Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 14, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'DanDrit Biotech USA, Inc. | ' |
Entity Central Index Key | '0001527728 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock Shares Outstanding | ' | 8,040,000 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CURRENT ASSETS: | ' | ' | ' |
Cash | $181,024 | $18,794 | $4,381 |
Cash held in escrow | 147,108 | 77,468 | ' |
Other Receivables | 85,326 | 25,456 | 81,802 |
Prepaid Expenses | 9,252 | 19,774 | 19,747 |
Total Current Assets | 422,710 | 141,492 | 105,930 |
PROPERTY AND EQUIPMENT, Net accumulated Depreciation | 0 | ' | 2,706 |
OTHER ASSETS | ' | ' | ' |
Definite Life Intangible Assets | 220,498 | 231,615 | 239,658 |
Deferred Stock Offering Costs | 67,000 | 67,000 | ' |
Deposits | 8,075 | 10,360 | 14,570 |
Total Other Assets | 295,573 | 308,975 | 254,228 |
TOTAL ASSETS | 718,283 | 450,467 | 362,864 |
CURRENT LIABILITIES: | ' | ' | ' |
Notes Payable -Related Party, Current Portion | 1,716,578 | 728,001 | 106,349 |
Accounts Payable | 668,866 | 548,501 | 551,175 |
Accrued Expenses | 963,669 | 858,135 | 1,429,098 |
Total Current Liabilities | 3,349,113 | 2,134,637 | 2,086,622 |
LONG TERM LIABILITIES | ' | ' | ' |
Notes Payable, Related Parties Less Current Portion | ' | ' | 795,785 |
Bonds Payable - Related Parties, net of $0, $0 and $502,465 discount | ' | ' | 997,535 |
Derivative Liability | ' | ' | 850,753 |
Total Long Term Liabilities | ' | ' | 2,644,073 |
Total Liabilities | 3,349,113 | 2,134,637 | 4,730,695 |
STOCKHOLDER'S DEFICIENCY: | ' | ' | ' |
Preferred stock, $.0001 par value; 10,000,000 shares authorized; none issued and outstanding | ' | ' | ' |
Common stock, par value $0.0001, 100,000,000 shares authorized, 8,040,000, 6,000,000 and 5,318,151 issued and outstanding at June 30, 2014 and December 31, 2013 and 2012, respectively | 804 | 600 | 532 |
Additional paid-in capital | 17,788,110 | 17,867,546 | 12,817,122 |
Accumulated Deficit | -20,403,635 | -19,521,126 | -17,373,765 |
Other Comprehensive Income, net | -16,109 | -31,190 | 188,280 |
Total Stockholder's (Deficit) | -2,630,830 | -1,684,170 | -4,367,831 |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | $718,283 | $450,467 | $362,864 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Balance Sheet [Abstract] | ' | ' | ' |
Bonds payable related parties, discount | $0 | $0 | $502,465 |
Preferred stock, par value | $0.00 | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ' | ' | ' |
Preferred stock, shares outstanding | ' | ' | ' |
Common stock, par value | $0.00 | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 |
Common stock, shares issued | 8,040,000 | 6,000,000 | 5,318,151 |
Common stock, shares outstanding | 8,040,000 | 6,000,000 | 5,318,151 |
Consolidated_Statement_of_Oper
Consolidated Statement of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Operations [Abstract] | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | $31,558 | $32,768 | $62,806 |
Cost of Goods Sold | 64,266 | 36,928 | 82,005 | 52,288 | 109,299 | 64,385 |
Gross (Loss) | -64,266 | -36,928 | -82,005 | -20,730 | -76,531 | -1,579 |
Operating Expenses | ' | ' | ' | ' | ' | ' |
General and Administrative Expenses | 421,077 | 138,801 | 747,505 | 313,817 | 1,233,683 | 1,036,005 |
Depreciation and Amortization | 2,962 | 10,224 | 9,756 | 18,824 | 38,297 | 56,600 |
Consulting Expenses | 79,797 | 56,856 | 140,942 | 69,904 | 390,437 | 829,845 |
Total Operating Expense | 503,836 | 205,881 | 898,203 | 402,545 | 1,662,417 | 1,922,450 |
(LOSS) FROM OPERATIONS | -568,102 | -242,809 | -980,208 | -423,275 | -1,738,948 | -1,924,029 |
Other Income (Expense) | ' | ' | ' | ' | ' | ' |
Interest (expense) | -34,762 | -165,499 | -35,764 | -325,421 | -652,703 | -704,911 |
Gain (loss) on Currency Transactions | 218 | 18,541 | 218 | -81,786 | 19,541 | 32,841 |
Gain on forgiveness of debt | ' | ' | ' | ' | 49,016 | ' |
Gain on Derivative Liability | ' | 45,823 | ' | 87,466 | 175,732 | 153,430 |
Gain on Sale of Assets | ' | ' | ' | ' | 1 | 15,020 |
Interest Income | 197 | ' | 248 | ' | ' | ' |
Total Other Income (Expense) | -34,347 | -101,135 | -35,298 | -319,741 | -408,413 | -503,620 |
(Loss) Before Income Taxes | -602,449 | -343,944 | -1,015,506 | -743,016 | -2,147,361 | -2,427,649 |
Income Tax Expense (Benefit) | -132,997 | ' | -132,997 | ' | ' | ' |
NET (LOSS) | ($469,452) | ($343,944) | ($882,509) | ($743,016) | ($2,147,361) | ($2,427,649) |
BASIC AND DILUTED LOSS PER SHARE | ($0.06) | ($0.06) | ($0.12) | ($0.14) | ($0.40) | ($0.46) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 8,040,000 | 5,318,151 | 7,555,359 | 5,318,151 | 5,332,721 | 5,318,151 |
Statements_of_Other_Comprehens
Statements of Other Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
STATEMENTS OF OTHER COMPREHENSIVE LOSS [Abstract] | ' | ' | ' | ' | ' | ' |
Net Loss | ($469,452) | ($343,944) | ($882,509) | ($743,016) | ($2,147,361) | ($2,427,649) |
Currency Translation, Net of Taxes | 11,727 | 198,396 | 15,081 | -59,344 | -219,470 | 85,702 |
Other Comprehensive Loss | ($457,725) | ($145,548) | ($867,428) | ($683,672) | ($2,366,831) | ($2,341,947) |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholder's Equity (Deficiency) (USD $) | Total | Preferred Stock | Common Stock | Additional Paid In Capital | Accumulated Deficit | Other Comprehensive Income |
Beginning Balance at Dec. 31, 2011 | ' | ' | $532 | $12,817,122 | ($14,946,116) | $273,981 |
Beginning Balance, Shares at Dec. 31, 2011 | ' | ' | 5,318,151 | ' | ' | ' |
Equity Adjustment for Foreign Currency Translation | -85,702 | ' | ' | ' | ' | -85,701 |
Net Loss | -2,427,649 | ' | ' | ' | -2,427,649 | ' |
Balance at Dec. 31, 2012 | -4,367,831 | ' | 532 | 12,817,122 | -17,373,765 | 188,280 |
Balance, Shares at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' |
Common shares issued upon conversion of bond payable-related party and derivative liability at 9.00 per shares, December 2013, Value | ' | ' | 26 | 2,353,322 | ' | ' |
Common shares issued upon conversion of bond payable-related party and derivative liability at 9.00 per shares, December 2013, Shares | ' | ' | 261,665 | ' | ' | ' |
Common shares issued in payment of notes payable - related party at 6.42 per shares, December 2013, Value | ' | ' | 14 | 926,372 | ' | ' |
Common shares issued in payment of notes payable - related party at 6.42 per shares, December 2013, Shares | ' | ' | 144,321 | ' | ' | ' |
Common shares issued in payment of note payable - related party at 6.42 per shares, December 2013, Value | ' | ' | 28 | 1,770,730 | ' | ' |
Common shares issued in payment of note payable - related party at 6.42 per shares, December 2013, Shares | ' | ' | 275,863 | ' | ' | ' |
Equity Adjustment for Foreign Currency Translation | 219,470 | ' | ' | ' | ' | -219,470 |
Net Loss | -2,147,361 | ' | ' | ' | -2,147,361 | ' |
Balance at Dec. 31, 2013 | -1,684,170 | ' | 600 | 17,867,546 | -19,521,126 | -31,190 |
Balance, Shares at Dec. 31, 2013 | ' | ' | 6,000,000 | ' | ' | ' |
To record the recapitalization of Subsidiary in connection with the February 12, 2014 Share Exchange Agreement wherein the DanDrit Biotech USA Inc. ("Parent") issued 6,000,000 common shares to acquire a 100% interest in DanDrit Biotech A/S ("Subsidiary") DanDrit Biotech USA Inc., (Formerly Putnam Hills Corp), | ' | ' | 204 | -79,436 | ' | ' |
To record the recapitalization of Subsidiary in connection with the February 12, 2014 Share Exchange Agreement wherein the DanDrit Biotech USA Inc. ("Parent") issued 6,000,000 common shares to acquire a 100% interest in DanDrit Biotech A/S ("Subsidiary") DanDrit Biotech USA Inc., (Formerly Putnam Hills Corp), shares | ' | ' | 2,040,000 | ' | ' | ' |
Equity Adjustment for Foreign Currency Translation | -15,081 | ' | ' | ' | ' | 15,081 |
Net Loss | -882,509 | ' | ' | ' | -882,509 | ' |
Balance at Jun. 30, 2014 | ($2,630,830) | ' | $804 | $17,788,110 | ($20,403,635) | ($16,109) |
Balance, Shares at Jun. 30, 2014 | ' | ' | 8,040,000 | ' | ' | ' |
Consolidated_Statement_of_Stoc1
Consolidated Statement of Stockholder's Equity (Deficiency) (Parenthetical) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Conversion of bond payable related party and derivative liability per share | ' | $9 |
Notes payable related party per share | ' | $6.42 |
Notes payable related party per share one | ' | $6.42 |
Share exchange agreement acquisition percentage | 100.00% | ' |
Share exchange agreement shares issued to parent company | 6,000,000 | ' |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (Unaudited) (USD $) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' | ' |
NET (LOSS) | ($882,509) | ($743,016) | ($2,147,361) | ($2,427,649) |
ADJUSTMENT TO RECONCILE NET LOSS TO NET CASH USED IN OPERATING ACTIVITIES: | ' | ' | ' | ' |
Depreciation and Amortization | 11,117 | 21,741 | 38,297 | 56,600 |
(Gain)/Loss on sale of equipment | ' | ' | ' | -15,020 |
(Gain)/Loss on sale of subsidiary | ' | ' | -1 | ' |
Accretion of Discount on Bond Payable | ' | 258,011 | 502,465 | 461,279 |
(Gain)/Loss on Derivative Liability | ' | -87,466 | -175,732 | -142,579 |
CHANGES IN ASSETS AND LIABILITIES: | ' | ' | ' | ' |
(Increase)Decrease in Other Receivables | -59,870 | 49,409 | 56,346 | -17,705 |
(Increase)Decrease in Prepaid Expenses/Deposits | 12,807 | -10,697 | 4,183 | -8,943 |
Increase(Decrease) in Accounts Payable | 120,365 | -34,851 | -2,674 | 450,924 |
Increase(Decrease) in Accrued Expenses | 156,114 | -756,926 | -406,151 | 710,080 |
Total Adjustments | 240,533 | -560,779 | 16,733 | 1,494,636 |
NET CASH USED IN OPERATING ACTIVITIES | -641,976 | -1,303,795 | -2,130,628 | -933,013 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | ' |
Proceeds from sale of subsidiary | ' | ' | 1 | ' |
Proceeds from sale of equipment | ' | ' | ' | 15,020 |
Net (Increase) in Cash held in Escrow | -69,640 | ' | -77,468 | ' |
Purchase of Intangible Assets | ' | ' | -27,548 | -99,663 |
NET CASH USED BY INVESTING ACTIVITIES | -69,640 | ' | -105,015 | -84,643 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' | ' |
Proceeds from Notes Payable - Related Party | 858,765 | 1,272,329 | 2,754,662 | 856,754 |
Payment of Stock Offering Costs | ' | ' | -67,000 | ' |
Payments on Notes Payable - Related Party | ' | ' | -218,136 | ' |
NET CASH PROVIDED BY (USED BY) FINANCING ACTIVITIES | 858,765 | 1,272,329 | 2,469,526 | 856,754 |
Gain (Loss) on Currency Translation | 15,081 | 59,344 | -219,470 | -85,701 |
NET INCREASE (DECREASE) IN CASH | 162,230 | 27,878 | 14,413 | -246,603 |
CASH, BEGINNING OF PERIOD | 18,794 | 4,381 | 4,381 | 250,984 |
CASH, END OF PERIOD | 181,024 | 32,258 | 18,794 | 4,381 |
Cash paid during the periods for: | ' | ' | ' | ' |
Interest | ' | ' | 12,632 | ' |
Income Taxes | ' | ' | ' | ' |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ' | ' | ' | ' |
Accretion of Discount on Bond Payable | ' | 258,011 | 502,465 | 461,279 |
Change in Fair Market Value of Derivative Liability | ' | ($87,466) | ($175,732) | $142,579 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended | ||
Jun. 30, 2014 | |||
Summary of Significant Accounting Policies [Abstract] | ' | ||
Summary of Significant Accounting Policies | ' | ||
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Business and Basis of Presentation – DanDrit Biotech USA, Inc. (“DanDrit USA”, the “Company”, “we”, “us”, “our”) (formerly Putnam Hills Corp) was originally incorporated in the state of Delaware on January 18, 2011 as a vehicle to pursue a business combination through the acquisition of, or merger with, an operating business. | |||
DanDrit BioTech A/S, a Danish Corporation was incorporated on April 1, 2001 (“DanDrit Denmark”). The Company engages in the research and development, manufacturing and clinical trials of pharmaceutical and biological products for the human treatment of cancer using the dendritic cell technology. | |||
Reverse Acquisition - On February 12, 2014, pursuant to the Share Exchange Agreement (the "Share Exchange Agreement"), DanDrit USA completed the acquisition of approximately 100% of the issued and outstanding capital stock of DanDrit Denmark (the “Share Exchange”) and as a result became DanDrit Denmark’s parent company (the “Parent”). Prior to the Share Exchange there were 5,000,000 shares of the common stock, par value $.0001 per share (the “Common Stock”) of Parent outstanding. Parent and an existing shareholder agreed to cancel 4,400,000 shares of its Common Stock and issued 1,440,000 shares of Common Stock for legal and consulting services related to the Share Exchange and a future public offering. At the time of the Share Exchange the outstanding shares of common stock of DanDrit Denmark were exchanged for 1.498842 shares of Parent’s Common Stock, for a total of 6,000,000 shares, resulting in 8,040,000 shares of Parent Common Stock being outstanding immediately following the Share Exchange, including 185,053 shares of Common Stock reserved for issuance in accordance with Section 70 of the Danish Companies Act and the Articles of Association of DanDrit Denmark to the DanDrit Denmark shareholders who have not consented to the Share Exchange (the “Non-Consenting Shareholders”), deemed issued and outstanding for accounting purposes. | |||
Consolidation - For the three and six months ended June 30, 2014 and 2013, the consolidated financial statements include the accounts and operations of the DanDrit Denmark, and the accounts and operations of DanDrit USA. All material inter-company transactions and accounts have been eliminated in the consolidation. | |||
On December 16, 2013, DanDrit Denmark sold, for $1.00, its wholly-owned dormant subsidiary DanDrit Corporation PTE. LTD. a Singapore limited liability company incorporated on July 1, 2008. As this Singapore entity was a dormant subsidiary the financial statements include the $1 proceeds and gain on sale of the former subsidiary. | |||
Functional Currency / Foreign currency translation — The functional currency of DanDrit USA is the U.S. Dollar. The functional currency of DanDrit Denmark is the Danish Kroner (“DKK”). The Company’s reporting currency is the U.S. Dollar for the purpose of these financial statements. The Company’s balance sheet accounts are translated into U.S. dollars at the period-end exchange rates and all revenue and expenses are translated into U.S. dollars at the average exchange rates prevailing during the years 2013 and 2012 and the period ending June 30, 2014 and 2013. Translation gains and losses are deferred and accumulated as a component of other comprehensive income in stockholders’ equity. Transaction gains and losses that arise from exchange rate fluctuations from transactions denominated in a currency other than the functional currency are included in the statement of operations as incurred. | |||
Cash and Cash Equivalents — The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. The Company had no balances held in financial institution in the United States in excess of federally insured amounts at June 30, 2014, December 31, 2013 and 2012. | |||
Property and Equipment — Property and equipment are stated at cost. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized, upon being placed in service. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is computed for financial statement purposes on a straight-line basis over the estimated useful lives of the assets which range from four to six years (See Note 3). | |||
Intangible Assets — Definite life intangible assets include patents. The Company accounts for definite life intangible assets in accordance with Financial Accounting Standards Board, (“FASB”) Accounting Standards Codification, (“ASC”) Topic 350, “Goodwill and Other Intangible Assets” and amortized the patents on a straight line basis over the estimated useful life of twenty years. Costs incurred in relation to patent applications are capitalized cost and amortized over the estimated useful life of the patent. If it is determined that a patent will not be issued, the related remaining patent application costs are charged to expense. | |||
Impairment of Long-Lived Assets - Long-lived assets, such as property, plant, and equipment and patents are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed of significantly before the end of its estimated useful life. | |||
Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and would no longer be depreciated. The depreciable basis of assets that are impaired and continue in use is their respective fair values. | |||
Revenue Recognition and Sales — The Company’s sales of its MCV colorectal cancer vaccine have been limited to a compassionate use basis in Singapore after stage IIA trials and is not approved for current sale for any other use or location. The Company's accounts for revenue recognition in accordance with the Securities and Exchange Commission Staff Accounting Bulletin No. 101, “Revenue Recognition in Financial Statements” (SAB 101), and FASB ASC 605 Revenue Recognition. The Company recognizes revenue when rights and risk of ownership have passed to the customer, when there is persuasive evidence of an arrangement, product has been shipped or delivered to the customer, the price and terms are finalized, and collections of resulting receivable is reasonably assured. Products are primarily shipped FOB shipping point at which time title passes to the customer. | |||
Value Added Tax - In Denmark, Value Added Tax (“VAT”) of 25% of the invoice amount is collected in respect of the sales of goods on behalf of tax authorities. The VAT collected is not revenue of the Company; instead, the amount is recorded as a liability on the balance sheet until such VAT is paid to the authorities. VAT of 25% is also paid to Danish and EU vendors on invoices these amounts are refundable from the respective governmental authority and recorded as other receivables in the accompanying financial statements. | |||
Research and Development Cost — The Company expenses research and development costs for the development of new products as incurred and is included in operating expense. There was no research and development costs for the three and six month periods ended June 30, 2014 and 2013 and years ended December 31, 2013 and 2012. | |||
Income Taxes — The Company accounts for income taxes in accordance with FASB ASC Topic 740 Accounting for Income Taxes. This statement requires an asset and liability approach for accounting for income taxes. | |||
Loss Per Share — The Company calculates earnings /(loss) per share in accordance with FASB ASC 260 Earnings Per Share. Basic earnings per common share (EPS) are based on the weighted average number of common shares outstanding during each period. Diluted earnings per common share are based on shares outstanding (computed as under basic EPS) and potentially dilutive common shares. Potential common shares included in the diluted earnings per share calculation include in-the-money stock options that have been granted but have not been exercised. | |||
Derivatives - We generally do not use derivative financial instruments to hedge exposures to cash-flow, market or foreign-currency risks. However, we have entered into certain other financial instruments and contracts, such as debt financing arrangements with features that are either (i) not afforded equity classification, (ii) embody risks not clearly and closely related to host contracts, or (iii) may be net-cash settled by the counterparty. These instruments are required to be carried as derivative liabilities, at fair value. | |||
We estimate fair values of all derivative instruments, such as embedded conversion features utilizing Level 3 inputs (defined below in Note 1: Fair Value of Financial Instruments). We use the Black-Scholes option valuation technique because it embodies all of the requisite assumptions (including trading volatility, estimated terms and risk free rates) necessary to fair value these instruments. Estimating fair values of derivative financial instruments requires the development of significant and subjective inputs that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. In addition, option-based techniques are highly volatile and sensitive to changes in our market price of our common stock, which have historically had high volatility. Since derivative financial instruments are initially and subsequently carried at fair value, our income will reflect the volatility in these estimate and assumption changes.We report our derivative liabilities at fair value . | |||
Fair Value of Financial Instruments — The Company accounts for fair value measurements for financial assets and financial liabilities in accordance with FASB ASC Topic 820, “Fair Value Measurements”. The authoritative guidance, which, among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exit price, representing the amount that would either be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: | |||
● | Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities; | ||
● | Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and | ||
● | Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | ||
Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash, accounts receivable, prepaid expenses, investments, accounts payable, accrued expenses, capital lease obligations and notes payable approximates their recorded values due to their short-term maturities. | |||
Accounting Estimates — The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimated. | |||
Recent Accounting Pronouncements — Recent accounting pronouncements issued by the FASB did not or are not believed by management to have a material impact on the Company’s present or future financial statements. | |||
Reclassification - The financial statements for the period ended June 30, 2013 have been reclassified to conform to the headings and classifications used in the June 30, 2014 financial statements. |
Going_Concern
Going Concern | 6 Months Ended |
Jun. 30, 2014 | |
Going Concern [Abstract] | ' |
Going Concern | ' |
NOTE 2 — GOING CONCERN | |
The accompanying financial statements have been prepared in conformity with generally accepted accounting principles of the United States of America, which contemplate continuation of the Company as a going concern. However, the Company has incurred significant losses and has not yet been successful in establishing profitable operations. These factors raise substantial doubt about the ability of the Company to continue as a going concern. In this regard, management plans to mitigate this doubt by raising additional funds through debt and/or equity offerings and by substantially increasing sales once approval for the Company’s product is obtained. There is no assurance that the Company will be successful in achieving profitable operations. The financial statements do not include any adjustments that might result from the outcome of these uncertainties. |
Property_and_Equipment
Property and Equipment | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||
PROPERTY AND EQUIPMENT | ' | ||||||||||
NOTE 3 — PROPERTY AND EQUIPMENT | |||||||||||
Property and equipment consisted of the following at June 30, 2014 and December 31, 2013: | |||||||||||
Useful Life | June 30, | December 31, | |||||||||
2014 | 2013 | ||||||||||
Lab equipment and instruments | 6-Apr | $ | 200,740 | $ | 194,143 | ||||||
Computer equipment | 6-Apr | 68,753 | 66,493 | ||||||||
269,493 | 260,636 | ||||||||||
Less Accumulated Depreciation | (269,493 | ) | (260,636 | ) | |||||||
Net Property and Equipment | $ | - | $ | - | |||||||
Depreciation expense amounted to $0, $858, and $0 and $1,646 for the three and six month period ended June 30, 2014 and 2013, respectively. The Company’s property and equipment is held as collateral on the notes payable related party During the first quarter of 2014, the Company capitalized $41,498 in website development costs which were written off during the second quarter of 2014. |
Definite_Life_Intangible_Asset
Definite Life Intangible Assets | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Definite Life Intangible Assets [Abstract] | ' | ||||
DEFINITE LIFE INTANGIBLE ASSETS | ' | ||||
NOTE 4 — DEFINITE-LIFE INTANGIBLE ASSETS | |||||
At June 30, 2014 and December 31, 2013, definite-life intangible assets, net of accumulated amortization, consist of patents on the Company’s products and processes of $220,498 and $231,615, respectively. The patents are recorded at cost and amortized over twenty years from the date of application. Amortization expense for the three and six months ended June 30, 2014 and 2013 was $2,962, $13,742,$9,756 and $21,554, respectively. Expected future amortization expense for the years ended are as follows: | |||||
Year ending December 31, | |||||
2014 | $ | 9,866 | |||
2015 | 19,571 | ||||
2016 | 19,571 | ||||
2017 | 19,624 | ||||
2018 | 19,571 | ||||
Thereafter | 132,295 | ||||
$ | 220,498 | ||||
Notes_Payable_Related_Party
Notes Payable - Related Party | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Notes Payable - Related Party [Abstract] | ' | ||||||||
NOTES PAYABLE - RELATED PARTY | ' | ||||||||
NOTE 5 — NOTES PAYABLE – RELATED PARTY | |||||||||
Notes payable to related parties consists of the following as of June 30, 2014 and December 31, 2013: | |||||||||
June 30, | Dec. 31, | ||||||||
2014 | 2013 | ||||||||
5% Note Payable Paseco ApS | $ | 894,686 | $ | - | |||||
Non-Interest Bearing Loan Payable Sunrise Financial Group Inc. | 38,235 | - | |||||||
Note Payable ML Group | 21,426 | 21,557 | |||||||
6% Promissory Note payable to NLBDIT 2010 Enterprises, LLC | 42,540 | - | |||||||
5% Note Payable - Sune Olsen Holding ApS | 531,166 | 521,390 | |||||||
5% Note Payable - Sune Olsen | 188,525 | 185,054 | |||||||
Total Notes Payable – Related Party | 1,716,578 | 728,001 | |||||||
Less Current Maturities | (1,716,578 | ) | (728,001 | ) | |||||
Note Payables – Related Party Long Term | $ | - | $ | - | |||||
The following represents the future maturities of long-term debt as of June 30, 2014: | |||||||||
Year ending December 31, | |||||||||
2014 | - | ||||||||
2015 | 1,716,578 | ||||||||
2016 | - | ||||||||
2017 | - | ||||||||
2018 | - | ||||||||
Thereafter | - | ||||||||
1,716,578 | |||||||||
On February 15, 2014 and March 18, 2014, the Company received DKK 2,500,000 ($461,084) and DKK 2,300,000 ($424,198) loans, respectively, from Paseco ApS, an entity owned by a shareholder of DanDrit USA (“Paseco”). The loans are payable 14 days after the completion of the contemplated public offering in DanDrit USA or February 1, 2015, and accrue interest at 5% per annum. On April 29, 2014, DanDrit Denmark and Paseco entered into an amendment whereby the terms of the 2014 loans are payable on February 1, 2015 and can be extended at the Company’s option for an additional year with an increase in the interest rate to 7.00%. . As of June 30, 2014, the outstanding balance on the loan including accrued interest is $894,686. During the three and six months ended June 30, 2014 the Company record related party interest on the note of DKK 59,836 ($11,021) and DKK 72,370 ($13,330). | |||||||||
DanDrit Denmark has received an unsecured loan facility from Sune Olsen Holding ApS, an entity owned by a shareholder, with a goal of ensuring financing until new equity has been brought in. Under the loan facility DanDrit Denmark has received the following amounts: On November 11, 2013 DKK 1,500,000 ($275,437), on November 20, 2013 DKK 405,000 ($74,368), and on December 2, 2013 DKK 900,000 ($165,262). The loans are due May 1, 2014 and accrue interest at 5% per year or DKK 87,679 ($16,099) at June 30, 2014. During March 2014, the Company extended maturity date of the loans with Sune Olsen Holdings ApS from May 1, 2014 to 14 days after the completion of the contemplated stock offering of DanDrit USA or February 1, 2015. | |||||||||
DanDrit Denmark has received an unsecured loan from Sune Olsen, a shareholder of the Company, with a goal of ensuring financing until new equity has been brought in. The loan in the amount of DKK 1,000,000 ($183,625) was issued on December 20, 2013. The loan is due May 1, 2014 and accrues interest of 5% per year 26,686 ($4,900) at June 30, 2014, 2014. During March 2014, the Company extended maturity date of the DKK 1,000,000 loans with Sune Olsen from May 1, 2014 to 14 days after the completion of the contemplated stock offering of DanDrit USA or February 1, 2015. | |||||||||
During March 2014, the Company received a 2,000,000 DKK letter of support from Paseco to ensure continued operations until February 1, 2015. The Company has an option to extend the loan for one year by giving notice to Paseco by December 31, 2014 whereby the interest rate would increase to 7.00% per annum. | |||||||||
During 2012, DKTI A/S, a shareholder of the Company, which is controlled by officers and directors of the Company, agreed to loan the Company up to DKK 5,000,000 (approximately $880,000) accruing interest at 6%. The loan is secured by all the Company’s intellectual property rights, including its patents and its patent applications credit facility. During the year ended December 31, 2012 the Company borrowed DKK 4,431,862 ($783,139) plus DKK 71,563 ($12,646) in interest. During the year ended December 31, 2013, the Company borrowed an additional DKK 310,000 (approximately $55,000) on the loan and accrued interest of DKK 230,377 (approximately $42,000). The notes with related accrued interest were converted into 96,288 common shares of DanDrit Denmark on December 16, 2013 which were exchanged for 144,321 shares of common stock of the Parent upon the closing of the Share Exchange. | |||||||||
During the years ended December 31, 2013, 2012 and 2011 Sune Olsen Holding ApS, loaned the Company DKK 1,267,724 ($232,841), DKK 338,719 ($59,854) and DKK 143,750 ($25,019), respectively. The Company added the accrued interest at 6% and the Company recorded interest expense of DKK 86,047 ($15,804), DKK 20,469 ($3,617) and DKK 2,689 ($468) during the years end December 31, 2013, 2012 and 2011 respectively. The loans are payable upon three month written notice of the shareholder. On December 16, 2013, the notes with related accrued interest were converted into 35,106 shares of DanDrit Denmark which were exchanged for 52,618 shares of common stock of the Parent upon the closing of the Share Exchange. | |||||||||
On June 20, 2013, Sune Olsen Holding APS, an entity owned by a shareholder of the Company paid DKK 1,500,000, ($265,000) in accrued legal fees owed by the Company in exchange for a DKK1,500,000 ($265,000) 5% note payable to Sune Olsen Holding APS. On December 16, 2013, the note with related accrued interest of DKK 20,959 ($3,804) was converted into 29,036 shares of DanDrit Denmark common stock. Such shares of common stock were exchanged for 31,414shares of common stock of the Parent upon the closing of the Share Exchange. | |||||||||
On April 14, 2013, Sune Olsen Holding APS, an entity owned by a shareholder of the Company assumed DKK 4,375,932 (approximately$773,000) in liabilities owed by the company for past due rent from a vendor in exchange for a note payable. The note accrued interest at 5% and is payable on demand. On December 31, 2013, the note with related interest of DKK 139,670 ($25,349), was converted into 86,204 shares of DanDrit Denmark. Such shares of common stock were exchanged for 129,206 shares of common stock of the Parent upon the closing of the Share Exchange. | |||||||||
On July 26, 2013 and August 15, 2013, Sune Olsen Holding APS, an entity owned by a shareholder of the Company, loaned the Company an additional DKK 1,000,000 ($177,239) and DKK 750,000 ($133,343), respectively. The notes accrue interest at 5% and are payable upon three month written notice of the shareholder. The notes with related accrued interest of DKK 15,575 ($2,827) were converted into 33,705 shares of DanDrit Denmark common stock on December 16, 2013. Such shares of common stock were exchanged for 50,518 shares of common stock of the Parent upon the closing of the Share Exchange. | |||||||||
On April 30, 2013 Stratega ApS, a shareholder of the Company, loaned the Company DKK 1,000,000 ($175,359). The note accrues interest at 1% per month and is payable on September 1, 2013. As of September 1, 2013 the loan was outstanding, and thereby incurred a penalty of DKK 50,000 ($8,863). The outstanding loan accrued interest at 2.5% per month beginning September 2, 2013. DKTI Invest AS has secured the loan by pledging 25,000 common shares of DKTI Invest AS. DKTI Invest AS pledged the collateral on behalf of the Company, and the Company granted DKTI Invest AS worldwide use of the Company’s DDM master cell bank (“Use Agreement”) more specifically of the Company’s working cell bank DDM 1-7203-01, manufactured in 2008, for research, manufacturing and commercial purposes. The note was repaid in November 2013, the security was released and the Use Agreement cancelled. | |||||||||
As of June 30, 2014, the outstanding balance of $38,235 for professional fees paid by a shareholder and amounts advanced to the Parent are reported as loan payable - related party. The $38,235 loans payable were acquired in the reverse acquisition. The amounts are unsecured, non-interest bearing and have no stipulated repayment terms. | |||||||||
A 6% Promissory Note payable (the “Note”) to NLBDIT 2010 Enterprises, LLC, an entity controlled by a shareholder of the Company, was acquired by the Company in the reverse acquisition, payable on February 12, 2014 upon the completion date of the Share Exchange. As of June 30, 2014, the outstanding balance on the Note, including accrued interest, was $42,540. During the three and six months ended June 30, 2014 the Company record related party interest on the Note of $594, and $1,521 |
Convertible_Bond_Payable_Relat
Convertible Bond Payable - Related Party | 6 Months Ended |
Jun. 30, 2014 | |
Convertible Bond Payable - Related Party [Abstract] | ' |
CONVERTIBLE BOND PAYABLE - RELATED PARTY | ' |
NOTE 6 — CONVERTIBLE BOND PAYABLE – RELATED PARTY | |
On December 1, 2011,DanDrit Denmark borrowed $1,500,000 from DKTI A/S and issued 6% convertible bonds. The bonds may not be converted during the four weeks following the publication of the annual report. The bond may not be repaid until the bonds’ expiration on November 30, 2014. The bonds shall not accrue interest after expiration. The bonds and related accrued interest are convertible into common shares of the Company at an initial rate of $9.58 per common share. | |
The conversion /adjustment features had an estimated fair value of $1,003,557 using the Black-Scholes pricing Model using the assumptions below and bifurcated and properly classified as derivative instruments required to be recorded at fair value (Note 7). The proceeds from the bond have been allocate to the note and conversion / adjustment feature of the convertible bond and recorded at a discount which was amortized to interest expense through conversion. During the years ended December 31, 2013 and 2012, the Company recorded interest expense of $502,465 and $461,279, respectively, for the accretion of the discount on the note. | |
On December 16, 2013, the $1,500,000 convertible bond, accrued interest of $179,612 and the $673,736 derivative liability were converted into 174,578 shares of DanDrit Denmark common stock. Such shares of common stock were exchanged for 261,665 shares of common stock of the Parent upon the closing of the Share Exchange. | |
The assumptions used to determine the initial fair value of the conversion feature of the convertible bond were expected volatility of 65%, expected life of two years to eleven months, risk – free interest rates of .41%, and no dividend yield. |
Derivative_Liabilities
Derivative Liabilities | 6 Months Ended |
Jun. 30, 2014 | |
Derivative Liabilities [Abstract] | ' |
DERIVATIVE LIABILITIES | ' |
NOTE 7 – DERIVATIVE LIABILITIES | |
The Company does not use derivative financial instruments to hedge exposures to cash-flow, market or foreign-currency risks. However, the Company has entered into certain other financial instruments and contracts, such as debt financing arrangements with features that are either (i) not afforded equity classification, (ii) embody risks not clearly and closely related to host contracts, or (iii) may be net-cash settled by the counterparty. These instruments are required to be carried as derivative liabilities, at fair value. | |
The fair value of the shares to be issued upon conversion of the bond was recorded as a derivative liability, with the change in the fair value recorded as a gain or loss in the accompanying statement of operations. During the three and six months June 30, 2013 the Company recorded a gain of $4,180 and $45,823 respectively. On December 16, 2013, the $1,500,000 convertible bond, accrued interest of $179,612 and the $673,736 derivative liability were converted into 174,578 shares of DanDrit Denmark common stock or 261,665 shares of common stock of the Parent upon the closing of the Share Exchange. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2014 | |
Leases [Abstract] | ' |
LEASES | ' |
NOTE 8 — LEASES | |
Operating Leases — The Company leases laboratory and production space under operating lease agreements which can be cancelled with 3 month notice. The lease calls for monthly payments of DKK 6,000 (approximately $1,096 at June 30, 2014). | |
Lease expense charged to operations was $10,250 and, $0 for the three months ended June 30, 2014 and 2013, respectively. | |
On March 27, 2014 the Company entered into an operating lease agreement for office space from a related party. The Lease calls for monthly payments of DKK 10,000 (approximately $1,827), increasing to DKK 20,000 (approximately $3,654) on July 1, 2014. The lease can be terminated by either the Company or the landlord by giving the other 3 months notice. |
Income_Taxes
Income Taxes | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
Income Taxes | ' | |||||||||
NOTE 9 — INCOME TAXES | ||||||||||
The Company accounts for income taxes in accordance with FASB ASC Topic 740, Accounting for Income Taxes; which requires the Company to provide a net deferred tax asset or liability equal to the expected future tax benefit or expense of temporary reporting differences between book and tax accounting and any available operating loss or tax credit carry forwards. The amount of and ultimate realization of the benefits from the deferred tax assets for income tax purposes is dependent, in part, upon the tax laws in effect, the Company’s future earnings, and other future events, the effects of which cannot be determined. | ||||||||||
As of June 30, 2014 the Company had net operating loss carry-forwards of approximately $10,200,000 for Danish tax purposes which do not expire and Company had net operating loss carry-forwards of approximately $120,000 for U.S. Federal Tax purposes which expire through 2033, a portion of which shall be limited due to the change in control of the Parent. | ||||||||||
The Company files U.S. and Danish income tax returns, and they are generally no longer subject to tax examinations for years prior to 2010 and 2007, respectively. | ||||||||||
The temporary differences, tax credits and carry forwards gave rise to the following deferred tax asset (liabilities) at June 30, 2014 and December 31, 2013: | ||||||||||
June 30, | December 31, | |||||||||
2014 | 2013 | |||||||||
Excess of Tax over book depreciation Fixed assets | $ | 87,578 | $ | 87,578 | ||||||
Excess of Tax over book depreciation Patents | 114,028 | 114,028 | ||||||||
Net Operating Loss Carry forward | 2,254,812 | 1,642,598 | ||||||||
Valuation Allowance | (2,456,418 | ) | (1,844,204 | ) | ||||||
Total Deferred Tax Asset (Liabilities) | $ | - | $ | - | ||||||
In accordance with prevailing accounting guidance, the Company is required to recognize and disclose any income tax uncertainties. The guidance provides a two-step approach to recognize and disclose any income tax uncertainties. The guidance provides a two-step approach to recognizing and measuring tax benefits and liabilities when realization of the tax position is uncertain. The first step is to determine whether the tax position meet the more-likely-than-not condition for recognition and the second step is to determine the amount to be recognized based on the cumulative probability that exceeds 50%. The amount of and ultimate realization of the benefits from the deferred tax assets for income tax purposes is dependent, in part, upon the tax laws in effect, the Company’s future earnings, and other future events, the effects of which can be difficult to determine and can only be estimated. Management estimates that it is more likely than not that the Company will not generate adequate net profits to use the deferred tax assets; and consequently, a valuation allowance was recorded for all deferred tax assets. | ||||||||||
A reconciliation of income tax expense at the federal statutory rate to income tax expense at the company’s effective rate is as follows at June 30, 2014 and 2013: | ||||||||||
June 30, | June 30, | |||||||||
2014 | 2013 | |||||||||
Computed Tax at Expected Statutory Rate | $ | (144,858 | ) | $ | (135,684 | ) | ||||
Non-US Income Taxed at Different Rates | 44,858 | 38,059 | ||||||||
Non-Deductable expenses | - | 27,850 | ||||||||
Valuation allowance | 100,000 | 69,775 | ||||||||
Income Tax Expense | $ | (132,997 | ) | $ | - | |||||
The components of income tax expense (benefit) from continuing operations for the three months ended June 30, 2014 and 2013 consisted of the following | ||||||||||
Current Tax Expense | 2013 | 2012 | ||||||||
Danish Income Tax | $ | - | $ | - | ||||||
Total Current Tax Expense | - | - | ||||||||
Deferred Income Tax Expense (Benefit) | ||||||||||
Excess of Tax over Book Depreciation Fixed Assets | - | - | ||||||||
Excess of Tax over Book Depreciation Patents | - | - | ||||||||
Net Operating Loss Carry forwards | (100,000 | ) | (69,775 | ) | ||||||
Change in the Valuation allowance | 1,000,000 | 69,775 | ||||||||
Total Deferred Tax Expense | $ | - | $ | - | ||||||
Deferred income tax expense / (benefit) results primarily from the reversal of temporary timing differences between tax and financial statement income. |
Loss_Per_Share
Loss Per Share | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Loss Per Share [Abstract] | ' | ||||||||||||||||||||||||
LOSS PER SHARE | ' | ||||||||||||||||||||||||
NOTE 10 — LOSS PER SHARE | |||||||||||||||||||||||||
The following data shows the amounts used in computing loss per share and the effect on income and the weighted average number of shares of potential dilutive common stock for the 3 month period ended June 30, 2014, and 2013: | |||||||||||||||||||||||||
For the 3 Months Ended | For the 6 Months Ended | For the Years Ended | |||||||||||||||||||||||
June 30, | June 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | 2012 | ||||||||||||||||||||
Net (Loss) | (469,452 | ) | (343,944 | ) | (882,509 | ) | (743,016 | ) | (2,147,361 | ) | (2,427,649 | ) | |||||||||||||
Weighted average number of common shares used in basic earnings per share | 8,040,000 | 5,318,151 | 7,555,359 | 5,318,151 | 6,000,000 | 5,318,151 | |||||||||||||||||||
Effect of dilutive securities, stock options and warrants | - | - | - | - | |||||||||||||||||||||
Weighted average number of common shares and potential dilutive common shares outstanding used in dilutive earnings per share | 8,040,000 | 5,318,151 | 7,555,359 | 5,318,151 | 6,000,000 | 5,318,151 | |||||||||||||||||||
For the three and six months ended June 30, 2014, and December 31, 2013, the Company had no common stock equivalents. For the six months ended June 30, 2013, and year ended December 31, 2012, the Company had a convertible bond wherein the holder could convert the bond and underlying accrued interest into a minimum of 234,683 shares of common stock which were not included in the loss per share computation because their effect would be anti-dilutive. |
Stockholders_Equity
Stockholder's Equity | 6 Months Ended |
Jun. 30, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
STOCKHOLDERS' EQUITY | ' |
NOTE 11 — STOCKHOLDERS’ EQUITY | |
Common Stock — The Company has 100,000,000 authorized shares of Common stock $0.0001. As of June 30, 2014 there were 8,040,000 shares issued and outstanding. | |
Share Exchange Agreement/Reverse Acquisition - On February 12, 2014, pursuant to the Share Exchange Agreement (the "Share Exchange Agreement"), DanDrit Biotech USA, Inc. completed the acquisition of approximately 100% of the issued and outstanding capital stock of DanDrit Denmark (the “Share Exchange”) and as a result became DanDrit Denmark’s parent company of (the “Parent”). Prior to the Share Exchange there were 5,000,000 shares of the common stock, par value $.0001 per share (the “Common Stock”) of Parent outstanding, Parent and an existing shareholder agreed to cancel 4,400,000 shares of its Common Stock and issued 1,440,000 shares of Common Stock for legal and consulting services related to the Share Exchange and a future offering. At the time of the Share Exchange the outstanding shares of the common stock of DanDrit Denmark were exchanged for 1.498842 shares of Parent’s Common Stock, for a total of 6,000,000 shares, resulting in 8,040,000 shares of Parent Common Stock being outstanding immediately following the Share Exchange, including 185,053 shares of Common Stock reserved for issuance in accordance with Section 70 of the Danish Companies Act and the Articles of Association of DanDrit Denmark to the Non-Consenting Shareholders, deemed issued and outstanding for accounting purposes. | |
On December 16, 2013, DanDrit Denmark issued 174,578 shares of its common stock which were exchanged for 261,665 shares of Common Stock of the Parent upon the closing of the Share Exchange in payment of a $1,500,000 convertible bond, $179,612 of accrued interest and the remaining $673,736 of derivative liability associated with the conversion feature of the bond. | |
On December 16, 2013, DanDrit Denmark issued 96,288 shares of its common stock which were exchanged for 144,321 shares of Common Stock of the Parent upon the closing of the Share Exchange in payment of $926,386 of notes payable and related accrued interest payable to DKTI A/S. | |
On December 16, 2013, DanDrit Denmark issued 184,051 shares of its common stock which were exchanged for 275,863 shares of Common Stock of the Parent upon the closing of the Share Exchange in payment of $1,770,757 of notes payable and related accrued interest payable to Sune Olsen Holdings ApS and Advance Biotech Invest AS. | |
Voting- Holders of the Company’s common stock are entitled to one vote for each share held of record on each matter submitted to a vote of stockholders, including the election of directors, and do not have any right to cumulate votes in the election of directors. | |
Dividends- Holders of the Company’s common stock are entitled to receive ratably such dividends as our Board of Directors from time to time may declare out of funds legally available. | |
Liquidation Rights- In the event of any liquidation, dissolution or winding-up of affairs of the Company, after payment of all of our debts and liabilities, the holders of the Company’s common stock will be entitled to share ratably in the distribution of any of our remaining assets. | |
Other Matters- Holders of DanDrit Denmark common stock have no conversion, preemptive or other subscription rights, and there are no redemption rights or sinking fund provisions with respect to the common stock. All of the issued and outstanding shares of common stock on the date of this report are validly issued, fully paid and non-assessable. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
NOTE 12 — COMMITMENTS AND CONTINGENCIES | |
Patient Name Use Program - On December 16, 2013, DanDrit Denmark entered into an agreement with a Dutch company (the “MCV Partner”) regarding a Patient Name Use Program (PNU) for the Company’s Mel Cancer Vac (MCV). This program will allow DanDrit Denmark to sell MCV for a year of treatment (10 vaccines) to cancer patients through the MCV Partner. The MCV Partner offers a worldwide online platform providing access to non-registered medicines for patients with life threatening diseases. The MCV Partner is a turnkey solution and will be in charge of regulatory, recruitment, logistics, and pharmaco vigilance. The Company will pay the MCV Partner a royalty on a country to country basis for 20 years on MCV sales sold under the agreement. Either party may terminate the agreement with 180 day written notice. | |
Food and Drug Administration (FDA) - The FDA has extensive regulatory authority over biopharmaceutical products (drugs and biological products), manufacturing protocols and procedures and the facilities in which they will be manufactured. Any new bio product intended for use in humans is subject to rigorous testing requirements imposed by the FDA with respect to product efficacy and safety, possible toxicity and side effects. FDA approval for the use of new bio products (which can never be assured) requires several rounds of extensive preclinical testing and clinical investigations conducted by the sponsoring pharmaceutical company prior to sale and use of the product. At each stage, the approvals granted by the FDA include the manufacturing process utilized to produce the product. Accordingly, the Company’s cell systems used for the production of therapeutic or bio therapeutic products are subject to significant regulation by the FDA under the Federal Food, Drug and Cosmetic Act, as amended. | |
Product liability -The contract production services for therapeutic products offered exposes an inherent risk of liability as bio therapeutic substances manufactured, at the request and to the specifications of customers, could fore see ably cause adverse effects. The Company seeks to obtain agreements from contract production customers indemnifying and defending the Company from any potential liability arising from such risk. There can be no assurance, however, that the Company will be successful in obtaining such agreements in the future or that such indemnification agreements will adequately protect the Company against potential claims relating to such contract production services. The Company may also be exposed to potential product liability claims by users of its products. A successful partial or completely uninsured claim against the Company could have a material adverse effect on the Company’s operations. | |
Employment Agreements -The Company and its Subsidiary have employment agreements with officers of the Company. | |
Contingencies - The Company is from time to time involved in routine legal and administrative proceedings and claims of various types. While any proceedings or claim contains an element of uncertainty, management does not expect a material impact on our results of operations or financial position. | |
During 2013, the Danish law firm Horten made a claim of DKK 184,144 ($33,421), including accrued interest, against DanDrit Denmark related to services performed for a former shareholder who was selling his shares. DanDrit Denmark did not engage Horten nor did it request the services of Horten. Horten submitted the invoices only after Horten went into bankruptcy. Management intends to vigorously defend against any claims made by Horton. |
Subsequent_Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENT | ' |
NOTE 13 — SUBSEQUENT EVENTS | |
No subsequent have occurred through the date and time of this report. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended | ||
Jun. 30, 2014 | |||
Summary of Significant Accounting Policies [Abstract] | ' | ||
Business and Basis of Presentation | ' | ||
Business and Basis of Presentation – DanDrit Biotech USA, Inc. (“DanDrit USA”, the “Company”, “we”, “us”, “our”) (formerly Putnam Hills Corp) was originally incorporated in the state of Delaware on January 18, 2011 as a vehicle to pursue a business combination through the acquisition of, or merger with, an operating business. | |||
DanDrit BioTech A/S, a Danish Corporation was incorporated on April 1, 2001 (“DanDrit Denmark”). The Company engages in the research and development, manufacturing and clinical trials of pharmaceutical and biological products for the human treatment of cancer using the dendritic cell technology. | |||
Reverse Acquisition - On February 12, 2014, pursuant to the Share Exchange Agreement (the "Share Exchange Agreement"), DanDrit USA completed the acquisition of approximately 100% of the issued and outstanding capital stock of DanDrit Denmark (the “Share Exchange”) and as a result became DanDrit Denmark’s parent company (the “Parent”). Prior to the Share Exchange there were 5,000,000 shares of the common stock, par value $.0001 per share (the “Common Stock”) of Parent outstanding. Parent and an existing shareholder agreed to cancel 4,400,000 shares of its Common Stock and issued 1,440,000 shares of Common Stock for legal and consulting services related to the Share Exchange and a future public offering. At the time of the Share Exchange the outstanding shares of common stock of DanDrit Denmark were exchanged for 1.498842 shares of Parent’s Common Stock, for a total of 6,000,000 shares, resulting in 8,040,000 shares of Parent Common Stock being outstanding immediately following the Share Exchange, including 185,053 shares of Common Stock reserved for issuance in accordance with Section 70 of the Danish Companies Act and the Articles of Association of DanDrit Denmark to the DanDrit Denmark shareholders who have not consented to the Share Exchange (the “Non-Consenting Shareholders”), deemed issued and outstanding for accounting purposes. | |||
Consolidation | ' | ||
Consolidation - For the three and six months ended June 30, 2014 and 2013, the consolidated financial statements include the accounts and operations of the DanDrit Denmark, and the accounts and operations of DanDrit USA. All material inter-company transactions and accounts have been eliminated in the consolidation. | |||
On December 16, 2013, DanDrit Denmark sold, for $1.00, its wholly-owned dormant subsidiary DanDrit Corporation PTE. LTD. a Singapore limited liability company incorporated on July 1, 2008. As this Singapore entity was a dormant subsidiary the financial statements include the $1 proceeds and gain on sale of the former subsidiary. | |||
Functional Currency / Foreign currency translation | ' | ||
Functional Currency / Foreign currency translation — The functional currency of DanDrit USA is the U.S. Dollar. The functional currency of DanDrit Denmark is the Danish Kroner (“DKK”). The Company’s reporting currency is the U.S. Dollar for the purpose of these financial statements. The Company’s balance sheet accounts are translated into U.S. dollars at the period-end exchange rates and all revenue and expenses are translated into U.S. dollars at the average exchange rates prevailing during the years 2013 and 2012 and the period ending June 30, 2014 and 2013. Translation gains and losses are deferred and accumulated as a component of other comprehensive income in stockholders’ equity. Transaction gains and losses that arise from exchange rate fluctuations from transactions denominated in a currency other than the functional currency are included in the statement of operations as incurred. | |||
Cash and Cash Equivalents | ' | ||
Cash and Cash Equivalents — The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. The Company had no balances held in financial institution in the United States in excess of federally insured amounts at June 30, 2014, December 31, 2013 and 2012. | |||
Property and Equipment | ' | ||
Property and Equipment — Property and equipment are stated at cost. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized, upon being placed in service. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is computed for financial statement purposes on a straight-line basis over the estimated useful lives of the assets which range from four to six years (See Note 3). | |||
Intangible Assets | ' | ||
Intangible Assets — Definite life intangible assets include patents. The Company accounts for definite life intangible assets in accordance with Financial Accounting Standards Board, (“FASB”) Accounting Standards Codification, (“ASC”) Topic 350, “Goodwill and Other Intangible Assets” and amortized the patents on a straight line basis over the estimated useful life of twenty years. Costs incurred in relation to patent applications are capitalized cost and amortized over the estimated useful life of the patent. If it is determined that a patent will not be issued, the related remaining patent application costs are charged to expense. | |||
Impairment of Long-Lived Assets | ' | ||
Impairment of Long-Lived Assets - Long-lived assets, such as property, plant, and equipment and patents are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed of significantly before the end of its estimated useful life. | |||
Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and would no longer be depreciated. The depreciable basis of assets that are impaired and continue in use is their respective fair values. | |||
Revenue Recognition and Sales | ' | ||
Revenue Recognition and Sales — The Company’s sales of its MCV colorectal cancer vaccine have been limited to a compassionate use basis in Singapore after stage IIA trials and is not approved for current sale for any other use or location. The Company's accounts for revenue recognition in accordance with the Securities and Exchange Commission Staff Accounting Bulletin No. 101, “Revenue Recognition in Financial Statements” (SAB 101), and FASB ASC 605 Revenue Recognition. The Company recognizes revenue when rights and risk of ownership have passed to the customer, when there is persuasive evidence of an arrangement, product has been shipped or delivered to the customer, the price and terms are finalized, and collections of resulting receivable is reasonably assured. Products are primarily shipped FOB shipping point at which time title passes to the customer. | |||
Value Added Tax | ' | ||
Value Added Tax - In Denmark, Value Added Tax (“VAT”) of 25% of the invoice amount is collected in respect of the sales of goods on behalf of tax authorities. The VAT collected is not revenue of the Company; instead, the amount is recorded as a liability on the balance sheet until such VAT is paid to the authorities. VAT of 25% is also paid to Danish and EU vendors on invoices these amounts are refundable from the respective governmental authority and recorded as other receivables in the accompanying financial statements. | |||
Research and Development Cost | ' | ||
Research and Development Cost — The Company expenses research and development costs for the development of new products as incurred and is included in operating expense. There was no research and development costs for the three and six month periods ended June 30, 2014 and 2013 and years ended December 31, 2013 and 2012. | |||
Income Taxes | ' | ||
Income Taxes — The Company accounts for income taxes in accordance with FASB ASC Topic 740 Accounting for Income Taxes. This statement requires an asset and liability approach for accounting for income taxes. | |||
Loss Per Share | ' | ||
Loss Per Share — The Company calculates earnings /(loss) per share in accordance with FASB ASC 260 Earnings Per Share. Basic earnings per common share (EPS) are based on the weighted average number of common shares outstanding during each period. Diluted earnings per common share are based on shares outstanding (computed as under basic EPS) and potentially dilutive common shares. Potential common shares included in the diluted earnings per share calculation include in-the-money stock options that have been granted but have not been exercised. | |||
Derivatives | ' | ||
Derivatives - We generally do not use derivative financial instruments to hedge exposures to cash-flow, market or foreign-currency risks. However, we have entered into certain other financial instruments and contracts, such as debt financing arrangements with features that are either (i) not afforded equity classification, (ii) embody risks not clearly and closely related to host contracts, or (iii) may be net-cash settled by the counterparty. These instruments are required to be carried as derivative liabilities, at fair value. | |||
We estimate fair values of all derivative instruments, such as embedded conversion features utilizing Level 3 inputs (defined below in Note 1: Fair Value of Financial Instruments). We use the Black-Scholes option valuation technique because it embodies all of the requisite assumptions (including trading volatility, estimated terms and risk free rates) necessary to fair value these instruments. Estimating fair values of derivative financial instruments requires the development of significant and subjective inputs that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. In addition, option-based techniques are highly volatile and sensitive to changes in our market price of our common stock, which have historically had high volatility. Since derivative financial instruments are initially and subsequently carried at fair value, our income will reflect the volatility in these estimate and assumption changes.We report our derivative liabilities at fair value . | |||
Fair Value of Financial Instruments | ' | ||
Fair Value of Financial Instruments — The Company accounts for fair value measurements for financial assets and financial liabilities in accordance with FASB ASC Topic 820, “Fair Value Measurements”. The authoritative guidance, which, among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exit price, representing the amount that would either be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: | |||
● | Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities; | ||
● | Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and | ||
● | Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | ||
Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash, accounts receivable, prepaid expenses, investments, accounts payable, accrued expenses, capital lease obligations and notes payable approximates their recorded values due to their short-term maturities. | |||
Accounting Estimates | ' | ||
Accounting Estimates — The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimated. | |||
Recent Accounting Pronouncements | ' | ||
Recent Accounting Pronouncements — Recent accounting pronouncements issued by the FASB did not or are not believed by management to have a material impact on the Company’s present or future financial statements. | |||
Reclassification | ' | ||
Reclassification - The financial statements for the period ended June 30, 2013 have been reclassified to conform to the headings and classifications used in the June 30, 2014 financial statements. |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||
Summary of property and equipment | ' | ||||||||||
Useful Life | June 30, | December 31, | |||||||||
2014 | 2013 | ||||||||||
Lab equipment and instruments | 6-Apr | $ | 200,740 | $ | 194,143 | ||||||
Computer equipment | 6-Apr | 68,753 | 66,493 | ||||||||
269,493 | 260,636 | ||||||||||
Less Accumulated Depreciation | (269,493 | ) | (260,636 | ) | |||||||
Net Property and Equipment | $ | - | $ | - |
Definite_Life_Intangible_Asset1
Definite Life Intangible Assets (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Definite Life Intangible Assets [Abstract] | ' | ||||
Schedule of finite-lived intangible assets, future amortization expense | ' | ||||
Year ending December 31, | |||||
2014 | $ | 9,866 | |||
2015 | 19,571 | ||||
2016 | 19,571 | ||||
2017 | 19,624 | ||||
2018 | 19,571 | ||||
Thereafter | 132,295 | ||||
$ | 220,498 | ||||
Notes_Payable_Related_Party_Ta
Notes Payable - Related Party (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Notes Payable - Related Party [Abstract] | ' | ||||||||
Summary of notes payable and related parties | ' | ||||||||
June 30, | Dec. 31, | ||||||||
2014 | 2013 | ||||||||
5% Note Payable Paseco ApS | $ | 894,686 | $ | - | |||||
Non-Interest Bearing Loan Payable Sunrise Financial Group Inc. | 38,235 | - | |||||||
Note Payable ML Group | 21,426 | 21,557 | |||||||
6% Promissory Note payable to NLBDIT 2010 Enterprises, LLC | 42,540 | - | |||||||
5% Note Payable - Sune Olsen Holding ApS | 531,166 | 521,390 | |||||||
5% Note Payable - Sune Olsen | 188,525 | 185,054 | |||||||
Total Notes Payable – Related Party | 1,716,578 | 728,001 | |||||||
Less Current Maturities | (1,716,578 | ) | (728,001 | ) | |||||
Note Payables – Related Party Long Term | $ | - | $ | - | |||||
Schedule of maturities of long term debt | ' | ||||||||
Year ending December 31, | |||||||||
2014 | - | ||||||||
2015 | 1,716,578 | ||||||||
2016 | - | ||||||||
2017 | - | ||||||||
2018 | - | ||||||||
Thereafter | - | ||||||||
1,716,578 |
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
Summary of deferred tax asset (liabilities) | ' | |||||||||
June 30, | December 31, | |||||||||
2014 | 2013 | |||||||||
Excess of Tax over book depreciation Fixed assets | $ | 87,578 | $ | 87,578 | ||||||
Excess of Tax over book depreciation Patents | 114,028 | 114,028 | ||||||||
Net Operating Loss Carry forward | 2,254,812 | 1,642,598 | ||||||||
Valuation Allowance | (2,456,418 | ) | (1,844,204 | ) | ||||||
Total Deferred Tax Asset (Liabilities) | $ | - | $ | - | ||||||
Reconciliation of income tax expense at the federal statutory rate | ' | |||||||||
June 30, | June 30, | |||||||||
2014 | 2013 | |||||||||
Computed Tax at Expected Statutory Rate | $ | (144,858 | ) | $ | (135,684 | ) | ||||
Non-US Income Taxed at Different Rates | 44,858 | 38,059 | ||||||||
Non-Deductable expenses | - | 27,850 | ||||||||
Valuation allowance | 100,000 | 69,775 | ||||||||
Income Tax Expense | $ | (132,997 | ) | $ | - | |||||
Components of income tax expense (benefit) from continuing operations | ' | |||||||||
Current Tax Expense | 2013 | 2012 | ||||||||
Danish Income Tax | $ | - | $ | - | ||||||
Total Current Tax Expense | - | - | ||||||||
Deferred Income Tax Expense (Benefit) | ||||||||||
Excess of Tax over Book Depreciation Fixed Assets | - | - | ||||||||
Excess of Tax over Book Depreciation Patents | - | - | ||||||||
Net Operating Loss Carry forwards | (100,000 | ) | (69,775 | ) | ||||||
Change in the Valuation allowance | 1,000,000 | 69,775 | ||||||||
Total Deferred Tax Expense | $ | - | $ | - | ||||||
Loss_Per_Share_Tables
Loss Per Share (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Loss Per Share [Abstract] | ' | ||||||||||||||||||||||||
Schedule of computing loss per share | ' | ||||||||||||||||||||||||
For the 3 Months Ended | For the 6 Months Ended | For the Years Ended | |||||||||||||||||||||||
June 30, | June 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | 2012 | ||||||||||||||||||||
Net (Loss) | (469,452 | ) | (343,944 | ) | (882,509 | ) | (743,016 | ) | (2,147,361 | ) | (2,427,649 | ) | |||||||||||||
Weighted average number of common shares used in basic earnings per share | 8,040,000 | 5,318,151 | 7,555,359 | 5,318,151 | 6,000,000 | 5,318,151 | |||||||||||||||||||
Effect of dilutive securities, stock options and warrants | - | - | - | - | |||||||||||||||||||||
Weighted average number of common shares and potential dilutive common shares outstanding used in dilutive earnings per share | 8,040,000 | 5,318,151 | 7,555,359 | 5,318,151 | 6,000,000 | 5,318,151 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 6 Months Ended | 12 Months Ended | 6 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | |
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | |||||
Summary Of Significant Accounting Policies (Textual) | ' | ' | ' | ' | ' | ' | ' |
Value added tax percentage | 25.00% | ' | ' | ' | ' | ' | ' |
Value added tax paid to Danish and EU vendors | 25.00% | ' | ' | ' | ' | ' | ' |
Sale of subsidiary | ' | ' | $1 | ' | ' | ' | ' |
Sales price per share | ' | ' | $1 | ' | ' | ' | ' |
Share exchange agreement acquisition percentage | 100.00% | ' | ' | ' | ' | ' | ' |
Share exchange agreement shares issued to parent company | 6,000,000 | ' | ' | ' | 6,000,000 | ' | ' |
Share exchange agreement number of share cancellation | ' | ' | ' | ' | 4,400,000 | ' | ' |
Common Stock, Par or Stated Value Per Share | $0.00 | ' | $0.00 | $0.00 | ' | ' | ' |
Common shares issued for legal and consulting services | ' | ' | ' | ' | 1,440,000 | ' | ' |
Shares of parent common stock outstanding | ' | ' | ' | ' | 8,040,000 | 6,000,000 | 5,318,151 |
Common Stock reserved for issuance | 185,053 | ' | ' | ' | ' | ' | ' |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 |
Lab equipment and instruments [Member] | Lab equipment and instruments [Member] | Lab equipment and instruments [Member] | Lab equipment and instruments [Member] | Computer equipment [Member] | Computer equipment [Member] | Computer equipment [Member] | Computer equipment [Member] | ||||
Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life (years) | ' | ' | ' | ' | ' | '6 years | '4 years | ' | ' | '6 years | '4 years |
Gross Property and Equipment | $269,493 | $260,636 | ' | $200,740 | $194,143 | ' | ' | $68,753 | $66,493 | ' | ' |
Less: Accumulated Depreciation | -269,493 | -260,636 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Property and Equipment | $0 | ' | $2,706 | ' | ' | ' | ' | ' | ' | ' | ' |
Property_and_Equipment_Details1
Property and Equipment (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' |
Depreciation expense | $0 | $858 | $0 | $1,646 |
website development costs | ' | ' | $41,498 | ' |
Definite_Life_Intangible_Asset2
Definite Life Intangible Assets (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Definite Life Intangible Assets [Abstract] | ' | ' | ' |
2014 | $9,866 | ' | ' |
2015 | 19,571 | ' | ' |
2016 | 19,571 | ' | ' |
2017 | 19,624 | ' | ' |
2018 | 19,571 | ' | ' |
Thereafter | 132,295 | ' | ' |
Finite-Lived Intangible Assets, Net | $220,498 | $231,615 | $239,658 |
Definite_Life_Intangible_Asset3
Definite Life Intangible Assets (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Definite Life Intangible Assets [Abstract] | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Net | $220,498 | ' | $220,498 | ' | $231,615 | $239,658 |
Amortization expense | $2,962 | $13,742 | $9,756 | $21,554 | ' | ' |
Notes_Payable_Related_Party_De
Notes Payable - Related Party (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | ' | ' | ' |
Total Notes Payable - Related Party | $1,716,578 | $728,001 | $106,349 |
Less Current Maturities | -1,716,578 | -728,001 | ' |
Note Payables - Related Party Long Term | ' | ' | ' |
5% Note Payable Paseco ApS [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Total Notes Payable - Related Party | 894,686 | ' | ' |
Non Interest Bearing Loan Payable Sunrise Financial Group Inc [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Total Notes Payable - Related Party | 38,235 | ' | ' |
Note Payable ML Group [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Total Notes Payable - Related Party | 21,426 | 21,557 | ' |
6% Promissory Note payable to NLBDIT 2010 Enterprises, LLC [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Total Notes Payable - Related Party | 42,540 | ' | ' |
5% Note Payable - Sune Olsen Holding ApS [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Total Notes Payable - Related Party | 531,166 | 521,390 | ' |
5% Note Payable - Sune Olsen [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Total Notes Payable - Related Party | $188,525 | $185,054 | ' |
Notes_Payable_Related_Party_De1
Notes Payable - Related Party (Details 1) (USD $) | Jun. 30, 2014 |
Notes Payable - Related Party [Abstract] | ' |
2014 | ' |
2015 | 1,716,578 |
2016 | ' |
2017 | ' |
2018 | ' |
Thereafter | $1,716,578 |
Notes_Payable_Related_Party_De2
Notes Payable - Related Party (Details Textual) | 0 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Dec. 16, 2013 | Jun. 30, 2014 | Dec. 16, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 02, 2013 | Dec. 02, 2013 | Nov. 20, 2013 | Nov. 20, 2013 | Nov. 11, 2013 | Nov. 11, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 20, 2013 | Dec. 20, 2013 | Dec. 16, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 16, 2013 | Dec. 16, 2013 | Jun. 20, 2013 | Jun. 20, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 14, 2013 | Apr. 14, 2013 | Dec. 16, 2013 | Jul. 26, 2013 | Jul. 26, 2013 | Aug. 15, 2013 | Aug. 15, 2013 | Sep. 01, 2013 | Sep. 01, 2013 | Apr. 30, 2013 | Apr. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 18, 2014 | Mar. 18, 2014 | Feb. 15, 2014 | Feb. 15, 2014 | Mar. 31, 2014 | Dec. 16, 2013 | Dec. 16, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | |
USD ($) | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Sune Olsen Holding Aps [Member] | Paseco Aps [Member] | Paseco Aps [Member] | Paseco Aps [Member] | Paseco Aps [Member] | Paseco Aps [Member] | Paseco Aps [Member] | Paseco Aps [Member] | Paseco Aps [Member] | Paseco Aps [Member] | DKTI A/S [Member] | DKTI A/S [Member] | DKTI A/S [Member] | DKTI A/S [Member] | DKTI A/S [Member] | DKTI A/S [Member] | Nlbdit Two Zero One Zero Enterprises, Llc [Member] | Nlbdit Two Zero One Zero Enterprises, Llc [Member] | ||
Loan One [Member] | Loan One [Member] | Loan One [Member] | Loan One [Member] | Loan One [Member] | Loan One [Member] | Loan One [Member] | Loan One [Member] | Loan One [Member] | Loan Two [Member] | Loan Two [Member] | Loan Two [Member] | Loan Two [Member] | Loan Two [Member] | Loan Four [Member] | Loan Four [Member] | Loan Four [Member] | Loan Four [Member] | Loan Four [Member] | Loan Four [Member] | Loan Four [Member] | Loan Five [Member] | Loan Five [Member] | Loan Five [Member] | Loan Five [Member] | Loan Six [Member] | Loan Six [Member] | Loan Six [Member] | Loan Six [Member] | Loan Seven [Member] | Loan Seven [Member] | Loan Seven [Member] | Loan Seven [Member] | Loan Seven [Member] | Loan Eight [Member] | Loan Eight [Member] | Loan Eight [Member] | Loan Eight [Member] | Loan [Member] | Loan [Member] | Loan [Member] | Loan [Member] | Loan [Member] | Loan [Member] | Loan [Member] | Loan [Member] | Loan Three [Member] | Loan Three [Member] | Loan Three [Member] | Loan Three [Member] | Loan Three [Member] | Loan Three [Member] | Loan Ten [Member] | Loan Ten [Member] | ||||||
USD ($) | DKK | USD ($) | DKK | USD ($) | DKK | USD ($) | DKK | USD ($) | DKK | USD ($) | DKK | USD ($) | DKK | USD ($) | DKK | USD ($) | DKK | USD ($) | DKK | USD ($) | DKK | USD ($) | DKK | USD ($) | DKK | USD ($) | DKK | USD ($) | DKK | USD ($) | DKK | USD ($) | DKK | USD ($) | DKK | USD ($) | DKK | USD ($) | DKK | USD ($) | DKK | DKK | USD ($) | DKK | USD ($) | DKK | USD ($) | USD ($) | |||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured loan | ' | $38,235 | ' | ' | $16,099 | 87,679 | ' | $165,262 | 900,000 | $74,368 | 405,000 | $275,437 | 1,500,000 | $4,900 | 26,686 | ' | $183,625 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $894,686 | ' | $894,686 | ' | $424,198 | 2,300,000 | $461,084 | 2,500,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | $42,540 | $42,540 |
Accrued interest in percentage | ' | ' | ' | 5.00% | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | 6.00% | 6.00% | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | ' | ' | 5.00% | 5.00% | ' | 5.00% | 5.00% | ' | ' | 2.50% | 2.50% | 1.00% | 1.00% | ' | ' | ' | ' | 5.00% | 5.00% | 5.00% | 5.00% | ' | ' | ' | ' | ' | 6.00% | 6.00% | ' | ' |
Loans payable, current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 232,841 | 1,267,724 | 59,854 | 338,719 | 25,019 | 143,750 | ' | ' | 265,000 | 1,500,000 | ' | ' | 773,000 | 4,375,932 | ' | 177,239 | 1,000,000 | 133,343 | 750,000 | ' | ' | 175,359 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 880,000 | 5,000,000 | ' | ' |
Company borrowed loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 783,139 | 4,431,862 | ' | ' |
Interest expense, borrowing loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,021 | 59,836 | 13,330 | 72,370 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,646 | 71,563 | 594 | 1,521 |
Additional loan on borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,000 | 310,000 | ' | ' | ' | ' |
Increased interest percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | ' | ' | ' | ' | ' | ' | 6.00% | 6.00% |
Accrued interest percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,804 | 86,047 | 3,617 | 20,469 | 468 | 2,689 | 3,804 | 20,959 | ' | ' | 25,349 | 139,670 | ' | ' | ' | 2,827 | 15,575 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,000 | 230,377 | ' | ' | ' | ' |
Converted into common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,106 | ' | ' | ' | ' | ' | ' | 29,036 | 29,036 | ' | ' | 86,204 | 86,204 | ' | ' | 33,705 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96,288 | ' | ' | ' | ' | ' | ' |
Common stock exchanged during period of conversion | 261,665 | ' | 275,863 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,618 | ' | ' | ' | ' | ' | ' | 31,414 | 31,414 | ' | ' | 129,206 | 129,206 | ' | ' | 50,518 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 144,321 | 144,321 | ' | ' | ' | ' | ' | ' |
Accrued Legal Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 265,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan Outstanding Incurred Penalty | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,863 | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Feb-15 | 1-Feb-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extended maturity date, Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The Company extended maturity date of the DKK 1,000,000 loans with Sune Olsen from May 1, 2014 to 14 days after the completion of the contemplated stock offering of DanDrit Biotech USA, Inc. or February 1, 2015. | 'The Company extended maturity date of the DKK 1,000,000 loans with Sune Olsen from May 1, 2014 to 14 days after the completion of the contemplated stock offering of DanDrit Biotech USA, Inc. or February 1, 2015. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The loans are payable 14 days after the completion of the contemplated public offering in DanDrit Biotech USA, Inc. or February 1, 2015, and accrue interest at 5% per annum. | 'The loans are payable 14 days after the completion of the contemplated public offering in DanDrit Biotech USA, Inc. or February 1, 2015, and accrue interest at 5% per annum. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans payable | ' | $38,235 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible_Bond_Payable_Relat1
Convertible Bond Payable - Related Party (Details) (USD $) | 0 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 16, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 01, 2011 | |
Convertible Bond Payable - Related Party [Abstract] | ' | ' | ' | ' | ' | ' |
Convertible bonds, amount borrowed | $1,500,000 | ' | ' | ' | ' | $1,500,000 |
Convertible bonds, stated percentage | ' | ' | ' | ' | ' | 6.00% |
Convertible bonds and related accrued interest, intial rate of conversion into common shares | ' | ' | ' | ' | ' | $9.58 |
Convertible bonds, after conversion estimated fairvalue | ' | ' | 1,003,557 | ' | ' | ' |
Interest expense for the accertion of discount on note | ' | ' | ' | 502,465 | 461,279 | ' |
Accrued interest | 179,612 | ' | ' | ' | ' | ' |
Derivative liability | $673,736 | ' | ' | ' | ' | ' |
Common stock exchanged during period of conversion | 261,665 | ' | ' | ' | ' | ' |
Bond, related accrued interest and derivative liability, converted into shares | 174,578 | ' | 234,683 | ' | 234,683 | ' |
Convertible bonds, conversion description | ' | ' | 'The assumptions used to determine the initial fair value of the conversion feature of the convertible bond were expected volatility of 65%, expected life of two years to eleven months, risk free interest rates of .41%, and no dividend yield. | ' | ' | ' |
Expected dividend yield rate | ' | ' | ' | ' | ' | ' |
Expected volatility rate | ' | 65.00% | ' | ' | ' | ' |
Risk free interest rate | ' | 0.41% | ' | ' | ' | ' |
Expected term | ' | '2 years | ' | ' | ' | ' |
Derivative_Liabilities_Details
Derivative Liabilities (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||
Dec. 16, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 16, 2013 | Dec. 16, 2013 | Dec. 16, 2013 | Dec. 31, 2013 | |
Convertible Debt [Member] | Accrued Interest [Member] | Derivative Liability [Member] | Common Stock [Member] | ||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative liabilities gain | ' | $4,180 | $45,823 | ' | ' | ' | ' | ' | ' |
Common shares issued upon conversion of bond payable-related party and derivative liability, shares | ' | ' | ' | ' | ' | ' | ' | ' | 261,665 |
Common shares issued upon conversion of bond payable-related party and derivative liability, value | ' | ' | ' | ' | ' | $1,500,000 | $179,612 | $673,736 | $26 |
Bond, related accrued interest and derivative liability, converted into shares | 174,578 | ' | ' | 234,683 | 234,683 | ' | ' | ' | 174,578 |
Leases_Details
Leases (Details) | 3 Months Ended | 6 Months Ended | 1 Months Ended | |||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 27, 2014 | Mar. 27, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | |
USD ($) | USD ($) | Lab space [Member] | Lab space [Member] | Office space [Member] | Office space [Member] | Office space [Member] | Office space [Member] | |
USD ($) | DKK | USD ($) | DKK | Subsequent Event [Member] | Subsequent Event [Member] | |||
USD ($) | DKK | |||||||
Operating Leased Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Rental payments for Operating Leases | $10,250 | $0 | $1,096 | 6,000 | $1,827 | 10,000 | $3,654 | 20,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Summary of effective income tax rate reconciliation | ' | ' |
Excess of Tax over book depreciation Fixed assets | $87,578 | $87,578 |
Excess of Tax over book depreciation Patents | 114,028 | 114,028 |
Net Operating Loss Carry forward | 2,254,812 | 1,642,598 |
Valuation Allowance | -2,456,418 | -1,844,204 |
Total Deferred Tax Asset (Liabilities) | ' | ' |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Reconciliation Expense Benefit | ' | ' | ' | ' | ' | ' |
Computed Tax at Expected Statutory Rate | ' | ' | ($144,858) | ($135,684) | ' | ' |
Non-US Income Taxed at Different Rates | ' | ' | 44,858 | 38,059 | ' | ' |
Non-Deductible expenses | ' | ' | ' | 27,850 | ' | ' |
Valuation allowance | ' | ' | 100,000 | 69,775 | ' | ' |
Income Tax Expense | ($132,997) | ' | ($132,997) | ' | ' | ' |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Current Tax Expense | ' | ' |
Danish Income Tax | ' | ' |
Total Current Tax Expense | ' | ' |
Deferred Income Tax Expense (Benefit) | ' | ' |
Excess of Tax over Book Depreciation Fixed Assets | ' | ' |
Excess of Tax over Book Depreciation Patents | ' | ' |
Net Operating Loss Carry forwards | -100,000 | -69,775 |
Change in the Valuation allowance | 100,000 | 69,775 |
Total Deferred Tax Expense | ' | ' |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Income Taxes (Textual) | ' |
Net operating loss carryforwards expiration period | 'Through 2033 |
Danish Tax [Member] | ' |
Income Taxes (Textual) | ' |
Net operating loss carry forwards | 10,200,000 |
U.S. Federal Tax [Member] | ' |
Income Taxes (Textual) | ' |
Net operating loss carry forwards | 120,000 |
Loss_Per_Share_Details
Loss Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
LOSS PER SHARE | ' | ' | ' | ' | ' | ' |
Net (Loss) | ($469,452) | ($343,944) | ($882,509) | ($743,016) | ($2,147,361) | ($2,427,649) |
Weighted average number of common shares used in basic earnings per share | 8,040,000 | 5,318,151 | 7,555,359 | 5,318,151 | 5,332,721 | 5,318,151 |
Effect of dilutive securities, stock options and warrants | ' | ' | ' | ' | ' | ' |
Weighted average number of common shares and potential dilutive common shares outstanding used in dilutive earnings per share | 8,040,000 | 5,318,151 | 7,555,359 | 5,318,151 | 6,000,000 | 5,318,151 |
Loss_Per_Share_Details_Textual
Loss Per Share (Details Textual) | 0 Months Ended | 6 Months Ended | 12 Months Ended |
Dec. 16, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | |
Loss Per Share [Abstract] | ' | ' | ' |
Bond, related accrued interest and derivative liability, converted into shares | 174,578 | 234,683 | 234,683 |
Stockholders_Equity_Details
Stockholder's Equity (Details) (USD $) | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Dec. 16, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 16, 2013 | Dec. 16, 2013 | Dec. 16, 2013 | Dec. 16, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | |
Convertible Debt [Member] | Accrued Interest [Member] | Derivative Liability [Member] | Parent Company [Member] | Parent Company [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | |||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value | ' | $0.00 | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | 100,000,000 | 100,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | ' | 8,040,000 | 6,000,000 | 5,318,151 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding | ' | 8,040,000 | 6,000,000 | 5,318,151 | ' | ' | ' | ' | ' | ' | ' | ' |
Share exchange agreement acquisition percentage | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share exchange agreement number of share cancellation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,400,000 | ' | ' |
Share exchange agreement shares issued to parent company | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | ' |
Common shares issued for legal and consulting services | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,440,000 | ' | ' |
Common shares issued upon conversion of bond payable-related party and derivative liability, value | ' | ' | ' | ' | $1,500,000 | $179,612 | $673,736 | ' | ' | ' | $26 | ' |
Common shares issued upon conversion of bond payable-related party and derivative liability at 9.00 per shares, December 2013, Shares | ' | ' | ' | ' | ' | ' | ' | 174,578 | ' | ' | 261,665 | ' |
Common shares issued in payment of notes payable - related party , Shares | ' | ' | ' | ' | ' | ' | ' | 96,288 | ' | ' | 144,321 | ' |
Common shares issued in payment of notes payable - related party, Value | 926,386 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14 | ' |
Common shares issued in payment of note payable - related party | ' | ' | ' | ' | ' | ' | ' | 184,051 | ' | ' | 275,863 | ' |
Common shares issued in payment of note payable - related party,Value | $1,770,757 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $28 | ' |
Exchanged shares of parent's common stock | ' | 1.498842 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of parent common stock outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 8,040,000 | 6,000,000 | 5,318,151 |
Common Stock reserved for issuance | ' | 185,053 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) | 0 Months Ended | 12 Months Ended | |
Dec. 16, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | DKK | ||
Commitments and Contingencies [Abstract] | ' | ' | ' |
Litigation Settlement, Amount | ' | $33,421 | 184,144 |
Payments for royalties period | '20 years | ' | ' |
Termination of agreement | '180 days | ' | ' |