Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 27, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | AMP Holding Inc. | ||
Entity Central Index Key | 1425287 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -19 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $8,211,540 | ||
Entity Common Stock, Shares Outstanding | 150,242,334 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets: | ||
Cash and cash equivalents | $442,257 | $7,019 |
Inventory | 392,750 | 392,750 |
Prepaid expenses and deposits | 74,623 | 43,967 |
Current assets, Total | 909,630 | 443,736 |
Property, plant and equipment, net | 4,042,359 | 4,407,261 |
Assets, Total | 4,951,989 | 4,850,997 |
Current liabilities: | ||
Accounts payable | 1,603,555 | 1,546,388 |
Accounts payable, related parties | 384,776 | 468,165 |
Notes payable | 1,243,000 | |
Customer deposits | 177,500 | |
Shareholder advances | 1,934,300 | |
Current portion of long-term debt | 35,904 | 338,225 |
Current liabilities, Total | 3,267,235 | 4,464,578 |
Long-term debt | 2,494,141 | 2,292,890 |
Stockholders' equity (deficit): | ||
Series A preferred stock, par value of $.001 per share 75,000,000 shares shares authorized, 0 shares issued and outstanding at December 31, 2014 and December 31, 2013 | ||
Common stock, par value of $.001 per share 250,000,000 shares authorized, 149,944,892 shares issued and outstanding at December 31, 2014 and 82,711,524 shares issued and outstanding at December 31, 2013 | 149,937 | 82,712 |
Additional paid-in capital | 27,128,582 | 20,321,536 |
Stock based compensation | 6,002,586 | 5,171,093 |
Accumulated deficit during the development stage | -34,090,492 | -27,481,812 |
Stockholders' equity (deficit), Total | -809,387 | -1,906,471 |
Liabilities and Stockholders' Equity (Deficit), Total | $4,951,989 | $4,850,997 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Series A preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Series A preferred stock, shares authorized | 75,000,000 | 75,000,000 |
Series A preferred stock, shares issued | 0 | 0 |
Series A preferred stock, shares outstanding | 0 | 0 |
Common stock, par value ( in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 149,944,892 | 82,711,524 |
Common stock, shares outstanding | 149,944,892 | 82,711,524 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | 94 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Sales | $177,500 | $177,500 | $957,840 |
Operating Expenses | |||
Selling, general and administrative | 2,950,467 | 3,137,288 | 17,696,441 |
Research and development | 3,436,751 | 2,892,505 | 16,437,341 |
Total operating expenses | 6,387,218 | 6,029,793 | 34,133,782 |
Interest expense, net | 398,963 | 258,261 | 914,551 |
Net loss during the development stage | ($6,608,680) | ($6,110,554) | ($34,090,492) |
Basic and diluted loss per share | ($0.05) | ($0.08) | |
Weighted average number of common shares outstanding | 136,028,839 | 75,710,613 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (Deficit) (USD $) | Common Stock | Series A Preferred Stock | Additional Paid-in Capital | Stock based compensation | Accumulated Deficit During the Development Stage | Total |
Beginning capital at Feb. 20, 2007 | ||||||
Beginning Capital (in shares) at Feb. 20, 2007 | ||||||
Issuance of common stock, and fulfillment of stock subscriptions receivable | 900,000 | 900,000 | ||||
Issuance of common stock, and fulfillment of stock subscriptions receivable (in shares) | 7,210 | |||||
Net loss from operations | -456,145 | -456,145 | ||||
Ending Capital at Dec. 31, 2007 | 900,000 | -456,145 | 443,855 | |||
Ending Capital (in shares) at Dec. 31, 2007 | 7,210 | |||||
Issuance of common stock, and fulfillment of stock subscriptions receivable | 875,000 | 875,000 | ||||
Issuance of common stock, and fulfillment of stock subscriptions receivable (in shares) | 4,305 | |||||
March 10, 2008 stock dividend | ||||||
March 10, 2008 stock dividend (in shares) | 62,720 | |||||
Share based compensation | 9,757 | 9,757 | ||||
Net loss from operations | -1,383,884 | -1,383,884 | ||||
Ending Capital at Dec. 31, 2008 | 1,784,757 | -1,840,029 | -55,272 | |||
Ending Capital (in shares) at Dec. 31, 2008 | 74,235 | |||||
January 1, 2009 stock re-pricing agreement (in shares) | 18,025 | |||||
Issuance of common stock, and fulfillment of stock subscriptions receivable | 753,511 | 49,989 | 803,500 | |||
Issuance of common stock, and fulfillment of stock subscriptions receivable (in shares) | 168,210 | |||||
Share based compensation | 7,983 | 7,983 | ||||
Shares issued out of stock option plan on December 31, 2009 (in shares) | 3,220 | |||||
Net effect of purchase accounting adjustments | -2,528,479 | 2,528,479 | ||||
Net effect of purchase accounting adjustments (in shares) | 17,508,759 | |||||
Conversion of convertible notes | 8 | 264,992 | 265,000 | |||
Conversion of convertible notes (in shares) | 8,375 | |||||
Net loss from operations | -1,524,923 | -1,524,923 | ||||
Ending Capital at Dec. 31, 2009 | 17,772 | 8 | 2,843,460 | -3,364,952 | -503,712 | |
Ending Capital (in shares) at Dec. 31, 2009 | 17,772,449 | 8,375 | ||||
Issuance of common stock, and fulfillment of stock subscriptions receivable | 9,809 | 3,682,530 | 3,692,339 | |||
Issuance of common stock, and fulfillment of stock subscriptions receivable (in shares) | 9,808,566 | |||||
Share based compensation | 1,436,979 | 1,436,979 | ||||
Conversion of convertible notes | 30 | 9,970 | 10,000 | |||
Conversion of convertible notes (in shares) | 29,750 | |||||
Issuance of preferred stock, and fulfillment of stock subscriptions receivable | 1 | 24,999 | 25,000 | |||
Issuance of preferred stock, and fulfillment of stock subscriptions receivable (in shares) | 625 | |||||
Conversion of account payable | 102 | 86,898 | 87,000 | |||
Conversion of account payable (in shares) | 101,636 | |||||
Net loss from operations | -5,028,106 | -5,028,106 | ||||
Ending Capital at Dec. 31, 2010 | 27,713 | 9 | 6,647,857 | 1,436,979 | -8,393,058 | -280,500 |
Ending Capital (in shares) at Dec. 31, 2010 | 27,712,401 | 9,000 | ||||
Issuance of common stock, and fulfillment of stock subscriptions receivable | 9,911 | 5,404,830 | 5,414,741 | |||
Issuance of common stock, and fulfillment of stock subscriptions receivable (in shares) | 9,912,447 | |||||
Stock options and warrants exercised | 39 | 12,236 | 12,275 | |||
Stock options and warrants exercised (in shares) | 38,692 | |||||
Conversion of preferred stock to common stock | 1,072 | -9 | -1,063 | |||
Conversion of preferred stock to common stock (in shares) | 1,071,110 | -9,000 | ||||
Share based compensation | 2,002,891 | 2,002,891 | ||||
Net loss from operations | -8,705,711 | -8,705,711 | ||||
Ending Capital at Dec. 31, 2011 | 38,735 | 12,063,860 | 3,439,870 | -17,098,769 | -1,556,304 | |
Ending Capital (in shares) at Dec. 31, 2011 | 38,734,650 | |||||
Share based compensation | 338,853 | 338,853 | ||||
Issuance of detached warrants in connection with convertible debentures | 91,493 | 91,493 | ||||
Conversion of debentures and interest | 10,227 | 2,035,187 | 2,045,414 | |||
Conversion of debentures and interest (in shares) | 10,227,070 | |||||
Conversion of account payable | 6,993 | 766,007 | 773,000 | |||
Conversion of account payable (in shares) | 6,993,743 | |||||
Net loss from operations | -4,272,489 | -4,272,489 | ||||
Ending Capital at Dec. 31, 2012 | 55,955 | 14,956,547 | 3,778,723 | -21,371,258 | -2,580,033 | |
Ending Capital (in shares) at Dec. 31, 2012 | 55,955,463 | |||||
Issuance of common stock, and fulfillment of stock subscriptions receivable | 21,330 | 4,254,270 | 4,275,600 | |||
Issuance of common stock, and fulfillment of stock subscriptions receivable (in shares) | 21,330,000 | |||||
Conversion of convertible notes | 500 | 99,500 | 100,000 | |||
Conversion of convertible notes (in shares) | 500,000 | |||||
Conversion of account payable | 4,907 | 1,010,076 | 1,014,983 | |||
Conversion of account payable (in shares) | 4,907,297 | |||||
Stock options and warrants exercised | 20 | 1,143 | 1,163 | |||
Stock options and warrants exercised (in shares) | 18,764 | |||||
Share based compensation | 1,392,370 | 1,392,370 | ||||
Net loss from operations | -6,110,554 | -6,110,554 | ||||
Ending Capital at Dec. 31, 2013 | 82,712 | 20,321,536 | 5,171,093 | -27,481,812 | -1,906,471 | |
Ending Capital (in shares) at Dec. 31, 2013 | 82,711,524 | |||||
Issuance of common stock, and fulfillment of stock subscriptions receivable | 59,423 | 5,882,877 | 5,942,300 | |||
Issuance of common stock, and fulfillment of stock subscriptions receivable (in shares) | 59,423,000 | |||||
Conversion of debentures and interest (in shares) | ||||||
Conversion of account payable | 7,802 | 924,169 | 931,973 | |||
Conversion of account payable (in shares) | 7,810,458 | |||||
Share based compensation | 831,493 | 831,493 | ||||
Net loss from operations | -6,608,680 | -6,608,680 | ||||
Ending Capital at Dec. 31, 2014 | $149,937 | $27,128,582 | $6,002,586 | ($34,090,492) | ($809,387) | |
Ending Capital (in shares) at Dec. 31, 2014 | 149,944,982 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flow (Unaudited) (USD $) | 12 Months Ended | 94 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net loss during the development stage | ($6,608,680) | ($6,110,554) | ($34,090,492) |
Adjustments to reconcile net loss from operations to cash used by operations: | |||
Depreciation | 388,006 | 319,649 | 1,000,662 |
Loss on sale of assets | 27,544 | ||
Stock based compensation | 414,597 | 1,392,370 | 5,603,403 |
Interest expense on convertible debentures | 13,269 | 52,795 | 172,228 |
Amortized discount on convertible debentures | 91,493 | ||
Legal, consulting and investment services | 931,973 | 1,106,328 | 2,948,301 |
Interest paid in kind | 225,000 | 225,000 | |
Effects of changes in operating assets and liabilities: | |||
Inventory | 48,252 | 7,250 | |
Prepaid expenses and deposits | -30,656 | -30,942 | -74,624 |
Accounts payable | 460,794 | 293,160 | 2,520,818 |
Accounts payable, related parties | -83,389 | 78,814 | 331,981 |
Customer deposits | -177,500 | 117,500 | |
Net cash used by operations | -4,466,588 | -2,732,628 | -21,236,411 |
Cash flows from investing activities: | |||
Cash paid in acquisition of Workhorse Custom Chasis, LLC | -2,750,000 | -2,750,000 | |
Capital expenditures | -23,104 | -63 | -399,817 |
Proceeds on sale of assets | 38,900 | ||
Net cash used by investing activities | -23,104 | -2,750,063 | -3,110,917 |
Cash flows from financing activities: | |||
Proceeds from debentures | 1,939,250 | ||
Proceeds from notes payable | 1,243,000 | 1,403,000 | |
Payments on notes payable | -150,000 | ||
Proceeds from long-term debt | 50,000 | ||
Payments on long-term debt | -326,070 | -211,826 | -556,954 |
Shareholder advances, net of repayments | -285,000 | 1,376,300 | 1,649,300 |
Issuance of common and preferred stock | 4,293,000 | 4,285,418 | 20,454,989 |
Net cash provided by financing activities | 4,924,930 | 5,449,892 | 24,789,585 |
Change in cash and cash equivalents | 435,238 | -32,799 | 442,257 |
Cash at the beginning of the period | 7,019 | 39,819 | |
Cash at the end of the period | $442,257 | $7,019 | $442,257 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flow (Unaudited) (Parenthetical) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | 70 Months Ended | |||||||||||||||
Aug. 31, 2013 | Jul. 31, 2013 | Jun. 30, 2013 | 31-May-13 | Mar. 31, 2013 | Feb. 28, 2013 | Nov. 30, 2012 | Oct. 31, 2012 | Sep. 30, 2012 | Aug. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Sep. 30, 2010 | Mar. 31, 2010 | Oct. 31, 2008 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | |
Supplemental disclosure of non-cash activities: | |||||||||||||||||||
Vehicles valued contributed as consideration for issuance of common stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $61,284 | $0 | $0 | $0 |
Consulting services valued as consideration for issuance of common stock | 0 | 11,750 | 119,075 | 126,000 | 302,500 | 0 | 55,000 | 0 | 0 | 60,000 | 0 | 87,000 | 50,000 | 155,000 | 203,000 | ||||
Note payable converted | 100,000 | 0 | 10,000 | ||||||||||||||||
Note payable converted (in shares) | 500,000 | 29,750 | |||||||||||||||||
Vehicle valued acquired through bank financing | 0 | 33,427 | |||||||||||||||||
Legal services as consideration for issuance of common stock | 5,000 | 5,000 | 15,000 | 0 | 40,000 | 0 | 15,000 | 0 | 40,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25,000 |
Equipment valued | 0 | 14,937 | 0 | 0 | |||||||||||||||
Detachable warrants associated with convertible debentures value | 0 | 0 | 91,493 | ||||||||||||||||
Investment agreement fees | 0 | 0 | 0 | 375,000 | 0 | 0 | 0 | 0 | 0 | ||||||||||
Conversion of debentures to common stock | 1,939,250 | ||||||||||||||||||
Conversion of interest to common stock | 106,164 | ||||||||||||||||||
Conversion of debentures and interest (in shares) | 10,227,070 | ||||||||||||||||||
Conversion of accounts payable to notes payable | 0 | 513,636 | |||||||||||||||||
Common stock issuance as consideration of rent | 80,190 | 80,190 | 80,190 | 0 | 80,190 | 0 | 0 | ||||||||||||
Note payable related to acquisition | 2,250,000 | ||||||||||||||||||
Account payable with stock options under non cash activity | 416,896 | ||||||||||||||||||
Issuance of common and preferred stock under non cash activity | 1,649,300 | ||||||||||||||||||
Increase in shareholders advances under non cash activity | $0 | $0 |
Summary_of_Significant_Account
Summary of Significant Accounting Prinicples | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Summary of Significant Accounting Principles [Abstract] | |||||||
SUMMARY OF SIGNIFICANT ACCOUNTING PRINICPLES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING PRINICPLES | ||||||
The following accounting principles and practices are set forth to facilitate the understanding of data presented in the financial statements: | |||||||
Nature of operations and principles of consolidation | |||||||
AMP Holding Inc. (AMP, we, us or our) designs, develops, manufacture, and sells high-performance, medium-duty trucks with advanced powertrain components under the Workhorse chassis brand. | |||||||
AMP Holding Inc., formerly known as Title Starts Online, Inc. (the Company), incorporated in the State of Nevada in 2007 with $3,100 of capital from the issuance of common shares to the founding shareholder. On August 11, 2008 the Company received a Notice of Effectiveness from the U.S. Securities and Exchange Commission, and on September 18, 2008, the Company closed a public offering in which it accepted subscriptions for an aggregate of 200,000 shares of its common stock, raising $50,000 less offering costs of $46,234. With this limited capital the Company did not commence operations and remained a “shell company” (as defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended). | |||||||
On December 28, 2009, the Company entered into and closed a Share Exchange Agreement with the Shareholders of Advanced Mechanical Products, Inc. (n/k/a AMP Electric Vehicles, Inc.) (AMP) pursuant to which the Company acquired 100% of the outstanding securities of AMP in exchange for 14,890,904 shares of the Company’s common stock. Considering that, following the merger, the AMP Shareholders control the majority of the outstanding voting common stock of the Company, and effectively succeeded the Company’s otherwise minimal operations to those that are AMP. AMP is considered the accounting acquirer in this reverse-merger transaction. A reverse-merger transaction is considered and accounted for as a capital transaction in substance; it is equivalent to the issuance of AMP securities for net monetary assets of the Company, which are deminimus, accompanied by a recapitalization. Accordingly, goodwill or other intangible assets have not been recognized in connection with this reverse merger transaction. AMP is the surviving entity and the historical financials following the reverse merger transaction will be those of AMP. The Company was a shell company immediately prior to the acquisition of AMP pursuant to the terms of the Share Exchange Agreement. As a result of such acquisition, the Company operations are now focused on the design, marketing and sale of modified vehicles with an all-electric power train and battery systems. Consequently, we believe that acquisition has caused the Company to cease to be a shell company as it now has operations. The Company formally changed its name to AMP Holding Inc. on May 24, 2010. | |||||||
Since the acquisition, the Company has devoted the majority of its resources to the development of an all-electric drive system capable of moving heavy large vehicles ranging from full size SUV’s up to and including Medium Duty Commercial trucks. Additionally, in February 2013, AMP Holding Inc. formed a new wholly owned subsidiary, AMP Trucks Inc., an Indiana corporation. On March 13, 2013 AMP Trucks Inc. closed on the acquisition of an asset purchase of Workhorse Custom Chassis, LLC. The assets included in this transaction included: the Workhorse brand, access to the dealer network of 440 dealers nationwide, intellectual property, and all physical assets which included the approximately 250,000 sq. ft. of facilities on 48 acres of land in Union City, Indiana. This acquisition allows AMP Holding Inc. to position itself as a medium duty OEM capable of producing new chassis with electric, propane, compressed natural gas, and hybrid configurations, as well as gasoline drive systems. Revenues since the inception of the Company, February 20, 2007, through the date of these financial statements have not been significant and consist of customer vehicle conversions and sales of converted experimental vehicles. | |||||||
Development-stage Company | |||||||
Based on the Company's business plan, it is a development stage company since planned principal operations resulting in revenue have not fully commenced. Accordingly, the Company presents its financial statements in conformity with the accounting principles generally accepted in the United States of America that apply to developing enterprises. As a development stage enterprise, the Company discloses its retained earnings (or deficit accumulated) during the development stage and the cumulative statements of operations and cash flows from commencement of development stage to the current balance sheet date. The development stage began in 2007 when the Company was organized. | |||||||
Basis of presentation | |||||||
The financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company has limited revenues and has negative working capital and stockholders’ deficits. These conditions raise substantial doubt about the ability of the Company to continue as a going concern. | |||||||
In view of these matters, continuation as a going concern is dependent upon the continued operations of the Company, which in turn is dependent upon the Company's ability to meet its financial requirements, raise additional capital, and the success of its future operations. The financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should the Company not continue as a going concern. | |||||||
The Company has continued to raise capital. Management believes the proceeds from these offerings, future offerings, and the Company’s anticipated revenue provides an opportunity to continue as a going concern. If additional funding is required, the Company plans to obtain working capital from either debt or equity financing from the sale of common, preferred stock, and/or convertible debentures. Obtaining such working capital is not assured. | |||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. | |||||||
Certain reclassifications were made to the prior year financial statements to conform to the current year presentation. These reclassifications had no effect on previously reported results of operation or stockholders’ equity (deficit). | |||||||
Financial instruments | |||||||
The carrying amounts of financial instruments including cash, inventory, accounts payable and short-term debt approximate fair value because of the relatively short maturity of these instruments. | |||||||
Inventory | |||||||
Inventory is stated at the lower of cost or market. | |||||||
Property and depreciation | |||||||
Property and equipment is recorded at cost. Major renewals and improvements are capitalized while replacements, maintenance and repairs, which do not improve or extend the lives of the respective assets, are expensed. When property and equipment is retired or otherwise disposed of, a gain or loss is realized for the difference between the net book value of the asset and the proceeds realized thereon. Depreciation is calculated using the straight-line method, based upon the following estimated useful lives: | |||||||
Buildings: 15 - 30 years | |||||||
Leasehold improvements: 7 years | |||||||
Software: 3 - 6 years | |||||||
Equipment: 5 years | |||||||
Vehicles and prototypes: 3 - 5 years | |||||||
Capital stock | |||||||
On April 22, 2010, the directors of the Company approved a forward stock split of the common stock of the Company on a 14:1 basis. On May 12, 2010, the stockholders of the Company voted to approve the amendment of the certificate of incorporation resulting in a decrease of the number of shares of Common stock. The Company filed a 14c definitive information statement with the Securities and Exchange Commission and mailed the same to its shareholders. Management filed the certificate of amendment decreasing the authorized shares of common stock with the State of Nevada on September 8, 2010. | |||||||
The capital stock of the Company is as follows: | |||||||
Preferred Stock - The Company has authorized 75,000,000 shares of preferred stock with a par value of $.001 per share. These shares may be issued in series with such rights and preferences as may be determined by the Board of Directors. The Series A Stock is convertible, at any time at the option of the holder, into common shares of the Company based on a conversion price of $0.336 per share. The holders of the Series A Stock are not entitled to convert the Series A Stock and receive shares of common stock such that the number of shares of common stock held by them in the aggregate and their affiliates after such conversion or exercise does not exceed 4.99% of the then issued and outstanding shares of common stock. The Series A Stock has voting rights on an as converted basis, does not pay dividends, and does not provide any liquidation rights. | |||||||
Common Stock - The Company has authorized 250,000,000 shares of common stock with a par value of $.001 per share. | |||||||
Revenue recognition / customer deposits | |||||||
It is the Company's policy that revenues will be recognized in accordance with SEC Staff Bulletin (SAB) No. 104, "Revenue Recognition". Under SAB 104, product revenues (or service revenues) are recognized when persuasive evidence of an arrangement exists, delivery has occurred (or service has been performed), the sales price is fixed and determinable, and collectability is reasonably assured. Customer deposits include monies from customers to reserve a production slot for conversion of an OEM power train to the AMP all electric power train. The final retail price and delivery date are yet to be determined. Customer deposits are subject to a full refund at the request of the customer. | |||||||
Income taxes | |||||||
With the consent of its shareholders, at the date of inception, AMP elected under the Internal Revenue Code to be taxed as an S corporation. Since shareholders of an S corporation are taxed on their proportionate share of the Company’s taxable income, an S corporation is generally not subject to either federal or state income taxes at the corporate level. On December 28, 2009 pursuant to the merger transaction the Company revoked its election to be taxed as an S-corporation. | |||||||
As no taxable income has occurred from the date of this merger to December 31, 2014 cumulative deferred tax assets of approximately $8.5 million are fully reserved, and no provision or liability for federal or state income taxes has been included in the financial statements. Carryover amounts are: | |||||||
Approximate net operating loss | Carryover to be used against taxable income generated through year | ||||||
($ millions) | |||||||
3.6 | 2030 | ||||||
6.7 | 2031 | ||||||
3.9 | 2032 | ||||||
4.7 | 2033 | ||||||
6.1 | 2034 | ||||||
Uncertain tax positions | |||||||
The Company adopted the provisions of Accounting for Uncertainty in Income Taxes. Those provisions clarify the accounting and recognition for income tax positions taken or expected to be taken in the Company’s income tax returns. The Company’s income tax filings are subject to audit by various taxing authorities. The years of filings open to these authorities and available for audit are 2011 - 2013. The Company's policy with regard to interest and penalties is to recognize interest through interest expense and penalties through other expense. No interest or penalties with regard to income tax filings were incurred in any period, including 2014 or 2013, or since the period of inception, February 20, 2007. In evaluating the Company’s tax provisions and accruals, future taxable income, and the reversal of temporary differences, interpretations and tax planning strategies are considered. The Company believes their estimates are appropriate based on current facts and circumstances. | |||||||
Research and development costs | |||||||
The Company expenses research and development costs as they are incurred. Research and Development costs were approximately $3.4 million and $2.9 million for the years ended December 31, 2014 and 2013, and $16.4 million for the period of inception to December 31, 2014, consisting primarily of personnel costs for our teams in engineering and research, prototyping expense, and contract and professional services. Union City plant expenses prior to the start of production are also included in research and development expenses. | |||||||
Basic and diluted loss per share | |||||||
Basic loss per share is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. For all periods, all of the Company’s common stock equivalents were excluded from the calculation of diluted loss per common share because they were anti-dilutive, due to the Company’s net losses. | |||||||
Stock based compensation | |||||||
The Company accounts for its stock based compensation in accordance with “Share-Based Payments” (codified in FASB ASC Topic 718 and 505). The Company recognizes in its statement of operations the grant-date fair value of stock options and warrants issued to employees and non-employees. The fair value is estimated on the date of grant using a lattice-based valuation model that uses assumptions concerning expected volatility, expected term, and the expected risk-free rate of return. For the awards granted, the expected volatility was estimated by management as 50% based on a range of forecasted results. The expected term of the awards granted was assumed to be the contract life of the option or warrant (one, two, three, five or ten years as determined in the specific arrangement). The risk-free rate of return was based on market yields in effect on the date of each grant for United States Treasury debt securities with a maturity equal to the expected term of the award. | |||||||
Related party transactions | |||||||
Certain stockholders and stockholder family members have advanced funds or performed services for the Company. These services are believed to be at market rates for similar services from non-related parties. Related party accounts payable are segregated in the balance sheet. | |||||||
Subsequent events | |||||||
The Company evaluates events and transactions occurring subsequent to the date of the consolidated financial statements for matters requiring recognition or disclosure in the consolidated financial statements. The accompanying consolidated financial statements consider events through March 27, 2015, the date on which the consolidated financial statements were available to be issued. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant And Equipment [Abstract] | |||||||||
PROPERTY, PLANT AND EQUIPMENT | 2. PROPERTY, PLANT AND EQUIPMENT | ||||||||
As of December 31, 2014 and December 31, 2013, our property, plant and equipment, net, consisted of the following: | |||||||||
31-Dec-14 | 31-Dec-13 | ||||||||
Land | 300,000 | 300,000 | |||||||
Buildings | 3,800,000 | 3,800,000 | |||||||
Leasehold Improvements | 19,225 | 19,225 | |||||||
Construction in progress | 23,104 | - | |||||||
Software | 27,721 | 27,721 | |||||||
Equipment | 670,183 | 670,183 | |||||||
Vehicles and prototypes | 164,959 | 164,959 | |||||||
5,005,192 | 4,982,088 | ||||||||
Less accumulated depreciation | (962,833 | ) | (574,827 | ) | |||||
4,042,359 | 4,407,261 | ||||||||
On March 13, 2013 the Company acquired the operating assets of Workhorse Custom Chassis, LLC, an unrelated company located in Union City, Indiana. The following summarizes the consideration paid, and the components of the purchase price and the related allocation of assets acquired and liabilities assumed. | |||||||||
Consideration | |||||||||
Cash at closing | $ | 2,750,000 | |||||||
Secured debenture | 2,250,000 | ||||||||
$ | 5,000,000 | ||||||||
Assets acquired | |||||||||
Inventory | $ | 400,000 | |||||||
Equipment | 500,000 | ||||||||
Land | 300,000 | ||||||||
Buildings | 3,800,000 | ||||||||
$ | 5,000,000 | ||||||||
Valuation methods used for the identifiable assets acquired in the acquisition make use of fair value measurements based on unobservable inputs and reliance on management’s assumptions that similar market participants would use in pricing the assets. As such, the fair value measurements represent a Level 3 input. | |||||||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Long-Term Debt/Convertible Debentures [Abstract] | |||||||||
LONG-TERM DEBT | 3. LONG-TERM DEBT | ||||||||
Long-term debt consists of the following: | |||||||||
31-Dec-14 | 31-Dec-13 | ||||||||
Secured debenture payable to Workhorse Custom Chassis, LLC, due March 2016 plus interest at 10%. The debenture is secured by the real estate and related assets of the plant located in Union City, Indiana with a net book value of $3,981,676 at December 31, 2014 | 2,475,000 | 2,250,000 | |||||||
Note payable, Bank due in monthly installments of $635 including interest at 5.04% with the final payment due August 2015. The note is secured by equipment with a net book value of $4,463 at December 31, 2014 | 4,711 | 11,928 | |||||||
Note payable, vendor due in monthly installments of $439 including interest at 8.00% with the final payment due January 2015. The note is secured by equipment with a net book value of $5,787 at December 31, 2014 | 334 | 5,051 | |||||||
Note payable to the City of Loveland, due in annual installments of $10,241 including interest with the final payment due October 2016. Interest rate amended to 8.00%. The note is unsecured and contains restrictions on the use of proceeds. | 50,000 | 50,000 | |||||||
Note payable, vendor due in monthly installments of $5,000 for the first half of 2013. Note paid on March 2014. | - | 123,736 | |||||||
Note payable, vendor due in monthly installments of $2,000 plus interest at 4% for the first half of 2013, escalating to final payment of $18,461 plus interest at 4% in December 2014. Note paid on May 2014. | - | 190,400 | |||||||
2,530,045 | 2,631,115 | ||||||||
Less current portion | 35,904 | 338,225 | |||||||
Long term debt | 2,494,141 | 2,292,890 | |||||||
Aggregate maturities of long-term debt are as follows: | |||||||||
2015 | 35,904 | ||||||||
2016 | 19,141 | ||||||||
2017 | 2,475,000 | ||||||||
2,530,045 | |||||||||
The note payable to the City of Loveland contains job creation incentives whereby each annual payment may be forgiven by the City upon the Company meeting minimum job creation benchmarks. This loan agreement amended the incentives to 30 full time employees within the City of Loveland with payroll totaling $135,000 by October 31, 2013 and 40 employees with payroll totaling $175,000 by July 31, 2014, continuing with an average of 40 employees with payroll totaling $175,000 thereafter. The proceeds from this loan were to be used for qualified disbursements only, and the Company has been notified it did not meet the requirements for qualified disbursements and for forgiveness of the 2012 principal and interest payment, which is past due. In 2013 the Company made payments to an escrow account totaling $22,900. |
Subscription_Agreements
Subscription Agreements | 12 Months Ended |
Dec. 31, 2014 | |
Long-Term Debt/Convertible Debentures [Abstract] | |
SUBSCRIPTION AGREEMENTS | 4. SUBSCRIPTION AGREEMENTS |
AMP Holding Inc. (the “Company”), entered into Subscription Agreements with five accredited investors (the “December 2014 Investors”) between November 24, 2014 and December 29, 2014 providing for the sale by the Company to the December 2014 Investors of 14% Unsecured Convertible Promissory Notes in the aggregate amount of $1,242,900 (the "December 2014 Notes"). In addition to the December 2014 Notes, the December 2014 Investors also received common stock purchase warrants (the “December 2014 Warrants”) to acquire 4,439,287 shares of common stock of the Company. The December 2014 Warrants are exercisable for five years at an exercise price of $0.14. The initial closing of $200,000 was on November 24, 2014, the second closing of $700,000 was on December 8, 2014 and the third closing of $343,000 was on December 30, 2014. | |
The December 2014 Notes mature one year from their respective effective dates (the "Maturity Dates") and interest associated with the December 2014 Notes is 14% per annum, which is payable on the Maturity Dates. The December 2014 Notes are convertible into shares of common stock of the Company automatically upon the Company increasing its authorized shares of common stock to allow for full conversion of the December 2014 Notes. The December 2014 Notes and the December 2014 Warrants carry standard anti-dilution provisions. Further, for a period of six months from issuance, upon the issuance of common stock or common stock equivalents at a price lower than the conversion price or the exercise price, the conversion price in the December 2014 Notes and the exercise price in the December 2014 Warrants will be reduced to such lower price. Dawson James Securities, Inc. acted as placement agent and received compensation of $68,365 and a common stock purchase warrant exercisable at $0.14 per share to acquire 1,198,607 shares of common stock for a period of five years. | |
The Company claims an exemption from the registration requirements of the Securities Act of 1933 (the “Securities Act”) for the private placement of these securities pursuant to Section 4(2) of the Securities Act and/or Rule 506 of Regulation D promulgated under the Securities Act. The investors are accredited investors as defined in Rule 501 of Regulation D promulgated under the Securities Act. As of the date hereof, the Company is obligated on $1,243,000 in face amount of December 2014 Notes issued to the December 2014 Investors. |
Shareholder_and_Related_Party_
Shareholder and Related Party Advances | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Shareholder and Related Party Advances [Abstract] | |||||||||||||||||||||||
SHAREHOLDER AND RELATED PARTY ADVANCES | 5. SHAREHOLDER AND RELATED PARTY ADVANCES | ||||||||||||||||||||||
Investor advances are as follows: | |||||||||||||||||||||||
31-Dec-14 | December 31,2013 | Rate | Date | Expire | Note | ||||||||||||||||||
- | 43,000 | 3 | % | 11/30/09 | 3/31/12 | 1 | |||||||||||||||||
- | 15,000 | 10 | % | 10/5/12 | 10/5/13 | 1 | |||||||||||||||||
- | 100,000 | 10 | % | 10/16/12 | 10/16/13 | 1 | |||||||||||||||||
- | 100,000 | 10 | % | 10/16/12 | 10/16/13 | 1 | |||||||||||||||||
- | 50,000 | 10 | % | 10/19/12 | 10/19/13 | 1 | |||||||||||||||||
- | 50,000 | 10 | % | 11/2/12 | 11/2/13 | 1 | |||||||||||||||||
- | 50,000 | 10 | % | 11/8/12 | 11/8/13 | 1 | |||||||||||||||||
- | 100,000 | 10 | % | 12/6/12 | 12/6/13 | 1 | |||||||||||||||||
- | 50,000 | 10 | % | 12/19/12 | 12/19/13 | 1 | |||||||||||||||||
- | 3,200 | 10 | % | 10/10/13 | 10/10/14 | 1 | |||||||||||||||||
- | 2,500 | 10 | % | 11/5/13 | 11/5/14 | 1 | |||||||||||||||||
- | 200,000 | 10 | % | 11/12/13 | 11/12/14 | 2 | |||||||||||||||||
- | 50,000 | 10 | % | 12/2/13 | 12/2/14 | 1 | |||||||||||||||||
- | 50,000 | 10 | % | 12/30/13 | 12/30/14 | 1 | |||||||||||||||||
- | 80,000 | 12/11/13 | 2 | ||||||||||||||||||||
- | 990,600 | Various 2013/14 | 3 | ||||||||||||||||||||
- | 1,934,300 | ||||||||||||||||||||||
1 | Advances were converted into equity during the second quarter of 2014 | ||||||||||||||||||||||
2 | Paid in full during 2014. | ||||||||||||||||||||||
3 | Various non-interest bearing shareholders' deposits converted into equity third quarter 2014. |
Lease_Obligations
Lease Obligations | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Lease Obligations [Abstract] | |||||||
LEASE OBLIGATIONS | 6. LEASE OBLIGATIONS | ||||||
On October 1, 2011 the Company began leasing operating facilities under an agreement expiring on December 31, 2018. Future minimum monthly lease payments under the agreement are currently $12,598 and increase 3% in October of each year. Prepaid expenses and deposits include a security deposit equal to $12,275. Aggregate maturities of lease obligations are as follows: | |||||||
2015 | 156,881 | ||||||
2016 | 161,588 | ||||||
2017 | 166,435 | ||||||
2018 | 127,614 | ||||||
612,518 | |||||||
Total rent expense under these operating type leases for the years ended December 31, 2014 and 2013 was $152 thousand and $147 thousand, respectively, and $752 thousand for the period from inception to December 31, 2014. |
Stock_Based_Compensation
Stock Based Compensation | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Stock Based Compensation [Abstract] | |||||||||||||||||||||
STOCK BASED COMPENSATION | 7. STOCK BASED COMPENSATION | ||||||||||||||||||||
Options to directors, officers and employees | |||||||||||||||||||||
The Company maintains, as adopted by the board of directors, the Incentive Stock Plans providing for the issuance of up to 25 million options to employees, officers, directors or consultants of the Company. Incentive stock options granted under the plans may only be granted with an exercise price of not less than fair market value of the Company’s common stock on the date of grant (110% of fair market value for incentive stock options granted to principal stockholders). Non-qualified stock options granted under the plans may only be granted with an exercise price of not less than 85% of the fair market value of the Company’s common stock on the date of grant. Awards under the plans may be either vested or unvested options. The unvested options vest ratably over two years for options with a five or three year term and after one year for options with a two year term. | |||||||||||||||||||||
In addition to the plans, the Company has granted, on various dates, stock options to directors, officers and employees to purchase common stock of the Company. The terms, exercise prices and vesting of these awards vary. | |||||||||||||||||||||
The following table summarizes option activity for directors, officers and employees: | |||||||||||||||||||||
Outstanding Stock Options | |||||||||||||||||||||
Shares Available for Grant | Number of Shares | Weighted | Weighted | Weighted | |||||||||||||||||
Average | Average Grant | Average | |||||||||||||||||||
Exercise Price | Date Fair Value | Remaining | |||||||||||||||||||
per Share | per Share | Exercise Term | |||||||||||||||||||
in Months | |||||||||||||||||||||
Balance, December 31 2012 | 6,080,000 | 6,420,874 | $ | 0.5 | $ | 0.25 | 44 | ||||||||||||||
Additional stock reserved | - | - | $ | - | $ | - | - | ||||||||||||||
Granted | (2,100,000 | ) | 2,100,000 | $ | 0.29 | $ | 0.12 | 47 | |||||||||||||
Exercised | - | (21,126 | ) | $ | - | $ | - | - | |||||||||||||
Forfeited | - | - | $ | - | $ | - | - | ||||||||||||||
Expired | 505,000 | (505,000 | ) | $ | 0.7 | $ | 0.2 | - | |||||||||||||
Balance, December 31, 2013 | 4,485,000 | 7,994,748 | $ | 0.45 | $ | 0.23 | 36 | ||||||||||||||
Additional stock reserved | 5,000,000 | - | $ | - | $ | - | - | ||||||||||||||
Granted | (8,675,926 | ) | 8,675,926 | $ | 0.05 | $ | 0.08 | 58 | |||||||||||||
Exercised | - | - | $ | - | $ | - | - | ||||||||||||||
Forfeited | - | - | $ | - | $ | - | - | ||||||||||||||
Expired | - | - | $ | - | $ | - | - | ||||||||||||||
Balance, December 31, 2014 | 809,074 | 16,670,674 | $ | 0.23 | $ | 0.15 | 41 | ||||||||||||||
The Company recorded $171,666, $421,281 and $ 2,363,295 compensation expense for stock options to directors, officers and employees for the years ended December 31, 2014, 2013 and the period from inception (February 20, 2007) to December 31, 2014, respectively. As of December 31, 2014, unrecognized compensation expense of $575,369 is related to non-vested options granted to directors, officers and employees which is anticipated to be recognized over the next 40 months, commensurate with the vesting schedules. | |||||||||||||||||||||
Options to consultants | |||||||||||||||||||||
The Company has also granted, on various dates, stock options to purchase common stock of the Company to consultants for services previously provided to the Company. The terms, exercise prices and vesting of these awards vary. | |||||||||||||||||||||
The following table summarizes option activity for consultants: | |||||||||||||||||||||
Outstanding Stock Options | |||||||||||||||||||||
Shares Available for Grant | Number of Shares | Weighted | Weighted | Weighted | |||||||||||||||||
Average | Average Grant | Average | |||||||||||||||||||
Exercise Price | Date Fair Value | Remaining | |||||||||||||||||||
per Share | per Share | Exercise Term | |||||||||||||||||||
in Months | |||||||||||||||||||||
Balance, December 31 2012 | 561,000 | 1,825,000 | $ | 0.57 | $ | 0.23 | 21 | ||||||||||||||
Additional stock reserved | - | - | $ | - | $ | - | - | ||||||||||||||
Granted | (400,000 | ) | 400,000 | $ | 0.21 | $ | 0.1 | 56 | |||||||||||||
Exercised | - | - | $ | - | $ | - | - | ||||||||||||||
Forfeited | - | - | $ | - | $ | - | - | ||||||||||||||
Expired | 810,000 | (810,000 | ) | $ | 0.67 | $ | 0.23 | - | |||||||||||||
Balance, December 31, 2013 | 971,000 | 1,415,000 | $ | 0.41 | $ | 0.2 | 34 | ||||||||||||||
Additional stock reserved | 2,000,000 | - | $ | - | $ | - | - | ||||||||||||||
Granted | (2,967,727 | ) | 2,967,727 | $ | 0.01 | $ | 0.1 | 54 | |||||||||||||
Exercised | - | - | $ | - | $ | - | - | ||||||||||||||
Forfeited | 200,000 | (200,000 | ) | $ | - | $ | - | - | |||||||||||||
Expired | 190,000 | (190,000 | ) | $ | 0.5 | $ | 0.17 | - | |||||||||||||
Balance, December 31, 2014 | 393,273 | 3,992,727 | $ | 0.13 | $ | 0.13 | 50 | ||||||||||||||
The Company recorded $154,199, $68,747 and $526,984 compensation expense for stock options to consultants for the years ended December 31, 2014, 2013 and for the period from inception (February 20, 2007) to December 31, 2014, respectively. As of December 31, 2014, unrecognized compensation expense of $233,869 is related to non-vested options granted to consultants which is anticipated to be recognized over the next 40 months, commensurate with the vesting schedules. | |||||||||||||||||||||
Warrants to placement agent and consultants | |||||||||||||||||||||
Through December 2011, the Company compensated the placement agent for assisting in the sale of the Company’s securities by paying the placement agent commissions and issuing the placement agent common stock purchase warrants to purchase shares of the Company’s common stock. The warrants have a five year term and various exercise prices. | |||||||||||||||||||||
The Company has also granted, on various dates, stock warrants to purchase common stock of the Company to consultants for services previously provided to the Company. The terms, exercise prices and vesting of these awards vary. | |||||||||||||||||||||
The following table summarizes warrant activity for the placement agent and consultants: | |||||||||||||||||||||
Outstanding Warrants | |||||||||||||||||||||
Shares Available for Grant | Number of Shares | Weighted | Weighted | Weighted | |||||||||||||||||
Average | Average Grant | Average | |||||||||||||||||||
Exercise Price | Date Fair Value | Remaining | |||||||||||||||||||
per Share | per Share | Exercise Term | |||||||||||||||||||
in Months | |||||||||||||||||||||
Balance, December 31 2012 | 4,339,590 | 3,130,894 | $ | 0.46 | $ | 0.21 | 36 | ||||||||||||||
Additional stock reserved | - | - | $ | - | $ | - | - | ||||||||||||||
Granted | - | - | $ | - | $ | - | - | ||||||||||||||
Exercised | - | - | $ | - | $ | - | - | ||||||||||||||
Forfeited | - | - | $ | - | $ | - | - | ||||||||||||||
Expired | - | - | $ | - | $ | - | - | ||||||||||||||
Balance, December 31, 2013 | 4,339,590 | 3,130,894 | $ | 0.46 | $ | 0.21 | 24 | ||||||||||||||
Additional stock reserved | - | - | $ | - | $ | - | - | ||||||||||||||
Granted | (1,598,607 | ) | 1,598,607 | $ | 0.17 | $ | 0.06 | 34 | |||||||||||||
Exercised | - | - | $ | - | $ | - | - | ||||||||||||||
Forfeited | - | - | $ | - | $ | - | - | ||||||||||||||
Expired | - | (628,013 | ) | $ | 0.39 | $ | 0.18 | - | |||||||||||||
Balance, December 31, 2014 | 2,740,983 | 4,101,488 | $ | 0.36 | $ | 0.15 | 14 | ||||||||||||||
TheCompany recorded $88,733, $0 and $697,651 compensation expense for stock warrants to the placement agent and consultants for the years ended December 31, 2014, 2013 and for the period from inception (February 20, 2007) to December 31, 2014, respectively. There is no unrecognized compensation expense for the placement agent warrants because they are fully vested at date of grant. | |||||||||||||||||||||
Warrants to directors and officers | |||||||||||||||||||||
In December 2010 and May 2011, the Company issued to certain directors and officers common stock purchase warrants to acquire shares of common stock at an exercise price of $2.00 per share for a period of five years. In November 2011, under the terms of a Promissory Note issued to a director and officer, common stock purchase warrants were issued to acquire 100,000 shares of common stock at an exercise price of $0.50 per share for a period of one year. In May 2012, a director and officer received 100,000 2012 Warrants to acquire common stock of the Company at an exercise price of $0.50 for a period of three years. In June 2012, a director and officer converted secured and unsecured loans provided to the Company from September 2011 to June 2012 in the aggregate amount of $389,250 into 2012 Notes and 2012 Warrants. In November 2012, the Company entered into a Note and Warrant Amendment and Conversion Agreement whereby the holders and 2012 Investors converted all principal and interest under the 2012 Notes into shares of common stock. Further, the exercise price of the 2012 Warrants was reduced to $0.25 per share. The $7,388 cost of the reduction in the exercise price is included in stock based compensation expense for the year ended December 31, 2012. | |||||||||||||||||||||
The following table summarizes warrant activity for directors and officers: | |||||||||||||||||||||
Outstanding Warrants | |||||||||||||||||||||
Shares Available for Grant | Number of Shares | Weighted | Weighted | Weighted | |||||||||||||||||
Average | Average Grant | Average | |||||||||||||||||||
Exercise Price | Date Fair Value | Remaining | |||||||||||||||||||
per Share | per Share | Exercise Term | |||||||||||||||||||
in Months | |||||||||||||||||||||
Balance, December 31 2012 | 3,389,250 | 3,489,250 | $ | 1.75 | $ | 0.09 | 29 | ||||||||||||||
Additional stock reserved | - | - | $ | - | $ | - | - | ||||||||||||||
Granted | - | - | - | - | - | ||||||||||||||||
Exercised | - | - | - | - | - | ||||||||||||||||
Forfeited | - | - | - | - | - | ||||||||||||||||
Expired | 100,000 | (100,000 | ) | 0.5 | 0.1 | - | |||||||||||||||
Balance, December 31, 2013 | 3,489,250 | 3,389,250 | $ | 1.78 | $ | 0.09 | 22 | ||||||||||||||
Additional stock reserved | - | - | $ | - | $ | - | - | ||||||||||||||
Granted | - | - | 0.17 | - | - | ||||||||||||||||
Exercised | - | - | - | - | - | ||||||||||||||||
Forfeited | - | - | - | - | - | ||||||||||||||||
Expired | - | - | - | - | - | ||||||||||||||||
Balance, December 31, 2014 | 3,489,250 | 3,389,250 | $ | 1.78 | $ | 0.09 | 9 | ||||||||||||||
The Company recorded $0, $0 and $331,428 compensation expense for stock warrants to directors and officers for the years ended December 31, 2014, 2013 and for the period from inception (February 20, 2007) to December 31, 2014, respectively. There is no unrecognized compensation expense for these warrants because they are fully vested at date of grant. |
Recent_Pronouncements
Recent Pronouncements | 12 Months Ended | ||
Dec. 31, 2014 | |||
Recent Pronouncements[Abstract] | |||
RECENT PRONOUNCEMENTS | 8. RECENT PRONOUNCEMENTS | ||
In June 2014, The FASB issued ASU No. 2014-12, Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The amendments in the ASU require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718, Compensation – Stock Compensation, as it relates to awards with performance conditions that affect vesting to account for such awards. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. The effective date is the same for both public business entities and all other entities. We do not expect the adoption of these provisions to have a significant impact on the Company’s consolidated financial statements. | |||
In May 2014, The FASB issued ASU No. 2014-09, Revenue from Contracts with Customers: Topic 606. ASU 2014-09 affects any entity using U.S. GAAP that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (e.g., insurance contracts or lease contracts). For a public entity, the amendments in this ASU are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. We do not expect the adoption of these provisions to have a significant impact on the Company’s consolidated financial statements. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 9. SUBSEQUENT EVENTS |
We have received orders from a national fleet for 18 full electric vehicles to be delivered during 2015. We also have orders for 2 E-Gen vehicles for the same company, we delivered the first truck on March 24, 2015 and the second one will be delivered on March 30, 2015. |
Summary_of_Significant_Account1
Summary of Significant Accounting Prinicples (Policies) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Summary of Significant Accounting Principles [Abstract] | |||||||
Development stage company | Development-stage Company | ||||||
Based on the Company's business plan, it is a development stage company since planned principal operations resulting in revenue have not fully commenced. Accordingly, the Company presents its financial statements in conformity with the accounting principles generally accepted in the United States of America that apply to developing enterprises. As a development stage enterprise, the Company discloses its retained earnings (or deficit accumulated) during the development stage and the cumulative statements of operations and cash flows from commencement of development stage to the current balance sheet date. The development stage began in 2007 when the Company was organized. | |||||||
Basis of presentation | Basis of presentation | ||||||
The financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company has limited revenues and has negative working capital and stockholders’ deficits. These conditions raise substantial doubt about the ability of the Company to continue as a going concern. | |||||||
In view of these matters, continuation as a going concern is dependent upon the continued operations of the Company, which in turn is dependent upon the Company's ability to meet its financial requirements, raise additional capital, and the success of its future operations. The financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should the Company not continue as a going concern. | |||||||
The Company has continued to raise capital. Management believes the proceeds from these offerings, future offerings, and the Company’s anticipated revenue provides an opportunity to continue as a going concern. If additional funding is required, the Company plans to obtain working capital from either debt or equity financing from the sale of common, preferred stock, and/or convertible debentures. Obtaining such working capital is not assured. | |||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. | |||||||
Certain reclassifications were made to the prior year financial statements to conform to the current year presentation. These reclassifications had no effect on previously reported results of operation or stockholders’ equity (deficit). | |||||||
Financial instruments | Financial instruments | ||||||
The carrying amounts of financial instruments including cash, inventory, accounts payable and short-term debt approximate fair value because of the relatively short maturity of these instruments. | |||||||
Inventory | Inventory | ||||||
Inventory is stated at the lower of cost or market. | |||||||
Property and depreciation | Property and depreciation | ||||||
Property and equipment is recorded at cost. Major renewals and improvements are capitalized while replacements, maintenance and repairs, which do not improve or extend the lives of the respective assets, are expensed. When property and equipment is retired or otherwise disposed of, a gain or loss is realized for the difference between the net book value of the asset and the proceeds realized thereon. Depreciation is calculated using the straight-line method, based upon the following estimated useful lives: | |||||||
Buildings: 15 - 30 years | |||||||
Leasehold improvements: 7 years | |||||||
Software: 3 - 6 years | |||||||
Equipment: 5 years | |||||||
Vehicles and prototypes: 3 - 5 years | |||||||
Capital stock | Capital stock | ||||||
On April 22, 2010, the directors of the Company approved a forward stock split of the common stock of the Company on a 14:1 basis. On May 12, 2010, the stockholders of the Company voted to approve the amendment of the certificate of incorporation resulting in a decrease of the number of shares of Common stock. The Company filed a 14c definitive information statement with the Securities and Exchange Commission and mailed the same to its shareholders. Management filed the certificate of amendment decreasing the authorized shares of common stock with the State of Nevada on September 8, 2010. | |||||||
The capital stock of the Company is as follows: | |||||||
Preferred Stock - The Company has authorized 75,000,000 shares of preferred stock with a par value of $.001 per share. These shares may be issued in series with such rights and preferences as may be determined by the Board of Directors. The Series A Stock is convertible, at any time at the option of the holder, into common shares of the Company based on a conversion price of $0.336 per share. The holders of the Series A Stock are not entitled to convert the Series A Stock and receive shares of common stock such that the number of shares of common stock held by them in the aggregate and their affiliates after such conversion or exercise does not exceed 4.99% of the then issued and outstanding shares of common stock. The Series A Stock has voting rights on an as converted basis, does not pay dividends, and does not provide any liquidation rights. | |||||||
Common Stock - The Company has authorized 250,000,000 shares of common stock with a par value of $.001 per share. | |||||||
Revenue recognition / customer deposits | Revenue recognition / customer deposits | ||||||
It is the Company's policy that revenues will be recognized in accordance with SEC Staff Bulletin (SAB) No. 104, "Revenue Recognition". Under SAB 104, product revenues (or service revenues) are recognized when persuasive evidence of an arrangement exists, delivery has occurred (or service has been performed), the sales price is fixed and determinable, and collectability is reasonably assured. Customer deposits include monies from customers to reserve a production slot for conversion of an OEM power train to the AMP all electric power train. The final retail price and delivery date are yet to be determined. Customer deposits are subject to a full refund at the request of the customer. | |||||||
Income taxes | Income taxes | ||||||
With the consent of its shareholders, at the date of inception, AMP elected under the Internal Revenue Code to be taxed as an S corporation. Since shareholders of an S corporation are taxed on their proportionate share of the Company’s taxable income, an S corporation is generally not subject to either federal or state income taxes at the corporate level. On December 28, 2009 pursuant to the merger transaction the Company revoked its election to be taxed as an S-corporation. | |||||||
As no taxable income has occurred from the date of this merger to December 31, 2014 cumulative deferred tax assets of approximately $8.4 million are fully reserved, and no provision or liability for federal or state income taxes has been included in the financial statements. Carryover amounts are: | |||||||
Approximate net operating loss | Carryover to be used against taxable income generated through year | ||||||
($ millions) | |||||||
3.6 | 2030 | ||||||
6.7 | 2031 | ||||||
3.9 | 2032 | ||||||
4.7 | 2033 | ||||||
6.1 | 2034 | ||||||
Uncertain tax positions | Uncertain tax positions | ||||||
The Company adopted the provisions of Accounting for Uncertainty in Income Taxes. Those provisions clarify the accounting and recognition for income tax positions taken or expected to be taken in the Company’s income tax returns. The Company’s income tax filings are subject to audit by various taxing authorities. The years of filings open to these authorities and available for audit are 2011 - 2013. The Company's policy with regard to interest and penalties is to recognize interest through interest expense and penalties through other expense. No interest or penalties with regard to income tax filings were incurred in any period, including 2014 or 2013, or since the period of inception, February 20, 2007. In evaluating the Company’s tax provisions and accruals, future taxable income, and the reversal of temporary differences, interpretations and tax planning strategies are considered. The Company believes their estimates are appropriate based on current facts and circumstances. | |||||||
Research and development costs | Research and development costs | ||||||
The Company expenses research and development costs as they are incurred. Research and Development costs were approximately $3.4 million and $2.9 million for the years ended December 31, 2014 and 2013, and $16.4 million for the period of inception to December 31, 2014, consisting primarily of personnel costs for our teams in engineering and research, prototyping expense, and contract and professional services. Union City plant expenses prior to the start of production are also included in research and development expenses. | |||||||
Basic and diluted loss per share | Basic and diluted loss per share | ||||||
Basic loss per share is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. For all periods, all of the Company’s common stock equivalents were excluded from the calculation of diluted loss per common share because they were anti-dilutive, due to the Company’s net losses. | |||||||
Stock based compensation | Stock based compensation | ||||||
The Company accounts for its stock based compensation in accordance with “Share-Based Payments” (codified in FASB ASC Topic 718 and 505). The Company recognizes in its statement of operations the grant-date fair value of stock options and warrants issued to employees and non-employees. The fair value is estimated on the date of grant using a lattice-based valuation model that uses assumptions concerning expected volatility, expected term, and the expected risk-free rate of return. For the awards granted, the expected volatility was estimated by management as 50% based on a range of forecasted results. The expected term of the awards granted was assumed to be the contract life of the option or warrant (one, two, three, five or ten years as determined in the specific arrangement). The risk-free rate of return was based on market yields in effect on the date of each grant for United States Treasury debt securities with a maturity equal to the expected term of the award. | |||||||
Related party transactions | Related party transactions | ||||||
Certain stockholders and stockholder family members have advanced funds or performed services for the Company. These services are believed to be at market rates for similar services from non-related parties. Related party accounts payable are segregated in the balance sheet. | |||||||
Subsequent events | Subsequent events | ||||||
The Company evaluates events and transactions occurring subsequent to the date of the consolidated financial statements for matters requiring recognition or disclosure in the consolidated financial statements. The accompanying consolidated financial statements consider events through March 27, 2015, the date on which the consolidated financial statements were available to be issued. |
Summary_of_Significant_Account2
Summary of Significant Accounting Prinicples (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Summary of Significant Accounting Principles [Abstract] | |||||||
Schedule of estimated useful lives | |||||||
Buildings: 15 - 30 years | |||||||
Leasehold improvements: 7 years | |||||||
Software: 3 - 6 years | |||||||
Equipment: 5 years | |||||||
Vehicles and prototypes: 3 - 5 years | |||||||
Income taxes | Approximate net operating loss | Carryover to be used against taxable income generated through year | |||||
($ millions) | |||||||
3.6 | 2030 | ||||||
6.7 | 2031 | ||||||
3.9 | 2032 | ||||||
4.7 | 2033 | ||||||
6.1 | 2034 |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant And Equipment [Abstract] | |||||||||
Schedule of property plant and equipment, net | 31-Dec-14 | 31-Dec-13 | |||||||
Land | 300,000 | 300,000 | |||||||
Buildings | 3,800,000 | 3,800,000 | |||||||
Leasehold Improvements | 19,225 | 19,225 | |||||||
Construction in progress | 23,104 | - | |||||||
Software | 27,721 | 27,721 | |||||||
Equipment | 670,183 | 670,183 | |||||||
Vehicles and prototypes | 164,959 | 164,959 | |||||||
5,005,192 | 4,982,088 | ||||||||
Less accumulated depreciation | (962,833 | ) | (574,827 | ) | |||||
4,042,359 | 4,407,261 | ||||||||
Schedule of the consideration paid, and the components of the purchase price and the related allocation of assets acquired and liabilities assumed | |||||||||
Consideration | |||||||||
Cash at closing | $ | 2,750,000 | |||||||
Secured debenture | 2,250,000 | ||||||||
$ | 5,000,000 | ||||||||
Assets acquired | |||||||||
Inventory | $ | 400,000 | |||||||
Equipment | 500,000 | ||||||||
Land | 300,000 | ||||||||
Buildings | 3,800,000 | ||||||||
$ | 5,000,000 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Long-Term Debt/Convertible Debentures [Abstract] | |||||||||
Schedule of long-term debt | |||||||||
31-Dec-14 | 31-Dec-13 | ||||||||
Secured debenture payable to Workhorse Custom Chassis, LLC, due March 2016 plus interest at 10%. The debenture is secured by the real estate and related assets of the plant located in Union City, Indiana with a net book value of $3,981,676 at December 31, 2014 | 2,475,000 | 2,250,000 | |||||||
Note payable, Bank due in monthly installments of $635 including interest at 5.04% with the final payment due August 2015. The note is secured by equipment with a net book value of $4,463 at December 31, 2014 | 4,711 | 11,928 | |||||||
Note payable, vendor due in monthly installments of $439 including interest at 8.00% with the final payment due January 2015. The note is secured by equipment with a net book value of $5,787 at December 31, 2014 | 334 | 5,051 | |||||||
Note payable to the City of Loveland, due in annual installments of $10,241 including interest with the final payment due October 2016. Interest rate amended to 8.00%. The note is unsecured and contains restrictions on the use of proceeds. | 50,000 | 50,000 | |||||||
Note payable, vendor due in monthly installments of $5,000 for the first half of 2013. Note paid on March 2014. | - | 123,736 | |||||||
Note payable, vendor due in monthly installments of $2,000 plus interest at 4% for the first half of 2013, escalating to final payment of $18,461 plus interest at 4% in December 2014. Note paid on May 2014. | - | 190,400 | |||||||
2,530,045 | 2,631,115 | ||||||||
Less current portion | 35,904 | 338,225 | |||||||
Long term debt | 2,494,141 | 2,292,890 | |||||||
Schedule of aggregate maturities of long-term debt | |||||||||
2015 | 35,904 | ||||||||
2016 | 19,141 | ||||||||
2017 | 2,475,000 | ||||||||
2,530,045 | |||||||||
Shareholder_and_Related_Party_1
Shareholder and Related Party Advances (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Shareholder and Related Party Advances [Abstract] | |||||||||||||||||||||||
Schedule of investor advances | |||||||||||||||||||||||
31-Dec-14 | December 31,2013 | Rate | Date | Expire | Note | ||||||||||||||||||
- | 43,000 | 3 | % | 11/30/09 | 3/31/12 | 1 | |||||||||||||||||
- | 15,000 | 10 | % | 10/5/12 | 10/5/13 | 1 | |||||||||||||||||
- | 100,000 | 10 | % | 10/16/12 | 10/16/13 | 1 | |||||||||||||||||
- | 100,000 | 10 | % | 10/16/12 | 10/16/13 | 1 | |||||||||||||||||
- | 50,000 | 10 | % | 10/19/12 | 10/19/13 | 1 | |||||||||||||||||
- | 50,000 | 10 | % | 11/2/12 | 11/2/13 | 1 | |||||||||||||||||
- | 50,000 | 10 | % | 11/8/12 | 11/8/13 | 1 | |||||||||||||||||
- | 100,000 | 10 | % | 12/6/12 | 12/6/13 | 1 | |||||||||||||||||
- | 50,000 | 10 | % | 12/19/12 | 12/19/13 | 1 | |||||||||||||||||
- | 3,200 | 10 | % | 10/10/13 | 10/10/14 | 1 | |||||||||||||||||
- | 2,500 | 10 | % | 11/5/13 | 11/5/14 | 1 | |||||||||||||||||
- | 200,000 | 10 | % | 11/12/13 | 11/12/14 | 2 | |||||||||||||||||
- | 50,000 | 10 | % | 12/2/13 | 12/2/14 | 1 | |||||||||||||||||
- | 50,000 | 10 | % | 12/30/13 | 12/30/14 | 1 | |||||||||||||||||
- | 80,000 | 12/11/13 | 2 | ||||||||||||||||||||
- | 990,600 | Various 2013/14 | 3 | ||||||||||||||||||||
- | 1,934,300 | ||||||||||||||||||||||
Lease_Obligations_Tables
Lease Obligations (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Lease Obligations [Abstract] | |||||||
Schedule of aggregate maturities of lease obligations | 2015 | 156,881 | |||||
2016 | 161,588 | ||||||
2017 | 166,435 | ||||||
2018 | 127,614 | ||||||
612,518 |
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Stock Options [Member] | Directors, officers and employees [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Schedule of summarizes of option activity | Outstanding Stock Options | ||||||||||||||||||||
Shares Available for Grant | Number of Shares | Weighted | Weighted | Weighted | |||||||||||||||||
Average | Average Grant | Average | |||||||||||||||||||
Exercise Price | Date Fair Value | Remaining | |||||||||||||||||||
per Share | per Share | Exercise Term | |||||||||||||||||||
in Months | |||||||||||||||||||||
Balance, December 31 2012 | 6,080,000 | 6,420,874 | $ | 0.5 | $ | 0.25 | 44 | ||||||||||||||
Additional stock reserved | - | - | $ | - | $ | - | - | ||||||||||||||
Granted | (2,100,000 | ) | 2,100,000 | $ | 0.29 | $ | 0.12 | 47 | |||||||||||||
Exercised | - | (21,126 | ) | $ | - | $ | - | - | |||||||||||||
Forfeited | - | - | $ | - | $ | - | - | ||||||||||||||
Expired | 505,000 | (505,000 | ) | $ | 0.7 | $ | 0.2 | - | |||||||||||||
Balance, December 31, 2013 | 4,485,000 | 7,994,748 | $ | 0.45 | $ | 0.23 | 36 | ||||||||||||||
Additional stock reserved | 5,000,000 | - | $ | - | $ | - | - | ||||||||||||||
Granted | (8,675,926 | ) | 8,675,926 | $ | 0.05 | $ | 0.08 | 58 | |||||||||||||
Exercised | - | - | $ | - | $ | - | - | ||||||||||||||
Forfeited | - | - | $ | - | $ | - | - | ||||||||||||||
Expired | - | - | $ | - | $ | - | - | ||||||||||||||
Balance, December 31, 2014 | 809,074 | 16,670,674 | $ | 0.23 | $ | 0.15 | 41 | ||||||||||||||
Stock Options [Member] | Consultants [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Schedule of summarizes of option activity | |||||||||||||||||||||
Outstanding Stock Options | |||||||||||||||||||||
Shares Available for Grant | Number of Shares | Weighted | Weighted | Weighted | |||||||||||||||||
Average | Average Grant | Average | |||||||||||||||||||
Exercise Price | Date Fair Value | Remaining | |||||||||||||||||||
per Share | per Share | Exercise Term | |||||||||||||||||||
in Months | |||||||||||||||||||||
Balance, December 31 2012 | 561,000 | 1,825,000 | $ | 0.57 | $ | 0.23 | 21 | ||||||||||||||
Additional stock reserved | - | - | $ | - | $ | - | - | ||||||||||||||
Granted | (400,000 | ) | 400,000 | $ | 0.21 | $ | 0.1 | 56 | |||||||||||||
Exercised | - | - | $ | - | $ | - | - | ||||||||||||||
Forfeited | - | - | $ | - | $ | - | - | ||||||||||||||
Expired | 810,000 | (810,000 | ) | $ | 0.67 | $ | 0.23 | - | |||||||||||||
Balance, December 31, 2013 | 971,000 | 1,415,000 | $ | 0.41 | $ | 0.2 | 34 | ||||||||||||||
Additional stock reserved | 2,000,000 | - | $ | - | $ | - | - | ||||||||||||||
Granted | (2,967,727 | ) | 2,967,727 | $ | 0.01 | $ | 0.1 | 54 | |||||||||||||
Exercised | - | - | $ | - | $ | - | - | ||||||||||||||
Forfeited | 200,000 | (200,000 | ) | $ | - | $ | - | - | |||||||||||||
Expired | 190,000 | (190,000 | ) | $ | 0.5 | $ | 0.17 | - | |||||||||||||
Balance, December 31, 2014 | 393,273 | 3,992,727 | $ | 0.13 | $ | 0.13 | 50 | ||||||||||||||
Warrant [Member] | Placement agent and consultants [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Schedule of summarize of warrant activity | Outstanding Warrants | ||||||||||||||||||||
Shares Available for Grant | Number of Shares | Weighted | Weighted | Weighted | |||||||||||||||||
Average | Average Grant | Average | |||||||||||||||||||
Exercise Price | Date Fair Value | Remaining | |||||||||||||||||||
per Share | per Share | Exercise Term | |||||||||||||||||||
in Months | |||||||||||||||||||||
Balance, December 31 2012 | 4,339,590 | 3,130,894 | $ | 0.46 | $ | 0.21 | 36 | ||||||||||||||
Additional stock reserved | - | - | $ | - | $ | - | - | ||||||||||||||
Granted | - | - | $ | - | $ | - | - | ||||||||||||||
Exercised | - | - | $ | - | $ | - | - | ||||||||||||||
Forfeited | - | - | $ | - | $ | - | - | ||||||||||||||
Expired | - | - | $ | - | $ | - | - | ||||||||||||||
Balance, December 31, 2013 | 4,339,590 | 3,130,894 | $ | 0.46 | $ | 0.21 | 24 | ||||||||||||||
Additional stock reserved | - | - | $ | - | $ | - | - | ||||||||||||||
Granted | (1,598,607 | ) | 1,598,607 | $ | 0.17 | $ | 0.06 | 34 | |||||||||||||
Exercised | - | - | $ | - | $ | - | - | ||||||||||||||
Forfeited | - | - | $ | - | $ | - | - | ||||||||||||||
Expired | - | (628,013 | ) | $ | 0.39 | $ | 0.18 | - | |||||||||||||
Balance, December 31, 2014 | 2,740,983 | 4,101,488 | $ | 0.36 | $ | 0.15 | 14 | ||||||||||||||
Warrant [Member] | Directors and officers [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Schedule of summarize of warrant activity | Outstanding Warrants | ||||||||||||||||||||
Shares Available for Grant | Number of Shares | Weighted | Weighted | Weighted | |||||||||||||||||
Average | Average Grant | Average | |||||||||||||||||||
Exercise Price | Date Fair Value | Remaining | |||||||||||||||||||
per Share | per Share | Exercise Term | |||||||||||||||||||
in Months | |||||||||||||||||||||
Balance, December 31 2012 | 3,389,250 | 3,489,250 | $ | 1.75 | $ | 0.09 | 29 | ||||||||||||||
Additional stock reserved | - | - | $ | - | $ | - | - | ||||||||||||||
Granted | - | - | - | - | - | ||||||||||||||||
Exercised | - | - | - | - | - | ||||||||||||||||
Forfeited | - | - | - | - | - | ||||||||||||||||
Expired | 100,000 | (100,000 | ) | 0.5 | 0.1 | - | |||||||||||||||
Balance, December 31, 2013 | 3,489,250 | 3,389,250 | $ | 1.78 | $ | 0.09 | 22 | ||||||||||||||
Additional stock reserved | - | - | $ | - | $ | - | - | ||||||||||||||
Granted | - | - | 0.17 | - | - | ||||||||||||||||
Exercised | - | - | - | - | - | ||||||||||||||||
Forfeited | - | - | - | - | - | ||||||||||||||||
Expired | - | - | - | - | - | ||||||||||||||||
Balance, December 31, 2014 | 3,489,250 | 3,389,250 | $ | 1.78 | $ | 0.09 | 9 | ||||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Prinicples (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 15 - 30 years |
Leasehold improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 7 years |
Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 - 6 years |
Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Vehicles and prototypes [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 - 5 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Prinicples (Details 1) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Summary of Significant Accounting Principles [Abstract] | |
Net operating losses available for 2030 | $3.60 |
Net operating losses available for 2031 | 6.7 |
Net operating losses available for 2032 | 3.9 |
Net operating losses available for 2033 | 4.7 |
Net operating losses available for 2034 | $6.10 |
Summary_of_Significant_Account5
Summary of Significant Accounting Prinicples (Details Textual) (USD $) | 1 Months Ended | ||
Mar. 18, 2014 | Sep. 18, 2008 | Dec. 31, 2007 | |
Schedule Of Significant Accounting Principles [Line Items] | |||
Amount Raise by subscriptions of common stock | $3,000,000 | $50,000 | |
Subscriptions for aggregate shares of common stock | 200,000 | ||
Offering costs of common stock shares | 46,234 | ||
Shareholder [Member] | |||
Schedule Of Significant Accounting Principles [Line Items] | |||
Amount Raise by subscriptions of common stock | $3,100 |
Summary_of_Significant_Account6
Summary of Significant Accounting Prinicples (Details Textual 1) (Share Exchange Agreement [Member], Amp Electric Vehicles Inc [Member]) | 1 Months Ended |
Dec. 28, 2009 | |
Share Exchange Agreement [Member] | Amp Electric Vehicles Inc [Member] | |
Business Acquisition [Line Items] | |
Percentage of outstanding securities acquired | 100.00% |
Number of outstanding securities in exchange of common stock | 14,890,904 |
Summary_of_Significant_Account7
Summary of Significant Accounting Prinicples (Details Textual 2) | Mar. 31, 2013 |
acre | |
sqft | |
Dealer | |
Summary of Significant Accounting Principles [Abstract] | |
Number of dealers | 440 |
Area of facilities covered (in sq ft) | 250,000 |
Area of land (in acres) | 48 |
Summary_of_Significant_Account8
Summary of Significant Accounting Prinicples (Details Textual 3) (USD $) | 1 Months Ended | ||
Apr. 22, 2010 | Dec. 31, 2014 | Dec. 31, 2013 | |
Forward stock split | 14:01 | ||
Number of authorized shares of preferred stock | 75,000,000 | 75,000,000 | |
Series A preferred stock, par value (in dollars per share) | $0.00 | $0.00 | |
Number of authorized shares of common stock | 250,000,000 | 250,000,000 | |
Common stock, par value ( in dollars per share) | $0.00 | $0.00 | |
Series A Preferred Stock [Member] | |||
Conversion price per share (in dollars per share) | $0.34 | ||
Percentage of conversion or exercise shares of common stock held | 4.99% |
Summary_of_Significant_Account9
Summary of Significant Accounting Prinicples (Details Textual 4) (USD $) | 12 Months Ended | 94 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | |
Summary of Significant Accounting Principles [Abstract] | |||
Cumulative deferred tax assets | $8,500,000 | $8,500,000 | |
Expected volatility rate of stock | 50.00% | 50.00% | |
Research and development | $3,436,751 | $2,892,505 | $16,437,341 |
Subsequent event, Description | We have received orders from a national fleet for 18 full electric vehicles to be delivered during 2015. We also have orders for 2 E-Gen vehicles for the same company that we plan to deliver for customer testing in Q1 2015. |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $5,005,192 | $4,982,088 |
Less accumulated depreciation | -962,833 | -574,827 |
Property, plant and equipment, Net | 4,042,359 | 4,407,261 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 300,000 | 300,000 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 3,800,000 | 3,800,000 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 19,225 | 19,225 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 23,104 | |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 27,721 | 27,721 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 670,183 | 670,183 |
Vehicles and prototypes [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $164,959 | $164,959 |
Property_Plant_and_Equipment_D1
Property, Plant and Equipment (Details 1) (Workhorse Custom Chassis, LLC [Member], USD $) | Dec. 31, 2014 |
Workhorse Custom Chassis, LLC [Member] | |
Consideration | |
Cash at closing | $2,750,000 |
Secured debenture | 2,250,000 |
Consideration, Total | 5,000,000 |
Assets acquired | |
Inventory | 400,000 |
Equipment | 500,000 |
Land | 300,000 |
Buildings | 3,800,000 |
Assets acquired, Total | $5,000,000 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Long-term debt | $2,530,045 | $2,631,115 |
Less current portion | 35,904 | 338,225 |
Long-term debt | 2,494,141 | 2,292,890 |
Secured debenture payable to Workhorse Custom Chassis due on March 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 2,475,000 | 2,250,000 |
Notes payable to banks due on August 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 4,711 | 11,928 |
Notes payable to vendor due on January 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 334 | 5,051 |
Notes payable to city of Loveland due on October 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 50,000 | 50,000 |
Unsecured notes payable to vendor due on March 2014 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 123,736 | |
Unsecured notes payable to vendor due on December 2014 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $190,400 |
LongTerm_Debt_Details_1
Long-Term Debt (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Long-Term Debt/Convertible Debentures [Abstract] | ||
2015 | $35,904 | |
2016 | 19,141 | |
2017 | 2,475,000 | |
Aggregate maturities of long-term debt, Total | $2,530,045 | $2,631,115 |
LongTerm_Debt_Parenthetical_De
Long-Term Debt (Parenthetical) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Secured debenture payable to Workhorse Custom Chassis due on March 2016 [Member] | |
Debt Instrument [Line Items] | |
Percentage of interest payable on maturity date | 10.00% |
Net book value of note secured by equipment | $3,981,676 |
Notes payable to banks due on August 2015 [Member] | |
Debt Instrument [Line Items] | |
Monthly installments of note payable | 635 |
Percentage of interest payable on maturity date | 5.04% |
Net book value of note secured by equipment | 4,463 |
Notes payable to vendor due on January 2015 [Member] | |
Debt Instrument [Line Items] | |
Monthly installments of note payable | 439 |
Percentage of interest payable on maturity date | 8.00% |
Net book value of note secured by equipment | 5,787 |
Notes payable to city of Loveland due on October 2016 [Member] | |
Debt Instrument [Line Items] | |
Monthly installments of note payable | 10,241 |
Percentage of interest payable on maturity date | 8.00% |
Unsecured notes payable to vendor due on March 2014 [Member] | |
Debt Instrument [Line Items] | |
Monthly installments of note payable | 5,000 |
Unsecured notes payable to vendor due on December 2014 [Member] | |
Debt Instrument [Line Items] | |
Monthly installments of note payable | 2,000 |
Escalating final payment of debt instrument | $18,461 |
Percentage of interest rate on Escalating final payment | 4.00% |
LongTerm_Debt_Details_Textual
Long-Term Debt (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2014 | |
Employees | ||
Debt Instrument [Line Items] | ||
Payments to escrow account | $22,900 | |
Incentive payment to 30 employees by October 31, 2013 [Member] | ||
Debt Instrument [Line Items] | ||
Number of employees | 30 | |
Payroll of employees | 135,000 | |
Incentive payment to 40 employee by July 31, 2014 [Member] | ||
Debt Instrument [Line Items] | ||
Number of employees | 40 | |
Payroll of employees | 175,000 | |
Incentive payment to 40 employee thereafter [Member] | ||
Debt Instrument [Line Items] | ||
Number of employees | 40 | |
Payroll of employees | $175,000 |
Subscription_Agreements_Detail
Subscription Agreements (Details Textual) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | 70 Months Ended | 0 Months Ended | |||||||||||||||||
Aug. 31, 2013 | Jul. 31, 2013 | Jun. 30, 2013 | 31-May-13 | Mar. 31, 2013 | Feb. 28, 2013 | Nov. 30, 2012 | Oct. 31, 2012 | Sep. 30, 2012 | Aug. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Mar. 31, 2010 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 30, 2014 | Dec. 08, 2014 | Nov. 24, 2014 | Jun. 05, 2012 | |
Debt Instrument [Line Items] | ||||||||||||||||||||||
Number of shares converted in to common stock | 500,000 | 29,750 | ||||||||||||||||||||
Warrant exercisable price | $1,163 | |||||||||||||||||||||
Notes issued | 1,243,000 | |||||||||||||||||||||
Accredited investors [Member] | Warrant [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Unsecured convertible promissory percentage | 14.00% | |||||||||||||||||||||
Unsecured convertible promissory | Warrant [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Secured convertible debentures | 1,242,900 | |||||||||||||||||||||
Unsecured convertible promissory percentage | 14.00% | |||||||||||||||||||||
Common stock purchase warrants | 4,439,287 | |||||||||||||||||||||
Exercise price of warrants | $0.14 | |||||||||||||||||||||
Maturity term | 5 years | |||||||||||||||||||||
Securities purchase agreements and security agreements [Member] | Warrant [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Exercise price of warrants | $0.25 | |||||||||||||||||||||
Warrant exercisable price | 343,000 | 700,000 | 200,000 | |||||||||||||||||||
2012 Notes [Member] | Warrant [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Exercise price of warrants | $0.25 | |||||||||||||||||||||
2012 Notes [Member] | Securities purchase agreements and security agreements [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Maturity period of 2012 Notes | 1 year | |||||||||||||||||||||
Percentage of interest payable | 10.00% | |||||||||||||||||||||
December 2014 Notes [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Unsecured convertible promissory percentage | 14.00% | |||||||||||||||||||||
December 2014 Notes [Member] | Accredited investors [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Notes issued | 1,243,000 | |||||||||||||||||||||
December 2014 Notes [Member] | Dawson James Securities, Inc. [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Compensation expense | $68,365 | |||||||||||||||||||||
Common stock purchase warrants | 1,198,607 | |||||||||||||||||||||
Exercise price of warrants | $0.14 |
Shareholder_and_Related_Party_2
Shareholder and Related Party Advances (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Investor Advances [Line Items] | ||||
Advanced for working capital | $1,934,300 | |||
Investor [Member] | ||||
Investor Advances [Line Items] | ||||
Advanced for working capital | [1] | 43,000 | [1] | |
Percentage of interest payable on maturity date | 3.00% | [1] | ||
Related party advance,date | 30-Nov-09 | [1] | ||
Related party advance,expire | 31-Mar-12 | [1] | ||
Investor One [Member] | ||||
Investor Advances [Line Items] | ||||
Advanced for working capital | [1] | 15,000 | [1] | |
Percentage of interest payable on maturity date | 10.00% | [1] | ||
Related party advance,date | 5-Oct-12 | [1] | ||
Related party advance,expire | 5-Oct-13 | [1] | ||
Investor Two [Member] | ||||
Investor Advances [Line Items] | ||||
Advanced for working capital | [1] | 100,000 | [1] | |
Percentage of interest payable on maturity date | 10.00% | [1] | ||
Related party advance,date | 16-Oct-12 | [1] | ||
Related party advance,expire | 16-Oct-13 | [1] | ||
Investor Three [Member] | ||||
Investor Advances [Line Items] | ||||
Advanced for working capital | [1] | 100,000 | [1] | |
Percentage of interest payable on maturity date | 10.00% | [1] | ||
Related party advance,date | 16-Oct-12 | [1] | ||
Related party advance,expire | 16-Oct-13 | [1] | ||
Investor Four [Member] | ||||
Investor Advances [Line Items] | ||||
Advanced for working capital | [1] | 50,000 | [1] | |
Percentage of interest payable on maturity date | 10.00% | [1] | ||
Related party advance,date | 19-Oct-12 | [1] | ||
Related party advance,expire | 19-Oct-13 | [1] | ||
Investor Five [Member] | ||||
Investor Advances [Line Items] | ||||
Advanced for working capital | [1] | 50,000 | [1] | |
Percentage of interest payable on maturity date | 10.00% | [1] | ||
Related party advance,date | 2-Nov-12 | [1] | ||
Related party advance,expire | 2-Nov-13 | [1] | ||
Investor Six [Member] | ||||
Investor Advances [Line Items] | ||||
Advanced for working capital | [1] | 50,000 | [1] | |
Percentage of interest payable on maturity date | 10.00% | [1] | ||
Related party advance,date | 8-Nov-12 | [1] | ||
Related party advance,expire | 8-Nov-13 | [1] | ||
Investor Seven [Member] | ||||
Investor Advances [Line Items] | ||||
Advanced for working capital | [1] | 100,000 | [1] | |
Percentage of interest payable on maturity date | 10.00% | [1] | ||
Related party advance,date | 6-Dec-12 | [1] | ||
Related party advance,expire | 6-Dec-13 | [1] | ||
Investor Eight [Member] | ||||
Investor Advances [Line Items] | ||||
Advanced for working capital | [1] | 50,000 | [1] | |
Percentage of interest payable on maturity date | 10.00% | [1] | ||
Related party advance,date | 19-Dec-12 | [1] | ||
Related party advance,expire | 19-Dec-13 | [1] | ||
Investor Nine [Member] | ||||
Investor Advances [Line Items] | ||||
Advanced for working capital | [1] | 3,200 | [1] | |
Percentage of interest payable on maturity date | 10.00% | [1] | ||
Related party advance,date | 10-Oct-13 | [1] | ||
Related party advance,expire | 10-Oct-14 | [1] | ||
Investor Ten [Member] | ||||
Investor Advances [Line Items] | ||||
Advanced for working capital | [1] | 2,500 | [1] | |
Percentage of interest payable on maturity date | 10.00% | [1] | ||
Related party advance,date | 5-Nov-13 | [1] | ||
Related party advance,expire | 5-Nov-14 | [1] | ||
Investor Eleven [Member] | ||||
Investor Advances [Line Items] | ||||
Advanced for working capital | [1] | 200,000 | [1] | |
Percentage of interest payable on maturity date | 10.00% | [1] | ||
Related party advance,date | 12-Nov-13 | [1] | ||
Related party advance,expire | 12-Nov-14 | [1] | ||
Investor Twelve [Member] | ||||
Investor Advances [Line Items] | ||||
Advanced for working capital | [2] | 50,000 | [2] | |
Percentage of interest payable on maturity date | 10.00% | [2] | ||
Related party advance,date | 2-Dec-13 | [1] | ||
Related party advance,expire | 2-Dec-14 | [1] | ||
Investor Thirteen [Member] | ||||
Investor Advances [Line Items] | ||||
Advanced for working capital | [1] | 50,000 | [1] | |
Percentage of interest payable on maturity date | 10.00% | [1] | ||
Related party advance,date | 30-Dec-13 | [2] | ||
Related party advance,expire | 30-Dec-14 | [2] | ||
Investor Fourteen [Member] | ||||
Investor Advances [Line Items] | ||||
Advanced for working capital | [2] | 80,000 | [2] | |
Related party advance,date | 11-Dec-13 | [2] | ||
Investor Fifteen [Member] | ||||
Investor Advances [Line Items] | ||||
Advanced for working capital | [3] | $990,600 | [3] | |
Related party advance date | Various 2013/14 | [3] | ||
[1] | Advances were converted into equity during the second quarter of 2014. | |||
[2] | Paid in full during 2014. | |||
[3] | Various non-interest bearing shareholders' deposits converted into equity third quarter 2014. |
Lease_Obligations_Details
Lease Obligations (Details) (USD $) | Dec. 31, 2014 |
Lease Obligations [Abstract] | |
2015 | $156,881 |
2016 | 161,588 |
2017 | 166,435 |
2018 | 127,614 |
Aggregate maturities of lease obligations, Total | $612,518 |
Lease_Obligations_Details_Text
Lease Obligations (Details Textual) (Operating Facilities [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Operating Facilities [Member] | |
Property, Plant and Equipment [Line Items] | |
Lease expiration date | 31-Dec-18 |
Future minimum monthly lease payments | $12,598 |
Lease payments increased for each year | 3.00% |
Security deposit | $12,275 |
Lease_Obligations_Details_Text1
Lease Obligations (Details Textual 1) (USD $) | 12 Months Ended | 94 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 |
Lease Obligations [Abstract] | |||
Rent expenses | $152 | $147 | $752 |
Stock_Based_Compensation_Detai
Stock Based Compensation (Details) (Stock Options [Member], Directors, officers and employees [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Options [Member] | Directors, officers and employees [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant [Roll Forward] | ||
Shares Available for Grant, Outstanding, Beginning Balance | 4,485,000 | 6,080,000 |
Shares Available for Grant, Additional stock reserved | 5,000,000 | |
Shares Available for Grant, Granted | -8,675,926 | -2,100,000 |
Shares Available for Grant, Exercised | ||
Shares Available for Grant, Forfeited | ||
Shares Available for Grant, Expired | 505,000 | |
Shares Available for Grant, Outstanding, Ending Balance | 809,074 | 4,485,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Number of Shares, Outstanding, Beginning balance | 7,994,748 | 6,420,874 |
Number of Shares, Outstanding, Additional stock reserved | ||
Number of Shares, Granted | 8,675,926 | 2,100,000 |
Number of Shares, Exercised | -21,126 | |
Number of Shares, Forfeited | ||
Number of Shares, Expired | -505,000 | |
Number of Shares, Outstanding, Ending balance | 16,670,674 | 7,994,748 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||
Weighted Average Exercise Price per Share, Beginning Balance | $0.45 | $0.50 |
Weighted Average Exercise Price per Share, Granted | $0.05 | $0.29 |
Weighted Average Exercise Price per Share, Exercised | ||
Weighted Average Exercise Price per Share, Forfeited | ||
Weighted Average Exercise Price per Share, Expired | $0.70 | |
Weighted Average Exercise Price per Share, Ending Balance | $0.23 | $0.45 |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Weighted Average Grant Date Fair Value [Roll Forward] | ||
Weighted Average Grant Date Fair Value per Share, Beginning Balance | $0.23 | $0.25 |
Weighted Average Grant Date Fair Value per Share, Granted | $0.08 | $0.12 |
Weighted Average Grant Date Fair Value per Share, Exercised | ||
Weighted Average Grant Date Fair Value per Share, Forfeited | ||
Weighted Average Grant Date Fair Value per Share, Expired | $0.20 | |
Weighted Average Grant Date Fair Value per Share, Ending Balance | $0.15 | $0.23 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Weighted Average Remaining Exercise Term in Months, Beginning Balance | 36 months | 44 months |
Weighted Average Remaining Exercise Term in Months, Granted | 58 months | 47 months |
Weighted Average Remaining Exercise Term in Months, Ending Balance | 41 months | 36 months |
Stock_Based_Compensation_Detai1
Stock Based Compensation (Details 1) (Stock Options [Member], Consultants [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Options [Member] | Consultants [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant [Roll Forward] | ||
Shares Available for Grant, Outstanding, Beginning Balance | 971,000 | 561,000 |
Shares Available for Grant, Additional stock reserved | 2,000,000 | |
Shares Available for Grant, Granted | -2,967,727 | -400,000 |
Shares Available for Grant, Exercised | ||
Shares Available for Grant, Forfeited | 200,000 | |
Shares Available for Grant, Expired | 190,000 | 810,000 |
Shares Available for Grant, Outstanding, Ending Balance | 393,273 | 971,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Number of Shares, Outstanding, Beginning balance | 1,415,000 | 1,825,000 |
Number of Shares, Outstanding, Additional stock reserved | ||
Number of Shares, Granted | 2,967,727 | 400,000 |
Number of Shares, Exercised | ||
Number of Shares, Forfeited | -200,000 | |
Number of Shares, Expired | -190,000 | -810,000 |
Number of Shares, Outstanding, Ending balance | 3,992,727 | 1,415,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||
Weighted Average Exercise Price per Share, Beginning Balance | $0.41 | $0.57 |
Weighted Average Exercise Price per Share, Granted | $0.01 | $0.21 |
Weighted Average Exercise Price per Share, Exercised | ||
Weighted Average Exercise Price per Share, Forfeited | ||
Weighted Average Exercise Price per Share, Expired | $0.50 | $0.67 |
Weighted Average Exercise Price per Share, Ending Balance | $0.13 | $0.41 |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Weighted Average Grant Date Fair Value [Roll Forward] | ||
Weighted Average Grant Date Fair Value per Share, Beginning Balance | $0.20 | $0.23 |
Weighted Average Grant Date Fair Value per Share, Granted | $0.10 | $0.10 |
Weighted Average Grant Date Fair Value per Share, Exercised | ||
Weighted Average Grant Date Fair Value per Share, Forfeited | ||
Weighted Average Grant Date Fair Value per Share, Expired | $0.17 | $0.23 |
Weighted Average Grant Date Fair Value per Share, Ending Balance | $0.13 | $0.20 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | ||
Weighted Average Remaining Exercise Term in Months, Beginning Balance | 34 months | 21 months |
Weighted Average Remaining Exercise Term in Months, Granted | 54 months | 56 months |
Weighted Average Remaining Exercise Term in Months, Ending Balance | 50 months | 34 months |
Stock_Based_Compensation_Detai2
Stock Based Compensation (Details 2) (Warrant [Member], Placement agent and consultants [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Warrant [Member] | Placement agent and consultants [Member] | ||
Warrant Shares Available For Grant [Roll Forward] | ||
Shares Available For Grant, Outstanding, Beginning Balance | 4,339,590 | 4,339,590 |
Shares Available For Grant, Additional stock reserved | ||
Shares Available For Grant, Granted | -1,598,607 | |
Shares Available For Grant, Exercised | ||
Shares Available For Grant, Forfeited | ||
Shares Available For Grant Warrants Expired | ||
Shares Available For Grant, Outstanding, Ending Balance | 2,740,983 | 4,339,590 |
Warrants Number Of Shares [Roll Forward] | ||
Number of Shares, Outstanding, Beginning Balance | 3,130,894 | 3,130,894 |
Number of Shares, Granted | ||
Number of Shares, Additional stock reserved | 1,598,607 | |
Number of Shares, Exercised | ||
Number of Shares, Forfeited | ||
Number of Shares, Expired | -628,013 | |
Number of Shares, Outstanding, Ending Balance | 4,101,488 | 3,130,894 |
Weighted Average Exercise Price Per Share [Roll Forward] | ||
Weighted Average Exercise Price per Share, Beginning Balance | $0.46 | $0.46 |
Weighted Average Exercise Price per Share, Additional stock reserved | ||
Weighted Average Exercise Price per Share, Granted | $0.17 | |
Weighted Average Exercise Price per Share, Exercised | ||
Weighted Average Exercise Price per Share, Forfeited | ||
Weighted Average Exercise Price per Share, Expired | $0.39 | |
Weighted Average Exercise Price per Share, Outstanding, Ending Balance | $0.36 | $0.46 |
Weighted Average Grant Fair Value Per Share [Roll Forward] | ||
Weighted Average Grant Date Fair Value per Share, Outstanding, Beginning Balance | $0.21 | $0.21 |
Weighted Average Grant Date Fair Value per Share, Granted | ||
Weighted Average Grant Date Fair Value per Share, Exercised | $0.06 | |
Weighted Average Grant Date Fair Value per Share, Forfeited | ||
Weighted Average Grant Date Fair Value per Share, Expired | $0.18 | |
Weighted Average Grant Date Fair Value per Share, Ending Balance | $0.15 | $0.21 |
Weighted Average Remaining Exercise Term [Roll Forward] | ||
Weighted Average Remaining Exercise Term in Months, Beginning Balance | 24 months | 36 months |
Weighted Average Remaining Exercise Term in Months, Granted | 34 months | |
Weighted Average Remaining Exercise Term in Months, Ending Balance | 14 months | 24 months |
Stock_Based_Compensation_Detai3
Stock Based Compensation (Details 3) (Warrant [Member], Directors and officers [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Warrant [Member] | Directors and officers [Member] | ||
Warrant Shares Available For Grant [Roll Forward] | ||
Shares Available For Grant, Outstanding, Beginning Balance | 3,489,250 | 3,389,250 |
Shares Available For Grant, Additional stock reserved | ||
Shares Available For Grant, Granted | ||
Shares Available For Grant, Exercised | ||
Shares Available For Grant, Forfeited | ||
Shares Available For Grant Warrants Expired | 100,000 | |
Shares Available For Grant, Outstanding, Ending Balance | 3,489,250 | 3,489,250 |
Warrants Number Of Shares [Roll Forward] | ||
Number of Shares, Outstanding, Beginning Balance | 3,389,250 | 3,489,250 |
Number of Shares, Additional stock reserved | ||
Number of Shares, Granted | ||
Number of Shares, Exercised | ||
Number of Shares, Forfeited | ||
Number of Shares, Expired | -100,000 | |
Number of Shares, Outstanding, Ending Balance | 3,389,250 | 3,389,250 |
Weighted Average Exercise Price Per Share [Roll Forward] | ||
Weighted Average Exercise Price per Share, Beginning Balance | $1.78 | $1.75 |
Weighted Average Exercise Price per Share, Additional stock reserved | ||
Weighted Average Exercise Price per Share, Granted | $0.17 | |
Weighted Average Exercise Price per Share, Exercised | ||
Weighted Average Exercise Price per Share, Forfeited | ||
Weighted Average Exercise Price per Share, Expired | $0.50 | |
Weighted Average Exercise Price per Share, Outstanding, Ending Balance | $1.78 | $1.78 |
Weighted Average Grant Fair Value Per Share [Roll Forward] | ||
Weighted Average Grant Date Fair Value per Share, Outstanding, Beginning Balance | $0.09 | $0.09 |
Weighted Average Grant Date Fair Value per Share, Granted | ||
Weighted Average Grant Date Fair Value per Share, Exercised | ||
Weighted Average Grant Date Fair Value per Share, Forfeited | ||
Weighted Average Grant Date Fair Value per Share, Expired | $0.10 | |
Weighted Average Grant Date Fair Value per Share, Ending Balance | $0.09 | $0.09 |
Weighted Average Remaining Exercise Term [Roll Forward] | ||
Weighted Average Remaining Exercise Term in Months, Beginning Balance | 22 months | 29 months |
Weighted Average Remaining Exercise Term in Months, Ending Balance | 9 months | 22 months |
Stock_Based_Compensation_Detai4
Stock Based Compensation (Details Textual) (Stock Options [Member], Incentive Stock Plan 2013, 2012, 2011 and 2010 (the plans), Directors, officers and employees [Member], USD $) | 12 Months Ended | 94 Months Ended | |
Share data in Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 25 | 25 | |
Percentage of fair market value granted | 110.00% | ||
Percentage of fair market value non-qualified stock options granted | 85.00% | ||
Fair market value granted of stock options granted after one year | 2 years | ||
Stock based compensation | $171,666 | $421,281 | $2,363,295 |
Unrecognized compensation expense | $575,369 | $575,369 | |
Recognized period for non-vested warrants granted to consultants anticipated | 40 months | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term of fair market value of options granted | 3 years | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term of fair market value of options granted | 5 years |
Stock_Based_Compensation_Detai5
Stock Based Compensation (Details Textual 1) (USD $) | 12 Months Ended | 94 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | |
Warrant [Member] | Investors, agents and consultants [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation | $88,733 | $0 | $697,651 |
Stock Options [Member] | Consultants [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation | 154,199 | 68,747 | 526,984 |
Unrecognized compensation expense | $233,869 | $233,869 | |
Recognized period for non-vested warrants granted to consultants anticipated | 40 months |
Stock_Based_Compensation_Detai6
Stock Based Compensation (Details Textual 2) (Warrant [Member], USD $) | 1 Months Ended | 12 Months Ended | 94 Months Ended | 10 Months Ended | |||||
31-May-12 | Nov. 30, 2011 | 31-May-11 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Jun. 30, 2012 | Dec. 31, 2010 | |
2012 Notes [Member] | |||||||||
Class of Warrant or Right [Line Items] | |||||||||
Exercise price of warrants | $0.25 | $0.25 | |||||||
Directors and officers [Member] | |||||||||
Class of Warrant or Right [Line Items] | |||||||||
Exercise price of warrants | $0.50 | $0.50 | $2 | $0.25 | $2 | ||||
Term of warrant exercisable | 3 years | 1 year | 5 years | ||||||
Common stock purchase warrants | 100,000 | 100,000 | |||||||
Cost of reduction in exercise price of warrants | $0 | $0 | $7,388 | $331,428 | |||||
Directors and officers [Member] | 2012 Notes [Member] | |||||||||
Class of Warrant or Right [Line Items] | |||||||||
Amount of debt converted into 2012 Notes and 2012 Warrants | $389,250 |