Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 11, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Zero Gravity Solutions, Inc. | |
Entity Central Index Key | 1,574,186 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | ZGSI | |
Entity Common Stock, Shares Outstanding | 38,739,597 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS | ||
Cash | $ 3,048,079 | $ 2,851,118 |
Accounts receivable | 46,577 | 44,877 |
Prepaid compensation | 45,019 | 97,330 |
Prepaid expenses | 434,863 | 198,416 |
Inventory | 32,489 | 21,934 |
Total Current Assets | 3,607,027 | 3,213,675 |
Property and equipment - net | 79,499 | 51,736 |
OTHER ASSETS | ||
Deposit | 3,417 | 6,534 |
Prepaid royalties - related parties | 210,438 | 193,282 |
TOTAL ASSETS | 3,900,381 | 3,465,227 |
CURRENT LIABILITIES | ||
Accounts payable | 197,550 | 66,945 |
Accounts payable- related party | 90,000 | 90,000 |
Deferred compensation, related party | 12,500 | 12,500 |
Notes payable - related party, net of discount of $65,998 and $122,631,respectively | 434,002 | 377,369 |
Notes payable | 99,929 | 142,756 |
Total Current Liabilities | $ 833,981 | $ 689,570 |
Commitments | ||
STOCKHOLDERS' EQUITY | ||
Common stock; 100,000,000 shares authorized, at $0.001 par value, 38,679,597 and 37,357,597 shares issued and outstanding, respectively | $ 38,680 | $ 37,358 |
Additional paid-in capital | 15,294,674 | 12,129,502 |
Accumulated deficit | (12,266,954) | (9,391,203) |
Total Stockholders' Equity | 3,066,400 | 2,775,657 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 3,900,381 | $ 3,465,227 |
Consolidated Balance Sheets _Pa
Consolidated Balance Sheets [Parenthetical] - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Notes Payable, Related Parties | $ 65,998 | $ 122,631 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 38,679,597 | 37,357,597 |
Common Stock, Shares, Outstanding | 38,679,597 | 37,357,597 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Other Comprehensive Loss - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
REVENUE | ||
Sale of Goods | $ 5,700 | $ 0 |
Total Revenue | 5,700 | 0 |
COST OF REVENUE | ||
Cost of Goods Sold | 446 | 0 |
Royalty Expense (related party) | 285 | 0 |
Total Cost of Revenue | 731 | 0 |
GROSS PROFIT | 4,969 | 0 |
OPERATING EXPENSES | ||
General and administrative | 2,705,279 | 1,092,142 |
Research and development | 107,784 | 8,100 |
Total operating expenses | 2,813,063 | 1,100,242 |
LOSS FROM OPERATIONS | (2,808,094) | (1,100,242) |
OTHER EXPENSES | ||
Other income | 1,714 | 0 |
Interest expense (related party) | (12,738) | (1,282) |
Accretion of debt discount (related party) | (56,633) | 0 |
Total other income (expenses) | (67,657) | (1,282) |
NET LOSS | $ (2,875,751) | $ (1,101,524) |
NET LOSS PER SHARE - BASIC AND DILUTED | $ (0.07) | $ (0.03) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 37,999,113 | 32,539,433 |
OTHER COMPREHENSIVE LOSS | ||
Net Loss | $ (2,875,751) | $ (1,101,524) |
Foreign currency translation loss | 0 | (7,561) |
COMPREHENSIVE LOSS | $ (2,875,751) | $ (1,109,085) |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (2,875,751) | $ (1,101,524) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Depreciation expense | 2,566 | 1,434 |
Common stock issued for services | 13,219 | 50,000 |
Warrants issued for services | 97,645 | 291,710 |
Stock options issued as compensation | 1,527,110 | 0 |
Amortization of debt issuance costs | 56,633 | 0 |
Other non-cash items | ||
Warrants issued for prepaid services | 33,238 | 0 |
Common stock issued for prepaid services | 11,781 | 0 |
Changes in operating assets and liabilities: | ||
Receivables | (1,700) | 495 |
Prepaid expenses | (236,447) | 33,257 |
Prepaid compensation | 52,311 | 0 |
Prepaid royalties - related parties | (17,156) | (33,574) |
Inventory | (10,555) | (6,511) |
Deposit | 3,117 | (400) |
Accounts payable | 130,605 | (37,480) |
Net cash used in operating activities | (1,213,384) | (802,593) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Cash paid to purchase equipment | (30,328) | (2,864) |
Net cash used in investing activities | (30,328) | (2,864) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payments of notes payable | (42,827) | (34,887) |
Repayment on notes payable - related party | 0 | (11,000) |
Proceeds from sale of common stock | 1,627,500 | 1,278,500 |
Payment of offering costs | (144,000) | (95,500) |
Net cash provided by financing activities | 1,440,673 | 1,137,113 |
EFFECT OF EXCHANGE RATES ON CASH | 0 | (7,561) |
NET (DECREASE) INCREASE IN CASH | 196,961 | 324,095 |
CASH AT BEGINNING OF PERIOD | 2,851,118 | 253,677 |
CASH AT END OF PERIOD | 3,048,079 | 577,772 |
CASH PAID FOR: | ||
Interest | 11,771 | 0 |
Income taxes | 0 | 0 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Warrants issued as direct offering costs | $ 174,100 | $ 87,355 |
ORGANIZATION, AND SUMMARY OF SI
ORGANIZATION, AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Zero Gravity Solutions, Inc. (the “Company”) is a biotechnology company focused on commercializing scientific breakthroughs in the area of patentable stem cell technologies designed from and derived from multiple experiments on the international space station (“ISS”). These technologies are focused on improving world agriculture by providing valuable solutions to challenges facing humanity. The Company is currently focuses on a cost effective, ionic nutrient delivery system for plants that can delivery minerals and micronutrients systemically at the cellular level of a plant (BAM-FX) operating and the production and alternation of new varieties of novel stem cells with unique and beneficial characteristics in the prolonged zero/micro gravity environment (Directed Selection). The Company owns proprietary technology for its first commercial product, BAM-FX that can boost nutritional value and enhance the immune system of food crops without the use of genetic modification The Company was organized on August 19, 1983 Delaware The Company has experienced recurring losses and negative cash flows from operations. At March 31, 2016, the Company had approximate cash balances of $ 3,048,000 2,773,000 3,066,000 12,267,000 Management’s strategic plans include the following: - continuing to advance development and sale of the Company’s principal product, BAM-FX; - pursuing additional capital raising opportunities; - continuing to develop prospective partnering or distribution opportunities. Certain information or footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted, pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. The interim results for the period ended March 31, 2016, are not necessarily indicative of results for the full fiscal year. These unaudited financial statements should be read in conjunction with the audited financial statements and the notes thereto for the year ended December 31, 2015. Cash and Cash Equivalents For the purposes of the statement of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The Company had no cash equivalents at March 31, 2016 and December 31, 2015. The accompanying unaudited interim condensed consolidated financial statements include the accounts of Zero Gravity Solutions, Inc. and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. March 31, December 31, 2016 2015 Raw materials $ 9,437 $ 8,163 Finished product 14,517 13,771 Consignment Inventory 8,535 - Total Inventory $ 32,489 $ 21,934 Property and equipment is stated at cost, less accumulated depreciation. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is computed on a straight-line basis over estimated useful lives. Property and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. There were no impairment charges taken during the three months ended March 31, 2016 and 2015. The Company at March 31, 2016 maintained its cash balance with two major national financial institutions. The bank balance at March 31, 2016 exceeded the FDIC limits by $ 1,548,079 The Company accounts for financial instruments under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic (ASC) 820, Fair Value Measurements Level 1 quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 observable inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and Level 3 assets and liabilities whose significant value drivers are unobservable. Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on the Company’s market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to measure an asset or liability may fall into different levels of the fair value hierarchy. In those instances, the fair value measurement is required to be classified using the lowest level of input that is significant to the fair value measurement. Such determination requires significant management judgment. There were no financial assets or liabilities measured at fair value, with the exception of cash (Level 1) as of March 31, 2016 and December 31, 2015. The carrying amounts of the Company’s accounts receivable and accounts payable approximate fair value due to the relatively short period to maturity for these instruments. The carrying value of the Company’s notes payable approximates fair value due to its short period to maturity and its stated interest rates, combined with historic interest rate levels. The carrying value of the Company’s notes payable related party is not practical to estimate due to the related party nature of the underlying transaction. Revenue is recognized when the following four basic criteria have been met: (i) persuasive evidence of an arrangement exists; (ii) delivery has occurred and risk of loss has passed; (iii) the seller's price to the buyer is fixed or determinable; and (iv) collectability is reasonably assured. Revenues are recorded less a reserve for estimated product returns and allowances, which to date has not been significant. Determination of the reserve for estimated product returns and allowances is based on management's analyses and judgments regarding certain conditions. Should future changes in conditions prove management's conclusions and judgments on previous analyses to be incorrect, revenue recognized for any reporting period could be adversely affected. At March 31, 2016, two customers accounted for 100 95.5 4.5 100 61.6 38.4 100 87.8 65 22.8 95.5 The Company extends credit to customers generally without requiring collateral. The Company monitors its exposure for credit losses and maintains allowances for anticipated losses. The Company records an allowance for doubtful accounts when it is probable that the accounts receivable balance will not be collected. When estimating the allowance, the Company takes into consideration such factors as its day-to-day knowledge of the financial position of specific clients, the industry and size of its clients. No allowance for doubtful accounts was recorded at March 31, 2016 or December 31, 2015. The Company recognizes the cost of employee services received in exchange for an award of equity instruments in the financial statements and is measured based on the grant date fair value of the award. Stock based compensation expense is recognized over the period during which an employee is required to provide service in exchange for the award (generally the vesting period). The Company estimates the fair value of each stock award at the grant date by using the Black-Scholes option pricing model. Costs equal to these fair values are recognized ratably over the requisite service period based on the number of awards that are expected to vest, or in the period of grant for awards that vest immediately and have no future service condition. For awards that vest over time, cumulative adjustments in later periods are recorded to the extent actual forfeitures differ from our initial estimates: previously recognized compensation cost is reversed if the service or performance conditions are not satisfied and the award is forfeited. The expense resulting from share-based payments is recorded in general and administrative expense. Loss per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted loss per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. The effect of the inclusion of the dilutive shares would have resulted in a decrease in loss per share. Accordingly, the weighted average shares outstanding have not been adjusted for dilutive shares. Outstanding warrants and stock options are not considered in the calculation as the impact of the potential common shares (totaling approximately 10,945,400 8,117,000 Research and development costs are charged to expenses as incurred. The unaudited interim consolidated condensed financial statements are presented in United States Dollars. As of March 31, 2015, the Company had a bank account in a foreign currency. The balance of this bank account was translated from its local currency (British Pounds) into the reporting currency, U.S. dollars, using period end exchange rates. The resulting translation adjustments were recorded as a separate component of accumulated other comprehensive loss. Revenues and expenses were translated using the weighted average exchange rate for the period. As of March 31, 2016, no such account existed. Transaction gains and losses resulting from foreign currency transactions were immaterial and recorded as foreign exchange gains or losses in the consolidated statement of operations. The Company did not enter into any financial instruments to offset the impact of foreign currency fluctuations. During 2015, upon the termination of the United Kingdom subsidiary, the Company transferred the remaining balance of accumulated other comprehensive loss to operations. No balance exists at March 31, 2016. The Company accounts for income taxes under the asset and liability method, in which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is required to the extent any deferred tax assets may not be realizable. The Company does not have an accrual for uncertain tax positions as of March 31, 2016 and December 31, 2015. The Company files corporate income tax returns with the Internal Revenue Service and the states where the Company determines it is required to do so. The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. At March 31, 2016, the Company did not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized during the three months ended March 31, 2016 or 2015. Certain reclassifications have been made to prior year information to conform with the current year presentation. The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company's financial reporting, the Company undertakes a study to determine the consequences of the change to its consolidated financial statements and assures that there are proper controls in place to ascertain that the Company's consolidated financial statements properly reflect the change. In May 2014, FASB issued Accounting Standards Update ("ASU") No. 2014-09 "Revenue from Contracts from Customers," which supersedes the revenue recognition requirements in "Revenue Recognition (Topic 605)," and requires entities to recognize revenue in a way that depicts the transfer of potential goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to the exchange for those goods or services. In July 2015, the FASB extended the effective date of ASU 2014-09 by one year, to now be effective for fiscal years, and interim periods beginning after December 15, 2017, and is to be applied retrospectively, with early adoption now permitted for fiscal years, and interim periods beginning after March 31, 2016. The Company is currently evaluating the new standard and assessing the potential impact on its operations and financial statements. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements Going Concern: |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 2 PROPERTY AND EQUIPMENT March 31, 2016 December 31, 2015 Computer Equipment $ 10,561 $ 7,082 Equipment and Furniture 70,830 53,944 Leasehold Improvements 9,965 - Accumulated Depreciation (11,857) (9,290) Property and Equipment - Net $ 79,499 $ 51,736 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 3 RELATED PARTY TRANSACTIONS Notes Payable In July 2015, a director advanced the Company $ 500,000 8.5 350,000 2 416,618 0 184.2 1.66 5 227,258 56,633 Royalty Agreement In 2013, the Company entered into a royalty agreement, which was amended in 2015, with a key employee and principal stockholder of the Company and a current director of the Company. The agreement has a term of 25 5 2,500 Sales subject to the royalty agreement were $ 5,700 137,362 210,438 193,282 Consulting Agreement During March 2015, the Company entered into a consulting agreement with a director. The agreement had a term of 6 200,000 21,858 90,000 |
COMMITMENTS
COMMITMENTS | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments Disclosure [Text Block] | NOTE 4 COMMITMENTS Lease Commitments The Company leases its offices and building space under short term leases. These leases are renewable either monthly or annually. Lease expense was $ 18,336 20,061 Research Commitment In January 2016, the Company entered into a Reimbursable Space Act Agreement (the “SAA”) with the National Aeronautics and Space Administration Ames Research Center (“NASA ARC”). Pursuant to the SAA, NASA ARC will evaluate the Company’s nutrient delivery system for commercial agriculture and NASA applications and the potential development of new agricultural technologies and products. The Company shall provide funding and reimbursement for the costs incurred by NASA ARC under the SAA, but shall own any resulting intellectual property created pursuant to the SAA. The Company agreed to pay and paid NASA ARC a total of $ 373,750 |
NOTES PAYABLE
NOTES PAYABLE | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE 5 NOTES PAYABLE The Company has two outstanding notes payable for financing corporate insurance premiums. Both notes carry a rate of interest of 8 |
EQUITY
EQUITY | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Shareholders' Equity and Share-based Payments [Text Block] | NOTE 6 EQUITY Common Stock Private placement offerings During the three months ended March 31, 2016, the Company issued 1,302,000 1,302,000 five 2.00 1.25 1,627,500 144,000 146,325 2.00 Common stock issued for services During the three months ended March 31, 2016, the Company issued for services, 20,000 25,000 24,658 During the three months ended March 31, 2015, the Company issued for services, 100,000 50,000 0 Warrants Warrants issued for services During the three months ended March 31, 2016, the Company issued fully vested, non-forfeitable warrants to purchase 110,000 2.00 130,883 0 184.2 1.31 1.38 5 During the three months ended March 31, 2015, the Company issued fully vested, non-forfeitable warrants to purchase 606,000 0.50 280,145 0 157.54 1.46 1.76 5 Warrants issued with debt related party During July 2015 the Company entered into a note payable with a related party. In connection with the note the Company issued warrants to purchase 350,000 2 Weighted Average Remaining Contractual Aggregate Weighted Average Life Intrinsic Number of Warrants Exercise Price (in Years) Value Outstanding January 1, 2016 8,117,075 $ 1.41 Granted 1,558,325 2.00 Exercised Cancelled/Forfeited Outstanding and exercisable - March 31, 2016 9,675,400 $ 1.53 4.3 $ 1,621,989 The aggregate intrinsic value in the table above represents the total intrinsic value (the difference between the estimated stock price on March 31, 2016 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the warrant holders, had all warrant holders been able to, and in fact had, exercised their warrants on March 31, 2016. Stock incentive plan options During November 2015, the Company adopted its 2015 Equity Incentive Plan. The Plan provides stock based compensation to employees, directors and consultants, as more fully described in the Plan. The Company has reserved 4,000,000 1,270,000 1,527,110 0 184.2 1.46 1.50 5 Weighted Average Remaining Contractual Aggregate Weighted Average Life Intrinsic Number of Warrants Exercise Price (in Years) Value Outstanding January 1, 2016 - $ - Granted 1,270,000 1.25 Exercised Cancelled/Forfeited Outstanding and exercisable - March 31, 2016 1,270,000 $ 1.25 9.8 $ - Nonvested Shares Weighted Average Nonvested Shares Underlying Options Exercise Price Nonvested at January 1, 2016 - $ - Granted 1,270,000 1.25 Vested (1,270,000) 1.25 Cancelled/Forfeited Nonvested at March 31, 2016 - $ - |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 7 SUBSEQUENT EVENTS Subsequent to May 11, 2016, the Company issued 60,000 60,000 6,250 75,000 685,000 |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Management Plans [Policy Text Block] | Management plans The Company has experienced recurring losses and negative cash flows from operations. At March 31, 2016, the Company had approximate cash balances of $ 3,048,000 2,773,000 3,066,000 12,267,000 Management’s strategic plans include the following: - continuing to advance development and sale of the Company’s principal product, BAM-FX; - pursuing additional capital raising opportunities; - continuing to develop prospective partnering or distribution opportunities. |
Basis of Accounting, Policy [Policy Text Block] | Certain information or footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted, pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. The interim results for the period ended March 31, 2016, are not necessarily indicative of results for the full fiscal year. These unaudited financial statements should be read in conjunction with the audited financial statements and the notes thereto for the year ended December 31, 2015. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For the purposes of the statement of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The Company had no cash equivalents at March 31, 2016 and December 31, 2015. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements include the accounts of Zero Gravity Solutions, Inc. and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. |
Inventory, Policy [Policy Text Block] | Inventory March 31, December 31, 2016 2015 Raw materials $ 9,437 $ 8,163 Finished product 14,517 13,771 Consignment Inventory 8,535 - Total Inventory $ 32,489 $ 21,934 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment is stated at cost, less accumulated depreciation. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is computed on a straight-line basis over estimated useful lives. Property and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. There were no impairment charges taken during the three months ended March 31, 2016 and 2015. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk The Company at March 31, 2016 maintained its cash balance with two major national financial institutions. The bank balance at March 31, 2016 exceeded the FDIC limits by $ 1,548,079 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The Company accounts for financial instruments under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic (ASC) 820, Fair Value Measurements Level 1 quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 observable inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and Level 3 assets and liabilities whose significant value drivers are unobservable. Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on the Company’s market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to measure an asset or liability may fall into different levels of the fair value hierarchy. In those instances, the fair value measurement is required to be classified using the lowest level of input that is significant to the fair value measurement. Such determination requires significant management judgment. There were no financial assets or liabilities measured at fair value, with the exception of cash (Level 1) as of March 31, 2016 and December 31, 2015. The carrying amounts of the Company’s accounts receivable and accounts payable approximate fair value due to the relatively short period to maturity for these instruments. The carrying value of the Company’s notes payable approximates fair value due to its short period to maturity and its stated interest rates, combined with historic interest rate levels. The carrying value of the Company’s notes payable related party is not practical to estimate due to the related party nature of the underlying transaction. |
Revenue Recognition And Accounts Receivable [Policy Text Block] | Revenue Recognition and Accounts Receivable: Revenue is recognized when the following four basic criteria have been met: (i) persuasive evidence of an arrangement exists; (ii) delivery has occurred and risk of loss has passed; (iii) the seller's price to the buyer is fixed or determinable; and (iv) collectability is reasonably assured. Revenues are recorded less a reserve for estimated product returns and allowances, which to date has not been significant. Determination of the reserve for estimated product returns and allowances is based on management's analyses and judgments regarding certain conditions. Should future changes in conditions prove management's conclusions and judgments on previous analyses to be incorrect, revenue recognized for any reporting period could be adversely affected. At March 31, 2016, two customers accounted for 100 95.5 4.5 100 61.6 38.4 100 87.8 65 22.8 95.5 The Company extends credit to customers generally without requiring collateral. The Company monitors its exposure for credit losses and maintains allowances for anticipated losses. The Company records an allowance for doubtful accounts when it is probable that the accounts receivable balance will not be collected. When estimating the allowance, the Company takes into consideration such factors as its day-to-day knowledge of the financial position of specific clients, the industry and size of its clients. No allowance for doubtful accounts was recorded at March 31, 2016 or December 31, 2015. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock Based Compensation The Company recognizes the cost of employee services received in exchange for an award of equity instruments in the financial statements and is measured based on the grant date fair value of the award. Stock based compensation expense is recognized over the period during which an employee is required to provide service in exchange for the award (generally the vesting period). The Company estimates the fair value of each stock award at the grant date by using the Black-Scholes option pricing model. Costs equal to these fair values are recognized ratably over the requisite service period based on the number of awards that are expected to vest, or in the period of grant for awards that vest immediately and have no future service condition. For awards that vest over time, cumulative adjustments in later periods are recorded to the extent actual forfeitures differ from our initial estimates: previously recognized compensation cost is reversed if the service or performance conditions are not satisfied and the award is forfeited. The expense resulting from share-based payments is recorded in general and administrative expense. |
Earnings Per Share, Policy [Policy Text Block] | Loss per Common Share Loss per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted loss per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. The effect of the inclusion of the dilutive shares would have resulted in a decrease in loss per share. Accordingly, the weighted average shares outstanding have not been adjusted for dilutive shares. Outstanding warrants and stock options are not considered in the calculation as the impact of the potential common shares (totaling approximately 10,945,400 8,117,000 |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Research and development costs are charged to expenses as incurred. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Transactions The unaudited interim consolidated condensed financial statements are presented in United States Dollars. As of March 31, 2015, the Company had a bank account in a foreign currency. The balance of this bank account was translated from its local currency (British Pounds) into the reporting currency, U.S. dollars, using period end exchange rates. The resulting translation adjustments were recorded as a separate component of accumulated other comprehensive loss. Revenues and expenses were translated using the weighted average exchange rate for the period. As of March 31, 2016, no such account existed. Transaction gains and losses resulting from foreign currency transactions were immaterial and recorded as foreign exchange gains or losses in the consolidated statement of operations. The Company did not enter into any financial instruments to offset the impact of foreign currency fluctuations. During 2015, upon the termination of the United Kingdom subsidiary, the Company transferred the remaining balance of accumulated other comprehensive loss to operations. No balance exists at March 31, 2016. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes under the asset and liability method, in which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is required to the extent any deferred tax assets may not be realizable. The Company does not have an accrual for uncertain tax positions as of March 31, 2016 and December 31, 2015. The Company files corporate income tax returns with the Internal Revenue Service and the states where the Company determines it is required to do so. The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. At March 31, 2016, the Company did not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized during the three months ended March 31, 2016 or 2015. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain reclassifications have been made to prior year information to conform with the current year presentation. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company's financial reporting, the Company undertakes a study to determine the consequences of the change to its consolidated financial statements and assures that there are proper controls in place to ascertain that the Company's consolidated financial statements properly reflect the change. In May 2014, FASB issued Accounting Standards Update ("ASU") No. 2014-09 "Revenue from Contracts from Customers," which supersedes the revenue recognition requirements in "Revenue Recognition (Topic 605)," and requires entities to recognize revenue in a way that depicts the transfer of potential goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to the exchange for those goods or services. In July 2015, the FASB extended the effective date of ASU 2014-09 by one year, to now be effective for fiscal years, and interim periods beginning after December 15, 2017, and is to be applied retrospectively, with early adoption now permitted for fiscal years, and interim periods beginning after March 31, 2016. The Company is currently evaluating the new standard and assessing the potential impact on its operations and financial statements. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements Going Concern: |
ORGANIZATION AND SUMMARY OF S14
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventory is valued on a lower of first-in, first out (FIFO) cost or market basis. Inventory consisted of: March 31, December 31, 2016 2015 Raw materials $ 9,437 $ 8,163 Finished product 14,517 13,771 Consignment Inventory 8,535 - Total Inventory $ 32,489 $ 21,934 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property and equipment are summarized as follows: March 31, 2016 December 31, 2015 Computer Equipment $ 10,561 $ 7,082 Equipment and Furniture 70,830 53,944 Leasehold Improvements 9,965 - Accumulated Depreciation (11,857) (9,290) Property and Equipment - Net $ 79,499 $ 51,736 |
EQUITY (Tables)
EQUITY (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Class of Stock [Line Items] | |
Schedule of Nonvested Share Activity [Table Text Block] | Nonvested Shares Weighted Average Nonvested Shares Underlying Options Exercise Price Nonvested at January 1, 2016 - $ - Granted 1,270,000 1.25 Vested (1,270,000) 1.25 Cancelled/Forfeited Nonvested at March 31, 2016 - $ - |
Stock Compensation Plan [Member] | |
Class of Stock [Line Items] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Weighted Average Remaining Contractual Aggregate Weighted Average Life Intrinsic Number of Warrants Exercise Price (in Years) Value Outstanding January 1, 2016 - $ - Granted 1,270,000 1.25 Exercised Cancelled/Forfeited Outstanding and exercisable - March 31, 2016 1,270,000 $ 1.25 9.8 $ - |
Warrant [Member] | |
Class of Stock [Line Items] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | The following is a summary of the Company’s warrant activity for the three months ended March 31, 2016: Weighted Average Remaining Contractual Aggregate Weighted Average Life Intrinsic Number of Warrants Exercise Price (in Years) Value Outstanding January 1, 2016 8,117,075 $ 1.41 Granted 1,558,325 2.00 Exercised Cancelled/Forfeited Outstanding and exercisable - March 31, 2016 9,675,400 $ 1.53 4.3 $ 1,621,989 |
ORGANIZATION AND SUMMARY OF S17
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Raw materials | $ 9,437 | $ 8,163 |
Finished product | 14,517 | 13,771 |
Consignment Inventory | 8,535 | 0 |
Total Inventory | $ 32,489 | $ 21,934 |
ORGANIZATION AND SUMMARY OF S18
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Line Items] | ||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 10,945,400 | 8,117,000 | ||
Cash, Uninsured Amount | $ 1,548,079 | |||
Entity Incorporation, Date of Incorporation | Aug. 19, 1983 | |||
Entity Incorporation, State Country Name | Delaware | |||
Working Capital | $ 2,773,000 | |||
Cash | 3,048,079 | $ 2,851,118 | $ 577,772 | $ 253,677 |
Stockholders' Equity Attributable to Parent | 3,066,400 | 2,775,657 | ||
Retained Earnings (Accumulated Deficit) | $ (12,266,954) | $ (9,391,203) | ||
Accounts Receivable [Member] | ||||
Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 100.00% | 100.00% | ||
Accounts Receivable [Member] | CHILE | ||||
Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 95.50% | |||
Sales [Member] | ||||
Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 100.00% | 87.80% | ||
Customer One [Member] | Accounts Receivable [Member] | ||||
Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 95.50% | |||
Customer One [Member] | Sales [Member] | ||||
Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 61.60% | 65.00% | ||
Customer Two [Member] | Accounts Receivable [Member] | ||||
Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 4.50% | |||
Customer Two [Member] | Sales [Member] | ||||
Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 38.40% | 22.80% |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Accumulated Depreciation | $ (11,857) | $ (9,290) |
Property and Equipment - Net | 79,499 | 51,736 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 10,561 | 7,082 |
Equipment and Furniture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 70,830 | 53,944 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 9,965 | $ 0 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jul. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ||||||
Royalty Expense | $ 285 | $ 0 | ||||
General and Administrative Expense | 2,705,279 | 1,092,142 | ||||
Accounts Payable, Related Parties, Current | 90,000 | $ 90,000 | ||||
Royalty Agreements [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Royalty Revenue | 5,700 | 137,362 | ||||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 25 years | |||||
Royalty Expense | $ 2,500 | |||||
Concentration Risk, Percentage | 5.00% | |||||
Advance Royalties, Total | 210,438 | $ 193,282 | ||||
Fair Value, Measurements, Recurring [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Liabilities, Fair Value Disclosure, Recurring | $ 416,618 | |||||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||||
Fair Value Assumptions, Expected Volatility Rate | 184.20% | |||||
Fair Value Assumptions, Risk Free Interest Rate | 1.66% | |||||
Fair Value Assumptions, Expected Term | 5 years | |||||
Debt Instrument, Unamortized Discount | 227,258 | |||||
Other Expenses, Total | $ 56,633 | |||||
Notes Payable, Other Payables [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Warrants To Purchase Common Stock Shares | 350,000 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2 | |||||
Director [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | |||||
Notes Payable, Total | $ 500,000 | |||||
Consulting Agreement Term | 6 months | |||||
Professional Fees | $ 200,000 | |||||
General and Administrative Expense | $ 21,858 |
COMMITMENTS (Details Textual)
COMMITMENTS (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating Leased Assets [Line Items] | ||
Operating Leases, Rent Expense, Net, Total | $ 18,336 | $ 20,061 |
Research and Development Expense | 107,784 | $ 8,100 |
Reimbursable Space Act Agreement [Member] | ||
Operating Leased Assets [Line Items] | ||
Research and Development Expense | $ 373,750 |
NOTES PAYABLE (Details Textual)
NOTES PAYABLE (Details Textual) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 8.00% |
EQUITY (Details)
EQUITY (Details) | 3 Months Ended |
Mar. 31, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Warrants, Granted | 1,270,000 |
Warrant [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Warrants, Outstanding | 8,117,075 |
Number of Warrants, Granted | 1,558,325 |
Number of Warrants, Exercised | |
Number of Warrants, Cancelled/Forfeited | |
Number of Warrants, Outstanding and exercisable | 9,675,400 |
Weighted Average Exercise Price, Outstanding | $ / shares | $ 1.41 |
Weighted Average Exercise Price, Granted | $ / shares | $ 2 |
Weighted Average Exercise Price, Exercised | $ / shares | |
Weighted Average Exercise Price, Cancelled/Forfeited | $ / shares | |
Weighted Average Exercise Price, Outstanding and exercisable | $ / shares | $ 1.53 |
Weighted Average Remaining Contractual Life, Outstanding and exercisable (in years) | 4 years 3 months 18 days |
Aggregate Intrinsic Value, Outstanding and exercisable | $ | $ 1,621,989 |
EQUITY (Details 1)
EQUITY (Details 1) | 3 Months Ended |
Mar. 31, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Warrants, Granted | 1,270,000 |
Stock Compensation Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Warrants, Outstanding | 0 |
Number of Warrants, Granted | 1,270,000 |
Number of Warrants, Exercised | |
Number of Warrants, Cancelled/Forfeited | |
Number of Warrants, Outstanding and exercisable | 1,270,000 |
Weighted Average Exercise Price, Outstanding | $ / shares | $ 0 |
Weighted Average Exercise Price, Granted | $ / shares | $ 1.25 |
Weighted Average Exercise Price, Exercised | $ / shares | |
Weighted Average Exercise Price, Cancelled/Forfeited | $ / shares | |
Weighted Average Exercise Price, Outstanding and exercisable | $ / shares | $ 1.25 |
Weighted Average Remaining Contractual Life, Outstanding and exercisable (in years) | 9 years 9 months 18 days |
Number of Warrants, Aggregate Intrinsic Value | $ | $ 0 |
EQUITY (Details 2)
EQUITY (Details 2) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Schedule Of Nonvested Share Activity [Line Items] | |
Nonvested Shares Underlying Options, Nonvested | shares | 0 |
Nonvested Shares Underlying Options, Granted | shares | 1,270,000 |
Nonvested Shares Underlying Options, Vested | shares | (1,270,000) |
Nonvested Shares Underlying Options, Cancelled/Forfeited | shares | |
Nonvested Shares Underlying Options, Nonvested | shares | 0 |
Weighted Average Exercise Price, Nonvested | $ / shares | $ 0 |
Weighted Average Exercise Price, Granted | $ / shares | 1.25 |
Weighted Average Exercise Price, Vested | $ / shares | $ 1.25 |
Weighted Average Exercise Price, Cancelled/Forfeited | $ / shares | |
Weighted Average Exercise Price, Nonvested | $ / shares | $ 0 |
EQUITY (Details Textual)
EQUITY (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Nov. 30, 2015 | Jul. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Share Based Payment Award, Fair Value Assumption [Line Items] | ||||
Payments of Stock Issuance Costs | $ 144,000 | $ 95,500 | ||
Issuance of Stock and Warrants for Prepaid Services or Claims | $ 11,781 | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,270,000 | |||
Stock Incentive Plan [Member] | ||||
Share Based Payment Award, Fair Value Assumption [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 184.20% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 1.46% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 1.50% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,270,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 1,527,110 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Payments | $ 0 | |||
Stock Incentive Plan [Member] | Transaction 2015 [Member] | ||||
Share Based Payment Award, Fair Value Assumption [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee | 4,000,000 | |||
Private Placement [Member] | ||||
Share Based Payment Award, Fair Value Assumption [Line Items] | ||||
Warrant Term | 5 years | |||
Private Placement Offerings [Member] | ||||
Share Based Payment Award, Fair Value Assumption [Line Items] | ||||
Share Price | $ 2 | |||
Stock Issued During Period, Shares, New Issues | 1,302,000 | |||
Sale of Stock, Price Per Share | $ 1.25 | |||
Warrants To Purchase Common Stock Shares | 1,302,000 | |||
Issued one [Member] | Transaction 2016 [Member] | ||||
Share Based Payment Award, Fair Value Assumption [Line Items] | ||||
Stock Issued During Period, Shares, Issued for Services | 20,000 | |||
Stock Issued During Period, Value, Issued for Services | $ 25,000 | |||
Issuance of Stock and Warrants for Prepaid Services or Claims | 24,658 | |||
Issued Two [Member] | Transaction 2016 [Member] | ||||
Share Based Payment Award, Fair Value Assumption [Line Items] | ||||
Stock Issued During Period, Shares, Issued for Services | 100,000 | |||
Stock Issued During Period, Value, Issued for Services | $ 50,000 | |||
Issuance of Stock and Warrants for Prepaid Services or Claims | $ 0 | |||
Common Stock [Member] | Private Placement Offerings [Member] | ||||
Share Based Payment Award, Fair Value Assumption [Line Items] | ||||
Payments of Stock Issuance Costs | $ 144,000 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2 | |||
Warrants To Purchase Common Stock Shares | 146,325 | |||
Proceeds from Issuance Initial Public Offering | $ 1,627,500 | |||
Warrant One [Member] | Employees and Consultants [Member] | Transaction 2016 [Member] | ||||
Share Based Payment Award, Fair Value Assumption [Line Items] | ||||
Share Price | $ 2 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 110,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 130,883 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 184.20% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 1.31% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 1.38% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | |||
Warrant Two [Member] | Employees and Consultants [Member] | Transaction 2015 [Member] | ||||
Share Based Payment Award, Fair Value Assumption [Line Items] | ||||
Share Price | $ 0.50 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 606,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 280,145 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 157.54% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 1.46% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 1.76% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | |||
Warrants Issued with Debt - Related Party [Member] | Transaction 2016 [Member] | ||||
Share Based Payment Award, Fair Value Assumption [Line Items] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2 | |||
Warrants To Purchase Common Stock Shares | 350,000 |
SUBSEQUENT EVENTS (Details Text
SUBSEQUENT EVENTS (Details Textual) - Subsequent Event [Member] | May. 11, 2016USD ($)shares |
Subsequent Event [Line Items] | |
Stock Issued During Period, Shares, New Issues | 685,000 |
Stock Issued During Period, Value, New Issues | $ | $ 75,000 |
Private Placement [Member] | |
Subsequent Event [Line Items] | |
Warrants To Purchase Common Stock Shares | 6,250 |
Warrant [Member] | |
Subsequent Event [Line Items] | |
Stock Issued During Period, Shares, New Issues | 60,000 |
Common Stock [Member] | |
Subsequent Event [Line Items] | |
Stock Issued During Period, Shares, New Issues | 60,000 |