. During the year ended December 31, 2014, incentive stock options were exercised to purchase 39,079 common shares, resulting in total proceeds of approximately $82,000 and with a total intrinsic value when exercised of approximately $14,000. During the year ended December 31, 2015, 344,000 options were issued to non-employee directors under the Plan, with an exercise price of $1.89 per share. The options expire ten years from the date of grant and vest over one year, based upon 25% on the date of grant, and 25% on each of April 1, 2015, July 1, 2015, and October 1, 2015. During the year ended December 31, 2015, 750,500 options were issued to officers and employees under the Plan, exercisable at an average of $1.89 per share. The options expire ten years from the date of grant and vest over two years with 50% vesting upon six month anniversary of grant date and the remaining balance vesting over the following six quarters in arrears. During the year ended December 31, 2015, a total of 288,791 options that were granted under the Plan were forfeited, of which 63,150 were vested and 225,641 were unvested. The vested options were exercisable at an average of $9.04 per share and the unvested options were exercisable at an average of $2.06 per share. During the year ended December 31, 2014, 221,000 options were issued to non-employee directors under the Plan, exercisable at an average of $2.27 per share. The options expire ten years from the date of grant and vest over one year, based upon 25% on the date of grant, and 25% on each of April 1, 2014, July 1, 2014, and October 1, 2014. During the year ended December 31, 2014, 506,100 options were issued to officers, employees and a consultant under the Plan, exercisable at an average of $2.29 per share. The options expire ten years from the date of grant and 431,100 of the options vest over two years with 50% vesting upon six month anniversary of grant date and the remaining balance vesting over the following six quarters in arrears, and 75,000 vest annually in arrears over three years from grant date. During the year ended December 31, 2014, a total of 52,028 options that were granted under the Plan were forfeited, of which 46,978 were vested and 5,050 were unvested. The vested options were exercisable at an average of $30.78 per share and the unvested options were exercisable at an average of $2.15 per share. During the year ended December 31, 2013, 525,603 options were granted under the Plan to employees, officers, directors and consultants with a weighted average exercise price at grant date of $2.06 per option. Included in the 525,603 options issued, the non-employee directors were granted a total of 209,333 options at an average exercise price of $2.10 per share of which the majority vest quarterly over a one-year period, officers were granted 292,000 options at an average exercise price of $2.04 per share vesting over a twenty-four month period and employees were granted 24,270 options at an average exercise price of $2.02 per share, the majority of which vest over a twenty-four month period following grant. All options were granted under the Company’s 2002 Stock Incentive Plan and expire ten years from the grant date. During the year ended December 31, 2013, a total of 15,278 options that were granted under the Plan to employees were forfeited, 6,086 of which were vested. The options were exercisable at an average of $24.68 per share and were forfeited upon the employees’ terminations from the Company or the expiration of the term of the options. During the year ended December 31, 2013, no options were exercised. The total fair value of stock options granted to employees, directors and consultants that vested and became exercisable during the years ended December 31, 2015, 2014 and 2013, was $1,344,000, $1,266,000 and $1,963,000, respectively. Based upon the Company’s experience, approximately 85% of the outstanding stock options, or approximately 227,000 options, are expected to vest in the future, under their terms. A summary of the activity of non-vested options under the Company’s Plan to acquire common shares granted to employees, officers, directors and consultants during the year ended December 31, 2015 is presented below: Nonvested Shares Nonvested Shares Underlying Options Weighted Average Exercise Price Weighted Average Grant Date Fair Value Nonvested at January 1, 2015 319,652 $ 2.28 $ 1.85 Granted 1,094,500 1.89 1.34 Vested (921,782 ) 1.97 1.46 Forfeited (225,641 ) 2.06 1.49 Nonvested at December 31, 2015 266,729 $ 1.94 $ 1.43 At December 31, 2015, based upon employee, officer, director and consultant options granted, there was approximately $219,000 additional unrecognized compensation cost related to stock options that will be recorded over a weighted average future period of approximately one year. Other common stock purchase options and warrants: As of December 31, 2015, in addition to the stock options issued under the Plan as discussed above, the Company had outstanding non-qualified options and warrants to acquire 3,455,935 shares of common stock. These options and warrants include those issued in connection with stock offerings, officers’ employment inducement awards and investor relations consulting. During the years ended December 31, 2015 and 2014, no stock options were granted outside of the Plan. During the year ended December 31, 2013, warrants to acquire 4,025,000 shares of common stock were issued in connection with a public offering. Each warrant issued represents the right to acquire 0.35 of a share of common stock. There were no stock-based compensation operating expenses related to other common stock purchase options and warrants for the years ended December 31, 2015 and 2014. Stock-based compensation operating expenses related to other common stock purchase options and warrants for the year ended December 31, 2013 include approximately $22,000 related to non-qualified options. Following is a summary of outstanding options and warrants that were issued outside of the Plan for the year ended December 31, 2015: Shares Underlying Options / Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 1, 2015 3,455,935 $ 1.93 Granted — — Exercised — — Forfeited — — Outstanding and exercisable at December 31, 2015 3,455,935 $ 1.93 2.3 $ — The aggregate intrinsic value in the table above represents the total intrinsic value (the difference between the Company’s closing stock price on December 31, 2015 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders, had all option holders been able to, and in fact had, exercised their options on December 31, 2015. Included at December 31, 2015 in the 3,455,935 total outstanding options and warrants are 3,435,935 non-compensatory rights, exercisable at an average of $1.93 per common share, expiring through May 2018, granted in connection with public offerings and 20,000 rights, exercisable at $3.42 per common share, expiring in May 2022, issued under compensatory arrangements. During the year ended December 31, 2014, warrants from the May 2013 public offering were exercised to purchase 1,161,570 shares of common stock at $1.36 per share resulting in total proceeds of approximately $1,580,000. In May 2013, the Company completed a $14.4 million public offering of securities and, in connection with that offering, granted investors in the offering warrants to purchase a total of 4,025,000 shares of common stock at an exercise price of $1.36 per share and expiring in May 2018. The total fair value of stock options granted that vested and became exercisable during each of the years ended December 31, 2015 and 2014 was zero, and for the year ended December 31, 2013 totaled $24,000.

Animal Health License Agreement

Animal Health License Agreements	12 Months Ended
	Dec. 31, 2015
Animal Health License Agreements [Abstract]
Animal Health License Agreements	Note 7. Animal Health License Agreements: Effective May 1, 2004 Washington University in St. Louis (WU) and Venaxis entered into an exclusive license agreement (WU License Agreement) which grants Venaxis exclusive license and right to sublicense WU’s technology (as defined under the WU License Agreement) for veterinary products worldwide, except where such products are prohibited under U.S. laws for export. The term of the WU License Agreement continues until the expiration of the last of WU’s patents (as defined in the WU License Agreement) expire. Venaxis has agreed to pay minimum annual royalties of $20,000 annually during the term of the WU License Agreement and such amounts are creditable against future royalties. Royalties payable to WU under the WU License Agreement for covered product sales by Venaxis carry a mid-single digit royalty rate and for sublicense fees received by Venaxis carry a low double-digit royalty rate. The WU License Agreement contains customary terms for confidentiality, prosecution and infringement provisions for licensed patents, publication rights, indemnification and insurance coverage. The WU License Agreement is cancelable by Venaxis with ninety days advance notice at any time and by WU with sixty days advance notice if Venaxis materially breaches the WU License Agreement and fails to cure such breach. In July 2012, the Company entered into an exclusive license agreement (the “License Agreement”) with Ceva Santé Animale S.A. Under the License Agreement, the Licensee obtained a worldwide exclusive license to develop, seek regulatory approval for and offer to sell, market, distribute, import and export luteinizing hormone (‘LH’) and/or follicle-stimulating hormone (“FSH”) products for bovine (cattle), equine and swine in the field of the assistance and facilitation of reproduction in bovine, equine and swine animals. The Company also granted the Licensee an option and right of first refusal to develop additional animal health products outside of the licensed field of use or any diagnostic pregnancy detection tests for non-human mammals. Under the License Agreement as of December 31, 2015, the following future milestone payments are provided, assuming future milestones are successfully achieved: ● Milestone payments, totaling up to a potential of $1.1 million in the aggregate, based on the satisfactory conclusion of milestones as defined in the License Agreement; ● Potential for milestone payments of up to an additional $2 million for development and receipt of regulatory approval for additional licensed products; and ● Royalties, at low double digit rates, based on sales of licensed products. Revenue recognition related to the License Agreement and WU License Agreement is based primarily on the Company’s consideration of ASC 808-10-45, “ Accounting for Collaborative Arrangements ”. For financial reporting purposes, the license fees and milestone payments received from the License Agreement, net of the amounts due to third parties, including WU, have been recorded as deferred revenue and are amortized over the term of the License Agreement. License fees and milestone revenue totaling a net of approximately $1,500,000 commenced being amortized into income upon the July 2012 date of milestone achievement. As of December 31, 2015, deferred revenue of $96,698 has been classified as a current liability and $1,162,015 has been classified as a long-term liability. The current liability represents the next twelve months’ portion of the amortizable milestone revenue. For the years ended December 31, 2015, 2014 and 2013, a total of $96,698, $95,699, and $84,620, respectively, was recorded as the amortized license fee revenue. A tabular summary of the revenue categories and cumulative amounts of revenue recognition associated with the License Agreement follows: Category Totals License fees and milestone amounts paid / achieved $ 1,920,000 Third party obligations recorded, including WU (363,700 ) Deferred revenue balance 1,556,300 Revenue amortization to December 31, 2015 (297,587 ) Net deferred revenue balance at December 31, 2015 $ 1,258,713 Commencement of license fees revenue recognition Upon signing or receipt Commencement of milestone revenue recognition Upon milestone achievement over then remaining life Original amortization period 197 months

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income taxes	Note 8. Income taxes: Income taxes at the federal statutory rate are reconciled to the Company’s actual income taxes as follows: 2015 2014 2013 Federal income tax benefit at 34% $ (2,978,000 ) $ (3,551,000 ) $ (4,131,000 ) State income tax net of federal tax effect (263,000 ) (313,000 ) (364,000 ) Permanent items 424,000 527,000 535,000 Other (15,000 ) (147,000 ) (72,000 ) Valuation allowance 2,832,000 3,484,000 4,032,000 $ — $ — $ — As of December 31, 2015, the Company has net operating loss carry forwards of approximately $96 million for federal and state tax purposes, which are available to offset future taxable income, if any, expiring through December 2035. A valuation allowance was recorded at December 31, 2015 due to the uncertainty of realization of deferred tax assets in the future. The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities at December 31, 2015 and 2014 are as follows: 2015 2014 Deferred tax assets (liabilities): Net operating loss carry forwards $ 35,649,000 $ 32,828,000 Property and equipment 43,000 45,000 Patents and other intangible assets (38,000 ) (34,000 ) Other 44,000 27,000 Research and development credit 1,103,000 1,103,000 Deferred tax asset 36,801,000 33,969,000 Valuation allowance (36,801,000 ) (33,969,000 ) $ — $ —

Commitments and contingencies

Commitments and contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Note 9. Commitments and contingencies: Employment commitments: As of December 31, 2015, the Company has employment agreements with two officers providing aggregate annual minimum commitments totaling $655,000. The agreements automatically renew at the end of each contract year unless terminated by either party and contain customary confidentiality and benefit provisions. Contingencies: On January 7, 2015, Venaxis received a complaint, captioned Dr. John F. Bealer, a resident of Arapahoe County, individually v. Venaxis, Inc., a Colorado corporation, Case No. 2015CV30022. This action was filed in the Arapahoe County District Court and subsequently transferred to Douglas County District Court. The complaint includes allegations of breach of contract pertaining to the Assignment and Consulting Agreement between Venaxis and Dr. Bealer. Venaxis believed that the allegations in the complaint were without merit and vigorously defended against these claims. In December 2015, the parties to the litigation settled the litigation, without any admission of liability, with payment of an undisclosed sum to Dr. Bealer. In connection with the settlement the Bealer Agreement was terminated. On February 2, 2015, a putative class action complaint was filed against Venaxis and two of its current officers in the United States District Court for the District of Colorado. The action is captioned Boldt v. Venaxis, Inc., et al., District of Colorado Case No.: 1:15-cv-00-222 (“Boldt Action”). The plaintiff in the Boldt Action alleged violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and SEC Rule 10b-5. The Boldt Action plaintiff purported to represent a class of persons who purchased Venaxis’ publicly traded securities between March 13, 2014, and January 28, 2015. The Boldt Action plaintiff alleged that Venaxis made false and/or misleading statements regarding APPY In the ordinary course of business and in the general industry in which the Company is engaged, it is not atypical to periodically receive a third party communication which may be in the form of a notice, threat, or “cease and desist” letter concerning certain activities. For example, this can occur in the context of the Company’s pursuit of intellectual property rights. This can also occur in the context of operations such as the using, making, having made, selling, and offering to sell products and services, and in other contexts. The Company makes rational assessments of each situation on a case-by-case basis as such may arise. The Company periodically evaluates its options for trademark positions and considers a full spectrum of alternatives for trademark protection and product branding. We are currently not a party to any legal proceedings, the adverse outcome of which would, in our management’s opinion, have a material adverse effect on our business, financial condition and results of operations.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Note 10. Related Party Transactions: During 2014 the Company executed services agreements (Phase I and Phase II) with SomaLogic, Inc. (“SomaLogic”) for SomaLogic to perform research services for the Company. The research encompassed analyzing biological samples. Under the agreements research services totaling $379,344, were completed and paid in 2014. No services were performed by SomaLogic for the Company in 2015. As of December 31, 2015 and 2014, no amounts were due to SomaLogic. A member of the Company’s Board of Directors serves as the Chief Medical Officer for SomaLogic and during the Venaxis Board of Director’s consideration of the SomaLogic agreements, that Director recused himself from the considerations and vote.

Selected quarterly financial in

Selected quarterly financial information	12 Months Ended
	Dec. 31, 2015
Selected Quarterly Financial Information [Abstract]
Selected quarterly financial information	Note 11. Supplemental data: Selected quarterly financial information (unaudited) March 31, June 30, September 30, December 31, Fiscal 2015 quarters ended: Total revenues $ 11,000 $ 25,000 $ 57,000 $ 8,000 Gross margin $ 7,000 $ 16,000 $ 43,000 $ 5,000 Net loss $ (2,186,000 ) $ (2,033,000 ) $ (1,583,000 ) $ (2,956,000 ) Loss per share - Basic and diluted $ (0.07 ) $ (0.07 ) $ (0.05 ) $ (0.09 ) Market price of common stock High $ 2.04 $ 0.70 $ 0.46 $ 0.35 Low $ 0.43 $ 0.44 $ 0.31 $ 0.27 Fiscal 2014 quarters ended: Total revenues $ 52,000 $ — $ 36,000 $ 79,000 Gross margin $ 20,000 $ — $ 24,000 $ 51,000 Net loss $ (2,948,000 ) $ (2,592,000 ) $ (2,533,000 ) $ (2,370,000 ) Loss per share - Basic and diluted $ (0.14 ) $ (0.08 ) $ (0.08 ) $ (0.06 ) Market price of common stock High $ 3.29 $ 2.77 $ 2.36 $ 1.85 Low $ 2.27 $ 1.88 $ 1.58 $ 1.19

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Note 12. Subsequent Events: On January 26, 2016, the Company entered into a series of definitive agreements for transactions with Strand, its shareholders and SGI. Those definitive agreements, including the agreements with the Strand shareholders, were terminated by the parties by execution of the Mutual Termination Agreement on March 11, 2016. On February 25, 2016, the Company completed the sale of its corporate headquarters, land and building, to a third party at a purchase price of $4,053,000. The sale generated approximately $1.7 million in net cash after expenses and mortgage payoffs. In addition to agreeing to the sale, the Company is leasing back space in the building under short term lease agreements that provide office and storage space required for our current level of operations. On February 29, 2016, the Company mailed a definitive proxy statement to its shareholders seeking approval, at a Special Meeting scheduled for March 24, 2016, of a reverse stock split proposal. The proxy statement seeks approval of a proposal to authorize the board of directors to effect, in their discretion (if the board of directors determines that a reverse stock split is in the best interests of the Company to maintain NASDAQ Capital Market listing), a reverse stock split of the outstanding shares of common stock in a ratio of at least one-for-four and of up to one-for-ten, to be determined by the board of directors, and, in connection with such reverse stock split, approve a corresponding amendment and restatement of the Company’s Articles of Incorporation, as amended, subject to the authority of the board of directors to abandon such amendment and restatement. Currently, the Company is focused on pursuit of a strategic transaction with a new partner following termination of the Strand transactions, managing a planned wind down of the APPY

Organization and summary of s20

Organization and summary of significant accounting policies (Policy)	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of operations	Nature of operations: Venaxis, Inc. (the “Company” or “Venaxis”) was organized on July 24, 2000, as a Colorado corporation. In December 2012, the Company’s name was changed to Venaxis, Inc., from AspenBio Pharma, Inc. Venaxis’ business had been in the development and commercialization of innovative products that address unmet diagnostic and therapeutic needs. The Company's lead product candidate, the APPY Through December 31, 2015, the Company’s research, development and commercial activities have been focused primarily on a human acute appendicitis blood-based test. As further described in Note 12, in January 2016 Venaxis entered into a series of definitive agreements for a transaction with Strand Life Sciences Private Limited (“Strand”), its shareholders and its U.S. subsidiary, Strand Genomics, Inc. (“SGI”). Such definitive agreements were terminated on March 11, 2016 pursuant to a Mutual Termination Agreement executed by Venaxis, Strand and SGI. Currently, the Company is focused on pursuit of a strategic transaction with a new partner following termination of the Strand transactions, managing a planned winding down of the APPY
Management's plans and basis of presentation	Management’s plans and basis of presentation: The Company has experienced recurring losses and negative cash flows from operations. At December 31, 2015, the Company had approximate balances of cash and liquid investments of $16,160,000, working capital of $14,621,000, total stockholders’ equity of $16,071,000 and an accumulated deficit of $105,582,000. To date, the Company has in large part relied on equity financing to fund its operations. The Company expects to continue to incur losses from operations for the near-term and these losses could be significant as professional and other associated expenses in connection with possible strategic considerations, evaluations and transactions, appendicitis portfolio related expenses, public company and administrative related expenses are incurred. The Company believes that its current working capital position will be sufficient to meet its estimated cash needs into early 2017. The Company continues to explore obtaining additional financing. The Company is closely monitoring its cash balances, cash needs and expense levels. Following the recent termination of the Strand transaction, the Company has begun evaluating potential strategic alternatives. The Company expects in the near term to establish the primary criteria it will consider as it evaluates its next steps and strategic path forward with the goal of maximizing value for its shareholders. As a result of the current market trends and uncertainties, and the impact on many companies, management believes that there may currently be attractive opportunities available to the Company. Management’s strategic plans include the following: · exploring other possible strategic options available to the Company following termination of the Strand transactions; · Evaluating options to monetize, partner or license the Company's appendicitis product portfolio; · continuing to explore prospective partnering or licensing opportunities with complementary opportunities and technologies; and · continuing to implement cost control initiatives to conserve cash. As part of the Company’s process to identify possible strategic partners, several targets were identified that the Company assessed as possibly having a business model that could be interested in discussions with Venaxis for possibly acquiring or licensing the appendicitis assets. Venaxis has made initial contact with several of these, under NDAs to gauge their interest level, which initially is more focused on the APPY
Cash, cash equivalents and short-term investments	Cash, cash equivalents and short-term investments: The Company considers all highly liquid investments with an original maturity of three months or less at the date of acquisition to be cash equivalents. From time to time, the Company’s cash account balances exceed the balances as covered by the Federal Deposit Insurance System. The Company has never suffered a loss due to such excess balances. The Company invests excess cash from time to time in highly-liquid debt and equity investments of highly-rated entities, which are classified as trading securities. Historically, the purpose of the investments has been to fund research and development, product development, FDA clearance-related activities and general corporate purposes. Such amounts are recorded at market values using Level 1 inputs in determining fair value and are generally classified as current, as the Company does not intend to hold the investments beyond twelve months. Investment securities classified as trading are those securities that are bought and held principally for the purpose of selling them in the near term, with the objective of preserving principal and generating profits. These securities are reported at fair value with unrealized gains and losses reported as an element of other (expense) income in current period earnings. The Company’s Board of Directors has approved an investment policy covering the investment parameters to be followed with the primary goals being the safety of principal amounts and maintaining liquidity. The policy provides for minimum investment rating requirements as well as limitations on investment duration and concentrations. Based upon market conditions, the investment guidelines have been tightened to increase the minimum acceptable investment ratings required for investments and shorten the maximum investment term. As of December 31, 2015 and 2014, approximately 9% and 6% of the investment portfolio was in cash and cash equivalents, which is presented as such on the accompanying balance sheet, and the remaining funds were invested in marketable securities with none individually representing a material amount of the portfolio. Investments with a scheduled maturity beyond one year are classified as long-term investments on the balance sheet. To date, the Company’s cumulative realized market loss from the investments has not been significant. For the years ended December 31, 2015, 2014 and 2013, there were approximately $30,000, $31,000 and $19,000, respectively, in management fee expenses.
Fair value of financial instruments	Fair value of financial instruments: The Company accounts for financial instruments under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic (ASC) 820, Fair Value Measurements Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 — observable inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and Level 3 — assets and liabilities whose significant value drivers are unobservable. Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on the Company’s market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to measure an asset or liability may fall into different levels of the fair value hierarchy. In those instances, the fair value measurement is required to be classified using the lowest level of input that is significant to the fair value measurement. Such determination requires significant management judgment. There were no financial assets or liabilities measured at fair value, with the exception of cash, cash equivalents (level 1) and short-term investments (level 2) as of December 31, 2015 and 2014. The carrying amounts of the Company’s financial instruments (other than cash, cash equivalents and short-term investments as discussed above) approximate fair value because of their variable interest rates and / or short maturities combined with the recent historical interest rate levels.
Revenue recognition and accounts receivable	Revenue recognition and accounts receivable: We recognize sales of goods under the provisions of FASB ASC 605 and the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) 104, Revenue Recognition Revenue is recognized when the following four basic criteria have been met: (i) persuasive evidence of an arrangement exists; (ii) delivery has occurred and risk of loss has passed; (iii) the seller’s price to the buyer is fixed or determinable; and (iv) collectability is reasonably assured. In international markets, the Company sells its products to distributors or re-sellers, who subsequently resell the products to hospitals. The Company has an agreement with the distributor which provides that title and risk of loss pass to the distributor upon shipment of the products, FOB to the distributor. Revenue is recognized upon shipment of products to the distributor as the products are shipped based on FOB shipping point terms. Revenues are recorded less a reserve for estimated product returns and allowances which to date has not been significant. Determination of the reserve for estimated product returns and allowances is based on management’s analyses and judgments regarding certain conditions. Should future changes in conditions prove management’s conclusions and judgments on previous analyses to be incorrect, revenue recognized for any reporting period could be adversely affected. The Company extends credit to customers generally without requiring collateral. At December 31, 2015 and 2014, the Company did not have any accounts receivable. During the year ended December 31, 2015, three European-based customers accounted for total net sales, each representing 52%, 26% and 22%, respectively. During the year ended December 31, 2014, two European-based customers accounted for total net sales, each representing 89% and 11%, respectively. During the year ended December 31, 2013, three European-based customers accounted for the total net sales, each representing 43%, 35% and 22%, respectively. The Company monitors its exposure for credit losses and maintains allowances for anticipated losses. The Company records an allowance for doubtful accounts when it is probable that the accounts receivable balance will not be collected. When estimating the allowance, the Company takes into consideration such factors as its day-to-day knowledge of the financial position of specific clients, the industry and size of its clients. A financial decline of any one of the Company’s large clients could have an adverse and material effect on the collectability of receivables and thus the adequacy of the allowance for doubtful accounts receivable. Increases in the allowance are recorded as charges to bad debt expense and are reflected in other operating expenses in the Company’s statements of operations. Write-offs of uncollectible accounts are charged against the allowance.
Property and equipment	Property and equipment: Property and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets, generally twenty-five years for the building, ten years for land improvements, five years for equipment, and three years for computer related assets.
Goodwill	Goodwill: Goodwill arose from the initial formation of the Company and represents the purchase price paid and liabilities assumed in excess of the fair market value of tangible assets acquired. The Company performs a goodwill impairment analysis in the fourth quarter of each year, or whenever there is an indication of impairment. When conducting its annual goodwill impairment assessment, the Company initially performs a qualitative evaluation to determine if it is more likely than not that the fair value of its reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform a two-step goodwill impairment test. The Company has determined, based on its qualitative evaluation, that it was not necessary to perform the two-step goodwill impairment test and that no impairment had occurred as of December 31, 2015.
Impairment of long-lived assets	Impairment of long-lived assets: Management reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to undiscounted future cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Based on its review, including an updated assessment subsequent to year end, management determined that certain costs previously incurred for patents had been impaired during the years ended December 31, 2015 and 2014 and 2013. Approximately $188,000, $13,000 and $33,000 of such net patent costs were determined to be impaired during the years ended December 31, 2015, 2014 and 2013, respectively, resulting from management’s decisions not to pursue patents based upon a cost benefit analysis of patent expenses and coverage protection in several smaller world markets that were determined to not have the economic or fiscal potential to make the patent pursuit viable. Impairment charges are included in research and development expenses in the accompanying statements of operations.
Research and development	Research and development: Research and development costs are charged to expense as incurred.
Use of estimates	Use of estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ significantly from those estimates.
Income taxes	Income taxes: The Company accounts for income taxes under the asset and liability method, in which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is required to the extent any deferred tax assets may not be realizable. The Company does not have an accrual for uncertain tax positions as of December 31, 2015 and 2014. The Company files corporate income tax returns with the Internal Revenue Service and the states where the Company determines it is required to do so, and there are open statutes of limitations for tax authorities to audit the Company’s tax returns from 2013 through the current period. The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. At December 31, 2015, the Company did not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized during the years ended December 31, 2015, 2014 or 2013.
Stock-based compensation	Stock-based compensation: Venaxis recognizes the cost of employee services received in exchange for an award of equity instruments in the financial statements which is measured based on the grant date fair value of the award. Stock option compensation expense is recognized over the period during which an employee is required to provide service in exchange for the award (generally the vesting period). The Company estimates the fair value of each stock option at the grant date by using the Black-Scholes option pricing model.
Income (loss) per share	Income (loss) per share: ASC 260, Earnings Per Share Basic earnings (loss) per share includes no dilution and is computed by dividing net earnings (loss) available to stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the Company’s earnings (loss). The effect of the inclusion of the dilutive shares would have resulted in a decrease in loss per share during the years ended December 31, 2015, 2014 and 2013. Accordingly, the weighted average shares outstanding have not been adjusted for dilutive shares. Outstanding stock options and warrants are not considered in the calculation, as the impact of the potential common shares (totaling approximately 6,116,000, 5,310,000 and 5,841,000 shares for each of the years ended December 31, 2015, 2014 and 2013, respectively) would be to decrease the net loss per share.
Recently issued and adopted accounting pronouncements	Recently issued and adopted accounting pronouncements: The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequences of the change to its consolidated financial statements and assures that there are proper controls in place to ascertain that the Company’s consolidated financial statements properly reflect the change. In May 2014, FASB issued Accounting Standards Update ("ASU") No. 2014-09 "Revenue from Contracts from Customers," which supersedes the revenue recognition requirements in "Revenue Recognition (Topic 605)," and requires entities to recognize revenue in a way that depicts the transfer of potential goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to the exchange for those goods or services. In July 2015, the FASB extended the effective date of ASU 2014-09 by one year, to now be effective for fiscal years, and interim periods beginning after December 15, 2017, and is to be applied retrospectively, with early adoption now permitted for fiscal years, and interim periods beginning after December 31, 2015. The Company is currently evaluating the new standard and assessing any potential impact on its future operations and financial statements.

Property and equipment (Tables)

Property and equipment (Tables)	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consisted of the following as of December 31: 2015 2014 Land and improvements $ 1,107,508 $ 1,107,508 Building 2,589,231 2,589,231 Building improvements 253,526 253,526 Laboratory equipment 848,014 1,112,480 Office and computer equipment 318,254 328,299 5,116,533 5,391,044 Less accumulated depreciation 3,162,037 3,287,164 $ 1,954,496 $ 2,103,880

Other long-term assets (Tables)

Other long-term assets (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Other Long-Term Assets	Other long-term assets consisted of the following as of December 31: 2015 2014 Patents, trademarks and applications, net of accumulated amortization of $548,327 and $507,644 $ 1,136,410 $ 1,336,951 Goodwill 387,239 387,239 $ 1,523,649 $ 1,724,190

Notes and other obligations (Ta

Notes and other obligations (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Notes payable and installment obligations consisted of the following as of December 31: 2015 2014 Mortgage notes $ 1,997,701 $ 2,150,608 Other short-term installment obligations 142,328 160,375 2,140,029 2,310,983 Less current portion 301,250 312,934 $ 1,838,779 $ 1,998,049

Stock options and warrants (Tab

Stock options and warrants (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Recognized Stock-based Compensation	The Company recognized stock-based compensation during the years ended December 31, as follows: 2015 2014 2013 Stock options to employees, officers, and directors $ 1,143,078 $ 1,055,250 $ 1,436,572 Stock options to consultants for: APPY - 510 1,293 Total stock-based compensation $ 1,143,078 $ 1,055,760 $ 1,437,865
Schedule of the Income Statement Allocation of Stock-based Compensation	The above expenses are included in the accompanying Statements of Operations for the years ended December 31, in the following categories: 2015 2014 2013 Selling, general and administrative expenses $ 1,016,011 $ 991,088 $ 1,298,942 Research and development expenses 127,067 64,672 138,923 Total stock-based compensation $ 1,143,078 $ 1,055,760 $ 1,437,865
Schedule of Fair Value Assumptions Used to Estimate Stock-based Compensation	The Company currently provides stock-based compensation to employees, directors and consultants under the Plan. The Company utilized assumptions in the estimation of fair value of stock-based compensation for the years ended December 31, as follows: 2015 2014 2013 Dividend yield 0% 0% 0% Expected price volatility 93% 94 to 126% 127 to 128% Risk free interest rate 1.39% 1.52 to 1.74% .65 to .76% Expected term 5 years 5 years 5 years
Summary of Stock Incentive Plan Activity	A summary of stock option activity under the Plan for options to employees, officers, directors and consultants, for the year ended December 31, 2015, is presented below: Shares Underlying Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 1, 2015 1,854,258 $ 5.79 Granted 1,094,500 1.89 Exercised - - Forfeited (288,791 ) 3.58 Outstanding at December 31, 2015 2,659,967 $ 4.42 7.8 $ - Exercisable at December 31, 2015 2,393,238 $ 4.70 7.7 $ -
Schedule of Nonvested Share Activity	A summary of the activity of non-vested options under the Company’s Plan to acquire common shares granted to employees, officers, directors and consultants during the year ended December 31, 2015 is presented below: Nonvested Shares Nonvested Shares Underlying Options Weighted Average Exercise Price Weighted Average Grant Date Fair Value Nonvested at January 1, 2015 319,652 $ 2.28 $ 1.85 Granted 1,094,500 1.89 1.34 Vested (921,782 ) 1.97 1.46 Forfeited (225,641 ) 2.06 1.49 Nonvested at December 31, 2015 266,729 $ 1.94 $ 1.43
Schedule of Nonqualified Award Activity	Following is a summary of outstanding options and warrants that were issued outside of the Plan for the year ended December 31, 2015: Shares Underlying Options / Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 1, 2015 3,455,935 $ 1.93 Granted — — Exercised — — Forfeited — — Outstanding and exercisable at December 31, 2015 3,455,935 $ 1.93 2.3 $ —

Animal Health License Agreeme25

Animal Health License Agreements (Tables)	12 Months Ended
	Dec. 31, 2015
Animal Health License Agreements [Abstract]
Schedule of Current and Long-Term Deferred Revenues	A tabular summary of the revenue categories and cumulative amounts of revenue recognition associated with the License Agreement follows: Category Totals License fees and milestone amounts paid / achieved $ 1,920,000 Third party obligations recorded, including WU (363,700 ) Deferred revenue balance 1,556,300 Revenue amortization to December 31, 2015 (297,587 ) Net deferred revenue balance at December 31, 2015 $ 1,258,713 Commencement of license fees revenue recognition Upon signing or receipt Commencement of milestone revenue recognition Upon milestone achievement over then remaining life Original amortization period 197 months

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Reconciliation of Income Tax	Income taxes at the federal statutory rate are reconciled to the Company’s actual income taxes as follows: 2015 2014 2013 Federal income tax benefit at 34% $ (2,978,000 ) $ (3,551,000 ) $ (4,131,000 ) State income tax net of federal tax effect (263,000 ) (313,000 ) (364,000 ) Permanent items 424,000 527,000 535,000 Other (15,000 ) (147,000 ) (72,000 ) Valuation allowance 2,832,000 3,484,000 4,032,000 $ — $ — $ —
Schedule of Deferred Tax Assets and (Liabilities)	The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities at December 31, 2015 and 2014 are as follows: 2015 2014 Deferred tax assets (liabilities): Net operating loss carry forwards $ 35,649,000 $ 32,828,000 Property and equipment 43,000 45,000 Patents and other intangible assets (38,000 ) (34,000 ) Other 44,000 27,000 Research and development credit 1,103,000 1,103,000 Deferred tax asset 36,801,000 33,969,000 Valuation allowance (36,801,000 ) (33,969,000 ) $ — $ —

Selected quarterly financial 27

Selected quarterly financial information (Tables)	12 Months Ended
	Dec. 31, 2015
Selected Quarterly Financial Information [Abstract]
Schedule of Selected Quarterly Financial Information	March 31, June 30, September 30, December 31, Fiscal 2015 quarters ended: Total revenues $ 11,000 $ 25,000 $ 57,000 $ 8,000 Gross margin $ 7,000 $ 16,000 $ 43,000 $ 5,000 Net loss $ (2,186,000 ) $ (2,033,000 ) $ (1,583,000 ) $ (2,956,000 ) Loss per share - Basic and diluted $ (0.07 ) $ (0.07 ) $ (0.05 ) $ (0.09 ) Market price of common stock High $ 2.04 $ 0.70 $ 0.46 $ 0.35 Low $ 0.43 $ 0.44 $ 0.31 $ 0.27 Fiscal 2014 quarters ended: Total revenues $ 52,000 $ — $ 36,000 $ 79,000 Gross margin $ 20,000 $ — $ 24,000 $ 51,000 Net loss $ (2,948,000 ) $ (2,592,000 ) $ (2,533,000 ) $ (2,370,000 ) Loss per share - Basic and diluted $ (0.14 ) $ (0.08 ) $ (0.08 ) $ (0.06 ) Market price of common stock High $ 3.29 $ 2.77 $ 2.36 $ 1.85 Low $ 2.27 $ 1.88 $ 1.58 $ 1.19

Organization and summary of s28

Organization and summary of significant accounting policies (Management's plans and basis of presentation) (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and liquid investments	$ 16,160,000
Working capital	14,621,000
Stockholders' equity	16,070,636	$ 23,685,123	$ 12,949,797	$ 10,691,000
Accumulated deficit	105,582,439	$ 96,824,874	$ 86,381,788
Total value of capitalized patent costs that could be impaired due to termination of Strand transactions	$ 508,000

Organization and summary of s29

Organization and summary of significant accounting policies (Cash, cash equivalents and short-term investments) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounts Receivable, Net, Current [Abstract]
Cash and cash equivalent investment portfolio, percentage	9.00%	6.00%
Management fees	$ 30,000	$ 31,000	$ 19,000

Organization and summary of s30

Organization and summary of significant accounting policies (Revenue recognition and accounts receivable) (Details)	12 Months Ended
	Dec. 31, 2015USD ($)Customers	Dec. 31, 2014USD ($)Customers	Dec. 31, 2013Customers
Concentration Risk [Line Items]
Accounts receivable, net | $
Customer Concentration [Member] | Net Sales [Member]
Concentration Risk [Line Items]
Number of customers | Customers	3	2	3
Customer Concentration [Member] | Net Sales [Member] | Customer One [Member]
Concentration Risk [Line Items]
Risk percentage	52.00%	89.00%	43.00%
Customer Concentration [Member] | Net Sales [Member] | Customer Two [Member]
Concentration Risk [Line Items]
Risk percentage	26.00%	11.00%	35.00%
Customer Concentration [Member] | Net Sales [Member] | Customer Three [Member]
Concentration Risk [Line Items]
Risk percentage	22.00%		22.00%

Organization and summary of s31

Organization and summary of significant accounting policies (Property and equipment) (Details)	12 Months Ended
	Dec. 31, 2015
Building [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	25 years
Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Computer related assets [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years

Organization and summary of s32

Organization and summary of significant accounting policies (Impairment of long-lived assets) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Goodwill and Impairment of long-lived assets:
Goodwill impairment
Impairment of finite lived intangible assets	$ 188,000	$ 13,000	$ 33,000

Organization and summary of s33

Organization and summary of significant accounting policies (Income taxes) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income taxes:
Unrecognized tax benefits
Accrued interest and penalties
Interest and penalties expense

Organization and summary of s34

Organization and summary of significant accounting policies (Income (loss) per share) (Details) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income (loss) per share:
Shares not included in the computation of EPS	6,116,000	5,310,000	5,841,000

Property and equipment (Details

Property and equipment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Property and equipment	$ 5,116,533	$ 5,391,044
Less accumulated depreciation	3,162,037	3,287,164
Total property and equipment, net	1,954,496	2,103,880
Depreciation expense	149,000	193,000	$ 244,000
Land and improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	1,107,508	1,107,508
Building [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	2,589,231	2,589,231
Building improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	253,526	253,526
Laboratory equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	848,014	1,112,480
Office and computer equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 318,254	$ 328,299

Other long-term assets (Details

Other long-term assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]
Patents, trademarks and applications, net of accumulated amortization	$ 1,136,410	$ 1,336,951
Goodwill	387,239	387,239
Total other long-term assets	1,523,649	1,724,190
Finite-lived assets, accumulated amortization	548,327	507,644
Future amortization
2,016	94,000
2,017	94,000
2,018	94,000
2,019	94,000
2,020	94,000
Impairment charges	$ 188,000	$ 13,000	$ 33,000

Notes and other obligations (Na

Notes and other obligations (Narrative) (Details)	12 Months Ended
	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Other short-term installment obligations	$ 142,328
Future Maturities:
2,016	301,000
Minimum annual royalty payments per year	$ 20,000
Mortgage Notes [Member]
Debt Instrument [Line Items]
Amortization period	15 years
Balloon maturity period	5 years
Mortgage Notes [Member] | Commercial Banks [Member]
Debt Instrument [Line Items]
Fixed interest rate	3.95%
Periodic payments, principal and interest	$ 11,700
Periodic payments, interest	$ 4,500
Mortgage Notes [Member] | U.S. Small Business Administration [Member]
Debt Instrument [Line Items]
Percentage of mortgage guaranteed	32.00%
Fixed interest rate	5.86%
Periodic payments, principal and interest	$ 9,000
Periodic payments, interest	$ 3,200

Notes and other obligations (Sc

Notes and other obligations (Schedule of Long-Term Debt) (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Mortgage notes	$ 1,997,701	$ 2,150,608
Other short-term installment obligations	142,328	160,375
Notes and other obligations	2,140,029	2,310,983
Less current portion	301,250	312,934
Notes and other obligations, noncurrent	$ 1,838,779	$ 1,998,049

Stockholders' equity (Public Of

Stockholders' equity (Public Offerings) (Details) - USD ($)	1 Months Ended		12 Months Ended
	Apr. 30, 2014	May. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Equity [Abstract]
Shares issued during period	8,335,000	11,500,000
Shares issued during period, price per share	$ 2.40	$ 1.25
Value of shares issued during period	$ 20,000,000	$ 14,400,000	$ 18,461,291	$ 12,969,587
Cost of shares issued during period	$ 1,543,000	$ 1,405,000	$ 1,542,709	$ 1,380,413
Placement fee percentage	6.50%	7.00%
Shares issued for warrants exercised			1,161,570
Exercise price of warrants		$ 1.36	$ 1.36
Value of shares issued for warrants exercised			$ 1,580,000
Incentive stock options exercised to purchase common shares			39,079
Total proceeds from stock options exercised to purchase common shares			$ 82,000
Intrinsic value of stock options exercised to purchase common shares			$ 14,000
Warrants, number of shares per warrant		0.35		0.35
Warrants, number of shares		4,025,000
Underwriter, addtional shares purchased		15.00%

Stock options and warrants (Sto

Stock options and warrants (Stock incentive plan options) (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved under the Plan	5,673,127	3,673,127
Incentive stock options exercised to purchase common shares		39,079
Total proceeds from stock options exercised to purchase common shares		$ 82,000
Options exercised, intrinsic value		$ 14,000
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period		5 years
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period		3 years
Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive stock options exercised to purchase common shares		39,079
Total proceeds from stock options exercised to purchase common shares		$ 82,000
Options exercised, intrinsic value		$ 14,000
Options granted	1,094,500		525,603
Options granted, exercise price	$ 1.89	$ 2.29	$ 2.06
Weighted-average fair value of options granted	$ 1.34	$ 1.89
Options vested	921,782
Vested options exercisable, exercise price	$ 4.70
Options forfeited	288,791	52,028	15,278
Options expired	63,150	46,978	6,086
Options forfeited, unvested	225,641	5,050
Options forfeited, exercise price	$ 3.58	$ 28
Options expired, exercise price	9.04		$ 24.68
Options forfeited, unvested, exercise price	$ 2.06	$ 2.15
Fair value of options vested	$ 1,344,000	$ 1,266,000	$ 1,963,000
Expected to vest	227,000
Unrecognized compensation cost	$ 219,000
Unrecognized compensation cost, period for recognition	1 year
Stock Incentive Plan [Member] | Officers and Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted	750,500
Options granted, exercise price	$ 1.89
Expiration period	10 years
Vesting period	2 years
Vesting rate	50.00%
Stock Incentive Plan [Member] | Independent Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted	344,000	221,000	209,333
Options granted, exercise price	$ 1.89	$ 2.27	$ 2.10
Expiration period	10 years	10 years	10 years
Vesting period	1 year	1 year	1 year
Vesting rate	25.00%	25.00%
Stock Incentive Plan [Member] | Officers Employees and Consultant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted		506,100
Options granted, exercise price		$ 2.29
Expiration period		10 years
Options vested		431,100
Vesting period		2 years
Vesting rate		50.00%
Options vested annually in arrears from grant date		75,000
Vesting period to vest annually in arrears from grant date		3 years
Options forfeited		52,028
Options forfeited, unvested		5,050
Options expired, exercise price		$ 30.78
Stock Incentive Plan [Member] | Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted			292,000
Options granted, exercise price			$ 2.04
Expiration period			10 years
Vesting period			24 months
Stock Incentive Plan [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted			24,270
Options granted, exercise price			$ 2.02
Expiration period			10 years
Vesting period			24 months
Nonqualified [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive stock options exercised to purchase common shares		1,161,570
Options granted
Options granted, exercise price
Options forfeited		5,000
Options forfeited, exercise price		$ 30
Fair value of options vested			$ 24,000

Stock options and warrants (Oth

Stock options and warrants (Other common stock purchase options and warrants) (Narrative) (Details) - USD ($)	1 Months Ended		12 Months Ended
	Apr. 30, 2014	May. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued for warrants exercised				1,161,570
Stock issued during period	$ 20,000,000	$ 14,400,000		$ 18,461,291	$ 12,969,587
Warrants, number of shares		4,025,000
Warrants, number of shares per warrant		0.35			0.35
Value of shares issued for warrants exercised				$ 1,580,000
Exercise price of warrants		$ 1.36		$ 1.36
Share-based compensation, operating expense			$ 1,143,078	$ 1,055,760	$ 1,437,865
Nonqualified [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of warrants			$ 1.93
Awards outstanding			3,455,935	3,455,935
Options granted
Options granted, exercise price
Total proceeds from exercise of warrants				$ 1,580,000
Share-based compensation, operating expense					22,000
Fair value of options vested					$ 24,000
Nonqualified [Member] | Non Compensatory Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding			3,435,935
Nonqualified [Member] | Compensatory Arrangements [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of warrants			$ 3.42
Awards outstanding			20,000

Stock options and warrants (Sch

Stock options and warrants (Schedule of Stock-based Compensation) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock options to employees, officers, and directors	$ 1,143,078	$ 1,055,250	$ 1,436,572
Stock-based compensation	$ 1,143,078	1,055,760	1,437,865
APPY1 System activities [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation		510	1,293
Selling, general and administrative expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	$ 1,016,011	991,088	1,298,942
Research and development expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	$ 127,067	$ 64,672	$ 138,923

Stock options and warrants (S43

Stock options and warrants (Schedule of Fair Value Assumptions) (Details) - Stock Incentive Plan [Member]	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%	0.00%	0.00%
Expected price volatility, minimum		94.00%	127.00%
Expected price volatility, maximum		126.00%	128.00%
Expected price volatility	93.00%
Risk free interest rate, minimum		1.52%	0.65%
Risk free interest rate, maximum		1.74%	0.76%
Risk free interest rate	1.39%
Expected term	5 years	5 years	5 years

Stock options and warrants (S44

Stock options and warrants (Schedule of Award Activity) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Shares Underlying Options
Exercised		(39,079)
Nonqualified [Member]
Shares Underlying Options
Outstanding, beginning	3,455,935
Granted
Exercised		(1,161,570)
Forfeited		(5,000)
Outstanding and exercisable , ending	3,455,935	3,455,935
Weighted Average Exercise Price
Outstanding, beginning	$ 1.93
Granted
Exercised
Forfeited		$ 30
Outstanding, ending	$ 1.93	$ 1.93
Weighted Average Remaining Contractual Term
Outstanding and exercisable	2 years 3 months 18 days
Stock Incentive Plan [Member]
Shares Underlying Options
Outstanding, beginning	1,854,258
Granted	1,094,500		525,603
Exercised		(39,079)
Forfeited	(288,791)	(52,028)	(15,278)
Outstanding and exercisable , ending	2,659,967	1,854,258
Exercisable	2,393,238
Weighted Average Exercise Price
Outstanding, beginning	$ 5.79
Granted	$ 1.89	$ 2.29	$ 2.06
Exercised
Forfeited	$ 3.58	28
Outstanding, ending	4.42	$ 5.79
Exercisable	$ 4.70
Weighted Average Remaining Contractual Term
Outstanding	7 years 9 months 18 days
Outstanding and exercisable	7 years 8 months 12 days
Aggregate Intrinsic Value
Outstanding
Outstanding and exercisable

Stock options and warrants (S45

Stock options and warrants (Schedule of Nonvested Awards) (Details) - Stock Incentive Plan [Member] - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Nonvested Shares Underlying Options
Beginning balance	319,652
Granted	1,094,500		525,603
Vested	(921,782)
Forfeited	(225,641)	(5,050)
Ending balance	266,729	319,652
Weighted Average Exercise Price
Beginning balance	$ 2.28
Granted	1.89	$ 2.29	$ 2.06
Vested	1.97
Forfeited	2.06	2.15
Ending balance	1.94	2.28
Weighted Average Grant Date Fair Value
Beginning balance	1.85
Granted	1.34	1.89
Vested	1.46
Forfeited	1.49
Ending balance	$ 1.43	$ 1.85

Animal Health License Agreeme46

Animal Health License Agreements (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Animal Health License Agreements [Abstract]
Annual royalty commitment	$ 20,000
Prior written notice period for termination of license agreement by the licensee	180 days
Aggregate milestone payments, maximum	$ 1,100,000
Additional milestone payments, maximum	2,000,000
Original amount of deferred revenue	1,556,300
Deferred revenue	96,698	$ 96,698
Deferred revenue, noncurrent	1,162,015	1,258,713
Recognition of license fee revenue	$ 96,698	$ 95,699	$ 84,620

Animal Health License Agreeme47

Animal Health License Agreements (Schedule of Revenue Recognition Associated with the License Agreement) (Details)	12 Months Ended
	Dec. 31, 2015USD ($)
Animal Health License Agreements [Abstract]
License fees and milestone amounts paid / achieved	$ 1,920,000
Third party obligations recorded, including WU	(363,700)
Deferred revenue balance	1,556,300
Revenue recognized	(297,587)
Deferred revenue balance	$ 1,258,713
Original amortization period	197 months

Income taxes (Narrative) (Detai

Income taxes (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Income Tax Disclosure [Abstract]
Net operating loss carry forwards	$ 96
Expiration	Dec. 31, 2035

Income taxes (Reconciliation of

Income taxes (Reconciliation of Income Taxes) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Statutory rate	34.00%	34.00%	34.00%
Federal income tax benefit at 34%	$ (2,978,000)	$ (3,551,000)	$ (4,131,000)
State income tax net of federal tax effect	(263,000)	(313,000)	(364,000)
Permanent items	424,000	527,000	535,000
Other	(15,000)	(147,000)	(72,000)
Valuation allowance	$ 2,832,000	$ 3,484,000	$ 4,032,000
Income Taxes

Income taxes (Schedule of Defer

Income taxes (Schedule of Deferred Tax Assets and (Liabilities)) (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Net operating loss carry forwards	$ 35,649,000	$ 32,828,000
Property and equipment	43,000	45,000
Patents and other intangible assets	(38,000)	(34,000)
Other	44,000	27,000
Research and development credit	1,103,000	1,103,000
Deferred tax asset	36,801,000	33,969,000
Valuation allowance	$ (36,801,000)	$ (33,969,000)
Deferred tax assets (liabilities)

Commitments and contingencies (

Commitments and contingencies (Details)	Dec. 31, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
Annual commitment amount	$ 655,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2015
Related Party Transactions [Abstract]
Total amount of research services under the agreements	$ 379,344
Amounts due to related party

Selected quarterly financial 53

Selected quarterly financial information (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Selected Quarterly Financial Information [Abstract]
Total revenues	$ 8,000	$ 57,000	$ 25,000	$ 11,000	$ 79,000	$ 36,000		$ 52,000	$ 101,388	$ 166,955	$ 56,068
Gross margin	5,000	43,000	16,000	7,000	51,000	24,000		20,000	70,802	95,485	34,875
Net loss	$ (2,956,000)	$ (1,583,000)	$ (2,033,000)	$ (2,186,000)	$ (2,370,000)	$ (2,533,000)	$ (2,592,000)	$ (2,948,000)	$ (8,757,565)	$ (10,443,086)	$ (12,148,655)
Loss per share - Basic and diluted	$ (0.09)	$ (0.05)	$ (0.07)	$ (0.07)	$ (0.06)	$ (0.08)	$ (0.08)	$ (0.14)	$ (0.28)	$ (0.36)	$ (0.72)
Market price of common stock, high	0.35	0.46	0.70	2.04	1.85	2.36	2.77	3.29
Market price of common stock, low	$ 0.27	$ 0.31	$ 0.44	$ 0.43	$ 1.19	$ 1.58	$ 1.88	$ 2.27

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	1 Months Ended	12 Months Ended
	Feb. 29, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Subsequent Event [Line Items]
Proceeds from sale of property and equipment		$ 8,110	$ 34,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Sales price of corporate headquarters, land and building to a third party	$ 4,053,000
Subsequent Event [Member] | Land and Building [Member]
Subsequent Event [Line Items]
Proceeds from sale of property and equipment	$ 1,700,000