NanoFlex Power (OPVS) 10-Q 14 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Nov. 07, 2014
Document And Entity Information [Abstract]	'	'
Entity Registrant Name	'NanoFlex Power Corp	'
Entity Central Index Key	'0001571636	'
Amendment Flag	'false	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-14	'
Current Fiscal Year End Date	'--12-31	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	44,282,278

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
CURRENT ASSETS:	'	'
Cash	$51,011	$197,004
Prepaid expenses and other current assets	8,624	13,645
Total current assets	59,635	210,649
Property and equipment, net	15,083	7,433
TOTAL ASSETS	74,718	218,082
CURRENT LIABILITIES:	'	'
Accounts payable	1,671,986	689,119
Accrued expenses	1,319,877	676,752
Short-term debt	600,000	100,000
Short-term debt- related party	90,000	'
Advances - related party	210,000	'
Total current liabilities	3,891,863	1,465,871
TOTAL LIABILITIES	3,891,863	1,465,871
STOCKHOLDERS' DEFICIT:	'	'
Common stock, 250,000,000 authorized, $0.0001 par value, 44,282,278 and 42,799,278 issued and outstanding, respectively	4,428	4,280
Additional paid in capital	172,864,561	171,010,959
Accumulated deficit	-176,686,134	-172,263,028
Total stockholders' deficit	-3,817,145	-1,247,789
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$74,718	$218,082

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Balance Sheets [Abstract]	'	'
Common Stock, shares authorized	250,000,000	250,000,000
Common Stock, par value per share	$0.00	$0.00
Common Stock, shares issued	44,282,278	42,799,278
Common Stock, shares, outstanding	44,282,278	42,799,278

Condensed_Consolidated_Stateme

Condensed Consolidated Statements Of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
OPERATING EXPENSES:	'	'	'	'
Research and development	$291,571	$412,440	$996,722	$956,211
Patent application and prosecution fees	625,596	690,996	1,367,998	1,263,417
Salaries and related expenses	399,164	835,985	1,241,256	1,373,281
Stock-based compensation	'	6,657,689	'	26,064,190
Selling, general and administrative expenses	288,904	832,414	774,499	1,143,121
Total operating expenses	1,605,235	9,429,524	4,380,475	30,800,220
LOSS FROM OPERATIONS	1,605,235	9,429,524	4,380,475	30,800,220
OTHER INCOME (EXPENSES):	'	'	'	'
Interest expense	-42,631	-17,932	-42,631	-4,463,453
Loss on extinguishment of debt	'	'	'	-1,811,800
Total other expense	-42,631	-17,932	-42,631	-6,275,253
LOSS BEFORE INCOME TAX BENEFIT	1,647,866	9,447,456	4,423,106	37,075,473
INCOME TAX BENEFIT	'	'	'	'
NET LOSS	($1,647,866)	($9,447,456)	($4,423,106)	($37,075,473)
NET LOSS per share (basic and diluted)	($0.04)	($0.42)	($0.10)	($0.61)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING, BASIC and DILUTED	43,923,961	22,589,971	43,420,085	61,079,624

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES	'	'
Net loss	($4,423,106)	($37,075,473)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Depreciation expense	2,414	2,879
Amortization of debt discounts	'	45,421
Stock-based compensation	'	26,064,190
Interest expense from convertible debt converted to preferred shares	'	57,915
Interest expense from additional common shares issued	'	4,015,040
Loss on extinguishment of debt	'	1,811,800
Return of equity investment	'	-222,500
Changes in operating assets and liabilities:	'	'
Prepaid expenses and other current assets	5,021	12,784
Accounts payable and accrued expenses	1,625,992	-1,946,512
Net cash used in operating activities	-2,789,679	-7,234,456
CASH FLOWS FROM INVESTING ACTIVITIES	'	'
Purchases of fixed assets	-10,064	'
Common shares issued in reverse merger, net	'	5,049
Net cash used in investing activities	-10,064	5,049
CASH FLOWS FROM FINANCING ACTIVITIES	'	'
Proceeds from exercise of warrants	'	176,819
Proceeds from sale of common shares and warrants	1,853,750	1,050,000
Advances received from related party	443,000	'
Advances repaid to related party	-233,000	'
Borrowings on related party debt	150,000	240,000
Borrowings on convertible debt - related party	'	6,800,000
Borrowings on debt	500,000	'
Borrowing on convertible debt	'	2,124,500
Principal repayments on debt	'	-1,725,000
Principal repayments on related party debt	-60,000	-640,000
Net cash provided by financing activities	2,653,750	8,026,319
NET DECREASE IN CASH	-145,993	796,912
Cash, beginning of the period	197,004	344,656
Cash, end of the period	51,011	1,141,568
SUPPLEMENTAL CASH FLOW INFORMATION	'	'
Cash paid for interest	'	714,036
Cash paid for income taxes	'	'
NON-CASH INVESTING AND FINANCING ACTIVITIES	'	'
Warrants and common shares issued for debt	'	230,000
Common share issued for forgiveness of related party debt	'	105,000
Common shares issued for conversion of convertible debt upon merger	'	$11,433,200

Background_Basis_of_Presentati

Background Basis of Presentation, and Going Concern	9 Months Ended
	Sep. 30, 2014
Background, Basis of Presentation, and Going Concern [Abstract]	'
BACKGROUND, BASIS OF PRESENTATION, AND GOING CONCERN	'
	1. BACKGROUND, BASIS OF PRESENTATION, AND GOING CONCERN:
	Background
	Global Photonic Energy Corporation merged with NanoFlex Power Corporation (formerly, Universal Technology Systems Corp., the “Company”) in a share exchange transaction recorded as a reverse merger on September 24, 2013.  The Company is organized to fund, develop and commercialize photonic energy conversion technologies utilizing organic semiconductor-based solar cells.  The Company intends to enter into licensing arrangements and other strategic alliances for the development, manufacture and marketing of products utilizing this technology. The Company is devoting substantially all of its present efforts to establishing a new business.
	Basis or Presentation
	The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, pursuant to the rules and regulations of the Securities and Exchange Commission.  Certain information and footnote disclosures have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying condensed consolidated financial statements include normal recurring adjustments that are necessary for a fair presentation of the results for the interim periods presented. These condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto for the fiscal year ended December 31, 2013 included in our Annual Report on Form 10-K. The results of operations for the three and nine months ended September 30, 2014 are not necessarily indicative of results to be expected for the full fiscal year or any other periods.
	The preparation of the condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make a number of estimates and judgments that affect the reported amounts of assets, liabilities, expenses, and related disclosures. Actual results may differ from these estimates.
	In the quarter ending September 30, 2014, the Company has elected to early adopt Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. The adoption of this ASU allows the Company to remove the inception to date information and all references to development stage.
	Going Concern
	The Company has not generated revenues to date.  The Company has a working capital deficit of ($3,832,228) and an accumulated deficit of ($176,686,134) as of September 30, 2014.  The ability of the Company to continue as a going concern is dependent on raising capital to fund ongoing operations and carry out its business plan and ultimately to attain profitable operations.  Accordingly, these factors raise substantial doubt as to the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence. To date, the Company has funded its initial operations primarily by way of the sale of equity securities, convertible note financing, short term financing from private parties, and advances from related parties.

Notes_Payable

Notes Payable	9 Months Ended
	Sep. 30, 2014
Notes Payable [Abstract]	'
NOTES PAYABLE	'
	2. NOTES PAYABLE
	In July 2014, the Company borrowed $500,000 under two short term note agreements of $250,000 each. Under the terms of each agreement, the principal balance of $250,000 and interest of $16,500 is due to be repaid within 4 months of the date of the note. At September 30, 2014, $33,000 was recorded as accrued interest relating to these notes.

Notes_Payable_Related_Party

Notes Payable - Related Party	9 Months Ended
	Sep. 30, 2014
Notes Payable - Related Party [Abstract]	'
NOTES PAYABLE - RELATED PARTY	'
	3. NOTES PAYABLE - RELATED PARTY
	On February 26, 2014, the Company borrowed $150,000 under a short term note agreement with a related party. Under the terms of this agreement, this note is due to be repaid within 6 months of funding and is non-interest bearing.  If the Company defaults on this agreement, the note shall bear interest at a rate of 18 percent per annum for the entire term of the note. In November 2014, the note agreement was amended to extend the due date to February 26, 2015, 12 months from the date of the note. As of September 30, 2014, $90,000 is due under this agreement.
	During the three months ended September 30, 2014, the Company received advances totaling $76,000 and repaid advances totaling $155,000. During the nine months ended September 30, 2014, the Company received advances totaling $443,000 and repaid advances totaling $233,000.

Equity

Equity	9 Months Ended
	Sep. 30, 2014
Equity [Abstract]	'
EQUITY	'
	4. EQUITY
	During the nine months ended September 30, 2014, the Company sold an aggregate of 1,483,000 units at $1.25 per unit for aggregate proceeds of $1,853,750. Each unit consisted of one common share and one warrant. Each warrant is exercisable for a period of five years from the date of issuance, at $2.50 per share.

Stock_Options_and_Warrants

Stock Options and Warrants	9 Months Ended
	Sep. 30, 2014
Stock Options and Warrants & Stock Based Compensation [Abstract]	'
STOCK OPTIONS AND WARRANTS	'
	5. STOCK OPTIONS AND WARRANTS
	2000 Stock Option Plan
	On April 28, 2000, the Board of Directors adopted the 2000 Stock Option Plan.  Under the Plan, the Company may grant incentive stock options to employees and non-qualified stock options to employees, non-employee directors and/or consultants. The Plan provides for the granting of a maximum of 2,000,000 options to purchase common stock.  The ISO exercise price per share may not be less than the fair market value of a share on the date the option is granted.  The maximum term of the options may not exceed ten years.
	A summary of stock option activity during the nine months ended September 30, 2014 is as follows:
							Weighted
							Average
					Weighted		Remaining
					Average		Contractual		Aggregate
		Number of			Exercise		Term		Intrinsic
		Shares			Price		(in years)		Value
	Outstanding as of December 31, 2013		105,000		$	11.03		2.6	$	-
	Granted		-
	Cancelled		(47,000	)	$	10.31
	Exercised		-
	Outstanding as of September 30, 2014		58,000		$	11.62		3.2	$	-
	Exercisable as of September 30, 2014		58,000		$	11.62		3.2	$	-
	The exercise price of these options range from $10.00 to $15.00 per share.
	A summary of warrant activity during the nine months ended September 30, 2014 is as follows:
							Weighted
							Average
					Weighted		Remaining
					Average		Contractual		Aggregate
		Number of			Exercise		Term		Intrinsic
		Shares			Price		(in years)		Value
	Outstanding as of December 31, 2013		19,556,983		$	3.6		4.7	$	-
	Granted		1,483,000		$	2.5
	Cancelled		-
	Exercised		-
	Outstanding as of September 30, 2014		21,039,983		$	3.02		4.5	$	-
	Exercisable as of September 30, 2014		21,039,983		$	3.02		4.5	$	-
	The exercise price of these warrants ranges from $2.50 to $17.50 per share.
	During the three months ended March 31, 2014, the Company modified an aggregate of 860,150 of warrants to reduce their exercise price from a range of $12.00 to $17.50 per share to $2.50 per share.  All other terms and conditions remained the same.  The Company determined that this transaction did not constitute a modification under ASC 718-10 or ASC 505-50 as it met the scope exceptions for a transaction with an investor or lender.  Accordingly, no expense was recognized in connection with these transactions.

Subsequent_Events

Subsequent Events	9 Months Ended
	Sep. 30, 2014
Subsequent Events [Abstract]	'
SUBSEQUENT EVENTS	'
	6. SUBSEQUENT EVENTS
	In October 2014, a permanent decrease in salaries was negotiated with the Company’s employees in an effort to conserve capital resources.

Stock_Options_and_Warrants_Tab

Stock Options and Warrants (Tables)	9 Months Ended
	Sep. 30, 2014
Stock Options [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Summary of Stock Option and Warrants Activity	'
							Weighted
							Average
					Weighted		Remaining
					Average		Contractual		Aggregate
		Number of			Exercise		Term		Intrinsic
		Shares			Price		(in years)		Value
	Outstanding as of December 31, 2013		105,000		$	11.03		2.6	$	-
	Granted		-
	Cancelled		(47,000	)	$	10.31
	Exercised		-
	Outstanding as of September 30, 2014		58,000		$	11.62		3.2	$	-
	Exercisable as of September 30, 2014		58,000		$	11.62		3.2	$	-
Warrant [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Summary of Stock Option and Warrants Activity	'
							Weighted
							Average
					Weighted		Remaining
					Average		Contractual		Aggregate
		Number of			Exercise		Term		Intrinsic
		Shares			Price		(in years)		Value
	Outstanding as of December 31, 2013		19,556,983		$	3.6		4.7	$	-
	Granted		1,483,000		$	2.5
	Cancelled		-
	Exercised		-
	Outstanding as of September 30, 2014		21,039,983		$	3.02		4.5	$	-
	Exercisable as of September 30, 2014		21,039,983		$	3.02		4.5	$	-

Background_Basis_of_Presentati1

Background Basis of Presentation, and Going Concern (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Background Basis of Presentation (Textual)	'	'
Working capital deficit	($3,832,228)	'
Accumulated deficit	($176,686,134)	($172,263,028)

Notes_Payable_Details

Notes Payable (Details) (USD $)	1 Months Ended	9 Months Ended
	Jul. 31, 2014	Sep. 30, 2014
	Note
Notes Payable (Textual)	'	'
Proceeds from short term note borrowed	$500,000	'
Short term note agreements	250,000	'
Principal balance outstanding for short term not during the period	250,000	'
Interest due on short term note	16,500	'
Number of short term notes borrowed	2	'
Accrued interest	'	$33,000

Notes_Payable_Related_Party_De

Notes Payable - Related Party (Details) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Feb. 26, 2014	Dec. 31, 2013
Notes Payable Textual [Abstract]	'	'	'	'	'
Short-term debt- related party	$90,000	$90,000	'	$150,000	'
Debt instrument interest rate	'	'	'	18.00%	'
Advances received from related party	76,000	-443,000	'	'	'
Advances repaid to related party	155,000	233,000	'	'	'
Maturity Date	'	26-Feb-15	'	'	'
Related Party [Member]	'	'	'	'	'
Notes Payable Textual [Abstract]	'	'	'	'	'
Related party transactions amounts due	$90,000	$90,000	'	'	'

Equity_Details

Equity (Details) (USD $)	9 Months Ended
	Sep. 30, 2014
Equity Textual [Abstract]	'
Sale of stock, per share price	$1.25
Sale of stock and warrant, description	'Each unit consisted of one common share and one warrant. Each warrant is exercisable for a period of five years from the date of issuance, at $2.50 per share.
Warrants exercisable price per share	$2.50
Sale of common shares, shares	1,483,000
Sale of common shares, Value	$1,853,750
Warrant exercisable period	'5 years

Stock_Options_and_Warrants_Det

Stock Options and Warrants (Details) (USD $)	9 Months Ended
	Sep. 30, 2014
Stock Options [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]	'
Number of Shares, Outstanding	105,000
Number of shares, Granted	'
Number of Shares, Cancelled	-47,000
Number of Shares, Exercised	'
Number of Shares, Outstanding	58,000
Number of Shares, Exercisable	58,000
Weighted Average Exercise Price, Outstanding	$11.03
Weighted Average Exercise Price, Cancelled	$10.31
Weighted Average Exercise Price, Outstanding	$11.62
Weighted Average Exercise Price, Exercisable	$11.62
Weighted Average Remaining Contractual Term Outstanding	'2 years 7 months 6 days
Weighted Average Remaining Contractual Term Outstanding	'3 years 2 months 12 days
Weighted Average Remaining Contractual Term Outstanding Exercisable	'3 years 2 months 12 days
Aggregate Intrinsic Value Outstanding	'
Aggregate Intrinsic Value Outstanding	'
Aggregate Intrinsic Vallue Exercisable	'
Warrant [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]	'
Number of Shares, Outstanding	19,556,983
Number of shares, Granted	1,483,000
Number of Shares, Cancelled	'
Number of Shares, Exercised	'
Number of Shares, Outstanding	21,039,983
Number of Shares, Exercisable	21,039,983
Weighted Average Exercise Price, Outstanding	$3.60
Weighted Average Exercise Price, Granted	$2.50
Weighted Average Exercise Price, Outstanding	$3.02
Weighted Average Exercise Price, Exercisable	$3.02
Weighted Average Remaining Contractual Term Outstanding	'4 years 8 months 12 days
Weighted Average Remaining Contractual Term Outstanding	'4 years 6 months
Weighted Average Remaining Contractual Term Outstanding Exercisable	'4 years 6 months
Aggregate Intrinsic Value Outstanding	'
Aggregate Intrinsic Value Outstanding	'
Aggregate Intrinsic Vallue Exercisable	'

Stock_Options_and_Warrants_Det1

Stock Options and Warrants (Details Textual) (USD $)	9 Months Ended
	Sep. 30, 2014
Stock Options And Warrants (Textual)	'
Warrants granted during the period	860,150
Number of options to purchase common stock	2,000,000
Stock Options [Member] | Minimum [Member]	'
Stock Options And Warrants (Textual)	'
Exercise price of options/warrants	10
Stock Options [Member] | Maximum [Member]	'
Stock Options And Warrants (Textual)	'
Exercise price of options/warrants	15
Warrant [Member] | Minimum [Member]	'
Stock Options And Warrants (Textual)	'
Exercise price of options/warrants	2.5
Warrant [Member] | Maximum [Member]	'
Stock Options And Warrants (Textual)	'
Exercise price of options/warrants	17.5
Warrant [Member] | Exercise Price Range One [Member] | Minimum [Member]	'
Stock Options And Warrants (Textual)	'
Exercise price of options/warrants	12
Warrant [Member] | Exercise Price Range One [Member] | Maximum [Member]	'
Stock Options And Warrants (Textual)	'
Exercise price of options/warrants	17.5
Warrant [Member] | Exercise Price Range Two [Member]	'
Stock Options And Warrants (Textual)	'
Exercise price of options/warrants	2.5