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 |