Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 03, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | CLEARSIGN COMBUSTION CORP | ||
Entity Central Index Key | 1,434,524 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 61,000,000 | ||
Trading Symbol | CLIR | ||
Entity Common Stock, Shares Outstanding | 12,868,943 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 10,985,000 | $ 1,845,000 |
Prepaid expenses | 203,000 | 109,000 |
Total current assets | 11,188,000 | 1,954,000 |
Fixed assets, net | 123,000 | 263,000 |
Patents and other intangible assets, net | 2,881,000 | 2,372,000 |
Other assets | 10,000 | 10,000 |
Total Assets | 14,202,000 | 4,599,000 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 495,000 | 253,000 |
Accrued compensation and taxes | 1,109,000 | 982,000 |
Deferred rent | 20,000 | 0 |
Total current liabilities | 1,624,000 | 1,235,000 |
Long Term Liabilities: | ||
Long-term accrued compensation and taxes | 0 | 372,000 |
Deferred rent | 0 | 33,000 |
Total liabilities | $ 1,624,000 | $ 1,640,000 |
Commitments | ||
Stockholders' Equity: | ||
Preferred stock, $0.0001 par value, zero shares issued and outstanding | $ 0 | $ 0 |
Common stock, $0.0001 par value, 12,868,943 and 9,681,476 shares issued and outstanding at December 31, 2015 and 2014, respectively | 1,000 | 1,000 |
Additional paid-in capital | 41,735,000 | 24,218,000 |
Accumulated deficit | (29,158,000) | (21,260,000) |
Total stockholders' equity | 12,578,000 | 2,959,000 |
Total Liabilities and Stockholders' Equity | $ 14,202,000 | $ 4,599,000 |
Balance Sheets _Parenthetical_
Balance Sheets [Parenthetical] - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares issued | 12,868,943 | 9,681,476 |
Common stock, shares outstanding | 12,868,943 | 9,681,476 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue | $ 61,000 | $ 0 |
Cost of revenue | 50,000 | 0 |
Gross profit | 11,000 | 0 |
Operating expenses: | ||
Research and development | 2,932,000 | 2,217,000 |
General and administrative | 5,021,000 | 5,084,000 |
Total operating expenses | 7,953,000 | 7,301,000 |
Loss from operations | (7,942,000) | (7,301,000) |
Other income: | ||
Interest income | 44,000 | 5,000 |
Net Loss | $ (7,898,000) | $ (7,296,000) |
Net Loss per share - basic and fully diluted (in dollars per share) | $ (0.63) | $ (0.77) |
Weighted average number of shares outstanding - basic and fully diluted (in shares) | 12,461,515 | 9,507,185 |
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, 2013 | $ 3,788,000 | $ 1,000 | $ 17,751,000 | $ (13,964,000) |
Balances (in shares) at Dec. 31, 2013 | 8,810,674 | |||
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 for services ($5.97 per share) | 222,000 | $ 0 | 222,000 | 0 |
Shares issued for services ($5.97 per share) (in shares) | 21,625 | |||
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 | |||
Shares issued in underwritten offering ($5.85 per share) | 17,491,000 | $ 0 | 17,491,000 | 0 |
Shares issued in underwritten offering ($5.85 per share) (in shares) | 2,990,000 | |||
Issuance costs of underwritten offering | (1,212,000) | $ 0 | (1,212,000) | 0 |
Issuance costs of underwritten offering (in shares) | 0 | |||
Shares issued for services ($5.97 per share) | 137,000 | $ 0 | 137,000 | 0 |
Shares issued for services ($5.97 per share) (in shares) | 23,034 | |||
Shares issued for services ($3.96 per share) | 20,000 | $ 0 | 20,000 | 0 |
Shares issued for services ($3.96 per share) (in shares) | 5,000 | |||
Shares issued upon exercise of options ($2.20 per share) | 284,000 | $ 0 | 284,000 | 0 |
Shares issued upon exercise of options ($2.20 per share) (in shares) | 166,536 | |||
Shares issued upon exercise of options ($4.88 per share) | 0 | $ 0 | 0 | 0 |
Shares issued upon exercise of options ($4.88 per share) (in shares) | 2,813 | |||
Shares issued upon exercise of options ($5.21 per share) | 0 | $ 0 | 0 | 0 |
Shares issued upon exercise of options ($5.21 per share) (in shares) | 84 | |||
Share based compensation | 797,000 | $ 0 | 797,000 | 0 |
Share based compensation (in shares) | 0 | |||
Net loss | (7,898,000) | $ 0 | 0 | (7,898,000) |
Balances at Dec. 31, 2015 | $ 12,578,000 | $ 1,000 | $ 41,735,000 | $ (29,158,000) |
Balances (in shares) at Dec. 31, 2015 | 12,868,943 |
Statement of Stockholders' Equ6
Statement of Stockholders' Equity [Parenthetical] - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Stock issued in registered direct offering price per share | $ 8 | |
Stock issued during the period underwritten offering per share | $ 5.85 | |
Common stock for services per share issue | 5.97 | 10.26 |
Common stock for services per share issue one | 3.96 | |
Stock issued during period par value exercise of options | 2.20 | 2.20 |
Stock issued during period par value exercise of options one | 4.88 | $ 4.88 |
Stock issued during period par value exercise of options two | $ 5.21 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (7,898,000) | $ (7,296,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Common stock issued for services | 157,000 | 222,000 |
Share based payments | 797,000 | 365,000 |
Depreciation and amortization | 200,000 | 243,000 |
Abandonment of capitalized patents pending | 593,000 | 262,000 |
Deferred rent | (13,000) | 2,000 |
Change in operating assets and liabilities: | ||
Prepaid expenses | (94,000) | 9,000 |
Accounts payable | 242,000 | (44,000) |
Accrued compensation | (245,000) | 768,000 |
Net cash used in operating activities | (6,261,000) | (5,469,000) |
Cash flows from investing activities: | ||
Acquisition of fixed assets | (49,000) | (78,000) |
Disbursements for patents and other intangible assets | (1,113,000) | (1,176,000) |
Net cash used in investing activities | (1,162,000) | (1,254,000) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock for cash, net of offering costs | 16,279,000 | 5,780,000 |
Proceeds from exercise of stock options | 284,000 | 100,000 |
Net cash provided by financing activities | 16,563,000 | 5,880,000 |
Net increase (decrease) in cash and cash equivalents | 9,140,000 | (843,000) |
Cash and cash equivalents, beginning of year | 1,845,000 | 2,688,000 |
Cash and cash equivalents, end of year | $ 10,985,000 | $ 1,845,000 |
Supplemental disclosure of non-
Supplemental disclosure of non-cash operating and financing activities: - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
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 | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 83,775 | |
Sale of Stock, Price Per Share | $ 5.90 | |
Stock Issued During Period, Shares, Other | 40,371 | |
Employee Stock Option [Member] | Minimum [Member] | ||
Shares Issued, Price Per Share | $ 2.20 | |
Employee Stock Option [Member] | Maximum [Member] | ||
Shares Issued, Price Per Share | $ 5.21 | |
Common Stock Offering [Member] | ||
Warrants Authorized For Issuance To Acquire Common Stock Shares Number | 20,313 | |
Warrants Authorized For Issuance To Acquire Common Stock Value | $ 92,000 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2015 | |
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 and is developing 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 headquartered in Seattle, Washington and was incorporated in the state of Washington in 2008. The Company’s technologies are currently in field development and have generated de minimus revenues from operations to date to meet operating expenses. In order to generate meaningful revenues, the technologies must be fully developed, gain market recognition and acceptance, and develop a critical level of successful sales and product installations. The Company has historically financed its operations primarily through issuances of equity securities. The Company has incurred losses since its inception totaling $ 29,158,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2 – Summary of Significant Accounting Policies The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. Revenues from design and installation of the Company’s products are recognized on the completed contract method. Revenues from contracts and related costs of goods sold are recognized once the contract is completed or substantially completed. Contract costs include all direct material and labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, and depreciation costs. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. 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 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 are recorded at cost. Amortization is computed using the straight-line method over the estimated useful lives of the assets once they are awarded. 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 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 term 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. 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 2015 and 2014, the Company received $ 15,000 110,000 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. 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. 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. 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, 2015 and 2014, potentially dilutive shares outstanding amounted to 1,287,672 1,208,089 In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update No. 2016-02 regarding leases. The new standard requires lessee recognition on the balance sheet of a right-of-use asset and a lease liability, initially measured at the present value of the lease payments. It further requires recognition in the income statement of a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis. Finally, it requires classification of all cash payments within operating activities in the statement of cash flows. It is effective for fiscal years commencing after December 15, 2018 and early adoption is permitted. Management does not believe that this standard or any other recently issued, but not yet effective standards, if adopted, will have a material effect on the financial statements. 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 $ 1 700 61 |
Fixed Assets
Fixed Assets | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 3 – Fixed Assets December 31, 2015 2014 Machinery and equipment $ 639,000 $ 646,000 Office furniture and equipment 115,000 98,000 Leasehold improvements 130,000 124,000 Accumulated depreciation and amortization (761,000) (605,000) $ 123,000 $ 263,000 |
Patents and Other Intangible As
Patents and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | Note 4 – Patents and Other Intangible Assets December 31, 2015 2014 Patents Patents pending $ 2,730,000 $ 2,262,000 Issued patents 115,000 67,000 2,845,000 2,329,000 Trademarks Trademarks pending 18,000 36,000 Registered trademarks 23,000 - 41,000 36,000 Other 8,000 8,000 49,000 44,000 Patents and other intangible assets 2,894,000 2,373,000 Accumulated amortization (13,000) (1,000) $ 2,881,000 $ 2,372,000 Future amortization expense associated with awarded patents and registered trademarks as of December 31, 2015 is estimated as follows: 2016 $ 18,000 2017 18,000 2018 18,000 2019 18,000 2020 16,000 Thereafter 37,000 $ 125,000 During the years ended December 31, 2015 and 2014, the Company recorded an impairment loss of $ 593,000 262,000 |
Termination of Employment Agree
Termination of Employment Agreement | 12 Months Ended |
Dec. 31, 2015 | |
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 60,000 15,625 4.88 14,219 9.90 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 50,000 372,000 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 6 - Income Taxes Through December 31, 2015, the Company incurred net operating losses for federal tax purposes of approximately $ 28,300,000 The net operating loss carry forwards may be used to reduce taxable income through the years 2028 to 2035 50 2015 2014 Expected tax benefit at 34% $ (1,797,000) $ (2,481,000) Change in valuation allowance 2,420,000 2,390,000 Other (623,000) 91,000 Provision for income taxes $ - $ - The net deferred tax asset at December 31, 2015 and 2014 was $9,500,000 and $7,080,000, respectively. 100 34 2015 2014 Net operating loss carry forwards $ 9,650,000 $ 6,850,000 Accrued liabilities 140,000 310,000 Stock compensation (270,000) (20,000) Depreciation - (40,000) Prepaid expenses (30,000) (30,000) Other 10,000 10,000 Deferred tax assets, net 9,500,000 7,080,000 Valuation allowance (9,500,000) (7,080,000) Net deferred tax asset $ - $ - Although the Company is not under examination, the tax years for 2012 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, 2015 and 2014, there was no accrued interest or penalties related to uncertain tax positions. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
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 2,000,000 In February 2015, the Company completed an underwritten public offering of common stock whereby 2,990,000 5.85 17.5 16.3 1.2 1,049,000 55,000 108,000 In March 2014, the Company completed a registered direct offering of common stock whereby 812,500 8.00 6.5 5.8 0.8 488,000 75,000 113,000 44,000 20,313 10.00 92,000 Equity Incentive Plan The ClearSign Combustion Corporation 2011 Equity Incentive Plan (the Plan) provides for the granting of options to purchase shares of common stock, stock awards to purchase shares at no less than 85 1,392,230 10 2015 2014 Reserved but unissued shares under the Plan at January 1 242,764 249,736 Increases in the number of authorized shares under the Plan 315,225 85,705 Grants of stock options (409,200) (141,880) Stock option forfeitures 116,780 24,688 Exercise of stock options 212,837 39,140 Stock grants (23,034) (14,625) Stock grant forfeitures - - Reserved but unissued shares under the Plan at December 31 455,372 242,764 Stock Options In 2015, the Company granted 409,200 300,000 3.96 5.97 10 Expected life 5.81 years Weighted average volatility 72 % Forfeiture rate 11 % Weighted average risk-free interest rate 1.45 % Expected dividend rate - The fair value of stock options granted, estimated on the date of grant using the Black-Scholes option valuation model, was $ 1,242,000 923,000 579,000 In 2014, the Company granted 141,880 8.22 9.90 10 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 $ 799,000 126,000 178,000 2015 2014 Options to Weighted Weighted Options to Weighted Weighted Outstanding at January 1 643,817 $ 4.46 5.67 565,765 $ 3.19 8.21 Granted 409,200 $ 5.39 9.22 141,880 $ 9.68 7.70 Exercised (212,837) $ 2.51 - (39,140) $ 3.11 - Forfeited/Expired/Exchanged (116,780) $ 6.86 - (24,688) $ 7.36 - Outstanding at December 31 723,400 $ 5.18 8.10 643,817 $ 4.46 5.67 Exercisable at December 31 257,391 $ 4.05 6.12 441,958 $ 3.50 4.47 In accordance with the Plan, options for the purchase of 7,504 4.88 4,169 2015 2014 Weighted Weighted Number of Average Grant Number of Average Grant Non-vested stock options at January 1 201,859 $ 6.57 248,411 $ 4.15 Granted 409,200 $ 5.39 141,880 $ 9.68 Vested (97,367) $ 5.16 (156,240) $ 5.50 Exercised - - (7,504) $ 4.88 Forfeited/Expired/Exchanged (47,683) $ 6.88 (24,688) $ 7.36 Non-vested stock options at December 31 466,009 $ 5.79 201,859 $ 6.57 The estimated aggregate pretax intrinsic value of the Company’s outstanding vested stock options at December 31, 2015 is $ 381,000 910,000 2016 $ 553,000 2017 260,000 2018 79,000 2019 18,000 $ 910,000 2015 2014 Research and development $ 108,000 $ 99,000 General and administrative 663,000 240,000 Effect on net loss $ 771,000 $ 339,000 Effect on net loss per share $ 0.06 $ 0.04 Stock Grants In 2015 and 2014, the Company granted 23,034 14,625 5.97 10.26 137,000 150,000 In 2011, the Company granted 125,000 0.0001 26,000 20,000 Consultant Stock Plan The 2013 Consultant Stock Plan (the Consultant Plan) 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 December 31, 2015 totaled 115,380 The Company granted 5,000 7,000 3.96 10.26 20,000 72,000 2015 2014 Reserved but unissued shares under the Consultant Plan at January 1 65,608 64,037 Increases in the number of authorized shares under the Consultant Plan 31,522 8,571 Stock grants (5,000) (7,000) Stock grant forfeitures - - Reserved but unissued shares under the Consultant Plan at December 31 92,130 65,608 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 10.00 92,000 Expected life (in years) 5 Weighted average volatility 74 % Weighted average risk-free interest rate 1.49 % Expected dividend rate - 2015 2014 Warrants Weighted Warrants Weighted Outstanding at January 1 564,272 $ 4.14 543,959 $ 3.92 Granted - - 20,313 $ 10.00 Exercised - - - - Forfeited/Expired - - - - Outstanding at December 31 564,272 $ 4.14 564,272 $ 4.14 Total Outstanding Warrants Exercise Price Warrants Weighted Average Life $ 1.80 80,000 $ 1.80 5.13 $ 2.20 118,959 $ 2.20 0.36 $ 5.00 345,000 $ 5.00 1.32 $ 10.00 20,313 $ 10.00 3.18 564,272 $ 4.14 |
Retirement Plan
Retirement Plan | 12 Months Ended |
Dec. 31, 2015 | |
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 71,000 53,000 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 9 – Related Party Transactions In connection with the February 2015 underwritten public offering described in Note 7, the Company paid the underwriter, MDB Capital Group, LLC (MDB), underwriting fees of $ 1,049,000 55,000 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
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 350,000 60 100,000 39,000 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 2,000 13,000 3,000 2016 $ 151,000 2017 24,000 $ 175,000 For the years ended December 31, 2015 and 2014, rent expense amounted to $ 217,000 161,000 The Company has a field test agreement with a customer to demonstrate and test the Duplex technology in a once through steam generator (OTSG) used to facilitate a thermally enhanced oil recovery process. Under the terms of the agreement, the Company has retrofitted an OTSG unit in order to achieve certain performance criteria. The agreement also includes time-sensitive pricing, delivery and installation terms, if elected, that will apply to future purchases of this Duplex application by this customer. |
Quarterly Results
Quarterly Results | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | Note 11 – Quarterly Results : First Second Third Fourth Quarter Quarter Quarter Quarter For the year ended December 31, 2015 Revenue $ - $ - $ - $ 61,000 Gross profit $ - $ - $ - $ 11,000 Operating expenses $ 1,592,000 $ 1,810,000 $ 1,969,000 $ 2,582,000 Net Loss $ (1,583,000) $ (1,796,000) $ (1,961,000) $ (2,558,000) Net Loss per share - basic and fully diluted $ (0.14) $ (0.14) $ (0.15) $ (0.20) For the year ended December 31, 2014 Revenue $ - $ - $ - $ - Operating expenses $ 1,647,000 $ 1,628,000 $ 1,722,000 $ 2,304,000 Net Loss $ (1,646,000) $ (1,626,000) $ (1,721,000) $ (2,303,000) Net Loss per share - basic and fully diluted $ (0.18) $ (0.17) $ (0.18) $ (0.24) The Company recorded a number of adjustments in the fourth quarter of the year ended December 31, 2015 including an expense of $ 588,000 |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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 of America 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 and Cost of Revenue Revenues from design and installation of the Company’s products are recognized on the completed contract method. Revenues from contracts and related costs of goods sold are recognized once the contract is completed or substantially completed. Contract costs include all direct material and labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, and depreciation costs. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. |
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 |
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 term 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 2015 and 2014, the Company received $ 15,000 110,000 |
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, 2015 and 2014, potentially dilutive shares outstanding amounted to 1,287,672 1,208,089 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update No. 2016-02 regarding leases. The new standard requires lessee recognition on the balance sheet of a right-of-use asset and a lease liability, initially measured at the present value of the lease payments. It further requires recognition in the income statement of a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis. Finally, it requires classification of all cash payments within operating activities in the statement of cash flows. It is effective for fiscal years commencing after December 15, 2018 and early adoption is permitted. Management does not believe that this standard or 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 $ 1 700 61 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Fixed assets are summarized as follows: December 31, 2015 2014 Machinery and equipment $ 639,000 $ 646,000 Office furniture and equipment 115,000 98,000 Leasehold improvements 130,000 124,000 Accumulated depreciation and amortization (761,000) (605,000) $ 123,000 $ 263,000 |
Patents and Other Intangible 22
Patents and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | Patents and other intangible assets are summarized as follows: December 31, 2015 2014 Patents Patents pending $ 2,730,000 $ 2,262,000 Issued patents 115,000 67,000 2,845,000 2,329,000 Trademarks Trademarks pending 18,000 36,000 Registered trademarks 23,000 - 41,000 36,000 Other 8,000 8,000 49,000 44,000 Patents and other intangible assets 2,894,000 2,373,000 Accumulated amortization (13,000) (1,000) $ 2,881,000 $ 2,372,000 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Future amortization expense associated with awarded patents and registered trademarks as of December 31, 2015 is estimated as follows: 2016 $ 18,000 2017 18,000 2018 18,000 2019 18,000 2020 16,000 Thereafter 37,000 $ 125,000 |
Termination of Employment Agr23
Termination of Employment Agreement (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Employment Agreement Termination [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | 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, 2015 | |
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: 2015 2014 Expected tax benefit at 34% $ (1,797,000) $ (2,481,000) Change in valuation allowance 2,420,000 2,390,000 Other (623,000) 91,000 Provision for income taxes $ - $ - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | A 100 34 2015 2014 Net operating loss carry forwards $ 9,650,000 $ 6,850,000 Accrued liabilities 140,000 310,000 Stock compensation (270,000) (20,000) Depreciation - (40,000) Prepaid expenses (30,000) (30,000) Other 10,000 10,000 Deferred tax assets, net 9,500,000 7,080,000 Valuation allowance (9,500,000) (7,080,000) Net deferred tax asset $ - $ - |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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: 2015 2014 Weighted Weighted Number of Average Grant Number of Average Grant Non-vested stock options at January 1 201,859 $ 6.57 248,411 $ 4.15 Granted 409,200 $ 5.39 141,880 $ 9.68 Vested (97,367) $ 5.16 (156,240) $ 5.50 Exercised - - (7,504) $ 4.88 Forfeited/Expired/Exchanged (47,683) $ 6.88 (24,688) $ 7.36 Non-vested stock options at December 31 466,009 $ 5.79 201,859 $ 6.57 |
Schedule Of Recognized Compensation Cost [Table Text Block] | The recognized compensation cost associated with the Plan is as follows: 2015 2014 Research and development $ 108,000 $ 99,000 General and administrative 663,000 240,000 Effect on net loss $ 771,000 $ 339,000 Effect on net loss per share $ 0.06 $ 0.04 |
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, 2015: Total Outstanding Warrants Exercise Price Warrants Weighted Average Life $ 1.80 80,000 $ 1.80 5.13 $ 2.20 118,959 $ 2.20 0.36 $ 5.00 345,000 $ 5.00 1.32 $ 10.00 20,313 $ 10.00 3.18 564,272 $ 4.14 |
Equity Incentive Plan [Member] | |
Schedule of Share-based Compensation, Activity [Table Text Block] | Activity under the Plan is as follows: 2015 2014 Reserved but unissued shares under the Plan at January 1 242,764 249,736 Increases in the number of authorized shares under the Plan 315,225 85,705 Grants of stock options (409,200) (141,880) Stock option forfeitures 116,780 24,688 Exercise of stock options 212,837 39,140 Stock grants (23,034) (14,625) Stock grant forfeitures - - Reserved but unissued shares under the Plan at December 31 455,372 242,764 |
Consultant Plan [Member] | |
Schedule of Share-based Compensation, Activity [Table Text Block] | Activity under the Consultant Plan is as follows: 2015 2014 Reserved but unissued shares under the Consultant Plan at January 1 65,608 64,037 Increases in the number of authorized shares under the Consultant Plan 31,522 8,571 Stock grants (5,000) (7,000) Stock grant forfeitures - - Reserved but unissued shares under the Consultant Plan at December 31 92,130 65,608 |
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: 2015 2014 Warrants Weighted Warrants Weighted Outstanding at January 1 564,272 $ 4.14 543,959 $ 3.92 Granted - - 20,313 $ 10.00 Exercised - - - - Forfeited/Expired - - - - Outstanding at December 31 564,272 $ 4.14 564,272 $ 4.14 |
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 5.81 years Weighted average volatility 72 % Forfeiture rate 11 % Weighted average risk-free interest rate 1.45 % 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 74 % Forfeiture rate 13 % Weighted average risk-free interest rate 1.93 % 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: 2015 2014 Options to Weighted Weighted Options to Weighted Weighted Outstanding at January 1 643,817 $ 4.46 5.67 565,765 $ 3.19 8.21 Granted 409,200 $ 5.39 9.22 141,880 $ 9.68 7.70 Exercised (212,837) $ 2.51 - (39,140) $ 3.11 - Forfeited/Expired/Exchanged (116,780) $ 6.86 - (24,688) $ 7.36 - Outstanding at December 31 723,400 $ 5.18 8.10 643,817 $ 4.46 5.67 Exercisable at December 31 257,391 $ 4.05 6.12 441,958 $ 3.50 4.47 |
Schedule Of Employee Service Share Based Compensation Unrecognized Period Costs [Table Text Block] | At December 31, 2015, there was $ 910,000 2016 $ 553,000 2017 260,000 2018 79,000 2019 18,000 $ 910,000 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Minimum future payments under the Company’s lease at December 31, 2015 are as follows: 2016 $ 151,000 2017 24,000 $ 175,000 |
Quarterly Results (Tables)
Quarterly Results (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | Quarterly results for the years ended December 31, 2015 and 2014 are as follows : First Second Third Fourth Quarter Quarter Quarter Quarter For the year ended December 31, 2015 Revenue $ - $ - $ - $ 61,000 Gross profit $ - $ - $ - $ 11,000 Operating expenses $ 1,592,000 $ 1,810,000 $ 1,969,000 $ 2,582,000 Net Loss $ (1,583,000) $ (1,796,000) $ (1,961,000) $ (2,558,000) Net Loss per share - basic and fully diluted $ (0.14) $ (0.14) $ (0.15) $ (0.20) For the year ended December 31, 2014 Revenue $ - $ - $ - $ - Operating expenses $ 1,647,000 $ 1,628,000 $ 1,722,000 $ 2,304,000 Net Loss $ (1,646,000) $ (1,626,000) $ (1,721,000) $ (2,303,000) Net Loss per share - basic and fully diluted $ (0.18) $ (0.17) $ (0.18) $ (0.24) |
Organization and Description 28
Organization and Description of Business (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | 95 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | |
Organization and Description of Business [Line Items] | |||||||||||
Net loss | $ 2,558,000 | $ 1,961,000 | $ 1,796,000 | $ 1,583,000 | $ 2,303,000 | $ 1,721,000 | $ 1,626,000 | $ 1,646,000 | $ 7,898,000 | $ 7,296,000 | $ 29,158,000 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Variable Interest Entity [Line Items] | ||
Cash, FDIC Insured Amount | $ 250,000 | |
Weighted Average Number of Shares Outstanding, Diluted | 1,287,672 | 1,208,089 |
Emerging Growth Company Minimum Revenue | $ 1,000,000,000 | |
Emerging Growth Company Non Convertible Debt | 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 | $ 61,000,000 | |
Proceeds From Fund To Offset Research And Development | $ 15,000 | $ 110,000 |
Property, Plant and Equipment, Estimated Useful Lives | over two to four years |
Fixed Assets (Details)
Fixed Assets (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Machinery and equipment | $ 639,000 | $ 646,000 |
Office furniture and equipment | 115,000 | 98,000 |
Leasehold improvements | 130,000 | 124,000 |
Accumulated depreciation and amortization | (761,000) | (605,000) |
Property, Plant and Equipment, Net, Total | $ 123,000 | $ 263,000 |
Patents and Other Intangible 31
Patents and Other Intangible Assets (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Patents | $ 2,845,000 | $ 2,329,000 |
Trademarks | 41,000 | 36,000 |
Other | 8,000 | 8,000 |
Finite Lived Intangible Assets Other Than Patents Gross | 49,000 | 44,000 |
Patents and other intangible assets | 2,894,000 | 2,373,000 |
Accumulated amortization | (13,000) | (1,000) |
Finite-Lived Intangible Assets, Net | 2,881,000 | 2,372,000 |
Patents Pending [Member] | ||
Patents | 2,730,000 | 2,262,000 |
Issued Patents [Member] | ||
Patents | 115,000 | 67,000 |
Trademarks Pending [Member] | ||
Trademarks | 18,000 | 36,000 |
Registered Trademarks [Member] | ||
Trademarks | $ 23,000 | $ 0 |
Patents and Other Intangible 32
Patents and Other Intangible Assets (Details 1) - Patents [Member] | Dec. 31, 2015USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,016 | $ 18,000 |
2,017 | 18,000 |
2,018 | 18,000 |
2,019 | 18,000 |
2,020 | 16,000 |
Thereafter | 37,000 |
Finite-Lived Intangible Assets, Net | $ 125,000 |
Patents and Other Intangible 33
Patents and Other Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Exploration Abandonment and Impairment Expense | $ 588,000 | $ 593,000 | $ 262,000 |
Termination of Employment Agr34
Termination of Employment Agreement (Details) | 12 Months Ended |
Dec. 31, 2015 | |
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 Agr35
Termination of Employment Agreement (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Financial Liabilities Fair Value Disclosure | $ 372,000 | |
Loss Contingency Accrual, Provision | 50,000 | |
Richard F. Rutkowski [Member] | ||
Officers' Compensation | $ 60,000 | |
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] | Richard F. Rutkowski [Member] | ||
Officers' Compensation | $ 359,000 | |
General and Administrative Expense [Member] | ||
Financial Liabilities Fair Value Disclosure | $ 943,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Reconciliation [Line Items] | ||
Expected tax benefit at 34% | $ (1,797,000) | $ (2,481,000) |
Change in valuation allowance | 2,420,000 | 2,390,000 |
Other | (623,000) | 91,000 |
Provision for income taxes | $ 0 | $ 0 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Reconciliation [Line Items] | ||
Net operating loss carry forwards | $ 9,650,000 | $ 6,850,000 |
Accrued liabilities | 140,000 | 310,000 |
Stock compensation | (270,000) | (20,000) |
Depreciation | 0 | (40,000) |
Prepaid expenses | (30,000) | (30,000) |
Other | 10,000 | 10,000 |
Deferred tax assets, net | 9,500,000 | 7,080,000 |
Valuation allowance | (9,500,000) | (7,080,000) |
Net deferred tax asset | $ 0 | $ 0 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
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 | $ 28,300,000 | |
Operating Loss Carryforward Expiration Date | The net operating loss carry forwards may be used to reduce taxable income through the years 2028 to 2035 | |
Deferred Tax Assets, Net of Valuation Allowance | $ 0 | $ 0 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - Equity Incentive Plan [Member] - shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reserved but unissued shares under the Consultant Plan at January 1 | 242,764 | 249,736 |
Increases in the number of authorized shares under the Plan | 315,225 | 85,705 |
Grants of stock options | (409,200) | (141,880) |
Stock option forfeitures | 116,780 | 24,688 |
Exercise of stock options | 212,837 | 39,140 |
Stock grants | (23,034) | (14,625) |
Stock grant forfeitures | 0 | 0 |
Reserved but unissued shares under the Consultant Plan at December 31 | 455,372 | 242,764 |
Stockholders' Equity (Details 1
Stockholders' Equity (Details 1) - Employee Stock Option [Member] | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life | 5 years 9 months 22 days | 6 years 3 months |
Weighted average volatility | 72.00% | 74.00% |
Forfeiture rate | 11.00% | 13.00% |
Weighted average risk-free interest rate | 1.45% | 1.93% |
Expected dividend rate | 0.00% | 0.00% |
Stockholders' Equity (Details 2
Stockholders' Equity (Details 2) - Employee Stock Option [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | |||
Reserved but unissued shares under the Consultant Plan at January 1 | 643,817 | 565,765 | |
Granted - Options to Purchase Common Stock | 409,200 | 141,880 | |
Exercised - Options to Purchase Common Stock | (212,837) | (39,140) | |
Forfeited/Expired/Exchanged - Options to Purchase Common Stock | (116,780) | (24,688) | |
Reserved but unissued shares under the Consultant Plan at December 31 | 723,400 | 643,817 | 565,765 |
Exercisable - Options to Purchase Common Stock | 257,391 | 441,958 | |
Outstanding - Weighted Average Exercise Price | $ 4.46 | $ 3.19 | |
Granted - Weighted Average Exercise Price | 5.39 | 9.68 | |
Exercised - Weighted Average Exercise Price | 2.51 | 3.11 | |
Forfeited/Expired/Exchanged - Weighted Average Exercise Price | 6.86 | 7.36 | |
Outstanding - Weighted Average Exercise Price | 5.18 | 4.46 | $ 3.19 |
Exercisable - Weighted Average Exercise Price | $ 4.05 | $ 3.50 | |
Outstanding - Weighted Average Remaining Contractual Life (in years) | 8 years 1 month 6 days | 5 years 8 months 1 day | 8 years 2 months 16 days |
Granted - Weighted Average Remaining Contractual Life (in years) | 9 years 2 months 19 days | 7 years 8 months 12 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) | 6 years 1 month 13 days | 4 years 5 months 19 days |
Stockholders' Equity (Details 3
Stockholders' Equity (Details 3) - Employee Stock Option [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | ||
Non-vested stock options at January 1 | 201,859 | 248,411 |
Granted - Number of Options | 409,200 | 141,880 |
Vested - Number of Options | (97,367) | (156,240) |
Exercised - Number of Options | 0 | (7,504) |
Forfeited/Expired/Exchanged - Number of Options | (47,683) | (24,688) |
Non-vested stock options at December 31 | 466,009 | 201,859 |
Non-vested options - Weighted Average Grant Date Fair Value | $ 6.57 | $ 4.15 |
Granted - Weighted Average Grant Date Fair Value | 5.39 | 9.68 |
Vested - Weighted Average Grant Date Fair Value | 5.16 | 5.50 |
Exercised - Weighted Average Grant Date Fair Value | 0 | 4.88 |
Forfeited/Expired/Exchanged - Weighted Average Grant Date Fair Value | 6.88 | 7.36 |
Non-vested options - Weighted Average Grant Date Fair Value | $ 5.79 | $ 6.57 |
Stockholders' Equity (Details 4
Stockholders' Equity (Details 4) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Other General and Administrative Expense | $ 910,000 |
Year 2016 [Member] | |
Other General and Administrative Expense | 553,000 |
Year 2017 [Member] | |
Other General and Administrative Expense | 260,000 |
Year 2018 [Member] | |
Other General and Administrative Expense | 79,000 |
Year 2019 [Member] | |
Other General and Administrative Expense | $ 18,000 |
Stockholders' Equity (Details 5
Stockholders' Equity (Details 5) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Effect on net loss | $ 771,000 | $ 339,000 |
Effect on net loss per share (in dollars per share) | $ 0.06 | $ 0.04 |
Research and development [Member] | ||
Effect on net loss | $ 108,000 | $ 99,000 |
General and administrative [Member] | ||
Effect on net loss | $ 663,000 | $ 240,000 |
Stockholders' Equity (Details 6
Stockholders' Equity (Details 6) - Consultant Plan [Member] - shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reserved but unissued shares under the Consultant Plan at January 1 | 65,608 | 64,037 |
Increases in the number of authorized shares under the Consultant Plan | 31,522 | 8,571 |
Stock grants | (5,000) | (7,000) |
Stock grant forfeitures | 0 | 0 |
Reserved but unissued shares under the Consultant Plan at December 31 | 92,130 | 65,608 |
Stockholders' Equity (Details 7
Stockholders' Equity (Details 7) - Warrant [Member] | 12 Months Ended |
Dec. 31, 2015 | |
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 8
Stockholders' Equity (Details 8) - Warrant [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Outstanding - Warrants | 564,272 | 543,959 |
Granted - Warrants | 0 | 20,313 |
Exercised - Warrants | 0 | 0 |
Forfeited/Expired - Warrants | 0 | 0 |
Outstanding - Warrants | 564,272 | 564,272 |
Outstanding - Weighted Average Exercise Price at beginning of year | $ 4.14 | $ 3.92 |
Granted - Weighted Average Exercise Price | 0 | 10 |
Exercised - Weighted Average Exercise Price | 0 | 0 |
Forfeited/Expired - Weighted Average Exercise Price | 0 | 0 |
Outstanding - Weighted Average Exercise Price at end of year | $ 4.14 | $ 4.14 |
Stockholders' Equity (Details 9
Stockholders' Equity (Details 9) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Warrants Outstanding | shares | 564,272 |
Warrants Outstanding Weighted Average Exercise Price | $ 4.14 |
Exercise Price 1.80 [Member] | |
Warrants Exercise Price | $ 1.80 |
Warrants Outstanding | shares | 80,000 |
Warrants Outstanding Weighted Average Exercise Price | $ 1.80 |
Warrants Outstanding Remaining Life (in years) | 5 years 1 month 17 days |
Exercise Price 2.20 [Member] | |
Warrants Exercise Price | $ 2.20 |
Warrants Outstanding | shares | 118,959 |
Warrants Outstanding Weighted Average Exercise Price | $ 2.20 |
Warrants Outstanding Remaining Life (in years) | 4 months 10 days |
Exercise Price 5.00 [Member] | |
Warrants Exercise Price | $ 5 |
Warrants Outstanding | shares | 345,000 |
Warrants Outstanding Weighted Average Exercise Price | $ 5 |
Warrants Outstanding Remaining Life (in years) | 1 year 3 months 25 days |
Exercise Price 10.00 [Member] | |
Warrants Exercise Price | $ 10 |
Warrants Outstanding | shares | 20,313 |
Warrants Outstanding Weighted Average Exercise Price | $ 10 |
Warrants Outstanding Remaining Life (in years) | 3 years 2 months 5 days |
Stockholders' Equity (Details T
Stockholders' Equity (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2015 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2011 | |
Class of Stock [Line Items] | |||||
Stock Issued During Period, Value, New Issues | $ 17,491,000 | ||||
Warrants Authorized For Issuance To Acquire Common Stock Shares Number | 20,313 | ||||
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 | $ 0.0001 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 910,000 | ||||
Stock Issued In Registered Direct Offering Price Per Share | $ 8 | ||||
Stock Granted During Period, Value, Share-Based Compensation, Gross | 26,000 | $ 26,000 | |||
Proceeds From Issuance Or Sale Of Equity | 16,279,000 | 5,780,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 381,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 20,000 | ||||
Registered Direct Offering [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Value, New Issues | $ 6,500,000 | ||||
Exercise Price Of Warrants | $ 10 | ||||
Warrants Authorized For Issuance To Acquire Common Stock Value | $ 92,000 | ||||
Stock Issued In Registered Direct Offering Price Per Share | $ 8 | ||||
Placement Agent Fees | $ 488,000 | ||||
Payments for Placement Agent Legal Fees | 75,000 | 115,380 | |||
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 | ||||
Underwritten Public Offering [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Value, New Issues | $ 17,500,000 | ||||
Other Cost and Expense, Operating | 108,000 | ||||
Proceeds From Issuance Or Sale Of Equity | 16,300,000 | ||||
Payment of Financing and Stock Issuance Costs | $ 1,200,000 | ||||
Stock Issued During Period Shares Underwritten Public Offering | 2,990,000 | ||||
Stock Issued in Underwritten Public Offering Price Per Share | $ 5.85 | ||||
Underwriter Agent fees | $ 1,049,000 | ||||
Payments for Underwriter Agent Legal Fees | $ 55,000 | ||||
Employee Stock Option [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Granted During Period, Value, Share-Based Compensation, Gross | 1,242,000 | ||||
Allocated Share-based Compensation Expense | $ 126,000 | $ 178,000 | |||
Consultant Plan [Member] | |||||
Class of Stock [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 5,000 | 7,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 3.96 | $ 10.26 | |||
Stock Granted During Period, Value, Share-Based Compensation, Gross | $ 20,000 | $ 72,000 | |||
Consultant Plan [Member] | Employee Stock Option [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Granted During Period, Value, Share-Based Compensation, Gross | $ 799,000 | ||||
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 | 1,392,230 | ||||
Increase Decrease Of Share Based Compensation Arrangement By Share Based Payment Award Percentage | 10.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 409,200 | 141,880 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.97 | $ 10.26 | |||
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 | $ 137,000 | $ 150,000 | |||
Share Based Compensation Arrangement By Share Based Payment Award Stock Grants In Period | 23,034 | 14,625 | |||
Equity Incentive Plan [Member] | Employee Stock Option [Member] | |||||
Class of Stock [Line Items] | |||||
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Subject To Repurchase Rights Decline | 4,169 | 7,504 | |||
Investment Options, Exercise Price | $ 4.88 | ||||
Allocated Share-based Compensation Expense | $ 579,000 | ||||
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, Weighted Average Grant Date Fair Value | $ 3.96 | 8.22 | |||
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, Weighted Average Grant Date Fair Value | $ 5.97 | $ 9.90 | |||
Equity Incentive Plan [Member] | Chief Executive Officer [Member] | |||||
Class of Stock [Line Items] | |||||
Share Based Compensation Arrangement By Share Based Payment Award Stock Grants In Period | 300,000 | ||||
Equity Incentive Plan [Member] | Employees and Consultant [Member] | |||||
Class of Stock [Line Items] | |||||
Share Based Compensation Arrangement By Share Based Payment Award Stock Grants In Period | 409,200 | ||||
Legal Fees [Member] | Registered Direct Offering [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Value, Issued for Noncash Considerations | $ 113,000 | ||||
Mr. Pirnat [Member] | Employee Stock Option [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Granted During Period, Value, Share-Based Compensation, Gross | $ 923,000 |
Retirement Plan (Details Textua
Retirement Plan (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Retirement Plan [Line Items] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | 3.00% |
Defined Contribution Plan, Cost Recognized | $ 71,000 | $ 53,000 |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - MDB Consulting Services [Member] | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Related Party Transaction [Line Items] | |
Payments for Underwriting Expense | $ 1,049,000 |
Other Underwriting Expense | $ 55,000 |
Commitments and Contingencies52
Commitments and Contingencies (Details) | Dec. 31, 2015USD ($) |
Operating Leased Assets [Line Items] | |
2,016 | $ 151,000 |
2,017 | 24,000 |
Operating Leases, Future Minimum Payments Due | $ 175,000 |
Commitments and Contingencies53
Commitments and Contingencies (Details Textual) - USD ($) | Feb. 03, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Loss Contingencies [Line Items] | |||
Rent Expense Escalation Percentage | 3.00% | ||
Reduction In Deferred Rent | $ 13,000 | ||
Operating Leases, Rent Expense | 217,000 | $ 161,000 | |
Triple Net Operating Cost | 3,000 | ||
Accrued Rent | $ 2,000 | ||
Relocation Costs | $ 39,000 | ||
Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Annual Cash Bonus | 60.00% | ||
Stephen E. Pirnat [Member] | |||
Loss Contingencies [Line Items] | |||
Salaries, Wages and Officers' Compensation | $ 350,000 | ||
Employment Agreement Termination Date | Dec. 31, 2017 | ||
Labor and Related Expense | $ 100,000 |
Quarterly Results (Details)
Quarterly Results (Details) - USD ($) | 3 Months Ended | 12 Months Ended | 95 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | |
Quarterly Financial Information [Line Items] | |||||||||||
Revenue | $ 61,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 61,000 | $ 0 | |
Gross profit | 11,000 | 0 | 0 | 0 | 11,000 | 0 | |||||
Operating expenses | 2,582,000 | 1,969,000 | 1,810,000 | 1,592,000 | 2,304,000 | 1,722,000 | 1,628,000 | 1,647,000 | 7,953,000 | 7,301,000 | |
Net Loss | $ (2,558,000) | $ (1,961,000) | $ (1,796,000) | $ (1,583,000) | $ (2,303,000) | $ (1,721,000) | $ (1,626,000) | $ (1,646,000) | $ (7,898,000) | $ (7,296,000) | $ (29,158,000) |
Net Loss per share - basic and fully diluted (in dollars per share) | $ (0.20) | $ (0.15) | $ (0.14) | $ (0.14) | $ (0.24) | $ (0.18) | $ (0.17) | $ (0.18) | $ (0.63) | $ (0.77) |
Quarterly Results (Details Text
Quarterly Results (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information [Line Items] | |||
Exploration Abandonment and Impairment Expense | $ 588,000 | $ 593,000 | $ 262,000 |