Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | May 30, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | Zero Gravity Solutions, Inc. | ||
Entity Central Index Key | 1,574,186 | ||
Trading Symbol | zgsi | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 40,068,764 | ||
Entity Public Float | $ 17,565,231 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS | ||
Cash | $ 232,394 | $ 2,851,118 |
Accounts receivable. net | 121,747 | 44,877 |
Prepaid compensation | 97,330 | |
Other current assets | 282,409 | 198,416 |
Inventory | 33,401 | 21,934 |
Total Current Assets | 669,951 | 3,213,675 |
Property and equipment - net | 119,057 | 51,736 |
OTHER ASSETS | ||
Deposit | 3,617 | 6,534 |
Intellectual property | 5,500 | |
Advance on future royalties - related parties | 277,038 | 193,282 |
Total Other Assets | 286,155 | 199,816 |
TOTAL ASSETS | 1,075,163 | 3,465,227 |
CURRENT LIABILITIES | ||
Accounts payable | 480,853 | 66,945 |
Accounts payable, related party | 75,000 | 90,000 |
Deferred compensation, related party | 12,500 | 12,500 |
Note payable - related party, net of discount of $0 and $122,631 respectively | 500,000 | 377,369 |
Note payable | 195,355 | 142,756 |
Total Liabilities (all current) | 1,263,708 | 689,570 |
Commitments | ||
STOCKHOLDERS' (DEFICIT) EQUITY | ||
Common stock; 100,000,000 shares authorized, at $0.001 par value, 38,973,264 and 37,357,597 shares issued and outstanding, respectively | 38,973 | 37,358 |
Additional paid-in capital | 16,126,129 | 12,129,502 |
Accumulated deficit | (16,353,647) | (9,391,203) |
Total Stockholders' (Deficit) Equity | (188,545) | 2,775,657 |
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | $ 1,075,163 | $ 3,465,227 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Notes payable - related party, discount | $ 0 | $ 122,631 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares issued (in shares) | 38,973,264 | 37,357,597 |
Common stock, shares outstanding (in shares) | 38,973,264 | 37,357,597 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Other Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
REVENUE | ||
Sale of goods | $ 218,166 | $ 137,362 |
Total Revenue | 218,166 | 137,362 |
COST OF REVENUE | ||
Cost of goods sold | 40,882 | 13,311 |
Royalty expense | 10,685 | 8,013 |
Total Cost of Revenue | 51,567 | 21,324 |
GROSS PROFIT | 166,599 | 116,038 |
OPERATING EXPENSES | ||
General and administrative | 6,495,350 | 4,868,562 |
Research and development | 464,570 | 26,881 |
Total Operating Expenses | 6,959,920 | 4,895,443 |
LOSS FROM OPERATIONS | (6,793,321) | (4,779,405) |
OTHER EXPENSES | ||
Other income | 2,576 | |
Interest expense | (49,068) | (20,843) |
Accretion of debt discount | (122,631) | (104,627) |
Loss on disposition of asset | (667) | |
Total Other Income (Expenses) | (169,123) | (126,137) |
NET LOSS | (6,962,444) | (4,905,542) |
OTHER COMPREHENSIVE LOSS | ||
Net Loss | (6,962,444) | (4,905,542) |
Foreign currency translation gain (loss) | 1,847 | |
COMPREHENSIVE LOSS | $ (6,962,444) | $ (4,903,695) |
NET LOSS PER SHARE - BASIC AND DILUTED (in dollars per share) | $ (0.18) | $ (0.15) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED (in shares) | 38,573,651 | 33,823,026 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) | Warrants Issued for Services, Including Prepaid Services [Member]Common Stock [Member] | Warrants Issued for Services, Including Prepaid Services [Member]Common Stock to be Issued [Member] | Warrants Issued for Services, Including Prepaid Services [Member]Additional Paid-in Capital [Member] | Warrants Issued for Services, Including Prepaid Services [Member]Retained Earnings [Member] | Warrants Issued for Services, Including Prepaid Services [Member]AOCI Attributable to Parent [Member] | Warrants Issued for Services, Including Prepaid Services [Member] | Warrants Issued for Loan Costs [Member]Common Stock [Member] | Warrants Issued for Loan Costs [Member]Common Stock to be Issued [Member] | Warrants Issued for Loan Costs [Member]Additional Paid-in Capital [Member] | Warrants Issued for Loan Costs [Member]Retained Earnings [Member] | Warrants Issued for Loan Costs [Member]AOCI Attributable to Parent [Member] | Warrants Issued for Loan Costs [Member] | Warrants Issued for Services [Member]Common Stock [Member] | Warrants Issued for Services [Member]Common Stock to be Issued [Member] | Warrants Issued for Services [Member]Additional Paid-in Capital [Member] | Warrants Issued for Services [Member]Retained Earnings [Member] | Warrants Issued for Services [Member]AOCI Attributable to Parent [Member] | Warrants Issued for Services [Member] | Common Stock [Member] | Common Stock to be Issued [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2014 | 30,844,597 | 50,000 | ||||||||||||||||||||||
Balance at Dec. 31, 2014 | $ 30,845 | $ 25,000 | $ 4,748,285 | $ (4,485,661) | $ (1,847) | $ 316,622 | ||||||||||||||||||
Common stock and warrants issued for cash, net (in shares) | 6,141,000 | |||||||||||||||||||||||
Common stock and warrants issued for cash, net | $ 6,141 | 5,253,609 | 5,259,750 | |||||||||||||||||||||
Common stock issued for services (in shares) | 372,000 | (50,000) | ||||||||||||||||||||||
Common stock issued for services | $ 372 | $ (25,000) | 503,253 | 478,625 | ||||||||||||||||||||
Warrants issued | $ 1,397,097 | $ 1,397,097 | $ 227,258 | $ 227,258 | ||||||||||||||||||||
Foreign currency translation gain (loss) | 1,847 | 1,847 | ||||||||||||||||||||||
Net loss | (4,905,542) | (4,905,542) | ||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2015 | 37,357,597 | |||||||||||||||||||||||
Balance at Dec. 31, 2015 | $ 37,358 | 12,129,502 | (9,391,203) | 2,775,657 | ||||||||||||||||||||
Common stock and warrants issued for cash, net (in shares) | 1,595,667 | |||||||||||||||||||||||
Common stock and warrants issued for cash, net | $ 1,595 | 2,176,206 | $ 2,177,801 | |||||||||||||||||||||
Common stock issued for services (in shares) | 20,000 | 20,000 | ||||||||||||||||||||||
Common stock issued for services | $ 20 | 24,980 | $ 25,000 | |||||||||||||||||||||
Warrants issued | $ 11,899 | $ 11,899 | ||||||||||||||||||||||
Stock options issued for services | 1,783,542 | 1,783,542 | ||||||||||||||||||||||
Foreign currency translation gain (loss) | ||||||||||||||||||||||||
Net loss | (6,962,444) | (6,962,444) | ||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2016 | 38,973,264 | |||||||||||||||||||||||
Balance at Dec. 31, 2016 | $ 38,973 | $ 16,126,129 | $ (16,353,647) | $ (188,545) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Parentheticals) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Additional Paid-in Capital [Member] | ||
Common stock, issued for cash, offering costs | $ 204,700 | $ 536,250 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Loss | $ (6,962,444) | $ (4,905,542) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Depreciation expense | 18,095 | 7,695 |
Common stock issued for services | 25,000 | 442,187 |
Warrants issued for services | 11,899 | 1,336,206 |
Stock options issued for services | 1,783,542 | |
Amortization of debt issuance costs | 122,631 | 104,627 |
Loss on sale of asset | 667 | |
Other non-cash items | ||
Warrants issued for prepaid services | 60,891 | |
Common stock issued for prepaid services | 36,438 | |
Changes in operating assets and liabilities: | ||
Accounts receivable, trade | (76,871) | (43,552) |
Other current assets | (83,992) | (80,118) |
Prepaid compensation | 97,330 | |
Advance on future royalties - related parties | (83,756) | (142,926) |
Inventory | (11,467) | (3,342) |
Deposit | 2,917 | (178) |
Accounts payable | 413,908 | (70,944) |
Accounts payable, related party | (15,000) | 90,000 |
Deferred compensation related party | (15,000) | |
Accrued interest | 9,429 | |
Net cash used in operating activities | (4,758,208) | (3,173,462) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Cash paid to acquire intellectual property | (5,500) | |
Cash paid to purchase equipment | (85,416) | (15,956) |
Net cash used in investing activities | (90,916) | (15,956) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from notes payable | 195,355 | 142,756 |
Payments of notes payable | (142,756) | (104,647) |
Repayment on notes payable - related party | (11,000) | |
Proceeds from notes payable - related party | 500,000 | |
Proceeds from sale of common stock | 2,382,501 | 5,796,000 |
Payment of offering costs | (204,700) | (536,250) |
Net cash provided by financing activities | 2,230,400 | 5,786,859 |
NET (DECREASE) INCREASE IN CASH | (2,618,724) | 2,597,441 |
CASH AT BEGINNING OF PERIOD | 2,851,118 | 253,677 |
CASH AT END OF PERIOD | 232,394 | 2,851,118 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest | 49,068 | 3,420 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Warrants issued with debt – related party | 227,258 | |
Warrants issued as direct offering costs | $ 213,540 | $ 110,794 |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of operations Zero Gravity Solutions, Inc. (the “Company”) is focused on industrializing and commercializing scientific breakthroughs in the area of patentable stem cell technologies through developing advances in plant, animal and human biology based on intellectual property designed for and derived from multiple experiments on the International Space Station ("ISS"). The Company’s mission is to improve life on earth by applying intellectual property and technology designed for and derived from six five The Company owns proprietary technology for its first TM TM The Company operates through two 2014. Going Concern and Management ’s plans The Company has a limited operating history, recurring losses from operations, a working capital deficit and an accumulated deficit as of December 31, 2016 . At December 31, 2016, $232,000, 594,000 189,000 16,354,000 2017 may $450,000 no twelve December 31, 2016 December 31, 2016, $1,952,000 9 If the Company does not Management ’s strategic plans include the following: - continuing to advance commercialization of the Company ’s principal product, TM. - pursuing additional capital raising opportunities; - continuing to explore and execute prospective partnering or distribution opportunities; and - identifying unique market opportunities that represent potential positive cash flow. Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates include the valuation of equity based compensation. Actual results could differ from those estimates. 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 no equivalents at December 31, 2016 2015. Principles of Consolidation The accompanying consolidated financial statements include the accounts of Zero Gravity Solutions, Inc. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Inventory Inventory is valued on a lower of first first December 31, 2016 2015 Raw materials $ 9,081 $ 8,163 Consignment 19,238 - Finished product 5,082 13,771 Total Inventory $ 33,401 $ 21,934 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 no s ended December 31, 2016 2015. Concentration of Credit Risk The Company at December 31, 2015 one December 31, 2015 January 2016, 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 820 three Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 — observable inputs other than Level 1, not 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 As the Company' s common stock is not 820. 2 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 their short period to maturity and their stated interest rates, combined with historic interest rate levels. Revenue recognition and accounts receivable: Revenue is recognized when the following four The Company determined that no 2016 2015. 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 materially affected. At December 31, 2016, five 99.4% five 40.3%, 24.1%, 13.0%, 11.7%, 10.3%, December 31, 2016, three 65% 28%, 23.7%, 13.3%, December 31, 2015, one 100% December 31, 2015, two 87.8% 65% 22.8%, 2015, 22.8% 5.3% December 31, 2015. 2016 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 No December 31, 2015. $83,697 December 31, 2016. 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. See Note 6 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 ’s initial estimates: previously recognized compensation cost is reversed if the service or performance conditions are not 2016 2015. The Company also grants share-based compensation awards to non-employees for service provided to the Company. The Company measures and recognizes the fair value of such transactions based on the fair value of consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. Loss per Share Loss per share is calculated by dividing the Company ’s net loss by the weighted average number of common shares outstanding during the period. Diluted earnings loss per share is calculated by dividing the Company’s net income (loss) 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 not 9,764,733, 8,117,051 December 31, 2016 2015, Research and Development Research and development costs are charged to expenses as incurred. Foreign Currency Transactions and Translation Transaction gains and losses resulting from foreign currency transactions were recorded as foreign exchange gains or losses in the consolidated statement of operations. The Company did not 2015, No December 31, 2016. Warranty Expense The Company' s distribution agreements provide for a warranty on products sold. As sales under such distribution agreements have been nominal through 2016, no 2016. 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 The Company does not December 31, 2016 2015. December 31, 2016, not December 31, 2016 2015. Recently Issued Accounting Pronouncements In May 2014, No. 2014 09, Revenue from Contracts with Customers 605 December 15, 2017, not In August 2014, No. 2014 15, Presentation of Financial Statements – Going Concern: one fourth 2016. not In July 2015, No. 2015 11, Simplifying the Measurement of Inventory 2015 11 December 15, 2016. not In November 2015, No. 2015 17, Balance Sheet Classification of Deferred Taxes No. 2015 17 December 15, 2016, not In March 2016, No. 2016 02, Leases No. 2016 02 No. 2016 02 not 12 not December 15, 2018. not In March 2016, 2016 09, Compensation - Stock Compensation (Topic 718 2016 09, 2016 09 2016 09, 2016 09 first 2017, 2016 09 first 2017, no |
Note 2 - Employee Stock-based C
Note 2 - Employee Stock-based Compensation Adjustment to Prior Period Results | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Accounting Changes and Error Corrections [Text Block] | NOTE 2 – EMPLOYEE STOCK-BASED COMPENSATION ADJUSTMENT TO PRIOR PERIOD RESULTS In preparing the Company's December 31, 2016 718 January 1, 2016. . The Company had recorded non-cash compensation expense based upon the then current private placement price of $1.25 $1.25 2016 not $0.63 $0.68 first 2016; $0.69 $0.78 second 2016 $0.78 third 2016. $776,000 first 2016, $565,000 second 2016 $263,000 third 2016. 2016 No. 99, No. 250, not 108, December 31, 2016 no Additionally, the Company will adjust its previously filed financial statements for the impact on the first second third 2016 t reports. Reconciliation Between Amounts Previously Reported and Corrected Amounts The impact of each of the corrections on financial statement line items is presented below (unaudited): Three Months Ended March 31, 2016 Three Months Ended June 30, 2016 Three Months Ended September 30, 2016 As Originally Reported Adjustment As Corrected As Originally Reported Adjustment As Corrected As Originally Reported Adjustment As Corrected General and administrative expenses $ 2,705,000 $ (776,000 ) $ 1,929,000 $ 2,089,000 $ (565,000 ) $ 1,524,000 $ 1,846,000 $ (263,000 ) $ 1,583,000 Loss from operations $ (2,808,000 ) $ 776,000 $ (2,032,000 ) $ (2,183,000 ) $ 565,000 $ (1,618,000 ) $ (1,965,000 ) $ 263,000 $ (1,702,000 ) Net loss $ (2,876,000 ) $ 776,000 $ (2,100,000 ) $ (2,252,000 ) $ 565,000 $ (1,687,000 ) $ (1,986,000 ) $ 263,000 $ (1,723,000 ) Basic and diluted earnings (loss) per share $ (0.07 ) $ 0.02 $ (0.05 ) $ (0.06 ) $ 0.02 $ (0.04 ) $ (0.05 ) $ 0.01 $ (0.04 ) Six Months Ended June 30, 2016 Nine Months Ended September 30, 2016 As Originally Reported Adjustment As Corrected As Originally Reported Adjustment As Corrected General and administrative expenses $ 4,794,000 $ (1,341,000 ) $ 3,453,000 $ 6,640,000 $ (1,604,000 ) $ 5,036,000 Loss from operations $ (4,991,000 ) $ 1,341,000 $ (3,650,000 ) $ (6,956,000 ) $ 1,604,000 $ (5,352,000 ) Net loss $ (5,127,000 ) $ 1,341,000 $ (3,786,000 ) $ (7,114,000 ) $ 1,604,000 $ (5,510,000 ) Basic and diluted earnings (loss) per share $ (0.13 ) $ 0.03 $ (0.10 ) $ (0.18 ) $ 0.04 $ (0.14 ) As of March 31, 2016 As of June 31, 2016 As of September 30, 2016 Additional paid in capital $ 15,295,000 $ (776,000 ) $ 14,519,000 $ 16,385,000 $ (1,341,000 ) $ 15,044,000 $ 17,013,000 $ (1,604,000 ) $ 15,409,000 Accumulated deficit $ (12,267,000 ) $ 776,000 $ (11,491,000 ) $ (14,519,000 ) $ 1,341,000 $ (13,178,000 ) $ (16,505,000 ) $ 1,604,000 $ (14,901,000 ) |
Note 3 - Property and Equipment
Note 3 - Property and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 3 – PROPERTY AND EQUIPMENT December 31, 2016 December 31, 2015 Computer Equipment $ 15,332 $ 7,082 Equipment and Furniture 123,517 53,944 Leasehold Improvements 7,593 - 146,442 61,026 Accumulated Depreciation (27,385 ) (9,290 ) Property and Equipment - Net $ 119,057 $ 51,736 Depreciation expense for the years ended December 31, 2016 2015 $18,095 $7,695, |
Note 4 - Related Party Transact
Note 4 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 4 – RELATED PARTY TRANSACTIONS Note Payable In July 2015, $500,000 8.5% July 2016. 350,000 ’s common stock at an exercise price of $3 $416,618 0%, 184.2%, 1.66% 5 $227,258 December 31, 2016 2015, $122,631 $104,627 July 2016, July 2017, $1.25 400,000 not 2016, $43,882 $10,625 Royalty Agreement In 2013, 2015, 25 5% $2,500 ’s rights in the underlying patents were applied against future royalty obligations of the Company. Sales subject to the royalty agreement were $ 213,367 $135,449 December 31, 2016 2015. December 31, 2016 2015, $277,038 $193,282 Consulting Agreement In March 2015, six $200,000 $200,000 2015 $75,000 $90,000 December 31, 2016 2015, |
Note 5 - Commitments
Note 5 - Commitments | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | NOTE 5 – COMMITMENTS Lease Commitments The Company leases its offices and building space under short term leases. These leases are renewable either monthly or annually. The Company also has a two September 1, 2016 August 31, 2018. $14,748 2017 $9,832 2018. 2016 $4,916. $79,255 $84,903 December 31, 2016 2015, Research Commitment In January 2016, 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 paid NASA ARC a total of $373,750, five 2016, $344,140 Business Development Agreement In September 2016, customers in Columbia and Guyana. The agreements have a one-year term, which may 12.5% 18% |
Note 6 - Notes Payable
Note 6 - Notes Payable | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 6 – NOTE PAYABLE The Company has an outstanding note payable for financing corporate insurance premiums. The note carries a rate of interest of 6.5% July 2017. |
Note 7 - Equity
Note 7 - Equity | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | NOTE 7 – EQUITY 2016 transactions: Common Stock Private placement offerings During the year ended December 31, 2016, October 2015 1,374,000 $1.25 one $2.00 $1,717,500 $151,500. 152,575 $2.00 $153,000 During 2016 , the Company commenced a private offering of up to $10,000,000 $3.00 2016 221,667 December 31, 2016. $665,001, $53,200. 11,083 $3.00 $11,000 Common stock issued for services During the year ended December 31, 2016, 20,000 $1.25 $25,000, Warrants Warrants issued for services During the year ended December 31, 2016, 10,000 $1.25 $11,899, The following is a summary of the Company ’s warrant activity for the year ended December 31, 2016: Weighted Average Remaining Weighted Average Contractual Life Aggregate Intrinsic Number of Warrants Exercise Price (in Years) Value Outstanding - January 1, 2016 8,117,075 $ 1.44 Granted 1,547,658 2.01 Exercised - - Cancelled/Forfeited - - Outstanding and exercisable - December 31, 2016 9,664,733 $ 1.53 3.5 $ 2,606,698 The aggregate intrinsic value in the table above represents the total intrinsic value (the difference between the estimated fair value of the Company’s stock price on December 31, 2016 December 31, 2016. Stock incentive plan options During November 2015, ’s 2015 4,000,000 2,915,000 2016. No 2015. 2016 $1,842,233 0, 146.00 148.39%, 1.10% 1.30%, 5 160,000 2016 1,783,542. The Company recognizes compensation expense for stock option grants based on the fair value at the date of grant using the Black-Scholes option pricing model. As the Company does not he Company uses management estimates of stock value. zero For employee, consultant and director stock based compensation, the Company used management's fair value estimates of $0.63 $1.25 2016. The Company adjusts its estimates of expected forfeitures of equity awards based upon its review of recent forfeiture activity and expected future employee turnover. The Company considers the impact of both pre-vesting forfeitures and post-vesting cancellations for purposes of evaluating forfeiture estimates. The effect of adjusting the forfeiture rate is recognized in the period in which the forfeiture estimate is changed. Weighted Average Remaining Weighted Average Contractual Life Aggregate Intrinsic Number of Options Exercise Price (in Years) Value Outstanding - January 1, 2016 - $ - Granted 2,915,000 1.25 Exercised - - Cancelled/Forfeited 160,000 1.25 Outstanding - December 31, 2016 2,755,000 $ 1.25 8.7 $ 192,850 Exerciseable - December 31, 2016 2,500,000 $ 1.25 8.7 $ 175,350 The aggregate intrinsic value in the table above represents the total intrinsic value (the difference between the estimated fair value of the Company’s stock price on December 31, 2016 December 31, 2016. 2015 transactions Common Stock Private placement offerings During the year ended December 31, 2015, 6,141,000 4,226,675 two In February 2015, 2,507,000 $0.50 per share. Gross proceeds were $1,253,500 $117,000. 196,000 $0.50 During October 2015, $10,000,000 ’s securities. The offering consists of 8,000,000 $1.25 one $2.00 May 2015 October 2015 December 31, 2015, 3,634,000 3,634,000 May 2015 $4,542,500 $419,250. 396,675 $2.00 Common stock issued for services During the year ended December 31, 2015, 150,000 $0.50 $75,000, 201,500 $2.00 $403,000 20,500 $1.25 $25,625. December 31, 2015, $36,438 Warrants Warrants issued for services During the year ended December 31, 2015, five 1,056,000 $0.50 644,406. During the year ended December 31, 2015, any issued fully vested, non-forfeitable warrants to purchase 50,000 $6.00 $93,578 0, 184.2%, 1.57%, 5 During the year ended December 31, 2015, 507,500 ommon shares at an exercise price of $2.00 $659,112 0, 184.2%, 1.29% 1.75%, 5 Warrants issued with debt – related party During July 2015, 350,000 $2 6 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 8 Income taxes: Income taxes at the federal statutory rate are reconciled to the Company ’s actual income taxes as follows: 2016 2015 Federal income tax benefit at 34% $ (2,367,000 ) $ (1,665,000 ) State income tax net of federal tax effect (348,000 ) (245,000 ) Permanent items 13,000 8,000 Other 4,000 40,000 Valuation allowance 2,698,000 1,862,000 $ 0 $ 0 As of December 31, 2016, $10.9 December 2036. December 31, 2016 The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities at December 31, 2016 2015 2016 2015 Deferred tax assets (liabilities): Net operating loss carry forwards $ 4,306,000 $ 2,375,000 Property and equipment (19,000 ) (8,000 ) Debt discount related to warrants 89,000 41,000 Patent and trademarks net of amortization 21,000 - Accruals and other 33,000 5,000 Stock-based compensation 1,681,000 1,010,000 Deferred tax asset 6.111,000 3,423,000 Valuation allowance (6,111,000 ) (3,423,000 ) $ 0 $ 0 |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 9 – SUBSEQUENT EVENTS On July 16, 2015, 5 350,000 $3.00 On March 1, 2017, No. 1 $1.50 (b) the exercise of the prior warrant was to be on a cash basis. Subsequent to the execution of Amendment No.1, March 1, 2017, 350,000 $525,000. No. 1 March 1, 2017, 350,000 $4.50 On February 19, 2016, Diamond B”) received from the Company a five-year warrant to purchase up to 400,000 $2.00 12% March 16, 2017, No. 1 $1.50 March 16, 2017, 400,000 $600,000. s entry into the Prior Diamond B Warrant Amendment and exercise of the Prior Diamond B Warrant, on March 9, 2017, 400,000 $4.50 On February 27, 2017, five 40,000 $2.00 $1.50 $60,000. five 40,000 $4.50 Subsequent to December 31, 2016, 235,000 $3.00 Subsequent to December 31, 2016, 255,500 August 15, 2016 $766,500 $59,640, 17,395 Subsequent to December 31, 2016, 50,000 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Going Concern and Management Plans [Policy Text Block] | Going Concern and Management ’s plans The Company has a limited operating history, recurring losses from operations, a working capital deficit and an accumulated deficit as of December 31, 2016 . At December 31, 2016, $232,000, 594,000 189,000 16,354,000 2017 may $450,000 no twelve December 31, 2016 December 31, 2016, $1,952,000 9 If the Company does not Management ’s strategic plans include the following: - continuing to advance commercialization of the Company ’s principal product, TM. - pursuing additional capital raising opportunities; - continuing to explore and execute prospective partnering or distribution opportunities; and - identifying unique market opportunities that represent potential positive cash flow. |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates include the valuation of equity based compensation. Actual results could differ from those estimates. |
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 no equivalents at December 31, 2016 2015. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Zero Gravity Solutions, Inc. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. |
Inventory, Policy [Policy Text Block] | Inventory Inventory is valued on a lower of first first December 31, 2016 2015 Raw materials $ 9,081 $ 8,163 Consignment 19,238 - Finished product 5,082 13,771 Total Inventory $ 33,401 $ 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 no s ended December 31, 2016 2015. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk The Company at December 31, 2015 one December 31, 2015 January 2016, |
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 820 three Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 — observable inputs other than Level 1, not 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 As the Company' s common stock is not 820. 2 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 their short period to maturity and their stated interest rates, combined with historic interest rate levels. |
Revenue Recognition and Accounts Receivable [Policy Text Block] | Revenue recognition and accounts receivable: Revenue is recognized when the following four The Company determined that no 2016 2015. 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 materially affected. At December 31, 2016, five 99.4% five 40.3%, 24.1%, 13.0%, 11.7%, 10.3%, December 31, 2016, three 65% 28%, 23.7%, 13.3%, December 31, 2015, one 100% December 31, 2015, two 87.8% 65% 22.8%, 2015, 22.8% 5.3% December 31, 2015. 2016 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 No December 31, 2015. $83,697 December 31, 2016. |
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. See Note 6 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 ’s initial estimates: previously recognized compensation cost is reversed if the service or performance conditions are not 2016 2015. The Company also grants share-based compensation awards to non-employees for service provided to the Company. The Company measures and recognizes the fair value of such transactions based on the fair value of consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. |
Earnings Per Share, Policy [Policy Text Block] | Loss per Share Loss per share is calculated by dividing the Company ’s net loss by the weighted average number of common shares outstanding during the period. Diluted earnings loss per share is calculated by dividing the Company’s net income (loss) 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 not 9,764,733, 8,117,051 December 31, 2016 2015, |
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 and Translation Transaction gains and losses resulting from foreign currency transactions were recorded as foreign exchange gains or losses in the consolidated statement of operations. The Company did not 2015, No December 31, 2016. |
Standard Product Warranty, Policy [Policy Text Block] | Warranty Expense The Company' s distribution agreements provide for a warranty on products sold. As sales under such distribution agreements have been nominal through 2016, no 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 The Company does not December 31, 2016 2015. December 31, 2016, not December 31, 2016 2015. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In May 2014, No. 2014 09, Revenue from Contracts with Customers 605 December 15, 2017, not In August 2014, No. 2014 15, Presentation of Financial Statements – Going Concern: one fourth 2016. not In July 2015, No. 2015 11, Simplifying the Measurement of Inventory 2015 11 December 15, 2016. not In November 2015, No. 2015 17, Balance Sheet Classification of Deferred Taxes No. 2015 17 December 15, 2016, not In March 2016, No. 2016 02, Leases No. 2016 02 No. 2016 02 not 12 not December 15, 2018. not In March 2016, 2016 09, Compensation - Stock Compensation (Topic 718 2016 09, 2016 09 2016 09, 2016 09 first 2017, 2016 09 first 2017, no |
Note 1 - Organization and Sum18
Note 1 - Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2016 2015 Raw materials $ 9,081 $ 8,163 Consignment 19,238 - Finished product 5,082 13,771 Total Inventory $ 33,401 $ 21,934 |
Note 2 - Employee Stock-based19
Note 2 - Employee Stock-based Compensation Adjustment to Prior Period Results (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | Three Months Ended March 31, 2016 Three Months Ended June 30, 2016 Three Months Ended September 30, 2016 As Originally Reported Adjustment As Corrected As Originally Reported Adjustment As Corrected As Originally Reported Adjustment As Corrected General and administrative expenses $ 2,705,000 $ (776,000 ) $ 1,929,000 $ 2,089,000 $ (565,000 ) $ 1,524,000 $ 1,846,000 $ (263,000 ) $ 1,583,000 Loss from operations $ (2,808,000 ) $ 776,000 $ (2,032,000 ) $ (2,183,000 ) $ 565,000 $ (1,618,000 ) $ (1,965,000 ) $ 263,000 $ (1,702,000 ) Net loss $ (2,876,000 ) $ 776,000 $ (2,100,000 ) $ (2,252,000 ) $ 565,000 $ (1,687,000 ) $ (1,986,000 ) $ 263,000 $ (1,723,000 ) Basic and diluted earnings (loss) per share $ (0.07 ) $ 0.02 $ (0.05 ) $ (0.06 ) $ 0.02 $ (0.04 ) $ (0.05 ) $ 0.01 $ (0.04 ) Six Months Ended June 30, 2016 Nine Months Ended September 30, 2016 As Originally Reported Adjustment As Corrected As Originally Reported Adjustment As Corrected General and administrative expenses $ 4,794,000 $ (1,341,000 ) $ 3,453,000 $ 6,640,000 $ (1,604,000 ) $ 5,036,000 Loss from operations $ (4,991,000 ) $ 1,341,000 $ (3,650,000 ) $ (6,956,000 ) $ 1,604,000 $ (5,352,000 ) Net loss $ (5,127,000 ) $ 1,341,000 $ (3,786,000 ) $ (7,114,000 ) $ 1,604,000 $ (5,510,000 ) Basic and diluted earnings (loss) per share $ (0.13 ) $ 0.03 $ (0.10 ) $ (0.18 ) $ 0.04 $ (0.14 ) As of March 31, 2016 As of June 31, 2016 As of September 30, 2016 Additional paid in capital $ 15,295,000 $ (776,000 ) $ 14,519,000 $ 16,385,000 $ (1,341,000 ) $ 15,044,000 $ 17,013,000 $ (1,604,000 ) $ 15,409,000 Accumulated deficit $ (12,267,000 ) $ 776,000 $ (11,491,000 ) $ (14,519,000 ) $ 1,341,000 $ (13,178,000 ) $ (16,505,000 ) $ 1,604,000 $ (14,901,000 ) |
Note 3 - Property and Equipme20
Note 3 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2016 December 31, 2015 Computer Equipment $ 15,332 $ 7,082 Equipment and Furniture 123,517 53,944 Leasehold Improvements 7,593 - 146,442 61,026 Accumulated Depreciation (27,385 ) (9,290 ) Property and Equipment - Net $ 119,057 $ 51,736 |
Note 7 - Equity (Tables)
Note 7 - Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Weighted Average Remaining Weighted Average Contractual Life Aggregate Intrinsic Number of Warrants Exercise Price (in Years) Value Outstanding - January 1, 2016 8,117,075 $ 1.44 Granted 1,547,658 2.01 Exercised - - Cancelled/Forfeited - - Outstanding and exercisable - December 31, 2016 9,664,733 $ 1.53 3.5 $ 2,606,698 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Average Remaining Weighted Average Contractual Life Aggregate Intrinsic Number of Options Exercise Price (in Years) Value Outstanding - January 1, 2016 - $ - Granted 2,915,000 1.25 Exercised - - Cancelled/Forfeited 160,000 1.25 Outstanding - December 31, 2016 2,755,000 $ 1.25 8.7 $ 192,850 Exerciseable - December 31, 2016 2,500,000 $ 1.25 8.7 $ 175,350 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2016 2015 Federal income tax benefit at 34% $ (2,367,000 ) $ (1,665,000 ) State income tax net of federal tax effect (348,000 ) (245,000 ) Permanent items 13,000 8,000 Other 4,000 40,000 Valuation allowance 2,698,000 1,862,000 $ 0 $ 0 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2016 2015 Deferred tax assets (liabilities): Net operating loss carry forwards $ 4,306,000 $ 2,375,000 Property and equipment (19,000 ) (8,000 ) Debt discount related to warrants 89,000 41,000 Patent and trademarks net of amortization 21,000 - Accruals and other 33,000 5,000 Stock-based compensation 1,681,000 1,010,000 Deferred tax asset 6.111,000 3,423,000 Valuation allowance (6,111,000 ) (3,423,000 ) $ 0 $ 0 |
Note 1 - Organization and Sum23
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 4 Months Ended | 12 Months Ended | |||||
May 12, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2014 | |
Weighted Average Number Diluted Shares Outstanding Adjustment | 9,764,733 | 8,117,051 | |||||
Product Warranty Expense | $ 0 | ||||||
Number of Wholly Owned Subsidiaries | 2 | ||||||
Cash | $ 232,394 | $ 2,851,118 | $ 253,677 | ||||
Working Capital | 594,000 | ||||||
Stockholders' Equity Attributable to Parent | (188,545) | 2,775,657 | $ 316,622 | ||||
Retained Earnings (Accumulated Deficit) | (16,353,647) | (9,391,203) | $ (14,901,000) | $ (13,178,000) | $ (11,491,000) | ||
Business Plan, Costs Per Month | 450,000 | ||||||
Allowance for Doubtful Accounts Receivable, Current | 83,697 | 0 | |||||
Cash Equivalents, at Carrying Value | 0 | 0 | |||||
Tangible Asset Impairment Charges | 0 | 0 | |||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 0 | ||||||
Unrecognized Tax Benefits | 0 | 0 | |||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0 | 0 | |||||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | $ 0 | $ 0 | |||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||||
Number of Major Customers | 5 | 1 | |||||
Concentration Risk, Percentage | 99.40% | ||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer One [Member] | |||||||
Concentration Risk, Percentage | 40.30% | 100.00% | |||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Two [Member] | |||||||
Concentration Risk, Percentage | 24.10% | ||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Three [Member] | |||||||
Concentration Risk, Percentage | 13.00% | ||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Four [Member] | |||||||
Concentration Risk, Percentage | 11.70% | ||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Five [Member] | |||||||
Concentration Risk, Percentage | 10.30% | ||||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||||||
Number of Major Customers | 3 | 2 | |||||
Concentration Risk, Percentage | 87.80% | ||||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | CHILE | |||||||
Concentration Risk, Percentage | 22.80% | ||||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | MEXICO | |||||||
Concentration Risk, Percentage | 5.30% | ||||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Customer One [Member] | |||||||
Concentration Risk, Percentage | 65.00% | 65.00% | |||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Customer Two [Member] | |||||||
Concentration Risk, Percentage | 28.00% | 22.80% | |||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Customer Three [Member] | |||||||
Concentration Risk, Percentage | 23.70% | ||||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Customer Four [Member] | |||||||
Concentration Risk, Percentage | 13.30% | ||||||
Subsequent Event [Member] | |||||||
Proceeds from Issuance or Sale of Equity | $ 1,952,000 |
Note 1 - Organization and Sum24
Note 1 - Organization and Summary of Significant Accounting Policies - Summary of Inventory (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Raw materials | $ 9,081 | $ 8,163 |
Consignment | 19,238 | |
Finished product | 5,082 | 13,771 |
Total Inventory | $ 33,401 | $ 21,934 |
Note 2 - Employee Stock-based25
Note 2 - Employee Stock-based Compensation Adjustment to Prior Period Results (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | |
Overstated Stock-based Compensation Expense [Member] | ||||
Quantifying Misstatement in Current Year Financial Statements, Amount | $ 263,000 | $ 565,000 | $ 776,000 | |
Equity Incentive Plan 2015 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.78 | |||
Equity Incentive Plan 2015 [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.69 | $ 0.63 | $ 0.63 | |
Equity Incentive Plan 2015 [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.78 | $ 0.68 | 1.25 | |
Scenario, Previously Reported [Member] | Equity Incentive Plan 2015 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.25 |
Note 2 - Employee Stock-based26
Note 2 - Employee Stock-based Compensation Adjustment to Prior Period Results - Reconciliation Between Amounts Previously Reported and Corrected Amounts (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loss from operations | $ (1,702,000) | $ (1,618,000) | $ (2,032,000) | $ (3,650,000,000) | $ (5,352,000,000) | $ (6,793,321) | $ (4,779,405) |
Net Loss | $ (1,723,000) | $ (1,687,000) | $ (2,100,000) | $ (3,786,000,000) | $ (5,510,000,000) | $ (6,962,444) | $ (4,905,542) |
Basic and diluted earnings (loss) per share (in dollars per share) | $ (0.04) | $ (0.04) | $ (0.05) | $ (0.10) | $ (0.14) | $ (0.18) | $ (0.15) |
General and administrative expenses | $ 1,583,000 | $ 1,524,000 | $ 1,929,000 | $ 3,453,000,000 | $ 5,036,000,000 | $ 6,495,350 | $ 4,868,562 |
Additional paid in capital | 15,409,000 | 15,044,000 | 14,519,000 | 15,044,000 | 15,409,000 | 16,126,129 | 12,129,502 |
Accumulated deficit | (14,901,000) | (13,178,000) | (11,491,000) | (13,178,000) | (14,901,000) | $ (16,353,647) | $ (9,391,203) |
Scenario, Previously Reported [Member] | |||||||
Loss from operations | (1,965,000) | (2,183,000) | (2,808,000) | (4,991,000,000) | (6,956,000,000) | ||
Net Loss | $ (1,986,000) | $ (2,252,000) | $ (2,876,000) | $ (5,127,000,000) | $ (7,114,000,000) | ||
Basic and diluted earnings (loss) per share (in dollars per share) | $ (0.05) | $ (0.06) | $ (0.07) | $ (0.13) | $ (0.18) | ||
General and administrative expenses | $ 1,846,000 | $ 2,089,000 | $ 2,705,000 | $ 4,794,000,000 | $ 6,640,000,000 | ||
Additional paid in capital | 17,013,000 | 16,385,000 | 15,295,000 | 16,385,000 | 17,013,000 | ||
Accumulated deficit | (16,505,000) | (14,519,000) | (12,267,000) | (14,519,000) | (16,505,000) | ||
Restatement Adjustment [Member] | |||||||
Loss from operations | 263,000 | 565,000 | 776,000 | 1,341,000,000 | 1,604,000,000 | ||
Net Loss | $ 263,000 | $ 565,000 | $ 776,000 | $ 1,341,000,000 | $ 1,604,000,000 | ||
Basic and diluted earnings (loss) per share (in dollars per share) | $ 0.01 | $ 0.02 | $ 0.02 | $ 0.03 | $ 0.04 | ||
General and administrative expenses | $ (263,000) | $ (565,000) | $ (776,000) | $ (1,341,000,000) | $ (1,604,000,000) | ||
Additional paid in capital | (1,604,000) | (1,341,000) | (776,000) | (1,341,000) | (1,604,000) | ||
Accumulated deficit | $ 1,604,000 | $ 1,341,000 | $ 776,000 | $ 1,341,000 | $ 1,604,000 |
Note 3 - Property and Equipme27
Note 3 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Depreciation | $ 18,095 | $ 7,695 |
Note 3 - Property and Equipme28
Note 3 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Property and Equipment, Gross | $ 146,442 | $ 61,026 |
Accumulated Depreciation | (27,385) | (9,290) |
Property and Equipment, Net | 119,057 | 51,736 |
Computer Equipment [Member] | ||
Property and Equipment, Gross | 15,332 | 7,082 |
Equipment and Furniture [Member] | ||
Property and Equipment, Gross | 123,517 | 53,944 |
Leasehold Improvements [Member] | ||
Property and Equipment, Gross | $ 7,593 |
Note 4 - Related Party Transa29
Note 4 - Related Party Transactions (Details Textual) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Jul. 31, 2016$ / shares | Jul. 31, 2015USD ($)$ / sharesshares | Mar. 31, 2015USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.53 | $ 1.44 | ||||||||
Debt Instrument, Unamortized Discount | $ 0 | $ 122,631 | ||||||||
Accretion Expense | 122,631 | 104,627 | ||||||||
Prepaid Royalties, Related Party, Noncurrent | 277,038 | 193,282 | ||||||||
General and Administrative Expense | $ 1,583,000 | $ 1,524,000 | $ 1,929,000 | $ 3,453,000,000 | $ 5,036,000,000 | 6,495,350 | 4,868,562 | |||
Accounts Payable, Related Parties, Current | 75,000 | 90,000 | ||||||||
Warrants Issued with Debt [Member] | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 350,000 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 2 | |||||||||
Director [Member] | Notes Payable [Member] | ||||||||||
Proceeds from Unsecured Notes Payable | $ 500,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | |||||||||
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 | |||||||||
Accretion Expense | 122,631 | 104,627 | ||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 1.25 | |||||||||
Debt Instrument, Convertible, Number of Equity Instruments | 400,000 | |||||||||
Interest Expense, Related Party | 43,882 | |||||||||
Accounts Payable, Related Parties, Current | 10,625 | |||||||||
Director [Member] | Notes Payable [Member] | Warrants Issued with Debt [Member] | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 350,000 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 3 | |||||||||
Warrants and Rights Outstanding | $ 416,618 | |||||||||
Director [Member] | Consulting Agreement [Member] | ||||||||||
Related Party Transaction, Agreement Term | 180 days | |||||||||
Related Party Transaction, Amounts of Transaction | $ 200,000 | |||||||||
General and Administrative Expense | 200,000 | |||||||||
Accounts Payable, Related Parties, Current | 75,000 | 90,000 | ||||||||
Key Employee and Principal Stockholder and Current Director [Member] | Royalty Agreement [Member] | ||||||||||
Revenue from Related Parties | 213,367 | 135,449 | ||||||||
Prepaid Royalties, Related Party, Noncurrent | $ 277,038 | $ 193,282 | ||||||||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 25 years | |||||||||
Payment of Royalties Equal to Percent of Gross Sales | 5.00% | |||||||||
Minimum Monthly Payment Amount to Offset Future Royalty Obligations | $ 2,500 |
Note 5 - Commitments (Details T
Note 5 - Commitments (Details Textual) - USD ($) | Sep. 01, 2016 | Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Operating Leases, Rent Expense, Net | $ 79,255 | $ 84,903 | |||
Research and Development Expense | 464,570 | $ 26,881 | |||
Foreign Business Development Consulting Agreement [Member] | Minimum [Member] | |||||
Contractual Agreement, Percent of Net Sales Provided as Compensation | 12.50% | ||||
Foreign Business Development Consulting Agreement [Member] | Maximum [Member] | |||||
Contractual Agreement, Percent of Net Sales Provided as Compensation | 18.00% | ||||
SAA [Member] | |||||
Research and Development Expense | 344,140 | ||||
NASA ARC [Member] | SAA [Member] | |||||
Payments for Research Commitment | $ 373,750 | ||||
Warehouse in Okeechobee [Member] | |||||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 14,748 | ||||
Operating Leases, Future Minimum Payments, Due in Two Years | 9,832 | ||||
Operating Leases, Rent Expense | $ 4,916 | ||||
Lessee, Operating Lease, Term of Contract | 2 years |
Note 6 - Notes Payable (Details
Note 6 - Notes Payable (Details Textual) | Dec. 31, 2016 |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% |
Note 7 - Equity (Details Textua
Note 7 - Equity (Details Textual) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2015 | Feb. 28, 2015 | Dec. 31, 2015 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 30, 2015 | Jul. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,915,000 | |||||||||
Stock Issued During Period, Value, New Issues | $ 2,177,801 | $ 5,259,750 | ||||||||
Stock Issued During Period, Value, Issued for Services | $ 25,000 | 478,625 | ||||||||
Stock Issued During Period, Shares, Issued for Services | 20,000 | |||||||||
Shares Issued, Price Per Share | $ 1.25 | |||||||||
Payments of Stock Issuance Costs | $ 204,700 | $ 536,250 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.44 | $ 1.53 | $ 1.44 | |||||||
Prepaid Expense, Current | $ 198,416 | $ 282,409 | $ 198,416 | |||||||
Common Stock Issued for Services, 1 [Member] | ||||||||||
Stock Issued During Period, Value, Issued for Services | $ 75,000 | |||||||||
Stock Issued During Period, Shares, Issued for Services | 150,000 | |||||||||
Shares Issued, Price Per Share | $ 0.50 | $ 0.50 | ||||||||
Common Stock Issued for Services, 2 [Member] | ||||||||||
Stock Issued During Period, Value, Issued for Services | $ 403,000 | |||||||||
Stock Issued During Period, Shares, Issued for Services | 201,500 | |||||||||
Shares Issued, Price Per Share | 2 | $ 2 | ||||||||
Common Stock Issued for Services, 3 [Member] | ||||||||||
Stock Issued During Period, Value, Issued for Services | $ 25,625 | |||||||||
Stock Issued During Period, Shares, Issued for Services | 20,500 | |||||||||
Shares Issued, Price Per Share | $ 1.25 | $ 1.25 | ||||||||
Prepaid Expense, Current | $ 36,438 | $ 36,438 | ||||||||
Equity Incentive Plan 2015 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,000,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,915,000 | 0 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 1,842,233 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 160,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 1,783,542 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.78 | |||||||||
Equity Incentive Plan 2015 [Member] | Minimum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.69 | $ 0.63 | $ 0.63 | |||||||
Equity Incentive Plan 2015 [Member] | Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.78 | $ 0.68 | $ 1.25 | |||||||
Equity Incentive Plan 2015 [Member] | Employee Stock Option [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 1.10% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 1.30% | |||||||||
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, Fair Value Assumptions, Expected Dividend Payments | $ 0 | |||||||||
Equity Incentive Plan 2015 [Member] | Employee Stock Option [Member] | Minimum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 146.00% | |||||||||
Equity Incentive Plan 2015 [Member] | Employee Stock Option [Member] | Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 148.39% | |||||||||
Fully Vested, Non-forfeitable Warrants [Member] | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 10,000 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.25 | |||||||||
Warrants and Rights Outstanding | $ 11,899 | |||||||||
Warrants Issued for Services 1 [Member] | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,056,000 | 1,056,000 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.50 | $ 0.50 | ||||||||
Warrant Term | 5 years | |||||||||
Warrants and Rights Outstanding | $ 644,406 | $ 644,406 | ||||||||
Warrants Issued for Services 2 [Member] | ||||||||||
Fair Value Assumptions, Expected Term | 5 years | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 50,000 | 50,000 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 6 | $ 6 | ||||||||
Warrants and Rights Outstanding | $ 93,578 | $ 93,578 | ||||||||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||||||||
Fair Value Assumptions, Expected Volatility Rate | 184.20% | |||||||||
Fair Value Assumptions, Risk Free Interest Rate | 1.57% | |||||||||
Warrants Issued for Services 3 [Member] | ||||||||||
Fair Value Assumptions, Expected Term | 5 years | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 507,500 | 507,500 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2 | $ 2 | ||||||||
Warrants and Rights Outstanding | $ 659,112 | $ 659,112 | ||||||||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||||||||
Fair Value Assumptions, Expected Volatility Rate | 184.20% | |||||||||
Warrants Issued for Services 3 [Member] | Minimum [Member] | ||||||||||
Fair Value Assumptions, Risk Free Interest Rate | 1.29% | |||||||||
Warrants Issued for Services 3 [Member] | Maximum [Member] | ||||||||||
Fair Value Assumptions, Risk Free Interest Rate | 1.75% | |||||||||
Warrants Issued with Debt [Member] | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 350,000 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2 | |||||||||
October 2015 Private Offering [Member] | ||||||||||
Stock Issued During Period, Value, New Issues | $ 10,000,000 | |||||||||
Stock Issued During Period, Shares, New Issues | 8,000,000 | 3,634,000 | 1,374,000 | |||||||
Shares Issued, Price Per Share | $ 1.25 | $ 1.25 | ||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1 | 1 | ||||||||
Share Price | $ 2 | |||||||||
Proceeds from Issuance of Private Placement | $ 1,717,500 | $ 4,542,500 | ||||||||
Payments of Stock Issuance Costs | 151,500 | $ 419,250 | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 3,634,000 | 3,634,000 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2 | |||||||||
October 2015 Private Offering [Member] | Fully Vested, Non-forfeitable Warrants [Member] | ||||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 153,000 | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 396,675 | 152,575 | 396,675 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2 | $ 2 | $ 2 | |||||||
Private Placement [Member] | ||||||||||
Stock Issued During Period, Value, New Issues | $ 10,000,000 | |||||||||
Stock Issued During Period, Shares, New Issues | 221,667 | 6,141,000 | ||||||||
Shares Issued, Price Per Share | $ 3 | |||||||||
Proceeds from Issuance of Private Placement | $ 665,001 | |||||||||
Payments of Stock Issuance Costs | $ 117,000 | 53,200 | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 4,226,675 | 4,226,675 | ||||||||
Private Placement [Member] | Fully Vested, Non-forfeitable Warrants [Member] | ||||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 11,000 | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 11,083 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 3 | |||||||||
February 2015 Private Offering [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues | 2,507,000 | |||||||||
Shares Issued, Price Per Share | $ 0.50 | |||||||||
Proceeds from Issuance of Private Placement | $ 1,253,500 | |||||||||
February 2015 Private Offering [Member] | Fully Vested, Non-forfeitable Warrants [Member] | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 196,000 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.50 |
Note 7 - Equity - Warrant Activ
Note 7 - Equity - Warrant Activity (Details) | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Outstanding, number of warrants (in shares) | 8,117,075 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 1.44 |
Granted, number of warrants (in shares) | 1,547,658 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 2.01 |
Exercised, number of warrants (in shares) | |
Cancelled/Forfeited, number of warrants (in shares) | |
Outstanding and exercisable, number of warrants (in shares) | 9,664,733 |
Outstanding and exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 1.53 |
Outstanding and exercisable, weighted average remaining contractual life (Year) | 3 years 182 days |
Outstanding and exercisable, aggregate intrinsic value | $ | $ 2,606,698 |
Note 7 - Equity - Option Activi
Note 7 - Equity - Option Activity (Details) | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Outstanding, number of options (in shares) | shares | |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | |
Granted, number of options (in shares) | shares | 2,915,000 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 1.25 |
Exercised, number of options (in shares) | shares | |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | |
Cancelled/Forfeited, number of options (in shares) | shares | 160,000 |
Cancelled/Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 1.25 |
Outstanding - December 31, 2016 (in shares) | shares | 2,755,000 |
Outstanding - December 31, 2016 (in dollars per share) | $ / shares | $ 1.25 |
Outstanding - December 31, 2016 (Year) | 8 years 255 days |
Outstanding - December 31, 2016 | $ | $ 192,850 |
Exerciseable - December 31, 2016 (in shares) | shares | 2,500,000 |
Exerciseable - December 31, 2016 (in dollars per share) | $ / shares | $ 1.25 |
Exerciseable - December 31, 2016 (Year) | 8 years 255 days |
Exerciseable - December 31, 2016 | $ | $ 175,350 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) $ in Millions | Dec. 31, 2016USD ($) |
Operating Loss Carryforwards | $ 10.9 |
Note 8 - Income Taxes - Reconci
Note 8 - Income Taxes - Reconciliation of the Federal Statutory Rate to Income Tax Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Federal income tax benefit at 34% | $ (2,367,000) | $ (1,665,000) |
State income tax net of federal tax effect | (348,000) | (245,000) |
Permanent items | 13,000 | 8,000 |
Other | 4,000 | 40,000 |
Valuation allowance | 2,698,000 | 1,862,000 |
$ 0 | $ 0 |
Note 8 - Income Taxes - Recon37
Note 8 - Income Taxes - Reconciliation of the Federal Statutory Rate to Income Tax Expense (Details) (Parentheticals) | 12 Months Ended |
Dec. 31, 2015 | |
Federal income tax rate | 34.00% |
Note 8 - Income Taxes - Deferre
Note 8 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets (liabilities): | ||
Net operating loss carry forwards | $ 4,306,000 | $ 2,375,000 |
Property and equipment | (19,000) | (8,000) |
Debt discount related to warrants | 89,000 | 41,000 |
Patent and trademarks net of amortization | 21,000 | |
Accruals and other | 33,000 | 5,000 |
Stock-based compensation | 1,681,000 | 1,010,000 |
Deferred tax asset | 6,111,000 | 3,423,000 |
Valuation allowance | (6,111,000) | (3,423,000) |
$ 0 | $ 0 |
Note 9 - Subsequent Events (Det
Note 9 - Subsequent Events (Details Textual) - USD ($) | Mar. 16, 2017 | Mar. 01, 2017 | Feb. 28, 2017 | Feb. 27, 2017 | Jul. 16, 2015 | May 12, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 09, 2017 | Feb. 19, 2016 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.53 | $ 1.44 | ||||||||
Class of Warrant or Right, Exercised During Period | ||||||||||
Payments of Stock Issuance Costs | $ 204,700 | $ 536,250 | ||||||||
Stock Issued During Period, Value, New Issues | $ 2,177,801 | $ 5,259,750 | ||||||||
Employee [Member] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2 | |||||||||
Subsequent Event [Member] | ||||||||||
Payments of Stock Issuance Costs | $ 59,640 | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 17,395 | |||||||||
Stock Issued During Period, Value, New Issues | $ 766,500 | |||||||||
Subsequent Event [Member] | Employee [Member] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4.50 | $ 1.50 | ||||||||
Class of Warrant or Right, Exercised During Period | 40,000 | |||||||||
Proceeds from Warrant Exercises | $ 60,000 | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 40,000 | |||||||||
Class of Warrant or Right, Issued During Period, Term | 5 years | 5 years | ||||||||
Subsequent Event [Member] | Consultant [Member] | ||||||||||
Stock Issued During Period, Value, New Issues | $ 50,000 | |||||||||
July 16, 2015 Warrants [Member] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 3 | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 350,000 | |||||||||
Class of Warrant or Right, Issued During Period, Term | 5 years | |||||||||
July 16, 2015 Warrants [Member] | Subsequent Event [Member] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.50 | |||||||||
Proceeds from Warrant Exercises | $ 525,000 | |||||||||
March 1, 2017 Warrants [Member] | Subsequent Event [Member] | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 350,000 | |||||||||
New Smith Warrant [Member] | Subsequent Event [Member] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4.50 | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 350,000 | |||||||||
February 19, 2016 Warrants [Member] | Subsequent Event [Member] | Diamond B Capital, LLC [Member] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.50 | $ 4.50 | $ 2 | |||||||
Class of Warrant or Right, Exercised During Period | 400,000 | |||||||||
Proceeds from Warrant Exercises | $ 600,000 | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 400,000 | 400,000 | ||||||||
February 19, 2016 Warrants [Member] | Subsequent Event [Member] | Diamond B Capital, LLC [Member] | Director [Member] | ||||||||||
Related Party Transaction, Ownership Percentage | 12.00% | |||||||||
Fully Vested, Non-forfeitable Warrants [Member] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.25 | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 10,000 | |||||||||
Fully Vested, Non-forfeitable Warrants [Member] | Subsequent Event [Member] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 3 | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 235,000 |