Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Oct. 31, 2013 | Sep. 06, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'BUTLER NATIONAL CORP | ' |
Entity Central Index Key | '0000015847 | ' |
Current Fiscal Year End Date | '--04-30 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 59,619,173 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Oct-13 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash | $4,172 | $5,148 |
Notes and accounts receivable | 2,256 | 2,697 |
Income tax receivable | 1,276 | 1,395 |
Inventories | ' | ' |
Raw materials | 6,339 | 6,216 |
Work in process | 1,892 | 1,048 |
Finished goods | 151 | 240 |
Total inventory | 8,382 | 7,504 |
Prepaid expenses and other current assets | 791 | 829 |
Total current assets | 16,877 | 17,573 |
PROPERTY, PLANT AND EQUIPMENT: | ' | ' |
Land and building | 4,044 | 4,027 |
Aircraft | 6,723 | 6,723 |
Machinery and equipment | 3,494 | 3,714 |
Office furniture and fixtures | 6,443 | 6,358 |
Leasehold improvements | 4,060 | 4,060 |
Property, plant and equipment, gross | 24,764 | 24,882 |
Accumulated depreciation | -10,663 | -9,435 |
Total property, plant and equipment | 14,101 | 15,447 |
SUPPLEMENTAL TYPE CERTIFICATES (net of amortization of $2,633 at October 31, 2013 and $2,604 at April 30, 2013) | 1,985 | 2,014 |
OTHER ASSETS: | ' | ' |
Deferred tax asset | 1,560 | 1,303 |
Other assets (net of accumulated amortization of $1,861 at October 31, 2013 and $1,213 at April 30, 2013) | 7,934 | 7,523 |
Total other assets | 9,494 | 8,826 |
Total Assets | 42,457 | 43,860 |
CURRENT LIABILITIES: | ' | ' |
Line of credit | 1,740 | 1,377 |
Current maturities of long-term debt and capital lease obligations | 4,606 | 4,551 |
Accounts payable | 1,817 | 1,509 |
Customer deposits | 320 | 193 |
Gaming facility mandated payment | 1,225 | 1,337 |
Compensation and compensated absences | 879 | 1,045 |
Other current liabilities | 218 | 119 |
Total current liabilities | 10,805 | 10,131 |
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, NET OF CURRENT MATURITIES: | 8,571 | 10,155 |
Total liabilities | 19,376 | 20,286 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Common stock, par value $.01: authorized 100,000,000 shares issued and outstanding 59,619,173 shares at October 31, 2013 and 59,619,173 shares at April 30, 2013 | 596 | 596 |
Capital contributed in excess of par | 13,051 | 13,034 |
Treasury stock at cost, 600,000 shares | -732 | -732 |
Retained Earnings | 7,388 | 8,022 |
Total stockholders' equity Butler National Corporation | 20,303 | 20,920 |
Noncontrolling Interest in BHCMC, LLC | 2,778 | 2,654 |
Total stockholders' equity | 23,081 | 23,574 |
Total Liabilities and Stockholders' Equity | 42,457 | 43,860 |
Preferred Class A [Member] | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred stock | 0 | 0 |
Preferred Class B [Member] | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred stock | $0 | $0 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2013 | Apr. 30, 2012 | Apr. 30, 2013 | Oct. 31, 2013 | Apr. 30, 2012 | Apr. 30, 2013 | Oct. 31, 2013 | Apr. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | Class A [Member] | Class A [Member] | Class A [Member] | Class B [Member] | Class B [Member] | Class B [Member] | Class A and B [Member] | Class A and B [Member] | ||
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SUPPLEMENTAL TYPE CERTIFICATES net of amortization | $2,633 | $2,604 | ' | ' | ' | ' | ' | ' | ' | ' |
OTHER ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other assets, accumulated amortization | 1,861 | 1,213 | ' | ' | ' | ' | ' | ' | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par value (in dollars per share) | ' | ' | $5 | ' | $5 | $5 | ' | $5 | ' | ' |
Preferred stock, shares authorized (in shares) | ' | ' | 50,000,000 | ' | 50,000,000 | 50,000,000 | ' | 50,000,000 | ' | ' |
Preferred stock, designated classes (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 200,000 |
Preferred stock, stated value (in dollars per share) | ' | ' | $1,000 | ' | $1,000 | $1,000 | ' | $1,000 | ' | ' |
Preferred stock, dividend rate (in hundredths) | ' | ' | 9.80% | 9.80% | ' | 6.00% | 6.00% | ' | ' | ' |
Preferred stock, liquidation preference value (in hundredths) | ' | ' | 9.80% | 9.80% | ' | 6.00% | 6.00% | ' | ' | ' |
Preferred stock, redemption value | ' | ' | $100 | ' | $100 | $1,000 | ' | $1,000 | ' | ' |
Preferred stock, shares issued (in shares) | ' | ' | 0 | ' | 0 | 0 | ' | 0 | ' | ' |
Preferred stock, shares outstanding (in shares) | ' | ' | 0 | ' | 0 | 0 | ' | 0 | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued (in shares) | 59,619,173 | 59,619,173 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding (in shares) | 59,619,173 | 59,619,173 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares owed but not issued (in shares) | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury stock (in shares) | 600,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
REVENUE: | ' | ' | ' | ' |
Professional services | $7,855 | $9,170 | $16,601 | $18,977 |
Aerospace products | 3,289 | 4,367 | 5,959 | 8,028 |
Total revenue | 11,144 | 13,537 | 22,560 | 27,005 |
COSTS AND EXPENSES: | ' | ' | ' | ' |
Cost of professional services | 4,791 | 5,370 | 9,569 | 10,507 |
Cost of aerospace products | 2,433 | 3,177 | 4,944 | 6,101 |
Marketing and advertising | 1,253 | 997 | 2,317 | 2,117 |
Employee benefits | 513 | 522 | 1,080 | 1,004 |
Depreciation and amortization | 875 | 745 | 1,760 | 1,456 |
General, administrative and other | 1,477 | 2,027 | 2,945 | 3,836 |
Total costs and expenses | 11,342 | 12,838 | 22,615 | 25,021 |
OPERATING INCOME | -198 | 699 | -55 | 1,984 |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' |
Interest expense | -362 | -332 | -752 | -678 |
Other income, net | 2 | 1 | 40 | 10 |
Total other income (expense), | -360 | -331 | -712 | -668 |
INCOME (LOSS) BEFORE INCOME TAXES | -558 | 368 | -767 | 1,316 |
PROVISION FOR INCOME TAXES | -102 | 68 | -257 | 208 |
Net income | -456 | 300 | -510 | 1,108 |
Net income attributable to noncontrolling interest in BHCMC, LLC | 111 | -186 | -124 | -726 |
NET INCOME (LOSS) ATTRIBUTABLE TO BUTLER NATIONAL CORPORATION | ($345) | $114 | ($634) | $382 |
BASIC EARNINGS PER COMMON SHARE (in dollars per share) | ($0.01) | $0 | ($0.01) | $0.01 |
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION (in shares) | 59,019,173 | 57,546,314 | 59,019,173 | 57,546,314 |
DILUTED EARNINGS PER COMMON SHARE (in dollars per share) | ($0.01) | $0 | ($0.01) | $0.01 |
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION (in shares) | 59,019,173 | 57,546,314 | 59,019,173 | 57,546,314 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net income | ($510) | $1,108 |
Adjustments to reconcile cash flows from operating activities | ' | ' |
Depreciation and amortization | 2,175 | 1,520 |
Stock issued for services | 0 | 91 |
Stock options issued to employees and directors | 17 | 74 |
Gain and loss on disposal of other assets | -36 | 0 |
Increase (Decrease) in Deferred Income Taxes | -257 | 0 |
Increase (Decrease) in Other Noncurrent Assets | 12 | 0 |
Changes in assets and liabilities | ' | ' |
Accounts receivable | 580 | 742 |
Income tax receivable | 119 | 0 |
Inventories | -968 | 123 |
Prepaid expenses and other current assets | 38 | -557 |
Accounts payable | 308 | 591 |
Customer deposits | 127 | -571 |
Accrued liabilities | -166 | -426 |
Gaming facility mandated payment | -112 | 182 |
Other liabilities | 99 | 88 |
Increase (Decrease) in Deferred Income Taxes | -257 | 0 |
Increase (Decrease) in Other Noncurrent Assets | 12 | 0 |
Cash flows from operating activities | 1,426 | ' |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -166 | -6,952 |
Cash flows from investing activities | -166 | ' |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Borrowings promissory notes, net | 363 | 440 |
Borrowings of promissory notes, long-term debt and capital lease obligations | 0 | 4,598 |
Repayments of promissory notes, long-term debt and capital lease obligations | -2,599 | -1,451 |
Cash flows from financing activities | -2,236 | 3,587 |
NET DECREASE IN CASH | -976 | ' |
CASH, beginning of period | 5,148 | 7,431 |
CASH, end of period | 4,172 | ' |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ' | ' |
Interest paid | 754 | 677 |
Income taxes paid | 0 | 783 |
NON CASH OPERATING ACTIVITY | ' | ' |
Non cash stock issued for services | 0 | 91 |
Non cash stock options issued to employees and directors | 17 | 74 |
Capitalized lease intangible assets | 1,070 | 0 |
Capitalized lease obligation | $1,070 | $0 |
Organization_Consolidated_and_
Organization, Consolidated and Presentation of Financial Statements | 6 Months Ended |
Oct. 31, 2013 | |
Organization, Consolidated and Presentation of Financial Statements [Abstract] | ' |
Organization, Consolidated and Presentation of Financial Statements | ' |
1. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Therefore, these financial statements should be read in conjunction with the annual report on Form 10-K for the fiscal year ended April 30, 2013. In our opinion, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation have been included. Operating results for the three and six months ended October 31, 2013 are not indicative of the results of operations that may be expected for the fiscal year ended April 30, 2014. | |
Certain reclassifications within the condensed financial statement captions have been made to maintain consistency in presentation between years. Financial amounts are in thousands of dollars except per share amounts. |
Net_Income_Loss_Per_Share
Net Income (Loss) Per Share | 6 Months Ended |
Oct. 31, 2013 | |
Net Income (Loss) Per Share [Abstract] | ' |
Net Income (Loss) Per Share | ' |
2. Net Income (Loss) Per Share: The Company follows ASC 260 that requires the reporting of both basic and diluted earnings (loss) per share. Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. In accordance with ASC 260, any anti-dilutive effects on net earnings (loss) per share are excluded. Potential common shares as of October 31, 2013 are 66,281,237. |
Research_and_Development
Research and Development | 6 Months Ended |
Oct. 31, 2013 | |
Research and Development [Abstract] | ' |
Research and Development | ' |
3. Research and Development: We invested in research and development activities. The amount invested in the six months ended October 31, 2013 and 2012 was approximately $1,043 and $797 respectively. |
Borrowings
Borrowings | 6 Months Ended |
Oct. 31, 2013 | |
Borrowings [Abstract] | ' |
Borrowings | ' |
4. Borrowings: At October 31, 2013, the Company was utilizing three lines of credit totaling $4.0 million. The unused line at October 31, 2013 was $2.3 million. During the current year these funds were primarily used for the purchase of inventory and aircraft modification STC development for the modifications and avionics operations. | |
Our $1.0 million line of credit has been extended to August 2014. Our $2.5 million line of credit matures April 2015. Our $0.5 million line of credit matures June 2015. The lines of credit are collateralized by the first and second positions on all assets of the Company. | |
At October 31, 2013, there were several notes collateralized by aircraft security agreements totaling $1,539. These notes were used for the purchase and modifications of these collateralized aircraft and Kings Avionics, Inc. | |
There are three notes at a bank totaling $1,606 for real estate located in Olathe, Kansas and Tempe, Arizona. The due date for these notes is March 2019 and August 2019. | |
One note totaling $326 remain for real estate purchased in November 2007 and June 2009 in Dodge City, Kansas. | |
One note with a balance of $69 is collateralized by the first and second position lien on all assets of the Company. This was used as capital for our daily business operations in 2006. | |
BHCMC entered into an obligation with Konami Gaming Inc. effective August 1, 2012 in the amount of $1,733. The purchase of the gaming system was installed at Boot Hill Casino in mid-August and has a current balance of $737. | |
BHCMC arranged to acquire for ownership by the Kansas Lottery additional gaming machines. The balance of this financed payable is $1,458. | |
We are not in default of any of our notes as of October 31, 2013. | |
We believe that our current banks will provide the necessary capital for our business operations. However, we continue to maintain contact with other banks that have an interest in funding our working capital needs to continue our growth in operations in 2013 and beyond. | |
Leases
Leases | 6 Months Ended |
Oct. 31, 2013 | |
Leases [Abstract] | ' |
Leases | ' |
5. Leases: BHCMC, LLC ("BHCMC") as tenant entered into a lease dated May 1, 2011, and amended via an addendum dated January 1, 2012 (collectively, the "Lease"), with BHC Investment Company, L.C. ("BHCI") as landlord for a total obligation of $7,423. BHCI provided funds to BHCMC for the purchase of certain intangible items and gaming items related to the Boot Hill Casino. Commencing on January 1, 2012, BHCMC is obligated to make a minimum payment to BHCI of $177 per month until September 30, 2017. The remaining balance on the obligation is $5,316. | |
On August 24, 2012 BHCMC and BHCI entered into a second lease ("Second Lease") of $2,500 for tenant improvements related to expansion of the Boot Hill Casino. Commencing on November 1, 2012. BHCMC is obligated to make a minimum payment to BHCI of approximately $55 per month until November 30, 2017. The remaining obligation is $2,212. |
Other_Assets
Other Assets | 6 Months Ended |
Oct. 31, 2013 | |
Other Assets [Abstract] | ' |
Other Assets | ' |
6. Other Assets: Our other asset account includes assets of $5,500 related to the Kansas Expanded Lottery Act Management Contract privilege fee, $2,252 of gaming equipment we were required to pay for ownership by the State of Kansas Lottery, and JET autopilot intellectual property of $1,417. BHCMC expects the $5,500 privilege fee to have a value over the remaining life of the Management Contract with the State of Kansas which will end in December 2024. There is no assurance of the Management Contract renewal. The Managers Certificate asset for use of gaming equipment is being amortized over a period of three years based on the estimated useful life of gaming equipment. The JET intellectual property is being amortized over a period of 15 years. |
Stockholders_Equity
Stockholders' Equity | 6 Months Ended |
Oct. 31, 2013 | |
Stockholders' Equity [Abstract] | ' |
Stockholders' Equity | ' |
7. Stockholders' Equity: On May 8, 2012, the Company issued 238,750 shares of Company common stock to Reign Strategy & Investment Group, LLC ("RSIG"). The market value was $91 at date of issue. These shares were issued in consideration for RSIG's marketing and consulting services related to increasing public awareness and shareholder interest in the Company. | |
The issuance of stock by the Company to RSIG is exempt from registration pursuant to Rule 506 of Regulation D promulgated under the Securities Act of 1933, as amended. RSIG has represented to the Company and the Company believes that RSIG is an "accredited investor" as defined in Rule 501(a) of Regulation D. |
Stock_Options
Stock Options | 6 Months Ended |
Oct. 31, 2013 | |
Stock Options [Abstract] | ' |
Stock Options | ' |
8. Stock Options: At October 31, 2013 we had 7,262,064 outstanding stock options that were issued on December 31, 2010 all of which expire on December 31, 2015. | |
The exercise price for the incentive stock options is $0.49. The Board of Directors approved the issuance of incentive stock options on December 31, 2010 with the goals of increasing shareholder value, expanding the number of managers participating in the program, and increasing the percentage of compensation tied to share price performance. | |
The incentive stock options are allocated in three groups with two conditions for vesting. The first condition is stock price and the second condition is time. There are 2,420,688 options at $0.49 that may be exercised if and when the share price reaches $0.92, and 2,420,688 options at $0.49 that may be exercised if and when the share price reaches $1.41, and 2,420,688 options at $0.49 that may be exercised on or after December 31, 2013 if and when the share price reaches $1.90. |
Net_Income_Loss_Per_Share_Deta
Net Income (Loss) Per Share (Details) | 6 Months Ended |
Oct. 31, 2013 | |
Net Income (Loss) Per Share [Abstract] | ' |
Potential common shares excluded from earnings per share calculation (in shares) | 66,281,237 |
Research_and_Development_Detai
Research and Development (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Research and Development [Abstract] | ' | ' |
Research and development | $1,043 | $797 |
Borrowings_Details
Borrowings (Details) (USD $) | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Jul. 31, 2013 |
Line of Credit [Member] | Line of Credit 1 [Member] | Line of Credit 2 [Member] | Notes Collateralized by Aircraft Security Agreements [Member] | Notes Payable to Bank [Member] | Notes for Real Estate [Member] | Note Collateralized by First and Second Position on All Assets of The Company [Member] | Notes Collateralized by Automobiles and Equipment [Member] | Note With Konami Gaming [Member] | BHCMC Lottery Gaming Machines [Member] | ||
Note | Note | Note | Note | Note | |||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of lines of credit | 1 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unused line | ' | $2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 500 | 4,000,000 | 1,000 | 2,500 | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility borrowing capacity | 500 | 4,000,000 | 1,000 | 2,500 | ' | ' | ' | ' | ' | ' | ' |
Notes payable | ' | ' | ' | ' | 1,539,000 | 1,606,000 | 326,000 | 69,000 | 122,000 | 737,000 | 1,458,000 |
Number of notes | ' | ' | ' | ' | ' | 3 | 1 | 1 | ' | 1 | 1 |
Notes payable due date | ' | ' | ' | ' | ' | 31-Mar-13 | ' | ' | ' | ' | ' |
Face value of note entered | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,733,000 | ' |
Leases_Details
Leases (Details) (USD $) | 1 Months Ended | |
In Thousands, unless otherwise specified | Aug. 24, 2012 | Oct. 31, 2013 |
Lease Agreement With BHC [Member] | ' | ' |
Operating Leased Assets [Line Items] | ' | ' |
Total lease obligation | ' | $7,423 |
Minimum monthly lease payments | ' | 177 |
Amount of balance on lease obligation | ' | 5,316 |
Second Lease Agreement With BHCI [Member] | ' | ' |
Operating Leased Assets [Line Items] | ' | ' |
Minimum monthly lease payments | ' | 55 |
Amount of balance on lease obligation | ' | 2,212 |
Advance for tenant improvements related to expansion of casino and resort | $2,500 | ' |
Other_Assets_Details
Other Assets (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Oct. 31, 2013 |
Kansas Expanded Lottery Act Contract Privilege [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Other intangible assets | $5,500 |
Intangible Gaming Support Items [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Other intangible assets | 2,252 |
JET Autopilot Intellectual Property [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Other intangible assets | $1,417 |
Useful life | '15 years |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2013 | Apr. 30, 2013 | 8-May-12 |
Stockholders' Equity [Abstract] | ' | ' | ' |
Common stock, shares issued (in shares) | 59,619,173 | 59,619,173 | 238,750,000 |
Amortization of stock issuance cost | $91 | ' | ' |
Stock_Options_Details
Stock Options (Details) (USD $) | 1 Months Ended | |
Dec. 31, 2010 | Oct. 31, 2013 | |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares issued (in shares) | 7,200,000 | ' |
Expiration date | 31-Dec-15 | ' |
Stock exercise price (in dollars per share) | ' | $1.42 |
Incentive stock options condition for vesting [Abstract] | ' | ' |
Shares outstanding (in shares) | ' | 7,262,064 |
Incentive Stock Option [Member] | Year 1 Target [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock exercise price (in dollars per share) | ' | $0.49 |
Incentive stock options condition for vesting [Abstract] | ' | ' |
Number of options than can be exercised (in shares) | ' | 2,420,688 |
Target price of share (in dollars per share) | ' | $0.92 |
Incentive Stock Option [Member] | Year 2 Target [Member] | ' | ' |
Incentive stock options condition for vesting [Abstract] | ' | ' |
Number of options than can be exercised (in shares) | ' | 2,420,688 |
Target price of share (in dollars per share) | ' | $1.41 |
Incentive Stock Option [Member] | Year 3 Target [Member] | ' | ' |
Incentive stock options condition for vesting [Abstract] | ' | ' |
Number of options than can be exercised (in shares) | ' | 2,420,688 |
Target price of share (in dollars per share) | ' | $1.90 |