Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 12-May-15 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CTD HOLDINGS INC | |
Entity Central Index Key | 922247 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -19 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 54,562,355 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS | ||
Cash and cash equivalents | $1,847,152 | $2,380,054 |
Accounts receivable, net | 39,323 | 80,981 |
Inventory | 621,685 | 575,176 |
Other current assets | 44,334 | 13,277 |
Total current assets | 2,552,494 | 3,049,488 |
PROPERTY AND EQUIPMENT, NET | 1,763,767 | 1,645,703 |
OTHER ASSETS | ||
Property held for sale | 400,000 | 400,000 |
Deferred tax asset | 120,000 | 120,000 |
Deferred costs, net | 69,023 | 69,888 |
Total other assets | 589,023 | 589,888 |
TOTAL ASSETS | 4,905,284 | 5,285,079 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 127,378 | 120,646 |
Current portion of long-term debt | 779,704 | 794,496 |
Total current liabilities | 907,082 | 915,142 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $.0001 per share, 100,000,000 shares authorized, 54,455,882 and 54,420,882 shares issued and outstanding, respectively | 5,446 | 5,442 |
Preferred stock, par value $.0001 per share, 5,000,000 shares authorized, no shares outstanding | ||
Additional paid-in capital | 7,105,408 | 7,088,891 |
Accumulated deficit | -3,112,652 | -2,724,396 |
Total stockholders' equity | 3,998,202 | 4,369,937 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $4,905,284 | $5,285,079 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Balance Sheets [Abstract] | ||
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 54,455,882 | 54,420,882 |
Common stock, shares outstanding | 54,455,882 | 54,420,882 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
REVENUES | ||
Product sales | $173,198 | $560,325 |
EXPENSES | ||
Personnel | 161,631 | 114,821 |
Cost of products sold (exclusive of amortization and depreciation, shown separately below) | 22,466 | 120,407 |
Research and development | 67,231 | |
Repairs and maintenance | 9,456 | 17,486 |
Professional fees | 92,149 | 65,403 |
Office and other | 42,745 | 44,058 |
Board advisory | 117,736 | |
Amortization and depreciation | 41,295 | 37,819 |
Freight and shipping | 1,726 | 2,093 |
Gain on disposal of equipment | -700 | |
Total expenses | 555,735 | 402,087 |
INCOME (LOSS) FROM OPERATIONS | -382,537 | 158,238 |
OTHER INCOME (EXPENSE) | ||
Investment and other income | 2,160 | 2,173 |
Interest expense | -7,879 | -8,486 |
Total other income (expense) | -5,719 | -6,313 |
INCOME (LOSS) BEFORE INCOME TAXES | -388,256 | 151,925 |
Provision for income taxes | 55,000 | |
NET INCOME (LOSS) | ($388,256) | $96,925 |
NET INCOME (LOSS) PER COMMON SHARE | ($0.01) | $0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | 54,452,382 | 42,466,993 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | ($388,256) | $96,925 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 41,295 | 37,819 |
Deferred income taxes | 55,000 | |
Gain on disposal of equipment | -700 | |
Increase or decrease in: | ||
Accounts receivable | 41,658 | 39,084 |
Inventory | -45,169 | -18,992 |
Other current assets | -31,057 | -23,156 |
Accounts payable and accrued expenses | 23,253 | 6,857 |
Total adjustments | 29,280 | 96,612 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | -358,976 | 193,537 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of equipment and building improvements | -159,834 | -58,316 |
Proceeds from sale of equipment | 700 | |
NET CASH USED IN INVESTING ACTIVITIES | -159,134 | -58,316 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payments on notes payable | -14,792 | -14,218 |
Proceeds from line of credit | 20,625 | |
Proceeds from sale of common stock, net of direct offering costs | 462,360 | |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | -14,792 | 468,767 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -532,902 | 603,988 |
CASH AND CASH EQUIVALENTS, beginning of period | 2,380,054 | 268,516 |
CASH AND CASH EQUIVALENTS, end of period | 1,847,152 | 872,504 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Cash paid for interest | 7,879 | 8,486 |
Cash paid for income taxes |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Basis of Presentation [Abstract] | |
BASIS OF PRESENTATION: | (1) BASIS OF PRESENTATION: |
The accompanying consolidated financial statements include CTD Holdings, Inc. and its subsidiaries. | |
The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. | |
Operating results for the three month period ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. | |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2015 | |
Inventory [Abstract] | |
INVENTORY | (2) INVENTORY |
We did not have work-in-process inventory at March 31, 2015 or December 31, 2014. | |
Debt
Debt | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Debt [Abstract] | |||||
DEBT | (3) DEBT | ||||
We owed $546,886 and $551,913, at March 31, 2015 and December 31, 2014, respectively, on a mortgage note payable, collateralized by land and a building we acquired in September 2010. Monthly payments of $3,506, including principal and interest at 3.99%, are due, with a final balloon payment of approximately $350,000 due in July 2023. The note is secured by a mortgage on our Alachua property. The note has a prepayment penalty that starts at 5% within the first year and decreases 1% annually thereafter. There is no prepayment penalty if the loan is repaid with cash on hand. The loan has a covenant requiring our ratio of EBITDA to interest expense and prior period current maturities of long-term debt to not be less than 1.3, measured annually. We were not in compliance with this debt coverage ratio covenant for the year ending December 31, 2014. As a result, we have reclassified principal due in 2016 and beyond as current in the accompanying balance sheet. While we do not expect any immediate adverse financial effects from this noncompliance due to our current cash position in excess of the outstanding principal balance, we have not determined the impact of our debt covenant non-compliance, but it may include modification of the debt covenants, refinancing our debt, providing additional collateral, or paying off the outstanding balance. | |||||
We owed $232,818 and $242,583 at March 31, 2015 and December 31, 2014, respectively, under an equipment loan related to the installation of the pulse dryer and related building renovations. Monthly payments of $4,051, including principal and interest at 3.99%, are due beginning August 2013 through and including July 2020. The note is collateralized by all of our equipment. There is a prepayment penalty of 2% of the outstanding balance if we refinance the loan with another financial institution within five years. There is no prepayment penalty if the loan is repaid with cash on hand. | |||||
Scheduled long-term debt obligations over the next five years and thereafter are as follows, assuming the bank does not call the loan due to the debt covenant non-compliance: | |||||
Year Ending | Year | ||||
December 31, | |||||
2015 | $ | 57,924 | |||
2016 | 62,411 | ||||
2017 | 64,982 | ||||
2018 | 67,658 | ||||
2019 | 70,735 | ||||
Thereafter | 455,994 | ||||
$ | 779,704 | ||||
Stock_Transactions
Stock Transactions | 3 Months Ended |
Mar. 31, 2015 | |
Stock Transactions and Prefered Stock [Abstract] | |
STOCK TRANSACTIONS: | (4) STOCK TRANSACTIONS: |
On February 19, 2014, the Company received $500,000 for the issuance of 10,000,000 shares of its common stock, less $37,460 in direct legal expenses, in connection with a securities purchase agreement with certain investors. | |
In connection with the closing of the February 2014 common stock transaction, the Company’s Chief Executive Officer at the time, C.E. Rick Strattan, converted his share of Series A Preferred Stock into 1,000,000 shares of the Company’s common stock. The share of Series A Preferred Stock was the only share of Series A Preferred Stock outstanding. Initially issued in 2004 to Mr. Strattan in exchange for the surrender of 1,029,412 shares of common stock then owned by him, the Series A Preferred Stock carried certain voting rights that entitled its holder to cast a number of votes representing a majority of the votes entitled to be cast by all of the Company’s capital stock. It was convertible by its terms into a number of shares of common stock to be agreed mutually by the Company and the holder at the time of conversion. The conversion was effected through a Conversion Agreement, dated as of February 19, 2014, between the Company and Mr. Strattan. The conversion of the Series A Preferred Stock was a condition to the closing of the February 2014 transaction. | |
On April 9, 2014, the Company entered into a Securities Purchase and Collaboration Agreement with Novit, L.P., a Delaware limited partnership and an investment arm of U.S. Pharmacia, and issued 4,000,000 shares of its common stock to Novit for gross proceeds to the Company of $1,000,000. | |
Pursuant to the terms of the Agreement, the Company also agreed to give USP Zdrowie Sp. z o.o. (“USP”), a company organized under the laws of Poland and an affiliated entity of Novit, a “first look” for 60 days from the date of notice to USP by the Company, at any new products involving cyclodextrin technology developed or formulated by the Company for potential use by USP in its own product portfolio in certain Eastern European markets, prior to the Company marketing or selling such products in the same region for use in the over-the-counter pharmaceutical markets, and to explore other ways in which the Company’s cyclodextrin products may offer improvements to USP’s product portfolio. | |
The Company entered into an agreement with Scarsdale Equities, LLC (“Scarsdale”) to act as financial advisor and exclusive placement agent. The Company will pay a fee to Scarsdale with respect to any private placement of debt or equity securities of the Company in an amount equal to 6% of the proceeds of any such financing, for a period of one year from April 1, 2014. In addition, Scarsdale will be entitled to receive warrants to purchase 6% of the securities issued as a part of such a financing, with a warrant price equal to 100% of the offering price of the securities sold. The warrants will have a seven (7) year term. N. Scott Fine, a director of the Company, was a principal at Scarsdale at the time. In connection with the April 9, 2014 equity financing, the Company paid Scarsdale $60,000 and issued warrants for 240,000 shares of common stock at an exercise price of $0.25 per share expiring April 2021. | |
On July 22, 2014, the Company entered into a Securities Purchase Agreement with a group of qualified private investors led by Novit L.P. The Company issued 1,725,000 shares of common stock and received gross proceeds of $1,725,000. The Company paid $103,500 and issued warrants for 103,500 shares of common stock at $1.00 per share expiring July 2021 to Scarsdale in connection with the offering. | |
In August 2014, the Company granted 100,000 shares of common stock to Jeffrey Tate (our President & CEO). The common stock was valued at 80% of the closing price of our stock on July 31, 2014. The Company expensed $66,400 for the year ended December 31, 2014. In July 2013, we granted 555,556 shares of common stock to certain of our officers and employees as discretionary bonuses. Each of Rick Strattan (our Chief Executive Officer at the time), Jeffrey Tate (our President), George Fails (our Operations Manager) and Kevin Strattan (President of our subsidiary, CTD, Inc.) was granted 138,889 shares. Each award was valued at $10,000 based upon 80% of the closing price on July 3, 2013. The Company expensed $40,000 for the year ended December 31, 2013. | |
On November 7, 2014, the Company awarded 10,000 shares of common stock to employees as a bonus. The Company also issued 10,000 shares of common stock to a scientific consultant, and 120,000 shares of common stock to its board directors. The Company expensed $77,280, which represents 80% of the closing price on November 7, 2014. | |
On January 21, 2015, the Company awarded 35,000 shares of common stock to a consultant for past services. The Company accrued and expensed $16,250 in 2014, which represents 80% of the closing price on January 21, 2015. | |
In addition to the 342,500 Scarsdale warrants described above, we have other warrants outstanding for 314,465 shares of common stock at an exercise price of $0.25 per share that expire in September 2015. |
Preferred_Stock
Preferred Stock | 3 Months Ended |
Mar. 31, 2015 | |
Stock Transactions and Prefered Stock [Abstract] | |
PREFERRED STOCK: | (5) PREFERRED STOCK: |
See Note 4 regarding the redemption of the Company’s preferred stock in 2014. In 2004, we amended our Articles of Incorporation authorizing a class of “blank check” preferred stock consisting of 5,000,000 shares and created a Series A Preferred Stock consisting of one share and set forth its designations, rights and preferences. The more significant right is the Series A share votes together with the holders of the Common Stock on all matters submitted to a vote of company holders of Common Stock, with the share of Series A Preferred Stock being entitled to one vote more than one-half of all votes entitled to be cast by all holders of voting capital stock of the company on any matter submitted to common shareholders so as to ensure that the votes entitled to be cast by the holder of the Series A Preferred Stock are equal to at least a majority of the total of all votes entitled to be cast by all shareholders. Each share of Series A Preferred Stock has a liquidation preference of $.0001. In 2004, we issued one share of the Series A Preferred Stock to our majority common shareholder in exchange for 1,029,412 shares of Common Stock held by the majority common shareholder, which were surrendered to the Company and cancelled. | |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Taxes [Abstract] | |
INCOME TAXES: | (6) INCOME TAXES: |
The Company reported a net loss for the three months ended March 31, 2015 and increased its deferred tax asset valuation allowance rather than recognize an income tax benefit. The Company reported net income for the three months ended March 31, 2014 and recorded a $55,000 tax provision and decreased its deferred tax asset. | |
Net_Income_Loss_Per_Common_Sha
Net Income (Loss) Per Common Share | 3 Months Ended |
Mar. 31, 2015 | |
Net Income (Loss) Per Common Share [Abstract] | |
NET INCOME (LOSS) PER COMMON SHARE: | (7) NET INCOME (LOSS) PER COMMON SHARE: |
Net income (loss) per common share is computed using a simple weighted average of common shares outstanding during the periods presented. | |
Concentrations
Concentrations | 3 Months Ended |
Mar. 31, 2015 | |
Concentrations [Abstract] | |
CONCENTRATIONS: | (8) CONCENTRATIONS: |
Sales to three major customer accounted for 61% of total sales for the three months ended March 31, 2015. Sales to one major customer accounted for 74% of total sales for the three months ended March 31, 2014. | |
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Debt [Abstract] | |||||
Summary of long-term debt obligations | Year Ending | Year | |||
December 31, | |||||
2015 | $ | 57,924 | |||
2016 | 62,411 | ||||
2017 | 64,982 | ||||
2018 | 67,658 | ||||
2019 | 70,735 | ||||
Thereafter | 455,994 | ||||
$ | 779,704 |
Inventory_Details
Inventory (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Inventory (Textual) | ||
Inventory, work-in-process |
Debt_Details
Debt (Details) (USD $) | Mar. 31, 2015 |
Summary of Long -term debt obligations | |
2015 | $57,924 |
2016 | 62,411 |
2017 | 64,982 |
2018 | 67,658 |
2019 | 70,735 |
Thereafter | 455,994 |
Total Long-term debt obligations | $779,704 |
Debt_Details_Textual
Debt (Details Textual) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Debt (Textual) | ||
Debt service coverage ratio | 1.3 | |
Land and building acquired [Member] | ||
Debt (Textual) | ||
Note payable amount | $546,886 | $551,913 |
Debt Instrument, Payment Terms | Monthly payments of $3,506, including principal and interest at 3.99%, are due, with a final balloon payment of approximately $350,000 due in July 2023. | |
Maturity date of notes | 31-Jul-23 | |
Accrued interest rate per year | 3.99% | |
Monthly installment payment, including principal and interests | 3,506 | |
Payment of Final balloon (principal and accrued interest) | 350,000 | |
Description of prepayment penalty | The note is secured by a mortgage on our Alachua property. The note has a prepayment penalty that starts at 5% within the first year and decreases 1% annually thereafter. There is no prepayment penalty if the loan is repaid with cash on hand. | |
Description of debt instrument maturity date | As a result, we have reclassified principal due in 2016 and beyond as current in the accompanying balance sheet. | |
Building and improvements [Member] | ||
Debt (Textual) | ||
Note payable amount | 232,818 | 242,583 |
Debt Instrument, Payment Terms | Monthly payments of $4,051, including principal and interest at 3.99%, are due beginning August 2013 through and including July 2020. | |
Maturity date of notes | 31-Jul-20 | |
Accrued interest rate per year | 3.99% | |
Monthly installment payment, including principal and interests | $4,051 | |
Debt Instrument, Date of First Required Payment | 31-Aug-13 | |
Description of prepayment penalty | Penalty of 2% of the outstanding balance if we refinance the loan with another financial institution within five years. |
Stock_Transactions_Details
Stock Transactions (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||||||
Jan. 21, 2015 | Feb. 19, 2014 | Jul. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 09, 2014 | Nov. 07, 2014 | Jul. 22, 2014 | Aug. 31, 2014 | Jul. 31, 2013 | Feb. 28, 2014 | |
Stock Transactions (Textual) | ||||||||||||
Proceeds from common stock issued | $500,000 | |||||||||||
Shares issued under stock transaction | 10,000,000 | |||||||||||
Legal expenses | 37,640 | |||||||||||
Private placement of debt description | The Company will pay a fee to Scarsdale with respect to any private placement of debt or equity securities of the Company in an amount equal to 6% of the proceeds of any such financing, for a period of one year from April 1, 2014. In addition, Scarsdale will be entitled to receive warrants to purchase 6% of the securities issued as a part of such a financing, with a warrant price equal to 100% of the offering price of the securities sold. The warrants will have a seven (7) year term. | |||||||||||
Common stock price description | 80% of the closing price | The common stock was valued at 80% of the closing price | ||||||||||
Share based compensation expenses | 66,400 | 40,000 | ||||||||||
Stock issued during period share based compensation, shares | 35,000 | 555,556 | ||||||||||
Accrued and expenses | 16,520 | |||||||||||
Warrant [Member] | ||||||||||||
Stock Transactions (Textual) | ||||||||||||
Proceeds from common stock issued | 1,000,000 | |||||||||||
Shares conversion, shares issued | 4,000,000 | |||||||||||
Warrant expiration date | Apr-21 | |||||||||||
Amount paid to related party for private placement | 60,000 | |||||||||||
Warrants issued to purchase common stock | 240,000 | |||||||||||
Exercise price per share | $0.25 | $0.25 | ||||||||||
Additional warrants issued | 342,500 | |||||||||||
Warrants outstanding | 314,465 | |||||||||||
Common Stock [Member] | ||||||||||||
Stock Transactions (Textual) | ||||||||||||
Shares conversion, shares issued | 1,000,000 | |||||||||||
Common stock price description | 80% of the closing price | |||||||||||
Share based compensation expenses | 77,280 | |||||||||||
Stock issued during period share based compensation, shares | 10,000 | |||||||||||
Board of Directors Chairman [Member] | ||||||||||||
Stock Transactions (Textual) | ||||||||||||
Proceeds from common stock issued | 120,000 | |||||||||||
Novit L P [Member] | ||||||||||||
Stock Transactions (Textual) | ||||||||||||
Proceeds from common stock issued | 1,725,000 | |||||||||||
Shares issued under stock transaction | 1,725,000 | |||||||||||
Novit L P [Member] | Warrant [Member] | ||||||||||||
Stock Transactions (Textual) | ||||||||||||
Warrant expiration date | Jul-21 | |||||||||||
Amount paid to related party for private placement | 103,500 | |||||||||||
Warrants issued to purchase common stock | 103,500 | |||||||||||
Exercise price per share | $1 | |||||||||||
Jeff Tate (Member) | ||||||||||||
Stock Transactions (Textual) | ||||||||||||
Common stock price description | The common stock was valued at 80% of the closing price | |||||||||||
Stock issued during period share based compensation, shares | 100,000 | 138,889 | ||||||||||
Stock issued during period share based compensation | 10,000 | |||||||||||
Rick Strattan [Member] | ||||||||||||
Stock Transactions (Textual) | ||||||||||||
Stock issued during period share based compensation, shares | 138,889 | |||||||||||
Stock issued during period share based compensation | 10,000 | |||||||||||
Kevin Strattan [Member] | ||||||||||||
Stock Transactions (Textual) | ||||||||||||
Stock issued during period share based compensation, shares | 138,889 | |||||||||||
Stock issued during period share based compensation | 10,000 | |||||||||||
George Fails [Member] | ||||||||||||
Stock Transactions (Textual) | ||||||||||||
Stock issued during period share based compensation, shares | 138,889 | |||||||||||
Stock issued during period share based compensation | 10,000 | |||||||||||
Scientific Consultant [Member] | ||||||||||||
Stock Transactions (Textual) | ||||||||||||
Proceeds from common stock issued | $10,000 | |||||||||||
Preferred Class A [Member] | ||||||||||||
Stock Transactions (Textual) | ||||||||||||
Shares conversion, shares issued | 1,029,412 | 1,000,000 |
Preferred_Stock_Details
Preferred Stock (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2004 | |
Preferred Stock (Textual) | |||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |
Preferred Class A [Member] | |||
Preferred Stock (Textual) | |||
Preferred stock, shares authorized | 5,000,000 | ||
Preferred stock liquidation preference | $0.00 | ||
Preferred stock, voting rights description | Series A Preferred Stock being entitled to one vote more than one-half of all votes entitled to be cast by all holders of voting capital stock of the company on any matter submitted to common shareholders so as to ensure that the votes entitled to be cast by the holder of the Series A Preferred Stock are equal to at least a majority of the total of all votes entitled to be cast by all shareholders. | ||
Number of preferred stock issued in exchange of common stock | 1 | ||
Number of common stock converted into preference stock | 1,029,412 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Taxes (Textual) | ||
Provision for income taxes | $55,000 |
Concentrations_Details
Concentrations (Details) (Accounts Receivable [Member], Customer Concentration Risk [Member]) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Customers | Customers | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||
Concentrations (Textual) | ||
Number of major customers accounted for accounts receivable | 3 | 1 |
Percentage of revenue accounted by major customer | 61.00% | 74.00% |