Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 16, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Skyline Medical Inc. | ||
Trading Symbol | skln | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 49,894,145 | ||
Entity Public Float | $ 5,873,239 | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,446,159 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash | $ 4,856,232 | $ 16,384 |
Accounts Receivable | 38,283 | 57,549 |
Inventories | 231,740 | 367,367 |
Prepaid Expense and other assets | 271,579 | 190,015 |
Total Current Assets | 5,397,834 | 631,315 |
Fixed Assets, net | 139,598 | 196,479 |
Intangibles, net | 94,987 | 73,183 |
Total Assets | 5,632,419 | 900,977 |
Current Liabilities: | ||
Accounts Payable | 650,413 | 2,194,518 |
Accrued Expenses | 864,295 | 3,066,379 |
Short-term notes payable net of discounts of $0 and $194,097 (See Note 4) | 937,424 | |
Deferred Revenue | 5,000 | 5,000 |
Total Current Liabilities | $ 1,519,708 | 6,203,321 |
Accrued Expenses | $ 213,883 | |
Liability for equity-linked financial instruments (See Note 8) | ||
Total Liabilities | $ 1,519,708 | $ 6,417,204 |
Commitments and Contingencies | ||
Stockholders’ Equity (Deficit): | ||
Common Stock, $.01 par value, 100,000,000 authorized, 5,206,428 and 3,092,766 outstanding | $ 52,063 | $ 30,927 |
Additional paid-in capital | 44,534,135 | 30,093,745 |
Accumulated deficit | (40,492,437) | (35,641,105) |
Total Stockholders' Equity (Deficit) | 4,112,711 | (5,516,227) |
Total Liabilities and Stockholders' Equity (Deficit) | 5,632,419 | 900,977 |
Series A Convertible Preferred Stock [Member] | ||
Stockholders’ Equity (Deficit): | ||
Convertible Preferred Stock | $ 206 | |
Series B Convertible Preferred Stock [Member] | ||
Stockholders’ Equity (Deficit): | ||
Convertible Preferred Stock | $ 18,950 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Discount on short-term notes payable (in Dollars) | $ 0 | $ 194,097 |
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 5,206,428 | 3,092,766 |
Series A Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, stated value (in Dollars per share) | $ 100 | $ 100 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 20,550 |
Series B Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 1,895,010 | 0 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue | $ 654,354 | $ 951,559 |
Cost of goods sold | 303,982 | 385,323 |
Gross margin | 350,372 | 566,236 |
General and administrative expense | 3,399,339 | 4,882,549 |
Operations expense | 846,687 | 972,830 |
Sales and marketing expense | 503,989 | 1,178,305 |
Interest expense | 390,887 | 377,719 |
Loss (gain) on valuation of equity-linked financial instruments | (11,599) | |
Total Expense | 5,140,902 | 7,399,804 |
Net loss available to common shareholders | $ (4,790,530) | $ (6,833,568) |
Loss per common share - basic and diluted (in Dollars per share) | $ (1.23) | $ (2.29) |
Weighted average shares used in computation - basic and diluted (in Shares) | 3,880,828 | 2,990,471 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Deficit) - USD ($) | Note Conversion at $6.68 Per Share [Member]Common Stock [Member] | Note Conversion at $6.68 Per Share [Member]Additional Paid-in Capital [Member] | Note Conversion at $6.68 Per Share [Member] | Note Conversion at $6.68 Per Share 2 [Member]Common Stock [Member] | Note Conversion at $6.68 Per Share 2 [Member]Additional Paid-in Capital [Member] | Note Conversion at $6.68 Per Share 2 [Member] | Note Conversion at $5.85 Per Share [Member]Common Stock [Member] | Note Conversion at $5.85 Per Share [Member]Additional Paid-in Capital [Member] | Note Conversion at $5.85 Per Share [Member] | Note Conversion at $5.03 Per Share [Member]Common Stock [Member] | Note Conversion at $5.03 Per Share [Member]Additional Paid-in Capital [Member] | Note Conversion at $5.03 Per Share [Member] | Note Conversion at $5.14 Per Share [Member]Common Stock [Member] | Note Conversion at $5.14 Per Share [Member]Additional Paid-in Capital [Member] | Note Conversion at $5.14 Per Share [Member] | Note Conversion at $5.00 Per Share [Member]Common Stock [Member] | Note Conversion at $5.00 Per Share [Member]Additional Paid-in Capital [Member] | Note Conversion at $5.00 Per Share [Member] | Note Conversion at $5.26 Per Share [Member]Common Stock [Member] | Note Conversion at $5.26 Per Share [Member]Additional Paid-in Capital [Member] | Note Conversion at $5.26 Per Share [Member] | Note Conversion at $5.26 Per Share 2 [Member]Common Stock [Member] | Note Conversion at $5.26 Per Share 2 [Member]Additional Paid-in Capital [Member] | Note Conversion at $5.26 Per Share 2 [Member] | Note Conversion at $5.95 Per Share [Member]Common Stock [Member] | Note Conversion at $5.95 Per Share [Member]Additional Paid-in Capital [Member] | Note Conversion at $5.95 Per Share [Member] | Note Conversion at $5.05 Per Share [Member]Common Stock [Member] | Note Conversion at $5.05 Per Share [Member]Additional Paid-in Capital [Member] | Note Conversion at $5.05 Per Share [Member] | Note Conversion at $2.90 Per Share [Member]Common Stock [Member] | Note Conversion at $2.90 Per Share [Member]Additional Paid-in Capital [Member] | Note Conversion at $2.90 Per Share [Member] | Note Conversion at $2.96 Per Share [Member]Common Stock [Member] | Note Conversion at $2.96 Per Share [Member]Additional Paid-in Capital [Member] | Note Conversion at $2.96 Per Share [Member] | Note Conversion at $2.91 Per Share [Member]Common Stock [Member] | Note Conversion at $2.91 Per Share [Member]Additional Paid-in Capital [Member] | Note Conversion at $2.91 Per Share [Member] | Note Conversion at $2.77 Per Share [Member]Common Stock [Member] | Note Conversion at $2.77 Per Share [Member]Additional Paid-in Capital [Member] | Note Conversion at $2.77 Per Share [Member] | Note Conversion at $2.25 Per Share [Member]Common Stock [Member] | Note Conversion at $2.25 Per Share [Member]Additional Paid-in Capital [Member] | Note Conversion at $2.25 Per Share [Member] | Note Conversion at $2.00 Per Share [Member]Common Stock [Member] | Note Conversion at $2.00 Per Share [Member]Additional Paid-in Capital [Member] | Note Conversion at $2.00 Per Share [Member] | Note Conversion at $2.27283 Per Share [Member]Common Stock [Member] | Note Conversion at $2.27283 Per Share [Member]Additional Paid-in Capital [Member] | Note Conversion at $2.27283 Per Share [Member] | Note Conversion at $2.0179 Per Share [Member]Common Stock [Member] | Note Conversion at $2.0179 Per Share [Member]Additional Paid-in Capital [Member] | Note Conversion at $2.0179 Per Share [Member] | Note Conversion at $2.00 Per Share 2 [Member]Common Stock [Member] | Note Conversion at $2.00 Per Share 2 [Member]Additional Paid-in Capital [Member] | Note Conversion at $2.00 Per Share 2 [Member] | Note Conversion at $1.92417 Per Share [Member]Common Stock [Member] | Note Conversion at $1.92417 Per Share [Member]Additional Paid-in Capital [Member] | Note Conversion at $1.92417 Per Share [Member] | Note Conversion at $1.8578 Per Share [Member]Common Stock [Member] | Note Conversion at $1.8578 Per Share [Member]Additional Paid-in Capital [Member] | Note Conversion at $1.8578 Per Share [Member] | Series A Convertible Preferred Stock [Member]Common Stock [Member]Shares Issued at $19.50 Per Share [Member] | Series A Convertible Preferred Stock [Member]Common Stock [Member]Shares Issued at $19.50 Per Share 2 [Member] | Series A Convertible Preferred Stock [Member]Common Stock [Member]Shares Issued at $19.50 Per Share 3 [Member] | Series A Convertible Preferred Stock [Member]Common Stock [Member]Shares Issued at $19.50 Per Share 4 [Member] | Series A Convertible Preferred Stock [Member]Common Stock [Member]Shares Issued at $9.75 Per Share [Member] | Series A Convertible Preferred Stock [Member]Common Stock [Member]Shares Issued at $9.75 Per Share 2 [Member] | Series A Convertible Preferred Stock [Member]Common Stock [Member]Shares Issued at $9.75 Per Share 3 [Member] | Series A Convertible Preferred Stock [Member]Additional Paid-in Capital [Member]Shares Issued at $19.50 Per Share [Member] | Series A Convertible Preferred Stock [Member]Additional Paid-in Capital [Member]Shares Issued at $19.50 Per Share 2 [Member] | Series A Convertible Preferred Stock [Member]Additional Paid-in Capital [Member]Shares Issued at $19.50 Per Share 3 [Member] | Series A Convertible Preferred Stock [Member]Additional Paid-in Capital [Member]Shares Issued at $19.50 Per Share 4 [Member] | Series A Convertible Preferred Stock [Member]Additional Paid-in Capital [Member]Shares Issued at $9.75 Per Share [Member] | Series A Convertible Preferred Stock [Member]Additional Paid-in Capital [Member]Shares Issued at $9.75 Per Share 2 [Member] | Series A Convertible Preferred Stock [Member]Additional Paid-in Capital [Member]Shares Issued at $9.75 Per Share 3 [Member] | Series A Convertible Preferred Stock [Member]Retained Earnings [Member]Shares Issued at $19.50 Per Share [Member] | Series A Convertible Preferred Stock [Member]Retained Earnings [Member]Shares Issued at $19.50 Per Share 2 [Member] | Series A Convertible Preferred Stock [Member]Retained Earnings [Member]Shares Issued at $19.50 Per Share 3 [Member] | Series A Convertible Preferred Stock [Member]Retained Earnings [Member]Shares Issued at $19.50 Per Share 4 [Member] | Series A Convertible Preferred Stock [Member]Retained Earnings [Member]Shares Issued at $9.75 Per Share 2 [Member] | Series A Convertible Preferred Stock [Member]Retained Earnings [Member]Shares Issued at $9.75 Per Share 3 [Member] | Series A Convertible Preferred Stock [Member]Shares Issued at $19.50 Per Share 4 [Member] | Series A Convertible Preferred Stock [Member]Shares Issued at $9.75 Per Share 2 [Member] | Series A Convertible Preferred Stock [Member]Shares Issued at $9.75 Per Share 3 [Member] | Preferred Stock [Member] | Common Stock [Member]Warrant Exercisable at $15.00 Per Share [Member] | Common Stock [Member]Option Exercisable at $1.25 Per Share [Member] | Common Stock [Member]Shares Issued at $20.63 Per Share [Member] | Common Stock [Member]Warrant Exercisable at $12.75 Per Share [Member] | Common Stock [Member]Option Exercisable at $5.25 Per Share [Member] | Common Stock [Member]Warrant Exercisable at $0.75 Per Share [Member] | Common Stock [Member]Warrant Exercisable at $13.50 Per Share [Member] | Common Stock [Member]Shares Issued at $18.75 Per Share [Member] | Common Stock [Member]Warrant Exercisable at $7.50 Per Share [Member] | Common Stock [Member]Warrant Exercisable at $5.63 Per Share [Member] | Common Stock [Member]Warrant Exercisable at $12.75 Per Share 2 [Member] | Common Stock [Member]Warrant Exercisable at $11.25 Per Share [Member] | Common Stock [Member]Shares Issued at $11.25 Per Share [Member] | Common Stock [Member]Shares Issued at $18.75 Per Share 2 [Member] | Common Stock [Member]Warrant Exercisable at $13.50 Per Share 2 [Member] | Common Stock [Member]Warrant Exercisable at $9.75 Per Share [Member] | Common Stock [Member]Warrant Exercisable at $5.63 Per Share 2 [Member] | Common Stock [Member]Option Exercisable at $5.25 Per Share 2 [Member] | Common Stock [Member] | Additional Paid-in Capital [Member]Warrant Exercisable at $15.00 Per Share [Member] | Additional Paid-in Capital [Member]Option Exercisable at $1.25 Per Share [Member] | Additional Paid-in Capital [Member]Shares Issued at $20.63 Per Share [Member] | Additional Paid-in Capital [Member]Warrant Exercisable at $12.75 Per Share [Member] | Additional Paid-in Capital [Member]Option Exercisable at $5.25 Per Share [Member] | Additional Paid-in Capital [Member]Warrant Exercisable at $0.75 Per Share [Member] | Additional Paid-in Capital [Member]Warrant Exercisable at $13.50 Per Share [Member] | Additional Paid-in Capital [Member]Shares Issued at $18.75 Per Share [Member] | Additional Paid-in Capital [Member]Warrant Exercisable at $7.50 Per Share [Member] | Additional Paid-in Capital [Member]Warrant Exercisable at $5.63 Per Share [Member] | Additional Paid-in Capital [Member]Warrant Exercisable at $12.75 Per Share 2 [Member] | Additional Paid-in Capital [Member]Warrant Exercisable at $11.25 Per Share [Member] | Additional Paid-in Capital [Member]Shares Issued at $11.25 Per Share [Member] | Additional Paid-in Capital [Member]Shares Issued at $18.75 Per Share 2 [Member] | Additional Paid-in Capital [Member]Warrant Exercisable at $13.50 Per Share 2 [Member] | Additional Paid-in Capital [Member]Warrant Exercisable at $9.75 Per Share [Member] | Additional Paid-in Capital [Member]Warrant Exercisable at $5.63 Per Share 2 [Member] | Additional Paid-in Capital [Member]Option Exercisable at $5.25 Per Share 2 [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Warrant Exercisable at $15.00 Per Share [Member] | Option Exercisable at $1.25 Per Share [Member] | Shares Issued at $20.63 Per Share [Member] | Warrant Exercisable at $12.75 Per Share [Member] | Option Exercisable at $5.25 Per Share [Member] | Warrant Exercisable at $0.75 Per Share [Member] | Warrant Exercisable at $13.50 Per Share [Member] | Shares Issued at $18.75 Per Share [Member] | Warrant Exercisable at $7.50 Per Share [Member] | Warrant Exercisable at $5.63 Per Share [Member] | Warrant Exercisable at $12.75 Per Share 2 [Member] | Warrant Exercisable at $11.25 Per Share [Member] | Shares Issued at $11.25 Per Share [Member] | Shares Issued at $18.75 Per Share 2 [Member] | Warrant Exercisable at $13.50 Per Share 2 [Member] | Warrant Exercisable at $9.75 Per Share [Member] | Warrant Exercisable at $5.63 Per Share 2 [Member] | Option Exercisable at $5.25 Per Share 2 [Member] | Total |
Balance at Dec. 31, 2013 | $ 29,325 | $ 25,449,636 | $ (28,697,415) | $ (3,218,454) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance (in Shares) at Dec. 31, 2013 | 2,932,501 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for warrant exercise | $ 17 | $ 33 | $ 22 | $ 27 | $ 48 | $ 31 | $ 3 | $ 78 | $ 37 | $ 14 | $ 111 | $ 1,279 | $ 2,460 | $ 1,608 | $ 35,973 | $ 3,557 | $ 2,302 | $ 221 | $ 52,422 | $ 2,757 | $ 1,044 | $ 62,389 | $ 1,296 | $ 2,493 | $ 1,630 | $ 36,000 | $ 3,605 | $ 2,333 | $ 224 | $ 52,500 | $ 2,794 | $ 1,058 | $ 62,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for warrant exercise (in Shares) | 1,728 | 3,323 | 2,174 | 2,667 | 4,807 | 3,112 | 299 | 7,778 | 3,725 | 1,410 | 11,111 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued | $ 206 | 2,054,795 | 2,055,001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued to 16 shareholders of Series A Convertible Preferred Stock Dividends as converted to common shares | $ 10 | $ 16 | $ 16 | $ 16 | $ 18,909 | $ 30,384 | $ 30,385 | $ 30,385 | $ (18,919) | $ (30,400) | $ (30,401) | $ (30,402) | $ (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued to 16 shareholders of Series A Convertible Preferred Stock Dividends as converted to common shares (in Shares) | 972 | 1,561 | 1,561 | 1,561 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares adjusted for rounding per reverse stock split | $ 1 | 1 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares adjusted for rounding per reverse stock split (in Shares) | 106 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | (6,833,568) | (6,833,568) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value of equity instruments issued with debt | 313,175 | 313,175 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting Expense | 705,434 | 705,434 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Options issued as part of employee bonus | 694,500 | 694,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for option exercise | $ 43 | $ 3 | $ 3 | $ 5,387 | $ 1,397 | $ 1,747 | $ 5,430 | $ 1,400 | $ 1,750 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for option exercise (in Shares) | 4,336 | 267 | 333 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for a note conversion | $ 30 | $ 19,970 | $ 20,000 | $ 30 | $ 19,970 | $ 20,000 | $ 34 | $ 19,966 | $ 20,000 | $ 38 | $ 19,962 | $ 20,000 | $ 39 | $ 19,961 | $ 20,000 | $ 40 | $ 19,960 | $ 20,000 | $ 38 | $ 19,962 | $ 20,000 | $ 57 | $ 29,943 | $ 30,000 | $ 50 | $ 29,950 | $ 30,000 | $ 556 | $ 280,060 | $ 280,616 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for a note conversion (in Shares) | 3,018 | 3,019 | 3,435 | 3,894 | 3,894 | 3,997 | 3,804 | 5,706 | 5,044 | 55,568 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued into an escrow account per settlement agreement | $ 137 | 137 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued into an escrow account per settlement agreement (in Shares) | 13,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued as Investor Relations compensation | $ 20 | $ 13 | $ 21 | $ 13 | $ 41,230 | $ 24,987 | $ 23,979 | $ 24,987 | $ 41,250 | $ 25,000 | $ 24,000 | $ 25,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued as Investor Relations compensation (in Shares) | 2,000 | 1,333 | 2,133 | 1,333 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reduction in escrow account per settlement agreement | $ (44) | (3,289) | (3,333) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reduction in escrow account per settlement agreement (in Shares) | (4,444) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2014 | 206 | $ 30,927 | 30,093,745 | (35,641,105) | (5,516,227) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance (in Shares) at Dec. 31, 2014 | 3,092,766 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for warrant exercise | $ 30 | 9,870 | 9,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for warrant exercise (in Shares) | 3,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued | 16,667 | $ 16,667 | 13,027,546 | 13,060,880 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued (in Shares) | 1,666,667 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock conversion | 2,077 | $ 2,283 | (4,360) | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock conversion (in Shares) | 228,343 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued to 16 shareholders of Series A Convertible Preferred Stock Dividends as converted to common shares | $ 31 | $ 31 | $ 31 | $ (31) | $ 30,369 | $ 30,371 | $ (30,401) | $ (30,401) | $ (1) | $ 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued to 16 shareholders of Series A Convertible Preferred Stock Dividends as converted to common shares (in Shares) | 3,122 | 3,121 | 3,121 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | (4,790,530) | (4,790,530) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting Expense | 871,877 | 871,877 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for a note conversion | $ 34 | $ 9,966 | $ 10,000 | $ 68 | $ 19,932 | $ 20,000 | $ 103 | $ 29,897 | $ 30,000 | $ 120 | $ 33,358 | $ 33,478 | $ 156 | $ 34,844 | $ 35,000 | $ 200 | $ 39,800 | $ 40,000 | $ 880 | $ 199,120 | $ 200,000 | $ 149 | $ 29,851 | $ 30,000 | $ 150 | $ 29,850 | $ 30,000 | $ 130 | $ 24,870 | $ 25,000 | $ 162 | $ 29,838 | $ 30,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for a note conversion (in Shares) | 3,447 | 6,762 | 10,313 | 12,098 | 15,552 | 20,000 | 87,997 | 14,867 | 15,000 | 12,993 | 16,148 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reduction in escrow account per settlement agreement | $ (89) | (6,578) | (6,667) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reduction in escrow account per settlement agreement (in Shares) | (8,889) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2015 | $ 18,950 | $ 52,063 | $ 44,534,135 | $ (40,492,437) | $ 4,112,711 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance (in Shares) at Dec. 31, 2015 | 5,206,428 |
Statements of Stockholders' Eq6
Statements of Stockholders' Equity (Deficit) (Parentheticals) | 12 Months Ended | |
Dec. 31, 2015$ / shares | Dec. 31, 2014$ / shares | |
Warrant exercise price | ||
Common Stock [Member] | Warrant Exercisable at $15.00 Per Share [Member] | ||
Warrant exercise price | $ 15 | |
Common Stock [Member] | Option Exercisable at $1.25 Per Share [Member] | ||
Option exercise price | 1.25 | |
Common Stock [Member] | Shares Issued at $20.63 Per Share [Member] | ||
Investor Relations compensation | 20.63 | |
Common Stock [Member] | Warrant Exercisable at $12.75 Per Share [Member] | ||
Warrant exercise price | 12.75 | |
Common Stock [Member] | Option Exercisable at $5.25 Per Share [Member] | ||
Option exercise price | 5.25 | |
Common Stock [Member] | Warrant Exercisable at $0.75 Per Share [Member] | ||
Warrant exercise price | 0.75 | |
Common Stock [Member] | Warrant Exercisable at $13.50 Per Share [Member] | ||
Warrant exercise price | 13.50 | |
Common Stock [Member] | Shares Issued at $18.75 Per Share [Member] | ||
Investor Relations compensation | 18.75 | |
Common Stock [Member] | Warrant Exercisable at $7.50 Per Share [Member] | ||
Warrant exercise price | 7.50 | |
Common Stock [Member] | Warrant Exercisable at $5.63 Per Share [Member] | ||
Warrant exercise price | 5.63 | |
Common Stock [Member] | Warrant Exercisable at $12.75 Per Share 2 [Member] | ||
Warrant exercise price | 12.75 | |
Common Stock [Member] | Warrant Exercisable at $11.25 Per Share [Member] | ||
Warrant exercise price | 11.25 | |
Common Stock [Member] | Shares Issued at $11.25 Per Share [Member] | ||
Investor Relations compensation | 11.25 | |
Common Stock [Member] | Shares Issued at $18.75 Per Share 2 [Member] | ||
Investor Relations compensation | 18.75 | |
Common Stock [Member] | Warrant Exercisable at $13.50 Per Share 2 [Member] | ||
Warrant exercise price | 13.50 | |
Common Stock [Member] | Warrant Exercisable at $9.75 Per Share [Member] | ||
Warrant exercise price | 9.75 | |
Common Stock [Member] | Warrant Exercisable at $5.63 Per Share 2 [Member] | ||
Warrant exercise price | 5.63 | |
Common Stock [Member] | Option Exercisable at $5.25 Per Share 2 [Member] | ||
Option exercise price | $ 5.25 | |
Series A Convertible Preferred Stock [Member] | Shares Issued at $19.50 Per Share [Member] | ||
Number of shareholders | 16 | |
Series A Convertible Preferred Stock [Member] | Shares Issued at $19.50 Per Share 2 [Member] | ||
Number of shareholders | 16 | |
Series A Convertible Preferred Stock [Member] | Shares Issued at $19.50 Per Share 3 [Member] | ||
Number of shareholders | 16 | |
Series A Convertible Preferred Stock [Member] | Shares Issued at $19.50 Per Share 4 [Member] | ||
Number of shareholders | 16 | |
Series A Convertible Preferred Stock [Member] | Shares Issued at $9.75 Per Share [Member] | ||
Number of shareholders | 16 | |
Series A Convertible Preferred Stock [Member] | Shares Issued at $9.75 Per Share 2 [Member] | ||
Number of shareholders | 16 | |
Series A Convertible Preferred Stock [Member] | Shares Issued at $9.75 Per Share 3 [Member] | ||
Number of shareholders | 16 | |
Series A Convertible Preferred Stock [Member] | Common Stock [Member] | Shares Issued at $19.50 Per Share [Member] | ||
Series A Convertible Preferred Stock Dividends | $ 19.50 | |
Series A Convertible Preferred Stock [Member] | Common Stock [Member] | Shares Issued at $19.50 Per Share 2 [Member] | ||
Series A Convertible Preferred Stock Dividends | 19.50 | |
Series A Convertible Preferred Stock [Member] | Common Stock [Member] | Shares Issued at $19.50 Per Share 3 [Member] | ||
Series A Convertible Preferred Stock Dividends | 19.50 | |
Series A Convertible Preferred Stock [Member] | Common Stock [Member] | Shares Issued at $19.50 Per Share 4 [Member] | ||
Series A Convertible Preferred Stock Dividends | 19.50 | |
Series A Convertible Preferred Stock [Member] | Common Stock [Member] | Shares Issued at $9.75 Per Share [Member] | ||
Series A Convertible Preferred Stock Dividends | $ 9.75 | |
Series A Convertible Preferred Stock [Member] | Common Stock [Member] | Shares Issued at $9.75 Per Share 2 [Member] | ||
Series A Convertible Preferred Stock Dividends | 9.75 | |
Series A Convertible Preferred Stock [Member] | Common Stock [Member] | Shares Issued at $9.75 Per Share 3 [Member] | ||
Series A Convertible Preferred Stock Dividends | 9.75 | |
Note Conversion at $6.68 Per Share [Member] | Common Stock [Member] | ||
Note conversion price | 6.68 | |
Note Conversion at $6.68 Per Share 2 [Member] | Common Stock [Member] | ||
Note conversion price | 6.68 | |
Note Conversion at $5.85 Per Share [Member] | Common Stock [Member] | ||
Note conversion price | 5.85 | |
Note Conversion at $5.03 Per Share [Member] | Common Stock [Member] | ||
Note conversion price | 5.03 | |
Note Conversion at $5.14 Per Share [Member] | Common Stock [Member] | ||
Note conversion price | 5.14 | |
Note Conversion at $5.00 Per Share [Member] | Common Stock [Member] | ||
Note conversion price | 5 | |
Note Conversion at $5.26 Per Share [Member] | Common Stock [Member] | ||
Note conversion price | 5.26 | |
Note Conversion at $5.26 Per Share 2 [Member] | Common Stock [Member] | ||
Note conversion price | 5.26 | |
Note Conversion at $5.95 Per Share [Member] | Common Stock [Member] | ||
Note conversion price | 5.95 | |
Note Conversion at $5.05 Per Share [Member] | Common Stock [Member] | ||
Note conversion price | $ 5.05 | |
Note Conversion at $2.90 Per Share [Member] | Common Stock [Member] | ||
Note conversion price | 2.90 | |
Note Conversion at $2.96 Per Share [Member] | Common Stock [Member] | ||
Note conversion price | 2.96 | |
Note Conversion at $2.91 Per Share [Member] | Common Stock [Member] | ||
Note conversion price | 2.91 | |
Note Conversion at $2.77 Per Share [Member] | Common Stock [Member] | ||
Note conversion price | 2.77 | |
Note Conversion at $2.25 Per Share [Member] | Common Stock [Member] | ||
Note conversion price | 2.25 | |
Note Conversion at $2.00 Per Share [Member] | Common Stock [Member] | ||
Note conversion price | 2 | |
Note Conversion at $2.27283 Per Share [Member] | Common Stock [Member] | ||
Note conversion price | 2.27283 | |
Note Conversion at $2.0179 Per Share [Member] | Common Stock [Member] | ||
Note conversion price | 2.0179 | |
Note Conversion at $2.00 Per Share 2 [Member] | Common Stock [Member] | ||
Note conversion price | 2 | |
Note Conversion at $1.92417 Per Share [Member] | Common Stock [Member] | ||
Note conversion price | 1.92417 | |
Note Conversion at $1.8578 Per Share [Member] | Common Stock [Member] | ||
Note conversion price | $ 1.8578 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flow from operating activities: | ||
Net loss | $ (4,790,530) | $ (6,833,568) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 78,566 | 63,040 |
Vested stock options and warrants | 871,877 | 723,367 |
Equity instruments issued for management and consulting | (6,667) | 112,054 |
Amortization of debt discount | 219,097 | 247,338 |
Penalty on debt provision | 10,031 | |
Loss on Sales of Equipment | 17,076 | |
(Gain) loss on valuation of equity-linked instruments | (11,599) | |
Changes in assets and liabilities: | ||
Accounts receivable | 19,266 | 39,696 |
Inventories | 135,627 | (245,192) |
Prepaid expense and other assets | (81,564) | (129,427) |
Accounts payable | (1,544,105) | 1,132,410 |
Accrued expenses | (2,415,967) | 1,594,468 |
Deferred Revenue | (64,000) | |
Net cash used in operating activities: | (7,487,293) | (3,371,413) |
Cash flow from investing activities: | ||
Purchase of fixed assets | (32,470) | (101,409) |
Purchase of intangibles | (28,095) | (19,828) |
Net cash used in investing activities | (60,565) | (121,237) |
Cash flow from financing activities: | ||
Proceeds from long-term and convertible debt | 250,000 | 1,500,000 |
Principal payments on debt | (933,074) | (305,000) |
Net proceeds from issuance of preferred stock | 18,950 | 2,055,000 |
Net proceeds from issuance of common stock | 13,051,830 | 157,081 |
Net cash provided by financing activities | 12,387,706 | 3,407,081 |
Net increase (decrease) in cash | 4,839,848 | (85,569) |
Cash at beginning of period | 16,384 | 101,953 |
Cash at end of period | 4,856,232 | 16,384 |
Non cash transactions: | ||
Common stock issued for accrued interest/bonus | 694,500 | |
Common stock issued to satisfy debt | $ 483,478 | $ 480,616 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations and Continuance of Operations Skyline Medical Inc. (the "Company") was incorporated under the laws of the State of Minnesota in 2002. Effective August 6, 2013, the Company changed its name to Skyline Medical Inc. As of December 31, 2015, the registrant had 5,206,428 shares of common stock, par value $.01 per share, outstanding, adjusted for a 1-for-75 reverse stock split effective October 24, 2014. In this Report, all numbers of shares and per share amounts, as appropriate, have been stated to reflect the reverse stock split. Pursuant to an Agreement and Plan of Merger dated effective December 16, 2013, the Company merged with and into a Delaware corporation with the same name that was its wholly-owned subsidiary, with such Delaware Corporation as the surviving corporation of the merger. The Company has developed an environmentally safe system for the collection and disposal of infectious fluids that result from surgical procedures and post-operative care. The Company also makes ongoing sales of our proprietary cleaning fluid and filters to users of our systems. In April 2009, the Company received 510(k) clearance from the FDA to authorize the Company to market and sell its STREAMWAY FMS products. The accompanying financial statements have been prepared assuming the Company will continue as a going concern. The Company has suffered recurring losses from operations and had a stockholders’ deficit until August 31, 2015 whereupon the Company closed its public offering of units of common stock, Series B Convertible Preferred Stock and Series A Warrants (the “Units”). There remains though, substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Since inception to December 31, 2015, the Company raised approximately $22,732,961 in equity, inclusive of $2,055,000 from a private placement of Series A Convertible Preferred Stock, $13,555,003 from the public offering of Units and $5,685,000 in debt financing. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources.” Recent Accounting Developments In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers In June 2014, the FASB issued ASU 2014-12, "Compensation - Stock Compensation" In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs In July 2015, the FASB issued ASU No. 2015-11 , Inventory (Topic 330): Simplifying the Measurement of Inventory In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740)” We reviewed all other significant newly issued accounting pronouncements and determined they are either not applicable to our business or that no material effect is expected on our financial position and results of our operations. Valuation of Intangible Assets We review identifiable intangible assets for impairment in accordance with ASC 350 — Intangibles —Goodwill and Other, whenever events or changes in circumstances indicate the carrying amount may not be recoverable. Our intangible assets are currently solely the costs of obtaining trademarks and patents. Events or changes in circumstances that indicate the carrying amount may not be recoverable include, but are not limited to, a significant change in the medical device marketplace and a significant adverse change in the business climate in which we operate. If such events or changes in circumstances are present, the undiscounted cash flows method is used to determine whether the intangible asset is impaired. Cash flows would include the estimated terminal value of the asset and exclude any interest charges. If the carrying value of the asset exceeds the undiscounted cash flows over the estimated remaining life of the asset, the asset is considered impaired, and the impairment is measured by reducing the carrying value of the asset to its fair value using the discounted cash flows method. The discount rate utilized is based on management’s best estimate of the related risks and return at the time the impairment assessment is made. Accounting Policies and Estimates The presentation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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. Presentation of Taxes Collected from Customers Sales taxes are imposed on the Company’s sales to nonexempt customers. The Company collects the taxes from customers and remits the entire amounts to the governmental authorities. The Company’s accounting policy is to exclude the taxes collected and remitted from revenues and expenses. Shipping and Handling Shipping and handling charges billed to customers are recorded as revenue. Shipping and handling costs are recorded within cost of goods sold on the statement of operations. Advertising Advertising costs are expensed as incurred. Advertising expenses were $8,220 in 2015, and $19,394 in 2014. Research and Development Research and development costs are charged to operations as incurred. Research and development costs were approximately $261,000 and $394,000 for 2015 and 2014, respectively. Revenue Recognition The Company recognizes revenue in accordance with the SEC’s Staff Accounting Bulletin Topic 13 Revenue Recognition and ASC 605- Revenue Recognition. Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed and determinable and collectability is probable. Delivery is considered to have occurred upon either shipment of the product or arrival at its destination based on the shipping terms of the transaction. The Company’s standard terms specify that shipment is FOB Skyline and the Company will, therefore, recognize revenue upon shipment in most cases. This revenue recognition policy applies to shipments of the STREAMWAY FMS units as well as shipments of cleaning solution kits. When these conditions are satisfied, the Company recognizes gross product revenue, which is the price it charges generally to its customers for a particular product. Under the Company’s standard terms and conditions, there is no provision for installation or acceptance of the product to take place prior to the obligation of the customer. The customer’s right of return is limited only to the Company’s standard one-year warranty whereby the Company replaces or repairs, at its option, and it would be rare that the STREAMWAY FMS unit or significant quantities of cleaning solution kits may be returned. Additionally, since the Company buys both the STREAMWAY FMS units and cleaning solution kits from “turnkey” suppliers, the Company would have the right to replacements from the suppliers if this situation should occur. Receivables Receivables are reported at the amount the Company expects to collect on balances outstanding. The Company provides for probable uncollectible amounts through charges to earnings and credits to the valuation based on management’s assessment of the current status of individual accounts, changes to the valuation allowance have not been material to the financial statements. Inventories Inventories are stated at the lower of cost or market, with cost determined on a first-in, first-out basis. Inventory balances are as follows: December 31, December 31, Finished goods $ 30,237 $ 88,362 Raw materials 162,623 237,556 Work-In-Process 38,880 41,449 Total $ 231,740 $ 367,367 Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation of property and equipment is computed using the straight-line method over the estimated useful lives of the respective assets. Estimated useful asset life by classification is as follows: Years Computers and office equipment 3 - 7 Leasehold improvements 5 Manufacturing Tooling 3 - 7 Demo Equipment 3 The Company’s investment in Fixed Assets consists of the following: December 31, December 31, Computers and office equipment $ 153,553 $ 123,708 Leasehold Improvements 23,874 23,874 Manufacturing Tooling 97,288 97,288 Demo Equipment 8,962 30,576 Total 283,677 275,446 Less: Accumulated Depreciation 144,079 78,967 Total Fixed Assets, Net $ 139,598 $ 196,479 Upon retirement or sale, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations. Maintenance and repairs are charged to operations as incurred. Intangible Assets Intangible assets consist of trademarks and patent costs. These assets are not subject to amortization until the property patented is in production. The assets are reviewed for impairment annually, and impairment losses, if any, are charged to operations when identified. Income Taxes The Company accounts for income taxes in accordance with ASC 740- Income Taxes (“ASC 740”) The Company reviews income tax positions expected to be taken in income tax returns to determine if there are any income tax uncertainties. The Company recognizes tax benefits from uncertain tax positions only if it is more likely than not that the tax positions will be sustained on examination by taxing authorities, based on technical merits of the positions. The Company has identified no income tax uncertainties. Tax years subsequent to 2012 remain open to examination by federal and state tax authorities. Patents and Intellectual Property On January 25th, 2014 the Company filed a non-provisional PCT Application No. PCT/US2014/013081 claiming priority from the U.S. Provisional Patent Application, number 61756763 which was filed one year earlier on January 25th, 2013. The Patent Cooperation Treaty (“PCT”) allows an applicant to file a single patent application to seek patent protection for an invention simultaneously in each of the 148 countries of the PCT, including the United States. By filing this single “international” patent application through the PCT, it is easier and more cost effective than filing separate applications directly with each national or regional patent office in which patent protection is desired. Our PCT patent application is for the new model of the surgical fluid waste management system. We obtained a favorable International Search Report from the PCT searching authority indicating that the claims in our PCT application are patentable (i.e., novel and non-obvious) over the cited prior art. A feature claimed in the PCT application is the ability to maintain continuous suction to the surgical field while measuring, recording and evacuating fluid to the facilities sewer drainage system. This provides for continuous operation of the STREAMWAY System unit in suctioning waste fluids, which means that suction is not interrupted during a surgical operation, for example, to empty a fluid collection container or otherwise dispose of the collected fluid. The Company holds the following granted patents in the United States and a pending application in the United States on its earlier models: US7469727, US8123731 and U.S. Publication No. US20090216205 (collectively, the “Patents”). These Patents will begin to expire on August 8, 2023. In July 2015, Skyline Medical filed an international (PCT) patent application for its fluid waste collection system and received a favorable determination by the International Searching Authority finding that all of the claims satisfy the requirements for novelty, inventive step and industrial applicability. Skyline anticipates that the favorable International Search Report will result in allowance of its various national applications. Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high credit quality financial institutions and, by policy, generally limits the amount of credit exposure to any one financial institution. The Company had a credit risk concentration as a result of depositing $4,621,764 of funds in excess of insurance limits in a single bank. Product Warranty Costs In 2015, the Company incurred approximately $56,201 in current warranty costs. Segments The Company operates in one segment for the sale of its medical device and consumable products. Substantially all of the Company’s assets, revenues, and expenses for 2015 and 2014 were located at or derived from operations in the United States. There were no revenues from sales outside of the United States. Risks and Uncertainties The Company is subject to risks common to companies in the medical device industry, including, but not limited to, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, and compliance with regulations of the FDA and other governmental agencies. |
Note 2 _ Development Stage Oper
Note 2 – Development Stage Operations | 12 Months Ended |
Dec. 31, 2015 | |
Development Stage Enterprise Disclosures [Abstract] | |
Development Stage Enterprise Disclosures [Text Block] | NOTE 2 – DEVELOPMENT STAGE OPERATIONS The Company was formed April 23, 2002. Since inception through December 31, 2015, 5,206,428 shares of common stock have been issued between par value and $125.25. Operations since incorporation have primarily been devoted to raising capital, obtaining financing, development of the Company’s product, administrative services, customer acceptance and sales and marketing strategies. |
Note 3 _ Stockholders_ Equity (
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 3 – STOCKHOLDERS’ EQUITY (DEFICIT), STOCK OPTIONS AND WARRANTS Public Offering of Units On August 31, 2015 (the “Issuance Date”), the Company completed a public offering (the “Offering”) of 1,666,667 Units (the “Units”) as described below. The public offering price in the Offering was $9.00 per Unit, and the purchase price for the underwriter of the Offering (the “Underwriter”) was $8.28 per Unit, resulting in an underwriting discount and commission of $0.72 (or 8.00%) per Unit and total net proceeds to the Company before expenses of $13.8 million. The Company had granted the Underwriter an option for a period of 45 days to purchase up to an additional 250,000 Units solely to cover over-allotments. The Underwriter chose not to purchase any additional Units under the over-allotment option. The Company paid to the Underwriter a non-accountable expense allowance equal to 1% of the gross proceeds of the Offering and agreed to reimburse expenses incurred by the Underwriter up to $70,000. On August 31, 2015, as a result of the communication of the Offering and the issuance of the 228,343 Exchange Units in the Unit Exchange described below, the Company issued a total of 1,895,010 Units, comprised of a total of aggregate of 1,895,010 shares of Common Stock, 1,895,010 shares of Series B Preferred Stock and 7,580,040 Series A Warrants. Each Unit consisted of one share of common stock, par value $0.01 per share (the “Common Stock”), one share of Series B Convertible Preferred Stock (“Series B Preferred Stock”) and four Series A Warrants. The shares of Common Stock, the shares of Series B Preferred Stock and the Series A Warrants that comprise the Units automatically separated on February 29, 2016. For a description of the terms of the Series B Convertible Preferred Stock included within the Units, see “Certificate of Designation for Series B Preferred Stock” below. For a description of the terms of the Series A Warrants included within the Units, see “Series A Warrants” below. Series A Warrants Holders may exercise Series A Warrants by paying the exercise price in cash or, in lieu of payment of the exercise price in cash, by electing to receive a number of shares of Common Stock equal to the Black Scholes Value (as defined below) based upon the number of shares the holder elects to exercise. The number of shares of Common Stock to be delivered will be determined according to the following formula, referred to as the “Cashless Exercise.” Total Shares = (A x B) / C Where: · Total Shares is the number of shares of Common Stock to be issued upon a Cashless Exercise. · A is the total number of shares with respect to which the Series A Warrant is then being exercised. · B is the Black Scholes Value (as defined below). · C is the closing bid price of the Common Stock as of two trading days prior to the time of such exercise, provided that in no event may “C” be less than $0.43 per share (subject to appropriate adjustment in the event of stock dividends, stock splits or similar events affecting the Common Stock). The Black Scholes Value (as defined above) as of March 11, 2016 was $4.3246, and the closing bid price of Common Stock as of March 11, 2016, was $0.18. Therefore, an exercise on that date would have resulted in the issuance of 10.06 shares of Common Stock for each Series A Warrant. Approximately 3,390,935 Series A Warrants have been exercised in cashless exercises as of March 11, 2016, resulting in the issuance of 34,053,653 shares of Common Stock. If all of the remaining 4,189,105 Series A Warrants that were issued as part of the Units sold in the Offering and part of the Units issued on August 31, 2015 were exercised pursuant to a cashless exercise and the closing bid price of our common stock as of the two trading days prior to the time of such exercise was $0.43 per share or less and the Black Scholes Value were $4.3246 (the Black Scholes Value as of March 11, 2016), then a total of approximately 76,184,359 shares of our common stock would be issued to the holders of such Series A Warrants. The potential for such dilutive exercise of the Series A Warrants may depress the price of our common stock regardless of the Company’s business performance, and could encourage short selling by market participants, especially if the trading price of our common stock begins to decrease. The Series A Warrants will not be exercisable or exchangeable by the holder of such warrants to the extent (and only to the extent) that the holder or any of its affiliates would beneficially own in excess of 4.99% of the common stock of the Company, determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and the regulations promulgated thereunder. In addition to (but not duplicative of) the adjustments to the exercise price and the number of shares of Common Stock issuable upon exercise of the Series A Warrants in the event of stock dividends, stock splits, reorganizations or similar events, the Series A Warrants provide for certain adjustments if the Company, at any time prior to the three year anniversary of the Issuance Date, (1) declares or makes any dividend or other distribution of its assets (or rights to acquire its assets) to all or substantially all of the holders of shares of Common Stock at any time after the Issuance Date, or (2) grants, issues or sells any options, convertible securities or rights to purchase stock, warrants, securities or other property pro rata to all or substantially all of the record holders of any class of shares of Common Stock. Further, if at any time a Series A Warrant is outstanding, the Company consummates any fundamental transaction, as described in the Series A Warrants and generally including any consolidation or merger into another corporation, or the sale of all or substantially all of our assets, or other transaction in which the Common Stock is converted into or exchanged for other securities or other consideration, the holder of any Series A Warrants will thereafter receive, the securities or other consideration to which a holder or the number of shares of Common Stock then deliverable upon the exercise or exchange of such Series A Warrants would have been entitled upon such consolidation or merger or other transaction. Unit Purchase Option. Series B Preferred Stock. Unit Exchange. Redemption of Convertible Notes. Equity Incentive Plan The Company has an equity incentive plan, which allows issuance of incentive and non-qualified stock options to employees, directors and consultants of the Company, where permitted under the plan. The exercise price for each stock option is determined by the Board of Directors. Vesting requirements are determined by the Board of Directors when granted and currently range from immediate to three years. Options under this plan have terms ranging from three to ten years. Accounting for share-based payment The Company has adopted ASC 718- Compensation-Stock Compensation ASC 718 requires companies to estimate the fair value of stock-based payment awards on the date of grant using an option-pricing model or other acceptable means. The Company uses the Black-Scholes option valuation model which requires the input of significant assumptions including an estimate of the average period of time employees will retain vested stock options before exercising them, the estimated volatility of the Company's common stock price over the expected term, the number of options that will ultimately be forfeited before completing vesting requirements, the expected dividend rate and the risk-free interest rate. Changes in the assumptions can materially affect the estimate of fair value of stock-based compensation and, consequently, the related expense recognized. The assumptions the Company uses in calculating the fair value of stock-based payment awards represent the Company's best estimates, which involve inherent uncertainties and the application of management's judgment. As a result, if factors change and the Company uses different assumptions, the Company's equity-based compensation expense could be materially different in the future. Since the Company's common stock has no significant public trading history, and the Company has experienced no significant option exercises in its history, the Company is required to take an alternative approach to estimating future volatility and estimated life and the future results could vary significantly from the Company's estimates. The Company compiled historical volatilities over a period of 2 to 7 years of 15 small-cap medical companies traded on major exchanges and 10 mid-range medical companies on the OTC Bulletin Board and combined the results using a weighted average approach. In the case of ordinary options to employees the Company determined the expected life to be the midpoint between the vesting term and the legal term. In the case of options or warrants granted to non-employees, the Company estimated the life to be the legal term unless there was a compelling reason to make it shorter. When an option or warrant is granted in place of cash compensation for services, the Company deems the value of the service rendered to be the value of the option or warrant. In most cases, however, an option or warrant is granted in addition to other forms of compensation and its separate value is difficult to determine without utilizing an option pricing model. For that reason the Company also uses the Black-Scholes option-pricing model to value options and warrants granted to non-employees, which requires the input of significant assumptions including an estimate of the average period the investors or consultants will retain vested stock options and warrants before exercising them, the estimated volatility of the Company's common stock price over the expected term, the number of options and warrants that will ultimately be forfeited before completing vesting requirements, the expected dividend rate and the risk-free interest rate. Changes in the assumptions can materially affect the estimate of fair value of stock-based consulting and/or compensation and, consequently, the related expense recognized. Since the Company has limited trading history in its stock and no first-hand experience with how its investors and consultants have acted in similar circumstances, the assumptions the Company uses in calculating the fair value of stock-based payment awards represent its best estimates, which involve inherent uncertainties and the application of management's judgment. As a result, if factors change and the Company uses different assumptions, the Company's equity-based consulting and interest expense could be materially different in the future. Valuation and accounting for options and warrants The Company determines the grant date fair value of options and warrants using a Black-Scholes option valuation model based upon assumptions regarding risk-free interest rate, expected dividend rate, volatility and estimated term. In January 2014 the Company issued 4,336 shares of common stock to the former CEO at $1.25 per share upon his exercising options. In January through March 2014, 9 warrant holders exercised warrants through a cashless exercise for a total of 15,442 shares of common stock. In January and February 2014 the Company issued warrants to purchase 21,538 shares pursuant to a February 4, 2014 private placement whereby the Company issued 20,550 shares of Series A Convertible Preferred Stock raising gross proceeds of $2,055,000. The warrants are at an exercise price of $24.38. In February 2014 the Company issued a warrant to purchase 1,482 shares of common stock at an exercise price of $20.25 to a major shareholder Dr. Samuel Herschkowitz. The warrant is in consideration for a bridge loan extended in December 2013 that has been paid in February 2014. On March 31, 2014, the Company issued dividends to the Purchasers of the Preferred Shares as described above. The dividends are at an annual rate of 6% of the stated value of the Preferred Shares paid on a quarterly basis in the form of common stock per a stipulated $19.50 per share. As a result 970 shares of common stock were issued to 16 holders of Preferred Shares. In March 2014, the Company issued 4,444 shares of common stock to a warrant holder for a partial cash exercise at $11.25 per share; issued 3,333 shares to the holder via the cashless exercise of the remainder of the warrant. In June 2014, the Company issued 3,725 shares of common stock to a warrant holder exercising cashless warrants. On June 30, 2014, the Company issued dividends to the Purchasers of the Preferred Shares as described above. The dividends are at an annual rate of 6% of the stated value of the Preferred Shares paid on a quarterly basis in the form of common stock per a stipulated $19.50 per share. As a result 1,561 shares of common stock were issued to 16 holders of Preferred Shares. On June 30, 2014, the Company issued a warrant to purchase 5,431 shares of common stock at an exercise price of $12.38 to SOK Partners, LLC, in consideration for a bridge loan in the form of convertible notes. On September 9, 2014 the Resale Registration Statement went into effect. The convertible note agreement provided an immediate approximately 11% reduction to the warrant agreement. Therefore, the warrant has been adjusted to purchase 4,831 shares of common stock at an exercise price of $12.38 to SOK Partners, LLC in consideration for a bridge loan. In July 2014, the Company issued warrants to purchase 28,986 shares of common stock at an exercise price of $12.38 to two lenders in consideration for a bridge loan in the form of convertible notes. The shares above reflect approximately an 11% reduction resulting from the Resale Registration Statement that went effective September 9, 2014. In August 2014, the Company issued warrants to purchase 61,539 of common stock at an exercise price of $24.38 to the Purchasers of the Preferred Shares. The Securities Purchase Agreement with the Preferred Shareholders stipulated that if the Company was not listed on either the NASDAQ Stock Market, the New York Stock Exchange or the NYSE MKT within 180 days of closing the agreement then warrants to purchase the above additional shares would be issued in aggregate to the Preferred Shareholders. In August and September 2014, the Company issued warrants to purchase 37,440 shares of common stock at an exercise price of $12.38 to four lenders in consideration for a bridge loan in the form of convertible notes. The shares above reflect the approximate 11% reduction resulting from the Resale Registration Statement that went effective September 9, 2014. On September 30, 2014, the Company issued dividends to the Purchasers of the Preferred Shares as described above. The dividends are at an annual rate of 6% of the stated value of the Preferred Shares paid on a quarterly basis in the form of common stock per a stipulated $19.50 per share. As a result 1,561 shares of common stock were issued to 16 holders of Preferred Shares. In November 2014, the Company issued 13,700 shares of common stock, par value $0.01, in escrow for debt settlement. On December 31, 2014, the Company issued dividends to the Purchasers of the Preferred Shares as described above. The dividends are at an annual rate of 6% of the stated value of the Preferred Shares paid on a quarterly basis in the form of common stock per a stipulated $19.50 per share. As a result 1,559 shares of common stock were issued to 16 holders of Preferred Shares. For grants of stock options and warrants in 2014 the Company used a 1.44% to 2.75% risk-free interest rate, 0% dividend rate, 59% or 66% volatility and estimated terms of 5 or 10 years. Value computed using these assumptions ranged from $3.2006 to $13.9195 per share. In January 2015, the Company issued a dividend adjustment to the Purchasers of the Preferred Shares as described above. Certain previous dividends paid were calculated with an exercise price of $19.50 per share, but should have been calculated at $9.75 per share. As a result 3,122 shares of common stock were issued to 16 holders of Preferred Shares. On March 31, 2015, the Company issued dividends to the Purchasers of the Preferred Shares as described above. The dividends are at an annual rate of 6% of the stated value of the Preferred Shares paid on a quarterly basis in the form of common stock per a stipulated $9.75 per share. As a result 3,121 shares of common stock were issued to 16 holders of Preferred Shares. On June 30, 2015, the Company issued dividends to Purchases of the Preferred Shares as described above. The dividends are at an annual rate of 6% of the stated value of the Preferred Shares paid on a quarterly basis in the form of common stock per a stipulated $9.75 per share. As a result 3,121 shares of common stock were issued to 16 holders of Preferred Shares. For grants of stock options and warrants in 2015 the Company used a 1.63% to 2.35% risk-free interest rate, 0% dividend rate, 59% to 66% volatility and estimated terms of 5 to 10 years. Value computed using these assumptions ranged from $0.2750 to $5.5695 per share. The following summarizes transactions for stock options and warrants for the periods indicated: Stock Options Warrants Average Average Outstanding at December 31, 2013 385,733 $ 6.75 461,920 $ 10.50 Issued 75,683 8.12 161,375 3.81 Expired (7,879 ) 23.58 (81,851 ) 13.54 Exercised (4,936 ) 1.76 (40,722 ) 8.38 Outstanding at December 31, 2014 448,601 $ 7.51 500,722 $ 7.95 Issued 354,253 2.76 7,581,722 4.95 Cancelled (19,136 ) 11.73 (1,967 ) 11.34 Exercised - - (3,000 ) 4.95 Outstanding at December 31, 2015 783,718 $ 5.33 8,077,477 $ 5.14 At December 31, 2015, 780,718 stock options are fully vested and currently exercisable with a weighted average exercise price of $5.29 and a weighted average remaining term of 8.17 years. There are 8,077,477 warrants that are fully vested and exercisable. Stock-based compensation recognized in 2015 and 2014 was $871,877 and $723,367, respectively. The Company has $32,682 of unrecognized compensation expense related to non-vested stock options that are expected to be recognized over the next 2 months. The following summarizes the status of options and warrants outstanding at December 31, 2015: Range of Exercise Prices Shares Weighted Options: $0.75 7,333 5.52 $2.63 250,481 9.81 $2.94 30,614 10.01 $3.10 59,681 9.50 $3.21 6,232 9.76 $3.45 7,245 9.25 $4.875 134 7.20 $5.25 2,031 6.69 $5.625 192,000 7.21 $5.925 23,206 7.22 $6.00 123,998 6.63 $6.50 3,845 9.01 $8.25 3,636 8.76 $9.9375 3,019 7.54 $10.50 3,238 7.54 $11.25 13,666 7.09 $12.75 67 7.36 $13.875 2,160 8.25 $71.25 40,261 8.19 $18.75 3,334 8.15 $20.25 4,940 8.01 $21.75 1,336 7.77 $23.85 1,260 7.75 Total 783,718 Warrants: $4.95 7,577,040 4.67 $6.00 102,857 2.20 $9.00 2,666 2.07 $9.75 63,227 3.59 $11.25 203,801 2.02 $12.375 71,257 3.61 $12.38 5,557 3.85 $13.50 4,444 2.47 $14.85 23,612 2.41 $20.25 1,481 3.13 $24.375 21,535 3.10 Total 8,077,477 Stock options and warrants expire on various dates from June 2017 to December 2025. On July 24, 2015, an amendment to the Certificate of Incorporation became effective, pursuant to which the authorized common stock was increased to 100,000,000 shares of common stock and the authorized preferred stock was increased to 20,000,000 shares. Stock Options and Warrants Granted by the Company The following table is the listing of stock options and warrants as of December 31, 2015 by year of grant: Year Shares Price 2011 11,666 .75 2012 126,029 5.25 – 6.00 2013 232,756 4.875 – 23.85 2014 59,013 6.50 – 18.75 2015 354,253 2.63 – 3.45 Total 783,718 $ .75 – 23.85 Warrants: Year Shares Price 2012 69,801 11.25 – 15.00 2013 267,579 6.00 – 14.85 2014 161,375 12.375 – 24.375 2015 7,578,722 4.95 Total 8,077,477 $ 4.95 – 24.375 |
Note 4 - Short-term Notes Payab
Note 4 - Short-term Notes Payable | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Short-term Debt [Text Block] | NOTE 4 – SHORT-TERM NOTES PAYABLE From July through September 2014, we entered into a series of securities purchase agreements pursuant to which we issued approximately $1.8 million original principal amount (subsequently reduced to approximately $1.6 million aggregate principal amount in accordance with their terms) of convertible promissory notes (the “2014 Convertible Notes”) and warrants exercisable for shares of our common stock for an aggregate purchase price of $1,475,000. Of this amount, we issued to SOK Partners, LLC, an affiliate of the Company, $122,196 original principal amount of the 2014 Convertible Notes and warrants exercisable for 5,431 shares of our common stock for an aggregate purchase price of $100,000. In April and May 2015, we issued and sold to a private investor additional Convertible Notes in an aggregate original principal amount of $275,000 for an aggregate purchase price of $250,000, containing terms substantially similar to the 2014 Convertible Notes (the “2015 Convertible Notes” and, together with the 2014 Convertible Notes, the “Convertible Notes”). No warrants were issued with the 2015 Convertible Notes. Under a provision in the existing agreements, upon effectiveness of a resale registration statement covering certain shares, on September 9, 2014, the principal amount of the notes was reduced by 11%, to $1,603,260 and the number of Warrants was reduced by 11%, to 71,257 shares. As of June 30, 2015, $927,663 aggregate principal amount of Convertible Notes, plus accrued and unpaid interest thereto, have been converted into shares of our common stock and $933,073 aggregate principal amount of Convertible Notes remained outstanding. In connection with the Offering, the holders of the Convertible Notes agreed to not exercise their right to convert the Convertible Notes into shares of the Company’s common stock, in exchange for the Company’s agreement to redeem all of the outstanding Convertible Notes promptly following the consummation of the Offering at a redemption price equal to 140% of the principal amount, plus accrued and unpaid interest to the redemption date. On August 31, 2015, the closing date of the offering, the Company redeemed the remaining $933,074 aggregate principal amount of Convertible Notes plus interest and a 40% redeemable premium, for a total payment of $1,548,792. Of this amount, approximately $167,031 was paid to its affiliates in redemption of their Convertible Notes. Each holder of the Convertible Notes agreed to the foregoing terms and entered into an Amendment to Senior Convertible Notes and Agreement with the Company. As of December 31, 2015 none of the Convertible Notes were outstanding. |
Note 5 - Loss Per Share
Note 5 - Loss Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | NOTE 5 - LOSS PER SHARE The following table presents the shares used in the basic and diluted loss per common share computations: Year Ended 2015 2014 Numerator: Net loss available in basic and diluted calculation $ (4,790,530 ) $ (6,833,568 ) Denominator: Weighted average common shares outstanding-basic 3,880,828 2,990,471 Effect of dilutive stock options, warrants and preferred stock (1) - - Weighted average common shares outstanding-diluted 3,880,828 2,990,471 Loss per common share-basic and diluted $ (1.23 ) $ (2.29 ) (1) The number of shares underlying options and warrants outstanding as of December 31, 2015 and December 31, 2014 are 8,861,195 and 949,323, respectively. The number of shares underlying the preferred stock as of December 31, 2015 is 1,898,010. The effect of the shares that would be issued upon exercise of such options, warrants and preferred stock has been excluded from the calculation of diluted loss per share because those shares are anti-dilutive. |
Note 6 - Income Taxes
Note 6 - Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 6– INCOME TAXES The provision for income taxes consists of an amount for taxes currently payable and a provision for tax consequences deferred to future periods. Deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. There is no income tax provision in the accompanying statements of operations due to the cumulative operating losses that indicate a 100% valuation allowance for the deferred tax assets and state income taxes is appropriate. During September 2013, the Company experienced an "ownership change" as defined in Section 382 of the Internal Revenue Code which could potentially limit the ability to utilize the Company’s net operating losses (NOLs). The general limitation rules allow the Company to utilize its NOLs subject to an annual limitation that is determined by multiplying the federal long-term tax-exempt rate by the Company’s value immediately before the ownership change. At December 31, 2014, the Company had approximately $18.7 million of gross NOLs to reduce future federal taxable income, the majority of which are expected to be available for use in 2015, subject to the Section 382 limitation described above. The federal NOLs will expire beginning in 2022 if unused. The Company also had approximately $12.4 million of gross NOLs to reduce future state taxable income at December 31, 2014, which will expire in years 2022 through 2034 if unused. The Company's net deferred tax assets, which include the NOLs, are subject to a full valuation allowance. At December 31, 2014, the federal and state valuation allowances were $8.1 million and $1.0 million, respectively. At December 31, 2015, the Company had approximately $ 24.7 million of gross NOLs to reduce future federal taxable income, the majority of which are expected to be available for use in 2016, subject to the Section 382 limitation described above. The federal NOLs will expire beginning in 2022 if unused. The Company also had approximately $ 13.4 million of gross NOLs to reduce future state taxable income at December 31, 2015, which will expire in years 2022 through 2035 if unused. The Company’s net deferred tax assets, which include the NOLs are subject to a full valuation allowance. At December 31, 2015, the federal and state valuation allowances were $ 9.6 million and $1.1 million, respectively. The valuation allowance has been recorded due to the uncertainty of realization of the benefits associated with the net operating losses. Future events and changes in circumstances could cause this valuation allowance to change. The components of deferred income taxes at December 31, 2015 and December 31, 2014 are as follows: December 31, December 31, Deferred Tax Asset: Net Operating Loss $ 10,338,000 $ 7,919,000 Other 359,000 1,150,000 Total Deferred Tax Asset 10,697,000 9,069,000 Less Valuation Allowance 10,697,000 9,069,000 Net Deferred Income Taxes $ — $ — |
Note 7 _ Rent Obligation
Note 7 – Rent Obligation | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | NOTE 7 – RENT OBLIGATION The Company leases its principal office under a lease that can be cancelled after three years with proper notice per the lease and an amortized schedule of adjustments that will be due to the landlord. The lease extends five years and expires January 2018. In addition to rent, the Company pays real estate taxes and repairs and maintenance on the leased property. Rent expense was $66,345 and $64,753 for 2015 and 2014, respectively. The Company’s rent obligation for the next three years are as follows: 2016 $ 38,000 2017 $ 39,000 2018 $ 3,000 |
Note 8 _ Liability for Equity-L
Note 8 – Liability for Equity-Linked Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 8 – LIABILITY FOR EQUITY-LINKED FINANCIAL INSTRUMENTS The Company adopted ASC 815- Derivatives and Hedging (“ASC 815”) on January 1, 2009. ASC 815 mandates a two-step process for evaluating whether an equity-linked financial instrument or embedded feature is indexed to the entity's own stock. It was effective for fiscal years beginning after December 15, 2008, and interim periods within those fiscal years, which was the Company's first quarter of 2009. Many of the warrants issued by the Company contain a strike price adjustment feature, which upon adoption of ASC 815, changed the classification (from equity to liability) and the related accounting for warrants with a $479,910 estimated fair value of as of January 1, 2009. An adjustment was made to remove $486,564 from paid-in capital (the cumulative values of the warrants on their grant dates), a positive adjustment of $6,654 was made to accumulated deficit, representing the gain on valuation from the grant date to January 1, 2009, and $479,910 was booked as a liability. The warrants issued in 2011 do not contain a strike price adjustment feature and, therefore, are not treated as a liability. The January 1, 2009 valuation was computed using the Black-Scholes valuation model based upon a 2.5-year expected term, an expected volatility of 63%, an exercise price of $34.50 per share, a stock price of $26.25, a zero dividend rate and a 1.37% risk free interest rate. Subsequent to January 1, 2009 these warrants were re-valued at the end of each quarter and a gain or loss was recorded based upon their increase or decrease in value during the quarter. Likewise, new warrants that were issued during 2009 and 2010 were valued, using the Black- Scholes valuation model on their date of grant and an entry was made to reduce paid-in capital and increase the liability for equity-linked financial instruments. These warrants were also re-valued at the end of each quarter based upon their expected life, the stock price, the exercise price, assumed dividend rate, expected volatility and risk free interest rate. A significant reduction in the liability was realized in 2010 primarily due to a reduction from $37.50 to $16.50 per share in the underlying stock price. The Company realized a slight increase in the liability for existing warrants during the first quarter of 2012. In 2013 there was a significant decrease in the liability primarily due to current expirations and the amount of warrants reaching expiration in the near term. In 2014, all warrants expired and the liability was reduced to zero. The inputs to the Black-Scholes model during 2009 through 2014 were as follows: Stock price $3.75 to $37.50 Exercise price $ .75 to $24.38 Expected life (years) 2.0 to 6.5 Expected volatility 59% Assumed dividend rate - % Risk-free interest rate .13% to 2.97% The original valuations, annual gain (loss) and end of year valuations are shown below: Initial Value Annual Gain (Loss) Value at 12/31/09 2010 Gain (Loss) Value at 12/31/10 2011 Gain (Loss) Value at 2012 Gain Value 2013 Gain Value 2014 Gain Value at January 1, 2009 adoption $ 479,910 $ (390,368 ) $ 870,278 $ 868,772 $ 1,506 $ (88,290 ) $ 89,796 $ (21,856 ) $ 111,652 $ 100,053 $ 11,599 $ 11,599 $ - Warrants issued in quarter ended 6/30/2009 169,854 20,847 149,007 147,403 1,604 (4,689 ) 6,293 6,293 - - - - - Warrants issued in quarter ended 9/30/2009 39,743 (738 ) 40,481 40,419 62 (1,562 ) 1,624 910 714 714 - - - Warrants is used in quarter ended 12/31/2009 12,698 617 12,081 12,053 28 (724 ) 752 415 337 337 - - - Subtotal 702,205 1,071,847 Warrants issued in quarter ended 3/31/2010 25,553 25,014 539 (5,570 ) 6,109 3,701 2,408 2,408 - - - Warrants issued in quarter ended 6/30/2010 31,332 30,740 592 (6,122 ) 6,714 6,083 631 631 - - - Warrants issued in quarter ended 9/30/2010 31,506 20,891 10,615 (44,160 ) 54,775 1,338 53,437 53,437 - - - Total $ 790,596 $ (369,642 ) $ 1,071,847 $ 1,145,292 $ 14,946 $ (151,117 ) $ 166,063 $ (3,116 ) $ 169,179 $ 157,580 $ 11,599 $ 11,599 $ - |
Note 9 - Related Pary Transacti
Note 9 - Related Pary Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 9 - RELATED PARTY TRANSACTIONS The Audit Committee has the responsibility to review and approve all transactions to which a related party and the Company may be a party prior to their implementation, to assess whether such transactions meet applicable legal requirements. Rick Koenigsberger, a director, is a holder of membership units in SOK Partners. In connection with the sale of the Series A Preferred Shares on February 4, 2014, Joshua Kornberg, our President, Chief Executive Officer and Interim Chairman of the Board, was one of the purchasers. Mr. Kornberg purchased 19,231 Series A Preferred Shares for a purchase price of $25,000 and received warrants to purchase 52 shares of common stock. SOK Partners, LLC (“SOK”), a 10% stockholder with Mr. Kornberg and Dr. Samuel Herschkowitz as managing partners, invested in the July 2014 offering of convertible notes and warrants. In November 2014, the convertible noteholders agreed to convert certain balances of the convertible notes in connection with the public offering of the Existing Units, in consideration of the agreement to issue certain additional shares. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources – History Financing – 2014 Sales of Convertible Notes and Warrants.” In connection with the Unit Offering in August 2015, all such convertible notes were redeemed at a redemption price of 140% of the principal amount thereof, plus accrued and unpaid interest. The Company paid approximately $163,000 to SOK in redemption of its convertible note. In addition, Ricardo Koenigsberger, a former director who resigned on June 5, 2015, is a holder of membership units of SOK Partners. In connection with the Unit Exchange that was consummated on August 31, 2015, 250 shares of Series A Convertible Stock held by Mr. Kornberg were exchanged for 2,778 Exchange Units. |
Note 10 - Retirement Savings Pl
Note 10 - Retirement Savings Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 10 – RETIREMENT SAVINGS PLANS We have a pre-tax salary reduction/profit-sharing plan under the provisions of Section 401(k) of the Internal Revenue Code, which covers employees meeting certain eligibility requirements. In fiscal 2014, and again in 2015, we matched 100%, of the employee’s contribution up to 4.0% of their earnings. The employer contribution was $39,916 and $37,730 in 2015 and 2014. There were no discretionary contributions to the plan in 2015 and 2014. |
Note 11 - Supplemental Cash Flo
Note 11 - Supplemental Cash Flow Data | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 11 – SUPPLEMENTAL CASH FLOW DATA Cash payments for interest were $246,620 and $47,111 for the fiscal years ended December 31, 2015 and December 31, 2014, respectively. |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 12 – SUBSEQUENT EVENTS In January 2016 we commenced a registered offer (the “Exchange Offer”) to exchange, on a one-for-one basis, new units (the “New Units”) in exchange for the 1,895,010 outstanding units (the “Existing Units”) that were issued in the Offering and the Unit Exchange. Each New Unit, if issued, would have consisted of shares of common stock and certain warrants to purchase common stock. On March 2, 2016, we announced the termination of the Exchange Offer. None of the Existing Units were accepted for exchange in the Exchange Offer. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Nature of Operations and Continuance of Operations Skyline Medical Inc. (the "Company") was incorporated under the laws of the State of Minnesota in 2002. Effective August 6, 2013, the Company changed its name to Skyline Medical Inc. As of December 31, 2015, the registrant had 5,206,428 shares of common stock, par value $.01 per share, outstanding, adjusted for a 1-for-75 reverse stock split effective October 24, 2014. In this Report, all numbers of shares and per share amounts, as appropriate, have been stated to reflect the reverse stock split. Pursuant to an Agreement and Plan of Merger dated effective December 16, 2013, the Company merged with and into a Delaware corporation with the same name that was its wholly-owned subsidiary, with such Delaware Corporation as the surviving corporation of the merger. The Company has developed an environmentally safe system for the collection and disposal of infectious fluids that result from surgical procedures and post-operative care. The Company also makes ongoing sales of our proprietary cleaning fluid and filters to users of our systems. In April 2009, the Company received 510(k) clearance from the FDA to authorize the Company to market and sell its STREAMWAY FMS products. The accompanying financial statements have been prepared assuming the Company will continue as a going concern. The Company has suffered recurring losses from operations and had a stockholders’ deficit until August 31, 2015 whereupon the Company closed its public offering of units of common stock, Series B Convertible Preferred Stock and Series A Warrants (the “Units”). There remains though, substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Since inception to December 31, 2015, the Company raised approximately $22,732,961 in equity, inclusive of $2,055,000 from a private placement of Series A Convertible Preferred Stock, $13,555,003 from the public offering of Units and $5,685,000 in debt financing. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources.” |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Developments In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers In June 2014, the FASB issued ASU 2014-12, "Compensation - Stock Compensation" In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs In July 2015, the FASB issued ASU No. 2015-11 , Inventory (Topic 330): Simplifying the Measurement of Inventory In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740)” We reviewed all other significant newly issued accounting pronouncements and determined they are either not applicable to our business or that no material effect is expected on our financial position and results of our operations. Valuation of Intangible Assets We review identifiable intangible assets for impairment in accordance with ASC 350 — Intangibles —Goodwill and Other, whenever events or changes in circumstances indicate the carrying amount may not be recoverable. Our intangible assets are currently solely the costs of obtaining trademarks and patents. Events or changes in circumstances that indicate the carrying amount may not be recoverable include, but are not limited to, a significant change in the medical device marketplace and a significant adverse change in the business climate in which we operate. If such events or changes in circumstances are present, the undiscounted cash flows method is used to determine whether the intangible asset is impaired. Cash flows would include the estimated terminal value of the asset and exclude any interest charges. If the carrying value of the asset exceeds the undiscounted cash flows over the estimated remaining life of the asset, the asset is considered impaired, and the impairment is measured by reducing the carrying value of the asset to its fair value using the discounted cash flows method. The discount rate utilized is based on management’s best estimate of the related risks and return at the time the impairment assessment is made. Accounting Policies and Estimates The presentation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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. Presentation of Taxes Collected from Customers Sales taxes are imposed on the Company’s sales to nonexempt customers. The Company collects the taxes from customers and remits the entire amounts to the governmental authorities. The Company’s accounting policy is to exclude the taxes collected and remitted from revenues and expenses. Shipping and Handling Shipping and handling charges billed to customers are recorded as revenue. Shipping and handling costs are recorded within cost of goods sold on the statement of operations. Advertising Advertising costs are expensed as incurred. Advertising expenses were $8,220 in 2015, and $19,394 in 2014. Research and Development Research and development costs are charged to operations as incurred. Research and development costs were approximately $261,000 and $394,000 for 2015 and 2014, respectively. Revenue Recognition The Company recognizes revenue in accordance with the SEC’s Staff Accounting Bulletin Topic 13 Revenue Recognition and ASC 605- Revenue Recognition. Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed and determinable and collectability is probable. Delivery is considered to have occurred upon either shipment of the product or arrival at its destination based on the shipping terms of the transaction. The Company’s standard terms specify that shipment is FOB Skyline and the Company will, therefore, recognize revenue upon shipment in most cases. This revenue recognition policy applies to shipments of the STREAMWAY FMS units as well as shipments of cleaning solution kits. When these conditions are satisfied, the Company recognizes gross product revenue, which is the price it charges generally to its customers for a particular product. Under the Company’s standard terms and conditions, there is no provision for installation or acceptance of the product to take place prior to the obligation of the customer. The customer’s right of return is limited only to the Company’s standard one-year warranty whereby the Company replaces or repairs, at its option, and it would be rare that the STREAMWAY FMS unit or significant quantities of cleaning solution kits may be returned. Additionally, since the Company buys both the STREAMWAY FMS units and cleaning solution kits from “turnkey” suppliers, the Company would have the right to replacements from the suppliers if this situation should occur. Receivables Receivables are reported at the amount the Company expects to collect on balances outstanding. The Company provides for probable uncollectible amounts through charges to earnings and credits to the valuation based on management’s assessment of the current status of individual accounts, changes to the valuation allowance have not been material to the financial statements. Inventories Inventories are stated at the lower of cost or market, with cost determined on a first-in, first-out basis. Inventory balances are as follows: December 31, December 31, Finished goods $ 30,237 $ 88,362 Raw materials 162,623 237,556 Work-In-Process 38,880 41,449 Total $ 231,740 $ 367,367 Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation of property and equipment is computed using the straight-line method over the estimated useful lives of the respective assets. Estimated useful asset life by classification is as follows: Years Computers and office equipment 3 - 7 Leasehold improvements 5 Manufacturing Tooling 3 - 7 Demo Equipment 3 The Company’s investment in Fixed Assets consists of the following: December 31, December 31, Computers and office equipment $ 153,553 $ 123,708 Leasehold Improvements 23,874 23,874 Manufacturing Tooling 97,288 97,288 Demo Equipment 8,962 30,576 Total 283,677 275,446 Less: Accumulated Depreciation 144,079 78,967 Total Fixed Assets, Net $ 139,598 $ 196,479 Upon retirement or sale, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations. Maintenance and repairs are charged to operations as incurred. Intangible Assets Intangible assets consist of trademarks and patent costs. These assets are not subject to amortization until the property patented is in production. The assets are reviewed for impairment annually, and impairment losses, if any, are charged to operations when identified. Income Taxes The Company accounts for income taxes in accordance with ASC 740- Income Taxes (“ASC 740”) The Company reviews income tax positions expected to be taken in income tax returns to determine if there are any income tax uncertainties. The Company recognizes tax benefits from uncertain tax positions only if it is more likely than not that the tax positions will be sustained on examination by taxing authorities, based on technical merits of the positions. The Company has identified no income tax uncertainties. Tax years subsequent to 2012 remain open to examination by federal and state tax authorities. Patents and Intellectual Property On January 25th, 2014 the Company filed a non-provisional PCT Application No. PCT/US2014/013081 claiming priority from the U.S. Provisional Patent Application, number 61756763 which was filed one year earlier on January 25th, 2013. The Patent Cooperation Treaty (“PCT”) allows an applicant to file a single patent application to seek patent protection for an invention simultaneously in each of the 148 countries of the PCT, including the United States. By filing this single “international” patent application through the PCT, it is easier and more cost effective than filing separate applications directly with each national or regional patent office in which patent protection is desired. Our PCT patent application is for the new model of the surgical fluid waste management system. We obtained a favorable International Search Report from the PCT searching authority indicating that the claims in our PCT application are patentable (i.e., novel and non-obvious) over the cited prior art. A feature claimed in the PCT application is the ability to maintain continuous suction to the surgical field while measuring, recording and evacuating fluid to the facilities sewer drainage system. This provides for continuous operation of the STREAMWAY System unit in suctioning waste fluids, which means that suction is not interrupted during a surgical operation, for example, to empty a fluid collection container or otherwise dispose of the collected fluid. The Company holds the following granted patents in the United States and a pending application in the United States on its earlier models: US7469727, US8123731 and U.S. Publication No. US20090216205 (collectively, the “Patents”). These Patents will begin to expire on August 8, 2023. In July 2015, Skyline Medical filed an international (PCT) patent application for its fluid waste collection system and received a favorable determination by the International Searching Authority finding that all of the claims satisfy the requirements for novelty, inventive step and industrial applicability. Skyline anticipates that the favorable International Search Report will result in allowance of its various national applications. Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high credit quality financial institutions and, by policy, generally limits the amount of credit exposure to any one financial institution. The Company had a credit risk concentration as a result of depositing $4,621,764 of funds in excess of insurance limits in a single bank. |
Goodwill and Intangible Assets, Intangible Assets, Indefinite-Lived, Policy [Policy Text Block] | Valuation of Intangible Assets We review identifiable intangible assets for impairment in accordance with ASC 350 — Intangibles —Goodwill and Other, whenever events or changes in circumstances indicate the carrying amount may not be recoverable. Our intangible assets are currently solely the costs of obtaining trademarks and patents. Events or changes in circumstances that indicate the carrying amount may not be recoverable include, but are not limited to, a significant change in the medical device marketplace and a significant adverse change in the business climate in which we operate. If such events or changes in circumstances are present, the undiscounted cash flows method is used to determine whether the intangible asset is impaired. Cash flows would include the estimated terminal value of the asset and exclude any interest charges. If the carrying value of the asset exceeds the undiscounted cash flows over the estimated remaining life of the asset, the asset is considered impaired, and the impairment is measured by reducing the carrying value of the asset to its fair value using the discounted cash flows method. The discount rate utilized is based on management’s best estimate of the related risks and return at the time the impairment assessment is made. |
Use of Estimates, Policy [Policy Text Block] | Accounting Policies and Estimates The presentation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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. |
Presentation of Taxes Collected from Customers Policy [Policy Text Block] | Presentation of Taxes Collected from Customers Sales taxes are imposed on the Company’s sales to nonexempt customers. The Company collects the taxes from customers and remits the entire amounts to the governmental authorities. The Company’s accounting policy is to exclude the taxes collected and remitted from revenues and expenses. |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Shipping and handling charges billed to customers are recorded as revenue. Shipping and handling costs are recorded within cost of goods sold on the statement of operations. |
Advertising Costs, Policy [Policy Text Block] | Advertising Advertising costs are expensed as incurred. Advertising expenses were $8,220 in 2015, and $19,394 in 2014. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Research and development costs are charged to operations as incurred. Research and development costs were approximately $261,000 and $394,000 for 2015 and 2014, respectively. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company recognizes revenue in accordance with the SEC’s Staff Accounting Bulletin Topic 13 Revenue Recognition and ASC 605- Revenue Recognition. Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed and determinable and collectability is probable. Delivery is considered to have occurred upon either shipment of the product or arrival at its destination based on the shipping terms of the transaction. The Company’s standard terms specify that shipment is FOB Skyline and the Company will, therefore, recognize revenue upon shipment in most cases. This revenue recognition policy applies to shipments of the STREAMWAY FMS units as well as shipments of cleaning solution kits. When these conditions are satisfied, the Company recognizes gross product revenue, which is the price it charges generally to its customers for a particular product. Under the Company’s standard terms and conditions, there is no provision for installation or acceptance of the product to take place prior to the obligation of the customer. The customer’s right of return is limited only to the Company’s standard one-year warranty whereby the Company replaces or repairs, at its option, and it would be rare that the STREAMWAY FMS unit or significant quantities of cleaning solution kits may be returned. Additionally, since the Company buys both the STREAMWAY FMS units and cleaning solution kits from “turnkey” suppliers, the Company would have the right to replacements from the suppliers if this situation should occur. |
Receivables, Policy [Policy Text Block] | Receivables Receivables are reported at the amount the Company expects to collect on balances outstanding. The Company provides for probable uncollectible amounts through charges to earnings and credits to the valuation based on management’s assessment of the current status of individual accounts, changes to the valuation allowance have not been material to the financial statements. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or market, with cost determined on a first-in, first-out basis. Inventory balances are as follows: December 31, December 31, Finished goods $ 30,237 $ 88,362 Raw materials 162,623 237,556 Work-In-Process 38,880 41,449 Total $ 231,740 $ 367,367 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation of property and equipment is computed using the straight-line method over the estimated useful lives of the respective assets. Estimated useful asset life by classification is as follows: Years Computers and office equipment 3 - 7 Leasehold improvements 5 Manufacturing Tooling 3 - 7 Demo Equipment 3 The Company’s investment in Fixed Assets consists of the following: December 31, December 31, Computers and office equipment $ 153,553 $ 123,708 Leasehold Improvements 23,874 23,874 Manufacturing Tooling 97,288 97,288 Demo Equipment 8,962 30,576 Total 283,677 275,446 Less: Accumulated Depreciation 144,079 78,967 Total Fixed Assets, Net $ 139,598 $ 196,479 Upon retirement or sale, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations. Maintenance and repairs are charged to operations as incurred. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets Intangible assets consist of trademarks and patent costs. These assets are not subject to amortization until the property patented is in production. The assets are reviewed for impairment annually, and impairment losses, if any, are charged to operations when identified. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes in accordance with ASC 740- Income Taxes (“ASC 740”) The Company reviews income tax positions expected to be taken in income tax returns to determine if there are any income tax uncertainties. The Company recognizes tax benefits from uncertain tax positions only if it is more likely than not that the tax positions will be sustained on examination by taxing authorities, based on technical merits of the positions. The Company has identified no income tax uncertainties. Tax years subsequent to 2012 remain open to examination by federal and state tax authorities. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Patents and Intellectual Property On January 25th, 2014 the Company filed a non-provisional PCT Application No. PCT/US2014/013081 claiming priority from the U.S. Provisional Patent Application, number 61756763 which was filed one year earlier on January 25th, 2013. The Patent Cooperation Treaty (“PCT”) allows an applicant to file a single patent application to seek patent protection for an invention simultaneously in each of the 148 countries of the PCT, including the United States. By filing this single “international” patent application through the PCT, it is easier and more cost effective than filing separate applications directly with each national or regional patent office in which patent protection is desired. Our PCT patent application is for the new model of the surgical fluid waste management system. We obtained a favorable International Search Report from the PCT searching authority indicating that the claims in our PCT application are patentable (i.e., novel and non-obvious) over the cited prior art. A feature claimed in the PCT application is the ability to maintain continuous suction to the surgical field while measuring, recording and evacuating fluid to the facilities sewer drainage system. This provides for continuous operation of the STREAMWAY System unit in suctioning waste fluids, which means that suction is not interrupted during a surgical operation, for example, to empty a fluid collection container or otherwise dispose of the collected fluid. The Company holds the following granted patents in the United States and a pending application in the United States on its earlier models: US7469727, US8123731 and U.S. Publication No. US20090216205 (collectively, the “Patents”). These Patents will begin to expire on August 8, 2023. In July 2015, Skyline Medical filed an international (PCT) patent application for its fluid waste collection system and received a favorable determination by the International Searching Authority finding that all of the claims satisfy the requirements for novelty, inventive step and industrial applicability. Skyline anticipates that the favorable International Search Report will result in allowance of its various national applications. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high credit quality financial institutions and, by policy, generally limits the amount of credit exposure to any one financial institution. The Company had a credit risk concentration as a result of depositing $4,621,764 of funds in excess of insurance limits in a single bank. |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranty Costs In 2015, the Company incurred approximately $56,201 in current warranty costs. |
Segment Reporting, Policy [Policy Text Block] | Segments The Company operates in one segment for the sale of its medical device and consumable products. Substantially all of the Company’s assets, revenues, and expenses for 2015 and 2014 were located at or derived from operations in the United States. There were no revenues from sales outside of the United States. |
Risks and Uncertainties, Policy [Policy Text Block] | Risks and Uncertainties The Company is subject to risks common to companies in the medical device industry, including, but not limited to, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, and compliance with regulations of the FDA and other governmental agencies. |
Note 1 - Summary of Significa21
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | December 31, December 31, Finished goods $ 30,237 $ 88,362 Raw materials 162,623 237,556 Work-In-Process 38,880 41,449 Total $ 231,740 $ 367,367 |
Property, Plant and Equipment, Useful Life [Table Text Block] | Years Computers and office equipment 3 - 7 Leasehold improvements 5 Manufacturing Tooling 3 - 7 Demo Equipment 3 |
Property, Plant and Equipment [Table Text Block] | December 31, December 31, Computers and office equipment $ 153,553 $ 123,708 Leasehold Improvements 23,874 23,874 Manufacturing Tooling 97,288 97,288 Demo Equipment 8,962 30,576 Total 283,677 275,446 Less: Accumulated Depreciation 144,079 78,967 Total Fixed Assets, Net $ 139,598 $ 196,479 |
Note 3 _ Stockholders_ Equity22
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Share-based Compensation, Activity [Table Text Block] | Stock Options Warrants Average Average Outstanding at December 31, 2013 385,733 $ 6.75 461,920 $ 10.50 Issued 75,683 8.12 161,375 3.81 Expired (7,879 ) 23.58 (81,851 ) 13.54 Exercised (4,936 ) 1.76 (40,722 ) 8.38 Outstanding at December 31, 2014 448,601 $ 7.51 500,722 $ 7.95 Issued 354,253 2.76 7,581,722 4.95 Cancelled (19,136 ) 11.73 (1,967 ) 11.34 Exercised - - (3,000 ) 4.95 Outstanding at December 31, 2015 783,718 $ 5.33 8,077,477 $ 5.14 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option and Warrant Plans, by Exercise Price Range [Table Text Block] | Range of Exercise Prices Shares Weighted Options: $0.75 7,333 5.52 $2.63 250,481 9.81 $2.94 30,614 10.01 $3.10 59,681 9.50 $3.21 6,232 9.76 $3.45 7,245 9.25 $4.875 134 7.20 $5.25 2,031 6.69 $5.625 192,000 7.21 $5.925 23,206 7.22 $6.00 123,998 6.63 $6.50 3,845 9.01 $8.25 3,636 8.76 $9.9375 3,019 7.54 $10.50 3,238 7.54 $11.25 13,666 7.09 $12.75 67 7.36 $13.875 2,160 8.25 $71.25 40,261 8.19 $18.75 3,334 8.15 $20.25 4,940 8.01 $21.75 1,336 7.77 $23.85 1,260 7.75 Total 783,718 Warrants: $4.95 7,577,040 4.67 $6.00 102,857 2.20 $9.00 2,666 2.07 $9.75 63,227 3.59 $11.25 203,801 2.02 $12.375 71,257 3.61 $12.38 5,557 3.85 $13.50 4,444 2.47 $14.85 23,612 2.41 $20.25 1,481 3.13 $24.375 21,535 3.10 Total 8,077,477 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Year Shares Price 2011 11,666 .75 2012 126,029 5.25 – 6.00 2013 232,756 4.875 – 23.85 2014 59,013 6.50 – 18.75 2015 354,253 2.63 – 3.45 Total 783,718 $ .75 – 23.85 Year Shares Price 2012 69,801 11.25 – 15.00 2013 267,579 6.00 – 14.85 2014 161,375 12.375 – 24.375 2015 7,578,722 4.95 Total 8,077,477 $ 4.95 – 24.375 |
Note 5 - Loss Per Share (Tables
Note 5 - Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended 2015 2014 Numerator: Net loss available in basic and diluted calculation $ (4,790,530 ) $ (6,833,568 ) Denominator: Weighted average common shares outstanding-basic 3,880,828 2,990,471 Effect of dilutive stock options, warrants and preferred stock (1) - - Weighted average common shares outstanding-diluted 3,880,828 2,990,471 Loss per common share-basic and diluted $ (1.23 ) $ (2.29 ) |
Note 6 - Income Taxes (Tables)
Note 6 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, December 31, Deferred Tax Asset: Net Operating Loss $ 10,338,000 $ 7,919,000 Other 359,000 1,150,000 Total Deferred Tax Asset 10,697,000 9,069,000 Less Valuation Allowance 10,697,000 9,069,000 Net Deferred Income Taxes $ — $ — |
Note 7 _ Rent Obligation (Table
Note 7 – Rent Obligation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule of Rent Expense [Table Text Block] | 2016 $ 38,000 2017 $ 39,000 2018 $ 3,000 |
Note 8 _ Liability for Equity26
Note 8 – Liability for Equity-Linked Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | Stock price $3.75 to $37.50 Exercise price $ .75 to $24.38 Expected life (years) 2.0 to 6.5 Expected volatility 59% Assumed dividend rate - % Risk-free interest rate .13% to 2.97% |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Initial Value Annual Gain (Loss) Value at 12/31/09 2010 Gain (Loss) Value at 12/31/10 2011 Gain (Loss) Value at 2012 Gain Value 2013 Gain Value 2014 Gain Value at January 1, 2009 adoption $ 479,910 $ (390,368 ) $ 870,278 $ 868,772 $ 1,506 $ (88,290 ) $ 89,796 $ (21,856 ) $ 111,652 $ 100,053 $ 11,599 $ 11,599 $ - Warrants issued in quarter ended 6/30/2009 169,854 20,847 149,007 147,403 1,604 (4,689 ) 6,293 6,293 - - - - - Warrants issued in quarter ended 9/30/2009 39,743 (738 ) 40,481 40,419 62 (1,562 ) 1,624 910 714 714 - - - Warrants is used in quarter ended 12/31/2009 12,698 617 12,081 12,053 28 (724 ) 752 415 337 337 - - - Subtotal 702,205 1,071,847 Warrants issued in quarter ended 3/31/2010 25,553 25,014 539 (5,570 ) 6,109 3,701 2,408 2,408 - - - Warrants issued in quarter ended 6/30/2010 31,332 30,740 592 (6,122 ) 6,714 6,083 631 631 - - - Warrants issued in quarter ended 9/30/2010 31,506 20,891 10,615 (44,160 ) 54,775 1,338 53,437 53,437 - - - Total $ 790,596 $ (369,642 ) $ 1,071,847 $ 1,145,292 $ 14,946 $ (151,117 ) $ 166,063 $ (3,116 ) $ 169,179 $ 157,580 $ 11,599 $ 11,599 $ - |
Note 1 - Summary of Significa27
Note 1 - Summary of Significant Accounting Policies (Details) | 12 Months Ended | 168 Months Ended | |
Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2015USD ($)shares | |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Common Stock, Shares, Outstanding (in Shares) | shares | 5,206,428 | 3,092,766 | 5,206,428 |
Stockholders' Equity, Period Increase (Decrease) | $ 22,732,961 | ||
Stock Issued During Period, Value, New Issues | $ 13,060,880 | $ 2,055,001 | |
Debt Instrument, Increase (Decrease), Net | 5,685,000 | ||
Advertising Expense | 8,220 | 19,394 | |
Research and Development Expense | 261,000 | 394,000 | |
Cash, Uninsured Amount | 4,621,764 | 4,621,764 | |
Product Warranty Expense | $ 56,201 | ||
Number of Operating Segments | 1 | ||
IPO [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Stock Issued During Period, Value, New Issues | 13,555,003 | ||
Non-US [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Revenues | $ 0 | $ 0 | |
Series A Convertible Preferred Stock [Member] | Private Placement [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Stock Issued During Period, Value, New Issues | $ 2,055,000 | ||
Earliest Tax Year [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Open Tax Year | 2,012 |
Note 1 - Summary of Significa28
Note 1 - Summary of Significant Accounting Policies (Details) - Schedule of Inventory - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Inventory [Abstract] | ||
Finished goods | $ 30,237 | $ 88,362 |
Raw materials | 162,623 | 237,556 |
Work-In-Process | 38,880 | 41,449 |
Total | $ 231,740 | $ 367,367 |
Note 1 - Summary of Significa29
Note 1 - Summary of Significant Accounting Policies (Details) - Schedule of Property, Plant and Equipment, Useful Life | 12 Months Ended |
Dec. 31, 2015 | |
Leasehold Improvements [Member] | |
Note 1 - Summary of Significant Accounting Policies (Details) - Schedule of Property, Plant and Equipment, Useful Life [Line Items] | |
Property, plant, and equipment, useful life | 5 years |
Demo Equipment [Member] | |
Note 1 - Summary of Significant Accounting Policies (Details) - Schedule of Property, Plant and Equipment, Useful Life [Line Items] | |
Property, plant, and equipment, useful life | 3 years |
Minimum [Member] | Office Equipment [Member] | |
Note 1 - Summary of Significant Accounting Policies (Details) - Schedule of Property, Plant and Equipment, Useful Life [Line Items] | |
Property, plant, and equipment, useful life | 3 years |
Minimum [Member] | Manufacturing Tooling [Member] | |
Note 1 - Summary of Significant Accounting Policies (Details) - Schedule of Property, Plant and Equipment, Useful Life [Line Items] | |
Property, plant, and equipment, useful life | 3 years |
Maximum [Member] | Office Equipment [Member] | |
Note 1 - Summary of Significant Accounting Policies (Details) - Schedule of Property, Plant and Equipment, Useful Life [Line Items] | |
Property, plant, and equipment, useful life | 7 years |
Maximum [Member] | Manufacturing Tooling [Member] | |
Note 1 - Summary of Significant Accounting Policies (Details) - Schedule of Property, Plant and Equipment, Useful Life [Line Items] | |
Property, plant, and equipment, useful life | 7 years |
Note 1 - Summary of Significa30
Note 1 - Summary of Significant Accounting Policies (Details) - Schedule of Property, Plant and Equipment - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant, and Equipment Gross | $ 283,677 | $ 275,446 |
Less: Accumulated Depreciation | 144,079 | 78,967 |
Total Fixed Assets, Net | 139,598 | 196,479 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant, and Equipment Gross | 153,553 | 123,708 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant, and Equipment Gross | 23,874 | 23,874 |
Manufacturing Tooling [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant, and Equipment Gross | 97,288 | 97,288 |
Demo Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant, and Equipment Gross | $ 8,962 | $ 30,576 |
Note 2 _ Development Stage Op31
Note 2 – Development Stage Operations (Details) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2009 |
Note 2 – Development Stage Operations (Details) [Line Items] | |||
Common Stock, Shares, Issued | 5,206,428 | ||
Share Price | $ 26.25 | ||
Common Stock [Member] | |||
Note 2 – Development Stage Operations (Details) [Line Items] | |||
Share Price | $ 125.25 |
Note 3 _ Stockholders_ Equity32
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) | Mar. 11, 2016$ / sharesshares | Aug. 31, 2015USD ($)$ / sharesshares | Sep. 14, 2014 | Jun. 30, 2014$ / sharesshares | Mar. 31, 2014$ / sharesshares | Feb. 04, 2014USD ($)$ / sharesshares | Jun. 30, 2015$ / sharesshares | Mar. 31, 2015$ / sharesshares | Jan. 31, 2015$ / sharesshares | Dec. 31, 2014$ / sharesshares | Nov. 30, 2014$ / sharesshares | Sep. 30, 2014$ / sharesshares | Aug. 31, 2014$ / sharesshares | Jun. 30, 2014$ / sharesshares | Mar. 31, 2014$ / sharesshares | Jan. 31, 2014USD ($)$ / shares | Mar. 31, 2014$ / sharesshares | Mar. 11, 2016$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2009$ / shares | Dec. 31, 2014$ / sharesshares | Jul. 24, 2015shares | Sep. 09, 2014$ / sharesshares | Jul. 31, 2014$ / sharesshares | Feb. 28, 2014$ / sharesshares |
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) [Line Items] | ||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 9 | |||||||||||||||||||||||||
Underwriter Price (in Dollars per share) | $ / shares | 8.28 | |||||||||||||||||||||||||
Underwriting Discount (in Dollars per share) | $ / shares | $ 0.72 | |||||||||||||||||||||||||
Underwriting Commission | 8.00% | |||||||||||||||||||||||||
Proceeds from Issuance or Sale of Equity (in Dollars) | $ | $ 13,800,000 | |||||||||||||||||||||||||
Option Granted to Underwriter to Purchase Additional Units, Period | 45 days | |||||||||||||||||||||||||
Option Granted to Underwriter to Purchase Additional Units, Number of Units Granted | 250,000 | |||||||||||||||||||||||||
Option Granted to Underwriter to Purchase Additional Units, Additional Units Purchased | 0 | |||||||||||||||||||||||||
Underwriting Agreement, Non-accountable Expense Allowance, Percentage | 1.00% | |||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||||||
Warrant exercise price (in Dollars per share) | $ / shares | $ 11.25 | $ 11.25 | $ 11.25 | |||||||||||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 26.25 | |||||||||||||||||||||||||
Class of Warrant or Right, Outstanding | 8,077,477 | |||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues (in Dollars) | $ | $ 13,060,880 | $ 2,055,001 | ||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 13,700 | |||||||||||||||||||||||||
Cashless Exercise Of Common Stock Warrants Total | 3,333 | |||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 21,538 | |||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | 6.00% | ||||||||||||||||||||||||
Conversion Of Stock Price Per Share (in Dollars per share) | $ / shares | $ 19.50 | |||||||||||||||||||||||||
Stock Issued During Period, Shares, Preferred Stock Conversion | 1,561 | 970 | ||||||||||||||||||||||||
Number of Preferred Stock Shareholders | 16 | 16 | 16 | 16 | 16 | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 3,725 | 4,444 | ||||||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $ / shares | $ 19.50 | $ 19.50 | ||||||||||||||||||||||||
Percentage Reduction to Number of Warrants | 11.00% | 11.00% | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.37% | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 59.00% | 59.00% | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 66.00% | 66.00% | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years 6 months | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 780,718 | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $ / shares | $ 5.29 | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 8 years 62 days | |||||||||||||||||||||||||
Class of Warrant or Right, Number of Warrants Vested and Exercisable | 8,077,477 | |||||||||||||||||||||||||
Allocated Share-based Compensation Expense (in Dollars) | $ | $ 871,877 | $ 723,367 | ||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options (in Dollars) | $ | $ 32,682 | |||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 months | |||||||||||||||||||||||||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | |||||||||||||||||||||
Preferred Stock, Shares Authorized | 20,000,000 | |||||||||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) [Line Items] | ||||||||||||||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 0.18 | $ 0.18 | ||||||||||||||||||||||||
Exchange Units [Member] | ||||||||||||||||||||||||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) [Line Items] | ||||||||||||||||||||||||||
Unit Purchase Option, Units Sold | 1,666,667 | |||||||||||||||||||||||||
Unit Purchase Option, Units Issued | 228,343 | |||||||||||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 1,895,010 | |||||||||||||||||||||||||
Corporate Stock Transfer, Inc. [Member] | ||||||||||||||||||||||||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) [Line Items] | ||||||||||||||||||||||||||
Unit Agreement, Number of Shares of Common Stock Included in Each Unit | 1 | |||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $ / shares | $ 0.01 | |||||||||||||||||||||||||
Corporate Stock Transfer, Inc. [Member] | Exchange Units [Member] | ||||||||||||||||||||||||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) [Line Items] | ||||||||||||||||||||||||||
Unit Purchase Option, Units Issued | 228,343 | |||||||||||||||||||||||||
Unit Purchase Option, Number of Units Available for Underwriter to Purchase, Percentage | 5.00% | |||||||||||||||||||||||||
Unit Purchase Option, Number of Units Available for Underwriter to Purchase | 83,333 | |||||||||||||||||||||||||
Unit Purchase Option, Exercise Price, Percentage | 125.00% | |||||||||||||||||||||||||
Unit Purchase Option, Exercise Price (in Dollars per share) | $ / shares | $ 11.25 | |||||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) [Line Items] | ||||||||||||||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 125.25 | |||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues (in Dollars) | $ | $ 16,667 | |||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 1,666,667 | |||||||||||||||||||||||||
Stock Issued During Period, Shares, Preferred Stock Conversion | 228,343 | |||||||||||||||||||||||||
Common Stock [Member] | Exchange Units [Member] | ||||||||||||||||||||||||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) [Line Items] | ||||||||||||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 1,895,010 | |||||||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) [Line Items] | ||||||||||||||||||||||||||
Cashless Exercise Of Common Stock Warrants Total | 15,442 | |||||||||||||||||||||||||
Series A Warrants [Member] | Exchange Units [Member] | ||||||||||||||||||||||||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) [Line Items] | ||||||||||||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 7,580,040 | |||||||||||||||||||||||||
Series A Warrants [Member] | Corporate Stock Transfer, Inc. [Member] | ||||||||||||||||||||||||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) [Line Items] | ||||||||||||||||||||||||||
Unit Agreement, Number of Warrants Included in Each Unit | 4 | |||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1 | |||||||||||||||||||||||||
Warrant exercise price (in Dollars per share) | $ / shares | $ 4.95 | |||||||||||||||||||||||||
Cashless Exercise Formula, Definition of Letter "C" in the Formula, Closing Bid Price, Number of Trading Days Prior to the Time of Exercise | 2 | |||||||||||||||||||||||||
Cashless Exercise Formula, Closing Bid Price Per Share, Minimum to Be Used in the Formula (in Dollars per share) | $ / shares | $ 0.43 | |||||||||||||||||||||||||
Beneficial Ownership Limitation, Percentage | 4.99% | |||||||||||||||||||||||||
Class of Warrant or Right, Period Over Which Additional Adjustments to Price and Number of Shares May Be Made | 3 years | |||||||||||||||||||||||||
Series A Warrants [Member] | Corporate Stock Transfer, Inc. [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) [Line Items] | ||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 10.06 | 10.06 | ||||||||||||||||||||||||
Warrants Option to Settle in Cash, Fair Value Disclosure (in Dollars per share) | $ / shares | $ 4.3246 | $ 4.3246 | ||||||||||||||||||||||||
Class of Warrant or Right, Exercised During Period | 3,390,935 | |||||||||||||||||||||||||
Stock Issued During Period, Shares, Exercise Of Warrants | 34,053,653 | |||||||||||||||||||||||||
Class of Warrant or Right, Outstanding | 4,189,105 | 4,189,105 | ||||||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) [Line Items] | ||||||||||||||||||||||||||
Underwriting Agreement, Expenses Agreed to Reimburse the Underwriter (in Dollars) | $ | $ 70,000 | |||||||||||||||||||||||||
Warrant exercise price (in Dollars per share) | $ / shares | $ 24.375 | |||||||||||||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 37.50 | $ 37.50 | $ 37.50 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.35% | 2.75% | 2.97% | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years | 6 years 6 months | ||||||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $ / shares | $ 23.85 | $ 13.9195 | ||||||||||||||||||||||||
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Expected Term | 10 years | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ / shares | $ 5.5695 | |||||||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) [Line Items] | ||||||||||||||||||||||||||
Warrant exercise price (in Dollars per share) | $ / shares | $ 4.95 | |||||||||||||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 3.75 | $ 3.75 | $ 3.75 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.63% | 1.44% | 0.13% | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | 5 years | 2 years | |||||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $ / shares | $ 0.75 | $ 3.2006 | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ / shares | 0.2750 | |||||||||||||||||||||||||
Chief Executive Officer [Member] | ||||||||||||||||||||||||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) [Line Items] | ||||||||||||||||||||||||||
Stock Issued During Period, Value, Stock Options Exercised (in Dollars) | $ | $ 4,336 | |||||||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in Dollars per share) | $ / shares | $ 1.25 | |||||||||||||||||||||||||
Dr. Samuel Herschkowitz [Member] | ||||||||||||||||||||||||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) [Line Items] | ||||||||||||||||||||||||||
Warrant exercise price (in Dollars per share) | $ / shares | $ 20.25 | |||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,482 | |||||||||||||||||||||||||
Two Lenders [Member] | ||||||||||||||||||||||||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) [Line Items] | ||||||||||||||||||||||||||
Warrant exercise price (in Dollars per share) | $ / shares | $ 12.38 | |||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 28,986 | |||||||||||||||||||||||||
Purchasers [Member] | ||||||||||||||||||||||||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) [Line Items] | ||||||||||||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 3,121 | 3,121 | 3,122 | 1,559 | 1,561 | |||||||||||||||||||||
Warrant exercise price (in Dollars per share) | $ / shares | $ 24.38 | |||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 61,539 | |||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | 6.00% | 6.00% | 6.00% | ||||||||||||||||||||||
Conversion Of Stock Price Per Share (in Dollars per share) | $ / shares | $ 9.75 | $ 9.75 | $ 9.75 | |||||||||||||||||||||||
Number of Preferred Stock Shareholders | 16 | 16 | 16 | 16 | 16 | 16 | 16 | |||||||||||||||||||
Maximum Number of Days Not Listed on Stock Market | 180 days | |||||||||||||||||||||||||
Preferred Stock Conversion Price, Per Share (in Dollars per share) | $ / shares | $ 19.50 | $ 19.50 | $ 19.50 | |||||||||||||||||||||||
Four Lenders [Member] | ||||||||||||||||||||||||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) [Line Items] | ||||||||||||||||||||||||||
Warrant exercise price (in Dollars per share) | $ / shares | $ 12.38 | |||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 37,440 | |||||||||||||||||||||||||
Series B Convertible Preferred Stock [Member] | ||||||||||||||||||||||||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) [Line Items] | ||||||||||||||||||||||||||
Beneficial Ownership Limitation, Percentage | 4.99% | |||||||||||||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 1 | |||||||||||||||||||||||||
(in Dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||||||||||||||||
Series B Convertible Preferred Stock [Member] | Exchange Units [Member] | ||||||||||||||||||||||||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) [Line Items] | ||||||||||||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 1,895,010 | |||||||||||||||||||||||||
Series B Convertible Preferred Stock [Member] | Corporate Stock Transfer, Inc. [Member] | ||||||||||||||||||||||||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) [Line Items] | ||||||||||||||||||||||||||
Unit Agreement, Number of Shares of Preferred Stock Included in Each Unit | 1 | |||||||||||||||||||||||||
Series A Convertible Preferred Stock [Member] | ||||||||||||||||||||||||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) [Line Items] | ||||||||||||||||||||||||||
Warrant exercise price (in Dollars per share) | $ / shares | $ 24.38 | |||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues (in Dollars) | $ | $ 2,055,000 | |||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 20,550 | |||||||||||||||||||||||||
Series A Convertible Preferred Stock [Member] | Exchange Units [Member] | ||||||||||||||||||||||||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) [Line Items] | ||||||||||||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 84,770 | |||||||||||||||||||||||||
Series A Convertible Preferred Stock [Member] | ||||||||||||||||||||||||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) [Line Items] | ||||||||||||||||||||||||||
(in Dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||||||
(in Dollars per share) | $ / shares | $ 100 | $ 100 | $ 100 | $ 100 | $ 100 | |||||||||||||||||||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||||||||||||||||
Scenario, All Outstanding Warrants Exercised at Minimum Bid Price [Member] | Series A Warrants [Member] | Corporate Stock Transfer, Inc. [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) [Line Items] | ||||||||||||||||||||||||||
Stock Issued During Period, Shares, Exercise Of Warrants | 76,184,359 | |||||||||||||||||||||||||
The Convertible Notes [Member] | ||||||||||||||||||||||||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Principal Redemption Amount (in Dollars) | $ | $ 933,074 | |||||||||||||||||||||||||
Debt Instrument, Redemption Premium, Percentage | 40.00% | |||||||||||||||||||||||||
Debt Instrument, Redemption Price (in Dollars) | $ | $ 1,548,792 | |||||||||||||||||||||||||
Debt Instrument, Redemption Amount Paid To Affiliates (in Dollars) | $ | $ 167,031 | |||||||||||||||||||||||||
Equity Incentive Plan [Member] | Maximum [Member] | Employee, Director, and Consultant Stock Options [Member] | ||||||||||||||||||||||||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) [Line Items] | ||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||||||||||||||||||||
Equity Incentive Plan [Member] | Minimum [Member] | Employee, Director, and Consultant Stock Options [Member] | ||||||||||||||||||||||||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) [Line Items] | ||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 3 years | |||||||||||||||||||||||||
SOK Partners LLC [Member] | ||||||||||||||||||||||||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) [Line Items] | ||||||||||||||||||||||||||
Warrant exercise price (in Dollars per share) | $ / shares | $ 12.38 | $ 12.38 | $ 12.38 | |||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 5,431 | 5,431 | 4,831 | |||||||||||||||||||||||
Percentage of Reduction to Warrant Agreement | 11.00% |
Note 3 _ Stockholders_ Equity33
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Transactions for Stock Options and Warrants - $ / shares | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Transactions for Stock Options and Warrants [Line Items] | ||||
Number of Shares Exercised | (3,725) | (4,444) | ||
Number of Shares Outstanding | 783,718 | |||
Average Exercise Price Outstanding | ||||
Warrant [Member] | ||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Transactions for Stock Options and Warrants [Line Items] | ||||
Number of Shares Outstanding | 500,722 | 461,920 | ||
Average Exercise Price Outstanding | $ 7.95 | $ 10.50 | ||
Number of Shares Issued | 7,581,722 | 161,375 | ||
Average Exercise Price Issued | $ 4.95 | $ 3.81 | ||
Number of Shares Expired | (1,967) | (81,851) | ||
Average Exercise Price Expired | $ 11.34 | $ 13.54 | ||
Number of Shares Exercised | (3,000) | (40,722) | ||
Average Exercise Price Exercised | $ 4.95 | $ 8.38 | ||
Number of Shares Outstanding | 8,077,477 | 500,722 | ||
Average Exercise Price Outstanding | $ 5.14 | $ 7.95 | ||
Employee Stock Option [Member] | ||||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Transactions for Stock Options and Warrants [Line Items] | ||||
Number of Shares Outstanding | 448,601 | 385,733 | ||
Average Exercise Price Outstanding | $ 7.51 | $ 6.75 | ||
Number of Shares Issued | 354,253 | 75,683 | ||
Average Exercise Price Issued | $ 2.76 | $ 8.12 | ||
Number of Shares Expired | (19,136) | (7,879) | ||
Average Exercise Price Expired | $ 11.73 | $ 23.58 | ||
Number of Shares Exercised | (4,936) | |||
Average Exercise Price Exercised | $ 1.76 | |||
Number of Shares Outstanding | 783,718 | 448,601 | ||
Average Exercise Price Outstanding | $ 5.33 | $ 7.51 |
Note 3 _ Stockholders_ Equity34
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Mar. 31, 2014 | |
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Options | ||
Shares, Options (in Shares) | 783,718 | |
Range of Exercise Prices, Warrants | $ 11.25 | |
Shares, Warrants (in Shares) | 8,077,477 | |
Stock Options One [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Options | $ 0.75 | |
Shares, Options (in Shares) | 7,333 | |
Weighted Average Remaining Life, Options | 5 years 189 days | |
Stock Options Two [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Options | $ 2.63 | |
Shares, Options (in Shares) | 250,481 | |
Weighted Average Remaining Life, Options | 9 years 295 days | |
Stock Options Three [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Options | $ 2.94 | |
Shares, Options (in Shares) | 30,614 | |
Weighted Average Remaining Life, Options | 10 years 3 days | |
Stock Options Four [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Options | $ 3.10 | |
Shares, Options (in Shares) | 59,681 | |
Weighted Average Remaining Life, Options | 9 years 6 months | |
Stock Options Five [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Options | $ 3.21 | |
Shares, Options (in Shares) | 6,232 | |
Weighted Average Remaining Life, Options | 9 years 277 days | |
Stock Options Six [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Options | $ 3.45 | |
Shares, Options (in Shares) | 7,245 | |
Weighted Average Remaining Life, Options | 9 years 3 months | |
Stock Options Seven [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Options | $ 4.875 | |
Shares, Options (in Shares) | 134 | |
Weighted Average Remaining Life, Options | 7 years 73 days | |
Stock Options Eight [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Options | $ 5.25 | |
Shares, Options (in Shares) | 2,031 | |
Weighted Average Remaining Life, Options | 6 years 251 days | |
Stock Options Nine [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Options | $ 5.625 | |
Shares, Options (in Shares) | 192,000 | |
Weighted Average Remaining Life, Options | 7 years 76 days | |
Stock Option Ten [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Options | $ 5.925 | |
Shares, Options (in Shares) | 23,206 | |
Weighted Average Remaining Life, Options | 7 years 80 days | |
Stock Option Eleven [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Options | $ 6 | |
Shares, Options (in Shares) | 123,998 | |
Weighted Average Remaining Life, Options | 6 years 229 days | |
Stock Option Twelve [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Options | $ 6.50 | |
Shares, Options (in Shares) | 3,845 | |
Weighted Average Remaining Life, Options | 9 years 3 days | |
Stock Options Thirteen [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Options | $ 8.25 | |
Shares, Options (in Shares) | 3,636 | |
Weighted Average Remaining Life, Options | 8 years 277 days | |
Stock Options Fourteen [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Options | $ 9.9375 | |
Shares, Options (in Shares) | 3,019 | |
Weighted Average Remaining Life, Options | 7 years 197 days | |
Stock Options Fifteen [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Options | $ 10.50 | |
Shares, Options (in Shares) | 3,238 | |
Weighted Average Remaining Life, Options | 7 years 197 days | |
Stock Options Sixteen [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Options | $ 11.25 | |
Shares, Options (in Shares) | 13,666 | |
Weighted Average Remaining Life, Options | 7 years 32 days | |
Stock Options Seventeen [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Options | $ 12.75 | |
Shares, Options (in Shares) | 67 | |
Weighted Average Remaining Life, Options | 7 years 131 days | |
Stock Options Eighteen [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Options | $ 13.875 | |
Shares, Options (in Shares) | 2,160 | |
Weighted Average Remaining Life, Options | 8 years 3 months | |
Stock Options Nineteen [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Options | $ 71.25 | |
Shares, Options (in Shares) | 40,261 | |
Weighted Average Remaining Life, Options | 8 years 69 days | |
Stock Options Twenty [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Options | $ 18.75 | |
Shares, Options (in Shares) | 3,334 | |
Weighted Average Remaining Life, Options | 8 years 54 days | |
Stock Options Twenty One [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Options | $ 20.25 | |
Shares, Options (in Shares) | 4,940 | |
Weighted Average Remaining Life, Options | 8 years 3 days | |
Stock Options Twenty Two [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Options | $ 21.75 | |
Shares, Options (in Shares) | 1,336 | |
Weighted Average Remaining Life, Options | 7 years 281 days | |
Stock Options Twenty Three [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Options | $ 23.85 | |
Shares, Options (in Shares) | 1,260 | |
Weighted Average Remaining Life, Options | 7 years 9 months | |
Warrant One [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Warrants | $ 4.95 | |
Shares, Warrants (in Shares) | 7,577,040 | |
Weighted Average Remaining Life, Warrants | 4 years 244 days | |
Warrant Two [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Warrants | $ 6 | |
Shares, Warrants (in Shares) | 102,857 | |
Weighted Average Remaining Life, Warrants | 2 years 73 days | |
Warrant Three [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Warrants | $ 9 | |
Shares, Warrants (in Shares) | 2,666 | |
Weighted Average Remaining Life, Warrants | 2 years 25 days | |
Warrant Four [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Warrants | $ 9.75 | |
Shares, Warrants (in Shares) | 63,227 | |
Weighted Average Remaining Life, Warrants | 3 years 215 days | |
Warrant Five [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Warrants | $ 11.25 | |
Shares, Warrants (in Shares) | 203,801 | |
Weighted Average Remaining Life, Warrants | 2 years 7 days | |
Warrant Six [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Warrants | $ 12.375 | |
Shares, Warrants (in Shares) | 71,257 | |
Weighted Average Remaining Life, Warrants | 3 years 222 days | |
Warrant Seven [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Warrants | $ 12.38 | |
Shares, Warrants (in Shares) | 5,557 | |
Weighted Average Remaining Life, Warrants | 3 years 310 days | |
Warrant Eight [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Warrants | $ 13.50 | |
Shares, Warrants (in Shares) | 4,444 | |
Weighted Average Remaining Life, Warrants | 2 years 171 days | |
Warrant Nine [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Warrants | $ 14.85 | |
Shares, Warrants (in Shares) | 23,612 | |
Weighted Average Remaining Life, Warrants | 2 years 149 days | |
Warrant Ten [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Warrants | $ 20.25 | |
Shares, Warrants (in Shares) | 1,481 | |
Weighted Average Remaining Life, Warrants | 3 years 47 days | |
Warrant Eleven [Member] | ||
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Summary of Status of Options and Warrants Outstanding [Line Items] | ||
Range of Exercise Prices, Warrants | $ 24.375 | |
Shares, Warrants (in Shares) | 21,535 | |
Weighted Average Remaining Life, Warrants | 3 years 36 days |
Note 3 _ Stockholders_ Equity35
Note 3 – Stockholders’ Equity (Deficit), Stock Options and Warrants (Details) - Schedule of Listing of Stock Options and Warrants - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Options (in Shares) | 783,718 | ||
Shares, Warrants (in Shares) | 8,077,477 | ||
Warrant exercise price (in Dollars per share) | $ 11.25 | ||
Stock Options 2011 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Options (in Shares) | 11,666 | ||
Price, Options | $ 0.75 | ||
Stock Options 2012 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Options (in Shares) | 126,029 | ||
Stock Options 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Options (in Shares) | 232,756 | ||
Stock Options 2014 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Options (in Shares) | 59,013 | ||
Stock Options 2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Options (in Shares) | 354,253 | ||
Warrants 2012 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Warrants (in Shares) | 69,801 | ||
Warrants 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Warrants (in Shares) | 267,579 | ||
Warrants 2014 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Warrants (in Shares) | 161,375 | ||
Warrants 2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Warrants (in Shares) | 7,578,722 | ||
Warrant exercise price (in Dollars per share) | $ 4.95 | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Price, Options | 0.75 | $ 3.2006 | |
Warrant exercise price (in Dollars per share) | 4.95 | ||
Minimum [Member] | Stock Options 2012 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Price, Options | 5.25 | ||
Minimum [Member] | Stock Options 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Price, Options | 4.875 | ||
Minimum [Member] | Stock Options 2014 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Price, Options | 6.50 | ||
Minimum [Member] | Stock Options 2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Price, Options | 2.63 | ||
Minimum [Member] | Warrants 2012 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Warrant exercise price (in Dollars per share) | 11.25 | ||
Minimum [Member] | Warrants 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Warrant exercise price (in Dollars per share) | 6 | ||
Minimum [Member] | Warrants 2014 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Warrant exercise price (in Dollars per share) | 12.375 | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Price, Options | 23.85 | $ 13.9195 | |
Warrant exercise price (in Dollars per share) | 24.375 | ||
Maximum [Member] | Stock Options 2012 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Price, Options | 6 | ||
Maximum [Member] | Stock Options 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Price, Options | 23.85 | ||
Maximum [Member] | Stock Options 2014 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Price, Options | 18.75 | ||
Maximum [Member] | Stock Options 2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Price, Options | 3.45 | ||
Maximum [Member] | Warrants 2012 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Warrant exercise price (in Dollars per share) | 15 | ||
Maximum [Member] | Warrants 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Warrant exercise price (in Dollars per share) | 14.85 | ||
Maximum [Member] | Warrants 2014 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Warrant exercise price (in Dollars per share) | $ 24.375 |
Note 4 - Short-term Notes Pay36
Note 4 - Short-term Notes Payable (Details) - USD ($) | Aug. 31, 2015 | May. 31, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Jun. 30, 2015 | Sep. 09, 2014 | Jul. 31, 2014 | Jun. 30, 2014 | Feb. 28, 2014 |
Note 4 - Short-term Notes Payable (Details) [Line Items] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | 21,538 | ||||||||
Percentage Reduction to Number of Warrants | 11.00% | 11.00% | |||||||
The 2014 Convertible Notes [Member] | |||||||||
Note 4 - Short-term Notes Payable (Details) [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 1,800,000 | ||||||||
DebtInstrumentReducedFaceAmount | 1,600,000 | $ 1,603,260 | |||||||
Proceeds from Convertible Debt | 1,475,000 | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | 71,257 | ||||||||
Percentage Reduction to Debt Instrument, Face Amount | 11.00% | ||||||||
Percentage Reduction to Number of Warrants | 11.00% | ||||||||
The 2015 Convertible Notes [Member] | |||||||||
Note 4 - Short-term Notes Payable (Details) [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 275,000 | ||||||||
Proceeds from Convertible Debt | $ 250,000 | ||||||||
Class of Warrant or Right, Issued During Period (in Shares) | 0 | ||||||||
The Convertible Notes [Member] | |||||||||
Note 4 - Short-term Notes Payable (Details) [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 933,073 | ||||||||
Debt Conversion, Converted Instrument, Amount | $ 927,663 | ||||||||
Debt Instrument, Redemption Price, Percentage | 140.00% | ||||||||
Debt Instrument, Principal Redemption Amount | $ 933,074 | ||||||||
Debt Instrument, Redemption Premium, Percentage | 40.00% | ||||||||
Debt Instrument, Redemption Price | $ 1,548,792 | ||||||||
Debt Instrument, Redemption Amount Paid To Affiliates | $ 167,031 | ||||||||
Short-term Debt | $ 0 | ||||||||
SOK Partners LLC [Member] | |||||||||
Note 4 - Short-term Notes Payable (Details) [Line Items] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | 4,831 | 5,431 | |||||||
SOK Partners LLC [Member] | The 2014 Convertible Notes [Member] | |||||||||
Note 4 - Short-term Notes Payable (Details) [Line Items] | |||||||||
Debt Instrument, Face Amount | 122,196 | ||||||||
Proceeds from Convertible Debt | $ 100,000 | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | 5,431 |
Note 5 - Loss Per Share (Detail
Note 5 - Loss Per Share (Details) - shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Options and Warrants [Member] | ||
Note 5 - Loss Per Share (Details) [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 8,861,195 | 949,323 |
Preferred Stock 1 [Member] | ||
Note 5 - Loss Per Share (Details) [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,898,010 |
Note 5 - Loss Per Share (Deta38
Note 5 - Loss Per Share (Details) - Shares Used in Basic and Diluted Loss Per Common Share Computations - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Numerator: | |||
Net loss available in basic and diluted calculation (in Dollars) | $ (4,790,530) | $ (6,833,568) | |
Denominator: | |||
Weighted average common shares outstanding-basic | 3,880,828 | 2,990,471 | |
Effect of dilutive stock options, warrants and preferred stock (1) | [1] | ||
Weighted average common shares outstanding-diluted | 3,880,828 | 2,990,471 | |
Loss per common share-basic and diluted (in Dollars per share) | $ (1.23) | $ (2.29) | |
[1] | The number of shares underlying options and warrants outstanding as of December 31, 2015 and December 31, 2014 are 8,861,195 and 949,323, respectively. The number of shares underlying the preferred stock as of December 31, 2015 is 1,898,010. The effect of the shares that would be issued upon exercise of such options, warrants and preferred stock has been excluded from the calculationof diluted loss per share because those shares are anti-dilutive. |
Note 6 - Income Taxes (Details)
Note 6 - Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note 6 - Income Taxes (Details) [Line Items] | ||
Income Tax Expense (Benefit) | $ 0 | |
Valuation Allowance Percentage | 100.00% | |
Domestic Tax Authority [Member] | ||
Note 6 - Income Taxes (Details) [Line Items] | ||
Operating Loss Carryforwards | $ 24,700,000 | $ 18,700,000 |
Operating Loss Carryforwards, Valuation Allowance | 9,600,000 | 8,100,000 |
State and Local Jurisdiction [Member] | ||
Note 6 - Income Taxes (Details) [Line Items] | ||
Operating Loss Carryforwards | 13,400,000 | 12,400,000 |
Operating Loss Carryforwards, Valuation Allowance | $ 1,100,000 | $ 1,000,000 |
Note 6 - Income Taxes (Detail40
Note 6 - Income Taxes (Details) - Components of Deferred Income Taxes - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Asset: | ||
Net Operating Loss | $ 10,338,000 | $ 7,919,000 |
Other | 359,000 | 1,150,000 |
Total Deferred Tax Asset | 10,697,000 | 9,069,000 |
Less Valuation Allowance | 10,697,000 | 9,069,000 |
Net Deferred Income Taxes | $ 0 | $ 0 |
Note 7 _ Rent Obligation (Detai
Note 7 – Rent Obligation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Leases [Abstract] | ||
Lessee Leasing Arrangements, Operating Leases, Terms of Contract Cancellation | 3 years | |
Lessee Leasing Arrangements, Operating Leases, Extension Term | 5 years | |
Operating Leases, Rent Expense (in Dollars) | $ 66,345 | $ 64,753 |
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 3 years |
Note 7 _ Rent Obligation (Det42
Note 7 – Rent Obligation (Details) - Rent Obligation | Dec. 31, 2015USD ($) |
Rent Obligation [Abstract] | |
2,016 | $ 38,000 |
2,017 | 39,000 |
2,018 | $ 3,000 |
Note 8 _ Liability for Equity43
Note 8 – Liability for Equity-Linked Financial Instruments (Details) - USD ($) | 12 Months Ended | 72 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2009 | Dec. 31, 2014 | Dec. 31, 2010 | |
Note 8 – Liability for Equity-Linked Financial Instruments (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years 6 months | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 63.00% | 59.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price (in Dollars per share) | $ 34.50 | ||||
Share Price (in Dollars per share) | $ 26.25 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.37% | ||||
Share Price Reduction | $ 37.50 | $ 16.50 | |||
Decrease In Equity Caused By Adoption of ASC 815 [Member] | |||||
Note 8 – Liability for Equity-Linked Financial Instruments (Details) [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 479,910 | ||||
Decrease In Additional Paid In Capital Caused By Adoption Of ASC 815 [Member] | |||||
Note 8 – Liability for Equity-Linked Financial Instruments (Details) [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 486,564 | ||||
Increase In Retained Earnings Caused By Adoption Of ASC 815 [Member] | |||||
Note 8 – Liability for Equity-Linked Financial Instruments (Details) [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 6,654 | ||||
Increase In Liabilities Caused By Adoption Of ASC 815 [Member] | |||||
Note 8 – Liability for Equity-Linked Financial Instruments (Details) [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 479,910 | ||||
Derivative Liability | $ 0 | $ 0 |
Note 8 _ Liability for Equity44
Note 8 – Liability for Equity-Linked Financial Instruments (Details) - Inputs to Black-Scholes Model - $ / shares | 12 Months Ended | 72 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2009 | Dec. 31, 2014 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Stock price | $ 26.25 | |||
Exercise price | $ 34.50 | |||
Expected life (years) | 2 years 6 months | |||
Expected volatility | 63.00% | 59.00% | ||
Risk-free interest rate | 1.37% | |||
Minimum [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Stock price | $ 3.75 | $ 3.75 | ||
Exercise price | $ 0.75 | $ 0.75 | ||
Expected life (years) | 5 years | 5 years | 2 years | |
Risk-free interest rate | 1.63% | 1.44% | 0.13% | |
Maximum [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Stock price | $ 37.50 | $ 37.50 | ||
Exercise price | $ 24.38 | $ 24.38 | ||
Expected life (years) | 10 years | 6 years 6 months | ||
Risk-free interest rate | 2.35% | 2.75% | 2.97% |
Note 8 _ Liability for Equity45
Note 8 – Liability for Equity-Linked Financial Instruments (Details) - Original Valuations, Annual Gain (Loss) and End of Year Valuations - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | |
Class of Warrant or Right [Line Items] | |||||||
Total | $ 790,596 | ||||||
Gain Loss 2009 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | $ (369,642) | ||||||
Total | (369,642) | ||||||
Value At 2009 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Total | 1,071,847 | ||||||
Gain Loss 2010 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | $ 1,145,292 | ||||||
Total | 1,145,292 | ||||||
Value At 2010 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Total | 14,946 | ||||||
Gain Loss 2011 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | $ (151,117) | ||||||
Total | (151,117) | ||||||
Value At 2011 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Total | 166,063 | ||||||
Gain Loss 2012 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | $ (3,116) | ||||||
Total | (3,116) | ||||||
Value At 2012 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Total | 169,179 | ||||||
Gain Loss 2013 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | $ 157,580 | ||||||
Total | 157,580 | ||||||
Value At 2013 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Total | 11,599 | ||||||
Gain Loss 2014 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | $ 11,599 | ||||||
Total | 11,599 | ||||||
January 1, 2009 Adoption [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | 479,910 | ||||||
January 1, 2009 Adoption [Member] | Gain Loss 2009 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | (390,368) | ||||||
Total | (390,368) | ||||||
January 1, 2009 Adoption [Member] | Value At 2009 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | 870,278 | ||||||
January 1, 2009 Adoption [Member] | Gain Loss 2010 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | 868,772 | ||||||
Total | 868,772 | ||||||
January 1, 2009 Adoption [Member] | Value At 2010 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | 1,506 | ||||||
January 1, 2009 Adoption [Member] | Gain Loss 2011 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | (88,290) | ||||||
Total | (88,290) | ||||||
January 1, 2009 Adoption [Member] | Value At 2011 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | 89,796 | ||||||
January 1, 2009 Adoption [Member] | Gain Loss 2012 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | (21,856) | ||||||
Total | (21,856) | ||||||
January 1, 2009 Adoption [Member] | Value At 2012 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | 111,652 | ||||||
January 1, 2009 Adoption [Member] | Gain Loss 2013 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | 100,053 | ||||||
Total | 100,053 | ||||||
January 1, 2009 Adoption [Member] | Value At 2013 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | 11,599 | ||||||
January 1, 2009 Adoption [Member] | Gain Loss 2014 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | 11,599 | ||||||
Total | $ 11,599 | ||||||
Issued in Quarter Ended 6/30/2009 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | 169,854 | ||||||
Issued in Quarter Ended 6/30/2009 [Member] | Gain Loss 2009 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | 20,847 | ||||||
Total | 20,847 | ||||||
Issued in Quarter Ended 6/30/2009 [Member] | Value At 2009 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | 149,007 | ||||||
Issued in Quarter Ended 6/30/2009 [Member] | Gain Loss 2010 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | 147,403 | ||||||
Total | 147,403 | ||||||
Issued in Quarter Ended 6/30/2009 [Member] | Value At 2010 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | 1,604 | ||||||
Issued in Quarter Ended 6/30/2009 [Member] | Gain Loss 2011 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | (4,689) | ||||||
Total | (4,689) | ||||||
Issued in Quarter Ended 6/30/2009 [Member] | Value At 2011 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | 6,293 | ||||||
Issued in Quarter Ended 6/30/2009 [Member] | Gain Loss 2012 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | 6,293 | ||||||
Total | 6,293 | ||||||
Warrants Issued in Quarter Ended 9/30/2009 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | 39,743 | ||||||
Warrants Issued in Quarter Ended 9/30/2009 [Member] | Gain Loss 2009 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | (738) | ||||||
Total | (738) | ||||||
Warrants Issued in Quarter Ended 9/30/2009 [Member] | Value At 2009 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | 40,481 | ||||||
Warrants Issued in Quarter Ended 9/30/2009 [Member] | Gain Loss 2010 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | 40,419 | ||||||
Total | 40,419 | ||||||
Warrants Issued in Quarter Ended 9/30/2009 [Member] | Value At 2010 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | 62 | ||||||
Warrants Issued in Quarter Ended 9/30/2009 [Member] | Gain Loss 2011 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | (1,562) | ||||||
Total | (1,562) | ||||||
Warrants Issued in Quarter Ended 9/30/2009 [Member] | Value At 2011 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | 1,624 | ||||||
Warrants Issued in Quarter Ended 9/30/2009 [Member] | Gain Loss 2012 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | 910 | ||||||
Total | 910 | ||||||
Warrants Issued in Quarter Ended 9/30/2009 [Member] | Value At 2012 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | 714 | ||||||
Warrants Issued in Quarter Ended 9/30/2009 [Member] | Gain Loss 2013 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | 714 | ||||||
Total | 714 | ||||||
Issued in Quarter Ended 12/31/2009 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | 12,698 | ||||||
Issued in Quarter Ended 12/31/2009 [Member] | Gain Loss 2009 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | 617 | ||||||
Total | 617 | ||||||
Issued in Quarter Ended 12/31/2009 [Member] | Value At 2009 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | 12,081 | ||||||
Issued in Quarter Ended 12/31/2009 [Member] | Gain Loss 2010 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | 12,053 | ||||||
Total | 12,053 | ||||||
Issued in Quarter Ended 12/31/2009 [Member] | Value At 2010 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | 28 | ||||||
Issued in Quarter Ended 12/31/2009 [Member] | Gain Loss 2011 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | (724) | ||||||
Total | (724) | ||||||
Issued in Quarter Ended 12/31/2009 [Member] | Value At 2011 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | 752 | ||||||
Issued in Quarter Ended 12/31/2009 [Member] | Gain Loss 2012 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | 415 | ||||||
Total | 415 | ||||||
Issued in Quarter Ended 12/31/2009 [Member] | Value At 2012 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | 337 | ||||||
Issued in Quarter Ended 12/31/2009 [Member] | Gain Loss 2013 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | 337 | ||||||
Total | 337 | ||||||
Issued in 2009 and January 1, 2009 Adoption [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | 702,205 | ||||||
Issued in 2009 and January 1, 2009 Adoption [Member] | Value At 2009 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | $ 1,071,847 | ||||||
Issued in Quarter Ended 3/31/2010 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | 25,553 | ||||||
Issued in Quarter Ended 3/31/2010 [Member] | Gain Loss 2010 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | 25,014 | ||||||
Total | 25,014 | ||||||
Issued in Quarter Ended 3/31/2010 [Member] | Value At 2010 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | 539 | ||||||
Issued in Quarter Ended 3/31/2010 [Member] | Gain Loss 2011 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | (5,570) | ||||||
Total | (5,570) | ||||||
Issued in Quarter Ended 3/31/2010 [Member] | Value At 2011 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | 6,109 | ||||||
Issued in Quarter Ended 3/31/2010 [Member] | Gain Loss 2012 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | 3,701 | ||||||
Total | 3,701 | ||||||
Issued in Quarter Ended 3/31/2010 [Member] | Value At 2012 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | 2,408 | ||||||
Issued in Quarter Ended 3/31/2010 [Member] | Gain Loss 2013 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | 2,408 | ||||||
Total | 2,408 | ||||||
Issued in Quarter Ended 6/30/2010 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | 31,332 | ||||||
Issued in Quarter Ended 6/30/2010 [Member] | Gain Loss 2010 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | 30,740 | ||||||
Total | 30,740 | ||||||
Issued in Quarter Ended 6/30/2010 [Member] | Value At 2010 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | 592 | ||||||
Issued in Quarter Ended 6/30/2010 [Member] | Gain Loss 2011 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | (6,122) | ||||||
Total | (6,122) | ||||||
Issued in Quarter Ended 6/30/2010 [Member] | Value At 2011 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | 6,714 | ||||||
Issued in Quarter Ended 6/30/2010 [Member] | Gain Loss 2012 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | 6,083 | ||||||
Total | 6,083 | ||||||
Issued in Quarter Ended 6/30/2010 [Member] | Value At 2012 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | 631 | ||||||
Issued in Quarter Ended 6/30/2010 [Member] | Gain Loss 2013 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | 631 | ||||||
Total | 631 | ||||||
Issued in Quarter Ended 9/30/2010 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | $ 31,506 | ||||||
Issued in Quarter Ended 9/30/2010 [Member] | Gain Loss 2010 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | 20,891 | ||||||
Total | 20,891 | ||||||
Issued in Quarter Ended 9/30/2010 [Member] | Value At 2010 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | $ 10,615 | ||||||
Issued in Quarter Ended 9/30/2010 [Member] | Gain Loss 2011 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | (44,160) | ||||||
Total | (44,160) | ||||||
Issued in Quarter Ended 9/30/2010 [Member] | Value At 2011 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | $ 54,775 | ||||||
Issued in Quarter Ended 9/30/2010 [Member] | Gain Loss 2012 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | 1,338 | ||||||
Total | 1,338 | ||||||
Issued in Quarter Ended 9/30/2010 [Member] | Value At 2012 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Value | $ 53,437 | ||||||
Issued in Quarter Ended 9/30/2010 [Member] | Gain Loss 2013 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Gain (Loss) | 53,437 | ||||||
Total | $ 53,437 |
Note 9 - Related Pary Transac46
Note 9 - Related Pary Transactions (Details) - USD ($) | Aug. 31, 2015 | Feb. 04, 2014 | Aug. 31, 2015 | Nov. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 31, 2014 | Feb. 28, 2014 |
Note 9 - Related Pary Transactions (Details) [Line Items] | ||||||||
Stock Issued During Period, Shares, New Issues | 13,700 | |||||||
Stock Issued During Period, Value, New Issues (in Dollars) | $ 13,060,880 | $ 2,055,001 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 21,538 | |||||||
Common Stock [Member] | ||||||||
Note 9 - Related Pary Transactions (Details) [Line Items] | ||||||||
Stock Issued During Period, Shares, New Issues | 1,666,667 | |||||||
Stock Issued During Period, Value, New Issues (in Dollars) | $ 16,667 | |||||||
Chief Executive Officer [Member] | Stock Conversion from Series A Convertible Stock to Exchange Units [Member] | ||||||||
Note 9 - Related Pary Transactions (Details) [Line Items] | ||||||||
Conversion of Stock, Shares Converted | 250 | |||||||
Conversion of Stock, Shares Issued | 2,778 | |||||||
Chief Executive Officer [Member] | Common Stock [Member] | ||||||||
Note 9 - Related Pary Transactions (Details) [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 52 | |||||||
Chief Executive Officer [Member] | Series A Preferred Stock [Member] | ||||||||
Note 9 - Related Pary Transactions (Details) [Line Items] | ||||||||
Stock Issued During Period, Shares, New Issues | 19,231 | |||||||
Stock Issued During Period, Value, New Issues (in Dollars) | $ 25,000 | |||||||
SOK Partners LLC [Member] | ||||||||
Note 9 - Related Pary Transactions (Details) [Line Items] | ||||||||
Ownership Percentage | 10.00% | |||||||
SOK Partners LLC [Member] | Convertible Notes [Member] | ||||||||
Note 9 - Related Pary Transactions (Details) [Line Items] | ||||||||
Debt Instrument, Redemption Price, Percentage | 140.00% | |||||||
Repayments of Related Party Debt (in Dollars) | $ 163,000 |
Note 10 - Retirement Savings 47
Note 10 - Retirement Savings Plans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | 100.00% |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 4.00% | 4.00% |
Defined Contribution Plan, Employer Discretionary Contribution Amount (in Dollars) | $ 39,916 | $ 37,730 |
Note 11 - Supplemental Cash F48
Note 11 - Supplemental Cash Flow Data (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest Paid | $ 246,620 | $ 47,111 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details) | 1 Months Ended |
Jan. 31, 2016shares | |
Subsequent Event [Member] | |
Note 12 - Subsequent Events (Details) [Line Items] | |
Units Exchanged During Period | 1,895,010 |