The Arena Group Holdings, Inc. (AREN) 10-Q 16 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 09, 2015
Document Information [Line Items]
Entity Registrant Name	INTEGRATED SURGICAL SYSTEMS INC
Entity Central Index Key	894,871
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	ISSM
Entity Common Stock, Shares Outstanding		9,282,981
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,015

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 341,434	$ 542,215
Investments in available-for-sale securities	1,995,004	1,932,801
Other current assets	39,037	29,245
Total current assets	2,375,475	2,504,261
Total Assets	2,375,475	2,504,261
Current liabilities:
Accounts payable	9,526	18,000
Conversion feature liability	81,787	70,786
Total current liabilities	$ 91,313	$ 88,786
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; 9,199,647 and 8,949,645 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	91,996	89,496
Common stock to be issued	12,500	12,500
Additional paid-in capital	64,502,510	64,467,510
Accumulated deficit	(62,494,367)	(62,330,316)
Accumulated other comprehensive income	3,027	7,789
Total stockholders’ equity	2,115,666	2,246,979
Total liabilities and stockholders’ equity	$ 2,375,475	$ 2,504,261

Condensed Balance Sheets _Paren

Condensed Balance Sheets [Parenthetical] - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	9,199,647	8,949,645
Common stock, shares outstanding	9,199,647	8,949,645
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 value	$ 168,496	$ 168,496

Condensed Statements of Compreh

Condensed Statements of Comprehensive Loss - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Operating Expenses
General and administrative expenses	$ 49,640	$ 61,559	$ 179,694	$ 204,495
Loss from operations	(49,640)	(61,559)	(179,694)	(204,495)
Other income (expense)
Interest and dividend income, net	7,765	6,161	25,710	17,542
Change in fair value of conversion feature	(10,463)	(1,564)	(11,001)	9,951
Realized gain (loss) on available-for-sale securities	217	0	1,734	(11,888)
Total other income	(2,481)	4,597	16,443	15,605
Loss before income taxes			(163,251)	(188,890)
Income taxes			800	800
Net loss	(52,121)	(56,962)	(164,051)	(189,690)
Other comprehensive income (loss)
Unrealized gain (loss) on available-for-sale securities before reclassification, net of tax	(3,370)	(3,277)	(2,883)	7,665
Reclassification adjustment for losses (gains), net of tax	(217)	0	(1,879)	11,888
Other comprehensive income (loss)	(3,587)	(3,277)	(4,762)	19,553
Comprehensive loss	$ (55,708)	$ (60,239)	$ (168,813)	$ (170,137)
Basic net loss per common share (in dollars per share)	$ (0.01)	$ (0.01)	$ (0.02)	$ (0.02)
Diluted net loss per common share (in dollars per share)	$ (0.01)	$ (0.01)	$ (0.02)	$ (0.02)
Weighted average number of shares outstanding
Basic (in shares)	9,190,589	8,868,310	9,107,461	8,790,845
Diluted (in shares)	9,190,589	8,868,310	9,107,461	8,790,845

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net loss	$ (164,051)	$ (189,690)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of conversion feature	11,001	(9,951)
Stock based compensation	37,500	52,918
Realized losses (gains) on available-for-sale securities	(1,734)	11,888
Changes in operating assets and liabilities:
Other current assets	(9,792)	(3,354)
Accounts payable and accrued liabilities	(8,474)	(7,730)
Net cash used in operating activities	(135,550)	(145,919)
Cash flows from investing activities:
Purchases of available for sale securities	(1,221,185)	(194,634)
Proceeds received from sales of available-for-sale securities	9,200	102,893
Proceeds received from maturities of available-for-sale securities	1,146,754	723,000
Net cash provided by (used in) investing activities	(65,231)	631,259
Net increase (decrease) in cash and cash equivalents	(200,781)	485,340
Cash and cash equivalents at beginning of period	542,215	99,716
Cash and cash equivalents at end of period	341,434	585,056
Supplemental non-cash disclosure:
Unrealized gain on available-for-sale securities	$ (4,762)	$ 19,553

Condensed Statement of Changes

Condensed Statement of Changes in Stockholders' Equity - 9 months ended Sep. 30, 2015 - 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, 2014	$ 2,246,979	$ 89,496	$ 12,500	$ 64,467,510	$ 7,789	$ (62,330,316)
Balance (in shares) at Dec. 31, 2014		8,949,645	83,334
Stock-based compensation	25,000	$ 2,500	$ (12,500)	35,000	0	0
Stock-based compensation (in shares)		250,002	(83,334)
Common stock to be issued	12,500	$ 0	$ 12,500	0	0	0
Common stock to be issued (in shares)		0	83,334
Comprehensive loss
Net loss	(164,051)	$ 0	$ 0	0	0	(164,051)
Net unrealized loss on investment in securities	(4,762)	0		0	(4,762)	0
Comprehensive loss	(168,813)	0		0	(4,762)	(164,051)
Balance at Sep. 30, 2015	$ 2,115,666	$ 91,996	$ 12,500	$ 64,502,510	$ 3,027	$ (62,494,367)
Balance (in shares) at Sep. 30, 2015		9,199,647	83,334

Organization and Operations

Organization and Operations	9 Months Ended
	Sep. 30, 2015
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 completing a business combination or strategic alliance, when a suitable candidate is identified.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	2. Significant Accounting Policies 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 September 30, 2015, the results of operations and cash flows for the nine months then ended have been included. These condensed 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, 2014. Interim results are not necessarily indicative of the results for a full year. 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 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 $ 85,000 250,000 256,000 500,000 250,000 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. The Company has a portfolio of investments in available-for-sale debt securities, which consist of fixed income debt securities, and 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. FASB ASC 820 “Fair Value Measurements and Disclosures” ⋅ 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. 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 Income Taxes 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. Management does not believe that any 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	9 Months Ended
	Sep. 30, 2015
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 1,321,537 Common stock equivalents for convertible preferred stock of 1,101,281 Stock options of 200,000

Investment in Available-for-Sal

Investment in Available-for-Sale Securities	9 Months Ended
	Sep. 30, 2015
Available-For-Sale Securities [Abstract]
Available For Sale Securities Disclosure [Text Block]	4. Investment in Available-for-Sale Securities Unrealized Unrealized Cost Gains Losses Fair Value U.S. federal agency securities $ 4,808 $ 92 $ - $ 4,900 Municipal securities 519,333 1,429 (627) 520,135 Certificates of deposit 1,450,538 15,571 (13,819) 1,452,290 Corporate debt securities 17,298 381 - 17,679 $ 1,991,977 $ 17,473 $ (14,446) $ 1,995,004 The following is a summary of the Company’s investments in available-for-sale securities as of December 31, 2014: Unrealized Unrealized Cost Gains Losses Fair Value U.S. federal agency securities $ 49,739 $ 68 $ (117) $ 49,690 Municipal securities 441,372 463 (966) 440,869 Certificates of deposit 1,395,990 22,904 (14,861) 1,404,033 Corporate debt securities 37,911 298 - 38,209 $ 1,925,012 $ 23,733 $ (15,944) $ 1,932,801 Fair Cost Value Due within one year $ 784,815 $ 781,679 Due after one year through three years 929,334 935,184 Due after three years 277,828 278,141 $ 1,991,977 $ 1,995,004 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 investments in available-for-sale debt securities as current assets in the accompanying balance sheets.

Redeemable Convertible Preferre

Redeemable Convertible Preferred Stock	9 Months Ended
	Sep. 30, 2015
Temporary Equity Disclosure [Abstract]
Temporary Equity Disclosure [Text Block]	5. Redeemable Convertible Preferred Stock The Company’s Certificate of Incorporation authorized 1,000,000 As of September 30, 2015 and December 31, 2014, 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 For the nine months ended September 30, 2015 and the year ended December 31, 2014, no shares of Series G were converted into shares of common stock. At September 30, 2015 and December 31, 2014, the outstanding Series G shares were convertible into a minimum of 1,321,537 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 $ 1,000 168,496 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 $ 81,787 70,786 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 the 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 expected 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. September 30, 2015 (unaudited) Expected life of the redemption in years 1.0 Risk free interest rate 0.33 % Expected annual volatility 93.19 % Annual rate of dividends 0 % Balance as of January 1, 2015 $ 70,786 Increase of fair value 11,001 Ending balance as of September 30, 2015 (unaudited) $ 81,787

Stock-based compensation

Stock-based compensation	9 Months Ended
	Sep. 30, 2015
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	6. Stock-based compensation For the nine months ended September 30, 2015, the Company had no other activity related to stock options except that the Company extended the exercisable period of 25,000 Weighted- Weighted- Range of Weighted- Average Average Exercise Average Remaining Number Exercise Number Exercise Price Contractual Life (Years) Outstanding Price Exercisable Price $ 0.17 3.21 200,000 $ 0.17 200,000 $ 0.17 The Company agreed to compensate two of its four directors by issuing common stock and two directors in cash for services rendered in 2015 and 2014. These two directors are affiliated with the advisory services firm that is currently providing investment banking services to the Company. 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 On January 8, 2015 41,667 83,334 0.15 12,500 On April 13, 2015 41,667 83,334 0.15 12,500 On July 10, 2015 41,667 83,334 0.15 12,500 On October 12, 2015 41,667 83,334 0.15 12,500

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
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 2011. The Company currently is not under examination by any tax authority. The Company has evaluated and concluded that there are no uncertain tax positions requiring recognition in the Company’s financial statements for the nine months and three months ended September 30, 2015 and 2014. As of September 30, 2015 and December 31, 2014, 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	9 Months Ended
	Sep. 30, 2015
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 $ 1,995,004 4,900 1,990,104 1,932,801 49,690 1,883,111 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 compensates for Mr. Schuman’s services in the amount of $ 3,000 27,000

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
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.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	10. Subsequent Event On October 12, 2015 41,667 83,334 0.15 12,500

Significant Accounting Polici17

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	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 September 30, 2015, the results of operations and cash flows for the nine months then ended have been included. These condensed 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, 2014. 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 $ 85,000 250,000 256,000 500,000 250,000
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 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” ⋅ 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 Income Taxes 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 (Policy Text Block)	Recently Issued Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

Investment in Available-for-S18

Investment in Available-for-Sale Securities (Tables)	9 Months Ended
	Sep. 30, 2015
Available-For-Sale Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	Unrealized Unrealized Cost Gains Losses Fair Value U.S. federal agency securities $ 4,808 $ 92 $ - $ 4,900 Municipal securities 519,333 1,429 (627) 520,135 Certificates of deposit 1,450,538 15,571 (13,819) 1,452,290 Corporate debt securities 17,298 381 - 17,679 $ 1,991,977 $ 17,473 $ (14,446) $ 1,995,004 The following is a summary of the Company’s investments in available-for-sale securities as of December 31, 2014: Unrealized Unrealized Cost Gains Losses Fair Value U.S. federal agency securities $ 49,739 $ 68 $ (117) $ 49,690 Municipal securities 441,372 463 (966) 440,869 Certificates of deposit 1,395,990 22,904 (14,861) 1,404,033 Corporate debt securities 37,911 298 - 38,209 $ 1,925,012 $ 23,733 $ (15,944) $ 1,932,801
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 September 30, 2015 (unaudited), are as follows: Fair Cost Value Due within one year $ 784,815 $ 781,679 Due after one year through three years 929,334 935,184 Due after three years 277,828 278,141 $ 1,991,977 $ 1,995,004

Redeemable Convertible Prefer19

Redeemable Convertible Preferred Stock (Tables)	9 Months Ended
	Sep. 30, 2015
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: September 30, 2015 (unaudited) Expected life of the redemption in years 1.0 Risk free interest rate 0.33 % Expected annual volatility 93.19 % 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, 2015 $ 70,786 Increase of fair value 11,001 Ending balance as of September 30, 2015 (unaudited) $ 81,787

Stock-based compensation (Table

Stock-based compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]	Weighted- Weighted- Range of Weighted- Average Average Exercise Average Remaining Number Exercise Number Exercise Price Contractual Life (Years) Outstanding Price Exercisable Price $ 0.17 3.21 200,000 $ 0.17 200,000 $ 0.17

Significant Accounting Polici21

Significant Accounting Policies (Details Textual)	Sep. 30, 2015USD ($)
Significant Accounting Policies [Line Items]
Checking Account	$ 85,000
Assets Guaranteed By Federal Deposit Insurance Corporation Maximum	250,000
Money Market Funds, at Carrying Value	256,000
Maximum Amount Of Assets Protected By Securities Investor Protection Corporation In Brokerage Account	250,000
Maximum [Member]
Significant Accounting Policies [Line Items]
Maximum Amount Of Assets Protected By Securities Investor Protection Corporation In Brokerage Account	$ 500,000

Income (Loss) Per Share (Detail

Income (Loss) Per Share (Details Textual) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Incremental Common Shares Attributable to Conversion of Preferred Stock	1,321,537	1,101,281	1,321,537	1,101,281
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	200,000	200,000	200,000

Investment in Available-for-S23

Investment in Available-for-Sale Securities (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Cost	$ 1,991,977	$ 1,925,012
Available-for-sale Securities, Unrealized Gains	17,473	23,733
Available-for-sale Securities, Unrealized Losses	(14,446)	(15,944)
Available-for-sale Securities, Fair Value	1,995,004	1,932,801
U.S. federal agency securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Cost	4,808	49,739
Available-for-sale Securities, Unrealized Gains	92	68
Available-for-sale Securities, Unrealized Losses	0	(117)
Available-for-sale Securities, Fair Value	4,900	49,690
Municipal securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Cost	519,333	441,372
Available-for-sale Securities, Unrealized Gains	1,429	463
Available-for-sale Securities, Unrealized Losses	(627)	(966)
Available-for-sale Securities, Fair Value	520,135	440,869
Certificates of deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Cost	1,450,538	1,395,990
Available-for-sale Securities, Unrealized Gains	15,571	22,904
Available-for-sale Securities, Unrealized Losses	(13,819)	(14,861)
Available-for-sale Securities, Fair Value	1,452,290	1,404,033
Corporate debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Cost	17,298	37,911
Available-for-sale Securities, Unrealized Gains	381	298
Available-for-sale Securities, Unrealized Losses	0	0
Available-for-sale Securities, Fair Value	$ 17,679	$ 38,209

Investment in Available-for-S24

Investment in Available-for-Sale Securities (Details 1) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Due within one year, Cost	$ 784,815
Due after one year through three years, Cost	929,334
Due after three years, Cost	277,828
Available-for-sale Securities, Amortized Cost, Total	1,991,977
Due within one year, Fair Value	781,679
Due after one year through three years, Fair Value	935,184
Due after three years, Fair Value	278,141
Available-for-sale Securities, Fair Value, Total	$ 1,995,004	$ 1,932,801

Redeemable Convertible Prefer25

Redeemable Convertible Preferred Stock (Details) - Fair Value, Inputs, Level 3 [Member]	9 Months Ended
	Sep. 30, 2015
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Expected life of the redemption in years	1 year
Risk free interest rate	0.33%
Expected annual volatility	93.19%
Annual rate of dividends	0.00%

Redeemable Convertible Prefer26

Redeemable Convertible Preferred Stock (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivatives, Fair Value [Line Items]
Balance			$ 70,786
Increase of fair value	$ (10,463)	$ (1,564)	(11,001)	$ 9,951
Ending balance	$ 81,787		$ 81,787

Redeemable Convertible Prefer27

Redeemable Convertible Preferred Stock (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Temporary Equity [Line Items]
Preferred Stock, Shares Authorized	1,000,000
Derivative Liabilities, Current	$ 81,787	$ 70,786
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	1,321,537	1,321,537
Preferred Stock, Liquidation Preference Per Share	$ 1,000
Preferred Stock, Liquidation Preference, Value	$ 168,496

Stock-based compensation (Detai

Stock-based compensation (Details)	9 Months Ended
	Sep. 30, 2015$ / sharesshares
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)	3 years 2 months 16 days
Number Outstanding | shares	200,000
Weighted-Average Exercise Price, Outstanding	$ 0.17
Number Exercisable | shares	200,000
Weighted-Average Exercise Price, Exercisable	$ 0.17

Stock-based compensation (Det29

Stock-based compensation (Details Textual) - USD ($)	3 Months Ended				9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock Issuance Date	Oct. 12, 2015	Jul. 10, 2015	Apr. 13, 2015	Jan. 8, 2015
Stock Issued During Period, Shares, New Issues	83,334	83,334	83,334	83,334
Stock Issued During Period Per Share Value Of New Issues	$ 0.15	$ 0.15	$ 0.15	$ 0.15
Stock Issued During Period, Value, New Issues	$ 12,500	$ 12,500	$ 12,500	$ 12,500
Two Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock Issued During Period, Shares, New Issues	41,667	41,667	41,667	41,667
Stock Issued During Period, Value, New Issues	$ 12,500
Director One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares					25,000

Related Party Transactions (Det

Related Party Transactions (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Available-For-Sale Securities, Current	$ 1,995,004		$ 1,995,004		$ 1,932,801
MDB Capital Group LLC [Member]
Related Party Transaction [Line Items]
Available-For-Sale Securities, Current	1,995,004		1,995,004		1,932,801
Federal Securities Current	4,900		4,900		49,690
Certificates Of Deposit Municipal Securities and Corporate Bonds	1,990,104		1,990,104		$ 1,883,111
Reimbursement For Related Party Services Per Month			3,000
Reimbursement For Related Party Services	$ 9,000	$ 9,000	$ 27,000	$ 27,000

Subsequent Event (Details Textu

Subsequent Event (Details Textual) - USD ($)	3 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Subsequent Event [Line Items]
Stock Issuance Date	Oct. 12, 2015	Jul. 10, 2015	Apr. 13, 2015	Jan. 8, 2015
Stock Issued During Period, Shares, New Issues	83,334	83,334	83,334	83,334
Stock Issued During Period Per Share Value Of New Issues	$ 0.15	$ 0.15	$ 0.15	$ 0.15
Stock Issued During Period, Value, New Issues	$ 12,500	$ 12,500	$ 12,500	$ 12,500
Two Directors [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, New Issues	41,667	41,667	41,667	41,667
Stock Issued During Period, Value, New Issues	$ 12,500