Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 6-May-15 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Banyan Rail Services Inc. | |
Entity Central Index Key | 764897 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | BARA | |
Entity Common Stock, Shares Outstanding | 6,437,309 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash | $515,943 | $402,401 |
Total current assets | 515,943 | 402,401 |
Total assets | 515,943 | 402,401 |
Current liabilities | ||
Accounts payable | 29,084 | 33,895 |
Accrued payroll | 5,637 | 20,869 |
Accrued professional fees | 16,500 | 14,706 |
Accrued expenses | 2,951 | 0 |
Advances - related parties | 0 | 30,481 |
Accrued dividends | 205,962 | 209,267 |
Total current liabilities | 260,134 | 309,218 |
Total liabilities | 260,134 | 309,218 |
Commitments and contingencies | ||
Stockholders' equity | ||
Common stock, $0.01 par value. 50,000,000 and 7,500,000 shares authorized as of March 31, 2015 and December 31, 2014, respectively. 6,437,309 and 1,563,424 issued as of March 31, 2015 and December 31, 2014, respectively | 64,372 | 15,633 |
Common stock payable | 292,000 | 11,427,963 |
Additional paid-in capital | 108,656,237 | 97,273,708 |
Accumulated deficit | -108,686,215 | -108,553,536 |
Treasury stock, at cost, for 5,655 shares | -70,689 | -70,689 |
Total stockholders' equity | 255,809 | 93,183 |
Total liabilities and stockholders' equity | 515,943 | 402,401 |
Series A Preferred stock | ||
Stockholders' equity | ||
Preferred stock | $104 | $104 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 20,000 | 20,000 |
Preferred stock, shares issued | 20,000 | 20,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 50,000,000 | 7,500,000 |
Common stock, issued | 6,437,309 | 1,563,424 |
Treasury Stock, Shares | 5,655 | 5,655 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
General & administrative expenses | $132,679 | $115,705 |
Loss from operations | -132,679 | -115,705 |
Interest expense | 0 | -53,875 |
Net loss | -132,679 | -169,580 |
Dividends for the benefit of preferred stockholders: | ||
Preferred stock dividends | -25,945 | -124,875 |
Total dividends for the benefit of preferred stockholders | -25,945 | -124,875 |
Net loss attributable to common stockholders | ($158,624) | ($294,455) |
Weighted average number of common shares outstanding: | ||
Basic and diluted | 4,670,559 | 1,072,572 |
Net loss per common share, basic and diluted | ($0.03) | ($0.16) |
Net loss attributable to common shareholders per share | ($0.03) | ($0.27) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities: | ||
Net loss | ($132,679) | ($169,580) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock compensation expense | 0 | 1,122 |
Stock in lieu of cash interest | 0 | 49,500 |
Changes in assets and liabilities, net of effects of discontinued operations: | ||
Decrease in prepaid expenses | 0 | -432 |
(Decrease) increase in accounts payable and accrued expenses | -45,779 | 44,070 |
Net cash used in operating activities | -178,458 | -75,320 |
Cash flows from financing activities: | ||
Proceeds from sale of common stock | 292,000 | 0 |
Proceeds on demand loan - related party | 0 | 50,000 |
Net cash from financing activities | 292,000 | 50,000 |
Net increase (decrease) in cash | 113,542 | -25,320 |
Cash, beginning of period | 402,401 | 27,124 |
Cash, end of period | 515,943 | 1,804 |
Non cash financing activities: | ||
Preferred stock dividend in excess of payments | 25,945 | 285,142 |
Issuance of common shares in lieu of cash dividends payable | 29,250 | 222,000 |
Issuance of shares in settlement of loans and advances payable | 11,427,963 | 0 |
Issuance of shares in lieu of cash interest | $0 | $211,800 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (Deficit) (USD $) | Total | Common Stock | Common Stock Payable | Preferred Stock | Additional Paid in Capital | Accumulated Deficit | Treasury Stock |
Beginning Balance at Dec. 31, 2013 | ($562,589) | $10,369 | $162,300 | $2,548,017 | $94,252,890 | ($97,465,476) | ($70,689) |
Beginning Balance (in shares) at Dec. 31, 2013 | 1,036,945 | 49,950 | 5,655 | ||||
Issuance of common stock | -5,916,742 | 5,264 | -162,300 | -2,547,913 | -3,211,793 | ||
Issuance of common stock (in shares) | 526,479 | -39,575 | |||||
Common stock payable | 11,427,963 | 11,427,963 | |||||
Stock compensation expense | 6,633,175 | 6,633,175 | |||||
Net (loss) income | -11,088,060 | -11,088,060 | |||||
Preferred stock dividends | -400,564 | -400,564 | |||||
Ending Balance at Dec. 31, 2014 | 93,183 | 15,633 | 11,427,963 | 104 | 97,273,708 | -108,553,536 | -70,689 |
Ending Balance (in shares) at Dec. 31, 2014 | 1,563,424 | 10,375 | 5,655 | ||||
Issuance of common stock | 29,250 | 48,739 | -11,427,963 | 0 | 11,408,474 | ||
Issuance of common stock (in shares) | 4,873,885 | 0 | |||||
Common stock payable | 292,000 | ||||||
Net (loss) income | -132,679 | -132,679 | |||||
Preferred stock dividends | -25,945 | -25,945 | |||||
Common stock payable | 292,000 | 292,000 | |||||
Ending Balance at Mar. 31, 2015 | $255,809 | $64,372 | $292,000 | $104 | $108,656,237 | ($108,686,215) | ($70,689) |
Ending Balance (in shares) at Mar. 31, 2015 | 6,437,309 | 10,375 | 5,655 |
Nature_of_Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Nature of Operations | Note 1. Nature of Operations |
Banyan Rail Services Inc. (“Banyan,” “we,” “our” or the “Company”) was originally organized under the laws of the Commonwealth of Massachusetts in 1985, under the name VMS Hotel Investment Trust, for the purpose of investing in mortgage loans, principally to entities affiliated with VMS Realty Partners. The Company was subsequently reorganized as a Delaware corporation in 1987 and changed its name to B.H.I.T. Inc. In 2010, the Company changed its name from B.H.I.T. Inc. to Banyan Rail Services Inc. and purchased The Wood Energy Group, Inc. (“Wood Energy” ). Wood Energy was engaged in the business of railroad tie reclamation and disposal. As a result of the bankruptcy and liquidation of Wood Energy, Banyan is now a shell Company seeking to acquire an operating entity. | |
The Company is actively seeking acquisitions of leading companies within the industrial, energy, transportation, technology and health care industries throughout North America. | |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Note 2. Basis of Presentation |
The accompanying consolidated financial statements give effect to all adjustments necessary to present fairly the financial position and results of operations and cash flows of the Company. All significant intercompany transactions and accounts have been eliminated in consolidation. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3. Summary of Significant Accounting Policies |
Use of Estimates | |
The preparation of financial statements, in conformity with accounting principles generally accepted in the United States, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Cash Equivalents | |
The Company considers all bank deposits and highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company had no cash equivalents at March 31, 2015 or December 31, 2014. From time to time our cash deposits exceed federally insured limits. | |
Fair Value of Financial Instruments | |
Recorded financial instruments as of March 31, 2015 consist of cash, accounts payable and short-term obligations. The related fair values of these financial instruments approximated their carrying values due to either the short-term nature of these instruments or based on the interest rates currently available to the Company. | |
Earnings Per Share | |
Basic earnings (loss) per share is computed based on the weighted average shares outstanding during the period. Diluted earnings (loss) per share is computed using the weighted average number of common and dilutive common stock equivalent shares outstanding during the period. Dilutive common stock equivalent shares consist of the dilutive effect of stock options and convertible preferred stock equivalents. | |
Income Taxes | |
The Company accounts for income taxes in accordance with ASC 740, Accounting for Income Taxes, as clarified by ASC 740-10, Accounting for Uncertainty in Income Taxes. Under this method, deferred income taxes are determined based on the estimated future tax effects of differences between the financial statement and tax basis of assets and liabilities given the provisions of enacted tax laws. | |
Deferred income tax provisions and benefits are based on changes to the assets or liabilities from year to year. In providing for deferred taxes, the Company considers tax regulations of the jurisdictions in which the Company operates, estimates of future taxable income, and available tax planning strategies. If tax regulations, operating results or the ability to implement tax-planning strategies vary, adjustments to the carrying value of deferred tax assets and liabilities may be required. Valuation allowances are recorded related to deferred tax assets based on the “more likely than not” criteria of ASC 740. | |
ASC 740-10 requires that the Company recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the “more-likely-than-not” threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. | |
Retained Earnings distributions | |
The Company’s preferred stockholders are entitled to receive payment before any of the common stockholders upon a liquidation of the Company and we cannot pay dividends on our common stock unless we first pay dividends required by our preferred stock. | |
Liquidity
Liquidity | 3 Months Ended |
Mar. 31, 2015 | |
Liquidity [Abstract] | |
Liquidity | Note 4. Liquidity |
At and for the period ended March 31, 2015, the Company had a net working capital of $255,809 and incurred negative cash flows from operating activities of $178,458. The Company’s future liquidity and capital requirements are dependent upon many factors, including our ability to identify and complete acquisitions and the success of any business we do acquire. We may need to raise additional funds in order to meet working capital requirements, additional capital expenditures or to take advantage of other opportunities. We cannot be certain that we will be able to obtain additional financing on favorable terms or at all. If we are unable to raise needed capital, our growth may be impeded. In addition, if we raise capital by selling additional shares of stock, the percentage ownership of current Banyan shareholders will be diluted. | |
Preferred_Stock_and_Common_Sto
Preferred Stock and Common Stock | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Preferred Stock and Common Stock | Note 5. Preferred Stock and Common Stock |
Preferred stock dividends for Series A Preferred stock are accrued for the semi-annual period ended March 31, 2015 in the amount of $25,945. During 2012, due to the lack of cash flow, the Company offered to pay the accrued dividends in common stock in lieu of cash. In January of 2015, we issued 10,921 shares of common stock in lieu of $29,250 of cash dividends for dividends accrued through December 31, 2014. Substantially all preferred shareholders accepted the common stock in lieu of cash and the common shares for these dividends. | |
At March 31, 2015, the Company had received subscriptions for 1,622,222 shares of common stock in the amount of $292,000. The cash received from these subscriptions will be used to fund the working capital requirements of the Company. The shares will be issued in May 2015. | |
As of March 31, 2015, Banyan Rail Holdings LLC (“Banyan Holdings”) owned 2,726,114 shares of Common stock. | |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 6. Income Taxes |
For the three months ended March 31, 2015 and 2014, the Company recorded an income tax provision of $0. The effective tax rate for the three months ended March 31, 2015 and 2014 was 0%. The tax rate differs from the statutory federal rate of 34% primarily due to valuation allowances recorded on the Company’s net operating loss carry forward generated during the period. The Company recorded an operating loss for the quarter and has a recent history of operating losses. After assessing the realization of the net deferred tax assets, we have recorded a valuation allowance of 100% of the value of the net deferred tax assets, as we believe it more likely than not that the Company will not realize operating profits and taxable income so as to utilize all of the net operating losses in the future. | |
Earnings_loss_per_Share
Earnings (loss) per Share | 3 Months Ended |
Mar. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings (loss) per Share | Note 7. Earnings (loss) per Share |
The Company excluded from the diluted earnings per share calculation 103,750 and 533,097 shares issuable upon conversion of shares of convertible preferred stock that were outstanding at March 31, 2015 and 2014, respectively, as their inclusion would be anti-dilutive. In addition, the Company excluded 5,000 stock options as of March 31, 2015 as their inclusion would be anti-dilutive. | |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |||||||||||||||||
Stock-Based Compensation | Note 8. Stock-Based Compensation | ||||||||||||||||
The Company has stock option agreements with its directors and officers for serving on the Company’s Board of Directors and as officers. The options activity is as follows: | |||||||||||||||||
Weighted | Weighted | Weighted | |||||||||||||||
Average | Average | Average | |||||||||||||||
Number | Exercise Price | Fair Value at | Remaining | Intrinsic | |||||||||||||
of Shares | per Share | Grant Date | Contractual Life | Value | |||||||||||||
Balance January 1, 2014 | 45,000 | 14.75 | 1.3 years | - | |||||||||||||
Options granted | - | - | $ | 0 | - | - | |||||||||||
Options exercised | - | - | - | - | |||||||||||||
Options expired | -17,500 | $ | -1.83 | - | - | ||||||||||||
Balance, January 1, 2015 | 27,500 | $ | 12.92 | 1.3 years | $ | - | |||||||||||
Options granted | - | - | $ | 0 | - | - | |||||||||||
Options exercised | - | - | - | - | |||||||||||||
Options expired | -22,500 | $ | -2.62 | - | - | ||||||||||||
Balance, March 31, 2015 | 5,000 | $ | 10.3 | 1.3 years | $ | - | |||||||||||
Prior to June 30, 2010 the Company had not adopted a formal stock option plan. The number of options issued and the grant dates were determined at the discretion of the Company’s Board. Certain options vest at the date of grant and others vest over a one year period. The options are exercisable for periods not exceeding three to five years from the date of grant. On July 1, 2010 at its annual meeting of stockholders, the 2010 Stock Option and Award Plan was approved. | |||||||||||||||||
The fair values of stock options are estimated using the Black-Scholes method, which takes into account variables such as estimated volatility, expected holding period, dividend yield, and the risk free interest rate. The risk free interest rate is the five year treasury rate at the date of grant. The expected life is based on the contractual life of the options at the date of grant. | |||||||||||||||||
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 9. Related Party Transactions |
The Company’s directors are currently not receiving cash compensation for their services, and no amounts have been recorded in the Company’s financial statements for the value of their services. | |
The Company’s board of directors and officers directly or beneficially own 5,976,375 shares of common stock as of March 31, 2015 or 5,981,375, if their options are exercised. | |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 10. Subsequent Events |
As of May 7, 2015, the Company has sold additional subscriptions subsequent to March 31, 2015 for 672,222 shares of common stock as part of a continuing private placement of common stock in the amount of $121,000. The proceeds of the money received were used to fund working capital requirements. These shares will be issued in May 2015 in conjunction with the issuance of 1,622,222 shares of common stock subscribed to prior to March 31, 2015 (see Note 5. Preferred Stock and Common Stock) | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates |
The preparation of financial statements, in conformity with accounting principles generally accepted in the United States, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Cash | Cash Equivalents |
The Company considers all bank deposits and highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company had no cash equivalents at March 31, 2015 or December 31, 2014. From time to time our cash deposits exceed federally insured limits. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
Recorded financial instruments as of March 31, 2015 consist of cash, accounts payable and short-term obligations. The related fair values of these financial instruments approximated their carrying values due to either the short-term nature of these instruments or based on the interest rates currently available to the Company. | |
Earnings Per Share | Earnings Per Share |
Basic earnings (loss) per share is computed based on the weighted average shares outstanding during the period. Diluted earnings (loss) per share is computed using the weighted average number of common and dilutive common stock equivalent shares outstanding during the period. Dilutive common stock equivalent shares consist of the dilutive effect of stock options and convertible preferred stock equivalents. | |
Income Taxes | Income Taxes |
The Company accounts for income taxes in accordance with ASC 740, Accounting for Income Taxes, as clarified by ASC 740-10, Accounting for Uncertainty in Income Taxes. Under this method, deferred income taxes are determined based on the estimated future tax effects of differences between the financial statement and tax basis of assets and liabilities given the provisions of enacted tax laws. | |
Deferred income tax provisions and benefits are based on changes to the assets or liabilities from year to year. In providing for deferred taxes, the Company considers tax regulations of the jurisdictions in which the Company operates, estimates of future taxable income, and available tax planning strategies. If tax regulations, operating results or the ability to implement tax-planning strategies vary, adjustments to the carrying value of deferred tax assets and liabilities may be required. Valuation allowances are recorded related to deferred tax assets based on the “more likely than not” criteria of ASC 740. | |
ASC 740-10 requires that the Company recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the “more-likely-than-not” threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. | |
Retained Earnings distributions | Retained Earnings distributions |
The Company’s preferred stockholders are entitled to receive payment before any of the common stockholders upon a liquidation of the Company and we cannot pay dividends on our common stock unless we first pay dividends required by our preferred stock. | |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |||||||||||||||||
Stock Option Activities | The Company has stock option agreements with its directors and officers for serving on the Company’s Board of Directors and as officers. The options activity is as follows: | ||||||||||||||||
Weighted | Weighted | Weighted | |||||||||||||||
Average | Average | Average | |||||||||||||||
Number | Exercise Price | Fair Value at | Remaining | Intrinsic | |||||||||||||
of Shares | per Share | Grant Date | Contractual Life | Value | |||||||||||||
Balance January 1, 2014 | 45,000 | 14.75 | 1.3 years | - | |||||||||||||
Options granted | - | - | $ | 0 | - | - | |||||||||||
Options exercised | - | - | - | - | |||||||||||||
Options expired | -17,500 | $ | -1.83 | - | - | ||||||||||||
Balance, January 1, 2015 | 27,500 | $ | 12.92 | 1.3 years | $ | - | |||||||||||
Options granted | - | - | $ | 0 | - | - | |||||||||||
Options exercised | - | - | - | - | |||||||||||||
Options expired | -22,500 | $ | -2.62 | - | - | ||||||||||||
Balance, March 31, 2015 | 5,000 | $ | 10.3 | 1.3 years | $ | - | |||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Significant Accounting Policies [Line Items] | |
Percentage Of Income Tax Examination Likelihood Of Tax Benefits Being Realized Upon Settlement | 50.00% |
Liquidity_Additional_Informati
Liquidity - Additional Information (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Working Capital Deficiency | $255,809 | |
Net Cash Provided by (Used in) Operating Activities, Total | ($178,458) | ($75,320) |
Preferred_Stock_and_Common_Sto1
Preferred Stock and Common Stock- Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Stockholders Equity Note [Line Items] | ||
Dividends, Preferred Stock | $25,945 | $400,564 |
Dividends, Common Stock | 29,250 | |
Common Stock Dividends, Shares | 10,921 | |
Common stock payable | $292,000 | $11,427,963 |
Banyan Rail Holdings LLC | ||
Stockholders Equity Note [Line Items] | ||
Common Stock, Shares Subscribed but Unissued | 1,622,222 | |
Common Stock Held By Subsidiary Shares | 2,726,114 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax [Line Items] | ||
Percentage Of Valuation Allowance | 100.00% | |
Income Tax Expense (Benefit) | $0 | $0 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 0.00% | 0.00% |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 34.00% |
Earnings_loss_per_Share_Additi
Earnings (loss) per Share - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, shares | 103,750 | 533,097 |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, shares | 5,000 |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Option Activities) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Number of shares | |||
Beginning Balance | 27,500 | 45,000 | 45,000 |
Options granted | 0 | 0 | |
Options exercised | 0 | 0 | |
Options expired | -22,500 | -17,500 | |
Ending Balance | 5,000 | 27,500 | |
Weighted Average Exercise Price per Share | |||
Beginning Balance | $12.92 | $14.75 | $14.75 |
Options granted | $0 | $0 | |
Options exercised | $0 | $0 | |
Options expired | ($2.62) | ($1.83) | |
Ending Balance | $10.30 | $12.92 | |
Weighted Average Fair Value at Grant Date | |||
Options granted | $0 | $0 | |
Weighted Average Remaining Contractual Life | |||
Weighted Average Remaining Contractual Life | 1 year 3 months 18 days | 1 year 3 months 18 days | 1 year 3 months 18 days |
Intrinsic Value | |||
Beginning Balance | $0 | $0 | $0 |
Options granted | 0 | 0 | |
Options exercised | 0 | 0 | |
Options expired | 0 | 0 | |
Ending Balance | $0 | $0 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Details) | Mar. 31, 2015 |
Related Party Transaction [Line Items] | |
Ownership of related party in common Stock | 5,976,375 |
Ownership of related party in common stock if preferred stock is converted | 5,981,375 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Details) (Subsequent Event [Member], USD $) | 0 Months Ended |
7-May-15 | |
Subsequent Event [Line Items] | |
Common Stock, Shares Subscribed but Unissued | 1,622,222 |
Common Stock [Member] | |
Subsequent Event [Line Items] | |
Stock Issued During Period, Shares, New Issues | 672,222 |
Stock Issued During Period, Value, New Issues | $121,000 |