The Arena Group Holdings, Inc. (AREN) 10-Q 15 Aug 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 10, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
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		9,483,503

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 862,990	$ 545,705
Investments in available-for-sale securities	1,391,154	1,776,185
Other current assets	12,797	29,928
Total current assets	2,266,941	2,351,818
Total Assets	2,266,941	2,351,818
Current liabilities:
Accounts payable	111	9,631
Conversion feature liability	85,537	76,343
Total current liabilities	85,648	85,974
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; 9,424,909 and 9,282,981 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively	94,249	92,829
Common stock to be issued	9,375	12,500
Additional paid-in capital	64,534,632	64,514,177
Accumulated deficit	(62,643,982)	(62,527,454)
Accumulated other comprehensive income	18,523	5,296
Total stockholders’ equity	2,012,797	2,097,348
Total liabilities and stockholders’ equity	$ 2,266,941	$ 2,351,818

Condensed Balance Sheets _Paren

Condensed Balance Sheets [Parenthetical] - USD ($)	Jun. 30, 2016	Dec. 31, 2015
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	9,424,909	9,282,981
Common stock, shares outstanding	9,424,909	9,282,981
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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Operating Expenses
General and administrative expenses	$ 50,878	$ 56,349	$ 118,891	$ 130,054
Loss from operations	(50,878)	(56,349)	(118,891)	(130,054)
Other income (expense)
Interest and dividend income, net	5,186	7,011	9,551	17,945
Change in fair value of conversion feature	134	(2,599)	(9,194)	(538)
Realized gain on available-for-sale securities	2,194	1,588	2,806	1,517
Total other income	7,514	6,000	3,163	18,924
Loss before income taxes	(43,364)	(50,349)	(115,728)	(111,130)
Income taxes	0	800	800	800
Net loss	(43,364)	(51,149)	(116,528)	(111,930)
Other comprehensive income (loss)
Unrealized gain (loss) on available-for-sale securities before reclassification, net of tax	4,941	(351)	16,033	430
Reclassification adjustment for gains, net of tax	(2,194)	(1,677)	(2,806)	(1,605)
Other comprehensive income (loss)	2,747	(2,028)	13,227	(1,175)
Comprehensive income (loss)	$ (40,617)	$ (53,177)	$ (103,301)	$ (113,105)
Basic net loss per common share (in dollar per share)	$ 0	$ (0.01)	$ (0.01)	$ (0.01)
Diluted net loss per common share (in dollar per share)	$ 0	$ (0.01)	$ (0.01)	$ (0.01)
Weighted average number of shares outstanding
Basic (in shares)	9,417,826	9,104,408	9,386,712	9,065,208
Diluted (in shares)	9,417,826	9,104,408	9,386,712	9,065,208

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net loss	$ (116,528)	$ (111,930)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of conversion feature	9,194	538
Stock based compensation	18,750	25,000
Realized gains on available-for-sale securities	(2,806)	(1,517)
Changes in operating assets and liabilities:
Other current assets	17,131	12,299
Accounts payable and accrued liabilities	(9,520)	(9,000)
Net cash used in operating activities	(83,779)	(84,610)
Cash flows from investing activities:
Purchases of available for sale securities	0	(1,067,592)
Proceeds received from maturities of available-for-sale securities	401,064	819,754
Net cash provided by (used in) investing activities	401,064	(247,838)
Net increase (decrease) in cash and cash equivalents	317,285	(332,448)
Cash and cash equivalents at beginning of period	545,705	542,215
Cash and cash equivalents at end of period	862,990	209,767
Supplemental non-cash disclosure:
Unrealized gain (loss) on available-for-sale securities	$ 13,227	$ (1,175)

Condensed Statement of Changes

Condensed Statement of Changes in Stockholders' Equity - 6 months ended Jun. 30, 2016 - USD ($)	Total	Common Stock [Member]	Common Stock To Be Issued [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2015	$ 2,097,348	$ 92,829	$ 12,500	$ 64,514,177	$ 5,296	$ (62,527,454)
Balance (in shares) at Dec. 31, 2015		9,282,981	83,334
Stock-based compensation	9,375	$ 1,420	$ (12,500)	20,455	0	0
Stock-based compensation (in shares)		141,928	(83,334)
Common stock to be issued	9,375	$ 0	$ 9,375	0	0	0
Common stock to be issued (in shares)		0	58,594
Comprehensive income (loss)
Net loss	(116,528)	$ 0	$ 0	0	0	(116,528)
Other Comprehensive income
Net unrealized gain on investment in securities	13,227	0		0	13,227	0
Comprehensive income (loss)	(103,301)	0		0	13,227	(116,528)
Balance at Jun. 30, 2016	$ 2,012,797	$ 94,249	$ 9,375	$ 64,534,632	$ 18,523	$ (62,643,982)
Balance (in shares) at Jun. 30, 2016		9,424,909	58,594

Organization and Operations

Organization and Operations	6 Months Ended
	Jun. 30, 2016
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. The Company does not have an estimate as to when it will identify a qualified merger, acquisition, or strategic alliance candidate. There is no assurance that such opportunities will be available, or if available, upon favorable terms. If the Company is unsuccessful in completing a suitable merger, acquisition or strategic alliance, then the Board of Directors may liquidate the Company and distribute all its remaining assets, which consist primarily of cash and available-for-sale securities, to its stockholders. The Company believes that if it identifies a suitable merger, acquisition or strategic alliance target, it will need additional capital to complete the transaction. The Company, at this time, cannot estimate the amount of financing it may need for a transaction. There is no assurance that it will be able to obtain any required funding for a transaction, or that if it is obtainable it will be on acceptable terms.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	2. Significant Accounting Policies The accompanying unaudited condensed financial statements and related notes have been prepared in accordance with the rules and regulations under Regulation S-X of the Securities and Exchange Commission for Form 10-Q. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. The condensed balance sheet at December 31, 2015 has been derived from the Company’s audited financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary to present fairly the financial position as of June 30, 2016, the results of operations and cash flows for the six 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, 2015. 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 $ 116,000 250,000 747,000 500,000 250,000 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 classifies its cash equivalents and investments in available for sale securities within Level 1 or Level 2 in the fair value hierarchy because the company uses quoted market prices or alternative pricing sources and models utilizing observable market inputs to determine their fair value. 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 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	6 Months Ended
	Jun. 30, 2016
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 1,238,941 1,321,537 Stock options for the purchase of 175,000 200,000

Investment in Available-for-Sal

Investment in Available-for-Sale Securities	6 Months Ended
	Jun. 30, 2016
Available-For-Sale Securities [Abstract]
Available For Sale Securities Disclosure [Text Block]	4. Investment in Available-for-Sale Securities Cost Unrealized Unrealized Fair Value U.S. federal agency securities $ 4,875 $ 73 $ - $ 4,948 Municipal securities 403,138 2,849 (98) 405,889 Certificates of deposit 947,697 26,293 (10,793) 963,197 Corporate debt securities 16,921 199 - 17,120 $ 1,372,631 $ 29,414 $ (10,891) $ 1,391,154 The following is a summary of the Company’s investments in available-for-sale securities as of December 31, 2015: Cost Unrealized Unrealized Fair Value U.S. federal agency securities $ 4,830 $ 55 $ - $ 4,885 Municipal securities 492,237 789 (980) 492,046 Certificates of deposit 1,256,649 20,182 (14,865) 1,261,966 Corporate debt securities 17,173 115 - 17,288 $ 1,770,889 $ 21,141 $ (15,845) $ 1,776,185 Cost Fair Due within one year $ 975,209 $ 987,632 Due after one year through three years 220,371 222,476 Due after three years 177,051 181,046 $ 1,372,631 $ 1,391,154 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 condensed balance sheets.

Redeemable Convertible Preferre

Redeemable Convertible Preferred Stock	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 and December 31, 2015, 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 For the six months ended June 30, 2016 and the year ended December 31, 2015, no shares of Series G were converted into shares of common stock. At June 30, 2016 and December 31, 2015, the outstanding Series G shares were convertible into a minimum of 1,238,941 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 $ 85,537 76,343 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. June 30, 2016 (unaudited) Expected remaining life of the redemption in years 1.0 Risk free interest rate 0.45 % Expected annual volatility 98.94 % Annual rate of dividends 0 % Balance as of January 1, 2016 $ 76,343 Decrease of fair value 9,194 Ending balance as of June 30, 2016 (unaudited) $ 85,537

Stock-based compensation

Stock-based compensation	6 Months Ended
	Jun. 30, 2016
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 six months ended June 30, 2016, the Company had no activity related to stock options. Range of Weighted- Number Weighted- Number Weighted- $ 0.17 2.88 175,000 $ 0.17 175,000 $ 0.17 The Company agreed to compensate each director in the amount of $ 25,000 9,375 On January 11, 2016 41,667 83,334 0.15 12,500 On April 12, 2016, the Company issued 39,063 19,531 58,594 0.16 9,375 On July 11, 2016, the Company issued 39,063 19,531 58,594 0.16 9,375

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	7. 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 $ 1,391,154 4,948 1,386,206 1,776,185 4,885 1,771,300 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 18,000 6,250 Please refer to Note 9. Subsequent Events for additional related party transactions information.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	8. 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 Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	9. Subsequent Events On August 11, 2016, the Company entered into a term note agreement with a third-party company (“Borrower”) for a loan of $150,000, plus expenses incurred by the Company in connection with the execution of this term note. The note is due at the earlier of (1) February 13, 2017, or (ii) the occurrence of certain events, as defined in the agreement. The note is secured by a personal guarantee of the principal officer of the Borrower as well as a corporate guarantee by MDB. The current principal amount as of August 11, 2016, including expenses incurred by the Company, is $153,500. The term note provides that the principal amount of the loan will be increased by $350,000, plus expenses incurred by the Company in connection with the note, if and when the principal officer of the Borrower provides additional security for the total loan amount in the form of a mortgage on certain real estate. The interest rate on the borrowed amount is 8% per annum. The loan agreement contains additional covenants, representations and events of

Significant Accounting Polici16

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying unaudited condensed financial statements and related notes have been prepared in accordance with the rules and regulations under Regulation S-X of the Securities and Exchange Commission for Form 10-Q. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. The condensed balance sheet at December 31, 2015 has been derived from the Company’s audited financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary to present fairly the financial position as of June 30, 2016, the results of operations and cash flows for the six 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, 2015. 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 $ 116,000 250,000 747,000 500,000 250,000
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 classifies its cash equivalents and investments in available for sale securities within Level 1 or Level 2 in the fair value hierarchy because the company uses quoted market prices or alternative pricing sources and models utilizing observable market inputs to determine their fair value. 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 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 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-S17

Investment in Available-for-Sale Securities (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 (unaudited): Cost Unrealized Unrealized Fair Value U.S. federal agency securities $ 4,875 $ 73 $ - $ 4,948 Municipal securities 403,138 2,849 (98) 405,889 Certificates of deposit 947,697 26,293 (10,793) 963,197 Corporate debt securities 16,921 199 - 17,120 $ 1,372,631 $ 29,414 $ (10,891) $ 1,391,154 The following is a summary of the Company’s investments in available-for-sale securities as of December 31, 2015: Cost Unrealized Unrealized Fair Value U.S. federal agency securities $ 4,830 $ 55 $ - $ 4,885 Municipal securities 492,237 789 (980) 492,046 Certificates of deposit 1,256,649 20,182 (14,865) 1,261,966 Corporate debt securities 17,173 115 - 17,288 $ 1,770,889 $ 21,141 $ (15,845) $ 1,776,185
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, 2016 (unaudited), are as follows: Cost Fair Due within one year $ 975,209 $ 987,632 Due after one year through three years 220,371 222,476 Due after three years 177,051 181,046 $ 1,372,631 $ 1,391,154

Redeemable Convertible Prefer18

Redeemable Convertible Preferred Stock (Tables)	6 Months Ended
	Jun. 30, 2016
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: June 30, 2016 (unaudited) Expected remaining life of the redemption in years 1.0 Risk free interest rate 0.45 % Expected annual volatility 98.94 % 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, 2016 $ 76,343 Decrease of fair value 9,194 Ending balance as of June 30, 2016 (unaudited) $ 85,537

Stock-based compensation (Table

Stock-based compensation (Tables)	6 Months Ended
	Jun. 30, 2016
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]	As of June 30, 2016, a summary of options outstanding under the Company’s 2014 options grant was as follows: Range of Weighted- Number Weighted- Number Weighted- $ 0.17 2.88 175,000 $ 0.17 175,000 $ 0.17

Significant Accounting Polici20

Significant Accounting Policies (Details Textual)	Jun. 30, 2016USD ($)
Significant Accounting Policies [Line Items]
Checking Account	$ 116,000
Assets Guaranteed By Federal Deposit Insurance Corporation Maximum	250,000
Money Market Funds, at Carrying Value	747,000
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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Incremental Common Shares Attributable to Conversion of Preferred Stock	1,238,941	1,321,537	1,238,941	1,321,537
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	175,000	200,000	175,000	200,000

Investment in Available-for-S22

Investment in Available-for-Sale Securities (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Cost	$ 1,372,631	$ 1,770,889
Available-for-sale Securities, Unrealized Gains	29,414	21,141
Available-for-sale Securities, Unrealized Losses	(10,891)	(15,845)
Available-for-sale Securities, Fair Value	1,391,154	1,776,185
U.S. federal agency securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Cost	4,875	4,830
Available-for-sale Securities, Unrealized Gains	73	55
Available-for-sale Securities, Unrealized Losses	0	0
Available-for-sale Securities, Fair Value	4,948	4,885
Municipal securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Cost	403,138	492,237
Available-for-sale Securities, Unrealized Gains	2,849	789
Available-for-sale Securities, Unrealized Losses	(98)	(980)
Available-for-sale Securities, Fair Value	405,889	492,046
Certificates of deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Cost	947,697	1,256,649
Available-for-sale Securities, Unrealized Gains	26,293	20,182
Available-for-sale Securities, Unrealized Losses	(10,793)	(14,865)
Available-for-sale Securities, Fair Value	963,197	1,261,966
Corporate debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Cost	16,921	17,173
Available-for-sale Securities, Unrealized Gains	199	115
Available-for-sale Securities, Unrealized Losses	0	0
Available-for-sale Securities, Fair Value	$ 17,120	$ 17,288

Investment in Available-for-S23

Investment in Available-for-Sale Securities (Details 1) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Due within one year, Cost	$ 975,209
Due after one year through three years, Cost	220,371
Due after three years, Cost	177,051
Available-for-sale Securities, Amortized Cost, Total	1,372,631
Due within one year, Fair Value	987,632
Due after one year through three years, Fair Value	222,476
Due after three years, Fair Value	181,046
Available-for-sale Securities, Fair Value, Total	$ 1,391,154	$ 1,776,185

Redeemable Convertible Prefer24

Redeemable Convertible Preferred Stock (Details) - Fair Value, Inputs, Level 3 [Member]	6 Months Ended
	Jun. 30, 2016
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Expected remaining life of the redemption in years	1 year
Risk free interest rate	0.45%
Expected annual volatility	98.94%
Annual rate of dividends	0.00%

Redeemable Convertible Prefer25

Redeemable Convertible Preferred Stock (Details 1)	6 Months Ended
	Jun. 30, 2016USD ($)
Derivatives, Fair Value [Line Items]
Balance as of January 1, 2016	$ 76,343
Decrease of fair value	9,194
Ending balance as of June 30, 2016	$ 85,537

Redeemable Convertible Prefer26

Redeemable Convertible Preferred Stock (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Temporary Equity [Line Items]
Preferred Stock, Shares Authorized	1,000,000
Derivative Liabilities, Current	$ 85,537	$ 76,343
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	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	1,321,537
Preferred Stock, Liquidation Preference Per Share	$ 1,000
Preferred Stock, Liquidation Preference, Value	$ 168,496

Stock-based compensation (Detai

Stock-based compensation (Details)	6 Months Ended
	Jun. 30, 2016$ / 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)	2 years 10 months 17 days
Number Outstanding | shares	175,000
Weighted-Average Exercise Price, Outstanding	$ 0.17
Number Exercisable | shares	175,000
Weighted-Average Exercise Price, Exercisable	$ 0.17

Stock-based compensation (Det28

Stock-based compensation (Details Textual) - USD ($)	Jan. 11, 2016	Jul. 31, 2016	Apr. 30, 2016	Jun. 30, 2016	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock Issuance Date	Jan. 11, 2016
Stock Issued During Period, Shares, New Issues	83,334		58,594
Stock Issued During Period Per Share Value Of New Issues	$ 0.15		$ 0.16
Stock Issued During Period, Value, New Issues	$ 12,500		$ 9,375
Deferred Compensation Liability, Current, Total				$ 25,000	$ 25,000
Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock Issued During Period, Shares, New Issues		58,594
Stock Issued During Period Per Share Value Of New Issues		$ 0.16
Stock Issued During Period, Value, New Issues		$ 9,375
Directors Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock Issued During Period, Shares, New Issues	41,667		19,531
Stock Issued During Period, Value, New Issues				$ 9,375	$ 18,750
Directors Two [Member] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock Issued During Period, Shares, New Issues		19,531
Director One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock Issued During Period, Shares, New Issues			39,063
Director One [Member] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock Issued During Period, Shares, New Issues		39,063

Related Party Transactions (Det

Related Party Transactions (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Available-For-Sale Securities, Current	$ 1,391,154		$ 1,776,185
Robert Levande [Member]
Related Party Transaction [Line Items]
Reimbursement For Related Party Services	6,250
MDB Capital Group LLC [Member]
Related Party Transaction [Line Items]
Available-For-Sale Securities, Current	1,391,154		1,776,185
Federal Securities Current	4,948		4,885
Certificates Of Deposit Municipal Securities and Corporate Bonds	1,386,206		$ 1,771,300
Reimbursement For Related Party Services Per Month	3,000
Reimbursement For Related Party Services	$ 18,000	$ 18,000

Subsequent Event (Details Textu

Subsequent Event (Details Textual) - Subsequent Event [Member]	Aug. 11, 2016USD ($)
Subsequent Event [Line Items]
Debt Instrument, Face Amount	$ 150,000
Term Note [Member]
Subsequent Event [Line Items]
Debt Instrument, Increase (Decrease), Net	$ 350,000
Debt Instrument, Interest Rate, Stated Percentage	8.00%
Long-term Debt, Gross	$ 153,500