Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 30, 2014 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'INTEGRATED SURGICAL SYSTEMS INC | ' |
Entity Central Index Key | '0000894871 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Trading Symbol | 'ISSM | ' |
Entity Common Stock, Shares Outstanding | ' | 8,880,199 |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2014 | ' |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $419,984 | $99,716 |
Investments in available-for-sale securities | 2,141,817 | 2,526,542 |
Other current assets | 15,516 | 32,054 |
Total current assets | 2,577,317 | 2,658,312 |
Total Assets | 2,577,317 | 2,658,312 |
Current liabilities: | ' | ' |
Accounts payable | 18,000 | 18,001 |
Conversion feature liability | 64,721 | 76,236 |
Total current liabilities | 82,721 | 94,237 |
Commitments and contingencies | ' | ' |
Redeemable convertible preferred stock, $0.01 par value, 1,000,000 shares authorized; 168 shares issued and outstanding ($168,496 aggregate liquidation value) | 168,496 | 168,496 |
Stockholders' equity: | ' | ' |
Common stock, $0.01 par value, 100,000,000 shares authorized; 8,802,073 and 8,650,417 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 88,020 | 86,504 |
Common stock to be issued | 12,500 | 12,500 |
Additional paid-in capital | 64,443,986 | 64,405,084 |
Accumulated deficit | -62,227,288 | -62,094,561 |
Accumulated other comprehensive (income) loss | 8,882 | -13,948 |
Total stockholders' equity | 2,326,100 | 2,395,579 |
Total liabilities and stockholders' equity | $2,577,317 | $2,658,312 |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets [Parenthetical] (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorised | 100,000,000 | 100,000,000 |
Common stock, shares issued | 8,802,073 | 8,650,417 |
Common stock, shares outstanding | 8,802,073 | 8,650,417 |
Redeemable convertible preferred stock [Member] | ' | ' |
Temporary equity, par value (in dollars per share) | $0.01 | $0.01 |
Temporary equity, shares authorized | 1,000,000 | 1,000,000 |
Temporary equity, shares issued | 168 | 168 |
Temporary equity, shares outstanding | 168 | 168 |
Temporary equity, liquidation preference (in dollars) | $168,496 | $168,496 |
Condensed_Statements_of_Operat
Condensed Statements of Operations and Comprehensive Loss (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Operating Expenses | ' | ' | ' | ' |
General and administrative expenses | $69,026 | $58,231 | $142,935 | $147,396 |
Loss from operations | -69,026 | -58,231 | -142,935 | -147,396 |
Other income (expense) | ' | ' | ' | ' |
Interest and dividend income, net | 722 | 18,400 | 11,381 | 30,208 |
Change in fair value of conversion feature | 1,279 | 38,136 | 11,515 | 37,200 |
Realized gain (loss) on available-for-sale securities | -3,786 | 25,104 | -11,888 | 14,118 |
Total other income (expense) | -1,785 | 81,640 | 11,008 | 81,526 |
Loss before income taxes | ' | ' | -131,927 | -65,870 |
Income taxes | ' | ' | 800 | 800 |
Net income (loss) | -70,811 | 23,409 | -132,727 | -66,670 |
Other comprehensive income (loss) | ' | ' | ' | ' |
Unrealized gain (loss) on available-for-sale securities before reclassification, net of tax | 9,229 | -16,864 | 10,942 | -11,607 |
Reclassification adjustment for losses (gains), net of tax | 3,786 | -25,104 | 11,888 | -14,118 |
Net unrealized gains (losses) on available-for-sale securities, net of tax | 13,015 | -41,968 | 22,830 | -25,725 |
Comprehensive loss | ($57,796) | ($18,559) | ($109,897) | ($92,395) |
Basic net loss per common share (in dollars per share) | ($0.01) | $0 | ($0.02) | ($0.01) |
Diluted net loss per common share (in dollars per share) | ($0.01) | $0 | ($0.02) | ($0.01) |
Weighted average number of shares outstanding | ' | ' | ' | ' |
Basic (in shares) | 8,781,872 | 8,471,558 | 8,751,470 | 8,428,907 |
Diluted (in shares) | 8,781,872 | 9,649,028 | 8,751,470 | 8,428,907 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Cash flows from operating activities: | ' | ' |
Net loss | ($132,727) | ($66,670) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Change in fair value of conversion feature | -11,515 | -37,200 |
Stock based compensation | 40,418 | 28,125 |
Realized (gains) losses on available-for-sale securities | 11,888 | -14,118 |
Changes in operating assets and liabilities: | ' | ' |
Other current assets | 16,538 | 17,353 |
Accounts payable and accrued liabilities | 0 | 18,000 |
Income taxes payable | 0 | -682 |
Net cash used in operating activities | -75,398 | -55,192 |
Cash flows from investing activities: | ' | ' |
Purchases of available for sale securities | -197,226 | -982,246 |
Proceeds received from sales of available-for-sale securities | 102,892 | 240,633 |
Proceeds received from maturities of available-for-sale securities | 490,000 | 792,124 |
Net cash provided by investing activities | 395,666 | 50,511 |
Net increase (decrease) in cash and cash equivalents | 320,268 | -4,681 |
Cash and cash equivalents at beginning of period | 99,716 | 113,991 |
Cash and cash equivalents at end of period | 419,984 | 109,310 |
Supplemental cash flow disclosure: | ' | ' |
Income taxes paid | 0 | 800 |
Supplemental non-cash disclosure: | ' | ' |
Unrealized gain (loss) on available-for-sale securities | $22,830 | ($25,725) |
Condensed_Statement_of_Changes
Condensed Statement of Changes in Stockholders' Equity (USD $) | Total | Common Stock [Member] | Common Stock To Be Issued [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] |
Balance at Dec. 31, 2013 | $2,395,579 | $86,504 | $12,500 | $64,405,084 | ($13,948) | ($62,094,561) |
Balance (in shares) at Dec. 31, 2013 | ' | 8,650,417 | 78,126 | ' | ' | ' |
Stock-based compensation | 12,500 | 1,516 | -12,500 | 23,484 | 0 | 0 |
Stock-based compensation (in shares) | ' | 151,656 | -78,126 | ' | ' | ' |
Stock options | 15,418 | 0 | 0 | 15,418 | 0 | 0 |
Common stock to be issued | 12,500 | 0 | 12,500 | 0 | 0 | 0 |
Common stock to be issued (in shares) | ' | 0 | 78,126 | ' | ' | ' |
Comprehensive loss | ' | ' | ' | ' | ' | ' |
Net loss | -132,727 | 0 | 0 | 0 | 0 | -132,727 |
Net unrealized gain on investment in securities | 22,830 | 0 | 0 | 0 | 22,830 | 0 |
Balance at Jun. 30, 2014 | $2,326,100 | $88,020 | $12,500 | $64,443,986 | $8,882 | ($62,227,288) |
Balance (in shares) at Jun. 30, 2014 | ' | 8,802,073 | 78,126 | ' | ' | ' |
Organization_and_Operations
Organization and Operations | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' |
Nature of Operations [Text Block] | ' |
1. Organization and Operations | |
Integrated Surgical Systems, Inc. (the “Company”) was incorporated in Delaware in 1990 to design, manufacture, sell and service image-directed, computer-controlled robotic software and hardware products for use in orthopedic surgical procedures. On June 28, 2007, the Company completed the sale of substantially all of its operating assets. After completion of the sale, the Company no longer engaged in any business activities related to its former business described above. The Company’s current operations are limited to raising additional funds to be used to maintain the Company’s public company status and to complete a business combination or strategic alliance, if suitable candidates are identified. | |
Significant_Accounting_Policie
Significant Accounting Policies | 6 Months Ended | ||
Jun. 30, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Basis of Presentation and Significant Accounting Policies [Text Block] | ' | ||
2. Significant Accounting Policies | |||
Basis of Presentation | |||
The accompanying unaudited financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with the rules and regulations under Regulation S-X of the Securities and Exchange Commission for Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statement presentation. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary to present fairly the financial position as of June 30, 2014, the results of operations and cash flows for the six months then ended have been included. These financial statements should be read in conjunction with the financial statements of the Company and the Company’s management discussion and analysis included in the Company’s Form 10-K for the year ended December 31, 2013. Interim results are not necessarily indicative of the results for a full year. | |||
Use of Estimates | |||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses for the reporting period. Actual results could differ from those estimates. | |||
Cash and cash equivalents | |||
Cash and cash equivalents include checking and money market accounts held in two financial institutions. The Company has a checking account at one institution with a balance of approximately $43,000 at June 30, 2014. The funds in this account are fully guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. The Company has a money market account in a brokerage account with a second financial institution, with a money market cash balance of approximately $377,000 at June 30, 2014. Assets in this brokerage account are protected by the Securities Investor Protection Corporation (“SIPC”) up to $500,000. The Company had no uninsured cash and cash equivalents at June 30, 2014. | |||
Stock-Based Compensation | |||
Compensation costs for stock, warrants or options issued to employees and non-employees are based on the fair value method and accounted for in accordance with FASB ASC 718, “ Compensation – Stock Compensation.” The value of warrants and options are calculated using a Black-Scholes Model, using the market price of the Company’s common stock on the date of issuance for the employee options or warrants and the date of commitment for non-employee options or warrants, an expected dividend yield of zero, the expected life of the warrants or options and the expected volatility of the Company’s common stock. | |||
Investments in Available-for-Sale Securities | |||
The Company has a portfolio of investments in available-for-sale debt securities, which consist of fixed income debt securities and equity securities, which are accounted for in accordance with FASB ASC 320, “Investments - Debt and Equity Securities.” Management determines the appropriate classification of the securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. Available-for-sale securities are stated at fair value, and unrealized holding gains and losses, net of the related deferred tax effect, if any, are reported as other comprehensive income, a separate component of stockholders’ equity. | |||
Fair Value Measurement | |||
FASB ASC 820 “Fair Value Measurements and Disclosures” clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, FASB ASC 820 establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: | |||
· | Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. | ||
· | Level 2 - Include other inputs that are directly or indirectly observable in the marketplace. | ||
· | Level 3 - Unobservable inputs which are supported by little or no market activity. | ||
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | |||
In accordance with FASB ASC 820, the Company measures its cash equivalents, investments in available-for-sale securities and derivative liability at fair value. The Company’s cash equivalents and investments in available-for-sale securities are classified within Level 1 by using quoted market prices. The Company’s derivative liability is classified within Level 3. | |||
The carrying value of other current assets and liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. | |||
Income Taxes | |||
Deferred income taxes have been provided for temporary differences between financial statement and income tax reporting under the liability method, using expected tax rates and laws that are expected to be in effect when the differences are expected to reverse. A valuation allowance is provided when realization is not considered more likely than not. | |||
The Company applies the provisions of FASB ASC 740, “ Income Taxes .” ASC 740 clarifies the accounting for uncertainty in income taxes recognized in the Company’s financial statements in accordance with ASC 740, “ Income Taxes,” and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. | |||
The Company’s policy is to classify expenses as a result of income tax assessments as interest expense for interest charges and as penalties in general and administrative expenses for penalty assessments. | |||
Recently Adopted Accounting Pronouncements | |||
In July 2013, the FASB issued Accounting Standards Update 2013-11, “Income Taxes” (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This amended guidance will require an unrecognized tax benefit, or a portion of an unrecognized tax benefit to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The guidance became effective for the reporting period beginning January 1, 2014. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. | |||
Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements. | |||
Income_Loss_Per_Share
Income (Loss) Per Share | 6 Months Ended |
Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ' |
Earnings Per Share [Text Block] | ' |
3. Income (Loss) Per Share | |
Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period plus dilutive common stock equivalents, using the treasury stock method. | |
Common stock equivalents for convertible preferred stock of 1,208,723 and 1,217,457 shares were excluded from the calculation of loss per share for the six months and three months ended June 30, 2014, respectively, because they were not dilutive; these shares would have been dilutive if the Company had not had a net loss for the these periods. | |
Common stock equivalents for convertible preferred stock of 1,132,366 shares were excluded from the calculation of loss per share for the six months ended June 30, 2013, because they were not dilutive; these shares would have been dilutive if the Company had not had a net loss for the this period. Common stock equivalents for convertible preferred stock of 1,177,470 shares were included in the calculation of earnings per share for the three months ended June 30, 2013. | |
A warrant for 30,000 shares, and stock options of 200,000 were excluded from the calculation of income per share for the six months and three months ended June 30, 2014, and a warrant for 30,000 shares, and stock options of 100,000 were excluded from the calculation of loss per share for the six months and three months ended June 30, 2013, respectively, because their effect was anti-dilutive. | |
Investment_in_AvailableforSale
Investment in Available-for-Sale Securities | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Available-For-Sale Securities [Abstract] | ' | |||||||||||||
Available For Sale Securities Disclosure [Text Block] | ' | |||||||||||||
4. Investment in Available-for-Sale Securities | ||||||||||||||
The following is a summary of the Company’s investments in available-for-sale securities as of June 30, 2014 (unaudited): | ||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||
Gains | Losses | |||||||||||||
U.S. federal agency securities | $ | 90,094 | $ | 125 | $ | -72 | $ | 90,147 | ||||||
Municipal securities | 598,696 | 1,457 | -1,094 | 599,059 | ||||||||||
Certificates of deposit | 1,405,726 | 19,810 | -11,799 | 1,413,737 | ||||||||||
Corporate debt securities | 38,419 | 455 | - | 38,874 | ||||||||||
$ | 2,132,935 | $ | 21,847 | $ | -12,965 | $ | 2,141,817 | |||||||
The following is a summary of the Company’s investments in available-for-sale securities as of December 31, 2013: | ||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||
Gains | Losses | |||||||||||||
U.S. federal agency securities | $ | 90,549 | $ | 93 | $ | -277 | $ | 90,365 | ||||||
Municipal securities | 735,826 | 2,175 | -6 | 737,995 | ||||||||||
Certificates of deposit | 1,539,377 | 12,281 | -19,398 | 1,532,260 | ||||||||||
Corporate debt securities | 174,738 | 275 | -9,091 | 165,922 | ||||||||||
$ | 2,540,490 | $ | 14,824 | $ | -28,772 | $ | 2,526,542 | |||||||
The Company’s investment portfolio had a net realized loss of $11,888 and a net realized gain of $14,118 for the six months ended June 30, 2014 and 2013, respectively. The Company’s investment portfolio had a net realized loss of $3,786 and a net realized gain of $25,104 for the three months ended June 30, 2014 and 2013, respectively. | ||||||||||||||
The cost and fair value of investments in fixed income available-for-sale debt securities, by contractual maturity, as of June 30, 2014 (unaudited), are as follows: | ||||||||||||||
Cost | Fair | |||||||||||||
Value | ||||||||||||||
Due within one year | $ | 946,148 | $ | 944,989 | ||||||||||
Due after one year through three years | 666,000 | 674,647 | ||||||||||||
Due after three years | 520,787 | 522,181 | ||||||||||||
$ | 2,132,935 | $ | 2,141,817 | |||||||||||
Expected maturities will differ from contractual maturities because the issuers of certain debt securities have the right to call or prepay their obligations without any penalties. The Company has classified the entire fair value of its investment in available-for-sale debt securities as current assets in the accompanying balance sheets. | ||||||||||||||
Redeemable_Convertible_Preferr
Redeemable Convertible Preferred Stock | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Temporary Equity Disclosure [Abstract] | ' | ||||
Temporary Equity Disclosure [Text Block] | ' | ||||
5. Redeemable Convertible Preferred Stock | |||||
The Company’s Certificate of Incorporation authorized 1,000,000 shares of undesignated, serial preferred stock. Preferred stock may be issued from time to time in one or more series. The Board of Directors is authorized to determine the rights, preferences, privileges, and restrictions granted to and imposed upon any wholly unissued series of preferred stock and designation of any such series without any further vote or action by the Company’s stockholders. | |||||
As of June 30, 2014 and 2013, the Company’s only outstanding series of convertible preferred stock is the Series G Convertible Preferred Stock (“Series G”). | |||||
The Series G stock has a stated value of $1,000 per share, and is convertible into common stock at a conversion price equal to 85% of the lowest sale price of the common stock on its listed market over the five trading days preceding the date of conversion ("Beneficial Conversion Feature"), subject to a maximum conversion price. The number of shares of common stock that may be converted is determined by dividing the stated value of the number of shares of Series G to be converted by the conversion price. The Company may elect to pay the Series G holder in cash at the current market price multiplied by the number of shares of common stock issuable upon conversion. | |||||
For the period ended June 30, 2014 and the year ended December 31, 2013, no shares of Series G were converted into shares of common stock. At June 30, 2014 and December 31, 2013, the outstanding Series G shares were convertible into a minimum of 1,238,941 shares of common stock. | |||||
Upon a change in control, sale of or similar transaction, as defined in the Certificate of Designation for the Series G, each holder of the Series G has the option to deem such transaction as a liquidation and may redeem his or her shares at the liquidation value of $1,000, per share, for an aggregate amount of $168,496. The sale of all the assets on June 28, 2007 triggered the preferred stockholders’ redemption option. As such redemption is not in the control of the Company, the Series G stock has been accounted for as if it was redeemable preferred stock and is classified on the balance sheet between liabilities and stockholders’ equity. | |||||
The conversion feature of the preferred stock is considered a derivative according to ASC 815 “Derivatives and Hedging”, therefore, the fair value of the derivative is reflected in the financial statements as a liability, which was determined to be $64,721 as of June 30, 2014, and has been included as “conversion feature liability” on the accompanying balance sheets. As of December 31, 2013, the fair value of the derivative was determined to be $76,236. | |||||
The fair value of the conversion feature liability is calculated under a Black-Scholes Model, using the market price of the Company’s common stock on each of the balance sheet dates presented, the expected dividend yield, the expected life of the redemption and the expected volatility of the Company’s common stock. | |||||
The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and considering factors specific to the conversion feature liability. Since some of the assumptions used by the Company are unobservable, the conversion feature liability is classified within level 3 hierarchy in the fair value measurement. | |||||
The expected volatility of the conversion feature liability was based on the historical volatility of the Company’s common stock. The expected life assumption was based on the remaining life of the underlying preferred stock redemption. The risk-free interest rate for the expected term of the conversion feature liability was based on the average market rate on U.S. treasury securities in effect during the applicable quarter. The dividend yield reflected historical experience as well as future expectations over the expected term of the underlying preferred stock redemption. Therefore, the fair value of the conversion feature liability is sensitive to changes in above assumptions and changes of the Company’s common stock price. | |||||
The table below shows the quantitative information about the significant unobservable inputs used in the fair value measurement of level 3 conversion feature liability: | |||||
Expected life of the redemption in years | 1 | ||||
Risk free interest rate | 0.11 | % | |||
Expected annual volatility | 67.71 | % | |||
Annual rate of dividends | 0 | % | |||
The changes in the fair value of the derivative are as follows: | |||||
Balance as of January 1, 2014 | $ | 76,236 | |||
Decrease of fair value | -11,515 | ||||
Ending balance as of June 30, 2014 | $ | 64,721 | |||
Stockbased_compensation
Stock-based compensation | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||
6. Stock-based compensation | |||||||||||||||
On August 15, 2008, the Company granted 25,000 non-qualified stock options to each of its four directors. These options had a vesting period of one year from the date of grant, and they became fully vested and exercisable on August 15, 2009. These options expired on August 15, 2013. As of June 30, 2014 and December 31, 2013, no options remain outstanding under this grant. | |||||||||||||||
On May 16, 2014, the Company granted 25,000 non-qualified stock options to each of its four directors, and 100,000 non-qualified stock options to its Chief Financial Officer. These options became fully vested and exercisable on the date of the grant. These options expire on May 15, 2019 and have an exercise price of $0.17 per share. As of June 30, 2014, 200,000 options remain outstanding under this grant. | |||||||||||||||
FASB ASC 718 “Compensation-Stock Compensation” requires entities to estimate the number of forfeitures expected to occur and record expense based upon the number of awards expected to vest. The outstanding stock options granted during the six months ended June 30, 2014 are fully vested and the related expense amounting to approximately $15,000, was fully amortized during this period. | |||||||||||||||
For the six months and three months ended June 30, 2014, option activity was as follows: | |||||||||||||||
Shares | Weighted- | Remaining | |||||||||||||
Average | Contractual | ||||||||||||||
Exercise | Term | ||||||||||||||
Price | |||||||||||||||
Outstanding at beginning of period | - | $ | - | - | |||||||||||
Granted | 200,000 | 0.17 | 4.88 | ||||||||||||
Expired and forfeited | - | - | |||||||||||||
Exercised | - | - | |||||||||||||
Outstanding at end of period | 200,000 | $ | 0.17 | 4.88 | |||||||||||
Exercisable at June 30, 2014 | 200,000 | $ | 0.17 | 4.88 | |||||||||||
As of June 30, 2014, a summary of options outstanding under the Company’s 2014 options grant was as follows: | |||||||||||||||
Range of | Weighted-Average Remaining | Number | Weighted- | Number | Weighted- | ||||||||||
Exercise | Contractual Life (Years) | Outstanding | Average | Exercisable | Average | ||||||||||
Price | Exercise | Exercise | |||||||||||||
Price | Price | ||||||||||||||
$ | 0.17 | 4.88 | 200,000 | $ | 0.17 | 200,000 | $ | 0.17 | |||||||
The Company has previously issued 30,000 warrants in lieu of consulting fees, which expire in July 2014 and have an exercise price of $0.63 per share. | |||||||||||||||
The Company agreed to compensate two of its four directors by issuing common stock and one director in cash for services rendered in 2014 and 2013. Two of these directors are affiliated with the advisory services firm that is currently providing investment banking services to the Company. The Company agreed to compensate the fourth director in a combination of cash and common stock for services rendered in the first quarter 2013. Beginning in the second quarter of 2013 and continuing through 2014, the Company agreed to compensate this director in cash instead of cash and common stock. The number of shares issued to each director was determined based upon the equivalent cash compensation accrued divided by the closing price of the Company’s common stock on the date that the compensation is fully earned each quarter, which is the last day of such quarter. The Company recorded stock-based compensation of $12,500 for the quarter ending June 30, 2014 for two directors, which is recorded as common stock to be issued. | |||||||||||||||
On January 9, 2014, the Company issued 39,063 shares of common stock to each of two directors as compensation for the three months ended December 31, 2013. These shares, totaling 78,126, were valued at a per share price of $0.16, or a total of $12,500. | |||||||||||||||
On April 25, 2014, the Company issued 36,765 shares of common stock to each of two directors as compensation for the three months ended March 31, 2014. These shares, totaling 73,530, were valued at a per share price of $0.17, or a total of $12,500. | |||||||||||||||
On July 14, 2014, the Company issued 39,063 shares of common stock to each of two directors as compensation for the three months ended June 30, 2014. These shares, totaling 78,126, were valued at a per share price of $0.16, or a total of $12,500. | |||||||||||||||
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
7. Income Taxes | |
The Company accounts for income taxes under FASB ASC 740 “Accounting for Income Taxes.” Deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities in the Company’s financial statements and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that all or some portion of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. | |
The Company is no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2009. | |
The Company has evaluated and concluded that there are no uncertain tax positions requiring recognition in the Company’s financial statements for the six months and three months ended June 30, 2014 and 2013. | |
As of June 30, 2014 and December 31, 2013, the Company had deferred tax assets primarily consisting of its net operating loss carryforwards. However, because of the cumulative losses in several consecutive years, the Company has recorded a full valuation allowance such that its net deferred tax asset is zero. | |
The Company must make judgments as to whether the deferred tax assets will be recovered from future taxable income. To the extent that the Company believes that recovery is not likely, it must establish a valuation allowance. A valuation allowance has been established for deferred tax assets which the Company does not believe meet the “more likely than not” criteria. The Company’s judgments regarding future taxable income may change due to changes in market conditions, changes in tax laws, tax planning strategies or other factors. If the Company’s assumptions and consequently its estimates change in the future, the valuation allowances it has established may be increased or decreased, resulting in a respective increase or decrease in income tax expense. | |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
8. Related Party Transactions | |
The Company entered into an Investment Banking Advisory Services agreement in November 2007 with MDB Capital Group, LLC (“MDB”), and the parties extended this agreement indefinitely in April 2009. The agreement may be terminated by either party upon 30-days written notice. The Company has not paid, nor is it currently obligated to pay, any fees to MDB pursuant to this agreement and no services have been provided by MDB. | |
The Company has a securities investment account with MDB, consisting of (a) available-for-sale investments totaling $2,141,817, that include short-term federal securities of $90,147, and certificates of deposit, municipal securities and corporate bonds totaling $2,051,670 at June 30, 2014, and (b) available-for-sale investments totaling $2,526,542, that include short-term federal securities of $90,365, certificates of deposit, municipal securities and corporate bonds totaling $2,436,177 at December 31, 2013. | |
Mr. Christopher Marlett, the Chief Executive Officer and director of the Company, is also the Chief Executive Officer of MDB. Mr. Gary Schuman, who is the Chief Financial Officer of the Company, is also the Chief Financial Officer and Chief Compliance Officer of MDB. The Company reimburses MDB for Mr. Schuman’s services in the amount of $3,000 per month, totaling $18,000 for the six months and $9,000 for the three months ending June 30, 2014 and 2013. Mr. Robert Levande, who is an officer and director of the Company, is also a senior managing director of MDB. | |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
9. Commitments and Contingencies | |
From time to time, the Company may be subject to other claims and litigation arising in the ordinary course of business. The Company is not currently a party to any legal proceedings that it believes would reasonably be expected to have a material adverse effect on the Company’s business, financial condition or results of operations. | |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 6 Months Ended | ||
Jun. 30, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Basis of Accounting, Policy [Policy Text Block] | ' | ||
Basis of Presentation | |||
The accompanying unaudited financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with the rules and regulations under Regulation S-X of the Securities and Exchange Commission for Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statement presentation. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary to present fairly the financial position as of June 30, 2014, the results of operations and cash flows for the six months then ended have been included. These financial statements should be read in conjunction with the financial statements of the Company and the Company’s management discussion and analysis included in the Company’s Form 10-K for the year ended December 31, 2013. Interim results are not necessarily indicative of the results for a full year. | |||
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 requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses for the reporting period. Actual results could differ from those estimates. | |||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||
Cash and cash equivalents | |||
Cash and cash equivalents include checking and money market accounts held in two financial institutions. The Company has a checking account at one institution with a balance of approximately $43,000 at June 30, 2014. The funds in this account are fully guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. The Company has a money market account in a brokerage account with a second financial institution, with a money market cash balance of approximately $377,000 at June 30, 2014. Assets in this brokerage account are protected by the Securities Investor Protection Corporation (“SIPC”) up to $500,000. The Company had no uninsured cash and cash equivalents at June 30, 2014. | |||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||
Stock-Based Compensation | |||
Compensation costs for stock, warrants or options issued to employees and non-employees are based on the fair value method and accounted for in accordance with FASB ASC 718, “ Compensation – Stock Compensation.” The value of warrants and options are calculated using a Black-Scholes Model, using the market price of the Company’s common stock on the date of issuance for the employee options or warrants and the date of commitment for non-employee options or warrants, an expected dividend yield of zero, the expected life of the warrants or options and the expected volatility of the Company’s common stock. | |||
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] | ' | ||
Investments in Available-for-Sale Securities | |||
The Company has a portfolio of investments in available-for-sale debt securities, which consist of fixed income debt securities and equity securities, which are accounted for in accordance with FASB ASC 320, “Investments - Debt and Equity Securities.” Management determines the appropriate classification of the securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. Available-for-sale securities are stated at fair value, and unrealized holding gains and losses, net of the related deferred tax effect, if any, are reported as other comprehensive income, a separate component of stockholders’ equity. | |||
Fair Value Measurement, Policy [Policy Text Block] | ' | ||
Fair Value Measurement | |||
FASB ASC 820 “Fair Value Measurements and Disclosures” clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, FASB ASC 820 establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: | |||
· | Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. | ||
· | Level 2 - Include other inputs that are directly or indirectly observable in the marketplace. | ||
· | Level 3 - Unobservable inputs which are supported by little or no market activity. | ||
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | |||
In accordance with FASB ASC 820, the Company measures its cash equivalents, investments in available-for-sale securities and derivative liability at fair value. The Company’s cash equivalents and investments in available-for-sale securities are classified within Level 1 by using quoted market prices. The Company’s derivative liability is classified within Level 3. | |||
The carrying value of other current assets and liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. | |||
Income Tax, Policy [Policy Text Block] | ' | ||
Income Taxes | |||
Deferred income taxes have been provided for temporary differences between financial statement and income tax reporting under the liability method, using expected tax rates and laws that are expected to be in effect when the differences are expected to reverse. A valuation allowance is provided when realization is not considered more likely than not. | |||
The Company applies the provisions of FASB ASC 740, “ Income Taxes .” ASC 740 clarifies the accounting for uncertainty in income taxes recognized in the Company’s financial statements in accordance with ASC 740, “ Income Taxes,” and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. | |||
The Company’s policy is to classify expenses as a result of income tax assessments as interest expense for interest charges and as penalties in general and administrative expenses for penalty assessments. | |||
Recently Announced Accounting Pronouncements, Policy [Policy Text Block] | ' | ||
Recently Adopted Accounting Pronouncements | |||
In July 2013, the FASB issued Accounting Standards Update 2013-11, “Income Taxes” (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This amended guidance will require an unrecognized tax benefit, or a portion of an unrecognized tax benefit to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The guidance became effective for the reporting period beginning January 1, 2014. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. | |||
Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements. | |||
Investment_in_AvailableforSale1
Investment in Available-for-Sale Securities (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Available-For-Sale Securities [Abstract] | ' | |||||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | ' | |||||||||||||
The following is a summary of the Company’s investments in available-for-sale securities as of June 30, 2014 (unaudited): | ||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||
Gains | Losses | |||||||||||||
U.S. federal agency securities | $ | 90,094 | $ | 125 | $ | -72 | $ | 90,147 | ||||||
Municipal securities | 598,696 | 1,457 | -1,094 | 599,059 | ||||||||||
Certificates of deposit | 1,405,726 | 19,810 | -11,799 | 1,413,737 | ||||||||||
Corporate debt securities | 38,419 | 455 | - | 38,874 | ||||||||||
$ | 2,132,935 | $ | 21,847 | $ | -12,965 | $ | 2,141,817 | |||||||
The following is a summary of the Company’s investments in available-for-sale securities as of December 31, 2013: | ||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||
Gains | Losses | |||||||||||||
U.S. federal agency securities | $ | 90,549 | $ | 93 | $ | -277 | $ | 90,365 | ||||||
Municipal securities | 735,826 | 2,175 | -6 | 737,995 | ||||||||||
Certificates of deposit | 1,539,377 | 12,281 | -19,398 | 1,532,260 | ||||||||||
Corporate debt securities | 174,738 | 275 | -9,091 | 165,922 | ||||||||||
$ | 2,540,490 | $ | 14,824 | $ | -28,772 | $ | 2,526,542 | |||||||
Available-for-sale Securities [Table Text Block] | ' | |||||||||||||
The cost and fair value of investments in fixed income available-for-sale debt securities, by contractual maturity, as of June 30, 2014 (unaudited), are as follows: | ||||||||||||||
Cost | Fair | |||||||||||||
Value | ||||||||||||||
Due within one year | $ | 946,148 | $ | 944,989 | ||||||||||
Due after one year through three years | 666,000 | 674,647 | ||||||||||||
Due after three years | 520,787 | 522,181 | ||||||||||||
$ | 2,132,935 | $ | 2,141,817 | |||||||||||
Redeemable_Convertible_Preferr1
Redeemable Convertible Preferred Stock (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Temporary Equity Disclosure [Abstract] | ' | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block] | ' | ||||
The table below shows the quantitative information about the significant unobservable inputs used in the fair value measurement of level 3 conversion feature liability: | |||||
Expected life of the redemption in years | 1 | ||||
Risk free interest rate | 0.11 | % | |||
Expected annual volatility | 67.71 | % | |||
Annual rate of dividends | 0 | % | |||
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | ' | ||||
The changes in the fair value of the derivative are as follows: | |||||
Balance as of January 1, 2014 | $ | 76,236 | |||
Decrease of fair value | -11,515 | ||||
Ending balance as of June 30, 2014 | $ | 64,721 | |||
Stockbased_compensation_Tables
Stock-based compensation (Tables) | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | ||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||
For the six months and three months ended June 30, 2014, option activity was as follows: | |||||||||||||||
Shares | Weighted- | Remaining | |||||||||||||
Average | Contractual | ||||||||||||||
Exercise | Term | ||||||||||||||
Price | |||||||||||||||
Outstanding at beginning of period | - | $ | - | - | |||||||||||
Granted | 200,000 | 0.17 | 4.88 | ||||||||||||
Expired and forfeited | - | - | |||||||||||||
Exercised | - | - | |||||||||||||
Outstanding at end of period | 200,000 | $ | 0.17 | 4.88 | |||||||||||
Exercisable at June 30, 2014 | 200,000 | $ | 0.17 | 4.88 | |||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ||||||||||||||
As of June 30, 2014, a summary of options outstanding under the Company’s 2014 options grant was as follows: | |||||||||||||||
Range of | Weighted-Average Remaining | Number | Weighted- | Number | Weighted- | ||||||||||
Exercise | Contractual Life (Years) | Outstanding | Average | Exercisable | Average | ||||||||||
Price | Exercise | Exercise | |||||||||||||
Price | Price | ||||||||||||||
$ | 0.17 | 4.88 | 200,000 | $ | 0.17 | 200,000 | $ | 0.17 | |||||||
Significant_Accounting_Policie2
Significant Accounting Policies (Details Textual) (USD $) | Jun. 30, 2014 |
Significant Accounting Policies [Line Items] | ' |
Checking Account | $43,000 |
Assets Guaranteed By Federal Deposit Insurance Corporation Maximum | 250,000 |
Money Market Funds, at Carrying Value | 377,000 |
Maximum Amount Of Assets Protected By Securities Investor Protection Corporation In Brokerage Account | $500,000 |
Income_Loss_Per_Share_Details_
Income (Loss) Per Share (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Incremental Common Shares Attributable to Conversion of Preferred Stock | 1,217,457 | 1,177,470 | 1,208,723 | 1,132,366 |
Warrant [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 30,000 | 30,000 | 30,000 | 30,000 |
Equity Option [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 200,000 | 100,000 | 200,000 | 100,000 |
Investment_in_AvailableforSale2
Investment in Available-for-Sale Securities (Details) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Cost | $2,132,935 | $2,540,490 |
Available-for-sale Securities, Gross Unrealized Gains | 21,847 | 14,824 |
Available-for-sale Securities, Gross Unrealized Losses | -12,965 | -28,772 |
Available-for-sale Securities, Fair Value | 2,141,817 | 2,526,542 |
U.S. federal agency securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Cost | 90,094 | 90,549 |
Available-for-sale Securities, Gross Unrealized Gains | 125 | 93 |
Available-for-sale Securities, Gross Unrealized Losses | -72 | -277 |
Available-for-sale Securities, Fair Value | 90,147 | 90,365 |
Municipal securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Cost | 598,696 | 735,826 |
Available-for-sale Securities, Gross Unrealized Gains | 1,457 | 2,175 |
Available-for-sale Securities, Gross Unrealized Losses | -1,094 | -6 |
Available-for-sale Securities, Fair Value | 599,059 | 737,995 |
Certificates of deposit [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Cost | 1,405,726 | 1,539,377 |
Available-for-sale Securities, Gross Unrealized Gains | 19,810 | 12,281 |
Available-for-sale Securities, Gross Unrealized Losses | -11,799 | -19,398 |
Available-for-sale Securities, Fair Value | 1,413,737 | 1,532,260 |
Corporate debt securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Cost | 38,419 | 174,738 |
Available-for-sale Securities, Gross Unrealized Gains | 455 | 275 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | -9,091 |
Available-for-sale Securities, Fair Value | $38,874 | $165,922 |
Investment_in_AvailableforSale3
Investment in Available-for-Sale Securities (Details 1) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Due within one year, Cost | $946,148 | ' |
Due after one year through three years, Cost | 666,000 | ' |
Due after three years, Cost | 520,787 | ' |
Available-for-sale Securities, Amortized Cost, Total | 2,132,935 | ' |
Due within one year, Fair Value | 944,989 | ' |
Due after one year through three years, Fair Value | 674,647 | ' |
Due after three years, Fair Value | 522,181 | ' |
Available-for-sale Securities, Fair Value, Total | $2,141,817 | $2,526,542 |
Investment_in_AvailableforSale4
Investment in Available-for-Sale Securities (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Gain (Loss) on Investments | $3,786 | $25,104 | $11,888 | $14,118 |
Redeemable_Convertible_Preferr2
Redeemable Convertible Preferred Stock (Details) (Fair Value, Inputs, Level 3 [Member]) | 6 Months Ended |
Jun. 30, 2014 | |
Fair Value, Inputs, Level 3 [Member] | ' |
Expected life of the redemption in years | '1 year |
Risk free interest rate | 0.11% |
Expected annual volatility | 67.71% |
Annual rate of dividends | 0.00% |
Redeemable_Convertible_Preferr3
Redeemable Convertible Preferred Stock (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Balance as of January 1, 2014 | ' | ' | $76,236 | ' |
Decrease of fair value | -1,279 | -38,136 | -11,515 | -37,200 |
Ending balance as of June 30, 2014 | $64,721 | ' | $64,721 | ' |
Redeemable_Convertible_Preferr4
Redeemable Convertible Preferred Stock (Details Textual) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Temporary Equity [Line Items] | ' | ' |
Preferred Stock, Shares Authorized | 1,000,000 | ' |
Conversion feature liability | $64,721 | 76,236 |
Series G Preferred Stock [Member] | ' | ' |
Temporary Equity [Line Items] | ' | ' |
Preferred Stock, Par or Stated Value Per Share | $1,000 | ' |
Convertible Preferred Stock, Terms of Conversion | 'convertible into common stock at a conversion price equal to 85% of the lowest sale price of the common stock on its listed market over the five trading days preceding the date of conversion ("Beneficial Conversion Feature"), subject to a maximum conversion price. | ' |
Preferred Stock, Shares Outstanding | 1,238,941 | 1,238,941 |
Preferred Stock, Liquidation Preference Per Share | $1,000 | ' |
Preferred Stock, Liquidation Preference, Value | $168,496 | ' |
Stockbased_compensation_Detail
Stock-based compensation (Details) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Shares, Outstanding at beginning of period | 0 | ' |
Shares, Granted | 200,000 | ' |
Shares, Expired and forfeited | 0 | ' |
Shares, Exercised | 0 | ' |
Shares, Outstanding at end of period | 200,000 | 0 |
Shares, Exercisable | 200,000 | ' |
Weighted-Average Exercise Price, Outstanding at beginning of period | $0 | ' |
Weighted-Average Exercise Price, Granted | $0.17 | ' |
Weighted-Average Exercise Price, Expired and forfeited | $0 | ' |
Weighted-Average Exercise Price, Exercised | $0 | ' |
Weighted-Average Exercise Price, Outstanding at end of period | $0.17 | $0 |
Weighted-Average Exercise Price, Exercisable | $0.17 | ' |
Remaining Contractual Term, Outstanding | '4 years 10 months 17 days | '0 years |
Remaining Contractual Term, Granted | '4 years 10 months 17 days | ' |
Remaining Contractual Term, Exercisable | '4 years 10 months 17 days | ' |
Stockbased_compensation_Detail1
Stock-based compensation (Details 1) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price | $0.17 |
Weighted-Average Remaining Contractual Life (Years) | '4 years 10 months 17 days |
Number Outstanding | 200,000 |
Weighted-Average Exercise Price, Outstanding | $0.17 |
Number Exercisable | 200,000 |
Weighted-Average Exercise Price, Exercisable | $0.17 |
Stockbased_compensation_Detail2
Stock-based compensation (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | |||||||
Jul. 14, 2014 | Jan. 09, 2014 | Apr. 25, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jul. 30, 2014 | 31-May-14 | Aug. 31, 2008 | 31-May-14 | Jul. 14, 2014 | Jan. 09, 2014 | Apr. 25, 2014 | Jun. 30, 2014 | |
Subsequent Event [Member] | Four Directors [Member] | Four Directors [Member] | Chief Financial Officer [Member] | Two Directors [Member] | Two Directors [Member] | Two Directors [Member] | Two Directors [Member] | ||||||
Class of Warrant or Right, Outstanding | ' | ' | ' | ' | ' | 30,000 | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | ' | ' | ' | ' | $0.63 | ' | ' | ' | ' | ' | ' | ' |
Common Stock Value To Be Issued | ' | ' | ' | $12,500 | $12,500 | ' | ' | ' | ' | ' | ' | ' | $12,500 |
Stock Issued During Period, Shares, New Issues | 78,126 | 78,126 | 73,530 | ' | ' | ' | ' | ' | ' | 39,063 | 39,063 | 36,765 | ' |
Stock Issued During Period Per Share Value Of New Issues | $0.16 | $0.16 | $0.17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues | 12,500 | 12,500 | 12,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | ' | ' | ' | ' | ' | ' | 25,000 | 25,000 | 100,000 | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | ' | ' | ' | $0 | ' | ' | $0.17 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | ' | ' | ' | 200,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | ' | $15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Available-For-Sale Securities, Current | $2,141,817 | ' | $2,141,817 | ' | $2,526,542 |
MDB Capital Group LLC [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Available-For-Sale Securities, Current | 2,141,817 | ' | 2,141,817 | ' | 2,526,542 |
Federal Securities Current | 90,147 | ' | 90,147 | ' | 90,365 |
Certificates Of Deposit Municipal Securities and Corporate Bonds | 2,051,670 | ' | 2,051,670 | ' | 2,436,177 |
Reimbursement For Related Party Services Per Month | ' | ' | 3,000 | ' | ' |
Reimbursement For Related Party Services | $9,000 | $9,000 | $18,000 | $18,000 | ' |