Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2015 | |
Document Information [Line Items] | |
Entity Registrant Name | BioRestorative Therapies, Inc. |
Entity Central Index Key | 1,505,497 |
Entity Filer Category | Smaller Reporting Company |
Document Type | S1 |
Amendment Flag | true |
Document Period End Date | Jun. 30, 2015 |
Amendment Description | Updated to include material transactions subsequent to 6/30/15. |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Current Assets: | |||
Cash | $ 6,445 | $ 91,798 | $ 201,098 |
Accounts receivable | 50,982 | 0 | |
Inventories | 2,492 | 1,945 | 17,965 |
Prepaid expenses and other current assets | 34,055 | 20,570 | 20,739 |
Deferred offering costs | 152,167 | 0 | |
Total Current Assets | 246,141 | 114,313 | 239,802 |
Property and equipment, net | 702,348 | 493,856 | 35,568 |
Intangible assets, net | 1,076,189 | 1,037,732 | 1,107,545 |
Security deposit | 45,900 | 45,900 | 0 |
Total Assets | 2,070,578 | 1,691,801 | 1,382,915 |
Current Liabilities: | |||
Accounts payable | 1,746,614 | 1,111,879 | 1,269,970 |
Accrued expenses and other current liabilities | 1,887,484 | 1,466,506 | 1,176,662 |
Accrued interest | 56,027 | 94,026 | 65,909 |
Current portion of notes payable, net | 1,115,319 | 5,688,239 | 4,990,009 |
Deferred revenues | 114,118 | 164,349 | 0 |
Total Current Liabilities | 4,919,562 | 8,524,999 | 7,502,550 |
Accrued interest, non-current portion | 1,539 | 5,195 | 41,434 |
Notes payable, non-current portion | 30,000 | 50,000 | 524,000 |
Total Liabilities | $ 4,951,101 | $ 8,580,194 | $ 8,067,984 |
Commitments and contingencies | |||
Stockholders' Deficiency: | |||
Preferred stock | $ 0 | $ 0 | $ 0 |
Common stock | 2,818 | 1,726 | 982 |
Additional paid-in capital | 25,729,104 | 18,541,907 | 13,158,363 |
Accumulated deficit | (28,580,445) | (25,400,026) | (19,812,414) |
Treasury stock, at cost | (32,000) | (32,000) | (32,000) |
Total Stockholders' Deficiency | (2,880,523) | (6,888,393) | (6,685,069) |
Total Liabilities and Stockholders' Deficiency | $ 2,070,578 | $ 1,691,801 | $ 1,382,915 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Current portion of notes payable, debt discount | $ 81,366 | $ 113,257 | $ 237,381 |
Non-current portion of notes payable, debt discount | $ 0 | $ 3,110 | |
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, Authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, issued | 0 | 0 | 0 |
Preferred stock, outstanding | 0 | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.001 | $ 0.001 |
Common stock, Authorized | 30,000,000 | 30,000,000 | 30,000,000 |
Common stock, Issued | 2,818,363 | 1,725,596 | 981,662 |
Common stock, Outstanding | 2,790,431 | 1,697,664 | 953,730 |
Treasury stock, at cost, shares | 27,932 | 27,932 | 27,932 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | $ 333,666 | $ 176,316 | $ 415,996 | $ 1,680 |
Cost of sales | 151,077 | 42,426 | 213,834 | 208 |
Gross Profit | 182,589 | 133,890 | 202,162 | 1,472 |
Operating Expenses | ||||
Marketing and promotion | 94,028 | 47,329 | 125,626 | 114,951 |
Consulting | 504,060 | 824,763 | 1,310,121 | 779,462 |
Research and development | 859,344 | 787,071 | 1,430,614 | 1,594,054 |
General and administrative | 1,613,927 | 1,184,632 | 2,258,307 | 2,265,275 |
Total Operating Expenses | 3,071,359 | 2,843,795 | 5,124,668 | 4,753,742 |
Loss From Operations | (2,888,770) | (2,709,905) | (4,922,506) | (4,752,270) |
Other (Expense) Income | ||||
Interest expense | (124,736) | (145,521) | (285,275) | (371,281) |
Amortization of debt discount | (140,884) | (244,435) | (464,470) | (405,531) |
Loss on extinguishment of notes payable, net | (26,029) | (49,094) | (49,094) | (7,200) |
Warrant modification expense | 0 | (30,128) | (50,035) | (214,912) |
Gain on settlement of payables | 0 | 176,268 | 183,768 | 0 |
Total Other Expense | (291,649) | (292,910) | (665,106) | (998,924) |
Net Loss | $ (3,180,419) | $ (3,002,815) | $ (5,587,612) | $ (5,751,194) |
Net Loss Per Share | ||||
- Basic and Diluted (in dollars per share) | $ (1.60) | $ (2.79) | $ (4.38) | $ (6.96) |
Weighted Average Number of Common Shares Outstanding | ||||
- Basic and Diluted (in shares) | 1,993,544 | 1,077,606 | 1,276,904 | 826,340 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Changes in Stockholders' Equity (Deficiency) - USD ($) | Total | Common Stock | Additional paid-in capital | Accumulated deficit | Treasury Stock |
Balance at Dec. 31, 2012 | $ (5,141,693) | $ 772 | $ 8,950,755 | $ (14,061,220) | $ (32,000) |
Balance (in shares) at Dec. 31, 2012 | 772,175 | (27,932) | |||
Shares and warrants issued for cash | 905,000 | $ 42 | 904,958 | 0 | $ 0 |
Shares and warrants issued for cash (in shares) | 42,030 | 0 | |||
Shares and warrants issued as debt discount in connection with notes payable | 573,769 | $ 17 | 573,752 | 0 | $ 0 |
Shares and warrants issued as debt discount in connection with notes payable (in shares) | 16,938 | 0 | |||
Shares issued in satisfaction of accrued services | 213,000 | $ 14 | 212,986 | 0 | $ 0 |
Shares issued in satisfaction of accrued services (in shares) | 13,313 | 0 | |||
Exercise of warrants for purchase of common stock | 505,809 | $ 84 | 505,725 | 0 | $ 0 |
Exercise of warrants for purchase of common stock (in shares) | 84,302 | 0 | |||
Shares and warrants issued in exchange of notes payable and accrued interest | 417,681 | $ 41 | 417,640 | 0 | $ 0 |
Shares and warrants issued in exchange of notes payable and accrued interest (in shares) | 40,925 | 0 | |||
Warrant modifications | 214,912 | $ 0 | 214,912 | 0 | $ 0 |
Waiver of previously accrued executive salary and bonus | 565,000 | 0 | 565,000 | 0 | 0 |
Beneficial conversion features related to convertible notes payable | 0 | ||||
Stock-based compensation: shares of common stock | 138,055 | $ 12 | 138,043 | 0 | $ 0 |
Stock-based compensation: shares of common stock (in shares) | 11,977 | 0 | |||
Stock-based compensation: options and warrants | 674,592 | $ 0 | 674,592 | 0 | $ 0 |
Impact of share rounding as a result of reverse stock split | 0 | $ 0 | 0 | 0 | $ 0 |
Impact of share rounding as a result of reverse stock split (in shares) | 2 | 0 | |||
Net loss | (5,751,194) | $ 0 | 0 | (5,751,194) | |
Balance at Dec. 31, 2013 | (6,685,069) | $ 982 | 13,158,363 | (19,812,414) | $ (32,000) |
Balance (in shares) at Dec. 31, 2013 | 981,662 | (27,932) | |||
Shares and warrants issued for cash | 2,605,000 | $ 434 | 2,604,566 | 0 | $ 0 |
Shares and warrants issued for cash (in shares) | 433,600 | 0 | |||
Shares issued in satisfaction of accrued consulting services | 140,000 | $ 30 | 139,970 | 0 | $ 0 |
Shares issued in satisfaction of accrued consulting services (in shares) | 29,773 | 0 | |||
Shares and warrant issued as payment for leasehold improvements | 71,050 | $ 14 | 71,036 | 0 | $ 0 |
Shares and warrant issued as payment for leasehold improvements (in shares) | 14,210 | 0 | |||
Exercise of warrants for purchase of common stock | 113,000 | $ 19 | 112,981 | 0 | $ 0 |
Exercise of warrants for purchase of common stock (in shares) | 18,834 | 0 | |||
Conversion of notes payable and accrued interest into common stock | 359,711 | $ 89 | 359,622 | 0 | $ 0 |
Conversion of notes payable and accrued interest into common stock (in shares) | 89,239 | 0 | |||
Shares and warrants issued in exchange of notes payable and accrued interest | 343,026 | $ 55 | 342,971 | 0 | $ 0 |
Shares and warrants issued in exchange of notes payable and accrued interest (in shares) | 55,073 | 0 | |||
Shares and warrants issued in connection with extension of notes payable | 249,800 | $ 50 | 249,750 | 0 | $ 0 |
Shares and warrants issued in connection with extension of notes payable (in shares) | 50,000 | 0 | |||
Warrant modifications | 50,035 | $ 0 | 50,035 | 0 | $ 0 |
Beneficial conversion features related to convertible notes payable | 92,370 | 0 | 92,370 | 0 | 0 |
Stock-based compensation: shares of common stock | 300,837 | $ 53 | 300,784 | 0 | $ 0 |
Stock-based compensation: shares of common stock (in shares) | 53,205 | 0 | |||
Stock-based compensation: options and warrants | 1,059,459 | $ 0 | 1,059,459 | 0 | $ 0 |
Net loss | (5,587,612) | 0 | 0 | (5,587,612) | 0 |
Balance at Dec. 31, 2014 | (6,888,393) | $ 1,726 | 18,541,907 | (25,400,026) | $ (32,000) |
Balance (in shares) at Dec. 31, 2014 | 1,725,596 | (27,932) | |||
Shares and warrants issued for cash | $ 1,051,000 | $ 180 | 1,050,820 | 0 | $ 0 |
Shares and warrants issued for cash (in shares) | 505,250 | 180,167 | 0 | ||
Shares issued in satisfaction of accrued services | $ 8,481 | $ 1 | 8,480 | 0 | $ 0 |
Shares issued in satisfaction of accrued services (in shares) | 943 | 0 | |||
Conversion of notes payable and accrued interest into common stock | 170,065 | $ 35 | 170,030 | 0 | $ 0 |
Conversion of notes payable and accrued interest into common stock (in shares) | 34,869 | 0 | |||
Shares and warrants issued in connection with settlement agreement | 152,000 | $ 4 | 151,996 | 0 | $ 0 |
Shares and warrants issued in connection with settlement agreement (in shares) | 4,230 | 0 | |||
Warrants issued as debt discount in connection with notes payable | 54,415 | $ 0 | 54,415 | 0 | $ 0 |
Shares and warrants issued in exchange of notes payable | 5,142,065 | $ 853 | 5,141,212 | 0 | $ 0 |
Shares and warrants issued in exchange of notes payable (in shares) | 853,360 | 0 | |||
Warrant modifications | 15,900 | $ 0 | 15,900 | 0 | $ 0 |
Beneficial conversion features related to convertible notes payable | 10,690 | 0 | 10,690 | 0 | 0 |
Stock-based compensation: shares of common stock | 99,147 | $ 19 | 99,128 | 0 | $ 0 |
Stock-based compensation: shares of common stock (in shares) | 19,198 | 0 | |||
Stock-based compensation: options and warrants | 484,526 | $ 0 | 484,526 | 0 | $ 0 |
Net loss | (3,180,419) | 0 | 0 | (3,180,419) | 0 |
Balance at Jun. 30, 2015 | $ (2,880,523) | $ 2,818 | $ 25,729,104 | $ (28,580,445) | $ (32,000) |
Balance (in shares) at Jun. 30, 2015 | 2,818,363 | (27,932) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows From Operating Activities | ||||
Net loss | $ (3,180,419) | $ (3,002,815) | $ (5,587,612) | $ (5,751,194) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Amortization of debt discount | 140,884 | 244,435 | 464,470 | 405,531 |
Accretion of interest expense | 6,012 | 0 | 24,934 | 5,066 |
Depreciation and amortization | 89,452 | 50,139 | 96,685 | 104,811 |
Loss on sale of property and equipment | 0 | 1,009 | 1,009 | 0 |
Stock-based compensation | 583,673 | 917,792 | 1,360,296 | 812,647 |
Loss on extinguishment of note payables, net | 26,029 | 49,094 | 49,094 | 7,200 |
Gain on settlement of payables | 0 | (176,268) | (183,768) | 0 |
Inventory write-down | 15,407 | 0 | ||
Warrant modification expense | 10,000 | 30,128 | 50,035 | 214,912 |
Warrant issued in connection with note payable | 0 | 9,400 | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | (50,982) | 0 | ||
Inventories | (547) | 175 | 613 | (5,481) |
Prepaid expenses and other current assets | (13,485) | 2,648 | 11,219 | (2,306) |
Security deposit | (45,900) | 0 | ||
Accounts payable | 313,352 | (369,047) | (234,563) | 498,541 |
Accrued interest, expenses and other current liabilities | 641,873 | 267,810 | 585,881 | 1,028,469 |
Deferred revenues | (50,231) | 224,975 | 164,349 | 0 |
Total Adjustments | 1,696,030 | 1,242,890 | 2,359,761 | 3,078,790 |
Net Cash Used In Operating Activities | (1,484,389) | (1,759,925) | (3,227,851) | (2,672,404) |
Cash Flows From Investing Activities | ||||
Purchases of property and equipment | (151,914) | 0 | (168,376) | (11,160) |
Proceeds from sale of property and equipment | 0 | 980 | 980 | 0 |
License maintenance costs | (75,000) | 0 | ||
Net Cash (Used In) Provided By Investing Activities | (226,914) | 980 | (167,396) | (11,160) |
Cash Flows From Financing Activities | ||||
Deferred offering costs | (8,050) | 0 | ||
Proceeds from notes payable | 515,000 | 670,000 | 795,000 | 1,454,000 |
Repayments of notes payable | 0 | (53,000) | (202,063) | (5,500) |
Advances from director, officer and family member of officer | 274,085 | 15,015 | 58,054 | 144,285 |
Repayment of advances from director and officer | (206,085) | (40,005) | (83,044) | (119,295) |
Proceeds from exercise of warrants | 0 | 80,000 | 113,000 | 505,809 |
Sales of common stock and warrants for cash | 1,051,000 | 945,000 | 2,605,000 | 905,000 |
Net Cash Provided By Financing Activities | 1,625,950 | 1,617,010 | 3,285,947 | 2,884,299 |
Net (Decrease) Increase In Cash | (85,353) | (141,935) | (109,300) | 200,735 |
Cash - Beginning | 91,798 | 201,098 | 201,098 | 363 |
Cash - Ending | 6,445 | 59,163 | 91,798 | 201,098 |
Cash paid during the period for: | ||||
Interest | 46,161 | 43,821 | 127,112 | 62,346 |
Non-cash investing and financing activities: | ||||
Conversion of notes payable and accrued interest into common stock | 170,065 | 166,768 | 359,711 | 0 |
Accrued interest reclassified as principal in connection with note payable reissuance | 0 | 73,058 | 108,059 | 68,100 |
Beneficial conversion features set up as debt discount | 10,690 | 41,384 | 92,370 | 0 |
Waiver of previously accrued executive salary and bonus | 0 | 565,000 | ||
Accrued liabilities associated with purchases of property and equipment | 109,487 | 0 | 258,774 | 0 |
Accrued deferred offering costs | 144,117 | 0 | ||
Indebtedness satisfied via legal settlement | 5,000 | 0 | ||
Shares Issued in Connection with Notes Payable Extension | ||||
Non-cash investing and financing activities: | ||||
Shares issued | 249,800 | 564,369 | ||
Shares and warrants issued in exchange for notes payable and accrued interest | ||||
Non-cash investing and financing activities: | ||||
Shares issued | 5,116,036 | 343,026 | 0 | 213,000 |
Shares issued in satisfaction of accrued interest | ||||
Non-cash investing and financing activities: | ||||
Shares issued | 343,026 | 417,681 | ||
Shares and warrant issued to satisfy lease obligation and leasehold improvements | ||||
Non-cash investing and financing activities: | ||||
Shares issued | 71,050 | 0 | ||
Shares issued in satisfaction of accrued consulting services | ||||
Non-cash investing and financing activities: | ||||
Shares issued | 8,481 | 0 | $ 140,000 | $ 0 |
Warrant modification in connection with extension or exchanges of notes payable | ||||
Non-cash investing and financing activities: | ||||
Shares issued | 5,900 | 0 | ||
Shares and warrants issued in connection with issuance or extension of notes payable | ||||
Non-cash investing and financing activities: | ||||
Shares issued | 54,415 | 15,000 | ||
Shares And Warrants Issued In Connection With Settlement Agreement [Member] | ||||
Non-cash investing and financing activities: | ||||
Shares issued | $ 152,000 | $ 0 |
Business Organization, Nature o
Business Organization, Nature of Operations and Basis of Presentation | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ||
Business Organization, Nature of Operations and Basis of Presentation | Note 1 Business Organization, Nature of Operations and Basis of Presentation BioRestorative Therapies, Inc. (together with its subsidiaries, “BRT” or the “Company”) develops therapeutic products and medical therapies using cell and tissue protocols, primarily involving adult stem cells. BRT’s website is at www.biorestorative.com D I S C www.stempearls.com The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and disclosures required by GAAP for annual financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the condensed consolidated financial statements of the Company as of June 30, 2015 and for the six months ended June 30, 2015 and 2014. The results of operations for the six months ended June 30, 2015 are not necessarily indicative of the operating results for the full year ending December 31, 2015 or any other period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related disclosures of the Company as of December 31, 2014 and for the year then ended, which are included elsewhere in this document. Effective January 1, 2015, the Company changed its state of incorporation from the State of Nevada to the State of Delaware pursuant to a plan of conversion, dated December 22, 2014 (the “Plan of Conversion”). Pursuant to the Plan of Conversion, the Company also adopted new bylaws, which became effective on January 1, 2015. Effective July 7, 2015, pursuant to authority granted by the stockholders of the Company, the Company implemented a 1-for-20 reverse split 200,000,000 30,000,000 | BioRestorative Therapies, Inc. has two wholly-owned subsidiaries, Stem Pearls, LLC (“Stem Pearls”) and Stem Cell Cayman Ltd. (“Cayman”), which the Company formed in the Cayman Islands (collectively, “BRT” or the “Company”). BRT develops products and medical therapies using cell and tissue protocols, primarily involving adult stem cells designed for personal medical applications. BRT’s website is at www.biorestorative.com. BRT is currently pursuing a Disc/Spine Program. Its lead cell therapy candidate, brtxDISC ( D I S C www.stempearls.com . Effective January 1, 2015, the Company changed its state of incorporation from the State of Nevada to the State of Delaware pursuant to a plan of conversion, dated December 22, 2014 (the “Plan of Conversion”). Pursuant to the Plan of Conversion, the Company also adopted new bylaws, which became effective on January 1, 2015. Effective April 15, 2013, pursuant to authority granted by the stockholders of the Company, the Company implemented a 1-for-50 reverse split 1,500,000,000 100,000,000 Note 1A Reverse Stock Split Effective July 7, 2015, pursuant to authority granted by the stockholders of the Company, the Company implemented a 1-for-20 reverse split of the Company’s issued and outstanding common stock (the “July 2015 Reverse Split”) and a reduction in the number of shares of common stock authorized to be issued by the Company from 200,000,000 30,000,000 |
Going Concern and Management Pl
Going Concern and Management Plans | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Development Stage Enterprise [Abstract] | ||
Going Concern and Management Plans | Note 2 Going Concern and Management Plans As of June 30, 2015, the Company had a working capital deficiency and a stockholders’ deficiency of $ 4,673,421 2,880,523 3,180,419 The Company's primary source of operating funds since inception has been equity and debt financings. The Company intends to continue to raise additional capital through debt and equity financings. There is no assurance that these funds will be sufficient to enable the Company to fully complete its development activities or attain profitable operations. If the Company is unable to obtain such additional financing on a timely basis and, notwithstanding any request the Company may make, the Company’s debt holders do not agree to convert their notes into equity or extend the maturity dates of their notes, the Company may have to curtail its development, marketing and promotional activities, which would have a material adverse effect on the Company’s business, financial condition and results of operations, and ultimately the Company could be forced to discontinue its operations and liquidate. The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with GAAP, which contemplate continuation of the Company as a going concern and the realization of assets and satisfaction of liabilities in the normal course of business. The carrying amounts of assets and liabilities presented in the financial statements do not necessarily purport to represent realizable or settlement values. The unaudited condensed consolidated financial statements do not include any adjustment that might result from the outcome of this uncertainty. Subsequent to June 30, 2015, (a) the Company has raised an aggregate of $ 310,000 585,015 30,000 1,736 667,685 | Note 2 Going Concern and Management’s Plans As of December 31, 2014, the Company had a working capital deficiency and a stockholders’ deficiency of $ 8,410,686 6,888,393 5,587,612 5,751,194 Despite recent revenue generated from specific research and development contracts, the Company's primary source of operating funds since inception has been, and will continue to be for the foreseeable future, equity and debt financings. The Company intends to continue to raise additional capital through debt and equity financings. There is no assurance that these funds will be sufficient to enable the Company to fully complete its development activities or attain profitable operations. If the Company is unable to obtain such additional financing on a timely basis and, notwithstanding any request the Company may make, the Company’s debt holders do not agree to convert their notes into equity or extend the maturity dates of their notes, the Company may have to curtail its development, marketing and promotional activities, which would have a material adverse effect on the Company’s business, financial condition and results of operations, and ultimately the Company could be forced to discontinue its operations and liquidate. The accompanying consolidated financial statements have been prepared in conformity with GAAP, which contemplate continuation of the Company as a going concern and the realization of assets and satisfaction of liabilities in the normal course of business. The carrying amounts of assets and liabilities presented in the financial statements do not necessarily purport to represent realizable or settlement values. The consolidated financial statements do not include any adjustment that might result from the outcome of this uncertainty. Subsequent to December 31, 2014, (a) the Company has raised an aggregate of $ 801,000 30,000 227,234 50,000 5,984 5,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | Note 3 Summary of Significant Accounting Policies The unaudited condensed consolidated financial statements of the Company include the accounts of Stem Cell Cayman Ltd. (“Cayman”) and Stem Pearls, LLC. All significant intercompany transactions have been eliminated in the consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the periods. The Company’s significant estimates and assumptions include the recoverability and useful lives of long-lived assets, the fair value of the Company’s stock, stock-based compensation, warrants issued in connection with notes payable and the valuation allowance related to the Company’s deferred tax assets. Certain of the Company’s estimates, including the carrying amount of the intangible assets, could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could have an effect on the Company’s estimates and could cause actual results to differ from those estimates. Two pharmaceutical clients comprised substantially all of the Company’s revenue during the six months ended June 30, 2015. See Revenue Recognition Research and Development Agreements below. Research and Development Agreements The Company’s policy relating to research and development agreements is to recognize research and development revenues associated with such agreements either (a) on a straight-line basis over the term of the agreement, or (b) in accordance with the milestone method of revenue recognition, depending on the nature of the contract terms, subject to potential acceleration upon achievement of contractually specified deliverables. On February 11, 2015, the term of the March 19, 2014 research and development agreement with a Japanese pharmaceutical company was extended by three months to June 19, 2015. During the six months ended June 30, 2015, the Company recognized revenue of $ 100,000 200,000 250,000 50,000 50,000 During the six months ended June 30, 2015, in connection with a March 24, 2014 research and development agreement with a U.S. pharmaceutical company, the Company received the third and fourth of four quarterly payments in the aggregate amount of $ 177,234 605,359 491,241 114,118 During the six months ended June 30, 2015, the Company recognized revenue related to research and development agreements of $ 327,466 175,025 Other The Company’s policy is to recognize product sales when the risk of loss and title to the product transfers to the customer, after taking into account potential returns. The Company recognizes sublicensing and royalty revenue when all of the following have occurred: (i) persuasive evidence of an arrangement exists, (ii) the service is completed without further obligation, (iii) the sales price to the customer is fixed or determinable, and (iv) collectability is reasonably assured. During the six months ended June 30, 2015, the Company has recognized $ 6,000 During the six months ended June 30, 2015, the Company recognized revenue related to sales of Stem Pearls® skincare products of $ 200 1,291 Basic loss per common share is computed by dividing net loss by the weighted average number of vested common shares outstanding during the period. Diluted loss per common share is computed by dividing net loss by the weighted average number of vested common shares outstanding, plus the impact of common shares, if dilutive, resulting from the exercise of outstanding stock options and warrants, plus the conversion of convertible notes. June 30, 2015 2014 Options 789,200 435,450 Warrants 728,850 316,283 Convertible notes 65,719 74,100 Total potentially dilutive shares 1,583,769 825,833 The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award. For employees, the fair value of the award is measured on the grant date and for non-employees, the fair value of the award is generally re-measured on vesting dates and interim financial reporting dates until the service period is complete. The fair value amount is then recognized over the period during which services are required to be provided in exchange for the award, usually the vesting period. Since the shares underlying the Company’s 2010 Equity Participation Plan (the “Plan”) were registered on May 27, 2014, the Company estimates the fair value of the awards granted under the Plan based on the market value of its freely tradable common stock as reported on the OTCQB market. The fair value of the Company’s restricted equity instruments was estimated by management based on observations of the cash sales prices of both restricted shares and freely tradable shares. Awards granted to directors are treated on the same basis as awards granted to employees. The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the condensed consolidated financial statements, except as disclosed in Note 8. | Note 3 Summary of Significant Accounting Policies The consolidated financial statements of the Company include the accounts of Cayman and Stem Pearls. All significant intercompany transactions have been eliminated in the consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at dates of the financial statements and the reported amounts of revenue and expenses during the periods. The Company’s significant estimates and assumptions include the recoverability and useful lives of long-lived assets, the fair value of the Company’s equity securities and the valuation allowance related to the Company’s deferred tax assets. Certain of the Company’s estimates, including the carrying amount of the intangible assets, could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could have an effect on the Company’s estimates and could cause actual results to differ from those estimates. As of December 31, 2014, 75 Two pharmaceutical clients comprised substantially all of the Company’s revenue during the year ended December 31, 2014. See Revenue Recognition Research and Development Agreements below. The Company maintains cash in bank accounts, which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts and periodically evaluates the creditworthiness of the financial institutions and has determined the credit exposure to be negligible. The Company maintains finished goods inventories, consisting of Stem Pearls skincare products, which are available for sale. Inventories are stated at the lower of cost or market. Cost is determined by the first-in, first-out method. The Company periodically reviews for slow-moving, excess or obsolete inventories. Products that are determined to be obsolete, if any, are written down to net realizable value. During the year ended December 31, 2014, the Company recorded an inventory write-down of $ 15,407 Property and equipment are stated at cost, net of accumulated depreciation which is recorded commencing at the in-service date using the straight line method at rates sufficient to charge the cost of depreciable assets to operations over their estimated useful lives, which range from 3 5 Intangible assets are comprised of trademarks and licenses with original estimated useful lives of 10 17.7 20 2.3 Impairment of Long-lived Assets The Company reviews for the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss would be recognized when estimated future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. The Company has not identified any such impairment losses. Research and Development Agreements The Company’s policy relating to research and development agreements is to recognize research and development revenues associated with such agreements either (a) on a straight-line basis over the term of the agreement, or (b) in accordance with the milestone method of revenue recognition, depending on the nature of the contract terms, subject to potential acceleration upon achievement of contractually specified deliverables. On March 19, 2014, the Company entered into a one-year agreement with a Japanese pharmaceutical company to perform specified research and development activities related to stem cells. The agreement may be terminated earlier or extended, as provided for in the agreement. Payment terms are (1) $150,000 received at commencement (straight-line method); (2) $50,000 upon achievement of a specified deliverable (milestone method); and (3) $50,000 upon achievement of the final specified deliverable (milestone method). As of December 31, 2014, the initial $ 150,000 On March 24, 2014, the Company entered into a two-year agreement with a U.S. pharmaceutical company to perform specified research and development activities related to brown fat. The agreement may be terminated earlier or extended, as provided for in the agreement. Payment terms are (1) $250,000 at commencement; (2) $356,250 payable in four equal quarterly installments, subject to acceleration upon achieving a specified deliverable; and (3) $168,750 payable in two equal bi-annual installments (all of which are being recognized pursuant to the straight-line method), subject to acceleration upon achieving a specified deliverable. As of December 31, 2014, the initial $ 250,000 89,063 130,068 During the year ended December 31, 2014, the Company recognized revenue related to research and development agreements of $ 413,777 Other The Company’s policy is to recognize product sales when the risk of loss and title to the product transfers to the customer, after taking into account potential returns. The Company recognizes sublicensing and royalty revenue when all of the following have occurred: (i) persuasive evidence of an arrangement exists, (ii) the service is completed without further obligation, (iii) the sales price to the customer is fixed or determinable, and (iv) collectability is reasonably assured. For the years ended December 31, 2014 and 2013, the Company recognized revenue related to sales of Stem Pearls® skincare products of $ 2,219 1,680 The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of items that have been included or excluded in the financial statements or tax returns. Deferred tax assets and liabilities are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts (“temporary differences”) at enacted tax rates in effect for the years in which the temporary differences are expected to reverse. The Company adopted the provisions of Accounting Standards Codification (“ASC”) Topic 740-10, which prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Management has evaluated and concluded that there were no material uncertain tax positions requiring recognition in the Company’s consolidated financial statements as of December 31, 2014 and 2013. The Company does not expect any significant changes in its unrecognized tax benefits within twelve months of the reporting date. The Company’s policy is to classify assessments, if any, for tax related interest as interest expense and penalties as general and administrative expenses in the consolidated statements of operations. Basic loss per common share is computed by dividing net loss by the weighted average number of vested common shares outstanding during the period. Diluted loss per common share is computed by dividing net loss by the weighted average number of vested common shares outstanding, plus the impact of common shares, if dilutive, resulting from the exercise of outstanding stock options and warrants, plus the conversion of convertible notes. December 31, 2014 2013 Options 779,200 252,150 Warrants 412,423 239,795 Convertible notes 32,695 53,169 Total potentially dilutive shares 1,224,318 545,111 Stock-Based Compensation The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award. For employees, the fair value of the award is measured on the grant date and for non-employees, the fair value of the award is generally re-measured on vesting dates and interim financial reporting dates until the service period is complete. The fair value amount is then recognized over the period during which services are required to be provided in exchange for the award, usually the vesting period. Since the shares underlying the Company’s 2010 Equity Participation Plan (the “Plan”) were registered on May 27, 2014, the Company estimates the fair value of the awards granted under the Plan based on the market value of its freely tradable common stock as reported by the OTC Bulletin Board. The fair value of the Company’s restricted equity instruments was estimated by management based on observations of the cash sales prices of both restricted shares and freely tradable shares. Awards granted to directors are treated on the same basis as awards granted to employees. Advertising costs are charged to operations as incurred. For the years ended December 31, 2014 and December 31, 2013, the Company incurred advertising costs of $ 15,280 25,748 Research and development expenses are charged to operations as incurred. For the years ended December 31, 2014 and December 31, 2013, the Company incurred research and development expenses of $ 1,430,614 1,594,054 Certain prior period amounts have been reclassified for comparative purposes to conform to the fiscal 2014 presentation. These reclassifications have no impact on the previously reported net loss. The Company measures the fair value of financial assets and liabilities based on the guidance of ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”) which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 quoted prices in active markets for identical assets or liabilities Level 2 quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 inputs that are unobservable (for example, cash flow modeling inputs based on assumptions) The carrying amounts of cash, accounts receivable, accounts payable, and accrued liabilities approximate fair value due to the short-term nature of these instruments. The carrying amounts of our short term credit obligations approximate fair value because the effective yields on these obligations, which include contractual interest rates, taken together with other features such as concurrent issuance of warrants, are comparable to rates of returns for instruments of similar credit risk. GAAP requires companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. An exception to this rule is when the host instrument is deemed to be conventional, as that term is described under applicable GAAP. When the Company has determined that the embedded conversion options should not be bifurcated from their host instruments, the Company records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments (the beneficial conversion feature) based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt to their stated date of redemption. The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the consolidated financial statements, except as disclosed in Note 11. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers,” (“ASU 2014-09”). ASU 2014-09 supersedes the revenue recognition requirements in ASC 605 - Revenue Recognition (“ASC 605”) and most industry-specific guidance throughout ASC 605. The standard requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective on January 1, 2017 and should be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application. The Company is currently evaluating the impact of the adoption of ASU 2014-09 on its consolidated financial position and results of operations. In June 2014, the FASB issued ASU No. 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation,” (“ASU 2014-10”). ASU 2014-10 removes the definition of a development stage entity from the Master Glossary of the ASC, thereby removing the financial reporting distinction between development stage entities and other reporting entities from GAAP. In addition, ASU 2014-10 eliminates the requirements for development stage entities to (1) present inception-to-date information in the statements of operations, cash flows, and stockholders’ equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. ASU 2014-10 is effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. Early adoption is permitted. The Company adopted ASU 2014-10 during the year ended December 31, 2014 which resulted in the removal of previously required development stage disclosures. The Company’s planned principal operations are to develop technology using cell and tissue therapy protocols, primarily involving adult stem cells, allowing patients to undergo cellular-based treatments. The Company has established a new laboratory facility and is seeking to increase its capabilities for the further development of possible cellular-based treatment protocols, stem cell-related intellectual property and research applications. The Company’s activities are subject to significant risks and uncertainties, which are detailed in Note 2 Going Concern and Management’s Plans. In June 2014, the FASB issued ASU No. 2014-12, "Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved after the Requisite Service Period," ("ASU 2014-12"). The amendments in ASU 2014-12 require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in ASC Topic No. 718, "Compensation - Stock Compensation" as it relates to awards with performance conditions that affect vesting to account for such awards. The amendments in ASU 2014-12 are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted. Entities may apply the amendments in ASU 2014-12 either: (a) prospectively to all awards granted or modified after the effective date; or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The Company does not anticipate that the adoption of ASU 2014-12 will have a material impact on its consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15,”Presentation of Financial Statements Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). ASU 2014-15, which is effective for annual reporting periods ending after December 15, 2016, extends the responsibility for performing the going-concern assessment to management and contains guidance on how to perform a going-concern assessment and when going-concern disclosures would be required under U.S. GAAP. The Company elected to adopt ASU 2014-15. Management’s evaluations regarding the events and conditions that raise substantial doubt regarding the Company’s ability to continue as a going concern have been disclosed in Note 2 Going Concern and Management’s Plans. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 4 Property and Equipment December 31, 2014 2013 Office equipment $ 8,466 $ 7,670 Medical equipment 359,248 129,461 Furniture and fixtures 113,874 19,322 Computer software and equipment 66,458 20,169 Leasehold Improvements 103,582 - 651,628 176,622 Less: accumulated depreciation (157,772) (141,054) Property and equipment, net $ 493,856 $ 35,568 Depreciation expense amounted to $ 26,872 34,999 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Intangible Assets [Abstract] | |
Intangible Assets | Note 5 Intangible Assets Patents and Accumulated Trademarks Licenses Amortization Total Balance as of January 1, 2013 $ 3,676 $ 1,226,500 $ (52,819) $ 1,177,357 Amortization expense - - (69,812) (69,812) Balance as of December 31, 2013 $ 3,676 $ 1,226,500 $ (122,631) $ 1,107,545 Amortization expense - - (69,813) (69,813) Balance as of December 31, 2014 $ 3,676 $ 1,226,500 $ (192,444) $ 1,037,732 Weighted average remaining amortization period at December 31, 2014 in years 6.0 14.9 Patents and Accumulated Trademarks Licenses Amortization Balance as of January 1, 2013 $ 736 $ 52,083 $ 52,819 Amortization expense 368 69,444 69,812 Balance as of December 31, 2013 $ 1,104 $ 121,527 $ 122,631 Amortization expense 368 69,445 69,813 Balance as of December 31, 2014 $ 1,472 $ 190,972 $ 192,444 Amortization expense is reflected in general and administrative expenses in the consolidated statements of operations. Based upon the current intangible assets as of December 31, 2014, amortization expense is projected to be approximately $ 70,000 On January 27, 2012, the Company entered into a license agreement with a stem cell treatment company (“SCTC”) (as amended on March 21, 2012, the “SCTC Agreement”). On April 6, 2012 (the “Closing Date”), the Company and SCTC closed on the SCTC Agreement. Pursuant to the SCTC Agreement, the Company obtained, among other things, a worldwide, exclusive, royalty-bearing license from SCTC to utilize or sublicense a certain medical device patent (pending) for the administration of specific cells and/or cell products to the disc and/or spine (and other parts of the body) and a worldwide (excluding Asia and Argentina), exclusive, royalty-bearing license to utilize or sublicense a certain method for culturing cells. The SCTC Agreement provides that the Company must achieve certain milestones. As of December 31, 2014, the Company had not met any the milestones provided for in the SCTC Agreement to be fulfilled by April 6, 2014; however, it still had the ability to pay $ 75,000 225,000 475,000 The SCTC Agreement also provides for an exclusive, royalty-bearing sublicense of certain of the licensed technology to SCTC for use for orthopedic purposes and a non-exclusive, royalty-bearing sublicense of certain of the licensed technology to SCTC for use (1) at a single facility in the Cayman Islands (or, under certain circumstances, at a different non-U.S. facility), and (2) at U.S. facilities (in accordance with protocols established by the Company), if and only if, upon resolution of a Food and Drug Administration (“FDA”) action, SCTC has the legal right to exploit the technology in the U.S. and the Company does not yet have such legal right. Further, the SCTC Agreement provides that SCTC will furnish certain training, assistance and consultation services with regard to the licensed technology. In addition, the Company had agreed to reimburse SCTC for 25 4,500 100,000 Pursuant to the SCTC Agreement, on the Closing Date, the Company made a payment to SCTC consisting of a license fee of $ 1,000,000 10,000 50,000 15,000 17,500 30.00 30.00 226,500 1,000,000 226,500 17.7 20 2.3 The Company has not made an accounting entry related to the second and third tranches as it is not currently estimable when the specified performance criteria will be met. When, and if, the second and third tranches of the SCTC Warrant vest (or when the timing of vesting becomes estimable), the grant date value of these tranches will be added to the value of the intangible asset after calculating the grant date values using the Black-Scholes option pricing model using the final exercise prices as inputs to the model. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Accrued Expenses and Other Current Liabilities | Note 4 Accrued Expenses and Other Current Liabilities June 30, December 31, 2015 2014 (unaudited) Credit card payable $ 3,296 $ 4,739 Accrued payroll 860,253 679,277 Advances from related parties 68,000 - Accrued purchases of property and equipment 54,781 174,801 Accrued research and development expenses 401,175 292,395 Accrued general and administrative expenses 456,077 315,294 Deferred rent 43,902 - Total $ 1,887,484 $ 1,466,506 During the six months ended June 30, 2015, the Company received an aggregate of $ 274,085 206,085 68,000 15,015 40,005 | Note 6 Accrued Expenses and Other Current Liabilities December 31, 2014 2013 Credit card payable $ 4,739 $ 6,000 Accrued payroll and payroll taxes 679,277 672,535 Accrued purchases of property and equipment 174,801 - Accrued research and development expenses 292,395 229,276 Accrued general and administrative expenses 315,294 266,541 Deferred rent - 2,310 Total $ 1,466,506 $ 1,176,662 During the year ended December 31, 2014, the Company received an aggregate of $ 58,054 83,044 24,990 144,285 119,295 |
Notes Payable
Notes Payable | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Notes Payable [Abstract] | ||
Notes Payable | Note 5 Notes Payable Bermuda Lender Convertible Other Debt (defined below) Notes Notes Discount Total Outstanding, December 31, 2014 $ 4,410,937 $ 175,000 $ 1,265,559 $ (113,257) $ 5,738,239 Issuance - 315,000 244,000 - 559,000 Indebtedness satisfied via settlement - - (5,000) - (5,000) Exchanges to equity (4,410,937) (16,667) (592,874) - (5,020,478) Conversion to equity - (158,333) - - (158,333) Recognition of debt discount - - - (115,005 [1] (115,005) Accretion of interest expense - - - 6,012 [1] 6,012 Amortization of debt discount - - - 140,884 140,884 Outstanding, June 30, 2015 $ - $ 315,000 [2] $ 911,685 $ (81,366) $ 1,145,319 [1] During the six months ended June 30, 2015, a note in the principal amount of $ 244,000 200,000 44,000 [2] As of June 30, 2015, convertible notes with an aggregate principal balance of $ 315,000 75,000 Bermuda Lender On May 11, 2015, Cayman and a lender to Cayman (the “Bermuda Lender”) agreed to extend the maturity date of a note with a principal balance of $ 410,938 316,297 On May 27, 2015, the Company and the Bermuda Lender agreed to exchange five notes (including the note referred to in the above paragraph) with an aggregate principal amount of $ 4,410,937 69,436 746,730 186,682 15.00 672,056 40,000 December 31, 2015 December 31, 2017 5,327 As of June 30, 2015, the Bermuda Lender is a related party as a result of the size of its ownership interest in the Company's common stock. Convertible Notes and Other Notes Issuances During the six months ended June 30, 2015, the Company issued convertible notes with an aggregate principal balance of $ 315,000 10 12 The convertible notes are convertible into shares of the Company's common stock during the five days prior to maturity and ending on the day immediately prior to maturity at a conversion price equal to the greater of (a) a range of 62% to 65% of the fair value of the Company's common stock or (b) $3.00 per share. 17,700 10.00 54,415 During the six months ended June 30, 2015, the Company issued a six-month note payable with a principal amount of $244,000 for cash consideration of $200,000. The note bears no interest. The $44,000 difference between the principal amount of the note and the cash received was recorded as debt discount and is being amortized to interest expense over the term of the note. Conversions, Exchanges and Other During the six months ended June 30, 2015, pursuant to the original conversion terms of the convertible notes, the Company elected to convert convertible notes with an aggregate principal balance of $ 158,333 11,732 34,869 4.44 5.16 During the six months ended June 30, 2015, the Company exchanged a convertible note in the principal amount of $ 16,667 827 3,600 504 During the six months ended June 30, 2015, the Company elected to exchange notes payable with an aggregate principal balance of $ 592,874 25,296 103,030 25,756 15.00 92,725 15,249 20,197 During the six months ended June 30, 2015, the contingently adjustable conversion ratio associated with a certain convertible note was resolved. The Company estimated the intrinsic value of the embedded conversion option based upon the difference between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the convertible note. During the six months ended June 30, 2015, the Company recognized $ 10,690 41,384 | Note 7 Notes Payable Bermuda Convertible Other Debt Lender Notes Notes Discount Total Outstanding, December 31, 2012 $ 3,550,000 $ - $ 1,082,185 $ (76,719) $ 4,555,466 Issuances 450,000 281,000 [1] 733,000 - 1,464,000 Conversion of accrued interest - - 68,100 - 68,100 Exchanges for equity - - (404,285) - (404,285) Repayments - - (5,500) - (5,500) Recognition of debt discount - - - (574,369) [1] (574,369) Amortization of debt discount - - - 405,531 405,531 Accretion of interest expense - - - 5,066 [1] 5,066 Outstanding, December 31, 2013 $ 4,000,000 $ 281,000 $ 1,473,500 $ (240,491) $ 5,514,009 Issuances 500,000 300,000 [1] - - 800,000 Exchanges for equity - (71,000) (203,000) - (274,000) Conversions to equity - (342,500) - - (342,500) Repayments (89,063) - (113,000) - (202,063) Recognition of debt discount - - - (347,170) [1] (347,170) Amortization of debt discount - - - 464,470 464,470 Recharacterization of accrued interest as principal - - 108,059 [3] - 108,059 Accretion of interest expense - 15,000 [2] - 9,934 [1] 24,934 Settlement of accreted interest - (7,500) [2] - - (7,500) Outstanding, December 31, 2014 $ 4,410,937 $ 175,000 [4] $ 1,265,559 $ (113,257) $ 5,738,239 [1] During the years ended December 31, 2014 and 2013, notes with an aggregate principal amounts of $ 30,000 60,000 25,000 50,000 5,000 10,000 [2] During the year ended December 31, 2014, pursuant to the terms of certain notes payable with maturity dates ranging from January 8, 2014 to June 10, 2014, the aggregate principal balance of the notes was increased from $ 90,000 105,000 15,000 7,500 30,000 [3] During the year ended December 31, 2014, in connection with the extension of certain notes payable with maturity dates ranging from of August 8, 2013 to March 1, 2014, an aggregate $ 108,059 752,500 860,559 [4] As of December 31, 2014, convertible notes with an aggregate principal balance of $ 175,000 83,333 Bermuda Lender On March 26, 2013, Cayman borrowed $ 450,000 3,550,000 4,000,000 July 31, 2014 450,000 213,000 30,000 480,000 20,000 50.00 250,000 13,313 457,826 11 On May 8, 2014, Cayman borrowed an additional $ 500,000 15 89,063 On August 13, 2014, Cayman and the Bermuda Lender agreed to extend the maturity date of the $ 4,000,000 July 31, 2014 December 31, 2014 27,500 121,000 On December 31, 2014, Cayman and the Bermuda Lender agreed to further extend the maturity date of the $4,000,000 Bermuda Lender Note from December 31, 2014 June 30, 2015 22,500 99,000 As of December 31, 2014, the Bermuda Lender is a related party as a result of the size of its ownership interest in the Company's common stock. Convertible Notes Between August 8, 2013 and December 18, 2013, the Company issued convertible notes with an aggregate principal amount of $ 281,000 271,000 60,000 50,000 10,000 100 221,000 12 281,000 171,000 110,000 Between January 17, 2014 and May 2, 2014, the Company issued convertible notes with an aggregate principal amount of $ 175,000 170,000 30,000 25,000 5,000 145,000 12 The convertible notes were initially payable 3-12 months from the date of issuance 175,000 145,000 Between November 12, 2014 and December 2, 2014, the Company issued convertible notes in the aggregate principal amount of $ 125,000 10 41,667 41,667 41,666 During the year ended December 31, 2014, the Company elected to convert certain convertible notes with an aggregate principal balance of $ 225,000 13,565 60,138 2.80 5.60 During the year ended December 31, 2014, the holders of certain convertible notes elected to convert such convertible notes with an aggregate principal balance of $ 117,500 3,646 29,102 3.80 4.40 During the year ended December 31, 2014, the Company and certain lenders agreed to exchange certain convertible notes with an aggregate principal balance of $ 71,000 4,260 12,339 5,000 15.00 74,029 1,231 During the year ended December 31, 2014, the contingently adjustable conversion ratios associated with certain convertible notes were resolved. The Company estimated the intrinsic value of the embedded conversion options based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the convertible note. During the year ended December 31, 2014, the Company recognized $ 92,370 Other Notes Other notes issued by the Company (“Other Notes”) predominantly bear interest at a rate of 15 The holders of two Other Notes are entitled to five years of royalty payments associated with Cosmetic Revenues, as defined in the notes, ranging from 0.5 4.0 100,000 In connection with the issuance and extension of Other Notes during the year ended December 31, 2013, the Company issued 5,000 3,704 20,125 18.80 50.00 112,239 In connection with the extension of Other Notes during the year ended December 31, 2014, the Company issued five-year warrants to purchase an aggregate of 9,500 10.00 15.00 29,800 During the year ended December 31, 2013, the Company and certain lenders agreed to exchange certain Other Notes with an aggregate principal balance of $ 404,285 6,196 40,925 2,250 30.00 417,681 7,200 During the year ended December 31, 2014, the Company and certain lenders agreed to exchange certain Other Notes with an aggregate principal balance of $ 203,000 15,672 42,735 5,000 15.00 268,997 50,325 During the year ended December 31, 2014, the Company repaid certain Other Notes with an aggregate principal balance of $ 113,000 11,219 See Note 11 Subsequent Events for additional details regarding notes payable. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8 Income Taxes For The Years Ended December 31, 2014 2013 United States $ (5,223,749) $ (5,328,958) Foreign (363,863) (422,236) Loss before income taxes $ (5,587,612) $ (5,751,194) The tax effects of temporary differences that give rise to deferred tax assets and liabilities are presented below: For The Years Ended December 31, 2014 2013 Deferred Tax Assets: Net operating loss carryforward $ 4,820,500 $ 5,327,000 Stock-based compensation 1,272,600 907,100 Accruals 240,700 139,800 Research & development tax credits 95,500 - Other 2,100 2,700 Gross deferred tax assets 6,431,400 6,376,600 Deferred Tax Liabilities: Fixed assets (93,200) - Intangible assets (8,100) (3,000) Gross deferred tax liabilities (101,300) (3,000) Net deferred tax assets 6,330,100 6,373,600 Valuation allowance (6,330,100) (6,373,600) Deferred tax asset, net of valuation allowance $ - $ - Changes in valuation allowance $ (43,500) $ 1,631,300 For The Years Ended December 31, 2014 2013 Federal: Current $ - $ - Deferred 38,921 (1,459,584) State and local: Current - - Deferred 4,579 (171,716) 43,500 (1,631,300) Change in valuation allowance (43,500) 1,631,300 Income tax provision (benefit) $ - $ - For The Years Ended December 31, 2014 2013 Tax benefit at federal statutory rate (34.0) % (34.0) % State income taxes, net of federal benefit (4.0) % (4.0) % Permanent differences 0.8 % 5.8 % Research & development tax credits (1.8) % 0.0 % Impact of Section 382 limit 41.2 % 0.0 % True-ups and other (1.4) % 1.6 % Change in valuation allowance (0.8) % 30.6 % Effective income tax rate 0.0 % 0.0 % The Company assesses the likelihood that deferred tax assets will be realized. To the extent that realization is not likely, a valuation allowance is established. Based upon the Company’s history of losses since inception, management believes that it is more likely than not that future benefits of deferred tax assets will not be realized. At December 31, 2014 and 2013, the Company had approximately $ 12,700,000 14,000,000 The net operating loss carry forwards, if not utilized, will expire from 2029 to 2034 for federal purposes. 50 approximately $5,700,000 of federal NOLs not being realizable the reversal of approximately $2,200,000 of net operating loss deferred tax assets. The Company files income tax returns in the U.S. federal jurisdiction and the states of Florida and New York, and is subject to examination by the various taxing authorities beginning with the tax years ended December 31, 2011. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | Note 6 Commitments and Contingencies Operating Lease During the six months ended June 30, 2015, the Company recognized approximately $ 64,000 14,000 Litigations, Claims and Assessments In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. In November 2013, an action was commenced against the Company in the Circuit Court of Palm Beach County, Florida by an alleged former consultant. The action was associated with an alleged $5,000 loan made in 2009 and an alleged consulting/employment agreement entered into with the Company effective in 2009 4,230 30,000 7.60 12.00 152,000 The Company records legal costs associated with loss contingencies as incurred and accrues for all probable and estimable settlements. Employment Agreements On February 9, 2015, the Company hired a President for its Disc/Spine Division (“Division President”) pursuant to an at-will employment agreement which entitles him to a specified salary and a discretionary bonus. In the event the Company terminates the Division President without cause, the Division President is entitled to cash severance payments of $ 150,000 ten 25,000 9.20 three 200,400 On March 9, 2015, the Company and its Chief Executive Officer (“CEO”) agreed to extend the term of his employment agreement to December 31, 2017. Pursuant to the employment agreement, the CEO is entitled to receive a salary of $ 400,000 The CEO is entitled to receive an annual bonus for 2015 equal to 50% of his annual base salary and an annual bonus for the years 2016 and 2017 equal to 50% of his annual base salary in the event certain performance goals, as determined by the Company’s Compensation Committee, are satisfied. 100,000 300,000 On March 9, 2015, the Company agreed to amend the at-will employment agreement with its Vice President of Research and Development (“VP of R&D”). Pursuant to the employment agreement, as amended, in the event that the VP of R&D’s employment with the Company is terminated without cause, the VP of R&D would currently be entitled to receive a cash severance payment equal to one-half of his base annual salary (such one-half amount currently $ 125,000 Board of Directors On April 6, 2015, the Company elected a new director to replace a director who had previously resigned. Concurrent with the election, the Company granted a ten 15,000 8.00 three 104,100 | Note 9 Commitments and Contingencies Operating Lease Jupiter, Florida Lease The Company was a party to a three year lease agreement with respect to premises located at the Alexandria Innovation Center in Jupiter, Florida, which was scheduled to expire on January 31, 2014 6,234 6,422 On February 4, 2014, the Company and the landlord agreed to the surrender of a portion of the leased premises and also extended the term of the lease to July 31, 2014. The amended lease provided for a base rent of $ 962 On February 11, 2014, the Company executed a Facility Use Agreement with the SCTC which permitted the Company to utilize the SCTC’s laboratory facility and one office for research associated with its culturing and medical device license. Payment terms were $ 3,750 100 On August 25, 2014, the Company entered into a lease for 6,800 132,600 149,260 In connection with the Melville Lease, the Company paid the landlord a cash security deposit of $ 45,900 14,210 7,105 10.00 71,050 60,000 11,050 Rent expense amounted to $ 20,380 99,175 Litigations, Claims and Assessments In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. In November 2013, an action was commenced against the Company in the Circuit Court of Palm Beach County, Florida by an alleged former consultant. The action is associated with an alleged $5,000 loan made in 2009 and an alleged consulting/employment agreement entered into with the Company effective in 2009. Pursuant to the action, the plaintiff is seeking to recover an unspecified amount of damages but at least approximately $ 193,000 4,000 The Company records legal costs associated with loss contingencies as incurred and accrues for all probable and estimable settlements. Research Agreements Effective June 15, 2012, the Company entered into an assignment agreement (the “Assignment Agreement”) with the research foundation of a state university (the “Foundation”), whereby the Foundation assigned all of its right, title and interest in specified patents to the Company in exchange for a cash payment of $ 15,000 5 20 Effective June 15, 2012, the Company entered into a research agreement (the “Research Agreement”) with the same state university (the “University”). The Research Agreement has a term of three years. Pursuant to the Research Agreement, the University agreed to perform certain research services to be used by the Company. Pursuant to the Research Agreement, the Company agreed to pay the University a fee of $ 500,000 5 20 On May 9, 2014, the Company entered into an amendment to the Research Agreement. Pursuant to the amendment, the parties agreed that (i) no fees are payable by the Company to the University pursuant to the Research Agreement for the first five monthly payments in 2014 ($ 208,335 104,168 41,667 20,000 June 14, 2015 323,336 166,668 During the years ended December 31, 2014 and 2013, the Company recorded research and development expense of approximately $ 264,000 500,000 43,000 353,000 Consulting Agreements Marketing Consulting Services On June 27, 2014, a February 17, 2011 agreement for marketing consulting services that had expired on December 31, 2013 was further amended. Pursuant to the amendment, the agreement was reinstated effective as of April 1, 2014 and provided for an expiration date of December 31, 2014 (the “New Marketing Consulting Term”). In consideration of services rendered during the New Marketing Consulting Term and the settlement of the Company’s obligation to pay $ 65,000 25,000 five 12,500 20.00 110,000 37,500 82,500 120,000 Consulting Services On February 20, 2014, the Company executed a two-year consulting agreement with the Physiatrist-In-Chief Emeritus for the Hospital for Special Surgery in New York City to become the Company’s Chief Medical Advisor for Spine Medicine pursuant to which he oversees the clinical aspects of the brtxDISC Program. The agreement may be terminated earlier or extended, as provided for in the agreement. Pursuant to the agreement, the consultant is entitled to receive $ 10,000 20,000 15,000 13.00 three 67,830 15,000 20,000 25,000 6.40 124,200 On March 12, 2014, as additional compensation for consulting services rendered, the Company granted to a consultant an immediately vested, five-year warrant to purchase 5,000 10.60 14,000 10.60 30.00 1,000 23,270 30,096 On July 23, 2014, the Company entered into a one-year agreement with a consultant to market research and development arrangements and other business transactions to potential strategic partners and other alliance candidates. In exchange for services provided by the consultant during the term, the Company agreed to issue 1,500 7,500 33,000 On October 7, 2014, the Company entered into an agreement with a consultant for services regarding the search for a President for the Company’s Disc/Spine Division. The consultant was entitled to an initial retainer fee of $ 15,000 10,000 28 25,000 2,420 15,000 Business Advisory Services On June 27, 2014, a February 17, 2011 agreement for business advisory services that had expired on December 31, 2013 was further amended. Pursuant to the amendment, the agreement was reinstated effective as of April 1, 2014 and provided for an expiration date of December 31, 2014 (the “New Business Advisory Term”). In consideration of services rendered during the New Business Advisory Term, the Company agreed to pay a cash fee of $ 16,667 five 12,500 20.00 37,500 75,000 15,000 15,000 5,000 10.00 17,000 150,000 120,000 Scientific Advisory Services On March 27, 2013, the Company granted a ten 3,000 30.00 1,500 1,500 45,900 On June 10, 2013, the Company granted a five 250 20.00 2,056 On July 2, 2013, the Company granted a ten 5,000 20.00 2,500 2,500 47,960 On March 14, 2014, the Company executed an agreement, which will continue until terminated by either party, appointing a new Scientific Advisory Board member. Pursuant to the agreement, the Company immediately granted the new advisor a five 1,250 10.00 625 625 250 5,860 On June 27, 2014, an August 16, 2012 agreement for scientific advisory services was further extended to August 16, 2016 such that the consultant will continue to serve as Chairman of the Company’s Scientific Advisory Board, will earn $ 10,000 ten 15,000 5.70 7,500 7,500 81,000 Other On March 20, 2013, the Company granted an immediately vested, three-year warrant to purchase 500 30.00 6,600 On March 22, 2013, the Company granted an immediately vested, five-year warrant to purchase 5,000 80.00 59,000 On December 23, 2013, the Company granted immediately vested, five-year warrants to purchase an aggregate of 5,000 40.00 16,770 On July 22, 2014, the Company granted a consultant an immediately vested five-year warrant to purchase 500 15.00 1,500 In addition to the issuances discussed elsewhere in this filing, during the years ended December 31, 2014 and 2013, an aggregate of 23,719 6,477 159,837 77,555 Employment Agreements Chief Executive Officer Effective December 2013, the Company and its Chief Executive Officer (“CEO”) agreed that the CEO’s 2013 salary would be reduced from $ 600,000 360,000 300,000 25,000 565,000 During the year ended December 31, 2014, the Company and its CEO approved amendments to the employment agreement between the Company and the CEO, dated October 4, 2010, as amended, providing for (a) a reduction of the CEO’s annual salary from $ 600,000 450,000 450,000 400,000 450,000 600,000 As of December 31, 2014 and 2013, the accrued and unpaid compensation (salary, bonus, tax liability, car allowance and vacation pay) for the CEO was $ 574,278 542,535 Other In addition to the Company’s employment agreement with its CEO, as of December 31, 2014, two employees have “at-will” employment agreements with the Company that currently provide for aggregate cash severance payments of $ 175,000 Board of Directors On June 27, 2014, a director of the Company resigned due to other business commitments. In consideration of director services performed to date, the Company agreed to pay an aggregate of $ 80,000 30,000 50,000 96,250 On June 27, 2014, the Company elected two new directors. Concurrent with the election, the Company granted the new directors ten-year options to purchase an aggregate of 30,000 5.70 10,000 10,000 10,000 144,000 As of December 31, 2014 and 2013, $ 105,000 130,000 Related Party Agreement Effective October 1, 2014, the Company entered into a three-month agreement with an affiliate of one of its directors for consulting services related to the Company’s brtxDISC Program and ThermoStem® Program. Pursuant to the agreement, the affiliate of the director was entitled to a cash fee of $ 10,000 5,000 36,786 15,000 |
Stockholders' Deficiency
Stockholders' Deficiency | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | ||
Stockholders' Deficiency | Note 7 Stockholders’ Deficiency Authorized Capital On December 19, 2014, effective January 1, 2015, the Company’s shareholders approved the reincorporation of the Company from the State of Nevada to the State of Delaware and in connection therewith (i) approved an amendment to the Company’s Articles of Incorporation to increase the number of shares of common stock authorized to be issued by the Company from 100,000,000 to 200,000,000 5,000,000 Common Stock and Warrant Offerings During the six months ended June 30, 2015, the Company issued an aggregate of 180,167 5.00 6.00 1,051,000 56,290 8.00 188,883 Warrant and Option Valuation The Company has computed the fair value of warrants and options granted using the Black-Scholes option pricing model. Option forfeitures are estimated at the time of valuation and reduce expense ratably over the vesting period. This estimate will be adjusted periodically based on the extent to which actual option forfeitures differ, or are expected to differ, from the previous estimate, when it is material. The Company estimated forfeitures related to option grants at annual rates ranging from 0 5 Stock Warrants For The Six Months Ended June 30, 2015 2014 Risk free interest rate 1.22% - 1.71 % 0.39% - 2.20 % Expected term (years) 5.00 1.96 - 5.00 Expected volatility 121% - 122 % 120% - 129 % Expected dividends 0.00 % 0.00 % The weighted average estimated fair value of the warrants granted during the six months ended June 30, 2015 was $ 3.60 3.80 On May 29, 2015, the Company extended the expiration date of previously outstanding warrants to purchase an aggregate of 5,000 10,000 The Company recorded stockbased compensation expense of $ 0 167,126 Weighted Weighted Average Average Remaining Aggregate Number of Exercise Life Intrinsic Warrants Price In Years Value Outstanding, December 31, 2014 412,422 $ 17.97 Granted 316,428 13.82 Exercised - - Forfeited - - Outstanding, June 30, 2015 728,850 $ 16.17 3.8 $ 45,500 Exercisable, June 30, 2015 693,850 $ 15.47 3.9 $ 45,500 Warrants Outstanding Warrants Exercisable Weighted Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Warrants In Years Warrants $ 6.00 32,500 3.9 32,500 7.60 25,000 4.8 25,000 8.00 12,500 4.5 12,500 10.00 56,554 4.6 56,554 10.60 19,000 2.9 19,000 11.60 2,500 4.3 2,500 12.00 5,000 4.8 5,000 15.00 454,638 4.0 454,638 18.80 2,500 4.3 2,500 20.00 27,500 3.9 27,500 30.00 43,140 2.0 43,140 35.00 1,000 1.8 1,000 40.00 6,176 3.4 6,176 50.00 1,000 2.1 1,000 60.00 1,842 2.8 1,842 80.00 3,000 2.3 3,000 Variable [1] 35,000 - - 728,850 3.9 693,850 [1] Warrants to purchase 35,000 30.00 Stock Options For the Six Months Ended June 30, 2015 2014 Risk free interest rate 1.33% - 1.64 % 1.50% - 2.54 % Expected term (years) 5.00 - 6.00 5.00 - 10.00 Expected volatility 121% - 122 % 120% - 121 % Expected dividends 0.00 % 0.00 % The weighted average estimated fair value of the options granted during the six months ended June 30, 2015 was $ 7.64 4.80 See Note 6 Commitments and Contingencies Employment Agreements for details associated with the grant of stock options in connection with employment agreements. On January 23, 2015, the Company granted five-year options to consultants to purchase an aggregate of 5,000 9.40 3,750 625 625 39,200 Weighted Average Remaining For The Six Months Ended Unrecognized at Amortization June 30, June 30, Period 2015 2014 2015 (Years) Consulting $ 118,230 $ 251,575 $ 476,246 2.3 Research and development 233,152 153,714 643,481 [1] 2.2 General and administrative 133,144 104,979 764,074 2.2 $ 484,526 $ 510,268 $ 1,883,801 2.2 [1] Includes $ 266,096 Weighted Weighted Average Average Remaining Aggregate Number of Exercise Life Intrinsic Options Price In Years Value Outstanding, December 31, 2014 779,200 $ 12.18 Granted 45,000 8.82 Exercised - - Forfeited (35,000) 6.34 Outstanding, June 30, 2015 789,200 $ 12.25 8.0 $ 317,000 Exercisable, June 30, 2015 365,327 $ 17.49 7.2 $ 28,500 Options Outstanding Options Exercisable Weighted Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Options In Years Options $ 5.70 35,000 9.0 15,000 6.40 25,000 - - 6.60 281,250 4.2 3,750 6.80 12,500 - - 7.80 3,000 4.0 3,000 8.00 15,000 - - 9.20 25,000 - - 9.40 5,000 4.6 4,375 10.00 17,250 4.4 17,250 10.60 2,000 8.7 2,000 12.00 49,000 8.3 49,000 13.00 133,750 8.3 92,502 20.00 6,550 7.5 6,550 21.00 113,500 6.6 113,500 22.00 250 2.0 250 24.00 500 0.9 500 25.00 2,150 1.4 2,150 28.00 17,500 4.1 10,500 30.00 45,000 7.4 45,000 789,200 7.2 365,327 Compensatory Common Stock Issuances During the six months ended June 30, 2015, the Company issued an aggregate of 19,198 99,147 943 8,481 For The Six Months Ended Unrecognized at June 30, June 30, 2015 2014 2015 Consulting $ 90,300 $ 234,500 $ - Research and development 8,847 5,898 - $ 99,147 $ 240,398 $ - | Note 10 Stockholders’ Deficiency Authorized Capital As of December 31, 2014, the Company was authorized to issue 100,000,000 0.001 1,000,000 0.01 On December 19, 2014, effective January 1, 2015, the Company’s shareholders approved the reincorporation of the Company from the State of Nevada to the State of Delaware and in connection therewith (i) approved an amendment to the Company’s Articles of Incorporation to increase the number of shares of common stock authorized to be issued by the Company from 100,000,000 200,000,000 1,000,000 5,000,000 2010 Equity Participation Plan On February 18, 2014 and October 23, 2014, the Board of Directors of the Company approved successive increases in the number of shares of common stock authorized to be issued pursuant to the Plan from 300,000 600,000 1,000,000 1,000,000 Common Stock and Warrant Offerings During the year ended December 31, 2013, the Company issued an aggregate of 42,030 17.00 30.00 905,000 20,180 30.00 80.00 224,313 During the year ended December 31, 2014, the Company issued an aggregate of 433,600 5.00 9.00 2,605,000 116,535 6.00 15.00 389,608 See Note 7 Notes Payable for details associated with common stock issued in conjunction with the extension and exchange of notes payable and related accrued interest. See Note 9 Commitments and Contingencies Consulting Agreements for details associated with common stock issued in conjunction with consulting agreements. Warrant and Option Valuation The Company has computed the fair value of warrants and options granted using the Black-Scholes option pricing model. Option forfeitures are estimated at the time of valuation and reduce expense ratably over the vesting period. This estimate will be adjusted periodically based on the extent to which actual option forfeitures differ, or are expected to differ, from the previous estimate, when it is material. The Company estimated forfeitures related to option grants at an annual rate ranging from 0 5 Warrant Exercise and Reload Program On November 27, 2013, the Company initiated a limited time program (the “Warrant Exercise and Reload Program”) which, at the election of any warrant holder, would permit them to immediately exercise their outstanding exercisable warrants at an exercise price of $ 6.00 15.00 The terms of the newly issued warrant permit the Company to redeem the new warrant for a total of $1.00 if the common stock of the Company trades above $25.00 for five consecutive trading days. 18,834 84,302 113,000 505,809 50,035 214,912 Stock Warrants For The Year Ended December 31, 2014 2013 Risk free interest rate 0.39% - 2.20 % 0.34% - 1.68 % Expected term (years) 1.96 - 5.00 3.00 - 5.00 Expected volatility 116% - 122 % 132% - 135 % Expected dividends 0.00 % 0.00 % The weighted average estimated fair value of the warrants granted during the years ended December 31, 2014 and 2013 was approximately $ 3.40 7.20 See Note 7 Notes Payable for details associated with the issuance of warrants in connection with note issuances and the exchange of notes payable. See Note 9 Commitments and Contingencies Consulting Agreements for details associated with the issuance of warrants as compensation. See Note 10 Stockholders’ Deficiency Common Stock and Warrant Offerings for details associated with the issuance of warrants in connection with common stock and warrant offerings. The Company recorded stockbased compensation expense of $ 185,266 26,777 Weighted Weighted Average Average Remaining Aggregate Number of Exercise Life Intrinsic Warrants Price In Years Value Outstanding, December 31, 2012 166,740 $ 33.80 Granted 157,357 31.20 Exercised (84,305) 6.00 [1] Forfeited - - Outstanding, December 31, 2013 239,792 $ 24.16 Granted 192,463 13.92 Exercised (18,832) 6.00 [1] Forfeited (1,000) 10.00 Outstanding, December 31, 2014 412,423 $ 17.97 3.2 $ - Exercisable, December 31, 2014 377,422 $ 16.86 3.3 $ - [1] During the year ended December 31, 2013, warrants to purchase an aggregate of 84,305 30.00 80.00 6.00 18,832 30.00 80.00 6.00 Warrants Outstanding Warrants Exercisable Weighted Average Exercisable Exercise Number of Remaining Life Number of Price Warrants In Years Warrants $ 6.00 32,500 4.4 32,500 8.00 10,000 4.9 10,000 10.00 25,104 4.8 25,104 10.60 19,000 3.4 19,000 11.60 2,500 4.8 2,500 15.00 202,160 2.8 202,160 18.80 2,500 4.8 2,500 20.00 27,500 4.4 27,500 30.00 43,140 2.5 43,140 35.00 1,000 2.3 1,000 40.00 6,176 3.9 6,176 50.00 1,000 2.6 1,000 60.00 1,843 3.3 1,842 80.00 3,000 2.8 3,000 Variable [1] 35,000 - - 412,423 3.3 377,422 [1] Warrants to purchase 35,000 30.00 Stock Options For the Year Ended December 31, 2014 2013 Risk free interest rate 1.50% - 2.54 % 1.13% - 2.66 % Expected term (years) 5.00 - 10.00 5.00 - 10.00 Expected volatility 116% - 122 % 132% - 135 % Expected dividends 0.00 % 0.00 % The weighted average estimated fair value of the stock options granted during the years ended December 31, 2014 and 2013 was approximately $ 5.40 5.20 See Note 9 Commitments and Contingencies for details associated with certain grants of options as compensation to employees, directors and consultants. On October 4, 2013, the Company granted ten-year options to employees, directors, and an advisor to purchase an aggregate of 49,000 12.00 24,500 24,500 199,921 Between February 18, 2014 and March 12, 2014, the Company granted ten-year options to employees and directors to purchase an aggregate of 120,750 10.60 13.00 41,584 79,467 566,483 On June 16, 2014, the Company granted a five-year option to a consultant to purchase 3,000 7.80 18,600 On September 24, 2014, the Company granted a five-year option to a consultant to purchase 3,750 6.60 20,100 On October 23, 2014, the Company granted ten-year options to employees and directors to purchase an aggregate of 297,500 6.60 1,710,400 On October 27, 2014, the Company granted a ten-year option to an advisor to purchase 12,500 6.80 78,500 On November 17, 2014, the Company granted a ten-year option to an employee to purchase 5,000 6.60 31,600 Weighted Average For the Year Ended Unrecognized at Amortization December 31, December 31, Period 2014 2013 2014 (Years) Consulting $ 365,825 $ 160,894 $ 654,956 2.6 Research and development 328,740 251,758 712,551 [1] 2.5 General and administrative 179,628 235,163 961,378 2.6 $ 874,193 $ 647,815 $ 2,328,885 2.6 [1] Includes $ 448,189 As of December 31, 2014, there was $ 2,328,885 2.6 A summary of the option activity during the years ended December 31, 2014 and 2013 is presented below: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Life Intrinsic Options Price In Years Value Outstanding, December 31, 2012 200,900 $ 22.40 Granted 57,250 13.60 Exercised - - Forfeited (6,000) 10.00 Outstanding, December 31, 2013 252,150 $ 20.70 Granted 528,750 8.17 Exercised - - Forfeited (1,700) 26.18 Outstanding, December 31, 2014 779,200 $ 12.18 8.5 $ 979,600 Exercisable, December 31, 2014 318,573 $ 18.29 7.6 $ 45,600 Options Outstanding Options Exercisable Weighted Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Options In Years Options $ 5.70 45,000 9.5 10,000 6.40 25,000 - - 6.60 306,250 4.7 3,750 6.80 12,500 - - 7.80 3,000 4.5 3,000 10.00 17,250 4.9 16,625 10.60 2,000 9.2 2,000 12.00 49,000 8.8 49,000 13.00 133,750 9.1 56,248 20.00 6,550 8.0 6,550 21.00 113,500 7.1 113,500 22.00 250 2.4 250 24.00 500 1.4 500 25.00 2,150 1.9 2,150 28.00 17,500 4.5 10,000 30.00 45,000 7.9 45,000 779,200 7.6 318,573 Compensatory Common Stock Issuances See Note 9 Commitments and Contingencies for details associated with certain issuances of common stock as compensation to employees, directors and consultants. On October 4, 2013, the Company issued 2,500 12,500 Between June 27, 2014 and December 31, 2014, the Company issued 7,500 33,000 For the Year Ended Unrecognized at December 31, December 31, 2014 2013 2014 Consulting $ 276,500 $ 111,351 $ - Research and development 24,337 26,704 - $ 300,837 $ 138,055 $ - Weighted Average Total Number of Issuance Date Issuance Date Shares Fair Value Fair Value Non-vested, December 31, 2012 - $ - $ - Granted 11,977 11.53 138,055 Vested (11,977) (11.53) (138,055) Forfeited - - - Non-vested, December 31, 2013 - $ - $ - Granted 97,188 5.27 511,886 Vested (97,188) (5.27) (511,886) Forfeited - - - Non-vested, December 31, 2014 - $ - $ - |
Subsequent Events
Subsequent Events | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Subsequent Events [Abstract] | ||
Subsequent Events | Note 8 - Subsequent Events Stock-based Compensation Subsequent to June 30, 2015, the Company issued an aggregate of 8,500 Subsequent to June 30, 2015, the Compensation Committee of the Board increased the number of shares authorized to be issued pursuant to the Plan from 1,000,000 2,000,000 Subsequent to June 30, 2015, the Company granted ten-year options to employees, directors, advisors and consultants to purchase an aggregate of 526,250 7.00 8.75 201,750 317,000 7,500 Common Stock and Warrant Offerings Subsequent to June 30, 2015, the Company issued an aggregate of 47,383 6.00 7.00 310,000 35,299 10.00 15.00 24,500 10.00 11.60 50.00 505,250 7.00 1,000,000 2,000,000 Stock Options On September 4, 2015, the Compensation Committee of the Board approved a resolution that, with respect to all outstanding options granted under the Plan, to the extent not already provided for in the stock option agreement evidencing the option grant, the optionee be given the right to exercise the option on a net exercise basis as contemplated by Section 13(b) of the Plan and, other than in the case of the Company’s CEO, in the event of a termination of employment, directorship, consultancy or membership on the Company’s Scientific Advisory Board, to the extent that the options are then exercisable, they shall remain exercisable until twelve months following such termination (unless the stock option agreement evidencing the option grant provides that such options are exercisable until the expiration date of the options), but in no event shall the options be exercisable after the respective expiration dates of the options. Short Term Advances Subsequent to June 30, 2015, the Company received an aggregate of $ 126,490 67,990 Notes Payable On July 7, 2015, pursuant to the provisions of a convertible note with a principal balance of $ 30,000 30,000 1,736 6,490 4.89 On July 9, 2015, the Company issued a convertible note in the principal amount of $ 100,000 10 The convertible note is payable as follows: (i) $25,000 of the principal and the respective accrued interest on such principal is payable six months from the issuance date (the “July Note First Maturity Date”), (ii) $25,000 of principal and the respective accrued interest on such principal is payable two weeks following the July Note First Maturity Date, (iii) $25,000 of principal and the respective accrued interest on such principal is payable four weeks following the July Note First Maturity Date and (iv) $25,000 of principal and the respective accrued interest on such principal is payable six weeks following the July Note First Maturity Date. Each $25,000 of principal and the respective accrued interest on such principal is convertible into shares of the Company’s common stock at the election of the Company during the period beginning five days prior to each maturity date and ending on the day immediately prior to each maturity date at a conversion price equal to the greater of (a) 62% of the fair value of the Company’s stock or (b) $3.00 per share. 3,300 10.00 On July 27, 2015, the Company issued a six-month convertible note in the principal amount of $ 50,000 10 This note and the accrued interest is convertible into shares of the Company’s common stock at the election of the Company during the period beginning five days prior to the maturity date and ending on the day immediately prior to the maturity date at a conversion price equal to 65% of the fair market value of the Company’s stock or $3.00 per share 1,500 10.00 On August 7, 2015, the Company issued a six-month convertible note in the principal amount of $ 50,000 10 This note and the accrued interest are convertible into shares of the Company’s common stock at the election of the Company during the period beginning five days prior to the maturity date and ending on the day immediately prior to the maturity date at a conversion price equal to 65% of the fair market value of the Company’s stock or $3.00 per share 1,500 10.00 On August 13, 2015, the Company issued a convertible note in the principal amount of $ 60,000 50,000 1 The convertible note is payable as follows: (i) $20,000 of the principal and the respective accrued interest on such principal is payable six months from the issuance date (the “August Note First Maturity Date”), (ii) $20,000 of principal and the respective accrued interest on such principal is payable two weeks following the August Note First Maturity Date, and (iii) $20,000 of principal and the respective accrued interest on such principal is payable one month following the August Note First Maturity Date. Each $20,000 of principal and the respective accrued interest on such principal is convertible into shares of the Company’s common stock at the election of the Company during the period beginning five days prior to each maturity date and ending on the day immediately prior to each maturity date at a conversion price equal to the greater of (a) 62% of the fair value of the Company’s stock or (b) $3.00 per share. On August 19, 2015, the Company issued a six-month convertible note in the principal amount of $ 50,000 10 This note and the accrued interest are convertible into shares of the Company’s common stock at the election of the Company during the period beginning five days prior to the maturity date and ending on the day immediately prior to the maturity date at a conversion price equal to 65% of the fair market value of the Company’s stock or $3.00 per share 1,885 10.00 On August 21, 2015, the Company issued a two-month note in the principal amount of $ 84,018 70,015 On September 29, 2015, the Company issued a one-month note payable to a family member of an officer of the Company in the principal amount of $75,000 for cash consideration of $65,000 which bears no interest. On October 9, 2015, the Company issued a two-month note payable with a principal amount of $150,000. The note bears interest at a rate of 10% per annum. In the event that, prior to the maturity date, the Company receives any proceeds from a public equity offering or monies in payment of an accounts receivable, then, the Company shall be obligated to prepay the principal and interest on a dollar-for-dollar basis to the extent of such monies so received, but not to exceed the outstanding principal and interest balance of the note. The note is secured by a security interest in a patent held by the Company associated with its brown fat program. On October 14, 2015, the Company and certain lenders agreed to exchange notes with an aggregate principal amount of $840,000 and aggregate accrued interest of $70,727 for an aggregate of 227,682 shares of common stock and five-year warrants to purchase an aggregate of 227,682 shares of common stock at an exercise price of $4.00 per share (the “Exchange Agreement”). The exchange shall take effect immediately preceding the earlier of (a) the effectiveness of the registration statement or (b) the listing of the Company’s shares of common stock and warrants to purchase shares of common stock on The Nasdaq Capital Market (the “Nasdaq Listing”). In the event the effectiveness of the registration statement or the Nasdaq Listing shall not have occurred prior to October 31, 2015, the Exchange Agreement shall be null and void. Consulting Agreements On August 13, 2015, a February 17, 2011 agreement for business advisory services that had expired on June 30, 2015 was further amended. Pursuant to the amendment, the agreement was reinstated effective as of July 1, 2015 and provided for an expiration date of June 30, 2016 (the “New Business Advisory Term”). In consideration of services rendered during the New Business Advisory Term, the Company agreed to pay a cash fee of $ 15,000 10,000 12.00 10,000 10.00 | Note 11 - Subsequent Events Research and Development Agreements; Bermuda Lender Subsequent to December 31, 2014, the Company received the third and fourth payments of four quarterly payments in the aggregate amount of $ 177,234 This payment triggered the mandatory principal prepayment of $ 177,237 266,297 Subsequent to December 31, 2014, the Company received payment in the amount of $ 50,000 Short Term Advances Subsequent to December 31, 2014, the Company received an aggregate of $ 60,055 60,055 Notes Payable Subsequent to December 31, 2014, the Company issued a convertible note with a principal amount of $ 30,000 12 55 2.00 Subsequent to December 31, 2014, the Company elected to convert a convertible note with a principal balance of $ 50,000 5,984 11,113 5.00 Notes payable, non-current portion represents notes payable that were either exchanged for equity or whose maturities were extended past December 31, 2015 after the balance sheet date but before the consolidated financial statements were issued. Accrued interest, non-current portion represents the accrued interest that, after the balance sheet date but before the consolidated financial statements were issued, was either exchanged for equity or converted into the principal amount of a note payable classified as non-current. Employment Agreements On February 9, 2015, the Company hired a President for its Disc/Spine Division. As compensation the Company granted to the President of its Disc/Spine Division a ten-year option to purchase 25,000 9.20 On March 9, 2015, the Company and the CEO agreed to extend the term of his employment agreement to December 31, 2017. Pursuant to the employment agreement, the CEO is entitled to receive a salary of $ 400,000 The CEO is entitled to receive an annual bonus for 2015 equal to 50% of his annual base salary and an annual bonus for the years 2016 and 2017 equal to 50% of his annual base salary the CEO would be entitled to receive severance in an amount equal to one time his then annual base salary and certain benefits, plus $100,000 (in lieu of bonus). the CEO would be entitled to receive severance in an amount equal to one and one-half times his then annual base salary and certain benefits, plus $300,000 (in lieu of bonus). On March 9, 2015, the Company agreed to amend the at will employment agreement with its Vice President of Research and Development (“VP of R&D”). Pursuant to the employment agreement, as amended, in the event that the VP of R&D’s employment with the Company is terminated without cause, the VP of R&D would currently be entitled to receive a cash severance payment of $ 125,000 Common Stock and Warrant Offerings Subsequent to December 31, 2014, the Company issued an aggregate of 135,167 5.00 9.20 801,000 42,542 8.00 15.00 4,000 15.00 Stock-Based Compensation Subsequent to December 31, 2014, the Company issued an aggregate of 13,515 73,528 On January 23, 2015, the Company granted a five-year option to consultants to purchase an aggregate 5,000 9.40 3,750 625 625 |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | ||
Principles of Consolidation | Principles of Consolidation The unaudited condensed consolidated financial statements of the Company include the accounts of Stem Cell Cayman Ltd. (“Cayman”) and Stem Pearls, LLC. All significant intercompany transactions have been eliminated in the consolidation. | Principles of Consolidation The consolidated financial statements of the Company include the accounts of Cayman and Stem Pearls. All significant intercompany transactions have been eliminated in the consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the periods. The Company’s significant estimates and assumptions include the recoverability and useful lives of long-lived assets, the fair value of the Company’s stock, stock-based compensation, warrants issued in connection with notes payable and the valuation allowance related to the Company’s deferred tax assets. Certain of the Company’s estimates, including the carrying amount of the intangible assets, could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could have an effect on the Company’s estimates and could cause actual results to differ from those estimates. | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at dates of the financial statements and the reported amounts of revenue and expenses during the periods. The Company’s significant estimates and assumptions include the recoverability and useful lives of long-lived assets, the fair value of the Company’s equity securities and the valuation allowance related to the Company’s deferred tax assets. Certain of the Company’s estimates, including the carrying amount of the intangible assets, could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could have an effect on the Company’s estimates and could cause actual results to differ from those estimates. |
Concentrations and Credit Risk | Concentrations and Credit Risk Two pharmaceutical clients comprised substantially all of the Company’s revenue during the six months ended June 30, 2015. See Revenue Recognition Research and Development Agreements below. | Concentrations and Credit Risk As of December 31, 2014, 75 Two pharmaceutical clients comprised substantially all of the Company’s revenue during the year ended December 31, 2014. See Revenue Recognition Research and Development Agreements below. |
Cash | Cash The Company maintains cash in bank accounts, which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts and periodically evaluates the creditworthiness of the financial institutions and has determined the credit exposure to be negligible. | |
Inventories | Inventories The Company maintains finished goods inventories, consisting of Stem Pearls skincare products, which are available for sale. Inventories are stated at the lower of cost or market. Cost is determined by the first-in, first-out method. The Company periodically reviews for slow-moving, excess or obsolete inventories. Products that are determined to be obsolete, if any, are written down to net realizable value. During the year ended December 31, 2014, the Company recorded an inventory write-down of $ 15,407 | |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation which is recorded commencing at the in-service date using the straight line method at rates sufficient to charge the cost of depreciable assets to operations over their estimated useful lives, which range from 3 5 | |
Intangible Assets | Intangible Assets Intangible assets are comprised of trademarks and licenses with original estimated useful lives of 10 17.7 20 2.3 | |
Impairment of Long-lived Assets | Impairment of Long-lived Assets The Company reviews for the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss would be recognized when estimated future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. The Company has not identified any such impairment losses. | |
Revenue Recognition | Revenue Recognition Research and Development Agreements The Company’s policy relating to research and development agreements is to recognize research and development revenues associated with such agreements either (a) on a straight-line basis over the term of the agreement, or (b) in accordance with the milestone method of revenue recognition, depending on the nature of the contract terms, subject to potential acceleration upon achievement of contractually specified deliverables. On February 11, 2015, the term of the March 19, 2014 research and development agreement with a Japanese pharmaceutical company was extended by three months to June 19, 2015. During the six months ended June 30, 2015, the Company recognized revenue of $ 100,000 200,000 250,000 50,000 50,000 During the six months ended June 30, 2015, in connection with a March 24, 2014 research and development agreement with a U.S. pharmaceutical company, the Company received the third and fourth of four quarterly payments in the aggregate amount of $ 177,234 605,359 491,241 114,118 During the six months ended June 30, 2015, the Company recognized revenue related to research and development agreements of $ 327,466 175,025 Other The Company’s policy is to recognize product sales when the risk of loss and title to the product transfers to the customer, after taking into account potential returns. The Company recognizes sublicensing and royalty revenue when all of the following have occurred: (i) persuasive evidence of an arrangement exists, (ii) the service is completed without further obligation, (iii) the sales price to the customer is fixed or determinable, and (iv) collectability is reasonably assured. During the six months ended June 30, 2015, the Company has recognized $ 6,000 During the six months ended June 30, 2015, the Company recognized revenue related to sales of Stem Pearls® skincare products of $ 200 1,291 | Revenue Recognition Research and Development Agreements The Company’s policy relating to research and development agreements is to recognize research and development revenues associated with such agreements either (a) on a straight-line basis over the term of the agreement, or (b) in accordance with the milestone method of revenue recognition, depending on the nature of the contract terms, subject to potential acceleration upon achievement of contractually specified deliverables. On March 19, 2014, the Company entered into a one-year agreement with a Japanese pharmaceutical company to perform specified research and development activities related to stem cells. The agreement may be terminated earlier or extended, as provided for in the agreement. Payment terms are (1) $150,000 received at commencement (straight-line method); (2) $50,000 upon achievement of a specified deliverable (milestone method); and (3) $50,000 upon achievement of the final specified deliverable (milestone method). As of December 31, 2014, the initial $ 150,000 On March 24, 2014, the Company entered into a two-year agreement with a U.S. pharmaceutical company to perform specified research and development activities related to brown fat. The agreement may be terminated earlier or extended, as provided for in the agreement. Payment terms are (1) $250,000 at commencement; (2) $356,250 payable in four equal quarterly installments, subject to acceleration upon achieving a specified deliverable; and (3) $168,750 payable in two equal bi-annual installments (all of which are being recognized pursuant to the straight-line method), subject to acceleration upon achieving a specified deliverable. As of December 31, 2014, the initial $ 250,000 89,063 130,068 During the year ended December 31, 2014, the Company recognized revenue related to research and development agreements of $ 413,777 Other The Company’s policy is to recognize product sales when the risk of loss and title to the product transfers to the customer, after taking into account potential returns. The Company recognizes sublicensing and royalty revenue when all of the following have occurred: (i) persuasive evidence of an arrangement exists, (ii) the service is completed without further obligation, (iii) the sales price to the customer is fixed or determinable, and (iv) collectability is reasonably assured. For the years ended December 31, 2014 and 2013, the Company recognized revenue related to sales of Stem Pearls® skincare products of $ 2,219 1,680 |
Income Taxes | Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of items that have been included or excluded in the financial statements or tax returns. Deferred tax assets and liabilities are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts (“temporary differences”) at enacted tax rates in effect for the years in which the temporary differences are expected to reverse. The Company adopted the provisions of Accounting Standards Codification (“ASC”) Topic 740-10, which prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Management has evaluated and concluded that there were no material uncertain tax positions requiring recognition in the Company’s consolidated financial statements as of December 31, 2014 and 2013. The Company does not expect any significant changes in its unrecognized tax benefits within twelve months of the reporting date. The Company’s policy is to classify assessments, if any, for tax related interest as interest expense and penalties as general and administrative expenses in the consolidated statements of operations. | |
Net Loss Per Common Share | Net Loss Per Common Share Basic loss per common share is computed by dividing net loss by the weighted average number of vested common shares outstanding during the period. Diluted loss per common share is computed by dividing net loss by the weighted average number of vested common shares outstanding, plus the impact of common shares, if dilutive, resulting from the exercise of outstanding stock options and warrants, plus the conversion of convertible notes. June 30, 2015 2014 Options 789,200 435,450 Warrants 728,850 316,283 Convertible notes 65,719 74,100 Total potentially dilutive shares 1,583,769 825,833 | Net Loss Per Common Share Basic loss per common share is computed by dividing net loss by the weighted average number of vested common shares outstanding during the period. Diluted loss per common share is computed by dividing net loss by the weighted average number of vested common shares outstanding, plus the impact of common shares, if dilutive, resulting from the exercise of outstanding stock options and warrants, plus the conversion of convertible notes. December 31, 2014 2013 Options 779,200 252,150 Warrants 412,423 239,795 Convertible notes 32,695 53,169 Total potentially dilutive shares 1,224,318 545,111 |
Stock-Based Compensation | Stock-Based Compensation The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award. For employees, the fair value of the award is measured on the grant date and for non-employees, the fair value of the award is generally re-measured on vesting dates and interim financial reporting dates until the service period is complete. The fair value amount is then recognized over the period during which services are required to be provided in exchange for the award, usually the vesting period. Since the shares underlying the Company’s 2010 Equity Participation Plan (the “Plan”) were registered on May 27, 2014, the Company estimates the fair value of the awards granted under the Plan based on the market value of its freely tradable common stock as reported on the OTCQB market. The fair value of the Company’s restricted equity instruments was estimated by management based on observations of the cash sales prices of both restricted shares and freely tradable shares. Awards granted to directors are treated on the same basis as awards granted to employees. | The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award. For employees, the fair value of the award is measured on the grant date and for non-employees, the fair value of the award is generally re-measured on vesting dates and interim financial reporting dates until the service period is complete. The fair value amount is then recognized over the period during which services are required to be provided in exchange for the award, usually the vesting period. Since the shares underlying the Company’s 2010 Equity Participation Plan (the “Plan”) were registered on May 27, 2014, the Company estimates the fair value of the awards granted under the Plan based on the market value of its freely tradable common stock as reported by the OTC Bulletin Board. The fair value of the Company’s restricted equity instruments was estimated by management based on observations of the cash sales prices of both restricted shares and freely tradable shares. Awards granted to directors are treated on the same basis as awards granted to employees. |
Advertising | Advertising Advertising costs are charged to operations as incurred. For the years ended December 31, 2014 and December 31, 2013, the Company incurred advertising costs of $ 15,280 25,748 | |
Research and Development | Research and Development Research and development expenses are charged to operations as incurred. For the years ended December 31, 2014 and December 31, 2013, the Company incurred research and development expenses of $ 1,430,614 1,594,054 | |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified for comparative purposes to conform to the fiscal 2014 presentation. These reclassifications have no impact on the previously reported net loss. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company measures the fair value of financial assets and liabilities based on the guidance of ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”) which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 quoted prices in active markets for identical assets or liabilities Level 2 quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 inputs that are unobservable (for example, cash flow modeling inputs based on assumptions) The carrying amounts of cash, accounts receivable, accounts payable, and accrued liabilities approximate fair value due to the short-term nature of these instruments. The carrying amounts of our short term credit obligations approximate fair value because the effective yields on these obligations, which include contractual interest rates, taken together with other features such as concurrent issuance of warrants, are comparable to rates of returns for instruments of similar credit risk. | |
Convertible Instruments | Convertible Instruments GAAP requires companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. An exception to this rule is when the host instrument is deemed to be conventional, as that term is described under applicable GAAP. When the Company has determined that the embedded conversion options should not be bifurcated from their host instruments, the Company records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments (the beneficial conversion feature) based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt to their stated date of redemption. | |
Subsequent Events | Subsequent Events The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the condensed consolidated financial statements, except as disclosed in Note 8. | Subsequent Events The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the consolidated financial statements, except as disclosed in Note 11. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers,” (“ASU 2014-09”). ASU 2014-09 supersedes the revenue recognition requirements in ASC 605 - Revenue Recognition (“ASC 605”) and most industry-specific guidance throughout ASC 605. The standard requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective on January 1, 2017 and should be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application. The Company is currently evaluating the impact of the adoption of ASU 2014-09 on its consolidated financial position and results of operations. In June 2014, the FASB issued ASU No. 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation,” (“ASU 2014-10”). ASU 2014-10 removes the definition of a development stage entity from the Master Glossary of the ASC, thereby removing the financial reporting distinction between development stage entities and other reporting entities from GAAP. In addition, ASU 2014-10 eliminates the requirements for development stage entities to (1) present inception-to-date information in the statements of operations, cash flows, and stockholders’ equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. ASU 2014-10 is effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. Early adoption is permitted. The Company adopted ASU 2014-10 during the year ended December 31, 2014 which resulted in the removal of previously required development stage disclosures. The Company’s planned principal operations are to develop technology using cell and tissue therapy protocols, primarily involving adult stem cells, allowing patients to undergo cellular-based treatments. The Company has established a new laboratory facility and is seeking to increase its capabilities for the further development of possible cellular-based treatment protocols, stem cell-related intellectual property and research applications. The Company’s activities are subject to significant risks and uncertainties, which are detailed in Note 2 Going Concern and Management’s Plans. In June 2014, the FASB issued ASU No. 2014-12, "Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved after the Requisite Service Period," ("ASU 2014-12"). The amendments in ASU 2014-12 require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in ASC Topic No. 718, "Compensation - Stock Compensation" as it relates to awards with performance conditions that affect vesting to account for such awards. The amendments in ASU 2014-12 are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted. Entities may apply the amendments in ASU 2014-12 either: (a) prospectively to all awards granted or modified after the effective date; or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The Company does not anticipate that the adoption of ASU 2014-12 will have a material impact on its consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15,”Presentation of Financial Statements Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). ASU 2014-15, which is effective for annual reporting periods ending after December 15, 2016, extends the responsibility for performing the going-concern assessment to management and contains guidance on how to perform a going-concern assessment and when going-concern disclosures would be required under U.S. GAAP. The Company elected to adopt ASU 2014-15. Management’s evaluations regarding the events and conditions that raise substantial doubt regarding the Company’s ability to continue as a going concern have been disclosed in Note 2 Going Concern and Management’s Plans. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | ||
Schedule of Weighted Average Number of Shares | The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive: June 30, 2015 2014 Options 789,200 435,450 Warrants 728,850 316,283 Convertible notes 65,719 74,100 Total potentially dilutive shares 1,583,769 825,833 | The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive: December 31, 2014 2013 Options 779,200 252,150 Warrants 412,423 239,795 Convertible notes 32,695 53,169 Total potentially dilutive shares 1,224,318 545,111 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment include the following: December 31, 2014 2013 Office equipment $ 8,466 $ 7,670 Medical equipment 359,248 129,461 Furniture and fixtures 113,874 19,322 Computer software and equipment 66,458 20,169 Leasehold Improvements 103,582 - 651,628 176,622 Less: accumulated depreciation (157,772) (141,054) Property and equipment, net $ 493,856 $ 35,568 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Intangible Assets [Abstract] | |
Schedule Of Intangible Assets By Major Class | Patents and Accumulated Trademarks Licenses Amortization Total Balance as of January 1, 2013 $ 3,676 $ 1,226,500 $ (52,819) $ 1,177,357 Amortization expense - - (69,812) (69,812) Balance as of December 31, 2013 $ 3,676 $ 1,226,500 $ (122,631) $ 1,107,545 Amortization expense - - (69,813) (69,813) Balance as of December 31, 2014 $ 3,676 $ 1,226,500 $ (192,444) $ 1,037,732 Weighted average remaining amortization period at December 31, 2014 in years 6.0 14.9 |
Schedule Of FiniteLived Intangible Assets Amortization Expense | Patents and Accumulated Trademarks Licenses Amortization Balance as of January 1, 2013 $ 736 $ 52,083 $ 52,819 Amortization expense 368 69,444 69,812 Balance as of December 31, 2013 $ 1,104 $ 121,527 $ 122,631 Amortization expense 368 69,445 69,813 Balance as of December 31, 2014 $ 1,472 $ 190,972 $ 192,444 |
Accrued Expenses and Other Cu22
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities are comprised of the following: June 30, December 31, 2015 2014 (unaudited) Credit card payable $ 3,296 $ 4,739 Accrued payroll 860,253 679,277 Advances from related parties 68,000 - Accrued purchases of property and equipment 54,781 174,801 Accrued research and development expenses 401,175 292,395 Accrued general and administrative expenses 456,077 315,294 Deferred rent 43,902 - Total $ 1,887,484 $ 1,466,506 | Accrued expenses and other current liabilities are comprised of the following: December 31, 2014 2013 Credit card payable $ 4,739 $ 6,000 Accrued payroll and payroll taxes 679,277 672,535 Accrued purchases of property and equipment 174,801 - Accrued research and development expenses 292,395 229,276 Accrued general and administrative expenses 315,294 266,541 Deferred rent - 2,310 Total $ 1,466,506 $ 1,176,662 |
Notes Payable (Tables)
Notes Payable (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Notes Payable [Abstract] | ||
Notes Payable | Bermuda Lender Convertible Other Debt (defined below) Notes Notes Discount Total Outstanding, December 31, 2014 $ 4,410,937 $ 175,000 $ 1,265,559 $ (113,257) $ 5,738,239 Issuance - 315,000 244,000 - 559,000 Indebtedness satisfied via settlement - - (5,000) - (5,000) Exchanges to equity (4,410,937) (16,667) (592,874) - (5,020,478) Conversion to equity - (158,333) - - (158,333) Recognition of debt discount - - - (115,005 [1] (115,005) Accretion of interest expense - - - 6,012 [1] 6,012 Amortization of debt discount - - - 140,884 140,884 Outstanding, June 30, 2015 $ - $ 315,000 [2] $ 911,685 $ (81,366) $ 1,145,319 [1] During the six months ended June 30, 2015, a note in the principal amount of $ 244,000 200,000 44,000 [2] As of June 30, 2015, convertible notes with an aggregate principal balance of $ 315,000 75,000 | A summary of the notes payable activity during the years ended December 31, 2014 and 2013 is presented below: Bermuda Convertible Other Debt Lender Notes Notes Discount Total Outstanding, December 31, 2012 $ 3,550,000 $ - $ 1,082,185 $ (76,719) $ 4,555,466 Issuances 450,000 281,000 [1] 733,000 - 1,464,000 Conversion of accrued interest - - 68,100 - 68,100 Exchanges for equity - - (404,285) - (404,285) Repayments - - (5,500) - (5,500) Recognition of debt discount - - - (574,369) [1] (574,369) Amortization of debt discount - - - 405,531 405,531 Accretion of interest expense - - - 5,066 [1] 5,066 Outstanding, December 31, 2013 $ 4,000,000 $ 281,000 $ 1,473,500 $ (240,491) $ 5,514,009 Issuances 500,000 300,000 [1] - - 800,000 Exchanges for equity - (71,000) (203,000) - (274,000) Conversions to equity - (342,500) - - (342,500) Repayments (89,063) - (113,000) - (202,063) Recognition of debt discount - - - (347,170) [1] (347,170) Amortization of debt discount - - - 464,470 464,470 Recharacterization of accrued interest as principal - - 108,059 [3] - 108,059 Accretion of interest expense - 15,000 [2] - 9,934 [1] 24,934 Settlement of accreted interest - (7,500) [2] - - (7,500) Outstanding, December 31, 2014 $ 4,410,937 $ 175,000 [4] $ 1,265,559 $ (113,257) $ 5,738,239 [1] During the years ended December 31, 2014 and 2013, notes with an aggregate principal amounts of $ 30,000 60,000 25,000 50,000 5,000 10,000 [2] During the year ended December 31, 2014, pursuant to the terms of certain notes payable with maturity dates ranging from January 8, 2014 to June 10, 2014, the aggregate principal balance of the notes was increased from $ 90,000 105,000 15,000 7,500 30,000 [3] During the year ended December 31, 2014, in connection with the extension of certain notes payable with maturity dates ranging from of August 8, 2013 to March 1, 2014, an aggregate $ 108,059 752,500 860,559 [4] As of December 31, 2014, convertible notes with an aggregate principal balance of $ 175,000 83,333 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Tax effects of temporary differences that give rise to deferred tax assets | United States and foreign components of loss before income taxes were as follows: For The Years Ended December 31, 2014 2013 United States $ (5,223,749) $ (5,328,958) Foreign (363,863) (422,236) Loss before income taxes $ (5,587,612) $ (5,751,194) The tax effects of temporary differences that give rise to deferred tax assets and liabilities are presented below: For The Years Ended December 31, 2014 2013 Deferred Tax Assets: Net operating loss carryforward $ 4,820,500 $ 5,327,000 Stock-based compensation 1,272,600 907,100 Accruals 240,700 139,800 Research & development tax credits 95,500 - Other 2,100 2,700 Gross deferred tax assets 6,431,400 6,376,600 Deferred Tax Liabilities: Fixed assets (93,200) - Intangible assets (8,100) (3,000) Gross deferred tax liabilities (101,300) (3,000) Net deferred tax assets 6,330,100 6,373,600 Valuation allowance (6,330,100) (6,373,600) Deferred tax asset, net of valuation allowance $ - $ - Changes in valuation allowance $ (43,500) $ 1,631,300 |
Income tax provision (benefit) | The income tax provision (benefit) consists of the following: For The Years Ended December 31, 2014 2013 Federal: Current $ - $ - Deferred 38,921 (1,459,584) State and local: Current - - Deferred 4,579 (171,716) 43,500 (1,631,300) Change in valuation allowance (43,500) 1,631,300 Income tax provision (benefit) $ - $ - |
Reconciliation of effective tax rate | A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows: For The Years Ended December 31, 2014 2013 Tax benefit at federal statutory rate (34.0) % (34.0) % State income taxes, net of federal benefit (4.0) % (4.0) % Permanent differences 0.8 % 5.8 % Research & development tax credits (1.8) % 0.0 % Impact of Section 382 limit 41.2 % 0.0 % True-ups and other (1.4) % 1.6 % Change in valuation allowance (0.8) % 30.6 % Effective income tax rate 0.0 % 0.0 % |
Stockholders' Deficiency (Table
Stockholders' Deficiency (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | ||
Black-Scholes Option Pricing Model to Warrants Granted, Weighted Average Assumptions | In applying the Black-Scholes option pricing model to warrants granted, the Company used the following weighted average assumptions: For The Six Months Ended June 30, 2015 2014 Risk free interest rate 1.22% - 1.71 % 0.39% - 2.20 % Expected term (years) 5.00 1.96 - 5.00 Expected volatility 121% - 122 % 120% - 129 % Expected dividends 0.00 % 0.00 % | In applying the Black-Scholes option pricing model to warrants granted, the Company used the following assumptions: For The Year Ended December 31, 2014 2013 Risk free interest rate 0.39% - 2.20 % 0.34% - 1.68 % Expected term (years) 1.96 - 5.00 3.00 - 5.00 Expected volatility 116% - 122 % 132% - 135 % Expected dividends 0.00 % 0.00 % |
Summary of Warrant Activity | A summary of the stock warrant activity during the six months ended June 30, 2015 is presented below: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Life Intrinsic Warrants Price In Years Value Outstanding, December 31, 2014 412,422 $ 17.97 Granted 316,428 13.82 Exercised - - Forfeited - - Outstanding, June 30, 2015 728,850 $ 16.17 3.8 $ 45,500 Exercisable, June 30, 2015 693,850 $ 15.47 3.9 $ 45,500 | A summary of the warrant activity during the years ended December 31, 2014 and 2013 is presented below: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Life Intrinsic Warrants Price In Years Value Outstanding, December 31, 2012 166,740 $ 33.80 Granted 157,357 31.20 Exercised (84,305) 6.00 [1] Forfeited - - Outstanding, December 31, 2013 239,792 $ 24.16 Granted 192,463 13.92 Exercised (18,832) 6.00 [1] Forfeited (1,000) 10.00 Outstanding, December 31, 2014 412,423 $ 17.97 3.2 $ - Exercisable, December 31, 2014 377,422 $ 16.86 3.3 $ - [1] During the year ended December 31, 2013, warrants to purchase an aggregate of 84,305 30.00 80.00 6.00 18,832 30.00 80.00 6.00 |
Information Related to Stock Warrants | The following table presents information related to stock warrants at June 30, 2015: Warrants Outstanding Warrants Exercisable Weighted Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Warrants In Years Warrants $ 6.00 32,500 3.9 32,500 7.60 25,000 4.8 25,000 8.00 12,500 4.5 12,500 10.00 56,554 4.6 56,554 10.60 19,000 2.9 19,000 11.60 2,500 4.3 2,500 12.00 5,000 4.8 5,000 15.00 454,638 4.0 454,638 18.80 2,500 4.3 2,500 20.00 27,500 3.9 27,500 30.00 43,140 2.0 43,140 35.00 1,000 1.8 1,000 40.00 6,176 3.4 6,176 50.00 1,000 2.1 1,000 60.00 1,842 2.8 1,842 80.00 3,000 2.3 3,000 Variable [1] 35,000 - - 728,850 3.9 693,850 [1] Warrants to purchase 35,000 30.00 | The following table presents information related to stock warrants at December 31, 2014: Warrants Outstanding Warrants Exercisable Weighted Average Exercisable Exercise Number of Remaining Life Number of Price Warrants In Years Warrants $ 6.00 32,500 4.4 32,500 8.00 10,000 4.9 10,000 10.00 25,104 4.8 25,104 10.60 19,000 3.4 19,000 11.60 2,500 4.8 2,500 15.00 202,160 2.8 202,160 18.80 2,500 4.8 2,500 20.00 27,500 4.4 27,500 30.00 43,140 2.5 43,140 35.00 1,000 2.3 1,000 40.00 6,176 3.9 6,176 50.00 1,000 2.6 1,000 60.00 1,843 3.3 1,842 80.00 3,000 2.8 3,000 Variable [1] 35,000 - - 412,423 3.3 377,422 [1] Warrants to purchase 35,000 30.00 |
Black-Scholes Option Pricing Model to Stock Options Granted, Weighted Average Assumptions | In applying the Black-Scholes option pricing model to stock options granted, the Company used the following weighted average assumptions: For the Six Months Ended June 30, 2015 2014 Risk free interest rate 1.33% - 1.64 % 1.50% - 2.54 % Expected term (years) 5.00 - 6.00 5.00 - 10.00 Expected volatility 121% - 122 % 120% - 121 % Expected dividends 0.00 % 0.00 % | In applying the Black-Scholes option pricing model to stock options granted, the Company used the following assumptions: For the Year Ended December 31, 2014 2013 Risk free interest rate 1.50% - 2.54 % 1.13% - 2.66 % Expected term (years) 5.00 - 10.00 5.00 - 10.00 Expected volatility 116% - 122 % 132% - 135 % Expected dividends 0.00 % 0.00 % |
Stock option expense | The following table presents information related to stock option expense: Weighted Average Remaining For The Six Months Ended Unrecognized at Amortization June 30, June 30, Period 2015 2014 2015 (Years) Consulting $ 118,230 $ 251,575 $ 476,246 2.3 Research and development 233,152 153,714 643,481 [1] 2.2 General and administrative 133,144 104,979 764,074 2.2 $ 484,526 $ 510,268 $ 1,883,801 2.2 [1] Includes $ 266,096 | The following table presents information related to stock option expense: Weighted Average For the Year Ended Unrecognized at Amortization December 31, December 31, Period 2014 2013 2014 (Years) Consulting $ 365,825 $ 160,894 $ 654,956 2.6 Research and development 328,740 251,758 712,551 [1] 2.5 General and administrative 179,628 235,163 961,378 2.6 $ 874,193 $ 647,815 $ 2,328,885 2.6 [1] Includes $ 448,189 |
Summary of Option Activity | A summary of the stock option activity during the six months ended June 30, 2015 is presented below: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Life Intrinsic Options Price In Years Value Outstanding, December 31, 2014 779,200 $ 12.18 Granted 45,000 8.82 Exercised - - Forfeited (35,000) 6.34 Outstanding, June 30, 2015 789,200 $ 12.25 8.0 $ 317,000 Exercisable, June 30, 2015 365,327 $ 17.49 7.2 $ 28,500 | A summary of the option activity during the years ended December 31, 2014 and 2013 is presented below: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Life Intrinsic Options Price In Years Value Outstanding, December 31, 2012 200,900 $ 22.40 Granted 57,250 13.60 Exercised - - Forfeited (6,000) 10.00 Outstanding, December 31, 2013 252,150 $ 20.70 Granted 528,750 8.17 Exercised - - Forfeited (1,700) 26.18 Outstanding, December 31, 2014 779,200 $ 12.18 8.5 $ 979,600 Exercisable, December 31, 2014 318,573 $ 18.29 7.6 $ 45,600 |
Information Related to Stock Options | The following table presents information related to stock options at June 30, 2015: Options Outstanding Options Exercisable Weighted Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Options In Years Options $ 5.70 35,000 9.0 15,000 6.40 25,000 - - 6.60 281,250 4.2 3,750 6.80 12,500 - - 7.80 3,000 4.0 3,000 8.00 15,000 - - 9.20 25,000 - - 9.40 5,000 4.6 4,375 10.00 17,250 4.4 17,250 10.60 2,000 8.7 2,000 12.00 49,000 8.3 49,000 13.00 133,750 8.3 92,502 20.00 6,550 7.5 6,550 21.00 113,500 6.6 113,500 22.00 250 2.0 250 24.00 500 0.9 500 25.00 2,150 1.4 2,150 28.00 17,500 4.1 10,500 30.00 45,000 7.4 45,000 789,200 7.2 365,327 | The following table presents information related to stock options at December 31, 2014: Options Outstanding Options Exercisable Weighted Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Options In Years Options $ 5.70 45,000 9.5 10,000 6.40 25,000 - - 6.60 306,250 4.7 3,750 6.80 12,500 - - 7.80 3,000 4.5 3,000 10.00 17,250 4.9 16,625 10.60 2,000 9.2 2,000 12.00 49,000 8.8 49,000 13.00 133,750 9.1 56,248 20.00 6,550 8.0 6,550 21.00 113,500 7.1 113,500 22.00 250 2.4 250 24.00 500 1.4 500 25.00 2,150 1.9 2,150 28.00 17,500 4.5 10,000 30.00 45,000 7.9 45,000 779,200 7.6 318,573 |
Common Stock Award Expense | The following table presents information related to compensatory common stock expense: For The Six Months Ended Unrecognized at June 30, June 30, 2015 2014 2015 Consulting $ 90,300 $ 234,500 $ - Research and development 8,847 5,898 - $ 99,147 $ 240,398 $ - | The following table presents information related to compensatory common stock issuances expense during the years ended December 31, 2014 and 2013: For the Year Ended Unrecognized at December 31, December 31, 2014 2013 2014 Consulting $ 276,500 $ 111,351 $ - Research and development 24,337 26,704 - $ 300,837 $ 138,055 $ - |
Summary of Common Stock Award Activity | A summary of compensatory common stock issuances activity during the years ended December 31, 2014 and 2013 is presented below: Weighted Average Total Number of Issuance Date Issuance Date Shares Fair Value Fair Value Non-vested, December 31, 2012 - $ - $ - Granted 11,977 11.53 138,055 Vested (11,977) (11.53) (138,055) Forfeited - - - Non-vested, December 31, 2013 - $ - $ - Granted 97,188 5.27 511,886 Vested (97,188) (5.27) (511,886) Forfeited - - - Non-vested, December 31, 2014 - $ - $ - |
Business Organization, Nature26
Business Organization, Nature of Operations and Basis of Presentation - Additional Information (Detail) - shares | Jul. 07, 2015 | Jul. 07, 2015 | Apr. 15, 2013 | Jun. 30, 2015 | Jan. 01, 2015 | Dec. 31, 2014 | Dec. 19, 2014 | Dec. 31, 2013 |
Business Organization and Nature Of Operations [Line Items] | ||||||||
Reverse stock split ratio | the Company implemented a 1-for-50 reverse split | |||||||
Stockholders equity note, changes in capital structure, retroactive impact | 1,500,000,000 to 100,000,000 | |||||||
Changes in capital structure retroactive impact shares | 1,500,000,000 | |||||||
Common stock, authorized | 100,000,000 | 30,000,000 | 200,000,000 | 30,000,000 | 30,000,000 | |||
Subsequent Event [Member] | ||||||||
Business Organization and Nature Of Operations [Line Items] | ||||||||
Reverse stock split ratio | the Company implemented a 1-for-20 reverse split | |||||||
Changes in capital structure retroactive impact shares | 200,000,000 | 200,000,000 | ||||||
Common stock, authorized | 30,000,000 | 30,000,000 | 200,000,000 | 100,000,000 |
Going Concern and Management 27
Going Concern and Management Plans - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||
Working capital deficiency | $ 4,673,421 | $ 8,410,686 | |||
Stockholders deficiency | (2,880,523) | (6,888,393) | $ (6,685,069) | $ (5,141,693) | |
Net loss | (3,180,419) | $ (3,002,815) | (5,587,612) | (5,751,194) | |
Note principal and accrued interest converted to equity | (5,020,478) | (274,000) | $ (404,285) | ||
Subsequent Event | |||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||
Amount raised through equity financing | 310,000 | 801,000 | |||
Amount raised through debt financing | 585,015 | 30,000 | |||
Notes payable aggregate principal past due | 667,685 | 5,000 | |||
Other Research and Development Expense | 227,234 | ||||
Subsequent Event | Notes Payable, Principal Exchanged | |||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||
Note principal and accrued interest converted to equity | 30,000 | 50,000 | |||
Subsequent Event | Notes Payable, Accrued Interest Exchanged | |||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||
Note principal and accrued interest converted to equity | $ 1,736 | $ 5,984 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | Jul. 15, 2014 | Mar. 24, 2014 | Mar. 19, 2014 | Apr. 06, 2012 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 20, 2015 |
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Debt instrument outstanding face amount percentage | 75.00% | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 17 years 8 months 12 days | ||||||||||
Advertising Expense | $ 15,280 | $ 25,748 | |||||||||
Research and Development Expense | $ 859,344 | $ 787,071 | $ 1,430,614 | 1,594,054 | |||||||
Finite Lived Intangible Asset Useful Life From Application Date | 2 years 3 months 18 days | ||||||||||
Deferred Revenue, Current | 114,118 | $ 164,349 | 0 | ||||||||
Revenues | 333,666 | 176,316 | 415,996 | 1,680 | |||||||
Cash Proceeds From Research Agreements | $ 89,063 | ||||||||||
Inventory Write-down | 15,407 | 0 | |||||||||
Accounts Receivable, Net, Current | 50,982 | 0 | |||||||||
sublicense agreement [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Deferred Revenue, Revenue Recognized | 6,000 | ||||||||||
Research and Development Agreements One Year | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Debt Instrument, Payment Terms | Payment terms are (1) $150,000 received at commencement (straight-line method); (2) $50,000 upon achievement of a specified deliverable (milestone method); and (3) $50,000 upon achievement of the final specified deliverable (milestone method). As of December 31, 2014, the initial $150,000 payment had been received and $34,281 remained in deferred revenues on the consolidated balance sheet. | ||||||||||
Deferred Revenue, Current | 150,000 | ||||||||||
Research and Development Agreements Two Year | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Debt Instrument, Payment Terms | Payment terms are (1) $250,000 at commencement; (2) $356,250 payable in four equal quarterly installments, subject to acceleration upon achieving a specified deliverable; and (3) $168,750 payable in two equal bi-annual installments (all three of which are being recognized pursuant to the straight-line method), subject to acceleration upon achieving a specified deliverable. | ||||||||||
Deferred Revenue, Current | $ 130,068 | 250,000 | |||||||||
Cash Proceeds From Research Agreements | $ 89,063 | $ 89,063 | |||||||||
Research and development agreements | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Revenues | 327,466 | 175,025 | $ 413,777 | ||||||||
Minimum | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||||
Maximum | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Property, Plant and Equipment, Useful Life | 5 years | ||||||||||
Trademarks | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||||||||
Stem Pearls Skincare Products | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Revenue, Net, Total | $ 2,219 | $ 1,680 | |||||||||
Revenues | 200 | $ 1,291 | |||||||||
Licenses | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 17 years 8 months 12 days | ||||||||||
Patents | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||||||||||
Finite Lived Intangible Asset Useful Life From Application Date | 2 years 3 months 18 days | ||||||||||
Japanese Pharmaceutical Company [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Revenue Recognition, Milestone Method, Revenue Recognized | 100,000 | ||||||||||
Revenue Received | 200,000 | ||||||||||
Deferred Revenue, Revenue Recognized | 250,000 | ||||||||||
Accounts Receivable, Net, Current | 50,000 | ||||||||||
Japanese Pharmaceutical Company [Member] | Subsequent Event [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Accounts Receivable, Net, Current | $ 50,000 | ||||||||||
U.S. Pharmaceutical Company [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Deferred Revenue, Current | 114,118 | ||||||||||
Revenue Received | 605,359 | ||||||||||
Deferred Revenue, Revenue Recognized | 491,241 | ||||||||||
U.S. Pharmaceutical Company [Member] | Research and Development Agreements Two Year | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Deferred Revenue, Current | $ 177,234 |
Calculation of Weighted Average
Calculation of Weighted Average Dilutive Common Shares (Detail) - shares | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Exclusion Of Securities [Line Items] | ||||
Total potentially dilutive shares | 1,583,769 | 825,833 | 1,224,318 | 545,111 |
Options | ||||
Exclusion Of Securities [Line Items] | ||||
Total potentially dilutive shares | 789,200 | 435,450 | 779,200 | 252,150 |
Warrants | ||||
Exclusion Of Securities [Line Items] | ||||
Total potentially dilutive shares | 728,850 | 316,283 | 412,423 | 239,795 |
Convertible notes | ||||
Exclusion Of Securities [Line Items] | ||||
Total potentially dilutive shares | 65,719 | 74,100 | 32,695 | 53,169 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 26,872 | $ 34,999 |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | |||
Office equipment | $ 8,466 | $ 7,670 | |
Medical equipment | 359,248 | 129,461 | |
Furniture and fixtures | 113,874 | 19,322 | |
Computer software and equipment | 66,458 | 20,169 | |
Leasehold Improvements | 103,582 | 0 | |
Property, Plant and Equipment, Gross | 651,628 | 176,622 | |
Less: accumulated depreciation | (157,772) | (141,054) | |
Property and equipment, net | $ 702,348 | $ 493,856 | $ 35,568 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) | Mar. 05, 2015 | Apr. 06, 2012 | Jan. 27, 2012 | Dec. 31, 2014 | Oct. 07, 2014 | Feb. 20, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||||||
Grant date value | $ 124,200 | $ 15,000 | $ 67,830 | |||
Payment capitalized as intangible asset | $ 1,000,000 | |||||
Estimated useful life | 17 years 8 months 12 days | |||||
Useful life lapsed since patent application | 2 years 3 months 18 days | |||||
Amortization | $ 70,000 | |||||
Subsequent Event | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Warrant Issued To Purchase Common Stock | 4,000 | |||||
Exercise price of warrant | $ 15 | |||||
Milestones payment | $ 75,000 | |||||
Patents | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Estimated useful life | 20 years | |||||
First Tranche | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Warrant Issued To Purchase Common Stock | 15,000 | |||||
Exercise price of warrant | $ 30 | |||||
Grant date value | $ 226,500 | |||||
Payment capitalized as intangible asset | $ 226,500 | |||||
Second Tranche | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Warrant Issued To Purchase Common Stock | 17,500 | |||||
Exercise price of warrant | $ 30 | |||||
Maximum | Subsequent Event | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Milestones payment | 475,000 | |||||
Minimum | Subsequent Event | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Milestones payment | $ 225,000 | |||||
License Agreement Terms | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Percentage of legal fees agreed to be reimbursed | 25.00% | |||||
Net License fee paid | $ 1,000,000 | |||||
Licenses Revenue | $ 10,000 | |||||
Warrant Issued To Purchase Common Stock | 50,000 | |||||
License Agreement Terms | Maximum | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Legal fees agreed to be reimbursed | $ 100,000 | |||||
License Agreement Terms | Maximum | Monthly Payment | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Legal fees agreed to be reimbursed | $ 4,500 |
Intangible Assets (Detail)
Intangible Assets (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | ||
Beginning Balance | $ 1,107,545 | $ 1,177,357 |
Amortization expense | (69,813) | (69,812) |
Ending Balance | 1,037,732 | 1,107,545 |
Patents and Trademarks | ||
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | ||
Beginning Balance | 3,676 | 3,676 |
Amortization expense | 0 | 0 |
Ending Balance | $ 3,676 | 3,676 |
Weighted Average Amortization Period | 6 years | |
Licensing Agreements | ||
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | ||
Beginning Balance | $ 1,226,500 | 1,226,500 |
Amortization expense | 0 | 0 |
Ending Balance | $ 1,226,500 | 1,226,500 |
Weighted Average Amortization Period | 14 years 10 months 24 days | |
Accumulated Amortization | ||
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | ||
Beginning Balance | $ (122,631) | (52,819) |
Amortization expense | (69,813) | (69,812) |
Ending Balance | $ (192,444) | $ (122,631) |
Amortization of Intangible Asse
Amortization of Intangible Assets (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Patents and Trademarks | ||
Accumulated Amortization [Line Items] | ||
Beginning Balance | $ 1,104 | $ 736 |
Amortization expense | 368 | 368 |
Ending Balance | 1,472 | 1,104 |
Licensing Agreements | ||
Accumulated Amortization [Line Items] | ||
Beginning Balance | 121,527 | 52,083 |
Amortization expense | 69,445 | 69,444 |
Ending Balance | 190,972 | 121,527 |
Accumulated Amortization | ||
Accumulated Amortization [Line Items] | ||
Beginning Balance | 122,631 | 52,819 |
Amortization expense | 69,813 | 69,812 |
Ending Balance | $ 192,444 | $ 122,631 |
Accrued Expenses And Other Cu35
Accrued Expenses And Other Current Liabilities - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accrued Expenses and Other Current Liabilities [Line Items] | ||||
Advances from officer | $ 274,085 | $ 15,015 | $ 58,054 | $ 144,285 |
Repayment of advances from officer | 206,085 | $ 40,005 | $ 83,044 | 119,295 |
Liability to officer | $ 68,000 | $ 24,990 |
Accrued Expenses and Other Cu36
Accrued Expenses and Other Current Liabilities (Detail) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accrued Expenses and Other Current Liabilities [Line Items] | |||
Credit card payable | $ 3,296 | $ 4,739 | $ 6,000 |
Accrued payroll | 860,253 | 679,277 | 672,535 |
Advances from related parties | 68,000 | 0 | |
Accrued purchases of property and equipment | 54,781 | 174,801 | 0 |
Accrued research and development expenses | 401,175 | 292,395 | 229,276 |
Accrued general and administrative expenses | 456,077 | 315,294 | 266,541 |
Deferred rent | 43,902 | 0 | 2,310 |
Total | $ 1,887,484 | $ 1,466,506 | $ 1,176,662 |
Notes Payable (Detail)
Notes Payable (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Debt Instrument [Line Items] | ||||||||
Balance | $ 5,738,239 | $ 5,514,009 | $ 5,514,009 | $ 4,555,466 | ||||
Issuance | 559,000 | 800,000 | 1,464,000 | |||||
Indebtedness satisfied via settlement & Repayments | 0 | (53,000) | (202,063) | (5,500) | ||||
Exchanges to equity | (5,020,478) | (274,000) | (404,285) | |||||
Conversion to equity | (158,333) | (342,500) | ||||||
Recognition of debt discount | (115,005) | (347,170) | (574,369) | |||||
Accretion of interest expense | 6,012 | 24,934 | 5,066 | |||||
Amortization of debt discount | 140,884 | 244,435 | 464,470 | 405,531 | ||||
Conversion of accrued interest | 68,100 | |||||||
Recharacterization of accrued interest as principal | 108,059 | |||||||
Settlement of accreted interest | (7,500) | |||||||
Balance | 1,145,319 | 5,738,239 | 5,514,009 | |||||
Debt Discount | ||||||||
Debt Instrument [Line Items] | ||||||||
Balance | (113,257) | (240,491) | (240,491) | (76,719) | ||||
Issuance | 0 | 0 | 0 | |||||
Indebtedness satisfied via settlement & Repayments | 0 | 0 | 0 | |||||
Exchanges to equity | 0 | 0 | 0 | |||||
Conversion to equity | 0 | 0 | ||||||
Recognition of debt discount | (115,005) | [1] | (347,170) | [2] | (574,369) | [2] | ||
Accretion of interest expense | 6,012 | [1] | 9,934 | [2] | 5,066 | [2] | ||
Amortization of debt discount | 140,884 | 464,470 | 405,531 | |||||
Conversion of accrued interest | 0 | |||||||
Recharacterization of accrued interest as principal | 0 | |||||||
Settlement of accreted interest | 0 | |||||||
Balance | (81,366) | (113,257) | (240,491) | |||||
Convertible Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Balance | 175,000 | [3] | 281,000 | 281,000 | 0 | |||
Issuance | 315,000 | 300,000 | [2] | 281,000 | [2] | |||
Indebtedness satisfied via settlement & Repayments | 0 | 0 | 0 | |||||
Exchanges to equity | (16,667) | (71,000) | 0 | |||||
Conversion to equity | (158,333) | (342,500) | ||||||
Recognition of debt discount | 0 | 0 | 0 | |||||
Accretion of interest expense | 0 | 15,000 | [4] | 0 | ||||
Amortization of debt discount | 0 | 0 | 0 | |||||
Conversion of accrued interest | 0 | |||||||
Recharacterization of accrued interest as principal | 0 | |||||||
Settlement of accreted interest | [4] | (7,500) | ||||||
Balance | 315,000 | [5] | 175,000 | [3] | 281,000 | |||
Other Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Balance | 1,265,559 | 1,473,500 | 1,473,500 | 1,082,185 | ||||
Issuance | 244,000 | 0 | 733,000 | |||||
Indebtedness satisfied via settlement & Repayments | (5,000) | (113,000) | (5,500) | |||||
Exchanges to equity | (592,874) | (203,000) | (404,285) | |||||
Conversion to equity | 0 | 0 | ||||||
Recognition of debt discount | 0 | 0 | 0 | |||||
Accretion of interest expense | 0 | 0 | [6] | 0 | ||||
Amortization of debt discount | 0 | 0 | 0 | |||||
Conversion of accrued interest | 68,100 | |||||||
Recharacterization of accrued interest as principal | 108,059 | |||||||
Settlement of accreted interest | 0 | |||||||
Balance | 911,685 | 1,265,559 | 1,473,500 | |||||
Bermuda Lender | ||||||||
Debt Instrument [Line Items] | ||||||||
Balance | 4,410,937 | $ 4,000,000 | 4,000,000 | 3,550,000 | ||||
Issuance | 0 | 500,000 | 450,000 | |||||
Indebtedness satisfied via settlement & Repayments | 0 | (89,063) | 0 | |||||
Exchanges to equity | (4,410,937) | 0 | 0 | |||||
Conversion to equity | 0 | 0 | ||||||
Recognition of debt discount | 0 | 0 | 0 | |||||
Accretion of interest expense | 0 | 0 | 0 | |||||
Amortization of debt discount | 0 | 0 | 0 | |||||
Conversion of accrued interest | 0 | |||||||
Recharacterization of accrued interest as principal | 0 | |||||||
Settlement of accreted interest | 0 | |||||||
Balance | $ 0 | $ 4,410,937 | $ 4,000,000 | |||||
[1] | During the six months ended June 30, 2015, a note in the principal amount of $244,000 bears no interest and was issued for cash consideration of $200,000. The $44,000 difference between the principal amount of the note and the cash received was recorded as debt discount and is being amortized to interest expense over the term of the note. | |||||||
[2] | During the years ended December 31, 2014 and 2013, notes with an aggregate principal amounts of $30,000 and $60,000, respectively, bear no interest and were issued for cash consideration of $25,000 and $50,000, respectively. The differences between the principal amounts of the notes and the cash received of $5,000 and $10,000, respectively, were recorded as debt discount and amortized to interest expense over the term of the notes. | |||||||
[3] | As of December 31, 2014, convertible notes with an aggregate principal balance of $175,000 were convertible at the election of the Company. Of such convertible notes, notes with an aggregate principal balance of $83,333 are also convertible, under certain circumstances, at the election of the holder pursuant to the terms of the notes. | |||||||
[4] | During the year ended December 31, 2014, pursuant to the terms of certain notes payable with maturity dates ranging from January 8, 2014 to June 10, 2014, the aggregate principal balance of the notes was increased from $90,000 to $105,000. The aggregate $15,000 of principal increases was accreted as interest expense. During the year ended December 31, 2014, $7,500 of the principal increases was settled by the conversion of a convertible note with a maturity date of January 8, 2014 and original principal balance of $30,000 into shares of the Company's common stock. | |||||||
[5] | As of June 30, 2015, convertible notes with an aggregate principal balance of $315,000 were convertible into shares of common stock at the election of the Company. Of such aggregate principal balance, under certain circumstances, the holder has the right to convert $75,000 in principal into shares of common stock. | |||||||
[6] | During the year ended December 31, 2014, in connection with the extension of certain notes payable with maturity dates ranging from of August 8, 2013 to March 1, 2014, an aggregate $108,059 of accrued interest was added to the aggregate principal balance of the notes, increasing the aggregate principal balance from $742,500 to $850,559. |
Notes Payable - Additional Info
Notes Payable - Additional Information (Detail) | Oct. 14, 2015USD ($)$ / sharesshares | Aug. 13, 2014USD ($)shares | Jul. 15, 2014USD ($) | May. 27, 2015USD ($)$ / sharesshares | Dec. 02, 2014USD ($) | Mar. 26, 2013USD ($)$ / sharesshares | Mar. 31, 2015 | May. 02, 2014USD ($) | Dec. 18, 2013USD ($) | Jun. 30, 2015USD ($)$ / sharesshares | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | Oct. 15, 2015USD ($) | May. 29, 2015shares | May. 11, 2015USD ($) | May. 08, 2014USD ($) |
Debt Instrument [Line Items] | |||||||||||||||||
Aggregate principal amount | $ 83,333 | ||||||||||||||||
Rate of interest | 10.00% | ||||||||||||||||
Warrants aggregate grant date fair value | 389,608 | $ 224,313 | |||||||||||||||
Debt instrument, face amount | $ 840,000 | $ 4,000,000 | $ 7,500 | $ 150,000 | |||||||||||||
Warrants to purchase common stock | shares | 116,535 | 20,180 | |||||||||||||||
Loss on extinguishment of note payables, net | $ 26,029 | $ 49,094 | $ 49,094 | $ 7,200 | |||||||||||||
Accrued loan interest | 108,059 | ||||||||||||||||
Shares and warrants issued for cash (in shares) | shares | 27,500 | 505,250 | |||||||||||||||
Common stock aggregate grant date fair value | 74,029 | 3,704 | |||||||||||||||
Stock issued, amount | $ 1,051,000 | $ 2,605,000 | 905,000 | ||||||||||||||
Warrant Issued During Period Relative Fair Value | $ 112,239 | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 35,299 | 9,500 | 20,125 | ||||||||||||||
Debt Instrument Annual Principal Payment | $ 117,500 | ||||||||||||||||
Debt Instrument Periodic Payment Interest | 15,000 | ||||||||||||||||
Debt Instrument, Periodic Payment, Principal | 175,000 | ||||||||||||||||
Proceeds from Notes Payable | $ 515,000 | 670,000 | 795,000 | $ 1,454,000 | |||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | 10,690 | 41,384 | $ 92,370 | 0 | |||||||||||||
Debt Instrument, Interest Rate During Period | 15.00% | ||||||||||||||||
Payments for royalties | $ 100,000 | ||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 30,000 | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 4 | $ 15 | |||||||||||||||
Debt Instrument, Maturity Date Range, Start | Jul. 31, 2014 | Dec. 31, 2014 | |||||||||||||||
Debt Instrument, Maturity Date Range, End | Dec. 31, 2014 | Jun. 30, 2015 | |||||||||||||||
Amortization Of Debt Discount (Premium) | 140,884 | 244,435 | $ 464,470 | 405,531 | |||||||||||||
Stock Issued During Period, Value, Issued in Exchange of Notes Payable, Principal Amount | 71,000 | ||||||||||||||||
Stock Issued During Period, Value, Issued in Exchange of Notes Payable, Interest Amount | $ 4,260 | ||||||||||||||||
Stock Issued During Period, Shares, Issued in Exchange of Notes Payable | shares | 12,339 | ||||||||||||||||
Warrants Issued During Period, Number of Warrants1 | shares | 5,000 | ||||||||||||||||
Payments under Research and Development Agreements | $ 113,000 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | shares | 11,219 | ||||||||||||||||
Cash Proceeds From Research Agreements | $ 89,063 | ||||||||||||||||
Interest Payable | $ 70,727 | ||||||||||||||||
Class of Warrant or Right, Outstanding | shares | 5,000 | ||||||||||||||||
Gains (Losses) On Extinguishment Of Debt | $ (26,029) | $ (49,094) | $ (49,094) | $ (7,200) | |||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 227,682 | ||||||||||||||||
Class Of Warrant Or Rights Expiration Date | Dec. 31, 2017 | Dec. 31, 2015 | |||||||||||||||
Warrants | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Warrants aggregate grant date fair value | $ 29,800 | ||||||||||||||||
Common Stock [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Shares and warrants issued for cash (in shares) | shares | 180,167 | 433,600 | 42,030 | ||||||||||||||
Stock issued, amount | $ 180 | $ 434 | $ 42 | ||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | 0 | 0 | |||||||||||||||
Notes Payable | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument Annual Principal Payment | 225,000 | ||||||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 13,565 | ||||||||||||||||
Conversion of Stock, Shares Issued | shares | 60,138 | ||||||||||||||||
Notes Payable | Cayman | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt instrument, face amount | $ 3,550,000 | ||||||||||||||||
Other Notes Payable | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt instrument, face amount | 244,000 | ||||||||||||||||
Amortization Of Debt Discount (Premium) | 44,000 | ||||||||||||||||
Proceeds from Convertible Debt | $ 200,000 | ||||||||||||||||
First Maturity Date | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 41,667 | ||||||||||||||||
Second Maturity Date | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Periodic Payment, Principal | 41,667 | ||||||||||||||||
Third Maturity Date | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 41,666 | ||||||||||||||||
Scenario, Previously Reported [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 15,249 | ||||||||||||||||
Minimum | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Warrants exercise price | $ / shares | $ 6 | $ 30 | |||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 752,500 | ||||||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 90,000 | ||||||||||||||||
Percentage of royalty payments | 0.50% | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 10 | 18.80 | |||||||||||||||
Minimum | Notes Payable | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | 2.80 | ||||||||||||||||
Maximum | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Warrants exercise price | $ / shares | $ 15 | 80 | |||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 860,559 | ||||||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 105,000 | ||||||||||||||||
Percentage of royalty payments | 4.00% | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 15 | 50 | |||||||||||||||
Maximum | Notes Payable | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 5.60 | ||||||||||||||||
In exchange of notes payable | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Warrants aggregate grant date fair value | $ 268,997 | ||||||||||||||||
Warrants exercise price | $ / shares | $ 15 | $ 30 | |||||||||||||||
Loss on extinguishment of note payables, net | $ 20,197 | $ 50,325 | $ 7,200 | ||||||||||||||
Shares and warrants issued for cash (in shares) | shares | 5,000 | ||||||||||||||||
Common stock aggregate grant date fair value | $ 417,681 | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 25,756 | ||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 592,874 | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 15 | ||||||||||||||||
Amortization Of Debt Discount (Premium) | $ 0 | 0 | 0 | ||||||||||||||
Stock Issued During Period, Value, Issued in Exchange of Notes Payable, Principal Amount | 203,000 | 404,285 | |||||||||||||||
Stock Issued During Period, Value, Issued in Exchange of Notes Payable, Interest Amount | $ 15,672 | $ 6,196 | |||||||||||||||
Stock Issued During Period, Shares, Issued in Exchange of Notes Payable | shares | 42,735 | 40,925 | |||||||||||||||
Warrants Issued During Period, Number of Warrants1 | shares | 5,000 | 2,250 | |||||||||||||||
Gains (Losses) On Extinguishment Of Debt | $ (20,197) | $ (50,325) | $ (7,200) | ||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 103,030 | ||||||||||||||||
Accrued Interest Converted Into Stock | $ 25,296 | ||||||||||||||||
Warrants and Rights Outstanding | 92,725 | ||||||||||||||||
Convertible Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Aggregate principal amount | $ 175,000 | $ 281,000 | |||||||||||||||
Rate of interest | 10.00% | 12.00% | 12.00% | ||||||||||||||
Debt instrument, face amount | 315,000 | ||||||||||||||||
Loss on extinguishment of note payables, net | $ 504 | 1,231 | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 17,700 | ||||||||||||||||
Debt instrument conversion period description | The conversion price of the convertible notes is equal to the greater of (a) 55-65% (depending on the specific note) of the fair value of the Company’s common stock or (b) $1.00 per share. As of December 31, 2013, the convertible notes were not convertible. The Company evaluated the conversion options and determined that bifurcation was not necessary in accordance with ASC 815. The beneficial conversion features will be accounted for, if necessary, at the commitment date. | ||||||||||||||||
Debt instrument, new proceeds | $ 170,000 | $ 271,000 | |||||||||||||||
Debt Instrument Unamortized Discount | $ 54,415 | ||||||||||||||||
Debt Instrument Annual Principal Payment | 30,000 | 60,000 | 30,000 | 60,000 | |||||||||||||
Debt Instrument issued for consideration | 25,000 | 50,000 | 25,000 | 50,000 | |||||||||||||
Debt Instrument Periodic Payment Interest | 5,000 | 10,000 | 5,000 | 10,000 | |||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 145,000 | $ 221,000 | |||||||||||||||
Debt Instrument, Frequency of Periodic Payment | The convertible notes were initially payable 3-12 months from the date of issuance | Convertible Notes were initially payable 2-6 months from the date of issuance. | |||||||||||||||
Proceeds from Notes Payable | $ 125,000 | $ 175,000 | $ 281,000 | ||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 145,000 | 171,000 | |||||||||||||||
Debt Instrument Convertible Number of stock to holders | $ 110,000 | ||||||||||||||||
Debt Instrument, Increase, Accrued Interest | 3,646 | ||||||||||||||||
Debt instrument, interest rate, effective percentage | 100.00% | ||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 158,333 | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 10 | ||||||||||||||||
Amortization Of Debt Discount (Premium) | $ 0 | $ 0 | $ 0 | ||||||||||||||
Conversion of Stock, Shares Issued | shares | 29,102 | ||||||||||||||||
Debt Instrument Issue Description | (a) 55%-60% (depending on the particular note) of the fair value of the Company’s stock or (b) $1.00 per share. The remaining $30,000 is convertible into shares of the Company’s common stock at the election of the holder any time after September 10, 2014 at the lesser of (a) $10.00 per share or (b) 65% of the fair value of the Company’s common stock, but with a floor of $1.00 per share. | ||||||||||||||||
Proceeds from Convertible Debt | 75,000 | ||||||||||||||||
Gains (Losses) On Extinguishment Of Debt | $ (504) | $ (1,231) | |||||||||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | The convertible notes are convertible into shares of the Company's common stock during the five days prior to maturity and ending on the day immediately prior to maturity at a conversion price equal to the greater of (a) a range of 62% to 65% of the fair value of the Company's common stock or (b) $3.00 per share. | ||||||||||||||||
Original Debt Accrued Interest Converted Into Stock | $ 11,732 | ||||||||||||||||
Debt Conversion Original Debt Shares Issued | shares | 34,869 | ||||||||||||||||
Conversion Debt Accrued Interest Converted Into Stock | $ 827 | ||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 3,600 | ||||||||||||||||
Convertible Notes | Common Stock [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 16,667 | ||||||||||||||||
Convertible Notes | Minimum | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Rate of interest | 10.00% | ||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 4.44 | $ 3.80 | |||||||||||||||
Convertible Notes | Maximum | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Rate of interest | 12.00% | ||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 5.16 | $ 4.40 | |||||||||||||||
Waiver | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Aggregate principal amount | 450,000 | ||||||||||||||||
Accrued loan interest | $ 213,000 | ||||||||||||||||
Bermuda Lender | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Aggregate principal amount | $ 500,000 | ||||||||||||||||
Scheduled maturity date of the note | Jul. 31, 2014 | ||||||||||||||||
Warrants aggregate grant date fair value | $ 457,826 | ||||||||||||||||
Debt instrument, face amount | $ 4,410,937 | ||||||||||||||||
Warrants to purchase common stock | shares | 20,000 | ||||||||||||||||
Warrants exercise price | $ / shares | $ 50 | ||||||||||||||||
Loss on extinguishment of note payables, net | $ (5,327) | ||||||||||||||||
Shares and warrants issued for cash (in shares) | shares | 30,000 | ||||||||||||||||
Stock issued, amount | $ 480,000 | ||||||||||||||||
Fair value Of warrants | $ 250,000 | ||||||||||||||||
Stock issued during period shares in connection with accrued and unpaid interest | shares | 13,313 | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 186,682 | ||||||||||||||||
Debt instrument, interest rate, effective percentage | 11.00% | 15.00% | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 15 | ||||||||||||||||
Amortization Of Debt Discount (Premium) | $ 121,000 | $ 99,000 | |||||||||||||||
Debt Default, Short-term Debt, Amount | $ 316,297 | ||||||||||||||||
Interest Payable | $ 69,436 | ||||||||||||||||
Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights Grant Date Fair Value | $ 672,056 | ||||||||||||||||
Gains (Losses) On Extinguishment Of Debt | $ 5,327 | ||||||||||||||||
Bermuda Lender | Common Stock [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Convertible, Number of Equity Instruments | 746,730 | ||||||||||||||||
Class of Warrant or Right, Outstanding | shares | 40,000 | ||||||||||||||||
Bermuda Lender | Cayman | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Aggregate principal amount | $ 22,500 | $ 410,938 | |||||||||||||||
Bermuda Lender | Notes Payable | Cayman | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Aggregate principal amount | $ 450,000 | ||||||||||||||||
Debt instrument, face amount | $ 4,000,000 |
Loss before income taxes (Detai
Loss before income taxes (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Before Income Tax Domestic And Foreign [Line Items] | ||
United States | $ (5,223,749) | $ (5,328,958) |
Foreign | (363,863) | (422,236) |
Loss before income taxes | $ (5,587,612) | $ (5,751,194) |
Deferred Tax Assets (Detail)
Deferred Tax Assets (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Tax Assets: | ||
Net operating loss carryforward | $ 4,820,500 | $ 5,327,000 |
Stock-based compensation | 1,272,600 | 907,100 |
Accruals | 240,700 | 139,800 |
Research & development tax credits | 95,500 | 0 |
Other | 2,100 | 2,700 |
Gross deferred tax assets | 6,431,400 | 6,376,600 |
Deferred Tax Liabilities: | ||
Fixed assets | (93,200) | 0 |
Intangible assets | (8,100) | (3,000) |
Gross deferred tax liabilities | (101,300) | (3,000) |
Net deferred tax assets | 6,330,100 | 6,373,600 |
Valuation allowance | (6,330,100) | (6,373,600) |
Deferred tax asset, net of valuation allowance | 0 | 0 |
Changes in valuation allowance | $ (43,500) | $ 1,631,300 |
Income Tax Provision (benefit)
Income Tax Provision (benefit) (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Federal: | ||
Current | $ 0 | $ 0 |
Deferred | 38,921 | (1,459,584) |
State and local: | ||
Current | 0 | 0 |
Deferred | 4,579 | (171,716) |
Income tax provision (benefit) before change in valuation allowance | 43,500 | (1,631,300) |
Change in valuation allowance | (43,500) | 1,631,300 |
Income tax provision (benefit) | $ 0 | $ 0 |
Statutory Federal Income Tax Ra
Statutory Federal Income Tax Rate (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | ||
Tax benefit at federal statutory rate | (34.00%) | (34.00%) |
State income taxes, net of federal benefit | (4.00%) | (4.00%) |
Permanent differences | 0.80% | 5.80% |
Research & development tax credits | (1.80%) | 0.00% |
Impact of Section 382 limit | 41.20% | 0.00% |
True-ups and other | (1.40%) | 1.60% |
Change in valuation allowance | (0.80%) | 30.60% |
Effective income tax rate | 0.00% | 0.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | ||
Federal and state net operating losses | $ 12,700,000 | $ 14,000,000 |
Operating Loss Carry forwards Expiration Period | The net operating loss carry forwards, if not utilized, will expire from 2029 to 2034 for federal purposes. | |
Percentage of ownership changes | 50.00% | |
Description for Section 382 limitation One | approximately $5,700,000 of federal NOLs not being realizable | |
Description for Section 382 limitation two | the reversal of approximately $2,200,000 of net operating loss deferred tax assets. |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Aug. 13, 2015USD ($)shares | Apr. 06, 2015USD ($)$ / sharesshares | Mar. 09, 2015USD ($) | Feb. 09, 2015USD ($)$ / sharesshares | Oct. 08, 2014USD ($) | Oct. 07, 2014USD ($) | Aug. 13, 2014shares | May. 09, 2014USD ($) | Mar. 14, 2014USD ($)$ / sharesshares | Mar. 12, 2014USD ($)$ / sharesshares | Feb. 11, 2014USD ($) | Feb. 04, 2014USD ($) | Jul. 02, 2013USD ($)$ / sharesshares | Jun. 10, 2013USD ($)$ / sharesshares | Oct. 04, 2010USD ($) | Jan. 23, 2015shares | Oct. 31, 2014USD ($) | Oct. 23, 2014USD ($)$ / sharesshares | Sep. 24, 2014USD ($)$ / sharesshares | Aug. 27, 2014USD ($)shares | Aug. 25, 2014USD ($)ft²$ / sharesshares | Jul. 27, 2014USD ($)$ / sharesshares | Jul. 23, 2014shares | Jul. 22, 2014USD ($)$ / sharesshares | Jun. 27, 2014USD ($)$ / sharesshares | Jun. 16, 2014USD ($)$ / sharesshares | Mar. 12, 2014USD ($)$ / sharesshares | Feb. 20, 2014USD ($)$ / sharesshares | Dec. 23, 2013USD ($)$ / sharesshares | Nov. 30, 2013USD ($)shares | Mar. 27, 2013USD ($)$ / sharesshares | Mar. 22, 2013USD ($)$ / sharesshares | Mar. 20, 2013USD ($)$ / sharesshares | Jun. 15, 2012USD ($) | Jan. 20, 2011 | Jun. 30, 2015USD ($)$ / sharesshares | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | Oct. 14, 2015$ / shares | May. 29, 2015shares |
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Grant date value | $ 15,000 | $ 67,830 | $ 124,200 | ||||||||||||||||||||||||||||||||||||||
Warrant exercisable term | 3 years | ||||||||||||||||||||||||||||||||||||||||
Lease Expiration Date | Jan. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
Lease Rent Second Year | 6,234 | ||||||||||||||||||||||||||||||||||||||||
Lease Rent Third Year | 6,422 | ||||||||||||||||||||||||||||||||||||||||
Research and Development Expense | $ 859,344 | $ 787,071 | 1,430,614 | $ 1,594,054 | |||||||||||||||||||||||||||||||||||||
Accounts Payable and Accrued Liabilities, Total | $ 43,000 | $ 353,000 | |||||||||||||||||||||||||||||||||||||||
Stock issued during period shares for services | shares | 8,500 | ||||||||||||||||||||||||||||||||||||||||
Stock issued during period, value, issued for services | 2,420 | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation, stock option granted | shares | 25,000 | 45,000 | 528,750 | 57,250 | |||||||||||||||||||||||||||||||||||||
Common stock exercise price | $ / shares | $ 6.40 | $ 8.82 | $ 8.17 | $ 13.60 | |||||||||||||||||||||||||||||||||||||
Number of shares called by warrants | shares | 35,299 | 9,500 | 20,125 | ||||||||||||||||||||||||||||||||||||||
Initial year Salary | $ 25,000 | ||||||||||||||||||||||||||||||||||||||||
Percentage Of Increase Salary | 28.00% | ||||||||||||||||||||||||||||||||||||||||
Employee-related Liabilities | $ 574,278 | $ 542,535 | |||||||||||||||||||||||||||||||||||||||
Salaries, Wages and Officers Compensation, Total | 565,000 | ||||||||||||||||||||||||||||||||||||||||
Loss Contingency, Damages Paid, Value | $ 193,000 | ||||||||||||||||||||||||||||||||||||||||
Loss contingency damages paid value, warrants issued | shares | 4,000 | ||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 15 | $ 4 | |||||||||||||||||||||||||||||||||||||||
Monthly Payments for Leasing | $ 962 | ||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 27,500 | 505,250 | |||||||||||||||||||||||||||||||||||||||
Leasehold Improvements, Gross | $ 103,582 | 0 | |||||||||||||||||||||||||||||||||||||||
Rent Expense | 20,380 | 99,175 | |||||||||||||||||||||||||||||||||||||||
Professional Fees | $ 504,060 | 824,763 | 1,310,121 | 779,462 | |||||||||||||||||||||||||||||||||||||
Monthly Payments under Consulting Agreements | $ 15,000 | $ 10,000 | |||||||||||||||||||||||||||||||||||||||
Monthly Escalating Payments under Consulting Agreements | $ 10,000 | ||||||||||||||||||||||||||||||||||||||||
Warrants Issued During Period, Number of Warrants | shares | 526,250 | ||||||||||||||||||||||||||||||||||||||||
Share Based Compensation | $ 583,673 | 917,792 | 1,360,296 | 812,647 | |||||||||||||||||||||||||||||||||||||
Security Deposit | 45,900 | $ 45,900 | $ 0 | ||||||||||||||||||||||||||||||||||||||
Loss Contingency Damages Paid Value Per Year | $ 52,000 | ||||||||||||||||||||||||||||||||||||||||
Loss Contingency, Allegations | The action is associated with an alleged $5,000 loan made in 2009 and an alleged consulting/employment agreement entered into with the Company effective in 2009. | ||||||||||||||||||||||||||||||||||||||||
Operating Leases, Rent Expense, Net, Total | $ 64,000 | $ 14,000 | |||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Outstanding | shares | 5,000 | ||||||||||||||||||||||||||||||||||||||||
Warrants Issue One [Member] | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Warrants Issued During Period, Number of Warrants | shares | 5,000 | ||||||||||||||||||||||||||||||||||||||||
Warrants Issued During Period, Exercise Price at Issuance Date | $ / shares | $ 10.60 | $ 10.60 | |||||||||||||||||||||||||||||||||||||||
Warrants Issue Two [Member] | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Warrants Issued During Period, Number of Warrants | shares | 14,000 | ||||||||||||||||||||||||||||||||||||||||
Warrants Issued During Period, Exercise Price at Issuance Date | $ / shares | $ 10.60 | 10.60 | |||||||||||||||||||||||||||||||||||||||
Warrants Issue Three [Member] | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Warrants Issued During Period, Number of Warrants | shares | 1,000 | ||||||||||||||||||||||||||||||||||||||||
Warrants Issued During Period, Exercise Price at Issuance Date | $ / shares | $ 30 | $ 30 | |||||||||||||||||||||||||||||||||||||||
Chief Medical Advisor [Member] | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Stock-based compensation, stock option granted | shares | 15,000 | ||||||||||||||||||||||||||||||||||||||||
Common stock exercise price | $ / shares | $ 13 | ||||||||||||||||||||||||||||||||||||||||
Monthly Payments under Consulting Agreements | $ 15,000 | $ 10,000 | |||||||||||||||||||||||||||||||||||||||
Monthly Escalating Payments under Consulting Agreements | $ 20,000 | $ 20,000 | |||||||||||||||||||||||||||||||||||||||
Warrant [Member] | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Grant date value | $ 23,270 | $ 23,270 | |||||||||||||||||||||||||||||||||||||||
Allocated Share-Based Compensation Expense | $ 30,096 | ||||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Other | shares | 29,773 | ||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 180,167 | 433,600 | 42,030 | ||||||||||||||||||||||||||||||||||||||
Subsequent Event | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Warrant issued for the purchase of common stock | shares | 4,000 | ||||||||||||||||||||||||||||||||||||||||
Severance Costs | $ 125,000 | ||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 10 | ||||||||||||||||||||||||||||||||||||||||
Warrants Issued During Period, Number of Warrants | shares | 5,000 | ||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Outstanding | shares | 24,500 | ||||||||||||||||||||||||||||||||||||||||
Minimum | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 6 | $ 30 | |||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | 10 | 18.80 | |||||||||||||||||||||||||||||||||||||||
Minimum | Subsequent Event | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 11.60 | ||||||||||||||||||||||||||||||||||||||||
Maximum | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | 15 | 80 | |||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 15 | $ 50 | |||||||||||||||||||||||||||||||||||||||
Maximum | Subsequent Event | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 50 | ||||||||||||||||||||||||||||||||||||||||
Legal Settlement Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 4,230 | ||||||||||||||||||||||||||||||||||||||||
Loss Contingency, Allegations | The action was associated with an alleged $5,000 loan made in 2009 and an alleged consulting/employment agreement entered into with the Company effective in 2009 | ||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Outstanding | shares | 30,000 | ||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Warrants | $ 152,000 | ||||||||||||||||||||||||||||||||||||||||
Legal Settlement Agreement [Member] | Minimum | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 7.60 | ||||||||||||||||||||||||||||||||||||||||
Legal Settlement Agreement [Member] | Maximum | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 12 | ||||||||||||||||||||||||||||||||||||||||
Director | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Warrant issued for the purchase of common stock | shares | 30,000 | ||||||||||||||||||||||||||||||||||||||||
Grant date value | $ 144,000 | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation, stock option granted | shares | 15,000 | ||||||||||||||||||||||||||||||||||||||||
Common stock exercise price | $ / shares | $ 8 | ||||||||||||||||||||||||||||||||||||||||
Stock options granted exercise price per share | $ / shares | $ 5.70 | ||||||||||||||||||||||||||||||||||||||||
Number of shares vest on first anniversary of date of grant | shares | 10,000 | ||||||||||||||||||||||||||||||||||||||||
Number of shares vest on second anniversary of date of grant | shares | 10,000 | ||||||||||||||||||||||||||||||||||||||||
Number Of Shares Vest On Third Anniversary Of Date Of Grant | shares | 10,000 | ||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years | ||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 10 years | ||||||||||||||||||||||||||||||||||||||||
Share Based Compensation Arrangement By Sharebased Payment Award Options Grants In Period Grant Date Fair Value | $ 104,100 | ||||||||||||||||||||||||||||||||||||||||
Chief Executive Officer | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Employee-related Liabilities | $ 25,000 | ||||||||||||||||||||||||||||||||||||||||
Salaries, Wages and Officers Compensation, Total | 400,000 | $ 600,000 | $ 450,000 | 600,000 | |||||||||||||||||||||||||||||||||||||
Salary Reduced | 450,000 | 360,000 | |||||||||||||||||||||||||||||||||||||||
Salary Bonus | 300,000 | ||||||||||||||||||||||||||||||||||||||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||
Chief Executive Officer | Subsequent Event | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Salaries, Wages and Officers Compensation, Total | 450,000 | ||||||||||||||||||||||||||||||||||||||||
Salary Reduced | 400,000 | ||||||||||||||||||||||||||||||||||||||||
Chief Executive Officer | Minimum | Subsequent Event | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Stock issued during period shares for services | shares | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||
Chief Executive Officer | Maximum | Subsequent Event | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Stock issued during period shares for services | shares | 2,000,000 | ||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 2,000,000 | ||||||||||||||||||||||||||||||||||||||||
Consultant | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Stock issued during period shares for services | shares | 1,500 | ||||||||||||||||||||||||||||||||||||||||
Stock issued during period, value, issued for services | $ 33,000 | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation, stock option granted | shares | 3,750 | 3,000 | |||||||||||||||||||||||||||||||||||||||
Common stock exercise price | $ / shares | $ 6.60 | $ 7.80 | |||||||||||||||||||||||||||||||||||||||
Number of shares immediately vest on date of grants | shares | 7,500 | ||||||||||||||||||||||||||||||||||||||||
Share Based Compensation Arrangement By Sharebased Payment Award Options Grants In Period Grant Date Fair Value | $ 20,100 | $ 18,600 | |||||||||||||||||||||||||||||||||||||||
Non Employee Director Awards | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Accounts Payable and Accrued Liabilities, Total | $ 105,000 | 130,000 | |||||||||||||||||||||||||||||||||||||||
Board of Directors | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Salaries, Wages and Officers Compensation, Total | $ 80,000 | ||||||||||||||||||||||||||||||||||||||||
Compensation Paid To Directors Aggregate Amount | 30,000 | ||||||||||||||||||||||||||||||||||||||||
Compensation Paid To Directors Installment Amount | 50,000 | ||||||||||||||||||||||||||||||||||||||||
Share Based Compensation | $ 96,250 | ||||||||||||||||||||||||||||||||||||||||
Employees and Directors | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Grant date value | $ 15,000 | ||||||||||||||||||||||||||||||||||||||||
Stock issued during period, value, issued for services | $ 5,000 | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation, stock option granted | shares | 297,500 | 120,750 | 36,786 | ||||||||||||||||||||||||||||||||||||||
Common stock exercise price | $ / shares | $ 6.60 | ||||||||||||||||||||||||||||||||||||||||
Monthly Payments under Consulting Agreements | $ 10,000 | ||||||||||||||||||||||||||||||||||||||||
Share Based Compensation Arrangement By Sharebased Payment Award Options Grants In Period Grant Date Fair Value | $ 1,710,400 | ||||||||||||||||||||||||||||||||||||||||
Employees and Directors | Minimum | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Common stock exercise price | $ / shares | $ 10.60 | ||||||||||||||||||||||||||||||||||||||||
Employees and Directors | Maximum | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Common stock exercise price | $ / shares | $ 13 | ||||||||||||||||||||||||||||||||||||||||
President [Member] | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Stock-based compensation, stock option granted | shares | 25,000 | ||||||||||||||||||||||||||||||||||||||||
Common stock exercise price | $ / shares | $ 9.20 | ||||||||||||||||||||||||||||||||||||||||
Severance Costs | $ 150,000 | ||||||||||||||||||||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Grant Intrinsic Value | $ 200,400 | ||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 10 years | ||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||||||||||||||||||||||||||||||||||
Deferred Compensation Arrangement with Individual, Description | The CEO is entitled to receive an annual bonus for 2015 equal to 50% of his annual base salary and an annual bonus for the years 2016 and 2017 equal to 50% of his annual base salary in the event certain performance goals, as determined by the Companys Compensation Committee, are satisfied. | ||||||||||||||||||||||||||||||||||||||||
Business Advisory Services | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Stock-based compensation, stock option granted | shares | 15,000 | ||||||||||||||||||||||||||||||||||||||||
Business Advisory Services | Extension 1 | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Warrant exercisable term | 5 years | ||||||||||||||||||||||||||||||||||||||||
Marketing Consulting Services | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Warrant issued for the purchase of common stock | shares | 12,500 | ||||||||||||||||||||||||||||||||||||||||
Exercise price of warrant | $ / shares | $ 20 | ||||||||||||||||||||||||||||||||||||||||
Marketing Consulting Services | Consultant | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Contractual Obligation | $ 65,000 | ||||||||||||||||||||||||||||||||||||||||
Consulting Expense In Shares | shares | 25,000 | ||||||||||||||||||||||||||||||||||||||||
Business Advisory Services Immediately Vesting | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Consulting expense | $ 75,000 | ||||||||||||||||||||||||||||||||||||||||
August 16, 2015 | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Number of shares vest on first anniversary of date of grant | shares | 7,500 | ||||||||||||||||||||||||||||||||||||||||
August 16, 2016 | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Number of shares vest on second anniversary of date of grant | shares | 7,500 | ||||||||||||||||||||||||||||||||||||||||
Assignment Agreement | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Cash payment in exchange for patents | $ 15,000 | ||||||||||||||||||||||||||||||||||||||||
Percentage of royalty agreed to be paid | 5.00% | ||||||||||||||||||||||||||||||||||||||||
Royalty Period | 20 years | ||||||||||||||||||||||||||||||||||||||||
Research and Development Arrangement | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Cash payment in exchange for patents | $ 500,000 | ||||||||||||||||||||||||||||||||||||||||
Percentage of royalty agreed to be paid | 5.00% | ||||||||||||||||||||||||||||||||||||||||
Royalty Period | 20 years | ||||||||||||||||||||||||||||||||||||||||
Research and Development Expense | $ 264,000 | 500,000 | |||||||||||||||||||||||||||||||||||||||
Professional Fees | $ 208,335 | 323,336 | |||||||||||||||||||||||||||||||||||||||
Accrued Professional Fees | 104,168 | ||||||||||||||||||||||||||||||||||||||||
Gain On Settlement Related To Agreement | $ 166,668 | ||||||||||||||||||||||||||||||||||||||||
Agreement Expiration Date | Jun. 14, 2015 | ||||||||||||||||||||||||||||||||||||||||
Research and Development Arrangement | Minimum | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Fees payable for services per month | $ 20,000 | ||||||||||||||||||||||||||||||||||||||||
Research and Development Arrangement | Maximum | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Fees payable for services per month | $ 41,667 | ||||||||||||||||||||||||||||||||||||||||
Marketing Consulting Services Agreement | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Warrant exercisable term | 5 years | ||||||||||||||||||||||||||||||||||||||||
Consulting expense | 82,500 | 120,000 | |||||||||||||||||||||||||||||||||||||||
Marketing Consulting Services Agreement | Warrant [Member] | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Grant date value | $ 37,500 | ||||||||||||||||||||||||||||||||||||||||
Marketing Consulting Services Agreement | Common Stock [Member] | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Grant date value | $ 110,000 | ||||||||||||||||||||||||||||||||||||||||
Business Advisory Services | Extension 1 | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Warrant issued for the purchase of common stock | shares | 12,500 | ||||||||||||||||||||||||||||||||||||||||
Exercise price of warrant | $ / shares | $ 20 | ||||||||||||||||||||||||||||||||||||||||
Grant date value | $ 37,500 | ||||||||||||||||||||||||||||||||||||||||
Additional Monthly Fee For Services Rendered | $ 16,667 | ||||||||||||||||||||||||||||||||||||||||
Business Advisory Services | Extension 1 | Subsequent Event | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Warrant issued for the purchase of common stock | shares | 10,000 | ||||||||||||||||||||||||||||||||||||||||
Additional Monthly Fee For Services Rendered | $ 15,000 | ||||||||||||||||||||||||||||||||||||||||
Business Advisory Services | Extension 2 | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Warrant issued for the purchase of common stock | shares | 5,000 | ||||||||||||||||||||||||||||||||||||||||
Exercise price of warrant | $ / shares | $ 10 | ||||||||||||||||||||||||||||||||||||||||
Grant date value | $ 17,000 | ||||||||||||||||||||||||||||||||||||||||
Additional Monthly Fee For Services Rendered | $ 15,000 | ||||||||||||||||||||||||||||||||||||||||
Consulting expense | 150,000 | $ 120,000 | |||||||||||||||||||||||||||||||||||||||
Business Advisory Services | Extension 2 | Subsequent Event | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Warrant issued for the purchase of common stock | shares | 10,000 | ||||||||||||||||||||||||||||||||||||||||
Chief Executive Officer Employment Agreements | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Restructuring Reserve, Current | $ 175,000 | ||||||||||||||||||||||||||||||||||||||||
Severance Costs | $ 125,000 | ||||||||||||||||||||||||||||||||||||||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | $ 300,000 | ||||||||||||||||||||||||||||||||||||||||
Scientific Advisory Services | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Grant date value | $ 5,860 | $ 47,960 | $ 45,900 | ||||||||||||||||||||||||||||||||||||||
Warrant exercisable term | 5 years | 10 years | 5 years | 10 years | 10 years | ||||||||||||||||||||||||||||||||||||
Recognized granted fair value award | $ 2,056 | ||||||||||||||||||||||||||||||||||||||||
Total options granted | shares | 1,250 | 5,000 | 250 | 15,000 | 3,000 | ||||||||||||||||||||||||||||||||||||
Stock options granted exercise price per share | $ / shares | $ 10 | $ 20 | $ 20 | $ 5.70 | $ 30 | ||||||||||||||||||||||||||||||||||||
Number of shares immediately vest on date of grants | shares | 250 | 81,000 | 1,500 | ||||||||||||||||||||||||||||||||||||||
Number of shares vest on first anniversary of date of grant | shares | 625 | 2,500 | |||||||||||||||||||||||||||||||||||||||
Number of shares vest on second anniversary of date of grant | shares | 625 | 2,500 | 1,500 | ||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Warrant issued for the purchase of common stock | shares | 500 | 5,000 | 5,000 | 500 | |||||||||||||||||||||||||||||||||||||
Grant date value | $ 1,500 | $ 16,770 | $ 59,000 | $ 6,600 | |||||||||||||||||||||||||||||||||||||
Warrant exercisable term | 5 years | 5 years | 5 years | 3 years | |||||||||||||||||||||||||||||||||||||
Additional vested common stock shares | shares | 23,719 | 6,477 | |||||||||||||||||||||||||||||||||||||||
Additional Vested Common Stock Value | $ 159,837 | $ 77,555 | |||||||||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 15 | $ 40 | $ 80 | $ 30 | |||||||||||||||||||||||||||||||||||||
Stem Cell Treatment Company | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Monthly Payments for Leasing | $ 100 | ||||||||||||||||||||||||||||||||||||||||
Payments for Leasing Per Day | $ 3,750 | ||||||||||||||||||||||||||||||||||||||||
Melville Lease | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Number of shares called by warrants | shares | 7,105 | ||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 10 | ||||||||||||||||||||||||||||||||||||||||
Land Subject to Ground Leases | ft² | 6,800 | ||||||||||||||||||||||||||||||||||||||||
Land Lease Term | 63 months | ||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Other | shares | 14,210 | ||||||||||||||||||||||||||||||||||||||||
Description Of Leasing Arrangement Consideration | (i) $60,000 towards the leasehold improvements of the leased premises and (ii) $11,050 of prepaid rent for the fifth month of the lease. | ||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 71,050 | ||||||||||||||||||||||||||||||||||||||||
Leasehold Improvements, Gross | $ 60,000 | ||||||||||||||||||||||||||||||||||||||||
Prepaid Rent | 11,050 | ||||||||||||||||||||||||||||||||||||||||
Security Deposit | $ 45,900 | ||||||||||||||||||||||||||||||||||||||||
Melville Lease | Minimum | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Accrued Rent | $ 132,600 | ||||||||||||||||||||||||||||||||||||||||
Melville Lease | Maximum | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Accrued Rent | $ 149,260 |
Stockholders' Deficiency - Addi
Stockholders' Deficiency - Additional Information (Detail) - USD ($) | Oct. 07, 2014 | Aug. 13, 2014 | Oct. 04, 2013 | Jan. 23, 2015 | Nov. 17, 2014 | Oct. 31, 2014 | Oct. 27, 2014 | Oct. 23, 2014 | Sep. 24, 2014 | Jul. 23, 2014 | Jun. 16, 2014 | Mar. 12, 2014 | Feb. 20, 2014 | Nov. 27, 2013 | Jun. 30, 2015 | Dec. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 15, 2015 | Oct. 14, 2015 | Aug. 13, 2015 | Jul. 07, 2015 | May. 29, 2015 | Jan. 01, 2015 | Dec. 19, 2014 | May. 08, 2014 | Feb. 18, 2014 | Apr. 15, 2013 |
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Shares and warrants issued for cash (in shares) | 27,500 | 505,250 | |||||||||||||||||||||||||||
Sales of common stock and warrants for cash | $ 1,051,000 | $ 945,000 | $ 2,605,000 | $ 905,000 | |||||||||||||||||||||||||
Warrants to purchase common stock | 116,535 | 20,180 | |||||||||||||||||||||||||||
Warrants aggregate grant date fair value | $ 389,608 | $ 224,313 | |||||||||||||||||||||||||||
Share granted vested | 24,500 | 41,584 | 625 | ||||||||||||||||||||||||||
Weighted average estimated fair value of stock options granted | $ 7.64 | $ 4.80 | $ 5.40 | $ 5.20 | |||||||||||||||||||||||||
Stock-based compensation, stock option granted | 25,000 | 45,000 | 528,750 | 57,250 | |||||||||||||||||||||||||
Stock-based compensation, stock options granted, exercise price | $ 6.40 | $ 8.82 | $ 8.17 | $ 13.60 | |||||||||||||||||||||||||
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued | 19,198 | ||||||||||||||||||||||||||||
Grant date fair value | $ 99,147 | ||||||||||||||||||||||||||||
Common stock, Authorized | 30,000,000 | 30,000,000 | 30,000,000 | 200,000,000 | 100,000,000 | ||||||||||||||||||||||||
Common stock, par value | $ 0.01 | $ 0.001 | $ 0.001 | ||||||||||||||||||||||||||
Preferred stock, Authorized | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 1,000,000 | ||||||||||||||||||||||||
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||||||||||
Proceeds from Warrant Exercises | $ 0 | $ 80,000 | $ 113,000 | $ 505,809 | |||||||||||||||||||||||||
Warrant modification charge | 15,900 | 50,035 | $ 214,912 | ||||||||||||||||||||||||||
Warrant redemption terms | The terms of the newly issued warrant permit the Company to redeem the new warrant for a total of $1.00 if the common stock of the Company trades above $25.00 for five consecutive trading days. | ||||||||||||||||||||||||||||
Received non-interest bearing advances from officer | 60,055 | ||||||||||||||||||||||||||||
Repayments Short Term Advances | 60,055 | ||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 4,000,000 | 7,500 | $ 150,000 | $ 840,000 | |||||||||||||||||||||||||
Warrant Or Right Expense Or Revenue Recognized | $ 10,000 | ||||||||||||||||||||||||||||
Class of Warrant or Right, Outstanding | 5,000 | ||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 8,500 | ||||||||||||||||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 2,420 | ||||||||||||||||||||||||||||
Bermuda Lender [Member] | Research and Development Arrangement [Member] | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Debt Instrument Prepayments of Debt | 266,297 | ||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 177,237 | ||||||||||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Common stock, Authorized | 30,000,000 | 200,000,000 | 100,000,000 | ||||||||||||||||||||||||||
Preferred stock, Authorized | 5,000,000 | ||||||||||||||||||||||||||||
Received non-interest bearing advances from officer | 60,055 | ||||||||||||||||||||||||||||
Repayments Short Term Advances | 60,055 | ||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 50,000 | $ 60,000 | |||||||||||||||||||||||||||
Class of Warrant or Right, Outstanding | 24,500 | ||||||||||||||||||||||||||||
Warrant Exercise And Reload Program [Member] | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Warrants exercise price | $ 6 | ||||||||||||||||||||||||||||
Exercise price of redeemable warrant to be issued | $ 15 | ||||||||||||||||||||||||||||
Warrants excluded from computation of weighted average price of warrants granted | 18,832 | ||||||||||||||||||||||||||||
Exercise Price Dollor One Point Five Zero | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Warrants excluded from computation of weighted average price of warrants granted | 35,000 | ||||||||||||||||||||||||||||
Share based compensation shares authorized under stock option plans exercise price | $ 30 | ||||||||||||||||||||||||||||
Exercise Price Dollor One Point Five Zero | Warrant Exercise And Reload Program [Member] | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Warrants excluded from computation of weighted average price of warrants granted | 84,305 | ||||||||||||||||||||||||||||
Exercise Price Dollor Zero Point Three Zero | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Warrants excluded from computation of weighted average price of warrants granted | 35,000 | 18,834 | 84,302 | ||||||||||||||||||||||||||
Share based compensation shares authorized under stock option plans exercise price | $ 30 | ||||||||||||||||||||||||||||
Legal Counsel | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued | 2,500 | 7,500 | |||||||||||||||||||||||||||
Grant date fair value | $ 12,500 | $ 33,000 | |||||||||||||||||||||||||||
First Anniversary Of Grant Date | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Share granted vested | 24,500 | ||||||||||||||||||||||||||||
Second Anniversary of Grant Date | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Share granted vested | 79,467 | ||||||||||||||||||||||||||||
Employee | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Stock-based compensation, stock option granted | 5,000 | ||||||||||||||||||||||||||||
Stock-based compensation, stock options granted, exercise price | $ 6.60 | ||||||||||||||||||||||||||||
Stock-based compensation, stock options granted, grant date fair value | $ 31,600 | ||||||||||||||||||||||||||||
Advisor | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Stock-based compensation, stock option granted | 12,500 | ||||||||||||||||||||||||||||
Stock-based compensation, stock options granted, exercise price | $ 6.80 | ||||||||||||||||||||||||||||
Stock-based compensation, stock options granted, grant date fair value | $ 78,500 | ||||||||||||||||||||||||||||
Employees and Directors | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Stock-based compensation, stock option granted | 297,500 | 120,750 | 36,786 | ||||||||||||||||||||||||||
Stock-based compensation, stock options granted, exercise price | $ 6.60 | ||||||||||||||||||||||||||||
Stock-based compensation, stock options granted, grant date fair value | $ 1,710,400 | ||||||||||||||||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 5,000 | ||||||||||||||||||||||||||||
Employees, Directors and an Advisor | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Stock-based compensation, stock option granted | 49,000 | ||||||||||||||||||||||||||||
Stock-based compensation, stock options granted, exercise price | $ 12 | ||||||||||||||||||||||||||||
Consultant [Member] | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Stock-based compensation, stock option granted | 3,750 | 3,000 | |||||||||||||||||||||||||||
Stock-based compensation, stock options granted, exercise price | $ 6.60 | $ 7.80 | |||||||||||||||||||||||||||
Stock-based compensation, stock options granted, grant date fair value | $ 20,100 | $ 18,600 | |||||||||||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 1,500 | ||||||||||||||||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 33,000 | ||||||||||||||||||||||||||||
Professional Services [Member] | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 943 | ||||||||||||||||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 8,481 | ||||||||||||||||||||||||||||
Warrants | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Weighted average estimated fair value of stock warrants granted, per share | $ 3.60 | $ 3.80 | $ 3.40 | $ 7.20 | |||||||||||||||||||||||||
Warrants | Warrant Exercise And Reload Program [Member] | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Warrants exercise price | $ 6 | $ 6 | |||||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Stock-based compensation expense | $ 484,526 | $ 510,268 | $ 874,193 | $ 647,815 | |||||||||||||||||||||||||
Unrecognized stock-based compensation expense | $ 2,328,885 | ||||||||||||||||||||||||||||
Employee Service Share-Based Compensation, Nonvested Awards, Total Compensation Cost Not Yet Recognized, Period For Recognition | 2 years 2 months 12 days | 2 years 7 months 6 days | |||||||||||||||||||||||||||
Consultant Awards | First Anniversary Of Grant Date | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Share granted vested | 3,750 | ||||||||||||||||||||||||||||
Consultant Awards | Second Anniversary of Grant Date | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Share granted vested | 625 | ||||||||||||||||||||||||||||
Consultant Awards | Employees, Directors and an Advisor | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Stock-based compensation, stock option granted | 5,000 | ||||||||||||||||||||||||||||
Stock-based compensation, stock options granted, exercise price | $ 9.40 | ||||||||||||||||||||||||||||
Consultant Awards | Warrants | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Stock-based compensation expense | $ 0 | $ 167,126 | $ 185,266 | $ 26,777 | |||||||||||||||||||||||||
Consultant Awards | Non Employee Stock Options | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Stock-based compensation expense | 266,096 | $ 448,189 | |||||||||||||||||||||||||||
Employee Awards | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Stock-based compensation, stock options granted, grant date fair value | $ 199,921 | $ 566,483 | $ 39,200 | ||||||||||||||||||||||||||
Equity Participation Plan 2010 | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Common stock, Authorized | 1,000,000 | 1,000,000 | |||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Shares and warrants issued for cash (in shares) | 180,167 | 433,600 | 42,030 | ||||||||||||||||||||||||||
Warrants to purchase common stock | 56,290 | ||||||||||||||||||||||||||||
Warrants aggregate grant date fair value | $ 188,883 | ||||||||||||||||||||||||||||
Minimum | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Shares issued, per share | $ 5 | $ 17 | |||||||||||||||||||||||||||
Warrants exercise price | $ 6 | $ 30 | |||||||||||||||||||||||||||
Estimated Forfeitures Related To Option Grants Annual Rate | 0.00% | 0.00% | |||||||||||||||||||||||||||
Minimum | Employees and Directors | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Stock-based compensation, stock options granted, exercise price | $ 10.60 | ||||||||||||||||||||||||||||
Minimum | Equity Participation Plan 2010 | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Common stock, Authorized | 300,000 | ||||||||||||||||||||||||||||
Minimum | Common Stock | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Warrants exercise price | $ 8 | ||||||||||||||||||||||||||||
Estimated Forfeitures Related To Option Grants Annual Rate | 0.00% | ||||||||||||||||||||||||||||
EquityIssuance Per Share Value | $ 5 | ||||||||||||||||||||||||||||
Maximum | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Shares issued, per share | $ 9 | $ 30 | |||||||||||||||||||||||||||
Warrants exercise price | $ 15 | $ 80 | |||||||||||||||||||||||||||
Estimated Forfeitures Related To Option Grants Annual Rate | 5.00% | 5.00% | |||||||||||||||||||||||||||
Maximum | Employees and Directors | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Stock-based compensation, stock options granted, exercise price | $ 13 | ||||||||||||||||||||||||||||
Maximum | Equity Participation Plan 2010 | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Common stock, Authorized | 600,000 | ||||||||||||||||||||||||||||
Maximum | Common Stock | |||||||||||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | |||||||||||||||||||||||||||||
Warrants exercise price | $ 15 | ||||||||||||||||||||||||||||
Estimated Forfeitures Related To Option Grants Annual Rate | 5.00% | ||||||||||||||||||||||||||||
EquityIssuance Per Share Value | $ 6 |
Black-Scholes Option Pricing Mo
Black-Scholes Option Pricing Model to Warrant Granted, Weighted Average Assumptions (Detail) - Warrants | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term (years) | 5 years | |||
Expected dividends | 0.00% | 0.00% | 0.00% | 0.00% |
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk free interest rate | 1.22% | 0.39% | 0.39% | 0.34% |
Expected term (years) | 1 year 11 months 16 days | 1 year 11 months 16 days | 3 years | |
Expected volatility | 121.00% | 120.00% | 116.00% | 132.00% |
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk free interest rate | 1.71% | 2.20% | 2.20% | 1.68% |
Expected term (years) | 5 years | 5 years | 5 years | |
Expected volatility | 122.00% | 129.00% | 122.00% | 135.00% |
Summary of Warrant Activity (De
Summary of Warrant Activity (Detail) - Warrants - USD ($) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Number of Warrants | |||||
Beginning Balance | 412,423 | 239,792 | 166,740 | ||
Granted | 316,428 | 192,463 | 157,357 | ||
Exercised | 0 | (18,832) | (84,305) | ||
Forfeited | 0 | (1,000) | 0 | ||
Ending Balance | 728,850 | 412,423 | 239,792 | ||
Exercisable | 693,850 | 377,422 | |||
Weighted Average Exercise Price | |||||
Beginning Balance | $ 17.97 | $ 24.16 | $ 33.80 | ||
Granted | 13.82 | 13.92 | 31.20 | ||
Exercised | 0 | 6 | [1] | 6 | [1] |
Forfeited | 0 | 10 | 0 | ||
Ending Balance | 16.17 | 17.97 | $ 24.16 | ||
Exercisable | $ 15.47 | $ 16.86 | |||
Weighted Average Remaining Life In Years | |||||
Outstanding | 3 years 9 months 18 days | 3 years 2 months 12 days | |||
Exercisable | 3 years 10 months 24 days | 3 years 3 months 18 days | |||
Aggregate Intrinsic Value | |||||
Outstanding | $ 45,500 | $ 0 | |||
Exercisable | $ 45,500 | $ 0 | |||
[1] | During the year ended December 31, 2013, warrants to purchase an aggregate of 84,305 shares of common stock, with original exercise prices ranging from $30.00 to $80.00 per share, had their exercise prices reduced to $6.00 per share pursuant to the Warrant Exercise and Reload Program. During the year ended December 31, 2014, warrants to purchase an aggregate of 18,832 shares of common stock, with original exercise prices ranging from $30.00 to $80.00 per share, had their exercise prices reduced to $6.00 per share pursuant to the Warrant Exercise and Reload Program. |
Summarized Information Related
Summarized Information Related to Stock Warrants (Detail) - $ / shares | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2014 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants Outstanding, Number of Warrants | 728,850 | 412,423 | ||
Warrants Exercisable, Weighted Average Remaining Life In Years | 3 years 10 months 24 days | 3 years 3 months 18 days | ||
Warrants Exercisable, Exercisable Number of Warrants | 693,850 | 377,422 | [1] | |
Exercise Price 1 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants Outstanding, Exercise Price | $ 6 | $ 6 | ||
Warrants Outstanding, Number of Warrants | 32,500 | 32,500 | ||
Warrants Exercisable, Weighted Average Remaining Life In Years | 3 years 10 months 24 days | 4 years 4 months 24 days | ||
Warrants Exercisable, Exercisable Number of Warrants | 32,500 | 32,500 | ||
Exercise Price 2 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants Outstanding, Exercise Price | $ 7.60 | $ 8 | ||
Warrants Outstanding, Number of Warrants | 25,000 | 10,000 | ||
Warrants Exercisable, Weighted Average Remaining Life In Years | 4 years 9 months 18 days | 4 years 10 months 24 days | ||
Warrants Exercisable, Exercisable Number of Warrants | 25,000 | 10,000 | ||
Exercise Price 3 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants Outstanding, Exercise Price | $ 8 | $ 10 | ||
Warrants Outstanding, Number of Warrants | 12,500 | 25,104 | ||
Warrants Exercisable, Weighted Average Remaining Life In Years | 4 years 6 months | 4 years 9 months 18 days | ||
Warrants Exercisable, Exercisable Number of Warrants | 12,500 | 25,104 | ||
Exercise Price 4 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants Outstanding, Exercise Price | $ 10 | $ 10.60 | ||
Warrants Outstanding, Number of Warrants | 56,554 | 19,000 | ||
Warrants Exercisable, Weighted Average Remaining Life In Years | 4 years 7 months 6 days | 3 years 4 months 24 days | ||
Warrants Exercisable, Exercisable Number of Warrants | 56,554 | 19,000 | ||
Exercise Price 5 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants Outstanding, Exercise Price | $ 10.60 | $ 11.60 | ||
Warrants Outstanding, Number of Warrants | 19,000 | 2,500 | ||
Warrants Exercisable, Weighted Average Remaining Life In Years | 2 years 10 months 24 days | 4 years 9 months 18 days | ||
Warrants Exercisable, Exercisable Number of Warrants | 19,000 | 2,500 | ||
Exercise Price 6 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants Outstanding, Exercise Price | $ 11.60 | $ 15 | ||
Warrants Outstanding, Number of Warrants | 2,500 | 202,160 | ||
Warrants Exercisable, Weighted Average Remaining Life In Years | 4 years 3 months 18 days | 2 years 9 months 18 days | ||
Warrants Exercisable, Exercisable Number of Warrants | 2,500 | 202,160 | ||
Exercise Price 7 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants Outstanding, Exercise Price | $ 12 | $ 18.80 | ||
Warrants Outstanding, Number of Warrants | 5,000 | 2,500 | ||
Warrants Exercisable, Weighted Average Remaining Life In Years | 4 years 9 months 18 days | 4 years 9 months 18 days | ||
Warrants Exercisable, Exercisable Number of Warrants | 5,000 | 2,500 | ||
Exercise Price 8 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants Outstanding, Exercise Price | $ 15 | $ 20 | ||
Warrants Outstanding, Number of Warrants | 454,638 | 27,500 | ||
Warrants Exercisable, Weighted Average Remaining Life In Years | 4 years | 4 years 4 months 24 days | ||
Warrants Exercisable, Exercisable Number of Warrants | 454,638 | 27,500 | ||
Exercise Price 9 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants Outstanding, Exercise Price | $ 18.80 | $ 30 | ||
Warrants Outstanding, Number of Warrants | 2,500 | 43,140 | ||
Warrants Exercisable, Weighted Average Remaining Life In Years | 4 years 3 months 18 days | 2 years 6 months | ||
Warrants Exercisable, Exercisable Number of Warrants | 2,500 | 43,140 | ||
Exercise Price 10 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants Outstanding, Exercise Price | $ 20 | $ 35 | ||
Warrants Outstanding, Number of Warrants | 27,500 | 1,000 | ||
Warrants Exercisable, Weighted Average Remaining Life In Years | 3 years 10 months 24 days | 2 years 3 months 18 days | ||
Warrants Exercisable, Exercisable Number of Warrants | 27,500 | 1,000 | ||
Exercise Price 11 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants Outstanding, Exercise Price | $ 30 | $ 40 | ||
Warrants Outstanding, Number of Warrants | 43,140 | 6,176 | ||
Warrants Exercisable, Weighted Average Remaining Life In Years | 2 years | 3 years 10 months 24 days | ||
Warrants Exercisable, Exercisable Number of Warrants | 43,140 | 6,176 | ||
Exercise Price 12 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants Outstanding, Exercise Price | $ 35 | $ 50 | ||
Warrants Outstanding, Number of Warrants | 1,000 | 1,000 | ||
Warrants Exercisable, Weighted Average Remaining Life In Years | 1 year 9 months 18 days | 2 years 7 months 6 days | ||
Warrants Exercisable, Exercisable Number of Warrants | 1,000 | 1,000 | ||
Exercise Price 13 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants Outstanding, Exercise Price | $ 40 | $ 60 | ||
Warrants Outstanding, Number of Warrants | 6,176 | 1,843 | ||
Warrants Exercisable, Weighted Average Remaining Life In Years | 3 years 4 months 24 days | 3 years 3 months 18 days | ||
Warrants Exercisable, Exercisable Number of Warrants | 6,176 | 1,842 | ||
Exercise Price 14 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants Outstanding, Exercise Price | $ 50 | $ 80 | ||
Warrants Outstanding, Number of Warrants | 1,000 | 3,000 | ||
Warrants Exercisable, Weighted Average Remaining Life In Years | 2 years 1 month 6 days | 2 years 9 months 18 days | ||
Warrants Exercisable, Exercisable Number of Warrants | 1,000 | 3,000 | ||
Exercise Price 15 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants Outstanding, Exercise Price | $ 60 | |||
Warrants outstanding, Exercise Price Description | Variable | |||
Warrants Outstanding, Number of Warrants | 1,842 | 35,000 | ||
Warrants Exercisable, Weighted Average Remaining Life In Years | 2 years 9 months 18 days | 0 years | [1] | |
Warrants Exercisable, Exercisable Number of Warrants | 1,842 | 0 | [1] | |
Exercise price 16 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants Outstanding, Exercise Price | $ 80 | |||
Warrants Outstanding, Number of Warrants | 3,000 | |||
Warrants Exercisable, Weighted Average Remaining Life In Years | 2 years 3 months 18 days | |||
Warrants Exercisable, Exercisable Number of Warrants | 3,000 | |||
Exercise Price 17 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants Outstanding, Exercise Price | [2] | |||
Warrants Outstanding, Number of Warrants | 35,000 | |||
Warrants Exercisable, Weighted Average Remaining Life In Years | 0 years | |||
Warrants Exercisable, Exercisable Number of Warrants | 0 | |||
[1] | Warrants to purchase 700,000 shares of common stock have an exercise price which is the greater of $1.50 per share or the fair market value of the common stock on the date certain performance criteria are met. Exercisability of warrants is subject to satisfaction of certain performance criteria which did not occur during the year ended December 31, 2014. | |||
[2] | Warrants to purchase 35,000 shares of common stock have an exercise price which is the greater of $30.00 per share or the fair market value of the common stock on the date certain performance criteria are met. Exercisability of warrants is subject to satisfaction of certain performance criteria which did not occur during the six months ended June 30, 2015. |
Black-Scholes Option Pricing 49
Black-Scholes Option Pricing Model to Stock Option Granted, Weighted Average Assumptions (Detail) - Stock Options | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected dividends | 0.00% | 0.00% | 0.00% | 0.00% |
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk free interest rate | 1.33% | 1.50% | 1.50% | 1.13% |
Expected term (years) | 5 years | 5 years | 5 years | 5 years |
Expected volatility | 121.00% | 120.00% | 116.00% | 132.00% |
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk free interest rate | 1.64% | 2.54% | 2.54% | 2.66% |
Expected term (years) | 6 years | 10 years | 10 years | 10 years |
Expected volatility | 122.00% | 121.00% | 122.00% | 135.00% |
Information Related to Stock Op
Information Related to Stock Option Expense (Detail) - Stock Options - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Stock-based compensation expense | $ 484,526 | $ 510,268 | $ 874,193 | $ 647,815 | ||
Unrecognized expense | $ 1,883,801 | $ 2,328,885 | ||||
Weighted Average Amortization Period (Years) | 2 years 2 months 12 days | 2 years 7 months 6 days | ||||
Consulting | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Stock-based compensation expense | $ 118,230 | 251,575 | $ 365,825 | 160,894 | ||
Unrecognized expense | $ 476,246 | $ 654,956 | ||||
Weighted Average Amortization Period (Years) | 2 years 3 months 18 days | 2 years 7 months 6 days | ||||
Research and development | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Stock-based compensation expense | $ 233,152 | 153,714 | $ 328,740 | 251,758 | ||
Unrecognized expense | $ 643,481 | [1] | $ 712,551 | [2] | ||
Weighted Average Amortization Period (Years) | 2 years 2 months 12 days | 2 years 6 months | ||||
General and administrative | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Stock-based compensation expense | $ 133,144 | $ 104,979 | $ 179,628 | $ 235,163 | ||
Unrecognized expense | $ 764,074 | $ 961,378 | ||||
Weighted Average Amortization Period (Years) | 2 years 2 months 12 days | 2 years 7 months 6 days | ||||
[1] | Includes $266,096 of unrecognized expense that is subject to non-employee mark-to-market adjustments. | |||||
[2] | Includes $448,189 of expense that is subject to non-employee mark-to-market adjustments. |
Summary of Stock Option Activit
Summary of Stock Option Activity (Detail) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
Feb. 20, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of Options | ||||
Outstanding | 779,200 | 252,150 | 200,900 | |
Granted | 25,000 | 45,000 | 528,750 | 57,250 |
Exercised | 0 | 0 | 0 | |
Forfeited | (35,000) | (1,700) | (6,000) | |
Outstanding | 789,200 | 779,200 | 252,150 | |
Exercisable | 365,327 | 318,573 | ||
Weighted Average Exercise Price | ||||
Outstanding | $ 12.18 | $ 20.70 | $ 22.40 | |
Granted | $ 6.40 | 8.82 | 8.17 | 13.60 |
Exercised | 0 | 0 | 0 | |
Forfeited | 6.34 | 26.18 | 10 | |
Outstanding | 12.25 | 12.18 | $ 20.70 | |
Exercisable | $ 17.49 | $ 18.29 | ||
Weighted Average Remaining Life In Years | ||||
Outstanding | 8 years | 8 years 6 months | ||
Exercisable | 7 years 2 months 12 days | 7 years 7 months 6 days | ||
Intrinsic Value | ||||
Outstanding | $ 317,000 | $ 979,600 | ||
Exercisable | $ 28,500 | $ 45,600 |
Information Related to Stock 52
Information Related to Stock Options (Detail) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding, Number of Options | 789,200 | 779,200 |
Options Exercisable, Weighted Average Remaining Life In Years | 7 years 2 months 12 days | 7 years 7 months 6 days |
Options Exercisable, Exercisable Number of Options | 365,327 | 318,573 |
Exercise Price 1 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding, Exercise Price | $ 5.70 | $ 5.70 |
Options Outstanding, Number of Options | 35,000 | 45,000 |
Options Exercisable, Weighted Average Remaining Life In Years | 9 years | 9 years 6 months |
Options Exercisable, Exercisable Number of Options | 15,000 | 10,000 |
Exercise Price 2 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding, Exercise Price | $ 6.40 | $ 6.40 |
Options Outstanding, Number of Options | 25,000 | 25,000 |
Options Exercisable, Weighted Average Remaining Life In Years | 0 years | 0 years |
Options Exercisable, Exercisable Number of Options | 0 | 0 |
Exercise Price 3 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding, Exercise Price | $ 6.60 | $ 6.60 |
Options Outstanding, Number of Options | 281,250 | 306,250 |
Options Exercisable, Weighted Average Remaining Life In Years | 4 years 2 months 12 days | 4 years 8 months 12 days |
Options Exercisable, Exercisable Number of Options | 3,750 | 3,750 |
Exercise Price 4 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding, Exercise Price | $ 6.80 | $ 6.80 |
Options Outstanding, Number of Options | 12,500 | 12,500 |
Options Exercisable, Weighted Average Remaining Life In Years | 0 years | 0 years |
Options Exercisable, Exercisable Number of Options | 0 | 0 |
Exercise Price 5 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding, Exercise Price | $ 7.80 | $ 7.80 |
Options Outstanding, Number of Options | 3,000 | 3,000 |
Options Exercisable, Weighted Average Remaining Life In Years | 4 years | 4 years 6 months |
Options Exercisable, Exercisable Number of Options | 3,000 | 3,000 |
Exercise Price 6 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding, Exercise Price | $ 8 | $ 10 |
Options Outstanding, Number of Options | 15,000 | 17,250 |
Options Exercisable, Weighted Average Remaining Life In Years | 0 years | 4 years 10 months 24 days |
Options Exercisable, Exercisable Number of Options | 0 | 16,625 |
Exercise Price 7 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding, Exercise Price | $ 9.20 | $ 10.60 |
Options Outstanding, Number of Options | 25,000 | 2,000 |
Options Exercisable, Weighted Average Remaining Life In Years | 0 years | 9 years 2 months 12 days |
Options Exercisable, Exercisable Number of Options | 0 | 2,000 |
Exercise Price 8 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding, Exercise Price | $ 9.40 | $ 12 |
Options Outstanding, Number of Options | 5,000 | 49,000 |
Options Exercisable, Weighted Average Remaining Life In Years | 4 years 7 months 6 days | 8 years 9 months 18 days |
Options Exercisable, Exercisable Number of Options | 4,375 | 49,000 |
Exercise Price 9 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding, Exercise Price | $ 10 | $ 13 |
Options Outstanding, Number of Options | 17,250 | 133,750 |
Options Exercisable, Weighted Average Remaining Life In Years | 4 years 4 months 24 days | 9 years 1 month 6 days |
Options Exercisable, Exercisable Number of Options | 17,250 | 56,248 |
Exercise price 10 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding, Exercise Price | $ 10.60 | $ 20 |
Options Outstanding, Number of Options | 2,000 | 6,550 |
Options Exercisable, Weighted Average Remaining Life In Years | 8 years 8 months 12 days | 8 years |
Options Exercisable, Exercisable Number of Options | 2,000 | 6,550 |
Exercise Price 11 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding, Exercise Price | $ 12 | $ 21 |
Options Outstanding, Number of Options | 49,000 | 113,500 |
Options Exercisable, Weighted Average Remaining Life In Years | 8 years 3 months 18 days | 7 years 1 month 6 days |
Options Exercisable, Exercisable Number of Options | 49,000 | 113,500 |
Exercise Price 12 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding, Exercise Price | $ 13 | $ 22 |
Options Outstanding, Number of Options | 133,750 | 250 |
Options Exercisable, Weighted Average Remaining Life In Years | 8 years 3 months 18 days | 2 years 4 months 24 days |
Options Exercisable, Exercisable Number of Options | 92,502 | 250 |
Exercise Price 13 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding, Exercise Price | $ 20 | $ 24 |
Options Outstanding, Number of Options | 6,550 | 500 |
Options Exercisable, Weighted Average Remaining Life In Years | 7 years 6 months | 1 year 4 months 24 days |
Options Exercisable, Exercisable Number of Options | 6,550 | 500 |
Exercise Price 14 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding, Exercise Price | $ 21 | $ 25 |
Options Outstanding, Number of Options | 113,500 | 2,150 |
Options Exercisable, Weighted Average Remaining Life In Years | 6 years 7 months 6 days | 1 year 10 months 24 days |
Options Exercisable, Exercisable Number of Options | 113,500 | 2,150 |
Exercise Price 15 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding, Exercise Price | $ 22 | $ 28 |
Options Outstanding, Number of Options | 250 | 17,500 |
Options Exercisable, Weighted Average Remaining Life In Years | 2 years | 4 years 6 months |
Options Exercisable, Exercisable Number of Options | 250 | 10,000 |
Exercise price 16 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding, Exercise Price | $ 24 | $ 30 |
Options Outstanding, Number of Options | 500 | 45,000 |
Options Exercisable, Weighted Average Remaining Life In Years | 10 months 24 days | 7 years 10 months 24 days |
Options Exercisable, Exercisable Number of Options | 500 | 45,000 |
Exercise Price 17 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding, Exercise Price | $ 25 | |
Options Outstanding, Number of Options | 2,150 | |
Options Exercisable, Weighted Average Remaining Life In Years | 1 year 4 months 24 days | |
Options Exercisable, Exercisable Number of Options | 2,150 | |
Exercise price 18 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding, Exercise Price | $ 28 | |
Options Outstanding, Number of Options | 17,500 | |
Options Exercisable, Weighted Average Remaining Life In Years | 4 years 1 month 6 days | |
Options Exercisable, Exercisable Number of Options | 10,500 | |
Exercise price 19 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding, Exercise Price | $ 30 | |
Options Outstanding, Number of Options | 45,000 | |
Options Exercisable, Weighted Average Remaining Life In Years | 7 years 4 months 24 days | |
Options Exercisable, Exercisable Number of Options | 45,000 |
Information Related to Common S
Information Related to Common Stock Award Expense (Detail) - Common Stock Award - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Stock-based compensation expense | $ 99,147 | $ 240,398 | $ 300,837 | $ 138,055 |
Unrecognized expense | 0 | 0 | ||
Consulting | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Stock-based compensation expense | 90,300 | 234,500 | 276,500 | 111,351 |
Unrecognized expense | 0 | 0 | ||
Research and development | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Stock-based compensation expense | 8,847 | $ 5,898 | 24,337 | $ 26,704 |
Unrecognized expense | $ 0 | $ 0 |
Summary of Common Stock Award A
Summary of Common Stock Award Activity (Detail) - Common Stock Award - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Beginning Balance | 0 | 0 |
Number of Shares, Granted | 97,188 | 11,977 |
Number of Shares, Vested | (97,188) | (11,977) |
Numberof Shares, Forfeited | 0 | 0 |
Number of Shares, Ending Balance | 0 | 0 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ 0 | $ 0 |
Weighted Average Grant Date Fair Value, Granted | 5.27 | 11.53 |
Weighted Average Grant Date Fair Value, Vested | (5.27) | (11.53) |
Weighted Average Grant Date Fair Value, Forfeited | 0 | 0 |
Weighted Average Grant Date Fair Value, Ending Balance | $ 0 | $ 0 |
Total Grant Date Fair Value, Beginning Balance | $ 0 | $ 0 |
Total Grant Date Fair Value, Granted | 511,886 | 138,055 |
Total Grant Date Fair Value, Vested | (511,886) | (138,055) |
Total Grant Date Fair Value, Forfeited | 0 | 0 |
Total Grant Date Fair Value, Ending Balance | $ 0 | $ 0 |
Subsequent Events- Additional I
Subsequent Events- Additional Information (Detail) - USD ($) | Oct. 14, 2015 | Aug. 13, 2015 | Aug. 07, 2015 | Jul. 09, 2015 | Jul. 07, 2015 | Apr. 06, 2015 | Mar. 09, 2015 | Feb. 09, 2015 | Oct. 07, 2014 | Aug. 13, 2014 | Sep. 29, 2015 | Aug. 19, 2015 | Jul. 27, 2015 | Jan. 23, 2015 | Sep. 24, 2014 | Jul. 27, 2014 | Jul. 23, 2014 | Jun. 27, 2014 | Jun. 16, 2014 | Feb. 20, 2014 | Mar. 26, 2013 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 15, 2015 | Aug. 21, 2015 | May. 29, 2015 | May. 27, 2015 | Dec. 02, 2014 | May. 08, 2014 | May. 02, 2014 | Dec. 18, 2013 |
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 10.00% | |||||||||||||||||||||||||||||||
Number of shares called by warrants | 35,299 | 9,500 | 20,125 | |||||||||||||||||||||||||||||
Warrants Issued During Period, Number of Warrants | 526,250 | |||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 25,000 | 45,000 | 528,750 | 57,250 | ||||||||||||||||||||||||||||
Share-Based Compensation Arrangements By Share-Based Payment Award, Options, Grants In Period, Weighted Average Exercise Price | $ 6.40 | $ 8.82 | $ 8.17 | $ 13.60 | ||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 27,500 | 505,250 | ||||||||||||||||||||||||||||||
Sale of Stock, Price Per Share | $ 7 | |||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 1,051,000 | $ 2,605,000 | $ 905,000 | |||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 8,500 | |||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 2,420 | |||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 840,000 | $ 4,000,000 | 7,500 | $ 150,000 | ||||||||||||||||||||||||||||
Interest Payable | $ 70,727 | |||||||||||||||||||||||||||||||
Class of Warrant or Right, Outstanding | 5,000 | |||||||||||||||||||||||||||||||
Received non-interest bearing advances from officer | 60,055 | |||||||||||||||||||||||||||||||
Repayments Short Term Advances | $ 60,055 | |||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4 | $ 15 | ||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 30,000 | |||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 227,682 | |||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Warrants or Options Issued | 227,682 | |||||||||||||||||||||||||||||||
Warrant Expiration Term | 5 years | |||||||||||||||||||||||||||||||
Advisory Services [Member] | Extension One [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Warrant Issued To Purchase Common Stock | 12,500 | |||||||||||||||||||||||||||||||
Additional Monthly Fee For Services Rendered | $ 16,667 | |||||||||||||||||||||||||||||||
Advisory Services [Member] | Extension Two [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Warrant Issued To Purchase Common Stock | 5,000 | |||||||||||||||||||||||||||||||
Additional Monthly Fee For Services Rendered | $ 15,000 | |||||||||||||||||||||||||||||||
Bermuda Lender [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Number of shares called by warrants | 186,682 | |||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 30,000 | |||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 480,000 | |||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 4,410,937 | |||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 11.00% | 15.00% | ||||||||||||||||||||||||||||||
Interest Payable | $ 69,436 | |||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 15 | |||||||||||||||||||||||||||||||
Bermuda Lender [Member] | Research and Development Arrangement [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Debt Instrument Prepayments of Debt | 266,297 | |||||||||||||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 105,000 | |||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 15 | $ 50 | ||||||||||||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 90,000 | |||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 10 | $ 18.80 | ||||||||||||||||||||||||||||||
Consultant | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 3,750 | 3,000 | ||||||||||||||||||||||||||||||
Share-Based Compensation Arrangements By Share-Based Payment Award, Options, Grants In Period, Weighted Average Exercise Price | $ 6.60 | $ 7.80 | ||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 1,500 | |||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 33,000 | |||||||||||||||||||||||||||||||
Director [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 15,000 | |||||||||||||||||||||||||||||||
Share-Based Compensation Arrangements By Share-Based Payment Award, Options, Grants In Period, Weighted Average Exercise Price | $ 8 | |||||||||||||||||||||||||||||||
Warrant Issued To Purchase Common Stock | 30,000 | |||||||||||||||||||||||||||||||
Exchangeable Notes Payable | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 10.00% | 12.00% | 12.00% | |||||||||||||||||||||||||||||
Number of shares called by warrants | 17,700 | |||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 315,000 | |||||||||||||||||||||||||||||||
Proceeds from Convertible Debt | $ 75,000 | |||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 100.00% | |||||||||||||||||||||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 3,646 | |||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 10 | |||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 158,333 | |||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 3,600 | |||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | The convertible notes are convertible into shares of the Company's common stock during the five days prior to maturity and ending on the day immediately prior to maturity at a conversion price equal to the greater of (a) a range of 62% to 65% of the fair value of the Company's common stock or (b) $3.00 per share. | |||||||||||||||||||||||||||||||
Exchangeable Notes Payable | Maximum [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 12.00% | |||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 5.16 | $ 4.40 | ||||||||||||||||||||||||||||||
Exchangeable Notes Payable | Minimum [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 10.00% | |||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 4.44 | $ 3.80 | ||||||||||||||||||||||||||||||
Officer [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 75,000 | |||||||||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 65,000 | |||||||||||||||||||||||||||||||
Subsequent Event | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 12.00% | |||||||||||||||||||||||||||||||
Warrants Issued During Period, Number of Warrants | 5,000 | |||||||||||||||||||||||||||||||
Warrants Issued During Period, Exercise Price | $ 9.40 | |||||||||||||||||||||||||||||||
Sale of Stock, Price Per Share | $ 5 | |||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 60,000 | $ 50,000 | ||||||||||||||||||||||||||||||
Proceeds from Convertible Debt | $ 30,000 | |||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 2 | |||||||||||||||||||||||||||||||
Class of Warrant or Right, Outstanding | 24,500 | |||||||||||||||||||||||||||||||
Debt Instrument Percentage For Fair Value | 55.00% | |||||||||||||||||||||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 5,984 | |||||||||||||||||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 11,113 | |||||||||||||||||||||||||||||||
Received non-interest bearing advances from officer | $ 60,055 | |||||||||||||||||||||||||||||||
Repayments Short Term Advances | $ 60,055 | |||||||||||||||||||||||||||||||
Severance Payment | $ 125,000 | |||||||||||||||||||||||||||||||
Warrant Issued To Purchase Common Stock | 4,000 | |||||||||||||||||||||||||||||||
Investment Warrants, Exercise Price | $ 15 | |||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 10 | |||||||||||||||||||||||||||||||
Subsequent Event | Advisory Services [Member] | Extension One [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Warrant Issued To Purchase Common Stock | 10,000 | |||||||||||||||||||||||||||||||
Investment Warrants, Exercise Price | $ 12 | |||||||||||||||||||||||||||||||
Additional Monthly Fee For Services Rendered | $ 15,000 | |||||||||||||||||||||||||||||||
Subsequent Event | Advisory Services [Member] | Extension Two [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Warrant Issued To Purchase Common Stock | 10,000 | |||||||||||||||||||||||||||||||
Investment Warrants, Exercise Price | $ 10 | |||||||||||||||||||||||||||||||
Subsequent Event | Employee Stock Option [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 25,000 | |||||||||||||||||||||||||||||||
Share-Based Compensation Arrangements By Share-Based Payment Award, Options, Grants In Period, Weighted Average Exercise Price | $ 9.20 | |||||||||||||||||||||||||||||||
Subsequent Event | In Process Research and Development [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Payments for (Proceeds from) Other Investing Activities | $ 177,234 | |||||||||||||||||||||||||||||||
Subsequent Event | Japanese Pharmaceutical Company [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Payments for (Proceeds from) Other Investing Activities | $ 50,000 | |||||||||||||||||||||||||||||||
Subsequent Event | Maximum [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Warrants Issued During Period, Exercise Price | 8.75 | $ 15 | ||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | 50 | |||||||||||||||||||||||||||||||
Subsequent Event | Minimum [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Warrants Issued During Period, Exercise Price | 7 | $ 8 | ||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 11.60 | |||||||||||||||||||||||||||||||
Subsequent Event | Consultant | Immediately Vesting [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 201,750 | |||||||||||||||||||||||||||||||
Subsequent Event | Consultant | Vesting Over Two Years [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 317,000 | |||||||||||||||||||||||||||||||
Subsequent Event | Consultant | Vesting Over Three Months [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 7,500 | |||||||||||||||||||||||||||||||
Subsequent Event | Chief Executive Officer [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Annual Salary | $ 400,000 | |||||||||||||||||||||||||||||||
Description for annual bonus of each year | The CEO is entitled to receive an annual bonus for 2015 equal to 50% of his annual base salary and an annual bonus for the years 2016 and 2017 equal to 50% of his annual base salary | |||||||||||||||||||||||||||||||
Description for Chief Executive Officer receive severance amount one | the CEO would be entitled to receive severance in an amount equal to one time his then annual base salary and certain benefits, plus $100,000 (in lieu of bonus). | |||||||||||||||||||||||||||||||
Description for Chief Executive Officer receive severance amount two | the CEO would be entitled to receive severance in an amount equal to one and one-half times his then annual base salary and certain benefits, plus $300,000 (in lieu of bonus). | |||||||||||||||||||||||||||||||
Subsequent Event | Chief Executive Officer [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 2,000,000 | |||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 2,000,000 | |||||||||||||||||||||||||||||||
Subsequent Event | Chief Executive Officer [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 1,000,000 | |||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 1,000,000 | |||||||||||||||||||||||||||||||
Subsequent Event | Director [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Received non-interest bearing advances from officer | $ 126,490 | |||||||||||||||||||||||||||||||
Subsequent Event | Director [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Received non-interest bearing advances from officer | $ 67,990 | |||||||||||||||||||||||||||||||
Subsequent Event | Exchangeable Notes Payable | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 100,000 | $ 30,000 | ||||||||||||||||||||||||||||||
Proceeds from Convertible Debt | $ 50,000 | |||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.00% | 10.00% | ||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 4.89 | |||||||||||||||||||||||||||||||
Debt Conversion Original Debt Accrued Interest Amount | $ 1,736 | |||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 30,000 | |||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 6,490 | |||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | The convertible note is payable as follows: (i) $20,000 of the principal and the respective accrued interest on such principal is payable six months from the issuance date (the August Note First Maturity Date), (ii) $20,000 of principal and the respective accrued interest on such principal is payable two weeks following the August Note First Maturity Date, and (iii) $20,000 of principal and the respective accrued interest on such principal is payable one month following the August Note First Maturity Date. Each $20,000 of principal and the respective accrued interest on such principal is convertible into shares of the Companys common stock at the election of the Company during the period beginning five days prior to each maturity date and ending on the day immediately prior to each maturity date at a conversion price equal to the greater of (a) 62% of the fair value of the Companys stock or (b) $3.00 per share. | This note and the accrued interest are convertible into shares of the Companys common stock at the election of the Company during the period beginning five days prior to the maturity date and ending on the day immediately prior to the maturity date at a conversion price equal to 65% of the fair market value of the Companys stock or $3.00 per share | The convertible note is payable as follows: (i) $25,000 of the principal and the respective accrued interest on such principal is payable six months from the issuance date (the July Note First Maturity Date), (ii) $25,000 of principal and the respective accrued interest on such principal is payable two weeks following the July Note First Maturity Date, (iii) $25,000 of principal and the respective accrued interest on such principal is payable four weeks following the July Note First Maturity Date and (iv) $25,000 of principal and the respective accrued interest on such principal is payable six weeks following the July Note First Maturity Date. Each $25,000 of principal and the respective accrued interest on such principal is convertible into shares of the Companys common stock at the election of the Company during the period beginning five days prior to each maturity date and ending on the day immediately prior to each maturity date at a conversion price equal to the greater of (a) 62% of the fair value of the Companys stock or (b) $3.00 per share. | This note and the accrued interest are convertible into shares of the Companys common stock at the election of the Company during the period beginning five days prior to the maturity date and ending on the day immediately prior to the maturity date at a conversion price equal to 65% of the fair market value of the Companys stock or $3.00 per share | This note and the accrued interest is convertible into shares of the Companys common stock at the election of the Company during the period beginning five days prior to the maturity date and ending on the day immediately prior to the maturity date at a conversion price equal to 65% of the fair market value of the Companys stock or $3.00 per share | |||||||||||||||||||||||||||
Subsequent Event | Six Months Note Payable | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Number of shares called by warrants | 50,000 | 1,885 | ||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 50,000 | $ 50,000 | ||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 10.00% | 10.00% | ||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 10 | $ 10 | ||||||||||||||||||||||||||||||
Subsequent Event | Two Month Notes Payable | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 84,018 | |||||||||||||||||||||||||||||||
Accounts Payable, Interest-bearing | $ 70,015 | |||||||||||||||||||||||||||||||
Subsequent Event | Investor | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 47,383 | |||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 310,000 | |||||||||||||||||||||||||||||||
Subsequent Event | Investor | Maximum [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Sale of Stock, Price Per Share | $ 7 | |||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | 15 | |||||||||||||||||||||||||||||||
Subsequent Event | Investor | Minimum [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Sale of Stock, Price Per Share | 6 | |||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 10 | |||||||||||||||||||||||||||||||
Subsequent Event | Investors [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Warrants Issued During Period, Number of Warrants | 42,542 | |||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 135,167 | |||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 801,000 | |||||||||||||||||||||||||||||||
Subsequent Event | Investors [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Sale of Stock, Price Per Share | $ 9.20 | |||||||||||||||||||||||||||||||
Subsequent Event | Investors [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Sale of Stock, Price Per Share | $ 5 | |||||||||||||||||||||||||||||||
Subsequent Event | Consultants [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 13,515 | |||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 73,528 | |||||||||||||||||||||||||||||||
Subsequent Event | Consultants [Member] | Immediately Vesting [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 625 | |||||||||||||||||||||||||||||||
Subsequent Event | Consultants [Member] | Vesting Over One Year [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 625 | |||||||||||||||||||||||||||||||
Subsequent Event | Consultants [Member] | Vesting Over Three Months [Member] | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 3,750 | |||||||||||||||||||||||||||||||
Subsequent Event | Lenders [Member] | Exchangeable Notes Payable | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Number of shares called by warrants | 3,300 | |||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 10 | |||||||||||||||||||||||||||||||
Subsequent Event | Lenders [Member] | Six Months Note Payable | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Number of shares called by warrants | 1,500 | 1,500 | ||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 10 | $ 10 |