Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Oct. 15, 2014 | Jun. 30, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'COCBF | ' | ' |
Entity Registrant Name | 'COASTAL CARIBBEAN OILS & MINERALS LTD | ' | ' |
Entity Central Index Key | '0000021239 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 97,734,617 | ' |
Entity Public Float | ' | ' | $1,364,354 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | ' | ' |
Cash and cash equivalents | $11,222 | $1,577 |
Total current assets | 11,222 | 1,577 |
Certificates of deposit - Restricted | 86,630 | 86,485 |
Total assets | 97,852 | 88,062 |
Current liabilities: | ' | ' |
Accounts payable and accrued liabilities | 91,194 | 542,493 |
Amounts due to related parties | 1,363,787 | 1,313,235 |
Total current liabilities | 1,454,981 | 1,855,728 |
Shareholders' equity (deficit): | ' | ' |
Common stock, par value $.12 per share: Authorized - 250,000,000 shares Outstanding - 95,121,486 and 79,670,752 shares, respectively | 11,414,579 | 9,560,490 |
Discount on common stock par value | -3,978,354 | -2,587,787 |
Capital in excess of par value | 32,139,311 | 32,139,311 |
Common stocks, including additional paid in capital, net of discount | 39,575,536 | 39,112,014 |
Accumulated deficit | -40,932,665 | -40,879,680 |
Total shareholders' equity (deficit) | -1,357,129 | -1,767,666 |
Total liabilities and shareholders' equity (deficit) | $97,852 | $88,062 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Common stock, par value | $0.12 | $0.12 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares outstanding | 95,121,486 | 79,670,752 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Interest and other income | $145 | $167 |
Revenues, Total | 145 | 167 |
Expenses: | ' | ' |
Administrative expenses | 35,659 | 70,244 |
Salaries | 20,833 | 125,000 |
Shareholder communications | 16,904 | 21,866 |
Recovery of costs previously expensed | -20,266 | ' |
Write off of unproved properties | ' | 415,367 |
Total Costs and expenses | 53,130 | 632,477 |
Net loss before income taxes | -52,985 | -632,310 |
Income taxes | ' | ' |
Net loss | ($52,985) | ($632,310) |
Net loss per share based on weighted average number of shares outstanding during the period: | ' | ' |
Basic and diluted EPS | $0 | ($0.01) |
Weighted average number of shares outstanding (basic and diluted) | 83,690,928 | 76,062,570 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Operating activities: | ' | ' |
Net loss | ($52,985) | ($632,310) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Write off of unproved properties | ' | 415,367 |
Recovery of costs previously expensed | -20,266 | ' |
Net change in: | ' | ' |
Accounts payable and accrued liabilities | -380,481 | 70,366 |
Net cash used in operating activities | -453,732 | -146,577 |
Investing activities: | ' | ' |
Purchase of certificates of deposit | -145 | -167 |
Net cash used in investing activities | -145 | -167 |
Financing activities: | ' | ' |
Sale of common stock, net of expenses | 463,522 | 140,937 |
Net cash provided by financing activities | 463,522 | 140,937 |
Net increase (decrease) in cash and cash equivalents | 9,645 | -5,807 |
Cash and cash equivalents at beginning of period | 1,577 | 7,384 |
Cash and cash equivalents at end of period | 11,222 | 1,577 |
Supplemental cash flow information: | ' | ' |
Capital expenditures financed through accounts payable | ' | $415,367 |
Consolidated_Statements_of_Com
Consolidated Statements of Common Stock and Capital in Excess of Par Value (USD $) | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Common Stock | Common Stock | Discount on Common Stock | Discount on Common Stock | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | |
Beginning Balance (in shares) | 79,670,752 | 75,133,824 | ' | ' | ' | ' | ' |
Beginning Balance | $9,560,490 | $9,016,059 | ($2,587,787) | ($2,184,293) | $32,139,311 | $32,139,311 | $32,139,311 |
Sale of common stock (in shares) | 15,450,734 | 4,536,928 | ' | ' | ' | ' | ' |
Sale of common stock | 1,854,089 | 544,431 | -1,390,567 | -403,494 | ' | ' | ' |
Ending Balance (in shares) | 95,121,486 | 79,670,752 | ' | ' | ' | ' | ' |
Ending Balance | $11,414,579 | $9,560,490 | ($3,978,354) | ($2,587,787) | $32,139,311 | $32,139,311 | $32,139,311 |
Summary_of_significant_account
Summary of significant accounting policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Summary of significant accounting policies | ' | |
1 | Summary of significant accounting policies | |
Consolidation | ||
The accompanying consolidated financial statements include the accounts of Coastal Caribbean Oils & Minerals, Ltd., a Bermuda corporation (“Coastal Caribbean”) and its wholly owned subsidiary, Coastal Petroleum Company (“Coastal Petroleum”), referred to collectively as the Company. The Company, has been engaged in a single industry and segment, however, its exploration for oil, gas and minerals has not yielded any significant revenue or reserves. All intercompany transactions have been eliminated. Certain prior year amounts have been reclassified to conform to the current year presentation. | ||
Cash and Cash Equivalents | ||
The Company considers all highly liquid short-term investments with maturities of three months or less at the date of acquisition to be cash equivalents. | ||
Certificates of Deposit – Restricted | ||
The Company has pledged certificates of deposit for pollution bond requirements under three previous well permits. | ||
Use of Estimates | ||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The ability to develop the Company’s oil and gas properties will have a significant effect on the Company’s financial position and results of operations. Actual results could differ from those estimates. | ||
Unproved Oil, Gas and Mineral Properties | ||
The Company follows the full cost method of accounting for its oil and gas properties. All costs associated with property acquisition, exploration and development activities whether successful or unsuccessful are capitalized. As our properties are unproven, these costs are temporarily exempt from amortization. Once the Company has proved reserves the capitalized costs will be amortized using the unit-of-production basis. | ||
The Company assesses whether its unproved properties are impaired at least on a quarterly basis. This assessment is based upon work completed on the properties to date, the expiration date of its leases and technical data from the properties and adjacent areas. Our capitalized costs are subject to a ceiling test which basically limits such costs to the aggregate of the estimated present value discounted at a 10% rate of future net revenues from proved reserves based on current economic and operating conditions, plus the cost of properties not being amortized. The Company has determined that all of its leases and development costs were impaired due to its inability to pay the future annual leases on our properties. As a result, we recorded an impairment charge of $415,367 for the year ended December 31, 2012. | ||
Sales of unproved nonoperating interests in oil and gas leases are accounted for as a reduction in the capitalized amount of the leases. | ||
Sale of Subsidiary Shares | ||
All amounts realized from the sale of Coastal Petroleum shares have been credited to capital in excess of par value. | ||
Net Loss Per Share | ||
Net loss per common share is based upon the weighted average number of common and common equivalent shares outstanding during the period. The Company’s basic and diluted calculations of EPS are the same because the exercise of options is not assumed in calculating diluted EPS, as the result would be anti-dilutive. | ||
Financial instruments | ||
The carrying value for cash and cash equivalents, certificates of deposit, and accounts payable approximates fair value based on anticipated cash flows and current market conditions. | ||
Stock Based Compensation | ||
The Company uses the fair value based method of accounting for its stock option plans, which requires companies to expense stock options and other share-based payments. | ||
Effects of Recent Accounting Pronouncements | ||
In May 2014, the FASB issued ASU 2014-09 (Revenue from Contracts with Customers (Topic 606)), which requires an entity to recognize revenue from the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance addresses in particular contracts with more than one performance obligation as well as the accounting for some costs to obtain or fulfill a contract with a customer and provides for additional disclosures with respect to revenues and cash flows arising from contracts with customers. With respect to public entities, this update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and early adoption is not permitted. We believe that our implementation of this guidance will have no material impact on our consolidated financial statements. | ||
In May 2014, the FASB issued ASU 2014-10 (Development Stage Entities (Topic 915)), which eliminates certain financial reporting requirements related to development stage entities. The pronouncement removes the distinction between development stage companies and other reporting entities from U.S. GAAP. The pronouncement also eliminates the requirements for development stage entities to (1) present inception-to-date information in the statements of operations, cash flows and shareholders’ equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. With respect to public entities, this update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014, with early adoption permitted. The Company has decided to implement this update effective January 1, 2013. | ||
Going Concern | ||
The Company has no recurring revenues, had recurring losses since 2006 and prior to 2005, and has an accumulated deficit. The Company’s current cash position is not adequate to fund existing operations or exploration and development. The Company has an agreement in place with a director pursuant to which the director may further fund the Company to continue operations and exploration. There is no assurance that the Company will be able to obtain any funding, that sufficient funding can be obtained, or that the Company will be able to raise necessary funds. | ||
These situations raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities, which may result from the outcome of this uncertainty. |
Unproved_Oil_Gas_and_Mineral_P
Unproved Oil, Gas and Mineral Properties | 12 Months Ended | |
Dec. 31, 2013 | ||
Unproved Oil, Gas and Mineral Properties | ' | |
2 | Unproved Oil, Gas and Mineral Properties | |
The Company has determined that its leases and capitalized development costs were impaired due to the time remaining under some of the leases, the Company being unable to establish quantifiable production on the leases, and in the case of less prospective leases, for nonpayment of lease rentals. As a result, we recorded an impairment charge of $415,367 for the year ended December 31, 2012. | ||
Montana Leases | ||
The Company had a presence in Valley County, Montana, where it held leases covering approximately 32,313 net acres, which were the remaining unexpired leases from those leases the Company acquired in three separate acquisitions between July 2005 and February 2006. During 2012, these leases expired due to the expiration of the time remaining under some of the leases, the Company being unable to establish quantifiable production on the leases, and in the case of less prospective leases, for nonpayment of lease rentals. As a result, we recorded an impairment charge of $415,367 for the year ended December 31, 2012. As described in Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, on October 9, 2014, the Company filed an appeal of this determination by the BLM that the lease covering the Company’s Federal 1-19A well has expired. | ||
North Dakota Leases | ||
In July 2005, the Company acquired leases to the deeper rights in approximately 21,688 net acres in and near Slope County, North Dakota. During and subsequent to 2012, these leases expired due to the expiration of the time remaining under some of the leases, the Company being unable to establish quantifiable production on the leases, and in the case of less prospective leases, for nonpayment of lease rentals. |
Common_Stock
Common Stock | 12 Months Ended | |
Dec. 31, 2013 | ||
Common Stock | ' | |
3 | Common Stock | |
The Company’s Bye-Law No. 21 provides that any matter to be voted upon must be approved not only by a majority of the shares voted at such meeting, but also by a majority in number of the shareholders present in person or by proxy and entitled to vote thereon. | ||
The Company has entered into various agreements to sell and sold restricted shares of its common stock for cash or in return for payment of certain Company expenses, allowing the Company to pay lease rentals and other administrative costs necessary to keep the Company viable through the current period. | ||
On May 20, 2011, the Company entered into an agreement with Robert J. Angerer, Sr., for the sale of 857,142 restricted and unregistered shares of common stock of the Company for $60,000, in order to cover certain Company expenses. Mr. Angerer also exercised an option under the agreement for 142,857 shares of common stock for $10,000. The Company plans to issue Mr. Angerer a total of 999,999 restricted and unregistered shares of common stock for investments made under this agreement. This agreement has concluded. | ||
In October 2011, in order to fund immediate cash needs at that time, the Company entered into an agreement with Robert J. Angerer, Sr., for an immediate infusion of $30,000 cash and the commitment to spend $130,000 in operational costs to complete the Federal 1-19A well. The agreement also provided options for Mr. Angerer to provide additional funding. In return, the Company will issue 4,444,444 restricted and unregistered shares of common stock to Mr. Angerer. Under this agreement, Mr. Angerer provided a total of $90,000 in cash to the Company; he provided $55,000 in 2011 and an additional $35,000 through August of 2012. Mr. Angerer also paid directly $70,000 for expenses related to the Federal 1-19A well. The Company plans to issue Mr. Angerer a total of 4,444,444 restricted and unregistered shares of common stock for investments made under this agreement. The agreement was completed and all other options under the agreement expired. During 2012 and 2011, 972,223 and 3,472,221 shares, respectively have been reflected as issued under the October 2011 agreement. The shares remain to be issued to Mr. Angerer. | ||
In September 2012, the Company entered into an agreement with Robert J. Angerer, Sr., to provide additional funding in return for shares of restricted and unregistered shares of common stock of the Company at $.03 per share. Mr. Angerer agreed to provide up to $1,000,000 to perform a nitrogen fracturing operation on the Federal 1-19A well, to abandon two existing wells, to pay existing liabilities, and to allow the Company to cure its delinquent legal and regulatory filings. In conjunction with this agreement, the Company entered into a separation agreement with Phillip W. Ware. Mr. Angerer completed the nitrogen fracturing operation on the Federal 1-19A well at a cost of $171,501 in 2012. The Company plans to issue 3,564,705 shares of restricted and unregistered shares of common stock to Mr. Angerer for 2012. In 2013, Mr. Angerer paid $60,000 to the Company in order for the Company to pay legal compliance costs and paid $343,988 of existing liabilities of the Company. During 2014, Mr. Angerer paid $78,394 for regulatory compliance costs and other general and administrative costs on behalf of the Company. The Company plans to issue Mr. Angerer 18,063,865 shares of restricted and unregistered shares of common stock in exchange for the funds paid into the Company during 2013 and through the date of this report, pursuant to the 2012 agreement. | ||
As of the date of this report, the Company plans to issue Mr. Angerer 27,073,013 shares of restricted and unregistered shares of common stock in exchange for the funds paid into the Company through the various agreements described above that were entered and performed from 2011 through the date of this report. |
Stock_Option_Plans
Stock Option Plans | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Stock Option Plans | ' | ||||||||||||||||||||
4 | Stock Option Plans | ||||||||||||||||||||
At December 31, 2013, the Company maintains two stock-based employee compensation plans. | |||||||||||||||||||||
During 1995, the Company adopted a Stock Option Plan covering 1,000,000 shares of the Company’s common stock. The plan is set to terminate once all the shares covered by the plan are issued. In July 2005, the Company issued an option to its former president to acquire 50,000 shares of the Company’s common stock at a price of $.15 per share under the Company’s stock option plan. The option was fully vested when issued, but expired in 2013 by its terms after the former president resigned and did not exercise the options within the time allowed to do so. | |||||||||||||||||||||
In December 2005, the Company issued options to its directors to acquire 200,000 shares of the Company’s common stock at a price of $.15 per share. The options expire in December 2015 and were fully vested when issued. The options of former directors expired when not exercised within the time allotted to do so after their resignations. | |||||||||||||||||||||
During 2005, the Company adopted a Stock Option Plan covering 2,300,000 shares of the Company’s common stock. Options may be granted from time to time until December 2015. In September 2005, the Company issued an option to its president to acquire 250,000 shares of the Company’s common stock at a price of $.20 per share under the Company’s 2005 stock option plan, subject to the approval of the Plan by shareholders. The Plan was approved at the shareholders meeting on December 9, 2005. The option was fully vested when issued, but expired in 2013 by its terms after the former president resigned and did not exercise the options within the time allowed to do so. | |||||||||||||||||||||
The Company did not issue any stock options or share-based payments in 2013 or in 2012. | |||||||||||||||||||||
The following table summarizes employee stock option activity: | |||||||||||||||||||||
Employee Options outstanding | Number of | Range of | Weighted | Aggregate | Aggregate | ||||||||||||||||
Shares | Per Share | Average | Option | Intrinsic | |||||||||||||||||
Option | Exercise | Price ($) | Value ($) | ||||||||||||||||||
Price ($) | Price ($) | ||||||||||||||||||||
Outstanding and exercisable at December 31, 2011 | 350,000 | .15-.20 | 0.18 | 65,000 | — | ||||||||||||||||
Issued or cancelled during 2012 | — | — | — | — | — | ||||||||||||||||
Outstanding and exercisable at December 31, 2012 | 350,000 | .15-.20 | 0.18 | 65,000 | — | ||||||||||||||||
Issued or cancelled during 2013 | (300,000 | ) | — | — | — | — | |||||||||||||||
Outstanding and exercisable at December 31, 2013 | 50,000 | 0.15 | 0.15 | 7,500 | — | ||||||||||||||||
Available for grant at December 31, 2013 | 3,225,000 | ||||||||||||||||||||
In connection with the separation agreement with the former president described above, the Company agreed to issue him an option to purchase 1,000,000 shares of restricted and unregistered shares of common stock for $0.03 per share. This option expires on December 31, 2017. The Company has not issued the stock option as of the date of this report. As a result, the 1,000,000 shares have not been reflected as employee options outstanding or in the shares available for grant at December 31, 2013. | |||||||||||||||||||||
The Aggregate Intrinsic Value in the preceding table represents total intrinsic value (of options in the money), which is the difference between the Company’s closing stock price on the last trading day of 2013 and the exercise price times the number of shares that would have been received by the option holders had the option holders exercised their options on December 31, 2013. | |||||||||||||||||||||
Summary of Employee Options Outstanding at December 31, 2013 | |||||||||||||||||||||
Year Granted | Number of Shares | Expiration Date | Exercise Prices ($) | ||||||||||||||||||
Granted 2005 | 50,000 | December 20, 2015 | 0.15 | ||||||||||||||||||
The weighted-average remaining contractual life of the outstanding stock options at December 31, 2013, and 2012 was 2 years and 3 years, respectively | |||||||||||||||||||||
Nonqualified Stock Options | |||||||||||||||||||||
In July 2005, the Company issued an option to its legal counsel to acquire 25,000 shares of the Company’s common stock at a price of $.15 per share. The option expires in July 2015 and was fully vested when issued. | |||||||||||||||||||||
A summary of non-employee option activity follows: | |||||||||||||||||||||
Non-Employee Options Outstanding | Number of | Range of | Weighted | Aggregate | Aggregate | ||||||||||||||||
Shares | Per Share | Average | Option | Intrinsic | |||||||||||||||||
Option | Exercise | Price ($) | Value ($) | ||||||||||||||||||
Price ($) | Price ($) | ||||||||||||||||||||
Outstanding and exercisable at December 31, 2011 | 25,000 | 0.15 | 0.15 | 3,750 | — | ||||||||||||||||
Issued or cancelled during 2012 | — | — | — | — | — | ||||||||||||||||
Outstanding and exercisable at December 31, 2012 | 25,000 | 0.15 | 0.15 | 3,750 | — | ||||||||||||||||
Issued or cancelled during 2013 | — | — | — | — | — | ||||||||||||||||
Outstanding and exercisable at December 31, 2013 | 25,000 | 0.15 | 0.15 | 3,750 | — | ||||||||||||||||
The Company did not issue any stock options or share-based payments to non-employees in 2013 or in 2012. | |||||||||||||||||||||
The Aggregate Intrinsic Value in the preceding table represents total intrinsic value (of options in the money), which is the difference between the Company’s closing stock price on the last trading day of 2013 and the exercise price times the number of shares that would have been received by the option holders had the option holders exercised their options on December 31, 2013. | |||||||||||||||||||||
The following table summarizes information about non-employee stock options: | |||||||||||||||||||||
Summary of Non Employee Options Outstanding at December 31, 2013 | |||||||||||||||||||||
Year Granted | Number of Shares | Expiration Date | Exercise Prices ($) | ||||||||||||||||||
Granted 2005 | 25,000 | July 18, 2015 | 0.15 |
Income_taxes
Income taxes | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income taxes | ' | ||||||||
5 | Income taxes | ||||||||
The Company is organized under the laws of Bermuda. Bermuda currently imposes no taxes on corporate income or capital gains outside of Bermuda. The Company’s subsidiary is a U.S. corporation and is subject to U.S. income tax and files income tax returns in the U.S. and the State of Florida. For 2013 and 2012, the subsidiary has net taxable losses. The subsidiary will have approximately $11,585,000 in net operating losses to carry forward. The remaining net operating loss carry forwards expire in periods through 2032 as follows: $757,000 in 2018, $622,000 in 2019, $749,000 in 2020, $1,884,000 in 2021, $1,693,000 in 2022, $132,000 in 2023, $57,000 in 2024, $1,434,000 in 2026, $135,000 in 2027, $112,000 in 2028, $480,000 in 2029, $3,000 in 2031, and $3,527,000 in 2032. For financial reporting purposes, a valuation allowance has been recognized to offset the deferred tax assets relating to those carry forwards. | |||||||||
Significant components of the Company’s deferred tax assets were as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Net operating losses | $ | 4,055,000 | $ | 4,055,000 | |||||
Accruals to related parties | 314,000 | 305,000 | |||||||
Total deferred tax assets | 4,369,000 | 4,360,000 | |||||||
Valuation allowance | (4,369,000 | ) | (4,360,000 | ) | |||||
Net deferred tax assets | $ | — | $ | — | |||||
Components of the income tax provision for the years ended December 31, are as follows: | |||||||||
2013 | 2012 | ||||||||
Provision for income taxes | |||||||||
Current provision (benefit) | $ | — | $ | — | |||||
Deferred asset valuation allowance (reversal) | — | — | |||||||
Net income tax provision (benefit) | $ | — | $ | — | |||||
The Company files income tax returns in the U.S. federal jurisdiction, and in various state jurisdictions. The Company’s income tax returns for the past three years are subject to examination by tax authorities, except possibly in future years should it utilize any net operating loss originating prior to 2010. | |||||||||
The Company has reviewed and evaluated the relevant technical merits of each of its tax positions in accordance with accounting principles generally accepted in the United States of America for accounting for uncertainty in income taxes, and determined that there are no uncertain tax positions that would have a material impact on the financial statements of the Company. |
Related_party_transactions
Related party transactions | 12 Months Ended | |
Dec. 31, 2013 | ||
Related party transactions | ' | |
6 | Related party transactions | |
See Note 3 also. | ||
Services | ||
Through May 2009, the Company paid a monthly retainer to the law firm of Angerer & Angerer which had been litigation counsel to the Company for more than twenty-five years and also served the Company in that capacity as well as others including general counsel services, management services, public relations, shareholder relations and representing the Company before state and federal agencies for permitting. The principals of the law firm included two individuals who are collectively shareholders, officers and a director of the Company. No amounts were paid or accrued in 2013 or 2012. The Company owes $150,000 to Angerer & Angerer at December 31, 2013 and 2012. | ||
From June 2009 until his resignation on January 14, 2010, the Company retained Robert J. Angerer, Sr. as legal counsel. Mr. Angerer had been litigation counsel to the Company for more than twenty-five years before his resignation. As counsel for the Company he served the Company as litigation counsel, but also provided the Company with general counsel services and management services and represented the Company before state and federal agencies for permitting. Mr. Angerer, Sr. is also a shareholder and a director of the Company. No amounts were paid or accrued to Mr. Angerer, Sr. in 2013 or 2012. | ||
Also since June 2009, the Company has retained Robert J. Angerer, Jr., a partner in Angerer & Angerer, who serves as the Company’s corporate secretary and handles management services, public relations, shareholder relations and management of the Company’s former website. No amounts were paid or accrued to Mr. Angerer, Jr. in 2013 or 2012. | ||
Mr. Herbert D. Haughton, a shareholder of Igler & Dougherty, P.A., was elected a director of Coastal Caribbean and of Coastal Petroleum in December 2005. While the Company previously used the services of Igler & Dougherty, P.A., no amounts were expensed to Igler & Dougherty, P.A. during 2013 and 2012. The Company owed Igler & Dougherty, P.A. $14,595 at December 31, 2012. | ||
The Company has been accruing compensation and related benefits to it its former president and CEO. During 2013, the Company accrued compensation and retirement benefits of $20,833 and $3,125, respectively. | ||
At December 31, 2013, the Company owed compensation and related benefits to its former president and CEO of $708,334 and $186,703, respectively. At December 31, 2012, the Company owed compensation and related benefits to its former president and CEO of $687,500 and $181,985, respectively. | ||
The Company has also been accruing directors’ fees. During 2013 and 2012, the Company accrued $25,000 of fees to directors. At December 31, 2013 and 2012, the Company owed $318,750 and $293,750, respectively in directors’ fees. |
Concentrations_of_Credit_Risk
Concentrations of Credit Risk | 12 Months Ended | |
Dec. 31, 2013 | ||
Concentrations of Credit Risk | ' | |
7 | Concentrations of credit risk | |
All demand and certificates of deposit are held by commercial banks. The Company has no policy requiring collateral or other security to support its deposits, although all demand and certificate of deposits with banks are federally insured under FDIC protection. Demand deposit bank balances totaled $11,222 and $1,577 at December 31, 2013 and 2012, respectively. Certificates of deposit balances were $86,630 and $86,485 at December 31, 2013 and 2012, respectively. |
Commitments_contingencies_and_
Commitments, contingencies and subsequent events | 12 Months Ended | |
Dec. 31, 2013 | ||
Commitments, contingencies and subsequent events | ' | |
8 | Commitments, contingencies and subsequent events | |
See Note 3 regarding subsequent stock transactions. | ||
The Company is delinquent in filing its periodic reports required under the Securities Exchange Act of 1934 due to lack of funding. The Company is currently preparing its delinquent reports and plans to file all delinquent reports in 2014. The previous inaction to bring the Company’s filings current may result in de-registration of the Company with the Securities Exchange Commission (SEC). Loss of this status may limit the Company’s ability to access capital markets. The Company is working to file the delinquent reports, but there is no assurance that the Company will be able to file its delinquent reports. | ||
In September 2012, the Company entered into a separation agreement and release with Phillip Ware, formerly the CEO and President of the Company, in connection with the September 2012 agreement with Robert J. Angerer, Sr. as disclosed in Note 3. Mr. Ware agreed that his existing options for 300,000 shares of common stock (Note 4) would expire within 90 days of the termination date, which was February 28, 2013. The options were not exercised and have expired. The Company agreed to pay Mr. Ware $200,000 and issue him an option to purchase 1,000,000 shares of restricted and unregistered shares of common stock for $.03 per share. This option expires on December 31, 2017. The Company has not paid Mr. Ware or issued the stock option as of the date of this report. Mr. Ware resigned from the Company effective February 28, 2013. |
Summary_of_significant_account1
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Consolidation | ' |
Consolidation | |
The accompanying consolidated financial statements include the accounts of Coastal Caribbean Oils & Minerals, Ltd., a Bermuda corporation (“Coastal Caribbean”) and its wholly owned subsidiary, Coastal Petroleum Company (“Coastal Petroleum”), referred to collectively as the Company. The Company, has been engaged in a single industry and segment, however, its exploration for oil, gas and minerals has not yielded any significant revenue or reserves. All intercompany transactions have been eliminated. Certain prior year amounts have been reclassified to conform to the current year presentation. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
The Company considers all highly liquid short-term investments with maturities of three months or less at the date of acquisition to be cash equivalents. | |
Certificates of Deposit - Restricted | ' |
Certificates of Deposit – Restricted | |
The Company has pledged certificates of deposit for pollution bond requirements under three previous well permits. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The ability to develop the Company’s oil and gas properties will have a significant effect on the Company’s financial position and results of operations. Actual results could differ from those estimates. | |
Unproved Oil, Gas and Mineral Properties | ' |
Unproved Oil, Gas and Mineral Properties | |
The Company follows the full cost method of accounting for its oil and gas properties. All costs associated with property acquisition, exploration and development activities whether successful or unsuccessful are capitalized. As our properties are unproven, these costs are temporarily exempt from amortization. Once the Company has proved reserves the capitalized costs will be amortized using the unit-of-production basis. | |
The Company assesses whether its unproved properties are impaired at least on a quarterly basis. This assessment is based upon work completed on the properties to date, the expiration date of its leases and technical data from the properties and adjacent areas. Our capitalized costs are subject to a ceiling test which basically limits such costs to the aggregate of the estimated present value discounted at a 10% rate of future net revenues from proved reserves based on current economic and operating conditions, plus the cost of properties not being amortized. The Company has determined that all of its leases and development costs were impaired due to its inability to pay the future annual leases on our properties. As a result, we recorded an impairment charge of $415,367 for the year ended December 31, 2012. | |
Sales of unproved nonoperating interests in oil and gas leases are accounted for as a reduction in the capitalized amount of the leases. | |
Sale of Subsidiary Shares | ' |
Sale of Subsidiary Shares | |
All amounts realized from the sale of Coastal Petroleum shares have been credited to capital in excess of par value. | |
Net Loss Per Share | ' |
Net Loss Per Share | |
Net loss per common share is based upon the weighted average number of common and common equivalent shares outstanding during the period. The Company’s basic and diluted calculations of EPS are the same because the exercise of options is not assumed in calculating diluted EPS, as the result would be anti-dilutive. | |
Financial instruments | ' |
Financial instruments | |
The carrying value for cash and cash equivalents, certificates of deposit, and accounts payable approximates fair value based on anticipated cash flows and current market conditions. | |
Stock Based Compensation | ' |
Stock Based Compensation | |
The Company uses the fair value based method of accounting for its stock option plans, which requires companies to expense stock options and other share-based payments. | |
Effects of Recent Accounting Pronouncements | ' |
Effects of Recent Accounting Pronouncements | |
In May 2014, the FASB issued ASU 2014-09 (Revenue from Contracts with Customers (Topic 606)), which requires an entity to recognize revenue from the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance addresses in particular contracts with more than one performance obligation as well as the accounting for some costs to obtain or fulfill a contract with a customer and provides for additional disclosures with respect to revenues and cash flows arising from contracts with customers. With respect to public entities, this update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and early adoption is not permitted. We believe that our implementation of this guidance will have no material impact on our consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-10 (Development Stage Entities (Topic 915)), which eliminates certain financial reporting requirements related to development stage entities. The pronouncement removes the distinction between development stage companies and other reporting entities from U.S. GAAP. The pronouncement also eliminates the requirements for development stage entities to (1) present inception-to-date information in the statements of operations, cash flows and shareholders’ equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. With respect to public entities, this update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014, with early adoption permitted. The Company has decided to implement this update effective January 1, 2013. | |
Going Concern | ' |
Going Concern | |
The Company has no recurring revenues, had recurring losses since 2006 and prior to 2005, and has an accumulated deficit. The Company’s current cash position is not adequate to fund existing operations or exploration and development. The Company has an agreement in place with a director pursuant to which the director may further fund the Company to continue operations and exploration. There is no assurance that the Company will be able to obtain any funding, that sufficient funding can be obtained, or that the Company will be able to raise necessary funds. | |
These situations raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities, which may result from the outcome of this uncertainty. |
Stock_Option_Plans_Tables
Stock Option Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Employee Stock Option | ' | ||||||||||||||||||||
Stock Option Activity | ' | ||||||||||||||||||||
The following table summarizes employee stock option activity: | |||||||||||||||||||||
Employee Options outstanding | Number of | Range of | Weighted | Aggregate | Aggregate | ||||||||||||||||
Shares | Per Share | Average | Option | Intrinsic | |||||||||||||||||
Option | Exercise | Price ($) | Value ($) | ||||||||||||||||||
Price ($) | Price ($) | ||||||||||||||||||||
Outstanding and exercisable at December 31, 2011 | 350,000 | .15-.20 | 0.18 | 65,000 | — | ||||||||||||||||
Issued or cancelled during 2012 | — | — | — | — | — | ||||||||||||||||
Outstanding and exercisable at December 31, 2012 | 350,000 | .15-.20 | 0.18 | 65,000 | — | ||||||||||||||||
Issued or cancelled during 2013 | (300,000 | ) | — | — | — | — | |||||||||||||||
Outstanding and exercisable at December 31, 2013 | 50,000 | 0.15 | 0.15 | 7,500 | — | ||||||||||||||||
Available for grant at December 31, 2013 | 3,225,000 | ||||||||||||||||||||
Options Outstanding by Year Granted | ' | ||||||||||||||||||||
Summary of Employee Options Outstanding at December 31, 2013 | |||||||||||||||||||||
Year Granted | Number of Shares | Expiration Date | Exercise Prices ($) | ||||||||||||||||||
Granted 2005 | 50,000 | December 20, 2015 | 0.15 | ||||||||||||||||||
Non Employee Stock Options | ' | ||||||||||||||||||||
Stock Option Activity | ' | ||||||||||||||||||||
A summary of non-employee option activity follows: | |||||||||||||||||||||
Non-Employee Options Outstanding | Number of | Range of | Weighted | Aggregate | Aggregate | ||||||||||||||||
Shares | Per Share | Average | Option | Intrinsic | |||||||||||||||||
Option | Exercise | Price ($) | Value ($) | ||||||||||||||||||
Price ($) | Price ($) | ||||||||||||||||||||
Outstanding and exercisable at December 31, 2011 | 25,000 | 0.15 | 0.15 | 3,750 | — | ||||||||||||||||
Issued or cancelled during 2012 | — | — | — | — | — | ||||||||||||||||
Outstanding and exercisable at December 31, 2012 | 25,000 | 0.15 | 0.15 | 3,750 | — | ||||||||||||||||
Issued or cancelled during 2013 | — | — | — | — | — | ||||||||||||||||
Outstanding and exercisable at December 31, 2013 | 25,000 | 0.15 | 0.15 | 3,750 | — | ||||||||||||||||
Options Outstanding by Year Granted | ' | ||||||||||||||||||||
The following table summarizes information about non-employee stock options: | |||||||||||||||||||||
Summary of Non Employee Options Outstanding at December 31, 2013 | |||||||||||||||||||||
Year Granted | Number of Shares | Expiration Date | Exercise Prices ($) | ||||||||||||||||||
Granted 2005 | 25,000 | July 18, 2015 | 0.15 |
Income_taxes_Tables
Income taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Significant Components of Deferred Tax Assets | ' | ||||||||
Significant components of the Company’s deferred tax assets were as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Net operating losses | $ | 4,055,000 | $ | 4,055,000 | |||||
Accruals to related parties | 314,000 | 305,000 | |||||||
Total deferred tax assets | 4,369,000 | 4,360,000 | |||||||
Valuation allowance | (4,369,000 | ) | (4,360,000 | ) | |||||
Net deferred tax assets | $ | — | $ | — | |||||
Components of Income Tax Provision | ' | ||||||||
Components of the income tax provision for the years ended December 31, are as follows: | |||||||||
2013 | 2012 | ||||||||
Provision for income taxes | |||||||||
Current provision (benefit) | $ | — | $ | — | |||||
Deferred asset valuation allowance (reversal) | — | — | |||||||
Net income tax provision (benefit) | $ | — | $ | — | |||||
Recovered_Sheet1
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Discount rate of capitalized costs | 10.00% | ' |
Write off of unproved properties | ' | $415,367 |
MONTANA | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Write off of unproved properties | ' | $415,367 |
Certificates of Deposit | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Number of previous well permits | 3 | ' |
Unproved_Oil_Gas_and_Mineral_P1
Unproved Oil Gas and Mineral Properties - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | ||
Dec. 31, 2012 | Jul. 31, 2005 | Dec. 31, 2013 | Dec. 31, 2012 | |
NORTH DAKOTA | MONTANA | MONTANA | ||
acre | Transactions | |||
acre | ||||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ' | ' | ' | ' |
Write off of unproved properties | $415,367 | ' | ' | $415,367 |
Gas and oil lease area, undeveloped, net | ' | 21,688 | 32,313 | ' |
Number of acquisitions between July 2005 and February 2006 | ' | ' | 3 | ' |
Common_Stock_Additional_Inform
Common Stock - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 2 Months Ended | 8 Months Ended | 10 Months Ended | 12 Months Ended | 21 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | 20-May-11 | Sep. 30, 2012 | Oct. 31, 2011 | Dec. 31, 2011 | Aug. 31, 2012 | Aug. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 17, 2014 | |
Robert J. Angerer, Sr. | Robert J. Angerer, Sr. | Robert J. Angerer, Sr. | Robert J. Angerer, Sr. | Robert J. Angerer, Sr. | Robert J. Angerer, Sr. | Robert J. Angerer, Sr. | Robert J. Angerer, Sr. | Robert J. Angerer, Sr. | Robert J. Angerer, Sr. | |||
Subsequent Event | ||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares, number of shares issued | ' | ' | 857,142 | ' | ' | ' | ' | ' | ' | 972,223 | 3,472,221 | ' |
Issuance of common shares, value | ' | ' | $60,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional common shares issued | ' | ' | 142,857 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional common shares issued, value | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issuable under the agreement | ' | ' | 999,999 | ' | 4,444,444 | ' | ' | ' | ' | 3,564,705 | ' | 18,063,865 |
Commitment to spend in operational costs | ' | ' | ' | 1,000,000 | 130,000 | ' | ' | ' | ' | ' | ' | ' |
Number of common stock covered under the agreement | ' | ' | ' | ' | 4,444,444 | ' | ' | ' | ' | ' | ' | ' |
Proceeds Issuance of common stock | 463,522 | 140,937 | ' | ' | 30,000 | 55,000 | 35,000 | 90,000 | ' | ' | ' | ' |
Expenses related to Federal 1-19A well | ' | ' | ' | ' | 70,000 | ' | ' | ' | ' | 171,501 | ' | ' |
Common stock issuable under the agreement, price per share | ' | ' | ' | $0.03 | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of legal compliance costs | ' | ' | ' | ' | ' | ' | ' | ' | 60,000 | ' | ' | 78,394 |
Payment of existing liabilities of the company | ' | ' | ' | ' | ' | ' | ' | ' | $343,988 | ' | ' | ' |
Common stock issuable under all agreements made to date | ' | ' | ' | ' | ' | ' | ' | ' | 27,073,013 | ' | ' | ' |
Stock_Option_Plans_Additional_
Stock Option Plans - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2005 | Dec. 31, 1995 | Sep. 30, 2012 | Sep. 30, 2005 | Jul. 31, 2005 | Dec. 31, 2013 | Dec. 31, 2005 | Dec. 31, 2013 | Jul. 31, 2005 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Stock Option | Employee Stock Option | Employee Stock Option | Employee Stock Option | Employee Stock Option | Employee Stock Option | Employee Stock Option | Employee Stock Option | Employee Stock Option | Employee Stock Option | Nonqualified Stock Options | Nonqualified Stock Options | Non Employee Stock Options | Non Employee Stock Options | |
President | President | President | President | Director | Director | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option plan authorized | ' | ' | 2,300,000 | 1,000,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares issued | 0 | 0 | ' | ' | 1,000,000 | 250,000 | 50,000 | ' | 200,000 | ' | 25,000 | ' | 0 | 0 |
Number of shares issued, share price | ' | ' | ' | ' | $0.03 | $0.20 | $0.15 | ' | $0.15 | ' | $0.15 | ' | ' | ' |
Stock option expiration year | ' | ' | ' | ' | ' | '2013 | '2013 | ' | ' | ' | ' | ' | ' | ' |
Stock option expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2015-12 | ' | '2015-07 | ' | ' |
Stock options, expiration date | ' | ' | ' | ' | ' | ' | ' | 31-Dec-17 | ' | ' | ' | ' | ' | ' |
Share base compensation weighted-average remaining contractual life | '2 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee_Stock_Option_Activity
Employee Stock Option Activity (Detail) (Employee Stock Option, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employee Stock Option | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Outstanding and exercisable beginning balance, number of shares | 350,000 | 350,000 | ' |
Issued or canceled during the period, number of shares | -300,000 | ' | ' |
Outstanding and exercisable ending balance, number of shares | 50,000 | 350,000 | 350,000 |
Outstanding and exercisable range of per share option price, maximum | ' | ' | ' |
Available for grant, number of shares | 3,225,000 | ' | ' |
Outstanding and exercisable range of per share option price, minimum | ' | $0.15 | $0.15 |
Outstanding and exercisable range of per share option price, maximum | $0.15 | $0.20 | $0.20 |
Outstanding and exercisable, weighted average exercise price | $0.18 | $0.18 | ' |
Issued or cancelled, Weighted Average Exercise Price | ' | ' | ' |
Outstanding and exercisable, weighted average exercise price | $0.15 | $0.18 | $0.18 |
Outstanding and exercisable, Aggregate option price | $65,000 | $65,000 | ' |
Issued or cancelled, Aggregate Option Price | ' | ' | ' |
Outstanding and exercisable, Aggregate option price | 7,500 | 65,000 | 65,000 |
Outstanding and exercisable, Aggregate Intrinsic Value | ' | ' | ' |
Summary_of_Employee_Options_Ou
Summary of Employee Options Outstanding by Year Granted (Detail) (Employee Stock Option, Grant Date One, USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Employee Stock Option | Grant Date One | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Year Granted | '2005 |
Number of Shares | 50,000 |
Expiration Date | 20-Dec-15 |
Exercise Prices | $0.15 |
Non_Employee_Stock_Option_Acti
Non Employee Stock Option Activity (Detail) (Non Employee Stock Options, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Non Employee Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Outstanding and exercisable beginning balance, number of shares | 25,000 | 25,000 | ' |
Issued or canceled during the period, number of shares | ' | ' | ' |
Outstanding and exercisable ending balance, number of shares | 25,000 | 25,000 | 25,000 |
Outstanding and exercisable range of per share option price | $0.15 | $0.15 | $0.15 |
Outstanding and exercisable, weighted average exercise price | $0.15 | $0.15 | $0.15 |
Outstanding and exercisable, Aggregate option price | $3,750 | $3,750 | $3,750 |
Aggregate Intrinsic Value | ' | ' | ' |
Summary_of_Non_Employee_Option
Summary of Non Employee Options Outstanding by Year Granted (Detail) (Non Employee Stock Options, Grant Date One, USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Non Employee Stock Options | Grant Date One | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Year Granted | '2005 |
Number of Shares | 25,000 |
Expiration Date | 18-Jul-15 |
Exercise Prices | $0.15 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | Dec. 31, 2013 |
Income Taxes [Line Items] | ' |
Operating loss carry forwards | $11,585,000 |
Uncertain tax positions | 0 |
Expire in 2018 | ' |
Income Taxes [Line Items] | ' |
Net operating loss carry forwards | 757,000 |
Expire in 2019 | ' |
Income Taxes [Line Items] | ' |
Net operating loss carry forwards | 622,000 |
Expire in 2020 | ' |
Income Taxes [Line Items] | ' |
Net operating loss carry forwards | 749,000 |
Expire in 2021 | ' |
Income Taxes [Line Items] | ' |
Net operating loss carry forwards | 1,884,000 |
Expire in 2022 | ' |
Income Taxes [Line Items] | ' |
Net operating loss carry forwards | 1,693,000 |
Expire in 2023 | ' |
Income Taxes [Line Items] | ' |
Net operating loss carry forwards | 132,000 |
Expire in 2024 | ' |
Income Taxes [Line Items] | ' |
Net operating loss carry forwards | 57,000 |
Expire in 2026 | ' |
Income Taxes [Line Items] | ' |
Net operating loss carry forwards | 1,434,000 |
Expire in 2027 | ' |
Income Taxes [Line Items] | ' |
Net operating loss carry forwards | 135,000 |
Expire in 2028 | ' |
Income Taxes [Line Items] | ' |
Net operating loss carry forwards | 112,000 |
Expire in 2029 | ' |
Income Taxes [Line Items] | ' |
Net operating loss carry forwards | 480,000 |
Expire in 2031 | ' |
Income Taxes [Line Items] | ' |
Net operating loss carry forwards | 3,000 |
Expire in 2032 | ' |
Income Taxes [Line Items] | ' |
Net operating loss carry forwards | $3,527,000 |
Significant_Components_of_Comp
Significant Components of Company's Deferred Tax Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Summary Of Net Deferred Tax Assets [Line Items] | ' | ' |
Net operating losses | $4,055,000 | $4,055,000 |
Accruals to related parties | 314,000 | 305,000 |
Total deferred tax assets | 4,369,000 | 4,360,000 |
Valuation allowance | -4,369,000 | -4,360,000 |
Net deferred tax assets | ' | ' |
Components_of_Income_Tax_Provi
Components of Income Tax Provision (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes Provision Benefit Summary Of Income Taxes [Line Items] | ' | ' |
Current provision (benefit) | ' | ' |
Deferred asset valuation allowance (reversal) | ' | ' |
Net income tax provision (benefit) | ' | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | ' | ' |
Due to related parties, current | $1,363,787 | $1,313,235 |
Directors fees accrued | 25,000 | 25,000 |
Directors' fee Liability | 318,750 | 293,750 |
Angerer & Angerer | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Due to related parties, current | 150,000 | 150,000 |
President | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Compensation and related benefits | 20,833 | ' |
Compensation and related benefits liability | 708,334 | 687,500 |
Chief Executive Officer | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Compensation and related benefits | 3,125 | ' |
Compensation and related benefits liability | 186,703 | 181,985 |
Igler & Dougherty, P.A. | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Due to related parties, current | ' | $14,595 |
Concentrations_of_Credit_Risk_
Concentrations of Credit Risk - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Concentration Risk [Line Items] | ' | ' |
Demand deposit | $11,222 | $1,577 |
Certificates of deposit | $86,630 | $86,485 |
Recovered_Sheet2
Commitments, Contingencies and Subsequent Events - Additional Information (Detail) (Employee Stock Option, USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2005 | Dec. 31, 1995 | Sep. 30, 2012 | Sep. 30, 2005 | Jul. 31, 2005 | Dec. 31, 2013 | |
President | President | President | President | |||||
Commitments, Contingencies And Subsequent Events [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option plan authorized | ' | ' | 2,300,000 | 1,000,000 | 300,000 | ' | ' | ' |
Stock options, expiration period | ' | ' | ' | ' | '90 days | ' | ' | ' |
Agreed payment to former CEO | ' | ' | ' | ' | $200,000 | ' | ' | ' |
Number of shares issued | 0 | 0 | ' | ' | 1,000,000 | 250,000 | 50,000 | ' |
Common stock issued, share price | ' | ' | ' | ' | $0.03 | $0.20 | $0.15 | ' |
Stock options, expiration date | ' | ' | ' | ' | ' | ' | ' | 31-Dec-17 |
Employment agreement termination date | ' | ' | ' | ' | ' | ' | ' | 28-Feb-13 |