Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 16-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Armco Metals Holdings, Inc. | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 52,739,661 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001410711 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
CURRENT ASSETS: | ' | ' |
Cash | $1,000,304 | $596,557 |
Pledged deposits | 1,046,872 | 4,652,222 |
Marketable securities | 541,067 | 519,129 |
Accounts receivable, net | 18,459,055 | 25,595,516 |
Inventories | 16,787,158 | 20,456,920 |
Advance on purchases | 749,387 | 733,285 |
Prepayments and other current assets | 2,136,796 | 1,181,371 |
Total Current Assets | 40,720,639 | 53,735,000 |
PROPERTY, PLANT AND EQUIPMENT | ' | ' |
Property, plant and equipment | 44,491,820 | 44,856,611 |
Accumulated depreciation | -9,988,674 | -9,360,933 |
PROPERTY, PLANT AND EQUIPMENT, net | 34,503,146 | 35,495,678 |
LAND USE RIGHTS | ' | ' |
Land use rights | 6,626,488 | 6,681,779 |
Accumulated amortization | -443,587 | -416,478 |
LAND USE RIGHTS, net | 6,182,901 | 6,265,301 |
Total Assets | 81,406,686 | 95,495,979 |
CURRENT LIABILITIES: | ' | ' |
Loans payable | 22,511,856 | 27,415,638 |
Banker's acceptance notes payable and letters of credit | 3,116,049 | 8,473,217 |
Current maturities of capital lease obligation | 897,501 | 904,990 |
Accounts payable | 5,118,495 | 10,062,463 |
Due to related party | 397,371 | 403,141 |
Customer deposits | 2,821,930 | 649,488 |
Corporate income tax payable | 820,036 | 822,207 |
Derivative liability | 1,367,535 | 61,429 |
Value added tax and other taxes payable | 1,831,056 | 2,202,331 |
Accrued expenses and other current liabilities | 1,653,038 | 1,228,753 |
Total Current Liabilities | 41,290,672 | 52,891,989 |
Total Liabilities | 41,290,672 | 52,891,989 |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred stock, $0.001 par value; 1,000,000 shares authorized; none issued or outstanding | 0 | 0 |
Common stock, $0.001 par value, 74,000,000 shares authorized, 33,770,176 and 29,876,327 shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively | 33,770 | 29,876 |
Additional paid-in capital | 37,305,937 | 35,790,906 |
Retained earnings | -994,994 | 2,625,287 |
Accumulated other comprehensive income (loss): | ' | ' |
Change in unrealized gain on marketable securities | -672,574 | -694,512 |
Foreign currency translation gain | 4,443,875 | 4,852,433 |
Total Stockholders' Equity | 40,116,014 | 42,603,990 |
Total Liabilities and Stockholders' Equity | 81,406,686 | 95,495,979 |
Warrant [Member] | ' | ' |
CURRENT LIABILITIES: | ' | ' |
Derivative liability | 1,367,535 | 61,429 |
Chairman and CEO [Member] | ' | ' |
CURRENT LIABILITIES: | ' | ' |
Advances received from Chairman and CEO | $755,805 | $668,332 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Preferred stock par value (in Dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 74,000,000 | 74,000,000 |
Common stock, shares issued | 33,770,176 | 29,876,327 |
Common stock, shares outstanding | 33,770,176 | 29,876,327 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
NET REVENUES | $9,918,651 | $14,343,077 |
COST OF GOODS SOLD | 11,082,455 | 13,698,412 |
GROSS MARGIN | -1,163,804 | 644,665 |
OPERATING EXPENSES: | ' | ' |
Selling expenses | 100,855 | 29,226 |
Professional fees | 214,454 | 196,497 |
General and administrative expenses | 1,438,126 | 1,046,694 |
Operating cost of idle manufacturing facility | 534,972 | 423,221 |
Total operating expenses | 2,288,407 | 1,695,638 |
LOSS FROM OPERATIONS | -3,452,211 | -1,050,973 |
OTHER (INCOME) EXPENSE: | ' | ' |
Interest income | -98,268 | -2,725 |
Interest expense | 672,942 | 729,372 |
Change in fair value of derivative liability | -477,909 | -615,946 |
Loan guarantee expense | 13,002 | 12,500 |
Other (income) expense | 58,303 | -75,896 |
Total other (income) expense | 168,070 | 47,305 |
LOSS BEFORE INCOME TAXES PROVISION | -3,620,281 | -1,098,278 |
INCOME TAX PROVISION | ' | -8,510 |
NET LOSS | -3,620,281 | -1,089,768 |
OTHER COMPREHENSIVE INCOME (LOSS): | ' | ' |
Change in unrealized income (loss) of marketable securities | 21,938 | 5,499 |
Foreign currency translation gain (loss) | -408,558 | -239,518 |
COMPREHENSIVE LOSS | ($4,006,901) | ($1,323,787) |
NET LOSS PER COMMON SHARE - BASIC AND DILUTED: | ' | ' |
Net loss per common share - basic and diluted (in Dollars per share) | ($0.12) | ($0.05) |
Weighted Average Common Shares Outstanding - basic and diluted (in Shares) | 30,052,787 | 23,304,334 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (USD $) | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Translation Adjustment [Member] | Chaoyang Steel [Member] | Total |
Chaoyang Steel [Member] | Chaoyang Steel [Member] | ||||||||
Balance at Dec. 31, 2013 | ' | $29,876 | ' | $35,790,906 | $2,625,287 | ($694,512) | $4,852,433 | ' | $42,603,990 |
Balance, shares (in Shares) at Dec. 31, 2013 | ' | 29,876,327 | ' | ' | ' | ' | ' | ' | 29,876,327 |
Issuance of common stock for services | 34 | 250 | 12,968 | 97,250 | ' | ' | ' | 13,002 | 97,500 |
Issuance of common stock for services, shares (in Shares) | 33,338 | 250,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock in conversion of convertible notes | ' | 1,274 | ' | 383,353 | ' | ' | ' | ' | 384,627 |
Issuance of common stock in conversion of convertible notes (in Shares) | ' | 1,274,303 | ' | ' | ' | ' | ' | ' | ' |
Reclassification of derivative liabilities due to conversion of convertible notes | ' | ' | ' | 117,267 | ' | ' | ' | ' | 117,267 |
Net Loss | ' | ' | ' | ' | -3,620,281 | ' | ' | ' | -3,620,281 |
Change in unrealized loss on marketable securities | ' | ' | ' | ' | ' | 21,938 | ' | ' | 21,938 |
Foreign currency translation loss | ' | ' | ' | ' | ' | ' | -408,558 | ' | -408,558 |
Stock-based compensation | ' | 2,336 | ' | 904,193 | ' | ' | ' | ' | 906,529 |
Stock-based compensation (in Shares) | ' | 2,336,208 | ' | ' | ' | ' | ' | ' | ' |
Balance at Mar. 31, 2014 | ' | $33,770 | ' | $37,305,937 | ($994,994) | ($672,574) | $4,443,875 | ' | $40,116,014 |
Balance, shares (in Shares) at Mar. 31, 2014 | ' | 33,770,176 | ' | ' | ' | ' | ' | ' | 33,770,176 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net loss | ($3,620,281) | ($1,089,768) | ' |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ' | ' | ' |
Depreciation expense | 706,766 | 706,402 | ' |
Amortization expense | 30,782 | 59,190 | ' |
Change in fair value of derivative liability | -477,909 | -615,946 | ' |
Amortization of debt discount | 494,593 | ' | ' |
Stock-based compensation | 1,017,031 | 411,625 | ' |
Write-down of inventories | 390,173 | ' | ' |
Changes in operating assets and liabilities | ' | ' | ' |
Bank acceptance notes receivable | ' | -1,115,698 | ' |
Accounts receivable | 8,777,149 | 7,635,827 | ' |
Inventories | 3,136,203 | -5,354,655 | ' |
Advance on purchases | 269,806 | -1,130,362 | ' |
Prepayments and other current assets | -1,080,644 | -1,113,145 | ' |
Accounts payable | -4,898,046 | 3,468,335 | ' |
Customer deposits | 501,493 | 1,733,345 | ' |
Taxes payable | -354,926 | -1,285,492 | ' |
Accrued expenses and other current liabilities | 152,365 | 980,317 | ' |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 5,044,555 | 3,289,975 | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Proceeds from release of pledged deposits | 5,409,660 | 3,756,871 | ' |
Payment made towards pledged deposits | -1,816,273 | -7,907,848 | ' |
Purchase of property, plant and equipment | ' | -97,858 | ' |
NET CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES | 3,593,387 | -4,248,835 | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from loans payable | 6,082,898 | 9,503,386 | ' |
Repayment of loans payable | -9,135,063 | -16,504,984 | ' |
Banker's acceptance notes payable | -5,326,288 | 5,674,121 | ' |
Repayment of capital lease obligation | ' | -71,329 | ' |
Advances from (repayment to) Chairman and CEO | 77,918 | 187,929 | ' |
Advances from (repayment to) related party | 78 | ' | ' |
Proceeds from related party loan | ' | 1,004,128 | ' |
Proceeds from sales of common stock | ' | 1,621,356 | ' |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | -8,300,997 | 1,414,607 | ' |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | -66,802 | -495,412 | ' |
NET CHANGE IN CASH | 403,747 | -39,665 | ' |
Cash at beginning of the period | 596,557 | 1,367,171 | 1,367,171 |
Cash at end of the period | 1,000,304 | 1,327,506 | 596,557 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: | ' | ' | ' |
Interest paid | 175,553 | 729,372 | ' |
Income tax paid | ' | 1,777 | ' |
NON CASH FINANCING AND INVESTING ACTIVITIES: | ' | ' | ' |
Debt discount due to convertible features | 1,901,282 | ' | ' |
Reclassification of derivative liability to additional paid-in capital | 117,267 | ' | ' |
Change in fair value of marketable securities | 21,938 | ' | ' |
Common shares issued for conversion of convertible notes and accrued interest | 5,777,967 | ' | 5,777,967 |
Short-term Debt [Member] | ' | ' | ' |
NON CASH FINANCING AND INVESTING ACTIVITIES: | ' | ' | ' |
Common shares issued for conversion of convertible notes and accrued interest | $384,627 | ' | ' |
Note_1_Organization_and_Operat
Note 1 - Organization and Operations | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure Text Block [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
Note 1 – Organization and Operations | |
Armco Metals Holdings, Inc. (formerly China Armco Metals, Inc. and Cox Distributing, Inc.) | |
Cox Distributing was founded as an unincorporated business in January 1984 and was incorporated as Cox Distributing, Inc. (“Cox Distributing”), a C corporation under the laws of the State of Nevada on April 6, 2007 at which time 9,100,000 shares of common stock were issued to the founder in exchange for the existing unincorporated business. No value was given to the stock issued by the newly formed corporation. Therefore, the shares were recorded to reflect the $.001 par value and paid in capital was recorded as a negative amount ($9,100). | |
On June 27, 2008, Cox Distributing amended its Articles of Incorporation, and changed its name to China Armco Metals, Inc. (“Armco Metals” ) upon the acquisition of Armco Metals International Limited (formerly “Armco & Metawise (H.K) Limited” or “Armco HK”) and Subsidiaries to better identify the Company with the business conducted, through its wholly owned subsidiaries in China, import, export and distribution of ferrous and non-ferrous ores and metals, and processing and distribution of scrap steel. | |
On July 3, 2013, the Company changed its name from “China Armco Metals, Inc.” to “Armco Metals Holdings, Inc.”(“Armco Metals Holdings” or the “Company”). | |
Armco Metals International Limited (formerly Armco & Metawise (H.K) Limited) and Subsidiaries | |
Armco Metals International Limited (formerly Armco & Metawise (H.K) Limited) | |
Armco & Metawise (H.K) Limited was incorporated on July 13, 2001 under the laws of the Hong Kong Special Administrative Region (“HK SAR”) of the People’s Republic of China (“PRC”). Armco HK engages in the import, export and distribution of ferrous and non-ferrous ore and metals. | |
On March 22, 2011, Armco & Metawise (H.K) Limited amended its Memorandum and Articles of Association, and changed its name to Armco Metals International Limited (“Armco HK”). | |
Formation of Henan Armco and Metawise Trading Co., Ltd. | |
Henan Armco and Metawise Trading Co., Ltd. (“Henan”) was incorporated on June 6, 2002 in the City of Zhengzhou, Henan Province, PRC. Henan engages in the import, export and distribution of ferrous and non-ferrous ores and metals. | |
Formation of Armco (Lianyungang) Renewable Metals, Inc. | |
On January 9, 2007, Armco HK formed Armco (Lianyungang) Renewable Metals, Inc. (“Renewable Metals”), a wholly-owned foreign enterprise (“WOFE”) subsidiary in the City of Lianyungang, Jiangsu Province, PRC. Renewable Metals engages in the processing and distribution of scrap metal. | |
On December 1, 2008, Armco HK transferred its 100% equity interest in Renewable Metals to Armco Metals. | |
Merger of Henan with Renewable Metals, Companies under Common Control | |
On December 28, 2007, Armco HK entered into a Share Transfer Agreement with Renewable Metals, whereby Armco HK transferred to Renewable Metals all of its equity interest in Henan, a company under common control of Armco HK. | |
The acquisition of Henan has been recorded on the purchase method of accounting at historical amounts as Renewable Metals and Henan were under common control since June 2002. The consolidated financial statements have been presented as if the acquisition of Henan had occurred as of the first date of the first period presented. | |
Acquisition of Armco Metal International Limited and Subsidiaries (“Armco HK”)Recognized as a Reverse Acquisition | |
On June 27, 2008, the Company entered into and consummated a share purchase agreement (the “Share Purchase Agreement”) with Armco HK and Feng Gao, who owned 100% of the issued and outstanding shares of Armco HK. In connection with the consummation of the Share Purchase Agreement, (i) Stephen Cox surrendered 7,694,000 common shares, representing his controlling interest in the Company for cancellation and resigned as an officer and director; (ii) the Company purchased from the Armco HK Shareholder 100% of the issued and outstanding shares of Armco HK’s capital stock for $6,890,000 by delivery of the Company’s purchase money promissory note; (iii) issued to Ms. Gao (a) a stock option entitling Ms. Gao to purchase 5,300,000 shares of the Company’s common stock, par value $.001 per share (the “Common Stock”) with an exercise price of $1.30 per share expiring on December 31, 2008 and (b) a stock option entitling Ms. Gao to purchase 2,000,000 shares of the Company’s common stock with an exercise price of $5.00 per share expiring two (2) years from the date of issuance on June 27, 2010 (the “Gao Options”). On August 12, 2008, Ms. Gao exercised her option to purchase and the Company issued 5,300,000 shares of its common stock in exchange for the $6,890,000 note owed to Ms. Gao. The shares issued represented approximately 69.7% of the issued and outstanding common stock immediately after the consummation of the Share Purchase and exercise of the option to purchase 5,300,000 shares of the Company’s common stock at $1.30 per share. | |
As a result of the controlling financial interest of the former stockholder of Armco HK, for financial statement reporting purposes, the merger between the Company and Armco HK has been treated as a reverse acquisition with Armco HK deemed the accounting acquirer and the Company deemed the accounting acquiree under the acquisition method of accounting in accordance with section 805-10-55 of the FASB Accounting Standards Codification. The reverse acquisition is deemed a capital transaction and the net assets of Armco HK (the accounting acquirer) are carried forward to the Company (the legal acquirer and the reporting entity) at their carrying value before the acquisition. The acquisition process utilizes the capital structure of the Company and the assets and liabilities of Armco HK which are recorded at their historical cost. The equity of the Company is the historical equity of Armco HK retroactively restated to reflect the number of shares issued by the Company in the transaction. | |
Formation of Armco (Lianyungang) Holdings, Inc. | |
On June 4, 2009, the Company formed Armco (Lianyungang) Holdings, Inc. (“Lianyungang Armco”), a WOFE subsidiary in the City of Lianyungang, Jiangsu Province, PRC. Lianyungang Armco intends to engage in marketing and distribution of the recycled scrap steel. | |
Formation of Armco Metals (Shanghai) Holdings, Ltd. | |
On July 16, 2010, the Company formed Armco Metals (Shanghai) Holdings. Ltd. (“Armco Shanghai”) as a WOFE subsidiary in Shanghai, China. Armco Shanghai serves as the headquarters for the Company’s China operations and oversees the activities of the Company in financing and international trading. |
Note_2_Significant_and_Critica
Note 2 - Significant and Critical Accounting Policies and Practices | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||||||||||
Note 2 - Significant and Critical Accounting Policies and Practices | |||||||||||||||||
Basis of Presentation - Unaudited Interim Financial Information | |||||||||||||||||
The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim period presented. Interim results are not necessarily indicative of the results for the full year. These unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company for the year ended December 31, 2013 and notes thereto contained in the Company’s Annual Report on Form 10-K filed with the SEC on April 4, 2014. | |||||||||||||||||
Principles of Consolidation | |||||||||||||||||
The Company applies the guidance of Topic 810 “Consolidation” of the FASB Accounting Standards Codification to determine whether and how to consolidate another entity. Pursuant to ASC Paragraph 810-10-15-10 all majority-owned subsidiaries—all entities in which a parent has a controlling financial interest—shall be consolidated except (1) when control does not rest with the parent, the majority owner; (2) if the parent is a broker-dealer within the scope of Topic 940 and control is likely to be temporary; (3) consolidation by an investment company within the scope of Topic 946 of a non-investment-company investee. Pursuant to ASC Paragraph 810-10-15-8 the usual condition for a controlling financial interest is ownership of a majority voting interest, and, therefore, as a general rule ownership by one reporting entity, directly or indirectly, of more than 50 percent of the outstanding voting shares of another entity is a condition pointing toward consolidation. The power to control may also exist with a lesser percentage of ownership, for example, by contract, lease, agreement with other stockholders, or by court decree. The Company consolidates all less-than-majority-owned subsidiaries, if any, in which the parent’s power to control exists. | |||||||||||||||||
The Company's consolidated subsidiaries and/or entities as of March 31, 2014 are as follows: | |||||||||||||||||
Name of consolidated subsidiary or entity | State or other jurisdiction of incorporation or organization | Date of incorporation or formation | Attributable interest | ||||||||||||||
(date of acquisition, if applicable) | |||||||||||||||||
Armco Metal International Limited (“Armco HK”) | Hong Kong SAR | 13-Jul-01 | 100% | ||||||||||||||
Henan Armco and Metawise Trading Co., Ltd. (“Henan Armco”) | PRC | 6-Jun-02 | 100% | ||||||||||||||
Armco (Lianyungang) Renewable Metals, Inc. (“Renewable Metals”) | PRC | 9-Jan-07 | 100% | ||||||||||||||
Armco (Lianyungang) Holdings, Inc. (“Lianyungang Armco”) | PRC | 4-Jun-09 | 100% | ||||||||||||||
Armco Metals (Shanghai) Holdings. Ltd. (“Armco Shanghai”) | PRC | 16-Jul-10 | 100% | ||||||||||||||
The consolidated financial statements include all accounts of the Company and the consolidated subsidiaries and/or entities as of reporting period ending date(s) and for the reporting period(s) then ended. | |||||||||||||||||
All inter-company balances and transactions have been eliminated. | |||||||||||||||||
Use of Estimates and Assumptions and Critical Accounting Estimates and Assumptions | |||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes its best estimate of the outcome for these items based on historical trends and other information available when the financial statements are prepared. Changes in estimates are recognized in accordance with the accounting rules for the estimate, which is typically in the period when new information becomes available to management. Actual results could differ from those estimates. | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in U.S. GAAP, and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: | |||||||||||||||||
Level 1 | Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. | ||||||||||||||||
Level 2 | Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. | ||||||||||||||||
Level 3 | Pricing inputs that are generally observable inputs and not corroborated by market data. | ||||||||||||||||
Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. | |||||||||||||||||
The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. | |||||||||||||||||
The carrying amounts of the Company’s financial assets and liabilities, such as cash, pledged deposits, accounts receivable, advance on purchases, prepayments and other current assets, accounts payable, customer deposits, corporate income/VAT tax payable, accrued expenses and other current liabilities approximate their fair values because of the short maturity of these instruments. | |||||||||||||||||
The Company’s loans payable, banker’s acceptance notes payable, and capital lease obligation approximate the fair value of such instruments based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements at March 31, 2014 and December 31, 2013. | |||||||||||||||||
The Company’s Level 3 financial liabilities consist of convertible notes with embedded conversion feature issued in September 2013, November 2013, and January through March 2014, for which there are no current market for these securities such that the determination of fair value requires significant judgment or estimation. The Company valued the automatic conditional conversion, re-pricing/down-round, change of control; default and follow-on offering provisions using a lattice model, with the assistance of a valuation specialist, for which management understands the methodologies. These models incorporate transaction details such as Company stock price, contractual terms, maturity, risk free rates, as well as assumptions about future financings, volatility, and holder behavior as of the date of issuance and each balance sheet date. | |||||||||||||||||
Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated. | |||||||||||||||||
It is not, however, practical to determine the fair value of advances from significant stockholder and lease arrangement with the significant stockholder, if any, due to their related party nature. | |||||||||||||||||
Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis | |||||||||||||||||
Level 1 Financial Assets – Marketable Securities | |||||||||||||||||
The Company uses Level 1 of the fair value hierarchy to measure the fair value of the marketable securities and marks the available for sale marketable securities at fair value in the statement of financial position at each balance sheet date and reports the unrealized holding gains and losses for available-for-sale securities in other comprehensive income (loss) until realized provided the unrealized holding gains and losses is temporary. If the fair value of an investment is less than its cost basis at the balance sheet date of the reporting period for which impairment is assessed, and it is determined that the impairment is other than temporary, then an impairment loss is recognized in earnings equal to the entire difference between the investment’s cost and its fair value at the balance sheet date of the reporting period. | |||||||||||||||||
Level 3 Financial Liabilities – Derivative Liabilities | |||||||||||||||||
The Company uses Level 3 of the fair value hierarchy to measure the fair value of the derivative liabilities and revalues its derivative liabilities at every reporting period and recognizes gains or losses in the consolidated statements of operations and comprehensive income (loss) that are attributable to the change in the fair value of the derivative liabilities. | |||||||||||||||||
The following table sets forth by level within the fair value hierarchy the Company's financial assets and liabilities that were accounted for at fair value as of March 31, 2014, and December 31, 2013: | |||||||||||||||||
Recurring Fair Value Measures | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
31-Mar-14 | |||||||||||||||||
Derivative liability | - | - | $ | 1,367,535 | $ | 1,367,535 | |||||||||||
Available-for-sale securities | $ | 541,067 | - | - | $ | 541,067 | |||||||||||
31-Dec-13 | |||||||||||||||||
Derivative liability | - | - | $ | 61,429 | $ | 61,429 | |||||||||||
Available-for-sale securities | $ | 519,129 | - | - | $ | 519,129 | |||||||||||
Fair Value of Non-Financial Assets or Liabilities Measured on a Recurring Basis | |||||||||||||||||
The Company’s non-financial assets include inventories. The Company identifies potentially excess and slow-moving inventories by evaluating turn rates, inventory levels and other factors. Excess quantities are identified through evaluation of inventory aging, review of inventory turns and historical sales experiences. The Company provides lower of cost or market reserves for such identified excess and slow-moving inventories. The Company establishes a reserve for inventory shrinkage, if any, based on the historical results of physical inventory cycle counts. | |||||||||||||||||
Foreign Currency Translation | |||||||||||||||||
The financial records of the Company's Chinese operating subsidiaries are maintained in their local currency, the Renminbi (“RMB”), which is the functional currency. Assets and liabilities are translated from the local currency into the reporting currency, U.S. dollars, at the exchange rate prevailing at the balance sheet date. Revenues and expenses are translated at weighted average exchange rates for the period to approximate translation at the exchange rates prevailing at the dates those elements are recognized in the consolidated financial statements. Foreign currency translation gain (loss) resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining accumulated other comprehensive income in the consolidated statement of stockholders’ equity. | |||||||||||||||||
RMB is not a fully convertible currency. All foreign exchange transactions involving RMB must take place either through the People’s Bank of China (the “PBOC”) or other institutions authorized to buy and sell foreign exchange. The exchange rate adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC. Commencing July 21, 2005, China adopted a managed floating exchange rate regime based on market demand and supply with reference to a basket of currencies. The exchange rate of the US dollar against the RMB was adjusted from approximately RMB 8.28 per U.S. dollar to approximately RMB 8.11 per U.S. dollar on July 21, 2005. Since then, the PBOC administers and regulates the exchange rate of the U.S. dollar against the RMB taking into account demand and supply of RMB, as well as domestic and foreign economic and financial conditions. | |||||||||||||||||
Unless otherwise noted, the rate presented below per U.S. $1.00 was the midpoint of the interbank rate as quoted by OANDA Corporation (www.oanda.com) contained in its consolidated financial statements. Management believes that the difference between RMB vs. U.S. dollar exchange rate quoted by the PBOC and RMB vs. U.S. dollar exchange rate reported by OANDA Corporation were immaterial. Translations do not imply that the RMB amounts actually represent, or have been or could be converted into, equivalent amounts in U.S. dollars. Translation of amounts from RMB into U.S. dollars has been made at the following exchange rates for the respective periods: | |||||||||||||||||
31-Mar-14 | 31-Dec-13 | 31-Mar-13 | 31-Dec-12 | ||||||||||||||
Balance sheets | 6.1632 | 6.1122 | 6.2741 | 6.3086 | |||||||||||||
Statements of operations and comprehensive income (loss) | 6.1178 | 6.1943 | 6.2814 | 6.3116 | |||||||||||||
Net Income (Loss) per Common Share | |||||||||||||||||
Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent share arrangements, stock options, warrants and non-vested shares. | |||||||||||||||||
For the periods presented, the computation of diluted loss per share equaled basic loss per share as the inclusion of any dilutive instruments would have had an antidilutive effect on the earnings per share calculation in the periods presented. | |||||||||||||||||
Recently Issued Accounting Pronouncements | |||||||||||||||||
In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”. The amendments in this Update change the requirements for reporting discontinued operations in Subtopic 205-20. Under the new guidance, a discontinued operation is defined as a disposal of a component or group of components that is disposed of or is classified as held for sale and “represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.” The ASU states that a strategic shift could include a disposal of (i) a major geographical area of operations, (ii) a major line of business, (iii) a major equity method investment, or (iv) other major parts of an entity. Although “major” is not defined, the standard provides examples of when a disposal qualifies as a discontinued operation. The ASU also requires additional disclosures about discontinued operations that will provide more information about the assets, liabilities, income and expenses of discontinued operations. In addition, the ASU requires disclosure of the pre-tax profit or loss attributable to a disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. The ASU is effective for public business entities for annual periods beginning on or after December 15, 2014, and interim periods within those years. The adoption of ASU 2014-08 is not expected to have a material impact on the Company’s consolidated financial statements. | |||||||||||||||||
Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the consolidated financial statements. |
Note_3_Pledged_Deposits
Note 3 - Pledged Deposits | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Transfers and Servicing [Abstract] | ' | ||||||||
Transfers and Servicing of Financial Assets [Text Block] | ' | ||||||||
Note 3 – Pledged Deposits | |||||||||
Pledged deposits consist of cash held in financial institutions for (a) outstanding letters of credit and (b) open banker’s acceptance notes payable maturing between three (3) to nine (9) months from the date of issuance, and (c) capital lease obligation. | |||||||||
Pledged deposits consisted of the following: | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Armco HK | |||||||||
Letters of credit (i) | $ | 7,962 | $ | 5,993 | |||||
Sub-total – Armco HK | 7,962 | 5,993 | |||||||
Renewable Metals | |||||||||
Bank acceptance notes payable | - | 1,636,072 | |||||||
Letters of credit (ii) | 551,839 | 2,517,621 | |||||||
Deposit for capital lease obligation (iii) | 486,760 | 490,823 | |||||||
Sub-total – Renewable Metals | 1,038,599 | 4,644,516 | |||||||
Henan Armco | |||||||||
Letters of credit (iv) | 311 | 2,113 | |||||||
Sub-total – Henan Armco | 311 | 2,113 | |||||||
$ | 1,046,872 | $ | 4,652,222 | ||||||
(i) | $7,962 is to be released to the Company for payment towards fulfilled letters of credit when those letters of credit mature on April 15, 2014 | ||||||||
(ii) | $551,839 is to be released to the Company for payment towards fulfilled letters of credit when those letters of credit mature on April 8, 2014 | ||||||||
(iii) | $486,760 is to be released to the Company as part of the payment towards capital lease installment payment when the capital lease agreement matures on December 15, 2014. | ||||||||
(iv) | $311 is to be released to the Company on April 30, 2014 | ||||||||
Note_4_Marketable_Equity_Secur
Note 4 - Marketable Equity Securities, Available for Sale | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ' | ||||||||||||||||||||
Note 4 – Marketable Equity Securities, Available for Sale | |||||||||||||||||||||
As of March 31, 2014, the Company’s available for sale marketable securities were marked to market to its fair value of $541,067 and reported a $21,938 change in unrealized loss on marketable securities for the three months ended March 31, 2014 as other comprehensive income (loss) in its Stockholders’ Equity. | |||||||||||||||||||||
The table below provides a summary of the changes in the fair value of marketable securities, available for sale measured at fair value on a recurring basis using Level 1 of the fair value hierarchy to measure the fair value. | |||||||||||||||||||||
Fair Value Measurement Using Level 1 Inputs | |||||||||||||||||||||
Original cost | Impairment – Other Than Temporary | Accumulated | Other | Fair Value | |||||||||||||||||
Foreign Currency Transaction Gain (Loss) | Comprehensive Income (Loss) - | ||||||||||||||||||||
Change in | |||||||||||||||||||||
Unrealized Loss | |||||||||||||||||||||
Balance, December 31, 2013 | $ | 3,396,658 | $ | (2,366,941 | ) | $ | 183,924 | $ | (694,512 | ) | $ | 519,129 | |||||||||
Purchases, issuances and settlements | |||||||||||||||||||||
Total gains or losses (realized/unrealized) included in: | |||||||||||||||||||||
Other comprehensive income (loss): Changes in unrealized loss | - | 21,938 | 21,938 | ||||||||||||||||||
Balance, March 31, 2014 | $ | 3,396,658 | $ | (2,366,941 | ) | $ | 183,924 | $ | (672,574 | ) | $ | 541,067 | |||||||||
Note_5_Accounts_Receivable
Note 5 - Accounts Receivable | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | ||||||||
Note 5 – Accounts Receivable | |||||||||
Accounts receivable consisted of the following: | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Accounts receivable | $ | 18,502,205 | $ | 25,638,666 | |||||
Allowance for doubtful accounts | (43,150 | ) | (43,150 | ) | |||||
$ | 18,459,055 | $ | 25,595,516 | ||||||
Note_6_Inventories
Note 6 - Inventories | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
Note 6 – Inventories | |||||||||
Inventories consisted of the following: | |||||||||
31-Mar-14 | December 31, 2013 | ||||||||
Raw materials – scrap metal | $ | 3,758,273 | $ | 4,390,811 | |||||
Finished goods – processed scrap metal | 15,465,390 | 12,421,088 | |||||||
Purchased merchandise for resale | 245,583 | 5,936,936 | |||||||
Write - down of inventories | (2,682,088 | ) | (2,291,915 | ) | |||||
$ | 16,787,158 | $ | 20,456,920 | ||||||
Renewable Metals raw materials and finished goods are collateralized for loans from the Bank of Communications Limited Lianyungang Branch. Raw materials consisted of scrap metals to be processed and finished goods were comprised of all of the processed scrap metal at Renewable Metals. Due to the short duration time for the processing of its scrap metal, there was no material work-in-process inventory at March 31, 2014 or December 31, 2013. | |||||||||
Slow-Moving or Obsolescence Markdowns | |||||||||
The Company recorded no inventory obsolescence adjustments for the three months ended March 31, 2014 and 2013. | |||||||||
Lower of Cost or Market Adjustments | |||||||||
There were $390,173 and $nil of lower of cost or market adjustments for the three months ended March 31, 2014 and 2013, respectively. |
Note_7_Loans_and_Convertible_N
Note 7 - Loans and Convertible Note Payable | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Loans Payable [Abstract] | ' | ||||||||
Loans Payable [Text Block] | ' | ||||||||
Note 7 – Loans and Convertible Notes Payable | |||||||||
Loans payable consisted of the following: | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Armco HK | |||||||||
Loan payable to RZB Austria Finance (Hong Kong) Limited, collateralized by certain of the Company’s inventory, guaranteed by the Company’s Chairman and Chief Executive Officer, with interest at the bank’s cost of funds plus 200 basis points per annum, with principal and interest due April 1, 2014 and repaid in full as of filing date | $ | 359,303 | $ | 504,248 | |||||
Loan payables to DBS, collateralized by certain of the Company’s inventory, guaranteed by the Company’s Chairman and Chief Executive Officer, with interest at an average of 3.47% per annum, balance is due April 1, 2014 and repaid in full as of filing date | 13,342 | 2,602,115 | |||||||
Sub-total - Armco HK | 372,645 | 3,106,363 | |||||||
Renewable Metals | |||||||||
Loan payable to Bank of Communications, Lianyungang Branch, under trade credit facilities, collateralized by Renewable Metals inventories and guaranteed by the Company’s Chairman and Chief Executive Officer, with interest at 120% of the bank’s benchmark rate per annum (average 7.2%), balance due June 2, 2014 | 324,507 | 1,963,286 | |||||||
Loan payable to Bank of China, Lianyungang Branch, under trade credit facilities, guaranteed by the Company’s Chairman and Chief Executive Officer, with interest at 6.6% per annum payable monthly, balance due from April 12, 2014 through September 25, 2014 | 8,112,669 | 8,180,361 | |||||||
Loan payable to Pudong Development Bank, Lianyungang Branch, under trade credit facilities, guaranteed by the Company’s Chairman and Chief Executive Officer, with interest at 7.92% per annum payable monthly, balance due March 27, 2015 | 1,622,534 | - | |||||||
Short-term borrowing, with interest rate at 8% per annum | 64,901 | 229,050 | |||||||
Loan payable, with interest at 6% per annum and due July 21, 2014 | 3,474,388 | 3,503,379 | |||||||
Sub-total – Renewable Metals | 13,598,999 | 13,876,076 | |||||||
Henan Armco | |||||||||
Loan Payable to ICBC, with interest at 2.47% per annum, and repaid in full on March 28, 2014 | - | 2,755,926 | |||||||
Loan Payable to Guanhutun Credit Union, collateralized by Henan’s building and leasehold improvement, with interest at 9.6% per annum, balance due March 16, 2015 | 162,253 | 163,607 | |||||||
Loans payable, with interest at 8% per annum, and due in 2014. The creditors agreed to exchange $5,319,351 into convertible notes in January and February, 2014 | - | 5,999,957 | |||||||
Short-term borrowing, no interest bearing and due upon demand | 2,856,471 | - | |||||||
Sub-total – Henan Armco | 3,018,724 | 8,919,490 | |||||||
Armco Metals Holdings | |||||||||
Loans payable, with interest at 8% per annum, due from April 21, 2014 through May 8, 2014 | 790,000 | 1,050,000 | |||||||
Convertible notes payable, net of discount, with interest at 4-8% per annum, maturing from June 25, 2014 through March 3, 2015 and $5,777,967 was converted into shares in April and May 2014. | 4,731,488 | 463,709 | |||||||
Sub-total – Armco Metals Holdings | 5,521,488 | 1,513,709 | |||||||
$ | 22,511,856 | $ | 27,415,638 | ||||||
Collateralization of Property, Plant and Equipment | |||||||||
Both Renewable Metals and Lianyungang Armco’s property, plant and equipment representing substantially all of the Company’s property, plant and equipment are collateralized for loans from the Bank of China Lianyungang Branch. | |||||||||
Collateralization of Land Use Rights | |||||||||
Both Renewable Metals and Lianyungang Armco’s land use rights representing all of the Company’s land use rights are collateralized for loans from the Bank of China Lianyungang Branch. | |||||||||
Convertible notes payable | |||||||||
During 2013, the Company’s subsidiary borrowed an aggregate of approximately $6.2 million from 15 non-U.S. lenders who are not its affiliates under the terms of loan contracts. In January and February 2014, the Company and its subsidiary entered into note exchange agreements with each of these lenders pursuant to which the Company exchanged the loan contracts for 8% convertible notes in the aggregate amount of RMB 33,512,936 (approximately $5.5 million net of discount of $1.3 million), which represented the remaining principal balance due under the loan contracts. The convertible notes bear interest at the rate of 8% per annum, mature nine months from the date of issuance, and are convertible at any time at the option of the holder into shares of the Company’s common stock at a conversion price of $0.317 per share. | |||||||||
The Company analyzed the modification of the term under ASC 470-60 “Trouble Debt Restructurings” and ASC 470-50 “Extinguishment of Debt”. The Company determined the modification is substantial and the transaction should be accounted for as an extinguishment with the old debt written off and the new debt initially recorded at fair value with a new effective interest rate. The Company also determined that the fair value of the new debt is the same as the fair value of the old debt. Thus no gain or loss was recognized upon the extinguishment. |
Note_8_Bankers_Acceptance_Note
Note 8 - Banker's Acceptance Notes Payable and Letters of Credit | 15 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Short-term Debt [Text Block] | ' | ||||||||
Note 8 – Banker’s Acceptance Notes Payable and Letters of Credit | |||||||||
Banker’s acceptance notes payable consisted of the following: | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Renewable Metals | |||||||||
Banker’s acceptance notes payable matured on March 27, 2014 | $ | - | $ | 3,272,144 | |||||
Letters of credit matured on April 6, 2014 | 3,116,049 | 5,201,073 | |||||||
$ | 3,116,049 | $ | 8,473,217 | ||||||
Note_9_Related_Party_Transacti
Note 9 - Related Party Transactions | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Related Party Transactions Disclosure [Text Block] | ' | ||||||||
Note 9 – Related Party Transactions | |||||||||
The related parties consist of the following: | |||||||||
Kexuan Yao (“Mr. Yao”) The Company’s Chairman, Chief Executive Officer and principal stockholder | |||||||||
Keli Yao Kexuan Yao’s brother | |||||||||
Yi Chu Kexuan Yao’s wife | |||||||||
Advances from Chairman and CEO | |||||||||
From time to time, the Mr. Yao advances funds to the Company for working capital purpose. Those advances are unsecured, non-interest bearing and due on demand. As of March 31, 2014 and December 31, 2013, the advance balance was $755,805 and $668,332, respectively. | |||||||||
Promissory Note from Chairman and CEO | |||||||||
On March 29, 2013, the Company executed a promissory note in the amount of RMB 6,300,000 (approximately $1,000,000) payable to Mr. Yao. The note, which is due one year from the date of issuance, accrues interest at 8% per annum. The proceeds are used for working capital purposes. The note was subsequently converted into shares of common stock of the Company in October 28, 2013. See more details in Note 13. | |||||||||
Operating Lease from Chairman and CEO | |||||||||
On January 1, 2006, Henan entered into a non-cancellable operating lease for its 176.37 square meters commercial office space in the City of Zhengzhou, Henan Province, PRC from Mr. Yao for RMB 10, 000 per month. The lease expired on December 31, 2008 and has been extended through December 31, 2014. Rental expense incurred for the three months ended March 31, 2014 and 2013 was RMB 30,000 (approximately $4,868) and RMB 30,000 (approximately $4,843), respectively. | |||||||||
Due to Other Related Parties | |||||||||
Due to other related parties consists of the following: | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Keli Yao | 147,501 | 116,828 | |||||||
Yi Chu | 249,870 | 286,313 | |||||||
Total | 397,371 | 403,141 | |||||||
The balance of $397,371 due to related parties represents the loan owed to the related parties, which is interest free, unsecured and repayable on demand. |
Note_10_Capital_Lease_Obligati
Note 10 - Capital Lease Obligation | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Leases, Capital [Abstract] | ' | ||||||||
Capital Leases in Financial Statements of Lessee Disclosure [Text Block] | ' | ||||||||
Note 10 – Capital Lease Obligation | |||||||||
Capital lease obligation consisted of the following: | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Renewable Metals | |||||||||
(i)Capital lease obligation to a financing company for a term of three (3) years, collateralized by certain of Renewable Metals’ machinery and equipment, with interest at 11.0% per annum, with principal and interest due and payable in monthly installments of RMB 497,897 on the 23rd of each month. | $ | 333,284 | $ | 336,065 | |||||
Less current maturities | (333,284 | ) | (336,065 | ) | |||||
Capital lease obligation, net of current maturities | - | - | |||||||
(ii)Capital lease obligation to a financing company for a term of three (3) years, collateralized by certain of Renewable Metals’ machinery and equipment, with interest at 11.0% per annum, with principal and interest due and payable in quarterly installments of RMB3,609,102 on the 15th of each quarter. | 564,217 | 568,925 | |||||||
Less current maturities | (564,217 | ) | (568,925 | ) | |||||
Capital lease obligation, net of current maturities | - | - | |||||||
Total capital lease obligation | 897,501 | 904,990 | |||||||
Less current maturities | (897,501 | ) | (904,990 | ) | |||||
TOTAL CAPITAL LEASE OBLIGATION, net of current maturities | $ | - | $ | - | |||||
Note_11_Derivative_Instruments
Note 11 - Derivative Instruments and the Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||||||
Derivatives and Fair Value [Text Block] | ' | ||||||||||||||||||||||||||
Note 11 – Derivative Instruments and the Fair Value of Financial Instruments | |||||||||||||||||||||||||||
(i) Warrants Issued in 2008 (“2008 Warrants) | |||||||||||||||||||||||||||
Description of Warrants and Fair Value on Date of Grant | |||||||||||||||||||||||||||
In connection with the four (4) rounds of private placements from July 25, 2008 through August 8, 2008 (the “2008 Unit Offering”), the Company issued (i) warrants to purchase 2,486,649 common shares of the Company to the investors and (ii) warrants to purchase 242,264 common shares of the Company to the brokers, or 2,728,913 common shares in aggregate (“2008 Warrants”) with an exercise price of $5.00 per share expiring on August 31, 2013, all of which have been earned upon issuance. | |||||||||||||||||||||||||||
The Company estimated the fair value of 2008 warrants on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: | |||||||||||||||||||||||||||
July 25, 2008 through | |||||||||||||||||||||||||||
8-Aug-08 | |||||||||||||||||||||||||||
Expected life (year) | 5 | ||||||||||||||||||||||||||
Expected volatility (*) | 89 | % | |||||||||||||||||||||||||
Risk-free interest rate | 3.23 | % | |||||||||||||||||||||||||
Expected annual rate of quarterly dividends | 0 | % | |||||||||||||||||||||||||
* | Expected volatility is based on historical volatility of the Company’s common stock. The Company currently has no reason to believe future volatility over the expected life of these warrants is likely to differ materially from its historical volatility. The risk-free interest rate is based on a yield curve of U.S. treasury interest rates on the date of grant based on the expected term of the warrant. Expected annual rate of quarterly dividends is based on the Company’s dividend history and anticipated dividend policy. | ||||||||||||||||||||||||||
The relative fair value of 2008 warrants, estimated on the date of grant, was $5,097,404, which was originally recorded as additional paid-in capital and the remaining balance of the net proceeds of $1,523,277 has been assigned to common stock. | |||||||||||||||||||||||||||
Amendment No. 1 to the Subscription Agreement and Common Stock Purchase Warrant | |||||||||||||||||||||||||||
In May, 2010 (the “Closing Date”), effective as of January 1, 2010, Armco Metals Holdings, Inc. ( the “Company”) (the “Company”) entered into an amendment (the “First Amendment”) to that certain Subscription Agreement and Common Stock Purchase Warrant (the “Original Agreements”) dated July 2008. Pursuant to the Original Agreements, the Company offered (the “Offering”) and issued securities to 82 investors for an aggregate purchase price of $6,896,229. | |||||||||||||||||||||||||||
Pursuant to the First Amendment 34 investors (the “First Amendment Investors”) with warrants to purchase 1,031,715 shares of the Company’s common stock waived certain rights under, Section 6.6 Adjustment for Certain Transactions, of the Common Stock Purchase Warrant, and Section 12(b) Most Favored Nation Provision, of the Subscription Agreement, in exchange for certain covenants that so long as any Warrants are outstanding other than Excepted Issuances that it will not enter into an agreement to issue nor issue any shares of Common Stock or Common Stock Equivalents to any Third Party Purchasers at an effective price per share of less than $5.00 without the prior written consent of the Investor, which consent may be withheld for any reason. | |||||||||||||||||||||||||||
The waiver of the anti-dilution or commonly known as a most favored nation clause made those warrants no longer derivative instruments, accordingly the Company reclassified $1,292,227 of the derivative liability to additional paid-in capital. | |||||||||||||||||||||||||||
Amendment No. 2 to the Subscription Agreement and Common Stock Purchase Warrant | |||||||||||||||||||||||||||
On January 11, 2013 (the “Closing Date”), China Armco Metals, Inc. (the “Company”) entered into a second amendment (the “Second Amendment”) to that certain Subscription Agreement and Common Stock Purchase Warrant (the “Original Agreements”) dated July 2008, as amended by certain Amendment No. 1 to the Original Agreements dated May 2010 (“First Amendment”). Pursuant to the Original Agreements, the Company offered (the “Offering”) and issued securities to 82 investors for an aggregate purchase price of $6,896,229. | |||||||||||||||||||||||||||
This Second Amendment amended (i) the First Amendment to eliminate the Future Financing Restrictions, (ii) the Warrant to reinstate Section 6.6, Adjustment for Certain Transaction, and (iii) the Subscription Agreement to reinstate Section 12(b), Most Favored Nation Provision. | |||||||||||||||||||||||||||
The Second Amendment provides that it shall only be effective upon execution of this Second Amendment by each of the investors that executed the First Amendment. At January 8, 2013, three (3) days prior to the Closing Date, after an exhaustive search and numerous attempts to reach all holders that signed the first amendment, all the First Amendment Investors that executed the First Amendment signed the Second Amendment except two (2) investors from whom the Company has been unable to reach or receive responses. These two (2) investors invested a total amount of $400,000. On January 8, 2013, the Company transmitted emails to all of the First Amendment Investors to notify them of the foregoing circumstance and conveyed to them the Company’s intent to declare the Second Amendment effective despite the absence of executions by the two (2) remaining investors. A two-day objection period was afforded to all the First Amendment Investors (including the two (2) unsigned investors) in such emails. As of January 10, 2013, the Company has received no indication from any of the First Amendment Investors that object to effectiveness of the Second Amendment, and no indications from the two unsigned investors that they will not sign the Second Amendment. Accordingly, on the Closing Date the Company declared the Second Amendment effective with respect to all the signed investors. | |||||||||||||||||||||||||||
Amendment to the Common Stock Purchase Warrant in Connection with January 28, 2013 Security Offering | |||||||||||||||||||||||||||
On January 28, 2013, the Company completed a public registered direct offering of an aggregate of 3,242,712 shares of the Company’s Common Stock, at a purchase price of $0.50 per share (the “January 2013 Offering”). | |||||||||||||||||||||||||||
Pursuant to Section 12 of the Subscription Agreement and Section 6 of the Warrant, as a result of the January 2013 Offering, the Investor is now entitled to adjustments to the terms of the Warrant consisting of the followings: | |||||||||||||||||||||||||||
(a) | a lowered exercise price of $0.50 per share instead of $5.00 per share with respect to the unexercised and outstanding portion of the Warrant; and | ||||||||||||||||||||||||||
(b) | increased number of Warrant Shares, which shall cause (i)(x) the total number of new Warrant Shares pursuant to the unexercised and outstanding portion of the Warrant following such adjustment, multiplied by (y) the adjusted Exercise Price per share, to equal the dollar amount of (ii)(x) the total number of old Warrant Shares pursuant to the unexercised and outstanding portion of the Warrant before adjustment, multiplied by (y) the total Exercise Price before adjustment, i.e. 10 times of the unexercised and outstanding portion of the Warrant prior to such adjustment. | ||||||||||||||||||||||||||
The Company reclassified warrants to purchase 1,031,715 common shares from non-derivative to derivative and related fair value at January 11, 2013 from additional paid-in capital to derivative liability to reflect the re-instatement of the derivative feature of these warrants. | |||||||||||||||||||||||||||
Derivative Analysis | |||||||||||||||||||||||||||
The exercise price of 2008 warrants and the number of shares issuable upon exercise is subject to reset adjustment in the event of stock splits, stock dividends, recapitalization, most favored nation clause and similar corporate events. Pursuant to the most favored nation provision of the 2008 Unit Offering, if the Company issues any common stock or securities other than the excepted issuances, to any person or entity at a purchase or exercise price per share less than the share purchase price of the 2008 Unit Offering without the consent of the subscriber holding purchased shares, warrants or warrant shares of the 2008 Unit Offering, then the subscriber shall have the right to apply the lowest such purchase price or exercise price of the offering or sale of such new securities to the purchase price of the purchased shares then held by the subscriber (and, if necessary, the Company will issue additional shares), the reset adjustments are also referred to as full reset adjustments. | |||||||||||||||||||||||||||
Because these warrants have full reset adjustments tied to future issuances of equity securities by the Company, they are subject to derivative liability treatment under Section 815-40-15 of the FASB Accounting Standard Codification (“Section 815-40-15”) (formerly FASB Emerging Issues Task Force (“EITF”) Issue No. 07-5: Determining Whether an Instrument (or Embedded Feature) Is Indexed to an Entity's Own Stock (“EITF 07-5”))). Section 815-40-15 became effective for the Company on January 1, 2009 and as of that date the Warrants issued in the 2008 Unit Offering have been measured at fair value using a lattice model at each reporting period with gains and losses from the change in fair value of derivative liabilities recognized on the consolidated statement of income and comprehensive income. | |||||||||||||||||||||||||||
Valuation of Derivative Liability | |||||||||||||||||||||||||||
(a) | Valuation Methodology | ||||||||||||||||||||||||||
The Company’s 2008 warrants do not trade in an active securities market, as such, the Company developed a lattice model that values the derivative liability of the warrants based on a probability weighted discounted cash flow model. This model is based on future projections of the various potential outcomes. The features that were analyzed and incorporated into the model included the exercise feature and the full ratchet reset. | |||||||||||||||||||||||||||
Based on these features, there are two primary events that can occur; the Holder exercises the Warrants or the Warrants are held to expiration. The model analyzed the underlying economic factors that influenced which of these events would occur, when they were likely to occur, and the specific terms that would be in effect at the time (i.e. stock price, exercise price, volatility, etc.). Projections were then made on these underlying factors which led to a set of potential scenarios. As the result of the large Warrant overhang we accounted for the dilution affects, volatility and market cap to adjust the projections. | |||||||||||||||||||||||||||
Probabilities were assigned to each of these scenarios based on management projections. This led to a cash flow projection and a probability associated with that cash flow. A discounted weighted average cash flow over the various scenarios was completed to determine the value of the derivative warrant liability. | |||||||||||||||||||||||||||
(b) | Valuation Assumptions | ||||||||||||||||||||||||||
The Company’s 2008 derivative warrants were valued at each period ending date with the following assumptions: | |||||||||||||||||||||||||||
● | The underlying stock price was used as the fair value of the common stock on period end date; | ||||||||||||||||||||||||||
● | The stock price would fluctuate with the CNAM projected volatility. The projected volatility curve for each valuation period was based on the historical volatility of 14 comparable companies in the metal/industrial metals industries; | ||||||||||||||||||||||||||
● | The Holder would exercise the warrant at maturity if the stock price was above the exercise price; | ||||||||||||||||||||||||||
● | Reset events projected to occur are based on no future projected capital needs; | ||||||||||||||||||||||||||
● | The Holder would exercise the warrant as they become exercisable at target prices of $7.50 for the 2008 Offering, and lowering such target as the warrants approached maturity; | ||||||||||||||||||||||||||
● | The probability weighted cash flows are discounted using the risk free interest rates. | ||||||||||||||||||||||||||
● | The risk-free interest rate is based on a yield curve of U.S treasury interest rates on the date of valuation based on the contractual life of the warrants | ||||||||||||||||||||||||||
● | Expected annual rate of quarterly dividends is based on the Company’s dividend history and anticipated dividend policy. | ||||||||||||||||||||||||||
(c) | Fair Value of Derivative Warrants | ||||||||||||||||||||||||||
The fair value of the 2008 derivative warrants were computed using the lattice model with the following assumptions: | |||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||
Expected life (year) | 0.08 | ||||||||||||||||||||||||||
Expected volatility | 57 | % | |||||||||||||||||||||||||
Risk-free interest rate | 0.02 | % | |||||||||||||||||||||||||
Expected annual rate of quarterly dividends | 0 | % | |||||||||||||||||||||||||
The fair value of the embedded derivative warrants is marked-to-market at each balance sheet date and the change in the fair value of the embedded derivative warrants is recorded in the consolidated statements of operations and comprehensive income (loss) as other income or expense. | |||||||||||||||||||||||||||
As of September 30, 2013, 2008 warrants were expired and the Company wrote off the derivative warrants liability of $10,179 to the consolidated statements of operations and comprehensive income (loss) as other income. | |||||||||||||||||||||||||||
The table below provides a summary of the fair value of the remaining derivative warrant liability and the changes in the fair value of the remaining derivative warrants to purchase 12,180,210 shares of the Company’s common stock, including net transfers in and/or out, of derivative warrants measured at fair value on a recurring basis using significant unobservable inputs (Level 3). | |||||||||||||||||||||||||||
Fair Value Measurement Using Level 3 Inputs | |||||||||||||||||||||||||||
Derivative warrants | Total | ||||||||||||||||||||||||||
Assets (Liabilities) | |||||||||||||||||||||||||||
Balance, December 31, 2012 | (306,708 | ) | (306,708 | ) | |||||||||||||||||||||||
Purchases, issuances and settlements | (623,809 | ) | (623,809 | ) | |||||||||||||||||||||||
Transfers in and/or out of Level 3 | - | - | |||||||||||||||||||||||||
Total gains or losses (realized/unrealized) included in: | |||||||||||||||||||||||||||
Net income (loss) | 930,517 | 930,517 | |||||||||||||||||||||||||
Other comprehensive income (loss) | - | - | |||||||||||||||||||||||||
Balance, September 30, 2013 | $ | - | $ | - | |||||||||||||||||||||||
Exercise and Extinguishment of Warrants | |||||||||||||||||||||||||||
On January 30, 2009, the Company issued 5,000 shares of its common stock for cash at $5.00 per share and received a cash payment of $25,000 in connection with the exercise of the 2008 warrants for 5,000 shares with an exercise price of $5.00 per share by one (1) investor and 2008 warrants holder. | |||||||||||||||||||||||||||
During the three months ended March 31, 2010, the Company issued 1,324,346 shares of its common stock for cash at $5.00 per share and received cash of $6,621,730 in connection with the exercise of the warrants to purchase 1,324,346 shares with an exercise price of $5.00 per share to fifty (50) of the 2008 warrant holders. In addition, the Company issued 78,217 shares of its common stock in connection with the exercise of the 2008 warrants to purchase 167,740 shares with an exercise price of $5.00 per share on a cashless basis to thirteen (13) of the 2008 warrant holders. The Company reclassified $1,665,011 and $210,095 of the derivative liability to additional paid-in capital, respectively. | |||||||||||||||||||||||||||
During April 2010, four (4) of the 2008 warrant holders exercised their warrants to purchase 13,806 shares of the Company’s common stock at an exercise price of $5.00 per share resulting in cash proceeds of $69,030 to the Company, for which the Company issued 13,806 shares of its common stock to the 2008 warrant holders and reclassified $21,229 of the derivative liability to additional paid-in capital. | |||||||||||||||||||||||||||
2008 Warrants Outstanding | |||||||||||||||||||||||||||
As of September 30, 2013, all of 2008 warrants to purchase 12,180,210 shares of Company’s common stock were expired. | |||||||||||||||||||||||||||
The table below summarizes the Company’s 2008 derivative warrant activity. | |||||||||||||||||||||||||||
2008 Warrant Activities | APIC | (Gain) Loss | |||||||||||||||||||||||||
Derivative | Non-derivative | Total Warrant Shares | Fair Value of Derivative | Reclassification | Change in | ||||||||||||||||||||||
Shares | Shares | Warrants | of Derivative | Fair Value of Derivative | |||||||||||||||||||||||
Liability | Liability | ||||||||||||||||||||||||||
Derivative warrant at December 31, 2012 | 186,306 | 1,031,715 | 1,218,021 | (306,708 | ) | 306,505 | |||||||||||||||||||||
Reclassification of warrants to purchase 1,031,715 common shares from additional paid-in capital to derivative liability at January 11, 2013 to reflect the re-instatement of the derivative feature | 1,031,715 | (1,031,715 | ) | (- | ) | (623,809 | ) | 623,809 | (- | ) | |||||||||||||||||
Increased number of warrant shares per Amendment No. 2 to the Subscription Agreement and Common Stock Purchase Warrant ("2008 Unit Offering Agreement") dated July 2008 and Amendment No. 1 to 2008 Unit Offering Agreement upon completion of January 2013 Offering. | 10,962,189 | - | 10,962,189 | (- | ) | - | |||||||||||||||||||||
Mark to market | 930,517 | 930,517 | |||||||||||||||||||||||||
Warrants expired | 12,180,210 | 12,180,210 | - | - | |||||||||||||||||||||||
Derivative warrant at September 30, 2013 | - | - | - | - | - | ||||||||||||||||||||||
(ii) Warrants Issued in April 2010 (“2010 Warrants) | |||||||||||||||||||||||||||
Description of Warrants | |||||||||||||||||||||||||||
In connection with the sale of 1,538,464 shares of its common stock at $6.50 per share or $10,000,016 in gross proceeds to nine (9) accredited and institutional investors on April 20, 2010, the Company issued warrants to purchase an additional 1,538,464 shares of its common stock with an exercise price of $7.50 per share (“2010 Warrants”) expiring five (5) years from date of grant exercisable commencing 181 days following the date of issuance. At the closing of the private offering, the Company paid Rodman & Renshaw, LLC, a FINRA member firm that served as placement agent for the Company in the offering, (i) a fee of $500,000 as compensation for their services and (ii) a warrant to purchase 76,923 shares of the Company’s common stock with an exercise price of $7.50 per share expiring five (5) years from date of grant exercisable commencing 181 days following the date of issuance, as well as a $15,000 non-accountable expense allowance to one of the nine (9) investors in the offering. | |||||||||||||||||||||||||||
Warrants Valuation and Related Assumptions | |||||||||||||||||||||||||||
The 2010 warrants were valued on the date of grant with the following assumptions: | |||||||||||||||||||||||||||
● | The underlying MYSE MKT stock price $6.95 was used as the fair value of the common stock on April 20, 2010; | ||||||||||||||||||||||||||
● | The stock price would fluctuate with the CNAM projected volatility. The projected volatility curve for each valuation period was based on the historical volatility of 14 comparable companies in the metal/industrial metals industries; At April 20, 2010 one (1) through five (5) years were 76%, 134%, 155%, 167% and 182%, respectively. | ||||||||||||||||||||||||||
● | The Holder would exercise the warrant at maturity if the stock price was above the exercise price; | ||||||||||||||||||||||||||
● | Reset events projected to occur are based on no future projected capital needs; | ||||||||||||||||||||||||||
● | The Holder would exercise the warrants as they become exercisable at target prices of $11.25 for the 2010 Offering, and lowering such target as the warrants approaches maturity; | ||||||||||||||||||||||||||
● | The probability weighted cash flows are discounted using the risk free interest rates. | ||||||||||||||||||||||||||
● | The risk-free interest rate is based on a yield curve of U.S treasury interest rates on the date of valuation based on the expected term of the warrants | ||||||||||||||||||||||||||
● | Expected annual rate of quarterly dividends is based on the Company’s dividend history and anticipated dividend policy. | ||||||||||||||||||||||||||
The Company estimated the fair value of 2010 warrants on the date of grant using the lattice model with the Black-Scholes option-pricing model with the following weighted-average assumptions: | |||||||||||||||||||||||||||
20-Apr-10 | |||||||||||||||||||||||||||
Expected life (year) | 5 | ||||||||||||||||||||||||||
Expected volatility | 182 | % | |||||||||||||||||||||||||
Risk-free interest rate | 2.56 | % | |||||||||||||||||||||||||
Expected annual rate of quarterly dividends | 0 | % | |||||||||||||||||||||||||
The fair value of the 2010 warrants, estimated on the date of issuance, was $2,483,938, which was recorded as additional paid-in capital and the remaining balance of the net proceeds of $6,629,036, net of issuance cost, has been assigned to common stock. | |||||||||||||||||||||||||||
Derivative Analysis | |||||||||||||||||||||||||||
The warrants issued as part of the April 20, 2010 private placement were analyzed to determine the appropriate treatment under ASC 815-40. The warrants meet the provisions of Section 815-40-15 of the FASB Accounting Standard Codification (“Section 815-40-15”) (formerly FASB Emerging Issues Task Force (“EITF”) Issue No. 07-5:Determining Whether an Instrument (or Embedded Feature) Is Indexed to an Entity's Own Stock (“EITF 07-5”)) to be considered indexed to the Company’s own stock. In addition, the warrants meet all the criteria in Section 815-40-55 of the FASB Accounting Standard Codification (“Section 815-40-55”) (formerly FASB EITF Issue No. 00-19: Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock (“EITF 00-19”)) to be accounted for as equity. | |||||||||||||||||||||||||||
2010 Warrants Outstanding | |||||||||||||||||||||||||||
As of March 31, 2014, 2010 warrants to purchase 1,615,387 shares of its common stock remain outstanding. | |||||||||||||||||||||||||||
The table below summarizes the Company’s 2010 non-derivative warrant activities through March 31, 2014: | |||||||||||||||||||||||||||
Number of | Exercise Price | Weighted Average Exercise Price | Fair Value at | Aggregate | |||||||||||||||||||||||
Warrant Shares | Range | Date of Issuance | Intrinsic | ||||||||||||||||||||||||
Per Share | Value | ||||||||||||||||||||||||||
Balance, December 31, 2013 | 1,615,387 | $ | 7.5 | $ | 7.5 | $ | - | $ | - | ||||||||||||||||||
Granted | - | - | - | - | - | ||||||||||||||||||||||
Canceled for cashless exercise | (- | ) | - | - | - | - | |||||||||||||||||||||
Exercised (Cashless) | (- | ) | - | - | - | - | |||||||||||||||||||||
Exercised | (- | ) | - | - | - | - | |||||||||||||||||||||
Expired | - | - | - | - | - | ||||||||||||||||||||||
Balance, March 31, 2014 | 1,615,387 | $ | 7.5 | $ | 7.5 | $ | - | $ | - | ||||||||||||||||||
Earned and exercisable, March 31, 2014 | 1,615,387 | $ | 7.5 | $ | 7.5 | $ | - | $ | - | ||||||||||||||||||
Unvested, March 31, 2014 | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||
The following table summarizes information concerning outstanding and exercisable 2010 warrants as of March 31, 2014: | |||||||||||||||||||||||||||
Warrants Outstanding | Warrants Exercisable | ||||||||||||||||||||||||||
Range of Exercise Prices | Number Outstanding | Average Remaining Contractual Life (in years) | Weighted Average Exercise Price | Number Exercisable | Average Remaining Contractual Life (in years) | Weighted Average Exercise Price | |||||||||||||||||||||
$7.50 | 1,615,387 | 1.05 | $ | 7.5 | 1,615,387 | 1.05 | $ | 7.5 | |||||||||||||||||||
$0.50 | - | $7.50 | 1,615,387 | 1.05 | $ | 7.5 | 1,615,387 | 1.05 | $ | 7.5 | |||||||||||||||||
(iii) Convertible Notes | |||||||||||||||||||||||||||
On November 8, 2013, the Company signed a purchase agreement with Hanover Holdings I, LLC, a New York limited liability company, or Hanover, with an initial principal amount of $450,000, or the Initial Convertible Note (“Hanover Notes”), for a purchase price of $300,000. The outstanding principal of initial note is subject to filing date reduction and effective date reduction. Filing date reduction will reduce the outstanding principal of initial note by $50,000 if the Company files the S-1registration statement per the purchase agreement within 45 days of the note date. The Company failed to meet this filing date reduction term, and accordingly, the initial principal amount was not reduced by the $50,000. Effective date reduction will reduce the outstanding principal of the initial note by another $100,000 if the S-1 registration statement takes effective within 120 days of the note date. On December 26, 2013, the Company filed a S-1 registration statement pursuant to the purchase agreement which was effective on February 14, 2014. Thus, we successfully met the effective date reduction term. As a result, the principal amount of the note was reduced to $350,000 of which $50,000 was recorded as accrued liabilities as of December 31, 2013. Additionally, the Company has the right to require Hanover to purchase, on the 10th trading day after the effective date of the Registration Statement, or the Additional Closing Date, an additional senior convertible note with an initial principal amount of $500,000, or the Additional Convertible Note, for a purchase price of $500,000. The Initial Convertible Note matures on November 8, 2014 (subject to extension as provided in the Initial Convertible Note) and accrues interest at the rate of 4.0% per annum. If issued, the Additional Convertible Note will mature on the date that is the one-year anniversary of the date of issuance of the Additional Convertible Note (subject to extension as provided in the Initial Convertible Note) and will accrue interest at the rate of 4.0% per annum. The Initial Convertible Note is convertible at any time, in whole or in part, at Hanover’s option, into shares of common stock, at a conversion price equal to the Variable Conversion Price. “Variable Conversion Price” means, as of any date of determination, the product of (A) the lowest volume weighted average price of the common stock of any of the five consecutive trading days ending and including the trading day immediately preceding such date of determination (subject to adjustment) , or the Variable Conversion Base Price; and (B) the applicable Variable Percentage. “Variable Percentage” means (i) if the applicable Variable Conversion Base Price is less than or equal to $0.45 (subject to adjustment), 85% or (ii) if the applicable Variable Conversion Base Price is greater than $0.45 (subject to adjustment), 80%. If issued, the Additional Convertible Note will be convertible at any time, in whole or in part, at Hanover’s option into shares of common stock at a conversion price that will be equal to the Variable Conversion Price. | |||||||||||||||||||||||||||
On September 23, 2013 and December 10, 2013, the Company issued Notes (“Asher Notes”) to Asher Enterprises, Inc. (the “Holder”), which are convertible in 180 days (at which time they will require derivative treatment), in the amounts of $153,500 (1st tranche included no deferred financing cost or legal fees) and $63,000 (2nd tranche included no deferred financing cost or legal fees) (the “Convertible Note” or the “Note”). The 9/23/13 and 12/10/13 Asher Convertible Notes are convertible at 58% of the average 3 lowest closing bid prices for the last 10 trading days and contains a full ratchet reset. The holders have the right after 180 days following the Date of Issuance (on 3/22/14 the 9/23/13 note became convertible), and until any time until the Convertible Note is fully paid, to convert any outstanding and unpaid principal portion of the Convertible Note, and accrued interest, into fully paid and non-assessable shares of Common Stock. The Holder was not issued warrants with the Convertible Note. The Convertible Note: (a) bears interest at 8% per annum; (b) the principal and accrued interest is due and payable on 6/25/13 and 9/12/14; (c) is convertible optionally by the Holder at any time after 180 days; (d) bears 22% interest on default with a 150% payment penalty under specific default provisions; (e) redeemable at 115% through 140% for days 0-180; (f) and is subject to dilutive adjustments for share issuances (full ratchet reset feature). The embedded conversion feature in the Note should be accounted for as a derivative liability after 180 days (if not redeemed) due to the variable conversion provision based on guidance in FAS 133 and EITF 07-05. | |||||||||||||||||||||||||||
On January 13, 2014, the Company issued convertible notes for a total of $2,472,127 to four foreign investors. The notes will mature on October 13, 2014. On February 4, 2014, the Company issued convertible notes for a total of $3,082,340 to another eleven foreign investors. The notes will mature on February 4, 2014. All these notes bear interest at 8% per annum, and convertible optionally by the holders at any time at a conversion price of $0.317. The derivative features of the Asher and Hanover Notes taint (due to the indeterminate number of shares) the convertible notes issued on January 13, and February 4, 2014. See more details in Note 7. | |||||||||||||||||||||||||||
Conversions to Common Stock | |||||||||||||||||||||||||||
On February 27, 2014, the Company received a conversion notice from its convertible notes holder, Hanover, to convert $25,000 plus interest of $4,628 of the note into 95,997 shares of the Company's common stock, at a conversion price of $0.308635 per share. | |||||||||||||||||||||||||||
In March 2014, the Company issued a convertible note to Hanover in the amount of $500,000. The note bears interest at 4% per annum and matures on November 1, 2014. | |||||||||||||||||||||||||||
On March 5, 2014, the Company received a conversion notice from its convertible notes holder, Hanover, to convert $75,000 of the note due November 1, 2014 into 234,295 shares of the Company's common stock, at a conversion price of $0.32011 per share. | |||||||||||||||||||||||||||
On March 14, 2014, the Company received a conversion notice from its convertible notes holder, Hanover, to convert $50,000 of the note due November 1, 2014 into 155,085 shares of the Company's common stock, at a conversion price of $0.322405 per share. | |||||||||||||||||||||||||||
On March 24, 2014, the Company received a conversion notice from its convertible notes holder, Hanover, to convert $50,000 of the note due November 1, 2014 into 145,351 shares of the Company's common stock, at a conversion price of $0.343995 per share. | |||||||||||||||||||||||||||
On March 26, 2014, the Company received a conversion notice from its convertible note holder, Hanover, to convert $100,000 of the note due November 1, 2014 into 288,493 shares of the Company's common stock, at a conversion price of $0.34663 per share. | |||||||||||||||||||||||||||
On March 28, 2014, $80,000 of principal under the Asher Note was converted to 355,082 shares of the Company’s common stock and the remaining principal balance under the note is $73,500. | |||||||||||||||||||||||||||
Valuation Methodology | |||||||||||||||||||||||||||
The Company analyzed the conversion feature with the reset provisions within the Convertible Note and has utilized a third party valuation consultant to assist the Company to fair value the compound embedded derivatives using a multinomial lattice models that values the derivative liabilities within the convertible notes based on a probability weighted discount cash flow model. | |||||||||||||||||||||||||||
Valuation Assumptions – Initial valuation, Conversion and Change in Fair Value of Derivative Liability Related to Convertible Notes | |||||||||||||||||||||||||||
The following assumptions were used for the valuation of the derivative liability related to March 3, 2014 (issuance date), conversions, and the quarterly period ended March 31, 2014: | |||||||||||||||||||||||||||
● | The underlying stock price was used as the fair value of the common stock; | ||||||||||||||||||||||||||
● | An event of default would occur 5% of the time, increasing 1.00% per month to a maximum of 10% – to-date the 1 note is not in default and has not been converted by the holder nor redeemed by the Company; | ||||||||||||||||||||||||||
● | Capital raising events of $1,000,000 would occur in each quarter at 75% of market generating dilutive reset events at prices below the current exercise price or stock price; | ||||||||||||||||||||||||||
● | The projected annual volatility for each valuation period was based on the historical volatility of the Company which has been actively trading for the last 3 years: | ||||||||||||||||||||||||||
1 Year | |||||||||||||||||||||||||||
2/27/14 101% | |||||||||||||||||||||||||||
3/3/14 101% | |||||||||||||||||||||||||||
3/5/14 101% | |||||||||||||||||||||||||||
3/14/14 102% | |||||||||||||||||||||||||||
3/24/14 102% | |||||||||||||||||||||||||||
3/26/14 102% | |||||||||||||||||||||||||||
3/31/14 102% | |||||||||||||||||||||||||||
● | The Holder would redeem through maturity based on availability of alternative financing, 10% of the time increasing 1.0% monthly to a maximum of 20%; and; | ||||||||||||||||||||||||||
● | The Holder would automatically convert the note at maturity if the registration was effective and the company was not in default. | ||||||||||||||||||||||||||
As of March 31, 2014, the estimated fair value of derivative liabilities on convertible notes was $1,367,535. | |||||||||||||||||||||||||||
The following table summarizes the change of fair value of the derivative debt liabilities: | |||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | - | |||||||||||||||||||||||||
To record derivative liability as debt discount | 60,795 | ||||||||||||||||||||||||||
Change in fair value of derivative liability | 634 | ||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 61,429 | |||||||||||||||||||||||||
To record derivative liability as debt discount | 1,901,282 | ||||||||||||||||||||||||||
Change in fair value of derivative liability | (477,909 | ) | |||||||||||||||||||||||||
Settlement of derivative liability due to conversion of related notes | $ | (117,267 | ) | ||||||||||||||||||||||||
Balance at March 31, 2014 | 1,367,535 | ||||||||||||||||||||||||||
Note_12_Commitments_and_Contin
Note 12 - Commitments and Contingencies | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||||||||
Note 12 – Commitments and Contingencies | |||||||||||
Litigation | |||||||||||
The Company and the directors are a party to a lawsuit filed on March 29, 2013 by Albert Perron in the District Court for Clark County, Nevada (Case No.: A-13-679151-C), which seeks a declaratory judgment, rescission, unspecified damages, equitable and injunctive relief, and attorney’s fees. The complaint alleges that the directors of the Company breached their fiduciary duties to the Company by exceeding their authority under the Company’s Amended and Restated 2009 Stock Incentive Plan, as further amended (the “Plan”), by issuing shares to Mr. Yao that exceeded that allowed under the Plan. | |||||||||||
On August 12, 2013, the Company and certain directors filed an answer to the complaint denying all the allegations of wrongdoing. The case is currently in the discovery stage. The Company’s position is that the shares at issue in this matter granted to Mr. Yao were authorized under the Plan. The Company and the directors intend to vigorously defend this matter. | |||||||||||
Uncommitted Trade Credit Facilities | |||||||||||
The Company entered into uncommitted trade credit facilities with certain financial institutions. Substantially all of the uncommitted trade credit facilities were guaranteed by Mr. Yao. | |||||||||||
The uncommitted trade credit facilities at March 31, 2014 were as follows: | |||||||||||
Date of Expiration | Total Facilities | Facilities Used | Facilities Available | ||||||||
Armco HK | |||||||||||
DBS (Hong Kong) Limited (i) | 21-Oct-14 | 20,000,000 | 695,226 | 19,304,774 | |||||||
Sub-total - Armco HK | 20,000,000 | 695,226 | 19,304,774 | ||||||||
Henan Armco | |||||||||||
Bank of China (ii) | 23-May-14 | 4,867,601 | - | 4,867,601 | |||||||
China CITIC Bank (iii) | 31-May-14 | 6,490,135 | - | 6,490,135 | |||||||
ICBC (iv) | 9-Sep-14 | 3,245,607 | - | 3,245,607 | |||||||
Guangdong Development Bank Zhengzhou Branch (v) | 6-May-15 | 12,655,763 | - | 12,665,763 | |||||||
Sub-total – Henan Armco | 27,258,566 | - | 27,258,566 | ||||||||
Renewable Metals | |||||||||||
Bank of China Lianyungang Branch (vi) | 27-Dec-15 | 8,112,669 | 8,112,669 | - | |||||||
Shanghai Pudong Development Bank (vii) | 25-Aug-14 | 2,433,801 | 2,433,801 | - | |||||||
Bank of Communications Lianyungang Branch (viii) | 8-Aug-14 | 11,682,243 | 2,920,561 | 8,761,683 | |||||||
Sub-total – Renewable Metals | 22,228,713 | 13,467,031 | 8,761,683 | ||||||||
$ | 84,487,279 | $ | 14,162,257 | $ | 70,325,023 | ||||||
% | |||||||||||
(i) | On December 21, 2011, Armco HK entered into a Banking Facilities Agreement with DBS Bank (Hong Kong) Limited of $20,000,000 for issuance of commercial letters of credit in connection with the Company’s purchase of metal ore. The Company pays interest at LIBOR or DBS Bank’s cost of funds plus 2.50% per annum on issued letters of credit in addition to an export bill collection commission equal to 12.5% of the first $50,000 and 6.25% of the balance and an opening commission of 25% on the first $50,000 and 6.25% of the balance for each issuance. Amounts advanced under this facility are repaid from the proceeds of the sale of metal ore. The lender may terminate the facility at anytime at its sole discretion. The facility is secured by the charge on cash deposit of the borrower, the borrower’s restricted pledged deposit in the minimum amount of 3% of the letter of credit amount, the Company’s letter of comfort and the guarantee of Mr. Yao. | ||||||||||
(ii) | On June 8, 2013, Henan Armco obtained a RMB 30,000,000 (approximately $4.8 million) line of credit from Bank of China for issuance of letters of credit to finance the purchase of metal ore and scrap metal expiring May 23, 2014. The facility is secured by the guarantee provided by Renewable Metals and the pledge of movable assets provided by the borrower. Amounts advanced under this line of credit are repaid from the proceeds of the sale of metal ore. | ||||||||||
(iii) | On June 18, 2012, Henan Armco obtained a RMB 40,000,000 (approximately $6.5 million) line of credit from China Citic Bank, Zhengzhou Branch, for issuance of letters of credit to finance the purchase of metal ore and scrap metal expiring one (1) year from the date of issuance. The facility is guaranteed by Renewable Metals and Mr. Yao, the Company’s Chairman and Chief Executive Officer. | ||||||||||
(iv) | On September 10, 2013, Henan Armco obtained a RMB 20,000,000 (approximately $3.2 million) line of credit from ICBC, for issuance of letters of credit to finance the purchase of metal ore and scrap metal expiring one (1) year from the date of issuance. The facility is guaranteed by Renewable Metals and Mr. Yao. | ||||||||||
(v) | On September 19, 2012, Henan Armco obtained a RMB 78,000,000 (approximately $12.6 million) line of credit from Guangdong Development Bank Zhengzhou Branch for issuance of letters of credit to finance the purchase of metal ore. The Company pays interest at 120% of the applicable base rate for lending published by the People’s Bank of China (“PBC”) at the time the loan is made on issued letters of credit. The facility is secured by the guarantee provided by Mr. Yao and Renewable Metals jointly and the pledge of movable assets provided by the borrower. Amounts advanced under this line of credit are repaid from the proceeds of the sale of metal ore. | ||||||||||
(vi) | On March 15, 2013, Renewable Metals entered into a line of credit facility in the amount of RMB50,000,000 (approximately $8.1 million) from Bank of China, Lianyungang Branch for the purchase of raw materials. The facility is expiring December 27, 2015 with interest at 7.872% per annum. The facility is secured by Renewable metals properties, machinery and equipment and land use rights, and guaranteed by Mr. Yao, Ms. Yi Chu, and Henan Armco, respectively. | ||||||||||
(vii) | On July 24, 2012, Renewable Metals entered into a line of credit facility in the amount of RMB 15,000,000 (approximately $2.4 million) from Shanghai Pudong Development Bank for the purchase of raw materials. The term of the facility is 12 months with interest at 120% of the applicable base rate for lending published by the People’s Bank of China (“PBOC”) at the time the loan is drawn down per annum. The facility is secured by Armco machinery’s land use right and guarantees provided by Mr. Yao and Ms. Yi Chu. | ||||||||||
(viii) | On July 1, 2011, Renewable Metals obtained a RMB 72,000,000 (approximately $11.7 million) line of credit from Bank of Communications, Lianyungang Branch expiring two (2) years from the date of issuance, for issuance of letters of credit in connection with the purchase of scrap metal. The letters of credit require Renewable Metals to pledge cash deposit equal to 20% of the letter of credit for letters of credit at sight, or 30% for other domestic letters of credit and for extended domestic letters of credit, the collateral of inventory equal to 166% of the letter of credit. The facility is secured by Renewable Metals inventories and guarantee provided by Mr. Yao. | ||||||||||
Employment with the Chairman and CEO | |||||||||||
On February 8, 2012, the Company and Mr. Yao, entered into an Employment Agreement (the “Employment Agreement”), to employ Mr. Yao as the Company’s Chairman of the Board of Directors, President, and Chief Executive Officer. The initial term of employment under the agreement is from January 1, 2012 (the “Effective Date”) until December 31, 2014, unless sooner terminated in accordance with the terms of the Employment Agreement. Pursuant to the Employment Agreement, Mr. Yao is entitled to, among others, the following compensation and benefits: | |||||||||||
a. | Base Salary. The Company shall pay the Executive a salary at a minimum rate of (i) $250,000 per annum for the period beginning on the Effective Date through December 31, 2012; (ii) $275,000 per annum for the period beginning on January 1, 2013 through December 31, 2013; and (iii) $300,000 per annum for the period beginning on January 1, 2014 through December 31, 2014 (the “Base Salary”). Base Salary shall be payable in accordance with the customary payroll practices of the Company applicable to senior executives. | ||||||||||
b. | Bonus. Each year during the Term, in addition to Base Salary, the Executive shall be entitled to an annual cash bonus in an amount equal to 50% of the Executive’s Base Salary for such year. Any such bonus shall be payable no later than 2.5 months following the year with respect to which the Base Salary is payable. | ||||||||||
c. | Restricted Shares. On the Effective Date, Executive shall receive 1,500,000 shares of the Company’s common stock (“Restricted Shares”) subject to the terms and conditions of the Amended and Restated China Armco Metals, Inc. 2009 Stock Incentive Plan (the "Incentive Plan"). The Restricted Shares shall vest according to Vesting Schedule attached the Employment Agreement as Exhibit A; provided, however, if the Executive is terminated pursuant to Section 5 of this Agreement, the Executive shall forfeit all the unvested Restricted Shares as of such termination. | ||||||||||
d. | Equity Incentive Compensation. The Executive shall be entitled to participate in any equity compensation plan of the Company in which he is eligible to participate, and may, without limitation, be granted in accordance with any such plan options to purchase shares of Company’s common stock, shares of restricted stock and other equity awards in the discretion of the Board or the Committee. Any equity incentive compensation shall be payable no later than 2.5 months of the following tax year in which such compensation is granted | ||||||||||
e. | Eligibility to participate in the Company’s benefit plans that are generally provided for executive employees. | ||||||||||
Operating Leases | |||||||||||
(i) Operating Lease - Office Space | |||||||||||
On July 16, 2012, Armco Shanghai entered into a non-cancelable operating lease for office space that will expire on July 31, 2014. The annual lease payment is RMB 656,357 (approximately $106,496). | |||||||||||
On December 17, 2010, Armco Metals Holdings entered into a non-cancelable operating lease for office space that expired on December 31, 2013. The monthly rental payment is $ 4,004 in 2013. After the contract expired, the Company continued the lease with the same landlord on a month by month basis. | |||||||||||
(ii) Operating Lease of Property, Plant and Equipment and Facilities | |||||||||||
Initial Lease Signed on June 24, 2010 | |||||||||||
On June 24, 2011, Renewable Metals entered into a non-cancelable operating lease agreement with an independent third party for property, plant, equipment and facilities expiring one (1) year from date of signing. Renewable Metals is required to pay RMB 30 per metric ton of scrap metal processed at this facility over the term of the lease, which were accrued and included in the inventory of finished goods – processed scrap metal and transferred to cost of goods sold upon shipment of processed scrap metal. | |||||||||||
First Renewal on April 13, 2012 | |||||||||||
On April 13, 2012, Renewable Metals renewed the aforementioned non-cancelable operating lease agreement for property, plant, equipment and facilities for an additional two-year term commencing on June 25, 2012, in consideration for (i) the issuance of one (1) million shares of the Company’s common stock and (ii) the payment of RMB1,000,000 (approximately $159,000) in cash. Pursuant to the lease agreement, the Company issued one million shares to the third party on April 13, 2012. The cash amount is to be paid during the second year of the lease term | |||||||||||
On March 31, 2013, Renewable Metals terminated this operating lease agreement. Under the terms and conditions of the Termination Agreement, Hebang agreed to forgive the cash amount to be paid under the amended Leasing Agreement and Renewable Metals agreed to let Hebang keep the 1 million shares. Also see Note 13. |
Note_13_Stockholders_Equity
Note 13 - Stockholders' Equity | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||
Note 13 – Stockholders’ Equity | |||||||||
Shares Authorized | |||||||||
Upon formation the aggregate number of shares which the Corporation shall have authority to issue is seventy five million (75,000,000) shares, consisting of two classes to be designated, respectively, “Common Stock” and “Preferred Stock,” with all of such shares having a par value of $.001 per share. The total number of shares of Preferred Stock that the Corporation shall have authority to issue is one million (1,000,000) shares. The total number of shares of Common Stock that the Corporation shall have authority to issue is seventy four million (74,000,000) shares. | |||||||||
Common Stock | |||||||||
Immediately prior to the consummation of the Share Purchase Agreement on July 27, 2008, the Company had 10,000,000 common shares issued and outstanding. | |||||||||
On July 27, 2008, upon the consummation of the Share Purchase Agreement, (i) Stephen Cox surrendered 7,694,000 common shares, representing his controlling interest in the Company for cancellation and resigned as an officer and director; (ii) the Company issued a promissory note of $6,890,000 (the “Share Purchase Note”) to purchase from Ms. Gao, the sole stockholder of Armco HK, the 100% of the issued and outstanding capital stock of Armco HK; and (iii) (a) a stock option entitling Ms. Gao to purchase 5,300,000 shares of its common stock, par value $.001 per share (the “Common Stock”) with an exercise price of $1.30 per share expiring on September 30, 2008 and (b) a stock option entitling Ms. Gao to purchase 2,000,000 shares of its common stock with an exercise price of $5.00 per share expiring two (2) years from the date of issuance on June 27, 2010, vested immediately (the “Gao Options”). The Company did not record the fair value of the Gao Options as the options were included as part of the reverse acquisition and recapitalization. | |||||||||
On August 12, 2008, Ms. Gao exercised her option to purchase and the Company issued 5,300,000 shares of its common stock in exchange for the $6,890,000 note owed to Ms. Gao. | |||||||||
On April 12, 2010, Mr. Yao purchased the Gao option to purchase 2,000,000 shares of the Company’s common stock with an exercise price of $5.00 per share originally granted to and owned by Ms. Feng Gao pursuant to a share purchase agreement to consummate the reverse merger capital transaction with Armco HK on June 27, 2008. In addition, on April 12, 2010 and June 25, 2010, Mr. Yao exercised part of the option and purchased 1,000,000 and 400,000 shares of the Company’s common stock at $5.00 per share resulting in net proceeds of $4,500,000, forgiveness of debt of $500,000 and $2,000,000 to the Company, respectively. The balance of the stock option to purchase the remaining 600,000 common shares expired on June 27, 2010. | |||||||||
Sale of Common Stock or Equity Unit Inclusive of Common Stock and Warrants | |||||||||
July and August 2008 Issuances | |||||||||
On July 25, 2008 and July 31, 2008, the Company closed the first and second rounds of a private placement by raising $6,896,229 from eighty-two (82) investors through the sale of 22.9 units of its securities at an offering price of $300,000 per unit in a private placement. Each unit sold in the offering consisted of 100,000 shares of the Company’s common stock, $.001 par value per share at a per share purchase price of $3.00, and five (5) year warrants to purchase 100,000 shares of common stock with an exercise price of $5.00 per share (the “Warrants“). | |||||||||
On August 8, 2008 the Company closed the third round of the offering by raising $523,500 from ten (10) investors through the sale of 1.745 units of its securities at an offering price of $300,000 per unit. | |||||||||
On August 11, 2008 the Company closed the fourth round of the offering by raising $40,200 from five (5) investors through the sale of 0.134 units of its securities at an offering price of $300,000 per unit. | |||||||||
The Company paid (i) FINRA member broker-dealers cash commissions of $162,660 and issued those firms five (5) year warrants to purchase a total of 99,650 shares of its common stock at $5.00 per share as compensation for services to the Company, (ii) due diligence fees to certain investors or their advisors in connection with the Offering aggregating $579,316 in cash and issued those firms five (5) year warrants to purchase a total of 142,614 shares of its common stock at $5.00 per share as compensation for services to the Company, and (iii) professional fees in the amount of $97,689 paid in cash in connection with the Offering. The recipients of these fees included China Direct Investments, Inc., a subsidiary of China Direct, Inc. and a principal stockholder of the company.. | |||||||||
In aggregate, the Company raised $7,459,929 in the offering from ninety-seven (97) investors through the sale of 24.87 units and after payment of cash commissions, broker dealer fee, due diligence fees and other costs associated with the Offering, the Company received net proceeds of $6,620,681, all of which were used for construction of a scrap steel recycling facility in the City of Lianyungang, Jiangsu Province, China as previously disclosed by the Company and general corporate working capital purposes. | |||||||||
April 2010 Issuance | |||||||||
On April 20, 2010, the Company entered into a Securities Purchase Agreement with nine (9) accredited and institutional investors for the sale of 1,538,464 shares of its common stock at an offering price of $6.50 per share resulting in gross proceeds to the Company of $10,000,016. At closing the Company issued the investors warrants to purchase an additional 1,538,464 shares of its common stock at an exercise price of $7.50 per share expiring five (5) years from the date of grant. The warrants are exercisable commencing 181 days after the date of issuance. The private offering, which was made under an exemption from the registration requirements of the Securities Act of 1933 in reliance on exemptions provided by Section 4(2) of that act and Rule 506 of Regulation D. At closing, the Company paid Rodman & Renshaw, LLC, a FINRA member firm that served as placement agent for the Company in the offering, (i) a fee of $500,000 as compensation for its services and (ii) a warrant to purchase 76,923 shares of the Company’s common stock at an exercise price of $7.50 per share expiring five (5) years from the date of issuance which are exercisable commencing 181 days after the date of issuance, as well as a $15,000 non-accountable expense allowance to one (1) of the investors in the offering. The Company used the net proceeds from this offering for its working capital. | |||||||||
January 2013 Offering | |||||||||
On January 28, 2013 (the “Closing Date”), the Company completed a public offering of an aggregate of 3,242,712 shares of the Company’s common stock in a registered direct public offering (the “January 2013 Offering”) for approximately $1.6 million proceeds in cash. The shares offered in this January 2013 Offering were sold by the Company directly to the investors. No underwriter or agents was involved in connection with this Offering to solicit offers to purchase the shares. | |||||||||
On the Closing Date, the Company entered into Subscription Agreements (the “Subscription Agreements”) with certain investors (the “Investors”) in connection with the January 2013 Offering, pursuant to which the Company agreed to sell an aggregate of 3,242,712 shares of its common stock at a purchase price of $0.50 per share to the Investors for aggregate gross proceeds, before deducting the estimated offering expenses payable by the Company, of approximately $1,621,356. | |||||||||
The purchase and issuance of the securities in the Registered Direct Offering are completed on January 28, 2013. | |||||||||
The January 2013 Offering was effectuated as a takedown off the Company’s shelf registration statement on Form S-3, as amended (File No. 333-184354), which became effective on December 14, 2012 (the “Registration Statement”), pursuant to a prospectus supplement filed with the Securities and Exchange Commission (the “SEC”) on January 28, 2013. | |||||||||
Conversion of Advances from Chairman and CEO to Common Shares | |||||||||
On December 31, 2012, Mr. Yao proposed to the Company to convert the amount of unpaid Principals of the Loans owed him, into shares of common stock of the Company, at a conversation price equal to the current market price at which the Company's common stock trades on NYSE MKT; and the Board of the Directors of the Company considered that it is in the best interest of the Company and its stockholders for the Company to authorize the conversion of the amount of unpaid Principals of the Loans, into shares of common stock of the Company, at a conversation price equal to the average of the three (3) closing bid prices during the three (3) trading days immediately prior the date hereof at which the Company's common stock trades on NYSE MKT. Upon authorization by the Board of Directors of the Company, Mr. Yao converted unpaid Principals of the Loans of $353,753 owed him, into common shares of the Company, at a conversation price of $0.4933 per share, the average of the three (3) closing bid prices during the three (3) trading days immediately prior the date hereof at which the Company's common stock trades on NYSE MKT, or 717,067 shares of the Company’s common stock. | |||||||||
Conversion of Loan from Chairman and CEO to Common Shares | |||||||||
On October 22, 2013, Mr. Yao proposed to the Company to convert the amount of unpaid Principals of the Loans owed him, into shares of common stock of the Company, at a conversation price equal to the current market price at which the Company's common stock trades on NYSE MKT; and the Board of the Directors of the Company considered that it is in the best interest of the Company and its stockholders for the Company to authorize the conversion of the amount of unpaid Principals of the Loans, into shares of common stock of the Company, at a conversation price equal to the average of the three (3) closing bid prices during the three (3) trading days immediately prior the date hereof at which the Company's common stock trades on NYSE MKT. Upon authorization by the Board of Directors of the Company, Mr. Yao converted unpaid Principals of the Loans and interest in the amount of $1,045,369 owed him, into common shares of the Company, at a conversation price of $0.52 per share, the average of the three (3) closing bid prices during the three (3) trading days immediately prior the date hereof at which the Company's common stock trades on NYSE MKT, or 2,010,327 shares of the Company’s common stock. | |||||||||
Conversion of Short Term Loan to Common Shares | |||||||||
On October 28, 2013, a non-affiliated investor (the “Investor”) proposed to the Company to convert the amount of unpaid Principals of the Loans owed her in the amount of $816,593 into common shares of the Company, at a conversion price of $0.52 per share, or 1,570,371 share of the Company’s common stock. | |||||||||
Issuance of Common Stock to Parties Other Than Employees for Acquiring Goods or Services | |||||||||
Loan Guarantee - Henan Chaoyang Steel Co., Ltd. | |||||||||
On June 11, 2010 the Company entered into a Guaranty Cooperation Agreement with Henan Chaoyang Steel Co., Ltd. (“Henan Chaoyang”) to provide additional liquidity to meet anticipated working capital requirements of Renewable Metals’ scrap metal recycling facility. Under the terms of the guaranty, Henan Chaoyang agreed to provide loan guarantees to Renewable Metals’ existing and pending bank lines of credit of up to 300 million RMB in the aggregate (approximately $45,400,000) for five (5) years expiring June 30, 2015. As consideration for the guaranty, the Company issued a designee of Henan Chaoyang 500,000 shares of its common stock. These shares are earned ratably over the term of the agreement and the unearned shares are forfeitable in the event of nonperformance by the guarantor. | |||||||||
Mr. Heping Ma, a former member of the Company’s Board of Directors, is a founder, Chairman and owns an 85% equity interest of Henan Chaoyang Steel Co., Ltd. Co, a corporation incorporated under the laws of the PRC. This transaction was approved by the members of the Board of Directors of the Company who were independent in the matter in accordance with the Company’s Related Persons Transaction Policy. On September 16, 2010, Mr. Ma resigned from the Company’s Board of Directors. | |||||||||
Shares Earned during the Year Ending December 31, 2012 | |||||||||
33,333 common shares earned for the quarter ended March 31, 2012 were valued at $0.50 per share, or $16,667, which was recorded as loan guarantee expense. | |||||||||
33,333 common shares earned for the quarter ended June 30, 2012 were valued at $0.4289 per share, or $14,297, which was recorded as loan guarantee expense. | |||||||||
33,333 common shares earned for the quarter ended September 30, 2012 were valued at $0.3795 per share, or $12,650, which was recorded as loan guarantee expense. | |||||||||
33,333 common shares earned for the quarter ended December 31, 2012 were valued at $0.4839 per share, or $16,130, which was recorded as loan guarantee expense. | |||||||||
Shares Earned during the Year Ending December 31, 2013 | |||||||||
33,333 common shares earned for the quarter ended March 31, 2013 were valued at $0.375 per share, or $12,500, which was recorded as loan guarantee expense. | |||||||||
33,333 common shares earned for the quarter ended June 30, 2013 were valued at $0.31 per share, or $10,333, which was recorded as loan guarantee expense. | |||||||||
33,333 common shares earned for the quarter ended September 30, 2013 were valued at $0.38 per share, or $12,667, which was recorded as loan guarantee expense. | |||||||||
33,333 common shares earned for the quarter ended December 31, 2013 were valued at $0.307 per share, or $10,2337, which was recorded as loan guarantee expense. | |||||||||
Shares Earned during the Year Ending December 31, 2014 | |||||||||
33,338 common shares earned for the quarter ended March 31, 2014 were valued at $0.39 per share, or $13,002, which was recorded as loan guarantee expense. | |||||||||
Legal Services Agreement – All Bright Law Offices | |||||||||
On March 3, 2012, the Company entered into a Legal Services Agreement (“Legal Agreement”) with All Bright Law Office (“All Bright”), a PRC law firm located in Shanghai, China. Pursuant to the Legal Agreement, All Bright agreed to provide Chinese-law related legal counsel services from April 1, 2012 to March 31, 2013 in exchange for 300,000 shares of common stock of the Company. These shares are earned ratably over the term of the agreement and the unearned shares are forfeitable in the event of nonperformance by the All Bright. | |||||||||
Shares Earned during the Year Ending December 31, 2012 | |||||||||
75,000 common shares earned for the quarter ended June 30, 2012 were valued at $0.4289 per share, or $32,168, which was recorded as legal expenses. | |||||||||
75,000 common shares earned for the quarter ended September 30, 2012 were valued at $0.3795 per share, or $28,463, which was recorded as legal fees. | |||||||||
75,000 common shares earned for the quarter ended December 31, 2012 were valued at $0.4839 per share, or $36,293, which was recorded as legal fees. | |||||||||
Shares Earned during the Year Ending December 31, 2013 | |||||||||
75,000 common shares earned for the quarter ended March 31, 2013 were valued at $0.375 per share, or $28,125, which was recorded as legal expenses. | |||||||||
Consulting Services Agreement – Broad Max Holding | |||||||||
On December 1, 2012, the Company entered into a Consulting Services Agreement (“Consulting Agreement”) with Broad Max Holding (“Broad Max”), a HK firm located in Hong Kong, China. Pursuant to the Consulting Agreement, Broad Max agreed to provide consulting services from December 1, 2012 to May 31, 2013 in exchange for 100,000 shares of common stock of the Company. These shares are earned ratably over the term of the agreement and the unearned shares are forfeitable in the event of nonperformance by the Broad Max. | |||||||||
Shares Earned during the Year Ending December 31, 2012 | |||||||||
16,667 common shares earned for the quarter ended December 31, 2012 were valued at $0.4839 per share, or $8,065, which was recorded as consulting fees. | |||||||||
Shares Earned during the Year Ending December 31, 2013 | |||||||||
50,000 common shares earned for the quarter ended March 31, 2013 were valued at $0.375 per share, or $18,750, which was recorded as consulting fees. | |||||||||
33,333 common shares earned for the quarter ended June 30, 2013 were valued at $0.31 per share, or $10,333, which was recorded as consulting fees. | |||||||||
Facility and Equipment Lease Agreement – Hebang Renewable Resources Co., Ltd. | |||||||||
On April 13, 2012, the Company entered into a Facility and Equipment Leasing Agreement (“Leasing Agreement”) with Lianyungang Hebang Renewable Resources Co., Ltd. (“Hebang”), a PRC company located in the City of Lianyungang, Jiangsu Province, China. Pursuant to the Leasing Agreement, Hebang agreed to lease its entire facility and all of its equipment for the Company’s exclusive use and operation for a two-year term commencing on June 25, 2012, in consideration for the issuance of one (1) million shares of common stock of the Company to Hebang and the payment of RMB one (1) million (approximately $159,000) in cash. Pursuant to the Leasing Agreement, the Company issued the Shares to a designee of Hebang on April 13, 2012 (the “Hebang Stock Issuance”). The cash amount is to be paid out to Hebang during the second year of the lease term. These shares are earned ratably over the term of the agreement and the unearned shares are forfeitable in the event of nonperformance by Hebang. | |||||||||
On March 31, 2013, Renewable Metals and Hebang terminated the Leasing Agreement ("Termination Agreement"). Under the terms and conditions of the Termination Agreement, Hebang agreed to forgive the cash amount to be paid under the amended Leasing Agreement and Renewable Metals agreed to let Hebang to keep the remaining unearned 625,000 common shares, which was valued at $0.375 per share or $234,375, which was recorded as facility leasing expenses. | |||||||||
Shares Earned during the Year Ending December 31, 2012 | |||||||||
125,000 common shares earned for the quarter ended September 30, 2012 were valued at $0.3795 per share, or $47,438, which was recorded as facility leasing expenses. | |||||||||
125,000 common shares earned for the quarter ended December 31, 2012 were valued at $0.4839 per share, or $60,488, which was recorded as facility leasing expenses. | |||||||||
Shares Earned during the Year Ending December 31, 2013 | |||||||||
125,000 common shares earned for the quarter ended March 31, 2013 were valued at $0.375 per share, or $46,875, which was recorded as facility leasing expenses. | |||||||||
Under the terms and conditions of the Termination Agreement, Hebang agreed to forgive the cash amount to be paid under the amended Leasing Agreement and Renewable Metals agreed to let Hebang to keep the remaining unearned 625,000 common shares, which was valued at $0.375 per share or $234,375 and recorded as facility leasing expenses. | |||||||||
Consulting Services Agreement – CD International Enterprise Inc | |||||||||
On November 8, 2013, the Company entered into a Consulting Services Agreement (“Consulting Agreement”) with CD International Enterprise Inc (“CDI”), a US company. Pursuant to the Consulting Agreement, CDI agreed to provide consulting services from November 1, 2013 to October 31, 2014 in exchange for 1,000,000 shares of common stock of the Company. These shares are earned ratably over the term of the agreement and the unearned shares are forfeitable in the event of nonperformance by the CDI. | |||||||||
Shares Earned during the Year Ending December 31, 2013 | |||||||||
250,000 common shares earned for the quarter ended December 31, 2013 were valued at $0.307 per share, or $76,750, which was recorded as consulting expenses. | |||||||||
Shares Earned during the Year Ending December 31, 2014 | |||||||||
250,000 common shares earned for the quarter ended March 31, 2014 were valued at $0.39 per share, or $97,500, which was recorded as consulting expenses. | |||||||||
Financing Cost – Hangover | |||||||||
On November 8, 2013, the Company issued 47,022 shares of common stock to Hanover Holdings I, LLC, (“Hanover”), as commitment shares for entering into that certain securities purchase agreement dated November 4, 2013 by and between the Company and Hanover. The shares were valued at $0.4499 per share, or $21,155, which was recorded as financing cost. | |||||||||
2009 Stock Incentive Plan as Amended | |||||||||
Adoption of 2009 Stock Incentive Plan | |||||||||
On October 26, 2009, the Board of Directors of the Company adopted the 2009 Stock Incentive Plan, whereby the Board of Directors authorized 1,200,000 shares of the Company’s common stock to be reserved for issuance (the “2009 Stock Incentive Plan”). The purpose of the 2009 Stock Incentive Plan is to advance the interests of the Company by providing an incentive to attract, retain and motivate highly qualified and competent persons who are important to us and upon whose efforts and judgment the success of the Company is largely dependent. Grants to be made under the 2009 Stock Incentive Plan are limited to the Company’s employees, including employees of the Company’s subsidiaries, the Company’s directors and consultants to the Company. The recipient of any grant under the 2009 Stock Incentive Plan, and the amount and terms of a specific grant, are determined by the Board of Directors of the Company. Should any option granted or stock awarded under the 2009 Stock Incentive Plan expire or become un-exercisable for any reason without having been exercised in full or fail to vest, the shares subject to the portion of the option not so exercised or lapsed will become available for subsequent stock or option grants. | |||||||||
2011 Amendment to the 2009 Stock Incentive Plan | |||||||||
On May 19, 2011, the Company’s Board of Directors adopted and approved the Amended and Restated 2009 Stock Incentive Plan to increase the number of shares of the Company’s common stock available for issuance thereunder by 1,000,000 shares to 2,200,000 shares of the Company’s common stock among other material terms, subject to stockholder approval at the Annual Meeting. At the 2011 Annual Meeting of Stockholders (the “2011 Annual Meeting”) of the Company held on July 9, 2011, the Company’s stockholders approved the amendment and restatement of the Company’s 2009 Stock Incentive Plan (the “Amended and Restated 2009 Stock Incentive Plan”). | |||||||||
Common shares | |||||||||
The Amended and Restated Incentive Plan contains limitations on the number of shares available for issuance with respect to specified types of awards as specified in Section 6.2 Limitation on Shares of Stock Subject to Awards and Cash Awards. During any time when the Company has a class of equity securities registered under Section 12 of the Securities Exchange Act: | |||||||||
● | the maximum number of shares of the Company’s common stock subject to stock options or SARs that may be granted under the Amended and Restated Incentive Plan in a calendar year to any person eligible for an award will be 1,300,000 shares; | ||||||||
● | the maximum number of shares of the Company’s common stock that may be granted under the Amended and Restated Incentive Plan, other than pursuant to stock options or SARs, in a calendar year to any person eligible for an award will be 1,300,000 shares; and | ||||||||
● | the maximum amount that may be paid as a cash-settled performance-based award will be $1,000,000 for a performance period of 12 months or less and $5,000,000 for a performance period of greater than 12 months. | ||||||||
The maximum number of shares available for issuance pursuant to incentive stock options granted under the Amended and Restated Incentive Plan will be the same as the number of shares available for issuance under the Amended and Restated Incentive Plan. | |||||||||
Options | |||||||||
Under the Amended and Restated Incentive Plan, the board of directors, or the committee to which it grants authority under the Amended and Restated Incentive Plan, may grant both incentive stock options ("ISOs") intended to qualify under Section 422 of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), and options that are not qualified as incentive stock options ("NSOs"). ISOs may only be granted to persons who are employees of the Company or a subsidiary of the Company and the fair market value at the date of grant of the shares of stock with respect to which all ISO’s held by a particular grantee become exercisable for the first time during any calendar year does not exceed $100,000. ISOs and NSOs must be granted a an exercise price that is at least the fair market value of the common stock on the date of grant and the term of these options cannot exceed ten years from the date of grant. The exercise price of an ISO granted to a holder of more than 10% of the common stock of the Company must be at least 110% of the fair market value of the Common Stock on the date of grant, and the term of these options cannot exceed five years. All of the authorized shares of common stock under the Amended and Restated Incentive Plan are available for grant as ISOs. | |||||||||
Stock Appreciation Rights | |||||||||
Under the Amended and Restated Incentive Plan, the board of directors, or the committee to which it grants authority under the Amended and Restated Incentive Plan, may grant stock appreciation rights (“SARs”), that confer on the grantee a right to receive, upon exercise thereof, the excess of (a) the fair market value of one share of common stock of the Company on the date of exercise over (b) the grant price of the SAR (which shall be at least the grant date fair market value of a share of common stock of the Company) as determined by the board of directors or the committee to which it grants authority under the Amended and Restated Incentive Plan. The term of each SAR is ten years from the date of grant of the SAR. | |||||||||
Stock Awards | |||||||||
Under the stock component of the Amended and Restated Incentive Plan, the board of directors, or the committee to which it grants authority under the Amended and Restated Incentive Plan, may, in selected cases, grant to a plan participant a given number of shares of restricted stock, stock units or unrestricted stock. Restricted stock under the Amended and Restated Incentive Plan is common stock restricted as to sale pending fulfillment of such vesting schedule and requirements as the board of directors, or the committee to which it grants authority under the Amended and Restated Incentive Plan, shall determine. Prior to the lifting of the restrictions, the participant will nevertheless be entitled to receive dividends on, and to vote the shares of, the restricted stock. Stock units are a right to be delivered shares of common stock upon fulfillment of such vesting schedule and requirements as the board of directors, or the committee to which it grants authority under the Amended and Restated Incentive Plan, shall determine. Grantees of stock units will have no voting or dividend rights or other rights associated with stock ownership, although the board of directors, or the committee may award dividend equivalent rights on such units. | |||||||||
Shares Awarded during 2009 | |||||||||
On October 26, 2009, the Company awarded 200,000 shares of its restricted common stock, par value $.001 per share, pursuant to the 2009 Stock Incentive Plan, to Mr. Kexuan Yao, the Company’s Chief Executive Officer, vesting 66,667 shares on December 15, 2010, 66,667 shares on December 15, 2011 and 66,666 shares on December 15, 2012. These shares were valued at $3.28 per share or $656,000 on the date of grant and were amortized over the vesting period, or $54,667 per quarter. | |||||||||
On October 26, 2009, the Company agreed to pay Mr. William Thomson the sum of $20,000 and awarded 6,250 shares of the Company’s restricted common stock to Mr. William Thomson in conjunction with his appointment to the Company's board of directors vesting 25% on , 2010, 25% on June 30, 2010, 25% on September 30, 2010 and 25% on December 31, 2010. These shares were valued at $3.28 per share or $20,500 on the date of grant and were amortized over the vesting period, all of which was earned and recorded as stock based compensation for the year ended December 31, 2010. | |||||||||
Shares and Options Awarded during 2010 | |||||||||
On September 16, 2010, the Company agreed to pay Mr. K.P. Chan the sum of $20,000 and awarded 6,250 shares of the Company’s restricted common stock to Mr. Chan in conjunction with his appointment to the Company's board of directors vesting 50% on March 10, 2011 and 50% on September 10, 2011. These shares were valued at $3.12 per share or $19,500 on the date of grant and were amortized over the vesting period, or $4,875 per quarter. | |||||||||
On October 5, 2010, the Company awarded a stock option to purchase 40,000 shares of the Company’s common stock exercisable at $5.00 per share expiring five (5) years from the date of grant to an employee in conjunction with his employment agreement as the Company's Director of Administration, vested upon grant. The Company estimated the fair value of option granted, estimated on the date of grant, using the Black-Scholes option-pricing model with the following weighted-average assumptions: | |||||||||
5-Oct-10 | |||||||||
Expected life (year) | 5 | ||||||||
Expected volatility | 187 | % | |||||||
Risk-free interest rate | 1.21 | % | |||||||
Expected annual rate of quarterly dividends | 0 | % | |||||||
Expected volatility is based on historical volatility for the Company’s common stock. The Company currently has no reason to believe future volatility over the expected life of the option is likely to differ materially from its historical volatility. The risk-free interest rate is based on a yield curve of U.S treasury interest rates on the date of valuation based on the expected term of the share options or equity instruments. Expected dividend yield is based on our dividend history and anticipated dividend policy. | |||||||||
The fair value of share options or equity instruments granted, estimated on the date of grant, using the Black-Scholes option-pricing model, was $138,000. The Company recorded the entire amount as stock based compensation expense on the date of grant. | |||||||||
Shares Awarded during 2011 | |||||||||
On January 25, 2011, the Company issued 55,378 shares of its common stock to certain of its employees for their 2010 services of approximately $187,180 in lieu of cash, which was recorded as compensation expenses in 2010 and credited the same to the accrued expenses at December 31, 2010. | |||||||||
On March 29, 2011, the Company awarded 10,000 shares of the Company’s common stock to an employee for his 2011 employment service vesting on July 1, 2011. These shares were valued at $2.74 per share or $27,400 on the date of grant and are being amortized over the service period of one year in 2011. | |||||||||
On December 15, 2011, the Company issued 10,000 and 50,000 shares of its common stock to two (2) of its outside directors for their 2011 services, respectively. These shares were valued at $0.27 per share, $2,700 and $13,500 or $16,200 in aggregate on the date of grant, which was recorded as stock based compensation. | |||||||||
On December 15, 2011, the Company issued 264,379 shares of its common stock to certain of its employees for their 2011 services of approximately $71,383, in lieu of cash, which was recorded as compensation expense in 2011. | |||||||||
On December 16, 2011, the Company agreed to pay Director Mr. Kam Ping Chan 6,250 shares of the Company’s restricted common stock in conjunction with his appointment to the Company's board of directors vesting 50% on June 30, 2012 and 50% on December 31, 2012, effectively January 1, 2012. The restricted stock vests only if Mr. Chan is still a director of the Company on the vesting date (with limited exceptions), and the shares are eligible for the payment of dividends, if the Board of Directors was to declare dividends on the Company’s common stock. These shares were valued at $0.2851 per share or $1,782 on the date of grant and are being amortized over the vesting period, or $446 per quarter in 2012. | |||||||||
On December 20, 2011, the Company issued 50,000 shares of its common stock to Mr. Tao Pang, one of its outside directors for his 2012 services, effectively January 1, 2012. These shares were valued at $0.28 per share, or $14,000 on the date of grant, which was deferred to 2012 to be recognized as stock based compensation. On May 4, 2012 those shares were cancelled upon Mr. Pang's resignation as a member of the board of directors. Mr. Pang was compensated in cash in lieu of common shares for such period served as a director. | |||||||||
2012 Amendment to the 2009 Stock Incentive Plan | |||||||||
At the 2012 Annual Meeting of Stockholders (the “2012 Annual Meeting”) of the Company held on July 13, 2012, the Company’s stockholders approved an amendment and restatement of the Company’s 2009 Stock Incentive Plan to increase the number of shares of the Company’s common stock available for issuance hereunder by 3,000,000 shares to 5,200,000 shares of the Company’s common stock. | |||||||||
Shares Awarded during 2012 | |||||||||
On February 6, 2012, the Company issued 57,743 shares of its common stock to certain of its employees for their 2011 services of approximately $33,318, in lieu of cash, which was recorded as compensation expense and credited to common shares to be issued at December 31, 2011. | |||||||||
On February 8, 2012, the Company awarded 1,500,000 shares of its restricted common stock, par value $.001 per share, pursuant to the Amended and Restated 2009 Stock Incentive Plan, to Mr. Kexuan Yao, the Company’s Chief Executive Officer. The term of employment under the agreement is from January 1, 2012 (the “Effective Date”) until December 31, 2014, unless sooner terminated in accordance with the terms of the Employment Agreement. These shares were valued at $0.499 per share or $748,500 on the date of grant and are amortized over the vesting period, or $62,375 per quarter. | |||||||||
On May 4, 2012, the Company agreed to pay Director Mr. Weiping Shen 50,000 shares of the Company’s restricted common stock in conjunction with his appointment to the Company's board of directors vesting 50% on December 31, 2012 and 50% on May 3, 2013. The restricted stock vests only if Mr. Shen is still a director of the Company on the vesting date (with limited exceptions), and the shares are eligible for the payment of dividends, if the Board of Directors was to declare dividends on the Company’s common stock. These shares were valued at $0.69 per share or $34,500 on the date of grant and are being amortized over the vesting period, or $8,625 per quarter. | |||||||||
On July 30, 2012, the Company issued 561,640 shares of its common stock to certain of its employees for the first half year of their 2012 service of approximately $185,341, in lieu of cash, all of which was recorded as compensation expense for the quarter ended June 30, 2012. | |||||||||
On July 30, 2012, the Company granted 400,000 shares of its common stock to certain of its employees for the second half year of their 2012 service of approximately $132,000, in lieu of cash, which were recorded as compensation expense for the year ended December 31, 2012. | |||||||||
On November 12, 2012, the Company granted 980,991 shares of its common stock to certain of its employees for the second half year of their 2012 service of approximately $343,347, in lieu of cash, which were recorded as compensation expense for the quarter ended December 31, 2012. | |||||||||
2013 Amendment to the 2009 Stock Incentive Plan | |||||||||
At the 2013 Annual Meeting of Stockholders (the “2013 Annual Meeting”) of the Company held on July 2, 2013, the Company’s stockholders approved an amendment and restatement of the Company’s 2009 Stock Incentive Plan to increase the number of shares of the Company’s common stock available for issuance hereunder by 3,000,000 shares to 8,200,000 shares of the Company’s common stock. | |||||||||
Shares Awarded during 2013 | |||||||||
On May 2, 2013, the Company agreed to pay Director Mr. Kam Ping Chan 6,250 shares of the Company’s restricted common stock in conjunction with his re-appointment to the Company's board of directors vesting 50% on June 30, 2013 and 50% on December 31, 2013, effectively January 1, 2013. The restricted stock vests only if Mr. Chan is still a director of the Company on the vesting date (with limited exceptions), and the shares are eligible for the payment of dividends, if the Board of Directors was to declare dividends on the Company’s common stock. These shares were valued at $0.3301 per share or $2,063 on the date of grant and are being amortized over the vesting period, or $516 per quarter in 2013. | |||||||||
On May 3, 2013, the Company agreed to pay Director Mr. Weiping Shen 50,000 shares of the Company’s restricted common stock in conjunction with his re-appointment to the Company's board of directors vesting 50% on September 30, 2013 and 50% on May 3, 2014. The restricted stock vests only if Mr. Shen is still a director of the Company on the vesting date (with limited exceptions), and the shares are eligible for the payment of dividends, if the Board of Directors was to declare dividends on the Company’s common stock. These shares were valued at $0.389 per share or $19,450 on the date of grant and are being amortized over the vesting period, or $4,863 per quarter. | |||||||||
On November 5, 2013, the Company granted 1,363,282 shares of its common stock to certain of its employees for the year of their 2013 service of approximately $640,743, in lieu of cash, which were recorded as compensation expense for the quarter ended December 31, 2013. | |||||||||
Shares Awarded during 2014 | |||||||||
On January 2, 2014, the Company agreed to pay Director Mr. Kam Ping Chan 6,250 shares of the Company’s restricted common stock in conjunction with his re-appointment to the Company's board of directors vesting 50% on June 30, 2014 and 50% on December 31, 2014, effectively January 1, 2014. The restricted stock vests only if Mr. Chan is still a director of the Company on the vesting date (with limited exceptions), and the shares are eligible for the payment of dividends, if the Board of Directors was to declare dividends on the Company’s common stock. These shares were valued at $0.323 per share or $2,019 on the date of grant and are being amortized over the vesting period, or $505 per quarter in 2014. | |||||||||
On April 9, 2014, the Company granted 2,329,958 shares of its common stock to certain of its employees for the first quarter of their 2014 service of approximately $838,785, in lieu of cash, which were recorded as compensation expense for the quarter ended March 31, 2014. | |||||||||
Summary of the Company’s Amended and Restated 2009 Stock Incentive Plan Activities | |||||||||
The table below summarizes the Company’s Amended and Restated 2009 Stock Incentive Plan activities: | |||||||||
Number of | Fair Value at | ||||||||
Shares or | Date of Grant | ||||||||
Options | |||||||||
Balance, December 31, 2012 | 4,198,881 | $ | 2,614,951 | ||||||
Options – granted | - | - | |||||||
Options – canceled | - | - | |||||||
Shares – granted | 1,419,532 | 662,256 | |||||||
Shares – canceled | (- | ) | (- | ) | |||||
Balance, December 31, 2013 | 5,618,413 | $ | 3,277,207 | ||||||
Vested, December 31, 2013 | 5,101,746 | 3,023,732 | |||||||
Unvested, December 31, 2013 | 516,667 | $ | 253,475 | ||||||
Options – granted | - | - | |||||||
Options – canceled | - | - | |||||||
Shares – granted | 2,336,208 | 840,804 | |||||||
Shares – canceled | (- | ) | (- | ) | |||||
Balance, March 31, 2014 | 7,954,621 | $ | 4,118,011 | ||||||
Vested, March 31, 2014 | 7,556,704 | 3,924,892 | |||||||
Unvested, March 31, 2014 | 397,917 | $ | 193,119 | ||||||
As of March 31, 2014, there were 245,379 shares of common stock remaining available for issuance under the Amended and Restated 2009 Stock Incentive Plan. |
Note_14_Income_Taxes
Note 14 - Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
Note 14 – Income Taxes | |
Armco Metals Holdings is a non-operating holding company. Armco HK, the Company’s Hong Kong Subsidiary is subject to Hong Kong SAR income taxes. Henan Armco, Renewable Metals, Lianyungang Armco and Armco Shanghai, the Company’s PRC subsidiaries are subject to PRC income taxes, file income tax returns under the Income Tax Law of the People’s Republic of China concerning Foreign Investment Enterprises and Foreign Enterprises and local income tax laws (the “PRC Income Tax Law”) accordingly. Henan Armco, Renewable Metals, Lianyungang Armco and Armco Shanghai derive substantially all of their income (loss) before income taxed and related tax expenses from PRC sources. | |
United States Income Tax | |
Armco Metals Holdings is incorporated in the State of Nevada and is subjected to United Sates of America tax law. | |
Hong Kong SAR Income Tax | |
Armco HK is registered and operates in the Hong Kong Special Administrative Region (“HK SAR”) of the People’s Republic of | |
China (“PRC”) and is subject to HK SAR tax law. Armco HK’s statutory income tax rate is 16.5%. | |
PRC Income Tax | |
Henan Armco, Renewable Metals, Lianyungang Armco and Armco Shanghai are governed by and file separate income tax returns under the PRC Income Tax Law, which, until January 2008, generally subject to tax at a statutory rate of 33% (30% state income tax plus 3% local income tax) on income reported in the statutory financial statements after appropriate tax adjustments. On March 16, 2007, the National People’s Congress of China approved the Corporate Income Tax Law of the People’s Republic of China (the “New CIT Law”), effective January 1, 2008. Under the New CIT Law, the corporate income tax rate applicable to all Companies, including both domestic and foreign-invested companies, will be 25%. However, tax concession granted to eligible companies prior to March 16, 2007 will be grand fathered in. | |
The effective tax rate is 0% and -0.77% for the three months ended March 31, 2014 and March 31, 2013, respectively. |
Note_15_Concentrations_and_Cre
Note 15 - Concentrations and Credit Risk | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Risks and Uncertainties [Abstract] | ' | ||||||||||||||||
Concentration Risk Disclosure [Text Block] | ' | ||||||||||||||||
Note 15 – Concentrations and Credit Risk | |||||||||||||||||
Credit Risk Arising from Financial Instruments | |||||||||||||||||
Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash and cash equivalents. | |||||||||||||||||
As of March 31, 2014 and December 31, 2013, substantially all of the Company’s cash and cash equivalents were held by major financial institutions located in the PRC, none of which are insured. However, the Company has not experienced losses on these accounts and management believes that the Company is not exposed to significant risks on such accounts. | |||||||||||||||||
Customers and Credit Concentrations | |||||||||||||||||
Customer concentrations and credit concentrations are as follows: | |||||||||||||||||
Net Sales | Accounts Receivable | ||||||||||||||||
for the Three Months Ended | at | ||||||||||||||||
March 31, | March 31, | March 31, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Customer A | - | % | 54.6 | % | 32.4 | % | 33.8 | % | |||||||||
Customer B | 22.6 | % | - | % | 27.2 | % | 25.1 | % | |||||||||
Customer C | - | % | - | % | - | % | 18.3 | % | |||||||||
Customer D | - | % | - | % | 10.4 | % | - | % | |||||||||
Customer E | - | % | - | % | 19.6 | % | - | % | |||||||||
Customer F | 37.2 | % | - | % | - | % | - | % | |||||||||
Customer G | 12.3 | % | - | % | - | % | - | % | |||||||||
Customer H | 11.8 | % | - | % | - | % | - | % | |||||||||
83.9 | % | 54.6 | % | 89.6 | % | 77.2 | % | ||||||||||
A reduction in sales from or loss of such customers would have a material adverse effect on the Company’s results of operations and financial condition. | |||||||||||||||||
Vendor Concentrations | |||||||||||||||||
Vendor purchase concentrations and accounts payable concentration as follows: | |||||||||||||||||
Net Purchases | Accounts Payable | ||||||||||||||||
for the Three Months Ended | at | ||||||||||||||||
March 31, | March 31, | March 31, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Vendor A | 38.4 | % | 82.6 | % | 40.2 | % | 86 | % | |||||||||
Vendor B | 37 | % | - | % | 25.8 | % | - | % | |||||||||
75.4 | % | 82.6 | % | 66 | % | 86 | % | ||||||||||
Note_16_Subsequent_Events
Note 16 - Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Note 16 – Subsequent Events | |
The Company has evaluated all events that occurred after the balance sheet date through the date when the financial statements were issued. The Management of the Company determined that there were certain reportable subsequent events to be disclosed as follows: | |
On April 8, 2014, the convertible note holders of an aggregate of $5,554,467 principal converted the principal and accrued unpaid interest due under those notes into an aggregate of 17,521,978 shares of the Company’s common stock. | |
On September 23, 2013, the Company issued a convertible promissory note to Asher Enterprises, Inc. in the amounts of $153,500 with annual interest rate of 8%. The note is convertible at 58% of the average 3 lowest closing bid prices for the last 10 trading days after 180 days following the Date of Issuance. On March 28, 2014, $80,000 of principal under the note was converted to 355,082 shares of the Company’s common stock. On April 8, 2014, $73,500 of principal under the note was converted to 363,635 shares of the Company’s common stock and the remaining principal balance under the note is zero. | |
On April 16, 2014, the Company received a conversion notice from its convertible note holder, Hanover, to convert $100,000 principal of the note due March 3, 2015, along with $1,525 accrued interest, into a total of 374,425 shares of the Company's common stock, at a conversion price of $0.271150 per share. On May 7, 2014, the Company received a conversion notice from Hanover to convert $25,000 principal of the note due March 3, 2015, along with $277.78 accrued interest, into a total of $105,756 shares of the Company’s common stock, at a conversion price of $0.23902 per share. On May 14, 2014, the Company received a conversion notice from Hanover to convert $25,000 principal of the note due March 3, 2015, along with $77.78 accrued interest, into a total of $109,923 shares of the Company’s common stock, at a conversion price of $0.22814 per share. | |
On April 7, 2014, the Company entered into a Legal Services Agreement (“Legal Agreement”) with All Bright Law Office (“All Bright”), a PRC law firm located in Shanghai, China. Pursuant to the Legal Agreement, All Bright agreed to provide Chinese-law related legal counsel services from April 1, 2014 to March 31, 2015 in exchange for 500,000 shares of common stock of the Company. These shares are earned ratably over the term of the agreement and the unearned shares are forfeitable in the event of nonperformance by the All Bright. | |
On April 15, 2014, the Company entered into a Share Exchange Agreement (the “Agreement”) with Draco Resources, Inc., a California corporation ("Draco Resources") and its shareholders (the “Draco Resources Shareholders”). Pursuant to the terms of the Agreement between the parties, the Company plans to acquire 100% of the issued and outstanding capital stock of Draco Resources in exchange for the Company's common stock valued at $51,615,000 based on the closing market price of its common stock on the exchange prior to the date of the Agreement (the "Purchase Price") and a Series C stock purchase warrant. The parties made customary representations and warranties and agreed to customary covenants in the Agreement. Upon the completion of the acquisition, the number of shares which Draco Resources Shareholders will receive from the Company represents approximately 74.64% of the issued and outstanding common stock of the Company. The closing of the acquisition is subject to approvals by the shareholders, the New York Stock Exchange and any applicable governmental regulatory agencies. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Basis of Accounting, Policy [Policy Text Block] | ' | ||||||||||||||||
Basis of Presentation - Unaudited Interim Financial Information | |||||||||||||||||
The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim period presented. Interim results are not necessarily indicative of the results for the full year. These unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company for the year ended December 31, 2013 and notes thereto contained in the Company’s Annual Report on Form 10-K filed with the SEC on April 4, 2014. | |||||||||||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||||||||||
Principles of Consolidation | |||||||||||||||||
The Company applies the guidance of Topic 810 “Consolidation” of the FASB Accounting Standards Codification to determine whether and how to consolidate another entity. Pursuant to ASC Paragraph 810-10-15-10 all majority-owned subsidiaries—all entities in which a parent has a controlling financial interest—shall be consolidated except (1) when control does not rest with the parent, the majority owner; (2) if the parent is a broker-dealer within the scope of Topic 940 and control is likely to be temporary; (3) consolidation by an investment company within the scope of Topic 946 of a non-investment-company investee. Pursuant to ASC Paragraph 810-10-15-8 the usual condition for a controlling financial interest is ownership of a majority voting interest, and, therefore, as a general rule ownership by one reporting entity, directly or indirectly, of more than 50 percent of the outstanding voting shares of another entity is a condition pointing toward consolidation. The power to control may also exist with a lesser percentage of ownership, for example, by contract, lease, agreement with other stockholders, or by court decree. The Company consolidates all less-than-majority-owned subsidiaries, if any, in which the parent’s power to control exists. | |||||||||||||||||
The Company's consolidated subsidiaries and/or entities as of March 31, 2014 are as follows: | |||||||||||||||||
Name of consolidated subsidiary or entity | State or other jurisdiction of incorporation or organization | Date of incorporation or formation | Attributable interest | ||||||||||||||
(date of acquisition, if applicable) | |||||||||||||||||
Armco Metal International Limited (“Armco HK”) | Hong Kong SAR | 13-Jul-01 | 100% | ||||||||||||||
Henan Armco and Metawise Trading Co., Ltd. (“Henan Armco”) | PRC | 6-Jun-02 | 100% | ||||||||||||||
Armco (Lianyungang) Renewable Metals, Inc. (“Renewable Metals”) | PRC | 9-Jan-07 | 100% | ||||||||||||||
Armco (Lianyungang) Holdings, Inc. (“Lianyungang Armco”) | PRC | 4-Jun-09 | 100% | ||||||||||||||
Armco Metals (Shanghai) Holdings. Ltd. (“Armco Shanghai”) | PRC | 16-Jul-10 | 100% | ||||||||||||||
The consolidated financial statements include all accounts of the Company and the consolidated subsidiaries and/or entities as of reporting period ending date(s) and for the reporting period(s) then ended. | |||||||||||||||||
All inter-company balances and transactions have been eliminated. | |||||||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||||||||||
Use of Estimates and Assumptions and Critical Accounting Estimates and Assumptions | |||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes its best estimate of the outcome for these items based on historical trends and other information available when the financial statements are prepared. Changes in estimates are recognized in accordance with the accounting rules for the estimate, which is typically in the period when new information becomes available to management. Actual results could differ from those estimates. | |||||||||||||||||
Fair Value Measurement, Policy [Policy Text Block] | ' | ||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in U.S. GAAP, and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: | |||||||||||||||||
Level 1 | Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. | ||||||||||||||||
Level 2 | Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. | ||||||||||||||||
Level 3 | Pricing inputs that are generally observable inputs and not corroborated by market data. | ||||||||||||||||
Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. | |||||||||||||||||
The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. | |||||||||||||||||
The carrying amounts of the Company’s financial assets and liabilities, such as cash, pledged deposits, accounts receivable, advance on purchases, prepayments and other current assets, accounts payable, customer deposits, corporate income/VAT tax payable, accrued expenses and other current liabilities approximate their fair values because of the short maturity of these instruments. | |||||||||||||||||
The Company’s loans payable, banker’s acceptance notes payable, and capital lease obligation approximate the fair value of such instruments based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements at March 31, 2014 and December 31, 2013. | |||||||||||||||||
The Company’s Level 3 financial liabilities consist of convertible notes with embedded conversion feature issued in September 2013, November 2013, and January through March 2014, for which there are no current market for these securities such that the determination of fair value requires significant judgment or estimation. The Company valued the automatic conditional conversion, re-pricing/down-round, change of control; default and follow-on offering provisions using a lattice model, with the assistance of a valuation specialist, for which management understands the methodologies. These models incorporate transaction details such as Company stock price, contractual terms, maturity, risk free rates, as well as assumptions about future financings, volatility, and holder behavior as of the date of issuance and each balance sheet date. | |||||||||||||||||
Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated. | |||||||||||||||||
It is not, however, practical to determine the fair value of advances from significant stockholder and lease arrangement with the significant stockholder, if any, due to their related party nature. | |||||||||||||||||
Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis | |||||||||||||||||
Level 1 Financial Assets – Marketable Securities | |||||||||||||||||
The Company uses Level 1 of the fair value hierarchy to measure the fair value of the marketable securities and marks the available for sale marketable securities at fair value in the statement of financial position at each balance sheet date and reports the unrealized holding gains and losses for available-for-sale securities in other comprehensive income (loss) until realized provided the unrealized holding gains and losses is temporary. If the fair value of an investment is less than its cost basis at the balance sheet date of the reporting period for which impairment is assessed, and it is determined that the impairment is other than temporary, then an impairment loss is recognized in earnings equal to the entire difference between the investment’s cost and its fair value at the balance sheet date of the reporting period. | |||||||||||||||||
Level 3 Financial Liabilities – Derivative Liabilities | |||||||||||||||||
The Company uses Level 3 of the fair value hierarchy to measure the fair value of the derivative liabilities and revalues its derivative liabilities at every reporting period and recognizes gains or losses in the consolidated statements of operations and comprehensive income (loss) that are attributable to the change in the fair value of the derivative liabilities. | |||||||||||||||||
The following table sets forth by level within the fair value hierarchy the Company's financial assets and liabilities that were accounted for at fair value as of March 31, 2014, and December 31, 2013: | |||||||||||||||||
Recurring Fair Value Measures | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
31-Mar-14 | |||||||||||||||||
Derivative liability | - | - | $ | 1,367,535 | $ | 1,367,535 | |||||||||||
Available-for-sale securities | $ | 541,067 | - | - | $ | 541,067 | |||||||||||
31-Dec-13 | |||||||||||||||||
Derivative liability | - | - | $ | 61,429 | $ | 61,429 | |||||||||||
Available-for-sale securities | $ | 519,129 | - | - | $ | 519,129 | |||||||||||
Fair Value of Non-Financial Assets or Liabilities Measured on a Recurring Basis | |||||||||||||||||
The Company’s non-financial assets include inventories. The Company identifies potentially excess and slow-moving inventories by evaluating turn rates, inventory levels and other factors. Excess quantities are identified through evaluation of inventory aging, review of inventory turns and historical sales experiences. The Company provides lower of cost or market reserves for such identified excess and slow-moving inventories. The Company establishes a reserve for inventory shrinkage, if any, based on the historical results of physical inventory cycle counts. | |||||||||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | ||||||||||||||||
Foreign Currency Translation | |||||||||||||||||
The financial records of the Company's Chinese operating subsidiaries are maintained in their local currency, the Renminbi (“RMB”), which is the functional currency. Assets and liabilities are translated from the local currency into the reporting currency, U.S. dollars, at the exchange rate prevailing at the balance sheet date. Revenues and expenses are translated at weighted average exchange rates for the period to approximate translation at the exchange rates prevailing at the dates those elements are recognized in the consolidated financial statements. Foreign currency translation gain (loss) resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining accumulated other comprehensive income in the consolidated statement of stockholders’ equity. | |||||||||||||||||
RMB is not a fully convertible currency. All foreign exchange transactions involving RMB must take place either through the People’s Bank of China (the “PBOC”) or other institutions authorized to buy and sell foreign exchange. The exchange rate adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC. Commencing July 21, 2005, China adopted a managed floating exchange rate regime based on market demand and supply with reference to a basket of currencies. The exchange rate of the US dollar against the RMB was adjusted from approximately RMB 8.28 per U.S. dollar to approximately RMB 8.11 per U.S. dollar on July 21, 2005. Since then, the PBOC administers and regulates the exchange rate of the U.S. dollar against the RMB taking into account demand and supply of RMB, as well as domestic and foreign economic and financial conditions. | |||||||||||||||||
Unless otherwise noted, the rate presented below per U.S. $1.00 was the midpoint of the interbank rate as quoted by OANDA Corporation (www.oanda.com) contained in its consolidated financial statements. Management believes that the difference between RMB vs. U.S. dollar exchange rate quoted by the PBOC and RMB vs. U.S. dollar exchange rate reported by OANDA Corporation were immaterial. Translations do not imply that the RMB amounts actually represent, or have been or could be converted into, equivalent amounts in U.S. dollars. Translation of amounts from RMB into U.S. dollars has been made at the following exchange rates for the respective periods: | |||||||||||||||||
31-Mar-14 | 31-Dec-13 | 31-Mar-13 | 31-Dec-12 | ||||||||||||||
Balance sheets | 6.1632 | 6.1122 | 6.2741 | 6.3086 | |||||||||||||
Statements of operations and comprehensive income (loss) | 6.1178 | 6.1943 | 6.2814 | 6.3116 | |||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||||||||||
Net Income (Loss) per Common Share | |||||||||||||||||
Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent share arrangements, stock options, warrants and non-vested shares. | |||||||||||||||||
For the periods presented, the computation of diluted loss per share equaled basic loss per share as the inclusion of any dilutive instruments would have had an antidilutive effect on the earnings per share calculation in the periods presented. | |||||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||||||||
Recently Issued Accounting Pronouncements | |||||||||||||||||
In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”. The amendments in this Update change the requirements for reporting discontinued operations in Subtopic 205-20. Under the new guidance, a discontinued operation is defined as a disposal of a component or group of components that is disposed of or is classified as held for sale and “represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.” The ASU states that a strategic shift could include a disposal of (i) a major geographical area of operations, (ii) a major line of business, (iii) a major equity method investment, or (iv) other major parts of an entity. Although “major” is not defined, the standard provides examples of when a disposal qualifies as a discontinued operation. The ASU also requires additional disclosures about discontinued operations that will provide more information about the assets, liabilities, income and expenses of discontinued operations. In addition, the ASU requires disclosure of the pre-tax profit or loss attributable to a disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. The ASU is effective for public business entities for annual periods beginning on or after December 15, 2014, and interim periods within those years. The adoption of ASU 2014-08 is not expected to have a material impact on the Company’s consolidated financial statements. | |||||||||||||||||
Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the consolidated financial statements. |
Note_2_Significant_and_Critica1
Note 2 - Significant and Critical Accounting Policies and Practices (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Schedule of Variable Interest Entities [Table Text Block] | ' | ||||||||||||||||
Name of consolidated subsidiary or entity | State or other jurisdiction of incorporation or organization | Date of incorporation or formation | Attributable interest | ||||||||||||||
(date of acquisition, if applicable) | |||||||||||||||||
Armco Metal International Limited (“Armco HK”) | Hong Kong SAR | 13-Jul-01 | 100% | ||||||||||||||
Henan Armco and Metawise Trading Co., Ltd. (“Henan Armco”) | PRC | 6-Jun-02 | 100% | ||||||||||||||
Armco (Lianyungang) Renewable Metals, Inc. (“Renewable Metals”) | PRC | 9-Jan-07 | 100% | ||||||||||||||
Armco (Lianyungang) Holdings, Inc. (“Lianyungang Armco”) | PRC | 4-Jun-09 | 100% | ||||||||||||||
Armco Metals (Shanghai) Holdings. Ltd. (“Armco Shanghai”) | PRC | 16-Jul-10 | 100% | ||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | ' | ||||||||||||||||
Recurring Fair Value Measures | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
31-Mar-14 | |||||||||||||||||
Derivative liability | - | - | $ | 1,367,535 | $ | 1,367,535 | |||||||||||
Available-for-sale securities | $ | 541,067 | - | - | $ | 541,067 | |||||||||||
31-Dec-13 | |||||||||||||||||
Derivative liability | - | - | $ | 61,429 | $ | 61,429 | |||||||||||
Available-for-sale securities | $ | 519,129 | - | - | $ | 519,129 | |||||||||||
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block] | ' | ||||||||||||||||
31-Mar-14 | 31-Dec-13 | 31-Mar-13 | 31-Dec-12 | ||||||||||||||
Balance sheets | 6.1632 | 6.1122 | 6.2741 | 6.3086 | |||||||||||||
Statements of operations and comprehensive income (loss) | 6.1178 | 6.1943 | 6.2814 | 6.3116 |
Note_3_Pledged_Deposits_Tables
Note 3 - Pledged Deposits (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Transfers and Servicing [Abstract] | ' | ||||||||
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | ' | ||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Armco HK | |||||||||
Letters of credit (i) | $ | 7,962 | $ | 5,993 | |||||
Sub-total – Armco HK | 7,962 | 5,993 | |||||||
Renewable Metals | |||||||||
Bank acceptance notes payable | - | 1,636,072 | |||||||
Letters of credit (ii) | 551,839 | 2,517,621 | |||||||
Deposit for capital lease obligation (iii) | 486,760 | 490,823 | |||||||
Sub-total – Renewable Metals | 1,038,599 | 4,644,516 | |||||||
Henan Armco | |||||||||
Letters of credit (iv) | 311 | 2,113 | |||||||
Sub-total – Henan Armco | 311 | 2,113 | |||||||
$ | 1,046,872 | $ | 4,652,222 |
Note_4_Marketable_Equity_Secur1
Note 4 - Marketable Equity Securities, Available for Sale (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||
Fair Value Measurement Using Level 1 Inputs | |||||||||||||||||||||
Original cost | Impairment – Other Than Temporary | Accumulated | Other | Fair Value | |||||||||||||||||
Foreign Currency Transaction Gain (Loss) | Comprehensive Income (Loss) - | ||||||||||||||||||||
Change in | |||||||||||||||||||||
Unrealized Loss | |||||||||||||||||||||
Balance, December 31, 2013 | $ | 3,396,658 | $ | (2,366,941 | ) | $ | 183,924 | $ | (694,512 | ) | $ | 519,129 | |||||||||
Purchases, issuances and settlements | |||||||||||||||||||||
Total gains or losses (realized/unrealized) included in: | |||||||||||||||||||||
Other comprehensive income (loss): Changes in unrealized loss | - | 21,938 | 21,938 | ||||||||||||||||||
Balance, March 31, 2014 | $ | 3,396,658 | $ | (2,366,941 | ) | $ | 183,924 | $ | (672,574 | ) | $ | 541,067 |
Note_5_Accounts_Receivable_Tab
Note 5 - Accounts Receivable (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Accounts receivable | $ | 18,502,205 | $ | 25,638,666 | |||||
Allowance for doubtful accounts | (43,150 | ) | (43,150 | ) | |||||
$ | 18,459,055 | $ | 25,595,516 |
Note_6_Inventories_Tables
Note 6 - Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
31-Mar-14 | December 31, 2013 | ||||||||
Raw materials – scrap metal | $ | 3,758,273 | $ | 4,390,811 | |||||
Finished goods – processed scrap metal | 15,465,390 | 12,421,088 | |||||||
Purchased merchandise for resale | 245,583 | 5,936,936 | |||||||
Write - down of inventories | (2,682,088 | ) | (2,291,915 | ) | |||||
$ | 16,787,158 | $ | 20,456,920 |
Note_7_Loans_and_Convertible_N1
Note 7 - Loans and Convertible Note Payable (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Loans Payable [Abstract] | ' | ||||||||
Loans Payable [Table Text Block] | ' | ||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Armco HK | |||||||||
Loan payable to RZB Austria Finance (Hong Kong) Limited, collateralized by certain of the Company’s inventory, guaranteed by the Company’s Chairman and Chief Executive Officer, with interest at the bank’s cost of funds plus 200 basis points per annum, with principal and interest due April 1, 2014 and repaid in full as of filing date | $ | 359,303 | $ | 504,248 | |||||
Loan payables to DBS, collateralized by certain of the Company’s inventory, guaranteed by the Company’s Chairman and Chief Executive Officer, with interest at an average of 3.47% per annum, balance is due April 1, 2014 and repaid in full as of filing date | 13,342 | 2,602,115 | |||||||
Sub-total - Armco HK | 372,645 | 3,106,363 | |||||||
Renewable Metals | |||||||||
Loan payable to Bank of Communications, Lianyungang Branch, under trade credit facilities, collateralized by Renewable Metals inventories and guaranteed by the Company’s Chairman and Chief Executive Officer, with interest at 120% of the bank’s benchmark rate per annum (average 7.2%), balance due June 2, 2014 | 324,507 | 1,963,286 | |||||||
Loan payable to Bank of China, Lianyungang Branch, under trade credit facilities, guaranteed by the Company’s Chairman and Chief Executive Officer, with interest at 6.6% per annum payable monthly, balance due from April 12, 2014 through September 25, 2014 | 8,112,669 | 8,180,361 | |||||||
Loan payable to Pudong Development Bank, Lianyungang Branch, under trade credit facilities, guaranteed by the Company’s Chairman and Chief Executive Officer, with interest at 7.92% per annum payable monthly, balance due March 27, 2015 | 1,622,534 | - | |||||||
Short-term borrowing, with interest rate at 8% per annum | 64,901 | 229,050 | |||||||
Loan payable, with interest at 6% per annum and due July 21, 2014 | 3,474,388 | 3,503,379 | |||||||
Sub-total – Renewable Metals | 13,598,999 | 13,876,076 | |||||||
Henan Armco | |||||||||
Loan Payable to ICBC, with interest at 2.47% per annum, and repaid in full on March 28, 2014 | - | 2,755,926 | |||||||
Loan Payable to Guanhutun Credit Union, collateralized by Henan’s building and leasehold improvement, with interest at 9.6% per annum, balance due March 16, 2015 | 162,253 | 163,607 | |||||||
Loans payable, with interest at 8% per annum, and due in 2014. The creditors agreed to exchange $5,319,351 into convertible notes in January and February, 2014 | - | 5,999,957 | |||||||
Short-term borrowing, no interest bearing and due upon demand | 2,856,471 | - | |||||||
Sub-total – Henan Armco | 3,018,724 | 8,919,490 | |||||||
Armco Metals Holdings | |||||||||
Loans payable, with interest at 8% per annum, due from April 21, 2014 through May 8, 2014 | 790,000 | 1,050,000 | |||||||
Convertible notes payable, net of discount, with interest at 4-8% per annum, maturing from June 25, 2014 through March 3, 2015 and $5,777,967 was converted into shares in April and May 2014. | 4,731,488 | 463,709 | |||||||
Sub-total – Armco Metals Holdings | 5,521,488 | 1,513,709 | |||||||
$ | 22,511,856 | $ | 27,415,638 |
Note_8_Bankers_Acceptance_Note1
Note 8 - Banker's Acceptance Notes Payable and Letters of Credit (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Schedule of Short-term Debt [Table Text Block] | ' | ||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Renewable Metals | |||||||||
Banker’s acceptance notes payable matured on March 27, 2014 | $ | - | $ | 3,272,144 | |||||
Letters of credit matured on April 6, 2014 | 3,116,049 | 5,201,073 | |||||||
$ | 3,116,049 | $ | 8,473,217 |
Note_9_Related_Party_Transacti1
Note 9 - Related Party Transactions (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | ||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Keli Yao | 147,501 | 116,828 | |||||||
Yi Chu | 249,870 | 286,313 | |||||||
Total | 397,371 | 403,141 |
Note_10_Capital_Lease_Obligati1
Note 10 - Capital Lease Obligation (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Leases, Capital [Abstract] | ' | ||||||||
Schedule of Capital Leased Assets [Table Text Block] | ' | ||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Renewable Metals | |||||||||
(i)Capital lease obligation to a financing company for a term of three (3) years, collateralized by certain of Renewable Metals’ machinery and equipment, with interest at 11.0% per annum, with principal and interest due and payable in monthly installments of RMB 497,897 on the 23rd of each month. | $ | 333,284 | $ | 336,065 | |||||
Less current maturities | (333,284 | ) | (336,065 | ) | |||||
Capital lease obligation, net of current maturities | - | - | |||||||
(ii)Capital lease obligation to a financing company for a term of three (3) years, collateralized by certain of Renewable Metals’ machinery and equipment, with interest at 11.0% per annum, with principal and interest due and payable in quarterly installments of RMB3,609,102 on the 15th of each quarter. | 564,217 | 568,925 | |||||||
Less current maturities | (564,217 | ) | (568,925 | ) | |||||
Capital lease obligation, net of current maturities | - | - | |||||||
Total capital lease obligation | 897,501 | 904,990 | |||||||
Less current maturities | (897,501 | ) | (904,990 | ) | |||||
TOTAL CAPITAL LEASE OBLIGATION, net of current maturities | $ | - | $ | - |
Note_11_Derivative_Instruments1
Note 11 - Derivative Instruments and the Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||
Note 11 - Derivative Instruments and the Fair Value of Financial Instruments (Tables) [Line Items] | ' | ||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||||||||||||
5-Oct-10 | |||||||||||||||||||||||||||
Expected life (year) | 5 | ||||||||||||||||||||||||||
Expected volatility | 187 | % | |||||||||||||||||||||||||
Risk-free interest rate | 1.21 | % | |||||||||||||||||||||||||
Expected annual rate of quarterly dividends | 0 | % | |||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||||||||
2008 Warrant Activities | APIC | (Gain) Loss | |||||||||||||||||||||||||
Derivative | Non-derivative | Total Warrant Shares | Fair Value of Derivative | Reclassification | Change in | ||||||||||||||||||||||
Shares | Shares | Warrants | of Derivative | Fair Value of Derivative | |||||||||||||||||||||||
Liability | Liability | ||||||||||||||||||||||||||
Derivative warrant at December 31, 2012 | 186,306 | 1,031,715 | 1,218,021 | (306,708 | ) | 306,505 | |||||||||||||||||||||
Reclassification of warrants to purchase 1,031,715 common shares from additional paid-in capital to derivative liability at January 11, 2013 to reflect the re-instatement of the derivative feature | 1,031,715 | (1,031,715 | ) | (- | ) | (623,809 | ) | 623,809 | (- | ) | |||||||||||||||||
Increased number of warrant shares per Amendment No. 2 to the Subscription Agreement and Common Stock Purchase Warrant ("2008 Unit Offering Agreement") dated July 2008 and Amendment No. 1 to 2008 Unit Offering Agreement upon completion of January 2013 Offering. | 10,962,189 | - | 10,962,189 | (- | ) | - | |||||||||||||||||||||
Mark to market | 930,517 | 930,517 | |||||||||||||||||||||||||
Warrants expired | 12,180,210 | 12,180,210 | - | - | |||||||||||||||||||||||
Derivative warrant at September 30, 2013 | - | - | - | - | - | ||||||||||||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | ' | ||||||||||||||||||||||||||
Number of | Exercise Price | Weighted Average Exercise Price | Fair Value at | Aggregate | |||||||||||||||||||||||
Warrant Shares | Range | Date of Issuance | Intrinsic | ||||||||||||||||||||||||
Per Share | Value | ||||||||||||||||||||||||||
Balance, December 31, 2013 | 1,615,387 | $ | 7.5 | $ | 7.5 | $ | - | $ | - | ||||||||||||||||||
Granted | - | - | - | - | - | ||||||||||||||||||||||
Canceled for cashless exercise | (- | ) | - | - | - | - | |||||||||||||||||||||
Exercised (Cashless) | (- | ) | - | - | - | - | |||||||||||||||||||||
Exercised | (- | ) | - | - | - | - | |||||||||||||||||||||
Expired | - | - | - | - | - | ||||||||||||||||||||||
Balance, March 31, 2014 | 1,615,387 | $ | 7.5 | $ | 7.5 | $ | - | $ | - | ||||||||||||||||||
Earned and exercisable, March 31, 2014 | 1,615,387 | $ | 7.5 | $ | 7.5 | $ | - | $ | - | ||||||||||||||||||
Unvested, March 31, 2014 | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ||||||||||||||||||||||||||
Warrants Outstanding | Warrants Exercisable | ||||||||||||||||||||||||||
Range of Exercise Prices | Number Outstanding | Average Remaining Contractual Life (in years) | Weighted Average Exercise Price | Number Exercisable | Average Remaining Contractual Life (in years) | Weighted Average Exercise Price | |||||||||||||||||||||
$7.50 | 1,615,387 | 1.05 | $ | 7.5 | 1,615,387 | 1.05 | $ | 7.5 | |||||||||||||||||||
$0.50 | - | $7.50 | 1,615,387 | 1.05 | $ | 7.5 | 1,615,387 | 1.05 | $ | 7.5 | |||||||||||||||||
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | ' | ||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | - | |||||||||||||||||||||||||
To record derivative liability as debt discount | 60,795 | ||||||||||||||||||||||||||
Change in fair value of derivative liability | 634 | ||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 61,429 | |||||||||||||||||||||||||
To record derivative liability as debt discount | 1,901,282 | ||||||||||||||||||||||||||
Change in fair value of derivative liability | (477,909 | ) | |||||||||||||||||||||||||
Settlement of derivative liability due to conversion of related notes | $ | (117,267 | ) | ||||||||||||||||||||||||
Balance at March 31, 2014 | 1,367,535 | ||||||||||||||||||||||||||
Warrant [Member] | ' | ||||||||||||||||||||||||||
Note 11 - Derivative Instruments and the Fair Value of Financial Instruments (Tables) [Line Items] | ' | ||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||||||||||||
July 25, 2008 through | |||||||||||||||||||||||||||
8-Aug-08 | |||||||||||||||||||||||||||
Expected life (year) | 5 | ||||||||||||||||||||||||||
Expected volatility (*) | 89 | % | |||||||||||||||||||||||||
Risk-free interest rate | 3.23 | % | |||||||||||||||||||||||||
Expected annual rate of quarterly dividends | 0 | % | |||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||
Expected life (year) | 0.08 | ||||||||||||||||||||||||||
Expected volatility | 57 | % | |||||||||||||||||||||||||
Risk-free interest rate | 0.02 | % | |||||||||||||||||||||||||
Expected annual rate of quarterly dividends | 0 | % | |||||||||||||||||||||||||
20-Apr-10 | |||||||||||||||||||||||||||
Expected life (year) | 5 | ||||||||||||||||||||||||||
Expected volatility | 182 | % | |||||||||||||||||||||||||
Risk-free interest rate | 2.56 | % | |||||||||||||||||||||||||
Expected annual rate of quarterly dividends | 0 | % | |||||||||||||||||||||||||
Fair Value, Inputs, Level 3 [Member] | ' | ||||||||||||||||||||||||||
Note 11 - Derivative Instruments and the Fair Value of Financial Instruments (Tables) [Line Items] | ' | ||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||||||||
Fair Value Measurement Using Level 3 Inputs | |||||||||||||||||||||||||||
Derivative warrants | Total | ||||||||||||||||||||||||||
Assets (Liabilities) | |||||||||||||||||||||||||||
Balance, December 31, 2012 | (306,708 | ) | (306,708 | ) | |||||||||||||||||||||||
Purchases, issuances and settlements | (623,809 | ) | (623,809 | ) | |||||||||||||||||||||||
Transfers in and/or out of Level 3 | - | - | |||||||||||||||||||||||||
Total gains or losses (realized/unrealized) included in: | |||||||||||||||||||||||||||
Net income (loss) | 930,517 | 930,517 | |||||||||||||||||||||||||
Other comprehensive income (loss) | - | - | |||||||||||||||||||||||||
Balance, September 30, 2013 | $ | - | $ | - |
Note_12_Commitments_and_Contin1
Note 12 - Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||
Schedule of Line of Credit Facilities [Table Text Block] | ' | ||||||||||
Date of Expiration | Total Facilities | Facilities Used | Facilities Available | ||||||||
Armco HK | |||||||||||
DBS (Hong Kong) Limited (i) | 21-Oct-14 | 20,000,000 | 695,226 | 19,304,774 | |||||||
Sub-total - Armco HK | 20,000,000 | 695,226 | 19,304,774 | ||||||||
Henan Armco | |||||||||||
Bank of China (ii) | 23-May-14 | 4,867,601 | - | 4,867,601 | |||||||
China CITIC Bank (iii) | 31-May-14 | 6,490,135 | - | 6,490,135 | |||||||
ICBC (iv) | 9-Sep-14 | 3,245,607 | - | 3,245,607 | |||||||
Guangdong Development Bank Zhengzhou Branch (v) | 6-May-15 | 12,655,763 | - | 12,665,763 | |||||||
Sub-total – Henan Armco | 27,258,566 | - | 27,258,566 | ||||||||
Renewable Metals | |||||||||||
Bank of China Lianyungang Branch (vi) | 27-Dec-15 | 8,112,669 | 8,112,669 | - | |||||||
Shanghai Pudong Development Bank (vii) | 25-Aug-14 | 2,433,801 | 2,433,801 | - | |||||||
Bank of Communications Lianyungang Branch (viii) | 8-Aug-14 | 11,682,243 | 2,920,561 | 8,761,683 | |||||||
Sub-total – Renewable Metals | 22,228,713 | 13,467,031 | 8,761,683 | ||||||||
$ | 84,487,279 | $ | 14,162,257 | $ | 70,325,023 | ||||||
% |
Note_13_Stockholders_Equity_Ta
Note 13 - Stockholders' Equity (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||
5-Oct-10 | |||||||||
Expected life (year) | 5 | ||||||||
Expected volatility | 187 | % | |||||||
Risk-free interest rate | 1.21 | % | |||||||
Expected annual rate of quarterly dividends | 0 | % | |||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||
Number of | Fair Value at | ||||||||
Shares or | Date of Grant | ||||||||
Options | |||||||||
Balance, December 31, 2012 | 4,198,881 | $ | 2,614,951 | ||||||
Options – granted | - | - | |||||||
Options – canceled | - | - | |||||||
Shares – granted | 1,419,532 | 662,256 | |||||||
Shares – canceled | (- | ) | (- | ) | |||||
Balance, December 31, 2013 | 5,618,413 | $ | 3,277,207 | ||||||
Vested, December 31, 2013 | 5,101,746 | 3,023,732 | |||||||
Unvested, December 31, 2013 | 516,667 | $ | 253,475 | ||||||
Options – granted | - | - | |||||||
Options – canceled | - | - | |||||||
Shares – granted | 2,336,208 | 840,804 | |||||||
Shares – canceled | (- | ) | (- | ) | |||||
Balance, March 31, 2014 | 7,954,621 | $ | 4,118,011 | ||||||
Vested, March 31, 2014 | 7,556,704 | 3,924,892 | |||||||
Unvested, March 31, 2014 | 397,917 | $ | 193,119 |
Note_15_Concentrations_and_Cre1
Note 15 - Concentrations and Credit Risk (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Risks and Uncertainties [Abstract] | ' | ||||||||||||||||
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | ' | ||||||||||||||||
Net Sales | Accounts Receivable | ||||||||||||||||
for the Three Months Ended | at | ||||||||||||||||
March 31, | March 31, | March 31, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Customer A | - | % | 54.6 | % | 32.4 | % | 33.8 | % | |||||||||
Customer B | 22.6 | % | - | % | 27.2 | % | 25.1 | % | |||||||||
Customer C | - | % | - | % | - | % | 18.3 | % | |||||||||
Customer D | - | % | - | % | 10.4 | % | - | % | |||||||||
Customer E | - | % | - | % | 19.6 | % | - | % | |||||||||
Customer F | 37.2 | % | - | % | - | % | - | % | |||||||||
Customer G | 12.3 | % | - | % | - | % | - | % | |||||||||
Customer H | 11.8 | % | - | % | - | % | - | % | |||||||||
83.9 | % | 54.6 | % | 89.6 | % | 77.2 | % | ||||||||||
Schedule of Vendor Purchase Concentrations [Table Text Block] | ' | ||||||||||||||||
Net Purchases | Accounts Payable | ||||||||||||||||
for the Three Months Ended | at | ||||||||||||||||
March 31, | March 31, | March 31, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Vendor A | 38.4 | % | 82.6 | % | 40.2 | % | 86 | % | |||||||||
Vendor B | 37 | % | - | % | 25.8 | % | - | % | |||||||||
75.4 | % | 82.6 | % | 66 | % | 86 | % |
Note_1_Organization_and_Operat1
Note 1 - Organization and Operations (Details) (USD $) | 0 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 30 Months Ended | 6 Months Ended | |||||
Aug. 12, 2008 | Mar. 31, 2014 | Dec. 31, 2013 | Jul. 27, 2008 | Apr. 06, 2007 | Dec. 01, 2008 | Aug. 12, 2008 | Jul. 27, 2008 | Sep. 30, 2008 | Jun. 27, 2008 | Sep. 30, 2008 | Jun. 27, 2010 | Jun. 27, 2008 | |
Renewable Metals [Member] | Armco HK [Member] | Armco HK [Member] | Armco HK [Member] | Armco HK [Member] | Armco HK [Member] | Armco HK [Member] | Armco HK 2 [Member] | ||||||
Note 1 - Organization and Operations (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | ' | 33,770,176 | 29,876,327 | 10,000,000 | 9,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share (in Dollars per share) | ' | $0.00 | $0.00 | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' |
Additional Paid in Capital (in Dollars) | ' | $37,305,937 | $35,790,906 | ' | ($9,100) | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | 100.00% | 69.70% | 100.00% | ' | 100.00% | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | ' | ' | ' | ' | ' | ' | ' | 7,694,000 | ' | 7,694,000 | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned (in Dollars) | ' | ' | ' | ' | ' | ' | ' | 6,890,000 | ' | 6,890,000 | ' | ' | ' |
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Options Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,300,000 | 5,300,000 | 2,000,000 | 2,000,000 |
Investment Options, Exercise Price (in Dollars per share) | $1.30 | ' | ' | ' | ' | ' | ' | ' | ' | $1.30 | $1.30 | $5 | $5 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | ' | ' | ' | ' | ' | 5,300,000 | ' | 5,300,000 | ' | ' | ' | ' |
Stock Issued During Period, Value, Stock Options Exercised (in Dollars) | ' | ' | ' | ' | ' | ' | $6,890,000 | ' | $6,890,000 | ' | ' | ' | ' |
Note_2_Significant_and_Critica2
Note 2 - Significant and Critical Accounting Policies and Practices (Details) | Jul. 21, 2005 | Jul. 20, 2005 |
Accounting Policies [Abstract] | ' | ' |
Foreign Currency Exchange Rate, Translation | 8.11 | 8.28 |
Note_2_Significant_and_Critica3
Note 2 - Significant and Critical Accounting Policies and Practices (Details) - Consolidation Information | 3 Months Ended |
Mar. 31, 2014 | |
Armco HK [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Jurisdiction | 'Hong Kong SAR |
Date of Incorporation | 13-Jul-01 |
Attributable Interest | 100.00% |
Henan Armco [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Jurisdiction | 'PRC |
Date of Incorporation | 6-Jun-02 |
Attributable Interest | 100.00% |
Renewable Metals [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Jurisdiction | 'PRC |
Date of Incorporation | 9-Jan-07 |
Attributable Interest | 100.00% |
Lianyungang Armco [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Jurisdiction | 'PRC |
Date of Incorporation | 4-Jun-09 |
Attributable Interest | 100.00% |
Armco Shanghai [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Jurisdiction | 'PRC |
Date of Incorporation | 16-Jul-10 |
Attributable Interest | 100.00% |
Note_2_Significant_and_Critica4
Note 2 - Significant and Critical Accounting Policies and Practices (Details) - Fair Value of Financial Assets and Liabilities Recurring (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | $3,396,658 | $3,396,658 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 541,067 | 519,129 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liability | 1,367,535 | 61,429 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative liability | 1,367,535 | 61,429 |
Available-for-sale securities | 541,067 | 519,129 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | $541,067 | $519,129 |
Note_2_Significant_and_Critica5
Note 2 - Significant and Critical Accounting Policies and Practices (Details) - Exchange Rates (RMB Into U.S. Dollars) | Jul. 21, 2005 | Jul. 20, 2005 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Balance Sheet [Member] | Balance Sheet [Member] | Balance Sheet [Member] | Balance Sheet [Member] | Statement of Operations and Comprehensive Income (Loss) [Member] | Statement of Operations and Comprehensive Income (Loss) [Member] | Statement of Operations and Comprehensive Income (Loss) [Member] | Statement of Operations and Comprehensive Income (Loss) [Member] | |||
Note 2 - Significant and Critical Accounting Policies and Practices (Details) - Exchange Rates (RMB Into U.S. Dollars) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial Statement | 8.11 | 8.28 | 6.1632 | 6.1122 | 6.2741 | 6.3086 | 6.1178 | 6.1943 | 6.2814 | 6.3116 |
Note_3_Pledged_Deposits_Detail
Note 3 - Pledged Deposits (Details) (USD $) | Apr. 15, 2014 | Apr. 08, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2014 | ||
Renewable Metals [Member] | Renewable Metals [Member] | Renewable Metals [Member] | Renewable Metals [Member] | Henan Armco [Member] | |||
Note 3 - Pledged Deposits (Details) [Line Items] | ' | ' | ' | ' | ' | ||
Letters of Credit Outstanding, Amount | $7,962 | $551,839 | ' | ' | $311 | ||
Pledged Assets, Not Separately Reported, Other | ' | $486,760 | $486,760 | [1] | $490,823 | [1] | ' |
[1] | $486,760 is to be released to the Company as part of the payment towards capital lease installment payment when the capital lease agreement matures on December 15, 2014. |
Note_3_Pledged_Deposits_Detail1
Note 3 - Pledged Deposits (Details) - Pledged Deposits (USD $) | Apr. 08, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' | ' | ||
Total | ' | $1,046,872 | $4,652,222 | ||
Armco HK [Member] | ' | ' | ' | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' | ' | ||
Letters of credit | ' | 7,962 | [1] | 5,993 | [1] |
Total | ' | 7,962 | 5,993 | ||
Renewable Metals [Member] | ' | ' | ' | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' | ' | ||
Letters of credit | ' | 551,839 | [2] | 2,517,621 | [2] |
Deposit for capital lease obligation (iii) | 486,760 | 486,760 | [3] | 490,823 | [3] |
Total | ' | 1,038,599 | 4,644,516 | ||
Bank acceptance notes payable | ' | ' | 1,636,072 | ||
Henan Armco [Member] | ' | ' | ' | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' | ' | ||
Letters of credit | ' | 311 | [4] | 2,113 | [4] |
Total | ' | $311 | $2,113 | ||
[1] | $7,962 is to be released to the Company for payment towards fulfilled letters of credit when those letters of credit mature on April 15, 2014 | ||||
[2] | $551,839 is to be released to the Company for payment towards fulfilled letters of credit when those letters of credit mature on April 8, 2014 | ||||
[3] | $486,760 is to be released to the Company as part of the payment towards capital lease installment payment when the capital lease agreement matures on December 15, 2014. | ||||
[4] | $311 is to be released to the Company on April 30, 2014 |
Note_4_Marketable_Equity_Secur2
Note 4 - Marketable Equity Securities, Available for Sale (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Note 4 - Marketable Equity Securities, Available for Sale (Details) [Line Items] | ' | ' |
Available-for-sale Securities | $3,396,658 | $3,396,658 |
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax | -21,938 | ' |
Estimate of Fair Value Measurement [Member] | ' | ' |
Note 4 - Marketable Equity Securities, Available for Sale (Details) [Line Items] | ' | ' |
Available-for-sale Securities | $541,067 | ' |
Note_4_Marketable_Equity_Secur3
Note 4 - Marketable Equity Securities, Available for Sale (Details) - Fair Value of Marketable Securities, Available for Sale (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Note 4 - Marketable Equity Securities, Available for Sale (Details) - Fair Value of Marketable Securities, Available for Sale [Line Items] | ' | ' |
Balance, December 31, 2013 | $3,396,658 | ' |
Balance, December 31, 2013 | 4,852,433 | ' |
Balance, December 31, 2013 | -694,512 | ' |
Other comprehensive income (loss): Changes in unrealized loss | 21,938 | 5,499 |
Balance, March 31, 2014 | 3,396,658 | ' |
Balance, March 31, 2014 | 4,443,875 | ' |
Balance, March 31, 2014 | -672,574 | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 4 - Marketable Equity Securities, Available for Sale (Details) - Fair Value of Marketable Securities, Available for Sale [Line Items] | ' | ' |
Balance, December 31, 2013 | 519,129 | ' |
Balance, December 31, 2013 | -2,366,941 | ' |
Balance, December 31, 2013 | 183,924 | ' |
Balance, December 31, 2013 | -694,512 | ' |
Other comprehensive income (loss): Changes in unrealized loss | 21,938 | ' |
Other comprehensive income (loss): Changes in unrealized loss | 21,938 | ' |
Balance, March 31, 2014 | 541,067 | ' |
Balance, March 31, 2014 | -2,366,941 | ' |
Balance, March 31, 2014 | 183,924 | ' |
Balance, March 31, 2014 | ($672,574) | ' |
Note_5_Accounts_Receivable_Det
Note 5 - Accounts Receivable (Details) - Accounts Receivable (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Accounts Receivable [Abstract] | ' | ' |
Accounts receivable | $18,502,205 | $25,638,666 |
Allowance for doubtful accounts | -43,150 | -43,150 |
$18,459,055 | $25,595,516 |
Note_6_Inventories_Details
Note 6 - Inventories (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 |
Inventory Valuation and Obsolescence [Member] | Inventory Valuation and Obsolescence [Member] | Lower of Cost or Market [Member] | |||
Note 6 - Inventories (Details) [Line Items] | ' | ' | ' | ' | ' |
Inventory Adjustments | $2,682,088 | $2,291,915 | $0 | $0 | $390,173 |
Inventory, Work in Process, Gross | $0 | $0 | ' | ' | ' |
Note_6_Inventories_Details_Inv
Note 6 - Inventories (Details) - Inventories (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Inventories [Abstract] | ' | ' |
Raw materials b scrap metal | $3,758,273 | $4,390,811 |
Finished goods b processed scrap metal | 15,465,390 | 12,421,088 |
Purchased merchandise for resale | 245,583 | 5,936,936 |
Write - down of inventories | -2,682,088 | -2,291,915 |
$16,787,158 | $20,456,920 |
Note_7_Loans_and_Convertible_N2
Note 7 - Loans and Convertible Note Payable (Details) | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | CNY | |
Loans Payable [Abstract] | ' | ' |
Debt Instrument, Face Amount | $6,200,000 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 8.00% |
Convertible Notes Payable | 5,500,000 | 33,512,936 |
Debt Instrument, Unamortized Discount | $1,300,000 | ' |
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | $0.32 | ' |
Note_7_Loans_and_Convertible_N3
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | $22,511,856 | $27,415,638 |
Convertible Debt [Member] | Armco Metals Holdings [Member] | Temporary Short Term Loan [Member] | ' | ' |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | ' | 5,999,957 |
Armco HK [Member] | RZB Hong Kong [Member] | ' | ' |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | 359,303 | 504,248 |
Armco HK [Member] | DBS Hong Kong [Member] | ' | ' |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | 13,342 | 2,602,115 |
Armco HK [Member] | ' | ' |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | 372,645 | 3,106,363 |
Renewable Metals [Member] | Bank of Communications Lianyungang [Member] | ' | ' |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | 324,507 | 1,963,286 |
Renewable Metals [Member] | Non-interest Bearing [Member] | ' | ' |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | 64,901 | 229,050 |
Renewable Metals [Member] | Loan Payable [Member] | ' | ' |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | 3,474,388 | 3,503,379 |
Renewable Metals [Member] | ' | ' |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | 13,598,999 | 13,876,076 |
Henan Armco [Member] | ICBC Bank [Member] | ' | ' |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | ' | 2,755,926 |
Henan Armco [Member] | Guanhutun Credit Union [Member] | ' | ' |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | 162,253 | 163,607 |
Henan Armco [Member] | Temporary Short Term Loan [Member] | ' | ' |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | 8,112,669 | 8,180,361 |
Henan Armco [Member] | ' | ' |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | 3,018,724 | 8,919,490 |
Pudong Development Bank [Member] | Temporary Short Term Loan [Member] | ' | ' |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | 1,622,534 | ' |
Armco Metals Holdings [Member] | Temporary Short Term Loan [Member] | ' | ' |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | 790,000 | 1,050,000 |
Armco Metals Holdings [Member] | ' | ' |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | 5,521,488 | 1,513,709 |
Convertible notes payable, net of discount, with interest at 4-8% per annum, maturing from June 25, 2014 through March 3, 2015 and $5,777,967 was converted into shares in April and May 2014. | 4,731,488 | 463,709 |
Short Term Borrowings [Member] | ' | ' |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | $2,856,471 | ' |
Note_7_Loans_and_Convertible_N4
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable (Parentheticals) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable (Parentheticals) [Line Items] | ' | ' |
IntP5rP5st ratP5 | ' | 8.00% |
Convertible notes payable amount converted, $5,727,967 (in Dollars) | $5,777,967 | $5,777,967 |
Armco HK [Member] | RZB Hong Kong [Member] | ' | ' |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable (Parentheticals) [Line Items] | ' | ' |
IntP5rP5st ratP5, basis points abovP5 cost of funds | 2.00% | 2.00% |
Armco HK [Member] | DBS Hong Kong [Member] | ' | ' |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable (Parentheticals) [Line Items] | ' | ' |
IntP5rP5st ratP5 | 3.47% | 3.47% |
Renewable Metals [Member] | Bank of Communications Lianyungang [Member] | ' | ' |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable (Parentheticals) [Line Items] | ' | ' |
IntP5rP5st ratP5, basis points abovP5 cost of funds | 1.20% | 1.20% |
IntP5rP5st ratP5 | 7.20% | 7.20% |
Renewable Metals [Member] | Non-interest Bearing [Member] | ' | ' |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable (Parentheticals) [Line Items] | ' | ' |
IntP5rP5st ratP5 | 8.00% | 8.00% |
Renewable Metals [Member] | ' | ' |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable (Parentheticals) [Line Items] | ' | ' |
IntP5rP5st ratP5 | 6.00% | ' |
Henan Armco [Member] | ICBC Bank [Member] | ' | ' |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable (Parentheticals) [Line Items] | ' | ' |
IntP5rP5st ratP5 | 2.47% | ' |
Henan Armco [Member] | Guanhutun Credit Union [Member] | ' | ' |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable (Parentheticals) [Line Items] | ' | ' |
IntP5rP5st ratP5 | 9.60% | ' |
Henan Armco [Member] | Temporary Short Term Loan [Member] | ' | ' |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable (Parentheticals) [Line Items] | ' | ' |
IntP5rP5st ratP5 | 6.60% | 6.60% |
Pudong Development Bank [Member] | Temporary Short Term Loan [Member] | ' | ' |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable (Parentheticals) [Line Items] | ' | ' |
IntP5rP5st ratP5, basis points abovP5 cost of funds | 0.08% | ' |
Armco Metals Holdings [Member] | Temporary Short Term Loan [Member] | ' | ' |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable (Parentheticals) [Line Items] | ' | ' |
IntP5rP5st ratP5 | 8.00% | ' |
Armco Metals Holdings [Member] | Minimum [Member] | ' | ' |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable (Parentheticals) [Line Items] | ' | ' |
IntP5rP5st ratP5 | 4.00% | 4.00% |
Armco Metals Holdings [Member] | Maximum [Member] | ' | ' |
Note 7 - Loans and Convertible Note Payable (Details) - Loans Payable (Parentheticals) [Line Items] | ' | ' |
IntP5rP5st ratP5 | 8.00% | 8.00% |
Note_8_Bankers_Acceptance_Note2
Note 8 - Banker's Acceptance Notes Payable and Letters of Credit (Details) - Bankerbs Acceptance Notes Payable (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Short-term Debt [Line Items] | ' | ' |
Short-term debt | $3,116,049 | $8,473,217 |
Bankers Acceptance [Member] | Renewable Metals [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Short-term debt | ' | 3,272,144 |
Letter of Credit [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Short-term debt | $3,116,049 | $5,201,073 |
Note_9_Related_Party_Transacti2
Note 9 - Related Party Transactions (Details) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 01, 2006 | Mar. 29, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 29, 2013 | Mar. 29, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Jan. 01, 2006 |
USD ($) | USD ($) | Monthly Payment [Member] | Notes Payable, Other Payables [Member] | Chairman, CEO and Significant Stockholders [Member] | Chairman, CEO and Significant Stockholders [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Operating Lease From Related Party [Member] | Operating Lease From Related Party [Member] | Operating Lease From Related Party [Member] | Operating Lease From Related Party [Member] | Operating Lease From Related Party [Member] | ||
Operating Lease From Related Party [Member] | Chief Executive Officer [Member] | USD ($) | USD ($) | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | sqm | ||||
CNY | ||||||||||||||
Note 9 - Related Party Transactions (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due to Related Parties | $397,371 | ' | $403,141 | ' | ' | $755,805 | $668,332 | ' | ' | ' | ' | ' | ' | ' |
Notes Payable, Related Parties | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 6,300,000 | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | 8.00% | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of Land (in Square Meters) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 176.37 |
Operating Leases, Rent Expense | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | $4,868 | 30,000 | $4,843 | 30,000 | ' |
Note_9_Related_Party_Transacti3
Note 9 - Related Party Transactions (Details) - Due to Other Related Parties (USD $) | Mar. 31, 2014 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | ' | ' |
Due to Related Parties | $397,371 | $403,141 |
Keli Yao [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Due to Related Parties | 147,501 | 116,828 |
Yi Chu [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Due to Related Parties | $249,870 | $286,313 |
Note_10_Capital_Lease_Obligati2
Note 10 - Capital Lease Obligation (Details) - Capital Lease Obligation (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Capital Leased Assets [Line Items] | ' | ' |
Capital lease obligation | $897,501 | $904,990 |
Less current maturities | -897,501 | -904,990 |
Machinery and Equipment [Member] | ' | ' |
Capital Leased Assets [Line Items] | ' | ' |
Capital lease obligation, net of current maturities | 333,284 | 336,065 |
Less current maturities | -333,284 | -336,065 |
Other Machinery and Equipment [Member] | ' | ' |
Capital Leased Assets [Line Items] | ' | ' |
Capital lease obligation | 564,217 | 568,925 |
Less current maturities | ($564,217) | ($568,925) |
Note_10_Capital_Lease_Obligati3
Note 10 - Capital Lease Obligation (Details) - Capital Lease Obligation (Parentheticals) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Capital Leased Assets [Line Items] | ' | ' |
Interest Rate | ' | 8.00% |
Machinery and Equipment [Member] | ' | ' |
Capital Leased Assets [Line Items] | ' | ' |
Interest Rate | 11.00% | 11.00% |
Principal and Interest | $497,897 | $497,897 |
Other Machinery and Equipment [Member] | ' | ' |
Capital Leased Assets [Line Items] | ' | ' |
Interest Rate | 11.00% | 11.00% |
Principal and Interest | $3,609,102 | $3,609,102 |
Note_11_Derivative_Instruments2
Note 11 - Derivative Instruments and the Fair Value of Financial Instruments (Details) | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 03, 2014 | Mar. 05, 2014 | Mar. 14, 2014 | Mar. 24, 2014 | Mar. 26, 2014 | Feb. 27, 2014 | Jan. 28, 2013 | Apr. 30, 2010 | Jan. 30, 2009 | Aug. 08, 2008 | Mar. 31, 2014 | 31-May-10 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2013 | Dec. 20, 2012 | Jun. 30, 2010 | Apr. 20, 2010 | Dec. 31, 2013 | 14-May-14 | 7-May-14 | Apr. 16, 2014 | Sep. 23, 2013 | Apr. 08, 2014 | Mar. 28, 2014 | Apr. 08, 2014 | Sep. 23, 2013 | Nov. 08, 2013 | Nov. 08, 2013 | Nov. 08, 2013 | Nov. 08, 2013 | Nov. 08, 2013 | Mar. 05, 2014 | Mar. 14, 2014 | Nov. 08, 2013 | Mar. 24, 2014 | Mar. 26, 2014 | Feb. 27, 2014 | Mar. 31, 2014 | Mar. 26, 2014 | Mar. 28, 2014 | Mar. 26, 2014 | Mar. 26, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 26, 2014 | Sep. 23, 2013 | Mar. 26, 2014 | Dec. 31, 2013 | Mar. 26, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Aug. 08, 2008 | Sep. 30, 2013 | Jan. 11, 2013 | Jun. 30, 2010 | Dec. 31, 2013 | Apr. 30, 2010 | Jun. 30, 2010 | Dec. 31, 2013 | Apr. 30, 2010 | Apr. 20, 2010 | Apr. 20, 2010 | Apr. 20, 2010 | Apr. 20, 2010 | Apr. 20, 2010 | Aug. 08, 2008 | Aug. 08, 2008 | Aug. 11, 2008 | Apr. 20, 2010 | Aug. 08, 2008 | Apr. 30, 2010 | Jul. 31, 2008 | Dec. 31, 2008 | Jun. 30, 2010 | Jan. 08, 2013 | Nov. 08, 2013 | Mar. 31, 2014 | Jan. 13, 2014 | Feb. 04, 2014 | Mar. 28, 2014 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CNY | USD ($) | USD ($) | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Filing S-1 Within 45 Days of Note Date [Member] | Filing S-1 Within 120 Days of Note Date [Member] | Right to Require Purchase on 10th Trading Day After Registration Statement or Additional Closing Date [Member] | Variable Conversion Base Price Less Than or Equal to $0.45 [Member] | Variable Conversion Base Price Greater Than $0.45 [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Target Price [Member] | Target Price [Member] | Remaining Derivative Warrants [Member] | Remaining Derivative Warrants [Member] | Warrants 2008 [Member] | Warrants 2008 [Member] | Warrants 2008 [Member] | Warrants 2008 2 [Member] | Warrants 2010 [Member] | Warrants 2010 [Member] | Volatility Period 1 [Member] | Volatility Period 2 [Member] | Volatility Period 3 [Member] | Volatility Period 4 [Member] | Volatility Period 5 [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Warrants 2008 [Member] | Two Investors [Member] | Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | Four Foreign Investors [Member] | Eleven Foreign Investors [Member] | Asher Enterprises, Inc [Member] | |||||||||
Filing S-1 Within 120 Days of Note Date [Member] | Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | Asher Enterprises, Inc [Member] | Asher Enterprises, Inc [Member] | Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | Asher and Hanover [Member] | Asher Enterprises, Inc [Member] | Default Rate [Member] | Default Prepayment Rate [Member] | USD ($) | USD ($) | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | USD ($) | USD ($) | Investors [Member] | Brokers [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||||||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note 11 - Derivative Instruments and the Fair Value of Financial Instruments (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,031,715 | ' | ' | ' | ' | ' | ' | ' | ' | 167,740 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,180,210 | 1,031,715 | 1,324,346 | 12,180,210 | ' | ' | 1,615,387 | ' | ' | ' | ' | ' | ' | 2,486,649 | 242,264 | ' | 1,538,464 | 2,728,913 | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item) | ' | ' | ' | ' | ' | ' | 0.5 | ' | 5 | ' | ' | 5 | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.25 | 7.5 | ' | ' | ' | ' | 5 | ' | ' | 7.5 | ' | ' | ' | ' | ' | ' | ' | ' | 7.5 | 5 | 7.5 | 5 | ' | 5 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,097,404 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,523,277 | ' | ' | ' | $1,621,356 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,000,016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,896,229 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to Additional Paid in Capital, Warrant Issued | ' | ' | ' | ' | ' | ' | ' | 21,229 | ' | ' | ' | 1,292,227 | ' | ' | 623,809 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,665,011 | ' | ' | 210,095 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Warrant Exercises | ' | ' | ' | ' | ' | ' | ' | 6,629,036 | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues (in Shares) | ' | ' | ' | ' | ' | ' | 3,242,712 | 1,538,464 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.134 | 1,538,464 | 1.745 | ' | 22.9 | 24.87 | ' | ' | ' | ' | ' | ' | ' |
Sale of Stock, Price Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | $0.50 | $6.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.50 | ' | ' | $3 | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liability Write-off | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,179 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Conversion of Convertible Securities (in Shares) | ' | ' | ' | ' | ' | ' | ' | 13,806 | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78,217 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Conversion of Convertible Securities | ' | ' | ' | ' | ' | ' | ' | 69,030 | ' | ' | ' | ' | 384,627 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,621,730 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues | ' | ' | ' | ' | ' | ' | ' | 10,000,016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Warrants Issued (in Shares) | ' | ' | ' | ' | ' | ' | ' | 1,538,464 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Management Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | 579,316 | ' | ' | ' | ' | ' | ' | ' |
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued (in Shares) | ' | ' | ' | ' | ' | ' | ' | 76,923 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Professional Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 214,454 | 196,497 | ' | 97,689 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.28 | ' | $6.95 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Assumptions, Expected Volatility Rate | 101.00% | 101.00% | 102.00% | 102.00% | 102.00% | 101.00% | ' | ' | ' | ' | 102.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76.00% | 134.00% | 155.00% | 167.00% | 182.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants and Rights Outstanding | ' | ' | ' | ' | ' | ' | ' | 2,483,938 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,500,000 | 33,512,936 | ' | ' | ' | ' | 350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000 | 500,000 | 2,472,127 | 3,082,340 | 73,500 |
Proceeds from Convertible Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' |
Convertible Notes Payable, Reduction Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | 4.00% | ' | ' | 22.00% | 150.00% | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Conversion Base Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63,000 | ' | 153,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 115.00% | ' | 140.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.32 | ' | ' | ' | ' | ' | ' | $0.23 | $0.24 | $0.27 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | $0.32 | $0.32 | ' | $0.34 | $0.35 | $0.31 | ' | $0.32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000 | 50,000 | ' | 50,000 | 100,000 | 25,000 | ' | ' | 80,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest on Convertible Debt, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,628 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 109,923 | 105,756 | 374,425 | 3 | 363,635 | 355,082 | 17,521,978 | ' | ' | ' | ' | ' | ' | 234,295 | 155,085 | ' | 145,351 | 288,493 | 95,997 | ' | ' | 355,082 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Inputs, Probability of Default | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Probability of Default Monthly Increase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Raising Event | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Market Generating Dilutive Reset Events | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Debt Instrument Redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Debt Instrument Redemption Monthly Increase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liability, Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,367,535 | ' | $1,367,535 | ' | ' | ' | $61,429 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,367,535 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_11_Derivative_Instruments3
Note 11 - Derivative Instruments and the Fair Value of Financial Instruments (Details) - Fair Value of Derivative Warrants Assumptions | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 9 Months Ended | ||||||
Mar. 03, 2014 | Mar. 05, 2014 | Mar. 14, 2014 | Mar. 24, 2014 | Mar. 26, 2014 | Mar. 31, 2014 | Feb. 27, 2014 | Aug. 08, 2008 | Apr. 20, 2010 | Sep. 30, 2013 | ||
Warrants 2008 [Member] | Warrants 2008 [Member] | Warrants 2008 [Member] | |||||||||
Black-Scholes [Member] | Lattice [Member] | Lattice [Member] | |||||||||
Note 11 - Derivative Instruments and the Fair Value of Financial Instruments (Details) - Fair Value of Derivative Warrants Assumptions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Expected life (year) | ' | ' | ' | ' | ' | ' | ' | '5 years | '5 years | '29 days | |
Expected volatility (*) | 101.00% | 101.00% | 102.00% | 102.00% | 102.00% | 102.00% | 101.00% | 89.00% | [1] | 182.00% | 57.00% |
Risk-free interest rate | ' | ' | ' | ' | ' | ' | ' | 3.23% | 2.56% | 0.02% | |
Expected annual rate of quarterly dividends | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 0.00% | |
[1] | Expected volatility is based on historical volatility of the Company's common stock. The Company currently has no reason to believefuture volatility over the expected life of these warrants is likely to differ materially from its historical volatility. The risk-free interestrate is based on a yield curve of U.S. treasury interest rates on the date of grant based on the expected term of the warrant. Expectedannual rate of quarterly dividends is based on the Company's dividend history and anticipated dividend policy. |
Note_11_Derivative_Instruments4
Note 11 - Derivative Instruments and the Fair Value of Financial Instruments (Details) - Summary of the Fair Value of the Remaining Derivative Warrant Liability (Fair Value, Inputs, Level 3 [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Note 11 - Derivative Instruments and the Fair Value of Financial Instruments (Details) - Summary of the Fair Value of the Remaining Derivative Warrant Liability [Line Items] | ' |
Balance | ($306,708) |
Purchases, issuances and settlements | -623,809 |
Net income (loss) | 930,517 |
Warrant [Member] | ' |
Note 11 - Derivative Instruments and the Fair Value of Financial Instruments (Details) - Summary of the Fair Value of the Remaining Derivative Warrant Liability [Line Items] | ' |
Balance | -306,708 |
Purchases, issuances and settlements | -623,809 |
Net income (loss) | $930,517 |
Note_11_Derivative_Instruments5
Note 11 - Derivative Instruments and the Fair Value of Financial Instruments (Details) - Derivative Warrant Activity (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
31-May-10 | Apr. 30, 2010 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Note 11 - Derivative Instruments and the Fair Value of Financial Instruments (Details) - Derivative Warrant Activity [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative warrant at December 31 | ' | ' | ' | ' | ' | 1,218,021 |
Fair Value of Derivative warrant at December 31 (in Dollars) | ' | ' | ' | ' | ' | ($306,708) |
(Gain) Loss Change in Fair Value of Derivative Liability at December 31 (in Dollars) | ' | ' | -477,909 | -615,946 | ' | 306,505 |
Reclassification of warrants to purchase 1,031,715 common shares from additional paid-in capital to derivative liability at January 11, 2013 to reflect the re-instatement of the derivative feature (in Dollars) | ' | ' | ' | ' | -623,809 | ' |
Reclassification of warrants to purchase 1,031,715 common shares from additional paid-in capital to derivative liability at January 11, 2013 to reflect the re-instatement of the derivative feature (in Dollars) | 1,292,227 | 21,229 | ' | ' | 623,809 | ' |
Increased number of warrant shares per Amendment No. 2 to the Subscription Agreement and Common Stock Purchase Warrant ("2008 Unit Offering Agreement") dated July 2008 and Amendment No. 1 to 2008 Unit Offering Agreement upon completion of January 2013 Offering. | ' | ' | ' | ' | 10,962,189 | ' |
Mark to market (in Dollars) | ' | ' | ' | ' | $930,517 | ' |
Warrants expired | ' | ' | ' | ' | 12,180,210 | ' |
Derivative Financial Instruments, Liabilities [Member] | ' | ' | ' | ' | ' | ' |
Note 11 - Derivative Instruments and the Fair Value of Financial Instruments (Details) - Derivative Warrant Activity [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative warrant at December 31 | ' | ' | ' | ' | ' | 186,306 |
Reclassification of warrants to purchase 1,031,715 common shares from additional paid-in capital to derivative liability at January 11, 2013 to reflect the re-instatement of the derivative feature | ' | ' | ' | ' | 1,031,715 | ' |
Increased number of warrant shares per Amendment No. 2 to the Subscription Agreement and Common Stock Purchase Warrant ("2008 Unit Offering Agreement") dated July 2008 and Amendment No. 1 to 2008 Unit Offering Agreement upon completion of January 2013 Offering. | ' | ' | ' | ' | 10,962,189 | ' |
Warrants expired | ' | ' | ' | ' | 12,180,210 | ' |
Non-Derivative Financial Instruments, Liabilities [Member] | ' | ' | ' | ' | ' | ' |
Note 11 - Derivative Instruments and the Fair Value of Financial Instruments (Details) - Derivative Warrant Activity [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative warrant at December 31 | ' | ' | ' | ' | ' | 1,031,715 |
Reclassification of warrants to purchase 1,031,715 common shares from additional paid-in capital to derivative liability at January 11, 2013 to reflect the re-instatement of the derivative feature | ' | ' | ' | ' | -1,031,715 | ' |
Note_11_Derivative_Instruments6
Note 11 - Derivative Instruments and the Fair Value of Financial Instruments (Details) - Non-Derivative Warrant Activities (USD $) | Jun. 30, 2010 | 31-May-10 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Warrants 2010 [Member] | Warrants 2010 [Member] | Warrants 2010 [Member] | Warrants 2010 [Member] | Warrants 2010 [Member] | Warrants 2010 [Member] | |||
Earned and Exercisable [Member] | Earned and Exercisable [Member] | Weighted Average [Member] | Weighted Average [Member] | |||||
Weighted Average [Member] | ||||||||
Note 11 - Derivative Instruments and the Fair Value of Financial Instruments (Details) - Non-Derivative Warrant Activities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Warrant Shares (in Shares) | 167,740 | 1,031,715 | ' | ' | ' | 1,615,387 | ' | ' |
Exercise Price Per Share | ' | ' | $7.50 | $7.50 | $7.50 | $7.50 | $7.50 | $7.50 |
Number of Warrant Shares (in Shares) | 167,740 | 1,031,715 | 1,615,387 | ' | 1,615,387 | ' | ' | ' |
Exercise Price Per Share | ' | ' | $7.50 | $7.50 | $7.50 | $7.50 | $7.50 | $7.50 |
Note_11_Derivative_Instruments7
Note 11 - Derivative Instruments and the Fair Value of Financial Instruments (Details) - Outstanding and Exercisable Warrants (USD $) | Jan. 31, 2013 | Jan. 28, 2013 | Dec. 31, 2012 | 31-May-10 | Jan. 30, 2009 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Exercise Price $0.50 - $7.50 [Member] | Exercise Price $0.50 - $7.50 [Member] | Exercise Price $0.50 - $7.50 [Member] | Warrant [Member] | Minimum [Member] | ||||||
Warrant [Member] | Minimum [Member] | Maximum [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise Price - Lower | ' | ' | ' | ' | ' | ' | $0.50 | ' | ' | $7.50 |
Warrants Outstanding, Number | ' | ' | ' | ' | ' | ' | ' | $7.50 | ' | ' |
Warrants Outstanding, Number Outstanding (in Shares) | ' | ' | 1,218,021 | ' | ' | 1,615,387 | ' | ' | 1,615,387 | ' |
Warrants Outstanding, Average Remaining Contractual Life | ' | ' | ' | ' | ' | '1 year 18 days | ' | ' | '1 year 18 days | ' |
Warrants Exercisable, Weighted Average Exercise Price (in Dollars per Share) | 5 | 0.5 | ' | 5 | 5 | 7.5 | ' | ' | 7.5 | ' |
Warrants Exercisable, Number (in Shares) | ' | ' | ' | ' | ' | 1,615,387 | ' | ' | 1,615,387 | ' |
Warrants Exercisable, Average Remaining Contractual Life | ' | ' | ' | ' | ' | '1 year 18 days | ' | ' | '1 year 18 days | ' |
Warrants Exercisable, Weighted Average Exercise Price | ' | ' | ' | ' | ' | $7.50 | ' | ' | $7.50 | ' |
Note_11_Derivative_Instruments8
Note 11 - Derivative Instruments and the Fair Value of Financial Instruments (Details) - Change of Fair Value of Derivative Debt Liabilities (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Derivative [Member] | Derivative [Member] | |||||
Note 11 - Derivative Instruments and the Fair Value of Financial Instruments (Details) - Change of Fair Value of Derivative Debt Liabilities [Line Items] | ' | ' | ' | ' | ' | ' |
Balance | $1,367,535 | ' | ' | $61,429 | ' | ' |
To record derivative liability as debt discount | 1,901,282 | ' | 60,795 | ' | ' | ' |
Change in fair value of derivative liability | ' | 930,517 | ' | ' | -477,909 | 634 |
Settlement of derivative liability due to conversion of related notes | ($117,267) | ' | ' | ' | ' | ' |
Note_12_Commitments_and_Contin2
Note 12 - Commitments and Contingencies (Details) | 1 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | 7 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Dec. 21, 2011 | Mar. 31, 2014 | Dec. 21, 2011 | Dec. 21, 2011 | Dec. 21, 2011 | Dec. 21, 2011 | Apr. 13, 2012 | Apr. 13, 2012 | Jun. 24, 2011 | Sep. 10, 2013 | Sep. 10, 2013 | Jun. 08, 2013 | Jun. 08, 2013 | Jun. 18, 2012 | Jun. 18, 2012 | Sep. 19, 2012 | Sep. 19, 2012 | Mar. 31, 2014 | Mar. 15, 2013 | Mar. 15, 2013 | Jul. 24, 2012 | Jul. 24, 2012 | Jul. 31, 2011 | Jul. 31, 2011 | Mar. 31, 2014 | Jul. 16, 2012 | Jul. 16, 2012 | Dec. 31, 2013 | Dec. 21, 2011 | Jan. 02, 2012 | Feb. 08, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 20, 2011 | |
USD ($) | Commission [Member] | Opening Commission [Member] | Opening Commission [Member] | Balance Outstanding [Member] | Renewable Metals [Member] | Renewable Metals [Member] | Renewable Metals [Member] | Henan Armco [Member] | Henan Armco [Member] | Henan Armco [Member] | Henan Armco [Member] | Henan Armco [Member] | Henan Armco [Member] | Henan Armco [Member] | Henan Armco [Member] | Henan Armco [Member] | Renewable Metals [Member] | Renewable Metals [Member] | Renewable Metals [Member] | Renewable Metals [Member] | Renewable Metals [Member] | Renewable Metals [Member] | Renewable Metals [Member] | Armco Shanghai [Member] | Armco Shanghai [Member] | Armco Metals Holdings [Member] | DBS Hong Kong [Member] | Yao [Member] | Yao [Member] | Yao [Member] | Yao [Member] | Yao [Member] | Commission [Member] | ||
DBS Hong Kong [Member] | Each Issuance [Member] | DBS Hong Kong [Member] | DBS Hong Kong [Member] | USD ($) | CNY | Per Metric Ton Scrap Metal [Member] | ICBC Bank [Member] | ICBC Bank [Member] | ICBC Bank [Member] | ICBC Bank [Member] | China CITIC Bank [Member] | China CITIC Bank [Member] | Guangdong Development Bank [Member] | Guangdong Development Bank [Member] | USD ($) | Bank of China Lianyungang [Member] | Bank of China Lianyungang [Member] | Shanghai Pudong Development Banks [Member] | Shanghai Pudong Development Banks [Member] | Bank of Communications Lianyungang [Member] | Bank of Communications Lianyungang [Member] | USD ($) | USD ($) | CNY | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | RZB Hong Kong [Member] | |||||
DBS Hong Kong [Member] | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | |||||||||||||||||||
USD ($) | |||||||||||||||||||||||||||||||||||
Note 12 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | $84,487,279 | ' | ' | ' | ' | ' | ' | ' | $3,200,000 | 20,000,000 | $4,800,000 | 30,000,000 | $6,500,000 | 40,000,000 | $12,600,000 | 78,000,000 | $27,258,566 | $8,100,000 | 50,000,000 | $2,400,000 | 15,000,000 | $11,700,000 | 72,000,000 | $22,228,713 | ' | ' | ' | $20,000,000 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' |
Export Bill Collection Commission | ' | ' | 12.50% | ' | 25.00% | 6.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.25% |
Line of Credit Facility, Amount Outstanding | ' | 14,162,257 | ' | 50,000 | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,467,031 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pledged Deposits | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
undefined | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120.00% | 120.00% | ' | ' | ' | 120.00% | 120.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.87% | 7.87% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Collateral Letters of Credit at Sight | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Collateral Other Domestic Letters of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory Collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 166.00% | 166.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries, Wages and Officers' Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 275,000 | 250,000 | ' |
Bonus Percentage of Base Salary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | 1,500,000 | ' | ' | ' | ' |
Operating Leases, Rent Expense, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106,496 | 656,357 | 4,004 | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Future Minimum Payments Due (in Yuan Renminbi) | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Leasing Costs | ' | ' | ' | ' | ' | ' | $159,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Shares Issued (in Shares) | ' | ' | ' | ' | ' | ' | 1,000,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_12_Commitments_and_Contin3
Note 12 - Commitments and Contingencies (Details) - Uncommitted Trade Credit Facilities (USD $) | 3 Months Ended | |
Mar. 31, 2014 | ||
Line of Credit Facility [Line Items] | ' | |
Total Facilities | $84,487,279 | |
Facilities Used | 14,162,257 | |
Facilities Available | 70,325,023 | |
Armco HK [Member] | DBS Hong Kong [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Date of Expiration | 21-Oct-14 | [1] |
Total Facilities | 20,000,000 | [1] |
Facilities Used | 695,226 | [1] |
Facilities Available | 19,304,774 | [1] |
Armco HK [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Total Facilities | 20,000,000 | |
Facilities Used | 695,226 | |
Facilities Available | 19,304,774 | |
Henan Armco [Member] | Bank of China Lianyungang [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Date of Expiration | 23-May-14 | [2] |
Total Facilities | 4,867,601 | [2] |
Facilities Used | ' | [2] |
Facilities Available | 4,867,601 | [2] |
Henan Armco [Member] | China CITIC Bank [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Date of Expiration | 31-May-14 | [3] |
Total Facilities | 6,490,135 | [3] |
Facilities Used | ' | [3] |
Facilities Available | 6,490,135 | [3] |
Henan Armco [Member] | ICBC Bank [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Date of Expiration | 9-Sep-14 | [4] |
Total Facilities | 3,245,607 | [4] |
Facilities Used | ' | [4] |
Facilities Available | 3,245,607 | [4] |
Henan Armco [Member] | Guangdong Development Bank [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Date of Expiration | 6-May-15 | [5] |
Total Facilities | 12,655,763 | [5] |
Facilities Used | ' | [5] |
Facilities Available | 12,665,763 | [5] |
Henan Armco [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Total Facilities | 27,258,566 | |
Facilities Available | 27,258,566 | |
Renewable Metals [Member] | Bank of China Lianyungang [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Date of Expiration | 27-Dec-15 | [6] |
Total Facilities | 8,112,669 | [6] |
Facilities Used | 8,112,669 | [6] |
Facilities Available | ' | [6] |
Renewable Metals [Member] | Shanghai Pudong Development Banks [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Date of Expiration | 25-Aug-14 | [7] |
Total Facilities | 2,433,801 | [7] |
Facilities Used | 2,433,801 | [7] |
Facilities Available | ' | [7] |
Renewable Metals [Member] | Bank of Communications Lianyungang [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Date of Expiration | 8-Aug-14 | [8] |
Total Facilities | 11,682,243 | [8] |
Facilities Used | 2,920,561 | [8] |
Facilities Available | 8,761,683 | [8] |
Renewable Metals [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Total Facilities | 22,228,713 | |
Facilities Used | 13,467,031 | |
Facilities Available | $8,761,683 | |
[1] | On December 21, 2011, Armco HK entered into a Banking Facilities Agreement with DBS Bank (Hong Kong) Limited of $20,000,000 for issuance of commercial letters of credit in connection with the Company's purchase of metal ore. The Company pays interest at LIBOR or DBS Bank's cost of funds plus 2.50% per annum on issued letters of credit in addition to an export bill collection commission equal to 12.5% of the first $50,000 and 6.25% of the balance and an opening commission of 25% on the first $50,000 and 6.25% of the balance for each issuance. Amounts advanced under this facility are repaid from the proceeds of the sale of metal ore. The lender may terminate the facility at anytime at its sole discretion. The facility is secured by the charge on cash deposit of the borrower, the borrower's restricted pledged deposit in the minimum amount of 3% of the letter of credit amount, the Company's letter of comfort and the guarantee of Mr. Yao. | |
[2] | On June 8, 2013, Henan Armco obtained a RMB 30,000,000 (approximately $4.8 million) line of credit from Bank of China for issuance of letters of credit to finance the purchase of metal ore and scrap metal expiring May 23, 2014. The facility is secured by the guarantee provided by Renewable Metals and the pledge of movable assets provided by the borrower. Amounts advanced under this line of credit are repaid from the proceeds of the sale of metal ore. | |
[3] | On June 18, 2012, Henan Armco obtained a RMB 40,000,000 (approximately $6.5 million) line of credit from China Citic Bank, Zhengzhou Branch, for issuance of letters of credit to finance the purchase of metal ore and scrap metal expiring one (1) year from the date of issuance. The facility is guaranteed by Renewable Metals and Mr. Yao, the Company's Chairman and Chief Executive Officer. | |
[4] | On September 10, 2013, Henan Armco obtained a RMB 20,000,000 (approximately $3.2 million) line of credit from ICBC, for issuance of letters of credit to finance the purchase of metal ore and scrap metal expiring one (1) year from the date of issuance. The facility is guaranteed by Renewable Metals and Mr. Yao. | |
[5] | On September 19, 2012, Henan Armco obtained a RMB 78,000,000 (approximately $12.6 million) line of credit from Guangdong Development Bank Zhengzhou Branch for issuance of letters of credit to finance the purchase of metal ore. The Company pays interest at 120% of the applicable base rate for lending published by the People's Bank of China ("PBC") at the time the loan is made on issued letters of credit. The facility is secured by the guarantee provided by Mr. Yao and Renewable Metals jointly and the pledge of movable assets provided by the borrower. Amounts advanced under this line of credit are repaid from the proceeds of the sale of metal ore. | |
[6] | On March 15, 2013, Renewable Metals entered into a line of credit facility in the amount of RMB50,000,000 (approximately $8.1 million) from Bank of China, Lianyungang Branch for the purchase of raw materials. The facility is expiring December 27, 2015 with interest at 7.872% per annum. The facility is secured by Renewable metals properties, machinery and equipment and land use rights, and guaranteed by Mr. Yao, Ms. Yi Chu, and Henan Armco, respectively. | |
[7] | On July 24, 2012, Renewable Metals entered into a line of credit facility in the amount of RMB 15,000,000 (approximately $2.4 million) from Shanghai Pudong Development Bank for the purchase of raw materials. The term of the facility is 12 months with interest at 120% of the applicable base rate for lending published by the People's Bank of China ("PBOC") at the time the loan is drawn down per annum. The facility is secured by Armco machinery's land use right and guarantees provided by Mr. Yao and Ms. Yi Chu. | |
[8] | On July 1, 2011, Renewable Metals obtained a RMB 72,000,000 (approximately $11.7 million) line of credit from Bank of Communications, Lianyungang Branch expiring two (2) years from the date of issuance, for issuance of letters of credit in connection with the purchase of scrap metal. The letters of credit require Renewable Metals to pledge cash deposit equal to 20% of the letter of credit for letters of credit at sight, or 30% for other domestic letters of credit and for extended domestic letters of credit, the collateral of inventory equal to 166% of the letter of credit. The facility is secured by Renewable Metals inventories and guarantee provided by Mr. Yao. |
Note_13_Stockholders_Equity_De
Note 13 - Stockholders' Equity (Details) | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 9 Months Ended | 16 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 10 Months Ended | 3 Months Ended | 4 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 10 Months Ended | 1 Months Ended | 3 Months Ended | 10 Months Ended | 3 Months Ended | 4 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 4 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 30 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Apr. 09, 2014 | Nov. 05, 2013 | Jul. 02, 2013 | Nov. 12, 2012 | Aug. 11, 2008 | Aug. 08, 2008 | Aug. 12, 2008 | Jan. 28, 2013 | Jul. 30, 2012 | 19-May-11 | Apr. 30, 2010 | Aug. 08, 2008 | Jul. 31, 2008 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 20, 2012 | Dec. 15, 2011 | Jul. 13, 2012 | Jun. 27, 2010 | Dec. 31, 2013 | Dec. 31, 2008 | Sep. 30, 2013 | Jan. 31, 2013 | Jun. 30, 2012 | Jun. 30, 2010 | 31-May-10 | Apr. 20, 2010 | Oct. 26, 2009 | Jan. 30, 2009 | Jul. 27, 2008 | Apr. 06, 2007 | Dec. 31, 2008 | Dec. 31, 2008 | Jan. 28, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 08, 2012 | Oct. 26, 2009 | Jun. 30, 2013 | Dec. 31, 2013 | 2-May-13 | Sep. 10, 2011 | 3-May-13 | Sep. 30, 2012 | 4-May-12 | Sep. 30, 2013 | 14-May-14 | 3-May-13 | Dec. 31, 2014 | Jun. 30, 2014 | Jan. 02, 2014 | Aug. 11, 2008 | Apr. 20, 2010 | Aug. 08, 2008 | Apr. 30, 2010 | Jul. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2012 | Jun. 11, 2010 | Jun. 11, 2010 | Jun. 11, 2010 | Jun. 11, 2010 | Mar. 31, 2014 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | 31-May-13 | Apr. 13, 2012 | Apr. 13, 2012 | Apr. 20, 2010 | Nov. 08, 2013 | Nov. 08, 2013 | Nov. 08, 2013 | Feb. 08, 2012 | Oct. 26, 2009 | Sep. 16, 2010 | 2-May-13 | 3-May-13 | Jan. 02, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Mar. 31, 2013 | Jan. 02, 2012 | Oct. 22, 2013 | Feb. 08, 2012 | Oct. 26, 2009 | Oct. 26, 2009 | Oct. 28, 2013 | Oct. 26, 2009 | Dec. 31, 2012 | Oct. 26, 2009 | Dec. 31, 2010 | Sep. 30, 2010 | Mar. 31, 2010 | Sep. 16, 2010 | 2-May-13 | Sep. 10, 2011 | Mar. 10, 2011 | Oct. 05, 2010 | Jul. 30, 2012 | Feb. 06, 2012 | Jan. 25, 2011 | Dec. 15, 2011 | Mar. 29, 2011 | 4-May-12 | Dec. 15, 2011 | 4-May-12 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 16, 2011 | 4-May-12 | Dec. 31, 2012 | Dec. 15, 2011 | 3-May-13 | Jan. 02, 2014 | Aug. 12, 2008 | Jul. 27, 2008 | Sep. 30, 2008 | Jun. 27, 2008 | Sep. 30, 2008 | Jun. 27, 2010 | Jun. 25, 2010 | Apr. 12, 2010 | Jun. 25, 2010 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Broker Commissions [Member] | Management Fees [Member] | Subscription Agreements [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Yao [Member] | Board of Directors Chairman [Member] | Renewable Metals [Member] | Renewable Metals [Member] | Chaoyang Steel [Member] | Chaoyang Steel [Member] | Chaoyang Steel [Member] | Chaoyang Steel [Member] | Chaoyang Steel [Member] | Chaoyang Steel [Member] | All Bright Law Offices [Member] | All Bright Law Offices [Member] | All Bright Law Offices [Member] | All Bright Law Offices [Member] | Broad Max Holding [Member] | Broad Max Holding [Member] | Hebang {Member] | Hebang {Member] | Rodman & Renshaw [Member] | CD International Enterprise Inc [Member] | Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | Quarterly [Member] | Quarterly [Member] | Quarterly [Member] | Quarterly [Member] | Quarterly [Member] | Quarterly [Member] | Loan Gurantee Expense [Member] | Loan Gurantee Expense [Member] | Loan Gurantee Expense [Member] | Loan Gurantee Expense [Member] | Loan Gurantee Expense [Member] | Legal Expenses [Member] | Consulting Fees [Member] | Consulting Fees [Member] | Consulting Fees [Member] | Consulting Fees [Member] | Termination of Leasing Agreement [Member] | Lease Expense [Member] | Lease Expense [Member] | Facility Leasing Expenses [Member] | Yao [Member] | Yao [Member] | Yao [Member] | Yao [Member] | Yao [Member] | Non-affiliated Investor [Member] | Thomson [Member] | Thomson [Member] | Thomson [Member] | Thomson [Member] | Thomson [Member] | Thomson [Member] | Chan [Member] | Chan [Member] | Chan [Member] | Chan [Member] | Employees [Member] | Employees [Member] | Employees [Member] | Employees [Member] | Employees [Member] | Employees [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Director 2 [Member] | Shen [Member] | Mr. Kam Ping Chan [Member] | Armco HK [Member] | Armco HK [Member] | Armco HK [Member] | Armco HK [Member] | Armco HK [Member] | Armco HK [Member] | Yao Purchase of Gao Option [Member] | Yao Purchase of Gao Option [Member] | Yao Purchase of Gao Option [Member] | Restated 2009 Stock Incentive Plan [Member] | Less Than One Year [Member] | Greater than One Year [Member] | |||||||||||||
Private Placement [Member] | Private Placement [Member] | USD ($) | Yao [Member] | Yao [Member] | Yao [Member] | Yao [Member] | Thomson [Member] | Chan [Member] | Chan [Member] | Chan [Member] | Chan [Member] | Director [Member] | Director [Member] | Director [Member] | Shen [Member] | Shen [Member] | Shen [Member] | Mr. Kam Ping Chan [Member] | Mr. Kam Ping Chan [Member] | Mr. Kam Ping Chan [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Chaoyang Steel [Member] | USD ($) | CNY | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CNY | USD ($) | Consulting Fees [Member] | Financing Cost [Member] | Yao [Member] | Yao [Member] | Chan [Member] | Chan [Member] | Shen [Member] | Mr. Kam Ping Chan [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Per Quarter [Member] | Per Quarter [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||||||||||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note 13 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common and Preferred Stock, Par Value (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,000,000 | ' | ' | ' | ' | ' | 74,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,770,176 | ' | ' | ' | ' | ' | 29,876,327 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | 9,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,694,000 | ' | 7,694,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,890,000 | ' | $6,890,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69.70% | 100.00% | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Options Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,300,000 | 5,300,000 | 2,000,000 | ' | 2,000,000 | ' | ' | ' | ' |
Investment Options, Exercise Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | $1.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.30 | $1.30 | $5 | $5 | $5 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,300,000 | ' | 5,300,000 | ' | ' | ' | 400,000 | 1,000,000 | ' | ' | ' | ' |
Stock Issued During Period, Value, Stock Options Exercised (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,890,000 | ' | 6,890,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Stock Options Exercised (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000 | ' | ' | ' |
Debt Instrument, Decrease, Forgiveness (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | 500,000 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Private Placement (in Dollars) | ' | ' | ' | ' | 40,200 | 523,500 | ' | ' | ' | ' | ' | ' | 6,896,229 | ' | ' | ' | ' | ' | ' | ' | 7,459,929 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | ' | ' | ' | 3,242,712 | ' | ' | 1,538,464 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.134 | 1,538,464 | 1.745 | ' | 22.9 | 24.87 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.95 | ' | ' | ' | ' | ' | ' | ' | $3.28 | ' | ' | $0.50 | $3.28 | ' | ' | $0.33 | $3.12 | ' | ' | $0.69 | ' | ' | $0.39 | ' | ' | $0.32 | ' | ' | ' | ' | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' | $0.38 | $0.43 | $0.50 | $0.48 | $0.38 | $0.43 | ' | $0.48 | ' | ' | ' | ' | ' | $0.45 | ' | ' | ' | ' | ' | ' | ' | $0.39 | $0.31 | $0.38 | $0.38 | $0.31 | $0.38 | $0.39 | $0.31 | $0.38 | $0.31 | $0.38 | $0.48 | $0.38 | $0.38 | ' | ' | ' | ' | ' | ' | ' | $0.48 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.74 | ' | $0.27 | ' | ' | ' | $0.29 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Per Unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of Stock, Price Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | $0.50 | ' | ' | $6.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.50 | ' | ' | $3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 167,740 | 1,031,715 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,538,464 | 2,728,913 | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item) | ' | ' | ' | ' | ' | ' | ' | 0.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | 5 | ' | ' | 5 | ' | ' | 5 | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.5 | 5 | 7.5 | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | ' | ' | ' | ' | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | ' | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 162,660 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Warrants Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,538,464 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99,650 | 142,614 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76,923 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Management Fees (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | 579,316 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Professional Fees (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 214,454 | 196,497 | ' | ' | ' | ' | ' | 97,689 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds From Issuance of Private Placement Net (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,620,681 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,523,277 | ' | ' | 1,621,356 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,621,356 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Stock Issuance Costs (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partners' Capital Account, Units, Sold in Public Offering | ' | ' | ' | ' | ' | ' | ' | 3,242,712 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance Initial Public Offering (in Dollars) | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Original Debt, Amount (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 353,753 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,045,369 | ' | ' | ' | 816,593 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.49 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.52 | ' | ' | ' | $0.52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 717,067 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,010,327 | ' | ' | ' | 1,570,371 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Line of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,400,000 | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76,923 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Issued for Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,333 | 33,333 | 33,333 | 33,333 | 75,000 | 75,000 | 75,000 | 300,000 | 16,667 | 100,000 | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 33,338 | 33,333 | 33,333 | 33,333 | 33,333 | 75,000 | 250,000 | 250,000 | 50,000 | 33,333 | 625,000 | 125,000 | 125,000 | 125,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Issued for Services (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,650 | 14,297 | 16,667 | 36,293 | 28,463 | 32,168 | ' | 8,065 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,002 | 102,337 | 12,667 | 12,500 | 10,333 | 28,125 | 97,500 | 76,750 | 18,750 | 10,333 | 234,375 | 60,488 | 47,438 | 46,875 | ' | ' | ' | ' | ' | ' | ' | 16,130 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 159,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,022 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Other (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,155 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | 8,200,000 | ' | ' | ' | ' | ' | ' | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | 5,200,000 | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Amount of Cash-Settled Performance-Based Award (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 5,000,000 |
Maximum ISOs Exercisable Per Employee (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,556,704 | ' | ' | ' | ' | ' | 5,101,746 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,666 | 66,667 | 66,667 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62,375 | 54,667 | 4,875 | 516 | 4,863 | 505 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 748,500 | ' | 656,000 | ' | ' | ' | 20,500 | ' | ' | ' | 19,500 | 2,063 | ' | ' | ' | ' | ' | ' | ' | ' | 34,500 | ' | ' | 1,782 | ' | ' | 8,625 | 446 | ' | 19,450 | 2,019 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Officers' Compensation (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | 1,500,000 | ' | ' | ' | 6,250 | ' | ' | ' | ' | ' | 6,250 | 6,250 | ' | ' | ' | ' | ' | ' | 6,250 | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | 50,000 | 6,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Stock, Vested Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 25.00% | 25.00% | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $138,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 2,329,958 | 1,363,282 | ' | 980,991 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 561,640 | 57,743 | 55,378 | 264,379 | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 906,529 | ' | 14,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 185,341 | 33,318 | 187,180 | 71,383 | 27,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Goods and Nonemployee Services Transaction, Stockholders' Equity (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97,500 | ' | ' | 16,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,002 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,700 | ' | ' | ' | ' | ' | ' | 13,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Granted, Value, Share-based Compensation, Net of Forfeitures (in Dollars) | $838,785 | $640,743 | ' | $343,347 | ' | ' | ' | ' | $132,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion Vesting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 245,379 | ' | ' |
Note_13_Stockholders_Equity_De1
Note 13 - Stockholders' Equity (Details) - Options Granted Fair Value Assumptions | 0 Months Ended |
Oct. 05, 2010 | |
Options Granted Fair Value Assumptions [Abstract] | ' |
Expected life (year) | '5 years |
Expected volatility | 187.00% |
Risk-free interest rate | 1.21% |
Expected annual rate of quarterly dividends | 0.00% |
Note_13_Stockholders_Equity_De2
Note 13 - Stockholders' Equity (Details) - Amended and Restated 2009 Stock Incentive Plan Activities (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Amended and Restated 2009 Stock Incentive Plan Activities [Abstract] | ' | ' |
Number of Shares or Options | 5,618,413 | 4,198,881 |
Fair Value at Date of Grant | $3,277,207 | $2,614,951 |
Number of Shares or Options | 7,556,704 | 5,101,746 |
Fair Value at Date of Grant | 3,924,892 | 3,023,732 |
Number of Shares or Options | 397,917 | 516,667 |
Fair Value at Date of Grant | 193,119 | 253,475 |
Number of Shares or Options | 2,336,208 | 1,419,532 |
Fair Value at Date of Grant | 840,804 | 662,256 |
Number of Shares or Options | 7,954,621 | 5,618,413 |
Fair Value at Date of Grant | $4,118,011 | $3,277,207 |
Note_14_Income_Taxes_Details
Note 14 - Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Note 14 - Income Taxes (Details) [Line Items] | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 33.00% | ' |
Effective Income Tax Rate Reconciliation, Percent | 0.00% | 0.77% |
State [Member] | ' | ' |
Note 14 - Income Taxes (Details) [Line Items] | ' | ' |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 30.00% | ' |
Local [Member] | ' | ' |
Note 14 - Income Taxes (Details) [Line Items] | ' | ' |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 3.00% | ' |
Armco HK [Member] | ' | ' |
Note 14 - Income Taxes (Details) [Line Items] | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 16.50% | ' |
Note_15_Concentrations_and_Cre2
Note 15 - Concentrations and Credit Risk (Details) - Customer and Credit Concentrations | 3 Months Ended | |||||||||||||||
Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Customer A [Member] | Customer A [Member] | Customer A [Member] | Customer B [Member] | Customer B [Member] | Customer B [Member] | Customer C [Member] | Customer D [Member] | Customer E [Member] | Customer F [Member] | Customer G [Member] | Customer H [Member] | Sales Revenue, Net [Member] | Sales Revenue, Net [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | |
Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | |||||
Sales Revenue, Net [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Sales Revenue, Net [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Sales Revenue, Net [Member] | Sales Revenue, Net [Member] | Sales Revenue, Net [Member] | |||||
Revenue, Major Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Customer | 54.60% | 32.40% | 33.80% | 22.60% | 27.20% | 25.10% | 18.30% | 10.40% | 19.60% | 37.20% | 12.30% | 11.80% | 83.90% | 54.60% | 89.60% | 77.20% |
Note_15_Concentrations_and_Cre3
Note 15 - Concentrations and Credit Risk (Details) - Vendor Purchase and Accounts Payable Concentrations (Supplier Concentration Risk [Member]) | 3 Months Ended | |||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Vendor A [Member] | Vendor A [Member] | Vendor A [Member] | Vendor A [Member] | Vendor B [Member] | Vendor B [Member] | Cost of Goods, Total [Member] | Cost of Goods, Total [Member] | Account Payable [Member] | Account Payable [Member] | |
Cost of Goods, Total [Member] | Cost of Goods, Total [Member] | Account Payable [Member] | Account Payable [Member] | Cost of Goods, Total [Member] | Account Payable [Member] | |||||
Note 15 - Concentrations and Credit Risk (Details) - Vendor Purchase and Accounts Payable Concentrations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vendor | 38.40% | 82.60% | 40.20% | 86.00% | 37.00% | 25.80% | 75.40% | 82.60% | 66.00% | 86.00% |
Note_16_Subsequent_Events_Deta
Note 16 - Subsequent Events (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | 14-May-14 | 7-May-14 | Apr. 16, 2014 | Sep. 23, 2013 | Apr. 08, 2014 | Mar. 28, 2014 | Sep. 23, 2013 | Apr. 07, 2014 | Apr. 15, 2014 | Apr. 15, 2014 | Apr. 15, 2014 | Apr. 08, 2014 | Sep. 23, 2013 | Nov. 08, 2013 |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Hanover Holdings I, LLC [Member] | |||
Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | Asher Enterprises, Inc [Member] | Asher Enterprises, Inc [Member] | Asher Enterprises, Inc [Member] | All Bright [Member] | Draco Resources [Member] | Draco Resources [Member] | Draco Resources [Member] | ||||||
Initial Acquisition Percentage [Member] | ||||||||||||||||
Note 16 - Subsequent Events (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Original Debt, Amount | ' | ' | $25,000 | $25,000 | $100,000 | ' | $73,500 | $80,000 | ' | ' | ' | ' | ' | $5,554,467 | $153,500 | ' |
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | ' | ' | 109,923 | 105,756 | 374,425 | 3 | 363,635 | 355,082 | ' | ' | ' | ' | ' | 17,521,978 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' |
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | ' | ' | ' | ' | ' | 58.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Threshold Consecutive Trading Days | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Convertible Period | ' | ' | ' | ' | ' | ' | ' | ' | '180 days | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | ' | $0.32 | $0.23 | $0.24 | $0.27 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Accrued on Convertible Note | ' | ' | 77.78 | 277.78 | 1,525 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Convertible Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | 300,000 |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 74.64% | ' | ' | ' | ' |
Common Stock, Value, Issued | $33,770 | $29,876 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $51,615,000 | ' | ' | ' |