Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 14, 2013 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'ADVANCED MEDICAL ISOTOPE Corp | ' |
Entity Central Index Key | '0001449349 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 109,028,604 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
ASSETS | ' | ' |
Cash | $26,221 | $6,411 |
Accounts receivable - trade | ' | 21,239 |
Prepaid expenses | 6,417 | 2,334 |
Prepaid expenses paid with stock, current portion | 71,500 | ' |
Inventory | 8,475 | 4,100 |
Total current assets | 112,613 | 34,084 |
Fixed assets, net of accumulated depreciation | 16,453 | 214,656 |
License fees, net of amortization | 8,629 | 16,060 |
Patents and intellectual property | 368,190 | 360,475 |
Debt issuance costs | 10,445 | 542,454 |
Deposits | 5,406 | 5,406 |
Total other assets | 392,670 | 924,395 |
Total assets | 521,736 | 1,173,135 |
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ' | ' |
Accounts payable and accrued expenses | 1,325,425 | 1,278,605 |
Accrued interest payable | 1,084,828 | 787,415 |
Payroll liabilities payable | 57,519 | 74,349 |
Deferred income | ' | 265,531 |
Short term loan payable | 349,913 | 35,846 |
Loans from stockholder | 8,265 | 43,349 |
Convertible notes payable, net | 354,049 | 395,102 |
Derivative liability | 1,389,649 | 3,938,318 |
Related party convertible notes payable, net | 4,064,292 | 3,573,892 |
Current portion of capital lease obligations | 264,607 | 346,270 |
Total current liabilities | 8,898,547 | 10,738,677 |
Capital lease obligations, net of current portion | 108,000 | 285,000 |
Total liabilities | 9,006,547 | 11,023,677 |
Stockholders' Equity (Deficit): | ' | ' |
Preferred Stock, $.001 par value, 20,000,000 shares authorized; zero issued and outstanding | ' | ' |
Common stock, $.001 par value; 200,000,000 shares authorized; 109,016,604 and 81,544,459 shares issued and outstanding, respectively | 109,016 | 81,544 |
Paid in capital | 26,297,915 | 22,735,626 |
Accumulated deficit | -34,891,742 | -32,667,712 |
Total stockholders' equity (deficit) | -8,484,811 | -9,850,542 |
Total liabilities and stockholders' equity (deficit) | $521,736 | $1,173,135 |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Stockholders' Equity (Deficit): | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, authorized | 20,000,000 | 20,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, authorized | 200,000,000 | 200,000,000 |
Common stock, issued | 109,016,604 | 81,544,459 |
Common stock, outstanding | 109,016,604 | 81,544,459 |
Condensed_Statements_of_Operat
Condensed Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenues | $115,799 | $65,250 | $140,603 | $181,268 |
Operating expenses | ' | ' | ' | ' |
Cost of materials | 100,278 | 22,292 | 104,836 | 57,444 |
Sales and marketing expenses | 2,850 | 8,800 | 9,912 | 17,459 |
Depreciation and amortization | 3,817 | 101,454 | 205,634 | 381,746 |
Professional fees | 110,688 | 902,654 | 597,377 | 1,696,882 |
Stock options granted | 58,187 | 640,000 | 576,068 | 1,052,980 |
Payroll expenses | 174,271 | 168,861 | 633,159 | 534,376 |
General and administrative expenses | 155,096 | 500,716 | 1,181,574 | 785,215 |
Total operating expenses | 605,187 | 2,344,777 | 3,308,560 | 4,526,102 |
Operating loss | -489,388 | -2,279,527 | -3,167,957 | -4,344,834 |
Non-operating income (expense): | ' | ' | ' | ' |
Interest expense | -389,456 | -325,481 | -1,208,825 | -682,086 |
Net gain (loss) on settlement of debt | -27,013 | ' | -198,546 | -550 |
Recognized income from grants | 24,241 | 242,162 | 265,531 | 410,445 |
Gain (loss) on derivative liability | -73,254 | ' | 2,085,766 | ' |
Non-operating income (expense), net | -465,482 | -83,319 | 943,927 | -272,191 |
Loss before Income Taxes | -954,870 | -2,362,846 | -2,224,030 | -4,617,025 |
Income Tax Provision | ' | ' | ' | ' |
Net loss | ($954,870) | ($2,362,846) | ($2,224,030) | ($4,617,025) |
Loss per common share | ($0.01) | ($0.03) | ($0.02) | ($0.06) |
Weighted average common shares outstanding | 102,872,236 | 76,660,889 | 95,850,606 | 74,437,138 |
Condensed_Statement_of_Changes
Condensed Statement of Changes in Stockholders' Equity (Deficit) (Unaudited) (USD $) | Common Stock | Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance, Amount at Dec. 31, 2012 | $81,544 | $22,735,626 | ($32,667,712) | ($9,850,542) |
Beginning Balance, Shares at Dec. 31, 2012 | 81,544,459 | ' | ' | ' |
Cash and the exercise of warrants, Shares | 7,298,093 | ' | ' | ' |
Cash and the exercise of warrants, Amount | 7,298 | 899,202 | ' | 906,500 |
Services and prepaid services, Shares | 2,180,000 | ' | ' | ' |
Services and prepaid services, Amount | 2,180 | 156,420 | ' | 158,600 |
Exercise of warrants for services, Shares | 222,222 | ' | ' | ' |
Exercise of warrants for services, Amount | 222 | 19,778 | ' | 20,000 |
Accounts payable and prepaid services, Shares | 1,035,500 | ' | ' | ' |
Accounts payable and prepaid services, Amount | 1,035 | 48,965 | ' | 50,000 |
Loan fees on convertible debt, Shares | 181,709 | ' | ' | ' |
Loan fees on convertible debt, Amount | 182 | 27,457 | ' | 27,639 |
Debt converted, Shares | 16,554,621 | ' | ' | ' |
Debt converted, Amount | 16,555 | 1,811,640 | ' | 1,828,195 |
Options and warrants issued for services | ' | 576,068 | ' | 576,068 |
Beneficial conversion feature | ' | 22,759 | ' | 22,759 |
Net loss | ' | ' | -2,224,030 | -2,224,030 |
Ending Balance, Amount at Sep. 30, 2013 | $109,016 | $26,297,915 | ($34,891,742) | ($8,484,811) |
Ending Balance, Shares at Sep. 30, 2013 | 109,016,604 | ' | ' | ' |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flow (Unaudited) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
CASH FLOW FROM OPERATING ACTIVITIES: | ' | ' |
Net Loss | ($2,224,030) | ($4,617,025) |
Adjustments to reconcile net loss to net cash used by operating activities: | ' | ' |
Depreciation of fixed assets | 198,203 | 373,710 |
Amortization of licenses and intangible assets | 7,431 | 8,036 |
Amortization of convertible debt discount | 516,066 | 241,224 |
Amortization of debt issuance costs | 532,099 | ' |
Amortization of prepaid expenses paid with stock | ' | 35,375 |
Common stock issued for services | 89,970 | 1,190,946 |
Common stock issued for interest | 128,130 | ' |
Warrants exercised for services | 20,000 | ' |
Stock options and warrants issued for services | 576,068 | 1,140,920 |
Gain on derivative liability | -2,085,766 | ' |
Loss on settlement of debt | 198,546 | ' |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 21,239 | -10,150 |
Inventory | -4,375 | 6,050 |
Prepaid expenses | -4,083 | -6,677 |
Accounts payable | 92,950 | 318,181 |
Payroll liabilities | -16,830 | 283 |
Accrued interest | 355,436 | 281,574 |
Grant money used to offset expenditures | -265,531 | -410,445 |
Net cash used by operating activities | -1,864,567 | -1,447,998 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Cash used to acquire patents and intellectual property | -7,715 | -14,750 |
Cash used to acquire equipment | ' | -99,428 |
Net cash used by investing activities | -7,715 | -114,178 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Payments on Washington Trust debt | -35,084 | -28,876 |
Principal payments on capital lease | -258,663 | -290,045 |
Proceeds from short term loan | 349,913 | 105,000 |
Payments on short term loan | -35,846 | -161,000 |
Proceeds from convertible note | 1,070,772 | 1,942,800 |
Principal payments on convertible debt | -105,500 | ' |
Principal payments on long-term debt | ' | -10,879 |
Proceeds from sale of stock for cash | 881,500 | ' |
Proceeds from exercise of warrants | 25,000 | ' |
Net cash provided by financing activities | 1,892,092 | 1,557,000 |
Net increase (decrease) in cash | 19,810 | -5,176 |
Cash, beginning of period | 6,411 | 52,557 |
CASH, END OF PERIOD | 26,221 | 47,381 |
Supplemental disclosures of cash flow information: | ' | ' |
Cash paid for interest | 126,494 | 199,639 |
Cash paid for income taxes | ' | ' |
1_BASIS_OF_PRESENTATION
1. BASIS OF PRESENTATION | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
NOTE 1. BASIS OF PRESENTATION | ' | ||||||||||||||||
Nature of Organization | |||||||||||||||||
The accompanying condensed financial statements of the Company have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures required by accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. These condensed financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the results of operations of the Company for the period presented. The results of operations for the nine months ended September 30, 2013, are not necessarily indicative of the results that may be expected for any future period or the fiscal year ending December 31, 2013. | |||||||||||||||||
Reclassification | |||||||||||||||||
Certain prior period amounts in the condensed financial statements have been reclassified to conform to current period presentation. | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
Fair Value of Financial Instruments, requires disclosure of the fair value information, whether or not recognized in the balance sheet, where it is practicable to estimate that value. As of September 30, 2013 and December 31, 2012, the balances reported for cash, prepaid expenses, accounts receivable, accounts payable, and accrued expenses, approximate the fair value because of their short maturities. | |||||||||||||||||
We adopted ASC Topic 820 (originally issued as SFAS 157, “Fair Value Measurements”) as of January 1, 2008 for financial instruments measured as fair value on a recurring basis. ASC Topic 820 defines fair value, established a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements. | |||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include: | |||||||||||||||||
Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; | |||||||||||||||||
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and | |||||||||||||||||
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | |||||||||||||||||
We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis were calculated using the Black-Scholes pricing model and are as follows at September 30, 2013: | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets | |||||||||||||||||
Total Assets Measured at Fair Value | $ | - | $ | - | $ | - | $ | - | |||||||||
Liabilities | |||||||||||||||||
Derivative Liability | $ | 1,389,649 | $ | - | $ | - | $ | 1,389,649 | |||||||||
Total Liabilities Measured at Fair Value | $ | 1,389,649 | $ | - | $ | - | $ | 1,389,649 | |||||||||
2_GOING_CONCERN
2. GOING CONCERN | 9 Months Ended |
Sep. 30, 2013 | |
Text Block [Abstract] | ' |
NOTE 2. GOING CONCERN | ' |
The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As shown in the accompanying financial statements, the Company has suffered recurring losses and used significant cash in support of its operating activities and the Company’s cash position is not sufficient to support the Company’s operations. Historically, we have relied upon outside investor funds to maintain our operations and develop our business. We anticipate we will continue to require funding from investors for working capital as well as business expansion during this fiscal year and we can provide no assurance that additional investor funds will be available on terms acceptable to us. These factors, among others, may indicate that the Company will be unable to continue as a going concern for a reasonable time. In addition, our ability to continue as a going concern must be considered in light of the problems, expenses and complications frequently encountered by entrance into established markets and the competitive environment in which we operate. | |
We anticipate a requirement of $1.5 million in funds over the next twelve months to maintain current operation activities. In addition we anticipate a requirement of approximately $15 million in funds over the next twelve months due to the anticipation of adding additional staff in the future assuming we are successful in selling our medical isotopes and/or the start of development by us on future manufacturing sites or other projects. As of September 30, 2013 we have $26,221 cash on hand which means there will be an anticipated shortfall of nearly the full $16.5 million requirement in additional funds over the next twelve months. There are currently commitments to vendors for products and services purchased, plus, the employment agreements of the CFO and other employees of the Company and our current lease commitments that will necessitate liquidation of the Company if we are unable to raise additional capital. The current level of cash is not enough to cover the fixed and variable obligations of the Company. | |
Assuming we are successful in our sales/development effort, we believe that we will be able to raise additional funds through the sale of our stock to either current or new stockholders. There is no guarantee that we will be able to raise additional funds or to do so at an advantageous price. | |
The financial statements do not include any adjustments relating to the recoverability and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company’s continuation as a going concern is dependent upon its ability to generate sufficient cash flow to meet its obligations on a timely basis and ultimately to attain profitability. The Company plans to seek additional funding to maintain its operations through debt and equity financing and to improve operating performance through a focus on strategic products and increased efficiencies in business processes and improvements to the cost structure. There is no assurance that the Company will be successful in its efforts to raise additional working capital or achieve profitable operations. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
3_FIXED_ASSETS
3. FIXED ASSETS | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
FIXED ASSETS | ' | ||||||||
Fixed assets consist of the following at September 30, 2013 and December 31, 2012: | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Production equipment | $ | 2,131,377 | $ | 2,131,377 | |||||
Building | 446,772 | 446,772 | |||||||
Leasehold improvements | 3,235 | 3,235 | |||||||
Office equipment | 32,769 | 32,769 | |||||||
2,614,153 | 2,614,153 | ||||||||
Less accumulated depreciation | (2,597,700 | ) | (2,399,497 | ) | |||||
$ | 16,453 | $ | 214,656 | ||||||
Accumulated depreciation related to fixed assets is as follows: | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Production equipment | $ | 2,118,922 | $ | 1,924,002 | |||||
Building | 446,772 | 446,772 | |||||||
Leasehold improvements | 3,235 | 3,235 | |||||||
Office equipment | 28,771 | 25,488 | |||||||
$ | 2,597,700 | $ | 2,399,497 | ||||||
Depreciation expense for the above fixed assets for the nine months ended September 30, 2013 and 2012, respectively, was $198,203 and $373,710. |
4_INTANGIBLE_ASSETS
4. INTANGIBLE ASSETS | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
NOTE 4. INTANGIBLE ASSETS | ' | ||||||||
Intangible assets consist of the following at September 30, 2013 and December 31, 2012: | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
License Fee | $ | 112,500 | $ | 112,500 | |||||
Less accumulated amortization | (103,871 | ) | (96,440 | ) | |||||
8,629 | 16,060 | ||||||||
Patents and intellectual property | 368,190 | 360,475 | |||||||
Intangible assets net of accumulated amortization | $ | 376,819 | $ | 376,535 | |||||
Amortization expense for the above intangible assets for the nine months ended September 30, 2013 and 2012, respectively, was $7,431 and $8,036. | |||||||||
5_RELATED_PARTY_TRANSACTIONS
5. RELATED PARTY TRANSACTIONS | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
NOTE 5. RELATED PARTY TRANSACTIONS | ' | ||||||||
Loans from Stockholder | |||||||||
The Company had a $200,000 revolving line of credit with Washington Trust Bank that was to expire in September 2009. We had $199,908 in borrowings under the line of credit as of October 28, 2008 at which time the line of credit was paid off and replaced with a loan in the initial principal amount of $199,908 from James C. Katzaroff and Carlton M. Cadwell. Mr. Katzaroff is our chief executive officer, and Mr. Katzaroff and Mr. Cadwell are directors and beneficial owners of more than 10% of our common stock. The loan calls for $4,066 monthly payments, including 8% interest, beginning November 30, 2008, with a balloon payment for the balance at October 31, 2009, at which time the note was extended for another year to October 31, 2010, at which time the note was extended for another year to October 31, 2011, at which time the note was extended for another year to October 31, 2012 with monthly payments increasing to $4,090, at which time the note was extended for another year to October 31, 2013 with monthly payments increasing to $4,100. There is no security held as collateral for this loan. As of September 30, 2013, the payment due September 30, 2013 was not paid. This September 30, 2013 payment was paid on October 15, 2013. The Company paid $35,084 in principal and $1,818 in interest to the holders of this loan for the nine months ended September 30, 2013. As of September 30, 2013 and December 31, 2012, the outstanding balance on this loan was $8,265 and $43,349, respectively. | |||||||||
The Company issued various shares of common stock and convertible promissory notes during the nine months ended September 30, 2013 to a director and major stockholder. The details of these transactions are outlined in NOTE 11 STOCKHOLDERS’ EQUITY - Common Stock Issued for Convertible Debt. | |||||||||
Rent Expenses | |||||||||
On August 1, 2007 the Company began renting office and warehouse space, known as the Production Facility, located in Kennewick, Washington from a stockholder holding less that 5% of the total shares outstanding. The lease agreement calls for monthly rental payments starting at $3,500, increasing every August 1st until they become $4,762 as of August 1, 2011 and continue through the month ended July 31, 2012. Subsequent to July 31, 2012 the Company is renting this space on a month to month basis at $11,904 per month. During the nine months ended September 30, 2013 and 2012 the Company incurred rent expenses for this facility totaling $107,138 and $52,374, respectively. In addition, the lease agreement called for the issuance of $187,500 in common stock valued at $0.40 per share for a total of 416,667 shares. The Company recognized the issuance of all 416,667 shares in 2007 and will amortize the $187,500 value of that stock over the sixty month term of the lease which became fully amortized as of July 31, 2012. For the nine months ended September 30, 2013 and 2012 the Company amortized $0 and $21,875 of this stock issuance and recognized it as rent expense. | |||||||||
There are no future minimum rental payments required under this rental agreement because it expired as of July 31, 2012 and subsequent to that date the Company is renting this space on a month to month basis. | |||||||||
Additionally, in June 2008, the Company entered into two twelve month leases for its corporate offices with three four month options to renew but in no event will the lease extend beyond December 31, 2010. Subsequent to December 31, 2010 the Company is renting this space on a month to month basis. These lease agreements calls for monthly rental payments of $2,733 and $2,328 per month for two separate office areas. Effective November 1, 2009 the Company terminated the portion of the lease consisting of the $2,328 rental payment per month. Effective February 28, 2012 and retroactive back to December 1, 2011, the $2,328 rental payment per month was adjusted to $2,500 rental payment per month. The monthly rental was again adjusted to $2,675 for the months of March and April, 2012 and adjusted again to $2,850 effective for the months May through September, 2012. Effective October 2012 the monthly rental was adjusted to $2,910. During the nine months ended September 30, 2013 and 2012 the Company incurred rent expenses for this facility totaling $26,190 and $24,367, respectively. | |||||||||
There are no future minimum rental payments as the Company’s current rental agreements either expired as of July 2012 or are on a month to month basis. | |||||||||
Rental expense for the nine months ended September 30, 2013 and 2012 consisted of the following: | |||||||||
Nine months ended September 30, 2013 | Nine months ended September 30, 2012 | ||||||||
Office and warehouse lease effective August 1, 2007 | |||||||||
Monthly rental payments | $ | 107,138 | $ | 52,374 | |||||
Rental expense in the form of stock issuance | - | 21,875 | |||||||
Corporate office | 26,190 | 24,367 | |||||||
Total Rental Expense | $ | 133,328 | $ | 98,617 | |||||
6_PREPAID_EXPENSES_PAID_WITH_S
6. PREPAID EXPENSES PAID WITH STOCK | 9 Months Ended |
Sep. 30, 2013 | |
Notes to Financial Statements | ' |
NOTE 6. PREPAID EXPENSES PAID WITH STOCK | ' |
In prior periods, the Company has issued stock to companies for a service agreement which expired June 2012. Additionally, the Company issued stock for prepaid rent which expired annually through July 2012 at the rate of $37,500 per year. These prepaid expenses paid with stock fully expired as of December 31, 2012. The Company issued stock to a company for a service agreement effective January 2013 and expires June 2013. In August, 2013, the Company issued 1,500,000 shares of restricted common stock valued at $0.052 for a service agreement expiring in August 2014. As of September 30, 2013 and December 31, 2012, the prepaid services paid with stock were $71,500 and $0, respectively. | |
7_SHORT_TERM_LOAN_PAYABLE
7. SHORT TERM LOAN PAYABLE | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
7. SHORT TERM LOAN PAYABLE | ' |
The Company had credit card debt of $46,725 that was converted to a promissory note March 15, 2012 secured by personal guarantees of Mr. Katzaroff, CEO and Mr. Jolliff, CFO of the Company. The note calls for $2,500 up front payment and nineteen payments of $2,568 including interest of twelve percent. As of December 31, 2012 the payments for August through December, 2012 had not yet been paid. For the twelve month period ending December 31, 2012 the Company paid $10,879 in principal and $1,894 in interest towards the debt. The note was called effective January 23, 2013 and the $5,301 of interest and collection costs as of that date have been accrued in the accompanying financial statement for the twelve months ending December 31, 2012. The principal balance of the loan was $35,846 and accrued interest of $5,326 was recorded as of December 31, 2012, all of which was recorded as current liabilities and was paid in full during January 2013. | |
The Company had research costs of $349,913 that was converted to an unsecured promissory note May 1, 2013. The note calls for 10% interest and is due May 1, 2014. Interest in the amount of $14,571 has been accrued on this note as of September 30, 2013. |
8_CONVERTIBLE_NOTES_PAYABLE
8. CONVERTIBLE NOTES PAYABLE | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
8. CONVERTIBLE NOTES PAYABLE | ' | ||||||||||||||||
As of September 30, 2013 and December 31, 2012 the Company had the following convertible notes outstanding: | |||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||
Principal (net) | Accrued Interest | Principal (net) | Accrued Interest | ||||||||||||||
October 2012 $63,000 Convertible Note, 8% interest, due April 2013, net of debt discount of $0 and $22,209, respectively | - | - | 40,791 | 1,155 | (1) | ||||||||||||
November 2012 $42,500 Convertible Note, 8% interest, due May 2013, net of debt discount of $0 and $16,724, respectively | - | - | 25,776 | 525 | (2) | ||||||||||||
December 2012 $55,000 Convertible Note, 0% interest for the first 90 days, due December 2013, with a 10% original issue discount, net of debt discount of $0 and $5,839, respectively | - | - | 49,161 | - | (3) | ||||||||||||
January 2013 $30,024 Convertible Note, 10% one-time interest, due January 2014, with a 10% original issue discount, net of debt discount of $5,088 and $0, respectively | 12,608 | - | - | - | (4) | ||||||||||||
March 2013 $60,000 Convertible Note, 0% interest for the first 90 days, due March 2014, with a 8% original issue discount, net of debt discount of $0 and $0, respectively | - | - | - | - | (5) | ||||||||||||
July and August 2012 $1,060,000 Convertible Notes, 12% interest, due December 2013 and January 2014 (18 month notes), $195,000 and $888,500 outstanding , net of debt discount of $41,936 and $628,846, respectively | 153,064 | 27,261 | 259,654 | 47,199 | (6) | ||||||||||||
September and October 2012 $115,000 Convertible Notes, 12% interest, due February and March 2014 (18 month notes), $0 and $115,000 outstanding, net of debt discount of $0 and $95,280, respectively | - | - | 19,720 | 3,575 | (7) | ||||||||||||
May 2013 $220,000 Convertible Notes, 12% interest, due November 2014 (18 month notes), $220,000 and $0 outstanding, net of debt discount of $164,699 and $0, respectively | 55,301 | 10,126 | - | - | (8) | ||||||||||||
April 2013 $74,880 Convertible Note, 0% interest for the first 90 days, due April 2014, with a 10% original issue discount, net of debt discount of $37,952 and $0, respectively | 36,927 | 7,488 | - | - | (9) | ||||||||||||
April 2013 $53,000 Convertible Note, 8% interest, due November 2013, net of debt discount of $12,122 and $0, respectively | 40,877 | 1,751 | - | - | (10) | ||||||||||||
June 2013 $34,560 Convertible Note, 0% interest for the first 90 days, due June 2014, with a 10% original issue discount, net of debt discount of $23,387 and $0, respectively | 11,173 | 3,456 | - | - | (11) | ||||||||||||
July 2013 $53,000 Convertible Note, 8% interest, due February 2014, net of debt discount of $37,565 and $0, respectively | 15,435 | 964 | - | - | -12 | ||||||||||||
July 2013 $30,024 Convertible Note, 10% one-time interest, due July 2014, with a 10% original issue discount, net of debt discount of $23,443 and $0, respectively | 6,581 | 3,002 | - | - | -13 | ||||||||||||
August 2013 $53,000 Convertible Note, 8% interest, due March 2014, net of debt discount of $46,677 and $0, respectively | 6,323 | 393 | - | - | -14 | ||||||||||||
September 2013 $10,000 Convertible Note, 10% interest, due September 2014 (12 month note), $10,000 and $0 outstanding, net of debt discount of $180 and $0, respectively | 9,820 | 80 | - | - | -15 | ||||||||||||
September 2013 $30,000 Convertible Note, 12% interest, due September 2014, with a $1,500 original issue discount, net of debt discount of $24,060 and $0, respectively | 5,940 | - | - | - | -16 | ||||||||||||
Total Convertible Notes Payable, Net | $ | 354,049 | $ | 54,520 | $ | 395,102 | $ | 52,454 | |||||||||
(1) The Company borrowed $63,000 October 2012, due April 2013, with interest at 8%. The holder of the note has the right, after the first one hundred eighty days of the note (April 10, 2013), to convert the note and accrued interest into common stock at a price per share equal to 61% (representing a discount rate of 39%) of the average of the lowest five trading prices for the Common Stock during the ten trading day period ending one trading day prior to the date of Conversion Notice. The Company has the right to prepay the note and accrued interest during the first one hundred eighty days following the date of the note. During that time the amount of any prepayment during the first sixty days is 130% of the outstanding amounts owed while the amount of the prepayment increases every subsequent thirty days to 135%, 140%, 145%, and 150% of the outstanding amounts owed. The Company recorded a debt discount of $31,500 related to the conversion feature of the note, along with a derivative liability at inception. Interest expense for the amortization of the debt discounts is calculated on a straight-line basis over the eighteen month life of the note. During 2012 total amortization was recorded in the amount of $9,291 resulting in a debt discount of $22,209 December 31, 2012. Also during 2012, interest expense of $1,155 was recorded for the note. During the nine months ending September 30, 2013 total amortization was recorded in the amount of $22,209 resulting in a debt discount of $0 at September 30, 2013. Also during the nine months ending September 30, 2013, interest expense of $849 was recorded for the note. The note was paid in full on April 9, 2013 | |||||||||||||||||
(2) The Company borrowed $42,500 November 2012, due May 2013, with interest at 8%. The holder of the note has the right, after the first one hundred eighty days of the note (May 2, 2013), to convert the note and accrued interest into common stock at a price per share equal to 61% (representing a discount rate of 39%) of the average of the lowest five trading prices for the Common Stock during the ten trading day period ending one trading day prior to the date of Conversion Notice. The Company has the right to prepay the note and accrued interest during the first one hundred eighty days following the date of the note. During that time the amount of any prepayment during the first sixty days is 130% of the outstanding amounts owed while the amount of the prepayment increases every subsequent thirty days to 135%, 140%, 145%, and 150% of the outstanding amounts owed. The Company recorded a debt discount of $21,250 related to the conversion feature of the note, along with a derivative liability at inception. Interest expense for the amortization of the debt discounts is calculated on a straight-line basis over the eighteen month life of the note. During 2012 total amortization was recorded in the amount of $4,526 resulting in a debt discount of $16,724 December 31, 2012. Also during 2012, interest expense of $572 was recorded for the note. During the nine months ending September 30, 2013 total amortization was recorded in the amount of $16,724 resulting in a debt discount of $0 at September 30, 2013. Also during the nine months ending September 30, 2013, interest expense of $641 was recorded for the note. The note was paid in full on May 8, 2013 | |||||||||||||||||
(3) The Company borrowed $55,000 December 2012, due December 2013. The holder of the note has the right, after the first one hundred eighty days of the note (June 7, 2013), to convert the note and accrued interest into common stock at a price per share equal to the lesser of $0.28 or 60% of the lowest trade price in the 25 trading days previous to the conversion. The Company has the right to prepay the note during the first ninety days following the date of the note. During that time the amount of any prepayment would equal 111.2% of the outstanding principal balance of the note ($61,160) with no interest on the note. The Company had the right to prepay the note and accrued interest during the next ninety days following the date of the note. During that time the amount of any prepayment would equal 111.2% ($61,160) of the outstanding principal balance of the note plus a onetime interest charge of 10% applied to the principal ($5,500) for a total repayment amount of $66,660. The Company recorded a debt discount of $6,160 related to the conversion feature of the note, along with a derivative liability at inception. Interest expense for the amortization of the debt discounts is calculated on a straight-line basis over the twelve month life of the note. During 2012 total amortization was recorded in the amount of $321 resulting in a debt discount of $5,839 December 31, 2012. Also during 2012, interest expense of $0 was recorded for the note. During the nine months ending September 30, 2013 total amortization was recorded in the amount of $5,839 resulting in a debt discount of $0 at September 30, 2013. Also during the nine months ending September 30, 2013, interest expense of $6,116 was recorded for the note. The note was paid in full as of August 22, 2013 | |||||||||||||||||
(4) The Company borrowed $27,000 January 2013, due January 2014, with a one-time interest charge of 10%. The holder of the note has the right to convert the note and accrued interest into common stock at a price per share equal to the lesser of $0.195 or 60% of the lowest trade price in the 25 trading days previous to the conversion. The note has an original issue discount of $3,024 which has been added to the principal balance of the note and is being recognized in interest expense over the life of the note. The Company recorded a debt discount of $30,024 related to the conversion feature and original issue discount, along with a derivative liability at inception. Interest expense for the amortization of the debt discount is calculated on a straight-line basis over the twelve month life of the note. During the nine months ended September 30, 2013, interest expense of $3,002 was recorded, and total amortization of $24,936 was recorded resulting in a debt discount of $0 at September 30, 2013. | |||||||||||||||||
(5) The Company borrowed $60,000 March 2013, due December 2013, with interest at 8%. The holder of the note has the right, after the first one hundred eighty days of the note (September 13, 2013), to convert the note and accrued interest into common stock at a price per share equal to 61% (representing a discount rate of 39%) of the average of the lowest five trading prices for the Common Stock during the ten trading day period ending one trading day prior to the date of Conversion Notice. The Company has the right to prepay the note and accrued interest during the first one hundred eighty days following the date of the note. During that time the amount of any prepayment during the first sixty days is 130% of the outstanding amounts owed while the amount of the prepayment increases every subsequent thirty days to 135%, 140%, 145%, and 150% of the outstanding amounts owed. The Company recorded a debt discount of $30,000 related to the conversion feature of the note, along with a derivative liability at inception. Interest expense for the amortization of the debt discounts is calculated on a straight-line basis over the eighteen month life of the note. During the nine months ending September 30, 2013 total amortization was recorded in the amount of $30,000 resulting in a debt discount of $0 September 30, 2013. The note was fully converted as of September 27, 2013. | |||||||||||||||||
(6) The Company had received $1,060,000 in cash as of December 31, 2012 in exchange for Convertible Debt instruments. These Convertible Debt instruments have an eighteen month term, accrued interest at an annual rate of 12% and a conversion price of $0.10. In addition the Convertible Debt instruments have an equal amount of $0.06, five year common stock warrants and Additional Investment Rights to enter into an additional convertible note with a corresponding amount of warrants equal to forty percent of the convertible note principal. The Company recorded a debt discount of $1,060,000 related to the conversion feature of the notes and the attached warrants, along with a derivative liability at inception. | |||||||||||||||||
During December of 2012 the holders of the Convertible Debt instruments exercised their conversion rights and converted $171,500 and $37,044 of the outstanding principal and accrued interest balances, respectively, into 2,085,440 shares of the Company’s common stock. | |||||||||||||||||
During the nine months ending September 30, 2013 the holders of the Convertible Debt instruments exercised their conversion rights and converted $693,500 and $149,796 of the outstanding principal and accrued interest balances, respectively, into 6,945,173 shares of the Company’s common stock. | |||||||||||||||||
Interest expense for the amortization of the debt discounts is calculated on a straight-line basis over the eighteen month life of the Convertible Debt instruments. During 2012 total amortization was recorded in the amount of $431,154 resulting in a debt discount of $628,846 at December 31, 2012. During 2012 interest expense of $84,243 was recorded for the Convertible Debt Instruments. During the nine months ending September 30, 2013 total amortization was recorded in the amount of $584,792 resulting in a debt discount of $44,054 at September 30, 2013. During the nine months ending September 30, 2013 interest expense of $129,839 was recorded for the Convertible Debt Instruments. | |||||||||||||||||
(7) The Company had received $115,000 in cash as of December 31, 2012 in exchange for Convertible Debt instruments. These Convertible Debt instruments have an eighteen month term, accrued interest at an annual rate of 12% and a conversion price of $0.10. In addition the Convertible Debt instruments have an equal amount of $0.06, five year common stock warrants and Additional Investment Rights to enter into an additional convertible note with a corresponding amount of warrants equal to forty percent of the convertible note principal. The Company recorded a debt discount of $115,000 related to the conversion feature of the notes and the attached warrants, along with a derivative liability at inception. | |||||||||||||||||
During the nine months ending September 30, 2013 the holders of the Convertible Debt instruments exercised their conversion rights and converted $115,000 and $24,840 of the outstanding principal and accrued interest balances, respectively, into 1,408,533 shares of the Company’s common stock. | |||||||||||||||||
Interest expense for the amortization of the debt discounts is calculated on a straight-line basis over the eighteen month life of the Convertible Debt instruments. During 2012 total amortization was recorded in the amount of $19,720 resulting in a debt discount of $95,280 at December 31, 2012. During 2012 interest expense of $3,575 was recorded for the Convertible Debt Instruments. During the nine months ending September 30, 2013 total amortization was recorded in the amount of $95,280 resulting in a debt discount of $0 at September 30, 2013. During the nine months ending September 30, 2013 interest expense of $21,265 was recorded for the Convertible Debt Instruments. | |||||||||||||||||
(8) The Company had received $220,000 in cash as of September 30, 2012 in exchange for Convertible Debt instruments. These Convertible Debt instruments have an eighteen month term, accrued interest at an annual rate of 12% and a conversion price of $0.06. In addition the Convertible Debt instruments have an equal amount of $0.06, five year common stock warrants. The Company recorded a debt discount of $220,000 related to the conversion feature of the notes and the attached warrants, along with a derivative liability at inception. | |||||||||||||||||
Interest expense for the amortization of the debt discounts is calculated on a straight-line basis over the eighteen month life of the Convertible Debt instruments. During the nine months ending September 30, 2013 total amortization was recorded in the amount of $55,301 resulting in a debt discount of $164,699 at September 30, 2013. During the nine months ending September 30, 2013 interest expense of $10,126 was recorded for the Convertible Debt Instruments. | |||||||||||||||||
(9) The Company borrowed $74,880 April 2013, due April 2014. The holder of the note has the right, after the first one hundred eighty days of the note (September 30, 2013), to convert the note and accrued interest into common stock at a price per share equal to the lesser of $0.28 or 60% of the lowest trade price in the 25 trading days previous to the conversion. The Company has the right to prepay the note during the first ninety days following the date of the note. During that time the amount of any prepayment would equal 111.2% of the outstanding principal balance of the note ($83,267) with no interest on the note. The Company had the right to prepay the note and accrued interest during the next ninety days following the date of the note. During that time the amount of any prepayment would equal 111.2% ($83,267) of the outstanding principal balance of the note plus a onetime interest charge of 10% applied to the principal ($7,488) for a total repayment amount of $82,368. The Company recorded a debt discount of $74,880 related to the conversion feature of the note, along with a derivative liability at inception. Interest expense for the amortization of the debt discounts is calculated on a straight-line basis over the twelve month life of the note. During the nine months ending September 30, 2013 total amortization was recorded in the amount of $36,927 resulting in a debt discount of $37,953 at September 30, 2013. | |||||||||||||||||
(10) The Company borrowed $53,000 April 2013, due January 2014, with interest at 8%. The holder of the note has the right, after the first one hundred eighty days of the note (October 27, 2013), to convert the note and accrued interest into common stock at a price per share equal to 61% (representing a discount rate of 39%) of the average of the lowest five trading prices for the Common Stock during the ten trading day period ending one trading day prior to the date of Conversion Notice. The Company has the right to prepay the note and accrued interest during the first one hundred eighty days following the date of the note. During that time the amount of any prepayment during the first sixty days is 130% of the outstanding amounts owed while the amount of the prepayment increases every subsequent thirty days to 135%, 140%, 145%, and 150% of the outstanding amounts owed. The Company recorded a debt discount of $26,500 related to the conversion feature of the note, along with a derivative liability at inception. Interest expense for the amortization of the debt discounts is calculated on a straight-line basis over the eighteen month life of the note. During the nine months ending September 30, 2013 total amortization was recorded in the amount of $14,378 resulting in a debt discount of $12,122 September 30, 2013. Also during the nine months ending September 30, 2013, interest expense of $1,777 was recorded for the note. | |||||||||||||||||
(11) The Company borrowed $34,560 June 2013, due June 2014. The holder of the note has the right, after the first one hundred eighty days of the note (December 1, 2013), to convert the note and accrued interest into common stock at a price per share equal to the lesser of $0.28 or 60% of the lowest trade price in the 25 trading days previous to the conversion. The Company has the right to prepay the note during the first ninety days following the date of the note. During that time the amount of any prepayment would equal 111.2% of the outstanding principal balance of the note ($38,431) with no interest on the note. The Company had the right to prepay the note and accrued interest during the next ninety days following the date of the note. During that time the amount of any prepayment would equal 111.2% ($38,431) of the outstanding principal balance of the note plus a onetime interest charge of 10% applied to the principal ($3,456) for a total repayment amount of $38,016. The Company recorded a debt discount of $34,560 related to the conversion feature of the note, along with a derivative liability at inception. Interest expense for the amortization of the debt discounts is calculated on a straight-line basis over the twelve month life of the note. During the nine months ending September 30, 2013 total amortization was recorded in the amount of $11,173 resulting in a debt discount of $23,387 at September 30, 2013. | |||||||||||||||||
(12) The Company borrowed $53,000 July 2013, due February 2014, with interest at 8%. The holder of the note has the right, after the first one hundred eighty days of the note (January 6, 2013), to convert the note and accrued interest into common stock at a price per share equal to 61% (representing a discount rate of 39%) of the average of the lowest five trading prices for the Common Stock during the ten trading day period ending one trading day prior to the date of Conversion Notice. The Company has the right to prepay the note and accrued interest during the first one hundred eighty days following the date of the note. During that time the amount of any prepayment during the first sixty days is 130% of the outstanding amounts owed while the amount of the prepayment increases every subsequent thirty days to 135%, 140%, 145%, and 150% of the outstanding amounts owed. The Company recorded a debt discount of $53,000 related to the conversion feature of the note, along with a derivative liability at inception. Interest expense for the amortization of the debt discounts is calculated on a straight-line basis over the eighteen month life of the note. During the nine months ending September 30, 2013 total amortization was recorded in the amount of $15,435 resulting in a debt discount of $37,565 September 30, 2013. Also during the nine months ending September 30, 2013, interest expense of $964 was recorded for the note. | |||||||||||||||||
(13) The Company borrowed $30,024 July 2013, due July 2014, with a one-time interest charge of 10%. The holder of the note has the right to convert the note and accrued interest into common stock at a price per share equal to the lesser of $0.195 or 60% of the lowest trade price in the 25 trading days previous to the conversion. The note has an original issue discount of $3,024 which has been added to the principal balance of the note and is being recognized in interest expense over the life of the note. The Company recorded a debt discount of $30,024 related to the conversion feature and original issue discount, along with a derivative liability at inception. Interest expense for the amortization of the debt discount is calculated on a straight-line basis over the twelve month life of the note. During the nine months ended September 30, 2013, interest expense of $3,002 was recorded, and total amortization of $6,581 was recorded resulting in a debt discount of $23,443 at September 30, 2013. | |||||||||||||||||
(14) The Company borrowed $53,000 August 2013, due March 2014, with interest at 8%. The holder of the note has the right, after the first one hundred eighty days of the note (January 6, 2013), to convert the note and accrued interest into common stock at a price per share equal to 61% (representing a discount rate of 39%) of the average of the lowest five trading prices for the Common Stock during the ten trading day period ending one trading day prior to the date of Conversion Notice. The Company has the right to prepay the note and accrued interest during the first one hundred eighty days following the date of the note. During that time the amount of any prepayment during the first sixty days is 130% of the outstanding amounts owed while the amount of the prepayment increases every subsequent thirty days to 135%, 140%, 145%, and 150% of the outstanding amounts owed. The Company recorded a debt discount of $53,000 related to the conversion feature of the note, along with a derivative liability at inception. Interest expense for the amortization of the debt discounts is calculated on a straight-line basis over the eighteen month life of the note. During the nine months ending September 30, 2013 total amortization was recorded in the amount of $6,323 resulting in a debt discount of $46,677 September 30, 2013. Also during the nine months ending September 30, 2013, interest expense of $393 was recorded for the note. | |||||||||||||||||
(15) The Company issued 4,000 shares of its common stock and a convertible promissory note in the amount of $10,000 with interest payable at 10% per annum in September 2013. The Note matures in September of 2014. The entire outstanding principal balance and any outstanding fees or interest is due and payable in full on the maturity date. At the option of the holder, the note and interest is convertible into the Company’s common stock at $0.10 per share. The value of the $10,000 debt plus the $0.10 fair market value of the 4,000 shares at the date of the agreement was prorated to arrive at the allocation of the original $10,000 debt and the value of the 4,000 shares and the beneficial conversion feature. The computation resulted in an allocation of $9,804 toward the debt and $196 to the shares and $0 to the beneficial conversion feature. The $196 value of the shares and the $0 value of the beneficial conversion feature are then amortized to interest over the twelve month life of the debt. $16 of the debt discount has been amortized bringing the total debt balance related to this convertible promissory note to $9,820 as of September 30, 2013. Additionally, $80 worth of interest expense on the notes principal balance has been recognized in the accompanying financial statements for the nine months ending September 30, 2013. | |||||||||||||||||
(16) The Company borrowed $28,500 September 2013, due July 2014. The holder of the note has the right to convert the note and accrued interest into common stock at a price per share equal to the lesser of $0.195 or 60% of the lowest trade price in the 25 trading days previous to the conversion. The note has an original issue discount of $1,500 which has been added to the principal balance of the note and is being recognized in interest expense over the life of the note. The Company recorded a debt discount of $24,259 related to the conversion feature and original issue discount. Interest expense for the amortization of the debt discount is calculated on a straight-line basis over the twelve month life of the note. During the nine months ended September 30, 2013, no interest expense was recorded, and total amortization of $199 was recorded resulting in a debt discount of $24,060 at September 30, 2013. |
9_INCOME_FROM_GRANTS_AND_DEFER
9. INCOME FROM GRANTS AND DEFERRED INCOME | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Notes to Financial Statements | ' | ||||
NOTE 9. INCOME FROM GRANTS AND DEFERRED INCOME | ' | ||||
The Company has chosen to recognize grant money received as income as it incurs costs associated with those grants, and until such time as it recognizes the grant as income those funds received will be classified as Deferred Income on the balance sheet. | |||||
For the twelve months ended December 31, 2012 the Company recognized $680,234 of a $1,215,000 Department of Energy grant as income leaving a remaining balance of $265,531 recorded as deferred income as of December 31, 2012. The $680,234 was for costs incurred for the twelve months ended December 31, 2012. For the nine months ended September 30, 2013 the Company recognized an additional $265,531 as income, leaving a remaining balance of $0 recorded as deferred income as of September 30, 2013. The $265,531 was for costs incurred for the nine months ended September 30, 2013. | |||||
As of September 30, 2013 the grant money received and grant money recognized as income and deferred income can be summarized as follows: | |||||
$1,215,000 Brachytherapy Grant | |||||
Grant money received during 2010 | $ | 1,215,000 | |||
Recognized income from grants in 2010 | 23,508 | ||||
Deferred income at December 31, 2010 | 1,191,492 | ||||
Recognized income from grants in 2011 | 245,727 | ||||
Deferred income at December 31, 2011 | 945,765 | ||||
Recognized income from grants in 2012 | 680,234 | ||||
Deferred income at December 31, 2012 | 265,531 | ||||
Recognized income from grants for the nine months ended September 30, 2013 | 265,531 | ||||
Deferred income at September 30, 2013 | $ | - | |||
10_COMMON_STOCK_OPTIONS_AND_WA
10. COMMON STOCK OPTIONS AND WARRANTS | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
10. COMMON STOCK OPTIONS AND WARRANTS | ' | ||||||||||||||||||||
The Company recognizes in the financial statements compensation related to all stock-based awards, including stock options and warrants, based on their estimated grant-date fair value. The Company has estimated expected forfeitures and is recognizing compensation expense only for those awards expected to vest. All compensation is recognized by the time the award vests. | |||||||||||||||||||||
The following schedule summarizes the changes in the Company’s stock options during the nine months ended September 30, 2013: | |||||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||||
Options Outstanding | Average | Average | |||||||||||||||||||
Number | Exercise | Remaining | Aggregate | Exercise | |||||||||||||||||
Of | Price | Contractual | Intrinsic | Price | |||||||||||||||||
Shares | Per Share | Life | Value | Per Share | |||||||||||||||||
Balance at December 31, 2012 | 4,775,000 | $ | 0.09-0.30 | 2.09 years | $ | 540,000 | $ | 0.17 | |||||||||||||
Options granted | 5,640,000 | $ | 0.08-0.20 | 6.26 years | $ | - | $ | 0.19 | |||||||||||||
Options exercised | - | $ | - | - | $ | - | $ | - | |||||||||||||
Options expired | (50,000 | ) | $ | - | - | $ | - | $ | 0.26 | ||||||||||||
Balance at September 30, 2013 | 10,365,000 | $ | 0.08-0.30 | 4.03 years | $ | 96,300 | $ | 0.18 | |||||||||||||
Exercisable at December 31, 2012 | 4,775,000 | $ | 0.09-0.30 | 2.09 years | $ | 540,000 | $ | 0.17 | |||||||||||||
Exercisable at September 30, 2013 | 8,683,750 | $ | 0.08-0.30 | 2.99 years | $ | 96,300 | $ | 0.18 | |||||||||||||
The following schedule summarizes the changes in the Company’s stock warrants during the nine months ended September 30, 2013: | |||||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||||
Warrants Outstanding | Average | Average | |||||||||||||||||||
Number | Exercise | Remaining | Aggregate | Exercise | |||||||||||||||||
Of | Price | Contractual | Intrinsic | Price | |||||||||||||||||
Shares | Per Share | Life | Value | Per Share | |||||||||||||||||
Balance at December 31, 2012 | 24,411,701 | $ | 0.09-0.25 | 3.76 years | $ | 2,292,551 | $ | 0.15 | |||||||||||||
Warrants granted | 15,092,855 | $ | 0.06-0.17 | 1.95 years | $ | - | $ | 0.15 | |||||||||||||
Warrants exercised | (788,889 | ) | $ | 0.06-0.09 | - | $ | - | $ | - | ||||||||||||
Warrants expired | (2,913,070 | ) | $ | 0.1 | - | $ | - | $ | - | ||||||||||||
Balance at September 30, 2013 | 35,802,597 | $ | 0.06-0.25 | 2.83 years | $ | - | $ | 0.12 | |||||||||||||
Exercisable at December 31, 2012 | 24,411,701 | $ | 0.09-0.25 | 3.76 years | $ | 2,292,551 | $ | 0.15 | |||||||||||||
Exercisable at September 30, 2013 | 35,802,597 | $ | 0.06-0.25 | 2.83 years | $ | - | $ | 0.12 | |||||||||||||
The following summarizes the exercise price per share and expiration date of the Company’s outstanding and exercisable warrants to purchase common stock at September 30, 2013: | |||||||||||||||||||||
Number | Exercise Price | Expiration Date | |||||||||||||||||||
977,778 | $ | 0.09 | 4-Jun-15 | ||||||||||||||||||
2,000,000 | $ | 0.25 | 4-Jun-15 | ||||||||||||||||||
5,500,000 | $ | 0.18 | 1-Mar-15 | ||||||||||||||||||
3,000,000 | $ | 0.15 | 1-Jul-17 | ||||||||||||||||||
9,240,297 | $ | 0.06 | 13-Jul-17 | ||||||||||||||||||
1,000,000 | $ | 0.06 | 30-Jul-17 | ||||||||||||||||||
2,200,000 | $ | 0.06 | 1-Aug-17 | ||||||||||||||||||
1,750,000 | $ | 0.06 | 2-Aug-17 | ||||||||||||||||||
833,334 | $ | 0.06 | 26-Sep-17 | ||||||||||||||||||
125,000 | $ | 0.06 | 5-Oct-17 | ||||||||||||||||||
250,000 | $ | 0.18 | 15-Mar-15 | ||||||||||||||||||
7,142,855 | $ | 0.15 | 18-Oct-14 | ||||||||||||||||||
1,783,333 | $ | 0.06 | 15-May-18 |
11_STOCKHOLDERS_EQUITY
11. STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
NOTE 11. STOCKHOLDERS' EQUITY | ' |
Common Stock Issued for Cash and the Exercise of Warrants | |
In February 2013, the Company issued 60,000 restricted shares of its common stock shares in exchange for $6,000 in exchange for the cancellation of the Additional Investment Rights attached to a convertible note received August 1, 2012. In addition the Company also issued on February 4, 2013 60,000 restricted shares of its restricted stock in exchange for $9,000 in exchange for the cancellation of the warrants attached to the Additional Investment Rights. In addition the Company also issued on February 4, 2013 150,000 restricted shares of its common stock shares for the exercise of warrants for $22,500 cash. | |
In March 2013 the Company issued 166,666 shares of common stock with a total fair market value of $25,000 to the Chief Executive Office and the Chief Financial Officer of the Company. The fair market value of the shares issued was $0.15 per share. The shares were issued for $25,000 cash. | |
In March 2013 the Company sold 3,333,333 restricted shares of its common stock for $500,000. | |
In April 2013, the Company issued 40,000 restricted shares of its common stock shares in exchange for $4,000 in exchange for the cancellation of the Additional Investment Rights attached to a convertible note received August 1, 2012. | |
In April 2013 the Company sold 2,857,142 restricted shares of its common stock for $300,000. | |
In August 2013 the Company sold 214,285 restricted shares of its common stock at $0.07 per share for cash of $15,000. In addition to the common stock shares the Company issued 214,285 $0.10 warrants good until August 5, 2014. | |
In September 2013 the Company issued 416,667 restricted shares of its common stock in exchange for $25,000 in conjunction with the exercise of the Warrants attached to a convertible note received August 1, 2012. | |
Common Stock Issued for Services and Prepaid Services | |
In January 2013 the Company issued 80,000 shares of common stock with a total fair market value of $15,600. The fair market value of the shares was $0.195 per share. The shares were issued to extinguish $7,800 of a current year liability and $7,800 of prepaid liabilities. | |
In April 2013 the Company issued 500,000 shares of common stock with a total fair market value of $57,500. The fair market value of the shares was $0.115 per share. The shares were issued to a consultant for services. | |
In May 2013 the Company issued 100,000 shares of common stock with a total fair market value of $7,500. The fair market value of the shares was $0.075 per share. The shares were issued to consultants for services. | |
In August 2013 the Company issued 1,500,000 shares of common stock with a total fair market value of $78,000. The fair market value of the shares was $0.52 per share. The shares were issued to consultants for services. | |
Common Stock Issued for the Exercise of Warrants for Services | |
In January 2013 the Company issued 222,222 shares of common stock with a total fair market value of $20,000. The fair market value if the shares issued was $0.09 per share. The shares were exchanged for 222,222 warrants and were issued for $20,000 worth of current year services. | |
Common Stock Issued for Accounts Payable and Prepaid Services | |
In January 2013 the Company issued 35,500 shares of common stock with a total fair market value of $6,000. The fair market value of the shares was $0.17 per share. The shares were issued to extinguish $2,130 of a prior year liability and $2,870 of prepaid services, and $1,000 was recorded as a loss on the transaction. | |
In September 2013 the Company issued 1,000,000 shares of common stock with a total fair market value of $44,000. The fair market value of the shares was $0.044 per share. The shares were issued to extinguish $44,000 of a prior year liability. | |
Common Stock Issued for Convertible Debt | |
The Company issued 40,509 shares of its common stock and a convertible promissory note in the amount of $101,272 with interest payable at 10% per annum in January 2013 to our major stockholder, who is also a Director. The Note matures in January of 2014. The entire outstanding principal balance and any outstanding fees or interest is due and payable in full on the maturity date. At the option of the holder, the note and interest is convertible into the Company’s common stock at $0.17 per share. The value of the $101,272 debt plus the $0.17 fair market value of the 40,509 shares at the date of the agreement was prorated to arrive at the allocation of the original $101,272 debt and the value of the 40,509 shares and the beneficial conversion feature. The computation resulted in an allocation of $88,376 toward the debt and $6,448 to the shares and $6,448 to the beneficial conversion feature. The $6,448 value of the shares and the $6,448 value of the beneficial conversion feature are then amortized to interest over the twelve month life of the debt. Interest expense of $9,138 has been accrued and added to the note payable bringing the total debt balance related to this convertible promissory note to $97,514 as of September 30, 2013. Additionally, $7,164 worth of interest expense on the notes principal balance has been recognized in the accompanying financial statements for the nine months ending September 30, 2012. | |
The Company issued 16,400 shares of its common stock and a convertible promissory note in the amount of $41,000 with interest payable at 10% per annum in January 2013 to our major stockholder, who is also a Director. The Note matures in January of 2014. The entire outstanding principal balance and any outstanding fees or interest is due and payable in full on the maturity date. At the option of the holder, the note and interest is convertible into the Company’s common stock at $0.17 per share. The value of the $41,000 debt plus the $0.17 fair market value of the 16,400 shares at the date of the agreement was prorated to arrive at the allocation of the original $41,000 debt and the value of the 16,400 shares and the beneficial conversion feature. The computation resulted in an allocation of $35,780 toward the debt and $2,610 to the shares and $2,610 to the beneficial conversion feature. The $2,610 value of the shares and the $2,610 value of the beneficial conversion feature are then amortized to interest over the twelve month life of the debt. Interest expense of $3,700 has been accrued and added to the note payable bringing the total debt balance related to this convertible promissory note to $39,480 as of September 30, 2013. Additionally, $2,900 worth of interest expense on the notes principal balance has been recognized in the accompanying financial statements for the nine months ending September 30, 2013. | |
The Company issued 20,200 shares of its common stock and a convertible promissory note in the amount of $50,500 with interest payable at 10% per annum in June 2013 to our major stockholder, who is also a Director. The Note matures in June of 2014. The entire outstanding principal balance and any outstanding fees or interest is due and payable in full on the maturity date. At the option of the holder, the note and interest is convertible into the Company’s common stock at $0.069 per share. The value of the $50,500 debt plus the $0.069 fair market value of the 20,200 shares at the date of the agreement was prorated to arrive at the allocation of the original $50,500 debt and the value of the 20,200 shares and the beneficial conversion feature. The computation resulted in an allocation of $47,788 toward the debt and $1,356 to the shares and $1,356 to the beneficial conversion feature. The $1,356 value of the shares and the $1,356 value of the beneficial conversion feature are then amortized to interest over the twelve month life of the debt. Interest expense of $791 has been accrued and added to the note payable bringing the total debt balance related to this convertible promissory note to $48,579 as of September 30, 2013. Additionally, $1,473 worth of interest expense on the notes principal balance has been recognized in the accompanying financial statements for the nine months ending September 30, 2013. | |
The Company issued 20,200 shares of its common stock and a convertible promissory note in the amount of $50,500 with interest payable at 10% per annum in July 2013 to our major stockholder, who is also a Director. The Note matures in July of 2014. The entire outstanding principal balance and any outstanding fees or interest is due and payable in full on the maturity date. At the option of the holder, the note and interest is convertible into the Company’s common stock at $0.068 per share. The value of the $50,500 debt plus the $0.068 fair market value of the 20,200 shares at the date of the agreement was prorated to arrive at the allocation of the original $50,500 debt and the value of the 20,200 shares and the beneficial conversion feature. The computation resulted in an allocation of $47,826 toward the debt and $1,337 to the shares and $1,337 to the beneficial conversion feature. The $1,337 value of the shares and the $1,337 value of the beneficial conversion feature are then amortized to interest over the twelve month life of the debt. Interest expense of $558 has been accrued and added to the note payable bringing the total debt balance related to this convertible promissory note to $48,384 as of September 30, 2013. Additionally, $1,053 worth of interest expense on the notes principal balance has been recognized in the accompanying financial statements for the nine months ending September 30, 2013. | |
The Company issued 20,000 shares of its common stock and a convertible promissory note in the amount of $50,000 with interest payable at 10% per annum in August 2013 to our major stockholder, who is also a Director. The Note matures in August of 2014. The entire outstanding principal balance and any outstanding fees or interest is due and payable in full on the maturity date. At the option of the holder, the note and interest is convertible into the Company’s common stock at $0.10 per share. The value of the $50,000 debt plus the $0.10 fair market value of the 20,000 shares at the date of the agreement was prorated to arrive at the allocation of the original $50,000 debt and the value of the 20,000 shares and the beneficial conversion feature. The computation resulted in an allocation of $49,020 toward the debt and $980 to the shares and $0 to the beneficial conversion feature. The $980 value of the shares and the $0 value of the beneficial conversion feature are then amortized to interest over the twelve month life of the debt. Interest expense of $160 has been accrued and added to the note payable bringing the total debt balance related to this convertible promissory note to $49,180 as of September 30, 2013. Additionally, $833 worth of interest expense on the notes principal balance has been recognized in the accompanying financial statements for the nine months ending September 30, 2013. | |
The Company issued 20,200 shares of its common stock and a convertible promissory note in the amount of $50,500 with interest payable at 10% per annum in August 2013 to our major stockholder, who is also a Director. The Note matures in August of 2014. The entire outstanding principal balance and any outstanding fees or interest is due and payable in full on the maturity date. At the option of the holder, the note and interest is convertible into the Company’s common stock at $0.10 per share. The value of the $50,500 debt plus the $0.10 fair market value of the 20,200 shares at the date of the agreement was prorated to arrive at the allocation of the original $50,500 debt and the value of the 20,200 shares and the beneficial conversion feature. The computation resulted in an allocation of $49,510 toward the debt and $990 to the shares and $0 to the beneficial conversion feature. The $990 value of the shares and the $0 value of the beneficial conversion feature are then amortized to interest over the twelve month life of the debt. Interest expense of $125 has been accrued and added to the note payable bringing the total debt balance related to this convertible promissory note to $49,635 as of September 30, 2013. Additionally, $630 worth of interest expense on the notes principal balance has been recognized in the accompanying financial statements for the nine months ending September 30, 2013. | |
The Company issued 40,200 shares of its common stock and a convertible promissory note in the amount of $100,500 with interest payable at 10% per annum in September 2013 to our major stockholder, who is also a Director. The Note matures in September of 2014. The entire outstanding principal balance and any outstanding fees or interest is due and payable in full on the maturity date. At the option of the holder, the note and interest is convertible into the Company’s common stock at $0.10 per share. The value of the $100,500 debt plus the $0.10 fair market value of the 40,200 shares at the date of the agreement was prorated to arrive at the allocation of the original $100,500 debt and the value of the 40,200 shares and the beneficial conversion feature. The computation resulted in an allocation of $98,529 toward the debt and $1,971 to the shares and $0 to the beneficial conversion feature. The $1,971 value of the shares and the $0 value of the beneficial conversion feature are then amortized to interest over the twelve month life of the debt. Interest expense of $125 has been accrued and added to the note payable bringing the total debt balance related to this convertible promissory note to $98,654 as of September 30, 2013. Additionally, $630 worth of interest expense on the notes principal balance has been recognized in the accompanying financial statements for the nine months ending September 30, 2013. | |
The Company issued 4,000 shares of its common stock and a convertible promissory note in the amount of $10,000 with interest payable at 10% per annum in September 2013. The Note matures in September of 2014. The entire outstanding principal balance and any outstanding fees or interest is due and payable in full on the maturity date. At the option of the holder, the note and interest is convertible into the Company’s common stock at $0.10 per share. The value of the $10,000 debt plus the $0.10 fair market value of the 4,000 shares at the date of the agreement was prorated to arrive at the allocation of the original $10,000 debt and the value of the 4,000 shares and the beneficial conversion feature. The computation resulted in an allocation of $9,804 toward the debt and $196 to the shares and $0 to the beneficial conversion feature. The $196 value of the shares and the $0 value of the beneficial conversion feature are then amortized to interest over the twelve month life of the debt. Interest expense of $16 has been accrued and added to the note payable bringing the total debt balance related to this convertible promissory note to $9,822 as of September 30, 2013. Additionally, $80 worth of interest expense on the notes principal balance has been recognized in the accompanying financial statements for the nine months ending September 30, 2013. | |
12_SUPPLEMENTAL_CASH_FLOW_INFO
12. SUPPLEMENTAL CASH FLOW INFORMATION | 9 Months Ended |
Sep. 30, 2013 | |
Supplemental Cash Flow Elements [Abstract] | ' |
NOTE 12. SUPPLEMENTAL CASH FLOW INFORMATION | ' |
During the nine months ended September 30, 2012, the Company issued 15,000 shares of common stock for an extinguishment of $2,550 worth of debt. | |
During the nine months ending September 30, 2013, the Company issued a total of 2,180,000 shares of common stock for services and prepaid services valued at $158,600. Of that amount, as of September 30, 2013, $71,500 was still recorded as prepaid expenses. | |
During the nine months ended September 30, 2013, the Company issued 1,035,500 shares of common stock for an extinguishment of $46,130 worth of debt, $2,870 worth of services, and recorded a loss of $1,000. | |
During the nine months ended September 30, 2013, the Company issued 181,709 shares of stock valued at $27,639 recorded as a reduction to related party notes payable in conjunction with convertible notes for a debt discount. | |
During the nine months ended September 30, 2013, the Company issued 16,554,621 shares of stock to settle convertible notes payable with a principal note balance of $935,828, accrued interest of $58,023, interest expense of $128,131, debt discount of $503,000, and derivative liabilities valued at $1,011,667. | |
During the nine months ending September 30, 2013, the Company recorded $22,759 in additional paid in capital and as a debt discount for a beneficial conversion feature on a convertible note. | |
13_SUBSEQUENT_EVENTS
13. SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
NOTE 13. SUBSEQUENT EVENTS | ' |
The Company issued 12,000 shares of its common stock and a convertible promissory note in the amount of $30,000 with interest payable at 10% per annum in October 2013 to our major stockholder, who is also a Director. The Note matures in October of 2014. | |
In October 2013 the Company issued an 8% Convertible Promissory Note in the amount of $37,500 to an unrelated company. The note calls for a $2,500 loan fee to be paid from the proceeds. The note is not convertible by the holder for the first 180 days, in which time the Company can repay the note at the rate of the 8% accrued interest plus 50% additional of both the original $37,500 and the accrued interest. | |
In October 2013 the Company granted 7,046,666 warrants valued at $7,047 to a Director for services. The warrants have an exercise price of $0.10 and expire December 31, 2020. | |
In October 2013 the Company issued a Convertible Promissory Note in the amount of $97,700 to an unrelated company. The note calls for a $2,500 loan fee to be paid from the proceeds and a 12% original issue discount in the amount of $10,200. The note is not convertible by the holder for the first 90 days, in which time the Company can repay the note. | |
In November 2013 the Company issued an 8% Convertible Promissory Note in the amount of $42,500 to an unrelated company. The note calls for a $2,500 loan fee to be paid from the proceeds. The note is not convertible by the holder for the first 180 days, in which time the Company can repay the note at the rate of the 8% accrued interest plus 50% additional of both the original $42,500 and the accrued interest. | |
1_BASIS_OF_PRESENTATION_Polici
1. BASIS OF PRESENTATION (Policies) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Basis Of Presentation Policies | ' | ||||||||||||||||
Nature of Organization | ' | ||||||||||||||||
The accompanying condensed financial statements of the Company have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures required by accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. These condensed financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the results of operations of the Company for the period presented. The results of operations for the nine months ended September 30, 2013, are not necessarily indicative of the results that may be expected for any future period or the fiscal year ending December 31, 2013. | |||||||||||||||||
Reclassification | ' | ||||||||||||||||
Certain prior period amounts in the condensed financial statements have been reclassified to conform to current period presentation. | |||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
Fair Value of Financial Instruments, requires disclosure of the fair value information, whether or not recognized in the balance sheet, where it is practicable to estimate that value. As of September 30, 2013 and December 31, 2012, the balances reported for cash, prepaid expenses, accounts receivable, accounts payable, and accrued expenses, approximate the fair value because of their short maturities. | |||||||||||||||||
We adopted ASC Topic 820 (originally issued as SFAS 157, “Fair Value Measurements”) as of January 1, 2008 for financial instruments measured as fair value on a recurring basis. ASC Topic 820 defines fair value, established a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements. | |||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include: | |||||||||||||||||
Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; | |||||||||||||||||
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and | |||||||||||||||||
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | |||||||||||||||||
We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis were calculated using the Black-Scholes pricing model and are as follows at September 30, 2013: | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets | |||||||||||||||||
Total Assets Measured at Fair Value | $ | - | $ | - | $ | - | $ | - | |||||||||
Liabilities | |||||||||||||||||
Derivative Liability | $ | 1,389,649 | $ | - | $ | - | $ | 1,389,649 | |||||||||
Total Liabilities Measured at Fair Value | $ | 1,389,649 | $ | - | $ | - | $ | 1,389,649 |
1_BASIS_OF_PRESENTATION_Tables
1. BASIS OF PRESENTATION (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Basis Of Presentation Tables | ' | ||||||||||||||||
Schedule of fair value of financial instruments | ' | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets | |||||||||||||||||
Total Assets Measured at Fair Value | $ | - | $ | - | $ | - | $ | - | |||||||||
Liabilities | |||||||||||||||||
Derivative Liability | $ | 1,389,649 | $ | - | $ | - | $ | 1,389,649 | |||||||||
Total Liabilities Measured at Fair Value | $ | 1,389,649 | $ | - | $ | - | $ | 1,389,649 |
3_FIXED_ASSETS_Tables
3. FIXED ASSETS (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Fixed Assets Tables | ' | ||||||||
Fixed assets | ' | ||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Production equipment | $ | 2,131,377 | $ | 2,131,377 | |||||
Building | 446,772 | 446,772 | |||||||
Leasehold improvements | 3,235 | 3,235 | |||||||
Office equipment | 32,769 | 32,769 | |||||||
2,614,153 | 2,614,153 | ||||||||
Less accumulated depreciation | (2,597,700 | ) | (2,399,497 | ) | |||||
$ | 16,453 | $ | 214,656 | ||||||
Accumulated depreciation related to fixed assets | ' | ||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Production equipment | $ | 2,118,922 | $ | 1,924,002 | |||||
Building | 446,772 | 446,772 | |||||||
Leasehold improvements | 3,235 | 3,235 | |||||||
Office equipment | 28,771 | 25,488 | |||||||
$ | 2,597,700 | $ | 2,399,497 |
4_INTANGIBLE_ASSETS_Tables
4. INTANGIBLE ASSETS (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Intangible Assets Tables | ' | ||||||||
INTANGIBLE ASSETS | ' | ||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
License Fee | $ | 112,500 | $ | 112,500 | |||||
Less accumulated amortization | (103,871 | ) | (96,440 | ) | |||||
8,629 | 16,060 | ||||||||
Patents and intellectual property | 368,190 | 360,475 | |||||||
Intangible assets net of accumulated amortization | $ | 376,819 | $ | 376,535 |
5_RELATED_PARTY_TRANSACTIONS_T
5. RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Related Party Transactions Tables | ' | ||||||||
RELATED PARTY TRANSACTIONS | ' | ||||||||
Nine months ended September 30, 2013 | Nine months ended September 30, 2012 | ||||||||
Office and warehouse lease effective August 1, 2007 | |||||||||
Monthly rental payments | $ | 107,138 | $ | 52,374 | |||||
Rental expense in the form of stock issuance | - | 21,875 | |||||||
Corporate office | 26,190 | 24,367 | |||||||
Total Rental Expense | $ | 133,328 | $ | 98,617 |
8_CONVERTIBLE_NOTES_PAYABLE_Ta
8. CONVERTIBLE NOTES PAYABLE (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Convertible notes outstanding | ' | ||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||
Principal (net) | Accrued Interest | Principal (net) | Accrued Interest | ||||||||||||||
October 2012 $63,000 Convertible Note, 8% interest, due April 2013, net of debt discount of $0 and $22,209, respectively | - | - | 40,791 | 1,155 | (1) | ||||||||||||
November 2012 $42,500 Convertible Note, 8% interest, due May 2013, net of debt discount of $0 and $16,724, respectively | - | - | 25,776 | 525 | (2) | ||||||||||||
December 2012 $55,000 Convertible Note, 0% interest for the first 90 days, due December 2013, with a 10% original issue discount, net of debt discount of $0 and $5,839, respectively | - | - | 49,161 | - | (3) | ||||||||||||
January 2013 $30,024 Convertible Note, 10% one-time interest, due January 2014, with a 10% original issue discount, net of debt discount of $5,088 and $0, respectively | 12,608 | - | - | - | (4) | ||||||||||||
March 2013 $60,000 Convertible Note, 0% interest for the first 90 days, due March 2014, with a 8% original issue discount, net of debt discount of $0 and $0, respectively | - | - | - | - | (5) | ||||||||||||
July and August 2012 $1,060,000 Convertible Notes, 12% interest, due December 2013 and January 2014 (18 month notes), $195,000 and $888,500 outstanding , net of debt discount of $41,936 and $628,846, respectively | 153,064 | 27,261 | 259,654 | 47,199 | (6) | ||||||||||||
September and October 2012 $115,000 Convertible Notes, 12% interest, due February and March 2014 (18 month notes), $0 and $115,000 outstanding, net of debt discount of $0 and $95,280, respectively | - | - | 19,720 | 3,575 | (7) | ||||||||||||
May 2013 $220,000 Convertible Notes, 12% interest, due November 2014 (18 month notes), $220,000 and $0 outstanding, net of debt discount of $164,699 and $0, respectively | 55,301 | 10,126 | - | - | (8) | ||||||||||||
April 2013 $74,880 Convertible Note, 0% interest for the first 90 days, due April 2014, with a 10% original issue discount, net of debt discount of $37,952 and $0, respectively | 36,927 | 7,488 | - | - | (9) | ||||||||||||
April 2013 $53,000 Convertible Note, 8% interest, due November 2013, net of debt discount of $12,122 and $0, respectively | 40,877 | 1,751 | - | - | (10) | ||||||||||||
June 2013 $34,560 Convertible Note, 0% interest for the first 90 days, due June 2014, with a 10% original issue discount, net of debt discount of $23,387 and $0, respectively | 11,173 | 3,456 | - | - | (11) | ||||||||||||
July 2013 $53,000 Convertible Note, 8% interest, due February 2014, net of debt discount of $37,565 and $0, respectively | 15,435 | 964 | - | - | -12 | ||||||||||||
July 2013 $30,024 Convertible Note, 10% one-time interest, due July 2014, with a 10% original issue discount, net of debt discount of $23,443 and $0, respectively | 6,581 | 3,002 | - | - | -13 | ||||||||||||
August 2013 $53,000 Convertible Note, 8% interest, due March 2014, net of debt discount of $46,677 and $0, respectively | 6,323 | 393 | - | - | -14 | ||||||||||||
September 2013 $10,000 Convertible Note, 10% interest, due September 2014 (12 month note), $10,000 and $0 outstanding, net of debt discount of $180 and $0, respectively | 9,820 | 80 | - | - | -15 | ||||||||||||
September 2013 $30,000 Convertible Note, 12% interest, due September 2014, with a $1,500 original issue discount, net of debt discount of $24,060 and $0, respectively | 5,940 | - | - | - | -16 | ||||||||||||
Total Convertible Notes Payable, Net | $ | 354,049 | $ | 54,520 | $ | 395,102 | $ | 52,454 |
9_INCOME_FROM_GRANTS_AND_DEFER1
9. INCOME FROM GRANTS AND DEFERRED INCOME (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Income From Grants And Deferred Income Tables | ' | ||||
INCOME FROM GRANTS AND DEFERRED INCOME | ' | ||||
$1,215,000 Brachytherapy Grant | |||||
Grant money received during 2010 | $ | 1,215,000 | |||
Recognized income from grants in 2010 | 23,508 | ||||
Deferred income at December 31, 2010 | 1,191,492 | ||||
Recognized income from grants in 2011 | 245,727 | ||||
Deferred income at December 31, 2011 | 945,765 | ||||
Recognized income from grants in 2012 | 680,234 | ||||
Deferred income at December 31, 2012 | 265,531 | ||||
Recognized income from grants for the nine months ended September 30, 2013 | 265,531 | ||||
Deferred income at September 30, 2013 | $ | - |
10_COMMON_STOCK_OPTIONS_AND_WA1
10. COMMON STOCK OPTIONS AND WARRANTS (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Changes in the Companybs stock options and warrants | ' | ||||||||||||||||||||
The following schedule summarizes the changes in the Company’s stock options during the nine months ended September 30, 2013: | |||||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||||
Options Outstanding | Average | Average | |||||||||||||||||||
Number | Exercise | Remaining | Aggregate | Exercise | |||||||||||||||||
Of | Price | Contractual | Intrinsic | Price | |||||||||||||||||
Shares | Per Share | Life | Value | Per Share | |||||||||||||||||
Balance at December 31, 2012 | 4,775,000 | $ | 0.09-0.30 | 2.09 years | $ | 540,000 | $ | 0.17 | |||||||||||||
Options granted | 5,640,000 | $ | 0.08-0.20 | 6.26 years | $ | - | $ | 0.19 | |||||||||||||
Options exercised | - | $ | - | - | $ | - | $ | - | |||||||||||||
Options expired | (50,000 | ) | $ | - | - | $ | - | $ | 0.26 | ||||||||||||
Balance at September 30, 2013 | 10,365,000 | $ | 0.08-0.30 | 4.03 years | $ | 96,300 | $ | 0.18 | |||||||||||||
Exercisable at December 31, 2012 | 4,775,000 | $ | 0.09-0.30 | 2.09 years | $ | 540,000 | $ | 0.17 | |||||||||||||
Exercisable at September 30, 2013 | 8,683,750 | $ | 0.08-0.30 | 2.99 years | $ | 96,300 | $ | 0.18 | |||||||||||||
The following schedule summarizes the changes in the Company’s stock warrants during the nine months ended September 30, 2013: | |||||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||||
Warrants Outstanding | Average | Average | |||||||||||||||||||
Number | Exercise | Remaining | Aggregate | Exercise | |||||||||||||||||
Of | Price | Contractual | Intrinsic | Price | |||||||||||||||||
Shares | Per Share | Life | Value | Per Share | |||||||||||||||||
Balance at December 31, 2012 | 24,411,701 | $ | 0.09-0.25 | 3.76 years | $ | 2,292,551 | $ | 0.15 | |||||||||||||
Warrants granted | 15,092,855 | $ | 0.06-0.17 | 1.95 years | $ | - | $ | 0.15 | |||||||||||||
Warrants exercised | (788,889 | ) | $ | 0.06-0.09 | - | $ | - | $ | - | ||||||||||||
Warrants expired | (2,913,070 | ) | $ | 0.1 | - | $ | - | $ | - | ||||||||||||
Balance at September 30, 2013 | 35,802,597 | $ | 0.06-0.25 | 2.83 years | $ | - | $ | 0.12 | |||||||||||||
Exercisable at December 31, 2012 | 24,411,701 | $ | 0.09-0.25 | 3.76 years | $ | 2,292,551 | $ | 0.15 | |||||||||||||
Exercisable at September 30, 2013 | 35,802,597 | $ | 0.06-0.25 | 2.83 years | $ | - | $ | 0.12 | |||||||||||||
The following summarizes the exercise price per share and expiration date of the Company’s outstanding and exercisable warrants to purchase common stock at September 30, 2013: | |||||||||||||||||||||
Number | Exercise Price | Expiration Date | |||||||||||||||||||
977,778 | $ | 0.09 | 4-Jun-15 | ||||||||||||||||||
2,000,000 | $ | 0.25 | 4-Jun-15 | ||||||||||||||||||
5,500,000 | $ | 0.18 | 1-Mar-15 | ||||||||||||||||||
3,000,000 | $ | 0.15 | 1-Jul-17 | ||||||||||||||||||
9,240,297 | $ | 0.06 | 13-Jul-17 | ||||||||||||||||||
1,000,000 | $ | 0.06 | 30-Jul-17 | ||||||||||||||||||
2,200,000 | $ | 0.06 | 1-Aug-17 | ||||||||||||||||||
1,750,000 | $ | 0.06 | 2-Aug-17 | ||||||||||||||||||
833,334 | $ | 0.06 | 26-Sep-17 | ||||||||||||||||||
125,000 | $ | 0.06 | 5-Oct-17 | ||||||||||||||||||
250,000 | $ | 0.18 | 15-Mar-15 | ||||||||||||||||||
7,142,855 | $ | 0.15 | 18-Oct-14 | ||||||||||||||||||
1,783,333 | $ | 0.06 | 15-May-18 |
1_BASIS_OF_PRESENTATION_Detail
1. BASIS OF PRESENTATION (Details) (USD $) | Sep. 30, 2013 |
Assets | ' |
Total Assets Measured at Fair Value | ' |
Liabilities | ' |
Derivative Liability | 1,389,649 |
Total Liabilities Measured at Fair Value | 1,389,649 |
Level 1 | ' |
Assets | ' |
Total Assets Measured at Fair Value | ' |
Liabilities | ' |
Derivative Liability | ' |
Total Liabilities Measured at Fair Value | ' |
Level 2 | ' |
Assets | ' |
Total Assets Measured at Fair Value | ' |
Liabilities | ' |
Derivative Liability | ' |
Total Liabilities Measured at Fair Value | ' |
Level 3 | ' |
Assets | ' |
Total Assets Measured at Fair Value | ' |
Liabilities | ' |
Derivative Liability | 1,389,649 |
Total Liabilities Measured at Fair Value | $1,389,649 |
2_GOING_CONCERN_Details_Narrat
2. GOING CONCERN (Details Narrative) (USD $) | Sep. 30, 2013 |
Going Concern Details Narrative | ' |
Cash on hand | $26,221 |
3_FIXED_ASSETS_Details
3. FIXED ASSETS (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Total Fixed assets | $2,614,153 | $2,614,153 |
Less accumulated depreciation | -2,597,700 | -2,399,497 |
Net Fixed assets | 16,453 | 214,656 |
EquipmentMember | ' | ' |
Total Fixed assets | 2,131,377 | 2,131,377 |
Less accumulated depreciation | -2,118,922 | -1,924,002 |
BuildingMember | ' | ' |
Total Fixed assets | 446,772 | 446,772 |
Less accumulated depreciation | -446,772 | -446,772 |
LeaseholdImprovementsMember | ' | ' |
Total Fixed assets | 3,235 | 3,235 |
Less accumulated depreciation | -3,235 | -3,235 |
OfficeEquipmentMember | ' | ' |
Total Fixed assets | 32,769 | 32,769 |
Less accumulated depreciation | ($28,771) | ($25,488) |
3_FIXED_ASSETS_Details_1
3. FIXED ASSETS (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Property Plant And Equipment | ' | ' |
Accumulated depreciation | $2,597,700 | $2,399,497 |
EquipmentMember | ' | ' |
Property Plant And Equipment | ' | ' |
Accumulated depreciation | 2,118,922 | 1,924,002 |
BuildingMember | ' | ' |
Property Plant And Equipment | ' | ' |
Accumulated depreciation | 446,772 | 446,772 |
LeaseholdImprovementsMember | ' | ' |
Property Plant And Equipment | ' | ' |
Accumulated depreciation | 3,235 | 3,235 |
OfficeEquipmentMember | ' | ' |
Property Plant And Equipment | ' | ' |
Accumulated depreciation | $28,771 | $25,488 |
4_INTANGIBLE_ASSETS_Details
4. INTANGIBLE ASSETS (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
INTANGIBLE ASSETS | ' | ' |
License Fee | $112,500 | $112,500 |
Less accumulated amortization | -103,871 | -96,440 |
License Fee, Net | 8,629 | 16,060 |
Patents and intellectual property | 368,190 | 360,475 |
Intangible assets net of accumulated amortization | $376,819 | $376,535 |
5_RELATED_PARTY_TRANSACTIONS_D
5. RELATED PARTY TRANSACTIONS (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Office and warehouse lease effective August 1, 2007 | ' | ' |
Monthly rental payments | $107,138 | $52,374 |
Rental expense in the form of stock issuance | ' | 21,875 |
Corporate office | 26,190 | 24,367 |
Total Rental Expense | $133,328 | $98,617 |
6_PREPAID_EXPENSES_PAID_WITH_S1
6. PREPAID EXPENSES PAID WITH STOCK (Details Narrative) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Prepaid Expenses Paid With Stock Details Narrative | ' | ' |
Prepaid services paid with stock | $71,500 | $0 |
8_CONVERTIBLE_NOTES_PAYABLE_De
8. CONVERTIBLE NOTES PAYABLE (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Convertible notes payable (net) | $354,049 | $395,102 |
Accrued Interest | 54,520 | 52,454 |
Oct-12 | ' | ' |
Convertible notes payable (net) | ' | 40,791 |
Accrued Interest | ' | 1,155 |
Nov-12 | ' | ' |
Convertible notes payable (net) | ' | 25,776 |
Accrued Interest | ' | 525 |
Dec-12 | ' | ' |
Convertible notes payable (net) | ' | 49,161 |
Accrued Interest | ' | ' |
Jan-13 | ' | ' |
Convertible notes payable (net) | 12,608 | ' |
Accrued Interest | ' | ' |
Mar-13 | ' | ' |
Convertible notes payable (net) | ' | ' |
Accrued Interest | ' | ' |
July and August 2012 | ' | ' |
Convertible notes payable (net) | 153,064 | 259,654 |
Accrued Interest | 27,261 | 47,199 |
September and October 2012 | ' | ' |
Convertible notes payable (net) | ' | 19,720 |
Accrued Interest | ' | 3,575 |
May-13 | ' | ' |
Convertible notes payable (net) | 55,301 | ' |
Accrued Interest | 10,126 | ' |
Apr-13 | ' | ' |
Convertible notes payable (net) | 36,927 | ' |
Accrued Interest | 7,488 | ' |
April 2013 B | ' | ' |
Convertible notes payable (net) | 40,877 | ' |
Accrued Interest | 1,751 | ' |
Jun-13 | ' | ' |
Convertible notes payable (net) | 11,173 | ' |
Accrued Interest | 3,456 | ' |
Jul-13 | ' | ' |
Convertible notes payable (net) | 15,435 | ' |
Accrued Interest | 964 | ' |
July 2013 B | ' | ' |
Convertible notes payable (net) | 6,581 | ' |
Accrued Interest | 3,002 | ' |
Aug-13 | ' | ' |
Convertible notes payable (net) | 6,323 | ' |
Accrued Interest | 393 | ' |
Sep-13 | ' | ' |
Convertible notes payable (net) | 9,820 | ' |
Accrued Interest | 80 | ' |
September 2013 B | ' | ' |
Convertible notes payable (net) | 5,940 | ' |
Accrued Interest | ' | ' |
9_INCOME_FROM_GRANTS_AND_DEFER2
9. INCOME FROM GRANTS AND DEFERRED INCOME (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Income From Grants And Deferred Income Details | ' | ' | ' |
Grant money received | ' | ' | $1,215,000 |
Recognized income from grants | 680,234 | 245,727 | 23,508 |
Deferred income | $265,531 | $945,765 | $1,191,492 |
10_COMMON_STOCK_OPTIONS_AND_WA2
10. COMMON STOCK OPTIONS AND WARRANTS (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Stock Options | ' | ' |
Number of Options | ' | ' |
Number of Options Outstanding | 4,775,000 | ' |
Number of Options Granted | ' | 5,640,000 |
Number of Options Exercised | ' | ' |
Number of Options Expired | ' | -50,000 |
Number of Options Outstanding | 10,365,000 | 4,775,000 |
Exercisable | 8,683,750 | 4,775,000 |
Weighted Average Exercise Price | ' | ' |
Weighted Average Exercise Price Outstanding, Beginning | $0.17 | ' |
Weighted Average Exercise Price Granted | ' | $0.19 |
Weighted Average Exercise Price Exercised | ' | ' |
Weighted Average Exercise Price Expired | ' | $0.26 |
Weighted Average Exercise Price Outstanding, Ending | $0.18 | $0.17 |
Weighted Average Exercise Price Exercisable | $0.17 | $0.17 |
Weighted Average Remaining Contractual Life (in years) | ' | ' |
Weighted Average Remaining Contractual Life (in years) Outstanding | '4 years 11 days | '2 years 1 month 2 days |
Weighted Average Remaining Contractual Life (in years) Granted | ' | '6 years 3 months 4 days |
Weighted Average Remaining Contractual Life (in years) Exercisable | '3 years 4 days | '2 years 1 month 2 days |
Aggregate Intrinsic Value | ' | ' |
Aggregate Intrinsic Value Outstanding | $96,300 | $540,000 |
Aggregate Intrinsic Value Exercisable | 96,300 | 540,000 |
Exercise Price Per Share | ' | ' |
Exercise Price, Minimum | $0.08 | $0.09 |
Exercise Price, Maximum | $0.30 | $0.30 |
Excercise Price, Granted, Minimum | ' | $0.08 |
Excercise Price, Granted, Maximum | ' | $0.20 |
Excercise Price, Exercisable, Minimum | $0.08 | $0.09 |
Excercise Price, Exercisable, Maximum | $0.30 | $0.30 |
Warrants | ' | ' |
Number of Options | ' | ' |
Number of Options Outstanding | 24,411,701 | ' |
Number of Options Granted | ' | 15,092,855 |
Number of Options Exercised | ' | -788,889 |
Number of Options Expired | ' | -2,913,070 |
Number of Options Outstanding | 35,802,597 | 24,411,701 |
Exercisable | 35,802,597 | 24,411,701 |
Weighted Average Exercise Price | ' | ' |
Weighted Average Exercise Price Outstanding, Beginning | $0.15 | ' |
Weighted Average Exercise Price Granted | ' | $0.15 |
Weighted Average Exercise Price Outstanding, Ending | $0.12 | $0.15 |
Weighted Average Exercise Price Exercisable | $0.12 | $0.15 |
Weighted Average Remaining Contractual Life (in years) | ' | ' |
Weighted Average Remaining Contractual Life (in years) Outstanding | '2 years 15 days | '3 years 9 months 4 days |
Weighted Average Remaining Contractual Life (in years) Granted | ' | '3 years 15 days |
Weighted Average Remaining Contractual Life (in years) Exercisable | '3 years 15 days | '3 years 9 months 4 days |
Aggregate Intrinsic Value | ' | ' |
Aggregate Intrinsic Value Outstanding | ' | 2,292,551 |
Aggregate Intrinsic Value Exercisable | $2,292,551 | ' |
Exercise Price Per Share | ' | ' |
Exercise Price, Minimum | $0.06 | $0.09 |
Exercise Price, Maximum | $0.25 | $0.25 |
Excercise Price, Granted, Minimum | ' | $0.06 |
Excercise Price, Granted, Maximum | ' | $0.17 |
Excercise Price, Exercisable, Minimum | $0.06 | $0.09 |
Excercise Price, Exercisable, Maximum | $0.25 | $0.25 |
Excercise Price, Warrants exercised, Minimum | ' | $0.06 |
Excercise Price, Warrants exercised, Maximum | ' | $0.09 |
Excercise Price, Warrants expired | ' | $0.10 |
10_COMMON_STOCK_OPTIONS_AND_WA3
10. COMMON STOCK OPTIONS AND WARRANTS (Details1) (USD $) | Sep. 30, 2013 |
Number outstanding and exercisable warrants to purchase | 35,802,597 |
Outstanding and exercisable warrants 1 | ' |
Number outstanding and exercisable warrants to purchase | 977,778 |
Exercise Price | 0.09 |
Expiration Date | 'June 4, 2015 |
Outstanding and exercisable warrants 2 | ' |
Number outstanding and exercisable warrants to purchase | 2,000,000 |
Exercise Price | 0.25 |
Expiration Date | 'June 4, 2015 |
Outstanding and exercisable warrants 3 | ' |
Number outstanding and exercisable warrants to purchase | 5,500,000 |
Exercise Price | 0.17 |
Expiration Date | 'March 1, 2015 |
Outstanding and exercisable warrants 4 | ' |
Number outstanding and exercisable warrants to purchase | 3,000,000 |
Exercise Price | 0.15 |
Expiration Date | 'July 1, 2017 |
Outstanding and exercisable warrants 5 | ' |
Number outstanding and exercisable warrants to purchase | 9,240,297 |
Exercise Price | 0.06 |
Expiration Date | 'July 13, 2017 |
Outstanding and exercisable warrants 6 | ' |
Number outstanding and exercisable warrants to purchase | 1,000,000 |
Exercise Price | 0.06 |
Expiration Date | 'July 30, 2017 |
Outstanding and exercisable warrants 7 | ' |
Number outstanding and exercisable warrants to purchase | 2,200,000 |
Exercise Price | 0.06 |
Expiration Date | 'August 1, 2017 |
Outstanding and exercisable warrants 8 | ' |
Number outstanding and exercisable warrants to purchase | 1,750,000 |
Exercise Price | 0.06 |
Expiration Date | 'August 2, 2017 |
Outstanding and exercisable warrants 9 | ' |
Number outstanding and exercisable warrants to purchase | 833,334 |
Exercise Price | 0.06 |
Expiration Date | 'September 26, 2017 |
Outstanding and exercisable warrants 10 | ' |
Number outstanding and exercisable warrants to purchase | 125,000 |
Exercise Price | 0.06 |
Expiration Date | 'October 5, 2017 |
Outstanding and exercisable warrants 11 | ' |
Number outstanding and exercisable warrants to purchase | 250,000 |
Exercise Price | 0.17 |
Expiration Date | 'March 15, 2015 |
Outstanding and exercisable warrants 12 | ' |
Number outstanding and exercisable warrants to purchase | 7,142,855 |
Exercise Price | 0.15 |
Expiration Date | 'October 18,2014 |
Outstanding and exercisable warrants 13 | ' |
Number outstanding and exercisable warrants to purchase | 1,783,333 |
Exercise Price | 0.06 |
Expiration Date | 'May 15,2018 |