Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 12-May-14 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'EVTI | ' |
Entity Common Stock, Shares Outstanding | ' | 23,576,384 |
Entity Registrant Name | 'Eventure Interactive, Inc. | ' |
Entity Central Index Key | '0001509351 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Current Assets | ' | ' |
Cash | $305,124 | $67,762 |
Deposit | 5,000 | 5,000 |
Total current assets | 310,124 | 72,762 |
Software development costs | 476,612 | 312,973 |
Fixed assets, net | 32,585 | 33,049 |
Intangible asset - domain name | 103,750 | 103,750 |
Total assets | 923,071 | 522,534 |
Current Liabilities | ' | ' |
Accounts payable | 144,024 | 121,518 |
Accrued expenses | 250,245 | 136,070 |
Total current liabilities | 394,269 | 257,588 |
Commitments and contingencies | ' | ' |
Stockholders’ Equity | ' | ' |
Preferred Stock, $0.001 par value, 10,000,000 authorized, -0- shares issued and outstanding | 0 | 0 |
Common stock, $0.001 par value, 300,000,000 shares authorized; 23,476,384 and 18,807,500 shares issued and outstanding, respectively | 23,476 | 18,807 |
Additional paid-in-capital | 20,906,821 | 4,599,514 |
Deficit accumulated during the development stage | -20,401,495 | -4,353,375 |
Total stockholders’ equity | 528,802 | 264,946 |
Total liabilities and stockholders’ equity | $923,071 | $522,534 |
CONSOLIDATED_BALANCE_SHEETS_PA
CONSOLIDATED BALANCE SHEETS [PARENTHETICAL] (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $0.00 | $0.00 |
Common Stock, Shares Authorized | 300,000,000 | 300,000,000 |
Common Stock, Shares, Issued | 23,476,384 | 18,807,500 |
Common Stock, Shares, Outstanding | 23,476,384 | 18,807,500 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 40 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Revenues | $0 | $0 | $0 |
General and administrative expenses | 16,048,120 | 1,557,756 | 20,401,495 |
Net loss | ($16,048,120) | ($1,557,756) | ($20,401,495) |
Basic and diluted net loss per common share | ($0.79) | ($0.09) | ' |
Weighted average number of common shares outstanding - basic and diluted | 20,427,479 | 18,009,444 | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | 40 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Cash flows from operating activities | ' | ' | ' |
Net loss | ($16,048,120) | ($1,557,756) | ($20,401,495) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Stock-based compensation | 15,636,976 | 1,351,559 | 18,668,398 |
Depreciation expense | 3,364 | 0 | 8,315 |
Changes in operating assets and liabilities: | ' | ' | ' |
Inventory | 0 | 0 | -1,258 |
Deposit | 0 | 0 | -5,000 |
Accounts payable | 22,506 | 54,215 | 253,350 |
Accrued expenses | 114,175 | -21,001 | 250,245 |
Net cash used in operating activities | -271,099 | -172,983 | -1,227,445 |
Cash flows from investing activities | ' | ' | ' |
Software development costs | -163,639 | -37,750 | -378,322 |
Acquisition of fixed assets | -2,900 | 0 | -40,900 |
Purchase of domain name | 0 | 0 | -60,000 |
Net cash used in investing activities | -166,539 | -37,750 | -479,222 |
Cash flows from financing activities | ' | ' | ' |
Contributed capital from related party | 0 | 0 | 1,650 |
Payments on notes payable, related party | 0 | 0 | 3,141 |
Proceeds from sale of common stock | 675,000 | 250,000 | 2,007,000 |
Net cash provided by financing activities | 675,000 | 250,000 | 2,011,791 |
Net increase in cash | 237,362 | 39,267 | 305,124 |
Cash at beginning of the period | 67,762 | 357,643 | 0 |
Cash at end of the period | 305,124 | 396,910 | 305,124 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Cash paid during the period for Income taxes | 0 | 0 | 0 |
Cash paid during the period for Interest | 0 | 0 | 0 |
Non-cash investing and financing transactions: | ' | ' | ' |
Contributed capital from the forgiveness of debt, related party | 0 | 0 | 5,991 |
Distribution of net liabilities to former shareholder | 0 | 0 | 105,218 |
Common stock subject issued for purchase of domain name | 0 | 0 | 43,750 |
Software contributed for common stock | $0 | $0 | $98,290 |
ORGANIZATION_AND_BUSINESS_OPER
ORGANIZATION AND BUSINESS OPERATIONS | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | ' |
1. ORGANIZATION AND BUSINESS OPERATIONS | |
The Company was incorporated in the State of Nevada on November 29, 2010 (“Inception”). The Company was in the GPS tracking system business until late in 2012, when the Company redirected all of its efforts into the social media business. On February 20, 2013, the Company filed Amended and Restated Articles of Incorporation with the Nevada Secretary of State to change its name from Charlie GPS, Inc. to Eventure Interactive, Inc. (the “Company”). | |
Asset Acquisition | |
On November 21, 2012, the Company issued 14,582,500 shares of common stock in exchange for software, which resulted in a change of control of the Company. This transaction was accounted for as a transfer of nonmonetary assets by a shareholder and was recorded at the historical cost of the software which was $98,290. In connection with the transaction, the Company cancelled 8,000,000 shares of common stock of the former principal shareholder of the Company and transferred $1,258 of the Company’s inventory and $106,476 of the Company’s liabilities to the former principal shareholder of the Company. The Company treated the cancellation of assets and liabilities as a contribution of capital to the Company of $105,218. | |
Going Concern | |
The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception resulting in an accumulated deficit of $20,401,495 as of March 31, 2014 and further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and/or private placement of common stock. These financials do not include any adjustments relating to the recoverability and reclassification of recorded asset amounts, or amounts and classifications of liabilities that might result from this uncertainty. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2014 | |
Business Description and Accounting Policies [Abstract] | ' |
Business Description and Accounting Policies [Text Block] | ' |
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | |
The accompanying unaudited interim consolidated financial statements of Eventure Interactive, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s latest Annual Report on Form 10-K filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent year ended December 31, 2013, as reported in Form 10-K, have been omitted. | |
Principles of Consolidation | |
The financial statements include the accounts of the Company and its subsidiary. Intercompany transactions and balances have been eliminated. | |
Development Stage Company | |
The Company is currently considered a development stage company. As a development stage enterprise, the Company discloses the deficit accumulated during the development stage and the cumulative statements of operations and cash flows from inception to the current balance sheet date. An entity remains in the development stage until such time as, among other factors, revenues have been realized. | |
Use of Estimates and Assumptions | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |
Basic and Diluted Loss Per Common Share | |
Basic loss per common share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per common share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per common share excludes all potential common shares if their effect is anti-dilutive. | |
Since the Company is in a loss position, it has excluded stock options and warrants from its calculation of diluted net loss per common share. At March 31, 2014, the Company has 2,157,500 stock options and 1,500,000 warrants that would have been included in its calculation of diluted net loss per common share if they were not antidilutive. | |
Software Development Costs | |
Costs incurred in the research and development of new software products are expensed as incurred until technological feasibility has been established. After technological feasibility is established, any additional costs are capitalized in accordance with authoritative guidance until the product is available for general release. | |
Fixed Assets | |
Fixed assets are stated at cost and depreciated using the straight-line method over the estimated useful life of the asset. The Company’s fixed assets are comprised of computer equipment and the estimated life of computer equipment is three years. | |
Intangible Asset - Domain Name | |
The Company considers the domain name an indefinite-lived intangible asset and will test for impairment on an annual basis. | |
Stock-Based Compensation | |
The Company measures stock-based compensation cost at the grant date based on the fair value of the award and recognize it as expense, over the vesting or service period, as applicable, of the stock award using the straight-line method. | |
RELATED_PARTIES
RELATED PARTIES | 3 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
3. RELATED PARTIES | |
During July 2013, the Company entered into a one-year lease with an entity that is 12% owned by the Chief Executive Officer (“CEO”) of the Company. The Company incurred expenses of $7,901 to this entity during the three months ended March 31, 2014. | |
STOCKHOLERS_EQUITY
STOCKHOLERS' EQUITY | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||||||
4. STOCKHOLERS’ EQUITY | |||||||||||||
Sales of Common Stock for Cash | |||||||||||||
On December 29, 2010, the Company issued 8,000,000 shares of common stock at a price of $0.001 per share, to its sole Director, for total cash proceeds of $8,000. | |||||||||||||
During 2011, the Company issued 2,400,000 shares of common stock at a price of $0.01 per share for total cash proceeds of $24,000. | |||||||||||||
During 2012, the Company issued 950,000 shares of common stock at a price of $0.50 per share for total cash proceeds of $475,000. | |||||||||||||
During 2013, the Company issued 825,000 shares of common stock at a price of $1.00 per share for total cash proceeds of $825,000. These shares issued during 2013 contain anti-dilution protection for one year following the final closing of the offering in which they were sold. If the Company issues common stock at less than $1.00 per share during such one year period or if the Company issues securities during such one year period which are convertible into or exercisable for shares of our common stock with a conversion or exercise price of less than $1.00 per share, then the offering price of $1.00 gets adjusted to the lower price entitling the subscribers to additional shares. The anti-dilution clause with respect to 350,000 of these shares will expire in May 2014. The anti-dilution clause with respect to 475,000 of these shares will expire in October 2014. | |||||||||||||
During January through March 2014, the Company issued 675,000 shares of common stock at a price of $1.00 per share for total cash proceeds of $675,000. | |||||||||||||
Cancellation of Common Stock and Distribution of Assets and Liabilities to Former Shareholder | |||||||||||||
In connection with the change of control, on November 21, 2012, the Company cancelled 8,000,000 shares of common stock. In addition, the Company created a separate entity named Charlie GPS Split Corp. (“Split-off Corp”) and in connection therewith transferred $1,258 of the Company’s inventory and $106,476 of the Company’s liabilities to Split-off Corp in addition to transferring all of the capital stock of Split-off Corp to the former principal shareholder of the Company. The Company treated the cancellation of assets and liabilities as a contribution of capital to the Company of $105,218. | |||||||||||||
Issuances of Common Stock for Assets | |||||||||||||
On November 21, 2012, the Company issued 14,582,500 shares of common stock in exchange for software. This transaction was accounted for as a transfer of nonmonetary assets by a shareholder and was recorded at the historical cost of the software which was $98,290. | |||||||||||||
On December 28, 2012, the Company purchased a domain name for $60,000 in cash and 25,000 shares of common stock of the Company. The common stock issued for the domain name was valued at the grant date closing price on December 28, 2012, or $1.75 per share, and totaled $43,750. | |||||||||||||
Common Stock Issued for Services | |||||||||||||
During March 2013, the Company entered into a consulting agreement with Hart Partners LLC to perform certain services on behalf of the Company. In accordance with the consulting agreement with Hart Partners LLC, the Company issued 25,000 shares of common stock during the year ended December 31, 2013. The common stock was valued at the grant date closing price of $2.38 per share, and totaled $59,500 which the Company recorded as stock compensation. | |||||||||||||
On January 28, 2014, the Company issued 850,000 shares of common stock in aggregate to its CEO, CFO and President for services. The common stock was valued at the grant date closing price of $3.19 per share, and totaled $2,711,500 which the Company recorded as stock compensation during the three months ended March 31, 2014. On March 10, 2014, the Company issued 2,800,000 shares of common stock in aggregate to its CEO, CFO and President for services. The common stock was valued at the grant date closing price of $3.16 per share, and totaled $8,848,000 which the Company recorded as stock compensation during the three months ended March 31, 2014. | |||||||||||||
During the three months ended March 31, 2014, the Company issued 343,884 shares of common stock to consultants for services at various dates. The Company recorded stock-based compensation expense of $1,084,829 based on the grant date fair value in connection with the issuance of these shares. | |||||||||||||
Stock Option Awards | |||||||||||||
On November 27, 2012, the Company issued options to two employees to each purchase 100,000 shares of its common stock. These were granted with an exercise price of $0.50 per share. The stock price on the grant date was $1.20 per share. As a result, the intrinsic value for these options on the grant date was $140,000. The fair value of these options was $239,360 and the options were valued on the date of the grant using the Black-Scholes option pricing model with the following weighted average assumptions: (1) risk free interest rate of 2.00%, (2) term of 10 years, (3) expected stock volatility of 178.45%, and (4) expected dividend rate of 0%. Twenty-five percent of the stock options vested immediately and thereafter 2,084 stock options of each employee shall vest monthly until December 1, 2015 when the remaining 2,060 options for each employee shall vest. | |||||||||||||
During January and February 2013, the Company granted options to purchase 1,250,000 shares of common stock to certain employees and consultants. The options all have an exercise price of $0.50 per share and vest over periods of 0 to 4 years. The stock price on the grant date was $1.79-$2.14 per share. The options were valued on the date of the grant using the Black-Scholes option pricing model with the following weighted average assumptions: (1) risk free interest rate of 2.00%, (2) term of 10 years, and (3) expected stock volatilities of 182.18% -195.60% (4) dividend rate of 0%. As a result, the fair value of these options on the grant date was $2,339,820 and the intrinsic value was $1,738,500. | |||||||||||||
During April through September 2013, the Company granted options to purchase 155,000 shares of common stock to certain consultants and the Company’s Chief Financial Officer. The options all have an exercise price of $1.00 per share and vest over 2 to 4 years. The stock price on the grant date was $3.00-$3.51 per share. The options were valued on the date of the grant using the Black-Scholes option pricing model with the following weighted average assumptions: (1) risk free interest rate of 2.00%, (2) term of 10 years, and (3) expected stock volatility of 180.83-188.37%. As a result, the fair value of these options on the grant date was $475,041 and the intrinsic value was $324,000. | |||||||||||||
During 2013, options to purchase 171,350 shares of common stock were forfeited. | |||||||||||||
During January 2014, the Company granted options to purchase 177,500 shares of common stock to employees. The options all have an exercise price of $1.00 per share and vest over periods of 3 years. The stock price on the grant date was $3.40 per share. The options were valued on the date of the grant using the Black-Scholes option pricing model with the following weighted average assumptions: (1) risk free interest rate of 2.00%, (2) term of 10 years, and (3) expected stock volatilities of 183.83% (4) dividend rate of 0%. As a result, the fair value of these options on the grant date was $597,838 and the intrinsic value was $426,000. | |||||||||||||
During February 2014, the Company granted options to purchase 25,000 shares of common stock to a consultant. The options have an exercise price of $1.00 per share and vest over 1 year. The stock price on the grant date was $3.15 per share. The options were valued on the date of the grant using the Black-Scholes option pricing model with the following weighted average assumptions: (1) risk free interest rate of 2.00%, (2) term of 10 years, and (3) expected stock volatility of 186.05%. As a result, the fair value of these options on the grant date was $77,565 and the intrinsic value was $53,750. | |||||||||||||
During March 2014, the Company granted options to purchase 850,000 shares of common stock to its Chief Executive Officer, President and Chief Financial Officer. The options have an exercise price of $1.00 per share and vest over 3 years. The stock price on the grant date was $2.99 per share. The options were valued on the date of the grant using the Black-Scholes option pricing model with the following weighted average assumptions: (1) risk free interest rate of 2.00%, (2) term of 10 years, and (3) expected stock volatility of 183.52%. As a result, the fair value of these options on the grant date was $2,515,575 and the intrinsic value was $1,691,500. | |||||||||||||
During the three months ended March 31, 2014, 328,650 options to purchase common stock were either cancelled, forfeited or expired. | |||||||||||||
A summary of stock option activity is presented below: | |||||||||||||
Weighted-average | |||||||||||||
Weighted-average | Remaining | Aggregate | |||||||||||
Number of | Exercise | Contractual | Intrinsic | ||||||||||
Shares | Price | Term (years) | Value | ||||||||||
Outstanding at December 31, 2012 | 200,000 | $ | 0.5 | ||||||||||
Granted | 1,405,000 | 0.56 | |||||||||||
Expired/forfeited | -171,350 | 0.64 | |||||||||||
Outstanding at December 31, 2013 | 1,433,650 | 0.54 | |||||||||||
Granted | 1,052,500 | 1 | |||||||||||
Expired/Cancelled/forfeited | -328,650 | 0.5 | |||||||||||
Outstanding at March 31, 2014 | 2,157,500 | 0.77 | 9.33 | $ | 4,987,600 | ||||||||
Exercisable at March 31, 2014 | 645,831 | 0.56 | 8.84 | $ | 1,627,717 | ||||||||
During the three months ended March 31, 2014 and March 31, 2013, the Company recognized stock-based compensation expense of $630,416 and $1,292,059, respectively, related to stock options. As of March 31, 2014, there was approximately $2,820,809 of total unrecognized compensation cost related to non-vested stock options. | |||||||||||||
Warrant Awards | |||||||||||||
On March 10, 2014, the Company issued warrants to third parties for services to purchase 750,000 shares of its common stock granted with an exercise price of $1.00 per share. The stock price on the grant date was $3.16 per share. As a result, the intrinsic value for these warrants on the grant date was $1,620,000. The fair value of these warrants was $2,361,731 and was valued on the date of the grant using the Black-Scholes option pricing model with the following weighted average assumptions: (1) risk free interest rate of 2.00%, (2) term of 10 years, (3) expected stock volatility of 170.46%, and (4) expected dividend rate of 0%. All of the warrants vested immediately. The Company recorded $2,361,731 of stock-based compensation expense for these warrants during the three months ended March 31, 2014. | |||||||||||||
A summary of warrant activity is presented below: | |||||||||||||
Weighted-average | |||||||||||||
Weighted-average | Remaining | Aggregate | |||||||||||
Number of | Exercise | Contractual | Intrinsic | ||||||||||
Shares | Price | Term (years) | Value | ||||||||||
Outstanding at December 31, 2012 | 750,000 | $ | 0.01 | ||||||||||
Outstanding at December 31, 2013 | 750,000 | 0.01 | |||||||||||
Granted | 750,000 | 1,00 | |||||||||||
Exercised | - | - | |||||||||||
Expired/Forfeited | - | - | |||||||||||
Outstanding at March 31, 2014 | 1,500,000 | $ | 0.5 | 9.2 | $ | 3,862,500 | |||||||
COMMITMENTS
COMMITMENTS | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
5. COMMITMENTS | |
Consulting Agreement | |
On March 5, 2014, the Company entered into a service provider agreement with a consultant with a term of one year. Pursuant to the agreement, the Company is obligated to make $5,000 payments on or around June 15, 2014 and on or around October 15, 2014. The Company is also required to issue the consultant 40,000 shares of the Company’s common stock on or about June 15, 2014 and October 15, 2014. | |
Employment Agreement | |
The Company signed an employment agreement with its Chief Financial Officer. Pursuant to the agreement, in the event the Chief Financial Officer is terminated without cause, the CFO will be entitled to receive all compensation, including any bonus payments, accrued through the date of termination together with all compensation, including bonus payments, earned through the severance period which is defined as a period of 18 months from termination if more than 18 months remain on the term of the employment agreement at the time of termination or as a period of 12 months from termination, if less than 18 months remain on the term of the employment agreement at the time of termination. | |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
6. SUBSEQUENT EVENTS | |
The Company has evaluated subsequent events from March 31, 2014 through the date whereupon the financial statements were issued and has determined the following: | |
Warrant Awards | |
On April 30, 2014, the Company issued warrants to an individual for services to purchase 250,000 shares of its common stock granted with an exercise price of $1.00 per share. The stock price on the grant date was $2.65 per share. As a result, the intrinsic value for these warrants on the grant date was $412,500. The fair value of these warrants was approximately $659,960 and was valued on the date of the grant using the Black-Scholes option pricing model with the following weighted average assumptions: (1) risk free interest rate of 2.00%, (2) term of 10 years, (3) expected stock volatility of 170.74%, and (4) expected dividend rate of 0%. All of the warrants vest immediately. | |
Issuance of common stock to consultant for services | |
On April 23, 2014, the Company granted 100,000 shares of common stock to a consultant for services. The Company will record stock-based compensation expense of approximately $275,000 in connection with the issuance of these shares. These shares were issued in May 2014. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis Of Accounting, Policy [Policy Text Block] | ' |
Basis of Presentation | |
The accompanying unaudited interim consolidated financial statements of Eventure Interactive, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s latest Annual Report on Form 10-K filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent year ended December 31, 2013, as reported in Form 10-K, have been omitted. | |
Consolidation, Policy [Policy Text Block] | ' |
Principles of Consolidation | |
The financial statements include the accounts of the Company and its subsidiary. Intercompany transactions and balances have been eliminated. | |
Development Stage Company [Policy Text Block] | ' |
Development Stage Company | |
The Company is currently considered a development stage company. As a development stage enterprise, the Company discloses the deficit accumulated during the development stage and the cumulative statements of operations and cash flows from inception to the current balance sheet date. An entity remains in the development stage until such time as, among other factors, revenues have been realized. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates and Assumptions | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Basic and Diluted Loss Per Common Share | |
Basic loss per common share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per common share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per common share excludes all potential common shares if their effect is anti-dilutive. | |
Since the Company is in a loss position, it has excluded stock options and warrants from its calculation of diluted net loss per common share. At March 31, 2014, the Company has 2,157,500 stock options and 1,500,000 warrants that would have been included in its calculation of diluted net loss per common share if they were not antidilutive. | |
Research, Development, and Computer Software, Policy [Policy Text Block] | ' |
Software Development Costs | |
Costs incurred in the research and development of new software products are expensed as incurred until technological feasibility has been established. After technological feasibility is established, any additional costs are capitalized in accordance with authoritative guidance until the product is available for general release. | |
Fixed Assets [Policy Text Block] | ' |
Fixed Assets | |
Fixed assets are stated at cost and depreciated using the straight-line method over the estimated useful life of the asset. The Company’s fixed assets are comprised of computer equipment and the estimated life of computer equipment is three years. | |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | ' |
Intangible Asset - Domain Name | |
The Company considers the domain name an indefinite-lived intangible asset and will test for impairment on an annual basis. | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' |
Stock-Based Compensation | |
The Company measures stock-based compensation cost at the grant date based on the fair value of the award and recognize it as expense, over the vesting or service period, as applicable, of the stock award using the straight-line method. | |
STOCKHOLERS_EQUITY_Tables
STOCKHOLERS' EQUITY (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
Schedule Of Stock Option Awards [Table Text Block] | ' | ||||||||||||
During the three months ended March 31, 2014, 328,650 options to purchase common stock were either cancelled, forfeited or expired. | |||||||||||||
A summary of stock option activity is presented below: | |||||||||||||
Weighted-average | |||||||||||||
Weighted-average | Remaining | Aggregate | |||||||||||
Number of | Exercise | Contractual | Intrinsic | ||||||||||
Shares | Price | Term (years) | Value | ||||||||||
Outstanding at December 31, 2012 | 200,000 | $ | 0.5 | ||||||||||
Granted | 1,405,000 | 0.56 | |||||||||||
Expired/forfeited | -171,350 | 0.64 | |||||||||||
Outstanding at December 31, 2013 | 1,433,650 | 0.54 | |||||||||||
Granted | 1,052,500 | 1 | |||||||||||
Expired/Cancelled/forfeited | -328,650 | 0.5 | |||||||||||
Outstanding at March 31, 2014 | 2,157,500 | 0.77 | 9.33 | $ | 4,987,600 | ||||||||
Exercisable at March 31, 2014 | 645,831 | 0.56 | 8.84 | $ | 1,627,717 | ||||||||
Schedule Of Warrant Awards [Table Text Block] | ' | ||||||||||||
A summary of warrant activity is presented below: | |||||||||||||
Weighted-average | |||||||||||||
Weighted-average | Remaining | Aggregate | |||||||||||
Number of | Exercise | Contractual | Intrinsic | ||||||||||
Shares | Price | Term (years) | Value | ||||||||||
Outstanding at December 31, 2012 | 750,000 | $ | 0.01 | ||||||||||
Outstanding at December 31, 2013 | 750,000 | 0.01 | |||||||||||
Granted | 750,000 | 1,00 | |||||||||||
Exercised | - | - | |||||||||||
Expired/Forfeited | - | - | |||||||||||
Outstanding at March 31, 2014 | 1,500,000 | $ | 0.5 | 9.2 | $ | 3,862,500 | |||||||
ORGANIZATION_AND_BUSINESS_OPER1
ORGANIZATION AND BUSINESS OPERATIONS (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 40 Months Ended | |
Nov. 21, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Organization and Business Operation [Line Items] | ' | ' | ' | ' |
Retained Earnings (Accumulated Deficit) | ' | $20,401,495 | ' | $20,401,495 |
Inventory | 1,258 | 0 | 0 | 1,258 |
Distribution of net liabilities to former shareholder | 105,218 | 0 | 0 | 105,218 |
Liability To Former Principal Shareholder | 106,476 | ' | ' | ' |
Common Stock [Member] | ' | ' | ' | ' |
Organization and Business Operation [Line Items] | ' | ' | ' | ' |
Common shares cancelled (in shares) | 8,000,000 | ' | ' | ' |
Common shares issued for software (In shares) | 14,582,500 | ' | ' | ' |
Common shares issued for software | $98,290 | ' | ' | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) | 3 Months Ended |
Mar. 31, 2014 | |
Employee Stock Option [Member] | ' |
Significant Accounting Policies [Line Items] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,157,500 |
Warrant [Member] | ' |
Significant Accounting Policies [Line Items] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,500,000 |
RELATED_PARTIES_Details_Textua
RELATED PARTIES (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended |
Jul. 31, 2013 | Mar. 31, 2014 | |
Related Party Transaction [Line Items] | ' | ' |
Operating Leases, Rent Expense | ' | $7,901 |
Percentage Of Ownership Interest Held By Related Party In Lessor Entity | 12.00% | ' |
STOCKHOLERS_EQUITY_Details
STOCKHOLERS' EQUITY (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Stock Option Activity [Line Items] | ' | ' |
Number of Shares Outstanding, Beginning | 1,433,650 | 200,000 |
Number of Shares Granted | 1,052,500 | 1,405,000 |
Number of Shares Expired/forfeited | -328,650 | -171,350 |
Number of Shares Outstanding, Ending | 2,157,500 | 1,433,650 |
Number of shares Exercisable | 645,831 | ' |
Weighted-average Exercise Price of Outstanding, Beginning | $0.54 | $0.50 |
Weighted-average Exercise Price Of Granted | $1 | $0.56 |
Weighted-average Exercise Price Of Expired/Cancelled/forfeited | $0.50 | $0.64 |
Weighted-average Exercise Price of Outstanding, Ending | $0.77 | $0.54 |
Weighted-average Exercise Price of Exercisable | $0.56 | ' |
Weighted-average Remaining Contractual Term (years) of Outstanding, Ending | '9 years 3 months 29 days | ' |
Agreegate Intrinsic value of Exercisable | $1,627,717 | ' |
Weighted-average Remaining Contractual Term (years) of Exercisable | '8 years 10 months 2 days | ' |
Agreegate Intrinsic value of outstanding | $4,987,600 | ' |
STOCKHOLERS_EQUITY_Details_1
STOCKHOLERS' EQUITY (Details 1) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2012 | |
Warrant Activity [Line Items] | ' | ' |
Numbers of Shares Outstanding, Beginning | 750,000 | 750,000 |
Numbers of Shares Granted | 750,000 | ' |
Numbers of Shares Exercised | 0 | ' |
Numbers of Shares Expired/Forfeited | 0 | ' |
Numbers of Shares Outstanding, Ending | 1,500,000 | 750,000 |
Weighted-average Exercise Price of Outstanding, Beginning | $0.01 | $0.01 |
Weighted-average Exercise Price of Granted | $100 | ' |
Weighted-average Exercise Price of Exercised | $0 | ' |
Weighted-average Exercise Price of Expired/Forfeited shares | $0 | ' |
Weighted-average Exercise Price of Outstanding, Ending | $0.50 | $0.01 |
Weighted-average Remaining Contractual Term (years) Outstanding at March 31, 2014 | '9 years 2 months 12 days | ' |
Aggregate Intrinsic Value Outstanding at March 31,2014 | $3,862,500 | ' |
STOCKHOLERS_EQUITY_Details_Tex
STOCKHOLERS' EQUITY (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 40 Months Ended | 12 Months Ended | 1 Months Ended | 2 Months Ended | 1 Months Ended | 12 Months Ended | 2 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | |||||||||
Nov. 21, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2014 | Feb. 28, 2013 | Jan. 31, 2014 | Dec. 31, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Nov. 21, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2014 | Mar. 10, 2014 | Mar. 31, 2014 | Nov. 27, 2012 | Dec. 29, 2010 | Dec. 28, 2012 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 10, 2014 | Jan. 28, 2014 | |
Expire in May 2014 [Member] | Expire in October 2014 [Member] | Consultant [Member] | Consultant [Member] | Employee [Member] | Hart Partners LLC [Member] | Maximum [Member] | Minimum [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Warrant [Member] | Warrant [Member] | Two Employees [Member] | Director [Member] | Domain [Member] | Chief Financial Officer [Member] | Chief Financial Officer [Member] | Chief Financial Officer [Member] | Chief Financial Officer [Member] | CEO CFO and President [Member] | CEO CFO and President [Member] | ||||||
Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Consultant [Member] | Consultant [Member] | Consultant [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Consultant [Member] | Maximum [Member] | Minimum [Member] | Common Stock [Member] | Common Stock [Member] | ||||||||||||||||||
Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Consultant [Member] | Consultant [Member] | ||||||||||||||||||||||||||
Employee Stock Option [Member] | Employee Stock Option [Member] | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of Stock, Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.38 | ' | ' | ' | $1 | $1 | $0.50 | $0.01 | ' | ' | ' | ' | $0.00 | $1.75 | ' | ' | ' | ' | $3.16 | $3.19 |
Stock Issued During Period, Shares, Issued for Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 675,000 | 825,000 | 950,000 | 2,400,000 | ' | ' | ' | ' | 8,000,000 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of common stock | ' | $675,000 | $250,000 | ' | $2,007,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $675,000 | $825,000 | $475,000 | $24,000 | ' | ' | ' | ' | $8,000 | ' | ' | ' | ' | ' | ' | ' |
Inventory | 1,258 | 0 | 0 | ' | 1,258 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | 1,052,500 | ' | 1,405,000 | ' | ' | ' | 25,000 | 1,250,000 | 177,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | 850,000 | 155,000 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 171,350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | ' | ' | ' | ' | ' | ' | ' | $1 | $0.50 | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.50 | ' | ' | $1 | $1 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | 2.00% | ' | ' | 2.00% | 2.00% | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | ' | ' | ' | ' | ' | '10 years | '10 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | '10 years | ' | ' | '10 years | '10 years | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | ' | ' | ' | ' | ' | ' | ' | 186.05% | ' | 183.83% | ' | 195.60% | 182.18% | ' | ' | ' | ' | ' | ' | 170.46% | ' | 178.45% | ' | ' | 183.52% | ' | 188.37% | 180.83% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | ' | 2,820,809 | ' | ' | 2,820,809 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution Of Net Liabilities To Former Shareholder | 105,218 | 0 | 0 | ' | 105,218 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of domain name | ' | 0 | 0 | ' | 60,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | $3.15 | ' | $3.40 | ' | $2.14 | $1.79 | ' | ' | ' | ' | ' | ' | ' | ' | $1.20 | ' | ' | $2.99 | ' | $3.51 | $3 | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | 53,750 | 1,738,500 | 426,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,691,500 | 324,000 | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants Fair Value | ' | ' | ' | ' | ' | ' | ' | 77,565 | 2,339,820 | 597,838 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,515,575 | 475,041 | ' | ' | ' | ' |
Stock Issued During Period, Shares, Purchase of Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,582,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Purchase of Assets | ' | 0 | 0 | ' | 98,290 | ' | ' | ' | ' | ' | ' | ' | ' | 98,290 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,750 | ' | ' | ' | ' | ' | ' |
Record stock compensation expense | ' | 630,416 | 1,292,059 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability To Former Principal Shareholder | 106,476 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Issued To Purchase Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Issued To Purchase Common Stock Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | '3 years | ' | '4 years | '0 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | '4 years | '2 years | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,620,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Subscribed but Unissued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Issued for Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,361,731 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based CompensationArrangement Options Grants In Period Grant Date Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement, Options, Grant In Period, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 239,360 | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Options Expected To Vest Monthly | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,084 | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Options Expected To Vest Next Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,060 | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share, Amount | ' | ' | ' | ' | ' | 350,000 | 475,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Issued for Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 343,884 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,800,000 | 850,000 |
Share-based Compensation, Total | ' | $15,636,976 | $1,351,559 | ' | $18,668,398 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,084,829 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,848,000 | $2,711,500 |
COMMITMENTS_Details_Textual
COMMITMENTS (Details Textual) (Consulting Agreement [Member], USD $) | 3 Months Ended |
Mar. 31, 2014 | |
June, 15, 2014 [Member] | ' |
Commitment And Contingencies [Line Items] | ' |
Consultant Fees Obligation | $5,000 |
Stock Issued During Period, Shares, Issued for Services | 40,000 |
October, 15, 2014 [Member] | ' |
Commitment And Contingencies [Line Items] | ' |
Consultant Fees Obligation | $5,000 |
Stock Issued During Period, Shares, Issued for Services | 40,000 |
SUBSEQUENT_EVENTS_Details_Text
SUBSEQUENT EVENTS (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | 40 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 10, 2014 | Apr. 30, 2014 | Apr. 23, 2014 | |
Consulting Agreement [Member] | Consulting Agreement [Member] | Warrant [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||
June, 15, 2014 [Member] | October, 15, 2014 [Member] | Warrant [Member] | Consultant [Member] | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,052,500 | ' | 1,405,000 | ' | ' | ' | ' | 250,000 | ' |
Share Based Compensation Arrangements By Share Based Payment Award Options Grant Date Share Price | ' | ' | ' | ' | ' | ' | ' | $2.65 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | ' | ' | ' | ' | ' | ' | ' | $1 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | ' | ' | ' | ' | ' | ' | 2.00% | 2.00% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | ' | ' | ' | ' | '10 years | '10 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | ' | ' | ' | ' | ' | ' | 170.46% | 170.74% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants Fair Value | ' | ' | ' | ' | ' | ' | ' | $659,960 | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | 412,500 | ' |
Stock Issued During Period, Shares, Issued for Services | ' | ' | ' | ' | 40,000 | 40,000 | ' | ' | 100,000 |
Share-based Compensation, Total | $15,636,976 | $1,351,559 | ' | $18,668,398 | ' | ' | ' | ' | $275,000 |