Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended |
Mar. 31, 2014 | |
Document Information [Line Items] | ' |
Document Type | 'S-1 |
Amendment Flag | 'false |
Document Period End Date | 31-Mar-14 |
Trading Symbol | 'VUZI |
Entity Registrant Name | 'Vuzix Corp |
Entity Central Index Key | '0001463972 |
Entity Filer Category | 'Smaller Reporting Company |
CONDENDSED_CONSOLIDATED_BALANC
CONDENDSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current Assets | ' | ' | ' |
Cash and Cash Equivalents | $271,812 | $310,140 | $66,554 |
Accounts Receivable, Net | 187,790 | 214,920 | 170,600 |
Inventories | 1,035,674 | 953,627 | 687,181 |
Deferred Offering Costs | ' | 0 | 199,571 |
Prepaid Expenses and Other Assets | 64,910 | 200,936 | 85,768 |
Total Current Assets | 1,560,186 | 1,679,623 | 1,209,674 |
Tooling and Equipment, Net | 415,805 | 446,329 | 664,967 |
Patents and Trademarks, Net | 494,741 | 495,608 | 551,307 |
Software Development, Net | 521,146 | 240,561 | 0 |
Total Assets | 2,991,878 | 2,862,121 | 2,425,948 |
Current Liabilities | ' | ' | ' |
Accounts Payable | 2,273,853 | 2,420,571 | 2,896,567 |
Lines of Credit | ' | 0 | 112,500 |
Notes Payable | 231,444 | 278,467 | 258,209 |
Current Portion of Long-term Debt, net of discount | 99,320 | 99,320 | 1,060,188 |
Current Portion of Capital Leases | 21,881 | 24,670 | 57,244 |
Customer Deposits | 98,368 | 170,777 | 63,079 |
Accrued Interest | 44,546 | 36,935 | 161,703 |
Accrued Expenses | 540,564 | 554,264 | 519,672 |
Income and Other Taxes Payable | 86,529 | 75,851 | 21,486 |
Total Current Liabilities | 3,396,505 | 3,660,855 | 5,150,648 |
Long-Term Liabilities | ' | ' | ' |
Long Term Derivative Liability | 8,363,751 | 12,035,816 | 0 |
Accrued Compensation | ' | 0 | 1,010,096 |
Long Term Portion of Term Debt, net of discount | 168,342 | 170,496 | 1,715,253 |
Long Term Portion of Capital Leases | 11,629 | 16,882 | 40,041 |
Long Term Portion of Accrued Interest | 14,462 | 16,365 | 719,475 |
Total Long-Term Liabilities | 8,558,184 | 12,239,559 | 3,484,865 |
Total Liabilities | 11,954,689 | 15,900,414 | 8,635,513 |
Stockholders' Equity (Deficit) | ' | ' | ' |
Preferred Stock | 0 | 0 | 0 |
Common Stock | 10,241 | 9,600 | 3,537 |
Additional Paid-in Capital | 25,807,574 | 23,244,639 | 19,933,202 |
Accumulated (Deficit) | -34,780,626 | -36,292,532 | -26,146,304 |
Total Stockholders’ Equity (Deficit) | -8,962,811 | -13,038,293 | -6,209,565 |
Total Liabilities and Stockholders’ Deficit | $2,991,878 | $2,862,121 | $2,425,948 |
CONDENDSED_CONSOLIDATED_BALANC1
CONDENDSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred Stock, Par Value | $0.00 | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 | 0 |
Common Stock, Par Value | $0.00 | $0.00 | $0.00 |
Common Stock, Shares Authorized | 700,000,000 | 700,000,000 | 700,000,000 |
Common Stock, Shares Issued | 10,240,745 | 9,600,453 | 3,536,865 |
Common Stock, Shares Outstanding | 10,240,745 | 9,600,453 | 3,536,865 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' (DEFICIT) EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Preferred Stock | Subscription Receivable | ||
Balance at Dec. 31, 2011 | ($6,824,748) | $3,537 | $19,716,963 | ($26,469,144) | $0 | ($76,104) | ||
Balance (in shares) at Dec. 31, 2011 | ' | 3,536,865 | [1] | ' | ' | 0 | ' | |
Forgiveness of Debt | 46,037 | 0 | 46,037 | 0 | 0 | 0 | ||
Stock Compensation Expense | 172,233 | 0 | 172,233 | 0 | 0 | 0 | ||
Forgiveness of Subscriptions Receivable | 74,073 | ' | -2,031 | ' | ' | 76,104 | ||
Net Income (Loss) | 322,840 | 0 | 0 | 322,840 | 0 | 0 | ||
Balance at Dec. 31, 2012 | -6,209,565 | 3,537 | 19,933,202 | -26,146,304 | 0 | 0 | ||
Balance (in shares) at Dec. 31, 2012 | ' | 3,536,865 | [1] | ' | ' | 0 | ' | |
Forgiveness of Debt | 0 | ' | ' | ' | ' | ' | ||
Issuance of Common Stock in Public Offering (in shares) | [1] | ' | 4,025,000 | ' | ' | ' | ' | |
Issuance of Common Stock in Public Offering | 8,050,000 | 4,025 | 8,045,975 | ' | ' | ' | ||
Direct Financing Associated Costs | -1,358,641 | ' | -1,358,641 | ' | ' | ' | ||
Conversion of Term Debt and Accrued Interest (in shares) | [1] | ' | 1,158,003 | ' | ' | ' | ' | |
Conversion of Term Debt and Accrued Interest | 2,316,007 | 1,158 | 2,314,849 | ' | ' | ' | ||
Conversion of Accrued Compensation and Interest (in shares) | [1] | ' | 821,285 | ' | ' | ' | ' | |
Conversion of Accrued Compensation and Interest | 1,642,569 | 821 | 1,641,748 | ' | ' | ' | ||
Exercise of Warrants (in shares) | [1] | ' | 59,300 | ' | ' | ' | ' | |
Exercise of Warrants | 133,425 | 59 | 133,366 | ' | ' | ' | ||
Stock Compensation Expense | 159,272 | 0 | 159,272 | 0 | 0 | 0 | ||
Issuance of Warrants in Conjunction with Public Offering | -8,236,786 | ' | -8,236,786 | ' | ' | ' | ||
Reclass Fair Value of Warrant Derivative Liability upon Expiration of Full Ratchet Price Protection | 526,245 | ' | 526,245 | ' | ' | ' | ||
Reclass Fair Value of Warrant Derivative Liability upon Exercise | 85,409 | ' | 85,409 | ' | ' | ' | ||
Net Income (Loss) | -10,146,228 | 0 | 0 | -10,146,228 | 0 | 0 | ||
Balance at Dec. 31, 2013 | ($13,038,293) | $9,600 | $23,244,639 | ($36,292,532) | $0 | $0 | ||
Balance (in shares) at Dec. 31, 2013 | ' | 9,600,453 | [1] | ' | ' | 0 | ' | |
[1] | All share amounts for all periods reflect the Company’s 1-for-75 reverse stock split, which was effective February 6, 2013. |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Sales of Products | $649,418 | $608,661 | $1,856,806 | $2,692,152 | ||
Sales of Engineering Services | 149,000 | 130,523 | 532,247 | 536,076 | ||
Total Sales | 798,418 | 739,184 | 2,389,053 | 3,228,228 | ||
Cost of Sales — Products | 390,649 | 282,013 | 1,354,909 | 2,135,484 | ||
Cost of Sales — Engineering Services | 59,600 | 55,374 | 227,186 | 205,542 | ||
Total Cost of Sales | 450,249 | 337,387 | 1,582,095 | 2,341,026 | ||
Gross Profit | 348,169 | 401,797 | 806,958 | 887,202 | ||
Operating Expenses: | ' | ' | ' | ' | ||
Research and Development | 397,422 | 317,695 | 1,751,397 | 1,153,403 | ||
Selling and Marketing | 364,555 | 274,743 | 1,091,514 | 1,225,154 | ||
General and Administrative | 479,637 | 416,686 | 2,165,341 | 2,181,310 | ||
Depreciation and Amortization | 99,705 | 98,348 | 377,840 | 468,817 | ||
Impairment of Patents and Trademarks | 0 | 0 | 73,423 | 64,703 | ||
Total Operating Expenses | 1,341,319 | 1,107,472 | 5,459,515 | 5,093,387 | ||
(Loss) from Operations | -993,150 | -705,675 | -4,652,557 | -4,206,185 | ||
Other Income (Expense) | ' | ' | ' | ' | ||
Interest and Other (Expense) Income | ' | ' | 0 | 232 | ||
Other Taxes | -21,442 | -13,696 | -88,274 | -20,398 | ||
Foreign Exchange Gain (Loss) | -3,951 | -13,070 | -13,692 | -11,111 | ||
(Loss) on Sale of Assets | ' | ' | -40,352 | 0 | ||
(Loss) on Debt Extinguishment | ' | ' | -1,272,296 | 0 | ||
Gain (Loss) on Derivative Valuation | 2,575,262 | -14,287 | -3,575,278 | 0 | ||
Amortization of Term Debt Discount | -6,326 | -9,728 | ' | ' | ||
Interest Expense | -38,487 | -179,842 | -503,779 | -509,925 | ||
Total Other Income (Expense) | 2,505,056 | -230,623 | -5,493,671 | -541,202 | ||
Income (Loss) Before Provision for Income Taxes | 1,511,906 | -936,298 | -10,146,228 | -4,747,387 | ||
Provision (Benefit) for Income Taxes | 0 | 0 | 0 | 0 | ||
(Loss) from Continuing Operations | 993,150 | ' | -10,146,228 | -4,747,387 | ||
Income (Loss) from Discontinued Operations | ' | ' | 0 | -747,580 | ||
Gain on Disposal of Discontinued Operations, net of tax | ' | ' | 0 | 5,817,807 | ||
Net Income (Loss) | $1,511,906 | ($936,298) | ($10,146,228) | $322,840 | ||
Earnings (Loss) per Share | ' | ' | ' | ' | ||
Basic | ' | ' | ($1.69) | ($1.34) | ||
Diluted | ' | ' | ($1.69) | [1],[2] | ($1.34) | [1],[2] |
Earnings (Loss) per Share | ' | ' | ' | ' | ||
Basic | $0.15 | ($0.26) | ($1.69) | $0.09 | ||
Diluted | $0.13 | ($0.26) | ($1.69) | [1] | $0.09 | [1] |
Weighted-average Shares Outstanding | ' | ' | ' | ' | ||
Basic | 9,972,105 | 3,536,865 | 5,988,595 | 3,536,865 | ||
Diluted | 11,517,104 | 3,536,865 | 5,988,595 | 3,651,100 | ||
[1] | Due to net loss for period, dilutive loss per share is the same as basic. | |||||
[2] | Due to the antidilutive impact of the convertible debt under the if-converted method, the diluted earnings per share is the same as basic. |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash Flows from Operating Activities | ' | ' | ' | ' |
Net Income (Loss) | $1,511,906 | ($936,298) | ($10,146,228) | $322,840 |
Non-Cash Adjustments | ' | ' | ' | ' |
Depreciation and Amortization | 99,705 | 98,348 | 377,840 | 468,817 |
Impairment of Patents and Trademarks | 0 | 0 | 73,423 | 64,703 |
Stock-Based Compensation Expense | 19,347 | 19,347 | 159,272 | 172,233 |
Loss on Sale of Assets | ' | ' | 40,352 | 0 |
Interest Converted into Common Stock | ' | ' | 222,032 | 0 |
Amortization of Term Debt Discount | 6,326 | 9,728 | 25,302 | 777,550 |
Amortization Of Debt Issuance Costs | 0 | 1,244 | ' | ' |
Amortization and Write-off of Term Debt Discount | ' | ' | 732,584 | 0 |
Amortization and Write-off of Debt Issuance Costs | ' | ' | 257,692 | 0 |
Warrants Issued for Debt Extinguishment | ' | ' | 97,913 | 0 |
(Gain) Loss on Derivative Valuation | -2,575,262 | 14,287 | 3,575,278 | 0 |
Gain on Sale of Discontinued Operations | ' | ' | 0 | -5,817,807 |
Forgiveness of Debt | ' | ' | 0 | 46,037 |
Non Cash Compensation | ' | ' | 0 | 74,073 |
(Increase) Decrease in Operating Assets | ' | ' | ' | ' |
Accounts Receivable | 27,130 | -53,520 | -44,320 | 607,885 |
Inventories | -82,047 | 38,240 | -266,446 | 717,499 |
Deferred Offering Costs Other | 0 | -43,069 | ' | ' |
Prepaid Expenses and Other Assets | 136,026 | 20,757 | -37,993 | 14,857 |
Increase (Decrease) in Operating Liabilities | ' | ' | ' | ' |
Accounts Payable | -146,719 | 304,913 | -379,634 | -912,122 |
Accrued Expenses | -13,700 | 8,318 | 34,592 | 99,832 |
Customer Deposits | -72,409 | -3,678 | 107,698 | -329,073 |
Income Taxes Payable | 10,678 | 2,942 | 54,365 | 1,386 |
Accrued Compensation | 0 | 129,422 | 0 | 200,000 |
Accrued Interest | 5,708 | 130,016 | 24,728 | 667,994 |
Net Cash Flows (Used in) Provided by From Operating Activities | -1,073,311 | -259,003 | -5,091,550 | -2,823,296 |
Cash Flows from Investing Activities | ' | ' | ' | ' |
Proceeds from Sale of Assets, Net of Direct Costs | ' | ' | 0 | 7,520,197 |
Purchases of Tooling and Equipment | -57,009 | -9,051 | -145,929 | -180,189 |
Investments in Software | -280,585 | 0 | -240,561 | 0 |
Investments in Patents and Trademarks | -11,305 | -18,121 | -72,704 | -67,923 |
Net Cash (Used in ) Provided by From in Investing Activities | -348,899 | -27,172 | -459,194 | 7,272,085 |
Cash Flows from Financing Activities | ' | ' | ' | ' |
Issuance of Common Stock in Public Offering | ' | ' | 8,050,000 | 0 |
Direct Offering Associated Costs | ' | ' | -1,204,779 | -57,500 |
Net Change in Lines of Credit | ' | ' | -112,500 | -539,581 |
Repayment of Capital Leases | -8,042 | -18,371 | -55,733 | -92,739 |
Repayment of Long-Term Debt and Short-Term Notes Payable | -55,501 | -119,447 | -2,137,983 | -4,474,879 |
Issuance Costs of Senior Convertible Debt | ' | ' | -183,809 | 0 |
Proceeds from Exercise of Warrants | 1,447,425 | 0 | 56,250 | 0 |
Proceeds from Senior Convertible Debt | 0 | 800,000 | 1,000,000 | 0 |
Proceeds from Notes Payable | 0 | 250,304 | 382,884 | 364,488 |
Issuance Costs on Senior Convertible Debt | 0 | -160,439 | ' | ' |
Net Cash Flows (Used in) Provided by Financing Activities | 1,383,882 | 752,047 | 5,794,330 | -4,800,211 |
Net Increase (Decrease) in Cash and Cash Equivalents | -38,328 | 465,872 | 243,586 | -351,422 |
Cash and Cash Equivalents — Beginning of Period | 310,140 | 66,554 | 66,554 | 417,976 |
Cash and Cash Equivalents — End of Period | 271,812 | 532,426 | 310,140 | 66,554 |
Supplemental Disclosures | ' | ' | ' | ' |
Interest Paid | 32,779 | 49,826 | 230,112 | 170,512 |
Income Taxes Paid | 10,764 | 10,754 | 32,533 | 19,012 |
Non-Cash Investing and Financings Activities | ' | ' | ' | ' |
Conversion of Accrued Compensation and Interest into Common Stock | ' | ' | 1,642,569 | 0 |
Conversion of Term Debt and Accrued Interest into Common Stock | ' | ' | 2,316,007 | 0 |
Warrant Derivative Liability of Common Stock Offering and Debt Conversions | ' | ' | 8,236,786 | 0 |
Discount on senior convertible debenture attributed to warrants | 0 | 621,012 | 732,584 | 0 |
Warrants granted to Senior Debt Holders for Early Debt Repayment | ' | ' | 97,913 | 0 |
Warrants granted for senior convertible debenture issuance costs | $0 | $66,603 | $66,603 | $0 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' | ' |
Basis of Presentation | ' | ' |
Note 1 — Basis of Presentation | Note 1 — Basis of Presentation | |
The accompanying unaudited Condensed Consolidated Financial Statements of Vuzix Corporation and Subsidiaries (“the Company") have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission. Accordingly, the unaudited Condensed Consolidated Financial Statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. The condensed consolidated balance sheet as of December 31, 2013 was derived from the audited Consolidated Financial Statements in Form 10-K. | The results of the Company’s Tactical Display Group business have been classified and presented as discontinued operations in the accompanying Consolidated Statement of Operations (Note 4). | |
The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements of the Company as of December 31, 2013, as reported in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission. | All per share amounts, outstanding shares, warrants, options and shares issuable pursuant to convertible securities for all periods reflect the Company’s 1-for-75 reverse stock split, which was effective February 6, 2013. | |
The results of the Company’s operations for any interim period are not necessarily indicative of the results of the Company’s operations for any other interim period or for a full fiscal year. | ||
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Summary of Significant Accounting Policies | ' | ||
Note 2 — Summary of Significant Accounting Policies | |||
Operations | |||
Vuzix Corporation (the Company) was formed in 1997 under the laws of the State of Delaware and maintains its corporate offices in Rochester, New York. The Company is engaged in the design, manufacture, marketing and sale of devices that are worn like eyeglasses and which feature built-in video screens that enable the user to view video and digital content, such as movies, computer data, the Internet or video games. Our products (known commercially as “Video Eyewear”) are used to view high resolution video and digital information from portable devices, such as cell phones, portable media players, gaming systems and laptop computers and from personal computers. Our products provide the user with a virtual viewing experience that emulates viewing a large screen television or desktop computer monitor practically anywhere, anytime. | |||
Principles of Consolidation | |||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Vuzix Europe and Vuzix Finland, OY. All significant inter-company transactions have been eliminated. | |||
Segment Data, Geographic Information and Significant Customers | |||
The Company is not organized by market and is managed and operated as one business. A single management team that reports to the chief operating decision maker comprehensively manages the entire business. The Company does not operate any material separate lines of business or separate business entities. Accordingly, the Company does not accumulate discrete information, other than product revenue and material costs, with respect to separate product lines and does not have separately reportable segments as defined by FASB ASC Topic 280, “Disclosures about Segments of an Enterprise and Related Information,” | |||
Shipments to customers outside of the United States approximated 36% and 27% of sales in 2013 and 2012, respectively. No single international country represented more than 10% of revenues. The Company does not maintain significant amounts of long-lived assets outside of the United States other than tooling held by its third party manufacturers, primarily in China. | |||
The Company has at times had a concentration of sales to the U.S. government, the majority of which was reported as discontinued operations and they amounted to approximately 17% and 11% of sales in 2013 and 2012, respectively. Accounts receivable from the U.S. government accounted for 79% and -0-% of accounts receivable at December 31, 2013 and 2012, respectively. Another customer, who is also a minority stockholder, represented -0-% and 10% of our total revenues, all of which was reported as sales from discontinued operations in 2012. | |||
Foreign Currency Transactions | |||
The U.S. dollar is the functional currency of the Company’s foreign subsidiaries. Gains and losses arising upon settlement of foreign currency denominated transactions or balances are included in the determination of income. | |||
Use of Estimates | |||
The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at year end and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||
Concentration of Credit Risk | |||
The Company performs ongoing credit evaluations of its customers’ financial condition and maintains an allowance for uncollectible accounts receivable based upon the expected collectability of all accounts receivable. | |||
Cash and Cash Equivalents | |||
The Company’s cash received is applied against its revolving line of credit on a periodic basis based on projected monthly cash flows, reducing interest expense. Cash and cash equivalents can include highly liquid investments with original maturities of three months or less. | |||
Fair Value of Financial Instruments | |||
The Company’s financial instruments primarily consists of cash and cash equivalents, accounts receivable, inventories, prepaid expenses and other assets, accounts payable, lines of credit, current portion of long-term debt and capital leases, customer deposits, accrued expenses, and income taxes payable. | |||
As of the consolidated balance sheet date, the estimated fair values of the financial instruments were not materially different from their carrying values as presented due to the short maturities of these instruments and that the interest rates on the borrowing approximate those that would have been available for loans for similar remaining maturity and risk profiles at respective year ends. | |||
Allowance for Doubtful Accounts | |||
The Company establishes an allowance for uncollectible trade accounts receivable based on the age of outstanding invoices and management’s evaluation of collectability of outstanding balances. These provisions are established when the aging of outstanding amounts exceeds allowable terms and are re-evaluated at each quarter end for adequacy. In determining the adequacy of the provision, the Company considers known uncollectible or at risk receivables. | |||
Provision for Future Warranty Costs | |||
Warranty costs are accrued, to the extent that they are not recoverable from third party manufacturers, for the estimated cost to repair or replace products for the balance of the warranty periods. The Company’s products are covered by standard warranty plans that extend normally 12 months to 24 months from the date of product shipment. The Company provides for the costs of expected future warranty claims at the time of product shipment or over-builds to cover replacements. The adequacy of the provision is assessed at each quarter end and is based on historical experience of warranty claims and costs. | |||
Inventories | |||
Inventories are valued at the lower of cost, or market using the first-in, first-out method. The Company does include direct overhead costs in its inventory valuation costing. The Company records provisions for excess, obsolete or slow moving inventory based on changes in customer demand, technology developments or other economic factors. The Company’s products have product life cycles that range on average from two to three years currently. At both the product introduction and product discontinuation stage, there is a higher degree of risk of inventory obsolescence. The provision for obsolete and excess inventory is evaluated for adequacy at each quarter end. The estimate of the provision for obsolete and excess inventory is partially based on expected future product sales, which are difficult to forecast for certain products. | |||
Revenue Recognition | |||
The Company recognizes revenue from product sales in accordance with FASB ASC Topic 605 “Revenue Recognition”. Product sales represent the majority of the Company’s revenue. The Company recognizes revenue from these product sales when persuasive evidence of an arrangement exists, delivery has occurred or services have been provided, the sale price is fixed or determinable, and collectability is reasonably assured. Additionally, the Company sells its products on terms which transfer title and risk of loss at a specified location, typically shipping point. Accordingly, revenue recognition from product sales occurs when all factors are met, including transfer of title and risk of loss, which typically occurs upon shipment by the Company. If these conditions are not met, the Company will defer revenue recognition until such time as these conditions have been satisfied. The Company collects and remits sales taxes in certain jurisdictions and reports revenue net of any associated sales taxes. The Company also sells certain products through distributors who are granted limited rights of return for stock balancing against purchases made within a prior 90 day period, including price adjustments downwards that the Company implements on any existing inventory. The provision for product returns and price adjustments is assessed for adequacy both at the time of sale and at each quarter end and is based on recent historical experience and known customer claims. | |||
Revenue from any engineering consulting and other services is recognized at the time the services are rendered. The Company accounts for its longer-term development contracts, which to date have all been firm fixed-priced contracts, on the percentage-of-completion method, whereby income is recognized as work on contracts progresses, but estimated losses on contracts in progress are charged to operations immediately. The percentage-of-completion is determined using the cost-to-cost method. Amounts are generally billed on a monthly basis. To date all such contracts have been less than one calendar year in duration. | |||
The Company recognizes software license revenue under ASC 985-605 “Software Revenue Recognition” and under ASC 605-25 “Revenue Arrangements with Multiple Deliverables”, and related interpretations, as amended. Licensed software may be sold as a stand-alone element, with other software elements, or in conjunction with hardware products. When the Company’s products consists of more than one element, it is considered to be a multiple element arrangement (MEA). When sold as a stand-alone element, the revenue is recognized upon shipment as discussed above. When sold as part of a MEA, revenue from the licensed software is recognized when the product and embedded software is shipped to the customer. | |||
For either a single element transaction or a MEA, the Company allocates consideration to all deliverables based on their relative stand-alone selling prices. Amendments to ASC 605-25, which became effective January 1, 2011, establish a hierarchy to determine the stand-alone selling price as follows: | |||
• | Vendor Specific Objective Evidence of the fair value (VSOE), | ||
• | Third Party Evidence (TPE) | ||
• | Best Estimate of the Selling Price (ESP) | ||
Sales which constitute a MEA are accounted for by determining if the elements can be accounted for as separate accounting units, and if so, by applying values to those units, per the hierarchy above. If VSOE is not available, management estimates the fair selling price using historical pricing for similar items, in conjunction with current pricing and discount policies. | |||
Revenue from licensed software is recognized upon shipment and in accordance with industry-specific software recognition accounting guidance. Software updates that will be provided free of charge are evaluated on a case-by-case basis to determine whether they meet the definition of an upgrade and create a multiple element arrangement. The consideration allocated to the unspecified software upgrade rights and non-software services is deferred and recognized rateably over the 24-month estimated life of the devices. The Company’s BESP for the unspecified software upgrade right and non-software services is $25 per unit for the M100 Smart Glass. | |||
Fees charged to customers for post-contract Technical Support are recognized ratably over the term of the contract. Costs related to maintenance obligations are expensed as incurred. | |||
Tooling and Equipment | |||
Tooling and equipment are stated at cost. Depreciation of tooling and equipment is provided for using the straight-line method over the following estimated useful lives: | |||
Computers and Software | 3 years | ||
Manufacturing Equipment | 5 years | ||
Tooling | 3 years | ||
Furniture and Equipment | 5 years | ||
Repairs and maintenance costs are expensed as incurred. Asset betterments are capitalized. | |||
Patents and Trademarks | |||
The Company capitalizes the costs of obtaining its patents and registration of Trademarks. Such costs are accumulated and capitalized during the filing periods, which can take several years to complete. Successful applications that result in the granting of a patent or trademark are then amortized over 15 years on a straight-line basis. Unsuccessful applications are written off and expensed in the fiscal period where the application is abandoned or discontinued. | |||
Software Development Costs | |||
The Company capitalizes the costs of obtaining its software once technological feasibility has been determined by management. Such costs are accumulated and capitalized and projects can take several years to complete. Unsuccessful or discontinued software projects are written off and expensed in the fiscal period where the application is abandoned or discontinued. Costs incurred internally in researching and developing a computer software product are charged to expense until technological feasibility has been established for the product. Once technological feasibility is established, all software costs are capitalized until the product is available for general release to customers. Judgment is required in determining when technological feasibility of a product is established. Generally, this occurs shortly before the products are released to manufacturing. The amortization of these costs is included in cost of revenue over the estimated life of the products, which currently is estimated as 3 years using a straight-line basis. | |||
Long-Lived Assets | |||
The Company regularly assesses all of its long-lived assets for impairment when events or circumstances indicate their carrying amounts may not be recoverable, in accordance with FASB ASC Topic 360-10, “Accounting for the Impairment or Disposal of Long-Lived Assets.” In 2013, an impairment charge of $73,423 was recorded related to abandoned patents and trademarks. In 2012, an impairment charge of $64,703 was recorded related to abandoned patents and trademarks. | |||
Research and Development | |||
Research and development costs, are expensed as incurred consistent with the guidance of FASB ASC Topic 730, “Research and Development,” and include employee related costs, office expenses, third party design and engineering services, and new product prototyping costs. Costs incurred internally in researching and developing a computer software product are charged to expense until technological feasibility has been established for the product. | |||
Shipping and Handling Costs | |||
Amounts charged to customers and costs incurred by the Company related to shipping and handling are included in net sales and cost of goods sold, respectively, in accordance with FASB ASC Topic 605-45, “Revenue Recognition – Principal Agent Consideration”, “Accounting for Shipping and Handling Fees and Costs.” | |||
Advertising | |||
Advertising costs are expensed as incurred and recorded in “Selling and Marketing” in the Consolidated Statements of Operations. Advertising expense for the years ended December 31, 2013 and 2012 amounted to $231,552 and $253,815, respectively. These amounts are inclusive of $4,500 in 2012 that are included in Discontinued Operations. | |||
Income Taxes | |||
The Company accounts for income taxes in accordance with FASB ASC Topic 740-10, “Income Taxes.” Accordingly, the Company provides deferred income tax assets and liabilities based on the estimated future tax effects of differences between the financial and tax bases of assets and liabilities based on currently enacted tax laws. A valuation allowance is established for deferred tax assets in amounts for which realization is not considered more likely than not to occur. | |||
The Company reports any interest and penalties accrued relating to uncertain income tax positions as a component of the income tax provision. | |||
Earnings Per Share | |||
Basic earnings per share is computed by dividing the net (loss) income less accrued dividends on any outstanding preferred stock by the weighted average number of common shares outstanding for the period. Diluted earnings per share calculations reflect the assumed exercise of all dilutive employee stock options and warrants applying the treasury stock method promulgated by FASB ASC Topic 260, “Earnings Per Share” and the conversion of any outstanding convertible preferred shares or notes payable that are-in-the-money, applying the as-if-converted method. However, if the assumed exercise of stock options and warrants and the conversion of any preferred shares or convertible notes payable are anti-dilutive, basic and diluted earnings per share are the same for all periods. | |||
Stock-Based Employee Compensation | |||
The Company accounts for share-based compensation to employees and directors in accordance with FASB ASC Topic 718 “Compensation Stock Expense,” which requires that compensation expense be recognized in the consolidated financial statements for share-based awards based on the grant-date fair value using a Black-Scholes valuation model of those awards. The Company uses the fair market value of our common stock on the date of each option grant based on market price of the Company’s common shares on the TSX Venture Exchange and since August 5, 2013 on the OTCQB. Stock-based compensation expense includes an estimate of forfeitures and is recognized over the requisite service periods of the awards on a straight-line or graded vesting basis, which is generally commensurate with the vesting term. As a result of the adoption of FASB ASC Topic 718, stock-based compensation expense associated with stock option grants for the years ending December 31, 2013 and 2012 was $159,272 and $172,233, respectively. | |||
The Company issues new shares upon stock option exercises. Please refer to Note 22, Stock Option Plans, for further information. | |||
Derivative Liability and Fair Value Measurements | |||
The Company has adopted the provisions of FASB ASC Topic 820, “Fair Value Measurements and Disclosures” as of January 1, 2008 for financial instruments. This standard defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. ASC 820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. ASC 820 permits an entity to measure certain financial assets and financial liabilities at fair value with changes in fair value recognized in earnings each period. In accordance with ASC 815-10-25, we measured the derivative liability using a Lattice pricing model at their issuance date and subsequently they are remeasured. Accordingly, at the end of each quarterly reporting date the derivative fair market value is remeasured and adjusted to current market value. Derivatives that have more than one year remaining in their life are shown as long term derivative liabilities. | |||
ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs other than quoted prices included in Level 1 that are directly or indirectly observable for the asset or liability. Such inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs derived principally from or corroborated by observable market data by correlation or other means. Level 3 inputs are unobservable inputs for the asset or liability. Such inputs are used to measure fair value when observable inputs are not available. | |||
Recent Accounting Pronouncements | |||
In December 2011, the FASB issued new guidance which requires enhanced disclosures on offsetting amounts within the balance sheet, including disclosing gross and net information about instruments and transactions eligible for offset or subject to a master netting or similar agreement. The guidance is effective for the company beginning January 1, 2013 and is to be applied retrospectively. The adoption of this guidance, which is related to disclosure only, did not have an impact on the company’s consolidated financial position, results of operations or cash flows. | |||
There are no other recent accounting pronouncements that are expected to have a material impact on the consolidated financial statements. | |||
Liquidity_and_Going_Concern_Is
Liquidity and Going Concern Issues | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||
Going Concern Disclosure [Abstract] | ' | ' | ||||
Liquidity and Going Concern Issues | ' | ' | ||||
Note 2 — Liquidity and Going Concern Issues | Note 3 —Going Concern Issues | |||||
The Company’s independent registered public accounting firm’s report issued on our consolidated financial statements for the years ended December 31, 2013 and 2012 included an explanatory paragraph describing the existence of conditions that raise substantial doubt about the Company’s ability to continue as a going concern, including continued operating losses and the potential inability to pay currently due debts. The net operating loss for the first quarter of 2014 was $993,150. The Company has incurred a net loss from continuing operations consistently over the last 2 years. The Company incurred annual net losses from its continuing operations of $10,146,228 in 2013 and $4,747,387 in 2012, and has an accumulated deficit of $34,780,626 as of March 31, 2014. The Company’s ongoing losses have had a significant negative impact on the Company’s financial position and liquidity. As at March 31, 2014 the Company had a working capital deficit of $1,836,319. | The Company’s independent registered public accounting firm’s report issued on our consolidated financial statements for the years ended December 31, 2013 and 2012 included an explanatory paragraph describing the existence of conditions that raise substantial doubt about the Company’s ability to continue as a going concern, including continued operating losses and the potential inability to pay currently due debts. The Company has incurred a net loss from continuing operations consistently over the last 2 years. The Company incurred annual net losses from its continuing operations of $10,146,228 in 2013 and $4,747,387 in 2012, and has an accumulated deficit of $36,292,532 as of December 31, 2013. The Company’s ongoing losses have had a significant negative impact on the Company’s financial position and liquidity. | |||||
The Company’s cash requirements are primarily for funding operating losses, working capital, research, principal and interest payments on debt obligations, and capital expenditures. Historically, the Company has met these cash needs by borrowings under notes, sales of convertible debt, the sales of equity securities and the sale of assets. | The Company’s cash requirements are primarily for funding operating losses, working capital, research, principal and interest payments on debt obligations, and capital expenditures. Historically, the Company has met these cash needs by borrowings under notes, sales of convertible debt, the sales of equity securities and the sale of assets. The major transactions over the last two years included: | |||||
Since the closing of the Company’s public stock offering on August 5, 2013 and the related debt conversions and repayments, the Company has had the financial resources to better execute on its business plans and reduced the doubt about its ability to continue as a going concern. However the Company’s continued operating losses and large composition of past due accounts payable continue to affect the efficient operations of the Company and slow new product development. | - | The sale of assets relating to the Company’s Tactical Display Group business (the “TDG Assets”) on June 15, 2012 and subsequent debt repayments and debt deferrals. The Company received net proceeds of $7,520,197. | ||||
- | On March 21, 2013, the Company issued a five year secured 16% convertible debenture in the amount of $800,000. The entire principal amount and related accrued interest of this loan along with a $160,000 early repayment penalty was repaid upon the closing of the Company’s public offering on August 5, 2013. | |||||
During the first quarter of 2014, holders of the warrants issued in our public offering which closed on August 5, 2013 exercised for cash warrants for the purchase of 643,300 shares of common stock and the Company received proceeds of $1,447,425 from such warrant exercises. These warrant exercise proceeds will contribute to helping the Company fund and implement its current 2014 operating plan. | - | On July 15, 2013, the Company issued a five year secured 16% convertible debenture in the amount of $200,000. The entire principal amount and related accrued interest of this loan along with a $40,000 early repayment penalty was repaid upon the closing of the Company’s public offering on August 5, 2013. | ||||
- | On August 5, 2013, the Company closed its public offering of 4,025,000 shares of common stock, and warrants to purchase up to an aggregate of 4,025,000 shares of common stock, at a public offering price of $2.00 per share and $0.0001 per warrant. The warrants have a per share exercise price of $2.25, are exercisable immediately, and expire 5 years from the date of issuance. Total gross proceeds from the public offering were $8,050,000, before underwriting discounts and commissions and other offering expenses payable by Vuzix of $1,358,641. Simultaneous with the closing of this public offering $2,316,007 in outstanding secured debt and accrued interest thereon, converted into common stock and warrants with the same material terms at a conversion price equal to the offering price of $2.00. Additionally $1,642,569 in outstanding long-term accrued compensation and accrued interest owed to our officers was converted into common stock and similar warrants at a conversion price equal to the offering price of $2.00. | |||||
The Company’s cash requirements depend on numerous factors, including new product development activities, our ability to commercialize our products, their timely market acceptance, selling prices and gross margins, and other factors. To the extent the Company has sufficient operating funds, it expects to carefully devote capital resources to the development of new products and to continue its waveguide and HD display engine development programs, hire and train additional staff, and undertake new product marketing activities. Such expenditures, along with further future net operating losses, product tooling expenses, and related working capital investments, will be the principal uses of cash. The Company must grow its business significantly to become profitable and self-sustaining on a cash flow basis or it will be required to raise new capital. | ||||||
The above public offering and related debt conversions and repayments have allowed the Company to cure all its prior debt defaults. Since the closing of the public offering on August 5, 2013, the Company has had the financial resources to better execute on its business plans and reduced the doubt about its ability to continue as a going concern. However the Company’s continued operating losses and large composition of old accounts payable continues to affect the efficient operations of the Company and slows new product development. | ||||||
The Company’s management intends to take actions necessary to continue as a going concern, as discussed herein, and accordingly our condensed consolidated financial statements have been prepared assuming that we will continue as a going concern. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Management’s plans concerning these matters and managing our liquidity includes among other things: | ||||||
The Company’s cash requirements depend on numerous factors, including new product development activities, our ability to commercialize our products, their timely market acceptance, selling prices and gross margins, and other factors. To the extent the Company has sufficient operating funds, it expects to carefully devote capital resources to the development of new products and to continue its waveguide and HD display engine development programs, hire and train additional staff, and undertake new product marketing activities. Such expenditures, along with further future net operating losses, product tooling expenses, and related working capital investments, will be the principal use of cash. The Company must grow its business significantly to become profitable and self-sustaining on a cash flow basis or it will be required to raise new capital. | ||||||
• | managing working capital through better optimization of inventory levels; | |||||
• | focusing on selling higher gross margin products, which will mean a greater emphasis on augmented reality and smart glasses products; | The Company’s management intends to take actions necessary to continue as a going concern, as discussed herein, and accordingly our consolidated financial statements have been prepared assuming that we will continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Management’s plans concerning these matters and managing our liquidity includes among other things: | ||||
• | the introduction of see-through waveguide and new higher resolution Video Eyewear; | |||||
• | reducing operating costs wherever possible; | • | managing working capital through better optimization of inventory levels; | |||
• | minimizing capital expenditures by eliminating, delaying or curtailing discretionary and non-essential spending; | • | focusing on selling higher gross margin products, which will mean a greater emphasis on augmented reality and smart glasses products; | |||
• | deferring some research and development and delaying some planned new products based on new technology; | • | the introduction of see-through waveguide and new higher resolution Video Eyewear; | |||
• | exploring options with respect to new equity financings or debt borrowings; and | • | reducing operating costs wherever possible; | |||
• | exploring the licensing of our IP | • | minimizing capital expenditures by eliminating, delaying or curtailing discretionary and non-essential spending; | |||
• | deferring some research and development and delaying some planned new products based on new technology; | |||||
The Company and its management cannot make assurances as to whether any of these actions can be effected on a timely basis, on satisfactory terms or maintained once initiated, and even if successful, whether its liquidity plan will limit certain of our operational and strategic initiatives designed to grow the business over the long term or whether such initiatives will be limited by the availability of capital. | • | exploring options with respect to new equity financings or debt borrowings; and | ||||
• | exploring the licensing of our IP | |||||
Continued increases in product sales and engineering services will be important steps to achieving cash-flow positive operations. The Company in calendar 2014 is now effectively shipping all new models and products as compared to its offerings last year. However, if these products are not successful within a reasonable time period, we will have to raise additional capital to maintain operations and/or materially reduce our operating and new product development costs. New products incorporating our waveguide optics and HD resolution Video Eyewear products may be delayed as a result. | ||||||
The Company and its management cannot make assurances as to whether any of these actions can be effected on a timely basis, on satisfactory terms or maintained once initiated, and even if successful, whether its liquidity plan will limit certain of our operational and strategic initiatives designed to grow the business over the long term or whether such initiatives will be limited by the availability of capital. | ||||||
If the Company is required to raise additional funds by selling additional shares of its capital stock, or securities convertible into shares of its capital stock, the ownership interest of existing shareholders may be diluted. The amount of dilution could be increased by the issuance of warrants or securities with other dilutive characteristics, such as full ratchet anti-dilution clauses or price resets. The Company can give no assurance that it will be able to obtain additional financing on favorable terms or at all. If it is unable to become profitable and self-sustaining on a cash flow basis and needs to obtain future external funding, the Company could be forced to delay, reduce or eliminate its research and development programs, future commercialization efforts or otherwise curtail its business, which could adversely affect its business prospects. These factors raise substantial doubt about our ability to continue as a going concern. | ||||||
Continued increases in product sales and engineering services will be important steps to achieving cash-flow positive operations. The Company in calendar 2014 is now effectively shipping all new models and products as compared to its offerings last year. However, if these products are not successful within a reasonable time period, we will have to raise additional capital to maintain operations and/or materially reduce our operating and new product development costs. New products incorporating our waveguide optics and HD resolution Video Eyewear products may be delayed as a result. | ||||||
If the Company is required to raise additional funds by selling additional shares of its capital stock, or securities convertible into shares of its capital stock, the ownership interest of existing shareholders may be diluted. The amount of dilution could be increased by the issuance of warrants or securities with other dilutive characteristics, such as full ratchet anti-dilution clauses or price resets. The Company can give no assurance that it will be able to obtain additional financing on favorable terms or at all. If it is unable to become profitable and self-sustaining on a cash flow basis and needs to obtain future external funding, the Company could be forced to delay, reduce or eliminate its research and development programs, future commercialization efforts or otherwise curtail its business, which could adversely affect its business prospects. These factors raise substantial doubt about our ability to continue as a going concern. | ||||||
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
Discontinued Operations | ' | |||||||
Note 4 — Discontinued Operations | ||||||||
In an effort to improve working capital, cure then existing debt defaults and pay down debts, on June 15, 2012, the Company sold and licensed those of its assets (including equipment, tooling, certain patents and trademarks) (the “TDG Assets”) that comprised its tactical defense group, which engaged in the business of selling and licensing products and providing services, directly and indirectly, to military, defense and security organizations (the “Business”). We recorded a gain of $5,837,607 from the asset sale. | ||||||||
In accordance with ASC 205-20, the sale of the TDG Assets have been accounted for as discontinued operation. Accordingly, the operating results of the TDG Assets for the years ended December 31, 2013 and 2012 have been reclassified as discontinued operations on the Consolidated Statement of Operations. Below is a summary of these results: | ||||||||
For Years | ||||||||
Ended December 31, | ||||||||
2013 | 2012 | |||||||
Sales of Products | $ | — | $ | 1,768,754 | ||||
Sales of Engineering Services | — | 358,921 | ||||||
Total Sales | — | 2,127,675 | ||||||
Total Cost of Sales | — | 1,273,907 | ||||||
Gross Profit | — | 853,768 | ||||||
Operating Expenses: | ||||||||
Research and Development | — | 295,138 | ||||||
Selling and Marketing | — | 200,378 | ||||||
General and Administrative | — | — | ||||||
Depreciation and Amortization | — | — | ||||||
Interest Expense on Senior Debt* | — | 353,584 | ||||||
Amortization Senior Debt Discount* | — | 752,248 | ||||||
Income (Loss) from Discontinued Operations | — | -747,580 | ||||||
Gain (Loss) on Disposal of Discontinued Operations | — | 5,837,607 | ||||||
Provision (Benefit) for Income Taxes (Note 21) | — | 19,800 | ||||||
— | 5,817,807 | |||||||
Net Income (Loss) from Discontinued Operations | $ | — | $ | 5,070,227 | ||||
Basic Income (Loss) per Share | $ | — | $ | 1.43 | ||||
Diluted Income (Loss) per Share | $ | — | $ | 1.43 | ||||
Weighted-average Shares Outstanding Basic (Note 6) | — | 3,536,865 | ||||||
Weighted-average Shares Outstanding Diluted (Note 6) | — | 3,651,100 | ||||||
* Amounts reported represent the interest expense and the amortization of the discount on the Senior Term debt that was required to be repaid from the proceeds of the TDG Asset sale. | ||||||||
Gain_on_Asset_Disposal
Gain on Asset Disposal | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Gain (Loss) On Disposition Of Assets [Abstract] | ' | ||||
Gain on Asset Disposal | ' | ||||
Note 5 — Gain on Asset Disposal | |||||
In an effort to improve working capital, cure then existing debt defaults and pay down debts, on June 15, 2012, the Company entered into an Asset Purchase Agreement (the “Agreement”) between the Company and TDG Acquisition Company, LLC, a Delaware limited liability company (“TDG”). Pursuant to the Agreement, the Company sold and licensed those of its assets (including equipment, tooling, certain patents and trademarks) (the “TDG Assets”) that comprised its tactical defense group, which engaged in the business of selling and licensing products and providing services, directly and indirectly, to military, defense and security organizations (the “Business”). The Business included sale of the Company’s proprietary Tac-Eye displays and its night vision electronics and optics module products. The Company received a worldwide, royalty free, assignable grant-back license to all the patents and other intellectual property sold to TDG, for use in the manufacture and sale of products other than in the military, defense and security markets. The Company retained the right to sell goods and services to other end user consumers, and to TDG and TDG and the Company jointly received the right to sell goods and services into all markets other than the military, defense and security markets and the consumer market. Each party agreed to refer to the other, business opportunities for the sale of products and services in its markets. Also pursuant to the Agreement, the Company and TDG entered into a Vuzix Authorized Reseller Agreement, pursuant to which TDG is authorized as the exclusive reseller of the Company’s current and future products to military, defense and security organizations, unless TDG elects to have the Company make such sales directly. | |||||
The purchase price paid to the Company by TDG consists of two components: $8,345,793 net of adjustments, which was paid at closing, and up to an additional $2.5 million, which would be received only if TDG achieves certain quarterly and annual revenue targets from sales of goods and services to military, defense and security organizations. None of the $2.5 million was received during the measurement period. The purchase price was determined by arm’s length negotiations between the parties. | |||||
The following represents the major components of the reported gain on sale: | |||||
Net Sales Price | $ | 8,345,793 | |||
Less: | |||||
Professional Fees on Sale of Assets | -825,596 | ||||
Accounts Receivable Sold | -299,599 | ||||
Inventories Sold | -1,135,042 | ||||
Tooling & Equipment Sold | -120,832 | ||||
Patents and Trademarks Sold | -113,117 | ||||
Federal Income Tax | -19,800 | ||||
Sales Taxes on Asset Sale | -14,000 | ||||
Net Gain on Sale of Asset | $ | 5,817,807 | |||
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2014 | Dec. 31, 2013 | ||||||||
Earnings (Loss) Per Share | ' | ' | |||||||
Earnings (Loss) Per Share | ' | ' | |||||||
Note 3 – Earnings (Loss) Per Share | Note 6 — Net Earnings (Loss) Per Share (EPS) | ||||||||
Basic earnings (loss) per share is computed by dividing net income or loss by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution from the assumed exercise of stock options and warrants and the conversion of any convertible debt. During periods of net loss, all common stock equivalents are excluded from the diluted EPS calculation because they are antidilutive. Since the Company reported net income for the three months ended March 31, 2014, a total of 1,544,999 additional shares have been included for these diluted calculations. | ASC 260-10 “Earnings Per Share” requires the Company to calculate its net income (loss) per share based on basic and diluted net income (loss) per share, as defined. Basic EPS excludes dilution and is computed by dividing net income (loss) by the weighted average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The dilutive effect of outstanding options and warrants issued by the Company, are reflected in diluted EPS using the treasury stock method. Under the treasury stock method, options and warrants will generally have a dilutive effect when the average market price of common stock during the period exceeds their exercise price. The dilutive effect of any outstanding convertible debt issued by the Company is reflected in diluted EPS using the if-converted method. For periods of net loss, basic and diluted EPS are the same as the assumed exercise of stock options and warrants and the conversion of convertible debt are anti-dilutive. | ||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Net (Loss) from Continuing Operations (A) | $ | -10,146,228 | $ | -4,747,387 | |||||
Net Income (Loss) (B) | $ | -10,146,228 | $ | 322,840 | |||||
Add - Interest savings from converted debt | — | 114,537 | |||||||
Adjusted Diluted Net Income (Loss) (F) | $ | -10,146,228 | $ | 437,377 | |||||
Weighted Average Shares Outstanding: | |||||||||
Weighted average basic shares outstanding (C) | 5,988,595 | 3,536,865 | |||||||
Dilutive effect of options and warrants | 2,984,199 | 31,354 | |||||||
Dilutive effect of convertible debt | - | 82,881 | |||||||
Weighted Average Dilutive Shares Outstanding (D) | 8,972,794 | 3,651,100 | |||||||
Earnings (Loss) Per Share From Continuing Operations | |||||||||
Basic (A/C) | $ | -1.69 | $ | -1.34 | |||||
Diluted (1) (2) | $ | -1.69 | $ | -1.34 | |||||
Earnings (Loss) Per Share | |||||||||
Basic (B/C) | $ | -1.69 | $ | 0.09 | |||||
Diluted (F/D) (1) | $ | -1.69 | $ | 0.09 | |||||
-1 | Due to net loss for period, dilutive loss per share is the same as basic. | ||||||||
-2 | Due to the antidilutive impact of the convertible debt under the if-converted method, the diluted earnings per share is the same as basic. | ||||||||
Accounts_Receivable_Net
Accounts Receivable, Net | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts Receivable, Net [Abstract] | ' | |||||||
Accounts Receivable, Net | ' | |||||||
Note 7 — Accounts Receivable, Net | ||||||||
Accounts receivable consisted of the following: | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Accounts Receivable | $ | 214,920 | $ | 170,600 | ||||
Less: Allowance for Doubtful Accounts | — | — | ||||||
Net | $ | 214,920 | $ | 170,600 | ||||
Inventories_Net
Inventories, Net | 3 Months Ended | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||
Inventory Disclosure [Abstract] | ' | ' | ||||||||||||||
Inventories, Net | ' | ' | ||||||||||||||
Note 4 — Inventories, Net | Note 8 — Inventories, Net | |||||||||||||||
Inventories are stated at the lower of cost (determined on the first-in, first-out or specific identification method) or market and consisted of the following as at March 31, 2014 and December 31, 2013: | Inventories consisted of the following: | |||||||||||||||
March 31, 2014 | December 31, 2013 | December 31, | December, 31, | |||||||||||||
2013 | 2012 | |||||||||||||||
Purchased Parts and Components | $ | 1,135,446 | $ | 1,094,250 | ||||||||||||
Work in Process | 135,913 | 153,065 | Purchased Parts and Components | $ | 1,094,250 | $ | 945,550 | |||||||||
Finished Goods | 463,810 | 280,279 | Work in Process | 153,065 | 46,259 | |||||||||||
Less: Reserve for Obsolescence | -699,495 | -573,967 | Finished Goods | 280,279 | 259,112 | |||||||||||
Less: Reserve for Obsolescence | -573,967 | -563,740 | ||||||||||||||
Net | $ | 1,035,674 | $ | 953,627 | ||||||||||||
Net | $ | 953,627 | $ | 687,181 | ||||||||||||
Deferred_Offering_Costs
Deferred Offering Costs | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Offering Costs Disclosure [Abstract] | ' | |||||||
Deferred Offering Costs | ' | |||||||
Note 9 — Deferred Offering Costs | ||||||||
Deferred offering costs consist principally of legal, accounting and underwriters’ fees incurred related to the public offering of the Company’s common stock and warrants as discussed in Note 3, which were charged to capital as of the completion of the offering on August 5, 2013. | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Professional and agents’ fees paid | $ | — | $ | 57,500 | ||||
Professional and agents’ fees included Accrued Expenses | — | 142,071 | ||||||
Total | $ | — | $ | 199,571 | ||||
Tooling_and_Equipment_Net
Tooling and Equipment, Net | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment, Net [Abstract] | ' | |||||||
Tooling and Equipment, Net | ' | |||||||
Note 10 — Tooling and Equipment, Net | ||||||||
Tooling and equipment consisted of the following: | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Tooling and Manufacturing Equipment | $ | 1,748,006 | $ | 1,685,006 | ||||
Computers and Software | 645,429 | 615,567 | ||||||
Furniture and Equipment | 749,233 | 763,134 | ||||||
$ | 3,142,668 | $ | 3,063,707 | |||||
Less: Accumulated Depreciation | -2,696,339 | -2,398,740 | ||||||
Net | $ | 446,329 | $ | 664,967 | ||||
Total depreciation expense for tooling and equipment for the years ending December 31, 2013 and 2012 was $322,861 and $409,421, respectively. | ||||||||
Patents_and_Trademarks_Net
Patents and Trademarks, Net | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Patents and Trademarks, Net | ' | |||||||
Note 11 — Patents and Trademarks, Net | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Patents and Trademarks | $ | 777,593 | $ | 803,687 | ||||
Less: Accumulated Amortization | -281,985 | -252,380 | ||||||
Net | $ | 495,608 | $ | 551,307 | ||||
Total amortization expense for patents and trademarks for the years ending December 31, 2013 and 2012 it was $54,979 and $59,396, respectively. The estimated aggregate annual amortization expense for each of the next five fiscal years is $50,058. We recorded an impairment charge of $73,423 representing cost of $98,798, less accumulated amortization of $25,375 for the year ending December 31, 2013. We recorded an impairment charge of $64,703 representing cost of $171,868, less accumulated amortization of $107,165 for the year ending December 31, 2012 regarding our abandoned patents and trademarks. | ||||||||
Software_Development_Costs
Software Development Costs | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Research and Development [Abstract] | ' | |||||||
Software Development Costs, Net | ' | |||||||
Note 12 — Software Development Costs | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Software Development Costs | $ | 240,561 | $ | — | ||||
Less: Accumulated Amortization | — | — | ||||||
Net | $ | 240,561 | $ | — | ||||
Total amortization expense for capitalized software development costs for the years ending December 31, 2013 and 2012 was $-0-, respectively. These costs will be amortized over 3 years. No amortization was recorded in 2013 because the related software project was not completed as of December 31, 2013. | ||||||||
Lines_of_Credit
Lines of Credit | 12 Months Ended |
Dec. 31, 2013 | |
Line Of Credit Facility [Abstract] | ' |
Lines Of Credit | ' |
Note 13 — Lines of Credit | |
The Company has available a $112,500 line of credit with interest payable at the bank’s prime rate plus 1%. The line is unsecured and personally guaranteed by an officer of the Company. The outstanding balance on this line of credit amounted to $-0- and $112,500 at December 31, 2013 and 2012, respectively. | |
Notes_Payable
Notes Payable | 3 Months Ended | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||
Notes Payable [Abstract] | ' | ' | ||||||||||||||
Notes Payable | ' | ' | ||||||||||||||
Note 5 – Notes Payable | Note 14 — Notes Payable | |||||||||||||||
Notes payable represent promissory notes payable by the Company. | Notes payable represent promissory notes payable by the Company. | |||||||||||||||
March 31, 2014 | December 31, | December 31, | December 31, | |||||||||||||
2013 | 2013 | 2012 | ||||||||||||||
Note payable to officers and shareholders of the Company. Blended payments of accrued interest and principal are being made to repay these notes by December 31, 2014. The notes are payable on demand, bear interest at 18.5% and secured by all the assets of the Company. | $ | 201,518 | $ | 229,787 | Note payable to officers and shareholders of the Company. Principal along with accrued interest is payable on demand and paid on December 31, 2014. The notes bear interest at 18.5% and secured by all the assets of the Company. | $ | 229,787 | $ | 165,738 | |||||||
Note payable secured by all the assets of Company and the guarantee of its President and CEO. The effective interest rate is 31%. The note is to be repaid in 12 blended monthly payments of $5,645. | 26,700 | 37,383 | Note payable secured by all the assets of Company and the guarantee of its President and CEO. The effective interest rate is 31%. The note is to be repaid in 12 blended monthly payments of $5,645. | 37,383 | 46,737 | |||||||||||
Note payable to an officer of the Company due on December 31, 2013. The note bears interest at 7.49% and monthly principal payments of $2,691 plus accrued interest are required. The note is secured by all the assets of the Company. | 3,226 | 11,297 | Note payable to an officer of the Company due on December 31, 2013. The note bears interest at 7.49% and monthly principal payments of $2,691 plus accrued interest are required. The note is secured by all the assets of the Company. | 11,297 | 45,734 | |||||||||||
$ | 278,467 | $ | 258,209 | |||||||||||||
Total | $ | 231,444 | $ | 278,467 | ||||||||||||
Customer_Deposits
Customer Deposits | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Deposits, By Customer, Alternative [Abstract] | ' | ' |
Customer Deposits | ' | ' |
Note 6 — Customer Deposits | Note 15 — Customer Deposits | |
Customer deposits represents money the Company received in advance of providing a product or engineering services to a customer. All such deposits are short term in nature as the Company delivers the product, unfulfilled portions or engineering services to the customer before the end of its next annual fiscal period. These deposits are credited to the customer against product deliveries or at the completion of their order. These deposit amounts include deferred revenue against unfulfilled deliverables of multiple-element products, including unspecified post-delivery support and software updates. Included in Customer Deposits is Unearned Revenue of $52,217 as of March 31, 2014 as compared to $39,700 as of December 31, 2013. | Customer deposits represents money the Company received in advance of providing a product or engineering services to a customer. These deposits include against unfulfilled deliverables of multiple-element products, including unspecified post-delivery support and software updates. Included in Customer Deposits is Unearned Revenue of $39,700 as of December 31, 2013 as compared to $-0- in 2012. All such deposits are short term in nature as the Company delivers the product, unfulfilled portions or engineering services to the customer before the end of its next annual fiscal period. These deposits are credited to the customer against product deliveries or at the completion of their order. | |
Accrued_Expenses
Accrued Expenses | 3 Months Ended | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||
Payables and Accruals [Abstract] | ' | ' | ||||||||||||||
Accrued Expenses | ' | ' | ||||||||||||||
Note 7 — Accrued Expenses | Note 16 — Accrued Expenses | |||||||||||||||
Accrued expenses consisted of the following: | Accrued expenses consisted of the following: | |||||||||||||||
March 31, 2014 | December 31, 2013 | December | December | |||||||||||||
31, 2013 | 31, 2012 | |||||||||||||||
Accrued Wages and Related Costs | $ | 73,845 | $ | 91,385 | Accrued Wages and Related Costs | $ | 91,385 | $ | 31,197 | |||||||
Accrued Compensation | 409,517 | 360,670 | Accrued Compensation | 360,670 | 181,322 | |||||||||||
Accrued Professional Services | 25,000 | 69,500 | Accrued Professional Services | 69,500 | 181,227 | |||||||||||
Accrued Warranty Obligations | 29,293 | 31,619 | Accrued Warranty Obligations | 31,619 | 93,788 | |||||||||||
Other Accrued Expenses | 2,909 | 1,090 | Other Accrued Expenses | 1,090 | 32,138 | |||||||||||
Total | $ | 540,564 | $ | 554,264 | Total | $ | 554,264 | $ | 519,672 | |||||||
Included in the above accrued compensation are amount owed to officers of the Company for services rendered that remain outstanding. These amounts are not subject to a fixed repayment schedule and they bear interest at a rate of 8% per annum, compounding monthly. The amounts were $409,517 as of March 31, 2014 and $360,670 as of December 31, 2013. | The Company has warranty obligations in connection with the sale of certain of its products. The warranty period for its products is generally one year except in European countries where it is two years. The costs incurred to provide for these warranty obligations are estimated and recorded as an accrued liability at the time of sale. The Company estimates its future warranty costs based on product-based historical performance rates and related costs to repair. | |||||||||||||||
The Company has warranty obligations in connection with the sale of certain of its products. The warranty period for its products is generally one year except in certain European countries where it is two years. The costs incurred to provide for these warranty obligations are estimated and recorded as an accrued liability at the time of sale. The Company estimates its future warranty costs based on product-based historical performance rates and related costs to repair. The changes in the Company’s accrued warranty obligations for the three months ended March 31, 2014 were as follows: | The changes in the Company’s accrued warranty obligations for the years ended December 31, 2013 and 2012 were as follows: | |||||||||||||||
Accrued Warranty Obligations at December 31, 2011 | $ | 118,611 | ||||||||||||||
Accrued Warranty Obligations at December 31, 2013 | $ | 31,619 | Reductions for Settling Warranties | -126,308 | ||||||||||||
Reductions for Settling Warranties | -26,672 | Warranty Issued During Year | 101,485 | |||||||||||||
Warranties Issued During Period | 24,346 | |||||||||||||||
Accrued Warranty Obligations at December 31, 2012 | $ | 93,788 | ||||||||||||||
Accrued Warranty Obligations at March 31, 2014 | $ | 29,293 | Reductions for Settling Warranties | -74,287 | ||||||||||||
Warranty Issued During Year | 12,118 | |||||||||||||||
Accrued Warranty Obligations at December 31, 2013 | $ | 31,619 | ||||||||||||||
Derivative_Liability_and_Fair_
Derivative Liability and Fair Value Measurements | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ||||||||||||||||||||||||||
Derivative Liability and Fair Value Measurements | ' | ' | ||||||||||||||||||||||||||
Note 8 – Derivative Liability and Fair Value Measurements | Note 17 – Derivative Liability and Fair Value Measurements | |||||||||||||||||||||||||||
The Company recognized a derivative liability for the warrants to purchase shares of its common stock issued in connection with the equity offering and related debt conversions on August 5, 2013 and convertible senior secured debentures issued in 2013. These warrants have a cashless exercise provision and an exercise price that is subject to adjustment in the event of subsequent equity sales at a lower purchase price (subject to certain exceptions) along with full-ratchet anti-dilution provisions. In accordance with ASC 815-10-25, we measured the derivative liability using a Lattice pricing model at their issuance date and subsequently remeasured the liability on December 31, 2013 to $12,035,816. | The Company recognized a derivative liability for the warrants to purchase 186,480 shares of its common stock issued in connection with the $800,000 convertible senior secured debenture issued on March 21, 2013. These warrants have a cashless exercise provision effective six months after the issuance date and an exercise price that is subject to adjustment in the event of subsequent equity sales at a lower purchase price (subject to certain exceptions) within the first six months. In accordance with ASC 820-10-35 we measured the derivative liability using a Black-Scholes pricing model at the March 21, 2013 issuance date. On September 21, 2013, the exercise price adjustment feature expired causing the warrants to no longer require derivative accounting treatment. Accordingly the derivative liability was marked to market on September 21, 2013 and the fair value of $526,245 related to these warrants was reclassified to Additional Paid-in Capital. See Note 23: Warrants for additional information on the warrants issued. | |||||||||||||||||||||||||||
Accordingly, at the end of each quarterly reporting date the derivative fair market value is remeasured and adjusted to current market value. As at March 31, 2014 a total of 5,279,988 warrants were outstanding that contained a full-ratchet anti-dilution provision. The total derivative liability was revalued to $8,363,751 based on the closing price of our common stock as of March 31, 2014, resulting in a gain of $2,575,262 on the derivative’s valuation for the 3 months ending March 31, 2014 versus a loss of $14,287 for the same period in 2013. | The Company recognized a derivative liability for the warrants to purchase 38,168 shares of its common stock issued in connection with the $200,000 convertible senior secured debenture issued on July 15, 2013. These warrants have a cashless exercise provision effective six months after the issuance date and an exercise price that is subject to adjustment in the event of subsequent equity sales at a lower purchase price (subject to certain exceptions) within the first six months. In accordance with ASC 815-10-25, we measured the derivative liability using a Monte Carlo Options Lattice pricing model at the July 15, 2013 issuance date and subsequently remeasured the liability on December 31, 2013. See Note 23: Warrants for additional information on the warrants issued. | |||||||||||||||||||||||||||
The Company has adopted ASC Topic 820 (originally issued as SFAS 157, “Fair Value Measurements”) for financial instruments measured at fair value on a recurring basis. ASC Topic 820 defines fair value, establishes a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements. | The Company recognized a derivative liability for the warrants to purchase 6,004,288 shares of its common stock issued in connection with the equity offering and related debt conversions issued on August 5, 2013. These warrants have a cashless exercise provision and an exercise price that is subject to adjustment in the event of subsequent equity sales at a lower purchase price (subject to certain exceptions) along with full-ratchet anti-dilution provisions. In accordance with ASC 815-10-25, we measured the derivative liability using a Lattice pricing model at the August 5, 2013 issuance date and subsequently remeasured the liability on December 31, 2013. See Note 23: Warrants for additional information on the warrants issued. | |||||||||||||||||||||||||||
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 establishes 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: | The Company recognized a derivative liability for the warrants to purchase 127,717 shares of its common stock issued in connection with obtaining the permission of the Company’s senior debt holders for its August 5, 2013 public equity offering. These warrants have a cashless exercise provision effective six months after the issuance date and an exercise price that is subject to adjustment in the event of subsequent equity sales at a lower purchase price (subject to certain exceptions) within the first six months. In accordance with ASC 815-10-25, we measured the derivative liability using a Lattice pricing model at the August 5, 2013 issuance date and subsequently remeasured the liability on December 31, 2013. On September 21, 2013 the exercise price adjustment feature expired for 102,357 of these warrants, causing these warrants to no longer require derivative accounting treatment. Accordingly the associated derivative liability was marked to market on September 21, 2013 and these warrants were reclassified to Additional Paid-in Capital. The remaining 25,360 warrants were subsequently remeasured as December 31, 2013. See Note 23: Warrants for additional information on the warrants issued. | |||||||||||||||||||||||||||
- Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; | Accordingly, at the end of each quarterly reporting date the derivative fair market value is remeasured and adjusted to current market value. The total derivative liability was revalued to $12,035,816 based on the closing price of our common shares as of December 31, 2013, resulting in a loss of $3,575,278 on the derivative’s valuation for the year ending December 31, 2013 and $-0- for the same period in 2012. | |||||||||||||||||||||||||||
- 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. | The Company concluded that the Put embedded in the senior secured convertible debentures in the event of the Company’s default under the Debenture had such minimal value that it did not record an additional and separate liability for this contingency. Both debentures were repaid in full on August 5, 2013. | |||||||||||||||||||||||||||
We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows at March 31, 2014: | The Company has adopted ASC Topic 820 (originally issued as SFAS 157, “Fair Value Measurements”) for financial instruments measured at fair value on a recurring basis. ASC Topic 820 defines fair value, establishes a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements. | |||||||||||||||||||||||||||
Total | (Level 1) | (Level 2) | Level (3) | 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 establishes 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: | ||||||||||||||||||||||||
Assets | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
- Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; | ||||||||||||||||||||||||||||
Total assets measured at fair value | — | — | — | — | - 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. | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows at December 30, 2013: | ||||||||||||||||||||||||||||
Derivative Liability | 8,363,751 | — | — | 8,363,751 | ||||||||||||||||||||||||
Total liabilities measured at fair value (Long-Term) | $ | 8,363,751 | $ | — | $ | — | $ | 8,363,751 | Total | (Level 1) | (Level 2) | Level (3) | ||||||||||||||||
Assets | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
3 Months | Year Ended | |||||||||||||||||||||||||||
Ended March | December | Total assets measured at fair value | — | — | — | — | ||||||||||||||||||||||
31, 2014 | 31, 2013 | |||||||||||||||||||||||||||
Fair value – beginning of period | $ | 12,035,816 | $ | — | Liabilities | |||||||||||||||||||||||
Warrants issue during period | — | 9,067,282 | ||||||||||||||||||||||||||
Reclassification (reset expiration) of warrant liabilities to Additional Paid-in Capital | -117,010 | -526,245 | Derivative Liability | 12,035,816 | — | — | 12,035,816 | |||||||||||||||||||||
Reclassification of warrant exercises to Additional Paid-in Capital | -979,793 | -80,500 | Total liabilities measured at fair value (Long-Term) | $ | 12,035,816 | $ | — | $ | — | $ | 12,035,816 | |||||||||||||||||
Change in fair value for the period | -2,575,262 | 3,575,278 | ||||||||||||||||||||||||||
Fair value – end of period | $ | 8,363,751 | $ | 12,035,816 | December | December | ||||||||||||||||||||||
31, 2013 | 31, 2012 | |||||||||||||||||||||||||||
For period ending March 31, 2014, the Monte Carlo Options Lattice pricing model was used to estimate the fair value of warrants issued during this period. The following summary table shows the assumptions used to compute the fair value of the warrants when granted at issuance and as of March 31, 2014: | Fair value – beginning of period | $ | — | $ | — | |||||||||||||||||||||||
Warrants issue | 9,067,283 | — | ||||||||||||||||||||||||||
March 31, 2014 | Reclassification of warrant liabilities to Additional Paid-in Capital | -526,245 | — | |||||||||||||||||||||||||
Assumptions for Pricing Model: | Reclassification of warrant exercises to Additional Paid-in Capital | -80,500 | — | |||||||||||||||||||||||||
Expected term in years | 3.96 to 4.55 | Change in fair value | 3,575,278 | — | ||||||||||||||||||||||||
Volatility range for years 1 to 5 | 55 to 143 | % | ||||||||||||||||||||||||||
Risk-free interest rate | 1.46 to 1.73 | % | Fair value – end of period | $ | 12,035,816 | $ | — | |||||||||||||||||||||
Expected annual dividends | None | |||||||||||||||||||||||||||
For year ending December 30, 2013, the Monte Carlo Options Lattice pricing model was used to estimate the fair value of warrants issued during this period. The following summary table shows the assumptions used to compute the fair value of the warrants granted during 2013 at issuance and as of December 31, 2013 is: | ||||||||||||||||||||||||||||
Value of warrants issued: | ||||||||||||||||||||||||||||
Fair value of warrants | $ | 8,363,751 | December 31, 2013 | At Issuance | ||||||||||||||||||||||||
Assumptions for Pricing Model: | ||||||||||||||||||||||||||||
Expected term in years | 4.2 to 4.6 | 4.62 to 5.0 | ||||||||||||||||||||||||||
Volatility range for years 1 to 5 | 56 | % | 61 to 110 | % | ||||||||||||||||||||||||
Risk-free interest rate | 1.75 | % | 0.77 to 1.41 | % | ||||||||||||||||||||||||
Expected annual dividends | None | None | ||||||||||||||||||||||||||
Value of warrants issued: | ||||||||||||||||||||||||||||
Fair value of warrants | $ | 12,035,816 | $ | 9,067,283 | ||||||||||||||||||||||||
Accrued_Compensation
Accrued Compensation | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Compensation Related Costs [Abstract] | ' | |||||||
Accrued Compensation | ' | |||||||
Note 18 — Accrued Compensation | ||||||||
Accrued compensation represents amounts owed to officers of the Company for services rendered that remain outstanding. The principal is not subject to a fixed repayment schedule, and interest on the outstanding balances is payable at 8% per annum, compounding monthly. The respective interest amounts are included in Accrued Interest, under the Long-Term Liabilities. The unpaid principal amounts are shown as Long-Term Liabilities on the consolidated balance sheet. | ||||||||
Accrued | Accrued Interest | |||||||
Compensation | ||||||||
Balance as at December 31, 2011 | $ | 810,096 | $ | 339,323 | ||||
Additions 2012 | 200,000 | 103,315 | ||||||
Subtractions 2012 | — | — | ||||||
Balance as at December 31, 2012 | 1,010,096 | 442,638 | ||||||
Additions 2013 | 116,667 | 73,168 | ||||||
Subtractions 2013 | -1,126,763 | -515,806 | ||||||
Balance as at December 31, 2013 | $ | — | $ | — | ||||
On March 27, 2013, the Company entered into a deferred compensation deferral and conversion option agreements with two of its officers, which agreements were subject to the closing of the Company’s planned public stock offering and which agreements were effective upon such closing on August 5, 2013. Pursuant to those agreements the officers each converted the entire long-term portion their deferred compensation amounts plus accrued interest into shares of the Company’s common stock and related warrants, at the conversion price of $2.00, equal to the offering price of the Company’s August 5, 2015 public stock offering. Current accrued compensation and general accrued wages as at December 31, 2013 and 2012 is included in Accrued Expenses – please refer to Note 16. | ||||||||
LongTerm_Debt
Long-Term Debt | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||
Long-Term Debt | ' | ' | ||||||||||||||||||||||||||||||||||
Note 9 — Long-Term Debt | Note 19 — Long-Term Debt | |||||||||||||||||||||||||||||||||||
Long-term debt consisted of the following: | Long-term debt consisted of the following at December 31: | |||||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, | December 31, | December | |||||||||||||||||||||||||||||||||
2013 | 2013 | 31, 2012 | ||||||||||||||||||||||||||||||||||
Note payable for research and development equipment. The principal is subject to a fixed semi-annual repayment schedule commencing October 31, 2012 over 48 months. The note carries a 0% interest, but imputed interest has been accrued based on a 12% discount | 256,727 | 256,727 | Note payable to an officer of the Company. The principal was not subject to a fixed repayment schedule, bore interest at 8% per annum and was secured by all of the assets of the Company | $ | — | $ | 209,208 | |||||||||||||||||||||||||||||
rate and is reflected as a reduction in the principal. | -65,376 | -71,701 | Note payable to an officer of the Company. The principal and interest was subject to a fixed blended repayment schedule of 36 months, commencing July 15, 2013. The loan bore interest at 12% per annum and was secured by a subordinated position in all the assets of the Company. | — | 225,719 | |||||||||||||||||||||||||||||||
Note payable for which the principal and interest is subject to a fixed blended repayment schedule of 36 months, commencing July 15, 2013. The loan bears interest at 12% per annum and is secured by a subordinated position in all the assets of the Company. | 76,311 | 84,790 | Note payable for research and development equipment. The principal is subject to a fixed semi-annual repayment schedule commencing October 31, 2012 over 48 months. | 256,727 | 396,004 | |||||||||||||||||||||||||||||||
The note carries a 0% interest, but imputed interest has been accrued based on a 12% discount rate and is reflected as a reduction in the principal. | -71,701 | -97,003 | ||||||||||||||||||||||||||||||||||
$ | 267,662 | $ | 269,816 | Convertible, Senior Secured Term Debt. The principal was to be repaid over 15 months, with equal payments of principal beginning on October 15, 2012. The Company did not make any of the required principal payments and was in default. The loan bore interest at 13.5%, per annum, which was payable monthly on the 15th of each month. The loan was secured by a first security position in all the Intellectual Property assets of the Company and a security interest in all of the other assets of the Company that was subordinate only to the security interest that secures the Company’s working capital loan. | — | 619,122 | ||||||||||||||||||||||||||||||
Less: Amount Due Within One Year | -99,320 | -99,320 | Long-term secured deferred trade payable for which the principal and interest was subject to a fixed blended repayment schedule of 24 and 36 months, commencing July 15, 2013. The deferred trade payable bears interest at 12% per annum and was secured by a subordinated position in all the assets of the Company. | — | 1,320,643 | |||||||||||||||||||||||||||||||
Note payable for which the principal and interest is subject to a fixed blended repayment schedule of 36 months, commencing July 15, 2013. The loan bears interest at 12% per annum and is secured by a subordinated position in all the assets of the Company. | 84,790 | 101,748 | ||||||||||||||||||||||||||||||||||
Amount Due After One Year | $ | 168,342 | $ | 170,496 | $ | 269,816 | $ | 2,775,441 | ||||||||||||||||||||||||||||
Less: Amount Due Within One Year | -99,320 | -1,060,188 | ||||||||||||||||||||||||||||||||||
The aggregate maturities for all long-term borrowings as of March 31, 2014 are as follows: | Amount Due After One Year | $ | 170,496 | $ | 1,715,253 | |||||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | Thereafter | Total | The aggregate maturities reflect future cash principle payments exclusive of non-cash amortization discount for all long-term borrowings as of December 31, 2013 are as follows: | ||||||||||||||||||||||||||||||
$ | 99,320 | $ | 100,064 | $ | 68,278 | $ | — | $ | — | $ | 267,662 | 2014 | 2015 | 2016 | 2017 | Thereafter | Total | |||||||||||||||||||
$ | 99,320 | $ | 100,064 | $ | 70,432 | $ | — | $ | — | $ | 269,816 | |||||||||||||||||||||||||
In connection with the sale of the TDG Assets, certain of the Company’s lenders entered into Loan Modification and Consent agreements pursuant to which each consented to the sale, as required by the loan agreements between the Company and each such lender, and released their security interests in the TDG Assets sold. Pursuant to a Loan Modification and Consent Agreement regarding the Company’s Convertible, Senior Secured Term Debt Loan, which was in default at the time of the sale, the Company paid this Senior Lender $4,450,000 in reduction of the obligations of the Company to the Senior Lender. The obligation of the Company to repay the remaining amount due to the Convertible Senior Secured Term Debt Lender, $619,122 was represented by a new note in that amount. This new note carried an interest rate of 13.5%, to be paid monthly. The principal amount of the note was to be repaid over 15 months, with equal principal payments commencing on October 15, 2012. The Company did not make any of its required principal payments. The note plus accrued interest was repaid in full on August 5, 2013. | ||||||||||||||||||||||||||||||||||||
Pursuant to its original transaction with the holder of the Senior Secured Term Debt, the Company issued to that lender warrants to purchase up to 533,333 shares of common stock (the “Warrants”), at an exercise price of $7.47 per share, exercisable at any time prior to December 23, 2014. The fair value of these Warrants, $1,010,379 was reflected as a discount against the loan amount, but because of the loan’s restructuring and the early repayment of the principal resulting from the TDG Assets sale, the unamortized discount of $636,678 was fully expensed in the second quarter of 2012. | ||||||||||||||||||||||||||||||||||||
Pursuant to the various other Loan Modification and Consent agreements, each secured term note payable holder agreed to defer further payments on their respective Note Payable due from the Company until July 15, 2013 after which the notes were to be repaid in 24 to 36 equal monthly installments. | ||||||||||||||||||||||||||||||||||||
On March 27, 2013, and amended thereafter, the Company entered into several debt conversion agreements with the respective holders of $2,374,682 of the long-term debt reflected in table above. Pursuant to the agreements, each lender agreed to convert its outstanding secured promissory note, together with accrued interest thereon into shares of the Company’s common stock, subject to the closing of the Company’s proposed public stock offering, at a conversion price equal to the public offering price. In connection with the closing of the public offering on August 5, 2013, $1,755,570 of these loan amounts plus accrued interest were converted to shares of common stock and warrants and the remainder was repaid. | ||||||||||||||||||||||||||||||||||||
On March 21, 2013, the Company entered into a Securities Purchase Agreement with Hillair Capital Management L.P. (Hillair), pursuant to which, on March 21, 2013, the Company issued to Hillair a $800,000 16% secured convertible debenture due March 21, 2018. The debenture bore interest at a rate of 16% per year, payable quarterly in cash or shares of common stock at the Company’s option. Commencing on February 1, 2014, the Company was required to redeem a certain amount under the debenture on a periodic basis in an amount equal to $200,000 on each of February 1, 2014, May 1, 2014 and August 1, 2014 and $50,000 on each of August 1, 2015, August 1, 2016, August 1, 2017 and March 21, 2018, until the debenture’s maturity date of March 21, 2018; payable in cash or common stock at our option subject to certain conditions. The debenture was convertible into shares of our common stock at a conversion price of $4.29 per share, subject to certain conversion price adjustments. In connection with the debenture issuance, the Company also issued to Hillair five-year warrants to purchase 186,480 shares of its common stock at an initial exercise price of $4.72 per share, which was subject to exercise price adjustments for only the first six months. Upon the closing of the public offering, the warrant exercise was reduced to $2.25. The warrants were reflected as a derivative liability on the balance sheet and recorded as a discount against the debenture. See Note 17 for further details. Upon the closing of the public offering on August 5, 2013, the debenture principal and accrued interest was repaid along with an early repayment penalty of $160,000, and the warrant exercise was reduced to $2.25. | ||||||||||||||||||||||||||||||||||||
On July 15, 2013, the Company entered into a Securities Purchase Agreement with Hillair, pursuant to which the Company issued to Hillair a $200,000 senior secured convertible debenture due March 21, 2018, and (ii) a common stock purchase warrant to purchase up to 38,168 shares of our common stock at an initial exercise price of $5.24 per share, which is subject to exercise price adjustments for the first six months. The warrants may be exercised at any time on or after July 15, 2013 until March 21, 2018. The warrants were reflected as a derivative liability on the balance sheet and recorded as a discount against the debenture. The debenture was convertible into shares of common stock at a conversion price of $5.24 per share, subject to adjustments upon certain events. Interest on the Debenture accrued at the rate of 16% annually and was payable quarterly on February 1, May 1, August 1 and November 1, beginning on August 1, 2013, on any redemption, conversion and at maturity. Interest was payable in cash or at the Company’s option in shares of our common stock, provided certain conditions are met. Commencing on February 1, 2014, the Company would have been obligated to redeem a certain amount under the debenture on a periodic basis in an amount equal to $50,000 on each of February 1, 2014, May 1, 2014 and August 1, 2014 and $12,500 on each of August 1, 2015, August 1, 2016, August 1, 2017 and March 21, 2018, until the debenture’s maturity date of March 21, 2018. Upon the closing of the public offering on August 5, 2013, the debenture principal and accrued interest was repaid along with an early repayment penalty of $40,000, and the warrant exercise was reduced to $2.25. | ||||||||||||||||||||||||||||||||||||
Upon closing of the debenture transaction, the Company retained Gentry Capital Advisors LLC (Gentry) as a financial advisor and agreed to pay Gentry a fee of $50,000 over a period of 4 months commencing upon the closing. The Company also issued to Gentry five-year warrants to purchase 20,000 shares of common stock at an exercise price of $4.72 per share. The fair value of these warrants upon grant was calculated as $66,603 and was reflected in the deferred debenture issuance costs. In connections with the issuance of the two debentures the Company incurred issuance costs which totaled $257,691, inclusive of the financial advisor’s warrant discussed above. These costs will be amortized on a straight-line basis over the five year life of the debenture. | ||||||||||||||||||||||||||||||||||||
The Company used cash from the August 5, 2013 offering for the repurchase and cancellation of the two debentures. As a result of the two debt repayments above, the Company incurred a loss on debt extinguishment of $1,272,296 which also includes $240,637 of unamortized capitalized debt issuance costs and $685,965 of unamortized debt discounts which were written-off. | ||||||||||||||||||||||||||||||||||||
Capital_Lease_Obligations
Capital Lease Obligations | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Capital Lease Obligations [Abstract] | ' | |||||||
Capital Lease Obligations | ' | |||||||
Note 20 — Capital Lease Obligations | ||||||||
The Company maintains equipment held under capital lease obligations due in monthly installments ranging from $1,419 to $2,049 including interest at rates ranging from 25.15% to 26.71%. The related equipment is collateral to the leases. Final payments are due through September 2015. | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Total Principal Payments | $ | 41,552 | $ | 97,285 | ||||
Less: Amount Due Within One Year | -24,670 | -57,244 | ||||||
Amount Due After One Year | $ | 16,882 | $ | 40,041 | ||||
Annual requirements for retirement of the capital lease obligations are as follows: | ||||||||
December 31, | Amount | |||||||
2014 | $ | 31,687 | ||||||
2015 | 18,445 | |||||||
Total Minimum Lease Payments | $ | 50,132 | ||||||
Less: Amount Representing Interest | -8,580 | |||||||
Present Value of Minimum Lease Payments | $ | 41,552 | ||||||
The following is a summary of assets held under capital leases: | ||||||||
December 31, | 2013 | 2012 | ||||||
Computers and Software | $ | 30,692 | $ | 96,925 | ||||
Furniture and Equipment | 35,083 | 92,446 | ||||||
$ | 65,775 | 189,371 | ||||||
Less: Accumulated Depreciation | -52,275 | -81,190 | ||||||
Net | $ | 13,500 | $ | 108,181 | ||||
Depreciation expense related to the assets under capital lease amounted to $17,247 and $34,433 for years ended December 31, 2013 and 2012, respectively. | ||||||||
Income_Taxes
Income Taxes | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ' | ||||||||
Income Taxes | ' | ' | ||||||||
Note 10 — Income Taxes | Note 21 — Income Taxes | |||||||||
The Company’s effective income tax rate is a combination of federal, state and foreign tax rates and differs from the U.S. statutory rate due to taxes on foreign income, permanent differences including tax-exempt interest, and the resolution of tax uncertainties, offset by a valuation allowance against U.S. deferred income tax assets. | The Company files U.S. federal and U.S. state tax returns. At December 31, 2013, the Company had unrecognized tax benefits totaling $11,405,522, of which would have a favorable impact on our tax provision (benefit), if recognized. | |||||||||
At December 31, 2013, the Company had unrecognized tax benefits totaling $11,405,522, which would have a favorable impact on the Company’s provision (benefit), if recognized. | Pre-tax earnings consisted of the following for the years ended December 31, 2013 and 2012: | |||||||||
In the three months ended March 31, 2014 and 2013, the Company generated federal and state net operating income for income tax purposes before the assumed offset against the Company’s net operating loss carry forwards. These federal and state net operating loss carry forwards total approximately $28,395,033 at March 31, 2014 and begin to expire in 2018, if not utilized. | December 31, | 2013 | 2012 | |||||||
Total Pre-Tax (Loss) Earnings | $ | -10,146,228 | $ | 382,838 | ||||||
The provision (benefit) for income taxes for the years ended December 31, 2013 and 2012 was as follows: | ||||||||||
2013 | 2012 | |||||||||
Current Income Tax Provision (Benefit) | ||||||||||
Federal – (all related to Gain on Sale of Discontinued Operations) | $ | — | $ | 19,800 | ||||||
State and Foreign | — | — | ||||||||
State Tax Credit Refund | — | — | ||||||||
Net Change in Liability for Unrecognized Tax Benefits | — | — | ||||||||
$ | — | $ | 19,800 | |||||||
Deferred Provision (Benefit) | — | — | ||||||||
Total Provision (Benefit) | $ | — | $ | 19,800 | ||||||
A reconciliation of the statutory U.S. federal income tax rate to the effective rates for the years ended December 31, 2013 and 2012 is as follows: | ||||||||||
2013 | 2012 | |||||||||
Federal Income Tax at Statutory Rate | 34.4 | % | 34 | % | ||||||
State Tax Provision, Net of Federal Benefit | 0.5 | % | 3.5 | % | ||||||
Foreign Income Taxed at Other Than 34% | -0.2 | % | 0 | % | ||||||
Meals and Entertainment | 0 | % | 1.4 | % | ||||||
Stock Compensation Expense | -0.6 | % | 16.1 | % | ||||||
Research and Development Credits | -0.2 | % | 4.2 | % | ||||||
Loss on Derivative Valuation | -12.2 | % | 0 | % | ||||||
Debt Discount | -0.2 | % | 0 | % | ||||||
Officer’s Life Insurance | 0 | % | 0.3 | % | ||||||
Change in Rate Assumptions | 41 | % | -114.5 | % | ||||||
Adjustments to Prior Year Tax Credits | 0.7 | % | -11.6 | % | ||||||
Effective Tax Rate | 63.2 | % | -66.6 | % | ||||||
Change in Valuations Allowance | -63.2 | % | 77.7 | % | ||||||
Net Effective Tax Rate | 0 | % | 11.1 | % | ||||||
Deferred tax assets (liabilities) for the years ended December 31, 2013 and 2012 consist of the following: | ||||||||||
2013 | 2012 | |||||||||
Inventory and Inventory Related Items | $ | 196,871 | $ | 234,000 | ||||||
Warranty Reserves | 10,845 | 32,000 | ||||||||
Accrued Interest | 9,673 | 152,000 | ||||||||
Accrued Services | -1,887 | 28,000 | ||||||||
Accrued Loss Contingency | — | 9,000 | ||||||||
Accrued Officer Compensation | 111,276 | — | ||||||||
Net Operating Loss Carryforwards | 9,739,496 | 2,881,000 | ||||||||
Accrued Compensation | — | 405,000 | ||||||||
Amortization | -143,364 | — | ||||||||
(Gain)Loss on Fixed Assets | 100,464 | — | ||||||||
Patents Costs and Loss on Abandonment or Sale of Patents | -81,093 | — | ||||||||
Charitable Contributions | 2,487 | — | ||||||||
Unrealized Gains/Losses | 47,049 | — | ||||||||
Tax Credit Carryforwards | 1,466,429 | 1,399,000 | ||||||||
Depreciation | 7,832 | 11,000 | ||||||||
Total Gross Deferred Tax | $ | 11,466,078 | $ | 5,151,000 | ||||||
Valuation Allowance — 100% | -11,466,078 | -5,151,000 | ||||||||
Net Deferred Tax | $ | — | $ | — | ||||||
As of December 31, 2013, the Company has available $ 28,395,033 in net operating loss carryforwards which will begin to expire in 2018 if not utilized. | ||||||||||
As the result of the assessment of the FASB ASC 740-10 (Prior Authoritative Literature: FASB Interpretation No. 48 (“FIN 48”), Accounting for Uncertainty in Income Taxes — An Interpretation of FASB Statement No. 109), the Company has no unrecognized tax benefits. By statute, tax years 2010 -2013 are open to examination by the major taxing jurisdictions to which the Company is subject. | ||||||||||
Cash paid for income taxes during the years ended December 31, 2013 and December 31, 2012 were $ 32,533 and $19,012, respectively. | ||||||||||
FASB ASC 740 (Prior Authoritative Literature: SFAS No. 109, Accounting for Income Taxes), requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on differing treatment of items for financial reporting and income tax reporting purposes. The deferred tax balances are adjusted to reflect tax rates by tax jurisdiction, based on currently enacted tax laws, which will be in effect in the years in which the temporary differences are expected to reverse. We have provided deferred income tax benefits on net operating loss carry-forwards to the extent we believe we will be able to utilize them in future tax filings. | ||||||||||
Preferred_Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2013 | |
Preferred Stock Disclosure [Abstract] | ' |
Preferred Stock | ' |
Note 22 — Preferred Stock | |
Preferred stock | |
Shares of undesignated preferred stock may be issued in one or more series. The Board of Directors is authorized to establish and designate the different series and to fix and determine the voting powers and other special rights and qualifications. A total of 5,000,000 shares of preferred authorized are authorized as of December 31, 2013 and December 31, 2012. There were 0 shares issued or outstanding on December 31, 2013 and 2012. There were no preferred dividends owing as of December 31, 2013 or 2012. | |
Stock_Warrants
Stock Warrants | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | ' | |||||||||||
Stock Warrants | ' | ' | |||||||||||
Note 11 — Stock Warrants | Note 23 — Stock Warrants | ||||||||||||
A summary of the various changes in warrants during the three-month period ended March 31, 2014 is as follows. | The following table shows the various changes in warrants for the years December 31, 2013 and 2012. A total of 6,551,654 warrants were issued during in 2013, with an aggregate fair value of $9,067,283, see Note 17 for further details. A total of 206,420 warrants were re-priced to $2.25 from $4.72 and 38,168 warrants were re-priced to $2.25 from $5.24 upon the closing of the public offering on August 5, 2013. | ||||||||||||
Number of | December 31, | December 31, | |||||||||||
Shares | 2013 | 2012 | |||||||||||
Warrants Outstanding at December 31, 2013 | 7,147,775 | Warrants Outstanding, Beginning of Year | 656,641 | 867,628 | |||||||||
Exercised During the Period | -665,000 | Exercised During the Year | -59,300 | — | |||||||||
Issued During the Period | — | Issued During the Year | 6,551,654 | — | |||||||||
Expired During the Period | -57,668 | Forfeited During the Year | -1,220 | -210,987 | |||||||||
Warrants Outstanding, March 31, 2014 | 6,425,107 | Warrants Outstanding, End of Year | 7,147,775 | 656,641 | |||||||||
The outstanding warrants as of March 31, 2014 expire from May 21, 2015 to August 5, 2018. The weighted average remaining term of the warrants is 4.0 years. The weighted average exercise price is $2.74 per share. | The outstanding warrants as of December 31, 2013 expire from December 31, 2014 to August 5, 2018. The weighted average remaining term of the warrants is 4.2 years. The weighted average exercise price is $2.75 per share. | ||||||||||||
Stock_Option_Plans
Stock Option Plans | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||
Stock Option Plans [Abstract] | ' | ' | ||||||||||||||||||||||
Stock Option Plans | ' | ' | ||||||||||||||||||||||
Note 12 — Stock Option Plans | Note 24 — Stock Option Plans | |||||||||||||||||||||||
A summary of stock option activity for the three months ended March 31, 2014 is as follows: | The Company has the following Stock Option Plans (the “Plan”) that allow for the granting of both statutory and incentive stock options or ISOs, which can result in potentially favorable tax treatment to the participant, and non-statutory stock options. The exercise price per share subject to an option is determined by the administrator, but in the case of an ISO must not be less than the fair market value of a share of our common stock on the date of grant and in the case of a non-statutory stock option must not be less than 100% of the fair market value of a share of our common stock on the date of grant. | |||||||||||||||||||||||
Weighted | 2007 Plan | 2009 Plan | Total | |||||||||||||||||||||
Average | Outstanding as of December 31, 2013 | 79,009 | 135,509 | 214,518 | ||||||||||||||||||||
Number of | Exercise | Exercise Price | Available for future issuance under plan | — | 342,420 | 342,420 | ||||||||||||||||||
Shares | Price | Range | Totals authorized by plan | 79,009 | 477,929 | 556,938 | ||||||||||||||||||
Outstanding at December 31, 2013 | 214,518 | $ | 9.72 | $ | 1.71 – $ 17.50 | The Plan gives the Board of Directors of the Company the ability to determine vesting periods for all options granted under the Plan, and allows option terms to be up to ten years from the original grant date. Employees’ incentive stock options must vest at a minimum rate of 20% per year over a five year period, commencing on the date of grant. Most vest ratably over four years commencing on the date of the option grant. In the case of directors, such options are granted annually and they expire ten years after the date of their grant and vest ratably, on a monthly basis, over the next 12 months. Non-employee directors have vesting of 50% immediately on grant and the balance vest ratably, on a monthly basis, over the next 12 months. Advisors or consultants can have vesting range from 100 percent of the option grants vesting immediately to ratably, on a monthly basis, up to 48 months. | ||||||||||||||||||
Granted | — | $ | — | $ | — | |||||||||||||||||||
Exercised | — | $ | — | $ | — | The following table summarizes stock option activity for the years ended December 31, 2013 and 2012: | ||||||||||||||||||
Expired or Forfeited | — | $ | — | $ | — | |||||||||||||||||||
Weighted | ||||||||||||||||||||||||
Outstanding at March 31, 2014 | 214,518 | $ | 9.72 | $ | 1.71 – $ 17.50 | Number of | Average | Exercise Price | ||||||||||||||||
Shares | Exercise Price | Range | ||||||||||||||||||||||
As of March 31, 2014, there were 206,791 options that were fully vested and exercisable at a weighted average exercise price of $9.68 per share. The weighted average remaining contractual term on the vested options is 5.6 years. | ||||||||||||||||||||||||
Outstanding at December 31, 2011 | 267,856 | $ | 8.87 | $ | 0.46 | – | $ | 17.5 | ||||||||||||||||
As of March 31, 2014 there were 7,727 unvested options exercisable at a weighted average exercise price of $10.82 per share. The weighted average remaining contractual term on the unvested options is 6.4 years. | Granted | — | $ | — | $ | — | ||||||||||||||||||
Exercised | — | $ | — | $ | — | |||||||||||||||||||
No cash was received from option exercises for the three months ended March 31, 2014 and 2013. | Expired or Forfeited | -75,127 | $ | 0.65 | $ | 0.46 | – | $ | 2.17 | |||||||||||||||
The table below summarizes the impact of outstanding stock options on the results of operations for the three and three months ended March 31, 2014 and 2013: | Outstanding at December 31, 2012 | 192,729 | $ | 10.68 | $ | 1.71 | – | $ | 17.5 | |||||||||||||||
Granted | 45,000 | $ | 2 | $ | 2 | |||||||||||||||||||
Three Months Ended | Exercised | — | $ | — | $ | — | ||||||||||||||||||
March 31, | March 31, | Expired or Forfeited | -23,211 | $ | 2.71 | $ | 1.94 | – | $ | 17.5 | ||||||||||||||
2014 | 2013 | Outstanding at December 31, 2013 | 214,518 | $ | 9.72 | $ | 1.71 | – | $ | 17.5 | ||||||||||||||
Stock-based compensation expense: | As of December 31, 2013, there were 200,387 options that were fully vested and exercisable at weighted average exercise price of $9.71 per share. The weighted average remaining contractual term on the vested options is 5.6 years. | |||||||||||||||||||||||
Stock Options | $ | 19,347 | $ | 19,347 | ||||||||||||||||||||
Income tax benefit | — | — | The unvested balance of 14,131 options as of December 31, 2013, are exercisable at a weighted average exercise price of $9.91 per share. The weighted average remaining contractual term on the vested options is 6.6 years. | |||||||||||||||||||||
Net Increase in Net Loss | $ | 19,347 | $ | 19,347 | ||||||||||||||||||||
The following tables summarize stock option information at December 31, 2013: | ||||||||||||||||||||||||
Per share decrease in Income or increase in Loss Per Share: | ||||||||||||||||||||||||
Basic | $ | 0.0019 | $ | 0.0055 | Total Options Outstanding | |||||||||||||||||||
Diluted | $ | 0.0017 | $ | 0.0055 | Weighted | Weighted | ||||||||||||||||||
average | average | |||||||||||||||||||||||
The weighted average fair value of option grants was calculated using the Black-Scholes-Merton option pricing method. At March 31, 2014, the Company had approximately $69,871 of unrecognized stock compensation expense, which will be recognized over a weighted average period of approximately 0.8 years. | Range of exercise price | Shares | remaining life (yrs) | exercise price | ||||||||||||||||||||
$1.71 to $2.00 | 57,723 | 7.6 | $ | 1.94 | ||||||||||||||||||||
$7.50 to $11.25 | 102,637 | 6.6 | $ | 10.67 | ||||||||||||||||||||
$15.00 to $17.50 | 54,158 | 3.6 | $ | 16.23 | ||||||||||||||||||||
214,518 | 6.1 | $ | 9.72 | |||||||||||||||||||||
Exercisable Options Outstanding | ||||||||||||||||||||||||
Weighted | Weighted | |||||||||||||||||||||||
average | average | |||||||||||||||||||||||
remaining life | ||||||||||||||||||||||||
Range of exercise price | Shares | (yrs) | exercise price | |||||||||||||||||||||
$1.71 to $2.00 | 57,723 | 7.6 | $ | 1.93 | ||||||||||||||||||||
$7.50 to $11.25 | 88,506 | 5.6 | $ | 10.78 | ||||||||||||||||||||
$15.00 to 17.50 | 54,158 | 3.6 | $ | 16.22 | ||||||||||||||||||||
200,387 | 5.6 | $ | 9.71 | |||||||||||||||||||||
Unvested Options Outstanding | ||||||||||||||||||||||||
Weighted | Weighted | |||||||||||||||||||||||
average | average | |||||||||||||||||||||||
remaining life | ||||||||||||||||||||||||
Range of exercise price | Shares | (yrs) | exercise price | |||||||||||||||||||||
$1.71 to $2.00 | — | — | $ | — | ||||||||||||||||||||
$7.50 to $11.25 | 14,131 | 6.6 | $ | 9.91 | ||||||||||||||||||||
$15.00 to $17.50 | — | — | $ | — | ||||||||||||||||||||
14,131 | 6.6 | $ | 9.91 | |||||||||||||||||||||
The weighted average exercise price of options granted during 2013 was $2.00 with an aggregate value of $81,884. | ||||||||||||||||||||||||
There were no options granted in 2012. | ||||||||||||||||||||||||
Cash received from option exercises in 2013 and 2012, amounted to $-0- and $-0-, respectively. All of the shares issued out of common stock. | ||||||||||||||||||||||||
With respect to any non-qualified stock options and incentive stock options that are exercised and held for less than one year, the Company recognizes a tax benefit upon exercise in an amount equal to the tax effect of the difference between the option price and the fair market value of the common stock on the exercise date. | ||||||||||||||||||||||||
The table below summarizes the impact of outstanding stock options on the results of operations for the years ended December 31, 2013 and 2012: | ||||||||||||||||||||||||
December 31, | 2013 | 2012 | ||||||||||||||||||||||
Stock-Based Compensation Expense: | ||||||||||||||||||||||||
Stock Options | $ | 159,272 | $ | 172,233 | ||||||||||||||||||||
Income Tax Benefit | — | — | ||||||||||||||||||||||
Net Decrease in Net Income | $ | 159,272 | $ | 172,233 | ||||||||||||||||||||
Decrease in Earnings Per Share: | ||||||||||||||||||||||||
Basic | $ | 0.027 | $ | 0.049 | ||||||||||||||||||||
Diluted | $ | 0.027 | $ | 0.048 | ||||||||||||||||||||
The Black-Scholes-Merton option pricing model was used to estimate the fair value of share-based awards under FASB ASC Topic 718. The Black-Scholes-Merton option pricing model incorporates various and highly subjective assumptions, including expected term and expected volatility. For valuation purposes, stock option awards were categorized into two groups, stock option grants to employees and stock option grants to members of the Board of Directors. | ||||||||||||||||||||||||
The expected term of options granted was estimated to be the average of the vesting term, historical exercise and forfeiture rates, and the contractual life of the option. The expected volatility at the grant date is estimated using historical stock prices based upon the expected term of the options granted. The risk-free interest rate assumption is determined using the rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the award being valued. Cash dividends have never been paid and are not anticipated to be paid in the foreseeable future. Therefore, the assumed expected dividend yield is zero. | ||||||||||||||||||||||||
The following summary table shows the assumptions used to compute the fair value of stock options granted during 2013 and 2012 and their estimated value: | ||||||||||||||||||||||||
December 31, | 2013 | 2012 | ||||||||||||||||||||||
Assumptions for Black-Scholes: | ||||||||||||||||||||||||
Expected term in years | 10 | — | ||||||||||||||||||||||
Volatility | 128.8 | % | — | |||||||||||||||||||||
Risk-free interest rate | 2.81 | % | — | |||||||||||||||||||||
Expected annual dividends | None | None | ||||||||||||||||||||||
Value of options granted: | ||||||||||||||||||||||||
Number of options granted | 45,000 | — | ||||||||||||||||||||||
Weighted average fair value/share | $ | 2 | $ | N/A | ||||||||||||||||||||
Fair value of options granted | $ | 81,884 | $ | N/A | ||||||||||||||||||||
FASB ASC Topic 718 requires pre-vesting option forfeitures at the time of grant to be estimated and periodically revised in subsequent periods if actual forfeitures differ from those estimates. Stock-based compensation expense is recorded only for those awards expected to vest using an estimated forfeiture rate based on historical pre-vesting forfeiture data. | ||||||||||||||||||||||||
Unrecognized stock-based compensation expense was approximately $89,217 as of December 31, 2013, relating to a total of 14,131 unvested stock options under the Company’s stock option plans. This stock-based compensation expense is expected to be recognized over a weighted average period of approximately 1.1 years. | ||||||||||||||||||||||||
Commitments
Commitments | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Commitments | ' | |||||||
Note 25 — Commitments | ||||||||
The Company leases office and manufacturing space under operating leases that expires on September 30, 2014. It requires monthly payments of $4,200 plus insurance, taxes and common charges. | ||||||||
Rent expense for the years ended December 31, 2013 and 2012 totaled $104,766 and $176,830, respectively. | ||||||||
Future minimum payments required under operating lease obligations as of December 31, 2013 were as follows: | ||||||||
Total Minimum | ||||||||
2014 | Lease Payments | |||||||
$ | 45,670 | $ | 45,670 | |||||
For the lease agreements described above, the Company is required to pay the pro rata share of the real property taxes and assessments, expenses and other charges associated with these facilities. | ||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Employee Benefit Plans | ' |
Note 26 — Employee Benefit Plans | |
The Company has a Section 401(k) Savings Plan which covers employees who meet certain age and length of service requirements. To date the plan is comprised of 100% employee deferrals. | |
Litigation
Litigation | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Litigation Disclosure [Abstract] | ' | ' |
Litigation | ' | ' |
Note 13 — Litigation | Note 27 — Litigation | |
We are not currently involved in any pending legal proceeding or litigation. | We are not currently involved in any pending legal proceeding or litigation. | |
Contractual_Obligations
Contractual Obligations | 3 Months Ended |
Mar. 31, 2014 | |
Leases [Abstract] | ' |
Contractual Obligations | ' |
Note 14 — Contractual Obligations | |
The Company leases office and manufacturing space under operating leases that expire on September 30, 2014. The Company’s total contractual payment obligations for operating leases as of March 31, 2014 total $33,510. | |
Concentrations
Concentrations | 12 Months Ended |
Dec. 31, 2013 | |
Risks and Uncertainties [Abstract] | ' |
Concentrations | ' |
Note 28 — Concentrations | |
For 2013 and 2012, one customer accounted for approximately -0-% and 10% of sales, respectively. The sales to this customer were part of the discontinued operations referred to in Note 4. Sales to the U.S. government accounted for approximately 17% and 11%, respectively. Portions of these government sales were part of discontinued operations. | |
Accounts receivable from the U.S. government accounted for 79%, and 0% of accounts receivable at December 31, 2013 and 2012, respectively. | |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Note 15 — Recent Accounting Pronouncements | |
There are no recent accounting pronouncements that are expected to have a material impact on the condensed consolidated financial statements. | |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Note 29 — Related Party Transactions | |
During 2013, $-0- and $ 199,476 of revenues and purchases, respectively were derived from a minority stockholder (less than 5%) of the Company who also represented $-0- of the accounts receivable balance and $90,818 of the accounts payable balance at December 31, 2013. | |
During 2012, $550,498 and $ 274,373 of revenues and purchases, respectively were derived from a minority stockholder (less than 5%) of the Company who also represented $-0- of the accounts receivable balance and $66,000 of the accounts payable balance at December 31, 2012, $361,910 of the Long Term Portion of Deferred Trade Payable balance and $120,637 of the Current Portion of Deferred Trade Payables. All of these revenues were reported as discontinued operations. | |
Included in long-term debt as of December 31, 2012 and during half of 2013 were two notes payable to an officer of the Company. Pursuant to a debt conversion agreement, in connection with the closing of the public offering on August 5, 2013, these note amounts plus accrued interest were converted into shares of common stock based on the offering price of $2.00 per share and warrants exercisable at $2.25 per share. Interest expense related to the note payable amounted to $32,507 for the period it was outstanding in 2013 and $32,507 for the years ended December 31, 2012. Total accrued interest on the note payable was $213,795 as of December 31, 2012. See Note 14 and 19 for details. | |
The Company has accrued compensation owed to two officers of the Company. On March 27, 2013, the Company entered into a deferred compensation deferral and conversion option agreements with these two officers, which agreements were subject to the closing of the Company’s public stock offering and which agreements were effective upon such closing on August 5, 2013. Pursuant to those agreements the officers converted in connection with the closing of the public offering on August 5, 2013 a total of $1,126,763 of their deferred compensation amounts plus accrued interest totaling $515,806 into shares of the Company’s common stock based on the offering price of $2.00 per share and warrants exercisable at $2.25 per share. See Note 19 for details. Interest expense related to accrued current and long-term accrued compensation amounts to $107,209 and $107,209 for the years ended December 31, 2013 and 2012, respectively. Total current and long-term accrued interest on the accrued compensation was $-0- as of December 31, 2013 and $446,532 as of December 31, 2012. See Note 18 for details. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Operations | ' | ||
Operations | |||
Vuzix Corporation (the Company) was formed in 1997 under the laws of the State of Delaware and maintains its corporate offices in Rochester, New York. The Company is engaged in the design, manufacture, marketing and sale of devices that are worn like eyeglasses and which feature built-in video screens that enable the user to view video and digital content, such as movies, computer data, the Internet or video games. Our products (known commercially as “Video Eyewear”) are used to view high resolution video and digital information from portable devices, such as cell phones, portable media players, gaming systems and laptop computers and from personal computers. Our products provide the user with a virtual viewing experience that emulates viewing a large screen television or desktop computer monitor practically anywhere, anytime. | |||
Principles of Consolidation | ' | ||
Principles of Consolidation | |||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Vuzix Europe and Vuzix Finland, OY. All significant inter-company transactions have been eliminated. | |||
Segment Data, Geographic Information and Significant Customers | ' | ||
Segment Data, Geographic Information and Significant Customers | |||
The Company is not organized by market and is managed and operated as one business. A single management team that reports to the chief operating decision maker comprehensively manages the entire business. The Company does not operate any material separate lines of business or separate business entities. Accordingly, the Company does not accumulate discrete information, other than product revenue and material costs, with respect to separate product lines and does not have separately reportable segments as defined by FASB ASC Topic 280, “Disclosures about Segments of an Enterprise and Related Information,” | |||
Shipments to customers outside of the United States approximated 36% and 27% of sales in 2013 and 2012, respectively. No single international country represented more than 10% of revenues. The Company does not maintain significant amounts of long-lived assets outside of the United States other than tooling held by its third party manufacturers, primarily in China. | |||
The Company has at times had a concentration of sales to the U.S. government, the majority of which was reported as discontinued operations and they amounted to approximately 17% and 11% of sales in 2013 and 2012, respectively. Accounts receivable from the U.S. government accounted for 79% and -0-% of accounts receivable at December 31, 2013 and 2012, respectively. Another customer, who is also a minority stockholder, represented -0-% and 10% of our total revenues, all of which was reported as sales from discontinued operations in 2012. | |||
Foreign Currency Transactions | ' | ||
Foreign Currency Transactions | |||
The U.S. dollar is the functional currency of the Company’s foreign subsidiaries. Gains and losses arising upon settlement of foreign currency denominated transactions or balances are included in the determination of income. | |||
Use of Estimates | ' | ||
Use of Estimates | |||
The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at year end and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||
Concentration of Credit Risk | ' | ||
Concentration of Credit Risk | |||
The Company performs ongoing credit evaluations of its customers’ financial condition and maintains an allowance for uncollectible accounts receivable based upon the expected collectability of all accounts receivable. | |||
Cash and Cash Equivalents | ' | ||
Cash and Cash Equivalents | |||
The Company’s cash received is applied against its revolving line of credit on a periodic basis based on projected monthly cash flows, reducing interest expense. Cash and cash equivalents can include highly liquid investments with original maturities of three months or less. | |||
Fair Value of Financial Instruments | ' | ||
Fair Value of Financial Instruments | |||
The Company’s financial instruments primarily consists of cash and cash equivalents, accounts receivable, inventories, prepaid expenses and other assets, accounts payable, lines of credit, current portion of long-term debt and capital leases, customer deposits, accrued expenses, and income taxes payable. | |||
As of the consolidated balance sheet date, the estimated fair values of the financial instruments were not materially different from their carrying values as presented due to the short maturities of these instruments and that the interest rates on the borrowing approximate those that would have been available for loans for similar remaining maturity and risk profiles at respective year ends. | |||
Allowance for Doubtful Accounts | ' | ||
Allowance for Doubtful Accounts | |||
The Company establishes an allowance for uncollectible trade accounts receivable based on the age of outstanding invoices and management’s evaluation of collectability of outstanding balances. These provisions are established when the aging of outstanding amounts exceeds allowable terms and are re-evaluated at each quarter end for adequacy. In determining the adequacy of the provision, the Company considers known uncollectible or at risk receivables. | |||
Provision for Future Warranty Costs | ' | ||
Provision for Future Warranty Costs | |||
Warranty costs are accrued, to the extent that they are not recoverable from third party manufacturers, for the estimated cost to repair or replace products for the balance of the warranty periods. The Company’s products are covered by standard warranty plans that extend normally 12 months to 24 months from the date of product shipment. The Company provides for the costs of expected future warranty claims at the time of product shipment or over-builds to cover replacements. The adequacy of the provision is assessed at each quarter end and is based on historical experience of warranty claims and costs. | |||
Inventories | ' | ||
Inventories | |||
Inventories are valued at the lower of cost, or market using the first-in, first-out method. The Company does include direct overhead costs in its inventory valuation costing. The Company records provisions for excess, obsolete or slow moving inventory based on changes in customer demand, technology developments or other economic factors. The Company’s products have product life cycles that range on average from two to three years currently. At both the product introduction and product discontinuation stage, there is a higher degree of risk of inventory obsolescence. The provision for obsolete and excess inventory is evaluated for adequacy at each quarter end. The estimate of the provision for obsolete and excess inventory is partially based on expected future product sales, which are difficult to forecast for certain products. | |||
Revenue Recognition | ' | ||
Revenue Recognition | |||
The Company recognizes revenue from product sales in accordance with FASB ASC Topic 605 “Revenue Recognition”. Product sales represent the majority of the Company’s revenue. The Company recognizes revenue from these product sales when persuasive evidence of an arrangement exists, delivery has occurred or services have been provided, the sale price is fixed or determinable, and collectability is reasonably assured. Additionally, the Company sells its products on terms which transfer title and risk of loss at a specified location, typically shipping point. Accordingly, revenue recognition from product sales occurs when all factors are met, including transfer of title and risk of loss, which typically occurs upon shipment by the Company. If these conditions are not met, the Company will defer revenue recognition until such time as these conditions have been satisfied. The Company collects and remits sales taxes in certain jurisdictions and reports revenue net of any associated sales taxes. The Company also sells certain products through distributors who are granted limited rights of return for stock balancing against purchases made within a prior 90 day period, including price adjustments downwards that the Company implements on any existing inventory. The provision for product returns and price adjustments is assessed for adequacy both at the time of sale and at each quarter end and is based on recent historical experience and known customer claims. | |||
Revenue from any engineering consulting and other services is recognized at the time the services are rendered. The Company accounts for its longer-term development contracts, which to date have all been firm fixed-priced contracts, on the percentage-of-completion method, whereby income is recognized as work on contracts progresses, but estimated losses on contracts in progress are charged to operations immediately. The percentage-of-completion is determined using the cost-to-cost method. Amounts are generally billed on a monthly basis. To date all such contracts have been less than one calendar year in duration. | |||
The Company recognizes software license revenue under ASC 985-605 “Software Revenue Recognition” and under ASC 605-25 “Revenue Arrangements with Multiple Deliverables”, and related interpretations, as amended. Licensed software may be sold as a stand-alone element, with other software elements, or in conjunction with hardware products. When the Company’s products consists of more than one element, it is considered to be a multiple element arrangement (MEA). When sold as a stand-alone element, the revenue is recognized upon shipment as discussed above. When sold as part of a MEA, revenue from the licensed software is recognized when the product and embedded software is shipped to the customer. | |||
For either a single element transaction or a MEA, the Company allocates consideration to all deliverables based on their relative stand-alone selling prices. Amendments to ASC 605-25, which became effective January 1, 2011, establish a hierarchy to determine the stand-alone selling price as follows: | |||
• | Vendor Specific Objective Evidence of the fair value (VSOE), | ||
• | Third Party Evidence (TPE) | ||
• | Best Estimate of the Selling Price (ESP) | ||
Sales which constitute a MEA are accounted for by determining if the elements can be accounted for as separate accounting units, and if so, by applying values to those units, per the hierarchy above. If VSOE is not available, management estimates the fair selling price using historical pricing for similar items, in conjunction with current pricing and discount policies. | |||
Revenue from licensed software is recognized upon shipment and in accordance with industry-specific software recognition accounting guidance. Software updates that will be provided free of charge are evaluated on a case-by-case basis to determine whether they meet the definition of an upgrade and create a multiple element arrangement. The consideration allocated to the unspecified software upgrade rights and non-software services is deferred and recognized rateably over the 24-month estimated life of the devices. The Company’s BESP for the unspecified software upgrade right and non-software services is $25 per unit for the M100 Smart Glass. | |||
Fees charged to customers for post-contract Technical Support are recognized ratably over the term of the contract. Costs related to maintenance obligations are expensed as incurred. | |||
Tooling and Equipment | ' | ||
Tooling and Equipment | |||
Tooling and equipment are stated at cost. Depreciation of tooling and equipment is provided for using the straight-line method over the following estimated useful lives: | |||
Computers and Software | 3 years | ||
Manufacturing Equipment | 5 years | ||
Tooling | 3 years | ||
Furniture and Equipment | 5 years | ||
Repairs and maintenance costs are expensed as incurred. Asset betterments are capitalized. | |||
Patents and Trademarks | ' | ||
Patents and Trademarks | |||
The Company capitalizes the costs of obtaining its patents and registration of Trademarks. Such costs are accumulated and capitalized during the filing periods, which can take several years to complete. Successful applications that result in the granting of a patent or trademark are then amortized over 15 years on a straight-line basis. Unsuccessful applications are written off and expensed in the fiscal period where the application is abandoned or discontinued. | |||
Software Development Costs | ' | ||
Software Development Costs | |||
The Company capitalizes the costs of obtaining its software once technological feasibility has been determined by management. Such costs are accumulated and capitalized and projects can take several years to complete. Unsuccessful or discontinued software projects are written off and expensed in the fiscal period where the application is abandoned or discontinued. Costs incurred internally in researching and developing a computer software product are charged to expense until technological feasibility has been established for the product. Once technological feasibility is established, all software costs are capitalized until the product is available for general release to customers. Judgment is required in determining when technological feasibility of a product is established. Generally, this occurs shortly before the products are released to manufacturing. The amortization of these costs is included in cost of revenue over the estimated life of the products, which currently is estimated as 3 years using a straight-line basis. | |||
Long-Lived Assets | ' | ||
Long-Lived Assets | |||
The Company regularly assesses all of its long-lived assets for impairment when events or circumstances indicate their carrying amounts may not be recoverable, in accordance with FASB ASC Topic 360-10, “Accounting for the Impairment or Disposal of Long-Lived Assets.” In 2013, an impairment charge of $73,423 was recorded related to abandoned patents and trademarks. In 2012, an impairment charge of $64,703 was recorded related to abandoned patents and trademarks. | |||
Research and Development | ' | ||
Research and Development | |||
Research and development costs, are expensed as incurred consistent with the guidance of FASB ASC Topic 730, “Research and Development,” and include employee related costs, office expenses, third party design and engineering services, and new product prototyping costs. Costs incurred internally in researching and developing a computer software product are charged to expense until technological feasibility has been established for the product. | |||
Shipping and Handling Costs | ' | ||
Shipping and Handling Costs | |||
Amounts charged to customers and costs incurred by the Company related to shipping and handling are included in net sales and cost of goods sold, respectively, in accordance with FASB ASC Topic 605-45, “Revenue Recognition – Principal Agent Consideration”, “Accounting for Shipping and Handling Fees and Costs.” | |||
Advertising | ' | ||
Advertising | |||
Advertising costs are expensed as incurred and recorded in “Selling and Marketing” in the Consolidated Statements of Operations. Advertising expense for the years ended December 31, 2013 and 2012 amounted to $231,552 and $253,815, respectively. These amounts are inclusive of $4,500 in 2012 that are included in Discontinued Operations. | |||
Income Taxes | ' | ||
Income Taxes | |||
The Company accounts for income taxes in accordance with FASB ASC Topic 740-10, “Income Taxes.” Accordingly, the Company provides deferred income tax assets and liabilities based on the estimated future tax effects of differences between the financial and tax bases of assets and liabilities based on currently enacted tax laws. A valuation allowance is established for deferred tax assets in amounts for which realization is not considered more likely than not to occur. | |||
The Company reports any interest and penalties accrued relating to uncertain income tax positions as a component of the income tax provision. | |||
Earnings Per Share | ' | ||
Earnings Per Share | |||
Basic earnings per share is computed by dividing the net (loss) income less accrued dividends on any outstanding preferred stock by the weighted average number of common shares outstanding for the period. Diluted earnings per share calculations reflect the assumed exercise of all dilutive employee stock options and warrants applying the treasury stock method promulgated by FASB ASC Topic 260, “Earnings Per Share” and the conversion of any outstanding convertible preferred shares or notes payable that are-in-the-money, applying the as-if-converted method. However, if the assumed exercise of stock options and warrants and the conversion of any preferred shares or convertible notes payable are anti-dilutive, basic and diluted earnings per share are the same for all periods. | |||
Stock-Based Employee Compensation | ' | ||
Stock-Based Employee Compensation | |||
The Company accounts for share-based compensation to employees and directors in accordance with FASB ASC Topic 718 “Compensation Stock Expense,” which requires that compensation expense be recognized in the consolidated financial statements for share-based awards based on the grant-date fair value using a Black-Scholes valuation model of those awards. The Company uses the fair market value of our common stock on the date of each option grant based on market price of the Company’s common shares on the TSX Venture Exchange and since August 5, 2013 on the OTCQB. Stock-based compensation expense includes an estimate of forfeitures and is recognized over the requisite service periods of the awards on a straight-line or graded vesting basis, which is generally commensurate with the vesting term. As a result of the adoption of FASB ASC Topic 718, stock-based compensation expense associated with stock option grants for the years ending December 31, 2013 and 2012 was $159,272 and $172,233, respectively. | |||
The Company issues new shares upon stock option exercises. Please refer to Note 22, Stock Option Plans, for further information. | |||
Derivative Liability and Fair Value Measurements | ' | ||
Derivative Liability and Fair Value Measurements | |||
The Company has adopted the provisions of FASB ASC Topic 820, “Fair Value Measurements and Disclosures as of January 1, 2008 for financial instruments. This standard defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. ASC 820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. ASC 820 permits an entity to measure certain financial assets and financial liabilities at fair value with changes in fair value recognized in earnings each period. In accordance with ASC 815-10-25, we measured the derivative liability using a Lattice pricing model at their issuance date and subsequently they are remeasured. Accordingly, at the end of each quarterly reporting date the derivative fair market value is remeasured and adjusted to current market value. Derivatives that have more than one year remaining in their life are shown as long term derivative liabilities. | |||
ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs other than quoted prices included in Level 1 that are directly or indirectly observable for the asset or liability. Such inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs derived principally from or corroborated by observable market data by correlation or other means. Level 3 inputs are unobservable inputs for the asset or liability. Such inputs are used to measure fair value when observable inputs are not available. | |||
Recent Accounting Pronouncements | ' | ||
Recent Accounting Pronouncements | |||
In December 2011, the FASB issued new guidance which requires enhanced disclosures on offsetting amounts within the balance sheet, including disclosing gross and net information about instruments and transactions eligible for offset or subject to a master netting or similar agreement. The guidance is effective for the company beginning January 1, 2013 and is to be applied retrospectively. The adoption of this guidance, which is related to disclosure only, did not have an impact on the company’s consolidated financial position, results of operations or cash flows. | |||
There are no other recent accounting pronouncements that are expected to have a material impact on the consolidated financial statements. | |||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Schedule of Property and Equipment Estimated Useful Life | ' | ||
Tooling and equipment are stated at cost. Depreciation of tooling and equipment is provided for using the straight-line method over the following estimated useful lives: | |||
Computers and Software | 3 years | ||
Manufacturing Equipment | 5 years | ||
Tooling | 3 years | ||
Furniture and Equipment | 5 years | ||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement | ' | |||||||
Below is a summary of these results: | ||||||||
For Years | ||||||||
Ended December 31, | ||||||||
2013 | 2012 | |||||||
Sales of Products | $ | — | $ | 1,768,754 | ||||
Sales of Engineering Services | — | 358,921 | ||||||
Total Sales | — | 2,127,675 | ||||||
Total Cost of Sales | — | 1,273,907 | ||||||
Gross Profit | — | 853,768 | ||||||
Operating Expenses: | ||||||||
Research and Development | — | 295,138 | ||||||
Selling and Marketing | — | 200,378 | ||||||
General and Administrative | — | — | ||||||
Depreciation and Amortization | — | — | ||||||
Interest Expense on Senior Debt* | — | 353,584 | ||||||
Amortization Senior Debt Discount* | — | 752,248 | ||||||
Income (Loss) from Discontinued Operations | — | -747,580 | ||||||
Gain (Loss) on Disposal of Discontinued Operations | — | 5,837,607 | ||||||
Provision (Benefit) for Income Taxes (Note 21) | — | 19,800 | ||||||
— | 5,817,807 | |||||||
Net Income (Loss) from Discontinued Operations | $ | — | $ | 5,070,227 | ||||
Basic Income (Loss) per Share | $ | — | $ | 1.43 | ||||
Diluted Income (Loss) per Share | $ | — | $ | 1.43 | ||||
Weighted-average Shares Outstanding Basic (Note 6) | — | 3,536,865 | ||||||
Weighted-average Shares Outstanding Diluted (Note 6) | — | 3,651,100 | ||||||
* Amounts reported represent the interest expense and the amortization of the discount on the Senior Term debt that was required to be repaid from the proceeds of the TDG Asset sale. | ||||||||
Gain_on_Asset_Disposal_Tables
Gain on Asset Disposal (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Gain (Loss) On Disposition Of Assets [Abstract] | ' | ||||
Schedule of Major Components of Reported Gain on Sale | ' | ||||
The following represents the major components of the reported gain on sale: | |||||
Net Sales Price | $ | 8,345,793 | |||
Less: | |||||
Professional Fees on Sale of Assets | -825,596 | ||||
Accounts Receivable Sold | -299,599 | ||||
Inventories Sold | -1,135,042 | ||||
Tooling & Equipment Sold | -120,832 | ||||
Patents and Trademarks Sold | -113,117 | ||||
Federal Income Tax | -19,800 | ||||
Sales Taxes on Asset Sale | -14,000 | ||||
Net Gain on Sale of Asset | $ | 5,817,807 | |||
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Earnings (Loss) Per Share | ' | |||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||
For periods of net loss, basic and diluted EPS are the same as the assumed exercise of stock options and warrants and the conversion of convertible debt are anti-dilutive. | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
Net (Loss) from Continuing Operations (A) | $ | -10,146,228 | $ | -4,747,387 | ||||
Net Income (Loss) (B) | $ | -10,146,228 | $ | 322,840 | ||||
Add - Interest savings from converted debt | — | 114,537 | ||||||
Adjusted Diluted Net Income (Loss) (F) | $ | -10,146,228 | $ | 437,377 | ||||
Weighted Average Shares Outstanding: | ||||||||
Weighted average basic shares outstanding (C) | 5,988,595 | 3,536,865 | ||||||
Dilutive effect of options and warrants | 2,984,199 | 31,354 | ||||||
Dilutive effect of convertible debt | - | 82,881 | ||||||
Weighted Average Dilutive Shares Outstanding (D) | 8,972,794 | 3,651,100 | ||||||
Earnings (Loss) Per Share From Continuing Operations | ||||||||
Basic (A/C) | $ | -1.69 | $ | -1.34 | ||||
Diluted (1) (2) | $ | -1.69 | $ | -1.34 | ||||
Earnings (Loss) Per Share | ||||||||
Basic (B/C) | $ | -1.69 | $ | 0.09 | ||||
Diluted (F/D) (1) | $ | -1.69 | $ | 0.09 | ||||
-1 | Due to net loss for period, dilutive loss per share is the same as basic. | |||||||
-2 | Due to the antidilutive impact of the convertible debt under the if-converted method, the diluted earnings per share is the same as basic. | |||||||
Accounts_Receivable_Net_Tables
Accounts Receivable, Net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts Receivable, Net [Abstract] | ' | |||||||
Schedule of Accounts Receivable | ' | |||||||
Accounts receivable consisted of the following: | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Accounts Receivable | $ | 214,920 | $ | 170,600 | ||||
Less: Allowance for Doubtful Accounts | — | — | ||||||
Net | $ | 214,920 | $ | 170,600 | ||||
Inventories_Net_Tables
Inventories, Net (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||
Inventory Disclosure [Abstract] | ' | ' | ||||||||||||||
Schedule of Inventories | ' | ' | ||||||||||||||
Inventories are stated at the lower of cost (determined on the first-in, first-out or specific identification method) or market and consisted of the following as at March 31, 2014 and December 31, 2013: | Inventories consisted of the following: | |||||||||||||||
March 31, 2014 | December 31, 2013 | December 31, | December, 31, | |||||||||||||
2013 | 2012 | |||||||||||||||
Purchased Parts and Components | $ | 1,135,446 | $ | 1,094,250 | ||||||||||||
Work in Process | 135,913 | 153,065 | Purchased Parts and Components | $ | 1,094,250 | $ | 945,550 | |||||||||
Finished Goods | 463,810 | 280,279 | Work in Process | 153,065 | 46,259 | |||||||||||
Less: Reserve for Obsolescence | -699,495 | -573,967 | Finished Goods | 280,279 | 259,112 | |||||||||||
Less: Reserve for Obsolescence | -573,967 | -563,740 | ||||||||||||||
Net | $ | 1,035,674 | $ | 953,627 | ||||||||||||
Net | $ | 953,627 | $ | 687,181 | ||||||||||||
Deferred_Offering_Costs_Tables
Deferred Offering Costs (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Offering Costs Disclosure [Abstract] | ' | |||||||
Deferred Offering Costs | ' | |||||||
Deferred offering costs consist principally of legal, accounting and underwriters’ fees incurred related to the public offering of the Company’s common stock and warrants as discussed in Note 3, which were charged to capital as of the completion of the offering on August 5, 2013. | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Professional and agents’ fees paid | $ | — | $ | 57,500 | ||||
Professional and agents’ fees included Accrued Expenses | — | 142,071 | ||||||
Total | $ | — | $ | 199,571 | ||||
Tooling_and_Equipment_Net_Tabl
Tooling and Equipment, Net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment, Net [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Tooling and equipment consisted of the following: | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Tooling and Manufacturing Equipment | $ | 1,748,006 | $ | 1,685,006 | ||||
Computers and Software | 645,429 | 615,567 | ||||||
Furniture and Equipment | 749,233 | 763,134 | ||||||
$ | 3,142,668 | $ | 3,063,707 | |||||
Less: Accumulated Depreciation | -2,696,339 | -2,398,740 | ||||||
Net | $ | 446,329 | $ | 664,967 | ||||
Patents_and_Trademarks_Net_Tab
Patents and Trademarks, Net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Schedule of Finite-Lived Intangible Assets | ' | |||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Patents and Trademarks | $ | 777,593 | $ | 803,687 | ||||
Less: Accumulated Amortization | -281,985 | -252,380 | ||||||
Net | $ | 495,608 | $ | 551,307 | ||||
Software_Development_Costs_Tab
Software Development Costs (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Research and Development [Abstract] | ' | |||||||
Schedule Of Software Development Costs | ' | |||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Software Development Costs | $ | 240,561 | $ | — | ||||
Less: Accumulated Amortization | — | — | ||||||
Net | $ | 240,561 | $ | — | ||||
Notes_Payable_Tables
Notes Payable (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||
Notes Payable [Abstract] | ' | ' | ||||||||||||||
Notes payable represent promissory notes payable | ' | ' | ||||||||||||||
Notes payable represent promissory notes payable by the Company. | Notes payable represent promissory notes payable by the Company. | |||||||||||||||
March 31, 2014 | December 31, | December 31, | December 31, | |||||||||||||
2013 | 2013 | 2012 | ||||||||||||||
Note payable to officers and shareholders of the Company. Blended payments of accrued interest and principal are being made to repay these notes by December 31, 2014. The notes are payable on demand, bear interest at 18.5% and secured by all the assets of the Company. | $ | 201,518 | $ | 229,787 | Note payable to officers and shareholders of the Company. Principal along with accrued interest is payable on demand and paid on December 31, 2014. The notes bear interest at 18.5% and secured by all the assets of the Company. | $ | 229,787 | $ | 165,738 | |||||||
Note payable secured by all the assets of Company and the guarantee of its President and CEO. The effective interest rate is 31%. The note is to be repaid in 12 blended monthly payments of $5,645. | 26,700 | 37,383 | Note payable secured by all the assets of Company and the guarantee of its President and CEO. The effective interest rate is 31%. The note is to be repaid in 12 blended monthly payments of $5,645. | 37,383 | 46,737 | |||||||||||
Note payable to an officer of the Company due on December 31, 2013. The note bears interest at 7.49% and monthly principal payments of $2,691 plus accrued interest are required. The note is secured by all the assets of the Company. | 3,226 | 11,297 | Note payable to an officer of the Company due on December 31, 2013. The note bears interest at 7.49% and monthly principal payments of $2,691 plus accrued interest are required. The note is secured by all the assets of the Company. | 11,297 | 45,734 | |||||||||||
$ | 278,467 | $ | 258,209 | |||||||||||||
Total | $ | 231,444 | $ | 278,467 | ||||||||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||
Payables and Accruals [Abstract] | ' | ' | ||||||||||||||
Components of Accrued Expenses | ' | ' | ||||||||||||||
Accrued expenses consisted of the following: | Accrued expenses consisted of the following: | |||||||||||||||
March 31, 2014 | December 31, 2013 | December | December | |||||||||||||
31, 2013 | 31, 2012 | |||||||||||||||
Accrued Wages and Related Costs | $ | 73,845 | $ | 91,385 | Accrued Wages and Related Costs | $ | 91,385 | $ | 31,197 | |||||||
Accrued Compensation | 409,517 | 360,670 | Accrued Compensation | 360,670 | 181,322 | |||||||||||
Accrued Professional Services | 25,000 | 69,500 | Accrued Professional Services | 69,500 | 181,227 | |||||||||||
Accrued Warranty Obligations | 29,293 | 31,619 | Accrued Warranty Obligations | 31,619 | 93,788 | |||||||||||
Other Accrued Expenses | 2,909 | 1,090 | Other Accrued Expenses | 1,090 | 32,138 | |||||||||||
Total | $ | 540,564 | $ | 554,264 | Total | $ | 554,264 | $ | 519,672 | |||||||
Changes in Accrued Warranty Obligations | ' | ' | ||||||||||||||
The changes in the Company’s accrued warranty obligations for the three months ended March 31, 2014 were as follows: | The changes in the Company’s accrued warranty obligations for the years ended December 31, 2013 and 2012 were as follows: | |||||||||||||||
Accrued Warranty Obligations at December 31, 2011 | $ | 118,611 | ||||||||||||||
Accrued Warranty Obligations at December 31, 2013 | $ | 31,619 | Reductions for Settling Warranties | -126,308 | ||||||||||||
Reductions for Settling Warranties | -26,672 | Warranty Issued During Year | 101,485 | |||||||||||||
Warranties Issued During Period | 24,346 | |||||||||||||||
Accrued Warranty Obligations at December 31, 2012 | $ | 93,788 | ||||||||||||||
Accrued Warranty Obligations at March 31, 2014 | $ | 29,293 | Reductions for Settling Warranties | -74,287 | ||||||||||||
Warranty Issued During Year | 12,118 | |||||||||||||||
Accrued Warranty Obligations at December 31, 2013 | $ | 31,619 | ||||||||||||||
Derivative_Liability_and_Fair_1
Derivative Liability and Fair Value Measurements (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ||||||||||||||||||||||||||
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis | ' | ' | ||||||||||||||||||||||||||
We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows at March 31, 2014: | We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows at December 30, 2013: | |||||||||||||||||||||||||||
Total | (Level 1) | (Level 2) | Level (3) | Total | (Level 1) | (Level 2) | Level (3) | |||||||||||||||||||||
Assets | $ | — | $ | — | $ | — | $ | — | Assets | $ | — | $ | — | $ | — | $ | — | |||||||||||
Total assets measured at fair value | — | — | — | — | Total assets measured at fair value | — | — | — | — | |||||||||||||||||||
Liabilities | Liabilities | |||||||||||||||||||||||||||
Derivative Liability | 8,363,751 | — | — | 8,363,751 | Derivative Liability | 12,035,816 | — | — | 12,035,816 | |||||||||||||||||||
Total liabilities measured at fair value (Long-Term) | $ | 8,363,751 | $ | — | $ | — | $ | 8,363,751 | Total liabilities measured at fair value (Long-Term) | $ | 12,035,816 | $ | — | $ | — | $ | 12,035,816 | |||||||||||
Schedule of Fair Value Level 3 warrant liabilities | ' | ' | ||||||||||||||||||||||||||
December | December | |||||||||||||||||||||||||||
3 Months | Year Ended | 31, 2013 | 31, 2012 | |||||||||||||||||||||||||
Ended March | December | Fair value – beginning of period | $ | — | $ | — | ||||||||||||||||||||||
31, 2014 | 31, 2013 | Warrants issue | 9,067,283 | — | ||||||||||||||||||||||||
Fair value – beginning of period | $ | 12,035,816 | $ | — | Reclassification of warrant liabilities to Additional Paid-in Capital | -526,245 | — | |||||||||||||||||||||
Warrants issue during period | — | 9,067,282 | Reclassification of warrant exercises to Additional Paid-in Capital | -80,500 | — | |||||||||||||||||||||||
Reclassification (reset expiration) of warrant liabilities to Additional Paid-in Capital | -117,010 | -526,245 | Change in fair value | 3,575,278 | — | |||||||||||||||||||||||
Reclassification of warrant exercises to Additional Paid-in Capital | -979,793 | -80,500 | ||||||||||||||||||||||||||
Change in fair value for the period | -2,575,262 | 3,575,278 | Fair value – end of period | $ | 12,035,816 | $ | — | |||||||||||||||||||||
Fair value – end of period | $ | 8,363,751 | $ | 12,035,816 | ||||||||||||||||||||||||
Schedule Of Fair Value Of Warrants | ' | ' | ||||||||||||||||||||||||||
The following summary table shows the assumptions used to compute the fair value of the warrants when granted at issuance and as of March 31, 2014: | The following summary table shows the assumptions used to compute the fair value of the warrants granted during 2013 at issuance and as of December 31, 2013 is: | |||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | At Issuance | ||||||||||||||||||||||||||
Assumptions for Pricing Model: | Assumptions for Pricing Model: | |||||||||||||||||||||||||||
Expected term in years | 3.96 to 4.55 | Expected term in years | 4.2 to 4.6 | 4.62 to 5.0 | ||||||||||||||||||||||||
Volatility range for years 1 to 5 | 55 to 143 | % | Volatility range for years 1 to 5 | 56 | % | 61 to 110 | % | |||||||||||||||||||||
Risk-free interest rate | 1.46 to 1.73 | % | Risk-free interest rate | 1.75 | % | 0.77 to 1.41 | % | |||||||||||||||||||||
Expected annual dividends | None | Expected annual dividends | None | None | ||||||||||||||||||||||||
Value of warrants issued: | Value of warrants issued: | |||||||||||||||||||||||||||
Fair value of warrants | $ | 8,363,751 | Fair value of warrants | $ | 12,035,816 | $ | 9,067,283 | |||||||||||||||||||||
Accrued_Compensation_Tables
Accrued Compensation (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Compensation Related Costs [Abstract] | ' | |||||||
Unpaid principal amounts are shown as Long-Term Liabilities | ' | |||||||
Accrued | Accrued Interest | |||||||
Compensation | ||||||||
Balance as at December 31, 2011 | $ | 810,096 | $ | 339,323 | ||||
Additions 2012 | 200,000 | 103,315 | ||||||
Subtractions 2012 | — | — | ||||||
Balance as at December 31, 2012 | 1,010,096 | 442,638 | ||||||
Additions 2013 | 116,667 | 73,168 | ||||||
Subtractions 2013 | -1,126,763 | -515,806 | ||||||
Balance as at December 31, 2013 | $ | — | $ | — | ||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||
Components of Long-Term Debt | ' | ' | ||||||||||||||||||||||||||||||||||
Long-term debt consisted of the following: | Long-term debt consisted of the following at December 31: | |||||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, | December 31, | December | |||||||||||||||||||||||||||||||||
2013 | 2013 | 31, 2012 | ||||||||||||||||||||||||||||||||||
Note payable for research and development equipment. The principal is subject to a fixed semi-annual repayment schedule commencing October 31, 2012 over 48 months. The note carries a 0% interest, but imputed interest has been accrued based on a 12% discount | 256,727 | 256,727 | Note payable to an officer of the Company. The principal was not subject to a fixed repayment schedule, bore interest at 8% per annum and was secured by all of the assets of the Company | $ | — | $ | 209,208 | |||||||||||||||||||||||||||||
rate and is reflected as a reduction in the principal. | -65,376 | -71,701 | Note payable to an officer of the Company. The principal and interest was subject to a fixed blended repayment schedule of 36 months, commencing July 15, 2013. The loan bore interest at 12% per annum and was secured by a subordinated position in all the assets of the Company. | — | 225,719 | |||||||||||||||||||||||||||||||
Note payable for which the principal and interest is subject to a fixed blended repayment schedule of 36 months, commencing July 15, 2013. The loan bears interest at 12% per annum and is secured by a subordinated position in all the assets of the Company. | 76,311 | 84,790 | Note payable for research and development equipment. The principal is subject to a fixed semi-annual repayment schedule commencing October 31, 2012 over 48 months. | 256,727 | 396,004 | |||||||||||||||||||||||||||||||
The note carries a 0% interest, but imputed interest has been accrued based on a 12% discount rate and is reflected as a reduction in the principal. | -71,701 | -97,003 | ||||||||||||||||||||||||||||||||||
$ | 267,662 | $ | 269,816 | Convertible, Senior Secured Term Debt. The principal was to be repaid over 15 months, with equal payments of principal beginning on October 15, 2012. The Company did not make any of the required principal payments and was in default. The loan bore interest at 13.5%, per annum, which was payable monthly on the 15th of each month. The loan was secured by a first security position in all the Intellectual Property assets of the Company and a security interest in all of the other assets of the Company that was subordinate only to the security interest that secures the Company’s working capital loan. | — | 619,122 | ||||||||||||||||||||||||||||||
Less: Amount Due Within One Year | -99,320 | -99,320 | Long-term secured deferred trade payable for which the principal and interest was subject to a fixed blended repayment schedule of 24 and 36 months, commencing July 15, 2013. The deferred trade payable bears interest at 12% per annum and was secured by a subordinated position in all the assets of the Company. | — | 1,320,643 | |||||||||||||||||||||||||||||||
Note payable for which the principal and interest is subject to a fixed blended repayment schedule of 36 months, commencing July 15, 2013. The loan bears interest at 12% per annum and is secured by a subordinated position in all the assets of the Company. | 84,790 | 101,748 | ||||||||||||||||||||||||||||||||||
Amount Due After One Year | $ | 168,342 | $ | 170,496 | $ | 269,816 | $ | 2,775,441 | ||||||||||||||||||||||||||||
Less: Amount Due Within One Year | -99,320 | -1,060,188 | ||||||||||||||||||||||||||||||||||
Amount Due After One Year | $ | 170,496 | $ | 1,715,253 | ||||||||||||||||||||||||||||||||
Aggregate maturities for all long-term borrowings | ' | ' | ||||||||||||||||||||||||||||||||||
The aggregate maturities for all long-term borrowings as of March 31, 2014 are as follows: | The aggregate maturities reflect future cash principle payments exclusive of non-cash amortization discount for all long-term borrowings as of December 31, 2013 are as follows: | |||||||||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | Thereafter | Total | 2014 | 2015 | 2016 | 2017 | Thereafter | Total | |||||||||||||||||||||||||
$ | 99,320 | $ | 100,064 | $ | 68,278 | $ | — | $ | — | $ | 267,662 | $ | 99,320 | $ | 100,064 | $ | 70,432 | $ | — | $ | — | $ | 269,816 | |||||||||||||
Capital_Lease_Obligations_Tabl
Capital Lease Obligations (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Capital Lease Obligations [Abstract] | ' | |||||||
Capital lease obligation payments | ' | |||||||
The related equipment is collateral to the leases. Final payments are due through September 2015. | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Total Principal Payments | $ | 41,552 | $ | 97,285 | ||||
Less: Amount Due Within One Year | -24,670 | -57,244 | ||||||
Amount Due After One Year | $ | 16,882 | $ | 40,041 | ||||
Annual requirements for retirement of the capital lease obligations | ' | |||||||
Annual requirements for retirement of the capital lease obligations are as follows: | ||||||||
December 31, | Amount | |||||||
2014 | $ | 31,687 | ||||||
2015 | 18,445 | |||||||
Total Minimum Lease Payments | $ | 50,132 | ||||||
Less: Amount Representing Interest | -8,580 | |||||||
Present Value of Minimum Lease Payments | $ | 41,552 | ||||||
Summary of assets held under capital leases | ' | |||||||
The following is a summary of assets held under capital leases: | ||||||||
December 31, | 2013 | 2012 | ||||||
Computers and Software | $ | 30,692 | $ | 96,925 | ||||
Furniture and Equipment | 35,083 | 92,446 | ||||||
$ | 65,775 | 189,371 | ||||||
Less: Accumulated Depreciation | -52,275 | -81,190 | ||||||
Net | $ | 13,500 | $ | 108,181 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule Of Pre Tax Earnings | ' | ||||||||
Pre-tax earnings consisted of the following for the years ended December 31, 2013 and 2012: | |||||||||
December 31, | 2013 | 2012 | |||||||
Total Pre-Tax (Loss) Earnings | $ | -10,146,228 | $ | 382,838 | |||||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||||||
The provision (benefit) for income taxes for the years ended December 31, 2013 and 2012 was as follows: | |||||||||
2013 | 2012 | ||||||||
Current Income Tax Provision (Benefit) | |||||||||
Federal – (all related to Gain on Sale of Discontinued Operations) | $ | — | $ | 19,800 | |||||
State and Foreign | — | — | |||||||
State Tax Credit Refund | — | — | |||||||
Net Change in Liability for Unrecognized Tax Benefits | — | — | |||||||
$ | — | $ | 19,800 | ||||||
Deferred Provision (Benefit) | — | — | |||||||
Total Provision (Benefit) | $ | — | $ | 19,800 | |||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||
A reconciliation of the statutory U.S. federal income tax rate to the effective rates for the years ended December 31, 2013 and 2012 is as follows: | |||||||||
2013 | 2012 | ||||||||
Federal Income Tax at Statutory Rate | 34.4 | % | 34 | % | |||||
State Tax Provision, Net of Federal Benefit | 0.5 | % | 3.5 | % | |||||
Foreign Income Taxed at Other Than 34% | -0.2 | % | 0 | % | |||||
Meals and Entertainment | 0 | % | 1.4 | % | |||||
Stock Compensation Expense | -0.6 | % | 16.1 | % | |||||
Research and Development Credits | -0.2 | % | 4.2 | % | |||||
Loss on Derivative Valuation | -12.2 | % | 0 | % | |||||
Debt Discount | -0.2 | % | 0 | % | |||||
Officer’s Life Insurance | 0 | % | 0.3 | % | |||||
Change in Rate Assumptions | 41 | % | -114.5 | % | |||||
Adjustments to Prior Year Tax Credits | 0.7 | % | -11.6 | % | |||||
Effective Tax Rate | 63.2 | % | -66.6 | % | |||||
Change in Valuations Allowance | -63.2 | % | 77.7 | % | |||||
Net Effective Tax Rate | 0 | % | 11.1 | % | |||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||
Deferred tax assets (liabilities) for the years ended December 31, 2013 and 2012 consist of the following: | |||||||||
2013 | 2012 | ||||||||
Inventory and Inventory Related Items | $ | 196,871 | $ | 234,000 | |||||
Warranty Reserves | 10,845 | 32,000 | |||||||
Accrued Interest | 9,673 | 152,000 | |||||||
Accrued Services | -1,887 | 28,000 | |||||||
Accrued Loss Contingency | — | 9,000 | |||||||
Accrued Officer Compensation | 111,276 | — | |||||||
Net Operating Loss Carryforwards | 9,739,496 | 2,881,000 | |||||||
Accrued Compensation | — | 405,000 | |||||||
Amortization | -143,364 | — | |||||||
(Gain)Loss on Fixed Assets | 100,464 | — | |||||||
Patents Costs and Loss on Abandonment or Sale of Patents | -81,093 | — | |||||||
Charitable Contributions | 2,487 | — | |||||||
Unrealized Gains/Losses | 47,049 | — | |||||||
Tax Credit Carryforwards | 1,466,429 | 1,399,000 | |||||||
Depreciation | 7,832 | 11,000 | |||||||
Total Gross Deferred Tax | $ | 11,466,078 | $ | 5,151,000 | |||||
Valuation Allowance — 100% | -11,466,078 | -5,151,000 | |||||||
Net Deferred Tax | $ | — | $ | — | |||||
Stock_Warrants_Tables
Stock Warrants (Tables) | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | ' | |||||||||||
Changes in Warrants | ' | ' | |||||||||||
A summary of the various changes in warrants during the three-month period ended March 31, 2014 is as follows. | The following table shows the various changes in warrants for the years December 31, 2013 and 2012. A total of 6,551,654 warrants were issued during in 2013, with an aggregate fair value of $9,067,283, see Note 17 for further details. A total of 206,420 warrants were re-priced to $2.25 from $4.72 and 38,168 warrants were re-priced to $2.25 from $5.24 upon the closing of the public offering on August 5, 2013. | ||||||||||||
Number of | December 31, | December 31, | |||||||||||
Shares | 2013 | 2012 | |||||||||||
Warrants Outstanding at December 31, 2013 | 7,147,775 | Warrants Outstanding, Beginning of Year | 656,641 | 867,628 | |||||||||
Exercised During the Period | -665,000 | Exercised During the Year | -59,300 | — | |||||||||
Issued During the Period | — | Issued During the Year | 6,551,654 | — | |||||||||
Expired During the Period | -57,668 | Forfeited During the Year | -1,220 | -210,987 | |||||||||
Warrants Outstanding, March 31, 2014 | 6,425,107 | Warrants Outstanding, End of Year | 7,147,775 | 656,641 | |||||||||
Stock_Option_Plans_Tables
Stock Option Plans (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||
Stock Option Plans [Abstract] | ' | ' | ||||||||||||||||||||||
Stock option plans | ' | ' | ||||||||||||||||||||||
The exercise price per share subject to an option is determined by the administrator, but in the case of an ISO must not be less than the fair market value of a share of our common stock on the date of grant and in the case of a non-statutory stock option must not be less than 100% of the fair market value of a share of our common stock on the date of grant. | ||||||||||||||||||||||||
2007 Plan | 2009 Plan | Total | ||||||||||||||||||||||
Outstanding as of December 31, 2013 | 79,009 | 135,509 | 214,518 | |||||||||||||||||||||
Available for future issuance under plan | — | 342,420 | 342,420 | |||||||||||||||||||||
Totals authorized by plan | 79,009 | 477,929 | 556,938 | |||||||||||||||||||||
Summary of Stock Option Activity | ' | ' | ||||||||||||||||||||||
A summary of stock option activity for the three months ended March 31, 2014 is as follows: | The following table summarizes stock option activity for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||
Weighted | Weighted | |||||||||||||||||||||||
Average | Number of | Average | Exercise Price | |||||||||||||||||||||
Number of | Exercise | Exercise Price | Shares | Exercise Price | Range | |||||||||||||||||||
Shares | Price | Range | ||||||||||||||||||||||
Outstanding at December 31, 2011 | 267,856 | $ | 8.87 | $ | 0.46 | – | $ | 17.5 | ||||||||||||||||
Outstanding at December 31, 2013 | 214,518 | $ | 9.72 | $ | 1.71 – $ 17.50 | Granted | — | $ | — | $ | — | |||||||||||||
Granted | — | $ | — | $ | — | Exercised | — | $ | — | $ | — | |||||||||||||
Exercised | — | $ | — | $ | — | Expired or Forfeited | -75,127 | $ | 0.65 | $ | 0.46 | – | $ | 2.17 | ||||||||||
Expired or Forfeited | — | $ | — | $ | — | |||||||||||||||||||
Outstanding at December 31, 2012 | 192,729 | $ | 10.68 | $ | 1.71 | – | $ | 17.5 | ||||||||||||||||
Outstanding at March 31, 2014 | 214,518 | $ | 9.72 | $ | 1.71 – $ 17.50 | Granted | 45,000 | $ | 2 | $ | 2 | |||||||||||||
Exercised | — | $ | — | $ | — | |||||||||||||||||||
Expired or Forfeited | -23,211 | $ | 2.71 | $ | 1.94 | – | $ | 17.5 | ||||||||||||||||
Outstanding at December 31, 2013 | 214,518 | $ | 9.72 | $ | 1.71 | – | $ | 17.5 | ||||||||||||||||
Summary of stock option information | ' | ' | ||||||||||||||||||||||
The following tables summarize stock option information at December 31, 2013: | ||||||||||||||||||||||||
Total Options Outstanding | ||||||||||||||||||||||||
Weighted | Weighted | |||||||||||||||||||||||
average | average | |||||||||||||||||||||||
Range of exercise price | Shares | remaining life (yrs) | exercise price | |||||||||||||||||||||
$1.71 to $2.00 | 57,723 | 7.6 | $ | 1.94 | ||||||||||||||||||||
$7.50 to $11.25 | 102,637 | 6.6 | $ | 10.67 | ||||||||||||||||||||
$15.00 to $17.50 | 54,158 | 3.6 | $ | 16.23 | ||||||||||||||||||||
214,518 | 6.1 | $ | 9.72 | |||||||||||||||||||||
Exercisable Options Outstanding | ||||||||||||||||||||||||
Weighted | Weighted | |||||||||||||||||||||||
average | average | |||||||||||||||||||||||
remaining life | ||||||||||||||||||||||||
Range of exercise price | Shares | (yrs) | exercise price | |||||||||||||||||||||
$1.71 to $2.00 | 57,723 | 7.6 | $ | 1.93 | ||||||||||||||||||||
$7.50 to $11.25 | 88,506 | 5.6 | $ | 10.78 | ||||||||||||||||||||
$15.00 to 17.50 | 54,158 | 3.6 | $ | 16.22 | ||||||||||||||||||||
200,387 | 5.6 | $ | 9.71 | |||||||||||||||||||||
Unvested Options Outstanding | ||||||||||||||||||||||||
Weighted | Weighted | |||||||||||||||||||||||
average | average | |||||||||||||||||||||||
remaining life | ||||||||||||||||||||||||
Range of exercise price | Shares | (yrs) | exercise price | |||||||||||||||||||||
$1.71 to $2.00 | — | — | $ | — | ||||||||||||||||||||
$7.50 to $11.25 | 14,131 | 6.6 | $ | 9.91 | ||||||||||||||||||||
$15.00 to $17.50 | — | — | $ | — | ||||||||||||||||||||
14,131 | 6.6 | $ | 9.91 | |||||||||||||||||||||
Outstanding Stock Option on Result of Operation | ' | ' | ||||||||||||||||||||||
The table below summarizes the impact of outstanding stock options on the results of operations for the three and three months ended March 31, 2014 and 2013: | The table below summarizes the impact of outstanding stock options on the results of operations for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||
Three Months Ended | December 31, | 2013 | 2012 | |||||||||||||||||||||
March 31, | March 31, | |||||||||||||||||||||||
2014 | 2013 | Stock-Based Compensation Expense: | ||||||||||||||||||||||
Stock Options | $ | 159,272 | $ | 172,233 | ||||||||||||||||||||
Stock-based compensation expense: | Income Tax Benefit | — | — | |||||||||||||||||||||
Stock Options | $ | 19,347 | $ | 19,347 | ||||||||||||||||||||
Income tax benefit | — | — | Net Decrease in Net Income | $ | 159,272 | $ | 172,233 | |||||||||||||||||
Net Increase in Net Loss | $ | 19,347 | $ | 19,347 | ||||||||||||||||||||
Decrease in Earnings Per Share: | ||||||||||||||||||||||||
Per share decrease in Income or increase in Loss Per Share: | Basic | $ | 0.027 | $ | 0.049 | |||||||||||||||||||
Basic | $ | 0.0019 | $ | 0.0055 | Diluted | $ | 0.027 | $ | 0.048 | |||||||||||||||
Diluted | $ | 0.0017 | $ | 0.0055 | ||||||||||||||||||||
Summary of assumptions used to compute the fair value of stock options granted | ' | ' | ||||||||||||||||||||||
The following summary table shows the assumptions used to compute the fair value of stock options granted during 2013 and 2012 and their estimated value: | ||||||||||||||||||||||||
December 31, | 2013 | 2012 | ||||||||||||||||||||||
Assumptions for Black-Scholes: | ||||||||||||||||||||||||
Expected term in years | 10 | — | ||||||||||||||||||||||
Volatility | 128.8 | % | — | |||||||||||||||||||||
Risk-free interest rate | 2.81 | % | — | |||||||||||||||||||||
Expected annual dividends | None | None | ||||||||||||||||||||||
Value of options granted: | ||||||||||||||||||||||||
Number of options granted | 45,000 | — | ||||||||||||||||||||||
Weighted average fair value/share | $ | 2 | $ | N/A | ||||||||||||||||||||
Fair value of options granted | $ | 81,884 | $ | N/A | ||||||||||||||||||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Contractual Payment Obligations for Operating Leases | ' | |||||||
Future minimum payments required under operating lease obligations as of December 31, 2013 were as follows: | ||||||||
Total Minimum | ||||||||
2014 | Lease Payments | |||||||
$ | 45,670 | $ | 45,670 | |||||
Basis_of_Presentation_Addition
Basis of Presentation (Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Basis Of Presentation [Line Items] | ' |
Stockholders' Equity, Reverse Stock Split | 'All per share amounts, outstanding shares, warrants, options and shares issuable pursuant to convertible securities for all periods reflect the Company’s 1-for-75 reverse stock split, which was effective February 6, 2013. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Property Plant And Equipment Useful Life) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Computers and Software | ' |
Property, Plant and Equipment, Estimated Useful Lives | '3 years |
Manufacturing Equipment | ' |
Property, Plant and Equipment, Estimated Useful Lives | '5 years |
Tooling | ' |
Property, Plant and Equipment, Estimated Useful Lives | '3 years |
Furniture and Equipment | ' |
Property, Plant and Equipment, Estimated Useful Lives | '5 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Additional Information) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Percentage Of Revenues From External Customers | ' | ' | 36.00% | 27.00% |
Maximum Percentage Of Revenues From Foreign Countries | ' | ' | 10.00% | ' |
Concentration Risk, Percentage | ' | ' | 0.00% | 10.00% |
Percentage On Accounts Receivable | ' | ' | 79.00% | 0.00% |
Advertising Expense | ' | ' | $231,552 | $253,815 |
Stock Options | 19,347 | 19,347 | 159,272 | 172,233 |
Asset Impairment Charges | ' | ' | 73,423 | 64,703 |
Advertisement Expenses From Discontinued Operation | ' | ' | ' | $4,500 |
M100 Smart Glass | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Best Selling Price Per Unit | ' | ' | 25 | ' |
Minimum | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Extended Product Warranty Period | ' | ' | '12 months | ' |
Finite-Lived Intangible Assets, Remaining Amortization Period | ' | ' | '3 years | ' |
Maximum | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Extended Product Warranty Period | ' | ' | '24 months | ' |
Trademarks and Patents | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Remaining Amortization Period | ' | ' | '15 years | ' |
Majority Stockholder | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | 17.00% | 11.00% |
Liquidity_and_Going_Concern_Is1
Liquidity and Going Concern Issues (Additional Information) (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||
Aug. 05, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 15, 2013 | Mar. 21, 2013 | Aug. 05, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jul. 15, 2013 | Mar. 21, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 05, 2013 | Aug. 05, 2013 | |
Other Offering Expenses [Member] | Officer [Member] | Officer [Member] | Convertible, Senior Secured Term Debt | Convertible, Senior Secured Term Debt | Convertible, Senior Secured Term Debt | Convertible, Senior Secured Term Debt | Common Stock And Warrants | Common Stock And Warrants | ||||||||
Officer [Member] | ||||||||||||||||
Commercial Loans [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Working capital deficiency | ' | $1,836,319 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (Loss) from Continuing Operations | ' | 993,150 | ' | -10,146,228 | -4,747,387 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated (Deficit) | ' | -34,780,626 | ' | -36,292,532 | -26,146,304 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Shares Issued | 4,025,000 | 10,240,745 | ' | 9,600,453 | 3,536,865 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 4,025,000 | 643,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Price Per Share | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class Of Warrant Or Right Share Price Of Warrants Or Rights | 0.0001 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | 2.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Warrants Expiration term | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds From Issuance Public Offering | 8,050,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Amount | ' | ' | ' | 1,642,569 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,316,007 | 1,642,569 |
Debt Instrument, Convertible, Conversion Price | ' | ' | ' | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2 | $2 |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | 16.00% | 16.00% | ' | 7.49% | 7.49% | ' | ' | 13.50% | 13.50% | ' | ' |
Proceeds From Sale Of Assets | ' | ' | ' | 0 | 7,520,197 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Repayment Penalty | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | 160,000 | ' | ' | ' | ' |
Secured Long-term Debt, Noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 800,000 | ' | ' | ' | ' |
Other Accrued Liabilities Current | ' | 2,909 | ' | 1,090 | 32,138 | ' | ' | 1,358,641 | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Warrant Exercises | ' | $1,447,425 | $0 | $56,250 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued_Operations_Schedu
Discontinued Operations (Schedule Of Disposal Groups Including Discontinued Operations Income Statement) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Total Sales | ' | ' | $0 | $2,127,675 | ||
Total Cost of Sales | ' | ' | 0 | 1,273,907 | ||
Gross Profit | ' | ' | 0 | 853,768 | ||
Income (Loss) from Discontinued Operations | ' | ' | 0 | -747,580 | ||
Gain (Loss) on Disposal of Discontinued Operations | ' | ' | 0 | 5,837,607 | ||
Provision (Benefit) for Income Taxes (Note 21) | ' | ' | 0 | 19,800 | ||
Gain on Sale of Discontinued Operations | ' | ' | 0 | 5,817,807 | ||
Net Income (Loss) from Discontinued Operations | ' | ' | 0 | 5,070,227 | ||
Basic Income (Loss) per Share | ' | ' | $0 | $1.43 | ||
Diluted Income (Loss) per Share | ' | ' | $0 | $1.43 | ||
Weighted-average Shares Outstanding Basic (Note 6) | 9,972,105 | 3,536,865 | 5,988,595 | 3,536,865 | ||
Weighted-average Shares Outstanding Diluted (Note 6) | 11,517,104 | 3,536,865 | 5,988,595 | 3,651,100 | ||
Research and Development Expense | ' | ' | ' | ' | ||
Operating Expenses: | ' | ' | 0 | 295,138 | ||
Selling and Marketing Expense | ' | ' | ' | ' | ||
Operating Expenses: | ' | ' | 0 | 200,378 | ||
General and Administrative Expense | ' | ' | ' | ' | ||
Operating Expenses: | ' | ' | 0 | 0 | ||
Depreciation and Amortization | ' | ' | ' | ' | ||
Operating Expenses: | ' | ' | 0 | 0 | ||
Amortization Senior Debt Discount | ' | ' | ' | ' | ||
Interest Expense on Senior Debt* | ' | ' | 0 | [1] | 752,248 | [1] |
Interest Expense On Senior Debt | ' | ' | ' | ' | ||
Interest Expense on Senior Debt* | ' | ' | 0 | [1] | 353,584 | [1] |
Sales Of Products | ' | ' | ' | ' | ||
Total Sales | ' | ' | 0 | 1,768,754 | ||
Sales Of Engineering Services | ' | ' | ' | ' | ||
Total Sales | ' | ' | $0 | $358,921 | ||
[1] | Amounts reported represent the interest expense and the amortization of the discount on the Senior Term debt that was required to be repaid from the proceeds of the TDG Asset sale. |
Discontinued_Operations_Additi
Discontinued Operations (Additional Information) (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Discontinued Operations and Disposal Groups [Line Items] | ' | ' |
Gain on Disposal of Discontinued Operations (Note 5), net of tax | $0 | ($5,817,807) |
Gain_on_Asset_Disposal_Major_C
Gain on Asset Disposal (Major Components Of Gain On Sale Of Assets) (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Net Sales Price | $8,345,793 | ' |
Professional Fees on Sale of Assets | -825,596 | ' |
Federal Income Tax | -19,800 | ' |
Sales Taxes on Asset Sale | -14,000 | ' |
Net Gain on Sale of Asset | 0 | 5,817,807 |
Which was paid at closing | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Net Sales Price | 8,345,793 | ' |
Accounts Receivable | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Book value of assets sold | -299,599 | ' |
Inventory | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Book value of assets sold | -1,135,042 | ' |
Tooling & Equipment | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Book value of assets sold | -120,832 | ' |
Patents and Trademarks | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Book value of assets sold | ($113,117) | ' |
Gain_on_Asset_Disposal_Additio
Gain on Asset Disposal (Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Gain On Asset Disposal Additional Information [Line Items] | ' |
Net Sales Price | $8,345,793 |
Additional Purchase Price Paid | $2,500,000 |
Earnings_Loss_Per_Share_Schedu
Earnings (Loss) Per Share (Schedule Of Earnings Per Share Basic And Diluted) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Disclosure Earnings Per Share [Line Items] | ' | ' | ' | ' | ||
Net (Loss) from Continuing Operations (A) | $993,150 | ' | ($10,146,228) | ($4,747,387) | ||
Net Income (Loss) (B) | 1,511,906 | -936,298 | -10,146,228 | 322,840 | ||
Add - Interest savings from converted debt | ' | ' | 0 | 114,537 | ||
Adjusted Diluted Net Income (Loss) (F) | ' | ' | -10,146,228 | 437,377 | ||
Weighted Average Shares Outstanding: | ' | ' | ' | ' | ||
Weighted average basic shares outstanding (C) | 9,972,105 | 3,536,865 | 5,988,595 | 3,536,865 | ||
Dilutive effect of options and warrants | ' | ' | 2,984,199 | 31,354 | ||
Dilutive effect of convertible debt | ' | ' | $0 | $82,881 | ||
Weighted Average Dilutive Shares Outstanding (D) | 11,517,104 | 3,536,865 | 5,988,595 | 3,651,100 | ||
Earnings (Loss) Per Share From Continuing Operations | ' | ' | ' | ' | ||
Basic (A/C) | ' | ' | ($1.69) | ($1.34) | ||
Diluted | ' | ' | ($1.69) | [1],[2] | ($1.34) | [1],[2] |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ||
Basic (B/C) | $0.15 | ($0.26) | ($1.69) | $0.09 | ||
Diluted (F/D) | $0.13 | ($0.26) | ($1.69) | [1] | $0.09 | [1] |
[1] | Due to net loss for period, dilutive loss per share is the same as basic. | |||||
[2] | Due to the antidilutive impact of the convertible debt under the if-converted method, the diluted earnings per share is the same as basic. |
Earnings_Loss_Per_Share_Additi
Earnings (Loss) Per Share (Additional Information) (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,544,999 |
Accounts_Receivable_Net_Schedu
Accounts Receivable, Net (Schedule Of Account Receivable) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts Receivable | ' | $214,920 | $170,600 |
Less: Allowance for Doubtful Accounts | ' | 0 | 0 |
Net | $187,790 | $214,920 | $170,600 |
Inventories_Net_Components_of_
Inventories, Net (Components of Inventories) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Inventory Disclosure [Line Items] | ' | ' | ' |
Purchased Parts and Components | $1,135,446 | $1,094,250 | $945,550 |
Work in Process | 135,913 | 153,065 | 46,259 |
Finished Goods | 463,810 | 280,279 | 259,112 |
Less: Reserve for Obsolescence | -699,495 | -573,967 | -563,740 |
Net | $1,035,674 | $953,627 | $687,181 |
Deferred_Offering_Costs_Schedu
Deferred Offering Costs (Schedule Of Deferred Offering Costs) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Offering Costs [Line Items] | ' | ' |
Professional and agentsb fees paid | $0 | $57,500 |
Professional and agentsb fees included Accrued Expenses | 0 | 142,071 |
Total | $0 | $199,571 |
Tooling_and_Equipment_Net_Sche
Tooling and Equipment, Net (Schedule Of Tooling And Equipment) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | ' | $3,142,668 | $3,063,707 |
Less: Accumulated Depreciation | ' | -2,696,339 | -2,398,740 |
Net | 415,805 | 446,329 | 664,967 |
Tooling and Manufacturing Equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | ' | 1,748,006 | 1,685,006 |
Computers and Software | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | ' | 645,429 | 615,567 |
Funiture and Equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | ' | $749,233 | $763,134 |
Tooling_and_Equipment_Net_Addi
Tooling and Equipment, Net (Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Depreciation and Amortization | $99,705 | $98,348 | $377,840 | $468,817 |
Patents_and_Trademarks_Net_Sch
Patents and Trademarks, Net (Schedule Of Patents and Trademarks) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Patents and Trademarks | $777,593 | $803,687 |
Less: Accumulated Amortization | -281,985 | -252,380 |
Net | $495,608 | $551,307 |
Patents_and_Trademarks_Net_Add
Patents and Trademarks, Net (Additional Information) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization | ' | ' | $54,979 | $59,396 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | ' | ' | 50,058 | ' |
Impairment of Patents and Trademarks | 0 | 0 | 73,423 | 64,703 |
Abandoned Patents and Trademarks | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Impairment of Patents and Trademarks | ' | ' | 73,423 | 64,703 |
Amortization of Intangible Assets | ' | ' | 98,798 | 171,868 |
Asset Impairment Cost | ' | ' | $25,375 | $107,165 |
Software_Development_Costs_Sch
Software Development Costs (Schedule Of Software Development Costs) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Software Development Costs | ' | $240,561 | $0 |
Less: Accumulated Amortization | ' | 0 | 0 |
Net | $521,146 | $240,561 | $0 |
Software_Development_Costs_Add
Software Development Costs (Additional Information) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Amortization | $54,979 | $59,396 |
Minimum [Member] | ' | ' |
Finite-Lived Intangible Assets, Remaining Amortization Period | '3 years | ' |
Lines_of_Credit_Additional_Inf
Lines of Credit (Additional Information) (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Line of Credit Facility [Line Items] | ' | ' |
Lines of Credit (Note 13) | $0 | $112,500 |
Line of Credit Facility, Interest Rate Description | 'banks prime rate plus 1% | ' |
Line of Credit Facility, Amount Outstanding | $0 | $112,500 |
Notes_Payable_Notes_Payable_Re
Notes Payable (Notes Payable Represent Promissory Notes) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Notes and Promissory Notes [Line Items] | ' | ' | ' |
Notes Payable | $231,444 | $278,467 | $258,209 |
Officer and Shareholder [Member] | ' | ' | ' |
Notes and Promissory Notes [Line Items] | ' | ' | ' |
Notes Payable | 201,518 | 229,787 | 165,738 |
President and Ceo [Member] | Secured By Asset [Member] | ' | ' | ' |
Notes and Promissory Notes [Line Items] | ' | ' | ' |
Notes Payable | 26,700 | 37,383 | 46,737 |
Officer [Member] | ' | ' | ' |
Notes and Promissory Notes [Line Items] | ' | ' | ' |
Notes Payable | $3,226 | $11,297 | $45,734 |
Notes_Payable_Notes_Payable_Re1
Notes Payable (Notes Payable Represent Promissory Notes) (Parenthetical) (Detail) (USD $) | Jul. 15, 2013 | Mar. 21, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Officer and Shareholder [Member] | Officer and Shareholder [Member] | President and Ceo [Member] | President and Ceo [Member] | Officer [Member] | Officer [Member] | |||
Secured By Asset [Member] | Secured By Asset [Member] | |||||||
Notes and Promissory Notes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Interest percentage | 16.00% | 16.00% | 18.50% | 18.50% | 31.00% | 31.00% | 7.49% | 7.49% |
Debt Instrument, Frequency of Periodic Payment | ' | ' | ' | ' | '12 blended months | '12 blended monthly payments | ' | ' |
Debt Instrument, Periodic Payment, Principal | ' | ' | ' | ' | $5,645 | $5,645 | $2,691 | $2,691 |
Customer_Deposits_Additional_I
Customer Deposits (Additional Information) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Increase (Decrease) in Deferred Revenue and Customer Advances and Deposits, Total | $52,217 | $39,700 | $0 |
Accrued_Expenses_Components_of
Accrued Expenses (Components of Accrued Expenses) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accrued Liabilities [Line Items] | ' | ' | ' |
Accrued Wages and Related Costs | $73,845 | $91,385 | $31,197 |
Accrued Compensation | 409,517 | 360,670 | 181,322 |
Accrued Professional Services | 25,000 | 69,500 | 181,227 |
Accrued Warranty Obligations | 29,293 | 31,619 | 93,788 |
Other Accrued Expenses | 2,909 | 1,090 | 32,138 |
Total | $540,564 | $554,264 | $519,672 |
Accrued_Expenses_Changes_in_Ac
Accrued Expenses (Changes in Accrued Warranty Obligations) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Class Of Warrant Or Right [Line Items] | ' | ' | ' |
Accrued Warranty Obligations, Beginning balance | $31,619 | $93,788 | $118,611 |
Reductions for Settling Warranties | -26,672 | -74,287 | -126,308 |
Warranties Issued During Period | 24,346 | 12,118 | 101,485 |
Accrued Warranty Obligations, Ending balance | $29,293 | $31,619 | $93,788 |
Accrued_Expenses_Additional_In
Accrued Expenses (Additional Information) (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Officers Compensation Payable Compounding Monthly Interest Rate | 8.00% | ' | ' |
Accrued Compensation | $409,517 | $360,670 | $181,322 |
Derivative_Liability_and_Fair_2
Derivative Liability and Fair Value Measurements (Schedule of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets | $0 | $0 |
Total assets measured at fair value | 0 | 0 |
Derivative Liability | 8,363,751 | 12,035,816 |
Total liabilities measured at fair value (Long-Term) | 8,363,751 | 12,035,816 |
Fair Value, Inputs, Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets | 0 | 0 |
Total assets measured at fair value | 0 | 0 |
Derivative Liability | 0 | 0 |
Total liabilities measured at fair value (Long-Term) | 0 | 0 |
Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets | 0 | 0 |
Total assets measured at fair value | 0 | 0 |
Derivative Liability | 0 | 0 |
Total liabilities measured at fair value (Long-Term) | 0 | 0 |
Fair Value, Inputs, Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets | 0 | 0 |
Total assets measured at fair value | 0 | 0 |
Derivative Liability | 8,363,751 | 12,035,816 |
Total liabilities measured at fair value (Long-Term) | $8,363,751 | $12,035,816 |
Derivative_Liability_and_Fair_3
Derivative Liability and Fair Value Measurements (Schedule of Fair Value Level 3 Warrant Liabilities) (Detail) (Warrant Liabilities, USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Warrant Liabilities | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Fair value - beginning of period | $12,035,816 | $0 | $0 |
Warrants issue during period | 0 | 9,067,283 | 0 |
Reclassification (reset expiration) of warrant liabilities to Additional Paid-in Capital | -117,010 | -526,245 | 0 |
Reclassification of warrant exercises to Additional Paid-in Capital | -979,793 | -80,500 | 0 |
Change in fair value for the period | -2,575,262 | 3,575,278 | 0 |
Fair value - end of period | $8,363,751 | $12,035,816 | $0 |
Derivative_Liability_and_Fair_4
Derivative Liability and Fair Value Measurements (Compute The Fair Value Of Warrants Issued) (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Mar. 21, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Value of warrants issued: | ' | ' | ' |
Fair value of warrants | ' | 8,363,751 | 12,035,816 |
Warrant [Member] | ' | ' | ' |
Assumptions for Pricing Model: | ' | ' | ' |
Volatility range for years 1 to 5 | ' | ' | 56.00% |
Risk-free interest rate | ' | ' | 1.75% |
Value of warrants issued: | ' | ' | ' |
Fair value of warrants | 9,067,283 | 8,363,751 | 12,035,816 |
Minimum [Member] | Warrant [Member] | ' | ' | ' |
Assumptions for Pricing Model: | ' | ' | ' |
Expected term in years | '4 years 7 months 13 days | '3 years 11 months 16 days | '4 years 2 months 12 days |
Volatility range for years 1 to 5 | 61.00% | 55.00% | ' |
Risk-free interest rate | 0.77% | 1.46% | ' |
Maximum [Member] | Warrant [Member] | ' | ' | ' |
Assumptions for Pricing Model: | ' | ' | ' |
Expected term in years | '5 years | '4 years 6 months 18 days | '4 years 7 months 6 days |
Volatility range for years 1 to 5 | 110.00% | 143.00% | ' |
Risk-free interest rate | 1.41% | 1.73% | ' |
Derivative_Liability_and_Fair_5
Derivative Liability and Fair Value Measurements (Additional Information) (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||||
Aug. 05, 2013 | Jul. 15, 2013 | Mar. 21, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 21, 2013 | Dec. 31, 2013 | Aug. 05, 2013 | |
Additional Warrants [Member] | Public Equity Offering [Member] | Public Equity Offering [Member] | Public Equity Offering [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Embedded Derivative, Fair Value of Embedded Derivative Liability | ' | $200,000 | $800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Warrants or Options Issued | 6,004,288 | 38,168 | 186,480 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liabilities | ' | ' | ' | 8,363,751 | ' | 12,035,816 | ' | ' | 526,245 | ' | ' | ' |
Derivative, Loss on Derivative | ' | ' | ' | -2,575,262 | 14,287 | 3,575,278 | 0 | ' | ' | ' | ' | ' |
Derivative Liability For The Warrants To Purchase | 4,025,000 | ' | ' | 643,300 | ' | ' | ' | ' | ' | ' | ' | 127,717 |
Exercise Price Adjustment Feature Expired Warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102,357 | ' | ' |
Derivative Liability For The Warrants To Purchase Outstanding | ' | ' | ' | 6,425,107 | ' | 7,147,775 | 656,641 | 867,628 | ' | ' | 25,360 | ' |
Derivative, Gain on Derivative | ' | ' | ' | $2,575,262 | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued_Compensation_Component
Accrued Compensation (Components Of Accrued Compensation) (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Accrued Compensation | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Opening Balance | $1,010,096 | $810,096 |
Additions | 116,667 | 200,000 |
Subtractions | -1,126,763 | 0 |
Ending Balance | 0 | 1,010,096 |
Accrued Interest | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Opening Balance | 442,638 | 339,323 |
Additions | 73,168 | 103,315 |
Subtractions | -515,806 | 0 |
Ending Balance | $0 | $442,638 |
Accrued_Compensation_Additiona
Accrued Compensation (Additional Information) (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ' |
Percentage Of Interest On Accrued Compensation | 8.00% |
Debt Instrument, Convertible, Conversion Price | $2 |
LongTerm_Debt_Components_of_Lo
Long-Term Debt (Components of Long-Term Debt) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' | ' |
Long term debt | $267,662 | $269,816 | $2,775,441 |
Less: Amount Due Within One Year | -99,320 | -99,320 | -1,060,188 |
Amount Due After One Year | 168,342 | 170,496 | 1,715,253 |
The note carries a 0% interest, but imputed interest has been accrued based on a 12% discount rate and is reflected as a reduction in the principal | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long term debt | -65,376 | -71,701 | -97,003 |
Notes Payable | The principal is subject to a fixed semi-annual repayment schedule commencing October 31, 2012 over 48 months. | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long term debt | 256,727 | 256,727 | 396,004 |
Notes Payable | The principal and interest is subject to a fixed blended repayment schedule of 36 months, commencing July 15, 2013 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long term debt | 76,311 | 84,790 | 101,748 |
Convertible, Senior Secured Term Debt | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long term debt | ' | 0 | 619,122 |
Long-term secured deferred trade payable | The principal and interest is subject to a fixed blended repayment schedule of 24 and 36 months, commencing July 15, 2013. | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long term debt | ' | 0 | 1,320,643 |
Officer [Member] | Notes Payable | The principal is not subject to a fixed repayment schedule | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long term debt | ' | 0 | 209,208 |
Officer [Member] | Notes Payable | The principal and interest is subject to a fixed blended repayment schedule of 36 months, commencing July 15, 2013. | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long term debt | ' | $0 | $225,719 |
LongTerm_Debt_Components_of_Lo1
Long-Term Debt (Components of Long-Term Debt) (Parenthetical) (Detail) | Jul. 15, 2013 | Mar. 21, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
The principal and interest is subject to a fixed blended repayment schedule of 36 months, commencing July 15, 2013. | The principal is subject to a fixed semi-annual repayment schedule commencing October 31, 2012 over 48 months. | Notes Payable | Notes Payable | Notes Payable | Notes Payable | Notes Payable | Notes Payable | Notes Payable | Notes Payable | Convertible, Senior Secured Term Debt | Convertible, Senior Secured Term Debt | Long-term secured deferred trade payable | Long-term secured deferred trade payable | Long-term secured deferred trade payable | Long-term secured deferred trade payable | Long-term secured deferred trade payable | Long-term secured deferred trade payable | Officer [Member] | Officer [Member] | Officer [Member] | Officer [Member] | |||
Minimum | Maximum | The principal is not subject to a fixed repayment schedule | The principal and interest is subject to a fixed blended repayment schedule of 36 months, commencing July 15, 2013. | The principal is subject to a fixed semi-annual repayment schedule commencing October 31, 2012 over 48 months. | The principal is subject to a fixed semi-annual repayment schedule commencing October 31, 2012 over 48 months. | The principal and interest is subject to a fixed blended repayment schedule of 36 months, commencing July 15, 2013 | The principal and interest is subject to a fixed blended repayment schedule of 36 months, commencing July 15, 2013 | Minimum | Minimum | Maximum | Maximum | The principal and interest is subject to a fixed blended repayment schedule of 24 and 36 months, commencing July 15, 2013. | The principal and interest is subject to a fixed blended repayment schedule of 24 and 36 months, commencing July 15, 2013. | Notes Payable | Notes Payable | Notes Payable | Notes Payable | |||||||
The principal is not subject to a fixed repayment schedule | The principal is not subject to a fixed repayment schedule | The principal and interest is subject to a fixed blended repayment schedule of 36 months, commencing July 15, 2013. | The principal and interest is subject to a fixed blended repayment schedule of 36 months, commencing July 15, 2013. | |||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long term debt, fixed interest repayment term | ' | ' | '36 months | '48 months | '24 | '36 | ' | '36 months | '48 months | '48 months | '36 months | ' | '15 months | '15 months | '24 months | '24 months | '36 months | '36 months | ' | ' | ' | ' | '36 months | '36 months |
Long term debt repayment starting date | ' | ' | 15-Jul-13 | 31-Oct-12 | ' | ' | ' | ' | 31-Oct-12 | 31-Oct-12 | 15-Jul-13 | 15-Jul-13 | 15-Oct-12 | 15-Oct-12 | ' | ' | ' | ' | 15-Jul-13 | 15-Jul-13 | ' | ' | 15-Jul-13 | 15-Jul-13 |
Long term debt, fixed interest rate | 16.00% | 16.00% | 12.00% | ' | ' | ' | 8.00% | ' | ' | ' | 12.00% | 12.00% | 13.50% | 13.50% | ' | ' | ' | ' | 12.00% | 12.00% | 8.00% | 8.00% | 12.00% | 12.00% |
LongTerm_Debt_Aggregate_Maturi
Long-Term Debt (Aggregate Maturities For All Long Term Borrowings) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' | ' |
2014 | $99,320 | $99,320 | ' |
2015 | 100,064 | 100,064 | ' |
2016 | 68,278 | 70,432 | ' |
2017 | 0 | 0 | ' |
Thereafter | 0 | 0 | ' |
Total | $267,662 | $269,816 | $2,775,441 |
LongTerm_Debt_Additional_Infor
Long-Term Debt (Additional Information) (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||
Aug. 05, 2013 | Jul. 15, 2013 | Mar. 21, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 27, 2013 | Dec. 31, 2013 | Jul. 15, 2013 | Mar. 21, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 15, 2013 | Mar. 21, 2013 | Jul. 15, 2013 | Mar. 21, 2013 | Jul. 15, 2013 | Mar. 21, 2013 | Jul. 15, 2013 | Mar. 21, 2013 | Jul. 15, 2013 | Mar. 21, 2013 | Jul. 15, 2013 | Mar. 21, 2013 | Jul. 15, 2013 | Mar. 21, 2013 | Jul. 15, 2013 | Mar. 21, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Securities Purchase Agreement [Member] | IPO [Member] | Convertible Debt [Member] | Maximum | Convertible, Senior Secured Term Debt | Convertible, Senior Secured Term Debt | Convertible, Senior Secured Term Debt | Convertible, Senior Secured Term Debt | Notes Payable | Notes Payable | Hillair [Member] | Hillair [Member] | Hillair [Member] | Hillair [Member] | Hillair [Member] | Hillair [Member] | Hillair [Member] | Hillair [Member] | Hillair [Member] | Hillair [Member] | Hillair [Member] | Hillair [Member] | Hillair [Member] | Hillair [Member] | Hillair [Member] | Hillair [Member] | Hillair [Member] | Gentry [Member] | |||||||||
Minimum | Maximum | February 1,2014 Securities Purchase Agreement | February 1,2014 Securities Purchase Agreement | August 1,2015 Securities Purchase Agreement [Member] | August 1,2015 Securities Purchase Agreement [Member] | May 1,2014 Securities Purchase Agreement | May 1,2014 Securities Purchase Agreement | August 1,2014 Securities Purchase Agreement [Member] | August 1,2014 Securities Purchase Agreement [Member] | August 1,2017 Securities Purchase Agreement [Member] | August 1,2017 Securities Purchase Agreement [Member] | August 1,2016 Securities Purchase Agreement [Member] | August 1,2016 Securities Purchase Agreement [Member] | March 21, 2018 Securities Purchase Agreement [Member] | March 21, 2018 Securities Purchase Agreement [Member] | Securities Purchase Agreement [Member] | Securities Purchase Agreement [Member] | Securities Purchase Agreement [Member] | ||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of Convertible, Senior Secured Term Debt Loan | ' | ' | ' | $55,501 | $119,447 | $2,137,983 | $4,474,879 | ' | ' | ' | ' | ' | ' | ' | $4,450,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Secured debt | ' | ' | ' | 267,662 | ' | 269,816 | 2,775,441 | ' | ' | ' | 2,374,682 | ' | ' | ' | 0 | 619,122 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Secured debt repayment term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 months | '15 months | '24 | '36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible, Senior Secured interest rate | ' | 16.00% | 16.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.50% | 13.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Warrants Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 533,333 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.47 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,010,379 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized discount | ' | ' | ' | ' | ' | ' | ' | 636,678 | 685,965 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Amount | ' | ' | ' | ' | ' | 1,642,569 | 0 | ' | ' | 1,755,570 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured Long-term Debt, Noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 800,000 | ' | ' |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.00% | 16.00% | ' | ' |
Debt Instrument, Periodic Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | 200,000 | 12,500 | 50,000 | 50,000 | 200,000 | 50,000 | 200,000 | 12,500 | 50,000 | 12,500 | 50,000 | 12,500 | 50,000 | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price | ' | ' | ' | ' | ' | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.24 | $4.29 | ' | ' |
Debt Conversion, Converted Instrument, Warrants or Options Issued | 6,004,288 | 38,168 | 186,480 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 186,480 | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | 2.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.72 | 2.25 | ' |
Debt Instrument Repayment Penalty | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | 160,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | 160,000 | ' | ' |
Financial Advisor Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 |
Conversion of Stock, Shares Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 |
Investment Warrants Exercise Price | ' | ' | ' | $2.74 | ' | $2.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.72 |
Investment Owned, at Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,603 |
Debt Issuance Cost | ' | ' | ' | ' | ' | 257,691 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Warrants Expiration term | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '5 years | ' | ' |
Extinguishment of Debt, Gain (Loss), Net of Tax | ' | ' | ' | ' | ' | -1,272,296 | 0 | ' | -1,272,296 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized Debt Issuance Expense | ' | ' | ' | ' | ' | ' | ' | ' | $240,637 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital_Lease_Obligations_Equi
Capital Lease Obligations (Equipment Held Under Capital Lease Obligations Due) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Capital Leased Assets [Line Items] | ' | ' | ' |
Total Principal Payments | ' | $41,552 | $97,285 |
Less: Amount Due Within One Year | -21,881 | -24,670 | -57,244 |
Amount Due After One Year | $11,629 | $16,882 | $40,041 |
Capital_Lease_Obligations_Annu
Capital Lease Obligations (Annual Requirements For Retirement Of The Capital Lease Obligations) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Capital Leases Future Minimum Payments [Line Items] | ' | ' |
2014 | $31,687 | ' |
2015 | 18,445 | ' |
Total Minimum Lease Payments | 50,132 | ' |
Less: Amount Representing Interest | -8,580 | ' |
Present Value of Minimum Lease Payments | $41,552 | $97,285 |
Capital_Lease_Obligations_Summ
Capital Lease Obligations (Summary Of Assets Held Under Capital Leases) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Capital Leased Assets, Gross | $65,775 | $189,371 |
Less: Accumulated Depreciation | -52,275 | -81,190 |
Net | 13,500 | 108,181 |
Funiture and Equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Capital Leased Assets, Gross | 35,083 | 92,446 |
Computer and Software | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Capital Leased Assets, Gross | $30,692 | $96,925 |
Capital_Lease_Obligations_Addi
Capital Lease Obligations (Additional Information) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Capital Lease Obligations Additional Information [Line Items] | ' | ' | ' | ' |
Depreciation | $99,705 | $98,348 | $377,840 | $468,817 |
Assets Held under Capital Leases [Member] | ' | ' | ' | ' |
Capital Lease Obligations Additional Information [Line Items] | ' | ' | ' | ' |
Depreciation | ' | ' | 17,247 | 34,433 |
Maximum [Member] | ' | ' | ' | ' |
Capital Lease Obligations Additional Information [Line Items] | ' | ' | ' | ' |
Capital Lease Obligation Monthly Lease Payments | ' | ' | 2,049 | ' |
Capital Lease Obligation Interest Rate | ' | ' | 26.71% | ' |
Minimum [Member] | ' | ' | ' | ' |
Capital Lease Obligations Additional Information [Line Items] | ' | ' | ' | ' |
Capital Lease Obligation Monthly Lease Payments | ' | ' | $1,419 | ' |
Capital Lease Obligation Interest Rate | ' | ' | 25.15% | ' |
Income_Taxes_PreTax_Earnings_D
Income Taxes (Pre-Tax Earnings) (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Pre Tax Earnings [Line Items] | ' | ' |
Total Pre-Tax (Loss) Earnings | ($10,146,228) | $382,838 |
Income_Taxes_Provision_Benefit
Income Taxes (Provision Benefit For Income Taxes) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Current Income Tax Provision (Benefit) | ' | ' | ' | ' |
Federal - (all related to Gain on Sale of Discontinued Operations) | ' | ' | $0 | $19,800 |
State and Foreign | ' | ' | 0 | 0 |
State Tax Credit Refund | ' | ' | 0 | 0 |
Net Change in Liability for Unrecognized Tax Benefits | ' | ' | 0 | 0 |
Current Income Tax Expense (Benefit) | ' | ' | 0 | 19,800 |
Deferred Provision (Benefit) | ' | ' | 0 | 0 |
Total Provision (Benefit) | $0 | $0 | $0 | $0 |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of Effective Rate) (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Effective Income Tax Rate Reconciliation [Line Items] | ' | ' |
Federal Income Tax at Statutory Rate | 34.40% | 34.00% |
State Tax Provision, Net of Federal Benefit | 0.50% | 3.50% |
Foreign Income Taxed at Other Than 34% | -0.20% | 0.00% |
Meals and Entertainment | 0.00% | 1.40% |
Stock Compensation Expense | -0.60% | 16.10% |
Research and Development Credits | -0.20% | 4.20% |
Loss on Derivative Valuation | -12.20% | 0.00% |
Debt Discount | -0.20% | 0.00% |
Officerbs Life Insurance | 0.00% | 0.30% |
Change in Rate Assumptions | 41.00% | -114.50% |
Adjustments to Prior Year Tax Credits | 0.70% | -11.60% |
Effective Tax Rate | 63.20% | -66.60% |
Change in Valuations Allowance | -63.20% | 77.70% |
Net Effective Tax Rate | 0.00% | 11.10% |
Income_Taxes_Components_Of_Def
Income Taxes (Components Of Deferred Tax assets And liabilities) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Tax Assets and Liability [Line Items] | ' | ' |
Inventory and Inventory Related Items | $196,871 | $234,000 |
Warranty Reserves | 10,845 | 32,000 |
Accrued Interest | 9,673 | 152,000 |
Accrued Services | -1,887 | 28,000 |
Accrued Loss Contingency | 0 | 9,000 |
Accrued Officer Compensation | 111,276 | 0 |
Net Operating Loss Carryforwards | 9,739,496 | 2,881,000 |
Accrued Compensation | 0 | 405,000 |
Amortization | -143,364 | 0 |
(Gain)Loss on Fixed Assets | 100,464 | 0 |
Patents Costs and Loss on Abandonment or Sale of Patents | -81,093 | 0 |
Charitable Contributions | 2,487 | 0 |
Unrealized Gains/Losses | 47,049 | 0 |
Tax Credit Carryforwards | 1,466,429 | 1,399,000 |
Depreciation | 7,832 | 11,000 |
Total Gross Deferred Tax | 11,466,078 | 5,151,000 |
Valuation Allowance-100% | -11,466,078 | -5,151,000 |
Net Deferred Tax | $0 | $0 |
Income_Taxes_Additional_Inform
Income Taxes (Additional Information) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes Additional Information [Line Items] | ' | ' | ' |
Unrecognized tax benefits | ' | $11,405,522 | ' |
Federal and State Net Operating Loss Carryforwards | 28,395,033 | 28,395,033 | ' |
Income Taxes Paid, Net, Total | ' | $32,533 | $19,012 |
Operating Loss Carryforwards Expiration Year | '2018 | ' | ' |
Contractual_Obligations_Additi
Contractual Obligations (Additional Information) (Detail) (USD $) | Mar. 31, 2014 |
Operating Leased Assets [Line Items] | ' |
Operating Leases, Future Minimum Payments Due | $33,510 |
Preferred_Stock_Additional_Inf
Preferred Stock (Additional Information) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | |
Preferred Stock Shares Additional Information [Line Items] | ' | ' | ' |
Preferred Stock Shares Authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred Stock Shares Issued | 0 | 0 | 0 |
Dividends, Preferred Stock | $0 | $0 | ' |
Preferred Stock Shares Outstanding | 0 | 0 | 0 |
Stock_Warrants_Changes_in_Warr
Stock Warrants (Changes in Warrants) (Detail) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Class Of Warrant Or Right [Line Items] | ' | ' | ' |
Warrants Outstanding, Beginning balance | 7,147,775 | 656,641 | 867,628 |
Exercised During the Period | -665,000 | -59,300 | 0 |
Issued During the Period | 0 | 6,551,654 | 0 |
Expired During the Period | -57,668 | -1,220 | -210,987 |
Warrants Outstanding, Ending balance | 6,425,107 | 7,147,775 | 656,641 |
Stock_Warrants_Additional_Info
Stock Warrants (Additional Information) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||
Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 05, 2013 | Aug. 05, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Aug. 05, 2013 | Aug. 05, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Aug. 05, 2013 | Aug. 05, 2013 | |
Warrants 1 | Warrants 2 | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | ||||
Warrants 1 | Warrants 2 | Warrants 1 | Warrants 2 | ||||||||||
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding Warrants Expiration Date | ' | ' | ' | ' | ' | 21-May-15 | 31-Dec-14 | ' | ' | 5-Aug-18 | 5-Aug-18 | ' | ' |
Weighted average term of warrants | '4 years | '4 years 2 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price of warrants per share | $2.74 | $2.75 | ' | ' | ' | ' | ' | $2.25 | $2.25 | ' | ' | $4.72 | $5.24 |
Warrants Exercisable Share | ' | ' | ' | $206,420 | $38,168 | ' | ' | ' | ' | ' | ' | ' | ' |
Class Of Warrant Or Right Grants In Period | 0 | 6,551,654 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Issued Aggregate Fair Value | ' | $9,067,283 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Option_Plans_Summary_Of_
Stock Option Plans (Summary Of Stock Option Plans) (Detail) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Option Plan [Line Items] | ' | ' | ' | ' |
Outstanding as of December 31, 2013 | 214,518 | 214,518 | 192,729 | 267,856 |
Available for future issuance under plan | ' | 342,420 | ' | ' |
Totals authorized by plan | ' | 556,938 | ' | ' |
2007 Plan | ' | ' | ' | ' |
Stock Option Plan [Line Items] | ' | ' | ' | ' |
Outstanding as of December 31, 2013 | ' | 79,009 | ' | ' |
Available for future issuance under plan | ' | 0 | ' | ' |
Totals authorized by plan | ' | 79,009 | ' | ' |
2009 Plan | ' | ' | ' | ' |
Stock Option Plan [Line Items] | ' | ' | ' | ' |
Outstanding as of December 31, 2013 | ' | 135,509 | ' | ' |
Available for future issuance under plan | ' | 342,420 | ' | ' |
Totals authorized by plan | ' | 477,929 | ' | ' |
Recovered_Sheet1
Stock Option Plans (Summary of Stock Option Activity) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Number of shares | ' | ' | ' |
Beginning Balance | 214,518 | 192,729 | 267,856 |
Granted | 0 | 45,000 | 0 |
Exercised | 0 | 0 | 0 |
Expired or Forfeited | 0 | -23,211 | -75,127 |
Ending Balance | 214,518 | 214,518 | 192,729 |
Weighted Average Exercise Price | ' | ' | ' |
Beginning Balance | $9.72 | $10.68 | $8.87 |
Granted | $0 | $2 | $0 |
Exercised | $0 | $0 | $0 |
Expired or Forfeited | $0 | $2.71 | $0.65 |
Ending Balance | $9.72 | $9.72 | $10.68 |
Exercised Price Range | ' | ' | ' |
Beginning Balance, lower limit | $1.71 | ' | $0.46 |
Beginning Balance, upper limit | $17.50 | ' | $17.50 |
Granted | $0 | $2 | $0 |
Exercised | $0 | $0 | $0 |
Expired or Forfeited | $0 | ' | ' |
Expired or Forfeited, lower limit | ' | $1.94 | $0.46 |
Expired or Forfeited, upper limit | ' | $17.50 | $2.17 |
Ending Balance, lower limit | $1.71 | $1.71 | $1.71 |
Ending Balance, upper limit | $17.50 | $17.50 | $17.50 |
Stock_Option_Plans_Summary_Sto
Stock Option Plans (Summary Stock Option Information) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Summary Stock Option Information [Line Items] | ' | ' | ' | ' |
Total Options Outstanding, Shares | 214,518 | 214,518 | 192,729 | 267,856 |
Total Options Outstanding Weighted average remaining life (yrs) | ' | '6 years 1 month 6 days | ' | ' |
Total Options Outstanding, Weighted average exercise price | $9.72 | $9.72 | $10.68 | $8.87 |
Exercisable Options Outstanding Shares | 206,791 | 200,387 | ' | ' |
Exercisable Options Outstanding Weighted average remaining life (yrs) | '5 years 7 months 6 days | '5 years 7 months 6 days | ' | ' |
Exercisable Options Outstanding, Weighted average exercise price | $9.68 | $9.71 | ' | ' |
Unvested Options Outstanding, Shares | 7,727 | 14,131 | ' | ' |
Unvested Options Outstanding Weighted average remaining life (yrs) | '6 years 4 months 24 days | '6 years 7 months 6 days | ' | ' |
Unvested Options Outstanding, Weighted average exercise price | ' | $9.91 | ' | ' |
Range of exercise price $1.71 to $2.00 | ' | ' | ' | ' |
Summary Stock Option Information [Line Items] | ' | ' | ' | ' |
Exercise Price Range, Lower Range Limit | ' | $1.71 | ' | ' |
Exercise Price Range, Upper Range Limit | ' | $2 | ' | ' |
Total Options Outstanding, Shares | ' | 57,723 | ' | ' |
Total Options Outstanding Weighted average remaining life (yrs) | ' | '7 years 7 months 6 days | ' | ' |
Total Options Outstanding, Weighted average exercise price | ' | $1.94 | ' | ' |
Exercisable Options Outstanding Shares | ' | 57,723 | ' | ' |
Exercisable Options Outstanding Weighted average remaining life (yrs) | ' | '7 years 7 months 6 days | ' | ' |
Exercisable Options Outstanding, Weighted average exercise price | ' | $1.93 | ' | ' |
Unvested Options Outstanding, Shares | ' | 0 | ' | ' |
Unvested Options Outstanding Weighted average remaining life (yrs) | ' | '0 years | ' | ' |
Unvested Options Outstanding, Weighted average exercise price | ' | $0 | ' | ' |
Range of exercise price $7.50 to $11.25 | ' | ' | ' | ' |
Summary Stock Option Information [Line Items] | ' | ' | ' | ' |
Exercise Price Range, Lower Range Limit | ' | $7.50 | ' | ' |
Exercise Price Range, Upper Range Limit | ' | $11.25 | ' | ' |
Total Options Outstanding, Shares | ' | 102,637 | ' | ' |
Total Options Outstanding Weighted average remaining life (yrs) | ' | '6 years 7 months 6 days | ' | ' |
Total Options Outstanding, Weighted average exercise price | ' | $10.67 | ' | ' |
Exercisable Options Outstanding Shares | ' | 88,506 | ' | ' |
Exercisable Options Outstanding Weighted average remaining life (yrs) | ' | '5 years 7 months 6 days | ' | ' |
Exercisable Options Outstanding, Weighted average exercise price | ' | $10.78 | ' | ' |
Unvested Options Outstanding, Shares | ' | 14,131 | ' | ' |
Unvested Options Outstanding Weighted average remaining life (yrs) | ' | '6 years 7 months 6 days | ' | ' |
Unvested Options Outstanding, Weighted average exercise price | ' | $9.91 | ' | ' |
Range of exercise price $15.00 to $17.50 | ' | ' | ' | ' |
Summary Stock Option Information [Line Items] | ' | ' | ' | ' |
Exercise Price Range, Lower Range Limit | ' | $15 | ' | ' |
Exercise Price Range, Upper Range Limit | ' | $17.50 | ' | ' |
Total Options Outstanding, Shares | ' | 54,158 | ' | ' |
Total Options Outstanding Weighted average remaining life (yrs) | ' | '3 years 7 months 6 days | ' | ' |
Total Options Outstanding, Weighted average exercise price | ' | $16.23 | ' | ' |
Exercisable Options Outstanding Shares | ' | 54,158 | ' | ' |
Exercisable Options Outstanding Weighted average remaining life (yrs) | ' | '3 years 7 months 6 days | ' | ' |
Exercisable Options Outstanding, Weighted average exercise price | ' | $16.22 | ' | ' |
Unvested Options Outstanding, Shares | ' | 0 | ' | ' |
Unvested Options Outstanding Weighted average remaining life (yrs) | ' | '0 years | ' | ' |
Unvested Options Outstanding, Weighted average exercise price | ' | $0 | ' | ' |
Stock_Option_Plans_Outstanding
Stock Option Plans (Outstanding Stock Option on Result of Operation) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Stock-Based Compensation Expense: | ' | ' | ' | ' | ||
Stock Options | ($19,347) | ($19,347) | ($159,272) | ($172,233) | ||
Income Tax Benefit | 0 | 0 | 0 | 0 | ||
Per share decrease in Income or increase in Loss Per Share: | ' | ' | ' | ' | ||
Basic | $0.15 | ($0.26) | ($1.69) | $0.09 | ||
Diluted | $0.13 | ($0.26) | ($1.69) | [1] | $0.09 | [1] |
Stock options | ' | ' | ' | ' | ||
Stock-Based Compensation Expense: | ' | ' | ' | ' | ||
Stock Options | 19,347 | 19,347 | 159,272 | 172,233 | ||
Income Tax Benefit | 0 | 0 | 0 | 0 | ||
Net Increase in Net Loss | $19,347 | $19,347 | $159,272 | $172,233 | ||
Per share decrease in Income or increase in Loss Per Share: | ' | ' | ' | ' | ||
Basic | $0.00 | $0.01 | $0.03 | $0.05 | ||
Diluted | $0.00 | $0.01 | $0.03 | $0.05 | ||
[1] | Due to net loss for period, dilutive loss per share is the same as basic. |
Stock_Option_Plans_Assumptions
Stock Option Plans (Assumptions Used To Compute The Fair Value Of Stock Options) (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Assumptions Used To Compute Fair Value Of Stock Options [Line Items] | ' | ' |
Expected term in years | '10 years | '0 years |
Volatility | 128.80% | 0.00% |
Risk-free interest rate | 2.81% | 0.00% |
Value of options granted: | ' | ' |
Number of options granted | 45,000 | 0 |
Weighted average fair value/share | $2 | ' |
Fair value of options granted | $81,884 | ' |
Stock_Option_Plans_Additional_
Stock Option Plans (Additional Information) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' | ' |
Weighted average remaining contractual term on unvested options | '5 years 7 months 6 days | ' | '5 years 7 months 6 days | ' |
Exercisable Options Outstanding Shares | 206,791 | ' | 200,387 | ' |
Weighted average exercise price per share | $9.68 | ' | $9.71 | ' |
Unvested Options Outstanding, Shares | 7,727 | ' | 14,131 | ' |
Unvested Options Outstanding, Weighted average exercise price | $10.82 | ' | $9.91 | ' |
Unvested Options Outstanding Weighted average remaining life (yrs) | '6 years 4 months 24 days | ' | '6 years 7 months 6 days | ' |
Granted | $0 | ' | $2 | $0 |
Exercise of Stock Options | $0 | $0 | $0 | $0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | ' | ' | 81,884 | ' |
Unrecognized stock compensation expense | $69,871 | ' | $89,217 | ' |
Weighted average recognition period | '9 months 18 days | ' | '1 year 1 month 6 days | ' |
Employee Stock Option Plan | ' | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' | ' |
Percentage Of Stock Option Vesting Period | ' | ' | 20.00% | ' |
Non Employee Director | ' | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' | ' |
Percentage Of Stock Option Vesting Period | ' | ' | 50.00% | ' |
Commitments_Future_Minimum_Pay
Commitments (Future Minimum Payments Required Under Operating Lease) (Detail) (USD $) | Dec. 31, 2013 |
Future Minimum Payments Required Under Operating Lease [Line Items] | ' |
2014 | $45,670 |
Total Minimum Lease Payments | $45,670 |
Commitments_Additional_Informa
Commitments (Additional Information) (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Commitment Contingencies Disclosure [Line Items] | ' | ' |
Lease Expiration Date | 30-Sep-14 | ' |
Sale Leaseback Transaction, Monthly Rental Payments | $4,200 | ' |
Operating Leases, Rent Expense | $104,766 | $176,830 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans (Additional Information) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Employee Benefit Plans [Line Items] | ' |
Percentage Of Employee Deferrals | 100.00% |
Concentrations_Additional_Info
Concentrations (Additional Information) (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Concentrations [Line Items] | ' | ' |
Concentration Risk, Percentage | 0.00% | 10.00% |
Percentage On Accounts Receivable | 79.00% | 0.00% |
Majority Stockholder | ' | ' |
Concentrations [Line Items] | ' | ' |
Concentration Risk, Percentage | 17.00% | 11.00% |
Related_Party_Transactions_Add
Related Party Transactions (Additional Information) (Detail) (USD $) | Aug. 05, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Officer | Officer | Accrued Compensation | Accrued Compensation | Accrued Interest | Accrued Interest | Minority Stockholder | Minority Stockholder | ||
Related Party Transactions Additional Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from Related Parties | ' | ' | ' | ' | ' | ' | ' | $0 | $550,498 |
Related Party Transaction, Purchases from Related Party | ' | ' | ' | ' | ' | ' | ' | 199,476 | 274,373 |
Noncontrolling Interest, Ownership Percentage by Parent | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% |
Due from Related Parties | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Due to Related Parties | ' | ' | ' | ' | ' | ' | ' | 90,818 | 66,000 |
Deferred Trade Payables Non Current | ' | ' | ' | ' | ' | ' | ' | ' | 361,910 |
Deferred Trade Payables Current | ' | ' | ' | ' | ' | ' | ' | ' | 120,637 |
Interest Expense, Debt | ' | 32,507 | 32,507 | ' | ' | ' | ' | ' | ' |
Interest Payable | ' | ' | 213,795 | ' | ' | ' | ' | ' | ' |
Accrued Employee Benefits | ' | 107,209 | 107,209 | 0 | 446,532 | ' | ' | ' | ' |
Common Stock Price Per Share | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | 2.25 | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease In Employee Related Liabilities Noncurrent | ' | ' | ' | $1,126,763 | $0 | $515,806 | $0 | ' | ' |