Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 07, 2016 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Trading Symbol | leatpk | |
Entity Registrant Name | Leatt Corp | |
Entity Central Index Key | 1,456,189 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 5,362,992 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well Known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Current Assets | ||
Cash and cash equivalents | $ 953,418 | $ 1,054,750 |
Short-term investments | 58,190 | 58,172 |
Accounts receivable | 3,258,193 | 2,901,699 |
Inventory | 3,984,453 | 4,241,140 |
Payments in advance | 531,653 | 208,030 |
Prepaid expenses and other current assets | 492,388 | 1,070,774 |
Total current assets | 9,278,295 | 9,534,565 |
Property and equipment, net | 1,144,179 | 1,313,325 |
Deferred tax asset | 115,000 | 115,000 |
Other Assets | ||
Other receivables | 0 | 90,000 |
Deposits | 24,854 | 16,493 |
Intangible assets | 68,703 | 61,273 |
Total other assets | 93,557 | 167,766 |
Total Assets | 10,631,031 | 11,130,656 |
Current Liabilities | ||
Accounts payable and accrued expenses | 2,471,045 | 2,560,980 |
Income taxes payable | 222,537 | 384,950 |
Short term loan, net of finance charges | 38,636 | 658,639 |
Total current liabilities | 2,732,218 | 3,604,569 |
Deferred tax liabilities | 73,000 | 73,000 |
Commitments and contingencies | 0 | 0 |
Stockholders' Equity | ||
Preferred stock, $.001 par value, 1,120,000 shares authorized, 120,000 shares issued and outstanding | 3,000 | 3,000 |
Common stock, $.001 par value, 28,000,000 shares authorized, 5,362,992 and 5,231,823 shares issued and outstanding | 130,053 | 130,040 |
Additional paid - in capital | 7,467,978 | 7,346,782 |
Accumulated other comprehensive loss | (599,295) | (710,032) |
Retained earnings | 824,077 | 683,297 |
Total stockholders' equity | 7,825,813 | 7,453,087 |
Total Liabilities and Stockholders' Equity | $ 10,631,031 | $ 11,130,656 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Preferred Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 1,120,000 | 1,120,000 |
Preferred Stock, Shares Issued | 120,000 | 120,000 |
Preferred Stock, Shares Outstanding | 120,000 | 120,000 |
Common Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 28,000,000 | 28,000,000 |
Common Stock, Shares, Issued | 5,362,992 | 5,231,823 |
Common Stock, Shares, Outstanding | 5,362,992 | 5,231,823 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues | $ 4,631,557 | $ 4,655,450 | $ 13,152,964 | $ 13,869,961 |
Cost of Revenues | 2,183,072 | 2,201,924 | 6,206,741 | 6,407,946 |
Gross Profit | 2,448,485 | 2,453,526 | 6,946,223 | 7,462,015 |
Product Royalty Income | 16,224 | 75,268 | 69,755 | 147,469 |
Operating Expenses | ||||
Salaries and wages | 548,829 | 501,156 | 1,754,043 | 1,649,801 |
Commissions and consulting expenses | 144,480 | 108,020 | 444,472 | 445,396 |
Professional fees | 110,700 | 126,407 | 363,018 | 587,572 |
Advertising and marketing | 502,522 | 504,017 | 1,216,916 | 1,128,772 |
Office rent and expenses | 66,593 | 60,775 | 193,745 | 183,826 |
Research and development costs | 402,924 | 298,200 | 1,083,983 | 884,583 |
Bad debt expense (recovery) | 16,216 | 59,314 | (6,341) | 78,775 |
General and administrative expenses | 505,194 | 435,517 | 1,466,992 | 1,349,849 |
Depreciation | 103,586 | 95,677 | 314,584 | 279,953 |
Total operating expenses | 2,401,044 | 2,189,083 | 6,831,412 | 6,588,527 |
Income from Operations | 63,665 | 339,711 | 184,566 | 1,020,957 |
Other Income (Expense) | ||||
Interest and other income (expense), net | (3,270) | 18,840 | 65,539 | 26,821 |
Total other income (expense) | (3,270) | 18,840 | 65,539 | 26,821 |
Income Before Income Taxes | 60,395 | 358,551 | 250,105 | 1,047,778 |
Income Taxes | 21,139 | 179,585 | 109,325 | 390,770 |
Net Income Available to Common Shareholders | $ 39,256 | $ 178,966 | $ 140,780 | $ 657,008 |
Net Income per Common Share | ||||
Basic | $ 0.01 | $ 0.03 | $ 0.03 | $ 0.13 |
Diluted | $ 0.01 | $ 0.03 | $ 0.03 | $ 0.12 |
Weighted Average Number of Common Shares Outstanding | ||||
Basic | 5,524,078 | 5,231,823 | 5,342,648 | 5,211,370 |
Diluted | 5,662,540 | 5,542,844 | 5,481,109 | 5,522,391 |
Comprehensive Income | ||||
Net Income | $ 39,256 | $ 178,966 | $ 140,780 | $ 657,008 |
Other comprehensive income, net of $0 and $0 deferred income taxes in 2016 and 2015 | ||||
Foreign currency translation | 78,818 | (138,140) | 110,737 | (225,031) |
Total Comprehensive Income | $ 118,074 | $ 40,826 | $ 251,517 | $ 431,977 |
CONSOLIDATED STATEMENTS OF OPE5
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Deferred Income Taxes | $ 0 | $ 0 | $ 0 | $ 0 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - 9 months ended Sep. 30, 2016 - USD ($) | Preferred Stock A [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Total |
Beginning Balance at Dec. 31, 2015 | $ 3,000 | $ 130,040 | $ 7,346,782 | $ (710,032) | $ 683,297 | $ 7,453,087 |
Beginning Balance (Shares) at Dec. 31, 2015 | 120,000 | 5,231,823 | ||||
Compensation cost recognized in connection with stock options | 155,742 | 155,742 | ||||
Exercise of stock options | $ 39 | 38,961 | 39,000 | |||
Exercise of stock options (Shares) | 39,000 | |||||
Options exercised on a cashless basis (Shares) | 118,620 | |||||
Cancellation of shares | $ (26) | (73,507) | (73,533) | |||
Cancellation of shares (Shares) | (26,451) | |||||
Net income | 140,780 | 140,780 | ||||
Foreign currency translation adjustment | 110,737 | 110,737 | ||||
Ending Balance at Sep. 30, 2016 | $ 3,000 | $ 130,053 | $ 7,467,978 | $ (599,295) | $ 824,077 | $ 7,825,813 |
Ending Balance (Shares) at Sep. 30, 2016 | 120,000 | 5,362,992 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities | ||
Net income | $ 140,780 | $ 657,008 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 314,584 | 279,953 |
Deferred income taxes | 0 | (865) |
Stock-based compensation | 155,742 | 1,478 |
Other Income | (73,533) | 0 |
Bad debts | (13,369) | 44,666 |
Inventory reserve | 26,385 | 205,994 |
Gain on sale of property and equipment | 0 | (23,664) |
(Increase) decrease in: | ||
Accounts receivable | (343,125) | 486,462 |
Inventory | 230,302 | (448,362) |
Payments in advance | (323,623) | 35,270 |
Prepaid expenses and other current assets | 578,386 | 554,959 |
Income tax refunds receivable | 0 | 25,000 |
Other receivables | 90,000 | 90,000 |
Deposits | (8,361) | 1,101 |
Increase (decrease) in: | ||
Accounts payable and accrued expenses | (89,935) | (1,121,165) |
Income taxes payable | (162,413) | 68,000 |
Net cash provided by operating activities | 521,820 | 855,835 |
Cash flows from investing activities | ||
Capital expenditures | (93,763) | (266,439) |
Proceeds from sale of property and equipment | 0 | 29,867 |
Increase in short-term investments, net | (18) | (6) |
Net cash used in investing activities | (93,781) | (236,578) |
Cash flows from financing activities | ||
Proceeds from exercise of stock options | 39,000 | 31,200 |
Repayments of short-term loan, net | (620,003) | (588,903) |
Net cash used in financing activities | (581,003) | (557,703) |
Effect of exchange rates on cash and cash equivalents | 51,632 | (139,070) |
Net decrease in cash and cash equivalents | (101,332) | (77,516) |
Cash and cash equivalents - beginning | 1,054,750 | 724,707 |
Cash and cash equivalents - ending | 953,418 | 647,191 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for interest | 10,467 | 9,301 |
Cash paid for income taxes | 271,737 | 322,770 |
Other noncash investing and financing activities | ||
Common stock issued for services | 155,742 | 1,478 |
Cancellation of common shares as settlement of a legal matter | $ (73,533) | $ 0 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Basis of Presentation [Text Block] | Note 1 - Basis of presentation The consolidated balance sheet as of December 31, 2015 was audited and appears in the Form 10-K filed by the Company with the Securities and Exchange Commission on March 18, 2016. The consolidated balance sheet as of September 30, 2016 and the consolidated statements of operations and comprehensive income for the three months and nine months ended September 30, 2016 and 2015, changes in stockholders’ equity for the nine months ended September 30, 2016, cash flows for the nine months ended September 30, 2016 and 2015, and the related information contained in these notes have been prepared by management without audit. In the opinion of management, all adjustments (which include only normal recurring items) necessary to present fairly the financial position, results of operations and cash flows in conformity with generally accepted accounting principles as of September 30, 2016 and for all periods presented have been made. Interim operating results are not necessarily indicative of operating results for a full year. Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. While management of the Company believes that the disclosures presented are adequate to make the information not misleading, it is suggested that these condensed consolidated financial statements be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2015 as filed with the Securities and Exchange Commission in the Company’s Form 10-K. |
Inventory
Inventory | 9 Months Ended |
Sep. 30, 2016 | |
Inventory [Text Block] | Note 2 - Inventory Inventory is stated at the lower of cost or market. Cost is determined using the first-in first-out (FIFO) method. Inventory consists primarily of finished goods. Shipping and handling costs are included in the cost of inventory. In assessing the inventory value, the Company must make estimates and judgments regarding reserves required for product obsolescence, aging of inventory and other issues potentially affecting the saleable condition of products. In performing such evaluations, the Company utilizes historical experience as well as current market information. The reserve for obsolescence as of the nine months ended September 30, 2016 and 2015 was $186,899 and $367,587, respectively. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2016 | |
Intangible Assets [Text Block] | Note 3 - Intangible Assets The Company’s intangible assets consist of acquired patents with an indefinite useful life and are thus not amortized. Intangible assets are carried at cost less impairment. Amortization expense for the nine months ended September 30, 2016 was zero. There was no impairment of intangible assets at September 30, 2016. |
Short-term Loan
Short-term Loan | 9 Months Ended |
Sep. 30, 2016 | |
Short-term Loan [Text Block] | Note 4 - Short-term Loan The Company carries two product liability insurance policies; one with a U.S. insurance carrier and a second with a South African insurance carrier. The Company finances payment of its short-term insurance premiums over the period of coverage, which is generally twelve months. The U.S. short-term loan is payable in monthly installments of $71,952 over an 11 -month period at an APR of 2.897% and the South African short-term loan is payable in monthly installments of $1,708 over a 10 -month period at a flat interest rate of 3.90% . The Company repaid the U.S. short-term loan in full on September 1, 2016. The Company also carries directors and officers’ liability insurance. The Company finances payment of its short-term insurance premiums over the period of coverage, which is generally twelve months. The short-term loan is payable in eleven payments of $5,375 at a 3.397% annual interest rate. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Taxes [Text Block] | Note 5- Income Taxes The Company uses the asset and liability approach to account for income taxes. Deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and the income tax basis of assets and liabilities. A valuation allowance is applied against any net deferred tax asset if, based on available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The provision for income taxes included taxes currently payable, if any, plus the net change during the period in deferred tax assets and liabilities recorded by the Company. The Company applies the provisions of FASB ASC Topic 740-10, Accounting for Uncertainty in Income Taxes (“Standard”), which provides that the tax effects from an uncertain tax position can be recognized in the consolidated financial statements only if the position is more likely than not of being sustained upon an examination by tax authorities. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Additionally, the standard provides guidance on derecognition, classification, interest and penalties; accounting in interim periods, disclosure and transition, and any amounts when incurred would be recorded under these provisions. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. As of September 30, 2016, the Company has no unrecognized tax benefits. |
Net Income Per Share of Common
Net Income Per Share of Common Stock | 9 Months Ended |
Sep. 30, 2016 | |
Net Income Per Share of Common Stock [Text Block] | Note 6 - Net Income Per Share of Common Stock Basic net income per common share is computed using the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed using the weighted–average number of common stock shares and dilutive potential common shares outstanding during the period. For the nine months ended September 30, 2016, the Company had 473,000 potential common shares, consisting of 120,000 preferred shares and options to purchase 353,000 shares, outstanding. |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2016 | |
Common Stock [Text Block] | Note 7 – Common Stock During the nine months ended September 30, 2016, 323,000 stock options were granted at an exercise price of $2.60 per share, exercisable over a 5 -year period. The fair value of the stock options granted was estimated at the date of grant using the Black Sholes option-pricing model. Based on the list of assumptions presented below, the fair value of the options granted during the nine months ended September 30, 2016, was $1.80. Expected term in years 5 years Risk-free interest rate 2.20% Expected volatility 0.88% Expected dividend yield 0.00% The expected volatility was determined with reference to the historical volatility of the Company's stock. The Company uses historical data to estimate option exercise and employee termination within the valuation model. The expected term of options granted represents the period of time that the options granted are expected to be outstanding. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury rate in effect at the time of grant. Stock-based compensation expense related to vested stock options granted during the nine months ended September, 2016 was $154,440. As of September 30, 2016, there was $426,960 of unrecognized compensation costs related to unvested stock options, which is expected to be recognized over a 3 -year vesting period. In addition, on April 7, 2016, the Company issued 26,220 shares of common stock to employees who exercised employee stock options in a cashless exercise; and on March 29, 2016 an employee exercised stock options for the Company to issue 39,000 shares for $39,000. On May 24, 2016, the Company also cancelled and returned 26,451 shares of common stock, granted to a former employee, to authorized and unissued status in settlement of a legal matter. The fair value of the shares as of the date of cancellation was $73,533 and is included in other income for the nine months ended September 30, 2016. On September 1, 2016, the Company issued 92,400 shares of common stock to employees who exercised employee stock options in a cashless exercise. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2016 | |
Recent Accounting Pronouncements [Text Block] | Note 8 – Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers,” (“ASU 2014-09”). ASU 2014-09, as amended, outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This new revenue recognition model provides a five-step analysis in determining when and how revenue is recognized. The new model will require an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. On August 12, 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date". The amendments in this update defers the effective date of Update 2014-09 for all entities by one year. The ASU, as amended, is effective for the first interim period within an annual period beginning after December 15, 2017, and early adoption is not permitted. The Company is evaluating the provisions of this update and has not determined the impact that its adoption will have on the Company’s financial position or results of operations. In July 2015, the FASB issued ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory,” which applies to inventory that is measured using first-in, first-out (FIFO) or average cost. This ASU simplifies the subsequent measurement of inventories by replacing the lower of cost or market test with a lower of cost or net realizable value test. The ASU is effective for annual periods beginning after December 15, 2016. Early adoption is permitted. The Company does not expect the adoption of this ASU to have a material effect on the consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes." This ASU requires that deferred tax assets and liabilities be classified as non-current on the balance sheet rather than being separated into current and non-current. This ASU is effective for annual and interim periods within those years, beginning after December 15, 2016. Early adoption is permitted. The Company elected to retrospectively adopt this accounting standard in the beginning of the first quarter of fiscal 2016 and as a result, prior periods in the consolidated financial statements were adjusted. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” This ASU is a comprehensive new lease standard that amends various aspects of existing accounting guidance for leases. The core principle of this ASU will require lessees to present the assets and liabilities that arise from leases on their balance sheets. The ASU is effective for public companies for annual and interim reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is evaluating the new standard to determine the impact on the Company’s consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update No 2016-09 “ Improvements to Employee Share-Based Payment Accounting In August 2016, the FASB issued Accounting Standards Update No. 2016-15, “ Statement of Cash Flows” In October 2016, the FASB issued Accounting Standards Update No. 2016-16, “ Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory In October 2016, the FASB issued Accounting Standards Update No. 2016-17, “ Consolidation” The Company does not believe there are any other recent accounting pronouncements that would have a material impact on its financial position or results of operations. |
Litigation
Litigation | 9 Months Ended |
Sep. 30, 2016 | |
Litigation [Text Block] | Note 9 - Litigation In the ordinary course of business, the Company is involved in various legal proceedings involving product liability and personal injury and intellectual property litigation. The Company is insured against loss for certain of these matters. The Company will record contingent liabilities resulting from asserted and unasserted claims against it when it is probable that the liability has been incurred and the amount of the loss is reasonably estimable. The Company will disclose contingent liabilities when there is a reasonable possibility that the ultimate loss will exceed the recorded liability. While the outcome of currently pending litigation is not yet determinable, the ultimate exposure with respect to these matters cannot be ascertained. However, based on the information currently available to the Company, the Company does not expect that any liabilities or costs that might be incurred to resolve these matters will have a material adverse effect on the financial condition, results of operations, liquidity or cash flows of the Company. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Text Block] | Note 10 – Subsequent Events The company has evaluated all subsequent events through the date the financial statements were released. The Company entered into a Premium Finance Agreement with AFCO Acceptance Corporation “AFCO,” dated October 13, 2016, to finance its U.S. short-term insurance over the period of the coverage. The Company is obligated to pay AFCO an aggregate sum of $637,260 in eleven payments of $58,921, at an annual interest rate of 3.397%, commencing on November 1, 2016 and ending on September 1, 2017. Any late payment during the term of the agreement will be assessed a late penalty of 5% of the payment amount due, and in the event of default AFCO has the right to accelerate the payment due under the agreement. |
Common Stock (Tables)
Common Stock (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Expected term in years 5 years Risk-free interest rate 2.20% Expected volatility 0.88% Expected dividend yield 0.00% |
Inventory (Narrative) (Details)
Inventory (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Inventory 1 | $ 186,899 |
Inventory 2 | $ 367,587 |
Short-term Loan (Narrative) (De
Short-term Loan (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Short-term Loan 1 | $ 71,952 |
Short-term Loan 2 | 11 |
Short-term Loan 3 | 2.897% |
Short-term Loan 4 | $ 1,708 |
Short-term Loan 5 | 10 |
Short-term Loan 6 | 3.90% |
Short-term Loan 7 | $ 5,375 |
Short-term Loan 8 | 3.397% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2016 | |
Income Taxes 1 | 50.00% |
Net Income Per Share of Commo22
Net Income Per Share of Common Stock (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2016shares | |
Net Income Per Share Of Common Stock 1 | 473,000 |
Net Income Per Share Of Common Stock 2 | 120,000 |
Net Income Per Share Of Common Stock 3 | 353,000 |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2016USD ($)$ / sharesshares | |
Common Stock 1 | shares | 323,000 |
Common Stock 2 | $ / shares | $ 2.60 |
Common Stock 3 | 5 |
Common Stock 4 | $ | $ 1.80 |
Common Stock 5 | $ | 154,440 |
Common Stock 6 | $ | $ 426,960 |
Common Stock 7 | 3 |
Common Stock 8 | shares | 26,220 |
Common Stock 9 | shares | 39,000 |
Common Stock 10 | $ | $ 39,000 |
Common Stock 11 | shares | 26,451 |
Common Stock 12 | $ | $ 73,533 |
Common Stock 13 | shares | 92,400 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Subsequent Events 1 | $ 637,260 |
Subsequent Events 2 | $ 58,921 |
Subsequent Events 3 | 3.397% |
Subsequent Events 4 | 5.00% |
Schedule of Share-based Payment
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) | 9 Months Ended |
Sep. 30, 2016yr | |
Common Stock Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 1 | 5 |
Common Stock Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 2 | 2.20% |
Common Stock Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 3 | 0.88% |
Common Stock Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 4 | 0.00% |