Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 23, 2015 | Jun. 30, 2014 | |
Document And Entity Information | |||
Entity Registrant Name | Tiger X Medical, Inc. | ||
Entity Central Index Key | 925741 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -19 | ||
Is Entity a Well-known Seasoned Issuer? | No | ||
Is Entity a Voluntary Filer? | No | ||
Is Entity's Reporting Status Current? | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 230,293,141 | ||
Entity Public Float | $9,820,000 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash | $13,509 | $13,509 |
Prepaid expenses and other current assets | 36 | 36 |
Total assets | 13,545 | 13,545 |
Current liabilities | ||
Accounts payable and accrued expenses | 1 | 1 |
Total liabilities | 1 | 1 |
Stockholders' equity | ||
Common stock, $0.001 parvalue, 750,000,000 shares authorized, 230,293,141 issued and outstanding as of September 30, 2014 (unaudited and December 31, 2013, respectively | 230 | 230 |
Additional paid-in capital | 25,768 | 25,768 |
Accumulated deficit | -12,454 | -12,454 |
Total stockholders' equity | 13,544 | 13,544 |
Total liabilities and stockholders' equity | $13,545 | $13,545 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Stockholders' equity: | ||
Common stock, par value per share | $0.00 | $0.00 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares issued | 230,293,141 | 230,293,141 |
Common stock, shares outstanding | 230,293,141 | 230,293,141 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Statement [Abstract] | ||
Royalty income | $427 | $268 |
General and administrative expenses | 196 | 259 |
Income from operations | 231 | 9 |
Interest income | 3 | 10 |
Income before income tax provision | 234 | 19 |
Provision for income taxes | 0 | 0 |
Net income | $234 | $19 |
Net income (loss) per share: | ||
Basic and diluted | $0 | $0 |
Weighted average shares outstanding: | ||
Basic and diluted | 230,293,141 | 230,293,141 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
In Thousands, except Share data | ||||
Beginning balances at Dec. 31, 2012 | $230 | $25,766 | ($12,707) | $13,289 |
Beginning balances, shares at Dec. 31, 2012 | 230,293,141 | |||
Stock option compensation | 2 | |||
Net income | 19 | 19 | ||
Ending balances at Dec. 31, 2013 | 230 | 25,768 | -12,688 | 13,544 |
Ending balance, shares at Dec. 31, 2013 | 230,293,141 | |||
Net income | 234 | 234 | ||
Ending balances at Dec. 31, 2014 | $230 | $25,768 | ($12,454) | $13,544 |
Ending balance, shares at Dec. 31, 2014 | 230,293,141 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Cash flows from operating activities | ||
Net income (loss) | $234 | $19 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Stock option compensation | 0 | 2 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | -3 | 0 |
Accounts payable and accrued expenses | -17 | 6 |
Net cash provided by (used in) operating activities | 214 | 27 |
Net change in cash | 214 | 27 |
Cash, beginning of period | 13,509 | 13,268 |
Cash, end of period | 13,509 | 13,509 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 0 | 0 |
Income taxes paid | $0 | $26 |
1_SUMMARY_OF_SIGNIFICANT_ACCOU
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Tiger X Medical, Inc. ("Tiger X" or the "Company"), formerly known as Cardo Medical, Inc., a corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware, previously operated as an orthopedic medical device company specializing in designing, developing and marketing high performance reconstructive joint devices and spinal surgical devices. | |
During 2010, the Company discontinued its operations and sold the assets from its previous business lines during 2011. Our continuing operations include the collection and management of our royalty income earned in connection with the Asset Purchase Agreement with Arthrex, Inc. ("Arthrex"). We continue to advance and promote our former knee product lines through participation in mobile teaching labs, seminars and live surgery. The Company is constantly evaluating opportunities for a suitable joint venture partner or buyer for the remaining intellectual property owned by the Company. The Company is also evaluating investment opportunities and uses for its cash. | |
Basis of Presentation | |
The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles ("U.S. GAAP"). | |
Principles of Consolidation | |
The consolidated financial statements include the accounts of Tiger X, Accelerated Innovation, Inc. ("Accelerated"), Uni-Knee LLC ("Uni") and Cervical Xpand LLC ("Cervical"). All significant intercompany transactions have been eliminated in consolidation. | |
Royalty Agreement | |
On January 24, 2011, the Company entered into an Asset Purchase Agreement with Arthrex (the agreement being the "Arthrex Asset Purchase Agreement"), pursuant to which the Company agreed to sell the assets of the Reconstructive Division to Arthrex. The Arthrex Asset Purchase Agreement also provides for the Company to receive royalty payments equal to 5% of net sales of the Company's products made by Arthrex on a quarterly basis for a term up to and including the 20th anniversary of the closing date. During the year ended December 31, 2014 and 2013, the Company received total royalty payments of $427,000 and $268,000, respectively, from Arthrex. | |
These amounts are reflected as royalty income on the accompanying consolidated statements of operations. | |
Use of Estimates | |
Financial statements prepared in accordance with U.S. GAAP require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Among other things, management makes estimates relating to the estimated depreciable lives of property and equipment, share-based payment and the valuation allowance related to deferred income tax assets. Actual results could differ from those estimates. | |
Cash and Cash Equivalents | |
Cash equivalents are comprised of certain highly liquid investments with maturities of three months or less when purchased. The Company's cash and cash equivalents are with local and national banking institutions and subjected to current FDIC insurance limits of $250,000 per banking institution. As of December 31, 2014 and 2013, the Company bank balances in these bank accounts exceeded the insured amount by $13,274,000 and $13,053,000, respectively. The Company has not experienced any losses related to this concentration of risk. | |
Fair Value of Financial Instruments | |
The Company has estimated the fair value amounts of its financial instruments using the available market information and valuation methodologies considered to be appropriate. The Company has determined that the book value of the Company's other current assets, accounts payable and accrued expenses as of December 31, 2014 and 2013 is the approximate fair value. | |
Share-Based Payment | |
The Company recognizes equity-based compensation using the fair value of stock option awards on the date of grant using an option-pricing model. Accordingly, compensation cost for stock options is calculated based on the fair value at the time of the grant and is recognized as expense over the vesting period of the instrument in general and administrative expense in the accompanying consolidated statements of operations. There were no stock option awards granted during the years ended December 31, 2014 or 2013. | |
Revenue Recognition | |
Revenue consists of royalty income, which is recorded as the amount becomes known and collectability is reasonably assured. | |
Income Taxes | |
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The likelihood of realizing the tax benefits related to a potential deferred tax asset is evaluated, and a valuation allowance is recognized to reduce that deferred tax asset if it is more likely than not that all or some portion of the deferred tax asset will not be realized. Deferred tax assets and liabilities are calculated at the beginning and end of the year; the change in the sum of the deferred tax asset, valuation allowance and deferred tax liability during the year generally is recognized as a deferred tax expense or benefit. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. | |
The Company evaluates the accounting for uncertainty in income tax recognized in its financial statements and determines whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit is recorded in its financial statements. Where applicable, associated interest and penalties are also recorded. The Company has not accrued for any such uncertain tax positions as of December 31, 2014 or 2013. | |
Net Income Per Share | |
Basic net income per share is computed by using the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed giving effect to all dilutive potential common shares that were outstanding during the period. Dilutive potential common shares consist of incremental common shares issuable upon exercise of stock options or warrants. No dilutive potential common shares were included in the computation of diluted net income per share because their impact was anti-dilutive. As of December 31, 2014 and 2013, the Company had total options of 385,000 which were excluded from the computation of net income per share because they are anti-dilutive. As of December 31, 2013, the Company had 575,613 warrants which were also excluded from the computation because they were anti-dilutive. As of December 31, 2014, there were no warrants outstanding. | |
Recent Accounting Pronouncements | |
In June 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-10, Development Stage Entities (Topic 915). ASU 2014-10 eliminates the distinction of a development stage entity and certain related disclosure requirements, including the elimination of inception-to-date information on the statements of operations, cash flows and stockholders' equity. ASU 2014-10 is effective prospectively for annual reporting periods beginning after December 15, 2014, and interim periods within those annual periods, however early adoption is permitted. The Company has elected to early adopt the provisions of ASU 2014-10 and has removed the related disclosures in the accompanying condensed consolidated financial statements and notes. | |
2_STOCKHOLDERS_EQUITY
2. STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
2. STOCKHOLDERS' EQUITY | 2. STOCKHOLDERS' EQUITY |
Our authorized capital consists of 750,000,000 shares of common stock and 50,000,000 shares of preferred stock. Our preferred stock may be designated into series pursuant to authority granted by our Certificate of Incorporation, and on approval from our Board of Directors. As of December 31, 2014 and 2013, we did not have any preferred stock issued. | |
3_INCOME_TAXES
3. INCOME TAXES | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Notes to Financial Statements | ||||||
3. INCOME TAXES | 3. INCOME TAXES | |||||
The items accounting for the difference between income taxes computed at the federal statutory rate and the provision for income taxes from continuing operations were as follows: | ||||||
2014 | 2013 | |||||
Statutory federal income tax rate | 34% | 34% | ||||
State taxes, net of federal benefit | 0% | 0% | ||||
Permanent differences | 0% | 1% | ||||
Change in valuation allowance | -34% | -35% | ||||
0% | 0% | |||||
Significant components of deferred income tax assets and liabilities are as follows: | ||||||
(In thousands) | 2014 | 2013 | ||||
Net operating loss carryforwards | $ | 4,387 | $ | 4,476 | ||
Other | 299 | 299 | ||||
Total, net | 4,686 | 4,775 | ||||
Valuation allowance | -4,686 | -4,775 | ||||
Deferred tax assets, net | $ | - | $ | - | ||
At December 31, 2014, the Company has Federal and State net operating loss carryforwards ("NOL") available to offset future taxable income of approximately $11,517,000 and $5,208,000, respectively. These NOLs will begin to expire in the year ending December 31, 2028. These NOL's may be subject to various limitations on utilization based on ownership changes in the prior years under Internal Revenue Code Section 382. Based on its analysis, management does not believe that an ownership change has occurred that would trigger such a limitation. | ||||||
The Company periodically evaluates the likelihood of the realization of deferred tax assets, and adjusts the carrying amount of the deferred tax assets by the valuation allowance to the extent the future realization of the deferred tax assets is not judged to be more likely than not. Management considers many factors when assessing the likelihood of future realization of the Company's deferred tax assets, including its recent cumulative earnings experience by taxing jurisdiction, expectations of future taxable income or loss, the carryforward periods available to the Company for tax reporting purposes, and other relevant factors. | ||||||
At December 31, 2014 and 2013, based on the weight of available evidence, management determined that it was unlikely that the Company's deferred tax assets would be realized and have provided for a full valuation allowance associated with the net deferred tax assets. | ||||||
The Company periodically analyzes its tax positions taken and expected to be taken and has determined that since inception there has been no need to record a liability for uncertain tax positions. | ||||||
The Company classifies income tax penalties and interest, if any, as part of selling, general and administrative expenses in the accompanying consolidated statements of operations. There was no accrued interest or penalties as of December 31, 2014 or 2013. | ||||||
The Company is neither under examination by any taxing authority, nor has it been notified of any impending examination. The Company's tax years for its Federal and State jurisdictions which are currently open for examination are the years of 2007 - 2013. | ||||||
4_SHARE_BASED_PAYMENT
4. SHARE BASED PAYMENT | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Notes to Financial Statements | ||||||||||
4. SHARE BASED PAYMENT | 4. SHARE BASED PAYMENT | |||||||||
The Company has outstanding stock options issued to employees and Board members which are exercisable at $0.23 per share. The options vest 20% each year over a five year period and expire after ten years. As of December 31, 2014, there were no unvested options. The total expense recognized during the years ended December 31, 2014 and 2013 in the consolidated statements of operations was $0 and $2,000, respectively. There were no options granted during the years ended December 31, 2014 or 2013. | ||||||||||
On June 16, 2010, the Company's stockholders approved the 2010 Equity Incentive Plan, which provided for available awards up to 23,000,000 shares. No awards have been issued pursuant to this plan. | ||||||||||
A summary of option activity as of December 31, 2014 and 2013, and changes during the years then ended is presented below. | ||||||||||
Weighted- | ||||||||||
Weighted- | Average | |||||||||
Average | Remaining | Aggregate | ||||||||
Exercise | Contractual | Intrinsic | ||||||||
Options | Price | Life (Years) | Value | |||||||
Outstanding at December 31, 2012 | 385,000 | $ | 0.23 | 5.66 | $ | - | ||||
Granted | - | - | - | - | ||||||
Exercised | - | - | - | - | ||||||
Forfeited | - | - | - | - | ||||||
Outstanding at December 31, 2013 | 385,000 | 0.23 | 4.66 | - | ||||||
Granted | - | - | - | - | ||||||
Exercised | - | - | - | - | ||||||
Forfeited | - | - | - | - | ||||||
Outstanding at December 31, 2014 | 385,000 | $ | 0.23 | 3.66 | $ | - | ||||
Vested and expected to vest | ||||||||||
at December 31, 2014 | 385,000 | $ | 0.23 | 3.66 | $ | - | ||||
Exercisable at December 31, 2014 | 385,000 | $ | 0.23 | 3.66 | $ | - | ||||
The aggregate intrinsic value in the table above is before applicable income taxes and represents the closing stock price as of the reporting dates less the exercise price, multiplied by the number of options that have an exercise price that is less than the closing stock price. | ||||||||||
The Company had 575,613 warrants outstanding as of December 31, 2013 which entitled the holders to immediately purchase one share of the Company's common stock at an exercise price of $0.44 per share. The warrants expired on November 13, 2014. As of December 31, 2014, there were no warrants outstanding. | ||||||||||
Summary_of_Significant_Account
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Summary of Significant Accounting Policies (Policies) | Tiger X Medical, Inc. ("Tiger X" or the "Company"), formerly known as Cardo Medical, Inc., a corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware, previously operated as an orthopedic medical device company specializing in designing, developing and marketing high performance reconstructive joint devices and spinal surgical devices. |
During 2010, the Company discontinued its operations and sold the assets from its previous business lines during 2011. Our continuing operations include the collection and management of our royalty income earned in connection with the Asset Purchase Agreement with Arthrex, Inc. ("Arthrex"). We continue to advance and promote our former knee product lines through participation in mobile teaching labs, seminars and live surgery. The Company is constantly evaluating opportunities for a suitable joint venture partner or buyer for the remaining intellectual property owned by the Company. The Company is also evaluating investment opportunities and uses for its cash. | |
Basis of Presentation | Basis of Presentation |
The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles ("U.S. GAAP"). | |
Principles of Consolidation | Principles of Consolidation |
The consolidated financial statements include the accounts of Tiger X, Accelerated Innovation, Inc. ("Accelerated"), Uni-Knee LLC ("Uni") and Cervical Xpand LLC ("Cervical"). All significant intercompany transactions have been eliminated in consolidation. | |
Royalty Agreement | Royalty Agreement |
On January 24, 2011, the Company entered into an Asset Purchase Agreement with Arthrex (the agreement being the "Arthrex Asset Purchase Agreement"), pursuant to which the Company agreed to sell the assets of the Reconstructive Division to Arthrex. The Arthrex Asset Purchase Agreement also provides for the Company to receive royalty payments equal to 5% of net sales of the Company's products made by Arthrex on a quarterly basis for a term up to and including the 20th anniversary of the closing date. During the year ended December 31, 2014 and 2013, the Company received total royalty payments of $427,000 and $268,000, respectively, from Arthrex. | |
These amounts are reflected as royalty income on the accompanying consolidated statements of operations. | |
Use of Estimates | Use of Estimates |
Financial statements prepared in accordance with U.S. GAAP require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Among other things, management makes estimates relating to the estimated depreciable lives of property and equipment, share-based payment and the valuation allowance related to deferred income tax assets. Actual results could differ from those estimates. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Cash equivalents are comprised of certain highly liquid investments with maturities of three months or less when purchased. The Company's cash and cash equivalents are with local and national banking institutions and subjected to current FDIC insurance limits of $250,000 per banking institution. As of December 31, 2014 and 2013, the Company bank balances in these bank accounts exceeded the insured amount by $13,274,000 and $13,053,000, respectively. The Company has not experienced any losses related to this concentration of risk. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
The Company has estimated the fair value amounts of its financial instruments using the available market information and valuation methodologies considered to be appropriate. The Company has determined that the book value of the Company's other current assets, accounts payable and accrued expenses as of December 31, 2014 and 2013 is the approximate fair value. | |
Share-Based Payment | Share-Based Payment |
The Company recognizes equity-based compensation using the fair value of stock option awards on the date of grant using an option-pricing model. Accordingly, compensation cost for stock options is calculated based on the fair value at the time of the grant and is recognized as expense over the vesting period of the instrument in general and administrative expense in the accompanying consolidated statements of operations. There were no stock option awards granted during the years ended December 31, 2014 or 2013. | |
Revenue Recognition | Revenue Recognition |
Revenue consists of royalty income, which is recorded as the amount becomes known and collectability is reasonably assured. | |
Income Taxes | Income Taxes |
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The likelihood of realizing the tax benefits related to a potential deferred tax asset is evaluated, and a valuation allowance is recognized to reduce that deferred tax asset if it is more likely than not that all or some portion of the deferred tax asset will not be realized. Deferred tax assets and liabilities are calculated at the beginning and end of the year; the change in the sum of the deferred tax asset, valuation allowance and deferred tax liability during the year generally is recognized as a deferred tax expense or benefit. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. | |
The Company evaluates the accounting for uncertainty in income tax recognized in its financial statements and determines whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit is recorded in its financial statements. Where applicable, associated interest and penalties are also recorded. The Company has not accrued for any such uncertain tax positions as of December 31, 2014 or 2013. | |
Net Income Per Share | Net Income Per Share |
Basic net income per share is computed by using the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed giving effect to all dilutive potential common shares that were outstanding during the period. Dilutive potential common shares consist of incremental common shares issuable upon exercise of stock options or warrants. No dilutive potential common shares were included in the computation of diluted net income per share because their impact was anti-dilutive. As of December 31, 2014 and 2013, the Company had total options of 385,000 which were excluded from the computation of net income per share because they are anti-dilutive. As of December 31, 2013, the Company had 575,613 warrants which were also excluded from the computation because they were anti-dilutive. As of December 31, 2014, there were no warrants outstanding. | |
Concentration of Credit Risk | Concentration of Credit Risk |
The Company's cash and cash equivalents are with local and national banking institutions and subjected to current FDIC insurance limits of $250,000 per banking institution. As of December 31, 2014 and 2013, the Company bank balances in these bank accounts exceeded the insured amount by $13,274,000 and $13,053,000, respectively. The Company has not experienced any losses related to this concentration of risk. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In June 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-10, Development Stage Entities (Topic 915). ASU 2014-10 eliminates the distinction of a development stage entity and certain related disclosure requirements, including the elimination of inception-to-date information on the statements of operations, cash flows and stockholders' equity. ASU 2014-10 is effective prospectively for annual reporting periods beginning after December 15, 2014, and interim periods within those annual periods, however early adoption is permitted. The Company has elected to early adopt the provisions of ASU 2014-10 and has removed the related disclosures in the accompanying condensed consolidated financial statements and notes. | |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Income Taxes Tables | ||||||
Reconciliation of U.S. statutory income tax rate to company's effective tax rate | The items accounting for the difference between income taxes computed at the federal statutory rate and the provision for income taxes from continuing operations were as follows: | |||||
2014 | 2013 | |||||
Statutory federal income tax rate | 34% | 34% | ||||
State taxes, net of federal benefit | 0% | 0% | ||||
Permanent differences | 0% | 1% | ||||
Change in valuation allowance | -34% | -35% | ||||
0% | 0% | |||||
Schedule of tax effects of temporary differences that give rise to deferred tax assets and liabilities | Significant components of deferred income tax assets and liabilities are as follows: | |||||
(In thousands) | 2014 | 2013 | ||||
Net operating loss carryforwards | $ | 4,387 | $ | 4,476 | ||
Other | 299 | 299 | ||||
Total, net | 4,686 | 4,775 | ||||
Valuation allowance | -4,686 | -4,775 | ||||
Deferred tax assets, net | $ | - | $ | - | ||
Share_Based_Payment_Tables
Share Based Payment (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Share Based Payment Tables | ||||||||||
Summary of Stock Option Activity | ||||||||||
A summary of option activity as of December 31, 2014 and 2013, and changes during the years then ended is presented below. | ||||||||||
Weighted- | ||||||||||
Weighted- | Average | |||||||||
Average | Remaining | Aggregate | ||||||||
Exercise | Contractual | Intrinsic | ||||||||
Options | Price | Life (Years) | Value | |||||||
Outstanding at December 31, 2012 | 385,000 | $ | 0.23 | 5.66 | $ | - | ||||
Granted | - | - | - | - | ||||||
Exercised | - | - | - | - | ||||||
Forfeited | - | - | - | - | ||||||
Outstanding at December 31, 2013 | 385,000 | 0.23 | 4.66 | - | ||||||
Granted | - | - | - | - | ||||||
Exercised | - | - | - | - | ||||||
Forfeited | - | - | - | - | ||||||
Outstanding at December 31, 2014 | 385,000 | $ | 0.23 | 3.66 | $ | - | ||||
Vested and expected to vest | ||||||||||
at December 31, 2014 | 385,000 | $ | 0.23 | 3.66 | $ | - | ||||
Exercisable at December 31, 2014 | 385,000 | $ | 0.23 | 3.66 | $ | - | ||||
Summary_of_Significant_Account1
Summary of Significant Accounting Polices (Concentration of Royalty Income) (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Royalty income | $427,000 | $268,000 |
Royalty Revenue - Arthrex | ||
Royalty income | $427,000 | $268,000 |
Concentration Risk, Royalty Agreement | On January 24, 2011, the Company entered into an Asset Purchase Agreement with Arthrex (the agreement being the "Arthrex Asset Purchase Agreement"), pursuant to which the Company agreed to sell the assets of the Reconstructive Division to Arthrex. The Arthrex Asset Purchase Agreement also provides for the Company to receive royalty payments equal to 5% of net sales of the Company's products made by Arthrex on a quarterly basis for a term up to and including the 20th anniversary of the closing date. | |
Summary_of_Significant_Account2
Summary of Significant Accounting Polices (Concentration of Credit Risk) (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Summary Of Significant Accounting Polices Concentration Of Credit Risk Narrative Details | ||
FDIC current limits on bank accounts per banking institution | $250,000 | $250,000 |
Company bank balances in these bank accounts exceeding the insured amount | $13,274,000 | $13,274,000 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Net Income Per Share Dilutive Securities) (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Options | ||
Anti-dilutive shares | 385,000 | 385,000 |
Warrants | ||
Anti-dilutive shares | 0 | 575,613 |
Summary_of_Significant_Account4
Summary of Significant Accounting Polices (Income Taxes) (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Summary Of Significant Accounting Polices Income Taxes Narrative Details | ||
Accrual for uncertain tax positions | $0 | $0 |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Stockholders Equity Narrative Details | ||
Preferred Shares Authorized | 50,000,000 | 50,000,000 |
Preferred Shares Outstanding | 0 | 0 |
Income_Taxes_Schedule_Of_Diffe
Income Taxes (Schedule Of Differences Between Statutory Tax And Effective Tax) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes Schedule Of Differences Between Statutory Tax And Effective Tax Details | ||
Statutory federal income tax rate | 34.00% | 34.00% |
State taxes, net of federal benefit | 0.00% | 0.00% |
Permanent differences | 0.00% | 1.00% |
Change in valuation allowance | -34.00% | -35.00% |
Effective Income Tax Rate | 0.00% | 0.00% |
Income_Taxes_Tax_Effects_of_Te
Income Taxes (Tax Effects of Temporary Differences That Give Rise to Deferred Tax Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Taxes Tax Effects Of Temporary Differences That Give Rise To Deferred Tax Assets Details | ||
Net operating loss carryforward | $4,387 | $4,476 |
Other | 299 | 299 |
Total gross deferred tax assets | 4,686 | 4,775 |
Valuation allowance | -4,686 | -4,775 |
Deferred tax assets, net | $0 | $0 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Accrued penalties and interest | $0 | $0 |
Unrecognized tax benefits | 0 | 0 |
Tax years open for examination | 2007 | |
Federal | ||
Operating Loss Carryforwards | 11,517,000 | |
Operating loss carryforwards, expiration date | 31-Dec-28 | |
State | ||
Operating Loss Carryforwards | $5,208,000 | |
Operating loss carryforwards, expiration date | 31-Dec-28 |
ShareBased_Payment_Stock_Optio
Share-Based Payment (Stock Option Activity) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Payment Stock Option Activity Details | ||
Outstanding at beginning of period | 385,000 | |
Granted | 0 | |
Exercised | 0 | |
Forfeited | 0 | |
Outstanding at end of period (unaudited) | 385,000 | |
Vested and expected to vest at December 31, 2014 (unaudited) | 385,000 | |
Exercisable at December 31, 2014 (unaudited) | 385,000 | |
Weighted-average exercise price of options outstanding, beginning balance | $0.23 | |
Weighted-average exercise price of options granted during period | $0 | |
Weighted-average exercise price of options exercised during the period | $0 | |
Weighted-average exercise price of options forfeited, cancelled or expired during the period | $0 | |
Weighted-average exercise price of options outstanding, ending balance | $0.23 | |
Weighted-average exercise price of options vested and expected to vest | $0.23 | |
Weighted-average exercise price of options exercisable | $0.23 | |
Weighted-average remaining contractual term (in years) of options outstanding at December 31, 2013 | 4 years 241 days | |
Weighted-average remaining contractual term (in years) of options outstanding at December 31, 2014 | 3 years 241 days | |
Weighted-average remaining contractual term (in years) of options vested and expected to vest | 3 years 241 days | |
Weighted-average remaining contractual term (in years) of options exercisable | 3 years 241 days | |
Aggregate intrinsic value of options outstanding | $0 | $0 |
Aggregate intrinsic value of options vested and expected to vest | 0 | |
Aggregate intrinsic value of options exercisable | $0 |
ShareBased_Payment_Narrative_D
Share-Based Payment (Narrative) (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Payment Narrative Details 1 | ||
Option grant exercise price | $0.23 | $0.23 |
Option vesting period, in years | 5 years | |
Option expiration period, in years | 10 years | |
Number of shares of common stock available for purchase under warrants outstanding | 0 | |
Warrant expiration date | 13-Nov-14 |
ShareBased_Payment_Narrative_D1
Share-Based Payment (Narrative) (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Payment Narrative Details 2 | ||
Share-based compensation expense | $0 | $2 |