Cover
Cover - shares | 6 Months Ended | |
Jan. 31, 2023 | Mar. 10, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jan. 31, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --07-31 | |
Entity File Number | 000-13176 | |
Entity Registrant Name | NON INVASIVE MONITORING SYSTEMS INC /FL/ | |
Entity Central Index Key | 0000720762 | |
Entity Tax Identification Number | 59-2007840 | |
Entity Incorporation, State or Country Code | FL | |
Entity Address, Address Line One | 4400 Biscayne Blvd. | |
Entity Address, Address Line Two | Suite 180 | |
Entity Address, City or Town | Miami | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33137 | |
City Area Code | (305) | |
Local Phone Number | 575-4207 | |
Title of 12(b) Security | Common Stock, $.01 par value per share | |
Trading Symbol | NIMU | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding | 154,810,655 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jan. 31, 2023 | Jul. 31, 2022 |
Current assets | ||
Cash | $ 31,000 | $ 15,000 |
Prepaid expenses | 46,000 | 6,000 |
Total current assets | 77,000 | 21,000 |
Total assets | 77,000 | 21,000 |
Current liabilities | ||
Accounts payable and accrued expenses | 230,000 | 219,000 |
Current liabilities – discontinued operations | 51,000 | 51,000 |
Notes payable – related parties | 300,000 | |
Accrued interest – related parties | 28,000 | |
Total current liabilities | 609,000 | 270,000 |
Notes payable – related parties | 150,000 | |
Accrued interest – related parties | 14,000 | |
Total liabilities | 609,000 | 434,000 |
Commitments and contingencies (Note 8) | ||
Shareholders’ deficit | ||
Series B Preferred Stock, par value $1.00 per share; 100 shares authorized, issued and outstanding; liquidation preference $10 | ||
Common Stock, par value $0.01 per share; 400,000,000 shares authorized; 154,810,655 shares issued and outstanding as of January 31, 2023 and July 31, 2022 | 1,548,000 | 1,548,000 |
Additional paid in capital | 26,574,000 | 26,574,000 |
Accumulated deficit | (28,654,000) | (28,535,000) |
Total shareholders’ deficit | (532,000) | (413,000) |
Total liabilities and shareholders’ deficit | $ 77,000 | $ 21,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jan. 31, 2023 | Jul. 31, 2022 |
Series B Preferred stock, shares authorized | 1,000,000 | |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 154,810,655 | 154,810,655 |
Common stock, shares outstanding | 154,810,655 | 154,810,655 |
Series B Preferred Stock [Member] | ||
Series B Preferred stock, par value | $ 1 | $ 1 |
Series B Preferred stock, shares issued | 100 | 100 |
Series B Preferred stock, shares outstanding | 100 | 100 |
Series B Preferred stock, shares authorized | 100 | 100 |
Series B Preferred stock, liquidation preference | $ 10 | $ 10 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Operating costs and expenses | ||||
General and administrative | $ 40 | $ 36 | $ 105 | $ 93 |
Total operating costs and expenses | 40 | 36 | 105 | 93 |
Operating loss | (40) | (36) | (105) | (93) |
Interest expense | (8) | (5) | (14) | (6) |
Net loss | $ (48) | $ (41) | $ (119) | $ (99) |
Weighted average number of common shares outstanding - Basic and diluted | 154,811 | 154,811 | 154,811 | 154,811 |
Basic and diluted loss per common share | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Shareholders' Deficit (Unaudited) - USD ($) $ in Thousands | Preferred Stock [Member] Series B Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance, value at Jul. 31, 2021 | $ 1,548 | $ 26,574 | $ (28,362) | $ (240) | |
Balance, shares at Jul. 31, 2021 | 100 | 154,810,655 | |||
Net loss | (58) | (58) | |||
Balance, value at Oct. 31, 2021 | $ 1,548 | 26,574 | (28,420) | (298) | |
Balance, shares at Oct. 31, 2021 | 100 | 154,810,655 | |||
Balance, value at Jul. 31, 2021 | $ 1,548 | 26,574 | (28,362) | (240) | |
Balance, shares at Jul. 31, 2021 | 100 | 154,810,655 | |||
Net loss | (99) | ||||
Balance, value at Jan. 31, 2022 | $ 1,548 | 26,574 | (28,461) | (339) | |
Balance, shares at Jan. 31, 2022 | 100 | 154,810,655 | |||
Balance, value at Oct. 31, 2021 | $ 1,548 | 26,574 | (28,420) | (298) | |
Balance, shares at Oct. 31, 2021 | 100 | 154,810,655 | |||
Net loss | (41) | (41) | |||
Balance, value at Jan. 31, 2022 | $ 1,548 | 26,574 | (28,461) | (339) | |
Balance, shares at Jan. 31, 2022 | 100 | 154,810,655 | |||
Balance, value at Jul. 31, 2022 | $ 1,548 | 26,574 | (28,535) | (413) | |
Balance, shares at Jul. 31, 2022 | 100 | 154,810,655 | |||
Net loss | (71) | (71) | |||
Balance, value at Oct. 31, 2022 | $ 1,548 | 26,574 | (28,606) | (484) | |
Balance, shares at Oct. 31, 2022 | 100 | 154,810,655 | |||
Balance, value at Jul. 31, 2022 | $ 1,548 | 26,574 | (28,535) | (413) | |
Balance, shares at Jul. 31, 2022 | 100 | 154,810,655 | |||
Net loss | (119) | ||||
Balance, value at Jan. 31, 2023 | $ 1,548 | 26,574 | (28,654) | (532) | |
Balance, shares at Jan. 31, 2023 | 100 | 154,810,655 | |||
Balance, value at Oct. 31, 2022 | $ 1,548 | 26,574 | (28,606) | (484) | |
Balance, shares at Oct. 31, 2022 | 100 | 154,810,655 | |||
Net loss | (48) | (48) | |||
Balance, value at Jan. 31, 2023 | $ 1,548 | $ 26,574 | $ (28,654) | $ (532) | |
Balance, shares at Jan. 31, 2023 | 100 | 154,810,655 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jan. 31, 2023 | Oct. 31, 2022 | Jan. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2023 | Jan. 31, 2022 | |
Operating activities | ||||||
Net loss | $ (48) | $ (71) | $ (41) | $ (58) | $ (119) | $ (99) |
Changes in operating assets and liabilities | ||||||
Prepaid expenses | (40) | (32) | ||||
Accounts payable and accrued expenses | 11 | (13) | ||||
Accrued interest – related parties | 14 | 6 | ||||
Net cash used in operating activities | (134) | (138) | ||||
Financing Activities | ||||||
Proceeds from notes payable – related parties | 150 | 150 | ||||
Net cash provided by financing activities | 150 | 150 | ||||
Net increase in cash | 16 | 12 | ||||
Cash, beginning of period | $ 15 | $ 55 | 15 | 55 | ||
Cash, end of period | $ 31 | $ 67 | $ 31 | $ 67 |
ORGANIZATION AND BUSINESS
ORGANIZATION AND BUSINESS | 6 Months Ended |
Jan. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS | 1. ORGANIZATION AND BUSINESS Organization. ® Business. Discontinued Operations. Accordingly, the Company determined that the assets and liabilities met the discontinued operations criteria in Accounting Standards Codification 205-20-45 and were classified as discontinued operations at January 31, 2023 and July 31, 2022. Going Concern 119,000 99,000 28,654,000 31,000 532,000 The Company is seeking potential mergers, acquisitions and strategic collaborations. The Company is also exploring obtaining additional promissory notes from related parties. There is no assurance that the Company will be successful in this regard, and, if not successful, that it will be able to continue its business activities. The accompanying condensed consolidated financial statements do not include any adjustments that might be necessary from the outcome of this uncertainty. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jan. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation Discontinued Operations Use of Estimates Cash and Cash Equivalent 31,000 15,000 no Income Taxes The Company files its tax returns as prescribed by the laws of the jurisdictions in which it operates. Tax years ranging from 2018 to 2022 remain open to examination by various taxing jurisdictions as the statute of limitations has not expired. Fair Value of Financial Instruments Loss Contingencies Related Parties Recent Accounting Pronouncements |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 6 Months Ended |
Jan. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | 3. DISCONTINUED OPERATIONS On May 3, 2019 the Company exchanged its inventory for forgiveness of accrued unpaid rent. Concurrent with the exchange management with the appropriate level of authority determined to discontinue the operations of the product segment. The detail of the condensed consolidated balance sheets for the discontinued operations is as stated below (in thousands): SCHEDULE OF BALANCE SHEETS OF DISCONTINUED OPERATIONS As of January 31, 2023 As of July 31, 2022 Current liabilities – discontinued operations Accounts payable and accrued expenses $ 51 $ 51 Total current liabilities – discontinued operations 51 51 Total liabilities – discontinued operations $ 51 $ 51 |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 6 Months Ended |
Jan. 31, 2023 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY | 4. SHAREHOLDERS’ EQUITY The Company has a single class of Preferred Stock. Holders of Series B Preferred Stock are entitled to vote with the holders of common stock as a single class on all matters. We are currently authorized to issue an aggregate of 401,000,000 400,000,000 1,000,000 Series B Preferred Stock is not redeemable by the Company and has a liquidation value of $ 100 10 No The Company did not |
BASIC AND DILUTED LOSS PER SHAR
BASIC AND DILUTED LOSS PER SHARE | 6 Months Ended |
Jan. 31, 2023 | |
Earnings Per Share [Abstract] | |
BASIC AND DILUTED LOSS PER SHARE | 5. BASIC AND DILUTED LOSS PER SHARE Basic net loss per common share is computed by dividing net loss attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed giving effect to all dilutive potential common shares that were outstanding during the period. Diluted potential common shares consist of incremental shares issuable upon exercise of stock options and warrants and conversion of preferred stock. In computing diluted net loss per share for the periods ended January 31, 2023 and 2022, no |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jan. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 6. RELATED PARTY TRANSACTIONS Dr. Hsiao, Dr. Frost and directors Steven Rubin and Rao Uppaluri are stockholders and/or directors or former directors of Asensus Surgical, Inc. (formerly TransEnterix, Inc.) (“Asensus”), a publicly-traded medical device company. The Company’s Chief Legal Officer has served under a cost sharing arrangement as the Chief Legal Officer of Asensus, from December 2009 until August 31, 2021. Since September 1, 2021 the Company’s Chief Legal Officer has been compensated directly from the Company. The Company’s Chief Financial Officer also serves as the Chief Financial Officer and Co-Interim Chief Executive Officer of Cocrystal Pharma, Inc., a clinical stage Nasdaq listed biotechnology company, and in which Steve Rubin and Dr. Frost serve on the Board. The Company expensed $ 0 400 no The Company signed a five year 10 December 31, 2012 1,250 0 not no The Company is under common control with multiple entities and the existence of that control could result in operating results or financial position of each individual entity significantly different from those that would have been obtained if the entities were autonomous. One of those related parties, OPKO Health, Inc. (“OPKO”) and the Company are under common control and OPKO has a one percent ownership interest in the Company that OPKO has accounted for as an equity method investment due to the ability to significantly influence the Company. |
NOTES PAYABLE _ RELATED PARTIES
NOTES PAYABLE – RELATED PARTIES | 6 Months Ended |
Jan. 31, 2023 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE – RELATED PARTIES | 7. NOTES PAYABLE – RELATED PARTIES On October 4, 2021, the Company entered into two Promissory Notes in the principal amount of $ 75,000 11 October 4, 2023 On September 16, 2022, the Company entered into two Promissory Notes in the principal amount of $ 75,000 11 October 4, 2023 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jan. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 8. COMMITMENTS AND CONTINGENCIES Leases. The Company was under an operating lease agreement for our corporate office space that expired in 2012 Product Development and Supply Agreement. In September 2007, the Company entered into a Product Development and Supply Agreement (the “Agreement”) with Sing Lin Technologies Co. Ltd., a company based in Taichung, Taiwan (“Sing Lin”). Pursuant to the Agreement, the Company consigned to Sing Lin the development and design of the next generation Exer-Rest and related devices. The Agreement commenced as of September 3, 2007 and had a term that extended three years from the acceptance by NIMS of the first run of production units. Thereafter, the Agreement automatically renewed for successive one year terms unless either party sent the other a notice of non-renewal. Either party was permitted to terminate the Agreement with ninety days prior written notice. Upon termination, each party’s obligations under the Agreement were to be limited to obligations related to confirmed orders placed prior to the termination date. Pursuant to the Agreement, Sing Lin designed, developed and manufactured the tooling required to manufacture the acceleration therapeutic platforms for a total cost to the Company of $ 471,000 150,000 150,000 Under the now-terminated Agreement, the Company also granted Sing Lin the exclusive distribution rights for the products in certain countries in the Far East, including Taiwan, China, Japan, South Korea, Malaysia, Indonesia and certain other countries. Sing Lin agreed not to sell the Products outside its geographic areas in the Far East. The Agreement provided for the Company to purchase approximately $ 2.6 4.1 8.8 1.7 41,000 13.9 As of January 31, 2023, the Company had not placed orders sufficient to meet the purchase obligations under the Agreement. The Company notified Sing Lin in June 2010 that it was terminating the Agreement effective September 2010, and Sing Lin in July 2010 demanded that the Company place orders sufficient to fulfill the three year minimum purchase obligations in the Agreement |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jan. 31, 2023 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation |
Discontinued Operations | Discontinued Operations |
Use of Estimates | Use of Estimates |
Cash and Cash Equivalent | Cash and Cash Equivalent 31,000 15,000 no |
Income Taxes | Income Taxes The Company files its tax returns as prescribed by the laws of the jurisdictions in which it operates. Tax years ranging from 2018 to 2022 remain open to examination by various taxing jurisdictions as the statute of limitations has not expired. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
Loss Contingencies | Loss Contingencies |
Related Parties | Related Parties |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 6 Months Ended |
Jan. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
SCHEDULE OF BALANCE SHEETS OF DISCONTINUED OPERATIONS | The detail of the condensed consolidated balance sheets for the discontinued operations is as stated below (in thousands): SCHEDULE OF BALANCE SHEETS OF DISCONTINUED OPERATIONS As of January 31, 2023 As of July 31, 2022 Current liabilities – discontinued operations Accounts payable and accrued expenses $ 51 $ 51 Total current liabilities – discontinued operations 51 51 Total liabilities – discontinued operations $ 51 $ 51 |
ORGANIZATION AND BUSINESS (Deta
ORGANIZATION AND BUSINESS (Details Narrative) - USD ($) | 6 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jul. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net losses from continuing operations | $ 119,000 | $ 99,000 | |
Accumulated deficit | 28,654,000 | $ 28,535,000 | |
Cash | 31,000 | ||
Working capital deficit | $ 532,000 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Jan. 31, 2023 | Jul. 31, 2022 |
Accounting Policies [Abstract] | ||
Cash at bank | $ 31,000 | $ 15,000 |
Cash equivalents | $ 0 | $ 0 |
SCHEDULE OF BALANCE SHEETS OF D
SCHEDULE OF BALANCE SHEETS OF DISCONTINUED OPERATIONS (Details) - USD ($) $ in Thousands | Jan. 31, 2023 | Jul. 31, 2022 |
Current liabilities – discontinued operations | ||
Accounts payable and accrued expenses | $ 51 | $ 51 |
Total current liabilities – discontinued operations | 51 | 51 |
Total liabilities – discontinued operations | $ 51 | $ 51 |
SHAREHOLDERS_ EQUITY (Details N
SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | Jul. 31, 2022 | |
Class of Stock [Line Items] | |||||
Capital units, authorized | 401,000,000 | 401,000,000 | |||
Common stock, shares authorized | 400,000,000 | 400,000,000 | 400,000,000 | ||
Series B Preferred stock, designated shares | 1,000,000 | 1,000,000 | |||
Dividends, preferred stock | $ 0 | $ 0 | $ 0 | $ 0 | |
Stock issued during the period | |||||
Series B Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Series B Preferred stock, designated shares | 100 | 100 | 100 | ||
Preferred stock liquidation preference, per share value | $ 100 | $ 100 | |||
Dividends payable amount per share | $ 10 | $ 10 |
BASIC AND DILUTED LOSS PER SH_2
BASIC AND DILUTED LOSS PER SHARE (Details Narrative) - shares | 6 Months Ended | |
Jan. 31, 2023 | Jan. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 0 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jan. 01, 2008 | Feb. 29, 2016 | Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | Jul. 31, 2022 | |
Related Party Transaction [Line Items] | |||||||
Liabilities | $ 609,000 | $ 609,000 | $ 434,000 | ||||
Dr. Phillip Frost [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Lease term | 5 years | ||||||
Beneficial ownership percentage | 10% | ||||||
Lease expired date | Dec. 31, 2012 | ||||||
Rental payments | $ 1,250 | $ 0 | 0 | $ 0 | |||
Rent expense | |||||||
Cost Sharing Arrangement [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Costs and expenses of related party | 0 | $ 400 | 0 | $ 400 | |||
Cost Sharing Arrangement [Member] | Asensus Surgical Inc [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Liabilities | $ 0 | $ 0 | $ 0 |
NOTES PAYABLE _ RELATED PARTI_2
NOTES PAYABLE – RELATED PARTIES (Details Narrative) - Two Promissory Notes [Member] - USD ($) | Sep. 16, 2022 | Oct. 04, 2021 |
Short-Term Debt [Line Items] | ||
Note and security agreement, description | the Company entered into two Promissory Notes in the principal amount of $75,000 each with Frost Gamma Investments Trust (the “Frost Gamma Note 2”), a trust controlled by Dr. Phillip Frost and with Jane Hsiao, Ph.D., the Company’s Chairman and Interim CEO (the “Hsiao Note 2”), both which beneficially owns in excess of 10% of NIMS’ common stock. The interest rate payable by NIMS on the Frost Gamma Note 2 and Hsiao Note 2 is 11% per annum, payable on the Maturity Date of October 4, 2023. The Frost Gamma Note 2 and Hsiao Note 2 may be prepaid in advance of the Maturity Date without penalty. | the Company entered into two Promissory Notes in the principal amount of $75,000 each with Frost Gamma Investments Trust (the “Frost Gamma Note”), a trust controlled by Dr. Phillip Frost and with Jane Hsiao, Ph.D., the Company’s Chairman and Interim CEO (the “Hsiao Note”), both which beneficially owns in excess of 10% of NIMS’ common stock. The interest rate payable by NIMS on the Frost Gamma Note and Hsiao Note is 11% per annum, payable on the maturity date of October 4, 2023 (the “Maturity Date”). The Frost Gamma Note and Hsiao Note may be prepaid in advance of the Maturity Date without penalty |
Promissory notes, principal amount | $ 75,000 | $ 75,000 |
Interest rate payable, percentage | 11% | 11% |
Maturity date | Oct. 04, 2023 | Oct. 04, 2023 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended |
Sep. 30, 2007 | Jan. 31, 2023 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Lease expiration, date | 2012 | |
SingLin Techonologies [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Payments to suppliers | $ 1,700,000 | |
Due to related party | 41,000 | |
Product Development and Supply Agreement [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Purchase obligation | $ 13,900,000 | |
Purchase obligations commitments | The Company notified Sing Lin in June 2010 that it was terminating the Agreement effective September 2010, and Sing Lin in July 2010 demanded that the Company place orders sufficient to fulfill the three year minimum purchase obligations in the Agreement | |
Product Development and Supply Agreement [Member] | Exer-Rest Units [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Purchase obligation, due in next twelve months | $ 2,600,000 | |
Purchase obligation, due in second year | 4,100,000 | |
Purchase obligation, due in third year | $ 8,800,000 | |
Product Development and Supply Agreement [Member] | Sing Lin Technologies Co. Ltd. [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Manufacturing costs | $ 471,000 | |
Tooling cost | 150,000 | |
Payments on approval of product prototype concepts and designs | $ 150,000 |