Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 14, 2014 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'Takung Art Co., Ltd. | ' |
Entity Central Index Key | '0001491487 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Trading Symbol | 'TKAT | ' |
Entity Common Stock, Shares Outstanding | ' | 233,306,662 |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
CONDENSED_BALANCE_SHEETS
CONDENSED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
CURRENT ASSETS | ' | ' |
Cash & equivalents | $0 | $3,124 |
Prepaid expenses | 0 | 17,378 |
Deposits | 0 | 1,195 |
Total current assets | 0 | 21,697 |
PROPERTY AND EQUIPMENT, net | 0 | 4,903 |
INTANGIBLES, net | 0 | 2,363 |
TOTAL ASSETS | 0 | 28,963 |
CURRENT LIABILITIES | ' | ' |
Accounts payable | 649 | 6,519 |
Accrued expenses | 0 | 66,185 |
Accrued officer compensation | 0 | 559,000 |
Due to stockholder | 0 | 14,938 |
Total current liabilities | 649 | 646,642 |
TOTAL LIABILITIES | 649 | 646,642 |
STOCKHOLDERS' (DEFICIT) | ' | ' |
Common stock, 50,000,000 shares authorized; $0.001 par value; 23,330,662 shares issued and outstanding at September 30, 2014; 23,138,310 shares issued and outstanding at December 31, 2013 | 23,331 | 23,138 |
Additional paid-in capital | 1,284,934 | 464,205 |
Deficit accumulated during the development stage | -1,308,914 | -1,105,022 |
Total stockholders' (deficit) | -649 | -617,679 |
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) | $0 | $28,963 |
CONDENSED_BALANCE_SHEETS_Paren
CONDENSED BALANCE SHEETS [Parenthetical] (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 23,330,662 | 23,138,310 |
Common stock, shares outstanding | 23,330,662 | 23,138,310 |
CONDENSED_STATEMENTS_OF_OPERAT
CONDENSED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | 65 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | |
REVENUE | $0 | $0 | $0 | $0 | $0 |
OPERATING EXPENSES | ' | ' | ' | ' | ' |
Research and development | 3,103 | 41,364 | 88,590 | 144,652 | 884,028 |
Selling, general, and administrative | 1,769 | 25,737 | 114,030 | 98,739 | 563,087 |
Total operating expenses | 4,872 | 67,101 | 202,620 | 243,391 | 1,447,115 |
LOSS FROM OPERATIONS | -4,872 | -67,101 | -202,620 | -243,391 | -1,447,115 |
OTHER INCOME (EXPENSES) | ' | ' | ' | ' | ' |
Grant from National Institute of Health | 0 | 0 | 0 | 0 | 151,247 |
Interest income | 0 | 0 | 0 | 0 | 381 |
Interest (expense) | 0 | -185 | -472 | -3,484 | -9,427 |
Total other income (expenses) | 0 | -185 | -472 | -3,484 | 142,201 |
NET INCOME (LOSS) BEFORE INCOME TAXES | -4,872 | -67,286 | -203,092 | -246,875 | -1,304,914 |
PROVISION FOR INCOME TAXES | 0 | 0 | -800 | -800 | -4,000 |
NET LOSS | ($4,872) | ($67,286) | ($203,892) | ($247,675) | ($1,308,914) |
LOSS PER COMMON SHARE - BASIC AND DILUTED (in dollars per share) | $0 | $0 | ($0.01) | ($0.01) | ' |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (in shares) | 23,330,662 | 23,079,751 | 23,256,365 | 23,063,951 | ' |
CONDENSED_STATEMENTS_OF_CASH_F
CONDENSED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | 65 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net loss | ($203,892) | ($247,675) | ($1,308,914) |
Adjustments to reconcile net loss to net cash used in operating activities | ' | ' | ' |
Stock-based compensation | 55,155 | 36,895 | 177,257 |
Depreciation expense | 1,109 | 1,514 | 4,301 |
Net changes in operating assets and liabilities: | ' | ' | ' |
Decrease (increase) in prepaid expenses | 14,396 | 211 | -3,732 |
Increase in deposits | 0 | 0 | -1,195 |
Increase in accounts payable | 29,074 | 1,193 | 44,490 |
Increase in accrued expenses | 5,435 | 8,866 | 71,621 |
Increase in accrued officer compensation | 60,000 | 81,000 | 619,000 |
Net cash used in operating activities | -38,723 | -117,996 | -397,172 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Purchase and reinvestments in certificate of deposit | 0 | 0 | -100,381 |
Redemption of certificate of deposit | 0 | 0 | 100,381 |
Investment in intellectual property | -3,617 | 0 | -5,980 |
Purchase of equipment and computer software | 0 | -3,600 | -8,095 |
Net cash used in investing activities | -3,617 | -3,600 | -14,075 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from issuance of common stock | 51,516 | 85,700 | 367,508 |
Advances from related party | 18,400 | 26,978 | 227,883 |
Repayments on related-party advances | -30,700 | -44,200 | -184,144 |
Net cash provided by financing activities | 39,216 | 68,478 | 411,247 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -3,124 | -53,118 | 0 |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 3,124 | 54,194 | 0 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 0 | 1,076 | 0 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITY | ' | ' | ' |
Cash paid during the year for income taxes | 0 | 800 | 2,410 |
Cash paid during the year for interest expense | 0 | 0 | 4,985 |
SUPPLEMENTARY SCHEDULE OF NONCASH INVESTING AND FINANCIAL ACTIVITIES: | ' | ' | ' |
Transfer of assets to a related party through Contribution Agreement | 13,951 | 0 | 13,951 |
Liabilities assumed by a related party through Contribution Agreement | $718,458 | $0 | $718,458 |
CONDENSED_STATEMENTS_OF_CASH_F1
CONDENSED STATEMENTS OF CASH FLOWS [Parenthetical] (Common Stock [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | |
Chief Financial Officer [Member] | Chief Scientific Officer [Member] | |||
Stock issued during period, shares, issued for services | 70,000 | 25,152 | 9,000 | 8,568 |
Shares issued, price per share (in dollars per share) | $0.53 | $0.53 | ' | ' |
Stock issued during period, value, issued for services | ' | ' | $4,748 | $4,500 |
Nature_and_Continuance_of_Oper
Nature and Continuance of Operations | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | ' |
(1) Nature and Continuance of Operations | |
Description of the Business | |
Takung Art Co., Ltd, formerly known as Cardigant Medical Inc. ("Takung Art" or "Company") was a development stage biotechnology company incorporated in Delaware, focused on the development of novel biologic and peptide based compounds and enhanced methods for local delivery for the treatment of vascular disease including peripheral artery disease and ischemic stroke. It was founded on April 17, 2009 and is incorporated within the state of Delaware. The Company was engaged in research and development in multiple locations but maintains its corporate office in greater Los Angeles. | |
The Company was in the development stage, as defined in Accounting Standards Codification ("ASC") Topic 915-10. From its inception (April 17, 2009) through September 30, 2014, the Company did not any revenue from its principal planned operations. On March 4, 2013, the Company filed an amendment to its articles of incorporation changing its authorized common stock to 50,000,000. Also on March 4, 2013, the Company authorized a 2:1 forward stock split. The accompanying unaudited condensed financial statements reflect the change in capital and stock split as if they occurred at the Company’s inception. | |
On October 20, 2014, the Company acquired the business of Hong Kong Takung Assets and Equity of Artworks Exchange Co., Ltd.,a limited liability company incorporated on September 17, 2012 under the laws of Hong Kong, Special Administrative Region, China (“Hong Kong Takung”), through the acquisition of all the share capital of Takung Art under the Share Exchange Agreement dated September 23, 2014. | |
On November 5, 2014, the Company filed a Certificate of Amendment to its Certificate of Incorporation with the Secretary of State of the State of Delaware to change its name from “Cardigant Medical Inc.” to “Takung Art Co., Ltd.” The name change was effected pursuant to Section 242 of the Delaware General Corporation Law (the “DGCL”). Under the DGCL, the name change did not require stockholder approval. | |
Since the reverse merger closed after September 30, 2014, the Company’s financial statements are prepared solely for the Delaware entity, which do not consolidate the Hong Kong entity. | |
Going Concern | |
The Company's financial statements are prepared using the accrual method of accounting in accordance with accounting principles generally accepted in the United States of America and have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. | |
The Company has generated losses from operations to date, does not expect to generate operating revenue for several years, and its viability is dependent upon its ability to obtain financing and the success of its future operations. These financial statements do not include any adjustments relating to the recoverability and classification of recorded assets or liabilities that might be necessary should the Company be unable to continue as a going concern. | |
Basis of Presentation | |
The accompanying unaudited financial statements contain all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to present fairly the financial position of the Company as of September 30, 2014, and the results of its operations for the three and nine months ended September 30, 2014 and 2013, and cash flows for the nine months ended September 30, 2014 and 2013. Certain information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to rules and regulations of the U.S. Securities and Exchange Commission (“the Commission”). The Company believes that the disclosures in the unaudited financial statements are adequate to ensure the information presented is not misleading. However, the unaudited financial statements included herein should be read in conjunction with the financial statements and notes thereto included in the Company’s Amended Annual Report on Form 10-K/A for the year ended December 31, 2013, filed with the Commission on April 8, 2014. | |
The accompanying financial statements are prepared using the accrual method of accounting in accordance with accounting principles generally accepted in the United States of America. | |
Disposition of assets | |
On August 27, 2014, the Company entered into a Contribution Agreement with Cardigant Neurovascular Inc., a Delaware corporation (“Cardigant Neurovascular”). Pursuant to the Contribution Agreement, the Company assigned all its assets, properties, rights, title and interest used or held for use by their business, (except for certain excluded assets set forth therein) which was the treatment of atherosclerosis and plaque stabilization in both the coronary and peripheral vasculature using systemic and local delivery of large molecule therapeutics and peptide mimetics based on high density lipoprotein targets(“Business”). In consideration for such contribution of capital, Cardigant Neurovascular agreed to assume all the Company’s liabilities raising from the Business prior to the date of the Contribution Agreement and thereafter with regard to certain contributed contacts. The Company granted Cardigant Neurovascular an exclusive option for a period of 6 months to purchase the excluded assets for $1. Cardigant Neurovascular exercised this option October 20, 2014 and the excluded assets were assigned to Cardigant Neurovascular on October 20, 2014. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
(2) Summary of Significant Accounting Policies | |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Cash and Cash Equivalents | |
The Company considers all highly liquid debt instruments and other short-term investments with maturities of three months or less, when purchased, to be cash equivalents. The Company maintains cash balances at one financial institution that is insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. As of September 30, 2014, the Company's cash balances did not exceed the FDIC limits. | |
Research and Development | |
The Company accounts for research and development costs in accordance with ASC Topic 730-10 "Research and Development." Under ASC Topic 730-10, all research and development costs must be charged to expenses as incurred. Third-party research and development costs are expensed when the contracted work has been performed or as milestone results have been achieved. Company sponsored research and development costs related to both present and future products are expensed in the period incurred. For the three months ended September 30, 2014 and 2013, the Company incurred research and development expenses of $3,103 and $41,364, respectively. For the nine months ended September 30, 2014 and 2013, the Company incurred research and development expenses of $88,590and $144,652, respectively. | |
Stock-Based Compensation | |
The Company accounts for its stock-based compensation under ASC Topic 505-50. This standard defines a fair value-based method of accounting for stock-based compensation. In accordance with ASC Topic 505-50, the cost of stock-based compensation is measured at the grant date based on the value of the award and is recognized over the period in which the Company expects to receive the benefit, which is generally the vesting period. | |
See Note (6) Stockholder’s Equity (Deficit) for detail stock-based compensation activity. | |
Per Share Amounts | |
The Company reports earnings (loss) per share in accordance with ASC Topic 260-10 "Earnings per Share." Basic earnings (loss) per share is computed by dividing income (loss) available to common shareholders by the weighted average number of common shares available. | |
Recent Accounting Pronouncements | |
The Company continually assesses any new accounting pronouncements to determine their applicability to the Company. Where it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequence of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company’s financials properly reflect the change. | |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value, Measurement Inputs, Disclosure [Text Block] | ' |
(3) Fair Value Measurements | |
The Company’s financial instruments for 2014 and 2013 consist of account payables, accrued expenses and a short term loan payable. The Company considers the carrying value of such amounts in the financial statements to approximate their fair value due to their respective short maturity dates. | |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
(4) Related Party Transactions | |
The Company has received some of its working capital from its founder, Jerett A. Creed. Mr. Creed has also paid Company expenses with personal funds. These costs have been carried as a shareholder loan accruing interest at the rate of 5% per annum. The total outstanding balance as of September 30, 2014 and December 31, 2013 was $0, and $14,938, respectively. Accrued interest on the outstanding balance charged to operations for the period ended September 30, 2014 and 2013 was $33 and $279, respectively. Accrued interest on the outstanding balance charged to operations for the nine months ended September 30, 2014 and 2013 was $86 and $381, respectively. | |
On August 27, 2014, the Company entered into a Contribution Agreement with Cardigant Neurovascular. Pursuant to the Contribution Agreement, the Company assigned all its assets, properties, rights, title and interest used or held for use by its business, (except for certain excluded assets set forth therein) which was the treatment of atherosclerosis and plaque stabilization in both the coronary and peripheral vasculature using systemic and local delivery of large molecule therapeutics and peptide mimetics based on high density lipoprotein targets (“Business”). In consideration for such contribution of capital, Cardigant Neurovascular agreed to assume all the Company’s liabilities raising from the Business prior to the date of the Contribution Agreement and thereafter with regard to certain contributed contacts. The Company granted Cardigant Neurovascular an exclusive option for a period of 6 months to purchase the excluded assets for $1. Cardigant Neurovascular exercised this option October 20, 2014 and the excluded assets were assigned to Cardigant Neurovascular on October 20, 2014. | |
Accrued_Officers_Compensation
Accrued Officer's Compensation | 9 Months Ended |
Sep. 30, 2014 | |
Employee-related Liabilities [Abstract] | ' |
Compensation Related Costs, General [Text Block] | ' |
(5) Accrued Officer's Compensation | |
The accrued officer’s compensation balances, net of any salary payments, at September 30, 2014 and December 31, 2013 were $0 and $559,000, respectively. Salary is allocated between research and development and general and administrative based upon time spent. | |
Stockholders_Equity_Deficit
Stockholders' Equity (Deficit) | 9 Months Ended |
Sep. 30, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
(6) Stockholders’ Equity (Deficit) | |
There is no public market for the Company's common shares. Since its inception, the Company has negotiated the value of its common stock in arm's length transactions with unrelated parties. | |
On August 27, 2014, we entered into a Contribution Agreement with a related party, Cardigant Neurovascular Inc., a Delaware corporation (“Cardigant Neurovascular”) controlled by the same party as our Company. Pursuant to the Contribution Agreement, we assigned all our assets, properties, rights, title and interest used or held for use by our business, (except for certain excluded assets set forth therein). In consideration for such contribution of capital, Cardigant Neurovascular agreed to assume all our liabilities raising from the Business prior to the date of the Contribution Agreement and thereafter with regard to certain contributed contacts. The net consideration of the deposition of assets, $714,252, was accounted as an additional paid-in capital based on the nature of common control transaction. | |
Pursuant to the Stock Purchase Agreement dated as of July 31, 2014, Yong Li, an individual purchased a total of 22,185,230 restricted shares of common stock of the Company from a group of three former shareholders of the Company. All prior grants of options and warrants had been cancelled as a condition of the Stock Purchase Agreement. Hence, there were no outstanding options or warrants as of September 30, 2014. | |
During the three months ended June30, 2014, the Company issued 70,000 unregistered shares of its common stock for services valued at $0.53 per share. | |
During the three months ended March 31, 2014, the Company issued 122,352 unregistered shares of its common stock. The issuance included 97,200 units issued for cash proceeds of $51,516 and 25,152 shares issued for services valued at $0.53 per share. The 97,200 units issued consisted of one common share and one common stock warrant. The warrants have an exercise price of $0.65 per share and expire in January 2018. | |
During the three months ended March 31, 2013, the Company issued 163,238 shares of its common stock and received $85,700 through the January 19, 2012 S-1 offering. | |
During the nine months ended September 30, 2013, the Company issued 8,568 shares of its common stock for services provided by its Chief Scientific Officer valued at $4,500 and charged to expense. The Company also issued 9,000 shares of its common stock for services provided by its Chief Financial Officer valued at $4,748 and charged to expense. | |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
(7) Income Taxes | |
The Company's policy regarding income tax interest and penalties is to expense those items as general and administrative expense and to identify them for tax purposes. The Company files income tax returns in the U.S. federal jurisdiction and the state of California. The Company is subject to income tax examination by tax authorities for 2011, 2012 and 2013 for its Federal tax returns and 2010, 2011, 2012, and 2013 for its state tax returns. | |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
(8) Commitments and Contingencies | |
Rental Agreement | |
On May 3, 2011 the Company entered into a rental agreement for laboratory space at a bioscience collective in Pasadena, California. The rental agreement calls for a security deposit of $1,100 and monthly rent payments of $1,200. The lease is month-to-month and can be terminated by either party with thirty days' notice. | |
Rent expense for the three months ended September 30, 2014 and 2013 totaled $4,170 and $3,885, respectively. Rent expense for the nine months ended September 30, 2014 and 2013 was $8,055 and $11,655 respectively. | |
Subsequent_event
Subsequent event | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
(9) Subsequent event | |
On September 23, 2014, we entered into a share exchange agreement (“Share Exchange Agreement”) with Hong Kong Takung Assets and Equity of Artworks Exchange Co., Limited (“Takung”) in which we acquired all the issued and outstanding capital stock of Takung in exchange for the issuance to Takung’s shareholders, Kirin Linkage Limited and Loyal Heaven Limited, an aggregate of 209,976,000 restricted shares of our common stock (the “Reverse Merger”).The Reverse Merger closed on October 20, 2014.andTakung became our wholly owned subsidiary. The acquisition was accounted for as a recapitalization effected by a share exchange, wherein Takung is considered the acquirer for accounting and financial reporting purposes. The assets and liabilities of Takung have been brought forward at their book value and no goodwill has been recognized. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | ' |
Cash and Cash Equivalents | |
The Company considers all highly liquid debt instruments and other short-term investments with maturities of three months or less, when purchased, to be cash equivalents. The Company maintains cash balances at one financial institution that is insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. As of September 30, 2014, the Company's cash balances did not exceed the FDIC limits. | |
Research and Development Expense, Policy [Policy Text Block] | ' |
Research and Development | |
The Company accounts for research and development costs in accordance with ASC Topic 730-10 "Research and Development." Under ASC Topic 730-10, all research and development costs must be charged to expenses as incurred. Third-party research and development costs are expensed when the contracted work has been performed or as milestone results have been achieved. Company sponsored research and development costs related to both present and future products are expensed in the period incurred. For the three months ended September 30, 2014 and 2013, the Company incurred research and development expenses of $3,103 and $41,364, respectively. For the nine months ended September 30, 2014 and 2013, the Company incurred research and development expenses of $88,590and $144,652, respectively. | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' |
Stock-Based Compensation | |
The Company accounts for its stock-based compensation under ASC Topic 505-50. This standard defines a fair value-based method of accounting for stock-based compensation. In accordance with ASC Topic 505-50, the cost of stock-based compensation is measured at the grant date based on the value of the award and is recognized over the period in which the Company expects to receive the benefit, which is generally the vesting period. | |
See Note (6) Stockholder’s Equity (Deficit) for detail stock-based compensation activity. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Per Share Amounts | |
The Company reports earnings (loss) per share in accordance with ASC Topic 260-10 "Earnings per Share." Basic earnings (loss) per share is computed by dividing income (loss) available to common shareholders by the weighted average number of common shares available. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recent Accounting Pronouncements | |
The Company continually assesses any new accounting pronouncements to determine their applicability to the Company. Where it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequence of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company’s financials properly reflect the change. | |
Nature_and_Continuance_of_Oper1
Nature and Continuance of Operations (Details Textual) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Oct. 20, 2014 |
Contribution Agreement [Member] | Contribution Agreement [Member] | Contribution Agreement [Member] | |||
Cardigant Neurovascular [Member] | Cardigant Neurovascular [Member] | Cardigant Neurovascular [Member] | |||
Subsequent Event [Member] | |||||
Organization And Description Of Business [Line Items] | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 | ' | 50,000,000 | ' |
Stockholders' Equity Note, Stock Split, Conversion Ratio | ' | ' | ' | 2 | ' |
Vesting Period to Purchase Excluded Assets | ' | ' | '6 months | ' | ' |
Proceeds from Sale of Other Assets | ' | ' | ' | ' | $1 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 65 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Fdic Insurance Limit | ' | ' | $250,000 | ' | ' |
Research and Development Expense | $3,103 | $41,364 | $88,590 | $144,652 | $884,028 |
Related_Party_Transactions_Det
Related Party Transactions (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 65 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Oct. 20, 2014 | |
Share Holders Loan [Member] | Share Holders Loan [Member] | Share Holders Loan [Member] | Share Holders Loan [Member] | Cardigant Neurovascular [Member] | Cardigant Neurovascular [Member] | |||||||
Contribution Agreement [Member] | Contribution Agreement [Member] | |||||||||||
Subsequent Event [Member] | ||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Rate | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' |
Loans Payable, Current | $0 | ' | $0 | ' | $0 | $14,938 | ' | ' | ' | ' | ' | ' |
Interest Expense | 0 | 185 | 472 | 3,484 | 9,427 | ' | 33 | 279 | 86 | 381 | ' | ' |
Vesting Period to Purchase Excluded Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' |
Proceeds from Sale of Other Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 |
Accrued_Officers_Compensation_
Accrued Officer's Compensation (Details Textual) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Schedule of Employee Related Liabilities [Line Items] | ' | ' |
Deferred Compensation Liability, Current | $0 | $559,000 |
Stockholders_Equity_Deficit_De
Stockholders' Equity (Deficit) (Details Textual) (USD $) | 1 Months Ended | 9 Months Ended | 65 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Aug. 27, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | |
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Chief Scientific Officer [Member] | Chief Financial Officer [Member] | Restricted Shares of Common Stock [Member] | |||||
Common Stock [Member] | Common Stock [Member] | |||||||||
Schedule of Stockholders Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Issued, Price Per Share | ' | ' | ' | ' | $0.53 | $0.53 | ' | ' | ' | ' |
Proceeds from Sale of Other Property, Plant, and Equipment | $714,252 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Issued for Services | ' | ' | ' | ' | 70,000 | 25,152 | ' | 8,568 | 9,000 | 22,185,230 |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | ' | 122,352 | 163,238 | ' | ' | ' |
Development Stage Entities, Stock Issued, Shares, Issued for Cash | ' | ' | ' | ' | ' | 97,200 | ' | ' | ' | ' |
Development Stage Entities, Stock Issued, Value, Issued for Cash | ' | ' | ' | ' | ' | 51,516 | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | ' | ' | ' | ' | $0.65 | ' | ' | ' | ' |
Warrants Expiry Date | ' | ' | ' | ' | ' | 31-Jan-18 | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock | ' | 51,516 | 85,700 | 367,508 | ' | ' | 85,700 | ' | ' | ' |
Stock Issued During Period, Value, Issued for Services | ' | ' | ' | ' | ' | ' | ' | $4,500 | $4,748 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Textual) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
3-May-11 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Security Deposit | $1,100 | ' | ' | ' | ' |
Operating Leases, Rent Expense, Net | ' | 4,170 | 3,885 | 8,055 | 11,655 |
Lease Rent, Monthly | $1,200 | ' | ' | ' | ' |
Subsequent_event_Details_Textu
Subsequent event (Details Textual) (Takungbs shareholders, Kirin Linkage Limited and Loyal Heaven Limited [Member]) | 9 Months Ended |
Sep. 30, 2014 | |
Takungbs shareholders, Kirin Linkage Limited and Loyal Heaven Limited [Member] | ' |
Subsequent Event [Line Items] | ' |
Stock Issued During Period, Shares, Acquisitions | 209,976,000 |