Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 15-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Q Therapeutics, Inc. | ' |
Entity Central Index Key | '0001366541 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
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 | ' | 29,417,363 |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Current assets: | ' | ' |
Cash | $284,407 | $142,532 |
Receivables, net of allowance of $28,800 as of March 31, 2014 and December 31, 2013 | ' | 5,556 |
Prepaid financing costs, net | ' | 63,333 |
Prepaid expenses and other | 10,683 | 10,109 |
Total current assets | 295,090 | 221,530 |
Property and equipment, net | 31,296 | 27,999 |
Other assets | 7,513 | 7,513 |
Total assets | 333,899 | 257,042 |
Current liabilities: | ' | ' |
Accounts payable | 386,838 | 2,364,001 |
Accrued liabilities | 106,192 | 81,156 |
Accrued compensation | 481,489 | 353,950 |
Notes payable | 400,000 | 500,000 |
Derivative liability | 99,344 | ' |
Total current liabilities | 1,473,863 | 3,299,107 |
Commitments and contingencies | ' | ' |
Stockholders' deficit: | ' | ' |
Common stock, $0.0001 par value: 100,000,000 shares authorized; 27,869,863 and 24,936,833 shares outstanding as of March 31, 2014 and December 31, 2013, respectively | 2,787 | 2,494 |
Additional paid-in capital | 23,908,526 | 20,836,811 |
Accumulated deficit | -25,051,277 | -23,881,370 |
Total stockholders' deficit | -1,139,964 | -3,042,065 |
Total liabilities and stockholders' deficit | $333,899 | $257,042 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
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) | 27,869,863 | 24,936,833 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 144 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Condensed Consolidated Statements of Operations [Abstract] | ' | ' | ' |
Grant revenues | ' | $5,501 | $1,104,434 |
License fees and other revenues | ' | ' | 294,900 |
Total operating revenues | ' | 5,501 | 1,399,334 |
Cost of revenues | ' | ' | 4,800 |
Gross profit | ' | 5,501 | 1,394,534 |
Operating expenses: | ' | ' | ' |
Research and development | 484,144 | 131,109 | 13,284,569 |
General and administrative | 583,862 | 374,719 | 11,087,809 |
Total operating expenses | 1,068,006 | 505,828 | 24,372,378 |
Operating loss | -1,068,006 | -500,327 | -22,977,844 |
Other income (expense): | ' | ' | ' |
Interest income | ' | ' | 187,616 |
Interest expense | -102,417 | -325 | -2,415,942 |
Other income, net | 516 | 1,373 | 154,893 |
Total other income (expense), net | -101,901 | 1,048 | -2,073,433 |
Loss before provision (benefit) for income taxes | -1,169,907 | -499,279 | -25,051,277 |
Provision (benefit) for income taxes | ' | ' | ' |
Net loss | ($1,169,907) | ($499,279) | ($25,051,277) |
Weighted average number of common shares outstanding - basic and diluted (in Shares) | 25,017,018 | 24,778,221 | ' |
Net loss per common share - basic and diluted (in Dollars per Share) | $0.05 | $0.02 | ' |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | 144 Months Ended |
Mar. 31, 2014 | Mar. 31, 2014 | |
Cash flows from operating activities: | ' | ' |
Net loss | ($1,169,907) | ($25,051,277) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 2,318 | 405,812 |
Original debt discount | 63,333 | 513,333 |
Accretion of debt costs and beneficial conversion feature | ' | 1,423,930 |
Stock-based compensation | 248,822 | 782,376 |
Debt issued for services | ' | 90,000 |
Common stock issued for services | 24,500 | 356,250 |
Preferred stock issued for services | ' | 44,750 |
Warrants issued for services | ' | 78,370 |
Provision for losses on receivables | ' | -43,677 |
Decrease (increase) in: | ' | ' |
Receivables | 5,556 | 43,677 |
Prepaid expenses and other assets | -574 | -18,196 |
Increase (decrease) in: | ' | ' |
Accounts payable and accrued liabilities | 355,903 | 3,200,179 |
Accrued compensation | 127,539 | 481,489 |
Net cash used in operating activities | -342,510 | -17,692,984 |
Cash flows from investing activities: | ' | ' |
Purchase of property and equipment | -5,615 | -436,888 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of notes payable | ' | 5,507,562 |
Payments on short-term note payable | ' | -90,000 |
Issuance of preferred stock for cash | ' | 8,671,747 |
Issuance of common stock for cash | 490,000 | 4,311,137 |
Proceeds from exercise of common stock options | ' | 11,600 |
Proceeds from exercise of preferred stock warrants | ' | 2,233 |
Net cash provided by financing activities | 490,000 | 18,414,279 |
Net increase (decrease) in cash | 141,875 | 284,407 |
Cash as of beginning of the period | 142,532 | ' |
Cash as of end of the period | 284,407 | 284,407 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for interest | 214 | 8,894 |
Supplemental disclosure of noncash investing and financing activities for the period from March 28, 2002 (date of inception) to March 31, 2014: | ' | ' |
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 |
Conversion Of Stock [Line Items] | ' | ' |
Notes payable assumed | ' | 500,000 |
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 |
Accounts payable converted to common stock [Member] | ' | ' |
Debt Conversion [Line Items] | ' | ' |
Debt conversion, original debt amount | ' | 2,304,030 |
Notes payable converted to common stock [Member] | ' | ' |
Debt Conversion [Line Items] | ' | ' |
Debt conversion, original debt amount | ' | $104,000 |
Accounts payable and notes payable converted to common stock [Member] | ' | ' |
Debt Conversion [Line Items] | ' | ' |
Conversion of debt, shares issued (in Shares) | ' | 2,408,030 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2014 | |
Organization [Abstract] | ' |
Organization | ' |
1. Organization | |
Q Therapeutics, Inc. (Q Therapeutics) conducts its operations through its wholly owned subsidiary, Q Therapeutic Products, Inc. (Q Products), and its wholly owned subsidiary, NeuroQ Research, Inc. (collectively, 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. | |
These potential therapies are based on our technology developed by Q Products’ 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 in the Laboratory of Neuroscience 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 Products 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 | 3 Months Ended |
Mar. 31, 2014 | |
Significant Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
2. Significant Accounting Policies | |
The following significant accounting policies are followed by the Company in preparing its condensed consolidated financial statements: | |
Basis of Presentation and Consolidation | |
These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Form 10-K filed with the Securities and Exchange Commission (SEC) on April 15, 2014. The results of operations for the three-month period ended March 31, 2014 are not necessarily indicative of the results to be expected for the full year ending December 31, 2014. In the opinion of management, all adjustments that are necessary for a fair presentation of the financial information for the interim periods reported have been made. All such adjustments are of a normal recurring nature. | |
The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles (US GAAP), and include all assets and liabilities of Q Therapeutics and its wholly owned subsidiary, Q Products. All material intercompany transactions and balances have been eliminated. | |
Development Stage and Liquidity | |
For the period from March 28, 2002 (date of inception) through March 31, 2014, 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 March 31, 2014. Historically, the Company has been dependent on government grants and debt and equity raised from individual investors to sustain its operations. The Company’s continued operations will depend on its ability to raise funds through various sources such as government grants and equity and debt financing. The Company expects to continue to fund operations through similar sources of capital previously described. 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 March 31, 2014, the Company had an accumulated deficit of $25,051,277. | |
2014 Financing Transactions | |
Between March 7 and April 14, 2014, the Company issued an aggregate of 4,420,530 units, each containing one share of the Company’s common stock and one warrant to purchase one share of the Company’s common stock, resulting from two tranches of financing in which the Company received cash consideration of $2,012,500 and settled indebtedness of $2,408,030 (2014 Financing Transactions). The warrants were issued at an initial exercise price of $1.00 per share, are immediately exercisable, and expire in no more than four years. Both the shares of common stock and the warrants have a down-round provision provided to the stockholders in the event that the Company does another offering of units, which consists of one share of common stock and one warrant to purchase one share of common stock, at a price below $1.00 per share. The down-round provision expires upon the earlier of the effectiveness of a registration statement with the SEC or one year after the issuance date. | |
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 these terms. 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. 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. | |
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 March 31, 2014, the 2012-2013 grant plan year was closed. The Company is awaiting the notification of the award for year 4. As of March 31, 2014, there are no amounts outstanding related to this sub-award. | |
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 March 31, 2014 and 2013, totaling 21,437,251 and 15,907,458, 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 months ended March 31, 2014 and 2013. | |
Recent Accounting Pronouncements | |
The Company has reviewed accounting pronouncements that become effective subsequent to March 31, 2014 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. |
Accounts_Payable
Accounts Payable | 3 Months Ended |
Mar. 31, 2014 | |
Accounts Payable [Abstract] | ' |
Accounts Payable | ' |
3. Accounts Payable | |
On March 7, 2014, the Company settled through the issuance of common units indebtedness of $2,408,030, of which $2,304,030 was previously classified as accounts payable (see Note 2). |
Accrued_Compensation
Accrued Compensation | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accrued Compensation [Abstract] | ' | ||||||||
Accrued Compensation | ' | ||||||||
4. Accrued Compensation | |||||||||
Accrued compensation consists of the following: | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
Accrued wages | $ | 394,351 | $ | 278,393 | |||||
Accrued vacation expense | 87,138 | 75,557 | |||||||
Total accrued compensation | $ | 481,489 | $ | 353,950 | |||||
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 | 3 Months Ended |
Mar. 31, 2014 | |
Notes Payable [Abstract] | ' |
Notes Payable | ' |
5. Notes Payable | |
Between August 12 and September 30, 2013, the Company received $250,000 in cash proceeds resulting from a bridge financing by certain note holders, some of which were also considered affiliates, as evidenced by promissory notes. The notes were issued at 50% of face value, bore interest at the rate of 8% per annum, and matured beginning February 5, 2014. | |
In February 2014, the largest note holder agreed to extend the maturity date for its $400,000 note for an additional 180 days, in exchange for certain call right language being removed from warrants the note holder had acquired in 2011. On March 7, 2014, the remaining note holder converted its note totaling $104,000, including interest, into units consisting of one share of common stock and one warrant to purchase a share of common stock as part of the 2014 Financing Transactions (see Note 2). | |
To date, the Company has recorded interest relating to the notes of $273,733, of which $250,000 pertained to the amortization of the debt discount. As of March 31, 2014, the debt discount has been fully amortized. Notes payable as of March 31, 2014 were $400,000. | |
The effective interest rate related to this financing is approximately 156%. |
Derivative_Liability
Derivative Liability | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Derivative Liability [Abstract] | ' | ||||||||||||||||
Derivative Liability | ' | ||||||||||||||||
6. Derivative Liability | |||||||||||||||||
In connection with the first tranche of the 2014 Financing Transactions, the Company issued 2,898,030 common units, each unit consisting of one share of common stock and one warrant to purchase one share of common stock (see Note 2), and recorded a derivative liability related to down-round protection provided to the stockholders in the event that the Company does another offering of units, similar to those issued in the 2014 Financing Transactions, at a price below $1.00 per share. The down-round provision expires upon the earlier of the effectiveness of a registration statement with the SEC or one year after the issuance date. With the assistance of a third-party valuation specialist, the Company valued the derivative liability pursuant to the accounting guidance of ASC 820-10, Fair Value Measurements. | |||||||||||||||||
Fair values for warrants and common stock are determined using the Monte-Carlo Simulation Model valuation technique. The Monte-Carlo Simulation Model valuation model provides for dynamic assumptions regarding volatility and risk-free interest rates within the total period to expected conversion. In addition, management assessed the probabilities of future financing assumptions. | |||||||||||||||||
As defined in FASB ASC 820-10, fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, FASB ASC 820-10 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: | |||||||||||||||||
Level 1 | Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. | ||||||||||||||||
Level 2 | Other inputs that are observable directly or indirectly, such as quoted prices for similar assets and liabilities or market corroborated inputs. | ||||||||||||||||
Level 3 | Unobservable inputs that are used when little or no market data is available, which require the Company to develop its own assumptions about how market participants would value the assets or liabilities. | ||||||||||||||||
Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosure each quarter. Assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 are summarized as follows: | |||||||||||||||||
Fair Value as of March 31, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Derivative liability | $ | — | $ | — | $ | 99,344 | $ | 99,344 | |||||||||
The following table presents the fair value reconciliation of Level 3 liabilities measured at fair value on a recurring basis during the three months ended March 31, 2014. | |||||||||||||||||
Fair Value | |||||||||||||||||
Measurements | |||||||||||||||||
Using Significant | |||||||||||||||||
Unobservable Inputs | |||||||||||||||||
(Level 3) | |||||||||||||||||
Derivative | |||||||||||||||||
Beginning balance, December 31, 2013 | $ | — | |||||||||||||||
Issuances: | |||||||||||||||||
Derivatives liability related to down-round provision of common stock units | 99,344 | ||||||||||||||||
Ending balance, March 31, 2014 | $ | 99,344 | |||||||||||||||
Given the nature of the derivative liability, the carrying amount of $99,344 as of March 31, 2014, was derived from Level 3 inputs and represent management’s best estimate of fair value. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Stockholders' Equity [Abstract] | ' | ||||||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||||||
7. Stockholders’ Equity | |||||||||||||||||||||
Common Stock | |||||||||||||||||||||
On March 7, 2014, the Company issued 2,898,030 units, each consisting of one share of common stock and one warrant to purchase one share of common stock, to individual investors as part of the 2014 Financing Transactions (see Note 2). The units have a down-round provision to the stockholders in the event that the Company sells units similar to those in the previous offering at a price below $1.00 per share. The down-round provision expires upon the earlier of the effectiveness of a registration statement with the SEC or one year after the issuance date. | |||||||||||||||||||||
Additionally during the quarter ended March 31, 2014, the Company issued an aggregate of 35,000 shares of its common stock in lieu of cash for services and for technology acquired from a collaborative partner. As of March 31, 2014, 27,869,863 shares of common stock are outstanding. | |||||||||||||||||||||
Stock Options | |||||||||||||||||||||
The following summarizes the outstanding common stock options and related activity for the three months ended March 31, 2014: | |||||||||||||||||||||
Number of | Weighted | Weighted | |||||||||||||||||||
Options | Average Exercise | Average | |||||||||||||||||||
Price Per Share | Remaining Life | ||||||||||||||||||||
(Years) | |||||||||||||||||||||
Outstanding as of December 31, 2013 | 3,865,440 | $ | 0.34 | 6.98 | |||||||||||||||||
Granted | 2,319,263 | 0.7 | 9.95 | ||||||||||||||||||
Exercised | — | — | |||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||
Outstanding as of March 31, 2014 | 6,184,703 | 0.48 | 7.39 | ||||||||||||||||||
Exercisable as of March 31, 2014 | 4,201,370 | 0.34 | 6.27 | ||||||||||||||||||
As of March 31, 2014, options to purchase 1,668,266 shares of common stock under the Plan were available for future grant. The following summarizes information about stock options outstanding as of March 31, 2014: | |||||||||||||||||||||
Exercise Price | Number of | Weighted | Weighted | Number of | Weighted | ||||||||||||||||
Options | Average | Average | Options | Average | |||||||||||||||||
Outstanding | Remaining | Exercise | Exercisable | Exercise | |||||||||||||||||
Contractual | Price | Price | |||||||||||||||||||
Life (Years) | |||||||||||||||||||||
$ 0.06 - $0.08 | 902,600 | 5.13 | $ | 0.08 | 902,600 | $ | 0.08 | ||||||||||||||
$ 0.15 - $0.19 | 2,072,840 | 5.32 | 0.17 | 2,072,840 | 0.17 | ||||||||||||||||
$0.70 | 2,319,263 | 9.95 | 0.7 | 707,597 | 0.7 | ||||||||||||||||
$1.00 | 890,000 | 7.84 | 1 | 518,333 | 1 | ||||||||||||||||
6,184,703 | 7.39 | 0.48 | 4,201,370 | 0.34 | |||||||||||||||||
As of March 31, 2014, the aggregate intrinsic value of outstanding and exercisable stock options was $3,245,404 and $2,761,905, respectively. | |||||||||||||||||||||
Stock-based compensation for the three months ended March 31, 2014 and 2013 was $248,822 and $25,438, respectively. As of March 31, 2014, the Company had $696,499 of unrecognized stock-based compensation expense related to non-vested awards that is expected to be recognized over a weighted-average period of 2.89 years. | |||||||||||||||||||||
The fair value of each stock-based compensation award granted during the three months ended March 31, 2014 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: | |||||||||||||||||||||
Risk-free interest rate | 2.07% | ||||||||||||||||||||
Expected stock price volatility | 71.05% | ||||||||||||||||||||
Expected dividend yield | 0% | ||||||||||||||||||||
Expected life of options | 6.26 years | ||||||||||||||||||||
Warrants | |||||||||||||||||||||
In January 2014, the Company issued a warrant to purchase 50,000 shares of common stock to a business consulting firm (see Note 8). | |||||||||||||||||||||
On March 7, 2014, the Company issued warrants to purchase 2,898,030 shares of common stock as a result of the first tranche of the 2014 Financing Transactions (see Note 2). The warrants have an initial exercise price of $1.00 per share, have up to a four-year life, are exercisable immediately, and have down-round protection in the event that the Company subsequently sells similar units at a price less than $1.00 per share (see Note 6). | |||||||||||||||||||||
As of March 31, 2014, 15,252,548 warrants to purchase common stock had been issued and were outstanding with exercise prices ranging from $.046 to $2.75 per share and terms ranging from two to seven years. The weighted average warrant exercise price is $1.33 and the weighted average remaining life is 4.16 years. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
8. Commitments and Contingencies | |
Advisory Agreements | |
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 an exercise price of $1.01 per share, with a five-year life and a cashless exercise option. In January 2014, the Company issued an additional warrant to purchase 50,000 shares of common stock with similar terms to the initial issuance. Under the agreement, the business consulting firm is entitled to receive additional warrants for up to 50,000 shares of common stock with similar terms. | |
In May 2014, the Company and its investor relations firm amended their service agreement such that the consulting firm will receive 25,000 shares of the Company’s common stock each quarter in lieu of cash for services rendered. As of March 31, 2014, 25,000 shares of common stock have been issued under this amendment. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
9. Subsequent Events | |
On April 14, 2014, the Company received $1,522,500 from the second tranche of the 2014 Financing Transactions. The Company issued 1,522,500 units consisting of one share of common stock and one warrant to purchase common stock (see Note 2). The terms of the warrants are similar to those issued in the first tranche of the 2014 Financing Transactions (see Note 7). |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Significant Accounting Policies [Abstract] | ' |
Basis of Presentation, Policy | ' |
Basis of Presentation and Consolidation | |
These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Form 10-K filed with the Securities and Exchange Commission (SEC) on April 15, 2014. The results of operations for the three-month period ended March 31, 2014 are not necessarily indicative of the results to be expected for the full year ending December 31, 2014. In the opinion of management, all adjustments that are necessary for a fair presentation of the financial information for the interim periods reported have been made. All such adjustments are of a normal recurring nature. | |
The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles (US GAAP), and include all assets and liabilities of Q Therapeutics and its wholly owned subsidiary, Q Products. All material intercompany transactions and balances have been eliminated. | |
Development Stage and Liquidity, Policy | ' |
Development Stage and Liquidity | |
For the period from March 28, 2002 (date of inception) through March 31, 2014, 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 March 31, 2014. Historically, the Company has been dependent on government grants and debt and equity raised from individual investors to sustain its operations. The Company’s continued operations will depend on its ability to raise funds through various sources such as government grants and equity and debt financing. The Company expects to continue to fund operations through similar sources of capital previously described. 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 March 31, 2014, the Company had an accumulated deficit of $25,051,277. | |
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 these terms. 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. 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. | |
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 March 31, 2014, the 2012-2013 grant plan year was closed. The Company is awaiting the notification of the award for year 4. As of March 31, 2014, there are no amounts outstanding related to this sub-award. | |
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 March 31, 2014 and 2013, totaling 21,437,251 and 15,907,458, 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 months ended March 31, 2014 and 2013. | |
Recent Accounting Pronouncements, Policy | ' |
Recent Accounting Pronouncements | |
The Company has reviewed accounting pronouncements that become effective subsequent to March 31, 2014 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) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accrued Compensation [Abstract] | ' | ||||||||
Schedule of Accrued Compensation | ' | ||||||||
Accrued compensation consists of the following: | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
Accrued wages | $ | 394,351 | $ | 278,393 | |||||
Accrued vacation expense | 87,138 | 75,557 | |||||||
Total accrued compensation | $ | 481,489 | $ | 353,950 | |||||
Derivative_Liability_Tables
Derivative Liability (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Derivative Liability [Abstract] | ' | ||||||||||||||||
Schedule of Derivative Liabilities | ' | ||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 are summarized as follows: | |||||||||||||||||
Fair Value as of March 31, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Derivative liability | $ | — | $ | — | $ | 99,344 | $ | 99,344 | |||||||||
Schedule of Derivative liability fair value unobservable input reconciliation | ' | ||||||||||||||||
The following table presents the fair value reconciliation of Level 3 liabilities measured at fair value on a recurring basis during the three months ended March 31, 2014. | |||||||||||||||||
Fair Value | |||||||||||||||||
Measurements | |||||||||||||||||
Using Significant | |||||||||||||||||
Unobservable Inputs | |||||||||||||||||
(Level 3) | |||||||||||||||||
Derivative | |||||||||||||||||
Beginning balance, December 31, 2013 | $ | — | |||||||||||||||
Issuances: | |||||||||||||||||
Derivatives liability related to down-round provision of common stock units | 99,344 | ||||||||||||||||
Ending balance, March 31, 2014 | $ | 99,344 | |||||||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
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 three months ended March 31, 2014: | |||||||||||||||||||||
Number of | Weighted | Weighted | |||||||||||||||||||
Options | Average Exercise | Average | |||||||||||||||||||
Price Per Share | Remaining Life | ||||||||||||||||||||
(Years) | |||||||||||||||||||||
Outstanding as of December 31, 2013 | 3,865,440 | $ | 0.34 | 6.98 | |||||||||||||||||
Granted | 2,319,263 | 0.7 | 9.95 | ||||||||||||||||||
Exercised | — | — | |||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||
Outstanding as of March 31, 2014 | 6,184,703 | 0.48 | 7.39 | ||||||||||||||||||
Exercisable as of March 31, 2014 | 4,201,370 | 0.34 | 6.27 | ||||||||||||||||||
Summary of Stock Options Outstanding | ' | ||||||||||||||||||||
As of March 31, 2014, options to purchase 1,668,266 shares of common stock under the Plan were available for future grant. The following summarizes information about stock options outstanding as of March 31, 2014: | |||||||||||||||||||||
Exercise Price | Number of | Weighted | Weighted | Number of | Weighted | ||||||||||||||||
Options | Average | Average | Options | Average | |||||||||||||||||
Outstanding | Remaining | Exercise | Exercisable | Exercise | |||||||||||||||||
Contractual | Price | Price | |||||||||||||||||||
Life (Years) | |||||||||||||||||||||
$ 0.06 - $0.08 | 902,600 | 5.13 | $ | 0.08 | 902,600 | $ | 0.08 | ||||||||||||||
$ 0.15 - $0.19 | 2,072,840 | 5.32 | 0.17 | 2,072,840 | 0.17 | ||||||||||||||||
$0.70 | 2,319,263 | 9.95 | 0.7 | 707,597 | 0.7 | ||||||||||||||||
$1.00 | 890,000 | 7.84 | 1 | 518,333 | 1 | ||||||||||||||||
6,184,703 | 7.39 | 0.48 | 4,201,370 | 0.34 | |||||||||||||||||
Schedule of Stock Option Awards, Valuation Assumptions | ' | ||||||||||||||||||||
The fair value of each stock-based compensation award granted during the three months ended March 31, 2014 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: | |||||||||||||||||||||
Risk-free interest rate | 2.07% | ||||||||||||||||||||
Expected stock price volatility | 71.05% | ||||||||||||||||||||
Expected dividend yield | 0% | ||||||||||||||||||||
Expected life of options | 6.26 years | ||||||||||||||||||||
Organization_Narrative_Details
Organization (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2014 | |
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 $) | 1 Months Ended | 3 Months Ended | ||
Apr. 14, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Significant Accounting Policies [Abstract] | ' | ' | ' | ' |
Deficit accumulated during the development stage | ' | $25,051,277 | ' | $23,881,370 |
Aggregate equity units issued of one share of common stock and one warrant to purchase one share of common stock (in Shares) | 4,420,530 | ' | ' | ' |
Proceeds for issuance of common stock units | 2,012,500 | ' | ' | ' |
Indebtedness settled | 2,408,030 | ' | ' | ' |
Period of no payment, grant receivable considered as past due (in Duration) | ' | '30 days | ' | ' |
Grant plan, period of extension granted to JHU for completing analysis and remitting data and expenses (in Duration) | ' | '6 months | ' | ' |
Sub-award received to help fund manufacturing and pre-clinical safety studies for Q-Cells for 2012-2013 grant plan year | ' | 631,383 | ' | ' |
Grants receivable, sub-award | ' | $0 | ' | ' |
Anti dilutive losses (in Shares) | ' | 21,437,251 | 15,907,458 | ' |
Accounts_Payable_Narrrative_De
Accounts Payable (Narrrative) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Accounts Payable [Abstract] | ' |
Indebtedness settled through common units issuance | $2,408,030 |
Portion of settled indebtedness previously classified as accounts payable | $2,304,030 |
Accrued_Compensation_Schedule_
Accrued Compensation (Schedule of Accrued Compensation) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Accrued Compensation [Abstract] | ' | ' |
Accrued wages | $394,351 | $278,393 |
Accrued vacation | 87,138 | 75,557 |
Total accrued compensation | $481,489 | $353,950 |
Notes_Payable_Narrative_Detail
Notes Payable (Narrative) (Details) (USD $) | 2 Months Ended | 3 Months Ended | 8 Months Ended | |
Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Notes Payable [Abstract] | ' | ' | ' | ' |
Note payable, cash proceeds | $250,000 | ' | ' | ' |
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 | ' | 400,000 | 400,000 | 500,000 |
Note payable, interest recorded | ' | ' | 273,733 | ' |
Note payable, prepaid financing costs to be amortized over remaining term | ' | ' | ' | 63,333 |
Note payable, nominal effective interest rate (in Percent) | ' | 156.00% | 156.00% | ' |
Note payable, including interest, converted to equity [Member] | ' | ' | ' | ' |
Debt Conversion [Line Items] | ' | ' | ' | ' |
Debt conversion, converted instrument, issuance date (Date) | ' | 7-Mar-14 | ' | ' |
Debt conversion, original debt amount | ' | $104,000 | ' | ' |
Derivative_Liability_Narrative
Derivative Liability (Narrative) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Derivative Liability [Abstract] | ' |
Common units issued, consisting of one share of common stock and one warrant to purchase one share of common stock, in connection with the first tranche of the 2014 Financing Transactions (in Shares) | 2,898,030 |
Down round provision, stock price floor applicable to future offering of units, below which down round protection is triggered for first tranche investors (in Dollars per Share) | $1 |
Derivative_Liability_Schedule_
Derivative Liability (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (Fair Value Inputs Level 3 [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value Inputs Level 3 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Derivative liability related to down round provision of common stock units | $99,344 | ' |
Derivative_Liability_Schedule_1
Derivative Liability (Schedule of Level 3 Liabilities, Fair Value Reconciliation) (Details) (Fair Value Inputs Level 3 [Member], USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Fair Value Inputs Level 3 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Derivative liability related to down round provision of common stock units | $99,344 | ' |
Issuances: derivative liability related to down round provision of common stock units | $99,344 | ' |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 3 Months Ended | 144 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 07, 2014 | Dec. 31, 2013 | |
Common Stock | ' | ' | ' | ' | ' |
Common stock, shares issued (in Shares) | ' | ' | ' | 2,898,030 | ' |
Price per share of common stock offered, below which, down-round provision will take effect (in Dollars per Share) | $1 | ' | ' | ' | ' |
Period of expiration of the down-round provision if shorter than the effectiveness of a registration statement with the SEC (in Duration) | '1 year | ' | ' | ' | ' |
Stock issued in lieu of cash for services (in Shares) | 35,000 | ' | ' | ' | ' |
Common stock, shares outstanding (in Shares) | 27,869,863 | ' | 27,869,863 | ' | 24,936,833 |
Stock Options | ' | ' | ' | ' | ' |
Common shares available for future grant (in Shares) | 1,668,266 | ' | 1,668,266 | ' | ' |
Outstanding stock options, aggregate intrinsic value | $3,245,404 | ' | $3,245,404 | ' | ' |
Exercisable stock options, aggregate intrinsic value | 2,761,905 | ' | 2,761,905 | ' | ' |
Stock-based compensation | 248,822 | 25,438 | 782,376 | ' | ' |
Unrecognized stock-based compensation expense related to non-vested awards | $696,499 | ' | $696,499 | ' | ' |
Unrecognized stock-based compensation expense related to non-vested awards, weighted-average period of recognition (in Duration) | '2 years 10 months 21 days | ' | ' | ' | ' |
Warrants | ' | ' | ' | ' | ' |
Common stock issuable on excercise of warrants (in Shares) | ' | ' | ' | 2,898,030 | ' |
Warrant issued, number of shares of common stock called by warrant (in Shares) | 75,000 | ' | ' | ' | ' |
Warrant issued, common stock called for, strike price (in Dollars per Share) | $1.01 | ' | ' | ' | ' |
Warrant issued, life of common stock called (in Duration) | '5 years | ' | ' | ' | ' |
Stockholders_Equity_Summary_of
Stockholders' Equity (Summary of Outstanding Common Stock Options and Related Activity) (Details) (Stock Options [Member], USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 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) | 2,319,263 | ' |
Number of Options, Exercised (in Shares) | ' | ' |
Number of Options, Forfeited (in Shares) | ' | ' |
Number of Options Outstanding, ending balance (in Shares) | 6,184,703 | 3,865,440 |
Number of Options, Exercisable, ending balance (in Shares) | 4,201,370 | ' |
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) | $0.70 | ' |
Weighted Average Exercise Price Per Share, Outstanding, ending balance (in Dollars per Share) | $0.48 | $0.34 |
Weighted Average Exercise Price Per Share, Exercisable, ending balance (in Dollars per Share) | $0.34 | ' |
Weighted Average Remaining Life, options outstanding (Years) (in Duration) | '7 years 4 months 21 days | '6 years 11 months 23 days |
Weighted Average Remaining Life, options granted (Years) (in Duration) | ' | '9 years 11 months 12 days |
Weighted Average Remaining Life, options exercisable (Years) (in Duration) | '6 years 3 months 7 days | ' |
Stockholders_Equity_Summary_of1
Stockholders' Equity (Summary of Stock Options Outstanding) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ' |
Exercise Price, stock options, lower limit (in Dollars per Share) | $0.34 |
Exercise Price, stock options, upper limit (in Dollars per Share) | $0.48 |
Number of Options Outstanding, exercise price range (in Shares) | 6,184,703 |
Weighted Average Remaining Contractual Life (Years) (in Duration) | '7 years 4 months 21 days |
Number of Options Exercisable, exercise price range (in Shares) | 4,201,370 |
$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 1 month 17 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 3 months 26 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 $0.70 [Member] | ' |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ' |
Number of Options Outstanding, exercise price range (in Shares) | 2,319,263 |
Weighted Average Remaining Contractual Life (Years) (in Duration) | '9 years 11 months 12 days |
Weighted Average Price Exercise, exercise price range, stock options outstanding (in Dollars per Share) | $0.70 |
Number of Options Exercisable, exercise price range (in Shares) | 707,597 |
Weighted Average Price Exercise, exercise price range, options exercisable (in Dollars per Share) | $0.70 |
Exercise Price $1.00 [Member] | ' |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ' |
Number of Options Outstanding, exercise price range (in Shares) | 890,000 |
Weighted Average Remaining Contractual Life (Years) (in Duration) | '7 years 10 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) | 518,333 |
Weighted Average Price Exercise, exercise price range, options exercisable (in Dollars per Share) | $1 |
Stockholders_Equity_StockBased
Stockholders' Equity (Stock-Based Compensation Award Valuation Assumptions) (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Stockholders' Equity [Abstract] | ' |
Risk-free interest rate (in Percent) | 2.07% |
Expected stock price volatility (in Percent) | 71.05% |
Expected dividend yield (in Percent) | 0.00% |
Expected life of options (in Duration) | '6 years 3 months 4 days |
Commitments_and_Contingencies_
Commitments and Contingencies (Narrative) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Long Term Purchase Commitment [Line Items] | ' |
Common stock issued for services (in Shares) | 35,000 |
Warrant issued, number of shares of common stock called by warrant (in Shares) | 75,000 |
Warrant issued, common stock called for, strike price (in Dollars per Share) | $1.01 |
Warrant issued, life of common stock called (in Duration) | '5 years |
Additional warrants authorized for issuance, maximum number of shares of common stock (in Shares) | 50,000 |
Business Consulting Services Agreement [Member] | ' |
Long Term Purchase Commitment [Line Items] | ' |
Common stock issued for services (in Shares) | 25,000 |
Subsequent_Events_Narrative_De
Subsequent Events (Narrative) (Details) (2014 Financing Transactions [Member], USD $) | 3 Months Ended |
Mar. 31, 2014 | |
2014 Financing Transactions [Member] | ' |
Subsequent Event [Line Items] | ' |
Subsequent event (Date) | 14-Apr-14 |
Subsequent event, net proceeds | $1,522,500 |
Subsequent event, number of units issued (in Units) | 1,522,500 |
Subsequent event, units issued, number of common stock included in each unit (in Shares) | 1 |
Subsequent event, units issued, number of warrants included in each unit (in Shares) | 1 |