Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 12, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | SIGMA LABS, INC. | |
Entity Central Index Key | 788,611 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | SGLB | |
Entity Common Stock, Shares Outstanding | 6,237,436 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Current Assets | ||
Cash | $ 1,086,363 | $ 1,539,809 |
Accounts Receivable, net | 381,309 | 280,222 |
Inventory | 94,186 | 20,129 |
Prepaid Assets | 38,862 | 55,484 |
Total Current Assets | 1,600,720 | 1,895,644 |
Other Assets | ||
Property and Equipment, net | 697,316 | 714,754 |
Intangible Assets, net | 197,630 | 167,644 |
Investment in Joint Venture | 9,222 | 9,222 |
Total Other Assets | 904,168 | 891,620 |
TOTAL ASSETS | 2,504,888 | 2,787,264 |
Current Liabilities | ||
Accounts Payable | 144,026 | 38,393 |
Accrued Expenses | 82,630 | 71,523 |
Total Current Liabilities | 226,656 | 109,916 |
TOTAL LIABILITIES | 226,656 | 109,916 |
Stockholders' Equity | ||
Preferred Stock, $0.001 par; 10,000,000 shares authorized; None issued and outstanding | 0 | 0 |
Common Stock, $0.001 par; 7,500,000 shares authorized; 6,232,778 issued and 6,210,278 outstanding at March 31, 2016 and 6,239,073 issued and 6,206,573 outstanding at December 31, 2015 | 6,233 | 6,239 |
Additional Paid-In Capital | 10,579,536 | 10,636,979 |
Less Deferred Compensation 22,500 and 32,500 common shares, respectively | (272,750) | (401,750) |
Retained Earnings (Deficit) | (8,034,787) | (7,564,120) |
Total Stockholders' Equity | 2,278,232 | 2,677,348 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 2,504,888 | $ 2,787,264 |
Balance Sheets _Parenthetical_
Balance Sheets [Parenthetical] - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 7,500,000 | 7,500,000 |
Common stock, share issued | 6,232,778 | 6,239,073 |
Common stock, shares outstanding | 6,210,278 | 6,206,573 |
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 22,500 | 32,500 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
INCOME | ||
Services | $ 358,455 | $ 185,686 |
Total Revenue | 358,455 | 185,686 |
COST OF SERVICE REVENUE | 107,581 | 24,867 |
GROSS PROFIT | 250,874 | 160,819 |
EXPENSES | ||
Other General and Administration | 395,488 | 267,703 |
Payroll Expense | 215,589 | 72,660 |
Stock-Based Compensation | 71,551 | 122,750 |
Research and Development | 39,071 | 70,147 |
Total Expenses | 721,699 | 533,260 |
OTHER INCOME (EXPENSE) | ||
Interest Income | 158 | 560 |
Total Other Income (Expense) | 158 | 560 |
INCOME (LOSS) BEFORE INCOME TAXES | (470,667) | (371,881) |
Current Income Tax Expense | 0 | 0 |
Deferred Income Tax Expense | 0 | 0 |
Net Income (Loss) | $ (470,667) | $ (371,881) |
Loss per Common Share - Basic and Diluted | $ (0.08) | $ (0.06) |
Weighted Average Number of Shares Outstanding - Basic and Diluted | 6,233,729 | 6,206,220 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
OPERATING ACTIVITIES | ||
Net Income (Loss) | $ (470,667) | $ (371,881) |
Noncash Expenses: | ||
Amortization | 5,002 | 577 |
Depreciation | 42,868 | 40,405 |
Stock Options Awarded | 53,540 | 0 |
Stock Compensation | 18,011 | 122,750 |
Change in assets and liabilities: | ||
(Increase) Decrease in Accounts Receivable | (101,087) | (46,845) |
Decrease (Increase) in Inventory | (74,057) | (6,269) |
Decrease (Increase) in Prepaid Assets | 16,622 | 8,457 |
(Decrease) Increase in Accounts Payable | 105,633 | (212,409) |
Increase In Accrued Expenses | 11,107 | 1,510 |
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES | (393,028) | (463,705) |
INVESTING ACTIVITIES | ||
Purchase of Furniture and Equipment | (25,430) | (7,357) |
Purchase of Intangible Assets | (34,988) | (1,347) |
NET CASH (USED) BY INVESTING ACTIVITIES | (60,418) | (8,704) |
FINANCING ACTIVITIES | ||
NET CASH (DECREASE) INCREASE FOR PERIOD | (453,446) | (472,409) |
CASH AT BEGINNING OF PERIOD | 1,539,809 | 2,962,069 |
CASH AT END OF PERIOD | 1,086,363 | 2,489,660 |
Supplemental Disclosure for Cash Flow Information Cash paid during the period for: | ||
Interest | 0 | 0 |
Income Taxes | $ 0 | $ 0 |
Supplemental Schedule of Noncas
Supplemental Schedule of Noncash Investing and Financing Activities - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Stock Issued During Period, Shares, Issued for Services | 36,038 | |
Shares Issued, Price Per Share | $ 5.30 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 16,509 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Beginning Balance | 10,000 | 19,528 |
Increase (Decrease) in Deferred Compensation | $ 129,000 | |
Increase Decrease In Deferred Compensation,Per Share | $ 12.90 | |
Stock or Unit Option Plan Expense | $ 53,540 | $ 0 |
Employee [Member] | ||
Stock Issued During Period, Shares, Issued for Services | 625 | |
Shares Issued, Price Per Share | $ 4.82 | |
Consultant [Member] | ||
Stock Issued During Period, Shares, Issued for Services | 3,080 | |
Shares Issued, Price Per Share | $ 4.87 | |
Equty Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 3,750 | |
Increase (Decrease) in Deferred Compensation | $ 35,250 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 1 Summary of Significant Accounting Policies September 13, 2010 100 6.67 B6 Sigma, Inc., incorporated February 5, 2010, was founded by a group of scientists, engineers and businessmen to develop and commercialize novel and unique manufacturing and materials technologies. The Company believes that some of these technologies will fundamentally redefine conventional quality assurance and process control practices by embedding them into the manufacturing processes in real time, enabling process intervention and ultimatley leading to closed loop process control. The Company anticipates that its core technologies will allow its clientele to combine advanced manufacturing quality assurance and processs control protocols with novel materials to achieve breakthrough product potential in many industries including aerospace and defense manufacturing, oil and gas and energy manufacturing, bio-medical manufacturing, automotive manufacturing, and other markets such as firearms and recreational equipment . Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 inputs to valuation methodology are unobservable and significant to the fair measurement. The carrying amounts reported in the balance sheets for the cash and cash equivalents prepaid stock compensation, receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The Company adopted the provisions of ASC Topic No. 740, “Accounting for Income Taxes,” at the date of inception on February 5, 2010. As a result of the implementation of ASC Topic No. 740, the Company recognized no increase in the liability for unrecognized tax benefits. The Company has no tax positions at March 31, 2016 and December 31, 2015 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. During the three months ended March 31, 2016, the Company recognized no interest and penalties. The Company had no accruals for interest and penalties at March 31, 2016 and 2015 or December 31, 2015. All tax years starting with 2010 are open for examination. 0 0 Recent Accounting Standards Updates (“ASU”) through ASU No. 2015-01 contain technical corrections to existing guidance or affects guidance to specialized industries or situations. The Company has evaluated recently issued technical pronouncements and has determined that these updates have no current applicability to the Company or their effect on the financial statements would not have been significant. Equity instruments issued to non-employees are recorded on the basis of the fair value of the instruments, as required by ASC Topic No. 505, “Equity Based Payments to Non-Employees.” In general, the measurement date is either (a) when a performance commitment, as defined, is reached or (b) the earlier of the date that (i) the non-employee performance requirement is complete or (ii) the instruments are vested. The measured value related to the instruments is recognized over a period based on the facts and circumstances of each particular grant as defined in the FASB Accounting Standards Codification. 17 39,071 70,147 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 2 Stockholders’ Equity Common Stock Effective March 17, 2016, our Amended and Restated Articles of Incorporation were amended pursuant to a Certificate of Change Pursuant to Nevada Revised Statutes 78.209 (the “Certificate of Change”) filed with the Nevada Secretary of State. The Certificate of Change provided for both a reverse stock split of the outstanding shares of our common stock on a 1-for-100 basis (the “Reverse Stock Split”), and a corresponding decrease in the number of shares of our common stock that we are authorized to issue (the “Share Decrease”). As a result of the Reverse Stock Split, the number of issued and outstanding shares of our common stock decreased from 622,969,835 pre-Reverse Stock Split shares to 6,229,710 post-Reverse Stock Split shares (after adjustment for any fractional shares). Pursuant to the Share Decrease, the number of authorized shares of our common stock decreased from 750,000,000 to 7,500,000 shares of common stock. All amounts shown for common stock included in these financial statement are presented post-Reverse Stock Split. As of March 31, 2016, the Company had 7,500,000 0.001 On May 23, 2013, the Company issued 20,000 45,400 2.27 10,000 22,700 9,607 21,808 393 892 In January 2014, the Company issued 437,500 3,500,000 142,593 15 1,212,037 1,283,333 21,875 8 271,250 199,089 The fair value of the warrant of $ 1,212,037 202 0.09 0 271,250 201 0.39 0 The fair value of the new warrant related to the extension of the warrant expiration of $ 1,283,333 226 0.1 0 In June 2014, the Company issued 62,500 500,000 20,370 15 132,407 3,125 8 36,250 25,035 The fair value of the warrant of $ 132,407 163 0.1 0 36,250 287 0.41 0 During July 2014, the Company issued an aggregate of 60,000 12.90 774,000 25 25 In November 2014, the Company issued 15,000 9.40 141,000 In March 2015, the Company issued 10,000 5,000 21,038 5.30 191,000 33,037 429 2,275 2,572 13,630 In August 2015, in conjuction with the hiring of Ron Fisher, the Company's Vice President of Business Development, the Company issued to Mr. Fisher 2,500 14,750 In November 2015, the Company issued 625 6.50 4,063 2,500 6.15 15,375 In February 2016, the Company issued 625 4.82 3,013 In March 2016, the Company issued 3,080 4.87 15,000 As of March 31, 2016, there were 6,232,778 6,239,073 22,500 32,500 1,500 167,132 Deferred Compensation As described under the Common Stock heading above, during July 2014, the Company issued to three employees an aggregate of 60,000 774,000 12.90 258,000 20,000 12.90 2 As described under the Common Stock heading above, in November 2014, the Company issued 15,000 9.40 141,000 As described under the Common Stock heading above, the Company issued 10,000 5,000 21,038 5.30 191,000 33,037 429 2,275 2,572 13,630 As described under the Common Stock heading above, in August 2015, the Company issued 2,500 5.90 14,750 As of March 31, 2016, the balance of unvested compensation cost expected to be recognized is $ 272,750 2 Preferred Stock The Company is authorized to issue 10,000,000 0.001 Stock Options During 2015, the Company granted a total of 56,875 306,796 3.81 5.94 5.91 Expected term: 10 Volatility: 180 184 % Dividend yield: 0.00 % Risk-free interest rate: 2.24 2.32 % During 2016, the Company granted a total of 21,875 three employees with vesting periods ranging from three four $ 116,177 3.91 was $ 5.75 $ 5.73 Expected term: 10 Volatility: 176 184 % Dividend yield: 0.00 % Risk-free interest rate: 2.24 2.32 % Warrants As of March 31, 2016, the Company had one outstanding warrant remaining to purchase a total of 3,125 8 During the three months ending March 31, 2016, a warrant to purchase 21,875 8 During the year ending December 31, 2015, a warrant to purchase 20,370 15 142,593 15 |
Continuing Operations
Continuing Operations | 3 Months Ended |
Mar. 31, 2016 | |
Continuing Operations Disclosure [Abstract] | |
Continuing Operations Disclosure [Text Block] | NOTE 3 - Continuing Operations The Company has sustained losses and has negative cash flows from operating activities since its inception. However, the Company has had increasing revenues in recent periods. In addition, the Company has raised significant equity capital and is currently developing new product lines to increase future revenues. The Company believes it has adequate working capital and cash to fund operations through 2016, and has entered into significant revenue contracts that are expected to generate cash flow in the near term. |
Loss Per Share
Loss Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 3 Months Ended 03-31-16 03-31-15 Loss from continuing Operations available to Common stockholders (numerator) $ (470,667) $ (371,881) Weighted average number of common shares Outstanding used in loss per share during the Period (denominator) 6,233,729 6,206,220 Dilutive loss per share was not presented as the Company had no common equivalent shares for all periods presented that would affect the computation of diluted loss per share or its effect is anti-dilutive. |
Joint Venture
Joint Venture | 3 Months Ended |
Mar. 31, 2016 | |
Joint Venture [Abstract] | |
Joint Venture Disclosure [Text Block] | NOTE 5 - Joint Venture As previously reported in our Form 8-K filed with the SEC on July 6, 2015, we entered into an Operating Agreement and Statement of Work with Arete Innovative Solutions LLC (“Arete”). The Operating Agreement and Statement of Work govern the operations of Arete-Sigma LLC (the "Joint Venture"), a joint venture formed by us and Arete for the purpose of pursuing business opportunities related to AM utilizing our EOS M290 or like machines, including enabling and implementing sales and manufacturing transactions. Under the Operating Agreement and Statement of Work, among other matters reported in our Form 8-K and set forth in the Operating Agreement and Statement of Work, (i) each of Sigma and Arete hold a 50 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 6 Subsequent Events The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were issued and determined there are the following items to disclose: On April 17, 2016, the Company issued 3,529 4.25 15,000 On April 28, 2016, at the Annual Meeting of Stockholders of the Company, the Company's stockholders approved an amendment to the 2013 Plan to increase the number of shares of the Company's common stock reserved for issuance under the 2013 Plan by 638,538 shares of our common stock to a total of 750,000 shares (on a post-Reverse Stock Split basis). On April 28, 2016, the Company's Amended and Restated Articles of Incorporation were amended to increase the number of authorized shares of the Company's common stock from 7,500,000 to 15,000,000 shares of common stock |
Summary of Significant Accoun13
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Nature Of Business [Policy Text Block] | Nature of Business September 13, 2010 100 6.67 B6 Sigma, Inc., incorporated February 5, 2010, was founded by a group of scientists, engineers and businessmen to develop and commercialize novel and unique manufacturing and materials technologies. The Company believes that some of these technologies will fundamentally redefine conventional quality assurance and process control practices by embedding them into the manufacturing processes in real time, enabling process intervention and ultimatley leading to closed loop process control. The Company anticipates that its core technologies will allow its clientele to combine advanced manufacturing quality assurance and processs control protocols with novel materials to achieve breakthrough product potential in many industries including aerospace and defense manufacturing, oil and gas and energy manufacturing, bio-medical manufacturing, automotive manufacturing, and other markets such as firearms and recreational equipment |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation |
Reclassification, Policy [Policy Text Block] | Reclassification |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments . Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 inputs to valuation methodology are unobservable and significant to the fair measurement. The carrying amounts reported in the balance sheets for the cash and cash equivalents prepaid stock compensation, receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company adopted the provisions of ASC Topic No. 740, “Accounting for Income Taxes,” at the date of inception on February 5, 2010. As a result of the implementation of ASC Topic No. 740, the Company recognized no increase in the liability for unrecognized tax benefits. The Company has no tax positions at March 31, 2016 and December 31, 2015 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. During the three months ended March 31, 2016, the Company recognized no interest and penalties. The Company had no accruals for interest and penalties at March 31, 2016 and 2015 or December 31, 2015. All tax years starting with 2010 are open for examination. |
Earnings Per Share, Policy [Policy Text Block] | Loss Per Share |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts 0 0 |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Long-Lived and Intangible Assets |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Enacted Accounting Standards Recent Accounting Standards Updates (“ASU”) through ASU No. 2015-01 contain technical corrections to existing guidance or affects guidance to specialized industries or situations. The Company has evaluated recently issued technical pronouncements and has determined that these updates have no current applicability to the Company or their effect on the financial statements would not have been significant. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk - |
Organization Expenditure [Policy Text Block] | Organization Expenditures |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Equity instruments issued to non-employees are recorded on the basis of the fair value of the instruments, as required by ASC Topic No. 505, “Equity Based Payments to Non-Employees.” In general, the measurement date is either (a) when a performance commitment, as defined, is reached or (b) the earlier of the date that (i) the non-employee performance requirement is complete or (ii) the instruments are vested. The measured value related to the instruments is recognized over a period based on the facts and circumstances of each particular grant as defined in the FASB Accounting Standards Codification. |
Depreciation, Depletion, and Amortization [Policy Text Block] | Amortization 17 |
Use of Estimates, Policy [Policy Text Block] | Accounting Estimates |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition |
Inventory, Policy [Policy Text Block] | Inventory |
Research and Development Expense, Policy [Policy Text Block] | Research and Development 39,071 70,147 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The estimated fair value of the options was determined using the Black-Scholls pricing model using the following assumptions: Expected term: 10 Volatility: 180 184 % Dividend yield: 0.00 % Risk-free interest rate: 2.24 2.32 % The estimated fair value of the options was determined using the Black-Scholls pricing model using the following assumptions: Expected term: 10 Volatility: 176 184 % Dividend yield: 0.00 % Risk-free interest rate: 2.24 2.32 % |
Loss Per Share (Tables)
Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 3 Months Ended 03-31-16 03-31-15 Loss from continuing Operations available to Common stockholders (numerator) $ (470,667) $ (371,881) Weighted average number of common shares Outstanding used in loss per share during the Period (denominator) 6,233,729 6,206,220 |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Details Textual) - USD ($) | Sep. 13, 2010 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 |
Summary Of Significant Accounting Policies [Line Items] | ||||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 100.00% | |||
Number Of Shares Exchanged For Each Share Of Acquired Entity (in shares) | 6.67 | |||
Allowance for Doubtful Accounts Receivable, Current | $ 0 | $ 0 | ||
Finite-Lived Intangible Assets, Useful Life, Maximum | 3 years | |||
Research and Development Expense, Total | $ 39,071 | $ 70,147 | ||
Inventory, Raw Materials, Gross | $ 132,010 | |||
Patents [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Finite-Lived Intangible Assets, Useful Life, Maximum | 17 years |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - Employee Stock Option [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Stock Options Valuation Assumptions [Line Items] | ||
Expected term (in years) | 10 years | 10 years |
Volatility, Minimum | 176.00% | 180.00% |
Volatility, Maximum | 184.00% | 184.00% |
Dividend yield | 0.00% | 0.00% |
Risk-free interest rate, Minimum | 2.24% | 2.24% |
Risk-free interest rate, Maximum | 2.32% | 2.32% |
Stockholders' Equity (Details T
Stockholders' Equity (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 17, 2016 | Aug. 31, 2015 | Mar. 31, 2015 | Nov. 30, 2014 | Jul. 31, 2014 | Jun. 30, 2014 | May. 31, 2014 | Jan. 31, 2014 | May. 23, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Feb. 28, 2016 | Nov. 30, 2015 | |
Class of Stock [Line Items] | ||||||||||||||
Common stock, shares authorized | 7,500,000 | 7,500,000 | ||||||||||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||||||||||||
Common stock, share issued | 6,232,778 | 6,239,073 | ||||||||||||
Common Stock, Shares, Outstanding | 6,210,278 | 6,206,573 | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Number Of Vested Shares (in shares) | 16,509 | |||||||||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||||||||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 272,750 | |||||||||||||
Employee Service Share-Based Compensation, Nonvested Awards, Total Compensation Cost Not Yet Recognized, Period For Recognition | 2 years | |||||||||||||
Stock Issued During Period, Shares, Issued for Services | 36,038 | |||||||||||||
Shares Issued, Price Per Share | $ 5.30 | $ 5.30 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Beginning Balance | 19,528 | 10,000 | 19,528 | |||||||||||
Common Stock, Value, Issued | $ 6,233 | $ 6,239 | ||||||||||||
Fair Value Adjustment of Warrants | $ 1,283,333 | |||||||||||||
Deferred Compensation Arrangement With Individual, Shares Authorized For Issuance | 22,500 | 32,500 | ||||||||||||
Stockholders' Equity, Reverse Stock Split | The Certificate of Change provided for both a reverse stock split of the outstanding shares of our common stock on a 1-for-100 basis (the “Reverse Stock Split”), and a corresponding decrease in the number of shares of our common stock that we are authorized to issue (the “Share Decrease”). | As a result of the Reverse Stock Split, the number of issued and outstanding shares of our common stock decreased from 622,969,835 pre-Reverse Stock Split shares to 6,229,710 post-Reverse Stock Split shares (after adjustment for any fractional shares). Pursuant to the Share Decrease, the number of authorized shares of our common stock decreased from 750,000,000 to 7,500,000 shares of common stock. All amounts shown for common stock included in these financial statement are presented post-Reverse Stock Split. | ||||||||||||
Stock Option Expense | $ 53,540 | $ 0 | ||||||||||||
Minimum [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||
Maximum [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||||||
Employee Stock Option [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Employee Service Share-Based Compensation, Nonvested Awards, Total Compensation Cost Not Yet Recognized, Period For Recognition | 3 years 10 months 28 days | 3 years 9 months 22 days | ||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 5.75 | $ 5.94 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 21,875 | 56,875 | ||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 116,177 | $ 306,796 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.73 | $ 5.91 | ||||||||||||
Warrant [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 8 | |||||||||||||
Class of Warrant or Right, Outstanding | 3,125 | |||||||||||||
Warrants One [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 8 | $ 15 | ||||||||||||
Class of Warrant or Right, Outstanding | 21,875 | |||||||||||||
Class Of Warrant Or Rights Exercisable | 20,370 | |||||||||||||
Warrants Two [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 142,593 | |||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 15 | |||||||||||||
Warrant Expiry Life One Year [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.10% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 163.00% | |||||||||||||
Fair Value Adjustment of Warrants | $ 271,250 | $ 132,407 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||||||||||||
Warrant Expiry Life Two Year [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.41% | 0.39% | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 287.00% | 201.00% | ||||||||||||
Fair Value Adjustment of Warrants | $ 36,250 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | ||||||||||||
Warrant Expiry Life Nine Months [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.09% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 202.00% | |||||||||||||
Fair Value Adjustment of Warrants | $ 1,212,037 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||||||||||||
Warrant Expiry Life Fourteen Months [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.10% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 226.00% | |||||||||||||
Fair Value Adjustment of Warrants | $ 1,283,333 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||||||||||||
Deferred Compensation, Share-based Payments [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Number Of Vested Shares (in shares) | 33,037 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance | 2,572 | 2,572 | 2,572 | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Non vested Value | $ 13,630 | |||||||||||||
Stock Issued During Period, Value, Issued for Services | 191,000 | |||||||||||||
Shares Issued, Price Per Share | $ 5.30 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | 13,630 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2,275 | $ 2,275 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 429 | 429 | ||||||||||||
Director [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Shares Issued For Employee Equity Plan | 15,000 | |||||||||||||
Stock Issued During Period, Shares, Issued for Services | 10,000 | |||||||||||||
Officer [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 5,000 | |||||||||||||
Vice President [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Non vested Value | $ 14,750 | |||||||||||||
Stock Issued During Period, Shares, New Issues | 2,500 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 14,750 | |||||||||||||
Employee [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 625 | |||||||||||||
Stock Issued During Period, Shares, New Issues | 60,000 | |||||||||||||
Stock Issued During Period, Value, New Issues | $ 774,000 | |||||||||||||
Shares Issued, Price Per Share | $ 12.90 | $ 4.82 | ||||||||||||
Common stock share issed to Employee one [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Common stock, par value (in dollars per share) | $ 6.50 | |||||||||||||
Common stock, share issued | 625 | |||||||||||||
Common Stock, Value, Issued | $ 4,063 | |||||||||||||
Common stock share issed to Employee two [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Common stock, par value (in dollars per share) | $ 6.15 | |||||||||||||
Common stock, share issued | 2,500 | |||||||||||||
Common Stock, Value, Issued | $ 15,375 | |||||||||||||
Common Stock Share Issed To Employee New [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Common stock, par value (in dollars per share) | $ 4.82 | |||||||||||||
Common stock, share issued | 625 | |||||||||||||
Common Stock, Value, Issued | $ 3,013 | |||||||||||||
Equity Incentive Plan 2011 [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,500 | |||||||||||||
Deferred Compensation Arrangement With Individual, Shares Authorized For Issuance | 22,500 | 32,500 | ||||||||||||
Equity Incentive Plan 2013 [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Number Of Vested Shares (in shares) | 33,037 | |||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 258,000 | |||||||||||||
Employee Service Share-Based Compensation, Nonvested Awards, Total Compensation Cost Not Yet Recognized, Period For Recognition | 2 years | |||||||||||||
Shares Issued For Employee Equity Plan | 15,000 | 60,000 | ||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 141,000 | $ 774,000 | ||||||||||||
Shares Issued For Employee Equity Plan Par Value (in dollars per share) | $ 9.40 | $ 12.90 | ||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 191,000 | |||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 167,132 | |||||||||||||
Shares Issued, Price Per Share | $ 12.90 | $ 5.30 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Beginning Balance | 20,000 | |||||||||||||
Deferred Compensation Arrangement with Individual, Shares Issued | 2,500 | |||||||||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 14,750 | |||||||||||||
Deferred Compensation Arrangement with Individual, Exercise Price | $ 5.90 | |||||||||||||
Equity Incentive Plan 2013 [Member] | Deferred Compensation, Share-based Payments [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Non vested Value | $ 13,630 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 13,630 | |||||||||||||
Equity Incentive Plan 2013 [Member] | Director [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 141,000 | |||||||||||||
Shares Issued For Employee Equity Plan Par Value (in dollars per share) | $ 9.40 | |||||||||||||
Stock Issued During Period, Shares, Issued for Services | 10,000 | |||||||||||||
Equity Incentive Plan 2013 [Member] | Officer [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 5,000 | |||||||||||||
First Annual Anniversary [Member] | Employee [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||||||||
Second Annual Anniversary [Member] | Employee [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||||||||
Investor [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 20,370 | |||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 15 | |||||||||||||
Stock Issued During Period, Shares, New Issues | 62,500 | 437,500 | ||||||||||||
Stock Issued During Period, Value, New Issues | $ 500,000 | $ 3,500,000 | ||||||||||||
Investor [Member] | Warrant [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Stock Issued During Period, Shares, New Issues | 142,593 | |||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 15 | |||||||||||||
Consultant One [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Stock Issued During Period, Shares, Issued For Noncash Consideration (in shares) | 20,000 | |||||||||||||
Stock Issued During Period, Value, Issued For Noncash Considerations | $ 45,400 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance | 10,000 | |||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Non vested Value | $ 21,808 | |||||||||||||
Shares Issued, Price Per Share | $ 2.27 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | 21,808 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 22,700 | $ 9,607 | ||||||||||||
Consultant One [Member] | Warrant [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Stock Issued During Period, Shares, New Issues | 21,875 | |||||||||||||
Stock Issued During Period, Value, New Issues | $ 271,250 | |||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 8 | |||||||||||||
Consultant One [Member] | Warrant Expiry Life One Year [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 3,125 | |||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 8 | |||||||||||||
Proceeds from Issuance of Warrants | $ 25,035 | |||||||||||||
Warrants and Rights Outstanding | $ 36,250 | |||||||||||||
Two Consultants [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 21,038 | |||||||||||||
Consultant Two [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Number Of Vested Shares (in shares) | 393 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 892 | |||||||||||||
Consultant Two [Member] | Equity Incentive Plan 2013 [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 21,038 | |||||||||||||
Cosultant [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 15,000 | |||||||||||||
Stock Issued During Period, Shares, Issued for Services | 3,080 | |||||||||||||
Shares Issued, Price Per Share | $ 4.87 | |||||||||||||
Private Placement [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Payments of Stock Issuance Costs | $ 199,089 |
Loss Per Share (Details)
Loss Per Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of Earnings Per Share [Line Items] | ||
Loss from continuing Operations available to Common stockholders (numerator) | $ (470,667) | $ (371,881) |
Weighted average number of common shares Outstanding used in loss per share during the Period (denominator) (in shares) | 6,233,729 | 6,206,220 |
Joint Venture (Details Textual)
Joint Venture (Details Textual) | Mar. 31, 2016 |
Corporate Joint Venture [Member] | |
Equity Method Investment, Ownership Percentage | 50.00% |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Apr. 17, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Apr. 28, 2016 | Dec. 31, 2015 | |
Subsequent Event [Line Items] | |||||
Stock Issued During Period, Shares, Issued for Services | 36,038 | ||||
Shares Issued, Price Per Share | $ 5.30 | ||||
Common Stock, Shares Authorized | 7,500,000 | 7,500,000 | |||
Cosultant [Member] | |||||
Subsequent Event [Line Items] | |||||
Stock Issued During Period, Shares, Issued for Services | 3,080 | ||||
Shares Issued, Price Per Share | $ 4.87 | ||||
Stock Issued During Period, Value, Issued for Services | $ 15,000 | ||||
Subsequent Event [Member] | Minimum [Member] | |||||
Subsequent Event [Line Items] | |||||
Common Stock, Shares Authorized | 7,500,000 | ||||
Subsequent Event [Member] | Maximum [Member] | |||||
Subsequent Event [Line Items] | |||||
Common Stock, Shares Authorized | 15,000,000 | ||||
Subsequent Event [Member] | Cosultant [Member] | |||||
Subsequent Event [Line Items] | |||||
Stock Issued During Period, Shares, Issued for Services | 3,529 | ||||
Shares Issued, Price Per Share | $ 4.25 | ||||
Stock Issued During Period, Value, Issued for Services | $ 15,000 | ||||
2013 Stock Option Plan | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Common Stock Shares Authorised Post Reverse Stock Split | 750,000 | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 638,538 |