Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 07, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | RING ENERGY, INC. | |
Entity Central Index Key | 1,384,195 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | REI | |
Entity Common Stock, Shares Outstanding | 30,391,342 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Current Assets | ||
Cash | $ 5,767,566 | $ 8,622,235 |
Accounts receivable | 4,020,660 | 3,616,676 |
Joint interest billing receivable | 2,627,771 | 2,683,787 |
Prepaid expenses and retainers | 1,175,483 | 160,600 |
Total Current Assets | 13,591,480 | 15,083,298 |
Properties and Equipment | ||
Oil and natural gas properties subject to amortization | 257,757,735 | 166,036,400 |
Office equipment and automobiles | 1,525,848 | 1,209,809 |
Total Properties and Equipment | 259,283,583 | 167,246,209 |
Accumulated depreciation, depletion and amortization | (21,547,378) | (14,688,047) |
Net Properties and Equipment | 237,736,205 | 152,558,162 |
Total Assets | 251,327,685 | 167,641,460 |
Current Liabilities | ||
Accounts payable | 6,999,288 | 16,241,022 |
Other accrued liabilities | 0 | 22,029 |
Total Current Liabilities | 6,999,288 | 16,263,051 |
Deferred income taxes | 4,772,921 | 4,939,390 |
Long term debt | 40,900,000 | 0 |
Asset retirement obligations | 6,264,985 | 3,896,489 |
Total Liabilities | 58,937,194 | 25,098,930 |
Stockholders' Equity | ||
Preferred stock - $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common stock - $0.001 par value; 150,000,000 shares authorized; 30,276,342 shares and 25,734,467 shares outstanding, respectively | 30,276 | 25,734 |
Additional paid-in capital | 190,817,199 | 140,532,323 |
Retained Earnings | 1,543,016 | 1,984,473 |
Total Stockholders' Equity | 192,390,491 | 142,542,530 |
Total Liabilities and Stockholders' Equity | $ 251,327,685 | $ 167,641,460 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Preferred Stock, par value | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 |
Common Stock, Shares, Issued | 30,276,342 | 25,734,467 |
Common Stock, Shares, Outstanding | 30,276,342 | 25,734,467 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues: | ||||
Oil and Gas Revenues | $ 8,976,790 | $ 11,204,238 | $ 15,022,491 | $ 17,174,690 |
Costs and Operating Expenses | ||||
Oil and gas production costs | 2,206,057 | 1,077,878 | 4,073,852 | 1,848,978 |
Oil and gas production taxes | 422,884 | 517,052 | 699,915 | 793,013 |
Depreciation, depletion and amortization | 3,205,033 | 3,477,816 | 6,859,331 | 5,008,012 |
Accretion expense | 79,400 | 37,312 | 146,379 | 61,694 |
General and administrative expense | 2,043,730 | 1,634,807 | 3,772,717 | 3,199,268 |
Total Costs and Operating Expenses | 7,957,104 | 6,744,865 | 15,552,194 | 10,910,965 |
Income (Loss) from Operations | 1,019,686 | 4,459,373 | (529,703) | 6,263,725 |
Other Income | ||||
Interest expense | (79,005) | 0 | (79,005) | 0 |
Interest income | 2 | 19,576 | 782 | 62,349 |
Net Other Income | (79,003) | 19,576 | (78,223) | 62,349 |
Income (loss) before tax provision | 940,683 | 4,478,949 | (607,926) | 6,326,074 |
(Provision For) Benefit From Income Taxes | (406,516) | (1,657,211) | 166,469 | (2,340,647) |
Net Income (Loss) | $ 534,167 | $ 2,821,738 | $ (441,457) | $ 3,985,427 |
Basic Earnings (Loss) per Share | $ 0.02 | $ 0.12 | $ (0.02) | $ 0.17 |
Diluted Earnings (Loss) per Share | $ 0.02 | $ 0.11 | $ (0.02) | $ 0.16 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash Flows From Operating Activities | ||
Net income (loss) | $ (441,457) | $ 3,985,427 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation, depletion and amortization | 6,859,331 | 5,008,012 |
Accretion expense | 146,379 | 61,694 |
Share-based compensation | 1,311,174 | 1,299,569 |
Provision for income taxes | (166,469) | 2,340,647 |
Changes in assets and liabilities: | ||
Accounts receivable | (347,968) | (892,225) |
Prepaid expenses | (1,014,883) | (193,045) |
Accounts payable | (9,263,763) | 1,422,697 |
Net Cash Provided by Operating Activities | (2,917,656) | 13,032,776 |
Cash Flows from Investing Activities | ||
Payments to purchase oil and natural gas properties | (76,683,890) | (10,974,396) |
Payments to develop oil and natural gas properties | (12,815,328) | (37,324,033) |
Purchase of office equipment | (316,039) | (239,210) |
Net Cash Used in Investing Activities | (89,815,257) | (48,537,639) |
Cash Flows From Financing Activities | ||
Proceeds from option exercise | 62,500 | 22,500 |
Proceeds from issuance of common stock | 48,915,744 | 28,667,132 |
Proceeds from borrowings on credit facility | 40,900,000 | 0 |
Net Cash Provided by Financing Activities | 89,878,244 | 28,689,632 |
Net Increase (Decrease) in Cash | (2,854,669) | (6,815,231) |
Cash at Beginning of Period | 8,622,235 | 52,350,583 |
Cash at End of Period | 5,767,566 | 45,535,352 |
Noncash Investing and Financing Activities | ||
Asset retirement obligation acquired | 2,177,110 | 294,772 |
Asset retirement obligation incurred during development | $ 45,007 | $ 737,969 |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | The accompanying condensed financial statements prepared by Ring Energy, Inc. (the “Company” or “Ring”) have not been audited by an independent registered public accounting firm. In the opinion of the Company’s management, the accompanying unaudited financial statements contain all adjustments necessary for fair presentation of the results of operations for the periods presented, which adjustments were of a normal recurring nature, except as disclosed herein. The results of operations for the three and six months ended June 30, 2015, are not necessarily indicative of the results to be expected for the full year ending December 31, 2015. Certain notes and other disclosures have been omitted from these interim financial statements. Therefore, these financial statements should be read in conjunction with the Company’s 2014 Annual Report on Form 10-K. The Company is a Nevada corporation that owns interests in oil and natural gas properties located in Texas and Kansas. The Company’s oil and natural gas sales, profitability and future growth are dependent upon prevailing and future prices for oil and natural gas and the successful acquisition, exploration and development of oil and natural gas properties. Oil and natural gas prices have historically been volatile and may be subject to wide fluctuations in the future. A substantial decline in oil and natural gas prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows and quantities of oil and natural gas reserves that may be economically produced. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Changes in the future estimated oil and natural gas reserves or the estimated future cash flows attributable to the reserves that are utilized for impairment analysis could have a significant impact on the Company’s future results of operations. Fair value is 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 (exit price). The Financial Accounting Standards Board (FASB) has established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy consists of three broad levels. Level 1 inputs are the highest priority and consist of unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 are inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 3 are unobservable inputs for an asset or liability. The carrying amounts reported for the revolving line of credit approximates fair value because the underlying instruments are at interest rates which approximate current market rates. The carrying amounts of receivables and accounts payable and other current assets and liabilities approximate fair value because of the short-term maturities and/or liquid nature of these assets and liabilities. 41 39 8 26 31 28 Approximately 60 All capitalized costs of oil and gas properties, plus estimated future costs to develop proved reserves, are amortized on the unit-of-production method using estimates of proved reserves as determined by independent engineers. The Company evaluates oil and gas properties for impairment at least annually. Amortization expense for the three and six months ended June 30, 2015, was $ 3,205,033 6,859,331 20.91 3,477,816 5,008,012 26.80 74,888 128,643 25,741 47,427 In addition, capitalized costs are subject to a ceiling test which limits such costs to the estimated present value of future net revenues from proved reserves, discounted at a 10 5 7 The Company records a liability in the period in which an asset retirement obligation (“ARO”) is incurred, in an amount equal to the discounted estimated fair value of the obligation that is capitalized. Thereafter, this liability is accreted up to the final estimated retirement cost. An ARO is a future expenditure related to the disposal or other retirement of certain assets. The Company’s ARO relates to future plugging and abandonment expenses of its oil and natural gas properties and related facilities disposal. The Company predominantly derives its revenues from the sale of produced oil and natural gas. Revenue is recorded in the month the product is delivered to the purchasers. At the end of each month, the Company recognizes oil and natural gas sales based on estimates of the amount of production delivered to purchasers and the price to be received. Variances between the Company’s estimated oil and natural gas sales and actual receipts are recorded in the month the payments are received. The Company has outstanding stock option grants to directors, officers and employees, which are described more fully in Note 7. The Company recognizes the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the related compensation expense over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period. The Company accounts for share-based compensation issued to non-employees as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The measurement date for these issuances is the earlier of (i) the date at which a commitment for performance by the recipient to earn the equity instruments is reached or (ii) the date at which the recipient’s performance is complete. In April 2015, the Financial Accounting Standards Board (the “FASB”) issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, (“ASU 2015-03”). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 will be effective for the fiscal year beginning January 1, 2016 and subsequent interim periods, with earlier adoption permitted. ASU 2015-03 will be effective for the Company’s fiscal year beginning January 1, 2016 and subsequent interim periods. Management is currently evaluating the impact of the pending adoption of ASU 2015-03 on the Company’s consolidated financial statements. Basic and Diluted Earnings (Loss) per Share |
EARNINGS (LOSS) PER SHARE INFOR
EARNINGS (LOSS) PER SHARE INFORMATION | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | NOTE 2 EARNINGS (LOSS) PER SHARE INFORMATION For The Three Months For The Six Months Ended June 30, Ended June 30, 2015 2014 2015 2014 Net Income (Loss) $ 534,167 $ 2,821,738 $ (441,457) $ 3,985,427 Basic Weighted-Average Shares Outstanding 26,121,822 23,907,651 25,935,204 23,745,406 Effect of dilutive securities: Stock options 1,050,776 1,244,281 - 1,180,682 Diluted Weighted-Average Shares Outstanding 27,172,598 25,151,932 25,935,204 24,926,088 Basic Earnings (Loss) per Share $ 0.02 $ 0.12 $ (0.02) $ 0.17 Diluted Earnings (Loss) per Share $ 0.02 $ 0.11 $ (0.02) $ 0.16 Stock options to purchase 2,638,250 459,250 5,000 105,000 |
ACQUISITIONS
ACQUISITIONS | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | In June 2015, Ring completed the acquisition of oil and gas assets and properties in the Ford West Field and Ford Geraldine Unit in Reeves and Culberson Counties, Texas. The acquired properties consist of 14,645 14,322 98 79 75,000,000 275,300 685,944 71,808 The acquisition was recognized as a business combination whereby Ring recorded the assets acquired and the liabilities assumed at their fair values as of May 1, 2015, which is the date the Company obtained control of the properties and was the acquisition date for financial reporting purposes. The estimated fair value of the acquired properties approximated the consideration paid, which the Company concluded approximated the fair value that would be paid by a typical market participant. Assets acquired Proved oil and natural gas properties $ 77,177,109 Accounts receivable 275,300 Liabilities assumed Accounts payable (685,944) Asset retirement obligations (2,177,110) Total Identifiable Net Assets $ 74,589,355 For The Three Months For The Six Months Ended June 30, Ended June 30, 2015 2014 2015 2014 Oil and Gas Revenues $ 11,370,380 $ 21,248,898 $ 21,262,036 $ 38,423,429 Net Income (Loss) $ 687,551 $ 5,686,617 $ (351,572) $ 10,603,808 Basic Earnings (Loss) per Share $ 0.03 $ 0.24 $ (0.01) $ 0.45 Diluted Earnings (Loss) per Share $ 0.03 $ 0.23 $ (0.01) $ 0.43 |
REVOLVING LINE OF CREDIT
REVOLVING LINE OF CREDIT | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 4 REVOLVING LINE OF CREDIT On July 1, 2014, the Company entered into a Credit Agreement with SunTrust Bank, as lender, issuing bank and administrative agent for several banks and other financial institutions and lenders (“Administrative Agent”), which was amended by that certain First Amendment to Credit Facility on June 26, 2015 (as amended, the “Credit Facility”). The Credit Facility provides for a senior secured revolving credit facility with a maximum borrowing amount of $ 500 The initial borrowing base under the Credit Facility is $ 100 The Credit Facility allows for Eurodollar Loans and Base Rate Loans (each as defined in the Credit Facility). The interest rate on each Eurodollar Loan will be the adjusted LIBOR for the applicable interest period plus a margin between 1.75 2.75 0.5 1.00 2.75 3.75 The Credit Facility contains certain covenants, which, among other things, require the maintenance of (i) a total leverage ratio of not more than 4.0 to 1.0 1.0 to 1.0 40,900,000 |
ASSET RETIREMENT OBLIGATION
ASSET RETIREMENT OBLIGATION | 6 Months Ended |
Jun. 30, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation Disclosure [Text Block] | NOTE 5 ASSET RETIREMENT OBLIGATION The Company provides for the obligation to plug and abandon oil and gas wells at the dates properties are either acquired or the wells are drilled. The asset retirement obligation is adjusted each quarter for any liabilities incurred or settled during the period, accretion expense and any revisions made to the estimated cash flows. Balance, December 31, 2014 $ 3,896,489 Liabilities acquired 2,177,110 Liabilities incurred 45,007 Accretion expense 146,379 Balance, June 30, 2015 $ 6,264,985 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 6 STOCKHOLDERS’ EQUITY In June 2015, the Company closed an underwritten public offering of 4,500,000 11.50 51,750,000 48,915,744 2,834,256 Common Stock Issued in Option Exercises During the six months ended June 30, 2014, the Company issued 5,000 4.50 22,500 Also during the six months ended June 30, 2014, the Company issued a total of 64,300 62,500 2.00 10,000 4.50 5,000 5.50 500 7.50 13,700 201,250 14.69 During the six months ended June 30, 2015, the Company issued 25,000 5,000 4.50 20,000 2.00 62,500 Also during the six months ended June 30, 2015, the Company issued 16,875 10,000 2.00 10,000 4.50 5,000 5.50 8,125 92,500 11.38 |
EMPLOYEE STOCK OPTIONS
EMPLOYEE STOCK OPTIONS | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 7 EMPLOYEE STOCK OPTIONS Compensation expense charged against income for share-based awards during the three and six months ended June 30, 2015, was $ 656,486 1,311,174 640,101 1,299,569 In 2011, the Board of Directors and stockholders approved and adopted a long-term incentive plan which allowed for the issuance of up to 2,500,000 5,000,000 2,132,750 The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model and using certain assumptions. The expected volatility is based on the historical price volatility of the Company’s common stock. The Company uses the simplified method for estimating the expected term for options granted. Under the simplified method, the expected term is equal to the midpoint between the vesting period and the contractual term of the stock option. The risk-free interest rate represents the U.S. Treasury bill rate for the expected life of the related stock options. The dividend yield represents the Company’s anticipated cash dividend over the expected life of the stock options. 2015 2014 Expected volatility 103 % 114 % Weighted-average volatility 103 % 114 % Expected dividends 0 0 Expected term (in years) 6.5 6.5 Risk-free interest rate 1.32 % 1.58 % Weighted- Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term Value Outstanding, December 31, 2014 2,684,500 $ 4.67 Granted 3,750 $ 10.89 Exercised (50,000) 3.10 Outstanding, June 30, 2015 2,638,250 $ 4.71 7.5 Years $ 17,268,405 Exercisable, June 30, 2015 975,000 $ 3.66 7.1 Years The intrinsic value was calculated using the closing price on June 30, 2015 of $ 11.19 3,774,874 2.3 1,553,050 |
CONTINGENCIES AND COMMITMENTS
CONTINGENCIES AND COMMITMENTS | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 8 CONTINGENCIES AND COMMITMENTS Standby Letters of Credit 145,000 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 9 SUBSEQUENT EVENTS Class Action Lawsuit - Rosalyn Newman, on behalf of herself and others similarly situated, Plaintiff, v. Ring Energy, Inc., et al. Defendants, The Lawsuit alleges, among other things, that the members of our Board of Directors breached their fiduciary duties, and that SunTrust Bank aided and abetted such breaches, in connection with our Credit Agreement as a result of certain provisions that gives SunTrust Bank the right to accelerate the debt in the event of a change in control, among other things. The complaint seeks, among other things, declaratory relief, as well as an award of costs and disbursements of the Lawsuit, including attorney’s fees, experts’ fees, costs and expenses. The Credit Agreement has been amended to eliminate and modify such provisions. We believe we have meritorious defenses to the claims in the Lawsuit and will seek to have such Lawsuit dismissed. We believe any costs associated with the Lawsuit will be immaterial. Second Amendment to Credit Facility - On July 24, 2015, the Company, its Lenders, and SunTrust Bank, entered into a Second Amendment to its existing Credit Agreement to amend the definition of “Continuing Director” to delete the exclusion of individuals whose nomination for, or assumption of office, occurs as a result of an actual or threatened solicitation of proxies or consents. Exercise of Over-Allotment - On July 17, 2015, the Company closed the sale of an additional 100,000 0.001 11.50 4,500,000 1,150,000 Option Exercise - 15,000 4.50 67,500 |
BASIS OF PRESENTATION AND SIG15
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Condensed Financial Statements The accompanying condensed financial statements prepared by Ring Energy, Inc. (the “Company” or “Ring”) have not been audited by an independent registered public accounting firm. In the opinion of the Company’s management, the accompanying unaudited financial statements contain all adjustments necessary for fair presentation of the results of operations for the periods presented, which adjustments were of a normal recurring nature, except as disclosed herein. The results of operations for the three and six months ended June 30, 2015, are not necessarily indicative of the results to be expected for the full year ending December 31, 2015. Certain notes and other disclosures have been omitted from these interim financial statements. Therefore, these financial statements should be read in conjunction with the Company’s 2014 Annual Report on Form 10-K. |
Organization And Nature Of Operations [Policy Text Block] | Organization and Nature of Operations The Company is a Nevada corporation that owns interests in oil and natural gas properties located in Texas and Kansas. The Company’s oil and natural gas sales, profitability and future growth are dependent upon prevailing and future prices for oil and natural gas and the successful acquisition, exploration and development of oil and natural gas properties. Oil and natural gas prices have historically been volatile and may be subject to wide fluctuations in the future. A substantial decline in oil and natural gas prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows and quantities of oil and natural gas reserves that may be economically produced. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Changes in the future estimated oil and natural gas reserves or the estimated future cash flows attributable to the reserves that are utilized for impairment analysis could have a significant impact on the Company’s future results of operations. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Measurements Fair value is 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 (exit price). The Financial Accounting Standards Board (FASB) has established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy consists of three broad levels. Level 1 inputs are the highest priority and consist of unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 are inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 3 are unobservable inputs for an asset or liability. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Values of Financial Instruments The carrying amounts reported for the revolving line of credit approximates fair value because the underlying instruments are at interest rates which approximate current market rates. The carrying amounts of receivables and accounts payable and other current assets and liabilities approximate fair value because of the short-term maturities and/or liquid nature of these assets and liabilities. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk and Major Customer 41 39 8 26 31 28 Approximately 60 |
Oil and Gas Properties Policy [Policy Text Block] | Oil and Gas Properties All capitalized costs of oil and gas properties, plus estimated future costs to develop proved reserves, are amortized on the unit-of-production method using estimates of proved reserves as determined by independent engineers. The Company evaluates oil and gas properties for impairment at least annually. Amortization expense for the three and six months ended June 30, 2015, was $ 3,205,033 6,859,331 20.91 3,477,816 5,008,012 26.80 74,888 128,643 25,741 47,427 In addition, capitalized costs are subject to a ceiling test which limits such costs to the estimated present value of future net revenues from proved reserves, discounted at a 10 |
Property, Plant and Equipment, Policy [Policy Text Block] | Office Equipment 5 7 |
Asset Retirement Obligations, Policy [Policy Text Block] | Asset Retirement Obligation The Company records a liability in the period in which an asset retirement obligation (“ARO”) is incurred, in an amount equal to the discounted estimated fair value of the obligation that is capitalized. Thereafter, this liability is accreted up to the final estimated retirement cost. An ARO is a future expenditure related to the disposal or other retirement of certain assets. The Company’s ARO relates to future plugging and abandonment expenses of its oil and natural gas properties and related facilities disposal. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company predominantly derives its revenues from the sale of produced oil and natural gas. Revenue is recorded in the month the product is delivered to the purchasers. At the end of each month, the Company recognizes oil and natural gas sales based on estimates of the amount of production delivered to purchasers and the price to be received. Variances between the Company’s estimated oil and natural gas sales and actual receipts are recorded in the month the payments are received. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-Based Employee Compensation The Company has outstanding stock option grants to directors, officers and employees, which are described more fully in Note 7. The Company recognizes the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the related compensation expense over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period. |
Share-based Compensation, Option and Incentive Plans, Director Policy [Policy Text Block] | Share-Based Compensation to Non-Employees The Company accounts for share-based compensation issued to non-employees as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The measurement date for these issuances is the earlier of (i) the date at which a commitment for performance by the recipient to earn the equity instruments is reached or (ii) the date at which the recipient’s performance is complete. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (the “FASB”) issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, (“ASU 2015-03”). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 will be effective for the fiscal year beginning January 1, 2016 and subsequent interim periods, with earlier adoption permitted. ASU 2015-03 will be effective for the Company’s fiscal year beginning January 1, 2016 and subsequent interim periods. Management is currently evaluating the impact of the pending adoption of ASU 2015-03 on the Company’s consolidated financial statements. |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Earnings (Loss) per Share |
EARNINGS (LOSS) PER SHARE INF16
EARNINGS (LOSS) PER SHARE INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For The Three Months For The Six Months Ended June 30, Ended June 30, 2015 2014 2015 2014 Net Income (Loss) $ 534,167 $ 2,821,738 $ (441,457) $ 3,985,427 Basic Weighted-Average Shares Outstanding 26,121,822 23,907,651 25,935,204 23,745,406 Effect of dilutive securities: Stock options 1,050,776 1,244,281 - 1,180,682 Diluted Weighted-Average Shares Outstanding 27,172,598 25,151,932 25,935,204 24,926,088 Basic Earnings (Loss) per Share $ 0.02 $ 0.12 $ (0.02) $ 0.17 Diluted Earnings (Loss) per Share $ 0.02 $ 0.11 $ (0.02) $ 0.16 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table summarizes the fair values of the assets acquired and the liabilities assumed: Assets acquired Proved oil and natural gas properties $ 77,177,109 Accounts receivable 275,300 Liabilities assumed Accounts payable (685,944) Asset retirement obligations (2,177,110) Total Identifiable Net Assets $ 74,589,355 |
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited pro forma information is presented to reflect the operations of the Company as if the Ford West Field and Ford Geraldine Unit acquisition had been completed on January 1, 2015 and 2014, respectively. For The Three Months For The Six Months Ended June 30, Ended June 30, 2015 2014 2015 2014 Oil and Gas Revenues $ 11,370,380 $ 21,248,898 $ 21,262,036 $ 38,423,429 Net Income (Loss) $ 687,551 $ 5,686,617 $ (351,572) $ 10,603,808 Basic Earnings (Loss) per Share $ 0.03 $ 0.24 $ (0.01) $ 0.45 Diluted Earnings (Loss) per Share $ 0.03 $ 0.23 $ (0.01) $ 0.43 |
ASSET RETIREMENT OBLIGATION (Ta
ASSET RETIREMENT OBLIGATION (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Asset Retirement Obligations [Table Text Block] | The asset retirement obligation incurred at the time of drilling was computed using the annual credit-adjusted risk-free discount rate at the applicable dates. Changes in the asset retirement obligation were as follows: Balance, December 31, 2014 $ 3,896,489 Liabilities acquired 2,177,110 Liabilities incurred 45,007 Accretion expense 146,379 Balance, June 30, 2015 $ 6,264,985 |
EMPLOYEE STOCK OPTIONS (Tables)
EMPLOYEE STOCK OPTIONS (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | The following are the assumptions used to determine the fair value of options granted during the six months ended June 30, 2015 and 2014: 2015 2014 Expected volatility 103 % 114 % Weighted-average volatility 103 % 114 % Expected dividends 0 0 Expected term (in years) 6.5 6.5 Risk-free interest rate 1.32 % 1.58 % |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of the stock option activity as of June 30, 2015, and changes during the six months then ended is as follows: Weighted- Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term Value Outstanding, December 31, 2014 2,684,500 $ 4.67 Granted 3,750 $ 10.89 Exercised (50,000) 3.10 Outstanding, June 30, 2015 2,638,250 $ 4.71 7.5 Years $ 17,268,405 Exercisable, June 30, 2015 975,000 $ 3.66 7.1 Years |
BASIS OF PRESENTATION AND SIG20
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Depreciation | $ 74,888 | $ 25,741 | $ 128,643 | $ 47,427 |
Amortization expense | 3,205,033 | 3,477,816 | 6,859,331 | 5,008,012 |
Depletion At The Rate Per Barrel | $ 20.91 | $ 26.80 | $ 20.91 | $ 26.80 |
Estimated Present Value Of Future Net Revenues From Proved Reserves Discounted At An Interest Rate | 10.00% | |||
Percentage Of Accounts Receivables | 60.00% | 60.00% | ||
Maximum [Member] | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 7 years | |||
Minimum [Member] | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 5 years | |||
Sales Revenue, Net [Member] | Customer One [Member] | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 41.00% | |||
Sales Revenue, Net [Member] | Customer Two [Member] | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 39.00% | |||
Sales Revenue, Net [Member] | Customer Three [Member] | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 8.00% | |||
Accounts Receivable [Member] | Customer One [Member] | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 26.00% | |||
Accounts Receivable [Member] | Customer Two [Member] | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 31.00% | |||
Accounts Receivable [Member] | Customer Three [Member] | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 28.00% |
EARNINGS (LOSS) PER SHARE INF21
EARNINGS (LOSS) PER SHARE INFORMATION (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net Income (Loss) | $ 534,167 | $ 2,821,738 | $ (441,457) | $ 3,985,427 |
Basic Weighted-Average Shares Outstanding | 26,121,822 | 23,907,651 | 25,935,204 | 23,745,406 |
Effect of dilutive securities: | ||||
Stock options | 1,050,776 | 1,244,281 | 0 | 1,180,682 |
Diluted Weighted-Average Shares Outstanding | 27,172,598 | 25,151,932 | 25,935,204 | 24,926,088 |
Basic Earnings (Loss) per Share | $ 0.02 | $ 0.12 | $ (0.02) | $ 0.17 |
Diluted Earnings (Loss) per Share | $ 0.02 | $ 0.11 | $ (0.02) | $ 0.16 |
EARNINGS (LOSS) PER SHARE INF22
EARNINGS (LOSS) PER SHARE INFORMATION (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Common Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,638,250 | 5,000 | 459,250 | 105,000 |
ACQUISITIONS (Details)
ACQUISITIONS (Details) | Jun. 30, 2015USD ($) |
Assets acquired | |
Proved oil and natural gas properties | $ 77,177,109 |
Accounts receivable | 275,300 |
Liabilities assumed | |
Accounts payable | (685,944) |
Asset retirement obligations | (2,177,110) |
Total Identifiable Net Assets | $ 74,589,355 |
ACQUISITIONS (Details 1)
ACQUISITIONS (Details 1) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Business Acquisition [Line Items] | ||||
Oil and Gas Revenues | $ 11,370,380 | $ 21,248,898 | $ 21,262,036 | $ 38,423,429 |
Net Income (Loss) | $ 687,551 | $ 5,686,617 | $ (351,572) | $ 10,603,808 |
Basic Earnings (Loss) per Share | $ 0.03 | $ 0.24 | $ (0.01) | $ 0.45 |
Diluted Earnings (Loss) per Share | $ 0.03 | $ 0.23 | $ (0.01) | $ 0.43 |
ACQUISITIONS (Details Textual)
ACQUISITIONS (Details Textual) - Jun. 30, 2015 | USD ($)a |
Business Acquisition [Line Items] | |
Gas and Oil Area, Developed, Net | a | 14,322 |
Gas and Oil Area, Developed, Gross | a | 14,645 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 75,000,000 |
Noncash or Part Noncash Acquisition, Accounts Receivable Acquired | 275,300 |
Noncash or Part Noncash Acquisition, Payables Assumed | 685,944 |
Business Combination, Acquisition Related Costs | $ 71,808 |
Average Working Interest [Member] | |
Business Acquisition [Line Items] | |
Business Acquisition, Percentage of Voting Interests Acquired | 98.00% |
Average Net Revenue Interest [Member] | |
Business Acquisition [Line Items] | |
Business Acquisition, Percentage of Voting Interests Acquired | 79.00% |
REVOLVING LINE OF CREDIT (Detai
REVOLVING LINE OF CREDIT (Details Textual) - USD ($) | 1 Months Ended | 6 Months Ended |
Jul. 31, 2014 | Jun. 30, 2015 | |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000,000 | $ 100,000,000 |
Debt Instrument, Maturity Date | Jun. 26, 2020 | |
Debt Instrument, Interest Rate During Period | 1.00% | |
Leverage Ratio, Total | 4.0 to 1.0 | |
Minimum Leverage Ratio Current | 1.0 to 1.0 | |
Debt Instrument, Redemption, Description | The Borrowing Base will be redetermined semi-annually on each May 1 and November 1, beginning November 1, 2015. | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Interest Rate Description | 0.5% | |
Line of Credit Facility, Fair Value of Amount Outstanding | $ 40,900,000 | |
Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum | 3.75% | |
Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | 2.75% |
ASSET RETIREMENT OBLIGATION (De
ASSET RETIREMENT OBLIGATION (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Asset Retirement Obligation [Line Items] | ||||
Balance, December 31, 2014 | $ 3,896,489 | |||
Liabilities acquired | 2,177,110 | |||
Liabilities incurred | 45,007 | |||
Accretion expense | $ 79,400 | $ 37,312 | 146,379 | $ 61,694 |
Balance, June 30, 2015 | $ 6,264,985 | $ 6,264,985 |
STOCKHOLDERS' EQUITY (Details T
STOCKHOLDERS' EQUITY (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Class of Stock [Line Items] | ||
Proceeds from issuance of common stock | $ 48,915,744 | $ 28,667,132 |
Equity Option [Member] | ||
Class of Stock [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 50,000 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 3.10 | |
Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 5,000 | |
Stock Issued During Period, Value, Stock Options Exercised | $ 22,500 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 4.50 | |
Common Stock [Member] | Equity Option [Member] | ||
Class of Stock [Line Items] | ||
Stock Issued During Period Shares Stock Options Cashless Exercised | 16,875 | 64,300 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 25,000 | |
Stock Issued During Period, Value, Stock Options Exercised | $ 62,500 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Other Increases (Decreases) in Period | 8,125 | 13,700 |
Stock Issued During Period Value Other Increase Decrease In Cashless Exercise Of Stock Options | $ 92,500 | $ 201,250 |
Shares Issued, Price Per Share | $ 11.38 | $ 14.69 |
Common Stock [Member] | Exercise Price 2.00 [Member] | Equity Option [Member] | ||
Class of Stock [Line Items] | ||
Stock Issued During Period Shares Stock Options Cashless Exercised | 10,000 | 62,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 20,000 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 2 | $ 2 |
Share Based Compensation Arrangements By Share Based Payment Award Options Cash Less Exercises In Period Weighted Average Exercise Price | $ 2 | |
Common Stock [Member] | Exercise Price 4.50 [Member] | Equity Option [Member] | ||
Class of Stock [Line Items] | ||
Stock Issued During Period Shares Stock Options Cashless Exercised | 10,000 | 10,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 5,000 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 4.50 | $ 4.50 |
Share Based Compensation Arrangements By Share Based Payment Award Options Cash Less Exercises In Period Weighted Average Exercise Price | $ 4.50 | |
Common Stock [Member] | Exercise Price 5.50 [Member] | Equity Option [Member] | ||
Class of Stock [Line Items] | ||
Stock Issued During Period Shares Stock Options Cashless Exercised | 5,000 | 5,000 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 5.50 | |
Share Based Compensation Arrangements By Share Based Payment Award Options Cash Less Exercises In Period Weighted Average Exercise Price | $ 5.50 | |
Common Stock [Member] | Exercise Price 7.50 [Member] | Equity Option [Member] | ||
Class of Stock [Line Items] | ||
Stock Issued During Period Shares Stock Options Cashless Exercised | 500 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 7.50 | |
Common Stock [Member] | Public Offering [Member] | ||
Class of Stock [Line Items] | ||
Stock Issued During Period, Shares, New Issues | 4,500,000 | |
Proceeds from issuance of common stock | $ 48,915,744 | |
Payments of Stock Issuance Costs | 2,834,256 | |
Proceeds From Issuance Of Common Stock Gross | $ 51,750,000 | |
Sale of Stock, Price Per Share | $ 11.50 |
EMPLOYEE STOCK OPTIONS (Details
EMPLOYEE STOCK OPTIONS (Details) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 103.00% | 114.00% |
Weighted-average volatility | 103.00% | 114.00% |
Expected dividends | 0.00% | 0.00% |
Expected term (in years) | 6 years 6 months | 6 years 6 months |
Risk-free interest rate | 1.32% | 1.58% |
EMPLOYEE STOCK OPTIONS (Detai30
EMPLOYEE STOCK OPTIONS (Details 1) - Jun. 30, 2015 - Equity Option [Member] - USD ($) | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding | 2,684,500 |
Granted | 3,750 |
Exercised | (50,000) |
Options Outstanding | 2,638,250 |
Options Exercisable | 975,000 |
Weighted Average Exercise Price of Options Outstanding | $ 4.67 |
Weighted Average Exercise Price of Options Granted | 10.89 |
Weighted Average Exercise Price of Options Exercised | 3.10 |
Weighted Average Exercise Price of Options Outstanding | 4.71 |
Weighted Average Exercise Price of Options Exercisable | $ 3.66 |
Weighted Average Remaining contractual Term Outstanding | 7 years 6 months |
Weighted Average Remaining contractual Term Exercisable | 7 years 1 month 6 days |
Aggregate Intrinsic Value | $ 17,268,405 |
EMPLOYEE STOCK OPTIONS (Detai31
EMPLOYEE STOCK OPTIONS (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,132,750 | 2,132,750 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 3,774,874 | $ 3,774,874 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 3 months 18 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 1,553,050 | $ 1,553,050 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ 11.19 | $ 11.19 | ||||
Compensation Expenses Charged Against Income For Share Based Awards Included In General And Administrative Expenses | $ 656,486 | $ 640,101 | $ 1,311,174 | $ 1,299,569 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,500,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 5,000,000 |
CONTINGENCIES AND COMMITMENTS (
CONTINGENCIES AND COMMITMENTS (Details Textual) | Jun. 30, 2015USD ($) |
Loss Contingencies [Line Items] | |
Standby Letters Of Credit Issued By Commercial Banks In The States Of Texas And Kansas | $ 145,000 |
SUBSEQUENT EVENTS (Details Text
SUBSEQUENT EVENTS (Details Textual) - USD ($) | 1 Months Ended | |||
Jul. 17, 2015 | Jul. 01, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Subsequent Event [Line Items] | ||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||
Common Stock, Shares, Issued | 30,276,342 | 25,734,467 | ||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Common Stock, Shares, Issued | 15,000 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 4.50 | |||
Subsequent Event [Member] | Parent Company [Member] | ||||
Subsequent Event [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 67,500 | |||
Subsequent Event [Member] | Common Stock [Member] | Over-Allotment Option [Member] | ||||
Subsequent Event [Line Items] | ||||
Proceeds From Issuance Of Common Stock Gross | $ 1,150,000 | |||
Sale of Stock, Number of Shares Issued in Transaction | 100,000 | |||
Common Stock, Par or Stated Value Per Share | $ 0.001 | |||
Sale of Stock, Price Per Share | $ 11.50 | |||
Stock Issued During Period, Shares, New Issues | 4,500,000 |