Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 14, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Q Therapeutics, Inc. | ' |
Entity Central Index Key | '0001366541 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filer | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 24,936,833 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Current assets: | ' | ' |
Cash | $330,365 | $794,207 |
Receivables, net of allowance of $28,800 as of September 30, 2013 and December 31, 2012 | 15,667 | 477,802 |
Prepaid financing costs, net | 188,333 | ' |
Prepaid expenses and other | 2,800 | 10,366 |
Total current assets | 537,165 | 1,282,375 |
Property and equipment, net | 30,222 | 16,044 |
Other assets | 7,513 | 7,513 |
Total assets | 574,900 | 1,305,932 |
Current liabilities: | ' | ' |
Accounts payable | 2,236,896 | 1,203,365 |
Accrued liabilities | 69,781 | 9,685 |
Accrued compensation | 232,522 | 87,892 |
Notes payable | 500,000 | ' |
Total current liabilities | 3,039,199 | 1,300,942 |
Stockholders' equity (deficit): | ' | ' |
Common stock; $0.0001 par value: 100,000,000 shares authorized; 24,936,833 and 24,761,832 shares outstanding as of September 30, 2013 and December 31, 2012, respectively | 2,494 | 2,476 |
Additional paid-in capital | 20,790,758 | 20,494,792 |
Accumulated deficit | -23,257,551 | -20,492,278 |
Total stockholders' equity (deficit) | -2,464,299 | 4,990 |
Total liabilities and stockholders' equity (deficit) | $574,900 | $1,305,932 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Condensed Consolidated Balance Sheets [Abstract] | ' | ' |
Receivables, allowance for doubtful accounts | $28,800 | $28,800 |
Common stock, par value (in Dollars per Share) | $0.00 | $0.00 |
Common stock, shares authorized (in Shares) | 100,000,000 | 100,000,000 |
Common stock, shares outstanding (in Shares) | 24,936,833 | 24,761,832 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | 138 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Condensed Consolidated Statements of Operations [Abstract] | ' | ' | ' | ' | ' |
Grant revenues | ' | ' | $12,286 | $7,229 | $1,102,545 |
License fees and other revenues | 12,000 | ' | 12,000 | ' | 294,900 |
Total operating revenues | 12,000 | ' | 24,286 | 7,229 | 1,397,445 |
Cost of revenues | 4,800 | ' | 4,800 | ' | 4,800 |
Gross profit | 7,200 | ' | 19,486 | 7,229 | 1,392,645 |
Operating expenses: | ' | ' | ' | ' | ' |
Research and development | 1,371,644 | 283,141 | 1,642,591 | 764,810 | 12,615,483 |
General and administrative | 326,649 | 317,961 | 1,078,239 | 1,049,249 | 10,197,474 |
Total operating expenses | 1,698,293 | 601,102 | 2,720,830 | 1,814,059 | 22,812,957 |
Operating loss | -1,691,093 | -601,102 | -2,701,344 | -1,806,830 | -21,420,312 |
Other income (expense): | ' | ' | ' | ' | ' |
Interest income | ' | 1,023 | ' | 3,212 | 187,616 |
Interest expense | -66,158 | -2,136 | -66,808 | -5,580 | -2,178,222 |
Other income, net | 991 | 769 | 2,879 | 2,130 | 153,367 |
Total other income (expense), net | -65,167 | -344 | -63,929 | -238 | -1,837,239 |
Loss before provision for income taxes | -1,756,260 | -601,446 | -2,765,273 | -1,807,068 | -23,257,551 |
Provision for income taxes | ' | ' | ' | ' | ' |
Net loss | ($1,756,260) | ($601,446) | ($2,765,273) | ($1,807,068) | ($23,257,551) |
Weighted average number of common shares outstanding - basic and diluted (in Shares) | 24,839,007 | 24,685,193 | 24,807,040 | 24,679,417 | ' |
Net loss per common share - basic and diluted (in Dollars per Share) | ($0.07) | ($0.02) | ($0.11) | ($0.07) | ' |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | 138 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Cash flows from operating activities: | ' | ' | ' |
Net loss | ($2,765,273) | ($1,807,068) | ($23,257,551) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Depreciation and amortization | 9,624 | 14,088 | 401,271 |
Original debt discount | ' | ' | 450,000 |
Accretion of debt costs and beneficial conversion feature | 61,667 | ' | 1,298,930 |
Stock-based compensation | 76,316 | 95,912 | 508,117 |
Debt issued for services | ' | 110,360 | 90,000 |
Common stock issued for services | 175,000 | 10,000 | 331,750 |
Preferred stock issued for services | ' | ' | 44,750 |
Warrants issued for services | 44,668 | ' | 57,754 |
Provision for losses on receivables | ' | -2,282 | -43,677 |
Decrease (increase) in: | ' | ' | ' |
Receivables | 462,135 | 26,839 | 28,010 |
Prepaid expenses and other assets | 7,566 | -5,465 | -10,313 |
Increase (decrease) in: | ' | ' | ' |
Accounts payable and other liabilities | 1,093,627 | -73,110 | 2,705,796 |
Accrued compensation | 144,630 | 10,919 | 232,522 |
Net cash used in operating activities | -690,040 | -1,619,807 | -17,162,641 |
Cash flows from investing activities: | ' | ' | ' |
Purchase of property and equipment | -23,802 | -2,363 | -431,273 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of notes payable | 250,000 | ' | 5,507,562 |
Payments on short-term note payable | ' | -15,000 | -90,000 |
Issuance of preferred stock for cash | ' | ' | 8,671,747 |
Issuance of common stock for cash | ' | 190,000 | 3,821,137 |
Proceeds from exercise of common stock options | ' | 1,800 | 11,600 |
Proceeds from exercise of preferred stock warrants | ' | ' | 2,233 |
Net cash provided by financing activities | 250,000 | 176,800 | 17,924,279 |
Net (decrease) increase in cash | -463,842 | -1,445,370 | 330,365 |
Cash as of beginning of the period | 794,207 | 2,741,519 | ' |
Cash as of end of the period | 330,365 | 1,296,149 | 330,365 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Cash paid for interest | 866 | ' | 8,537 |
Non cash financing activities: | ' | ' | ' |
Debt discount related to bridge financing | 250,000 | ' | 250,000 |
Supplemental disclosure of noncash investing and financing activities for the period from March 28, 2002 (date of inception) to September 30, 2013: | ' | ' | ' |
Common shares issued in exchange for technology (in Shares) | ' | ' | 219,658 |
Common shares issued in exhange for technology, value | ' | ' | 220 |
Debt discount related to preferred stock warrants issued with debt and the beneficial conversion feature | ' | ' | 1,237,263 |
Common stock retired (in Shares) | ' | ' | 200,000 |
Common stock retired, net impact on equity | ' | ' | 19 |
Series A1 Preferred stock converted to common stock [Member] | ' | ' | ' |
Conversion Of Stock [Line Items] | ' | ' | ' |
Conversion of stock, shares converted (in Shares) | ' | ' | 250,000 |
Series A2 Preferred stock converted to common stock [Member] | ' | ' | ' |
Conversion Of Stock [Line Items] | ' | ' | ' |
Conversion of stock, shares converted (in Shares) | ' | ' | 2,022,190 |
Series B Preferred stock converted to common stock [Member] | ' | ' | ' |
Conversion Of Stock [Line Items] | ' | ' | ' |
Conversion of stock, shares converted (in Shares) | ' | ' | 4,102,654 |
Common stock issued for preferred stock [Member] | ' | ' | ' |
Conversion Of Stock [Line Items] | ' | ' | ' |
Conversion of stock, shares issued (in Shares) | ' | ' | 13,791,231 |
Notes payable converted to Series A2 preferred stock [Member] | ' | ' | ' |
Debt Conversion [Line Items] | ' | ' | ' |
Debt conversion, original debt amount | ' | ' | 1,050,000 |
Accrued interest converted to Series A2 preferred stock [Member] | ' | ' | ' |
Debt Conversion [Line Items] | ' | ' | ' |
Debt conversion, original debt amount | ' | ' | 29,691 |
Series A2 preferred stock issued for notes payable and accrued interest [Member] | ' | ' | ' |
Debt Conversion [Line Items] | ' | ' | ' |
Conversion of debt, shares issued (in Shares) | ' | ' | 482,008 |
Notes payable converted to Series B preferred stock [Member] | ' | ' | ' |
Debt Conversion [Line Items] | ' | ' | ' |
Debt conversion, original debt amount | ' | ' | 3,740,000 |
Accrued interest converted to Series B preferred stock [Member] | ' | ' | ' |
Debt Conversion [Line Items] | ' | ' | ' |
Debt conversion, original debt amount | ' | ' | 370,346 |
Series B preferred stock issued for notes payable and accrued interest [Member] | ' | ' | ' |
Debt Conversion [Line Items] | ' | ' | ' |
Conversion of debt, shares issued (in Shares) | ' | ' | 1,787,104 |
Bridge notes payable converted to common stock [Member] | ' | ' | ' |
Debt Conversion [Line Items] | ' | ' | ' |
Debt conversion, original debt amount | ' | ' | 900,000 |
Accrued interest converted to common stock [Member] | ' | ' | ' |
Debt Conversion [Line Items] | ' | ' | ' |
Debt conversion, original debt amount | ' | ' | $16,644 |
Common stock issued for bridge notes payable and accrued interest [Member] | ' | ' | ' |
Debt Conversion [Line Items] | ' | ' | ' |
Conversion of debt, shares issued (in Shares) | ' | ' | 916,644 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2013 | |
Organization [Abstract] | ' |
Organization | ' |
1. Organization | |
Q Therapeutics, Inc. (Q) conducts its operations through its wholly owned subsidiary, Q Therapeutic Products, Inc. (Q Products) and its wholly owned subsidiary, NeuroQ Research, Inc (collectively, Q Therapeutics or the Company). Q Therapeutics is a Salt Lake City, Utah-based biopharmaceutical company that is developing human cell-based therapies intended to treat degenerative diseases of the brain and spinal cord, the primary components of the central nervous system (CNS). Q Products was incorporated in the state of Delaware on March 28, 2002, and merged with Q Acquisition, Inc., a Delaware corporation and a wholly owned subsidiary of Grace 2, Inc., on October 13, 2011. Grace 2, Inc. was incorporated on October 27, 2005. On November 2, 2011, Grace 2 changed its name to Q Holdings, Inc., and on December 10, 2012, it changed its name to Q Therapeutics, Inc. | |
The technology upon which these potential therapies is based was developed by Q’s co-founder Mahendra Rao, M.D., Ph.D., a leader in glial stem cell biology, during his tenure at the University of Utah and as Head of the Stem Cell Section at the National Institutes of Health (NIH). Dr. Rao was one of the first scientists to identify and seek patent coverage on stem cells and their progeny cells found in the CNS. After licensing Dr. Rao’s technology from the University of Utah and NIH, Q commenced operations in the spring of 2004 to develop cell-based therapeutic products that can be sold as “off-the-shelf” pharmaceuticals. |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Significant Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
2. Significant Accounting Policies | |
The following significant accounting policies are followed by the Company in preparing its consolidated financial statements: | |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements of Q Therapeutics have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations, and cash flows in conformity with U.S. generally accepted accounting principles (US GAAP). This report on Form 10-Q should be read in conjunction with the Company’s annual report on Form 10-K for the year ended December 31, 2012. | |
The accompanying unaudited condensed consolidated balance sheets, statements of operations, and statements of cash flows reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the Company’s financial position, results of operations and cash flows. The results of operations for the nine-month period ended September 30, 2013 are not necessarily indicative of the results to be expected for the full year ending December 31, 2013. | |
Basis of Consolidation | |
The accompanying unaudited condensed consolidated financial statements include the accounts of Q and its wholly owned subsidiary, Q Products, and Q Products’ wholly owned subsidiary, NeuroQ Research Inc. The Company is a development stage company engaged in the discovery, research, development and eventual commercialization of products as potential treatments for debilitating and fatal diseases of the CNS. All significant intercompany amounts have been eliminated. | |
Development Stage and Liquidity | |
For the period from March 28, 2002 (date of inception) through September 30, 2013, the Company has not generated significant revenues and has been developing its products. Therefore, the Company is considered to be in the development stage in accordance with the provisions of Accounting Standards Codification (ASC) Topic 915, Development Stage Entities. Cumulative amounts are presented for the period from March 28, 2002 (date of inception) through September 30, 2013. Historically, the Company has been dependent on government grants and debt and equity raised from investors to sustain its operations. The Company expects to continue to fund its operations through similar sources of capital. There can be no assurance that such capital will be available on favorable terms or at all. If it is unable to raise additional capital, the Company will likely be forced to curtail desired development activities, which will delay the development of its product candidates. The Company’s products have not been approved by the U.S. Food and Drug Administration (FDA) for commercial sale; therefore, the Company has not generated revenues from commercial therapeutic product sales. The Company has incurred losses and used cash for operating activities since inception. As of September 30, 2013, the Company had an accumulated deficit of $23,257,551. | |
Given the current pace of pre-clinical and clinical development of its product candidates, management believes that the Company has sufficient resources to fund the Company’s operations through at least December 31, 2013. However, the Company will require additional cash resources during the first quarter of 2014. The Company is working to raise capital through the sale of common stock and filed a registration statement on June 20, 2013 with the Securities and Exchange Commission registering the offering and sale of 5,000,000 shares of its common stock with warrants to purchase up to 1,250,000 shares of common stock. The Company has not raised any capital through the sale of common stock during 2013. | |
Use of Estimates | |
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Accordingly, actual results could differ from those estimates. Key estimates include allowances for doubtful accounts receivable, useful lives for property and equipment, valuation allowances for net deferred income tax assets, and valuations for stock-based compensation awards. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. | |
Revenue Recognition and Grants Receivable | |
The Company periodically applies for research grants, including as a sub-recipient to grants funded by government agencies through research universities. Grant revenues are recognized as associated expenses are incurred and are billed in conjunction with the terms of the grants. The Company records its grants receivable in accordance with the provisions of the grant agreements. The Company’s grants receivable are considered past due when payment has not been received within 30 days of the invoice date, although certain institutions customarily do not pay within 30 days of the invoice date. The amounts of the specific reserves are estimated by management based on various assumptions including the age of the individual receivable, as well as changes in payment schedules and histories. Grants receivable balances are charged off against the allowance for doubtful accounts when management determines the potential for recovery is remote. Recoveries of receivables previously charged off are recorded when payment is received. For the nine months ended September 30, 2013, revenues were derived from two customers. | |
In December 2012, the Company was notified of a sub-award as part of grant funding awarded to The Johns Hopkins University (JHU) from the National Institute of Neurological Disorders and Stroke (NINDS) of the National Institutes of Health. The sub-award for the 2012-2013 grant plan year is $631,383. In May 2013, JHU applied for, and was granted a six-month extension for completing the analysis and remitting data and expenses. As of September 30, 2013, $491,588 has been invoiced under the sub-award and $3,667 is included in the grants receivable balance. The balance outstanding is expected to be paid upon the completion of the extension. | |
Stock-Based Compensation | |
The Company calculates the estimated fair value of its stock options and warrants on the grant date using the Black-Scholes option-pricing model. The Company recognizes stock-based compensation expense as services are provided, which is generally over the vesting period of the individual equity instruments. Expense related to stock options issued in lieu of cash to non-employees for services performed are measured at the fair value of the options on the date they are earned. | |
The volatility assumption used in the Black-Scholes option-pricing model is based on the volatility of publicly traded companies in the same industry segment as the Company. The expected lives of the options and warrants granted represent the periods of time that the options granted are expected to be outstanding. The risk free rates for periods within the contractual lives of the options and warrants are based on the U.S. treasury securities constant maturity rate that corresponds to the expected terms in effect at the time of grant. Stock-based compensation is included in general and administrative expense in the statements of operations. | |
Net Loss Per Common Share | |
Basic net income or loss per common share (Basic EPS) is computed by dividing net income or loss by the weighted average number of common shares outstanding. Diluted net income or loss per common share (Diluted EPS) is computed by dividing net income or loss by the sum of the weighted average number of common shares outstanding and the dilutive potential common share equivalents then outstanding. Potential dilutive common share equivalents consist of shares issuable upon the exercise of outstanding stock options and warrants to acquire common stock. | |
Due to the fact that for all periods presented the Company has incurred net losses, potential dilutive common share equivalents as of September 30, 2013 and 2012, totaling 16,107,458 and 15,072,509, respectively, are not included in the calculation of Diluted EPS because they are anti-dilutive. Therefore, basic net loss per common share is the same as diluted net loss per common share for the three and nine months ended September 30, 2013 and 2012. | |
Recent Accounting Pronouncements | |
The Company has reviewed accounting pronouncements that become effective subsequent to September 30, 2013 and does not believe the future adoption of those pronouncements will have a material impact on the Company’s financial position, results of operations or liquidity. |
Accrued_Compensation
Accrued Compensation | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Accrued Compensation [Abstract] | ' | ||||||||
Accrued Compensation | ' | ||||||||
3. Accrued Compensation | |||||||||
Accrued compensation consists of the following: | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
Accrued wages | $ | 162,531 | $ | 17,046 | |||||
Accrued vacation | 69,991 | 70,846 | |||||||
Total accrued compensation | $ | 232,522 | $ | 87,892 | |||||
Starting in March 2013, certain of the Company’s executives agreed to defer part, if not all, of their salaries until additional funding is obtained. |
Notes_Payable
Notes Payable | 9 Months Ended |
Sep. 30, 2013 | |
Notes Payable [Abstract] | ' |
Notes Payable | ' |
4. Notes Payable | |
Between August 12 and September 30, 2013, the Company received $250,000 in cash proceeds resulting from a bridge financing by a group of note holders, some of which are also stockholders that are considered affiliates, as evidenced by promissory notes (Notes). The Notes were issued at 50% of face value, bear interest at the rate of 8% per annum, and are due in full beginning February 5, 2014. Notes payable as of September 30, 2013 are $500,000. To date, the Company has recorded interest relating to the note of $65,942, of which almost all pertains to the amortization of the debt discount with an additional $188,333 of debt discount costs to be amortized over the remaining term of the note. As of September 30, 2013, no payments towards principal or interest had been made. | |
The effective interest rate related to this financing is approximately156%. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Stockholders' Equity [Abstract] | ' | ||||||||||
Stockholders' Equity | ' | ||||||||||
5. Stockholders’ Equity | |||||||||||
Common Stock | |||||||||||
During the nine months ended September 30, 2013, the Company issued 75,001 shares of its common stock with an estimated fair value of $75,001 to an investor and public relations firm in lieu of cash for services rendered during the period. In September 2013, the Company issued 100,000 shares of its common stock with an estimated fair value of $100,000 related to a licensing agreement with a collaborative partner. As of September 30, 2013, 24,936,833 shares of common stock are outstanding. | |||||||||||
Stock Options | |||||||||||
The following summarizes the outstanding common stock options and related activity for the nine months ended September 30, 2013: | |||||||||||
Weighted | |||||||||||
Number of | Average Exercise | ||||||||||
Options | Price Per Share | ||||||||||
Outstanding as of December 31, 2012 | 3,865,440 | $ | 0.34 | ||||||||
Granted | — | — | |||||||||
Exercised | — | — | |||||||||
Forfeited | — | — | |||||||||
Outstanding as of September 30, 2013 | 3,865,440 | 0.34 | |||||||||
Exercisable as of September 30, 2013 | 3,388,773 | 0.25 | |||||||||
On December 18, 2012, the Board of Directors approved, subject to stockholder approval, the addition of 3,000,000 shares to the 2011 Equity Incentive Compensation Plan (the Plan). On May 6, 2013, stockholders representing 69% of the issued and outstanding voting common stock of the Company accepted the Board of Directors’ recommendation and provided their written consent to approve these additional 3,000,000 shares of common stock of the Company to the pool of shares reserved for issuance under the Plan, increasing the number of shares from 1,877,529 to 4,877,529 shares. As of September 30, 2013, options to purchase 3,987,529 shares of common stock under the Plan were available for future grant. The following summarizes information about stock options outstanding as of September 30, 2013: | |||||||||||
Weighted | |||||||||||
Average | Weighted | Weighted | |||||||||
Numbers of | Remaining | Average | Number of | Average | |||||||
Exercise | Options | Contractual | Price | Options | Price | ||||||
Price | Outstanding | Life (Years) | Exercise | Exercisable | Exercise | ||||||
$0.06 – $0.08 | 902,600 | 5.58 | $0.08 | 902,600 | $0.08 | ||||||
$0.15 – $0.19 | 2,072,840 | 5.7 | 0.17 | 2,072,840 | 0.17 | ||||||
$1.00 | 890,000 | 8.34 | 1 | 413,333 | 1 | ||||||
3,865,440 | 6.28 | 0.34 | 3,388,773 | 0.25 | |||||||
As of September 30, 2013, the aggregate intrinsic value of outstanding and exercisable stock options was $2,549,625. | |||||||||||
Stock-based compensation for the three months ended September 30, 2013 and 2012 was $25,439 and $40,445, respectively. Stock-based compensation for the nine months ended September 30, 2013 and 2012 was $76,316 and $95,912, respectively. As of September 30, 2013, the Company had $219,439 of unrecognized stock-based compensation expense related to non-vested awards that will be recognized over a weighted-average period of 2.3 years. | |||||||||||
Warrants | |||||||||||
In October 2012, the Company entered into a service agreement with an investor relations and public advisory firm. As part of the agreement, the service provider was entitled to receive up to 250,000 warrants to purchase common stock at prices ranging from $1.25 to $2.75 per share with a term of two years. The warrants are immediately exercisable upon issuance. On January 1, 2013, the first tranche of 62,500 warrants was issued with an exercise price of $1.25. On April 1, 2013, the second tranche of 62,500 warrants were issued with an exercise price of $1.75. On July 1, 2013, the third tranche of 62,500 warrants were issued with an exercise price of $2.25. | |||||||||||
As of September 30, 2013, 12,242,018 warrants to purchase common stock had been issued with exercise prices ranging from $.046 to $2.25 per share and terms ranging from two to seven years. The weighted average warrant exercise price is $1.40 and the weighted average remaining life is 4.7 years. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
6. Commitments and Contingencies | |
Supplier Agreements | |
In March 2010, the Company entered into a service agreement with an outside research firm to support the Company’s preclinical Good Laboratory Practice (GLP) safety studies. | |
In November 2012, the Company and the supplier amended the terms of their original agreement via a Letter of Understanding and increased the total purchase commitment with the supplier to approximately $2,600,000 with an expected completion by year-end 2013. Upon conclusion of the supplier’s final project report, any outstanding balance will be converted into a note payable accruing interest at 8% until July 31, 2015. Any outstanding amounts thereafter shall accumulate interest at 10% through March 31, 2016. Should the Company be successful in obtaining additional financing, the amendment calls for a percentage of the funds raised to immediately pay down the outstanding balance. As of September 30, 2013, the amount owed under this agreement totaled $2,136,730 and is included in accounts payable. The supplier also was granted, upon successful completion of the clinical study, a right of first negotiation on any future preclinical GLP safety to toxicology studies. | |
Advisory Agreements | |
In February 2013, the Company entered into an agreement to engage a financial advisory firm for a minimum term of six months. The agreement was revised in May 2013. The financial advisory firm is entitled to a commission equal to 7% of the total proceeds raised by the Company from its financing efforts payable in cash; and if warrants are issued as part of the placement of securities, an issuance of warrants equivalent to 1% of the aggregate number of warrants purchased in the offering, collectively not to exceed 8%. Additionally, the Company shall reimburse reasonable out-of-pocket expenses. To date, no placement of securities has occurred. | |
In July 2013, the Company entered into a business consulting services agreement effective through December 31, 2015. Under the agreement, the Company issued an initial payment of a warrant to purchase 75,000 shares of common stock at a strike price of $1.01 per share, with a five-year life and a cashless exercise option. The business consulting firm is entitled to receive additional warrants for up to 100,000 shares of common stock with similar terms. |
RelatedParty_Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related-Party Transactions | ' |
7. Related Party Transactions | |
Between August 12 and September 30, 2013, the Company received $250,000 in cash proceeds resulting from a bridge financing by a group of note holders, which included both an officer and an affiliate. The officer has since transferred ownership of the note to an affiliate. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Significant Accounting Policies [Abstract] | ' |
Basis of Presentation, Policy | ' |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements of Q Therapeutics have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations, and cash flows in conformity with U.S. generally accepted accounting principles (US GAAP). This report on Form 10-Q should be read in conjunction with the Company’s annual report on Form 10-K for the year ended December 31, 2012. | |
The accompanying unaudited condensed consolidated balance sheets, statements of operations, and statements of cash flows reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the Company’s financial position, results of operations and cash flows. The results of operations for the nine-month period ended September 30, 2013 are not necessarily indicative of the results to be expected for the full year ending December 31, 2013. | |
Basis of Consolidation, Policy | ' |
Basis of Consolidation | |
The accompanying unaudited condensed consolidated financial statements include the accounts of Q and its wholly owned subsidiary, Q Products, and Q Products’ wholly owned subsidiary, NeuroQ Research Inc. The Company is a development stage company engaged in the discovery, research, development and eventual commercialization of products as potential treatments for debilitating and fatal diseases of the CNS. All significant intercompany amounts have been eliminated. | |
Development Stage and Liquidity, Policy | ' |
Development Stage and Liquidity | |
For the period from March 28, 2002 (date of inception) through September 30, 2013, the Company has not generated significant revenues and has been developing its products. Therefore, the Company is considered to be in the development stage in accordance with the provisions of Accounting Standards Codification (ASC) Topic 915, Development Stage Entities. Cumulative amounts are presented for the period from March 28, 2002 (date of inception) through September 30, 2013. Historically, the Company has been dependent on government grants and debt and equity raised from investors to sustain its operations. The Company expects to continue to fund its operations through similar sources of capital. There can be no assurance that such capital will be available on favorable terms or at all. If it is unable to raise additional capital, the Company will likely be forced to curtail desired development activities, which will delay the development of its product candidates. The Company’s products have not been approved by the U.S. Food and Drug Administration (FDA) for commercial sale; therefore, the Company has not generated revenues from commercial therapeutic product sales. The Company has incurred losses and used cash for operating activities since inception. As of September 30, 2013, the Company had an accumulated deficit of $23,257,551. | |
Given the current pace of pre-clinical and clinical development of its product candidates, management believes that the Company has sufficient resources to fund the Company’s operations through at least December 31, 2013. However, the Company will require additional cash resources during the first quarter of 2014. The Company is working to raise capital through the sale of common stock and filed a registration statement on June 20, 2013 with the Securities and Exchange Commission registering the offering and sale of 5,000,000 shares of its common stock with warrants to purchase up to 1,250,000 shares of common stock. The Company has not raised any capital through the sale of common stock during 2013. | |
Use of Estimates, Policy | ' |
Use of Estimates | |
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Accordingly, actual results could differ from those estimates. Key estimates include allowances for doubtful accounts receivable, useful lives for property and equipment, valuation allowances for net deferred income tax assets, and valuations for stock-based compensation awards. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. | |
Revenue Recognition and Grants Receivable, Policy | ' |
Revenue Recognition and Grants Receivable | |
The Company periodically applies for research grants, including as a sub-recipient to grants funded by government agencies through research universities. Grant revenues are recognized as associated expenses are incurred and are billed in conjunction with the terms of the grants. The Company records its grants receivable in accordance with the provisions of the grant agreements. The Company’s grants receivable are considered past due when payment has not been received within 30 days of the invoice date, although certain institutions customarily do not pay within 30 days of the invoice date. The amounts of the specific reserves are estimated by management based on various assumptions including the age of the individual receivable, as well as changes in payment schedules and histories. Grants receivable balances are charged off against the allowance for doubtful accounts when management determines the potential for recovery is remote. Recoveries of receivables previously charged off are recorded when payment is received. For the nine months ended September 30, 2013, revenues were derived from two customers. | |
In December 2012, the Company was notified of a sub-award as part of grant funding awarded to The Johns Hopkins University (JHU) from the National Institute of Neurological Disorders and Stroke (NINDS) of the National Institutes of Health. The sub-award for the 2012-2013 grant plan year is $631,383. In May 2013, JHU applied for, and was granted a six-month extension for completing the analysis and remitting data and expenses. As of September 30, 2013, $491,588 has been invoiced under the sub-award and $3,667 is included in the grants receivable balance. The balance outstanding is expected to be paid upon the completion of the extension. | |
Stock-Based Compensation, Policy | ' |
Stock-Based Compensation | |
The Company calculates the estimated fair value of its stock options and warrants on the grant date using the Black-Scholes option-pricing model. The Company recognizes stock-based compensation expense as services are provided, which is generally over the vesting period of the individual equity instruments. Expense related to stock options issued in lieu of cash to non-employees for services performed are measured at the fair value of the options on the date they are earned. | |
The volatility assumption used in the Black-Scholes option-pricing model is based on the volatility of publicly traded companies in the same industry segment as the Company. The expected lives of the options and warrants granted represent the periods of time that the options granted are expected to be outstanding. The risk free rates for periods within the contractual lives of the options and warrants are based on the U.S. treasury securities constant maturity rate that corresponds to the expected terms in effect at the time of grant. Stock-based compensation is included in general and administrative expense in the statements of operations. | |
Net Loss Per Common Share, Policy | ' |
Net Loss Per Common Share | |
Basic net income or loss per common share (Basic EPS) is computed by dividing net income or loss by the weighted average number of common shares outstanding. Diluted net income or loss per common share (Diluted EPS) is computed by dividing net income or loss by the sum of the weighted average number of common shares outstanding and the dilutive potential common share equivalents then outstanding. Potential dilutive common share equivalents consist of shares issuable upon the exercise of outstanding stock options and warrants to acquire common stock. | |
Due to the fact that for all periods presented the Company has incurred net losses, potential dilutive common share equivalents as of September 30, 2013 and 2012, totaling 16,107,458 and 15,072,509, respectively, are not included in the calculation of Diluted EPS because they are anti-dilutive. Therefore, basic net loss per common share is the same as diluted net loss per common share for the three and nine months ended September 30, 2013 and 2012. | |
Recent Accounting Pronouncements, Policy | ' |
Recent Accounting Pronouncements | |
The Company has reviewed accounting pronouncements that become effective subsequent to September 30, 2013 and does not believe the future adoption of those pronouncements will have a material impact on the Company’s financial position, results of operations or liquidity. |
Accrued_Compensation_Tables
Accrued Compensation (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Accrued Compensation [Abstract] | ' | ||||||||
Schedule of Accrued Compensation | ' | ||||||||
Accrued compensation consists of the following: | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
Accrued wages | $ | 162,531 | $ | 17,046 | |||||
Accrued vacation | 69,991 | 70,846 | |||||||
Total accrued compensation | $ | 232,522 | $ | 87,892 | |||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Stockholders' Equity [Abstract] | ' | ||||||||||
Summary of Outstanding Common Stock Options and Related Activity | ' | ||||||||||
The following summarizes the outstanding common stock options and related activity for the nine months ended September 30, 2013: | |||||||||||
Weighted | |||||||||||
Number of | Average Exercise | ||||||||||
Options | Price Per Share | ||||||||||
Outstanding as of December 31, 2012 | 3,865,440 | $ | 0.34 | ||||||||
Granted | — | — | |||||||||
Exercised | — | — | |||||||||
Forfeited | — | — | |||||||||
Outstanding as of September 30, 2013 | 3,865,440 | 0.34 | |||||||||
Exercisable as of September 30, 2013 | 3,388,773 | 0.25 | |||||||||
Summary of Stock Options Outstanding | ' | ||||||||||
The following summarizes information about stock options outstanding as of September 30, 2013: | |||||||||||
Weighted | |||||||||||
Average | Weighted | Weighted | |||||||||
Numbers of | Remaining | Average | Number of | Average | |||||||
Exercise | Options | Contractual | Price | Options | Price | ||||||
Price | Outstanding | Life (Years) | Exercise | Exercisable | Exercise | ||||||
$0.06 – $0.08 | 902,600 | 5.58 | $0.08 | 902,600 | $0.08 | ||||||
$0.15 – $0.19 | 2,072,840 | 5.7 | 0.17 | 2,072,840 | 0.17 | ||||||
$1.00 | 890,000 | 8.34 | 1 | 413,333 | 1 | ||||||
3,865,440 | 6.28 | 0.34 | 3,388,773 | 0.25 | |||||||
Organization_Narrative_Details
Organization (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Q Therapeutics, Inc. [Member] | ' |
Entity Information [Line Items] | ' |
Date of incorporation (Date) | 27-Oct-05 |
Q Therapeutic Products, Inc. [Member] | ' |
Entity Information [Line Items] | ' |
Date of incorporation (Date) | 28-Mar-02 |
Significant_Accounting_Policie2
Significant Accounting Policies (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Significant Accounting Policies [Abstract] | ' | ' | ' | ' | ' |
Deficit accumulated during the development stage | $23,257,551 | ' | $23,257,551 | ' | $20,492,278 |
Offering and sale of common stock (in Shares) | ' | ' | 5,000,000 | ' | ' |
Maximum shares of common stock called by warrants (in Shares) | ' | ' | 1,250,000 | ' | ' |
Offering and sale of common stock, capital raised | ' | ' | 0 | ' | ' |
Period of no payment, grant receivable considered as past due (in Duration) | ' | ' | '30 days | ' | ' |
Number of customers revenues derived from (in Customers) | ' | ' | 2 | ' | ' |
Sub-award received to help fund manufacturing and pre-clinical safety studies for Q-Cells | ' | ' | 631,383 | ' | ' |
Grant revenue invoiced under sub-award | 491,588 | ' | 491,588 | ' | ' |
Grants receivable, sub-award | $3,667 | ' | $3,667 | ' | ' |
Anti dilutive losses (in Shares) | 16,107,458 | 15,072,509 | 16,107,458 | 15,072,509 | ' |
Accrued_Compensation_Schedule_
Accrued Compensation (Schedule of Accrued Compensation) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Accrued Compensation [Abstract] | ' | ' |
Accrued wages | $162,531 | $17,046 |
Accrued vacation | 69,991 | 70,846 |
Total accrued compensation | $232,522 | $87,892 |
Notes_Payable_Narrative_Detail
Notes Payable (Narrative) (Details) (USD $) | 9 Months Ended | 138 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Notes Payable [Abstract] | ' | ' |
Note payable, cash proceeds | $250,000 | $5,507,562 |
Note payable, percentage of face value at issuance (in Percent) | 50.00% | 50.00% |
Note payable, annual interest rate (in Percent) | 8.00% | 8.00% |
Note payable, maturity date (in Date) | 5-Feb-14 | ' |
Notes payable | 500,000 | 500,000 |
Note payable, interest recorded | 65,942 | ' |
Note payable, prepaid financing costs to be amortized over remaining term | 188,333 | 188,333 |
Note payable, payments toward principal or interest | $0 | ' |
Note payable, nominal effective interest rate (in Percent) | 156.00% | 156.00% |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 138 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
Stock issued in lieu of cash for services | ' | ' | $175,000 | $10,000 | $331,750 | ' |
Common stock, shares outstanding (in Shares) | 24,936,833 | ' | 24,936,833 | ' | 24,936,833 | 24,761,832 |
Stock-based compensation | 25,439 | 40,445 | 76,316 | 95,912 | 508,117 | ' |
Investor and Public Relations Firm [Member] | ' | ' | ' | ' | ' | ' |
Stock issued in lieu of cash for services (in Shares) | ' | ' | 75,001 | ' | ' | ' |
Stock issued in lieu of cash for services | ' | ' | 75,001 | ' | ' | ' |
Licensing Agreement with Collaborative Partner [Member] | ' | ' | ' | ' | ' | ' |
Stock issued in lieu of cash for services (in Shares) | ' | ' | 100,000 | ' | ' | ' |
Stock issued in lieu of cash for services | ' | ' | 100,000 | ' | ' | ' |
Service agreement [Member] | ' | ' | ' | ' | ' | ' |
Warrants issued to purchase shares of common stock, term (in Duration) | ' | ' | '2 years | ' | ' | ' |
Service agreement - First tranche of warrants issued [Member] | January 1, 2013 [Member] | ' | ' | ' | ' | ' | ' |
Number of warrants issued (in Warrants) | ' | ' | 62,500 | ' | ' | ' |
Exercise price of warrants (in Dollars per Unit) | 1.25 | ' | 1.25 | ' | 1.25 | ' |
Service agreement - Second tranche of warrants issued [Member] | April 1, 2013 [Member] | ' | ' | ' | ' | ' | ' |
Number of warrants issued (in Warrants) | ' | ' | 62,500 | ' | ' | ' |
Exercise price of warrants (in Dollars per Unit) | 1.75 | ' | 1.75 | ' | 1.75 | ' |
Service agreement - Third tranche of warrants issued [Member] | July 1, 2013 [Member] | ' | ' | ' | ' | ' | ' |
Number of warrants issued (in Warrants) | ' | ' | 62,500 | ' | ' | ' |
Exercise price of warrants (in Dollars per Unit) | 2.25 | ' | 2.25 | ' | 2.25 | ' |
Warrants [Member] | ' | ' | ' | ' | ' | ' |
Number of warrants issued (in Warrants) | ' | ' | 12,242,018 | ' | ' | ' |
Weighted average warrant exercise price (in Dollars per Unit) | 1.4 | ' | 1.4 | ' | 1.4 | ' |
Warrants, weighted average remaining life (in Duration) | ' | ' | '4 years 8 months 12 days | ' | ' | ' |
Minimum [Member] | Service agreement [Member] | ' | ' | ' | ' | ' | ' |
Exercise price of warrants (in Dollars per Unit) | 1.25 | ' | 1.25 | ' | 1.25 | ' |
Minimum [Member] | Warrants [Member] | ' | ' | ' | ' | ' | ' |
Warrants issued to purchase shares of common stock, term (in Duration) | ' | ' | '2 years | ' | ' | ' |
Exercise price of warrants (in Dollars per Unit) | 0.046 | ' | 0.046 | ' | 0.046 | ' |
Maximum [Member] | Service agreement [Member] | ' | ' | ' | ' | ' | ' |
Warrants approved for issuance (in Warrants) | ' | ' | 250,000 | ' | ' | ' |
Exercise price of warrants (in Dollars per Unit) | 2.75 | ' | 2.75 | ' | 2.75 | ' |
Maximum [Member] | Warrants [Member] | ' | ' | ' | ' | ' | ' |
Warrants issued to purchase shares of common stock, term (in Duration) | ' | ' | '7 years | ' | ' | ' |
Exercise price of warrants (in Dollars per Unit) | 2.25 | ' | 2.25 | ' | 2.25 | ' |
Stock Options [Member] | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of outstanding and exercisable stock options | 2,549,625 | ' | 2,549,625 | ' | 2,549,625 | ' |
Unrecognized stock-based compensation expense related to non-vested awards | $219,439 | ' | $219,439 | ' | $219,439 | ' |
Unrecognized stock-based compensation expense related to non-vested awards, weighted-average period of recognition (in Duration) | ' | ' | '2 years 3 months 18 days | ' | ' | ' |
Equity Incentive Compensation Plan [Member] | ' | ' | ' | ' | ' | ' |
Additional shares authorized (in Shares) | ' | ' | 3,000,000 | ' | ' | ' |
Percent of issued and outstanding voting capital stock to approve share increase (in Percent) | ' | ' | 69.00% | ' | ' | ' |
Common shares authorized and reserved (in Shares) | 3,987,529 | ' | 3,987,529 | ' | 3,987,529 | ' |
Equity Incentive Compensation Plan [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' |
Shares authorized for issuance (in Shares) | 1,877,529 | ' | 1,877,529 | ' | 1,877,529 | ' |
Equity Incentive Compensation Plan [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' |
Shares authorized for issuance (in Shares) | 4,877,529 | ' | 4,877,529 | ' | 4,877,529 | ' |
Stockholders_Equity_Summary_of
Stockholders' Equity (Summary of Outstanding Common Stock Options and Related Activity) (Details) (Stock Options [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Stock Options [Member] | ' |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ' |
Number of Options Outstanding, begining balance (in Shares) | 3,865,440 |
Number of Options, Granted (in Shares) | ' |
Number of Options, Exercised (in Shares) | ' |
Number of Options, Forfeited (in Shares) | ' |
Number of Options Outstanding, ending balance (in Shares) | 3,865,440 |
Number of Options, Exercisable, ending balance (in Shares) | 3,388,773 |
Weighted Average Exercise Price Per Share, Outstanding, begining balance (in Dollars per Share) | $0.34 |
Weighted Average Exercise Price Per Share, Granted (in Dollars per Share) | ' |
Weighted Average Exercise Price Per Share, Exercised (in Dollars per Share) | ' |
Weighted Average Exercise Price Per Share, Forfeited (in Dollars per Share) | ' |
Weighted Average Exercise Price Per Share, Outstanding, ending balance (in Dollars per Share) | $0.34 |
Weighted Average Exercise Price Per Share, Exercisable, ending balance (in Dollars per Share) | $0.25 |
Stockholders_Equity_Summary_of1
Stockholders' Equity (Summary of Stock Options Outstanding) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ' |
Number of Options Outstanding, exercise price range (in Shares) | 3,865,440 |
Weighted Average Remaining Contractual Life (Years) (in Duration) | '6 years 3 months 11 days |
Weighted Average Price Exercise, exercise price range, stock options outstanding (in Dollars per Share) | $0.34 |
Number of Options Exercisable, exercise price range (in Shares) | 3,388,773 |
Weighted Average Price Exercise, exercise price range, options exercisable (in Dollars per Share) | $0.25 |
$0.06 - $0.08 [Member] | ' |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ' |
Exercise Price, stock options, lower limit (in Dollars per Share) | $0.06 |
Exercise Price, stock options, upper limit (in Dollars per Share) | $0.08 |
Number of Options Outstanding, exercise price range (in Shares) | 902,600 |
Weighted Average Remaining Contractual Life (Years) (in Duration) | '5 years 6 months 29 days |
Weighted Average Price Exercise, exercise price range, stock options outstanding (in Dollars per Share) | $0.08 |
Number of Options Exercisable, exercise price range (in Shares) | 902,600 |
Weighted Average Price Exercise, exercise price range, options exercisable (in Dollars per Share) | $0.08 |
$0.15 - $0.19 [Member] | ' |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ' |
Exercise Price, stock options, lower limit (in Dollars per Share) | $0.15 |
Exercise Price, stock options, upper limit (in Dollars per Share) | $0.19 |
Number of Options Outstanding, exercise price range (in Shares) | 2,072,840 |
Weighted Average Remaining Contractual Life (Years) (in Duration) | '5 years 8 months 12 days |
Weighted Average Price Exercise, exercise price range, stock options outstanding (in Dollars per Share) | $0.17 |
Number of Options Exercisable, exercise price range (in Shares) | 2,072,840 |
Weighted Average Price Exercise, exercise price range, options exercisable (in Dollars per Share) | $0.17 |
Exercise Price $1.00 [Member] | ' |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ' |
Exercise Price, stock options, upper limit (in Dollars per Share) | $1 |
Number of Options Outstanding, exercise price range (in Shares) | 890,000 |
Weighted Average Remaining Contractual Life (Years) (in Duration) | '8 years 4 months 2 days |
Weighted Average Price Exercise, exercise price range, stock options outstanding (in Dollars per Share) | $1 |
Number of Options Exercisable, exercise price range (in Shares) | 413,333 |
Weighted Average Price Exercise, exercise price range, options exercisable (in Dollars per Share) | $1 |
Commitments_and_Contingencies_
Commitments and Contingencies (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Supplier Agreements [Member] | ' |
Long Term Purchase Commitment [Line Items] | ' |
Purchase commitments entered into | $2,600,000 |
Note payable interest rate applicable through July 31, 2015, for note payable created through conversion of any outstanding balance under purchase commitment upon conclusion of supplier's final project report (in Percent) | 8.00% |
Note payable interest rate applicable after July 31, 2015 through March 31, 2016, for note payable created through conversion of any outstanding balance under purchase commitment upon conclusion of supplier's final project report (in Percent) | 10.00% |
Amount owed under agreement, included in accounts payable | $2,136,730 |
Advisory Agreements [Member] | ' |
Long Term Purchase Commitment [Line Items] | ' |
Minimum term of agreement (in Duration) | 'P6M |
Percentage of proceeds financial advisory firm entitled to (in Percent) | 7.00% |
Advisory Agreements [Member] | Minimum [Member] | ' |
Long Term Purchase Commitment [Line Items] | ' |
Percent of warrants purchased to be issued to firm (in Percent) | 1.00% |
Advisory Agreements [Member] | Maximum [Member] | ' |
Long Term Purchase Commitment [Line Items] | ' |
Percent of warrants purchased to be issued to firm (in Percent) | 8.00% |
Business Consulting Services Agreement [Member] | ' |
Long Term Purchase Commitment [Line Items] | ' |
Warrant issued, cashless exercise option, number of shares of common stock called by warrant (in Shares) | 75,000 |
Warrant issued, cashless exercise option, common stock called for, strike price (in Dollars per Share) | $1.01 |
Warrant issued, life of common stock called for, cashless exercise option (in Duration) | '5 years |
Additional warrants authorized for issuance, maximum number of shares of common stock (in Shares) | 100,000 |
RelatedParty_Transactions_Narr
Related-Party Transactions (Narrative) (Details) (Officer and Affiliate [Member], Bridge Financing [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transaction [Line Items] | ' |
Related party transaction, cash proceeds received | $250,000 |
Minimum [Member] | ' |
Related Party Transaction [Line Items] | ' |
Related party transaction, date (in Date) | 12-Aug-13 |
Maximum [Member] | ' |
Related Party Transaction [Line Items] | ' |
Related party transaction, date (in Date) | 30-Sep-13 |