ABVC BioPharma (ABVC) 10-Q 16 Apr 15 2013 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Dec. 31, 2012
Document And Entity Information
Entity Registrant Name	ECOLOGY COATINGS, INC.
Entity Central Index Key	1173313
Document Type	10-Q
Document Period End Date	31-Dec-12
Amendment Flag	FALSE
Current Fiscal Year End Date	-21
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	No
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	54,593,032
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2013

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2012	Sep. 30, 2012
Current assets
Cash	$2,036	$13,386
Accounts receivable	1,238	0
Prepaid Expenses	22,500	34,950
Total Current Assets	25,774	48,336
Property, plant and equipment, net	43,605	46,783
Intangible assets, net	202,414	207,189
Total Assets	271,793	302,308
Current liabilities
Accounts payable and accrued expenses	164,958	80,842
Interest payable	151,121	140,752
Judgment payable	604,330	604,330
Notes payable related party - current portion	1,138,501	1,115,698
Notes payable - current portion	0	0
Preferred dividends payable	7,812	4,464
Total Current Liabilities	2,066,722	1,946,086
Ecology Coatings. Inc. ("ECOC") shareholders' equity
Preferred Stock 10,000,000 authorized at $.001 par value shares issued and outstanding 271 and 1,938 at December 31, 2012 and September 30, 2012	1	1
Common Stock 90,000,000 authorized at $0.001 par value; shares issued and outstanding 54,593,032 and 14,158,506 at December 31, 2012 and September 30, 2012	54,593	54,593
Additional paid-in capital	28,615,490	28,615,490
Retained earnings	-30,471,013	-30,313,862
Total equity(deficit)	-1,800,929	-1,643,778
Total liabilities and equity(deficit)	$265,793	$302,308

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2012	Sep. 30, 2012
Statement of Financial Position [Abstract]
Preferred stock, par value per share	$0.00	$0.00
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	271	1,938
Preferred stock, shares outstanding	271	1,938
Common stock, par value per share	$0.00	$0.00
Common stock, shares authorized	90,000,000	90,000,000
Common stock, shares issued	54,593,032	14,158,506
Common stock, shares outstanding	54,593,032	14,158,506

Consolidated_Statements_Of_Ope

Consolidated Statements Of Operations (USD $)	3 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Income Statement [Abstract]
Revenues	$7,026	$2,049
Operating expenses	144,460	461,026
Net income(loss) from operations	-137,434	-458,977
Other income(expense)
Debt forgiveness	0	-228,802
Other income	0	0
Interest expense	16,369	46,964
Total Other Income (Expense)	-16,369	181,838
Income(loss) from continuing operations before income taxes	-153,803	-277,139
Income taxes	0	0
Net income(loss)	-153,803	-277,139
Preferred dividend beneficial conversion features	0	170,000
Preferred dividends - stock dividends	3,348	21,772
Net income(loss) available to common shareholders	($157,151)	($468,911)
Basic and Diluted income per share
Basic and diluted income per share	$0	($0.03)
Weighted average number of shares outstanding basic and diluted	54,593,032	16,138,232

Consolidated_Statements_Of_Cas

Consolidated Statements Of Cash Flows (USD $)	3 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities
Net income (loss) from continuing operations	($153,803)	($277,139)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation and amortization	7,953	8,364
Stock option expense	0	87,631
Issuance of stock for payables, services	0	11,195
Forgiveness of debt	0	-228,802
Changes in Asset and Liabilities
(Increase) decrease in accounts receivable	1,238	0
(Increase) decrease in prepaid expenses	-12,450	-7,621
Increase (decrease) in accounts payable	81,919	61,036
Increase (decrease) in judgments payable	0	0
Increase (decrease) in interest payable	16,369	-36,536
Net cash used in operating activities	-36,350	-366,630
Cash flows from investing activities
Increase in patents and trademarks	0	17,680
Purchase fixed assets	0	350
Net cash provided(used) by investing activities	0	-18,030
Cash flows from financing activities
Payments on notes payable	25,000	0
Proceeds from debt issuance	0	73,073
Proceeds from preferred stock	0	270,000
Net cash provided(used) by financing activities	25,000	343,073
Net increase(decrease) in cash	-11,350	-41,587
Cash, beginning of period	13,386	71,784
Cash, end of period	2,036	30,197
Supplemental disclosure of cash flow information
Interest paid	0	0
Income taxes paid	0	0
Supplemental disclosure of non-cash activities
Debt converted into preferred shares	$0	$242,737

Summary_Of_Significant_Account

Summary Of Significant Accounting Policies	3 Months Ended
	Dec. 31, 2012
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 1 — Summary of Significant Accounting Policies
	Description of the Company.   We were originally incorporated on March 12, 1990 in California (“Ecology-CA”).  Our current entity was incorporated in Nevada on February 6, 2002 as OCIS Corp. (“OCIS”).  OCIS completed a merger with Ecology-CA on July 26, 2007 (the “Merger”). In the Merger, OCIS changed its name from OCIS Corporation to Ecology Coatings, Inc.  The Company filed for Chapter 7 bankruptcy protection on May 15, 2013 and subsequently emerged on September 19, 2014 with all liabilities settled and the corporate shell as its only asset. The September 19, 2014 date will be 'fresh start" date used to reset the financial statements in subsequent filings. Any business description below is of the operating results reported in this filing which no longer apply to our Company.
	Reclassifications.   Reclassifications have been made to the prior year financial statements to conform with the current year presentation.
	Basis of Presentation. On February 7, 2011, our shareholders approved a 1-for-5 reverse stock split.  In accordance with U.S. Generally Accepted Accounting Principles, we have restated all share and per share related information to conform to this reverse split for all periods presented. This includes information related to stock options, warrants, and convertible preferred shares. See Note 6.
	Principles of Consolidation.   The consolidated financial statements include all of our accounts and the accounts of our wholly owned subsidiary Ecology-CA.  All significant intercompany transactions have been eliminated in consolidation.
	Use of Estimates.   The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
	Revenue Recognition.   Revenues from licensing contracts are recorded ratable over the life of the contract.  Contingency earnings such as royalty fees are recorded when the amount can reasonably be determined and collection is likely.
	Loss Per Share. Basic loss per share is computed by dividing the net loss available to common shareholders by the weighted average number of shares of common stock outstanding during the period.  Diluted loss per share is computed by dividing the net loss available to common shareholders by the weighted average number of shares of common stock and potentially dilutive securities outstanding during the period.  Potentially dilutive shares consist of the incremental common shares issuable upon the exercise of stock options and warrants and the conversion of convertible debt and convertible preferred stock. Potentially dilutive shares are excluded from the weighted average number of shares if their effect is anti-dilutive.  None of the stock options or warrants outstanding or stock associated with the convertible debt or with the convertible preferred shares during each of the periods presented was included in the computation of diluted loss per share as they were anti-dilutive.  As of December 31, 2012 and December 31, 2011, there were 375,048 and 34,795,261 potentially dilutive shares outstanding, respectively.
	Property and Equipment.   Property and equipment is stated at cost less accumulated depreciation.  Depreciation is recorded using the straight-line method over the following useful lives:
	Computer equipment	3-10 years
	Furniture and fixtures	3-7 years
	Test equipment	5-7 years
	Signs	7 years
	Software	3 years
	Marketing and Promotional Video	3 years
	Repairs and maintenance costs are charged to operations as incurred. Betterments or renewals are capitalized as incurred.
	Patents.   It is our policy to capitalize costs associated with securing a patent.  Costs consist of legal and filing fees.  Once a patent is issued, it will be amortized on a straight-line basis over its estimated useful life.  Seven patents were issued as of September 30, 2012 and are being amortized over 8 years.
	Long-Lived Assets. We review 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 the undiscounted future net cash flows expected to be generated by the asset.  If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets.
	Stock-Based Compensation.   Employee and director stock-based compensation expense is measured utilizing the fair-value method with expense charged to earnings over the vesting period on a straight-line basis.
	We account for stock options granted to non-employees under the fair-value method with stock-based compensation expense being charged to earnings on the earlier of the date services are performed or a performance commitment exists.
	Recent Accounting Pronouncements. We have reviewed all Accounting Standards Updates issued by the Financial Accounting Standards Board since we last issued financial statements and have determined none of them would have a material effect on the consolidated financial statements upon adoption.

Concentrations

Concentrations	3 Months Ended
	Dec. 31, 2012
Risks and Uncertainties [Abstract]
Concentrations	Note 2 — Concentrations
	There were no material concentrations of revenues or risk during the quarter ending December 31, 2012.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Dec. 31, 2012
Related Party Transactions [Abstract]
Related Party Transactions	Note 3 — Related Party Transactions
	We have borrowed funds for our operations from certain major stockholders, directors and officers as disclosed below.
	On October 2, 2012, we issued a note for $25,000 to Mr. Salpietra. The note bears interest at 5% per annum, is unsecured, and matures on January 2, 2013.

Judgments

Judgments	3 Months Ended
	Dec. 31, 2012
Commitments and Contingencies Disclosure [Abstract]
Judgments	Note 4 — Judgments
	A judgment of $604,330 was entered against us on December 30, 2011 in a lawsuit brought by Mr. Shaheen which had the effect of converting the notes into the judgment. The judgment included amounts for principal, interest and attorney’s fees. Because the notes were converted into a judgment, they are no longer in default and the amount of the judgment is reflected on the December 31, 2012 balance sheet as “Judgment Payable”.  Accrued interest of $3,027 was owing on the judgment as of December 31, 2012. See Contingencies in Note 5 herein.

Commitments_And_Contingencies

Commitments And Contingencies	3 Months Ended
	Dec. 31, 2012
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	Note 5 — Commitments and Contingencies
	Employment Agreements.
	We entered into a new employment agreement with Sally J.W. Ramsey, our Vice President – New Product Development effective January 1, 2012. Ms. Ramsey is the founder of our company. The agreement will expire on December 31, 2014. Ms. Ramsey will receive an annual base salary of $100,000. The Compensation Committee of the Board of Directors may review Ms. Ramsey’s salary to determine what, if any, increases shall be made thereto. The agreement may be terminated prior to the end of the term by us for cause. If Ms. Ramsey’s employment is terminated without cause or for “good reason,” as defined in the agreement, she is entitled to 50% of salary that would have been paid over the balance of the term of the agreement. A termination within one year after a change in control shall be deemed to be a termination without cause.
	Our employment agreement with Daniel V. Iannotti, our Vice President, General Counsel & Secretary, expires on September 17, 2012. Mr. Iannotti receives an annual base salary of $100,000. On April 22, 2011, Mr. Iannotti forfeited previously issued stock options and received options to purchase 300,000 shares of our common stock at a price of $.20 per share.  The agreement may be terminated prior to the end of the term for cause. If Mr. Iannotti’s employment is terminated without cause or for “good reason,” as defined in the agreement, he is entitled to 50% of the salary that would have been paid over the balance of the term of the agreement. Further, a termination within one year after a change in control shall be deemed to be a termination without cause.
	Contingencies.
	A judgment of $604,330 was entered against us on December 30, 2011 in a lawsuit brought by Mr. Shaheen, one of our note holders, which had the effect of converting the notes into a judgment. As of December 31, 2012, our balance sheet includes $3,027 in Interest Payable accruing from the date of this judgment.
	Lease Commitments.
		a.	We lease office and lab facilities in Akron, OH on a month-to-month basis for $1,200 per month.  Rent expense for the quarter ended September 30, 2012 and 2011 was $1,200 and $3,600, respectively.
		b.	Effective May 1, 2012, we entered into a lease with J.M. Land Company for office space for our headquarters located in Warren, Michigan.  The lease was effective May 1, 2012 and expires on April 30, 2013.   Monthly rent is $1,000 and we pay the gas and electric utilities for our headquarters building which has historically averaged approximately $1,000 per month.  Rent and utilities expenses for the quarter ended September 30, 2012 and 2011 totaled $1,000 and $0.

Equity

Equity	3 Months Ended
	Dec. 31, 2012
Equity [Abstract]
Equity	Note 6 — Equity
	There were no shares issued during this fiscal quarter..

Stock_Options

Stock Options	3 Months Ended
	Dec. 31, 2012
Other Liabilities Disclosure [Abstract]
Stock Options	Note 7 — Stock Options
	There were no stock options exercised from September 30, 2012 until we filed for bankruptcy on May 15, 2013. As part of our bankruptcy agreement approved on September 19, 2014 all common conversion rights of any kind including the equity compensation plan without limitation , warrants, options and convertible notes were cancelled and extinguished.

Going_Concern

Going Concern	3 Months Ended
	Dec. 31, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	Note 8 – Going Concern
	The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.  For the quarter ended December 31, 2012, we incurred net losses.  We had working capital deficits and negative cash flows. On May 15, 2013 with no other options, the Company filed under chapter 7 for bankruptcy protection. Chapter 7 allowed the Company corporate shell to subsequently emerge as its only asset on September 19, 2014 with all liabilities settled. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern.

Subsequent_Events

Subsequent Events	3 Months Ended
	Dec. 31, 2012
Subsequent Events [Abstract]
Subsequent Events	Note 9 — Subsequent Events
	We evaluated subsequent events for potential recognition and/or disclosure subsequent to the date of the balance sheet and have nothing to report.
	The Company filed for chapter 7 bankruptcy protection with the United States Bankruptcy court on May 15, 2013. On September 10, 2014 the company settled all debts in excess of assets and the corporate shell as the only unencumbered asset.
	Assets
	Cash	$	711
	Personal Property		57,990
	Liabilities not subject to compromise		0
	Liabilities subject to compromise
	Judgment payable		604,330
	Secured claims (1)		687,020
	unsecured claims		689,759
	Net Assets (amount to be discharged)	$	(1,922,408	)
	(1) Claims are in excess of secured interest in intangible assets, testing
	equipment and all other property and equipment.

Summary_Of_Significant_Account1

Summary Of Significant Accounting Policies (Policies)	3 Months Ended
	Dec. 31, 2012
Accounting Policies [Abstract]
Description of the Company	Description of the Company.   We were originally incorporated on March 12, 1990 in California (“Ecology-CA”).  Our current entity was incorporated in Nevada on February 6, 2002 as OCIS Corp. (“OCIS”).  OCIS completed a merger with Ecology-CA on July 26, 2007 (the “Merger”). In the Merger, OCIS changed its name from OCIS Corporation to Ecology Coatings, Inc.  The Company filed for Chapter 7 bankruptcy protection on May 15, 2013 and subsequently emerged on September 19, 2014 with all liabilities settled and the corporate shell as its only asset. The September 19, 2014 date will be 'fresh start" date used to reset the financial statements in subsequent filings. Any business description below is of the operating results reported in this filing which no longer apply to our Company.
Reclassifications	Reclassifications.   Reclassifications have been made to the prior year financial statements to conform with the current year presentation.
Basis of Presentation	Basis of Presentation. On February 7, 2011, our shareholders approved a 1-for-5 reverse stock split.  In accordance with U.S. Generally Accepted Accounting Principles, we have restated all share and per share related information to conform to this reverse split for all periods presented. This includes information related to stock options, warrants, and convertible preferred shares. See Note 6.
Principles of Consolidation	Principles of Consolidation.   The consolidated financial statements include all of our accounts and the accounts of our wholly owned subsidiary Ecology-CA.  All significant intercompany transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates.   The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Revenue Recognition	Revenue Recognition.   Revenues from licensing contracts are recorded ratable over the life of the contract.  Contingency earnings such as royalty fees are recorded when the amount can reasonably be determined and collection is likely.
Loss Per Share	Loss Per Share. Basic loss per share is computed by dividing the net loss available to common shareholders by the weighted average number of shares of common stock outstanding during the period.  Diluted loss per share is computed by dividing the net loss available to common shareholders by the weighted average number of shares of common stock and potentially dilutive securities outstanding during the period.  Potentially dilutive shares consist of the incremental common shares issuable upon the exercise of stock options and warrants and the conversion of convertible debt and convertible preferred stock. Potentially dilutive shares are excluded from the weighted average number of shares if their effect is anti-dilutive.  None of the stock options or warrants outstanding or stock associated with the convertible debt or with the convertible preferred shares during each of the periods presented was included in the computation of diluted loss per share as they were anti-dilutive.  As of December 31, 2012 and December 31, 2011, there were 375,048 and 34,795,261 potentially dilutive shares outstanding, respectively.
Property and Equipment
	Property and Equipment.   Property and equipment is stated at cost less accumulated depreciation.  Depreciation is recorded using the straight-line method over the following useful lives:
	Computer equipment	3-10 years
	Furniture and fixtures	3-7 years
	Test equipment	5-7 years
	Signs	7 years
	Software	3 years
	Marketing and Promotional Video	3 years
	Repairs and maintenance costs are charged to operations as incurred. Betterments or renewals are capitalized as incurred.
Patents	Patents.   It is our policy to capitalize costs associated with securing a patent.  Costs consist of legal and filing fees.  Once a patent is issued, it will be amortized on a straight-line basis over its estimated useful life.  Seven patents were issued as of September 30, 2012 and are being amortized over 8 years.
Long-Lived Assets	Long-Lived Assets. We review 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 the undiscounted future net cash flows expected to be generated by the asset.  If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets.
Stock-Based Compensation	Stock-Based Compensation.   Employee and director stock-based compensation expense is measured utilizing the fair-value method with expense charged to earnings over the vesting period on a straight-line basis.
	We account for stock options granted to non-employees under the fair-value method with stock-based compensation expense being charged to earnings on the earlier of the date services are performed or a performance commitment exists.
Recent Accounting Pronouncements	Recent Accounting Pronouncements. We have reviewed all Accounting Standards Updates issued by the Financial Accounting Standards Board since we last issued financial statements and have determined none of them would have a material effect on the consolidated financial statements upon adoption.

Summary_Of_Significant_Account2

Summary Of Significant Accounting Policies (Tables)	3 Months Ended
	Dec. 31, 2012
Summary Of Significant Accounting Policies Tables
Property and Equipment Useful Lives	Computer equipment	3-10 years
	Furniture and fixtures	3-7 years
	Test equipment	5-7 years
	Signs	7 years
	Software	3 years
	Marketing and Promotional Video	3 years

Subsequent_Events_Tables

Subsequent Events (Tables)	3 Months Ended
	Dec. 31, 2012
Subsequent Events Tables
Schedule of Subsequent Event	The Company filed for chapter 7 bankruptcy protection with the United States Bankruptcy court on May 15, 2013. On September 10, 2014 the company settled all debts in excess of assets and the corporate shell as the only unencumbered asset.
	Assets
	Cash	$	711
	Personal Property		57,990
	Liabilities not subject to compromise		0
	Liabilities subject to compromise
	Judgment payable		604,330
	Secured claims (1)		687,020
	unsecured claims		689,759
	Net Assets (amount to be discharged)	$	(1,922,408	)
	(1) Claims are in excess of secured interest in intangible assets, testing
	equipment and all other property and equipment.

Summary_Of_Significant_Account3

Summary Of Significant Accounting Policies (Details)	3 Months Ended
	Dec. 31, 2012
Computer Equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Computer Equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Furniture And Fixtures | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Furniture And Fixtures | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Test Equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Test Equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Signs
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Software
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Marketing and Promotional Video
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years

Subsequent_Events_Details

Subsequent Events (Details) (Subsequent Event, USD $)	Sep. 10, 2014
Subsequent Event
Assets
Cash	$711
Personal Property	57,990
Liabilities not subject to compromise	0
Liabilities subject to compromise
Judgment payable	604,330
Secured claims	687,020	[1]
unsecured claims	689,759
Net Assets (amount to be discharged)	($1,922,408)
[1]	Claims are in excess of secured interest in intangible assets, testing equipment and all other property and equipment.

Summary_Of_Significant_Account4

Summary Of Significant Accounting Policies (Narrative) (Details)	0 Months Ended	3 Months Ended
	Feb. 07, 2011	Dec. 31, 2012	Dec. 31, 2011
Potentially dilutive shares outstanding		375,048	34,795,261
Reverse stock split	1-for-5 reverse stock split
Patents
Patent useful life		8 years

Related_Party_Transactions_Nar

Related Party Transactions (Narrative) (Details) (Mr. Salpietra - Major Stockholders, Director And Officers, Notes Payable, USD $)	0 Months Ended
	Oct. 02, 2012
Mr. Salpietra - Major Stockholders, Director And Officers | Notes Payable
Debt Instrument [Line Items]
Note issued	$25,000
Interest rate	5.00%
Note terms	Unsecured
Note maturity date	2-Jan-13

Judgments_Narrative_Details

Judgments (Narrative) (Details) (USD $)	0 Months Ended
	Dec. 30, 2011	Dec. 31, 2012	Sep. 30, 2012
Gain Contingencies [Line Items]
Accrued interest on judgment		$151,121	$140,752
Judicial Ruling On A Lawsuit Brought By Mr. Shaheen
Gain Contingencies [Line Items]
Litigation judgement amount	-604,330
Accrued interest on judgment		$3,027

Commitments_and_Contingencies_

Commitments and Contingencies (Narrative) (Details) (USD $)	0 Months Ended			1 Months Ended	3 Months Ended		0 Months Ended
	Jan. 01, 2012	Sep. 17, 2012	Apr. 22, 2011	Sep. 30, 2012	Sep. 30, 2012	Sep. 30, 2011	1-May-12
Employment Agreement | Sally J W Ramsey, Vice President - New Product Development
Other Commitments [Line Items]
Annual base salary as per agreement	$100,000
Agreement terms	The agreement may be terminated prior to the end of the term by us for cause. If Ms. Ramsey’s employment is terminated without cause or for “good reason,” as defined in the agreement, she is entitled to 50% of salary that would have been paid over the balance of the term of the agreement. A termination within one year after a change in control shall be deemed to be a termination without cause.
Employment Agreement | Daniel V. Iannotti, Vice President, General Counsel & Secretary
Other Commitments [Line Items]
Annual base salary as per agreement		100,000
Agreement terms		The agreement may be terminated prior to the end of the term for cause. If Mr. Iannotti’s employment is terminated without cause or for “good reason,” as defined in the agreement, he is entitled to 50% of the salary that would have been paid over the balance of the term of the agreement. Further, a termination within one year after a change in control shall be deemed to be a termination without cause.
Employment Agreement | Daniel V. Iannotti, Vice President, General Counsel & Secretary | Stock Option
Other Commitments [Line Items]
Option granted			300,000
Option issue price			$0.20
Lease - Office And lab facilities in Akron, Oh
Other Commitments [Line Items]
Lease rent per month				1,200
Rent expenses					1,200	3,600
Lease - Office space in Warren, Michigan
Other Commitments [Line Items]
Agreement terms							The lease was effective May 1, 2012 and expires on April 30, 2013.
Lease rent per month							1,000
Rent expenses					$1,000	$0