Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Entity Registrant Name | 'GREEN ENVIROTECH HOLDINGS CORP. | ' | ' |
Entity Central Index Key | '0001428765 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 8,093,017 | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Public Float | ' | ' | $4,113,571 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
CURRENT ASSETS | ' | ' |
Cash | $185 | $1,986 |
Other current assets | 10,119 | 4,784 |
Total current assets | 10,304 | 6,770 |
Fixed Assets | ' | ' |
Plant Equipment, not yet placed in service | ' | 125,000 |
Total fixed assets | ' | 125,000 |
Other Assets: | ' | ' |
Engineering Costs | 30,833 | ' |
Total other assets | 30,833 | ' |
TOTAL ASSETS | 41,137 | 131,770 |
CURRENT LIABILITIES | ' | ' |
Accounts payable | 686,538 | 749,144 |
Accounts payable- related party | ' | 4,975 |
Accrued expenses | 3,119,084 | 2,513,872 |
Secured debentures payable | 305,000 | 305,000 |
Loan payable - other | 1,115,572 | 840,750 |
Loan payable - related party | 12,287 | 44,187 |
Total current liabilities | 5,238,481 | 4,457,928 |
TOTAL LIABILITIES | 5,238,481 | 4,457,928 |
STOCKHOLDERS' EQUITY (DEFICIT) | ' | ' |
Preferred stock, $0.001 par value, 25,000,000 shares authorized, 0 shares issued and outstanding | ' | ' |
Common stock, $0.001 par value, 250,000,000 shares authorized, 5,904,688 and 2,499,585 shares issued and outstanding | 5,905 | 2,500 |
Additional paid in capital | 11,009,932 | 6,130,525 |
Deficit accumulated during development stage | -16,213,181 | -10,459,183 |
Total stockholders' equity (deficit) | -5,197,344 | -4,326,158 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $41,137 | $131,770 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ' | ' |
Preferred stock, par value per share | $0.00 | $0.00 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value per share | $0.00 | $0.00 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 5,904,688 | 2,499,585 |
Common stock, shares outstanding | 5,904,688 | 2,499,585 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | 63 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ' | ' | ' |
REVENUE | ' | ' | $1,950 |
COST OF REVENUES | ' | ' | 33,633 |
GROSS PROFIT | ' | ' | -31,683 |
OPERATING EXPENSES | ' | ' | ' |
Wages and professional fees | 2,658,238 | 2,538,199 | 10,159,688 |
Impairment expense | 443,000 | 118,783 | 561,783 |
Bad debt expense | ' | 261,890 | 261,890 |
General and administrative | 105,233 | 117,457 | 914,910 |
Total operating expenses | 3,206,471 | 3,036,329 | 11,898,271 |
NON-OPERATING EXPENSES | ' | ' | ' |
Amortization of debt discount | 64,286 | ' | 187,406 |
Interest expense | 122,514 | 122,297 | 439,679 |
Interest expense-Penalty | ' | ' | 67,750 |
(Gain) or Loss on write-off of derivative liability | ' | -115,738 | 254,337 |
Loss on debt conversion | 2,360,727 | 447,446 | 2,950,973 |
Total non-operating expenses | 2,547,527 | 454,005 | 3,900,145 |
NET (LOSS) FROM CONTINUING OPERATIONS | -5,753,998 | -3,490,334 | -15,830,099 |
OTHER INCOME: | ' | ' | ' |
Disposition of Riverbank Permits | ' | ' | 250,000 |
Total Other Income | ' | ' | 250,000 |
DISCONTINUED OPERATIONS: | ' | ' | ' |
(Loss) on disposal of discontinued operations | ' | ' | -429,066 |
Income from discontinued operations | ' | ' | 24,186 |
Total loss from discontinued operations | ' | ' | -404,880 |
NET (LOSS) | ($5,753,998) | ($3,490,334) | ($15,984,979) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 3,952,778 | 2,104,741 | ' |
NET (LOSS) PER SHARE | ($1.46) | ($1.66) | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOW (USD $) | 12 Months Ended | 63 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net (loss) | ($5,753,998) | ($3,490,334) | ($15,984,979) |
Adjustments to reconcile net (loss) to net cash used in operating activities: | ' | ' | ' |
Common stock issued for services | 1,221,360 | 66,700 | 3,946,209 |
Common stock issued to reduce and extend debt | ' | 30,000 | 336,050 |
Loss on debt conversion | 2,360,727 | 447,446 | 2,808,173 |
Impairment expense | 125,000 | 118,783 | 243,783 |
Bad debt expense | ' | 261,890 | 261,890 |
Warrants issued as loan fees to brokers | ' | 2,998 | 33,320 |
Warrants issued to officers | ' | ' | 234,357 |
Amortization of debt discount | 64,286 | ' | 187,406 |
Gain/loss on derivative liability | ' | -151,738 | ' |
Loss on disposal of discontinued operations | ' | ' | 429,066 |
Income from discontinued operations | ' | ' | -24,186 |
Change in assets and liabilities | ' | ' | ' |
(Increase) in deposits and other current assets | -5,335 | 70,216 | -272,009 |
Increase in accounts payable- related party | -4,975 | -39,208 | ' |
Increase in accounts payable and accrued expenses | 1,518,267 | 2,249,542 | 5,023,395 |
Net cash (used in) operating activities | -474,668 | -433,705 | -2,777,525 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Cash paid for the acquisition of Magic Bright | ' | ' | -300,000 |
Expenditures related to purchase of equipment for Riverbank Plant | ' | ' | -125,000 |
Expenditures related to plans for building construction | -30,833 | -4,854 | -149,616 |
Net cash (used in) investing activities | -30,833 | -4,854 | -574,616 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Issuance of stock for cash | 63,000 | 150,000 | 293,000 |
Proceeds received from loan payable - related party | 7,000 | 7,600 | 1,245,956 |
Payments on loan payable - related party | -30,700 | -35,909 | -271,092 |
Proceeds received from loan payable - other | 464,400 | 206,750 | 2,281,462 |
Payments on loan payable - other | ' | ' | -382,500 |
Proceeds received from loan payable - convertible | ' | ' | 135,500 |
Proceeds received from secured debentures | ' | ' | 50,000 |
Net cash provided by financing activities | 503,700 | 328,441 | 3,352,326 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | -1,801 | -110,118 | 185 |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 1,986 | 112,104 | ' |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 185 | 1,986 | 185 |
Cash paid during the period for: | ' | ' | ' |
Interest | ' | 34,163 | 215,161 |
NON-CASH SUPPLEMENTAL INFORMATION: | ' | ' | ' |
Shares issued for accrued salary | 298,398 | 240,000 | 538,398 |
Conversion of loans payable for common stock | 801,574 | 421,500 | 2,535,612 |
Discount for shares issued as sweeteners | 64,286 | ' | 64,286 |
Notes payable issued for investment in Petrosonics JV | 125,000 | ' | 125,000 |
Shares issued for accounts payable | 73,468 | ' | 73,468 |
Loan assumed by related party | 171,300 | ' | 171,300 |
Payment of accounts payable by related party | 2,000 | ' | 2,000 |
Payment of related party debt by nonrelated party | $4,700 | ' | $4,700 |
CONSOLIDATED_STATEMENT_OF_CHAN
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Deficit Accumulated During the Development Stage [Member] |
Balance at Jun. 25, 2007 | ' | ' | ' | ' | ' |
Balance, shares at Jun. 25, 2007 | ' | ' | ' | ' | ' |
Common shares issued for cash | 15,000 | ' | 450 | 14,550 | ' |
Common shares issued for cash, shares | ' | ' | 449,999 | ' | ' |
Net (loss) | -9,105 | ' | ' | ' | -9,105 |
Balance at Dec. 31, 2007 | 5,895 | ' | 450 | 14,550 | -9,105 |
Balance, shares at Dec. 31, 2007 | ' | ' | 449,999 | ' | ' |
Common shares issued for cash | 25,000 | ' | 150 | 24,850 | ' |
Common shares issued for cash, shares | ' | ' | 150,000 | ' | ' |
Net (loss) | -19,608 | ' | ' | ' | -19,608 |
Balance at Dec. 31, 2008 | 11,287 | ' | 600 | 39,400 | -28,713 |
Balance, shares at Dec. 31, 2008 | ' | ' | 599,999 | ' | ' |
Net (loss) | -9,845 | ' | ' | ' | -9,845 |
Balance at Nov. 20, 2009 | ' | ' | ' | ' | ' |
Net effect of recapitalization with GreenEnviroTech Corp. including repurchase and subsequent cancellation of shares and issuance of new shares | -518,552 | ' | ' | -208,202 | -310,350 |
To reclassify negative paid in capital to retained earnings | ' | ' | ' | 228,202 | -228,202 |
Net (loss) | -347,179 | ' | ' | ' | -347,179 |
Balance at Dec. 31, 2009 | -864,289 | ' | 600 | 59,400 | -924,289 |
Balance, shares at Dec. 31, 2009 | ' | ' | 599,999 | ' | ' |
Common shares issued to consultants and officers | 2,127,782 | ' | 25 | 2,127,757 | ' |
Common shares issued to consultants and officers, shares | ' | ' | 25,104 | ' | ' |
Conversion of notes payable and liabilities to common stock | 1,006,488 | ' | 10 | 1,006,478 | ' |
Conversion of notes payable and liabilities to common stock, shares | ' | ' | 10,065 | ' | ' |
Net (loss) | -3,261,492 | ' | ' | ' | -3,261,492 |
Balance at Dec. 31, 2010 | -991,511 | ' | 635 | 3,193,625 | -4,185,781 |
Balance, shares at Dec. 31, 2010 | ' | ' | 635,168 | ' | ' |
Issued Preferred Stock in purchase Magic Bright | 5,000,000 | ' | ' | 4,999,000 | ' |
Issued Common Stock in purchase of Magic Bright | 104,880 | 1,000 | 2 | 104,878 | ' |
Issued stock in purchase of Magic Bright, shares | ' | 1,000,000 | 1,840 | ' | ' |
Acquisition Reserve in purchase Magic Bright | -5,000,000 | -1,000 | ' | -4,999,000 | ' |
Acquisition Reserve in purchase Magic Bright, shares | ' | -1,000,000 | ' | ' | ' |
Common shares issued to consultants and officers | 472,132 | ' | 2 | 471,861 | ' |
Common shares issued to consultants and officers, shares | ' | ' | 1,840 | ' | ' |
Common shares issued for cash | 50,000 | ' | 3 | 49,997 | ' |
Common shares issued for cash, shares | ' | ' | 3,333 | ' | ' |
Common shares issued for debt extensions | 1,900 | ' | 4 | 1,896 | ' |
Common shares issued for debt extensions, shares | ' | ' | 3,800 | ' | ' |
Conversion of notes payable and liabilities to common stock | 563,400 | ' | 789 | 562,611 | ' |
Conversion of notes payable and liabilities to common stock, shares | ' | ' | 789,000 | ' | ' |
Warrants issued to secured debenture holders | 123,120 | ' | ' | 123,120 | ' |
Warrants issued to brokers | 18,242 | ' | ' | 18,242 | ' |
Warrants issued to consultants for fees | 12,080 | ' | ' | 12,080 | ' |
Warrants issued to Officers | 234,357 | ' | ' | 234,357 | ' |
Net (loss) | -2,783,068 | ' | ' | ' | -2,783,068 |
Balance at Dec. 31, 2011 | -2,194,468 | ' | 1,704 | 4,772,677 | -6,968,849 |
Balance, shares at Dec. 31, 2011 | ' | ' | 1,704,332 | ' | ' |
Common shares issued for services | 66,700 | ' | 23 | 66,677 | ' |
Common shares issued for services, shares | 23,000 | ' | 23,000 | ' | ' |
Conversion of accrued salary to common shares | 240,000 | ' | 200 | 239,800 | ' |
Conversion of accrued salary to common shares, shares | 200,000 | ' | 200,000 | ' | ' |
Common shares issued for cash | 150,000 | ' | 150 | 149,850 | ' |
Common shares issued for cash, shares | ' | ' | 150,000 | ' | ' |
Common shares issued for debt extensions | 30,000 | ' | 10 | 29,990 | ' |
Common shares issued for debt extensions, shares | 10,001 | ' | 10,001 | ' | ' |
Conversion of notes payable and liabilities to common stock | 421,500 | ' | 413 | 421,087 | ' |
Conversion of notes payable and liabilities to common stock, shares | 412,252 | ' | 412,252 | ' | ' |
Warrants issued to secured debenture holders | 2,998 | ' | ' | 2,998 | ' |
Loss on debt conversion | 447,446 | ' | ' | 447,446 | ' |
Net (loss) | -3,490,334 | ' | ' | ' | -3,490,334 |
Balance at Dec. 31, 2012 | -4,326,158 | ' | 2,500 | 6,130,525 | -10,459,183 |
Balance, shares at Dec. 31, 2012 | ' | ' | 2,499,585 | ' | ' |
Common shares issued for services | 1,221,360 | ' | 1,048 | 1,220,312 | ' |
Common shares issued for services, shares | 1,047,864 | ' | 1,047,864 | ' | ' |
Common shares issued for fractional shares resulting from 1 for 100 reverse stock split effective March 27, 2013 | 33 | ' | 33 | ' | ' |
Conversion of accrued salary to common shares | 298,398 | ' | 476 | 297,922 | ' |
Conversion of accrued salary to common shares, shares | ' | ' | 476,198 | ' | ' |
Conversion of accounts payable to common shares | 73,468 | ' | 152 | 73,316 | ' |
Conversion of accounts payable to common shares, shares | 151,757 | ' | 151,757 | ' | ' |
Common shares issued for cash | 63,000 | ' | 63 | 62,937 | ' |
Common shares issued for cash, shares | ' | ' | 63,000 | ' | ' |
Conversion of notes payable and liabilities to common stock | 801,574 | ' | 1,606 | 799,968 | ' |
Conversion of notes payable and liabilities to common stock, shares | 1,606,251 | ' | 1,606,251 | ' | ' |
Common shares issued as sweeteners for debt | 64,286 | ' | 60 | 64,226 | ' |
Common shares issued as sweeteners for debt, shares | 60,000 | ' | 60,000 | ' | ' |
Loss on debt conversion | 2,360,727 | ' | ' | 2,360,727 | ' |
Net (loss) | -5,753,998 | ' | ' | ' | -5,753,998 |
Balance at Dec. 31, 2013 | ($5,197,344) | ' | $5,905 | $11,009,932 | ($16,213,181) |
Balance, shares at Dec. 31, 2013 | ' | ' | 5,904,688 | ' | ' |
ORGANIZATION_AND_BASIS_OF_PRES
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2013 | |
ORGANIZATION AND BASIS OF PRESENTATION [Abstract] | ' |
ORGANIZATION AND BASIS OF PRESENTATION | ' |
NOTE 1-ORGANIZATION AND BASIS OF PRESENTATION | |
Green EnviroTech Holdings Corp. (the "Company") was incorporated on June 26, 2007 under the name Wolfe Creek Mining, Inc. under the laws of the State of Delaware. On November 20, 2009, the Company completed a reverse merger transaction pursuant to which it acquired Green EnviroTech Corp., a Nevada corporation. Wolfe Creek Mining, Inc. up until November 20, 2009 was primarily engaged in the acquisition and exploration of mining properties. Green EnviroTech Corp was incorporated on October 6, 2008 and was engaged in plastics recovery. The financial statements included herein are the financials of Green EnviroTech Holdings and subsidiaries from October 6, 2008 to current. | |
Green EnviroTech Holdings Corp. is an innovative technology company that has developed a patent pending oil conversion process utilizing a mixture of plastic and tires. The "GETH Process" revolutionizes the disposal of plastic waste and tires and cleans up our landfills by producing a high grade of oil. | |
The proprietary conversion process uses established pyrolysis technology with additional distillation applications. | |
Going Concern | |
These consolidated financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. | |
The Company has generated minimal revenues since inception and has generated losses since inception and needs to raise additional funds to carry out the business plan. | |
The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders and the ability of the Company to obtain necessary equity financing to continue and expand operations. | |
The Company has had very little operating history to date. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. These factors raise substantial doubt regarding the ability of the Company to continue as a going concern. | |
Besides generating revenues from proposed operations, the Company may need to raise additional funds to expand operations to the point at which the Company can achieve profitability. The terms of new debt or equity that may be raised may not be on terms acceptable by the Company. If the Company fails to raise adequate funds from unrelated third parties, the Company's officers and directors may need to contribute additional funds to sustain operations. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2013 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
NOTE 2-SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Principles of Consolidation | |
The consolidated financial statements include the accounts of the Company and its interest in a joint venture which had no operations for the year. Intercompany balances and transactions have been eliminated for this joint venture. | |
Development Stage Company | |
The Company is considered to be in the development stage as defined in ASC 915, "Accounting and Reporting by Development Stage Enterprises". The Company has devoted substantially all of its efforts to the corporate formation and the raising of capital. | |
Use of Estimates | |
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |
Cash and Cash Equivalents | |
The Company considers all highly liquid debt instruments and other short-term investments with maturity of three months or less, when purchased, to be cash equivalents. | |
The Company maintains cash and cash equivalent balances at one financial institution that is insured by the Federal Deposit Insurance Corporation. | |
Fixed Assets | |
Fixed assets are stated at cost, less accumulated depreciation. Depreciation is provided using the straight-line method over the estimated useful lives of the related assets. Costs of maintenance and repairs will be charged to expense as incurred. The Company through December 31, 2013, incurred some engineering and design costs on a facility they are planning to build or purchase to refurbish. All of these costs are non-depreciable until the facility is in service. | |
Recoverability of Long-Lived Assets | |
The Company reviews long-lived assets on a periodic basis whenever events and changes in circumstances have occurred which may indicate a possible impairment. The assessment for potential impairment will be based primarily on the Company's ability to recover the carrying value of its long-lived assets from expected future cash flows from its operations on an undiscounted basis. | |
If such assets are determined to be impaired, the impairment recognized is the amount by which the carrying value of the assets exceeds the fair value of the assets. Fixed assets to be disposed of by sale will be carried at the lower of the then current carrying value or fair value less estimated costs to sell. | |
Income Taxes | |
The Company accounts for income taxes utilizing the liability method of accounting. Under the liability method, deferred taxes are determined based on differences between financial statement and tax bases of assets and liabilities at enacted tax rates in effect in years in which differences are expected to reverse. Valuation allowances are established, when necessary, to reduce deferred tax assets to amounts that are expected to be realized. | |
(Loss) Per Share of Common Stock | |
Basic net loss per common share is computed using the weighted average number of common shares outstanding. Diluted earnings per share (EPS) include additional dilution from common stock equivalents, such as stock issuable pursuant to the exercise of stock options and warrants. Common stock equivalents are not included in the computation of diluted earnings per share when the Company reports a loss because to do so would be anti-dilutive for periods presented. | |
Intangible Assets | |
ASC 350 requires that intangible assets with finite useful lives be amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment in accordance with ASC 360, "Accounting for the Impairment or Disposal of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of." The Company's assessment for impairment of assets involves estimating the undiscounted cash flows expected to result from use of the asset and its eventual disposition. An impairment loss recognized is measured as the amount by which the carrying amount of the asset exceeds the fair value of the asset, and considers year-end the date for its annual impairment testing, unless information during the year becomes available that requires an earlier evaluation of impairment testing. | |
Stock-Based Awards | |
The Company measures the cost of employee services received in exchange for an award of equity instruments, including stock options, based on the grant-date fair value of the award and recognizes it as compensation expense over the period the employee is required to provide service in exchange for the award, usually the vesting period. The Company estimates the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company's statement of operations. The forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. For the fiscal periods ended December 31, 2013 and 2012, the Company's estimated forfeiture rate is 0% based on the Company's historical experience. There were 0 stock options granted to employees during the years ended December 31, 2013 and 2012. | |
During the fiscal periods ended December 31, 2013 and 2012, the Company granted common stock warrants to investors, lenders and certain officers as discussed in Note 3. The fair value of stock warrants issued in conjunction with the issuance of common stock is recorded against common stock as stock issuance cost. The fair value of stock warrants issued in conjunction with notes payable is recognized as a discount on the related debt and amortized to interest expense over the term to maturity. | |
The fair value of stock-based awards to employees and directors is calculated using the Black-Scholes-Merton pricing model. The Black-Scholes-Merton model requires subjective assumptions regarding future stock price volatility and expected time to exercise, which greatly affect the calculated values. The expected term of options granted is derived from historical data on employee exercises and post-vesting employment termination behavior. The risk-free rate selected to value any particular grant is based on the U.S. Treasury rate that corresponds to the pricing term of the grant effective as of the date of the grant. The expected volatility is based on the historical volatility of the common stock of comparable publicly traded companies. In making this determination and finding another similar company, the Company considered the industry, stage of life cycle, size and financial leverage of such other entities. These factors could change in the future, affecting the determination of stock-based compensation expense in future periods. | |
Fair Value Measurements | |
The Company adopted certain provisions of ASC Topic 820. ASC 820 defines fair value, provides a consistent framework for measuring fair value under generally accepted accounting principles and expands fair value financial statement disclosure requirements. ASC 820's valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. ASC 820 classifies these inputs into the following hierarchy: | |
Level 1 inputs: Quoted prices for identical instruments in active markets. | |
Level 2 inputs: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. | |
Level 3 inputs: Instruments with primarily unobservable value drivers. | |
Recent Issued Accounting Standards | |
There were updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to have a material impact on the Company's financial position, results of operations or cash flows. |
STOCKHOLDERS_EQUITY_DEFICIT
STOCKHOLDERS' EQUITY (DEFICIT) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
STOCKHOLDERS' EQUITY (DEFICIT) [Abstract] | ' | ||||
STOCKHOLDERS' EQUITY (DEFICIT) | ' | ||||
NOTE 3-STOCKHOLDERS' EQUITY (DEFICIT) | |||||
Preferred Stock | |||||
The Company has 25,000,000 preferred shares of $0.001 par value stock authorized. The Company has no preferred stock issued and outstanding. | |||||
Common Stock | |||||
The Company has 250,000,000 common shares of $0.001 par value stock authorized. On December 31, 2013, the Company had 5,904,688 common shares outstanding. | |||||
Effective March 27, 2013, the Company effected a 100-for-1 reverse split of its common stock. The financial statements were adjusted to reflect the reverse stock split for all periods as of the first day of the first period presented. | |||||
Warrants | |||||
The Company used the Black-Scholes option pricing model in valuing options and warrants. The inputs for the valuation analysis of the options and warrants include the market value of the Company's common stock, the estimated volatility of the Company's common stock, the exercise price and the risk free interest rate. As of December 31, 2013 total unrecognized compensation expense related to nonvested share-based compensation arrangements was $0. | |||||
The key inputs in determining grant date fair value are as follows: | |||||
Period | |||||
Ended December 31, | |||||
2012 | |||||
Risk-free interest rate | -1.18% | ||||
Dividend yield | 0.00% | ||||
Expected volatility | 374.53% | ||||
Expected term (in years) | 5 | ||||
Weighted average grant date fair value of warrants granted during the period | $0.10 | ||||
On February 2, 2012, the Company issued 100,000 warrants to debtholders as an incentive for the extension of the maturity date on the notes to September 24, 2012. These warrants are exercisable for five years at an exercise price of $0.10. Their fair value was $2,998 which was expensed in 2012. As a result of the 1 for 100 reverse common stock split on March 27, 2013, these warrants are exercisable for 1,000 common shares at a price of $10.00 per share. | |||||
The following table presents the warrant activity during 2013 and 2012: | |||||
Weighted | |||||
Average | |||||
Warrants | Exercise Price | ||||
Outstanding - December 31, 2011 | 18,519 | $5.10 | |||
Granted | 1,000 | $10 | |||
Forfeited/canceled | - | - | |||
Exercised | - | - | |||
Outstanding - December 31, 2012 | 19,519 | $5.64 | |||
Granted | - | ||||
Forfeited/canceled | - | ||||
Exercised | - | ||||
Outstanding- December 31, 2013 | 19,519 | $5.64 | |||
Exercisable - December 31, 2013 | 19,519 | $5.64 | |||
The weighted average remaining life of the outstanding common stock warrants as of December 31, 2013 and 2012 was 0.81 and 1.81 years. The aggregate intrinsic value of the outstanding common stock warrants as of December 31, 2013 and 2012 was $0 for both years. | |||||
During the year ended December 31, 2012: | |||||
- | |||||
the Company issued 23,000 common shares for services valued at $66,700 | |||||
- | |||||
the Company converted $421,500 of notes payable into 412,252 common shares. | |||||
- | |||||
the Company issued 200,000 shares valued at $240,000 to its President for accrued salary | |||||
- | |||||
the Company issued 10,001 common shares in consideration for the extension of maturity dates on notes payable valued at $30,000 which was expensed. The Company also issued 100,000 warrants as sweetener for the extension of the maturity dates. The warrants were valued at $2,998. | |||||
- | |||||
the Company sold 150,000 common shares for cash proceeds of $150,000 | |||||
- | |||||
the Company recognized a loss on conversion of $447,446 | |||||
During the year ended December 31, 2013: | |||||
- | |||||
the Company issued 1,047,864 common shares for services valued at $1,221,360. Of this amount, 42,000 shares were for related parties valued at $69,960 | |||||
- | |||||
the Company issued 1,606,251 common shares to convert $682,250 of principal and $119,324 of interest on notes payable into equity. | |||||
- | |||||
the Company issued 216,198 shares valued at $216,198 to its President for accrued salary and the Company issued 260,000 common shares valued at $82,200 for accrued salary of employees | |||||
- | |||||
the Company issued 151,757 common shares to convert $73,468 of accounts payable | |||||
- | |||||
the Company sold 63,000 common shares for cash proceeds of $63,000 | |||||
- | |||||
the Company issued 60,000 shares as a sweetener for a debt holder valued at $64,286. The relative fair value was recorded as a discount to the note and was fully amortized during the year. | |||||
- | |||||
the Company issued 33 common shares to replace fractional shares as a result of the 100 for 1 reverse stock split dated March 27, 2013 | |||||
- | |||||
the Company recognized a loss on conversion of debt, accrued salaries, and accounts payable of $2,360,727 |
LOAN_PAYABLE_RELATED_PARTY
LOAN PAYABLE - RELATED PARTY | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
LOAN PAYABLE - RELATED PARTY [Abstract] | ' | |||||
LOAN PAYABLE - RELATED PARTY | ' | |||||
NOTE 4- LOAN PAYABLE - RELATED PARTY | ||||||
The Company has an unsecured, loan payable in the form of a line of credit with its CEO. The CEO had provided a line of credit up to $1,000,000 at 4% interest per annum to the Company to cover various expenses and working capital infusions until the Company receives sufficient other funding. This loan has been extended to December 31, 2014. Balance of the loan at December 31, 2013 was $12,287 with accrued interest of $30,463. A reconciliation of the loan is as follows: | ||||||
December | December | |||||
31, | 31, | |||||
2013 | 2012 | |||||
Beginning Balance | $44,187 | $72,496 | ||||
Proceeds | 7,000 | 7,600 | ||||
Payments on accounts payable | 2,000 | - | ||||
Repayments | (30,700) | (35,909) | ||||
Repayment by HE Capital | (4,700) | - | ||||
Stock Conversion | (5,500) | - | ||||
Ending Balance | $12,287 | $44,187 | ||||
LOAN_PAYABLE_OTHER
LOAN PAYABLE - OTHER | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
LOAN PAYABLE - OTHER [Abstract] | ' | ||||||
LOAN PAYABLE - OTHER | ' | ||||||
NOTE 5-LOAN PAYABLE - OTHER | |||||||
The Company at the beginning of the year had three unsecured loans with H. E. Capital, S. A. These loans accrue interest at the rate of 8% per annum. The due dates of the loans were extended to December 31, 2014. Balance of the loans at December 31, 2013 was $616,772 with accrued interest in the amount of $50,473. | |||||||
In 2013, $682,250 of principal and $119,324 of accrued interest was converted into 1,606,251 shares of the Company's common stock which were issued to H. E. Capital, S. A. The conversions occurred at conversion prices lower than the market price at the time resulting in a $2,139,064 loss on debt conversion. Two of the above mentioned loans with H. E. Capital, S. A. were eliminated in the conversions. | |||||||
In 2012, $387,000 of principal was converted into 349,333 shares of the Company's common stock. The conversions occurred at conversion prices lower than the market price at the time resulting in a $437,750 loss on debt conversion. | |||||||
History of the H. E. Capital loans is as follows: | |||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Beginning Balance | $663,250 | $769,750 | |||||
Proceeds | 464,400 | 450,500 | |||||
Consulting fees & liabilities | 136,172 | - | |||||
Joint Venture Investment paid direct | 125,000 | - | |||||
Repayment to related party | 4,700 | - | |||||
Allocation Green Power Energy | (100,000) | ||||||
Repayments | - | (170,000) | |||||
Non-cash conversion | (676,750) | (387,000) | |||||
Ending Balance | $616,772 | $663,250 | |||||
The Company on February 25, 2010 issued a promissory note to an individual in the amount of $20,000 at 10% due on demand. This interest rate was increased to 12% beginning in 2012. The Company repaid $10,000 of this note on August 10, 2010. The Company also repaid $2,500 of this note on April 13, 2011. As of December 31, 2013 and 2012 the loan has an outstanding balance of $7,500 each year and accrued interest in the amount of $4,057 and $3,157, respectively. | |||||||
The Company issued a promissory note on November 15, 2012 to an individual in the amount of $170,000 at 8% due on November 16, 2013. The note was extended to November 15, 2014. This note was reassigned from HE Capital. The Company used the funds to pay off the convertible notes held by Asher Enterprise, Inc. As of December 31, 2013 this loan has an outstanding balance of $170,000 and accrued interest in the amount of $15,314. | |||||||
The Company issued a promissory note on March 19, 2013 to an individual in the amount of $150,000 at 8% due on March 18, 2014. The Company used the funds for working capital. As of December 31, 2013 this loan has an outstanding balance of $150,000 and accrued interest in the amount of $4,356. | |||||||
The Company issued a promissory note in the amount of $171,300 on October 1, 2013 to its attorney in exchange for converting accounts payable. The note accrues interest at 8% and is due on September 30, 2014. As of December 31, 2013 this note has an outstanding balance of $171,300 and accrued interest in the amount of $3,454. | |||||||
SECURED_DEBENTURES
SECURED DEBENTURES | 12 Months Ended |
Dec. 31, 2013 | |
SECURED DEBENTURES [Abstract] | ' |
SECURED DEBENTURES | ' |
NOTE 6-SECURED DEBENTURES | |
On January 24, 2011, the Company entered into a series of securities purchase agreements with accredited investors (the "Investors"), pursuant to which the Company sold an aggregate of $380,000 in 12% secured debentures (the "Debentures"). Legend Securities, Inc. a broker dealer which is a member of FINRA, received a commission of $45,600 and 19,000 warrants at an exercise price of $0.40 in connection with the sale of the Debentures. The Debentures were initially due at the earlier of 6 months from the date of issuance or upon the Company receiving gross proceeds from subsequent financings in the aggregate amount of $1,000,000. The Debentures bear interest at the rate of 12% per annum, payable upon maturity. The Debentures are secured by the assets of the Company pursuant to security agreements entered into between the Company and the Investors. As a result of the 1 for 100 reverse common stock split on March 27, 2013, these warrants are exercisable for 190 common shares at a price of $40.00 per share. | |
On July 21, 2011, the Secured Debentures were extended an additional six months to a new maturity date of January 24, 2012. All other original terms remained the same. The Company issued to the Investors an additional 380,000 shares of common stock in exchange for granting the extension. These shares were valued at $38,000 on July 25, 2011, the first day of the extension. This amount was treated as additional interest to the investors and was expensed. The extension and modification to the Secured Debentures did not constitute a material modification under ASC 470-50. The Company issued the shares were to the Investors on December 7, 2011. | |
The Company also issued to the Investors on January 24, 2011 five-year warrants to purchase an aggregate of 190,000 shares of common stock at an exercise price of $0.40, which may be exercised on a cashless basis. As a result of the 1 for 100 reverse common stock split on March 27, 2013, these warrants are exercisable for 1,900 common shares at a price of $40.00 per share. | |
The $380,000 in proceeds from the financing transaction was allocated to the debt features and the warrants based upon their fair values. The value of the warrants ($123,120) was recorded as a debt discount on the secured debentures. This discount has been fully amortized as of December 31, 2011. | |
The estimated fair value of the 190,000 warrants to the investors at issuance on January 24, 2011 was $141,362. The estimated fair value of the warrants was determined using the Black-Scholes option-pricing model and the assumptions described in Note 3. As a result of the 1 for 100 reverse common stock split on March 27, 2013, these warrants are exercisable for 1,900 common shares at a price of $40.00 per share. | |
On February 2, 2012, the Company issued 10,001 shares of common stock valued at $30,000 to the Secured Debenture Holders for extending the maturity date of the debentures to September 24, 2012. The Company by direction of Legend Securities, Inc. also issued to the holders of the Secured Debentures five-year warrants to purchase 100,000 shares of common stock at an exercise price of $0.10 per share which said warrants were originally issued to certain employees of Legend Securities, Inc. per a previous Legend Agreement. The warrants were issued to the holders of the Secured Debentures simultaneously with the issuance of the above mentioned stock and were valued at $2,998. As a result of the 1 for 100 reverse common stock split on March 27, 2013, these warrants are exercisable for 1,000 common shares at a price of $10.00 per share. | |
On April 27, 2012, the debenture lien holders were paid $75,000 in the completion of the asset purchase agreement agreed to on December 15, 2011 for the sale of the Riverbank inventory and permits. The $75,000 was carried on the books at December 31, 2011as Other Assets for the benefit of the debenture lien holders. | |
The balance of these Debentures on December 31, 2013 was $305,000. The interest for the year ended December 31, 2013 was $37,108 and accrued as of December 31, 2013 (12%) was $125,793. These notes were in default at year end | |
PROVISION_FOR_INCOME_TAXES
PROVISION FOR INCOME TAXES | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
PROVISION FOR INCOME TAXES [Abstract] | ' | ||||
PROVISION FOR INCOME TAXES | ' | ||||
NOTE 7-PROVISION FOR INCOME TAXES | |||||
Deferred income taxes are determined using the liability method for the temporary differences between the financial reporting basis and income tax basis of the Company's assets and liabilities. Deferred income taxes are measured based on the tax rates expected to be in effect when the temporary differences are included in the Company's tax return. Deferred tax assets and liabilities are recognized based on anticipated future tax consequences attributable to differences between financial statement carrying amounts of assets and liabilities and their respective tax bases. Availability of loss usage is subject to change of ownership limitations under Internal Revenue Code 382. | |||||
Net Deferred Tax Assets consisted of the following components as of December 31, 2013 and 2012: | |||||
Deferred Tax Assets: | 2013 | 2012 | |||
NOL Carryover | $3,024,158 | $2,439,144 | |||
Valuation allowance | -3,024,158 | -2,439,144 | |||
$ - | $ - | ||||
The income tax provision differs from the amount of income tax determined by applying the U.S. Federal Income tax rate to pretax income from continuing operations for the years ended December 31, 2013 and 2012. | |||||
At December 31, 2013, the Company had a net operating loss carry forward in the amount of approximately $8,900,000 available to offset future taxable income through 2033. The Company established valuation allowances equal to the full amount of the deferred tax assets due to the uncertainty of the utilization of the operating losses in future periods. |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2013 | |
COMMITMENTS [Abstract] | ' |
COMMITMENTS | ' |
NOTE 8-COMMITMENTS | |
During 2013, the Company entered into an agreement with Black Lion Oil Limited (Black Lion) whose primary focus is on emerging energy technology with broad applications. Under the agreement, the Company granted to Black Lion exclusive rights to the waste to oil process in specific territories outside of the United States. In return Black Lion paid $100,000 in cash to the Company as a fee and agreed to pay the Company royalties amounting to ten percent (10.0%) of Black Lion's gross sales. The Company used the fee for working capital. | |
On June 1, 2013 the Company signed a three year lease for office space and opened its corporate offices in Oakdale, CA. The office is staffed by the CEO, COO and two office personnel. The office space is approximately 3,300 sq ft. The lease calls for lease payments in the amount of $3,300 per month the first year, $3,738 per month the 2nd year and $3,841 per month the 3rd year. |
JOINT_VENTURE_AGREEMENT_WITH_P
JOINT VENTURE AGREEMENT WITH PETROSONICS, LLC. AND ITS TERMINATION | 12 Months Ended |
Dec. 31, 2013 | |
JOINT VENTURE AGREEMENT WITH PETROSONICS, LLC. AND ITS TERMINATION [Abstract] | ' |
JOINT VENTURE AGREEMENT WITH PETROSONICS, LLC. AND ITS TERMINATION | ' |
NOTE 9-JOINT VENTURE AGREEMENT WITH PETROSONICS, LLC. AND ITS TERMINATION | |
On May 27, 2013, the Company entered into a joint venture agreement with Petrosonics, LLC. Pursuant to the Joint Venture Agreement, the parties agreed to the formation of an Irish registered company for the purpose of researching, development, manufacture and commercialization of oil-industry corroborated processes that remove sulfur from crude oil and refined fuels on a worldwide basis. The Company agreed to make a capital contribution of $14,000,000 (including $2,000,000 which the Company agreed to contribute within 30 days of execution of the Joint Venture Agreement, and an additional $12,000,000 which the Company agreed to contribute within 180 days of execution of the Joint Venture Agreement to the Joint Venture Company for a 51% interest. Petrosonics agreed to contribute certain intellectual property to the Joint Venture Company for a 49% interest. During the Company's due diligence production, it incurred various delays which resulted in funding deferments. The parties agreed to terminate the initial Joint Venture Agreement, effective as of September 3, 2013, with the understanding that a new Joint Venture Agreement may be entered into at a later date. The parties have also agreed verbally to enter into a termination agreement wherein the Company will be reimbursed a portion of the funds raised in exchange for a release of the IP that was assigned in advance to the entity formed for the Joint Venture. The Company had invested $318,000 into the agreement before its termination. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2013 | |
SUBSEQUENT EVENTS [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE 10-SUBSEQUENT EVENTS | |
During the months of January and February 2014 the Company issued the following:. | |
- | |
2,069,016 common shares to convert $513,800 of notes payable into equity. | |
- | |
44,312 to a nonrelated party to settle $18,234 in accounts payable | |
- | |
10,000 shares to a vendor | |
- | |
50,000 shares to an employee | |
- | |
15,000 shares for the exercise of a warrant by a related party |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' |
Principles of Consolidation | ' |
Principles of Consolidation | |
The consolidated financial statements include the accounts of the Company and its interest in a joint venture which had no operations for the year. Intercompany balances and transactions have been eliminated for this joint venture. | |
Development Stage Company | ' |
Development Stage Company | |
The Company is considered to be in the development stage as defined in ASC 915, "Accounting and Reporting by Development Stage Enterprises". The Company has devoted substantially all of its efforts to the corporate formation and the raising of capital. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
The Company considers all highly liquid debt instruments and other short-term investments with maturity of three months or less, when purchased, to be cash equivalents. | |
The Company maintains cash and cash equivalent balances at one financial institution that is insured by the Federal Deposit Insurance Corporation. | |
Fixed Assets | ' |
Fixed Assets | |
Fixed assets are stated at cost, less accumulated depreciation. Depreciation is provided using the straight-line method over the estimated useful lives of the related assets. Costs of maintenance and repairs will be charged to expense as incurred. The Company through December 31, 2013, incurred some engineering and design costs on a facility they are planning to build or purchase to refurbish. All of these costs are non-depreciable until the facility is in service. | |
Recoverability of Long-Lived Assets | ' |
Recoverability of Long-Lived Assets | |
The Company reviews long-lived assets on a periodic basis whenever events and changes in circumstances have occurred which may indicate a possible impairment. The assessment for potential impairment will be based primarily on the Company's ability to recover the carrying value of its long-lived assets from expected future cash flows from its operations on an undiscounted basis. | |
If such assets are determined to be impaired, the impairment recognized is the amount by which the carrying value of the assets exceeds the fair value of the assets. Fixed assets to be disposed of by sale will be carried at the lower of the then current carrying value or fair value less estimated costs to sell. | |
Income Taxes | ' |
Income Taxes | |
The Company accounts for income taxes utilizing the liability method of accounting. Under the liability method, deferred taxes are determined based on differences between financial statement and tax bases of assets and liabilities at enacted tax rates in effect in years in which differences are expected to reverse. Valuation allowances are established, when necessary, to reduce deferred tax assets to amounts that are expected to be realized. | |
(Loss) Per Share of Common Stock | ' |
(Loss) Per Share of Common Stock | |
Basic net loss per common share is computed using the weighted average number of common shares outstanding. Diluted earnings per share (EPS) include additional dilution from common stock equivalents, such as stock issuable pursuant to the exercise of stock options and warrants. Common stock equivalents are not included in the computation of diluted earnings per share when the Company reports a loss because to do so would be anti-dilutive for periods presented. | |
Intangible Assets | ' |
Intangible Assets | |
ASC 350 requires that intangible assets with finite useful lives be amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment in accordance with ASC 360, "Accounting for the Impairment or Disposal of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of." The Company's assessment for impairment of assets involves estimating the undiscounted cash flows expected to result from use of the asset and its eventual disposition. An impairment loss recognized is measured as the amount by which the carrying amount of the asset exceeds the fair value of the asset, and considers year-end the date for its annual impairment testing, unless information during the year becomes available that requires an earlier evaluation of impairment testing. | |
Stock-Based Awards | ' |
Stock-Based Awards | |
The Company measures the cost of employee services received in exchange for an award of equity instruments, including stock options, based on the grant-date fair value of the award and recognizes it as compensation expense over the period the employee is required to provide service in exchange for the award, usually the vesting period. The Company estimates the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company's statement of operations. The forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. For the fiscal periods ended December 31, 2013 and 2012, the Company's estimated forfeiture rate is 0% based on the Company's historical experience. There were 0 stock options granted to employees during the years ended December 31, 2013 and 2012. | |
During the fiscal periods ended December 31, 2013 and 2012, the Company granted common stock warrants to investors, lenders and certain officers as discussed in Note 3. The fair value of stock warrants issued in conjunction with the issuance of common stock is recorded against common stock as stock issuance cost. The fair value of stock warrants issued in conjunction with notes payable is recognized as a discount on the related debt and amortized to interest expense over the term to maturity. | |
The fair value of stock-based awards to employees and directors is calculated using the Black-Scholes-Merton pricing model. The Black-Scholes-Merton model requires subjective assumptions regarding future stock price volatility and expected time to exercise, which greatly affect the calculated values. The expected term of options granted is derived from historical data on employee exercises and post-vesting employment termination behavior. The risk-free rate selected to value any particular grant is based on the U.S. Treasury rate that corresponds to the pricing term of the grant effective as of the date of the grant. The expected volatility is based on the historical volatility of the common stock of comparable publicly traded companies. In making this determination and finding another similar company, the Company considered the industry, stage of life cycle, size and financial leverage of such other entities. These factors could change in the future, affecting the determination of stock-based compensation expense in future periods. | |
Fair Value Measurements | ' |
Fair Value Measurements | |
The Company adopted certain provisions of ASC Topic 820. ASC 820 defines fair value, provides a consistent framework for measuring fair value under generally accepted accounting principles and expands fair value financial statement disclosure requirements. ASC 820's valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. ASC 820 classifies these inputs into the following hierarchy: | |
Level 1 inputs: Quoted prices for identical instruments in active markets. | |
Level 2 inputs: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. | |
Level 3 inputs: Instruments with primarily unobservable value drivers. | |
Recent Issued Accounting Standards | ' |
Recent Issued Accounting Standards | |
There were updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to have a material impact on the Company's financial position, results of operations or cash flows. |
STOCKHOLDERS_EQUITY_DEFICIT_Ta
STOCKHOLDERS' EQUITY (DEFICIT) (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
STOCKHOLDERS' EQUITY (DEFICIT) [Abstract] | ' | ||||
Schedule of Assumptions Used to Value Warrants | ' | ||||
The key inputs in determining grant date fair value are as follows: | |||||
Period | |||||
Ended December 31, | |||||
2012 | |||||
Risk-free interest rate | -1.18% | ||||
Dividend yield | 0.00% | ||||
Expected volatility | 374.53% | ||||
Expected term (in years) | 5 | ||||
Weighted average grant date fair value of warrants granted during the period | $0.10 | ||||
Schedule of Warrants | ' | ||||
The following table presents the warrant activity during 2013 and 2012: | |||||
Weighted | |||||
Average | |||||
Warrants | Exercise Price | ||||
Outstanding - December 31, 2011 | 18,519 | $5.10 | |||
Granted | 1,000 | $10 | |||
Forfeited/canceled | - | - | |||
Exercised | - | - | |||
Outstanding - December 31, 2012 | 19,519 | $5.64 | |||
Granted | - | ||||
Forfeited/canceled | - | ||||
Exercised | - | ||||
Outstanding- December 31, 2013 | 19,519 | $5.64 | |||
Exercisable - December 31, 2013 | 19,519 | $5.64 |
LOAN_PAYABLE_RELATED_PARTY_Tab
LOAN PAYABLE - RELATED PARTY (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
LOAN PAYABLE - OTHER [Abstract] | ' | |||||
Schedule of Loan Payable - Related Party | ' | |||||
A reconciliation of the loan is as follows: | ||||||
December | December | |||||
31, | 31, | |||||
2013 | 2012 | |||||
Beginning Balance | $44,187 | $72,496 | ||||
Proceeds | 7,000 | 7,600 | ||||
Payments on accounts payable | 2,000 | - | ||||
Repayments | (30,700) | (35,909) | ||||
Repayment by HE Capital | (4,700) | - | ||||
Stock Conversion | (5,500) | - | ||||
Ending Balance | $12,287 | $44,187 | ||||
LOAN_PAYABLE_OTHER_Tables
LOAN PAYABLE - OTHER (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
LOAN PAYABLE - OTHER [Abstract] | ' | ||||||
Schedule of Loans Payable | ' | ||||||
History of the H. E. Capital loans is as follows: | |||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Beginning Balance | $663,250 | $769,750 | |||||
Proceeds | 464,400 | 450,500 | |||||
Consulting fees & liabilities | 136,172 | - | |||||
Joint Venture Investment paid direct | 125,000 | - | |||||
Repayment to related party | 4,700 | - | |||||
Allocation Green Power Energy | (100,000) | ||||||
Repayments | - | (170,000) | |||||
Non-cash conversion | (676,750) | (387,000) | |||||
Ending Balance | $616,772 | $663,250 | |||||
PROVISION_FOR_INCOME_TAXES_Tab
PROVISION FOR INCOME TAXES (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
PROVISION FOR INCOME TAXES [Abstract] | ' | ||||
Schedule of Deferred Tax Assets | ' | ||||
Net Deferred Tax Assets consisted of the following components as of December 31, 2013 and 2012: | |||||
Deferred Tax Assets: | 2013 | 2012 | |||
NOL Carryover | $3,024,158 | $2,439,144 | |||
Valuation allowance | -3,024,158 | -2,439,144 | |||
$ - | $ - | ||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Options [Member] | ' | ' |
Stock-based Compensation | ' | ' |
Stock options granted | ' | ' |
Warrants [Member] | ' | ' |
Stock-based Compensation | ' | ' |
Stock options granted | ' | 1,000 |
STOCKHOLDERS_EQUITY_DEFICIT_Pr
STOCKHOLDERS' EQUITY (DEFICIT) (Preferred Stock and Common Stock) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 63 Months Ended | |||
Feb. 28, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | ' | 25,000,000 | 25,000,000 | ' | ' | 25,000,000 |
Preferred stock, par value per share | ' | $0.00 | $0.00 | ' | ' | $0.00 |
Preferred stock, shares issued | ' | 0 | 0 | ' | ' | 0 |
Preferred stock, shares outstanding | ' | 0 | 0 | ' | ' | 0 |
Common stock, shares authorized | ' | 250,000,000 | 250,000,000 | ' | ' | 250,000,000 |
Common stock, par value per share | ' | $0.00 | $0.00 | ' | ' | $0.00 |
Common stock, shares outstanding | ' | 5,904,688 | 2,499,585 | ' | ' | 5,904,688 |
Stock split ratio | ' | 100 | ' | ' | ' | ' |
Common shares issued for services | ' | $1,221,360 | $66,700 | ' | ' | ' |
Common shares issued for services, shares | ' | 1,047,864 | 23,000 | ' | ' | ' |
Conversion of notes payable and liabilities to common stock, shares | ' | 1,606,251 | 412,252 | ' | ' | ' |
Conversion of notes payable and liabilities to common stock | ' | 801,574 | 421,500 | 563,400 | 1,006,488 | ' |
Conversion of accrued salary to common shares, shares | ' | ' | 200,000 | ' | ' | ' |
Conversion of accrued salary to common shares | ' | 298,398 | 240,000 | ' | ' | ' |
Number of shares issued for cash | ' | 63,000 | 150,000 | ' | ' | ' |
Issuance of stock for cash | ' | 63,000 | 150,000 | ' | ' | 293,000 |
Common shares issued for debt extensions, shares | ' | ' | 10,001 | ' | ' | ' |
Common shares issued for debt extensions | 30,000 | ' | 30,000 | 1,900 | ' | ' |
Warrants issued to secured debenture holders | ' | ' | 2,998 | 123,120 | ' | ' |
Conversion of accounts payable to common shares | ' | 73,468 | ' | ' | ' | ' |
Conversion of accounts payable to common shares, shares | ' | 151,757 | ' | ' | ' | ' |
Common shares issued as sweeteners for debt | ' | 64,286 | ' | ' | ' | ' |
Common shares issued as sweeteners for debt, shares | ' | 60,000 | ' | ' | ' | ' |
Common shares issued for fractional shares resulting from 1 for 100 reverse stock split effective March 27, 2013 | ' | 33 | ' | ' | ' | ' |
Loss on debt conversion | ' | -2,360,727 | -447,446 | ' | ' | -2,950,973 |
Related Party [Member] | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Common shares issued for services | ' | 69,960 | ' | ' | ' | ' |
Common shares issued for services, shares | ' | 42,000 | ' | ' | ' | ' |
Warrants [Member] | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Number of warrants issued | ' | ' | 100,000 | ' | ' | ' |
Principal Portion of Debt Conversion [Member] | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Conversion of notes payable and liabilities to common stock, shares | ' | ' | 349,333 | ' | ' | ' |
Conversion of notes payable and liabilities to common stock | ' | 682,250 | 387,000 | ' | ' | ' |
Interest Portion of Debt Conversion [Member] | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Conversion of notes payable and liabilities to common stock | ' | 119,324 | ' | ' | ' | ' |
Equity Issuance One [Member] | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Conversion of accrued salary to common shares, shares | ' | 216,198 | ' | ' | ' | ' |
Conversion of accrued salary to common shares | ' | 216,198 | ' | ' | ' | ' |
Equity Issuance Two [Member] | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Conversion of accrued salary to common shares, shares | ' | 260,000 | ' | ' | ' | ' |
Conversion of accrued salary to common shares | ' | $82,200 | ' | ' | ' | ' |
STOCKHOLDERS_EQUITY_DEFICIT_Sc
STOCKHOLDERS' EQUITY (DEFICIT) (Schedule of Assumptions Used) (Details) (Warrants [Member], USD $) | 12 Months Ended |
Dec. 31, 2012 | |
Warrants [Member] | ' |
The following are the data and assumptions used: | ' |
Risk-free interest rate | -1.18% |
Dividend yield | 0.00% |
Expected volatility | 374.53% |
Expected term (in years) | '5 years |
Weighted average grant date fair value of warrants granted during the period | $0.10 |
STOCKHOLDERS_EQUITY_DEFICIT_Wa
STOCKHOLDERS' EQUITY (DEFICIT) (Warrants) (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 02, 2012 | |
STOCKHOLDERS' EQUITY (DEFICIT) [Abstract] | ' | ' | ' | ' |
Total unrecognized compensation expense related to nonvested share-based compensation arrangements | ' | ' | ' | ' |
Pricing model used in calculation of fair value | ' | 'Black-Scholes | ' | ' |
Warrants [Member] | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Line Items | ' | ' | ' | ' |
Number of warrants issued | 100,000 | ' | ' | ' |
Warrant term | '5 years | ' | ' | ' |
Exercise price of warrants | ' | ' | ' | 0.1 |
Value of warrants | ' | ' | ' | 2,998 |
Number of shares covered by warrants | ' | ' | ' | 1,000 |
Value per unit | $10 | ' | ' | ' |
Weighted average remaining life of outstanding common stock warrants | ' | '9 months 22 days | '1 year 9 months 22 days | ' |
Intrinsic value | ' | ' | ' | ' |
STOCKHOLDERS_EQUITY_DEFICIT_Sc1
STOCKHOLDERS' EQUITY (DEFICIT) (Schedule of Warrants) (Details) (Warrants [Member], USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Warrants [Member] | ' | ' |
Warrants | ' | ' |
Outstanding, beginning balance | 19,519 | 18,519 |
Granted | ' | 1,000 |
Forfeited/canceled | ' | ' |
Exercised | ' | ' |
Outstanding, ending balance | 19,519 | 19,519 |
Exercisable - December 31, 2013 | 19,519 | ' |
Weighted Average Exercise Price | ' | ' |
Outstanding, beginning balance | $5.64 | $5.10 |
Granted | ' | $10 |
Forfeited/canceled | ' | ' |
Exercised | ' | ' |
Outstanding, ending balance | $5.64 | $5.64 |
Exercisable - December 31, 2013 | $5.64 | ' |
LOAN_PAYABLE_RELATED_PARTY_Det
LOAN PAYABLE - RELATED PARTY (Details) (USD $) | 12 Months Ended | 63 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ' | ' | ' |
Stock Conversion | ($801,574) | ($421,500) | ($2,535,612) |
Chief Executive Officer [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Amount of line of credit | 1,000,000 | ' | 1,000,000 |
Interest rate | 4.00% | ' | ' |
Line of credit, expiration date | 31-Dec-14 | ' | ' |
Beginning Balance | 44,187 | 72,496 | ' |
Proceeds | 7,000 | 7,600 | ' |
Payments on accounts payable | 2,000 | ' | ' |
Repayments | -30,700 | -35,909 | ' |
Repayment by HE Capital | -4,700 | ' | ' |
Stock Conversion | -5,500 | ' | ' |
Ending Balance | 12,287 | 44,187 | 12,287 |
Accrued Interest | $30,463 | ' | $30,463 |
LOAN_PAYABLE_OTHER_Details
LOAN PAYABLE - OTHER (Details) (USD $) | 12 Months Ended | 63 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Apr. 30, 2011 | Aug. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 25, 2010 | Nov. 30, 2012 | Dec. 31, 2013 | Nov. 15, 2012 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 19, 2013 | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Principal Portion Of Debt Conversion [Member] | Principal Portion Of Debt Conversion [Member] | Interest Portion Of Debt Conversion [Member] | Promissory Note to Individual One [Member] | Promissory Note to Individual One [Member] | Promissory Note to Individual One [Member] | Promissory Note to Individual One [Member] | Promissory Note to Individual One [Member] | Promissory Note to Individual Two [Member] | Promissory Note to Individual Two [Member] | Promissory Note to Individual Two [Member] | Promissory Note to Individual Three [Member] | Promissory Note to Individual Three [Member] | Promissory Note to Individual Three [Member] | Promissory Note to Attorney [Member] | Promissory Note to Attorney [Member] | Loans Payable [Member] | Loans Payable [Member] | ||||||
Short-term Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | 10.00% | ' | ' | 8.00% | ' | ' | 8.00% | 8.00% | ' | 8.00% | ' |
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16-Nov-13 | 15-Nov-14 | ' | 18-Mar-14 | ' | ' | 30-Sep-14 | ' | 31-Dec-14 | ' |
Accrued Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,057 | $3,157 | ' | ' | $15,314 | ' | ' | $4,356 | ' | ' | $3,454 | $50,473 | ' |
Conversion of notes payable and liabilities to common stock | 801,574 | 421,500 | 563,400 | 1,006,488 | ' | 682,250 | 387,000 | 119,324 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of notes payable and liabilities to common stock, shares | 1,606,251 | 412,252 | ' | ' | ' | ' | 349,333 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on debt conversion | -2,139,064 | -437,750 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500 | 7,500 | ' | ' | ' | ' | ' | 150,000 | ' | ' | 171,300 | 663,250 | 769,750 |
Proceeds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 464,400 | 450,500 |
Consulting fees & liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 136,172 | ' |
Joint Venture Investment paid direct | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000 | ' |
Repayment to related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,700 | ' |
Allocation Green Power Energy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -100,000 | ' |
Repayments | ' | ' | ' | ' | ' | ' | ' | ' | -2,500 | -10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -170,000 |
Non-cash conversion | -801,574 | -421,500 | ' | ' | -2,535,612 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -676,750 | -387,000 |
Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500 | 7,500 | ' | ' | 170,000 | ' | ' | 150,000 | ' | ' | 171,300 | 616,772 | 663,250 |
Amount of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20,000 | ' | ' | $170,000 | ' | ' | $150,000 | $171,300 | ' | ' | ' |
SECURED_DEBENTURES_Details
SECURED DEBENTURES (Details) (USD $) | 1 Months Ended | 12 Months Ended | 63 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||
Feb. 28, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Feb. 28, 2012 | Feb. 02, 2012 | Jan. 31, 2011 | Feb. 28, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Apr. 30, 2012 | Dec. 31, 2011 | Jul. 31, 2011 | Jan. 31, 2011 | Dec. 31, 2013 | Mar. 27, 2013 | Jan. 24, 2011 | Mar. 31, 2013 | Jan. 31, 2011 | Mar. 27, 2013 | Jan. 24, 2011 | |
Warrants [Member] | Warrants [Member] | Debt Holders [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Secured Debentures [Member] | Secured Debentures [Member] | Secured Debentures [Member] | Secured Debentures [Member] | Secured Debentures [Member] | Secured Debentures [Member] | Secured Debentures [Member] | Secured Debentures [Member] | Secured Debentures [Member] | Secured Debentures [Member] | Secured Debentures [Member] | Secured Debentures [Member] | |||||||
Warrants [Member] | Warrants [Member] | Warrants [Member] | Warrants [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $380,000 | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | 12.00% | ' | ' | ' | ' |
Commission paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,600 | ' | ' | ' | ' | ' | ' | ' |
Number of warrants issued | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,000 | ' | ' | ' | ' | ' | ' | ' |
Number of shares covered by warrants | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 190 | ' | ' | ' | 1,900 | 190,000 |
Warrant term | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' |
Exercise price of warrants | ' | ' | ' | ' | ' | ' | ' | 0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | ' | ' | ' | 0.4 |
Value per unit | ' | ' | ' | ' | ' | ' | $10 | ' | ' | ' | ' | ' | $40 | ' | ' | ' | ' | ' | ' | ' | $40 | ' | ' | ' |
Gross proceeds from subsequent financings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' |
Debt discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 123,120 | ' | ' | ' | ' |
Common shares issued for debt extensions, shares | ' | ' | ' | 10,001 | ' | ' | ' | ' | ' | 10,001 | 10,001 | 3,800 | ' | ' | ' | 380,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares issued for debt extensions | 30,000 | ' | ' | 30,000 | 1,900 | ' | ' | ' | ' | ' | 10 | 4 | ' | ' | ' | 38,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Value of warrants issued to investors | ' | ' | ' | ' | ' | ' | ' | ' | 141,362 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of warrants | ' | ' | ' | ' | ' | ' | ' | 2,998 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expense recorded | ' | ' | 1,221,360 | 66,700 | ' | 3,946,209 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash outflow resulting in increase in Other Assets | ' | -75,000 | 5,335 | -70,216 | ' | 272,009 | ' | ' | ' | ' | ' | ' | ' | 75,000 | 75,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured debentures payable | ' | 380,000 | 305,000 | 305,000 | 380,000 | 305,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | 122,514 | 122,297 | ' | 439,679 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,108 | ' | ' | ' | ' | ' | ' |
Accrued Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $125,793 | ' | ' | ' | ' | ' | ' |
Stock split ratio | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pricing model used in calculation of fair value | ' | ' | 'Black-Scholes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
PROVISION_FOR_INCOME_TAXES_Det
PROVISION FOR INCOME TAXES (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Deferred Tax Assets: | ' | ' |
NOL Carryover | $3,024,158 | $2,439,144 |
Valuation allowance | -3,024,158 | -2,439,144 |
Deferred tax assets | ' | ' |
Net operating loss carry-forwards | $8,900,000 | ' |
Expiration of net operating loss carry-forwards | 31-Dec-33 | ' |
COMMITMENTS_Details
COMMITMENTS (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
COMMITMENTS [Abstract] | ' |
Fee owed from Black Lion under joint venture agreement | $100,000 |
Royalty percentage owed from Black Lion under joint venture agreement | 10.00% |
The monthly lease payment owed for office space in year one | 3,300 |
The monthly lease payment owed for office space in year two | 3,738 |
The monthly lease payment owed for office space in year three | $3,841 |
JOINT_VENTURE_AGREEMENT_WITH_P1
JOINT VENTURE AGREEMENT WITH PETROSONICS, LLC. AND ITS TERMINATION (Details) (Petrosonics, LLC [Member], USD $) | 3 Months Ended | 12 Months Ended | |
Sep. 03, 2013 | Dec. 31, 2013 | 27-May-13 | |
Petrosonics, LLC [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
The total amount the company agreed to contribute to the joint venture before agreement was terminated | ' | ' | $14,000,000 |
The total amount the company agreed to contribute within 30 days of execution of the Joint Venture Agreement | ' | ' | 2,000,000 |
The total amount the company agreed to contribute within 180 days of executionof the Joint Venture Agreement | ' | ' | 12,000,000 |
Ownership interest in joint venture | ' | ' | 51.00% |
Effective date of termination of joint venture | ' | 3-Sep-13 | ' |
Capital contributed to joint venture before termination | $318,000 | ' | ' |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (USD $) | 12 Months Ended | 2 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 28, 2014 | |
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Conversion of notes payable and liabilities to common stock | $801,574 | $421,500 | $563,400 | $1,006,488 | $513,800 |
Conversion of notes payable and liabilities to common stock, shares | 1,606,251 | 412,252 | ' | ' | 2,069,016 |
Conversion of accounts payable to common shares | $73,468 | ' | ' | ' | $18,234 |
Conversion of accounts payable to common shares, shares | 151,757 | ' | ' | ' | 44,312 |
Stock issued to a vendor, shares | 1,047,864 | 23,000 | ' | ' | 10,000 |
Stock issued to an employee, shares | ' | ' | ' | ' | 50,000 |
Stock issued to related party for the exercise of a warrant, shares | ' | ' | ' | ' | 15,000 |