Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 28, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Applied Minerals, Inc. | ||
Document Type | S-1 | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 95,331,128 | ||
Entity Public Float | $51,003,024 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 8328 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Current Assets | ||
Cash and cash equivalents | $10,701,666 | $8,685,552 |
Accounts receivable | 112,831 | 5,756 |
Deposits and prepaid expenses | 289,644 | 282,639 |
Total Current Assets | 11,104,141 | 8,973,947 |
Property and Equipment, net | 7,055,874 | 6,031,549 |
Other Assets | ||
Deferred Financing Costs | 28,750 | |
Deposits | 268,937 | 209,791 |
Total Other Assets | 297,687 | 209,791 |
TOTAL ASSETS | 18,457,702 | 15,215,287 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 2,608,364 | 1,580,146 |
Stock award payable | 110,000 | |
Current portion of notes payable | 246,894 | 311,165 |
Total Current Liabilities | 2,855,258 | 2,001,311 |
Long-Term Liabilities | ||
Long-term portion of notes payable | 59,145 | 40,826 |
PIK notes payable, net of $18,400,297 and $2,020,750 debt discount, respectively | 13,024,439 | 8,486,583 |
Total Liabilities | 25,974,467 | 13,728,720 |
Commitments and Contingencies (Note 15) | ||
Stockholders’ (Deficit) Equity | ||
Common stock, $0.001 par value, 200,000,000 shares authorized, 95,054,552 and 94,646,013 shares issued and outstanding at December 31, 2014 and 2013, respectively | 95,055 | 94,646 |
Additional paid-in capital | 64,526,469 | 63,213,893 |
Accumulated deficit prior to the exploration stage | -20,009,496 | -20,009,496 |
Accumulated deficit during the exploration stage | -52,128,793 | -41,812,476 |
Total Stockholders’ (Deficit) Equity | -7,516,765 | 1,486,567 |
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | 18,457,702 | 15,215,287 |
Warrant Derivative Liability [Member] | ||
Long-Term Liabilities | ||
Derivative liabilities | 950,000 | |
PIK Note Derivative Liability [Member] | ||
Long-Term Liabilities | ||
Derivative liabilities | 10,035,625 | 2,250,000 |
Total Long-Term Liabilities | $23,119,209 | $11,727,409 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 20, 2012 |
Debt Discount (in Dollars) | $18,400,297 | $2,020,750 | |
Common stock, par value (in Dollars per share) | $0.00 | $0.00 | |
Common stock,shares authorized | 200,000,000 | 200,000,000 | 120,000,000 |
Common stock, shares issued | 95,054,552 | 94,646,013 | |
Common stock,shares outstanding | 95,054,552 | 94,646,013 | |
Preferred stock, par value (in Dollars per share) | $0.00 | $0.00 | |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
REVENUES | $234,221 | $54,825 | $165,742 |
OPERATING EXPENSES: | |||
Production costs | 49,464 | 17,244 | 103,238 |
Exploration costs | 4,626,139 | 4,551,666 | 3,542,977 |
General and administrative | 5,195,830 | 8,569,413 | 6,541,043 |
Depreciation expense | 1,164,366 | 317,570 | 280,991 |
Loss from disposition and impairment of land and equipment | 2,482 | 9,913 | |
Total Operating Expenses | 11,035,799 | 13,458,375 | 10,478,162 |
Operating Loss | -10,801,578 | -13,403,550 | -10,312,420 |
OTHER INCOME (EXPENSE): | |||
Interest expense, net, including amortization of deferred financing cost and debt discount | -1,667,285 | -497,187 | -12,993 |
Gain on revaluation of derivatives | 830,000 | 995,000 | 630,000 |
Other expense | -258,252 | -6,789 | -9,986 |
Total Other Income (Expense), net | 485,261 | 340,024 | 580,021 |
Gain (Loss) on revaluation of stock awards | 110,000 | 44,000 | -27,000 |
Net loss | -10,316,317 | -13,063,526 | -9,732,399 |
Net Loss Per Share (Basic and Diluted) (in Dollars per share) | ($0.11) | ($0.14) | ($0.11) |
Weighted Average Shares Outstanding (Basic and Diluted) (in Shares) | 94,895,194 | 94,303,264 | 89,552,788 |
Warrant Derivative Liability [Member] | |||
OTHER INCOME (EXPENSE): | |||
Gain on revaluation of derivatives | 830,000 | 995,000 | 630,000 |
PIK Note Derivative Liability [Member] | |||
OTHER INCOME (EXPENSE): | |||
Gain on revaluation of derivatives | $1,470,798 | ($195,000) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (Deficit) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit Prior to Exploration Stage [Member] | Accumulated Deficit During Exploration Stage [Member] | Total |
Balance, Amount at Dec. 31, 2011 | $89,120 | $47,765,350 | ($20,009,496) | ($19,016,551) | $8,828,423 |
Balance, Shares (in Shares) at Dec. 31, 2011 | 89,119,405 | ||||
Reclassification from warrant derivative liability due to change in valuation methodology | 780,000 | 780,000 | |||
Shares issued for directors fees | 103 | 150,956 | 151,059 | ||
Shares issued for directors fees (in Shares) | 103,580 | ||||
Warrant Cancellation | 780,000 | 780,000 | |||
Shares issued for cashless option and warrant exercise | 146 | -146 | |||
Shares issued for cashless option and warrant exercise (in Shares) | 146,459 | ||||
Shares issued for cash | 1,250 | 1,623,750 | 1,625,000 | ||
Shares issued for cash (in Shares) | 1,250,000 | ||||
Stock-based compensation expense | 2,314,154 | 2,314,154 | |||
Net loss | -9,732,399 | -9,732,399 | |||
Balance, Amount at Dec. 31, 2012 | 90,619 | 52,634,064 | -20,009,496 | -28,748,950 | 3,966,237 |
Balance, Shares (in Shares) at Dec. 31, 2012 | 90,619,444 | ||||
Shares issued for cash (in Shares) | 3,756,757 | ||||
Balance, Amount at Jan. 23, 2013 | |||||
Balance, Amount at Dec. 31, 2012 | 90,619 | 52,634,064 | -20,009,496 | -28,748,950 | 3,966,237 |
Balance, Shares (in Shares) at Dec. 31, 2012 | 90,619,444 | ||||
Shares issued for directors fees | 270 | 316,205 | 316,475 | ||
Shares issued for directors fees (in Shares) | 269,812 | ||||
Shares issued for cash | 3,757 | 5,556,243 | 5,560,000 | ||
Shares issued for cash (in Shares) | 3,756,757 | ||||
Stock-based compensation expense | 4,707,381 | 4,707,381 | |||
Net loss | -13,063,526 | -13,063,526 | |||
Balance, Amount at Dec. 31, 2013 | 94,646 | 63,213,893 | -20,009,496 | -41,812,476 | 1,486,567 |
Balance, Shares (in Shares) at Dec. 31, 2013 | 94,646,013 | ||||
Reclassification from warrant derivative liability due to change in valuation methodology | 120,000 | 120,000 | |||
Shares issued for directors fees | 409 | 326,860 | 327,269 | ||
Shares issued for directors fees (in Shares) | 408,539 | ||||
Warrant Cancellation | 120,000 | 120,000 | |||
Stock-based compensation expense | 865,716 | 865,716 | |||
Net loss | -10,316,317 | -10,316,317 | |||
Balance, Amount at Dec. 31, 2014 | $95,055 | $64,526,469 | ($20,009,496) | ($52,128,793) | ($7,516,765) |
Balance, Shares (in Shares) at Dec. 31, 2014 | 95,054,552 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | |||
Net loss | ($10,316,317) | ($13,063,526) | ($9,732,399) |
Adjustments to reconcile net loss to net cash used in operating activities | |||
Depreciation | 1,164,366 | 317,570 | 280,991 |
Amortization of discount – PIK Notes | 218,031 | 41,583 | |
Amortization of deferred financing costs | 1,250 | ||
Accrued interest on PIK Notes | 1,076,250 | ||
Stock issued for director and consulting services | 327,269 | 316,475 | 151,059 |
Stock-based compensation expense | 865,716 | 4,707,381 | 2,314,154 |
(Gain) on revaluation of warrant derivative | -830,000 | -995,000 | -630,000 |
(Gain) Loss on revaluation of PIK note derivative | -1,470,798 | 195,000 | |
(Gain) Loss on revaluation of stock awards for non-employees | -110,000 | -44,000 | 27,000 |
Loss of disposal of equipment | 2,482 | 9,913 | |
Provision for (Reversal of) doubtful accounts | -25,106 | 13,168 | |
Change in operating assets and liabilities: | |||
Accounts receivable | -107,075 | 27,128 | -482 |
Deposits and prepaid expenses | 149,239 | 189,656 | 55,148 |
Accounts payable and accrued expenses | 1,028,218 | 125,256 | 759,185 |
Net cash used in operating activities | -8,003,851 | -8,205,101 | -6,752,263 |
Cash flows from investing activities: | |||
Purchases of property and equipment | -2,039,562 | -64,345 | -321,440 |
Construction-in-progress | -1,982,013 | -1,051,537 | |
Net cash used in investing activities | -2,039,562 | -2,046,358 | -1,372,977 |
Cash flows from financing activities: | |||
Payments on notes payable | -440,471 | -479,092 | -304,099 |
Payments on leases payable | -10,094 | ||
Proceeds from PIK notes payable | 12,499,998 | 10,500,000 | |
Proceeds from sale of common stock | 5,560,000 | 1,625,000 | |
Net cash provided by financing activities | 12,059,527 | 15,580,908 | 1,310,807 |
Net increase (decrease) in cash and cash equivalents | 2,016,114 | 5,329,449 | -6,814,433 |
Cash and cash equivalents at beginning of year | 8,685,552 | 3,356,103 | 10,170,536 |
Cash and cash equivalents at end of year | 10,701,666 | 8,685,552 | 3,356,103 |
Cash paid during the period for: | |||
Interest | 10,460 | 23,180 | 18,206 |
Income Taxes | 1,431 | 3,841 | |
Supplemental disclosure of noncash investing and financing activities: | |||
Property and equipment financed with note payable | 149,129 | 438,250 | |
Construction-in-progress in accounts payable | 120,000 | 299,563 | 105,000 |
Prepaid insurance financed with note payable | 245,390 | 233,187 | 170,600 |
Reclassification of Construction in Progress to building and equipment | 3,091,163 | ||
Land reclassified from assets held for sale to land and mining property | $445,180 |
Note_1_Organization_and_Descri
Note 1 - Organization and Description of Business | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS |
Applied Minerals, Inc. (the “Company”) is the owner of the Dragon Mine located in the Tintic Mining District of the State of Utah from where it produces halloysite clay and iron oxide. The Company is currently in various phases of commercial scale trials with several organizations in various markets with respects to uses of halloysite clay and iron oxide. | |
Applied Minerals, Inc. is a publicly traded company incorporated in the state of Delaware. The common stock trades on the OTC Bulletin Board under the symbol AMNL. |
Note_2_Liquidity
Note 2 - Liquidity | 12 Months Ended |
Dec. 31, 2014 | |
Liquidity [Abstract] | |
Liquidity [Text Block] | NOTE 2 – LIQUIDITY |
The Company has incurred recurring losses from operations and used cash in operating activities while in the process of developing and commercializing halloysite clay and iron oxide. The Company's activities have been financed primarily through the sale of convertible debt and equity securities. In November 2014, the Company raised $12,500,000 of financing through the private placement of 10% Mandatorily Convertible PIK Notes due 2018, but containing various terms that may effectively reduce or increase the maturity. At December 31, 2014, the Company has working capital of approximately $8,200,000, which management believes should fund its operations through December 31, 2015. Besides continuing its strategic business plan on generating revenue, the Company intends to explore various strategic alternatives, including the sale of equity, debt or the disposal of certain non-core assets to raise additional capital. Management can also take steps to reduce the Company's future operating expenses as needed. |
Note_3_Summary_of_Significant_
Note 3 - Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Significant Accounting Policies [Text Block] | NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Exploration-Stage Company | ||
From 1997 through 2008, the Company’s sole source of revenue and income was derived from its contract mining business through which it provided shaft sinking, underground mine development and mine labor services. At December 31, 2008, the Company discontinued its contract mining efforts due to economic conditions and the desire to concentrate its efforts on the commercialization of the halloysite clay deposit at the Dragon Mine. | ||
Effective January 1, 2009, the Company was, and still is, classified as an exploration company as the existence of proven or probable reserves have not been demonstrated and no significant revenue has been earned from the mine. Under the SEC’s Industry Guide 7, a mining company is considered an exploration stage company until it has declared mineral reserves determined in accordance with the guide and staff interpretations thereof. | ||
Principles of Consolidation | ||
The accompanying consolidated financial statements include the accounts of Applied Minerals, Inc. and its inactive subsidiary, which holds 100 acres of timber and mineral property in northern Idaho. | ||
Use of Estimates | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. In these consolidated financial statements, the warrant and PIK note derivative liabilities, stock compensation, impairment of long-lived assets and valuation allowance on income taxes involve extensive reliance on management’s estimates. Actual results could differ from those estimates. | ||
Cash and Cash Equivalents | ||
Cash and cash equivalents include all highly-liquid investments with a maturity of three months or less. The Company minimizes its credit risk by investing its cash and cash equivalents, which sometimes exceeds FDIC limits, with major financial institutions located in the United States with a high credit rating. | ||
Receivables | ||
Trade receivables are reported at outstanding principal amounts, net of an allowance for doubtful accounts. | ||
Management evaluates the collectability of receivable account balances to determine the allowance, if any. Management considers the other party’s credit risk and financial condition, as well as current and projected economic and market conditions, in determining the amount of the allowance. Receivable balances are written off when management determines that the balance is uncollectable. No allowance was required at December 31, 2014 and 2013. | ||
Property and Equipment | ||
Property and equipment are carried at cost net of accumulated depreciation and amortization. Depreciation and amortization is computed on the straight-line method over the estimated useful lives of the assets, or the life of the lease, whichever is shorter, as follows: | ||
Estimated | ||
Useful Life * | ||
Building and Building Improvements | 5 – 40 years | |
Mining equipment | 2 – 7 years | |
Office and shop furniture and equipment | 3 – 7 years | |
Vehicles | 5 years | |
* See Note 4 for explanation of a change in useful life in 2014. | ||
Depreciation expense for the years ended December 31, 2014, 2013 and, 2012 totaled $1,164,366, $317,570, and $280,991, respectively. | ||
Impairment of Long-lived Assets | ||
The Company periodically reviews the carrying amounts of long-lived assets to determine whether current events or circumstances warrant adjustment to such carrying amounts. Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. When such events occur, the Company compares the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset to its carrying amount. If this comparison indicates that there is an impairment, the amount of the impairment is typically calculated using discounted expected future cash flows where observable fair values are not readily determinable. Considerable management judgment is necessary to estimate the fair value of assets. Assets to be disposed of are carried at the lower of their financial statement carrying amount or fair value, less cost to sell. | ||
Revenue Recognition | ||
Revenue includes sales of halloysite clay and iron oxide, and is recognized when title passes to the buyer and when collectability is reasonably assured. Title passes to the buyer based on terms of the sales contract. Product pricing is determined based on contractual arrangements with the Company’s customers. | ||
Mining Exploration and Development Costs | ||
Land and mining property are carried at cost. The Company expenses prospecting and mining exploration costs. At the point when a property is determined to have proven and probable reserves, subsequent development costs will be capitalized and will be charged to operations using the units-of-production method over proven and probable reserves. Upon abandonment or sale of a mineral property, all capitalized costs relating to the specific property are written off in the period abandoned or sold and a gain or loss is recognized. | ||
Income taxes | ||
The Company uses an asset and liability approach which results in the recognition of deferred tax liabilities and assets for the expected future tax consequences or benefits of temporary differences between the financial reporting basis and the tax basis of assets and liabilities, as well as operating loss and tax credit carry forwards, using enacted tax rates in effect in the years in which the differences are expected to reverse. | ||
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of its deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. A valuation allowance has been provided for the portion of the Company’s net deferred tax assets for which it is more likely than not that they will not be realized. | ||
The Company is subject to U.S. federal income tax as well as income tax of various state jurisdictions. Federal income tax returns subsequent to 2010 are subject to examination by major tax jurisdictions. | ||
Authoritative guidance provides that the tax effects from an uncertain tax position taken or expected to be taken in a tax return can be recognized in our financial statements only if the position is more likely than not of being sustained on audit based on the technical merits of the position. As of December 31, 2014 no benefit from uncertain tax positions was recognized in our financial statements. The Company has elected to classify interest and/or penalties related to income tax matters in income tax expense. | ||
Stock Options and Warrants | ||
The Company follows ASC 718 (Stock Compensation) and 505-50 (Equity-Based Payments to Non-employees), which provide guidance in accounting for share-based awards exchanged for services rendered and requires companies to expense the estimated fair value of these awards over the requisite service period. The Company instituted a formal long-term and short-term incentive plan on November 20, 2012, which was approved by its shareholders. Prior to that date, we did not have a formal equity plan, but all equity grants, including stock options and warrants, were approved by our Board of Directors. We determine the fair value of the stock-based compensation awards granted to non-employees as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. If the fair value of the equity instruments issued is used, it is measured using the stock price and other measurement assumptions as of the earlier of either of (1) the date at which a commitment for performance by the counterparty to earn the equity instruments is reached, or (2) the date at which the counterparty’s performance is complete. Beginning in the quarter ended June 30, 2013 the Company began using the simplified method to determine the expected term for any options granted because the Company did not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term. The Company previously utilized the contractual term as the expected term. | ||
Environmental Matters | ||
Expenditures for ongoing compliance with environmental regulations that relate to current operations are expensed or capitalized as appropriate. Expenditures resulting from the remediation of existing conditions caused by past operations that do not contribute to future revenue generations are expensed. Liabilities are recognized when environmental assessments indicate that remediation efforts are probable and the costs can be reasonably estimated. | ||
Estimates of such liabilities are based upon currently available facts, existing technology and presently enacted laws and regulations taking into consideration the likely effects of inflation and other societal and economic factors, and include estimates of associated legal costs. These amounts also reflect prior experience in remediating contaminated sites, other companies’ clean-up experience and data released by The Environmental Protection Agency or other organizations. Such estimates are by their nature imprecise and can be expected to be revised over time because of changes in government regulations, operations, technology and inflation. Recoveries are evaluated separately from the liability and, when recovery is assured, the Company records and reports an asset separately from the associated liability. | ||
Based upon management’s current assessment of its environmental responsibilities, it does not believe that any reclamation or remediation liability exists at December 31, 2014. | ||
Recent Accounting Pronouncements | ||
On June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period, which clarifies that entities should treat performance targets that can be met after the requisite service period of a share-based payment award as performance conditions that affect vesting. Under the ASU, an entity would not record compensation expense related to an award for which transfer to the employee is contingent on the entity's satisfaction of a performance target until it becomes probable that the performance target will be met. The adoption of this ASU will be required, either on a retrospective basis or prospective basis, beginning with our Quarterly Report on Form 10-Q for the quarter ending March 31, 2016. The adoption of this ASU is not expected to have a material impact on our consolidated financial statements. | ||
In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU 2014-10 Development Stage Entities. The amendments in ASU 2014-10 remove the definition of a development stage entity from Topic 915 Development Stage Entities, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of operations, cash flows, and shareholder’s equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments also clarify that the guidance in Topic 275, Risks and Uncertainties, is applicable to entities that have not commenced planned principal operations. ASU 2014-10 is effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. The Company could early adopt ASU 2014-10 for any annual reporting period or interim period for which the entity’s financial statements have not yet been issued. The Company has elected to adopt this ASU effective with the Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 and its adoption resulted in the removal of inception-to-date information in the Company’s financial statements. | ||
In May 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers. The amendments in ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (e.g., insurance contracts or lease contracts). This ASU will supersede the revenue recognition requirements in Topic 605 Revenue Recognition, and most industry-specific guidance, and creates a Topic 606 Revenue from Contracts with Customers. | ||
The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: | ||
Step 1: Identify the contract(s) with a customer. | ||
Step 2: Identify the performance obligations in the contract. | ||
Step 3: Determine the transaction price. | ||
Step 4: Allocate the transaction price to the performance obligations in the contract. | ||
Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. | ||
ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company is currently evaluating these new requirements to determine the method of implementation and any resulting estimated effects on the consolidatedfinancial statements. | ||
In August 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-15, "Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern" ("ASU 2014-15"). ASU 2014-15 is intended to define management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. Specifically, ASU 2014-15 provides a definition of the term substantial doubt and requires an assessment for a period of one year after the date that the financial statements are issued. It also requires certain disclosures when substantial doubt is alleviated as a result of consideration of management's plans and requires an express statement and other disclosures when substantial doubt is not alleviated. The new standard will be effective for reporting periods beginning after December 15, 2016, with early adoption permitted. Management is currently evaluating the impact of the adoption of ASU 2014-14 on our financial statement disclosures. |
Note_4_Property_and_Equipment
Note 4 - Property and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4 – PROPERTY AND EQUIPMENT | ||||||||
The following is a summary of property, plant, and equipment – at cost, less accumulated depreciation: | |||||||||
2014 | 2013 | ||||||||
Land (a) | $ | 945,180 | $ | 945,180 | |||||
Land improvements | 164,758 | 164,758 | |||||||
Buildings | 3,308,465 | 631,299 | |||||||
Mining equipment | 1,684,197 | 1,569,635 | |||||||
Milling equipment | 2,620,300 | 333,594 | |||||||
Laboratory equipment | 594,451 | 65,934 | |||||||
Office equipment | 72,174 | 60,992 | |||||||
Vehicles | 148,673 | 140,002 | |||||||
9,538,198 | 3,911,394 | ||||||||
Less: Accumulated depreciation | 2,482,324 | 1,317,958 | |||||||
7,055,874 | 2,593,436 | ||||||||
Construction in progress (b) | - | 3,438,113 | |||||||
Total | $ | 7,055,874 | $ | 6,031,549 | |||||
(a) | Includes the Atlas Mine near Mullan, Idaho with a carrying value of $445,180 (Note 3), and the Dragon Mine with a carrying value of $500,000. | ||||||||
(b) | Represents investments in a new plant facility and related equipment at the mine site, which were transferred to the respective accounts in 2014. | ||||||||
The Company is using a five-year depreciation schedule with respect to its new processing plant that was commissioned in 2014. The five-year depreciation schedule is a change from the 40 years utilized for the building and 7 years utilized for the equipment relating to the new processing plant in the quarterly financial statements for the quarters ended March 31, June 30 and September 30, 2014. This change in useful life resulted in $587,427 of additional depreciation expense, which was recorded during the fourth quarter of 2014. The impact of the change in the depreciation schedule did not have a material impact on the consolidated financial statements for the three quarters previously reported on Form 10-Q. |
Note_5_Stock_Award_Payable
Note 5 - Stock Award Payable | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 5 – STOCK AWARD PAYABLE |
The stock award payable amount of $110,000 at December 31, 2013 relates to 100,000 shares of the Company's common stock issuable, but not issued, under a 2007 employment agreement. The Company recorded the stock grant as a liability which was revalued based on the quoted price of the Company's stock at the end of each period. During the second quarter of 2014, the Company received a release in writing from the former employee absolving the Company of the stock award and accordingly the $72,000 balance of the liability was reversed into Other Income. |
Note_6_Fair_Value_Measurements
Note 6 - Fair Value Measurements and Financial Instruments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value Disclosures [Text Block] | NOTE 6 – FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS | ||||||||||||||||||||
ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy, which requires classification based on observable and unobservable inputs when measuring fair value. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels: | |||||||||||||||||||||
● | Level 1 – Quoted prices in active markets for identical assets and liabilities; | ||||||||||||||||||||
● | Level 2 – Inputs other than level one inputs that are either directly or indirectly observable; and | ||||||||||||||||||||
● | Level 3 – Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. | ||||||||||||||||||||
Liabilities measured at fair value on a recurring basis are summarized as follows: | |||||||||||||||||||||
Fair value measurement using inputs | Carrying amount | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | 31-Dec-14 | 31-Dec-13 | |||||||||||||||||
Financial instruments: | |||||||||||||||||||||
Warrant derivative * | -- | -- | $ | 950,000 | |||||||||||||||||
Series 2023 PIK Note Derivative | $ | 478,149 | $ | 478,149 | $ | 2,250,000 | |||||||||||||||
Series A PIK Note Derivative | $ | 9,557,476 | $ | 9,557,476 | -- | ||||||||||||||||
* The warrant was cancelled in November 2014. See Note 10. | |||||||||||||||||||||
The following table summarizes the activity for financial instruments at fair value using Level 3 inputs: | |||||||||||||||||||||
Balance at December 31, 2013 | $ | - | |||||||||||||||||||
Transfer into Level 3 (a) | 2,250,000 | ||||||||||||||||||||
Issuance of Series A PIK Note | 9,212,285 | ||||||||||||||||||||
Issuance of additional Series 2023 PIK Note | 44,138 | ||||||||||||||||||||
Net unrealized losses included in earnings (loss) | (1,470,798 | ) | |||||||||||||||||||
Balance at December 31, 2014 | $ | 10,035,625 | |||||||||||||||||||
(a) | In the course of preparing its financial statements for the year ended December 31, 2014, the Company reclassified the Series 2023 PIK note derivative to Level 3 fair value hierarchy to match with the Series A PIK note derivative since it based off of a similar model. | ||||||||||||||||||||
The recorded value of certain financial assets and liabilities, which consist primarily of cash and cash equivalents, receivables, other current assets, and accounts payable and accrued expenses approximate the fair value at December 31, 2014 and 2013 based upon the short-term nature of the assets and liabilities. Based on borrowing rates currently available to the Company for loans with similar terms, and the remaining short term period outstanding, the carrying value of notes payable other than PIK notes materially approximate fair value. Estimated fair value of the PIK Notes Payable approximate $27,488,811 and $10,500,000, respectively, at December 31, 2014 and 2013 (Level 2). | |||||||||||||||||||||
For the Company's warrant and PIK note derivative liabilities, Level 3 fair value hierarchy was estimated using a Monte Carlo Model using the following assumptions: | |||||||||||||||||||||
Series 2023 PIK Note derivative liability | Fair Value Measurements | ||||||||||||||||||||
Using Inputs | |||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||
Market price and estimated fair value of stock | $ | 0.73 | $ | 1.1 | |||||||||||||||||
Exercise price | $ | 1.36 | $ | 1.4 | |||||||||||||||||
Term (years) | 8.58 | 9.58 | |||||||||||||||||||
Dividend yield | $ | -- | $ | -- | |||||||||||||||||
Expected volatility * | 52 | % | 76.9 | % | |||||||||||||||||
Risk-free interest rate | 2.08 | % | 2.96 | % | |||||||||||||||||
Series A PIK Note derivative liability | Fair Value Measurements | ||||||||||||||||||||
Using Inputs | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Market price and estimated fair value of stock | $ | 0.73 | |||||||||||||||||||
Exercise price | $ | 0.92 | |||||||||||||||||||
Term (years) | 3.83 | ||||||||||||||||||||
Dividend yield | $ | -- | |||||||||||||||||||
Expected volatility | 52 | % | |||||||||||||||||||
Risk-free interest rate | 2.08 | % | |||||||||||||||||||
Warrant derivative liability | Fair Value Measurements | ||||||||||||||||||||
Using Inputs | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Market price and estimated fair value of stock | $ | 1.1 | |||||||||||||||||||
Exercise price | $ | 1.93 | |||||||||||||||||||
Term (years) | 3 | ||||||||||||||||||||
Dividend yield | $ | -- | |||||||||||||||||||
Expected volatility * | 76.9 | % | |||||||||||||||||||
Risk-free interest rate | 0.78 | % | |||||||||||||||||||
* During the first quarter of 2014, the Company revised its assumption for expected volatility by switching from a peer-group average volatility to the Company’s three-year historical volatility in measuring the value of the derivative liabilities mentioned above. Prior to 2011, the occurrence of certain corporate events would not have made the historical volatility calculations meaningful or accurate if included. This reduction in volatility led to a reduced valuation for both the Warrant and Series 2023 PIK Note derivative liabilities of approximately $118,500 and $126,000, respectively. The remaining decrease in the valuation is attributable to the decline in stock price. |
Note_7_Notes_Payable
Note 7 - Notes Payable | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt Disclosure [Text Block] | NOTE 7 - NOTES PAYABLE | ||||||||
Notes payable at December 31, 2014 and 2013 consist of the following: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Note payable for mining equipment, payable $5,556 monthly, including interest (a) | $ | -- | $ | 42,927 | |||||
Note payable for mining equipment, payable $950 monthly, including interest (b) | 14,057 | 23,302 | |||||||
Note payable for mining equipment, payable $6,060 monthly, including interest (c) | 6,033 | 76,313 | |||||||
Note payable for lab equipment, payable $9,122 monthly, including interest (d) | 18,246 | -- | |||||||
Note payable for mining equipment, payable $1,339 monthly, including interest (e) | 55,720 | -- | |||||||
Note payable for mine site vehicle, payable $628 monthly (f) | 20,736 | 28,276 | |||||||
Note payable for mining equipment, payable $5,000 monthly, including interest (g) | -- | 9,932 | |||||||
Note payable for mining equipment, payable $2,250 monthly, including interest (h) | -- | 8,898 | |||||||
Note payable to an insurance company, payable $21,531monthly, including interest (i) | 149,036 | -- | |||||||
Note payable to an insurance company, payable $6,094 monthly, including interest (j) | 42,211 | -- | |||||||
Note payable to an insurance company, payable $4,447 monthly, including interest (k) | -- | 132,576 | |||||||
Note payable to an insurance company, payable $4,447 monthly, including interest (l) | -- | 29,767 | |||||||
306,039 | 351,991 | ||||||||
Less: Current Portion | (246,894 | ) | (311,165 | ) | |||||
Notes Payable, Long-Term Portion | $ | 59,145 | $ | 40,826 | |||||
(a) | On July 7, 2011, the Company purchased mining equipment for $198,838 by issuing a note with an implicit interest rate of 9.34%. The note is collateralized by the mining equipment with payments of $5,556 for 36 months, which started on August 15, 2011. | ||||||||
(b) | On April 17, 2012, the Company purchased mining equipment for $40,565 by issuing a note with an effective interest rate of 11.279%. The note is collateralized by the mining equipment with payments of $950 for 48 months, which started on May 1, 2012. | ||||||||
(c) | On July 23, 2012, the Company purchased mining equipment for $169,500 by issuing a note with an interest rate of 5.5%. The note is collateralized by the mining equipment with payments of $6,060 for 30 months, which started on August 25, 2012. | ||||||||
(d) | On April 16, 2014, the Company purchased lab equipment for $109,493 by depositing and issuing a non-interest bearing note in the amount of $91,229. The note is collateralized by the lab equipment with payments of $9,122 for ten months, which started in May 2014. | ||||||||
(e) | On October 31, 2014, the Company purchased mining equipment for $65,120 by depositing and issuing a note in the amount of $57,900 with an interest rate of 5.2%. The note is collateralized by the mining equipment with payments of $1,339 for 48 months, which started on November 30, 2014. | ||||||||
(f) | On September 20, 2012, the Company purchased a vehicle for the mine site for $37,701 by issuing a non-interest bearing note. The note is collateralized by the vehicle with payments of $628 for 60 months, which started on October 20, 2012. | ||||||||
(g) | On November 16, 2012, the Company purchased a piece of mining equipment that had been leased for $67,960 by issuing a note with an effective interest rate of 5.5%. The note is collateralized by the mining equipment with payments of $3,518 for three months, then $5,000 for twelve months. | ||||||||
(h) | On November 16, 2012, the Company purchased a piece of mining equipment that had been leased for $33,748 by issuing a note with an effective interest rate of 5.5%. The note is collateralized by the mining equipment with payments of $1,632 for five months, then $2,250 for twelve months | ||||||||
(i) | The Company signed a note payable with an insurance company dated October 31, 2014 for directors’ and officers’ insurance, due in monthly installments, including interest at 3.15%. The note will mature on July 2015. | ||||||||
(j) | The Company signed a note payable with an insurance company dated October 31, 2014 for liability insurance, due in monthly installments, including interest at 3.15%. The note will mature on July 2015. | ||||||||
(k) | The Company signed a note payable with an insurance company dated October 17, 2012 for directors' and officers' insurance, due in monthly installments, including interest at 3.15%. The note matured in September 2013 and was repaid. | ||||||||
(l) | The Company signed a note payable with an insurance company dated October 17, 2012 for liability insurance, due in monthly installments, including interest at 4.732%. The note matured in July 2013 and was repaid. | ||||||||
The following is a schedule of the principal maturities on these notes for the next four years: | |||||||||
2015 | $ | 246,894 | |||||||
2016 | 25,457 | ||||||||
2017 | 20,615 | ||||||||
2018 | 13,073 | ||||||||
Total Notes Payable | $ | 306,039 | |||||||
During the 2014 and 2013, the Company's interest payments totaled $10,460 and $23,180, respectively. |
Note_8_Convertible_Debt_PIK_No
Note 8 - Convertible Debt (PIK Notes) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Convertible Debt [Abstract] | |||||||||||||
Convertible Debt [Text Block] | NOTE 8 – CONVERTIBLE DEBT (PIK NOTES) | ||||||||||||
The Company raised $23 million of financing through the issuance of two series of Paid-In-Kind (“PIK”)-Election Convertible Notes in 2013 and 2014, with key terms highlighted in the table below: | |||||||||||||
Key Terms | Series 2023 Notes | Series A Notes | |||||||||||
Inception Date | 8/5/13 | 11/3/14 | |||||||||||
Cash Received | $10,500,000 | $12,500,000 | |||||||||||
Principal (Initial Liability) | $10,500,000 | $19,848,486 | |||||||||||
Original Issue Discount (OID) | N/A | $7,348,486 | |||||||||||
Maturity (Term) | 10 years, but convertible after 1 year based on the market price of the Company’s stock | 4 years, but may range between 2 years to the full maturity of the Series 2023 Notes, depending on whether a Specified Event occurs and/or an Extension Option is elected (see below for further details) | |||||||||||
Exercise Price | $1.40 at inception, adjusted downward based on antidilution provisions/downround protection | $0.92 at inception, adjusted downward based on antidilution provisions; also may be reduced by $0.10 if Extension Option is elected (see below) | |||||||||||
Stated Interest | 10% per annum, due semiannually | 10% per annum, due semiannually, may be reduced to 1% if Specified Event (see below) occurs | |||||||||||
Derivative Liability | $2,055,000 established at inception due to existence of antidilution provisions; revalued every quarter using Monte Carlo model | $9,212,285 established at inception due to existence of antidilution provisions; revalued every quarter using Monte Carlo model | |||||||||||
As of 12/31/2014, the liability components of the PIK Notes on the Company’s balance sheet are listed in the following table: | |||||||||||||
(in $$) | Series 2023 Notes | Series A Notes | Total | ||||||||||
PIK Note Payable, Gross | 11,576,250 | 19,848,486 | 31,424,736 | ||||||||||
Less: Discount | (1,949,555 | ) | (16,450,742 | ) | (18,400,297 | ) | |||||||
PIK Note Payable, Net | 9,626,695 | 3,397,744 | 13,024,439 | ||||||||||
PIK Note Derivative Liability | 478,149 | 9,557,476 | 10,035,625 | ||||||||||
As of 12/31/2013, the liability components of the PIK Notes on the Company’s balance sheet are listed in the following table: | |||||||||||||
(in $$) | Series 2023 Notes | Series A Notes | Total | ||||||||||
PIK Note Payable, Gross | 10,507,333 | -- | 10,507,333 | ||||||||||
Less: Discount | (2,020,750 | ) | -- | (2,020,750 | ) | ||||||||
PIK Note Payable, Net | 8,486,583 | -- | 8,486,583 | ||||||||||
PIK Note Derivative Liability | 2,250,000 | -- | 2,250,000 | ||||||||||
Series A Notes | |||||||||||||
On November 3, 2014 (“Issue Date”), the Company issued, in a private placement pursuant to investment agreements, $19,848,486 principal amount of 10% PIK-Election Convertible Notes due 2018 ("Series A Notes") in exchange for $12,500,000 in cash and the cancellation of previously-issued warrants held by one investor. | |||||||||||||
Below are key terms of the Series A Notes: | |||||||||||||
o | Maturity- November 3, 2018, provided that the Stated Maturity Date may be extended to November 3, 2019 at the option of the Company (the “Extension Option”) if (i) the Company has delivered written notice of its exercise of the Extension Option to the Holder not more than ninety (90) nor less than thirty (30) days prior to November 3, 2018 and (ii) the Company has delivered a certificate, dated as of November 3, 2018, certifying that no Default or Event of Default has occurred and is continuing; provided, further that the Stated Maturity Date shall be extended to the maturity date of the Series 2023 Notes or any Replacement Financing, as applicable, upon the occurrence of a Specified Event (“Specified Extension”). | ||||||||||||
o | Exercise Price- initially $0.92 per share and will be (i) adjusted from time to time pursuant antidilution provisions and (ii) reduced by $0.10 per share if the Company elects to exercise its Extension Option. | ||||||||||||
o | Stated Interest: 10% payable semiannually in arrears, provided that the interest rate shall be reduced to 1% per annum on the principal amount of the Note upon the occurrence of the Specified Event, as defined below. | ||||||||||||
o | Specified Event- means the event that may occur after the second anniversary of the Issuer Date if: (i) any amounts under the Series 2023 Notes or any Replacement Financing are outstanding, (ii) the VWAP for the preceding 30 consecutive Trading Days as determined by the Board of Directors of the Issuer in good faith is in excess of the Exercise Price, (iii) the closing Market Price of the Common Stock is in excess of the Exercise Price on the date immediately preceding the date on which the Specified Event occurs, (iv) no Default or Event of Default has occurred and is continuing and (v) the Issuer has delivered a certificate to each holder of Series A Notes certifying that the conditions set forth in clauses (i) through (iv) above have been met. | ||||||||||||
o | Extension Option- If stock price is lower than current exercise price ($0.92) prior to the stated maturity (November 3, 2018), then the Company can elect an Extension Option, whereby the maturity is extended by one year (see Maturity definition), but with a reduction in exercise price by $0.10. | ||||||||||||
o | Liquidated Damages- The company is required to pay the noteholders 1% of the principal amount of the Series A Notes if a Registration statement is not filed and effective within 90 days of the inception date (and further damages for every 30 days thereafter). The Company has accrued $200,000 as Other Expense as of December 31, 2014 due to a delay in such filing. | ||||||||||||
o | The number of shares issuable under the Notes may be affected by the antidilution provisions of the Notes. The antidilition provisions adjust the Exercise Price of the Notes in the event of stock dividends and splits, issuance below the market price of the Common Stock, issuances below the conversion price of the Notes, pro rata distribution of assets, rights plans, tender offers, and exchange offers. | ||||||||||||
These Series A Notes were not issued with the intent of effectively hedging any future cash flow, fair value of any asset, liability or any net investment in a foreign operation. In addition to the customary antidilution provisions the notes contain a down-round provision whereby the conversion price would be adjusted downward in the event that additional shares of the Company’s common stock or securities exercisable, convertible or exchangeable for the Company’s common stock were issued for cash consideration (e.g. a capital raise) at a price less than the conversion price. Therefore, the estimated fair value of the conversion feature of $9,212,285 (based on observable inputs using a Monte Carlo model) was bifurcated from the Series A Notes and accounted for as a separate derivative liability, which resulted in a corresponding amount of debt discount on the Series A Notes. In addition, an additional debt discount of $7,348,486 was recorded as a result of the difference between the $12,500,000 of cash received and the $19,848,486 of principal on the Series A Notes. This combined debt discount of $16,560,771 is being amortized using the effective interest method over the 4-year term of the Notes as Interest Expense, while the PIK Note Derivative is carried at fair value (using a Monte Carlo model) until the Notes are converted or otherwise extinguished. Any changes in fair value are recognized in earnings. | |||||||||||||
At December 31, 2014, the fair value of the Series A PIK Note Derivative was estimated to be $9,557,476, an increase in valuation of $345,191 from the November 3, 2014 inception date. In addition, the Company amortized $110,031 of debt discount relating to the Series A PIK Notes Payable, increasing the Series A PIK Notes Payable carrying value to $3,397,744 as of December 31, 2014. | |||||||||||||
Series 2023 Notes | |||||||||||||
In August 2013, the Company received $10,500,000 of financing through the private placement of 10% mandatory convertible Notes due 2023 ("Series 2023 Notes"). The principal amount of the Notes is due on maturity. The Company can elect to pay semi-annual interest on the Series 2023 Notes with additional PIK Notes containing the same terms as the Series 2023 Notes, except interest will accrue from issuance of such notes. The Company can also elect to pay interest in cash. In February 2014 and August 2014, the Company issued $525,000 and $551,250, respectively, in additional PIK Notes to the holders to pay the semi-annual interest. | |||||||||||||
The Series 2023 Notes convert into the Company’s common stock at a conversion price of $1.40 per share, which is subject to customary anti-dilution adjustments; these antidilution adjustments reduced the conversion price to $1.36 after the issuance of the Series A Notes. As of issuance, principal amount of the Series 2023 Notes were convertible into 7,500,000 shares of the common stock and into 7,720,588 shares after the issuance of the Series A Notes. The holders may convert the Series 2023 Notes at any time. The Series 2023 Notes are mandatorily convertible after one year when the weighted average trading price of a share of the common stock for the preceding ten trading days is in excess of the conversion price. The Series 2023 Notes contain customary representations and warranties and several covenants. The proceeds are being used for general corporate purposes. No broker was used and no commission was paid in connection with the sale of the Series 2023 Notes. As of December 31, 2014, the Company was in compliance with the covenants. | |||||||||||||
These Series 2023 Notes were not issued with the intent of effectively hedging any future cash flow, fair value of any asset, liability or any net investment in a foreign operation. In addition to the customary anti-dilution provisions the notes contain a down-round provision whereby the conversion price would be adjusted downward in the event that additional shares of the Company’s common stock or securities exercisable, convertible or exchangeable for the Company’s common stock were issued for cash consideration (e.g. a capital raise) at a price less than the conversion price. Therefore, the estimated fair value of the conversion feature of $2,055,000 (based on observable inputs using a Monte Carlo model) was bifurcated from the Series 2023 Notes and accounted for as a separate derivative liability, which resulted in a corresponding amount of debt discount on the Series 2023 Notes. The debt discount is being amortized using the effective interest method over the 10-year term of the Series 2023 Notes as Interest Expense, while the PIK Note Derivative is carried at fair value (using a Monte Carlo model) until the Series 2023 Notes are converted or otherwise extinguished. Any changes in fair value are recognized in earnings. | |||||||||||||
At December 31, 2014, the fair value of the PIK Note Derivative was estimated to be $478,149, which includes the value of the additional PIK Notes issued in February and August 2014, for the semi-annual interest payments due. Total gain from the revaluation of the original PIK Notes derivative was $1,815,989 for 2014. In addition, during 2014, the Company recorded $48, 075 of additional debt discount from the February 2014 and August 2014 issuances above, and also amortized $119, 270 of debt discount relating to the Series 2023 PIK Notes Payable, resulting in a total debt discount of $1,949,555 as of December 31, 2014, and increasing the Series 2023 PIK Notes Payable carrying value to $9,626,695 as of December 31, 2014. |
Note_9_Stockholders_Equity
Note 9 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 9 – STOCKHOLDERS’ EQUITY |
Preferred Stock | |
The Company is authorized to issue 10,000,000 shares of noncumulative, non-voting, nonconvertible preferred stock, $0.001 par value per share. At December 31, 2014 and 2013, no shares of preferred stock were outstanding. | |
Common Stock | |
On November 20, 2012, stockholders of the Company approved to increase the authorized shares of common stock from 120,000,000 to 200,000,000 shares, $0.001 par value per share. At December 31, 2014 and 2013, 95,054,552 and 94,646,013 shares were issued and outstanding, respectively. | |
2014 | |
During 2014 the Company issued a total of 408,539 shares of common stock valued at $327,269 to directors and consultants as payments of fees. | |
2013 | |
During 2013 the Company issued a total of 269,812 shares of common stock valued at $316,475 to directors and consultants as payments of fees. In addition, on January 23, 2013 the Company sold, in a privately negotiated transaction, 3,756,757 shares of its common stock at $1.48 per share for gross proceeds of $5,560,000. No broker was used and no commission was paid as part of this transaction. | |
2012 | |
During the year ended December 31, 2012, the Company issued a total of 103,574 shares of common stock to directors and consultants as payment of fees. The value of the restricted shares was recorded at $151,059. During the year ended December 31, 2012, warrant holders received 106,774 shares of the Company’s common stock through cashless exercises. During the year ended December 31, 2012 option holders received 39,685 shares of the Company’s common stock through a cashless exercise. Also during the year ended December 31, 2012 the Company sold a total of 1,250,000 shares of common stock priced at $1.30 per share, at the then current share price. |
Note_10_Options_and_Warrants_t
Note 10 - Options and Warrants to Purchase Common Stock | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Options And Warrants To Purchase Common Stock [Abstract] | ||||||||||||||||||||
Options And Warrants To Purchase Common Stock [Text Block] | NOTE 10 – OPTIONS AND WARRANTS TO PURCHASE COMMON STOCK | |||||||||||||||||||
Derivative Instruments - Warrants | ||||||||||||||||||||
The Company issued 5,000,000 warrants (“Samlyn warrants”) in connection with the December 22, 2011 private placement of 10,000,000 shares of common stock. The strike price of these warrants was $2.00 per share at the date of grant. These warrants were not issued with the intent of effectively hedging any future cash flow, fair value of any asset, liability or any net investment in a foreign operation. In addition to the customary antidilution provisions the notes contain a down-round provision whereby the exercise price would be adjusted downward in the event that additional shares of the Company's common stock or securities exercisable, convertible or exchangeable for the Company's common stock were issued at a price less than the exercise price. Therefore, the fair value of these warrants (based on observable inputs using a Monte Carlo model) was recorded as a liability in the balance sheet until they are exercised or expire or are otherwise extinguished. During the first quarter of 2013, the Company issued 3,756,757 shares of its common stock for gross proceeds of $5,560,000, which triggered a down-round adjustment of $0.03 from $2.00 to $1.97 in the strike price of the Samlyn warrants at that time. As discussed in Note 8, during August 2013, the Company issued $10,500,000 of 10% mandatorily convertible Series 2023 PIK Notes in a private placement, which triggered a down-round adjustment of $0.04 from $1.97 to $1.93 in the strike price of the Samlyn warrants. On November 3, 2014, the Company cancelled the warrant arrangement, resulting in the fair value of the warrant at such date of $120,000 being credit to equity. | ||||||||||||||||||||
During 2014, 2013 and 2012, the Company recorded other income of $830,000, $995,000 and $630,000, respectively, resulting from the changes in the fair value of the warrant liability, mainly due to a lower stock price and a change in the volatility utilized by the Company, as discussed in Note 6. | ||||||||||||||||||||
Outstanding Stock Warrants | ||||||||||||||||||||
A summary of the status of the warrants outstanding and exercisable at December 31, 2014 is presented below: | ||||||||||||||||||||
Warrants Outstanding and Exercisable | ||||||||||||||||||||
Exercise Price | Number Outstanding | Weighted Average Remaining Contractual Life (years) | Weighted Average Exercise Price | |||||||||||||||||
$0.75 | 139,340 | 0.75 | $ | 0.75 | ||||||||||||||||
$0.78 | 213,402 | 1.09 | $ | 0.78 | ||||||||||||||||
$0.80 | 124,481 | 1 | $ | 0.8 | ||||||||||||||||
$1.00 | 180,000 | 0.81 | $ | 1 | ||||||||||||||||
$1.15 | 461,340 | 6.33 | $ | 1.15 | ||||||||||||||||
$2.00 | 54,367 | 1.59 | $ | 2 | ||||||||||||||||
1,172,930 | 3.08 | $ | 1.01 | |||||||||||||||||
No warrants were issued during 2013 and 2014. The intrinsic value of the outstanding warrants at December 31, 2014 was $0. Compensation expense of $210,067 has been recognized for the vesting of warrants in the accompanying consolidated statements of operations for the year ended December 31, 2012. | ||||||||||||||||||||
Outstanding Stock Options | ||||||||||||||||||||
On November 20, 2012, the shareholders of the Company approved the adoption of the Applied Minerals, Inc. 2012 Long-Term Incentive Plan (“LTIP”) and the Short-Term Incentive Plan (“STIP”) and the performance criteria used in setting performance goals for awards intended to be performance-based. Under the LTIP, 8,900,000 shares are authorized for issuance. The STIP does not refer to a particular number of shares under the LTIP, but would use the shares authorized in the LTIP for issuance under the STIP. The CEO, the CFO, and named executive officers, and directors, among others are eligible to participate in the LTIP and STIP. Prior to the adoption of the LTIP and STIP, stock options were granted under individual arrangements between the Company and the grantees, and approved by the Board of Directors. | ||||||||||||||||||||
The fair value of each of the Company's stock option awards is estimated on the date of grant using the Black-Scholes option-pricing model that uses the assumptions noted in the table below. Expected volatility is based on an average of historical volatility of the Company's common stock. The risk-free interest rate for periods within the contractual life of the stock option award is based on the yield curve of a zero-coupon U.S. Treasury Bond on the date the award is granted with a maturity equal to the expected term of the award. | ||||||||||||||||||||
The significant assumptions relating to the valuation of the Company's options issued for 2014 and 2013 were as follows on a weighted average basis: | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Dividend Yield | 0% | 0% | ||||||||||||||||||
Expected Life (years) | 5.5 | 4.4 | ||||||||||||||||||
Expected Volatility | 56.10% | 63.50% | ||||||||||||||||||
Risk Free Interest Rate | 1.79% | 1.48% | ||||||||||||||||||
A summary of the status and changes of the options granted under stock option plans and other agreements for 2014 and 2013 is as follows: | ||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||
Shares | Weighted | Shares | Weighted | |||||||||||||||||
Average | Average | |||||||||||||||||||
Exercise Price | Exercise Price | |||||||||||||||||||
Outstanding at beginning of period | 15,878,116 | $ | 1.03 | 15,455,471 | $ | 1.04 | ||||||||||||||
Issued | 1,175,000 | 0.84 | 760,867 | 1.19 | ||||||||||||||||
Exercised | -- | -- | -- | -- | ||||||||||||||||
Forfeited | -- | -- | (338,222 | ) | $ | 1.73 | ||||||||||||||
Outstanding at end of period | 17,053,116 | $ | 1.02 | 15,878,116 | $ | 1.03 | ||||||||||||||
During the year ended December 31, 2014, the Company granted 1,175,000 options to purchase the Company’s common stock with a weighted average exercise price of $0.84. Of the 1,175,000 options granted, the options vest immediately or monthly as follows: | ||||||||||||||||||||
Vesting Information | ||||||||||||||||||||
Shares | Frequency | Begin Date | End Date | |||||||||||||||||
200,000 | Quarterly | 3/31/14 | 12/31/14 | |||||||||||||||||
375,000 | Immediately | 6/10/14 | 6/10/14 | |||||||||||||||||
600,000 | Monthly | 6/10/14 | 6/9/17 | |||||||||||||||||
A summary of the status of the options outstanding at December 31, 2014 is presented below: | ||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||
Number | Weighted | Weighted | Number | Weighted | ||||||||||||||||
Outstanding | Average | Average | Exercisable | Average | ||||||||||||||||
Remaining | Exercise | Exercise | ||||||||||||||||||
Contractual Life (years) | Price | Price | ||||||||||||||||||
7,358,277 | 3.94 | $ | 0.7 | 7,358,277 | $ | 0.7 | ||||||||||||||
3,405,134 | 6.69 | $ | 0.83 | 3,405,134 | $ | 0.83 | ||||||||||||||
975,000 | 9.45 | $ | 0.84 | 491,667 | $ | 0.84 | ||||||||||||||
60,000 | 1.5 | $ | 1 | 60,000 | $ | 1 | ||||||||||||||
300,000 | 8.64 | $ | 1.1 | 100,000 | $ | 1.1 | ||||||||||||||
300,000 | 8.48 | $ | 1.15 | 133,333 | $ | 1.15 | ||||||||||||||
100,000 | 3.09 | $ | 1.24 | 100,000 | $ | 1.24 | ||||||||||||||
115,000 | 6.24 | $ | 1.35 | 115,000 | $ | 1.35 | ||||||||||||||
125,000 | 3.09 | $ | 1.45 | 125,000 | $ | 1.45 | ||||||||||||||
330,000 | 6.95 | $ | 1.55 | 296,667 | $ | 1.55 | ||||||||||||||
7,645 | 3.09 | $ | 1.58 | 7,645 | $ | 1.58 | ||||||||||||||
3,077,060 | 7.89 | $ | 1.66 | 3,077,060 | $ | 1.66 | ||||||||||||||
900,000 | 6.64 | $ | 1.9 | 900,000 | $ | 1.9 | ||||||||||||||
17,053,116 | 5.87 | $ | 1.02 | 16,169,783 | $ | 1.02 | ||||||||||||||
The weighted-average grant date fair value of options granted during 2014, 2013 and 2012 was $0.43, $0.64 and $1.33, respectively. | ||||||||||||||||||||
Compensation expense of $865,716, $4,707,381, and $2,314,154 has been recognized for the vested options for the years ended December 31, 2014, 2013 and 2012, respectively. The aggregate intrinsic value of the outstanding options at December 31, 2014 was $220,748. At December 31, 2014, $474,645 of unamortized compensation expense for unvested options is expected to be recognized over the next 1.85 years on a weighted average basis. |
Note_11_Per_Share_Data
Note 11 - Per Share Data | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share [Text Block] | NOTE 11 - PER SHARE DATA | ||||||||||||
The computation of basic earnings (loss) per share of common stock is based on the weighted average number of shares outstanding during the years. The computation of diluted earnings per common share is based on the weighted average number of shares outstanding during the year plus the common stock equivalents that would arise from the exercise of stock options and warrants outstanding under the treasury method and the average market price per share during the year as well as the conversion of notes. As of December 31, 2014, common stock equivalents aggregated 48,312,435 shares consisting of outstanding options and warrants to purchase 17,053,116 and 1,172,930 shares of Company common stock, respectively and notes payable which were convertible into 30,086,389 shares of Company common stock. Common stock equivalents at December 31, 2013 aggregated 29,583,046 shares of which 15,878,116 consisted of options and 6,204,930 were in warrants and notes payable which were convertible into 7,500,000 shares of Company common stock. Common stock equivalents at December 31, 2012 aggregated 21,660,400 shares of which 15,455,470 consisted of options and 6,204,930 were in warrants. Common stock equivalents during 2012 through 2014 were not included in the computation of loss per share because they would have been anti-dilutive. | |||||||||||||
Net Loss | Shares | Per-Share | |||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
For the year ended December 31, 2014: | |||||||||||||
Basic and Diluted EPS | |||||||||||||
Net loss | $ | (10,316,317 | ) | 94,895,194 | $ | (0.11 | ) | ||||||
For the year ended December 31, 2013: | |||||||||||||
Basic and Diluted EPS | |||||||||||||
Net loss | $ | (13,063,526 | ) | 94,303,264 | $ | (0.14 | ) | ||||||
For the year ended December 31, 2012: | |||||||||||||
Basic and Diluted EPS | |||||||||||||
Net loss | $ | (9,732,399 | ) | 89,552,788 | $ | (0.11 | ) | ||||||
Note_12_Income_Taxes
Note 12 - Income Taxes | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | NOTE 12 – INCOME TAXES | ||||||||||||||||||||||||
At December 31, 2014, the Company had deferred tax assets principally arising from net operating loss carry-forwards and stock based compensation for income tax purposes. The Company calculates its deferred tax assets using the federal tax rate of 35% and the following effective state rates, net of federal benefits: Idaho (0.1%), Utah (2.3%), and New York State/New York City (0.45%). Due to operating losses and the uncertainty of future profitability, a valuation allowance has been recorded to fully offset the Company’s deferred tax assets. | |||||||||||||||||||||||||
The tax effect of items that give rise to the deferred tax assets and liabilities are as follows: | |||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||
Net operating loss carryforward | $ | 23,246,809 | $ | 18,454,164 | |||||||||||||||||||||
Stock-based compensation | 4,121,311 | 3,685,646 | |||||||||||||||||||||||
Stock Award Payable | -- | 40,792 | |||||||||||||||||||||||
Total deferred tax assets | 27,368,120 | 22,180,602 | |||||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||
Property and equipment | (673,241 | ) | (421,025 | ) | |||||||||||||||||||||
Less: valuation allowance | (26,694,879 | ) | (21,759,577 | ) | |||||||||||||||||||||
$ | -- | $ | -- | ||||||||||||||||||||||
In assessing the realization of deferred tax assets, management determines whether it is more likely than not some, or all, of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the carryforward period as well as the period in which those temporary differences become deductible. Management considers the reversal of taxable temporary differences, projected taxable income and tax planning strategies in making this assessment. Based upon historical losses and the possibility of continued losses over the periods that the deferred tax assets are deductible, management believes it is more likely than not that the Company will not realize the benefits of these deferred tax assets and thus recorded a valuation allowance against the entire deferred tax asset balance. The valuation allowance increased by $4,935,303, $5,034,877, and $3,903,777 in the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||||||||||||||
At December 31, 2014, the Company had net operating loss carry-forwards of $62,196,737 for federal income tax purposes and $39,533,764 for state and local income tax purposes. The federal net operating loss carry-forwards are available to be utilized against future taxable income through fiscal year 2034 and state loss carry-forwards expire from 2024 through 2034, subject to substantial restrictions on the utilization of net operating losses in the event of an “ownership change” as defined by the Internal Revenue Code. Utilization of the Company’s federal and state net operating loss carry-forwards are subject to limitations as a result of these restrictions. No amounts were provided for unrecognized tax benefits attributable to uncertain tax positions as of December 31, 2014 and 2013. All tax years prior to 2011 are not subject to IRS and state tax authorities’ audit, except for examination of the net operating loss carryforward, which dates back to 2003. | |||||||||||||||||||||||||
A reconciliation of the differences between the effective and statutory income tax rates is as follows: | |||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||
Federal statutory rate | $ | (3,610,711 | ) | 35 | % | $ | (4,572,234 | ) | 35 | % | $ | (3,406,340 | ) | 35 | % | ||||||||||
State income taxes – Idaho | (11,016 | ) | 0.1 | % | (14,264 | ) | 0.1 | % | (37,982 | ) | 0.4 | % | |||||||||||||
State income taxes - Utah | (239,093 | ) | 2.3 | % | (199,166 | ) | 1.5 | % | (227,169 | ) | 2.3 | % | |||||||||||||
State and local income taxes - NY | (46,372 | ) | 0.4 | % | (58,721 | ) | 0.5 | % | -- | -- | |||||||||||||||
Change in valuation allowance | 4,935,302 | (47.8 | %) | 5,034,877 | (39.0% | ) | 3,903,777 | (40.1% | ) | ||||||||||||||||
Net nontaxable gain on derivative | (843,861 | ) | 8.2 | % | (290,623 | ) | 2.2 | % | (232,286 | ) | 2.4 | % | |||||||||||||
Miscellaneous | (184,249 | ) | 1.8 | % | 100,131 | (0.3% | ) | - | -- | ||||||||||||||||
$ | -- | 0 | % | $ | -- | 0 | % | $ | -- | 0 | % | ||||||||||||||
Note_13_Related_Parties
Note 13 - Related Parties | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||
Related Party Transactions Disclosure [Text Block] | NOTE 13 – RELATED PARTIES | ||||||||||||||||
David A. Taft, a director, is the president of IBS Capital LLC (“IBS”), a Massachusetts limited liability company, whose principal business is investing in securities. IBS is the general partner of the IBS Turnaround Fund (QP), which is a Massachusetts limited partnership, IBS Turnaround Fund (LP), which is a Massachusetts limited partnership and the IBS Opportunity Fund, Ltd. | |||||||||||||||||
Mr. Taft participated in the Series A PIK Note financing described in Note 8, with the following investments, which were utilized by the Company to fund its operations: | |||||||||||||||||
Investor | Investment | OID/Discount | Principal | Shares Issuable | |||||||||||||
@0.92, excluding | |||||||||||||||||
interest | |||||||||||||||||
IBS Turnaround Fund (A Limited Partnership) | 531,960 | $ | 0.66 | 806,000 | 876,087 | ||||||||||||
IBS Turnaround Fund QP (A Limited Partnership) | 1,118,040 | $ | 0.66 | 1,694,000 | 1,841,304 | ||||||||||||
IBS Opportunity Fund, Ltd. | 350,000 | $ | 0.66 | 530,303 | 576,416 | ||||||||||||
$ | 2,000,000 | $ | 3,030,303 | 3,293,807 | |||||||||||||
Material Advisors LLC | |||||||||||||||||
On December 30, 2008, the Company entered into a Management Agreement with Material Advisors LLC, a management services company (“Manager”). The Management Agreement had a term ending on December 31, 2010 with automatic renewal for successive one-year periods unless either Manager or Company provided 90 days prior notice of cancellation to the other party or pursuant to the termination provisions of the Management Agreement. Under the Management Agreement, Manager would perform or engage others, including Andre Zeitoun, a principal of Manager, Chris Carney and Eric Basroon (“Management Personnel”), to perform senior management services including such services as are customarily provided by a chief executive officer but not (unless otherwise agreed) services customarily provided by a chief financial officer. Pursuant to the Management Agreement, Andre Zeitoun would serve as Company’s Chief Executive Officer and would be appointed as a member of the Company’s Board of Directors. | |||||||||||||||||
The services provided by Manager included, without limitation, consulting with the Board of Directors and the Company’s management on business and financial matters. Manager was paid an annual fee of $1,000,000 per year, payable in equal monthly installments of $83,333. Manager was solely responsible for the compensation of the Management Personnel, including Mr. Zeitoun and the Management Personnel was not entitled to any direct compensation or benefits from the Company (including, in the case of Mr. Zeitoun, for service on the Board). In January 2009, the Company granted Manager non-qualified stock options to purchase, for $0.70 per share, up to 6,583,277 shares of the Company’s stock. In February 2011, the Company’s Board of Directors extended the Management Agreement for one additional year, thus extending the termination date of the agreement to December 31, 2012. As part of the extension of the Management Agreement, the Company’s Board of Directors approved the issuance of 2,904,653 warrants to purchase shares of common stock of the Company at $0.83 per share. The warrants have a term of 5 years and vest equally on a monthly basis beginning January 2012. On January 2012, the Company’s Board of Directors unanimously agreed to pay a performance bonus of $750,000 to the Manager. | |||||||||||||||||
On November 20, 2012, it was decided that effective January 1, 2013 the Company would engage the three members of Material Advisors individually rather than through Material Advisors. |
Note_14_Commitments_and_Contin
Note 14 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 14 – COMMITMENTS AND CONTINGENCIES |
Contingencies | |
The Company was named as the defendant in a lawsuit filed on April 18, 2014 in state district court in Salt Lake City, Utah. The plaintiff is Tekko Enterprises, Inc., which was hired in 2012 as project manager for the construction of a processing plant at the Company’s Dragon Mine property and terminated in 2013 before the completion of the plant. The complaint seeks damages of $346,000, unpaid amounts that the plaintiff claims it is entitled to under the project management agreement and two purchase orders. The Company intends to vigorously defend against the claims and to counterclaim. | |
In accordance with ASC Topic 450, when applicable, we record accruals for contingencies when it is probable that a liability will be incurred and the amount of loss can be reasonably estimated. In addition to the matter described above, we may become involved in or subject to, routine litigation, claims, disputes, proceedings and investigations in the ordinary course of business, could have a material adverse effect on our financial condition, cash flows or results of operations. | |
Office Lease | |
The Company extended their lease agreement for office space through December 31, 2015 at a monthly rent of $12,691 and intends to extend it further for an additional year through 2016 for an aggregate commitment of approximately $309,871 at December 31, 2014, payable over the next two years. |
Note_15A_Financial_Information
Note 15A- Financial Information by Quarter (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Information [Text Block] | Note 15A - FINANCIAL INFORMATION BY QUARTER (UNAUDITED) | ||||||||||||||||
2014 For Quarter Ended | 31-Dec | 30-Sep | 30-Jun | 31-Mar | |||||||||||||
Revenue | $ | 119,533 | $ | 55,681 | $ | 47,993 | $ | 11,014 | |||||||||
Operating loss | $ | (3,147,929 | ) | $ | (2,389,291 | ) | $ | (2,712,065 | ) | $ | (2,552,293 | ) | |||||
Net loss | $ | (4,346,638 | ) | $ | (2,576,750 | ) | $ | (3,035,704 | ) | $ | (357,225 | ) | |||||
Loss Per Share (Basic and Diluted) | $ | (0.05 | ) | $ | (0.03 | ) | $ | (0.03 | ) | $ | (0.00 | ) | |||||
2013 For Quarter Ended | 31-Dec | 30-Sep | 30-Jun | 31-Mar | |||||||||||||
Revenue | $ | 10,088 | $ | 6,773 | $ | 12,878 | $ | 25,086 | |||||||||
Operating loss | $ | (3,795,077 | ) | $ | (3,250,990 | ) | $ | (2,774,969 | ) | $ | (3,582,514 | ) | |||||
Net loss | $ | (3,510,651 | ) | $ | (3,869,099 | ) | $ | (2,604,885 | ) | $ | (3,078,891 | ) | |||||
Loss Per Share (Basic and Diluted) | $ | (0.04 | ) | $ | (0.04 | ) | $ | (0.03 | ) | $ | (0.03 | ) | |||||
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Balance at | Additions Charged | Net | Balance at | |||||||||||||
Beginning of | to Expenses/ | (Deductions) | End of Year | ||||||||||||||
Year | Other Accounts | Recoveries | |||||||||||||||
Allowance for doubtful accounts | |||||||||||||||||
2014 | $ | -- | $ | -- | $ | -- | $ | -- | |||||||||
2013 | $ | 25,106 | $ | -- | $ | 25,106 | $ | -- | |||||||||
2012 | $ | 11,938 | $ | 13,168 | $ | -- | $ | 25,106 | |||||||||
Valuation allowance for deferred tax assets | |||||||||||||||||
2014 | $ | 21,759,577 | $ | 4,935,302 | $ | -- | $ | 26,694,879 | |||||||||
2013 | $ | 16,724,700 | $ | 5,034,877 | $ | -- | $ | 21,759,577 | |||||||||
2012 | $ | 12,820,923 | $ | 3,903,777 | $ | -- | $ | 16,724,700 | |||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Exploration Stage Company [Policy Text Block] | Exploration-Stage Company | |
From 1997 through 2008, the Company’s sole source of revenue and income was derived from its contract mining business through which it provided shaft sinking, underground mine development and mine labor services. At December 31, 2008, the Company discontinued its contract mining efforts due to economic conditions and the desire to concentrate its efforts on the commercialization of the halloysite clay deposit at the Dragon Mine. | ||
Effective January 1, 2009, the Company was, and still is, classified as an exploration company as the existence of proven or probable reserves have not been demonstrated and no significant revenue has been earned from the mine. Under the SEC’s Industry Guide 7, a mining company is considered an exploration stage company until it has declared mineral reserves determined in accordance with the guide and staff interpretations thereof. | ||
Consolidation, Policy [Policy Text Block] | Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of Applied Minerals, Inc. and its inactive subsidiary, which holds 100 acres of timber and mineral property in northern Idaho. | ||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. In these consolidated financial statements, the warrant and PIK note derivative liabilities, stock compensation, impairment of long-lived assets and valuation allowance on income taxes involve extensive reliance on management’s estimates. Actual results could differ from those estimates. | ||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents | |
Cash and cash equivalents include all highly-liquid investments with a maturity of three months or less. The Company minimizes its credit risk by investing its cash and cash equivalents, which sometimes exceeds FDIC limits, with major financial institutions located in the United States with a high credit rating. | ||
Receivables, Policy [Policy Text Block] | Receivables | |
Trade receivables are reported at outstanding principal amounts, net of an allowance for doubtful accounts. | ||
Management evaluates the collectability of receivable account balances to determine the allowance, if any. Management considers the other party’s credit risk and financial condition, as well as current and projected economic and market conditions, in determining the amount of the allowance. Receivable balances are written off when management determines that the balance is uncollectable. No allowance was required at December 31, 2014 and 2013. | ||
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment | |
Property and equipment are carried at cost net of accumulated depreciation and amortization. Depreciation and amortization is computed on the straight-line method over the estimated useful lives of the assets, or the life of the lease, whichever is shorter, as follows: | ||
Estimated | ||
Useful Life * | ||
Building and Building Improvements | 5 – 40 years | |
Mining equipment | 2 – 7 years | |
Office and shop furniture and equipment | 3 – 7 years | |
Vehicles | 5 years | |
* See Note 4 for explanation of a change in useful life in 2014. | ||
Depreciation expense for the years ended December 31, 2014, 2013 and, 2012 totaled $1,164,366, $317,570, and $280,991, respectively. | ||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-lived Assets | |
The Company periodically reviews the carrying amounts of long-lived assets to determine whether current events or circumstances warrant adjustment to such carrying amounts. Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. When such events occur, the Company compares the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset to its carrying amount. If this comparison indicates that there is an impairment, the amount of the impairment is typically calculated using discounted expected future cash flows where observable fair values are not readily determinable. Considerable management judgment is necessary to estimate the fair value of assets. Assets to be disposed of are carried at the lower of their financial statement carrying amount or fair value, less cost to sell. | ||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition | |
Revenue includes sales of halloysite clay and iron oxide, and is recognized when title passes to the buyer and when collectability is reasonably assured. Title passes to the buyer based on terms of the sales contract. Product pricing is determined based on contractual arrangements with the Company’s customers. | ||
Exploitation Costs, Policy [Policy Text Block] | Mining Exploration and Development Costs | |
Land and mining property are carried at cost. The Company expenses prospecting and mining exploration costs. At the point when a property is determined to have proven and probable reserves, subsequent development costs will be capitalized and will be charged to operations using the units-of-production method over proven and probable reserves. Upon abandonment or sale of a mineral property, all capitalized costs relating to the specific property are written off in the period abandoned or sold and a gain or loss is recognized. | ||
Income Tax, Policy [Policy Text Block] | Income taxes | |
The Company uses an asset and liability approach which results in the recognition of deferred tax liabilities and assets for the expected future tax consequences or benefits of temporary differences between the financial reporting basis and the tax basis of assets and liabilities, as well as operating loss and tax credit carry forwards, using enacted tax rates in effect in the years in which the differences are expected to reverse. | ||
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of its deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. A valuation allowance has been provided for the portion of the Company’s net deferred tax assets for which it is more likely than not that they will not be realized. | ||
The Company is subject to U.S. federal income tax as well as income tax of various state jurisdictions. Federal income tax returns subsequent to 2010 are subject to examination by major tax jurisdictions. | ||
Authoritative guidance provides that the tax effects from an uncertain tax position taken or expected to be taken in a tax return can be recognized in our financial statements only if the position is more likely than not of being sustained on audit based on the technical merits of the position. As of December 31, 2014 no benefit from uncertain tax positions was recognized in our financial statements. The Company has elected to classify interest and/or penalties related to income tax matters in income tax expense. | ||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock Options and Warrants | |
The Company follows ASC 718 (Stock Compensation) and 505-50 (Equity-Based Payments to Non-employees), which provide guidance in accounting for share-based awards exchanged for services rendered and requires companies to expense the estimated fair value of these awards over the requisite service period. The Company instituted a formal long-term and short-term incentive plan on November 20, 2012, which was approved by its shareholders. Prior to that date, we did not have a formal equity plan, but all equity grants, including stock options and warrants, were approved by our Board of Directors. We determine the fair value of the stock-based compensation awards granted to non-employees as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. If the fair value of the equity instruments issued is used, it is measured using the stock price and other measurement assumptions as of the earlier of either of (1) the date at which a commitment for performance by the counterparty to earn the equity instruments is reached, or (2) the date at which the counterparty’s performance is complete. Beginning in the quarter ended June 30, 2013 the Company began using the simplified method to determine the expected term for any options granted because the Company did not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term. The Company previously utilized the contractual term as the expected term. | ||
Environmental Costs, Policy [Policy Text Block] | Environmental Matters | |
Expenditures for ongoing compliance with environmental regulations that relate to current operations are expensed or capitalized as appropriate. Expenditures resulting from the remediation of existing conditions caused by past operations that do not contribute to future revenue generations are expensed. Liabilities are recognized when environmental assessments indicate that remediation efforts are probable and the costs can be reasonably estimated. | ||
Estimates of such liabilities are based upon currently available facts, existing technology and presently enacted laws and regulations taking into consideration the likely effects of inflation and other societal and economic factors, and include estimates of associated legal costs. These amounts also reflect prior experience in remediating contaminated sites, other companies’ clean-up experience and data released by The Environmental Protection Agency or other organizations. Such estimates are by their nature imprecise and can be expected to be revised over time because of changes in government regulations, operations, technology and inflation. Recoveries are evaluated separately from the liability and, when recovery is assured, the Company records and reports an asset separately from the associated liability. | ||
Based upon management’s current assessment of its environmental responsibilities, it does not believe that any reclamation or remediation liability exists at December 31, 2014. | ||
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements | |
On June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period, which clarifies that entities should treat performance targets that can be met after the requisite service period of a share-based payment award as performance conditions that affect vesting. Under the ASU, an entity would not record compensation expense related to an award for which transfer to the employee is contingent on the entity's satisfaction of a performance target until it becomes probable that the performance target will be met. The adoption of this ASU will be required, either on a retrospective basis or prospective basis, beginning with our Quarterly Report on Form 10-Q for the quarter ending March 31, 2016. The adoption of this ASU is not expected to have a material impact on our consolidated financial statements. | ||
In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU 2014-10 Development Stage Entities. The amendments in ASU 2014-10 remove the definition of a development stage entity from Topic 915 Development Stage Entities, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of operations, cash flows, and shareholder’s equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments also clarify that the guidance in Topic 275, Risks and Uncertainties, is applicable to entities that have not commenced planned principal operations. ASU 2014-10 is effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. The Company could early adopt ASU 2014-10 for any annual reporting period or interim period for which the entity’s financial statements have not yet been issued. The Company has elected to adopt this ASU effective with the Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 and its adoption resulted in the removal of inception-to-date information in the Company’s financial statements. | ||
In May 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers. The amendments in ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (e.g., insurance contracts or lease contracts). This ASU will supersede the revenue recognition requirements in Topic 605 Revenue Recognition, and most industry-specific guidance, and creates a Topic 606 Revenue from Contracts with Customers. | ||
The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: | ||
Step 1: Identify the contract(s) with a customer. | ||
Step 2: Identify the performance obligations in the contract. | ||
Step 3: Determine the transaction price. | ||
Step 4: Allocate the transaction price to the performance obligations in the contract. | ||
Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. | ||
ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company is currently evaluating these new requirements to determine the method of implementation and any resulting estimated effects on the consolidatedfinancial statements. | ||
In August 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-15, "Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern" ("ASU 2014-15"). ASU 2014-15 is intended to define management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. Specifically, ASU 2014-15 provides a definition of the term substantial doubt and requires an assessment for a period of one year after the date that the financial statements are issued. It also requires certain disclosures when substantial doubt is alleviated as a result of consideration of management's plans and requires an express statement and other disclosures when substantial doubt is not alleviated. The new standard will be effective for reporting periods beginning after December 15, 2016, with early adoption permitted. Management is currently evaluating the impact of the adoption of ASU 2014-14 on our financial statement disclosures. |
Note_3_Summary_of_Significant_1
Note 3 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Property, Plant and Equipment [Table Text Block] | Estimated | |
Useful Life * | ||
Building and Building Improvements | 5 – 40 years | |
Mining equipment | 2 – 7 years | |
Office and shop furniture and equipment | 3 – 7 years | |
Vehicles | 5 years |
Note_4_Property_and_Equipment_
Note 4 - Property and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property Plant And Equipment Carrying Value [Table Text Block] | 2014 | 2013 | |||||||
Land (a) | $ | 945,180 | $ | 945,180 | |||||
Land improvements | 164,758 | 164,758 | |||||||
Buildings | 3,308,465 | 631,299 | |||||||
Mining equipment | 1,684,197 | 1,569,635 | |||||||
Milling equipment | 2,620,300 | 333,594 | |||||||
Laboratory equipment | 594,451 | 65,934 | |||||||
Office equipment | 72,174 | 60,992 | |||||||
Vehicles | 148,673 | 140,002 | |||||||
9,538,198 | 3,911,394 | ||||||||
Less: Accumulated depreciation | 2,482,324 | 1,317,958 | |||||||
7,055,874 | 2,593,436 | ||||||||
Construction in progress (b) | - | 3,438,113 | |||||||
Total | $ | 7,055,874 | $ | 6,031,549 |
Note_6_Fair_Value_Measurements1
Note 6 - Fair Value Measurements and Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Note 6 - Fair Value Measurements and Financial Instruments (Tables) [Line Items] | |||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair value measurement using inputs | Carrying amount | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | 31-Dec-14 | 31-Dec-13 | |||||||||||||||||
Financial instruments: | |||||||||||||||||||||
Warrant derivative * | -- | -- | $ | 950,000 | |||||||||||||||||
Series 2023 PIK Note Derivative | $ | 478,149 | $ | 478,149 | $ | 2,250,000 | |||||||||||||||
Series A PIK Note Derivative | $ | 9,557,476 | $ | 9,557,476 | -- | ||||||||||||||||
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Series 2023 PIK Note derivative liability | Fair Value Measurements | |||||||||||||||||||
Using Inputs | |||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||
Market price and estimated fair value of stock | $ | 0.73 | $ | 1.1 | |||||||||||||||||
Exercise price | $ | 1.36 | $ | 1.4 | |||||||||||||||||
Term (years) | 8.58 | 9.58 | |||||||||||||||||||
Dividend yield | $ | -- | $ | -- | |||||||||||||||||
Expected volatility * | 52 | % | 76.9 | % | |||||||||||||||||
Risk-free interest rate | 2.08 | % | 2.96 | % | |||||||||||||||||
Series A PIK Note derivative liability | Fair Value Measurements | ||||||||||||||||||||
Using Inputs | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Market price and estimated fair value of stock | $ | 0.73 | |||||||||||||||||||
Exercise price | $ | 0.92 | |||||||||||||||||||
Term (years) | 3.83 | ||||||||||||||||||||
Dividend yield | $ | -- | |||||||||||||||||||
Expected volatility | 52 | % | |||||||||||||||||||
Risk-free interest rate | 2.08 | % | |||||||||||||||||||
Warrant derivative liability | Fair Value Measurements | ||||||||||||||||||||
Using Inputs | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Market price and estimated fair value of stock | $ | 1.1 | |||||||||||||||||||
Exercise price | $ | 1.93 | |||||||||||||||||||
Term (years) | 3 | ||||||||||||||||||||
Dividend yield | $ | -- | |||||||||||||||||||
Expected volatility * | 76.9 | % | |||||||||||||||||||
Risk-free interest rate | 0.78 | % | |||||||||||||||||||
Fair Value, Inputs, Level 3 [Member] | |||||||||||||||||||||
Note 6 - Fair Value Measurements and Financial Instruments (Tables) [Line Items] | |||||||||||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Balance at December 31, 2013 | $ | - | ||||||||||||||||||
Transfer into Level 3 (a) | 2,250,000 | ||||||||||||||||||||
Issuance of Series A PIK Note | 9,212,285 | ||||||||||||||||||||
Issuance of additional Series 2023 PIK Note | 44,138 | ||||||||||||||||||||
Net unrealized losses included in earnings (loss) | (1,470,798 | ) | |||||||||||||||||||
Balance at December 31, 2014 | $ | 10,035,625 |
Note_7_Notes_Payable_Tables
Note 7 - Notes Payable (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Debt [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
Note payable for mining equipment, payable $5,556 monthly, including interest (a) | $ | -- | $ | 42,927 | |||||
Note payable for mining equipment, payable $950 monthly, including interest (b) | 14,057 | 23,302 | |||||||
Note payable for mining equipment, payable $6,060 monthly, including interest (c) | 6,033 | 76,313 | |||||||
Note payable for lab equipment, payable $9,122 monthly, including interest (d) | 18,246 | -- | |||||||
Note payable for mining equipment, payable $1,339 monthly, including interest (e) | 55,720 | -- | |||||||
Note payable for mine site vehicle, payable $628 monthly (f) | 20,736 | 28,276 | |||||||
Note payable for mining equipment, payable $5,000 monthly, including interest (g) | -- | 9,932 | |||||||
Note payable for mining equipment, payable $2,250 monthly, including interest (h) | -- | 8,898 | |||||||
Note payable to an insurance company, payable $21,531monthly, including interest (i) | 149,036 | -- | |||||||
Note payable to an insurance company, payable $6,094 monthly, including interest (j) | 42,211 | -- | |||||||
Note payable to an insurance company, payable $4,447 monthly, including interest (k) | -- | 132,576 | |||||||
Note payable to an insurance company, payable $4,447 monthly, including interest (l) | -- | 29,767 | |||||||
306,039 | 351,991 | ||||||||
Less: Current Portion | (246,894 | ) | (311,165 | ) | |||||
Notes Payable, Long-Term Portion | $ | 59,145 | $ | 40,826 | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | 2015 | $ | 246,894 | ||||||
2016 | 25,457 | ||||||||
2017 | 20,615 | ||||||||
2018 | 13,073 | ||||||||
Total Notes Payable | $ | 306,039 |
Note_8_Convertible_Debt_PIK_No1
Note 8 - Convertible Debt (PIK Notes) (Tables) (Payment in Kind (PIK) Note [Member]) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Payment in Kind (PIK) Note [Member] | |||||||||||||
Note 8 - Convertible Debt (PIK Notes) (Tables) [Line Items] | |||||||||||||
Convertible Debt [Table Text Block] | (in $$) | Series 2023 Notes | Series A Notes | Total | |||||||||
PIK Note Payable, Gross | 11,576,250 | 19,848,486 | 31,424,736 | ||||||||||
Less: Discount | (1,949,555 | ) | (16,450,742 | ) | (18,400,297 | ) | |||||||
PIK Note Payable, Net | 9,626,695 | 3,397,744 | 13,024,439 | ||||||||||
PIK Note Derivative Liability | 478,149 | 9,557,476 | 10,035,625 | ||||||||||
(in $$) | Series 2023 Notes | Series A Notes | Total | ||||||||||
PIK Note Payable, Gross | 10,507,333 | -- | 10,507,333 | ||||||||||
Less: Discount | (2,020,750 | ) | -- | (2,020,750 | ) | ||||||||
PIK Note Payable, Net | 8,486,583 | -- | 8,486,583 | ||||||||||
PIK Note Derivative Liability | 2,250,000 | -- | 2,250,000 |
Note_10_Options_and_Warrants_t1
Note 10 - Options and Warrants to Purchase Common Stock (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Options And Warrants To Purchase Common Stock [Abstract] | ||||||||||||||||||||
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Warrants Outstanding and Exercisable | |||||||||||||||||||
Exercise Price | Number Outstanding | Weighted Average Remaining Contractual Life (years) | Weighted Average Exercise Price | |||||||||||||||||
$0.75 | 139,340 | 0.75 | $ | 0.75 | ||||||||||||||||
$0.78 | 213,402 | 1.09 | $ | 0.78 | ||||||||||||||||
$0.80 | 124,481 | 1 | $ | 0.8 | ||||||||||||||||
$1.00 | 180,000 | 0.81 | $ | 1 | ||||||||||||||||
$1.15 | 461,340 | 6.33 | $ | 1.15 | ||||||||||||||||
$2.00 | 54,367 | 1.59 | $ | 2 | ||||||||||||||||
1,172,930 | 3.08 | $ | 1.01 | |||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2014 | 2013 | ||||||||||||||||||
Dividend Yield | 0% | 0% | ||||||||||||||||||
Expected Life (years) | 5.5 | 4.4 | ||||||||||||||||||
Expected Volatility | 56.10% | 63.50% | ||||||||||||||||||
Risk Free Interest Rate | 1.79% | 1.48% | ||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | 31-Dec-14 | 31-Dec-13 | ||||||||||||||||||
Shares | Weighted | Shares | Weighted | |||||||||||||||||
Average | Average | |||||||||||||||||||
Exercise Price | Exercise Price | |||||||||||||||||||
Outstanding at beginning of period | 15,878,116 | $ | 1.03 | 15,455,471 | $ | 1.04 | ||||||||||||||
Issued | 1,175,000 | 0.84 | 760,867 | 1.19 | ||||||||||||||||
Exercised | -- | -- | -- | -- | ||||||||||||||||
Forfeited | -- | -- | (338,222 | ) | $ | 1.73 | ||||||||||||||
Outstanding at end of period | 17,053,116 | $ | 1.02 | 15,878,116 | $ | 1.03 | ||||||||||||||
Summary Of Vesting Information For Stock Options [Table Text Block] | Vesting Information | |||||||||||||||||||
Shares | Frequency | Begin Date | End Date | |||||||||||||||||
200,000 | Quarterly | 3/31/14 | 12/31/14 | |||||||||||||||||
375,000 | Immediately | 6/10/14 | 6/10/14 | |||||||||||||||||
600,000 | Monthly | 6/10/14 | 6/9/17 | |||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding | Options Exercisable | ||||||||||||||||||
Number | Weighted | Weighted | Number | Weighted | ||||||||||||||||
Outstanding | Average | Average | Exercisable | Average | ||||||||||||||||
Remaining | Exercise | Exercise | ||||||||||||||||||
Contractual Life (years) | Price | Price | ||||||||||||||||||
7,358,277 | 3.94 | $ | 0.7 | 7,358,277 | $ | 0.7 | ||||||||||||||
3,405,134 | 6.69 | $ | 0.83 | 3,405,134 | $ | 0.83 | ||||||||||||||
975,000 | 9.45 | $ | 0.84 | 491,667 | $ | 0.84 | ||||||||||||||
60,000 | 1.5 | $ | 1 | 60,000 | $ | 1 | ||||||||||||||
300,000 | 8.64 | $ | 1.1 | 100,000 | $ | 1.1 | ||||||||||||||
300,000 | 8.48 | $ | 1.15 | 133,333 | $ | 1.15 | ||||||||||||||
100,000 | 3.09 | $ | 1.24 | 100,000 | $ | 1.24 | ||||||||||||||
115,000 | 6.24 | $ | 1.35 | 115,000 | $ | 1.35 | ||||||||||||||
125,000 | 3.09 | $ | 1.45 | 125,000 | $ | 1.45 | ||||||||||||||
330,000 | 6.95 | $ | 1.55 | 296,667 | $ | 1.55 | ||||||||||||||
7,645 | 3.09 | $ | 1.58 | 7,645 | $ | 1.58 | ||||||||||||||
3,077,060 | 7.89 | $ | 1.66 | 3,077,060 | $ | 1.66 | ||||||||||||||
900,000 | 6.64 | $ | 1.9 | 900,000 | $ | 1.9 | ||||||||||||||
17,053,116 | 5.87 | $ | 1.02 | 16,169,783 | $ | 1.02 |
Note_11_Per_Share_Data_Tables
Note 11 - Per Share Data (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Net Loss | Shares | Per-Share | ||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
For the year ended December 31, 2014: | |||||||||||||
Basic and Diluted EPS | |||||||||||||
Net loss | $ | (10,316,317 | ) | 94,895,194 | $ | (0.11 | ) | ||||||
For the year ended December 31, 2013: | |||||||||||||
Basic and Diluted EPS | |||||||||||||
Net loss | $ | (13,063,526 | ) | 94,303,264 | $ | (0.14 | ) | ||||||
For the year ended December 31, 2012: | |||||||||||||
Basic and Diluted EPS | |||||||||||||
Net loss | $ | (9,732,399 | ) | 89,552,788 | $ | (0.11 | ) |
Note_12_Income_Taxes_Tables
Note 12 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||
Net operating loss carryforward | $ | 23,246,809 | $ | 18,454,164 | |||||||||||||||||||||
Stock-based compensation | 4,121,311 | 3,685,646 | |||||||||||||||||||||||
Stock Award Payable | -- | 40,792 | |||||||||||||||||||||||
Total deferred tax assets | 27,368,120 | 22,180,602 | |||||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||
Property and equipment | (673,241 | ) | (421,025 | ) | |||||||||||||||||||||
Less: valuation allowance | (26,694,879 | ) | (21,759,577 | ) | |||||||||||||||||||||
$ | -- | $ | -- | ||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 31-Dec-14 | 31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||
Federal statutory rate | $ | (3,610,711 | ) | 35 | % | $ | (4,572,234 | ) | 35 | % | $ | (3,406,340 | ) | 35 | % | ||||||||||
State income taxes – Idaho | (11,016 | ) | 0.1 | % | (14,264 | ) | 0.1 | % | (37,982 | ) | 0.4 | % | |||||||||||||
State income taxes - Utah | (239,093 | ) | 2.3 | % | (199,166 | ) | 1.5 | % | (227,169 | ) | 2.3 | % | |||||||||||||
State and local income taxes - NY | (46,372 | ) | 0.4 | % | (58,721 | ) | 0.5 | % | -- | -- | |||||||||||||||
Change in valuation allowance | 4,935,302 | (47.8 | %) | 5,034,877 | (39.0% | ) | 3,903,777 | (40.1% | ) | ||||||||||||||||
Net nontaxable gain on derivative | (843,861 | ) | 8.2 | % | (290,623 | ) | 2.2 | % | (232,286 | ) | 2.4 | % | |||||||||||||
Miscellaneous | (184,249 | ) | 1.8 | % | 100,131 | (0.3% | ) | - | -- | ||||||||||||||||
$ | -- | 0 | % | $ | -- | 0 | % | $ | -- | 0 | % |
Note_13_Related_Parties_Tables
Note 13 - Related Parties (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||
Schedule of Related Party Transactions [Table Text Block] | Investor | Investment | OID/Discount | Principal | Shares Issuable | ||||||||||||
@0.92, excluding | |||||||||||||||||
interest | |||||||||||||||||
IBS Turnaround Fund (A Limited Partnership) | 531,960 | $ | 0.66 | 806,000 | 876,087 | ||||||||||||
IBS Turnaround Fund QP (A Limited Partnership) | 1,118,040 | $ | 0.66 | 1,694,000 | 1,841,304 | ||||||||||||
IBS Opportunity Fund, Ltd. | 350,000 | $ | 0.66 | 530,303 | 576,416 | ||||||||||||
$ | 2,000,000 | $ | 3,030,303 | 3,293,807 |
Note_15A_Financial_Information1
Note 15A- Financial Information by Quarter (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | 2014 For Quarter Ended | 31-Dec | 30-Sep | 30-Jun | 31-Mar | ||||||||||||
Revenue | $ | 119,533 | $ | 55,681 | $ | 47,993 | $ | 11,014 | |||||||||
Operating loss | $ | (3,147,929 | ) | $ | (2,389,291 | ) | $ | (2,712,065 | ) | $ | (2,552,293 | ) | |||||
Net loss | $ | (4,346,638 | ) | $ | (2,576,750 | ) | $ | (3,035,704 | ) | $ | (357,225 | ) | |||||
Loss Per Share (Basic and Diluted) | $ | (0.05 | ) | $ | (0.03 | ) | $ | (0.03 | ) | $ | (0.00 | ) | |||||
2013 For Quarter Ended | 31-Dec | 30-Sep | 30-Jun | 31-Mar | |||||||||||||
Revenue | $ | 10,088 | $ | 6,773 | $ | 12,878 | $ | 25,086 | |||||||||
Operating loss | $ | (3,795,077 | ) | $ | (3,250,990 | ) | $ | (2,774,969 | ) | $ | (3,582,514 | ) | |||||
Net loss | $ | (3,510,651 | ) | $ | (3,869,099 | ) | $ | (2,604,885 | ) | $ | (3,078,891 | ) | |||||
Loss Per Share (Basic and Diluted) | $ | (0.04 | ) | $ | (0.04 | ) | $ | (0.03 | ) | $ | (0.03 | ) |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||
Summary of Valuation Allowance [Table Text Block] | Balance at | Additions Charged | Net | Balance at | |||||||||||||
Beginning of | to Expenses/ | (Deductions) | End of Year | ||||||||||||||
Year | Other Accounts | Recoveries | |||||||||||||||
Allowance for doubtful accounts | |||||||||||||||||
2014 | $ | -- | $ | -- | $ | -- | $ | -- | |||||||||
2013 | $ | 25,106 | $ | -- | $ | 25,106 | $ | -- | |||||||||
2012 | $ | 11,938 | $ | 13,168 | $ | -- | $ | 25,106 | |||||||||
Valuation allowance for deferred tax assets | |||||||||||||||||
2014 | $ | 21,759,577 | $ | 4,935,302 | $ | -- | $ | 26,694,879 | |||||||||
2013 | $ | 16,724,700 | $ | 5,034,877 | $ | -- | $ | 21,759,577 | |||||||||
2012 | $ | 12,820,923 | $ | 3,903,777 | $ | -- | $ | 16,724,700 |
Note_2_Liquidity_Details
Note 2 - Liquidity (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | |
Aug. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2014 | |
Note 2 - Liquidity (Details) [Line Items] | ||||
Proceeds from Convertible Debt | $10,500,000 | $12,499,998 | $10,500,000 | |
Working Capital | 8,200,000 | |||
Mandatorily Convertible PIK Notes Due 2018 [Member] | ||||
Note 2 - Liquidity (Details) [Line Items] | ||||
Proceeds from Convertible Debt | $12,500,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% |
Note_3_Summary_of_Significant_2
Note 3 - Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 1999 | |
acre | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Allowance for Doubtful Accounts Receivable | $0 | $0 | ||
Depreciation | $1,164,366 | $317,570 | $280,991 | |
Park Copper Mining Company [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Volume of Timber and Mineral Property Held (in Acres) | 100 |
Note_3_Summary_of_Significant_3
Note 3 - Summary of Significant Accounting Policies (Details) - Property and Equipment | 12 Months Ended | |
Dec. 31, 2014 | ||
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | [1] |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years | [1] |
Mining Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 2 years | [1] |
Mining Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years | [1] |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | [1] |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years | [1] |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | [1] |
[1] | See Note 4 for explanation of a change in useful life in 2014. |
Note_4_Property_and_Equipment_1
Note 4 - Property and Equipment (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Note 4 - Property and Equipment (Details) [Line Items] | ||||
Depreciation | $1,164,366 | $317,570 | $280,991 | |
Building and Building Improvements [Member] | Maximum [Member] | ||||
Note 4 - Property and Equipment (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 40 years | [1] | ||
Mining Equipment [Member] | Maximum [Member] | ||||
Note 4 - Property and Equipment (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 7 years | [1] | ||
Additional Depreciation [Member] | ||||
Note 4 - Property and Equipment (Details) [Line Items] | ||||
Depreciation | 587,427 | |||
Contract Mining Operations [Member] | ||||
Note 4 - Property and Equipment (Details) [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 445,180 | |||
Dragon Mine [Member] | ||||
Note 4 - Property and Equipment (Details) [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | $500,000 | |||
[1] | See Note 4 for explanation of a change in useful life in 2014. |
Note_4_Property_and_Equipment_2
Note 4 - Property and Equipment (Details) - Property, Plant, and Equipment (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2014 | Apr. 16, 2014 | ||
Note 4 - Property and Equipment (Details) - Property, Plant, and Equipment [Line Items] | ||||||
Property and Equipment | $9,538,198 | $3,911,394 | ||||
Less: Accumulated depreciation | 2,482,324 | 1,317,958 | ||||
7,055,874 | 2,593,436 | |||||
Construction in progress (b) | [1] | 3,438,113 | [1] | |||
Total | 7,055,874 | 6,031,549 | ||||
Land [Member] | ||||||
Note 4 - Property and Equipment (Details) - Property, Plant, and Equipment [Line Items] | ||||||
Property and Equipment | 945,180 | [2] | 945,180 | [2] | ||
Land Improvements [Member] | ||||||
Note 4 - Property and Equipment (Details) - Property, Plant, and Equipment [Line Items] | ||||||
Property and Equipment | 164,758 | 164,758 | ||||
Building [Member] | ||||||
Note 4 - Property and Equipment (Details) - Property, Plant, and Equipment [Line Items] | ||||||
Property and Equipment | 3,308,465 | 631,299 | ||||
Mining Equipment [Member] | ||||||
Note 4 - Property and Equipment (Details) - Property, Plant, and Equipment [Line Items] | ||||||
Property and Equipment | 1,684,197 | 1,569,635 | 65,120 | |||
Milling Equipment [Member] | ||||||
Note 4 - Property and Equipment (Details) - Property, Plant, and Equipment [Line Items] | ||||||
Property and Equipment | 2,620,300 | 333,594 | ||||
Laboratory Equipment [Member] | ||||||
Note 4 - Property and Equipment (Details) - Property, Plant, and Equipment [Line Items] | ||||||
Property and Equipment | 594,451 | 65,934 | 109,493 | |||
Office Equipment [Member] | ||||||
Note 4 - Property and Equipment (Details) - Property, Plant, and Equipment [Line Items] | ||||||
Property and Equipment | 72,174 | 60,992 | ||||
Vehicles [Member] | ||||||
Note 4 - Property and Equipment (Details) - Property, Plant, and Equipment [Line Items] | ||||||
Property and Equipment | $148,673 | $140,002 | ||||
[1] | Represents investments in a new plant facility and related equipment at the mine site, which were transferred to the respective accounts in 2014. | |||||
[2] | Includes the Atlas Mine near Mullan, Idaho with a carrying value of $445,180 (Note 3), and the Dragon Mine with a carrying value of $500,000. |
Note_5_Stock_Award_Payable_Det
Note 5 - Stock Award Payable (Details) (USD $) | 3 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Note 5 - Stock Award Payable (Details) [Line Items] | ||
Stock Award | $110,000 | |
Number of Shares Granted and Owed to Former Executive Vice President (in Shares) | 100,000 | |
Other Income [Member] | ||
Note 5 - Stock Award Payable (Details) [Line Items] | ||
Stock Award Payable Reversed | $72,000 |
Note_6_Fair_Value_Measurements2
Note 6 - Fair Value Measurements and Financial Instruments (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
PIK Note [Member] | |||
Note 6 - Fair Value Measurements and Financial Instruments (Details) [Line Items] | |||
Convertible Debt, Fair Value Disclosures | $27,488,811 | $10,500,000 | |
Warrant Derivative Liability [Member] | |||
Note 6 - Fair Value Measurements and Financial Instruments (Details) [Line Items] | |||
Derivative Liabilities, Change in Valuation | -118,500 | ||
PIK Note Derivative Liability [Member] | |||
Note 6 - Fair Value Measurements and Financial Instruments (Details) [Line Items] | |||
Derivative Liabilities, Change in Valuation | ($126,000) |
Note_6_Fair_Value_Measurements3
Note 6 - Fair Value Measurements and Financial Instruments (Details) - Liabilities Measured at Fair Value (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Inputs, Level 3 [Member] | Series 2023 PIK Note Derivative Liability [Member] | ||
Financial instruments: | ||
Derivative Liability | $478,149 | |
Fair Value, Inputs, Level 3 [Member] | Series A PIK Note Derivative Liability [Member] | ||
Financial instruments: | ||
Derivative Liability | 9,557,476 | |
Warrant Derivative Liability [Member] | ||
Financial instruments: | ||
Derivative Liability | 950,000 | |
Series 2023 PIK Note Derivative Liability [Member] | ||
Financial instruments: | ||
Derivative Liability | 478,149 | 2,250,000 |
Series A PIK Note Derivative Liability [Member] | ||
Financial instruments: | ||
Derivative Liability | $9,557,476 |
Note_6_Fair_Value_Measurements4
Note 6 - Fair Value Measurements and Financial Instruments (Details) - Derivatives Measured at Fair Value (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Nov. 03, 2014 | Dec. 31, 2013 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at December 31 | $10,035,625,000,000 | |||
Transfer into Level 3 (a) | 2,250,000,000,000 | [1] | ||
Net unrealized losses included in earnings (loss) | -1,470,798,000,000 | |||
Series A Notes [Member] | Payment in Kind (PIK) Note [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at December 31 | 9,557,476 | 9,557,476 | ||
Derivative Issuance | 9,212,285,000,000 | |||
Series 2023 Notes [Member] | Payment in Kind (PIK) Note [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at December 31 | 478,149 | 2,250,000 | ||
Derivative Issuance | 44,138,000,000 | |||
Payment in Kind (PIK) Note [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at December 31 | $10,035,625 | $2,250,000 | ||
[1] | In the course of preparing its financial statements for the year ended December 31, 2014, the Company reclassified the Series 2023 PIK note derivative to Level 3 fair value hierarchy to match with the Series A PIK note derivative since it based off of a similar model. |
Note_6_Fair_Value_Measurements5
Note 6 - Fair Value Measurements and Financial Instruments (Details) - Valuation Assumptions (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Warrant Derivative Liability [Member] | ||||
Note 6 - Fair Value Measurements and Financial Instruments (Details) - Valuation Assumptions [Line Items] | ||||
Market price and estimated fair value of stock | $0.73 | |||
Exercise price | $1.36 | |||
Term (years) | 8 years 211 days | |||
Expected volatility * | 52.00% | [1] | ||
Risk-free interest rate | 2.08% | |||
Series 2023 PIK Note Derivative Liability [Member] | ||||
Note 6 - Fair Value Measurements and Financial Instruments (Details) - Valuation Assumptions [Line Items] | ||||
Market price and estimated fair value of stock | $1.10 | $0.73 | ||
Exercise price | $1.40 | $0.92 | ||
Term (years) | 9 years 211 days | 3 years 302 days | ||
Expected volatility * | 76.90% | [1] | 52.00% | [1] |
Risk-free interest rate | 2.96% | 2.08% | ||
Series A PIK Note Derivative Liability [Member] | ||||
Note 6 - Fair Value Measurements and Financial Instruments (Details) - Valuation Assumptions [Line Items] | ||||
Market price and estimated fair value of stock | $1.10 | |||
Exercise price | $1.93 | |||
Term (years) | 3 years | |||
Expected volatility * | 76.90% | [1] | ||
Risk-free interest rate | 0.78% | |||
[1] | During the first quarter of 2014, the Company revised its assumption for expected volatility by switching from a peer-group average volatility to the Company's three-year historical volatility in measuring the value of the derivative liabilities mentioned above. Prior to 2011, the occurrence of certain corporate events would not have made the historical volatility calculations meaningful or accurate if included. This reduction in volatility led to a reduced valuation for both the Warrant and Series 2023 PIK Note derivative liabilities of approximately $118,500 and $126,000, respectively. The remaining decrease in the valuation is attributable to the decline in stock price. |
Note_7_Notes_Payable_Details
Note 7 - Notes Payable (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Nov. 16, 2012 | Jul. 07, 2011 | Apr. 17, 2012 | Jul. 23, 2012 | Apr. 16, 2014 | Oct. 31, 2014 | Sep. 20, 2012 | Oct. 17, 2012 | |
Note 7 - Notes Payable (Details) [Line Items] | ||||||||||
Property, Plant and Equipment, Gross | $9,538,198 | $3,911,394 | ||||||||
Debt Instrument, Periodic Payment, Interest | 10,460 | 23,180 | ||||||||
Laboratory Equipment [Member] | ||||||||||
Note 7 - Notes Payable (Details) [Line Items] | ||||||||||
Property, Plant and Equipment, Gross | 594,451 | 65,934 | 109,493 | |||||||
Mining Equipment [Member] | ||||||||||
Note 7 - Notes Payable (Details) [Line Items] | ||||||||||
Property, Plant and Equipment, Gross | 1,684,197 | 1,569,635 | 65,120 | |||||||
Payable First Three Months [Member] | Note Payable Mining Equipment 6 [Member] | ||||||||||
Note 7 - Notes Payable (Details) [Line Items] | ||||||||||
Debt Instrument, Periodic Payment | 3,518 | |||||||||
Payable for Twelve Months After First Three Months [Member] | Note Payable Mining Equipment 6 [Member] | ||||||||||
Note 7 - Notes Payable (Details) [Line Items] | ||||||||||
Debt Instrument, Periodic Payment | 5,000 | |||||||||
Payable First Five Months [Member] | Note Payable Mining Equipment 7 [Member] | ||||||||||
Note 7 - Notes Payable (Details) [Line Items] | ||||||||||
Debt Instrument, Periodic Payment | 1,632 | |||||||||
Payable For Twelve Months After First Five Months [Member] | Note Payable Mining Equipment 7 [Member] | ||||||||||
Note 7 - Notes Payable (Details) [Line Items] | ||||||||||
Debt Instrument, Periodic Payment | 2,250 | |||||||||
Note Payable Mining Equipment [Member] | ||||||||||
Note 7 - Notes Payable (Details) [Line Items] | ||||||||||
Debt Instrument, Face Amount | 198,838 | |||||||||
Implicit Interest Rate | 9.34% | |||||||||
Debt Instrument, Periodic Payment | 5,556 | 5,556 | 5,556 | |||||||
Debt Instrument, Term | 36 months | |||||||||
Note Payable Mining Equipment 2 [Member] | ||||||||||
Note 7 - Notes Payable (Details) [Line Items] | ||||||||||
Debt Instrument, Face Amount | 40,565 | |||||||||
Debt Instrument, Periodic Payment | 950 | 950 | 950 | |||||||
Debt Instrument, Term | 48 months | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 11.28% | |||||||||
Note Payable Mining Equipment 3 [Member] | ||||||||||
Note 7 - Notes Payable (Details) [Line Items] | ||||||||||
Debt Instrument, Face Amount | 169,500 | |||||||||
Debt Instrument, Periodic Payment | 6,060 | 6,060 | 6,060 | |||||||
Debt Instrument, Term | 30 months | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||||||||
Note Payable for Laboratory Equipment [Member] | ||||||||||
Note 7 - Notes Payable (Details) [Line Items] | ||||||||||
Debt Instrument, Face Amount | 91,229 | |||||||||
Debt Instrument, Periodic Payment | 9,122 | |||||||||
Debt Instrument, Term | 10 months | |||||||||
Note Payable, Mining Equipment, Purchased in October 2014 [Member] | ||||||||||
Note 7 - Notes Payable (Details) [Line Items] | ||||||||||
Debt Instrument, Face Amount | 57,900 | |||||||||
Debt Instrument, Periodic Payment | 1,339 | |||||||||
Debt Instrument, Term | 48 months | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | |||||||||
Note Payable Mining Site Vehicle [Member] | ||||||||||
Note 7 - Notes Payable (Details) [Line Items] | ||||||||||
Debt Instrument, Face Amount | 37,701 | |||||||||
Debt Instrument, Periodic Payment | 628 | 628 | 628 | |||||||
Debt Instrument, Term | 60 months | |||||||||
Note Payable Mining Equipment 6 [Member] | ||||||||||
Note 7 - Notes Payable (Details) [Line Items] | ||||||||||
Debt Instrument, Face Amount | 67,960 | |||||||||
Debt Instrument, Periodic Payment | 5,000 | 5,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.50% | |||||||||
Note Payable Mining Equipment 7 [Member] | ||||||||||
Note 7 - Notes Payable (Details) [Line Items] | ||||||||||
Debt Instrument, Face Amount | 33,748 | |||||||||
Debt Instrument, Periodic Payment | 2,250 | 2,250 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.50% | |||||||||
Note Payable Insurance Company [Member] | ||||||||||
Note 7 - Notes Payable (Details) [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.15% | |||||||||
Note Payable Insurance Company 2 [Member] | ||||||||||
Note 7 - Notes Payable (Details) [Line Items] | ||||||||||
Debt Instrument, Periodic Payment | 6,094 | 6,094 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.15% | |||||||||
Note Payable Insurance Company 3 [Member] | ||||||||||
Note 7 - Notes Payable (Details) [Line Items] | ||||||||||
Debt Instrument, Periodic Payment | 4,447 | 4,447 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.15% | |||||||||
Note Payable Insurance Company 4 [Member] | ||||||||||
Note 7 - Notes Payable (Details) [Line Items] | ||||||||||
Debt Instrument, Periodic Payment | $4,447 | $4,447 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.73% |
Note_7_Notes_Payable_Details_S
Note 7 - Notes Payable (Details) - Summary of Note Payable (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
Note 7 - Notes Payable (Details) - Summary of Note Payable [Line Items] | ||||
Note payable | $306,039 | $351,991 | ||
Less: Current Portion | -246,894 | -311,165 | ||
Notes Payable, Long-Term Portion | 59,145 | 40,826 | ||
Note Payable Mining Equipment [Member] | ||||
Note 7 - Notes Payable (Details) - Summary of Note Payable [Line Items] | ||||
Note payable | [1] | 42,927 | [1] | |
Note Payable Mining Equipment 2 [Member] | ||||
Note 7 - Notes Payable (Details) - Summary of Note Payable [Line Items] | ||||
Note payable | 14,057 | [2] | 23,302 | [2] |
Note Payable Mining Equipment 3 [Member] | ||||
Note 7 - Notes Payable (Details) - Summary of Note Payable [Line Items] | ||||
Note payable | 6,033 | [3] | 76,313 | [3] |
Note Payable Mining Equipment 4 [Member] | ||||
Note 7 - Notes Payable (Details) - Summary of Note Payable [Line Items] | ||||
Note payable | 18,246 | [4] | [4] | |
Note Payble Mining Equipment 5 [Member] | ||||
Note 7 - Notes Payable (Details) - Summary of Note Payable [Line Items] | ||||
Note payable | 55,720 | [5] | [5] | |
Note Payable Mining Site Vehicle [Member] | ||||
Note 7 - Notes Payable (Details) - Summary of Note Payable [Line Items] | ||||
Note payable | 20,736 | [6] | 28,276 | [6] |
Note Payable Mining Equipment 6 [Member] | ||||
Note 7 - Notes Payable (Details) - Summary of Note Payable [Line Items] | ||||
Note payable | [7] | 9,932 | [7] | |
Note Payable Mining Equipment 7 [Member] | ||||
Note 7 - Notes Payable (Details) - Summary of Note Payable [Line Items] | ||||
Note payable | [8] | 8,898 | [8] | |
Note Payable Insurance Company [Member] | ||||
Note 7 - Notes Payable (Details) - Summary of Note Payable [Line Items] | ||||
Note payable | 149,036 | [9] | [9] | |
Note Payable Insurance Company 2 [Member] | ||||
Note 7 - Notes Payable (Details) - Summary of Note Payable [Line Items] | ||||
Note payable | 42,211 | [10] | [10] | |
Note Payable Insurance Company 3 [Member] | ||||
Note 7 - Notes Payable (Details) - Summary of Note Payable [Line Items] | ||||
Note payable | [11] | 132,576 | [11] | |
Note Payable Insurance Company 4 [Member] | ||||
Note 7 - Notes Payable (Details) - Summary of Note Payable [Line Items] | ||||
Note payable | [12] | $29,767 | [12] | |
[1] | On July 7, 2011, the Company purchased mining equipment for $198,838 by issuing a note with an implicit interest rate of 9.34%. The note is collateralized by the mining equipment with payments of $5,556 for 36 months, which started on August 15, 2011. | |||
[2] | On April 17, 2012, the Company purchased mining equipment for $40,565 by issuing a note with an effective interest rate of 11.279%. The note is collateralized by the mining equipment with payments of $950 for 48 months, which started on May 1, 2012. | |||
[3] | On July 23, 2012, the Company purchased mining equipment for $169,500 by issuing a note with an interest rate of 5.5%. The note is collateralized by the mining equipment with payments of $6,060 for 30 months, which started on August 25, 2012. | |||
[4] | On April 16, 2014, the Company purchased lab equipment for $109,493 by depositing and issuing a non-interest bearing note in the amount of $91,229. The note is collateralized by the lab equipment with payments of $9,122 for ten months, which started in May 2014. | |||
[5] | On October 31, 2014, the Company purchased mining equipment for $65,120 by depositing and issuing a note in the amount of $57,900 with an interest rate of 5.2%. The note is collateralized by the mining equipment with payments of $1,339 for 48 months, which started on November 30, 2014. | |||
[6] | On September 20, 2012, the Company purchased a vehicle for the mine site for $37,701 by issuing a non-interest bearing note. The note is collateralized by the vehicle with payments of $628 for 60 months, which started on October 20, 2012. | |||
[7] | On November 16, 2012, the Company purchased a piece of mining equipment that had been leased for $67,960 by issuing a note with an effective interest rate of 5.5%. The note is collateralized by the mining equipment with payments of $3,518 for three months, then $5,000 for twelve months. | |||
[8] | On November 16, 2012, the Company purchased a piece of mining equipment that had been leased for $33,748 by issuing a note with an effective interest rate of 5.5%. The note is collateralized by the mining equipment with payments of $1,632 for five months, then $2,250 for twelve months | |||
[9] | The Company signed a note payable with an insurance company dated October 31, 2014 for directors' and officers' insurance, due in monthly installments, including interest at 3.15%. The note will mature on July 2015. | |||
[10] | The Company signed a note payable with an insurance company dated October 31, 2014 for liability insurance, due in monthly installments, including interest at 3.15%. The note will mature on July 2015. | |||
[11] | The Company signed a note payable with an insurance company dated October 17, 2012 for directors' and officers' insurance, due in monthly installments, including interest at 3.15%. The note matured in September 2013 and was repaid. | |||
[12] | The Company signed a note payable with an insurance company dated October 17, 2012 for liability insurance, due in monthly installments, including interest at 4.732%. The note matured in July 2013 and was repaid. |
Note_7_Notes_Payable_Details_S1
Note 7 - Notes Payable (Details) - Summary of Note Payable (Parentheticals) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||
Jul. 07, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 17, 2012 | Jul. 23, 2012 | Sep. 20, 2012 | |
Note Payable Mining Equipment [Member] | ||||||
Note 7 - Notes Payable (Details) - Summary of Note Payable (Parentheticals) [Line Items] | ||||||
Note payable, monthly payment | $5,556 | $5,556 | $5,556 | |||
Note Payable Mining Equipment 2 [Member] | ||||||
Note 7 - Notes Payable (Details) - Summary of Note Payable (Parentheticals) [Line Items] | ||||||
Note payable, monthly payment | 950 | 950 | 950 | |||
Note Payable Mining Equipment 3 [Member] | ||||||
Note 7 - Notes Payable (Details) - Summary of Note Payable (Parentheticals) [Line Items] | ||||||
Note payable, monthly payment | 6,060 | 6,060 | 6,060 | |||
Note Payable Mining Equipment 4 [Member] | ||||||
Note 7 - Notes Payable (Details) - Summary of Note Payable (Parentheticals) [Line Items] | ||||||
Note payable, monthly payment | 9,122 | 9,122 | ||||
Note Payble Mining Equipment 5 [Member] | ||||||
Note 7 - Notes Payable (Details) - Summary of Note Payable (Parentheticals) [Line Items] | ||||||
Note payable, monthly payment | 1,339 | 1,339 | ||||
Note Payable Mining Site Vehicle [Member] | ||||||
Note 7 - Notes Payable (Details) - Summary of Note Payable (Parentheticals) [Line Items] | ||||||
Note payable, monthly payment | 628 | 628 | 628 | |||
Note Payable Mining Equipment 6 [Member] | ||||||
Note 7 - Notes Payable (Details) - Summary of Note Payable (Parentheticals) [Line Items] | ||||||
Note payable, monthly payment | 5,000 | 5,000 | ||||
Note Payable Mining Equipment 7 [Member] | ||||||
Note 7 - Notes Payable (Details) - Summary of Note Payable (Parentheticals) [Line Items] | ||||||
Note payable, monthly payment | 2,250 | 2,250 | ||||
Note Payable Insurance Company [Member] | ||||||
Note 7 - Notes Payable (Details) - Summary of Note Payable (Parentheticals) [Line Items] | ||||||
Note payable, monthly payment | 21,531 | 21,531 | ||||
Note Payable Insurance Company 2 [Member] | ||||||
Note 7 - Notes Payable (Details) - Summary of Note Payable (Parentheticals) [Line Items] | ||||||
Note payable, monthly payment | 6,094 | 6,094 | ||||
Note Payable Insurance Company 3 [Member] | ||||||
Note 7 - Notes Payable (Details) - Summary of Note Payable (Parentheticals) [Line Items] | ||||||
Note payable, monthly payment | 4,447 | 4,447 | ||||
Note Payable Insurance Company 4 [Member] | ||||||
Note 7 - Notes Payable (Details) - Summary of Note Payable (Parentheticals) [Line Items] | ||||||
Note payable, monthly payment | $4,447 | $4,447 |
Note_7_Notes_Payable_Details_F
Note 7 - Notes Payable (Details) - Future Minimum Note Payments (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Future Minimum Note Payments [Abstract] | ||
2015 | $246,894 | |
2016 | 25,457 | |
2017 | 20,615 | |
2018 | 13,073 | |
Total Notes Payable | $306,039 | $351,991 |
Note_8_Convertible_Debt_PIK_No2
Note 8 - Convertible Debt (PIK Notes) (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 2 Months Ended | 1 Months Ended | 8 Months Ended | ||
Nov. 03, 2014 | Aug. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Aug. 31, 2014 | Feb. 28, 2014 | Aug. 31, 2013 | |
Note 8 - Convertible Debt (PIK Notes) (Details) [Line Items] | ||||||||
Proceeds from Convertible Debt | $10,500,000 | $12,499,998 | $10,500,000 | |||||
Convertible Debt, Number of Days to File Registration Statement | 90 days | |||||||
Convertible Debt, Number of Days to Accrue Further Damages | 30 days | |||||||
Debt Instrument, Unamortized Discount | 18,400,297 | 2,020,750 | 18,400,297 | |||||
Derivative Liability | 10,035,625,000,000 | 10,035,625,000,000 | ||||||
Paid-in-Kind Interest | 1,076,250 | |||||||
Other Expense [Member] | Series A Notes [Member] | Payment in Kind (PIK) Note [Member] | ||||||||
Note 8 - Convertible Debt (PIK Notes) (Details) [Line Items] | ||||||||
Liquidated Damages, Payable to Noteholders | 200,000 | |||||||
Result of Extension Option [Member] | Senior A Notes [Member] | Payment in Kind (PIK) Note [Member] | ||||||||
Note 8 - Convertible Debt (PIK Notes) (Details) [Line Items] | ||||||||
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | 0.1 | |||||||
Specified Event [Member] | Series A Notes [Member] | Payment in Kind (PIK) Note [Member] | ||||||||
Note 8 - Convertible Debt (PIK Notes) (Details) [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | |||||||
Combined Discount [Member] | Series A Notes [Member] | Payment in Kind (PIK) Note [Member] | ||||||||
Note 8 - Convertible Debt (PIK Notes) (Details) [Line Items] | ||||||||
Debt Instrument, Unamortized Discount | 16,560,771 | |||||||
Combined Discount [Member] | Series 2023 Notes [Member] | Payment in Kind (PIK) Note [Member] | ||||||||
Note 8 - Convertible Debt (PIK Notes) (Details) [Line Items] | ||||||||
Debt Instrument, Unamortized Discount | 1,949,555 | 1,949,555 | ||||||
Result of Anti-Dilution Adjustment [Member] | Series 2023 Notes [Member] | Payment in Kind (PIK) Note [Member] | ||||||||
Note 8 - Convertible Debt (PIK Notes) (Details) [Line Items] | ||||||||
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | $1.36 | $1.36 | ||||||
After Series A Notes Issuance [Member] | Series 2023 Notes [Member] | Payment in Kind (PIK) Note [Member] | ||||||||
Note 8 - Convertible Debt (PIK Notes) (Details) [Line Items] | ||||||||
Debt Instrument, Convertible, Number of Equity Instruments | 7,720,588 | |||||||
Includes Additional PIK Notes Issued [Member] | Series 2023 Notes [Member] | Payment in Kind (PIK) Note [Member] | ||||||||
Note 8 - Convertible Debt (PIK Notes) (Details) [Line Items] | ||||||||
Derivative Liability | 478,149 | 478,149 | ||||||
Additional Discount [Member] | Series 2023 Notes [Member] | Payment in Kind (PIK) Note [Member] | ||||||||
Note 8 - Convertible Debt (PIK Notes) (Details) [Line Items] | ||||||||
Debt Instrument, Unamortized Discount | 48,075 | 48,075 | ||||||
Series A Notes [Member] | Payment in Kind (PIK) Note [Member] | Minimum [Member] | ||||||||
Note 8 - Convertible Debt (PIK Notes) (Details) [Line Items] | ||||||||
Convertible Debt, Number of Written Days Notice | 30 days | |||||||
Series A Notes [Member] | Payment in Kind (PIK) Note [Member] | Maximum [Member] | ||||||||
Note 8 - Convertible Debt (PIK Notes) (Details) [Line Items] | ||||||||
Convertible Debt, Number of Written Days Notice | 90 days | |||||||
Series A Notes [Member] | Payment in Kind (PIK) Note [Member] | ||||||||
Note 8 - Convertible Debt (PIK Notes) (Details) [Line Items] | ||||||||
Proceeds from Convertible Debt | 12,500,000 | |||||||
Debt Instrument, Face Amount | 19,848,486 | 19,848,486 | 19,848,486 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | 0.92 | |||||||
Liquidated Damages, Percent of Principal | 1.00% | |||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | 9,212,285 | |||||||
Debt Instrument, Unamortized Discount | 7,348,486 | 16,450,742 | 16,450,742 | |||||
Debt Instrument, Term | 4 years | |||||||
Derivative Liability | 9,557,476 | 9,557,476 | 9,557,476 | |||||
Convertible Debt, Increase (Decrease) in Valuation Allowance | 345,191 | |||||||
Amortization of Debt Discount (Premium) | 110,031 | |||||||
Convertible Notes Payable | 3,397,744 | 3,397,744 | ||||||
Senior A Notes [Member] | Payment in Kind (PIK) Note [Member] | ||||||||
Note 8 - Convertible Debt (PIK Notes) (Details) [Line Items] | ||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days to Meet Event Qualification | 30 days | |||||||
Series 2023 Notes [Member] | Payment in Kind (PIK) Note [Member] | ||||||||
Note 8 - Convertible Debt (PIK Notes) (Details) [Line Items] | ||||||||
Debt Instrument, Face Amount | 10,500,000 | 11,576,250 | 10,507,333 | 11,576,250 | 10,500,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 10.00% | ||||||
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | $1.40 | $1.40 | ||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | 2,055,000 | |||||||
Debt Instrument, Unamortized Discount | 1,949,555 | 2,020,750 | 1,949,555 | |||||
Debt Instrument, Term | 10 years | |||||||
Derivative Liability | 478,149 | 2,250,000 | 478,149 | |||||
Amortization of Debt Discount (Premium) | 119,270 | |||||||
Convertible Notes Payable | 9,626,695 | 8,486,583 | 9,626,695 | |||||
Paid-in-Kind Interest | 551,250 | 525,000 | ||||||
Debt Instrument, Convertible, Number of Equity Instruments | 7,500,000 | |||||||
Financial Instruments Subject to Mandatory Conversion Earliest Conversion | 1 year | |||||||
Financial Instrument Subject to Mandatory Conversion Period for Calculation of Conversion Feature | 10 days | |||||||
Convertible Debt, Revaluation Gain | 1,815,989 | |||||||
Payment in Kind (PIK) Note [Member] | Minimum [Member] | ||||||||
Note 8 - Convertible Debt (PIK Notes) (Details) [Line Items] | ||||||||
Debt Instrument, Convertible, Remaining Discount Amortization Period | 2 years | |||||||
Payment in Kind (PIK) Note [Member] | ||||||||
Note 8 - Convertible Debt (PIK Notes) (Details) [Line Items] | ||||||||
Proceeds from Convertible Debt | 23,000,000 | |||||||
Debt Instrument, Face Amount | 31,424,736 | 10,507,333 | 31,424,736 | |||||
Debt Instrument, Unamortized Discount | 18,400,297 | 2,020,750 | 18,400,297 | |||||
Derivative Liability | 10,035,625 | 2,250,000 | 10,035,625 | |||||
Convertible Notes Payable | $13,024,439 | $8,486,583 | $13,024,439 |
Note_8_Convertible_Debt_PIK_No3
Note 8 - Convertible Debt (PIK Notes) (Details) - Liability Components of the PIK Notes (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2013 | Nov. 03, 2014 |
Note 8 - Convertible Debt (PIK Notes) (Details) - Liability Components of the PIK Notes [Line Items] | ||||
Less: Discount | ($18,400,297) | ($2,020,750) | ||
PIK Note Derivative Liability | 10,035,625,000,000 | |||
Payment in Kind (PIK) Note [Member] | Series 2023 Notes [Member] | ||||
Note 8 - Convertible Debt (PIK Notes) (Details) - Liability Components of the PIK Notes [Line Items] | ||||
PIK Note Payable, Gross | 11,576,250 | 10,507,333 | 10,500,000 | |
Less: Discount | -1,949,555 | -2,020,750 | ||
PIK Note Payable, Net | 9,626,695 | 8,486,583 | ||
PIK Note Derivative Liability | 478,149 | 2,250,000 | ||
Payment in Kind (PIK) Note [Member] | Series A Notes [Member] | ||||
Note 8 - Convertible Debt (PIK Notes) (Details) - Liability Components of the PIK Notes [Line Items] | ||||
PIK Note Payable, Gross | 19,848,486 | 19,848,486 | ||
Less: Discount | -16,450,742 | -7,348,486 | ||
PIK Note Payable, Net | 3,397,744 | |||
PIK Note Derivative Liability | 9,557,476 | 9,557,476 | ||
Payment in Kind (PIK) Note [Member] | ||||
Note 8 - Convertible Debt (PIK Notes) (Details) - Liability Components of the PIK Notes [Line Items] | ||||
PIK Note Payable, Gross | 31,424,736 | 10,507,333 | ||
Less: Discount | -18,400,297 | -2,020,750 | ||
PIK Note Payable, Net | 13,024,439 | 8,486,583 | ||
PIK Note Derivative Liability | $10,035,625 | $2,250,000 |
Note_9_Stockholders_Equity_Det
Note 9 - Stockholders' Equity (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||
Dec. 22, 2011 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 23, 2013 | Nov. 20, 2012 | |
Note 9 - Stockholders' Equity (Details) [Line Items] | |||||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | |||||
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $0.00 | $0.00 | |||||
Preferred Stock, Shares Outstanding | 0 | 0 | |||||
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 | 120,000,000 | ||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $0.00 | $0.00 | |||||
Common Stock, Shares, Outstanding | 95,054,552 | 94,646,013 | |||||
Common Stock, Shares, Issued | 95,054,552 | 94,646,013 | |||||
Stock Issued During Period, Value, Issued for Services (in Dollars) | $327,269 | $316,475 | $151,059 | ||||
Stock Issued During Period, Shares, New Issues | 10,000,000 | 3,756,757 | |||||
Proceeds from Issuance of Common Stock (in Dollars) | 5,560,000 | 5,560,000 | 1,625,000 | ||||
Directors and Consultants [Member] | |||||||
Note 9 - Stockholders' Equity (Details) [Line Items] | |||||||
Stock Issued During Period, Shares, Issued for Services | 408,539 | 269,812 | 103,574 | ||||
Stock Issued During Period, Value, Issued for Services (in Dollars) | 327,269 | 316,475 | 151,059 | ||||
Common Stock [Member] | |||||||
Note 9 - Stockholders' Equity (Details) [Line Items] | |||||||
Stock Issued During Period, Shares, Issued for Services | 408,539 | 269,812 | 103,580 | ||||
Stock Issued During Period, Value, Issued for Services (in Dollars) | 409 | 270 | 103 | ||||
Stock Issued During Period, Shares, New Issues | 3,756,757 | 1,250,000 | 3,756,757 | ||||
Share Price (in Dollars per share) | $1.30 | $1.48 | |||||
Proceeds from Issuance of Common Stock (in Dollars) | $5,560,000 | ||||||
Shares Issued For Cashless Option And Warrant Exercise | 146,459 | ||||||
Warrant [Member] | |||||||
Note 9 - Stockholders' Equity (Details) [Line Items] | |||||||
Shares Issued For Cashless Option And Warrant Exercise | 106,774 | ||||||
Employee Stock Option [Member] | |||||||
Note 9 - Stockholders' Equity (Details) [Line Items] | |||||||
Shares Issued For Cashless Option And Warrant Exercise | 39,685 |
Note_10_Options_and_Warrants_t2
Note 10 - Options and Warrants to Purchase Common Stock (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Nov. 03, 2014 | Aug. 31, 2013 | Dec. 22, 2011 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 20, 2012 | |
Note 10 - Options and Warrants to Purchase Common Stock (Details) [Line Items] | ||||||||
Warrants Issued (in Shares) | 5,000,000 | 0 | 0 | |||||
Stock Issued During Period, Shares, New Issues (in Shares) | 10,000,000 | 3,756,757 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $1.93 | $2 | $1.97 | $1.01 | ||||
Proceeds from Issuance of Common Stock | $5,560,000 | $5,560,000 | $1,625,000 | |||||
Class of Warrant or Right, Exercise Price Adjustment (in Dollars per share) | $0.04 | $0.03 | ||||||
Proceeds from Convertible Debt | 10,500,000 | 12,499,998 | 10,500,000 | |||||
Mandatorily Convertible PIK Notes, Interest Rate | 10.00% | |||||||
Warrants Cancelled During Period, Writeoff to Derivative Liability and Equity | 120,000 | |||||||
Unrealized Gain (Loss) on Derivatives | 830,000 | 995,000 | 630,000 | |||||
Intrinsic Value of Outstanding Warrants | 0 | |||||||
Allocated Share-based Compensation Expense | 210,067 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 1,175,000 | 760,867 | ||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $0.84 | $1.19 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $0.43 | $0.64 | $1.33 | |||||
Employee Stock Option [Member] | ||||||||
Note 10 - Options and Warrants to Purchase Common Stock (Details) [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 865,716 | 4,707,381 | 2,314,154 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 220,748 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $474,645 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 310 days | |||||||
LTIP [Member] | ||||||||
Note 10 - Options and Warrants to Purchase Common Stock (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 8,900,000 |
Note_10_Options_and_Warrants_t3
Note 10 - Options and Warrants to Purchase Common Stock (Details) - Summary of the Status of the Warrants Outstanding (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Aug. 31, 2013 | Mar. 31, 2013 | Dec. 22, 2011 | |
Class of Warrant or Right [Line Items] | ||||
Exercise Price | $1.01 | $1.93 | $1.97 | $2 |
Number Outstanding (in Shares) | 1,172,930 | |||
Weighted Average Remaining Contractual Life | 3 years 29 days | |||
Exercise Price 1 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Exercise Price | $0.75 | |||
Number Outstanding (in Shares) | 139,340 | |||
Weighted Average Remaining Contractual Life | 9 months | |||
Exercise Price 2 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Exercise Price | $0.78 | |||
Number Outstanding (in Shares) | 213,402 | |||
Weighted Average Remaining Contractual Life | 1 year 32 days | |||
Exercise Price 3 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Exercise Price | $0.80 | |||
Number Outstanding (in Shares) | 124,481 | |||
Weighted Average Remaining Contractual Life | 1 year | |||
Exercise Price 4 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Exercise Price | $1 | |||
Number Outstanding (in Shares) | 180,000 | |||
Weighted Average Remaining Contractual Life | 295 days | |||
Exercise Price 5 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Exercise Price | $1.15 | |||
Number Outstanding (in Shares) | 461,340 | |||
Weighted Average Remaining Contractual Life | 6 years 120 days | |||
Exercise Price 6 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Exercise Price | $2 | |||
Number Outstanding (in Shares) | 54,367 | |||
Weighted Average Remaining Contractual Life | 1 year 215 days |
Note_10_Options_and_Warrants_t4
Note 10 - Options and Warrants to Purchase Common Stock (Details) - Significant Assumptions Relating to the Valuation of Stock Options (Employee Stock Option [Member]) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Stock Option [Member] | ||
Note 10 - Options and Warrants to Purchase Common Stock (Details) - Significant Assumptions Relating to the Valuation of Stock Options [Line Items] | ||
Dividend Yield | 0.00% | 0.00% |
Expected Life (years) | 5 years 6 months | 4 years 146 days |
Expected Volatility | 56.10% | 63.50% |
Risk Free Interest Rate | 1.79% | 1.48% |
Note_10_Options_and_Warrants_t5
Note 10 - Options and Warrants to Purchase Common Stock (Details) - Summary of the Status and Changes of the Options Granted Under the Stock Option Plans and Other Agreements (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Summary of the Status and Changes of the Options Granted Under the Stock Option Plans and Other Agreements [Abstract] | ||
Options Outstanding, Shares | 15,878,116 | 15,455,471 |
Options Outstanding, Weighted Average Exercise Price | $1.03 | $1.04 |
Issued | 1,175,000 | 760,867 |
Issued | $0.84 | $1.19 |
Exercised | ||
Exercised | ||
Forfeited | -338,222 | |
Forfeited | $1.73 | |
Options Outstanding, Shares | 17,053,116 | 15,878,116 |
Options Outstanding, Weighted Average Exercise Price | $1.02 | $1.03 |
Note_10_Options_and_Warrants_t6
Note 10 - Options and Warrants to Purchase Common Stock (Details) - Summary of the Vesting Periods of Options | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 10 - Options and Warrants to Purchase Common Stock (Details) - Summary of the Vesting Periods of Options [Line Items] | ||
Stock Options Granted | 1,175,000 | 760,867 |
Vesting Period from March 31 2014 to December 31 2014 [Member] | ||
Note 10 - Options and Warrants to Purchase Common Stock (Details) - Summary of the Vesting Periods of Options [Line Items] | ||
Stock Options Granted | 200,000 | |
Vesting Period from June10 2014 to June 10 2014 [Member] | ||
Note 10 - Options and Warrants to Purchase Common Stock (Details) - Summary of the Vesting Periods of Options [Line Items] | ||
Stock Options Granted | 375,000 | |
Vesting Period from June 10 2014 to June 09 2017 [Member] | ||
Note 10 - Options and Warrants to Purchase Common Stock (Details) - Summary of the Vesting Periods of Options [Line Items] | ||
Stock Options Granted | 600,000 |
Note_10_Options_and_Warrants_t7
Note 10 - Options and Warrants to Purchase Common Stock (Details) - Summary of the Status of the Options Outstanding (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Number | 17,053,116 |
Options Outstanding, Weighted Average Remaining Contractual Life | 5 years 317 days |
Options Outstanding, Weighted Average Exercise Price | $1.02 |
Options Exercisable, Number | 16,169,783 |
Options Exercisable, Weighted Average Exercise Price | $1.02 |
Exercise Price 1 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Number | 7,358,277 |
Options Outstanding, Weighted Average Remaining Contractual Life | 3 years 343 days |
Options Outstanding, Weighted Average Exercise Price | $0.70 |
Options Exercisable, Number | 7,358,277 |
Options Exercisable, Weighted Average Exercise Price | $0.70 |
Exercise Price 2 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Number | 3,405,134 |
Options Outstanding, Weighted Average Remaining Contractual Life | 6 years 251 days |
Options Outstanding, Weighted Average Exercise Price | $0.83 |
Options Exercisable, Number | 3,405,134 |
Options Exercisable, Weighted Average Exercise Price | $0.83 |
Exercise Price 3 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Number | 975,000 |
Options Outstanding, Weighted Average Remaining Contractual Life | 9 years 164 days |
Options Outstanding, Weighted Average Exercise Price | $0.84 |
Options Exercisable, Number | 491,667 |
Options Exercisable, Weighted Average Exercise Price | $0.84 |
Exercise Price 4 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Number | 60,000 |
Options Outstanding, Weighted Average Remaining Contractual Life | 1 year 6 months |
Options Outstanding, Weighted Average Exercise Price | $1 |
Options Exercisable, Number | 60,000 |
Options Exercisable, Weighted Average Exercise Price | $1 |
Exercise Price 5 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Number | 300,000 |
Options Outstanding, Weighted Average Remaining Contractual Life | 8 years 233 days |
Options Outstanding, Weighted Average Exercise Price | $1.10 |
Options Exercisable, Number | 100,000 |
Options Exercisable, Weighted Average Exercise Price | $1.10 |
Exercise Price 6 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Number | 300,000 |
Options Outstanding, Weighted Average Remaining Contractual Life | 8 years 175 days |
Options Outstanding, Weighted Average Exercise Price | $1.15 |
Options Exercisable, Number | 133,333 |
Options Exercisable, Weighted Average Exercise Price | $1.15 |
Exercise Price 7 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Number | 100,000 |
Options Outstanding, Weighted Average Remaining Contractual Life | 3 years 32 days |
Options Outstanding, Weighted Average Exercise Price | $1.24 |
Options Exercisable, Number | 100,000 |
Options Exercisable, Weighted Average Exercise Price | $1.24 |
Exercise Price 8 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Number | 115,000 |
Options Outstanding, Weighted Average Remaining Contractual Life | 6 years 87 days |
Options Outstanding, Weighted Average Exercise Price | $1.35 |
Options Exercisable, Number | 115,000 |
Options Exercisable, Weighted Average Exercise Price | $1.35 |
Exercise Price 9 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Number | 125,000 |
Options Outstanding, Weighted Average Remaining Contractual Life | 3 years 32 days |
Options Outstanding, Weighted Average Exercise Price | $1.45 |
Options Exercisable, Number | 125,000 |
Options Exercisable, Weighted Average Exercise Price | $1.45 |
Exercise Price 10 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Number | 330,000 |
Options Outstanding, Weighted Average Remaining Contractual Life | 6 years 346 days |
Options Outstanding, Weighted Average Exercise Price | $1.55 |
Options Exercisable, Number | 296,667 |
Options Exercisable, Weighted Average Exercise Price | $1.55 |
Exercise Price 11 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Number | 7,645 |
Options Outstanding, Weighted Average Remaining Contractual Life | 3 years 32 days |
Options Outstanding, Weighted Average Exercise Price | $1.58 |
Options Exercisable, Number | 7,645 |
Options Exercisable, Weighted Average Exercise Price | $1.58 |
Exercise Price 12 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Number | 3,077,060 |
Options Outstanding, Weighted Average Remaining Contractual Life | 7 years 324 days |
Options Outstanding, Weighted Average Exercise Price | $1.66 |
Options Exercisable, Number | 3,077,060 |
Options Exercisable, Weighted Average Exercise Price | $1.66 |
Exercise Price 13 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Number | 900,000 |
Options Outstanding, Weighted Average Remaining Contractual Life | 6 years 233 days |
Options Outstanding, Weighted Average Exercise Price | $1.90 |
Options Exercisable, Number | 900,000 |
Options Exercisable, Weighted Average Exercise Price | $1.90 |
Note_11_Per_Share_Data_Details
Note 11 - Per Share Data (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 11 - Per Share Data (Details) [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 48,312,435 | 29,583,046 | 21,660,400 |
Equity Option [Member] | |||
Note 11 - Per Share Data (Details) [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 17,053,116 | 15,878,116 | 15,455,470 |
Warrant [Member] | |||
Note 11 - Per Share Data (Details) [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,172,930 | 6,204,930 | 6,204,930 |
Convertible Debt Securities [Member] | |||
Note 11 - Per Share Data (Details) [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 30,086,389 | 7,500,000 |
Note_11_Per_Share_Data_Details1
Note 11 - Per Share Data (Details) - Earnings Per Share (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | |||||||||||
Net loss (Numerator) | ($10,316,317) | ($13,063,526) | ($9,732,399) | ||||||||
Net loss Shares (Denominator) | 94,895,194 | 94,303,264 | 89,552,788 | ||||||||
Net loss Per-share Amount | ($0.05) | ($0.03) | ($0.03) | $0 | ($0.04) | ($0.04) | ($0.03) | ($0.03) | ($0.11) | ($0.14) | ($0.11) |
Note_12_Income_Taxes_Details
Note 12 - Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 12 - Income Taxes (Details) [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $4,935,303 | $5,034,877 | $3,903,777 |
Unrecognized Tax Benefits | 0 | 0 | |
Domestic Tax Authority [Member] | |||
Note 12 - Income Taxes (Details) [Line Items] | |||
Operating Loss Carryforwards | 62,196,737 | ||
State and Local Jurisdiction [Member] | IDAHO | |||
Note 12 - Income Taxes (Details) [Line Items] | |||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 0.10% | 0.10% | 0.40% |
State and Local Jurisdiction [Member] | UTAH | |||
Note 12 - Income Taxes (Details) [Line Items] | |||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 2.30% | 1.50% | 2.30% |
State and Local Jurisdiction [Member] | NEW YORK | |||
Note 12 - Income Taxes (Details) [Line Items] | |||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 0.40% | 0.50% | |
State and Local Jurisdiction [Member] | |||
Note 12 - Income Taxes (Details) [Line Items] | |||
Operating Loss Carryforwards | $39,533,764 | ||
IDAHO | |||
Note 12 - Income Taxes (Details) [Line Items] | |||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 0.10% | ||
UTAH | |||
Note 12 - Income Taxes (Details) [Line Items] | |||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 2.30% | ||
NEW YORK | |||
Note 12 - Income Taxes (Details) [Line Items] | |||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 0.45% |
Note_12_Income_Taxes_Details_S
Note 12 - Income Taxes (Details) - Summary of Deferred Tax Assets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax assets: | ||
Net operating loss carryforward | $23,246,809 | $18,454,164 |
Stock-based compensation | 4,121,311 | 3,685,646 |
Stock Award Payable | 40,792 | |
Total deferred tax assets | 27,368,120 | 22,180,602 |
Deferred tax liabilities: | ||
Property and equipment | -673,241 | -421,025 |
Less: valuation allowance | ($26,694,879) | ($21,759,577) |
Note_12_Income_Taxes_Details_R
Note 12 - Income Taxes (Details) - Reconciliation of Differences between Effective and Statutory Income Tax Rates (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 12 - Income Taxes (Details) - Reconciliation of Differences between Effective and Statutory Income Tax Rates [Line Items] | |||
Federal statutory rate | ($3,610,711) | ($4,572,234) | ($3,406,340) |
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Change in valuation allowance | 4,935,302 | 5,034,877 | 3,903,777 |
Change in valuation allowance | -47.80% | -39.00% | -40.10% |
Net nontaxable gain on derivative | -843,861 | -290,623 | -232,286 |
Net nontaxable gain on derivative | 8.20% | 2.20% | 2.40% |
Miscellaneous | -184,249 | 100,131 | |
Miscellaneous | 1.80% | -0.30% | |
0 | 0 | 0 | |
0.00% | 0.00% | 0.00% | |
State and Local Jurisdiction [Member] | IDAHO | |||
Note 12 - Income Taxes (Details) - Reconciliation of Differences between Effective and Statutory Income Tax Rates [Line Items] | |||
Income Tax Reconciliation, State Income Taxes, Amount | -11,016 | -14,264 | -37,982 |
Income Tax Reconciliation, State Income Taxes, Percent | 0.10% | 0.10% | 0.40% |
State and Local Jurisdiction [Member] | UTAH | |||
Note 12 - Income Taxes (Details) - Reconciliation of Differences between Effective and Statutory Income Tax Rates [Line Items] | |||
Income Tax Reconciliation, State Income Taxes, Amount | -239,093 | -199,166 | -227,169 |
Income Tax Reconciliation, State Income Taxes, Percent | 2.30% | 1.50% | 2.30% |
State and Local Jurisdiction [Member] | NEW YORK | |||
Note 12 - Income Taxes (Details) - Reconciliation of Differences between Effective and Statutory Income Tax Rates [Line Items] | |||
Income Tax Reconciliation, State Income Taxes, Amount | ($46,372) | ($58,721) | |
Income Tax Reconciliation, State Income Taxes, Percent | 0.40% | 0.50% | |
IDAHO | |||
Note 12 - Income Taxes (Details) - Reconciliation of Differences between Effective and Statutory Income Tax Rates [Line Items] | |||
Income Tax Reconciliation, State Income Taxes, Percent | 0.10% | ||
UTAH | |||
Note 12 - Income Taxes (Details) - Reconciliation of Differences between Effective and Statutory Income Tax Rates [Line Items] | |||
Income Tax Reconciliation, State Income Taxes, Percent | 2.30% | ||
NEW YORK | |||
Note 12 - Income Taxes (Details) - Reconciliation of Differences between Effective and Statutory Income Tax Rates [Line Items] | |||
Income Tax Reconciliation, State Income Taxes, Percent | 0.45% |
Note_13_Related_Parties_Detail
Note 13 - Related Parties (Details) (USD $) | 1 Months Ended | 0 Months Ended | ||||||
Jan. 31, 2012 | Feb. 28, 2011 | Jan. 31, 2009 | Dec. 30, 2008 | Dec. 31, 2014 | Aug. 31, 2013 | Mar. 31, 2013 | Dec. 22, 2011 | |
Note 13 - Related Parties (Details) [Line Items] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $1.01 | $1.93 | $1.97 | $2 | ||||
Warrant [Member] | Material Advisors, LLC [Member] | ||||||||
Note 13 - Related Parties (Details) [Line Items] | ||||||||
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued | 2,904,653 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $0.83 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||
Employee Stock Option [Member] | Material Advisors, LLC [Member] | ||||||||
Note 13 - Related Parties (Details) [Line Items] | ||||||||
Share Price | $0.70 | |||||||
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued | 6,583,277 | |||||||
Manager [Member] | ||||||||
Note 13 - Related Parties (Details) [Line Items] | ||||||||
Performance Bonus | 750,000 | |||||||
Material Advisors, LLC [Member] | ||||||||
Note 13 - Related Parties (Details) [Line Items] | ||||||||
Prior Notice Cancellation Period | 90 years | |||||||
Manager Annual Fee | 1,000,000 | |||||||
Monthly Installments For Manager Annual Fee | $83,333 | |||||||
Management Agreement Automatic Renewal Period For Successive Periods | 1 year |
Note_13_Related_Parties_Detail1
Note 13 - Related Parties (Details) - Related Party Transactions (IBS Capital LLC [Member], USD $) | Dec. 31, 2014 |
Related Party Transaction [Line Items] | |
Investment | $2,000,000 |
Principal | 3,030,303 |
Shares Issuable @0.92, excluding interest (in Shares) | 3,293,807 |
The IBS Turnaround Fund (LP) (A Limited Partnership) [Member] | |
Related Party Transaction [Line Items] | |
Investment | 531,960 |
OID/Discount (in Dollars per share) | $0.66 |
Principal | 806,000 |
Shares Issuable @0.92, excluding interest (in Shares) | 876,087 |
The IBS Turnaround Fund (QP) (A Limited Partnership) [Member] | |
Related Party Transaction [Line Items] | |
Investment | 1,118,040 |
OID/Discount (in Dollars per share) | $0.66 |
Principal | 1,694,000 |
Shares Issuable @0.92, excluding interest (in Shares) | 1,841,304 |
The IBS Opportunity Fund Ltd. [Member] | |
Related Party Transaction [Line Items] | |
Investment | 350,000 |
OID/Discount (in Dollars per share) | $0.66 |
Principal | $530,303 |
Shares Issuable @0.92, excluding interest (in Shares) | 576,416 |
Note_14_Commitments_and_Contin1
Note 14 - Commitments and Contingencies (Details) (USD $) | 0 Months Ended | 12 Months Ended |
Apr. 18, 2014 | Dec. 31, 2014 | |
Note 14 - Commitments and Contingencies (Details) [Line Items] | ||
Loss Contingency, Damages Sought, Value | $346,000 | |
Number of Purchase Orders | 2 | |
Office Space Leases [Member] | ||
Note 14 - Commitments and Contingencies (Details) [Line Items] | ||
Operating Leases Monthly Rent | 12,691 | |
Operating Leases, Future Minimum Payments Due | $309,871 | |
Operating Leases, Commitment Payable Period | 2 years |
Note_15A_Financial_Information2
Note 15A- Financial Information by Quarter (Unaudited) (Details) - Quarterly Financial Information (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Quarterly Financial Information [Abstract] | |||||||||||
Revenue | $119,533 | $55,681 | $47,993 | $11,014 | $10,088 | $6,773 | $12,878 | $25,086 | |||
Operating loss | -3,147,929 | -2,389,291 | -2,712,065 | -2,552,293 | -3,795,077 | -3,250,990 | -2,774,969 | -3,582,514 | -10,801,578 | -13,403,550 | -10,312,420 |
Net loss | ($4,346,638) | ($2,576,750) | ($3,035,704) | ($357,225) | ($3,510,651) | ($3,869,099) | ($2,604,885) | ($3,078,891) | ($10,316,317) | ($13,063,526) | ($9,732,399) |
Loss Per Share (Basic and Diluted) (in Dollars per share) | ($0.05) | ($0.03) | ($0.03) | $0 | ($0.04) | ($0.04) | ($0.03) | ($0.03) | ($0.11) | ($0.14) | ($0.11) |
Schedule_II_Valuation_and_Qual2
Schedule II - Valuation and Qualifying Accounts (Details) - Valuation and Qualifying Accounts (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation Allowance [Line Items] | |||
Beginning Balance | $25,106 | $11,938 | |
Additions Charged to Expenses/Other Accounts | 13,168 | ||
Net (Deductions) Recoveries | 25,106 | ||
Ending Balance | 25,106 | ||
Valuation Allowance of Deferred Tax Assets [Member] | |||
Valuation Allowance [Line Items] | |||
Beginning Balance | 21,759,577 | 16,724,700 | 12,820,923 |
Additions Charged to Expenses/Other Accounts | 4,935,302 | 5,034,877 | 3,903,777 |
Ending Balance | $26,694,879 | $21,759,577 | $16,724,700 |