Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 26, 2015 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Entity Registrant Name | CLEARSIGN COMBUSTION CORP | ||
Entity Central Index Key | 1434524 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Smaller Reporting Company | ||
Trading Symbol | CLIR | ||
Entity Common Stock, Shares Outstanding | 12,671,476 | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
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 Public Float | $70,900,000 |
Balance_Sheets
Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Current Assets: | ||
Cash and cash equivalents | $1,845,000 | $2,688,000 |
Prepaid expenses | 109,000 | 118,000 |
Total current assets | 1,954,000 | 2,806,000 |
Fixed assets, net | 263,000 | 427,000 |
Patents and other intangible assets, net | 2,372,000 | 1,459,000 |
Other assets | 10,000 | 10,000 |
Total Assets | 4,599,000 | 4,702,000 |
Current Liabilities: | ||
Accounts payable | 253,000 | 297,000 |
Accrued compensation and taxes | 982,000 | 586,000 |
Total current liabilities | 1,235,000 | 883,000 |
Long Term Liabilities: | ||
Long-term accrued compensation and taxes | 372,000 | 0 |
Deferred rent | 33,000 | 31,000 |
Total liabilities | 1,640,000 | 914,000 |
Commitments | ||
Stockholders' Equity: | ||
Preferred stock, $0.0001 par value, zero shares issued and outstanding | 0 | 0 |
Common stock, $0.0001 par value, 9,681,476 and 8,810,674 shares issued and outstanding at December 31, 2014 and 2013, respectively | 1,000 | 1,000 |
Additional paid-in capital | 24,218,000 | 17,751,000 |
Accumulated deficit | -21,260,000 | -13,964,000 |
Total stockholders' equity | 2,959,000 | 3,788,000 |
Total Liabilities and Stockholders' Equity | $4,599,000 | $4,702,000 |
Balance_Sheets_Parenthetical
Balance Sheets [Parenthetical] (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares issued | 9,681,476 | 8,810,674 |
Common stock, shares outstanding | 9,681,476 | 8,810,674 |
Statements_of_Operations
Statements of Operations (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Co-development revenue | $0 | $93,000 |
Cost of co-development revenue | 0 | 88,000 |
Gross profit | 0 | 5,000 |
Operating expenses: | ||
Research and development | 2,217,000 | 1,851,000 |
General and administrative | 5,084,000 | 3,450,000 |
Total operating expenses | 7,301,000 | 5,301,000 |
Loss from operations | -7,301,000 | -5,296,000 |
Other income: | ||
Interest income | 5,000 | 11,000 |
Net Loss | ($7,296,000) | ($5,285,000) |
Net Loss per share - basic and fully diluted (in dollars per share) | ($0.77) | ($0.60) |
Weighted average number of shares outstanding - basic and fully diluted (in shares) | 9,507,185 | 8,795,810 |
Statement_of_Stockholders_Equi
Statement of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Balances at Dec. 31, 2012 | $8,636,000 | $1,000 | $17,314,000 | ($8,679,000) |
Balances (in shares) at Dec. 31, 2012 | 8,752,015 | |||
Shares issued for services | 150,000 | 0 | 150,000 | 0 |
Shares issued for services (in shares) | 30,000 | |||
Shares issued for services one | 102,000 | 0 | 102,000 | 0 |
Shares issued for services one (in shares) | 11,250 | |||
Shares issued upon exercise of warrant ($2.20 per share) | 39,000 | 0 | 39,000 | 0 |
Shares issued upon exercise of warrant ($2.20 per share) (in shares) | 17,409 | |||
Share based compensation | 146,000 | 0 | 146,000 | 0 |
Share based compensation (in shares) | 0 | |||
Net loss | -5,285,000 | 0 | 0 | -5,285,000 |
Balances at Dec. 31, 2013 | 3,788,000 | 1,000 | 17,751,000 | -13,964,000 |
Balances (in shares) at Dec. 31, 2013 | 8,810,674 | |||
Shares issued for services | 222,000 | 0 | 222,000 | 0 |
Shares issued for services (in shares) | 21,625 | |||
Shares issued in registered direct offering ($8.00 per share) | 6,500,000 | 0 | 6,500,000 | 0 |
Shares issued in registered direct offering ($8.00 per share) (in shares) | 812,500 | |||
Issuance costs of registered direct offering | -812,000 | 0 | -812,000 | 0 |
Share based payments of warrants | 92,000 | 0 | 92,000 | 0 |
Shares issued upon exercise of options ($2.20 per share) | 35,000 | 0 | 35,000 | 0 |
Shares issued upon exercise of options ($2.20 per share) (in shares) | 23,337 | |||
Shares issued upon exercise of options ($4.88 per share) | 65,000 | 0 | 65,000 | 0 |
Shares issued upon exercise of options ($4.88 per share) (in shares) | 13,340 | |||
Share based compensation | 365,000 | 0 | 365,000 | 0 |
Share based compensation (in shares) | 0 | |||
Net loss | -7,296,000 | 0 | 0 | -7,296,000 |
Balances at Dec. 31, 2014 | $2,959,000 | $1,000 | $24,218,000 | ($21,260,000) |
Balances (in shares) at Dec. 31, 2014 | 9,681,476 |
Statement_of_Stockholders_Equi1
Statement of Stockholders' Equity [Parenthetical] (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Common stock for services per share issue | $10.26 | $5 |
Common stock for services per share issue one | $9.12 | |
Stock issued in registered direct offering price per share | $8 | |
Shares issued upon exercise of warrant | $2.20 | |
Stock issued during period par value exercise of options | $2.20 | |
Stock issued during period par value exercise of options one | $4.88 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | ||
Net loss | ($7,296,000) | ($5,285,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Common stock issued for services | 222,000 | 252,000 |
Share based payments | 365,000 | 146,000 |
Depreciation and Amortization | 243,000 | 209,000 |
Abandonment of capitalized patents | 262,000 | 4,000 |
Deferred rent | 2,000 | -4,000 |
Change in operating assets and liabilities: | ||
Prepaid expenses | 9,000 | -58,000 |
Accounts payable | -44,000 | 21,000 |
Accrued compensation | 768,000 | 418,000 |
Net cash used in operating activities | -5,469,000 | -4,297,000 |
Cash flows from investing activities: | ||
Acquisition of fixed assets | -78,000 | -236,000 |
Disbursements for patents and other intangible assets | -1,176,000 | -845,000 |
Net cash used in investing activities | -1,254,000 | -1,081,000 |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock for cash, net of offering costs | 5,780,000 | 39,000 |
Proceeds from exercise of stock options | 100,000 | 0 |
Net cash provided by financing activities | 5,880,000 | 39,000 |
Net decrease in cash and cash equivalents | -843,000 | -5,339,000 |
Cash and cash equivalents, beginning of year | 2,688,000 | 8,027,000 |
Cash and cash equivalents, end of year | $1,845,000 | $2,688,000 |
Supplemental_disclosure_of_non
Supplemental disclosure of non-cash operating and financing activities: (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Warrants Authorized For Issuance To Acquire Common Stock Value | $92,000 |
Warrants Authorized For Issuance To Acquire Common Stock Shares Number | 20,313 |
July 2014 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 10,000 |
Shares Issued, Price Per Share | $2.20 |
Sale of Stock, Price Per Share | $8.93 |
Stock Issued During Period, Shares, Other | 7,537 |
Organization_and_Description_o
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Organization, Consolidation, Basis Of Presentation, Business Description and Accounting Policies [Text Block] | Note 1 – Organization and Description of Business |
ClearSign Combustion Corporation (ClearSign or the Company) designs, develops, and markets technologies for the purpose of improving key performance characteristics of combustion systems, including emission and operational performance, energy efficiency and overall cost-effectiveness. The Company’s primary technologies include its Duplex™ technology, which achieves very low emissions without the need of external flue gas recirculation, selective catalytic reduction, or higher excess air operation, and its Electrodynamic Combustion Control™ or ECC™ technology, which introduces a computer-controlled electric field into the combustion region which may better control gas-phase chemical reactions and improve system performance and cost-effectiveness. The Company is located in Seattle, Washington and was incorporated in the state of Washington in 2008. | |
The Company has generated limited revenues from operations to date to meet its operating expenses, and has historically financed its operations primarily through issuances of equity securities. The Company has incurred losses since its inception totaling $21,260,000 and expects to experience operating losses and negative cash flow for the foreseeable future. Management believes that the successful growth and operation of the Company’s business is dependent upon its ability to obtain adequate sources of funding through co-development agreements, strategic partnering agreements, or equity or debt financing to adequately support research and development efforts, protect intellectual property, form relationships with strategic partners, and provide for working capital and general corporate purposes. There can be no assurance that the Company will be successful in achieving its long-term plans as set forth above, or that such plans, if consummated, will enable the Company to obtain profitable operations or continue in the long-term as a going concern. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2 – Summary of Significant Accounting Policies |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Revenue Recognition | |
The Company recognizes revenue on co-development agreements using the percentage of completion method. Under this method, the completion percentage is determined by dividing costs incurred to date by total estimated project costs. Since these projects will require technological development to complete, which by its nature is difficult to predict, the actual cost required to complete contracted work may vary from estimates. Estimated project costs are revised regularly which can alter the reported level of project profitability. Any estimated project losses are recognized in the current reporting period. Customer billings are recorded when cash receipts are probable and in accordance with the underlying co-development contract. If billings exceed recognized revenue, the difference is recorded as a current liability, while any recognized revenues exceeding billings are recorded as a current asset. Recognized revenues are subject to revisions as the contract progresses to completion and actual revenue and cost become certain. Revisions in revenue estimates are reflected in the period in which the facts that give rise to the revision become known. There were no revenues for the year ended December 31, 2014 and $93,000 for the year ended December 31, 2013. | |
Cost of Revenue | |
Cost of co-development revenue includes both direct and allocated indirect costs of completing the scope of work of co-development agreements. Direct costs include labor, materials and other costs incurred directly in fulfilling co-development agreements. Indirect costs include labor, rent, depreciation and other costs associated with operating the Company. Due to the nature of the work involved, the cost of co-development projects may fluctuate substantially from period to period. | |
Cash and Cash Equivalents | |
Highly liquid investments purchased with an original maturity of three months or less are considered cash equivalents. Cash is maintained with a commercial bank where accounts are generally guaranteed by the Federal Deposit Insurance Corporation up to $250,000. The Company’s deposits may at times exceed this limit. The Company has not experienced losses in such accounts and believes it is not exposed to any significant credit risk on cash and cash equivalents. | |
Fixed Assets | |
Fixed assets are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. Leasehold improvements are depreciated over the life of the lease or their useful life, whichever is shorter. All other fixed assets are depreciated over two to four years. Maintenance and repairs are expensed as incurred. | |
Patents and Trademarks | |
Patents and trademarks are recorded at cost. Amortization is computed using the straight-line method over the estimated useful lives of the assets once they are awarded. | |
Impairment of Long-Lived Assets | |
The Company tests long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair values are reduced for the cost of disposal. | |
Fair Value of Financial Instruments | |
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are categorized based on whether or not the inputs are observable in the market and the degree that the inputs are observable. The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. | |
The Company's financial instruments primarily consist of cash and cash equivalents, accounts payable and accrued expenses. As of the balance sheet dates, the estimated fair values of the financial instruments were not materially different from their carrying values as presented on the balance sheets. This is primarily attributed to the short maturities of these instruments. The Company did not identify any other non-recurring assets and liabilities that are required to be presented in the balance sheets at fair value. | |
Research and Development | |
The cost of research and development is expensed as incurred. Research and development costs consist of salaries, benefits, share based compensation, consulting fees, rent, utilities, depreciation, and consumables. In 2014, the Company received $110,000 to partially fund certain laboratory research activities. Since these funds were provided without expectation of reciprocation except notification of the research results, the Company recognized these funds when they were received and recorded them as an offset to research and development expense. | |
Deferred Rent | |
Operating lease agreements which contain provisions for future rent increases or periods in which rent payments are reduced or abated are recorded in monthly rent expense in the amount of the total payments over the lease term divided by the number of months of the lease term. The difference between rent expense recorded and the amount paid is credited or charged to deferred rent which is reflected on the accompanying balance sheets. | |
Income Taxes | |
The Company accounts for income taxes using an asset and liability approach which allows for the recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain. Tax benefits from an uncertain tax position are recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate resolution. | |
Stock-Based Compensation | |
The costs of all employee stock options, as well as other equity-based compensation arrangements, are reflected in the financial statements based on the estimated fair value of the awards on the grant date. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. Stock compensation for stock granted to non-employees is determined as the fair value of the consideration received or the fair value of equity instruments issued, whichever is more reliably measured. | |
Net Loss per Common Share | |
Basic loss per share is computed by dividing loss available to common stockholders by the weighted-average number of common shares outstanding. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include additional common shares available upon exercise of stock options and warrants using the treasury stock method, except for periods for which no common share equivalents are included because their effect would be anti-dilutive. At December 31, 2014 and 2013, potentially dilutive shares outstanding amounted to 1,208,089 and 1,109,724, respectively. | |
Reclassifications | |
Certain prior period financial statement amounts have been reclassified to conform to current period presentation. | |
Recently Issued Accounting Pronouncements | |
In June 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Codification (ASC) 2014-10 which eliminated in its entirety the differential reporting requirements applicable to development stage entities under ASC 915, Development Stage Entities. Thus, the distinction between development stage entities and other types of reporting entities will no longer exist, and all differential reporting requirements applicable to development stage entities were removed from United States generally accepted accounting principles. Specifically, the amendments eliminated the requirements for development stage entities to (1) present inception-to-date information in the income statement, cash flows statement, and statement of stockholders' equity, (2) identify the financial statements as those of a development stage entity, (3) provide a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity becomes an operating company that it had previously been in the development stage. Adoption of ASC 2014-10 is required for annual reporting periods beginning after December 15, 2014 with early application permitted. The Company has elected early application of this standard. | |
Management does not believe that any other recently issued, but not yet effective standards, if adopted, will have a material effect on the financial statements. | |
Emerging Growth Company | |
The Company is an emerging growth company as defined under the Jumpstart Our Business Startups Act of 2012 (JOBS Act). An emerging growth company may delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company will remain an emerging growth company until December 31, 2017, although it will lose that status sooner if its revenues exceed $1 billion, if it issues more than $1 billion in non-convertible debt in a three year period, or if the market value of its common stock that is held by non-affiliates exceeds $700 million as of any June 30. At June 30, 2014, the market value of the Company’s common stock held by non-affiliates totaled $71 million. | |
Fixed_Assets
Fixed Assets | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | Note 3 – Fixed Assets | |||||||
Fixed assets are summarized as follows: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Machinery and equipment | $ | 646,000 | $ | 633,000 | ||||
Office furniture and equipment | 98,000 | 95,000 | ||||||
Leasehold improvements | 124,000 | 62,000 | ||||||
Accumulated depreciation | -605,000 | -366,000 | ||||||
263,000 | 424,000 | |||||||
Construction in progress | - | 3,000 | ||||||
$ | 263,000 | $ | 427,000 | |||||
Patents_and_Other_Intangible_A
Patents and Other Intangible Assets | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Intangible Assets Disclosure [Text Block] | Note 4 – Patents and Other Intangible Assets | |||||||
Patents and other intangible assets are summarized as follows: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Patents | ||||||||
Patents pending | $ | 2,262,000 | $ | 1,444,000 | ||||
Issued patents | 67,000 | - | ||||||
2,329,000 | 1,444,000 | |||||||
Trademarks | 36,000 | 7,000 | ||||||
Other | 8,000 | 8,000 | ||||||
2,373,000 | 1,459,000 | |||||||
Accumulated amortization | -1,000 | - | ||||||
$ | 2,372,000 | $ | 1,459,000 | |||||
Future amortization expense associated with awarded patents as of December 31, 2014 is estimated as follows: | ||||||||
2015 | $ | 7,000 | ||||||
2016 | 7,000 | |||||||
2017 | 7,000 | |||||||
2018 | 7,000 | |||||||
2019 | 7,000 | |||||||
Thereafter | 31,000 | |||||||
66,000 | ||||||||
During the years ended December 31, 2014 and 2013, the Company recorded an impairment loss of $262,000 and $4,000, respectively, from abandonment of capitalized patents pending. | ||||||||
Termination_of_Employment_Agre
Termination of Employment Agreement | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Employment Agreement Termination [Abstract] | ||||
Termination of Employment Agreement Disclosure [Text Block] | Note 5 – Termination of Employment Agreement | |||
The Company and its former Chief Executive Officer, Richard F. Rutkowski, entered into an agreement in December 2014 terminating a prior employment agreement. Under this agreement, Mr. Rutkowski will be paid his annual salary of $359,000 through December 31, 2016 as well as a bonus of $60,000 in 2015, provided employee benefits through December 2015, and received accelerated vesting on 15,625 stock options with an exercise price of $4.88 per share and 14,219 stock options with an exercise price of $9.90 per share which terminate in March 2015. | ||||
The following weighted-average assumptions were utilized in the calculation of the fair value of the modified stock options: | ||||
Expected life | 0.25 years | |||
Weighted average volatility | 68 | % | ||
Forfeiture rate | 46 | % | ||
Weighted average risk-free interest rate | 0.04 | % | ||
Expected dividend rate | - | |||
The liability incurred under this agreement totaled $943,000 which was recognized in general and administrative expense in 2014 and included the $50,000 fair value of the stock option provisions. At December 31, 2014, the remaining liability totaled $842,000 with $470,000 due in 2015 and $372,000 due in 2016. | ||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Income Tax Disclosure [Text Block] | Note 6 - Income Taxes | |||||||
Through December 31, 2014, the Company incurred net operating losses for federal tax purposes of approximately $20,100,000. The net operating loss carry forward may be used to reduce taxable income through the years 2028 to 2034. The availability of the Company's net operating loss carry forward is subject to limitation if there is a 50% or more change in the ownership of the Company's stock. | ||||||||
A reconciliation of the expected tax computed at the statutory federal income tax rate to the provision for income taxes is as follows: | ||||||||
2014 | 2013 | |||||||
Expected tax benefit at 34% | $ | -2,481,000 | $ | -1,797,000 | ||||
Change in valuation allowance | 2,390,000 | 1,615,000 | ||||||
Other | 91,000 | 182,000 | ||||||
Provision for income taxes | $ | - | $ | - | ||||
The net deferred tax asset at December 31, 2014 and 2013 was $7,080,000 and $4,690,000, respectively. A 100% valuation allowance has been established against the deferred tax assets as the utilization of the loss carry forward cannot reasonably be assured. Significant components of the deferred tax assets (liabilities), computed at the statutory federal tax rate of 34%, are approximately as follows: | ||||||||
2014 | 2013 | |||||||
Net operating loss carry forwards | $ | 6,850,000 | $ | 4,780,000 | ||||
Accrued liabilities | 310,000 | 30,000 | ||||||
Stock compensation | -20,000 | -30,000 | ||||||
Depreciation | -40,000 | -80,000 | ||||||
Prepaid expenses | -30,000 | -20,000 | ||||||
Other | 10,000 | 10,000 | ||||||
Deferred tax assets, net | 7,080,000 | 4,690,000 | ||||||
Valuation allowance | -7,080,000 | -4,690,000 | ||||||
Net deferred tax asset | $ | - | $ | - | ||||
Although the Company is not under examination, the tax years for 2011 and forward are subject to examination by United States tax authorities. The Company’s practice is to recognize interest and penalties related to income tax matters in income tax expense. As of December 31, 2014 and 2013, there was no accrued interest or penalties related to uncertain tax positions. | ||||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | Note 7 – Stockholders’ Equity | |||||||||||||||||||
Common Stock and Preferred Stock | ||||||||||||||||||||
The Company is authorized to issue 62,500,000 shares of common stock and 2,000,000 shares of preferred stock. Preferences, limitations, voting powers and relative rights of any preferred stock to be issued may be determined by the Company’s Board of Directors. The Company has not issued any shares of preferred stock. | ||||||||||||||||||||
In March 2014, the Company completed a registered direct offering of common stock whereby 812,500 shares were issued at $8.00 per share. Gross proceeds from the offering totaled $6.5 million and net cash proceeds approximated $5.8 million. Expenses of the offering approximated $0.8 million. Cash expenses included placement agent fees of $488,000, placement agent legal and other fees of $75,000, issuer legal fees of $113,000, and other costs of $44,000. Non-cash expenses consisted of a warrant to purchase 20,313 shares of the Company’s common stock at $10.00 per share exercisable until March 2019 valued at $92,000. | ||||||||||||||||||||
As described in Note 11, the Company completed a $17.5 million underwritten public offering of common stock in February 2015. | ||||||||||||||||||||
Equity Incentive Plan | ||||||||||||||||||||
The Company has an Equity Incentive Plan (the Plan) which provides for the granting of options to purchase shares of common stock, stock awards to purchase shares at no less than 85% of the value of the shares, and stock bonuses to officers, employees, board members, certain consultants, and advisors. The Compensation Committee of the Board of Directors is authorized to administer the Plan and establish the grant terms, including the grant price, vesting period and exercise date. As of December 31, 2014, the number of shares reserved for issuance under the Equity Incentive Plan totaled 1,077,005 shares. The Plan provides for quarterly increases in the available number of authorized shares equal to the lesser of 10% of any new shares issued by the Company during the quarter immediately prior to the adjustment date or such lesser amount as the Board of Directors shall determine. Activity under the Plan is as follows: | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Reserved but unissued shares under the Equity Incentive Plan, beginning of year | 249,736 | 480,260 | ||||||||||||||||||
Increases in the number of authorized shares under the Equity Incentive Plan | 85,705 | 5,866 | ||||||||||||||||||
Grants of stock options | -141,880 | -206,390 | ||||||||||||||||||
Stock option forfeitures | 24,688 | - | ||||||||||||||||||
Exercise of stock options | 39,140 | - | ||||||||||||||||||
Stock grants | -14,625 | -30,000 | ||||||||||||||||||
Stock grant forfeitures | - | - | ||||||||||||||||||
Reserved but unissued shares under the Equity Incentive Plan, end of year | 242,764 | 249,736 | ||||||||||||||||||
Stock Options | ||||||||||||||||||||
In 2014, the Company granted 122,880 and 19,000 stock options, respectively, under the Plan to certain employees and consultants. The stock options have exercise prices of $9.90 and $8.22 per share, the grant date fair values, a contractual life of 10 years, and vest over four years. As permitted by SAB 107, due to the Company’s insufficient history of option activity, management utilized the simplified approach to estimate the options’ expected term, which represents the period of time that options granted are expected to be outstanding. Expected volatility was determined through the Company’s historical stock price volatility. The Company estimated the forfeiture rate at the time of grant and will revise it, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company recognizes compensation costs only for those equity awards expected to vest. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield in effect at the time of grant. The Company has never declared or paid dividends and has no plans to do so in the foreseeable future. The following weighted-average assumptions were utilized in the calculation of the fair value of the stock options: | ||||||||||||||||||||
Expected life | 6.25 years | |||||||||||||||||||
Weighted average volatility | 74 | % | ||||||||||||||||||
Forfeiture rate | 13 | % | ||||||||||||||||||
Weighted average risk-free interest rate | 1.93 | % | ||||||||||||||||||
Expected dividend rate | - | |||||||||||||||||||
The fair value of stock options granted estimated on the date of grant using the Black-Scholes option valuation model was $799,000. The recognized compensation expense associated with these grants in 2014 was $178,000. | ||||||||||||||||||||
In 2013, the Company granted 203,990 and 2,400 stock options, respectively, under the Plan to certain employees. The stock options have exercise prices of $4.88 and $7.33 per share, the grant date fair values, a contractual life of 10 years, and vest over four years. The following weighted-average assumptions were utilized in the calculation of the fair value of the stock options: | ||||||||||||||||||||
Expected life | 6.25 years | |||||||||||||||||||
Weighted average volatility | 33 | % | ||||||||||||||||||
Forfeiture rate | 13 | % | ||||||||||||||||||
Weighted average risk-free interest rate | 1.31 | % | ||||||||||||||||||
Expected dividend rate | - | |||||||||||||||||||
The fair value of stock options granted estimated on the date of grant using the Black-Scholes option valuation model was $307,000. The recognized compensation expense associated with these grants in 2014 and 2013 was $122,000 and $76,000, respectively. | ||||||||||||||||||||
A summary of the Company’s stock option activity and related information is as follows: | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Weighted | Weighted | |||||||||||||||||||
Options | Average | Options | Average | |||||||||||||||||
to | Weighted | Remaining | To | Weighted | Remaining | |||||||||||||||
Purchase | Average | Contractual | Purchase | Average | Contractual | |||||||||||||||
Common | Exercise | Life | Common | Exercise | Life | |||||||||||||||
Stock | Price | (in years) | Stock | Price | (in years) | |||||||||||||||
Outstanding at January 1 | 565,765 | $ | 3.19 | 8.21 | 359,375 | $ | 2.2 | 8.75 | ||||||||||||
Granted | 141,880 | $ | 9.68 | 7.7 | 206,390 | $ | 4.91 | 9.01 | ||||||||||||
Exercised | -39,140 | $ | 3.11 | - | - | - | - | |||||||||||||
Forfeited/Expired/Exchanged | -24,688 | $ | 7.36 | - | - | - | - | |||||||||||||
Outstanding at December 31 | 643,817 | $ | 4.46 | 5.67 | 565,765 | $ | 3.19 | 8.21 | ||||||||||||
Exercisable at December 31 | 441,958 | $ | 3.5 | 4.47 | 317,354 | $ | 2.44 | 7.87 | ||||||||||||
In accordance with the Plan, 7,504 stock options were exercised in 2014 prior to vesting and the resulting shares of common stock were issued with a declining repurchase right in favor of the Company at the exercise price of $4.88 per share should the employee terminate employment or upon other related circumstances prior to December 31, 2016. At December 31, 2014, all 7,504 shares remained subject to this repurchase right. | ||||||||||||||||||||
A summary of the status of the Company’s non-vested stock options at December 31 and changes during the year is as follows: | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Weighted | Weighted | |||||||||||||||||||
Number of | Average Grant | Number of | Average Grant | |||||||||||||||||
Options | Date Fair Value | Options | Date Fair Value | |||||||||||||||||
Non-vested stock options at January 1 | 248,411 | $ | 4.15 | 117,188 | $ | 2.2 | ||||||||||||||
Granted | 141,880 | $ | 9.68 | 206,390 | $ | 4.91 | ||||||||||||||
Vested | -156,240 | $ | 5.5 | -75,167 | $ | 3.21 | ||||||||||||||
Exercised | -7,504 | $ | 4.88 | - | - | |||||||||||||||
Forfeited/Expired/Exchanged | -24,688 | $ | 7.36 | - | - | |||||||||||||||
Non-vested stock options at December 31 | 201,859 | $ | 6.57 | 248,411 | $ | 4.15 | ||||||||||||||
The estimated aggregate pretax intrinsic value of the Company’s outstanding vested stock options at December 31, 2014 is $1,788,000. The intrinsic value is the difference between the Company’s common stock price and the option exercise prices multiplied by the number of in-the-money options. This amount changes based on the fair value of the Company’s common stock. | ||||||||||||||||||||
At December 31, 2014, there was $601,000 of total unrecognized compensation cost related to non-vested stock option-based compensation arrangements granted under the Plan. That cost is expected to be recognized in future years as follows: | ||||||||||||||||||||
2015 | $ | 229,000 | ||||||||||||||||||
2016 | 209,000 | |||||||||||||||||||
2017 | 153,000 | |||||||||||||||||||
2018 | 10,000 | |||||||||||||||||||
$ | 601,000 | |||||||||||||||||||
The recognized compensation cost associated with the Plan is as follows: | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Research and development | $ | 99,000 | $ | 42,000 | ||||||||||||||||
General and administrative | 240,000 | 73,000 | ||||||||||||||||||
Effect on net loss | $ | 339,000 | $ | 115,000 | ||||||||||||||||
Effect on net loss per share | $ | 0.04 | $ | 0.01 | ||||||||||||||||
Stock Grants | ||||||||||||||||||||
In 2014 and 2013, the Company granted 14,625 and 30,000 shares, respectively, of common stock under the Equity Incentive Plan to its three independent directors in accordance with agreements for service on the board. The fair value of the stock at the time of grant was $10.26 and $5.00 per share for a total value of $150,000 in 2014 and 2013, respectively, which the Company recognized in general and administrative expense. | ||||||||||||||||||||
In 2011, the Company granted 125,000 shares of stock under the Equity Incentive Plan to a key employee which are subject to declining repurchase rights by the Company at $0.0001 per share should the employee terminate employment or upon other related circumstances prior to September 30, 2016. The Company recognized general and administrative compensation expense of $26,000 and $31,000 in 2014 and 2013, respectively. The remaining cost is reflected as a contra-equity balance against additional paid in capital and is expected to be recognized in future years as follows: | ||||||||||||||||||||
2015 | $ | 26,000 | ||||||||||||||||||
2016 | 20,000 | |||||||||||||||||||
$ | 46,000 | |||||||||||||||||||
Consultant Stock Plan | ||||||||||||||||||||
In May 2013, the shareholders approved the 2013 Consultant Stock Plan (the Consultant Plan) which provides for the granting of shares of common stock to consultants who provide services related to capital raising, investor relations, and making a market in or promoting the Company’s securities. The Company’s officers, employees, and board members are not entitled to receive grants from the Consultant Plan. The Compensation Committee of the Board of Directors is authorized to administer the Consultant Plan and establish the grant terms. The number of shares reserved for issuance under the Consultant Plan on the date of adoption in May 2013 totaled 75,000 shares and on December 31, 2014 totaled 83,858 shares. The Consultant Plan provides for quarterly increases in the available number of authorized shares equal to the lesser of 1% of any new shares issued by the Company during the quarter immediately prior to the adjustment date or such lesser amount as the Board of Directors shall determine. | ||||||||||||||||||||
The Company granted 7,000 and 11,250 shares from the Consultant Plan to a consultant for services in 2014 and 2013, respectively. The fair value of the stock at the time of grant was $10.26 and $9.12 per share for a total value of $72,000 in 2014 and $102,000 in 2013 which the Company recognized in general and administrative expense. | ||||||||||||||||||||
Activity under the Consultant Plan from its inception to date is as follows: | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Reserved but unissued shares under the Consultant Plan | 64,037 | 75,000 | ||||||||||||||||||
Increases in the number of authorized shares under the Consultant Plan | 8,571 | 287 | ||||||||||||||||||
Stock grants | -7,000 | -11,250 | ||||||||||||||||||
Stock grant forfeitures | - | - | ||||||||||||||||||
Reserved but unissued shares under the Consultant Plan | 65,608 | 64,037 | ||||||||||||||||||
Warrants | ||||||||||||||||||||
In conjunction with the March 2014 registered direct offering of common stock, the Company granted a warrant to the placement agent to purchase 20,313 common stock shares at $10.00 per share exercisable until March 2019. The fair value of these warrants was estimated to be $92,000 on the date of the grant using the Black-Scholes option-pricing model. Expected volatility was determined based upon the historical prices of the Company’s common stock. The risk-free rate for periods within the contractual life of the warrants is based on the U.S. Treasury yield in effect at the time of grant. The Company has never declared or paid dividends and has no plans to do so in the foreseeable future. The following weighted-average assumptions were utilized for the calculations: | ||||||||||||||||||||
Expected life (in years) | 5 | |||||||||||||||||||
Weighted average volatility | 74 | % | ||||||||||||||||||
Weighted average risk-free interest rate | 1.49 | % | ||||||||||||||||||
Expected dividend rate | - | |||||||||||||||||||
In 2013, a warrant to purchase 17,409 shares of common stock at $2.20 per share was exercised whereby the Company received $39,000 in proceeds. A summary of the Company’s warrant activity and related information is as follows: | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Weighted Average | Weighted Average | |||||||||||||||||||
Warrants | Exercise Price | Warrants | Exercise Price | |||||||||||||||||
Outstanding at beginning of year | 543,959 | $ | 3.92 | 561,368 | $ | 3.86 | ||||||||||||||
Granted | 20,313 | $ | 10 | - | - | |||||||||||||||
Exercised | - | - | -17,409 | $ | 2.2 | |||||||||||||||
Forfeited/Expired | - | - | - | - | ||||||||||||||||
Outstanding at end of year | 564,272 | $ | 4.14 | 543,959 | $ | 3.92 | ||||||||||||||
The following table summarizes the number of warrants, the weighted average exercise price, and weighted average life (in years) by price for both total outstanding warrants and total exercisable warrants at December 31, 2014: | ||||||||||||||||||||
Total Outstanding Warrants | ||||||||||||||||||||
Exercise Price | Warrants | Weighted Average | Life | |||||||||||||||||
Exercise Price | (in years) | |||||||||||||||||||
$ | 1.8 | 80,000 | $ | 1.8 | 6.13 | |||||||||||||||
$ | 2.2 | 118,959 | $ | 2.2 | 1.36 | |||||||||||||||
$ | 5 | 345,000 | $ | 5 | 2.32 | |||||||||||||||
$ | 10 | 20,313 | $ | 10 | 4.18 | |||||||||||||||
564,272 | $ | 4.14 | ||||||||||||||||||
Retirement_Plan
Retirement Plan | 12 Months Ended |
Dec. 31, 2014 | |
Retirement Plan [Abstract] | |
Retirement Plan [Text Block] | Note 8 – Retirement Plan |
The Company has a defined contribution retirement plan covering all of its employees whereby the Company matches employee contributions up to 3% of each employee’s 2014 and 2013 earnings. The Company’s matching contribution expense totaled $53,000 and $38,000 in 2014 and 2013, respectively. | |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 9 – Related Party Transactions |
In 2013, the Company incurred consulting fees of $103,000 to the Alternative Energy Resource Alliance, a non-profit organization whose executive director is David Goodson. In exchange, Mr. Goodson provided scientific consulting services to the Company. Mr. Goodson is a director and co-founder of the Company and, through an irrevocable trust, a significant beneficial owner of the Company's common stock at December 31, 2014. | |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies Disclosure [Text Block] | Note 10 – Commitments and Contingencies | ||||
On February 3, 2015, the Company and its newly-appointed Chief Executive Officer, Stephen E. Pirnat entered into an employment agreement (the Agreement) which terminates on December 31, 2017, unless earlier terminated. Compensation under the Agreement includes an annual salary of $350,000 with annual cost-of-living adjustments, a grant of stock options as described in Note 11, annual cash bonuses that may equal up to 60% of his annual salary and equity bonuses based on performance standards established by the Compensation Committee of the Board of Directors, medical and dental benefits for Mr. Pirnat and his family, and relocation expenses up to approximately $100,000. The Agreement may be terminated by the Company without cause under certain circumstances, as defined in the Agreement whereby a severance payment would be due in the amount of compensation that would have been due had employment not been terminated or one year of the current annual compensation, whichever is greater. In the event of a change in control, Mr. Pirnat would receive one year’s compensation and all previously granted stock options would vest in full. | |||||
The Company has agreements with its three independent directors to compensate them annually. The obligation totals $300,000 per year of which $150,000 is to be paid with the Company’s common stock at fair value. Directors are elected annually. | |||||
The Company has a triple net lease for office and laboratory space through February 2017. Under the terms of the lease, the Company paid no rent for the period November 2011 to February 2012 and for February 2014. Rent escalates annually by 3%. The Company records monthly rent expense equal to the total of the payments over the lease term divided by the number of months of the lease term. Therefore, rent expense of $2,000 was accrued in 2014. In 2013, the deferred rent was reduced by $4,000. Under the terms of the lease, the Company will also pay monthly triple net operating costs which currently approximate $3,000 per month. Minimum future payments under this lease at December 31, 2014 are as follows: | |||||
2015 | $ | 137,000 | |||
2016 | 141,000 | ||||
2017 | 24,000 | ||||
$ | 302,000 | ||||
For the years ended December 31, 2014 and 2013, rent expense amounted to $161,000 and $135,000, respectively. | |||||
The Company has a Field Test Agreement with Southern California-based Aera Energy LLC to demonstrate and test the Duplex technology in a once through steam generator (OTSG) used to facilitate the production of heavy oil in California’s San Joaquin Valley. Under the terms of the agreement, the Company has retrofit an OTSG unit in order to achieve certain performance criteria. Assuming successful completion of the demonstration and testing, the agreement also includes time-sensitive pricing, delivery and installation terms, if elected, that will apply to future purchases by Aera Energy LLC of this Duplex application. | |||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 11 – Subsequent Events |
In February 2015, the Company completed an underwritten public offering of common stock whereby 2,990,000 shares were issued at $5.85 per share. Gross proceeds from the offering totaled $17.5 million and net cash proceeds approximated $16.3 million. Expenses of the offering approximated $1.2 million, including underwriting fees of $1,050,000, underwriter legal fees and other costs of $55,000, and other costs of $110,000. The offering was underwritten by MDB Capital Group, LLC, a significant beneficial owner of the Company's common stock at December 31, 2014. | |
In February 2015, the Company and its Chief Executive Officer, Stephen E. Pirnat, entered into an employment agreement as described in Note 10. In accordance with the employment agreement, the Company immediately granted to Mr. Pirnat 100,000 stock options under the Equity Incentive Plan. The stock options have an exercise price of $5.97 per share, the grant date fair value, vest on February 3, 2016, and have a contractual life of 10 years. The fair value of stock options estimated on the date of grant using the Black-Scholes option valuation model was $334,000. Further, effective April 1, 2015, the Company will issue to Mr. Pirnat an option to purchase 200,000 shares of common stock with an exercise price equal to the fair value of the common stock on April 1, 2015. The option will vest 50% on April 1, 2016 and 50% on April 1, 2017, and will have a contractual life of 10 years. | |
In February 2015, the Company authorized 23,034 shares of common stock to be issued under the Equity Incentive Plan to its three independent directors in accordance with board agreements and which will be earned quarterly for service in 2015. The fair value of the stock at the time of grant was $5.97 per share for a total value of $138,000 which the Company will recognize in general and administrative expense on a pro-rated quarterly basis in 2015. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Use Of Estimates, Policy [Policy Text Block] | Use of Estimates |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition |
The Company recognizes revenue on co-development agreements using the percentage of completion method. Under this method, the completion percentage is determined by dividing costs incurred to date by total estimated project costs. Since these projects will require technological development to complete, which by its nature is difficult to predict, the actual cost required to complete contracted work may vary from estimates. Estimated project costs are revised regularly which can alter the reported level of project profitability. Any estimated project losses are recognized in the current reporting period. Customer billings are recorded when cash receipts are probable and in accordance with the underlying co-development contract. If billings exceed recognized revenue, the difference is recorded as a current liability, while any recognized revenues exceeding billings are recorded as a current asset. Recognized revenues are subject to revisions as the contract progresses to completion and actual revenue and cost become certain. Revisions in revenue estimates are reflected in the period in which the facts that give rise to the revision become known. There were no revenues for the year ended December 31, 2014 and $93,000 for the year ended December 31, 2013. | |
Cost of Sales, Policy [Policy Text Block] | Cost of Revenue |
Cost of co-development revenue includes both direct and allocated indirect costs of completing the scope of work of co-development agreements. Direct costs include labor, materials and other costs incurred directly in fulfilling co-development agreements. Indirect costs include labor, rent, depreciation and other costs associated with operating the Company. Due to the nature of the work involved, the cost of co-development projects may fluctuate substantially from period to period. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents |
Highly liquid investments purchased with an original maturity of three months or less are considered cash equivalents. Cash is maintained with a commercial bank where accounts are generally guaranteed by the Federal Deposit Insurance Corporation up to $250,000. The Company’s deposits may at times exceed this limit. The Company has not experienced losses in such accounts and believes it is not exposed to any significant credit risk on cash and cash equivalents. | |
Fixed Assets Policy [Policy Text Block] | Fixed Assets |
Fixed assets are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. Leasehold improvements are depreciated over the life of the lease or their useful life, whichever is shorter. All other fixed assets are depreciated over two to four years. Maintenance and repairs are expensed as incurred. | |
Patents and Trademarks Policy [Policy Text Block] | Patents and Trademarks |
Patents and trademarks are recorded at cost. Amortization is computed using the straight-line method over the estimated useful lives of the assets once they are awarded. | |
Impairment Of Long Lived Asset Policy [Policy Text Block] | Impairment of Long-Lived Assets |
The Company tests long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair values are reduced for the cost of disposal. | |
Fair Value Of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments |
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are categorized based on whether or not the inputs are observable in the market and the degree that the inputs are observable. The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. | |
The Company's financial instruments primarily consist of cash and cash equivalents, accounts payable and accrued expenses. As of the balance sheet dates, the estimated fair values of the financial instruments were not materially different from their carrying values as presented on the balance sheets. This is primarily attributed to the short maturities of these instruments. The Company did not identify any other non-recurring assets and liabilities that are required to be presented in the balance sheets at fair value. | |
Research and Development Expense, Policy [Policy Text Block] | Research and Development |
The cost of research and development is expensed as incurred. Research and development costs consist of salaries, benefits, share based compensation, consulting fees, rent, utilities, depreciation, and consumables. In 2014, the Company received $110,000 to partially fund certain laboratory research activities. Since these funds were provided without expectation of reciprocation except notification of the research results, the Company recognized these funds when they were received and recorded them as an offset to research and development expense. | |
Deferred Rent Policy [Policy Text Block] | Deferred Rent |
Operating lease agreements which contain provisions for future rent increases or periods in which rent payments are reduced or abated are recorded in monthly rent expense in the amount of the total payments over the lease term divided by the number of months of the lease term. The difference between rent expense recorded and the amount paid is credited or charged to deferred rent which is reflected on the accompanying balance sheets. | |
Income Tax, Policy [Policy Text Block] | Income Taxes |
The Company accounts for income taxes using an asset and liability approach which allows for the recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain. Tax benefits from an uncertain tax position are recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate resolution. | |
Share-Based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation |
The costs of all employee stock options, as well as other equity-based compensation arrangements, are reflected in the financial statements based on the estimated fair value of the awards on the grant date. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. Stock compensation for stock granted to non-employees is determined as the fair value of the consideration received or the fair value of equity instruments issued, whichever is more reliably measured. | |
Earnings Per Share, Policy [Policy Text Block] | Net Loss per Common Share |
Basic loss per share is computed by dividing loss available to common stockholders by the weighted-average number of common shares outstanding. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include additional common shares available upon exercise of stock options and warrants using the treasury stock method, except for periods for which no common share equivalents are included because their effect would be anti-dilutive. At December 31, 2014 and 2013, potentially dilutive shares outstanding amounted to 1,208,089 and 1,109,724, respectively. | |
Reclassification, Policy [Policy Text Block] | Reclassifications |
Certain prior period financial statement amounts have been reclassified to conform to current period presentation. | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements |
In June 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Codification (ASC) 2014-10 which eliminated in its entirety the differential reporting requirements applicable to development stage entities under ASC 915, Development Stage Entities. Thus, the distinction between development stage entities and other types of reporting entities will no longer exist, and all differential reporting requirements applicable to development stage entities were removed from United States generally accepted accounting principles. Specifically, the amendments eliminated the requirements for development stage entities to (1) present inception-to-date information in the income statement, cash flows statement, and statement of stockholders' equity, (2) identify the financial statements as those of a development stage entity, (3) provide a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity becomes an operating company that it had previously been in the development stage. Adoption of ASC 2014-10 is required for annual reporting periods beginning after December 15, 2014 with early application permitted. The Company has elected early application of this standard. | |
Management does not believe that any other recently issued, but not yet effective standards, if adopted, will have a material effect on the financial statements. | |
Growing Company [Policy Text Block] | Emerging Growth Company |
The Company is an emerging growth company as defined under the Jumpstart Our Business Startups Act of 2012 (JOBS Act). An emerging growth company may delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company will remain an emerging growth company until December 31, 2017, although it will lose that status sooner if its revenues exceed $1 billion, if it issues more than $1 billion in non-convertible debt in a three year period, or if the market value of its common stock that is held by non-affiliates exceeds $700 million as of any June 30. At June 30, 2014, the market value of the Company’s common stock held by non-affiliates totaled $71 million. | |
Fixed_Assets_Tables
Fixed Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment [Table Text Block] | Fixed assets are summarized as follows: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Machinery and equipment | $ | 646,000 | $ | 633,000 | ||||
Office furniture and equipment | 98,000 | 95,000 | ||||||
Leasehold improvements | 124,000 | 62,000 | ||||||
Accumulated depreciation | -605,000 | -366,000 | ||||||
263,000 | 424,000 | |||||||
Construction in progress | - | 3,000 | ||||||
$ | 263,000 | $ | 427,000 | |||||
Patents_and_Other_Intangible_A1
Patents and Other Intangible Assets(Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Schedule of Goodwill [Table Text Block] | Patents and other intangible assets are summarized as follows: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Patents | ||||||||
Patents pending | $ | 2,262,000 | $ | 1,444,000 | ||||
Issued patents | 67,000 | - | ||||||
2,329,000 | 1,444,000 | |||||||
Trademarks | 36,000 | 7,000 | ||||||
Other | 8,000 | 8,000 | ||||||
2,373,000 | 1,459,000 | |||||||
Accumulated amortization | -1,000 | - | ||||||
$ | 2,372,000 | $ | 1,459,000 | |||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Future amortization expense associated with awarded patents as of December 31, 2014 is estimated as follows: | |||||||
2015 | $ | 7,000 | ||||||
2016 | 7,000 | |||||||
2017 | 7,000 | |||||||
2018 | 7,000 | |||||||
2019 | 7,000 | |||||||
Thereafter | 31,000 | |||||||
66,000 | ||||||||
Termination_of_Employment_Agre1
Termination of Employment Agreement (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Employment Agreement Termination [Abstract] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | The following weighted-average assumptions were utilized in the calculation of the fair value of the modified stock options: | |||
Expected life | 0.25 years | |||
Weighted average volatility | 68 | % | ||
Forfeiture rate | 46 | % | ||
Weighted average risk-free interest rate | 0.04 | % | ||
Expected dividend rate | - | |||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of the expected tax computed at the statutory federal income tax rate to the provision for income taxes is as follows: | |||||||
2014 | 2013 | |||||||
Expected tax benefit at 34% | $ | -2,481,000 | $ | -1,797,000 | ||||
Change in valuation allowance | 2,390,000 | 1,615,000 | ||||||
Other | 91,000 | 182,000 | ||||||
Provision for income taxes | $ | - | $ | - | ||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | A 100% valuation allowance has been established against the deferred tax assets as the utilization of the loss carry forward cannot reasonably be assured. Significant components of the deferred tax assets (liabilities), computed at the statutory federal tax rate of 34%, are approximately as follows: | |||||||
2014 | 2013 | |||||||
Net operating loss carry forwards | $ | 6,850,000 | $ | 4,780,000 | ||||
Accrued liabilities | 310,000 | 30,000 | ||||||
Stock compensation | -20,000 | -30,000 | ||||||
Depreciation | -40,000 | -80,000 | ||||||
Prepaid expenses | -30,000 | -20,000 | ||||||
Other | 10,000 | 10,000 | ||||||
Deferred tax assets, net | 7,080,000 | 4,690,000 | ||||||
Valuation allowance | -7,080,000 | -4,690,000 | ||||||
Net deferred tax asset | $ | - | $ | - | ||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | A summary of the status of the Company’s non-vested stock options at December 31 and changes during the year is as follows: | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Weighted | Weighted | |||||||||||||||||||
Number of | Average Grant | Number of | Average Grant | |||||||||||||||||
Options | Date Fair Value | Options | Date Fair Value | |||||||||||||||||
Non-vested stock options at January 1 | 248,411 | $ | 4.15 | 117,188 | $ | 2.2 | ||||||||||||||
Granted | 141,880 | $ | 9.68 | 206,390 | $ | 4.91 | ||||||||||||||
Vested | -156,240 | $ | 5.5 | -75,167 | $ | 3.21 | ||||||||||||||
Exercised | -7,504 | $ | 4.88 | - | - | |||||||||||||||
Forfeited/Expired/Exchanged | -24,688 | $ | 7.36 | - | - | |||||||||||||||
Non-vested stock options at December 31 | 201,859 | $ | 6.57 | 248,411 | $ | 4.15 | ||||||||||||||
Schedule Of Recognized Compensation Cost [Table Text Block] | The recognized compensation cost associated with the Plan is as follows: | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Research and development | $ | 99,000 | $ | 42,000 | ||||||||||||||||
General and administrative | 240,000 | 73,000 | ||||||||||||||||||
Effect on net loss | $ | 339,000 | $ | 115,000 | ||||||||||||||||
Effect on net loss per share | $ | 0.04 | $ | 0.01 | ||||||||||||||||
Schedule Of Expected Recognition Of General And Administrative Expense [Table Text Block] | The remaining cost is reflected as a contra-equity balance against additional paid in capital and is expected to be recognized in future years as follows: | |||||||||||||||||||
2015 | $ | 26,000 | ||||||||||||||||||
2016 | 20,000 | |||||||||||||||||||
$ | 46,000 | |||||||||||||||||||
Schedule Of Share Based Payment Award Warrants Valuation Assumptions [Table Text Block] | The following weighted-average assumptions were utilized for the calculations: | |||||||||||||||||||
Expected life (in years) | 5 | |||||||||||||||||||
Weighted average volatility | 74 | % | ||||||||||||||||||
Weighted average risk-free interest rate | 1.49 | % | ||||||||||||||||||
Expected dividend rate | - | |||||||||||||||||||
Schedule Of Share Based Compensation Warrants Activity [Table Text Block] | The following table summarizes the number of warrants, the weighted average exercise price, and weighted average life (in years) by price for both total outstanding warrants and total exercisable warrants at December 31, 2014: | |||||||||||||||||||
Total Outstanding Warrants | ||||||||||||||||||||
Exercise Price | Warrants | Weighted Average | Life | |||||||||||||||||
Exercise Price | (in years) | |||||||||||||||||||
$ | 1.8 | 80,000 | $ | 1.8 | 6.13 | |||||||||||||||
$ | 2.2 | 118,959 | $ | 2.2 | 1.36 | |||||||||||||||
$ | 5 | 345,000 | $ | 5 | 2.32 | |||||||||||||||
$ | 10 | 20,313 | $ | 10 | 4.18 | |||||||||||||||
564,272 | $ | 4.14 | ||||||||||||||||||
Equity Incentive Plan [Member] | ||||||||||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | Activity under the Plan is as follows: | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Reserved but unissued shares under the Equity Incentive Plan, beginning of year | 249,736 | 480,260 | ||||||||||||||||||
Increases in the number of authorized shares under the Equity Incentive Plan | 85,705 | 5,866 | ||||||||||||||||||
Grants of stock options | -141,880 | -206,390 | ||||||||||||||||||
Stock option forfeitures | 24,688 | - | ||||||||||||||||||
Exercise of stock options | 39,140 | - | ||||||||||||||||||
Stock grants | -14,625 | -30,000 | ||||||||||||||||||
Stock grant forfeitures | - | - | ||||||||||||||||||
Reserved but unissued shares under the Equity Incentive Plan, end of year | 242,764 | 249,736 | ||||||||||||||||||
Consultant Plan [Member] | ||||||||||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | Activity under the Consultant Plan from its inception to date is as follows: | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Reserved but unissued shares under the Consultant Plan | 64,037 | 75,000 | ||||||||||||||||||
Increases in the number of authorized shares under the Consultant Plan | 8,571 | 287 | ||||||||||||||||||
Stock grants | -7,000 | -11,250 | ||||||||||||||||||
Stock grant forfeitures | - | - | ||||||||||||||||||
Reserved but unissued shares under the Consultant Plan | 65,608 | 64,037 | ||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||
Schedule Of Share Based Compensation Warrants Activity [Table Text Block] | A summary of the Company’s warrant activity and related information is as follows: | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Weighted Average | Weighted Average | |||||||||||||||||||
Warrants | Exercise Price | Warrants | Exercise Price | |||||||||||||||||
Outstanding at beginning of year | 543,959 | $ | 3.92 | 561,368 | $ | 3.86 | ||||||||||||||
Granted | 20,313 | $ | 10 | - | - | |||||||||||||||
Exercised | - | - | -17,409 | $ | 2.2 | |||||||||||||||
Forfeited/Expired | - | - | - | - | ||||||||||||||||
Outstanding at end of year | 564,272 | $ | 4.14 | 543,959 | $ | 3.92 | ||||||||||||||
Employee Stock Option [Member] | ||||||||||||||||||||
Schedule Of Share Based Payment Award Warrants Valuation Assumptions [Table Text Block] | The following weighted-average assumptions were utilized in the calculation of the fair value of the stock options: | |||||||||||||||||||
Expected life | 6.25 years | |||||||||||||||||||
Weighted average volatility | 74 | % | ||||||||||||||||||
Forfeiture rate | 13 | % | ||||||||||||||||||
Weighted average risk-free interest rate | 1.93 | % | ||||||||||||||||||
Expected dividend rate | - | |||||||||||||||||||
The following weighted-average assumptions were utilized in the calculation of the fair value of the stock options: | ||||||||||||||||||||
Expected life | 6.25 years | |||||||||||||||||||
Weighted average volatility | 33 | % | ||||||||||||||||||
Forfeiture rate | 13 | % | ||||||||||||||||||
Weighted average risk-free interest rate | 1.31 | % | ||||||||||||||||||
Expected dividend rate | - | |||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of the Company’s stock option activity and related information is as follows: | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Weighted | Weighted | |||||||||||||||||||
Options | Average | Options | Average | |||||||||||||||||
to | Weighted | Remaining | To | Weighted | Remaining | |||||||||||||||
Purchase | Average | Contractual | Purchase | Average | Contractual | |||||||||||||||
Common | Exercise | Life | Common | Exercise | Life | |||||||||||||||
Stock | Price | (in years) | Stock | Price | (in years) | |||||||||||||||
Outstanding at January 1 | 565,765 | $ | 3.19 | 8.21 | 359,375 | $ | 2.2 | 8.75 | ||||||||||||
Granted | 141,880 | $ | 9.68 | 7.7 | 206,390 | $ | 4.91 | 9.01 | ||||||||||||
Exercised | -39,140 | $ | 3.11 | - | - | - | - | |||||||||||||
Forfeited/Expired/Exchanged | -24,688 | $ | 7.36 | - | - | - | - | |||||||||||||
Outstanding at December 31 | 643,817 | $ | 4.46 | 5.67 | 565,765 | $ | 3.19 | 8.21 | ||||||||||||
Exercisable at December 31 | 441,958 | $ | 3.5 | 4.47 | 317,354 | $ | 2.44 | 7.87 | ||||||||||||
Schedule Of Employee Service Share Based Compensation Unrecognized Period Costs [Table Text Block] | At December 31, 2014, there was $601,000 of total unrecognized compensation cost related to non-vested stock option-based compensation arrangements granted under the Plan. That cost is expected to be recognized in future years as follows: | |||||||||||||||||||
2015 | $ | 229,000 | ||||||||||||||||||
2016 | 209,000 | |||||||||||||||||||
2017 | 153,000 | |||||||||||||||||||
2018 | 10,000 | |||||||||||||||||||
$ | 601,000 | |||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Minimum future payments under this lease at December 31, 2014 are as follows: | ||||
2015 | $ | 137,000 | |||
2016 | 141,000 | ||||
2017 | 24,000 | ||||
$ | 302,000 | ||||
Organization_and_Description_o1
Organization and Description of Business (Details Textual) (USD $) | 12 Months Ended | 83 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | |
Organization and Description of Business [Line Items] | |||
Net loss | $7,296,000 | $5,285,000 | $21,260,000 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | |
Variable Interest Entity [Line Items] | ||||
Cash, FDIC Insured Amount | $250,000 | $250,000 | ||
Weighted Average Number of Shares Outstanding, Diluted | 1,208,089 | 1,109,724 | ||
Emerging Growth Company Minimum Revenue | 1,000,000,000 | |||
Emerging Growth Company Non Convertible Debt | 1,000,000,000 | 1,000,000,000 | ||
Emerging Growth Company Minimum Non-Affiliate Market Value Of Common Stock | 700,000,000 | |||
Tax Benefits Recognized Description | The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate resolution. | |||
Emerging Growth Company Non-Affiliate Market Value Of Common Stock | 71,000,000 | |||
Technology Services Revenue | 0 | 93,000 | ||
Proceeds From Fund To Offset Research And Development | $110,000 |
Fixed_Assets_Details
Fixed Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Machinery and equipment | $646,000 | $633,000 |
Office furniture and equipment | 98,000 | 95,000 |
Leasehold improvements | 124,000 | 62,000 |
Accumulated depreciation | -605,000 | -366,000 |
Property Plant and Equipment Gross Excluding Construction In Progress | 263,000 | 424,000 |
Construction in progress | 0 | 3,000 |
Property, Plant and Equipment, Net, Total | $263,000 | $427,000 |
Patents_and_Other_Intangible_A2
Patents and Other Intangible Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Patents, Gross | $2,329,000 | $1,444,000 |
Trademarks | 36,000 | 7,000 |
Other | 8,000 | 8,000 |
Finite-Lived Intangible Assets, Gross | 2,373,000 | 1,459,000 |
Accumulated amortization | -1,000 | 0 |
Finite-Lived Intangible Assets, Net | 2,372,000 | 1,459,000 |
Patents Pending [Member] | ||
Finite-Lived Patents, Gross | 2,262,000 | 1,444,000 |
Issued Patents [Member] | ||
Finite-Lived Patents, Gross | 67,000 | 0 |
Finite-Lived Intangible Assets, Net | $66,000 |
Patents_and_Other_Intangible_A3
Patents and Other Intangible Assets (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net | $2,372,000 | $1,459,000 |
Issued Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
2015 | 7,000 | |
2016 | 7,000 | |
2017 | 7,000 | |
2018 | 7,000 | |
2019 | 7,000 | |
Thereafter | 31,000 | |
Finite-Lived Intangible Assets, Net | $66,000 |
Patents_and_Other_Intangible_A4
Patents and Other Intangible Assets (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Exploration Abandonment and Impairment Expense | $262,000 | $4,000 |
Termination_of_Employment_Agre2
Termination of Employment Agreement (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Expected life | 3 months |
Weighted average volatility | 68.00% |
Forfeiture rate | 46.00% |
Weighted average risk-free interest rate | 0.04% |
Expected dividend rate | 0.00% |
Termination_of_Employment_Agre3
Termination of Employment Agreement (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loss Contingency Accrual, Provision | $50,000 | ||
Richard F. Rutkowski [Member] | Option One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 15,625 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $4.88 | ||
Richard F. Rutkowski [Member] | Option Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 14,219 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $9.90 | ||
Scenario, Forecast [Member] | |||
Financial Liabilities Fair Value Disclosure | 842,000 | 372,000 | 470,000 |
Scenario, Forecast [Member] | Richard F. Rutkowski [Member] | |||
Officers' Compensation | 359,000 | 60,000 | |
General and Administrative Expense [Member] | |||
Financial Liabilities Fair Value Disclosure | $943,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Reconciliation [Line Items] | ||
Expected tax benefit at 34% | ($2,481,000) | ($1,797,000) |
Change in valuation allowance | 2,390,000 | 1,615,000 |
Other | 91,000 | 182,000 |
Provision for income taxes | $0 | $0 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Reconciliation [Line Items] | ||
Net operating loss carry forwards | $6,850,000 | $4,780,000 |
Accrued liabilities | 310,000 | 30,000 |
Stock compensation | -20,000 | -30,000 |
Depreciation | -40,000 | -80,000 |
Prepaid expenses | -30,000 | -20,000 |
Other | 10,000 | 10,000 |
Deferred tax assets, net | 7,080,000 | 4,690,000 |
Valuation allowance | -7,080,000 | -4,690,000 |
Net deferred tax asset | $0 | $0 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | |
Limitation In Carry Forward Percentage Of Net Operating Loss | 50.00% | |
Percentage Of Valuation Allowance Against Deferred Tax Assets | 100.00% | |
Net Operating Losses For Tax Purposes | $20,100,000 | |
Operating Loss Carryforward Expiration Date | The net operating loss carry forward may be used to reduce taxable income through the years 2028 to 2034. | |
Deferred Tax Assets, Net of Valuation Allowance | $0 | $0 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (Equity Incentive Plan [Member]) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Equity Incentive Plan [Member] | ||
Class of Stock [Line Items] | ||
Reserved but unissued shares under the Plan | 249,736 | 480,260 |
Increases in the number of authorized shares under the Plan | 85,705 | 5,866 |
Grants of stock options | -141,880 | -206,390 |
Stock option forfeitures | 24,688 | 0 |
Exercise of stock options | 39,140 | 0 |
Stock grants | -14,625 | -30,000 |
Stock grant forfeitures | 0 | 0 |
Reserved but unissued shares under the Plan | 242,764 | 249,736 |
Stockholders_Equity_Details_1
Stockholders' Equity (Details 1) (Employee Stock Option [Member]) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life | 6 years 3 months | 6 years 3 months |
Weighted average volatility | 74.00% | 33.00% |
Forfeiture rate | 13.00% | 13.00% |
Weighted average risk-free interest rate | 1.93% | 1.31% |
Expected dividend rate | 0.00% | 0.00% |
Stockholders_Equity_Details_2
Stockholders' Equity (Details 2) (Employee Stock Option [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Stock Option [Member] | |||
Class of Stock [Line Items] | |||
Reserved but unissued shares under the Plan | 565,765 | 359,375 | |
Granted - Options to Purchase Common Stock | 141,880 | 206,390 | |
Exercised - Options to Purchase Common Stock | -39,140 | 0 | |
Forfeited/Expired/Exchanged - Options to Purchase Common Stock | -24,688 | 0 | |
Reserved but unissued shares under the Plan | 643,817 | 565,765 | 359,375 |
Exercisable - Options to Purchase Common Stock | 441,958 | 317,354 | |
Outstanding - Weighted Average Exercise Price | $3.19 | $2.20 | |
Granted - Weighted Average Exercise Price | $9.68 | $4.91 | |
Exercised - Weighted Average Exercise Price | $3.11 | $0 | |
Forfeited/Expired/Exchanged - Weighted Average Exercise Price | $7.36 | $0 | |
Outstanding - Weighted Average Exercise Price | $4.46 | $3.19 | $2.20 |
Exercisable - Weighted Average Exercise Price | $3.50 | $2.44 | |
Outstanding - Weighted Average Remaining Contractual Life (in years) | 5 years 8 months 1 day | 8 years 2 months 16 days | 8 years 9 months |
Granted - Weighted Average Remaining Contractual Life (in years) | 7 years 8 months 12 days | 9 years 4 days | |
Exercised - Weighted Average Remaining Contractual Life (in years) | 0 years | 0 years | |
Forfeited/Expired/Exchanged - Weighted Average Remaining Contractual Life (in years) | 0 years | 0 years | |
Exercisable - Weighted Average Remaining Contractual Life (in years) | 4 years 5 months 19 days | 7 years 10 months 13 days |
Stockholders_Equity_Details_3
Stockholders' Equity (Details 3) (Employee Stock Option [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Stock Option [Member] | ||
Class of Stock [Line Items] | ||
Non-vested stock options at January 1 | 248,411 | 117,188 |
Granted - Number of Options | 141,880 | 206,390 |
Vested - Number of Options | -156,240 | -75,167 |
Exercised - Number of Options | -7,504 | 0 |
Forfeited/Expired/Exchanged - Number of Options | -24,688 | 0 |
Non-vested stock options at December 31 | 201,859 | 248,411 |
Non-vested options - Weighted Average Grant Date Fair Value | $4.15 | $2.20 |
Granted - Weighted Average Grant Date Fair Value | $9.68 | $4.91 |
Vested - Weighted Average Grant Date Fair Value | $5.50 | $3.21 |
Exercised - Weighted Average Grant Date Fair Value | $4.88 | $0 |
Forfeited/Expired/Exchanged - Weighted Average Grant Date Fair Value | $7.36 | $0 |
Non-vested options - Weighted Average Grant Date Fair Value | $6.57 | $4.15 |
Stockholders_Equity_Details_4
Stockholders' Equity (Details 4) (USD $) | Dec. 31, 2014 |
Employee Service Share-Based Compensation, Nonvested Awards, Total Compensation Cost Not Yet Recognized | $601,000 |
Year 2015 [Member] | |
Employee Service Share-Based Compensation, Nonvested Awards, Total Compensation Cost Not Yet Recognized | 229,000 |
Year 2016 [Member] | |
Employee Service Share-Based Compensation, Nonvested Awards, Total Compensation Cost Not Yet Recognized | 209,000 |
Year 2017 [Member] | |
Employee Service Share-Based Compensation, Nonvested Awards, Total Compensation Cost Not Yet Recognized | 153,000 |
Year 2018 [Member] | |
Employee Service Share-Based Compensation, Nonvested Awards, Total Compensation Cost Not Yet Recognized | $10,000 |
Stockholders_Equity_Details_5
Stockholders' Equity (Details 5) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Effect on net loss | $339,000 | $115,000 |
Effect on net loss per share (in dollars per share) | $0.04 | $0.01 |
Research and development [Member] | ||
Effect on net loss | 99,000 | 42,000 |
General and administrative [Member] | ||
Effect on net loss | $240,000 | $73,000 |
Stockholders_Equity_Details_6
Stockholders' Equity (Details 6) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Other General and Administrative Expense | $46,000 |
Year 2015 [Member] | |
Other General and Administrative Expense | 26,000 |
Year 2016 [Member] | |
Other General and Administrative Expense | $20,000 |
Stockholders_Equity_Details_7
Stockholders' Equity (Details 7) (Consultant Plan [Member]) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Consultant Plan [Member] | ||
Reserved but unissued shares under the Plan | 64,037 | 75,000 |
Increases in the number of authorized shares under the Plan | 8,571 | 287 |
Stock grants | -7,000 | -11,250 |
Stock grant forfeitures | 0 | 0 |
Reserved but unissued shares under the Plan | 65,608 | 64,037 |
Stockholders_Equity_Details_8
Stockholders' Equity (Details 8) (Warrant [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Warrant [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life (in years) | 5 years |
Weighted average volatility | 74.00% |
Weighted average risk-free interest rate | 1.49% |
Expected dividend rate | 0.00% |
Stockholders_Equity_Details_9
Stockholders' Equity (Details 9) (Warrant [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Warrant [Member] | ||
Outstanding - Warrants | 543,959 | 561,368 |
Granted - Warrants | 20,313 | 0 |
Exercised - Warrants | 0 | -17,409 |
Forfeited/Expired - Warrants | 0 | 0 |
Outstanding - Warrants | 564,272 | 543,959 |
Outstanding - Weighted Average Exercise Price at beginning of year | $3.92 | $3.86 |
Granted - Weighted Average Exercise Price | $10 | $0 |
Exercised - Weighted Average Exercise Price | $0 | $2.20 |
Forfeited/Expired - Weighted Average Exercise Price | $0 | $0 |
Outstanding - Weighted Average Exercise Price at end of year | $4.14 | $3.92 |
Stockholders_Equity_Details_10
Stockholders' Equity (Details 10) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Warrants Outstanding | 564,272 |
Warrants Outstanding Weighted Average Exercise Price | $4.14 |
Exercise Price 1.80 [Member] | |
Warrants Exercise Price | $1.80 |
Warrants Outstanding | 80,000 |
Warrants Outstanding Weighted Average Exercise Price | $1.80 |
Warrants Outstanding Remaining Life | 6 years 1 month 17 days |
Exercise Price 2.20 [Member] | |
Warrants Exercise Price | $2.20 |
Warrants Outstanding | 118,959 |
Warrants Outstanding Weighted Average Exercise Price | $2.20 |
Warrants Outstanding Remaining Life | 1 year 4 months 10 days |
Exercise Price 5.00 [Member] | |
Warrants Exercise Price | $5 |
Warrants Outstanding | 345,000 |
Warrants Outstanding Weighted Average Exercise Price | $5 |
Warrants Outstanding Remaining Life | 2 years 3 months 25 days |
Exercise Price 10.00 [Member] | |
Warrants Exercise Price | $10 |
Warrants Outstanding | 20,313 |
Warrants Outstanding Weighted Average Exercise Price | $10 |
Warrants Outstanding Remaining Life | 4 years 2 months 5 days |
Stockholders_Equity_Details_Te
Stockholders' Equity (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||||
Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | Feb. 26, 2015 | Mar. 31, 2014 | 31-May-13 | Dec. 31, 2012 | |
Class of Stock [Line Items] | ||||||||
Warrants Authorized For Issuance To Acquire Common Stock Shares Number | 20,313 | 20,313 | ||||||
Exercise Price Of Warrants | $10 | |||||||
Warrants Authorized For Issuance To Acquire Common Stock Value | $92,000 | $92,000 | ||||||
Stock Issued During Period, Value, Issued for Noncash Considerations | 125,000 | |||||||
Common Stock, Shares Authorized | 62,500,000 | |||||||
Preferred Stock, Shares Authorized | 2,000,000 | |||||||
Declining Repurchase Rights Per Share | $0.00 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 601,000 | |||||||
Stock Issued In Registered Direct Offering Price Per Share | $8 | |||||||
Stock Granted During Period, Value, Share-Based Compensation, Gross | 26,000 | 31,000 | ||||||
Stock Issued During Period Value Exercise Of Warrant | 39,000 | |||||||
Proceeds From Issuance Or Sale Of Equity | 5,780,000 | 39,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 1,788,000 | |||||||
Registered Direct Offering [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock Issued During Period, Value, New Issues | 6,500,000 | |||||||
Stock Issued In Registered Direct Offering Price Per Share | $8 | |||||||
Placement Agent Fees | 488,000 | |||||||
Payments for Placement Agent Legal Fees | 75,000 | |||||||
Other Cost and Expense, Operating | 44,000 | |||||||
Stock Issued During Period, Shares, Registered Direct Offering | 812,500 | |||||||
Proceeds From Issuance Or Sale Of Equity | 5,800,000 | |||||||
Payment of Financing and Stock Issuance Costs | 800,000 | |||||||
Subsequent Event [Member] | Underwritten Public Offering [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Gross Proceeds From Public Stock Offering Of Common Stock | 17,500,000 | |||||||
Employee Stock Option [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | 4 years | ||||||
Consultant Plan [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share-based Compensation Outstanding - Reserved but unissued shares under the Plan | 83,858 | 75,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 7,000 | 11,250 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $10.26 | $9.12 | ||||||
Stock Granted During Period, Value, Share-Based Compensation, Gross | 72,000 | 102,000 | ||||||
Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock Issued During Period Value Exercise Of Warrant | 0 | |||||||
Stock Issued During Period, Shares, Registered Direct Offering | 812,500 | |||||||
Warrant [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Warrants Authorized For Issuance To Acquire Common Stock Shares Number | 20,313 | |||||||
Exercise Price Of Warrants | $10 | |||||||
Warrants Authorized For Issuance To Acquire Common Stock Value | 92,000 | |||||||
Equity Incentive Plan [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award Purchase Price Share Minimum | 85.00% | |||||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,077,005 | |||||||
Increase Decrease Of Share Based Compensation Arrangement By Share Based Payment Award Percentage | 10.00% | |||||||
Share-based Compensation Outstanding - Reserved but unissued shares under the Plan | 242,764 | 249,736 | 480,260 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 141,880 | 206,390 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $10.26 | $5 | ||||||
Stock Granted During Period, Value, Share-Based Compensation, Gross | 150,000 | 150,000 | ||||||
Share Based Compensation Arrangement By Share Based Payment Award Stock Grants In Period | -14,625 | -30,000 | ||||||
Equity Incentive Plan [Member] | Employee Stock Option [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 601,000 | |||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Subject To Repurchase Rights Decline | 7,504 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 10 years | 10 years | ||||||
Stock Granted During Period, Value, Share-Based Compensation, Gross | 799,000 | 307,000 | ||||||
Investment Options, Exercise Price | $4.88 | |||||||
Allocated Share-based Compensation Expense | 178,000 | 76,000 | ||||||
Equity Incentive Plan [Member] | Employee Stock Option One [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 122,880 | 203,990 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $9.90 | $4.88 | ||||||
Equity Incentive Plan [Member] | Employee Stock Option Two [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 19,000 | 2,400 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $8.22 | $7.33 | ||||||
Legal Fees [Member] | Registered Direct Offering [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock Issued During Period, Value, Issued for Noncash Considerations | $113,000 |
Retirement_Plan_Details_Textua
Retirement Plan (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Retirement Plan [Line Items] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | 3.00% |
Defined Contribution Plan, Cost Recognized | $53,000 | $38,000 |
Related_Party_Transactions_Det
Related Party Transactions (Details Textual) (Alternative Energy Resource Alliance [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Alternative Energy Resource Alliance [Member] | |
Related Party Transaction [Line Items] | |
Consulting Fee | $103,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2014 |
Operating Leased Assets [Line Items] | |
2015 | $137,000 |
2016 | 141,000 |
2017 | 24,000 |
Operating Leases, Future Minimum Payments Due | $302,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Feb. 03, 2015 | |
Loss Contingencies [Line Items] | |||
Rent Expense Escalation Percentage | 3.00% | ||
Increase In Deferred Rent | $2,000 | ||
Reduction In Deferred Rent | 4,000 | ||
Operating Leases, Rent Expense | 161,000 | 135,000 | |
Contractual Obligation | 300,000 | ||
Obligation To Pay In Common Stock At Fair Value | 150,000 | ||
Triple Net Operating Cost | 3,000 | ||
Stephen E. Pirnat [Member] | |||
Loss Contingencies [Line Items] | |||
Salaries, Wages and Officers' Compensation | 350,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 60.00% | ||
Labor and Related Expense | $100,000 |
Subsequent_Events_Details_Text
Subsequent Events (Details Textual) (Subsequent Event [Member], USD $) | 0 Months Ended | 1 Months Ended | |
Feb. 03, 2015 | Feb. 26, 2015 | Apr. 30, 2015 | |
Subsequent Event [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $5.97 | ||
Share Based Compensation Arrangement by Share Based Payment Award Options Grants In Period Fair Value | $138,000 | ||
Payments of Stock Issuance Costs | 1,200,000 | ||
Underwriting Fees [Member] | |||
Subsequent Event [Line Items] | |||
Payments of Stock Issuance Costs | 1,050,000 | ||
Other Costs [Member] | |||
Subsequent Event [Line Items] | |||
Payments of Stock Issuance Costs | 110,000 | ||
Legal Fees [Member] | |||
Subsequent Event [Line Items] | |||
Payments of Stock Issuance Costs | 55,000 | ||
Three Independent Directors [Member] | |||
Subsequent Event [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 23,034 | ||
Stephen E. Pirnat [Member] | |||
Subsequent Event [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 100,000 | 200,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $5.97 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | 3-Feb-16 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Share Based Compensation Arrangement by Share Based Payment Award Options Grants In Period Fair Value | 334,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | The stock options will have an exercise price of the grant date fair value, will vest 50% on April 1, 2016 and 50% on April 1, 2017, and will have a contractual life of 10 years. | ||
Underwritten Public Offering [Member] | |||
Subsequent Event [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 2,990,000 | ||
Stock Issued During Period Value Per Share | $5.85 | ||
Gross Proceeds From Public Stock Offering Of Common Stock | 17,500,000 | ||
Net Proceeds From Public Stock Offering Of Common Stock | $16,300,000 |