Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | GlyEco, Inc. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 51,619,364 | ||
Entity Public Float | $24,854,451 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 931799 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | 31-Dec-13 | ||
Document Fiscal Year Focus | 2013 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current Assets | ||
Cash | $4,393,299 | $1,153,941 |
Accounts receivable, net | 898,934 | 116,963 |
Due from related parties | 34,868 | 0 |
Prepaid expenses | 53,732 | 12,550 |
Inventories | 268,191 | 58,719 |
Total current assets | 5,649,024 | 1,342,173 |
Property, Plant and Equipment | ||
Machinery and equipment | 3,719,344 | 756,047 |
Leasehold improvements | 7,641 | 0 |
Accumulated depreciation | -328,803 | -70,641 |
3,398,182 | 685,406 | |
Construction in process | 2,117,001 | 0 |
Total property, plant and equipment | 5,515,183 | 685,406 |
Other Assets | ||
Deposits | 80,708 | 0 |
Goodwill | 779,303 | 159,484 |
Other intangibles, net | 3,673,190 | 3,500,000 |
Total other assets, net | 4,533,201 | 3,659,484 |
Total assets | 15,697,408 | 5,687,063 |
Current Liabilities | ||
Accounts payable and accrued expenses | 1,271,674 | 184,134 |
Due to related parties | 582,682 | 470,443 |
Accrued interest | 0 | 616,462 |
Convertible note payable | 0 | 1,000,000 |
Note payable | 6,504 | 0 |
Capital lease obligation, related party | 285,363 | 0 |
Total current liabilities | 2,146,223 | 2,271,039 |
Non-Current Liabilities | ||
Note payable | 9,877 | 0 |
Capital lease obligation, related party | 1,189,574 | 0 |
Total non-current liabilities | 1,199,451 | 0 |
Total liabilities | 3,345,674 | 2,271,039 |
Mandatorily redeemable Series AA convertible preferred stock, 2,342,740 shares issues and outstanding | 1,171,375 | 0 |
Stockholders' Equity | ||
Preferred stock: 40,000,000 shares authorized; $0.0001 par value; 2,342,740 Series AA (above) issued and outstanding as of December 31, 2013 and none issued and outstanding as of December 31, 2012 | 0 | 0 |
Common stock: 300,000,000 shares authorized; $0.0001 par value; 48,834,916 and 36,149,985 shares issued and outstanding as of December 31, 2013 and 2012, respectively | 4,884 | 3,615 |
Additional paid-in capital | 24,541,809 | 12,765,616 |
Accumulated deficit | -13,366,334 | -9,353,207 |
Total stockholders' equity | 11,180,359 | 3,416,024 |
Total liabilities, mezzanine, and stockholders' equity | $15,697,408 | $5,687,063 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred stock, par value (in Dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, shares issued | 48,834,916 | 36,149,985 |
Common stock, shares outstanding | 48,834,916 | 36,149,985 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Series AA Preferred Stock [Member] | ||
Mandatorily redeemable preferred stock, shares issues | 2,342,740 | 0 |
Mandatorily redeemable preferred stock, shares outstanding | 2,342,740 | 0 |
Preferred stock, shares authorized | 3,000,000 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Net sales | $5,538,005 | $1,266,295 |
Cost of goods sold ($2,274,345 related party for 2013) | 5,193,445 | 1,021,332 |
Gross profit | 344,560 | 244,963 |
Operating expenses | ||
Consulting fees ($496,438 and $161,945 related party for 2013 and 2012, respectively) | 680,196 | 623,949 |
Salaries and wages | 830,677 | 467,023 |
Share-based compensation | 1,065,288 | 124,660 |
Legal and professional fees | 286,728 | 300,674 |
General and administrative ($48,123 related party for 2013) | 900,463 | 414,133 |
Total operating expenses | 3,763,352 | 1,930,439 |
Loss from operations | -3,418,792 | -1,685,476 |
Other (income) and expenses | ||
Interest income | -2,496 | -1,206 |
Interest expense ($392,170 warrants issued for convertible note for 2013; $176,862 related party for 2013) | 592,788 | 185,561 |
Other | 4,043 | 0 |
Total other income and expenses | 594,335 | 184,355 |
Loss before provision for income taxes | -4,013,127 | -1,869,831 |
Provision for income taxes | 0 | 0 |
Net loss | ($4,013,127) | ($1,869,831) |
Basic and diluted loss per share (in Dollars per share) | ($0.09) | ($0.07) |
Weighted average common shares outstanding (basic and diluted) (in Shares) | 45,527,044 | 26,402,477 |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS (Parentheticals) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Related party cost of goods sold | $2,274,345 | $0 |
Interest expense, warrants issued for convertible note | 392,170 | 0 |
Interest expense, related party | 176,862 | 0 |
Consulting Fees [Member] | ||
Related party | 496,438 | 161,945 |
General and Administrative Expense [Member] | ||
Related party | $48,123 | $0 |
CONSOLIDATED_STATEMENT_OF_SHAR
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2011 | $2,286 | $5,880,271 | ($7,483,376) | ($1,600,819) |
Balance (in Shares) at Dec. 31, 2011 | 22,858,235 | |||
Common shares issued for acquisition | 417 | 2,357,333 | 2,357,750 | |
Common shares issued for acquisition (in Shares) | 4,171,750 | |||
Common shares for cash | 892 | 4,303,372 | 4,304,264 | |
Common shares for cash (in Shares) | 8,920,000 | |||
Stock-based compensation expense | 124,660 | 124,660 | ||
Warrants and options exercised | 20 | 99,980 | 100,000 | |
Warrants and options exercised (in Shares) | 200,000 | |||
Net loss | -1,869,831 | -1,869,831 | ||
Balance at Dec. 31, 2012 | 3,615 | 12,765,616 | -9,353,207 | 3,416,024 |
Balance (in Shares) at Dec. 31, 2012 | 36,149,985 | 36,149,985 | ||
Common shares issued for acquisition | 84 | 1,118,089 | 1,118,173 | |
Common shares issued for acquisition (in Shares) | 835,810 | |||
Common shares for payment of goods and services | 79 | 553,281 | 553,360 | |
Common shares for payment of goods and services (in Shares) | 793,679 | |||
Common shares for note conversion | 94 | 469,906 | 470,000 | |
Common shares for note conversion (in Shares) | 940,000 | |||
Warrants issued in conjunction with note conversion | 392,170 | 392,170 | ||
Common shares for cash | 936 | 8,177,535 | 8,178,471 | |
Common shares for cash (in Shares) | 9,357,578 | |||
Stock-based compensation expense | 1,065,288 | 1,065,288 | ||
Warrants and options exercised | 76 | -76 | ||
Warrants and options exercised (in Shares) | 757,864 | |||
Net loss | -4,013,127 | -4,013,127 | ||
Balance at Dec. 31, 2013 | $4,884 | $24,541,809 | ($13,366,334) | $11,180,359 |
Balance (in Shares) at Dec. 31, 2013 | 48,834,916 | 48,834,916 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Net cash flows from operating activities | ||
Net loss | ($4,013,127) | ($1,869,831) |
Adjustments to reconcile net loss to net cash used by operating activities | ||
Depreciation | 258,162 | 70,641 |
Amortization | 183,310 | 0 |
Stock-based compensation expense | 1,065,288 | 124,660 |
Stock issued for conversion of accrued interest | 24,913 | 0 |
Warrants issued in conjunction with note conversion | 392,170 | 0 |
Stock and warrants issued for goods and services | 553,360 | 0 |
Other | 4,043 | 0 |
(Increase) decrease in operating assets and liabilities: | ||
Accounts receivable, net | -689,651 | -81,865 |
Due from related parties | -34,868 | 0 |
Prepaid expenses | -121,890 | -12,550 |
Inventories | -185,238 | -58,719 |
Accounts payable and accrued expenses | 989,597 | -28,615 |
Due to related party | 112,239 | -98,160 |
Accrued interest | 0 | 184,770 |
Other | 9,000 | 0 |
Net cash used in operating activities | -1,452,692 | -1,769,669 |
Investing activities | ||
Cash paid for acquisitions | -539,304 | 0 |
Purchase of equipment | -593,738 | -57,781 |
Construction in process | -2,117,001 | 0 |
Proceeds from sale of fixed assets | 6,278 | 0 |
Purchase of intangible assets | 0 | -2,000,000 |
Net cash used in investing activities | -3,243,765 | -2,057,781 |
Financing activities | ||
Repayment of debt | -3,619 | 0 |
Repayment of capital lease | -239,037 | 0 |
Proceeds from the sale of common stock | 8,546,386 | 4,404,264 |
Stock issuance costs | -367,915 | 0 |
Net cash provided by financing activities | 7,935,815 | 4,404,264 |
Increase (decrease) in cash for year | 3,239,358 | 576,814 |
Cash at the beginning of the year | 1,153,941 | 577,127 |
Cash at end of the year | 4,393,299 | 1,153,941 |
Supplemental disclosure of cash flow information | ||
Interest paid during year | 122,510 | 792 |
Taxes paid during year | 0 | 0 |
Supplemental disclosure of non-cash investing and financing items | ||
Common stock issued for acquisition | 1,118,173 | 2,357,750 |
Common stock for goods and services | 553,360 | 698,266 |
Common stock issued for convertible note, principal and interest | 470,000 | 0 |
Series AA Preferred Stock issued for convertible note, principal and interest | 1,171,375 | 0 |
Equipment under capital lease | 1,714,974 | 0 |
Equipment purchased with debt | $20,000 | $0 |
NOTE_1_Organization_and_Nature
NOTE 1 - Organization and Nature of Business | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 – Organization and Nature of Business |
GlyEco, Inc. (the "Company", “we”, or “our”) is a green chemistry company that collects and recycles waste glycol into a reusable product that is sold to third party customers in the automotive and industrial end-markets. We are the largest independent glycol recycler in the United States, as measured by revenue and number of locations. Our proprietary technology, GlyEco TechnologyTM, allows us to recycle all five major types of waste glycol into a virgin-quality product usable in any glycol application. We are dedicated to conserving natural resources, limiting liability for waste generators, safeguarding the environment, and creating valuable green products. We currently operate seven processing centers in the United States with our principal offices located in Phoenix, Arizona. Our processing centers are located in (1) Minneapolis, Minnesota, (2) Indianapolis, Indiana, (3) Lakeland, Florida, (4) Elizabeth, New Jersey, (5) Rock Hill, South Carolina, (6) Tea, South Dakota, and (7) Landover, Maryland. | |
The Company was formed in the State of Nevada on October 21, 2011. On October 21, 2011, the Company became a wholly-owned subsidiary of Environmental Credits, Inc. ("ECVL"). On November 21, 2011, ECVL merged itself into its wholly-owned subsidiary, GlyEco, Inc. (the "Reincorporation"). Upon the consummation of the Reincorporation, the Company was the surviving corporation and the Articles of Incorporation and Bylaws of the Company replaced the Certificate of Incorporation and Bylaws of ECVL. | |
On November 28, 2011, the Company consummated a reverse triangular merger (the "Merger" or "Transaction") as a tax-free reorganization within the meaning of Section 368 of the United States Internal Revenue Code of 1986, as amended, pursuant to an Agreement and Plan of Merger, dated November 21, 2011 (the "Merger Agreement"), with GRT Acquisition, Inc., a Nevada corporation and wholly-owned subsidiary of the Company, and Global Recycling Technologies, Ltd., a Delaware corporation and privately-held operating subsidiary ("Global Recycling"). Global Recycling was incorporated in Delaware on July 11, 2007. | |
GRT Acquisition, Inc. was incorporated in the State of Nevada on November 7, 2011 for the purpose of consummating the Merger. Pursuant to the Merger Agreement, GRT Acquisition, Inc. merged with and into Global Recycling, with Global Recycling being the surviving corporation and which resulted in Global Recycling becoming a wholly-owned subsidiary of the Company. | |
We were formed to acquire the assets of companies in the business of recycling and processing waste ethylene glycol, and to apply a newly developed proprietary technology to produce ASTM E1177 Type I virgin grade recycled ethylene glycol to end users throughout North America. | |
On December 30, 2011, Global Recycling's wholly-owned subsidiary, Global Acquisition Corp. #6 ("Global Sub #6"), a Delaware corporation, was dissolved. Global Sub #6 ceased operations on December 31, 2009, when the assets (including rights to additive formula and goodwill) were sold in an exchange for the common shares of Global Recycling. Prior to its sale, Global Sub #6 operated as a chemical company selling additives used in producing antifreeze and heat transfer fluid from recycled ethylene glycol. Sales of additives were discontinued upon the sale of the assets effective December 31, 2009. | |
On January 9, 2012, the Company, and its wholly-owned subsidiary, Global Recycling, consummated a merger pursuant to which Global Recycling merged with and into the Company (the "Global Merger"), with the Company being the surviving entity. | |
The 11,591,958 shares of common stock of Global Recycling (constituting 100% of the issued and outstanding shares of Global Recycling on the effective date of the Global Merger) held by the Company pursuant to the reverse merger consummated on November 28, 2011, were cancelled upon the consummation of the Merger. | |
Currently, the Company is actively acquiring operating entities involved in the recycling of waste ethylene glycol and is consolidating and streamlining their operations. | |
Going Concern | |
The consolidated financial statements as of and for the year ended December 31, 2013 have been prepared assuming that the Company will continue as a going concern. As of December 31, 2013, the Company has yet to achieve profitable operations and is dependent on its ability to raise capital from stockholders or other sources to sustain operations. Ultimately we hope to achieve viable profitable operations when operating efficiencies can be realized from the facilities added in 2013. The consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties. These factors raise substantial doubt about the Company's ability to continue as a going concern. In their report dated April 15, 2014, our independent registered public accounting firm included an emphasis-of-matter paragraph with respect to our financial statements for the fiscal year ended December 31, 2013, expressing uncertainty regarding the Company’s assumption that we will continue as a going concern. | |
Management's plans to address these matters include raising additional financing through offering its shares of capital stock in private and/or public offerings of its securities and through debt financing if available and needed. The Company plans to become profitable by upgrading the capacity and capabilities at its existing operating facilities, continuing to implement its patent-pending technology in international markets, and acquiring profitable glycol recycling companies, which are looking to take advantage of the Company's public company status and improve their profitability through a combined synergy. The Company intends to expand customer and supplier bases once operational capacity and capabilities have been upgraded. | |
NOTE_2_Basis_of_Presentation_a
NOTE 2 - Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Disclosure Text Block [Abstract] | ||||
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 2 – Basis of Presentation and Summary of Significant Accounting Policies | |||
Basis of Presentation | ||||
The accompanying consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States (“GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). | ||||
Consolidation | ||||
These consolidated financial statements include the accounts of GlyEco, Inc., and its wholly-owned subsidiaries. All significant intercompany accounting transactions have been eliminated as a result of consolidation. The subsidiaries include: GlyEco Acquisition Corp #1 ("Acquisition Sub #1”); GlyEco Acquisition Corp #2 ("Acquisition Sub #2”); GlyEco Acquisition Corp #3 ("Acquisition Sub #3”); GlyEco Acquisition Corp #4 ("Acquisition Sub #4”); GlyEco Acquisition Corp #5 ("Acquisition Sub #5”); GlyEco Acquisition Corp #6 ("Acquisition Sub #6”); and GlyEco Acquisition Corp. #7 (“Acquisition Sub #7”). | ||||
Operating Segments | ||||
Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated on a regular basis by the chief operating decision maker, or decision making group, in deciding how to allocate resources to an individual segment and in assessing the performance of the segment. Operating segments may be aggregated into a single operating segment if the segments have similar economic characteristics, among other criteria. The Company operates as one segment. | ||||
Use of Estimates | ||||
The preparation of financial statements in conformity with GAAP 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 the reported revenues and expenses during the reporting periods. Because of the use of estimates inherent within the financial reporting process, actual results may differ significantly from those estimates. Significant estimates include, but are not limited to, items such as, the allowance of doubtful accounts, the value of stock-based compensation and warrants, the allocation of the purchase price in the various acquisitions, and the realization of property, plant and equipment, goodwill, other intangibles and their estimated useful lives. | ||||
Cash and Cash Equivalents | ||||
All highly liquid investments with maturities of three months or less at the time of purchase are considered to be cash equivalents. | ||||
Revenue Recognition | ||||
The Company recognizes revenue when four basic criteria have been met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services rendered; (3) the fee is fixed and determinable; and (4) collectability is reasonably assured. Cost of products sold consists of the cost of the purchased goods and labor related to the corresponding sales transaction. The Company recognizes revenue from services at the time the services are completed. Shipping costs passed to the customer are included in the net sales. | ||||
Costs | ||||
Cost of goods sold includes all direct material and labor costs and those indirect costs of bringing raw materials to sale condition, including depreciation of equipment used in manufacturing and shipping and handling costs. We have entered into a Manufacturing and Distribution Agreement (M&D Agreement) with Full Circle MFG Group, Inc. (“Full Circle”) to provide us with recycling and production services, which is included in related party in cost of goods sold as Full Circle is owned by a member of our Board of Directors. Selling, general, and administrative costs are charged to operating expenses as incurred. Research and development costs are expensed as incurred and are included in operating expenses. Advertising costs are expensed as incurred. Total advertising costs for 2013 and 2012 were $86,000 and $4,000, respectively. | ||||
Accounts Receivable | ||||
Accounts receivable are recognized and carried at the original invoice amount less an allowance for expected uncollectible amounts. Inherent in the assessment of the allowance for doubtful accounts are certain judgments and estimates including, among others, the customer's willingness or ability to pay, the Company's compliance with customer invoicing requirements, the effect of general economic conditions and the ongoing relationship with the customer. Accounts with outstanding balances longer than the payment terms are considered past due and we do not charge interest on past due balances. The Company writes off trade receivables when all collection efforts have been exhausted. Bad debt expense is reflected as a component of general and administrative expenses in the consolidated statements of operations. | ||||
Inventory | ||||
Inventories are reported at the lower of cost or market. The cost of raw materials, including feedstocks and additives, is determined on an average unit cost of the units in a production lot. Work-in-process represents labor, material and overhead costs associated with the manufacturing costs at an average unit cost of the units in the production lot. The Company periodically reviews its inventories for obsolete or unsalable items and adjusts its carrying value to reflect estimated realizable values. There was no allowance for obsolete inventory as of December 31, 2013 and 2012. | ||||
Property and Equipment | ||||
Property and Equipment is stated at cost. The Company provides depreciation on the cost of its equipment using the straight-line method over an estimated useful life, ranging from five to twenty-five years, and zero salvage value. Expenditures for repairs and maintenance are charged to expense as incurred. The upgrades to our NJ Processing Center are scheduled to be completed in 2014, at which time depreciation is expected to commence. As of December 31, 2013, the Company incurred and capitalized Construction in Process totaling $2,117,001. The estimated cost to be incurred in 2014 to complete upgrades at the processing center is approximately $2,000,000 million. Depreciation expense for the years ended December 31, 2013 and 2012, was $258,162 and $70,641, respectively. | ||||
For purposes of computing depreciation, the useful lives of property and equipment are: | ||||
Leasehold improvements | 5 years | |||
Machinery and Equipment | 3-25 years | |||
Fair Value of Financial Instruments | ||||
The Company has adopted the framework for measuring fair value that establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements). | ||||
The three levels of inputs that may be used to measure fair value are as follows: | ||||
● | Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date; | |||
● | Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data; and | |||
● | Level 3: Significant unobservable inputs that reflect a reporting entity's own assumptions that market participants would use in pricing an asset or liability. Valuation is generated from model-based techniques with the unobservable assumptions reflecting our own estimate of assumptions that market participants would use in pricing the asset or liability. | |||
Cash, accounts receivable, other current assets, accounts payable and other accrued liabilities, and shares of Series AA Preferred Stock are reflected in the balance sheet at their estimated fair values primarily due to their short-term nature. As to long-term capital leases and notes payable, estimated fair values are based on borrowing rates currently available to the Company for loans with similar terms and maturities, which represent level 3 input levels. The Company did not engage in any transaction involving derivative instruments. Fair value accounting has been applied to the initial valuation of warrants issued, intangible assets, and goodwill, which is discussed in the respective notes. | ||||
Net Loss per Share Calculation | ||||
The basic net loss per common share is computed by dividing the net loss by the weighted average number of shares outstanding during a period. Diluted income per common share is computed by dividing the net income, adjusted on an as if converted basis, by the weighted average number of common shares outstanding plus potentially dilutive securities. The Company has other potentially dilutive securities outstanding that are not shown in a diluted net loss per share calculation because their effect in both 2013 and 2012 would be anti-dilutive. These potentially dilutive securities excluded from the calculation include Series AA Preferred Stock, options and warrants. At December 31, 2013, these securities included warrants of 19,530,441 and stock options of 10,133,506 for a total of 29,663,947. At December 31, 2012, these securities included warrants of 12,307,558 and stock options of 6,837,606 for a total of 19,145,164. In addition, at December 31, 2013, there are 2,342,740 common shares that can potentially be issued upon the conversion of the Series AA Convertible Preferred Stock. There were no shares of Series AA Convertible Preferred Stock outstanding at December 31, 2012. | ||||
Provision for Taxes | ||||
The Company accounts for its income taxes in accordance with the Income Taxes Topic of ASC 740, Income Taxes, which requires recognition of deferred tax assets and liabilities for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax credit carry forwards. 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 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. An allowance for the deferred tax asset is established if it is more likely than not that the asset will not be realized. | ||||
Stock Based Compensation | ||||
All share-based payments to employees, including grants of employee stock options, are expensed based on their estimated fair values at the grant date, in accordance with ASC 718. Compensation expense for stock options is recorded over the vesting period using the estimated fair value on the date of grant, as calculated by the Company using the Black-Scholes model. The Company classifies all share-based awards as equity instruments. | ||||
See Note 12 for a description of the Company’s share-based compensation plans and information related to awards granted under the plans. | ||||
Non-employee stock-based compensation is accounted for based on the fair value of the related stock or options or the fair value of the goods or services on the grant date, whichever is more readily determinable. | ||||
Reclassification of Prior Year Amounts | ||||
Certain prior year numbers have been reclassified to conform to the current year presentation. These reclassifications have not affected the net loss as previously reported. | ||||
Recently Issued Accounting Pronouncements | ||||
There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our consolidated financial position, operations or cash flows. | ||||
NOTE_3_Accounts_Receivable
NOTE 3 - Accounts Receivable | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | |||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 3 – Accounts Receivable | ||||||||
As of December 31, 2013 and 2012, the Company's net accounts receivable was $898,934 and $116,963, respectively. | |||||||||
The following table summarizes activity for the allowance for doubtful accounts: | |||||||||
2013 | 2012 | ||||||||
Beginning balance as of January 1, | $ | 4,892 | - | ||||||
Bad debt expense | 44,198 | 4,892 | |||||||
Charge offs, net | (1,163 | ) | - | ||||||
Ending balance as of December 31, | $ | 47,927 | 4,892 | ||||||
NOTE_4_Inventory
NOTE 4 - Inventory | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventory Disclosure [Text Block] | NOTE 4 – Inventory | ||||||||
As of December 31, 2013 and 2012, the Company’s total inventories were $268,191 and $58,719, respectively. | |||||||||
December 31, | 2013 | 2012 | |||||||
Raw materials | $ | 76,165 | $ | 18,039 | |||||
Work in process | 47,106 | 31,569 | |||||||
Finished goods | 144,920 | 9,111 | |||||||
Total inventories | $ | 268,191 | $ | 58,719 | |||||
NOTE_5_Equipment
NOTE 5 - Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5 – Equipment | ||||||||
As of December 31, 2013 and 2012, the property, plant and equipment is being reflected net of accumulated depreciation as $5,515,183 and $685,406, respectively. | |||||||||
December 31, | 2013 | 2012 | |||||||
Machinery and equipment | $ | 3,719,344 | $ | 756,047 | |||||
Leasehold improvements | 7,641 | - | |||||||
Accumulated depreciation | (328,803 | ) | (70,641 | ) | |||||
3,398,182 | 685,406 | ||||||||
Construction in process | 2,117,001 | - | |||||||
Total property, plant and equipment | $ | 5,515,183 | $ | 685,406 | |||||
Depreciation expense recorded during the years ended December 31, 2013 and 2012 was $258,162 and $70,641, respectively. | |||||||||
NOTE_6_Acquisitions_Goodwill_a
NOTE 6 - Acquisitions, Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||||||||||||
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | NOTE 6 – Acquisitions, Goodwill and Intangible Assets | ||||||||||||||||||||||
We account for an acquisition of a business, as defined in ASC Topic 805, as required by an analysis of the inputs, processes and outputs associated with the transactions. Intangible assets that we acquire are recognized separately if they arise from contractual or other legal rights or if they are separable and are recorded at fair value less accumulated amortization. We analyze intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. We review the amortization method and period at least at each balance sheet date. The effects of any revision are recorded to operations when the change arises. We recognize impairment when the estimated undiscounted cash flow generated by those assets is less than the carrying amounts of such assets. The amount of impairment is the excess of the carrying amount over the fair value of such assets. | |||||||||||||||||||||||
Goodwill is recorded as the excess of (i) the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquired over the (ii) fair value of the net identifiable assets acquired. We do not amortize goodwill; however, we annually, or whenever there is an indication that goodwill may be impaired, evaluate qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step quantitative goodwill impairment test. The Company measures the carrying amount of the asset against the estimated undiscounted future cash flows associated with it. Should the sum of the expected future net cash flows be less than the carrying value of the asset being evaluated, an impairment loss would be recognized. The impairment loss would be calculated as the amount by which the carrying value of the assets exceeds fair value. Our test of goodwill impairment includes assessing qualitative factors and the use of judgment in evaluating economic conditions, industry and market conditions, cost factors, and entity-specific events, as well as overall financial performance. Based on our analysis, no impairment loss was recorded in 2013 and 2012 as the carrying amount of the reporting unit’s assets did not exceed the estimated fair value determined. Any future increases in fair value would not result in an adjustment to the impairment loss that may be recorded in our consolidated financial statements. | |||||||||||||||||||||||
Acquisition of Evergreen Recycling, Inc. | |||||||||||||||||||||||
Effective January 1, 2013, the Company acquired Evergreen Recycling Co., Inc., an Indiana corporation ("Evergreen"), pursuant to an Asset Purchase Agreement, dated December 31, 2012 (the "Evergreen Agreement"), by and among the Company, Evergreen, Mr. Thomas Shiveley, the selling principal of Evergreen (the "Evergreen Selling Principal"), and GlyEco Acquisition Corp. #2, an Arizona corporation and wholly owned subsidiary of the Company (“Acquisition Sub #2”). | |||||||||||||||||||||||
Evergreen operates a business located in Indianapolis, Indiana, relating to processing recyclable glycol streams, primarily used antifreeze, and selling glycol as remanufactured product. | |||||||||||||||||||||||
Pursuant to the Evergreen Agreement, the Company (through Acquisition Sub #2) acquired the business and all of the glycol-related assets of Evergreen, free and clear of any liabilities or encumbrances, consisting of Evergreen's personal property (equipment, tools, machinery, furniture, supplies, materials, and other tangible personal property), inventory, intangible property, contractual rights, books and records, intellectual property, accounts receivable (excluding trade accounts receivable equal to or greater than 90 days), goodwill, and miscellaneous assets, in exchange for a $59,304 cash payment, 377,372 unregistered shares of the Company's common stock, valued at the then current fair market value of $1.57, determined by using the average closing price from the preceding five days up to the transaction closing date, and assumption of Evergreen's current payables totaling $10,010. | |||||||||||||||||||||||
Transaction with Full Circle Manufacturing Group, Inc. – New Jersey Processing Center | |||||||||||||||||||||||
On December 10, 2012, we entered into the following agreements allowing us to rent real property, and equipment and receive manufacturing, distribution and consulting services with the entities and sole owner, who is a member of our Board of Directors, as more fully described below. | |||||||||||||||||||||||
Effective January 1, 2013, and beginning on February 1, 2013, GlyEco Acquisition Corp. #4, an Arizona corporation and wholly owned subsidiary of the Company (“Acquisition Sub #4”) commenced an operating Lease Agreement with NY Terminals II, LLC, a New Jersey limited liability company ("NY Terminals") and related party, whereby Acquisition Sub #4 agreed to lease certain real property owned by NY Terminals for a five-year term at a monthly rate of $30,000. | |||||||||||||||||||||||
Effective January 1, 2013, and beginning on February 1, 2013, as a part of the same transaction, Acquisition Sub #4 commenced a capital Equipment Lease Agreement with Full Circle Manufacturing Group, Inc., a New Jersey corporation ("Full Circle"), a related party, whereby it agreed to lease Full Circle's equipment for $32,900 a month for a term of five years (refer to Note 8). The Company also commenced a Consulting Agreement with Joseph A. Ioia, the sole shareholder of Full Circle and sole member of NY Terminals ("Mr. Ioia"), in which the Company engaged Mr. Ioia, and agreed to compensate Mr. Ioia, to serve as a consultant for the Company. | |||||||||||||||||||||||
Effective December 10, 2012, as more fully described in our annual report on Form 10-K for the year ended December 31, 2012, we executed a Manufacturing and Distribution Agreement (the “M&D Agreement”) with Full Circle and a consulting agreement with Mr. Ioia, whereby Full Circle, under the supervision of Mr. Ioia, operates Full Circle to process recyclable glycol streams and sell glycol as remanufactured product at our direction. Under the M&D Agreement, Full Circle agreed to perform the manufacturing and distribution services relating to its glycol recycling business using the GlyEco Technology™, to exclusively produce remanufactured glycol for the sole benefit of us and to use the Intellectual Property (“IP”) sold to us by Mr. Ioia covering the worldwide right, title, and interest in Mr. Ioia’s exclusive glycol remanufacturing process. We acquired the IP for consideration of $2,000,000 in cash and 3,000,000 unregistered shares of the Company’s common stock valued at $0.50 per share in 2012. Mr. Ioia became a director of the Company on January 15, 2013. | |||||||||||||||||||||||
Interim Management Agreement with MMT Technologies, Inc. | |||||||||||||||||||||||
Effective August 26, 2013, GlyEco Acquisition Corp. #3, an Arizona subsidiary and wholly owned corporation of the Company (“Acquisition Sub #3”) entered into an Interim Management Agreement with MMT Technologies, Inc., a Florida corporation (“MMT Technologies”), and Otho N. Fletcher, Jr., principal of MMT Technologies (the “MMT Principal”), pursuant to which Acquisition Sub #3 assumed control of the operations of MMT Technologies’ antifreeze recycling business in anticipation of the closing of the transaction contemplated by that certain Asset Purchase Agreement originally entered into on May 24, 2012, by and between the Company, Acquisition Sub #3, MMT Technologies, and the MMT Principal (the “MMT Agreement”). | |||||||||||||||||||||||
Pursuant to the Interim Management Agreement, the Company (through Acquisition Sub #3) purchased two vehicles and assumed control of MMT Technologies’ business and all of the assets to be assigned to Acquisition Sub #3 pursuant to the MMT Agreement in exchange for $50,000 in cash, which will be deducted from the aggregate purchase price outlined in the MMT Agreement. | |||||||||||||||||||||||
On March 21, 2014, the Company completed the MMT Acquisition, by acquiring all business and all assets in exchange for 204,750 shares of restricted common stock, par value $0.0001, of the Company valued at a current fair market value of $1.03 per share determined by using the average closing price from the preceding five days up to the transaction closing date. | |||||||||||||||||||||||
Merger of GSS Automotive Recycling, Inc. with and into GlyEco Acquisition Corp. #7 | |||||||||||||||||||||||
Effective September 30, 2013, GSS Automotive Recycling, Inc., a Maryland corporation (“GSS Automotive Recycling”), merged with and into GlyEco Acquisition Corp. #7, an Arizona corporation and wholly owned subsidiary of the Company (“Acquisition Sub #7”), with Acquisition Sub #7 continuing as the surviving corporation and a wholly-owned subsidiary of the Company, pursuant to an Agreement and Plan of Merger, dated September 27, 2013 (the “GSS Agreement”), by and among the Company, Acquisition Sub #7, GSS Automotive Recycling, Joseph Getz, an individual (“Getz”), and John Stein, an individual (“Stein” and collectively with Getz, the “GSS Shareholders”). | |||||||||||||||||||||||
Pursuant to the GSS Agreement, the Company (through Acquisition Sub #7) purchased all of the issued and outstanding shares of GSS Automotive Recycling’s common stock from the GSS Shareholders in exchange for $430,000 in cash and 455,000 unregistered shares of the Company’s Common Stock, valued at the then current fair market value of $1.12 per share determined by using the average closing price from the preceding five days up to the transaction closing date. | |||||||||||||||||||||||
As a result of the merger, Acquisition Sub #7 has assumed operations and all of the assets of GSS Automotive Recycling’s business located in Landover, Maryland, relating to processing recyclable glycol streams, primarily used as antifreeze, and reselling glycol as remanufactured product. We are in the process of integrating their operations into ours. | |||||||||||||||||||||||
The acquisition of GSS includes a contingent consideration arrangement that requires the provision of $1.00 credit to the GSS Shareholders towards the purchase of additional shares of the Company for each additional $1.00 of Gross Profits (as defined in the GSS Agreement) that Acquisition Sub #7 earns in excess of $72,000 through December 31, 2014. The range of the undiscounted amounts the Company could owe under this arrangement is estimated to be between $0 and $38,000. The fair value of the contingent consideration on the acquisition date of approximately $0 was estimated based on the present value of projected payments, which were based on projected gross profit through 2014. These calculations and projections are based on significant inputs not observable in the market, which ASC 820 refers to as Level 3 inputs. Key assumptions include a discount rate of 25 percent as well as an increasing level of revenues and expenses based on probability factors at the acquisition date. | |||||||||||||||||||||||
At December 31, 2013, the Company evaluated the cash flow projections included in the contingent consideration and determined that there was no change in the fair value of the contingent consideration. | |||||||||||||||||||||||
During 2013, the Company completed the Evergreen, Full Circle, MMT Technologies and GSS Automotive Recycling transactions (the “Transactions”) in order to expand our market within North America, obtain synergies and cost efficiencies among the Transactions and GlyEco, and where economically feasible, add our technological advances to already operating facilities. As a result of the Transactions, we expect to reduce costs through economies of scale. The goodwill of $619,819 arising from the Transactions consists largely of the synergies and economies of scale expected from combining the operations and expanding our market. | |||||||||||||||||||||||
The following table summarizes the aggregate consideration paid during 2013 for the Transactions and resolution of previous contingent consideration, and the amounts of the assets acquired and liabilities assumed at the effective acquisition date: | |||||||||||||||||||||||
Consideration: | |||||||||||||||||||||||
Cash | $ | 539,304 | |||||||||||||||||||||
Equity instruments (635,810 common shares of the Company) issued | 894,173 | ||||||||||||||||||||||
Assets acquired under capital lease | 1,714,974 | ||||||||||||||||||||||
Equity instruments held in escrows (200,000 common shares of the Company) | 224,000 | ||||||||||||||||||||||
Fair value of total consideration transferred | $ | 3,372,451 | |||||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||||||
Financial assets (primarily accounts receivable) | $ | 92,320 | |||||||||||||||||||||
Inventory | 24,234 | ||||||||||||||||||||||
Property, plant, and equipment | 2,377,521 | ||||||||||||||||||||||
Identifiable intangible assets | 356,500 | ||||||||||||||||||||||
Financial liabilities | (97,943 | ) | |||||||||||||||||||||
Total identifiable net assets | 2,752,632 | ||||||||||||||||||||||
Goodwill | 619,819 | ||||||||||||||||||||||
$ | 3,372,451 | ||||||||||||||||||||||
The Company has placed in escrow 200,000 shares to be released to the former owners upon the passage of one year as long as no undisclosed contingencies arise as more fully described in the documents. As of December 31, 2013, the amount recognized for the contingent consideration arrangement is included in the purchase price as we consider the possibility that the shares will not be released from escrow as remote. The fair value of the acquired identifiable intangible assets of $356,500 is provisional pending receipt of the final valuations for those assets. | |||||||||||||||||||||||
The amounts of the Transactions’ revenue and earnings included in the Company's consolidated statement of operations for the year ended December 31, 2013, and the revenue and earnings of the combined entity had the acquisition date been done on January 1, 2012, are: | |||||||||||||||||||||||
Revenue | Earnings (Loss) | ||||||||||||||||||||||
Actual from date of Transaction 12/31/2013 | $ | 3,057,071 | $ | 569,697 | |||||||||||||||||||
Pro forma (unaudited) supplemental information as if the | |||||||||||||||||||||||
Transactions had occurred at the beginning of the period | |||||||||||||||||||||||
is approximately, as shown below: | |||||||||||||||||||||||
Supplemental (unaudited) pro forma for 1/1/2013 - 12/31/13 | $ | 6,420,000 | $ | (3,420,000 | ) | ||||||||||||||||||
Supplemental (unaudited) pro forma for 1/1/2012 - 12/31/12 | $ | 5,200,000 | $ | (1,275,000 | ) | ||||||||||||||||||
The 2013 and 2012 supplemental (unaudited) pro forma earnings were adjusted to exclude approximately $35,000 and $25,000, respectively, of acquisition-related costs incurred in 2013 and 2012 | |||||||||||||||||||||||
The components of intangible assets are as follows: | |||||||||||||||||||||||
Balance at | Balance at | ||||||||||||||||||||||
Estimated | December 31, | Current Year | December 31, | Accumulated | |||||||||||||||||||
Useful Life | 2012 | Additions | 2013 | Amortization | Net | ||||||||||||||||||
Finite live intangible assets: | |||||||||||||||||||||||
Customer list and tradename | 5 years | $ | - | $ | 24,500 | $ | 24,500 | $ | 1,810 | $ | 22,690 | ||||||||||||
Non-compete agreements | 5 years | - | 332,000 | 332,000 | 41,500 | 290,500 | |||||||||||||||||
Intellectual property | 25 years | 3,500,000 | - | 3,500,000 | 140,000 | 3,360,000 | |||||||||||||||||
Total intangible assets | $ | 3,500,000 | $ | 356,500 | $ | 3,856,500 | $ | 183,310 | $ | 3,673,190 | |||||||||||||
Goodwill | Indefinite | $ | 159,484 | $ | 619,819 | $ | 779,303 | $ | - | $ | 779,303 | ||||||||||||
We compute amortization using the straight-line method over the estimated useful lives of the intangible assets. The Company has no indefinite-lived intangible assets other than goodwill. The tax deductibility of goodwill has yet to be determined, but the Company believes it will be able to deduct goodwill amortization for tax purposes. | |||||||||||||||||||||||
No significant residual value is estimated for these intangible assets. Aggregate amortization expense included in general and administrative expenses for the years ended December 31, 2013 and 2012, totaled $183,310 and zero, respectively. The following table represents the total estimated amortization of intangible assets for the five succeeding years and thereafter: | |||||||||||||||||||||||
For the Year Ending December 31, | Estimated Amortization Expense | ||||||||||||||||||||||
2014 | $ | 209,380 | |||||||||||||||||||||
2015 | 209,380 | ||||||||||||||||||||||
2016 | 209,380 | ||||||||||||||||||||||
2017 | 209,380 | ||||||||||||||||||||||
2018 | 166,355 | ||||||||||||||||||||||
Thereafter | 2,669,315 | ||||||||||||||||||||||
$ | 3,673,190 | ||||||||||||||||||||||
NOTE_7_Income_Taxes
NOTE 7 - Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Income Tax Disclosure [Text Block] | NOTE 7 – Income Taxes | ||||||||
As of December 31, 2013 and 2012, the Company had a net operating loss (NOL) carryforwards of approximately $9,980,000 and $6,400,000, respectively, adjusted for stock based compensation and certain other non-deductible items available to reduce future taxable income, if any. The NOL carryforward begins to expire in 2028, and fully expires in 2033. Because management is unable to determine that it is more likely than not that the Company will realize the tax benefit related to the NOL carryforward, by having taxable income, a valuation allowance has been established as of December 31, 2013 and 2012 to reduce the tax benefit asset value to zero. | |||||||||
The deferred tax assets, including a valuation allowance, are as follows at December 31: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Deferred tax assets – NOL | $ | 3,480,000 | $ | 2,250,000 | |||||
Valuation allowance | (3,480,000 | ) | (2,250,000 | ) | |||||
Net deferred tax assets | $ | - | $ | - | |||||
The change in the valuation allowance for deferred tax assets for the years ended December 31, 2013 and 2012 was $1,230,000 and $605,000, respectively. In assessing the recovery of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in the periods in which those temporary differences become deductible. Management considers the scheduled reversals of future deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. As a result, management determined it was more likely than not the deferred tax assets would not be realized as of December 31, 2013 and 2012, and recorded a full valuation allowance. | |||||||||
Reconciliation between the statutory rate and the effective tax rate is as follows at December 31, 2013 and 2012: | |||||||||
Federal statutory tax rate | 35 | % | |||||||
Permanent difference and valuation allowance | (35 | )% | |||||||
Effective tax rate | 0 | % | |||||||
State income taxes are expected to be de minimis based on the locations where we do business and our level of activity. | |||||||||
NOTE_8_Capital_Lease
NOTE 8 - Capital Lease | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Debt and Capital Leases Disclosures [Text Block] | NOTE 8 – Capital Lease | ||||||||
Acquisition Sub #4 entered into a capital Equipment Lease Agreement with Full Circle, a related party as its sole owner is on our Board of Directors, whereby it agreed to lease Full Circle's equipment for $32,900 a month for a term of five years with an option to purchase the equipment at the end of the lease for $200,000. The net present value of the equipment is estimated at $1,714,974 based on a 9% discount rate. The lease is amortized over the five year term at a rate of 9%. The equipment acquired included a distillation column and infrastructure, tanks and related equipment, filtration equipment, and vehicles. Depreciation on the cost of its equipment is calculated using the straight-line method over an estimated useful life, ranging from five to twenty-five years, and zero salvage value. | |||||||||
At December 31, 2013, the value of the assets under the capital lease was $1,637,101, net. The depreciation expense for the year ended December 31, 2013 was $77,873. | |||||||||
Future minimum lease payments are due as follow: | |||||||||
Year Ended December 31, | Principal | Interest | |||||||
2014 | $ | 285,363 | $ | 109,437 | |||||
2015 | 312,125 | 82,675 | |||||||
2016 | 341,396 | 53,404 | |||||||
2017 | 373,413 | 21,387 | |||||||
2018 | 162,640 | 245 | |||||||
Total minimum lease payments | $ | 1,474,937 | $ | 267,148 | |||||
NOTE_9_Note_Payable
NOTE 9 - Note Payable | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Disclosure Text Block [Abstract] | |||||
Long-term Debt [Text Block] | |||||
NOTE 9 – Note Payable | |||||
On May 3, 2013, Acquisition Sub #1 entered into a secured promissory note with Security State Bank of Marine in Minnesota (the "Note Payable"). The key terms of the Note Payable include: (i) a principal value of $20,000, (ii) an interest rate of 6.0%, and (iii) a term of three years with a maturity date of May 2, 2016. The Note Payable is collateralized by a vehicle. | |||||
Future minimum note payments due are as follows: | |||||
Year Ended December 31, | |||||
2014 | $ | 6,504 | |||
2015 | 6,905 | ||||
2016 | 2,972 | ||||
Total minimum note payments | $ | 16,381 | |||
NOTE_10_Convertible_Note_Payab
NOTE 10 - Convertible Note Payable | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE 10 – Convertible Note Payable |
On August 9, 2008, Global Recycling issued a convertible promissory note to Leonid Frenkel, a principal stockholder, registered in the name of “IRA FBO Leonid Frenkel,” for $1,000,000 and bearing interest at 10.0% per annum (the “Frenkel Convertible Note”). Interest payments were due semi-annually in cash or shares of Global Recycling common stock. The Frenkel Convertible Note was convertible into 575,350 shares, at any time prior to maturity, at the option of the holder, into Global Recycling common stock at a conversion price of $2.50 per share. The Frenkel Convertible Note was secured by a lien on Global Recycling’s provisional patent application, including the GlyEco TechnologyTM Patent. The holder was also granted 480,000 warrants at $0.025 per share at the time the Frenkel Convertible Note was issued. The warrants expired on September 8, 2013. | |
The Frenkel Convertible Note’s original due date was extended to March 31, 2012. Nonpayment of the principal or interest due and payable within 10 days of such amount being due is an “Event of Default” under the terms of the Frenkel Convertible Note. An Event of Default may also occur if Global Recycling breaches any material terms of the Frenkel Convertible Note, files bankruptcy or ceases operations. In the event of default, at the holder’s election, the outstanding principal and unpaid accrued interest of the Frenkel Convertible Note may be due and payable immediately. | |
On April 3, 2012, the Company executed a Note Conversion Agreement (the "Conversion Agreement") with Mr. Frenkel. The terms of the Conversion Agreement extended the maturity date for the convertible note (the “Frenkel Convertible Note”) to December 31, 2013, with interest accrued at a rate of 12.5% compounding semi-annually, and waived any and all claims of demand arising from or related to a default on the Frenkel Convertible Note prior to the Conversion Agreement. The Conversion Agreement further stated that Mr. Frenkel would convert all money owed into a combination of common and Series AA preferred stock on the date that the Company had received an aggregate of $5,000,000 in equity investment following the date of the Conversion Agreement and warrants. Of the debt converted, $470,000 would be converted into common stock at $1.00 per share or the price offered to any investor subsequent to the Conversion Agreement, if lower. The remainder would be converted into Series AA preferred stock at $1.00 per share or the price offered to any investor subsequent to the Conversion Agreement, if lower. The Series AA preferred stock shall in all respects be the same as common stock, except for the following features: (i) the Series AA preferred stock shall accrue a dividend of 12.5% per year, compounded semi-annually; (ii) the Series AA preferred stock shall have priority in payment upon liquidation over common stock to the extent of the $1,171,375 and all accrued but unpaid dividends; (iii) the Series AA preferred stock shall automatically convert into common stock at the rate of one share of common stock for each $1 of the Series AA preferred stock plus accrued but unpaid dividends if the closing price on the common stock on the OTC/BB is $5.00 per share for 20 consecutive trading days, or if the stock is listed on NYSE or NASDAQ; (iv) the original issue price of $1,171,375 plus all accrued but unpaid dividends shall be due and payable on December 31, 2013 if the Series AA preferred stock is not converted to common stock under the terms herein by such date; and (v) the Series AA preferred stock shall provide that the holder may not voluntarily convert into common stock to the extent that the holder will beneficially own in excess of 9.99% of the then issued and outstanding common stock of the Company. As of February 15, 2013 the amount outstanding under the convertible note, including principal and interest, totaled $1,641,375. | |
On February 15, 2013, the Company satisfied the terms of the Conversion Agreement, upon receiving an aggregate of $5,000,000 in equity investment. At this time, the Company issued to Mr. Frenkel 940,000 shares of common stock at a price of $0.50 per share, 2,342,750 shares of Series AA preferred stock at a price of $0.50 per share, and 940,000 warrants to purchase shares of Common Stock at a price of $1.00 per share. The estimated value of the warrants totaling $392,170 were expensed under interest expense during 2013. Interest expense of $24,913 was recorded during 2013 for the period from January 1, 2013 through the date the notes payable were converted to the common and Series AA preferred stock. Upon conversion of the Series AA preferred stock to Common Stock, the Company will issue warrants at a price of $1.00 per share for each share of the Series AA preferred stock that is converted. The Series AA preferred stock is shown on the balance sheet as Mandatorily redeemable Series AA convertible preferred stock as of December 31, 2013. | |
On December 31, 2013, the Company and Mr. Frenkel entered into an Amendment No. 1 to the Conversion Agreement, pursuant to which the redemption date of the Series AA preferred stock was extended to January 31, 2014. On January 31, 2014, the Company and Mr. Frenkel entered into an Amendment No. 2 to the Conversion Agreement, pursuant to which the redemption date of the Series AA preferred stock was further extended to March 15, 2014. | |
On March 14, 2014, Mr. Frenkel converted the Series AA preferred stock under the Conversion Agreement into 2,342,750 shares of common stock at a price of $0.50 per share. As consideration for the extension of the maturity date of the Series AA preferred stock, an additional 262,763 shares of common stock were issued at a price of $0.50 per share. Of these combined shares, 1,946,280 shares were issued to Mr. Frenkel, and 659,233 shares were issued to Triage Capital Management L.P. Additionally, per the terms of the Conversion Agreement, a three-year warrant to purchase one share of common stock was issued for each share of common stock received in the conversion with each such warrant having an exercise price of $1.00. Therefore, Mr. Frenkel received 2,605,513 such warrants in connection with the conversion of the Series AA preferred stock. The accounting for the extension from January 1, 2014 to March 14, 2014 of the redemption has not been determined and will be included in our first quarter 2014 results. | |
NOTE_11_Stockholders_Equity
NOTE 11 - Stockholders' Equity | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Stockholders' Equity Note [Abstract] | |||||||||
Stockholders' Equity Note Disclosure [Text Block] | NOTE 11 – Stockholders’ Equity | ||||||||
Preferred Stock | |||||||||
The Company's articles of incorporation authorize the Company to issue up to 40,000,000 shares of $0.0001 par value, preferred shares having preferences to be determined by the board of directors for dividends, and liquidation of the Company's assets. Of the 40,000,000 preferred shares the Company is authorized by its articles of incorporation to issue up to 3,000,000 Series AA preferred shares. | |||||||||
As of December 31, 2013, the Company had 2,342,740 Series AA preferred shares issued and outstanding. Please see the description of the features and issuance of the Series AA preferred stock in Note 10. | |||||||||
As of December 31, 2013, the accrued dividends payable on the Series AA preferred stock was approximately $30. | |||||||||
Common Stock | |||||||||
As of December 31, 2013, the Company has 48,834,916, shares of common stock outstanding. The Company's articles of incorporation authorize the Company to issue up to 300,000,000 shares of $0.0001 par value, common stock. The holders are entitled to one vote for each share on matters submitted to a vote to shareholders, and to share pro rata in all dividends payable on common stock after payment of dividends on any preferred shares having preference in payment of dividends. | |||||||||
For the year ended December 31, 2013, the Company issued the following common stock: | |||||||||
Number of Common | Value of Common | ||||||||
Shares Issued | Shares as Recorded | ||||||||
Common Shares for Acquisition | 835,810 | $ | 1,118,173 | ||||||
Common Shares for Goods and Services | 793,679 | $ | 553,360 | ||||||
Common Shares for Convertible Note | 940,000 | $ | 470,000 | ||||||
Common Shares for Cash | 9,357,578 | $ | 8,178,471 | ||||||
Warrants and Options Exercised | 757,864 | $ | - | ||||||
We account for share based payments for goods and services to non-employees in accordance with ASC Subtopic 505-50 that requires that all such payments shall be measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measured. In order to evaluate whether the fair value of consideration received or the fair value of equity instruments issued is more reliable, we calculate the fair value of each. Primarily we have had contractual obligations owed and goods and services related to working capital exchanged for units in our private placements at their issue price to the public. | |||||||||
To determine the fair value of shares issued for acquisitions, we used the fair value determined by using the average closing price from the preceding five days up to the transaction closing date on the OTCQB Market. | |||||||||
The common shares were issued pursuant to Section 4(2) and Rule 506 of Regulation D promulgated thereunder because such purchasers represented that they were “accredited investors” as such term is defined under the Securities Act and the sale did not involve any form of general solicitation or general advertising. The investors made investment representations that the shares were taken for investment purposes and not with a view to resale. The shares of Common Stock issued are restricted under Rule 144 promulgated under the Securities Act. | |||||||||
Cash received from shares issued under private placements during the year ended December 31, 2013, was $8,178,471, net of $367,915 of stock issuance costs. | |||||||||
Share-Based Compensation | |||||||||
As of December 31, 2013 the Company had 2,794,100 common shares reserved for future issuance under the Company’s stock plans. (See Note 12) | |||||||||
NOTE_12_Options_and_Warrants
NOTE 12 - Options and Warrants | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 12 – Options and Warrants | ||||||||||||||||||||||
The following are details related to options issued by the Company: | |||||||||||||||||||||||
Weighted | |||||||||||||||||||||||
Options for | Average | ||||||||||||||||||||||
Shares | Exercise Price | ||||||||||||||||||||||
Outstanding as of December 31, 2011 | 3,717,606 | $ | 0.6 | ||||||||||||||||||||
Granted | 3,285,000 | 0.59 | |||||||||||||||||||||
Exercised | (165,000 | ) | 0.5 | ||||||||||||||||||||
Forfeited | - | - | |||||||||||||||||||||
Cancelled | - | - | |||||||||||||||||||||
Expired | - | - | |||||||||||||||||||||
Outstanding as of December 31, 2012 | 6,837,606 | $ | 0.59 | ||||||||||||||||||||
Outstanding as of December 31, 2012 | 6,837,606 | $ | 0.59 | ||||||||||||||||||||
Granted | 3,445,900 | 1 | |||||||||||||||||||||
Exercised | (150,000 | ) | 0.5 | ||||||||||||||||||||
Forfeited | - | - | |||||||||||||||||||||
Cancelled | - | - | |||||||||||||||||||||
Expired | - | - | |||||||||||||||||||||
Outstanding as of December 31, 2013 | 10,133,506 | $ | 0.74 | ||||||||||||||||||||
During 2013 and 2012, there were no forfeitures or expirations under our stock plans. The weighted-average grant-date fair value of options granted for the year ended December 31, 2013 was $0.44 per option. | |||||||||||||||||||||||
For the year ended December 31, 2013, the intrinsic value of options outstanding was $4,859,581, and of options exercisable was $6,310,476. | |||||||||||||||||||||||
All options exercised were done so by means of a cashless exercise, whereby the Company received no cash and issued new shares. | |||||||||||||||||||||||
We account for all stock-based payment awards made to employees and directors based on estimated fair values. We estimate the fair value of share-based payment awards on the date of grant using an option-pricing model and the value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service period, net of forfeitures. | |||||||||||||||||||||||
We use the Black-Scholes-Merton (“BSM”) option-pricing model as our method of valuation. The fair value is amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. The fair value of share-based payment awards on the date of grant as determined by the BSM model is affected by our stock price as well as other assumptions. These assumptions include, but are not limited to: | |||||||||||||||||||||||
• | Expected term is generally determined using weighted average of the contractual term and vesting period of the award; | ||||||||||||||||||||||
• | Expected volatility of award grants made under the Company’s plans is measured using the historical daily changes in the market price of similar industry indices selected by us as representative, which are publicly traded, over the expected term of the award, due to our limited trading history; | ||||||||||||||||||||||
• | Risk-free interest rate is equivalent to the implied yield on zero-coupon U.S. Treasury bonds with a remaining maturity equal to the expected term of the awards; and, | ||||||||||||||||||||||
• | Forfeitures are based on the history of cancellations of awards granted by the Company and management's analysis of potential forfeitures. | ||||||||||||||||||||||
The estimated value of employee stock options granted during the years ended December 31, 2013 and 2012 were estimated using the BSM option pricing model with the following assumptions: | |||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
Expected volatility | 40 | % | 10 | % | |||||||||||||||||||
Risk-free interest rate | 0.16 | – | 0.70 | % | 0.6 | – | 0.70 | % | |||||||||||||||
Expected dividends | 0 | % | 0 | % | |||||||||||||||||||
Expected term in years | 3 | – | 5 | 5 | – | 10 | |||||||||||||||||
The following are details related to warrants issued by the Company: | |||||||||||||||||||||||
Weighted | |||||||||||||||||||||||
Warrants for | Average | ||||||||||||||||||||||
Shares | Exercise Price | ||||||||||||||||||||||
Outstanding as of December 31, 2011 | 4,410,991 | $ | 0.64 | ||||||||||||||||||||
Granted | 7,946,500 | 1 | |||||||||||||||||||||
Exercised | (35,000 | ) | 0.5 | ||||||||||||||||||||
Forfeited | - | - | |||||||||||||||||||||
Cancelled | (14,933 | ) | 2.5 | ||||||||||||||||||||
Expired | - | - | |||||||||||||||||||||
Outstanding as of December 31, 2012 | 12,307,558 | $ | 0.86 | ||||||||||||||||||||
Outstanding as of December 31, 2012 | 12,307,558 | 0.86 | |||||||||||||||||||||
Granted | 8,187,817 | 1.31 | |||||||||||||||||||||
Exercised | (680,000 | ) | 0.03 | ||||||||||||||||||||
Forfeited | (284,934 | ) | 0.48 | ||||||||||||||||||||
Cancelled | - | - | |||||||||||||||||||||
Expired | - | - | |||||||||||||||||||||
Outstanding as of December 31, 2013 | 19,530,441 | 1.08 | |||||||||||||||||||||
The weighted-average grant-date fair value of the 1,439,560 compensatory warrants granted for the year ended December 31, 2013, was $0.37 per warrant. | |||||||||||||||||||||||
For the year ended December 31, 2013, the intrinsic value of warrants outstanding and exercisable was 3,835,245. | |||||||||||||||||||||||
All warrants exercised were done so by means of a cashless exercise, whereby the Company received no cash and issued new shares. | |||||||||||||||||||||||
For the year ended December 31, 2013, the Company issued 1,439,560 compensatory warrants to purchase its common stock while recording expense for these warrants of $526,393 using the BSM option pricing model based upon: | |||||||||||||||||||||||
· Expected term is generally determined using the contractual term of the award; | |||||||||||||||||||||||
· Expected volatility of award grants made under the Company’s plans is measured using the historical daily changes in the market price of similar industry indices selected by us as representative, which are publicly traded, over the expected term of the award, due to our limited trading history; | |||||||||||||||||||||||
· Risk-free interest rate is equivalent to the implied yield on zero-coupon U.S. Treasury bonds with a remaining maturity equal to the expected term of the awards; and, | |||||||||||||||||||||||
· Forfeitures are based on the history of cancellations of awards granted by the Company and management's analysis of potential forfeitures. | |||||||||||||||||||||||
The weighted-average estimated fair value of warrants granted as stock based compensation during the years ended December 31, 2013 and 2012 were estimated using the BSM option pricing model with the following assumptions: | |||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
Expected volatility | 40 | % | 10 | % | |||||||||||||||||||
Risk-free interest rate | 0.6 | – | 0.7 | % | 0.6 | – | 0.70 | % | |||||||||||||||
Expected dividends | 0 | % | 0 | % | |||||||||||||||||||
Expected term in years | 3 | – | 5 | 3 | – | 5 | |||||||||||||||||
For the Year Ended December 31, 2012: | |||||||||||||||||||||||
Warrants and Options Outstanding | Warrants and Options Exercisable | ||||||||||||||||||||||
Range of Exercise Price | Number Outstanding | Weighted Average Remaining Contractual Life (years) | Range of Exercise Price | Number Exercisable | Weighted Average Exercise Price | ||||||||||||||||||
$ | 0.0001 | 1,000,000 | 2.5 | $ | 0.0001 | 1,000,000 | $ | 0.0001 | |||||||||||||||
$ | 0.025 | 680,000 | 0.3 | $ | 0.025 | 680,000 | $ | 0.025 | |||||||||||||||
$ | 0.5 | 6,360,000 | 9 | $ | 0.5 | 3,975,000 | $ | 0.5 | |||||||||||||||
$ | 0.625 | 220,000 | 0.1 | $ | 0.625 | 220,000 | $ | 0.625 | |||||||||||||||
$ | 1 | 10,420,230 | 9 | $ | 1 | 10,370,230 | $ | 1 | |||||||||||||||
$ | 1.5 | 300,000 | 2.5 | $ | 1.5 | 300,000 | $ | 1.5 | |||||||||||||||
$ | 2.45 | 100,000 | 5 | $ | 2.45 | 20,000 | $ | 2.45 | |||||||||||||||
$ | 2.5 | 64,934 | 0.5 | $ | 2.5 | 64,934 | $ | 2.5 | |||||||||||||||
19,145,164 | 16,630,164 | ||||||||||||||||||||||
For the Year Ended December 31, 2013: | |||||||||||||||||||||||
Warrants and Options Outstanding | Warrants and Options Exercisable | ||||||||||||||||||||||
Range of Exercise Price | Number Outstanding | Weighted Average Remaining Contractual Life (years) | Range of Exercise Price | Number Exercisable | Weighted Average Exercise Price | ||||||||||||||||||
$ | 0.0001 | 1,000,000 | 1.4 | $ | 0.0001 | 1,000,000 | 0.0001 | ||||||||||||||||
$ | 0.5 | 6,410,800 | 8.1 | $ | 0.5 | 5,182,300 | 0.5 | ||||||||||||||||
$ | 1 | 15,036,830 | 4.2 | $ | 1 | 13,414,330 | 1 | ||||||||||||||||
$ | 1.25 | 2,912,716 | 2.2 | $ | 1.25 | 2,912,716 | 1.25 | ||||||||||||||||
$ | 1.5 | 4,203,601 | 4.7 | $ | 1.5 | 4,203,601 | 1.5 | ||||||||||||||||
$ | 2.45 | 100,000 | 8.5 | $ | 2.45 | 40,000 | 2.45 | ||||||||||||||||
29,663,947 | 26,752,947 | ||||||||||||||||||||||
Third Amended and Restated 2007 Stock Incentive Plan | |||||||||||||||||||||||
The Company assumed the Third Amended and Restated 2007 Stock Incentive Plan (the “2007 Stock Plan”) from Global Recycling Technologies, Ltd., a Delaware corporation (“Global Recycling”), upon the consummation of a reverse triangular merger between the Company, Global Recycling, and GRT Acquisition, Inc., a Nevada corporation, on November 28, 2011. | |||||||||||||||||||||||
There are an aggregate of 6,742,606 shares of our Common Stock reserved for issuance under options granted by the 2007 Stock Plan to employees, directors, proposed employees and directors, advisors, independent contractors (and their employees and agents), and other persons who provide valuable services to the Company (collectively, “Eligible Persons”). As of December 31, 2013, we have issued options to purchase an aggregate of 6,647,606 shares of our Common Stock originally reserved under the 2007 Stock Plan. There remain 95,000 shares of Common Stock available for issuance under this plan. | |||||||||||||||||||||||
Under the 2007 Stock Plan, Eligible Persons may be granted: (a) stock options (“Options”), which may be designated as Non-Qualified Stock Options (“NQSOs”) or Incentive Stock Options (“ISOs”); (b) stock appreciation rights (“SARs”); (c) restricted stock awards (“Restricted Stock”); (d) performance share awards (“Performance Awards”); or (e) other forms of stock-based incentive awards. | |||||||||||||||||||||||
The 2007 Stock Plan will remain in full force and effect through May 30, 2017, unless earlier terminated by our Board of Directors. After the 2007 Stock Plan is terminated, no future awards may be granted under the 2007 Stock Plan, but awards previously granted will remain outstanding in accordance with their applicable terms and conditions. | |||||||||||||||||||||||
2012 Equity Incentive Plan | |||||||||||||||||||||||
On February 23, 2012, subject to stockholder approval, the Company’s Board of Directors approved the Company’s 2012 Equity Incentive Plan (the “2012 Plan”). By written consent in lieu of a meeting, dated March 14, 2012, Stockholders of the Company owning an aggregate of 14,398,402 shares of Common Stock (representing approximately 66.1% of the then 23,551,991 outstanding shares of Common Stock) approved and adopted the 2012 Plan. Also by written consent in lieu of a meeting, dated July 27, 2012, Stockholders of the Company owning an aggregate of 12,676,202 shares of Common Stock (representing approximately 51.8% of the then 24,451,991 outstanding shares of Common Stock) approved an amendment to the 2012 Plan to increase the number of shares reserved for issuance under the 2012 Plan by 3,000,000 shares. | |||||||||||||||||||||||
There are an aggregate of 6,500,000 shares of our Common Stock reserved for issuance upon exercise of awards granted under the 2012 Plan to employees, directors, proposed employees and directors, advisors, independent contractors (and their employees and agents), and other persons who provide valuable services to the Company. As of December 31, 2013, we have issued options to purchase an aggregate of 3,800,900 shares of our Common Stock originally reserved under the 2012 Plan. There remain 2,699,100 shares of Common Stock available for issuance under this plan. | |||||||||||||||||||||||
The 2012 Plan includes a variety of forms of awards, including (a) ISOs (b) NQSOs (c) SARs (d) Restricted Stock, (e) Performance Awards, and (e) other forms of stock-based incentive awards to allow the Company to adapt its incentive compensation program to meet its needs. | |||||||||||||||||||||||
The 2012 Plan will terminate on February 23, 2022, unless sooner terminated by our Board of Directors. After the 2012 Plan is terminated, no future awards may be granted under the 2012 Plan, but awards previously granted will remain outstanding in accordance with their applicable terms and conditions and the 2012 Plan’s terms and conditions. | |||||||||||||||||||||||
NOTE_13_Related_Party_Transact
NOTE 13 - Related Party Transactions | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Related Party Transactions [Abstract] | |||||||||
Related Party Transactions Disclosure [Text Block] | NOTE 13 – Related Party Transactions | ||||||||
Related party transactions are included in cost of goods sold, consulting fees, general and administrative expenses, interest expense, and the capital lease obligation. Refer to the consolidated statements of operations for amounts. | |||||||||
Chief Executive Officer | |||||||||
The Chief Executive Officer is the sole owner of a corporation, Barcid Investment Group, that was paid for management consulting services provided to the Company. As of February 1, 2012, the CEO changed his status from a consultant and became an employee of the Company. The CEO purchased 156,000 shares in the offering that closed on February 15, 2013 at a price of $0.65 per share in consideration of monies owed to him by the Company. | |||||||||
2013 | 2012 | ||||||||
Beginning balance as of December 31, 2012 | $ | 211,800 | $ | 278,800 | |||||
Monies owed | 87,069 | 12,500 | |||||||
Monies paid | (184,435 | ) | (79,500 | ) | |||||
Ending balance as of December 31, 2013 | $ | 114,434 | $ | 211,800 | |||||
Chief Business Development Officer | |||||||||
The Chief Business Development Officer is the sole owner of two corporations, CyberSecurity, Inc. and Market Tactics, Inc., which were paid for marketing consulting services provided to the Company. | |||||||||
2013 | 2012 | ||||||||
Beginning balance as of December 31, 2012 | $ | - | $ | 41,000 | |||||
Monies owed | 145,011 | 77,000 | |||||||
Monies paid | (128,953 | ) | (118,000 | ) | |||||
Ending balance as of December 31, 2013 | $ | 16,058 | $ | - | |||||
Chief Financial Officer | |||||||||
The Chief Financial Officer is reimbursed for business expenses charged on a personal credit card. | |||||||||
2013 | 2012 | ||||||||
Beginning balance as of December 31, 2012 | $ | - | $ | - | |||||
Monies owed | 57,272 | - | |||||||
Monies paid | (41,134 | ) | - | ||||||
Ending balance as of December 31, 2013 | $ | 16,138 | $ | - | |||||
Director | |||||||||
A Director of the Company is the counter party to consulting and non-compete contracts, as well as the sole owner of two corporations, Full Circle and NY Terminals with contracts with the Company. As described in Note 4, Full Circle is paid pursuant to lease and services agreements. NY Terminals is paid pursuant to a ground lease agreement. | |||||||||
2013 | 2012 | ||||||||
Beginning balance as of December 31, 2012 | $ | - | $ | - | |||||
Monies owed | 2,832,046 | - | |||||||
Monies paid | (2,405,994 | ) | - | ||||||
Ending balance as of December 31, 2013 | $ | 426,052 | $ | - | |||||
General Manager | |||||||||
The General Manager of Acquisition Sub #3 is co-owner of MMT Technologies, which is paid rent pursuant to a lease agreement for the building and land occupied by Acquisition Sub #3. | |||||||||
2013 | 2012 | ||||||||
Beginning balance as of December 31, 2012 | $ | - | $ | - | |||||
Monies owed | 10,000 | - | |||||||
Monies paid | - | - | |||||||
Ending balance as of December 31, 2013 | $ | 10,000 | $ | - | |||||
Former Chief Financial Officer | |||||||||
The former Chief Financial Officer for the Company was owed $17,455 at the end of 2012. In 2013, the former CFO ceased to be a related party upon his resignation from the Company in January of 2013 and the outstanding payable balance was repaid. | |||||||||
Shareholder | |||||||||
A shareholder of the Company was owed $230,000 at the end of 2012 for consulting services provided to the Company. In 2013, the shareholder ceased to be a related party and the outstanding payable balance was repaid. | |||||||||
NOTE_14_Commitments_and_Contin
NOTE 14 - Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies Disclosure [Text Block] | NOTE 14 – Commitments and Contingencies | ||||
Rental Agreements | |||||
During the years ended December 31, 2013 and 2012, the Company rented office and warehouse space on a monthly basis under a written rental agreements. The terms of these agreements range from several months to five years. | |||||
For the years ended December 31, 2013 and 2012, rent expense was $516,952 and $44,100, respectively. | |||||
Future minimum lease payments due are as follows: | |||||
Year Ended December 31, | |||||
2014 | $ | 652,670 | |||
2015 | 645,687 | ||||
2016 | 650,652 | ||||
2017 | 564,251 | ||||
2018 | 73,097 | ||||
Total minimum lease payments | $ | 2,586,357 | |||
Litigation | |||||
The Company may be party to legal proceedings in the ordinary course of business. The Company believes that the nature of these proceedings (collection actions, etc.) are typical for a Company of our size and scope of operations. Currently, there are no pending legal proceedings. However, the Company is aware of two matters that involve potential claims against the Company that it is at least reasonably possible that a claim may be asserted. In the first matter, the Company had retained an entity to assist in the raising of capital. The Company believes that the entity has violated the terms of our contract. The estimated range involved in this dispute is from $0 to $100,000. In the second matter, the Company had a contract with an entity to provide project management services. The entity has billed for amounts above their contract amount for services that the Company believes were included in the scope of work of their contract. The estimated range involved in this dispute is from $0 to $129,000. Management believes both of these possible claims are without merit and intends to vigorously defend themselves should a formal claim be made. | |||||
Environmental Matters | |||||
We are subject to federal, state, and local laws, regulations and ordinances relating to the protection of the environment, including those governing discharges to air and water, handling and disposal practices for solid and hazardous wastes, and occupational health and safety. It is management’s opinion that the Company is not currently exposed to significant environmental remediation liabilities or asset retirement obligations as of December 31, 2013 and 2012. However, if a release of hazardous substances occur, or is found on one of our properties from prior activity, we may be subject to liability arising out of such conditions and the amount of such liability could be material. | |||||
NOTE_15_Concentration_of_Credi
NOTE 15 - Concentration of Credit Risk | 12 Months Ended | |
Dec. 31, 2013 | ||
Risks and Uncertainties [Abstract] | ||
Concentration Risk Disclosure [Text Block] | NOTE 15 – Concentration of Credit Risk | |
Credit risk represents the accounting loss that would be recognized at the reporting date if counter parties failed completely to perform as contracted. Concentrations of credit risk that arise from financial instruments exist for groups of customers when they have similar economic characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in economic or other conditions described below. | ||
· | Cash and cash equivalents – Financial instruments that subject the Company to credit risk are cash balances maintained in excess of federal depository insurance limits. At December 31, 2013, the Company had $3,828,685 in cash which was not guaranteed by the Federal Deposit Insurance Corporation. To date, the Company has not experienced any losses in such accounts and believes the exposure is minimal. | |
· | Major customers and accounts receivable – Major customers represent any customer that accounts for more than 10% of revenues for the year. During 2013, the Company had two customers that accounted for 23% and 29% of revenues and whose accounts receivable balance (unsecured) accounted for approximately 23% and 7% of accounts receivable at December 31, 2013. During 2012, the Company had one customer that accounted for approximately 62% of revenues. | |
NOTE_16_Subsequent_Events
NOTE 16 - Subsequent Events | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Subsequent Events [Abstract] | |||||||||
Subsequent Events [Text Block] | NOTE 16 – Subsequent Events | ||||||||
Common Stock | |||||||||
On January 24, 2014, the Company issued an aggregate of 24,167 shares of Common Stock for the cashless exercise of 45,000 options at an exercise price of $0.50 per share. The closing price on the OTCQB Market on the day of exercise was $1.08 per share of Common Stock. | |||||||||
On February 10, 2014, the Company issued an aggregate of 204,689 shares of Common Stock to four employees, pursuant to a performance incentive plan at a price of $1.04 per share. | |||||||||
On March 14, 2014, the Company issued an aggregate of 2,605,513 shares to two investors in consideration for the conversion of Series AA preferred stock into common stock, per the terms of the Note Conversion Agreement, at a price of $0.50 per share. | |||||||||
On March 21, 2014, the Company issued an aggregate of 204,750 shares of common stock to MMT Technologies, Inc., in consideration for the business and assets of MMT Technologies, as discussed further below. | |||||||||
Summary of subsequent stock issuances as of March 21, 2014: | |||||||||
Number of Common | Value of Common | ||||||||
Shares Issued | Shares | ||||||||
Common Shares for Acquisition | 204,750 | $ | 210,893 | ||||||
Common Shares for Performance Plan | 204,689 | $ | 212,877 | ||||||
Common Shares for Conversion of Series AA Preferred Shares | 2,605,513 | $ | 1,302,757 | ||||||
Warrants and Options Exercised | 24,167 | $ | 26,100 | ||||||
Acquisition of MMT Technologies, Inc.. | |||||||||
As previously reported by the Company on a Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission (the “Commission”) on May 30, 2012, GlyEco Acquisition Corp. #3, an Arizona corporation and wholly-owned subsidiary (“Acquisition Sub #3”) of the Company, entered into an Asset Purchase Agreement (the “Agreement”) on May 24, 2012, with MMT Technologies, Inc., a Florida corporation (“MMT Technologies”), pursuant to which Acquisition Sub #3 agreed to purchase MMT Technologies’ business and all of its assets (the “MMT Acquisition”). | |||||||||
On March 21, 2014, Acquisition Sub #3 and MMT Technologies entered into an Amendment No. 1 to Asset Purchase Agreement (the “Amendment No. 1”) and correspondingly consummated the MMT Acquisition, pursuant to which Acquisition Sub #3 acquired MMT Technologies’ business and all of its assets, free and clear of any liabilities or encumbrances, consisting of equipment, tools, machinery, supplies, materials, materials, other tangible property, inventory, intangible property, contractual rights, books and records, intellectual property, accounts receivable, goodwill, and miscellaneous assets in exchange for 204,750 shares of restricted common stock, par value $0.0001, of the Company valued at a current fair market value of $1.03 per share. | |||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ||||
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation | |||
The accompanying consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States (“GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). | ||||
Consolidation, Policy [Policy Text Block] | Consolidation | |||
These consolidated financial statements include the accounts of GlyEco, Inc., and its wholly-owned subsidiaries. All significant intercompany accounting transactions have been eliminated as a result of consolidation. The subsidiaries include: GlyEco Acquisition Corp #1 ("Acquisition Sub #1”); GlyEco Acquisition Corp #2 ("Acquisition Sub #2”); GlyEco Acquisition Corp #3 ("Acquisition Sub #3”); GlyEco Acquisition Corp #4 ("Acquisition Sub #4”); GlyEco Acquisition Corp #5 ("Acquisition Sub #5”); GlyEco Acquisition Corp #6 ("Acquisition Sub #6”); and GlyEco Acquisition Corp. #7 (“Acquisition Sub #7”). | ||||
Segment Reporting, Policy [Policy Text Block] | Operating Segments | |||
Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated on a regular basis by the chief operating decision maker, or decision making group, in deciding how to allocate resources to an individual segment and in assessing the performance of the segment. Operating segments may be aggregated into a single operating segment if the segments have similar economic characteristics, among other criteria. The Company operates as one segment. | ||||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates | |||
The preparation of financial statements in conformity with GAAP 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 the reported revenues and expenses during the reporting periods. Because of the use of estimates inherent within the financial reporting process, actual results may differ significantly from those estimates. Significant estimates include, but are not limited to, items such as, the allowance of doubtful accounts, the value of stock-based compensation and warrants, the allocation of the purchase price in the various acquisitions, and the realization of property, plant and equipment, goodwill, other intangibles and their estimated useful lives. | ||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents | |||
All highly liquid investments with maturities of three months or less at the time of purchase are considered to be cash equivalents. | ||||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition | |||
The Company recognizes revenue when four basic criteria have been met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services rendered; (3) the fee is fixed and determinable; and (4) collectability is reasonably assured. Cost of products sold consists of the cost of the purchased goods and labor related to the corresponding sales transaction. The Company recognizes revenue from services at the time the services are completed. Shipping costs passed to the customer are included in the net sales. | ||||
Cost of Sales, Policy [Policy Text Block] | Costs | |||
Cost of goods sold includes all direct material and labor costs and those indirect costs of bringing raw materials to sale condition, including depreciation of equipment used in manufacturing and shipping and handling costs. We have entered into a Manufacturing and Distribution Agreement (M&D Agreement) with Full Circle MFG Group, Inc. (“Full Circle”) to provide us with recycling and production services, which is included in related party in cost of goods sold as Full Circle is owned by a member of our Board of Directors. Selling, general, and administrative costs are charged to operating expenses as incurred. Research and development costs are expensed as incurred and are included in operating expenses. Advertising costs are expensed as incurred. Total advertising costs for 2013 and 2012 were $86,000 and $4,000, respectively. | ||||
Receivables, Policy [Policy Text Block] | Accounts Receivable | |||
Accounts receivable are recognized and carried at the original invoice amount less an allowance for expected uncollectible amounts. Inherent in the assessment of the allowance for doubtful accounts are certain judgments and estimates including, among others, the customer's willingness or ability to pay, the Company's compliance with customer invoicing requirements, the effect of general economic conditions and the ongoing relationship with the customer. Accounts with outstanding balances longer than the payment terms are considered past due and we do not charge interest on past due balances. The Company writes off trade receivables when all collection efforts have been exhausted. Bad debt expense is reflected as a component of general and administrative expenses in the consolidated statements of operations. | ||||
Inventory, Policy [Policy Text Block] | Inventory | |||
Inventories are reported at the lower of cost or market. The cost of raw materials, including feedstocks and additives, is determined on an average unit cost of the units in a production lot. Work-in-process represents labor, material and overhead costs associated with the manufacturing costs at an average unit cost of the units in the production lot. The Company periodically reviews its inventories for obsolete or unsalable items and adjusts its carrying value to reflect estimated realizable values. | ||||
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment | |||
Property and Equipment is stated at cost. The Company provides depreciation on the cost of its equipment using the straight-line method over an estimated useful life, ranging from five to twenty-five years, and zero salvage value. Expenditures for repairs and maintenance are charged to expense as incurred. The upgrades to our NJ Processing Center are scheduled to be completed in 2014, at which time depreciation is expected to commence. As of December 31, 2013, the Company incurred and capitalized Construction in Process totaling $2,117,001. The estimated cost to be incurred in 2014 to complete upgrades at the processing center is approximately $2,000,000 million. Depreciation expense for the years ended December 31, 2013 and 2012, was $258,162 and $70,641, respectively. | ||||
For purposes of computing depreciation, the useful lives of property and equipment are: | ||||
Leasehold improvements | 5 years | |||
Machinery and Equipment | 3-25 years | |||
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments | |||
The Company has adopted the framework for measuring fair value that establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements). | ||||
The three levels of inputs that may be used to measure fair value are as follows: | ||||
● | Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date; | |||
● | Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data; and | |||
● | Level 3: Significant unobservable inputs that reflect a reporting entity's own assumptions that market participants would use in pricing an asset or liability. Valuation is generated from model-based techniques with the unobservable assumptions reflecting our own estimate of assumptions that market participants would use in pricing the asset or liability. | |||
Cash, accounts receivable, other current assets, accounts payable and other accrued liabilities, and shares of Series AA Preferred Stock are reflected in the balance sheet at their estimated fair values primarily due to their short-term nature. As to long-term capital leases and notes payable, estimated fair values are based on borrowing rates currently available to the Company for loans with similar terms and maturities, which represent level 3 input levels. The Company did not engage in any transaction involving derivative instruments. Fair value accounting has been applied to the initial valuation of warrants issued, intangible assets, and goodwill, which is discussed in the respective notes. | ||||
Earnings Per Share, Policy [Policy Text Block] | Net Loss per Share Calculation | |||
The basic net loss per common share is computed by dividing the net loss by the weighted average number of shares outstanding during a period. Diluted income per common share is computed by dividing the net income, adjusted on an as if converted basis, by the weighted average number of common shares outstanding plus potentially dilutive securities. The Company has other potentially dilutive securities outstanding that are not shown in a diluted net loss per share calculation because their effect in both 2013 and 2012 would be anti-dilutive. These potentially dilutive securities excluded from the calculation include Series AA Preferred Stock, options and warrants. At December 31, 2013, these securities included warrants of 19,530,441 and stock options of 10,133,506 for a total of 29,663,947. At December 31, 2012, these securities included warrants of 12,307,558 and stock options of 6,837,606 for a total of 19,145,164. In addition, at December 31, 2013, there are 2,342,740 common shares that can potentially be issued upon the conversion of the Series AA Convertible Preferred Stock. There were no shares of Series AA Convertible Preferred Stock outstanding at December 31, 2012. | ||||
Income Tax, Policy [Policy Text Block] | Provision for Taxes | |||
The Company accounts for its income taxes in accordance with the Income Taxes Topic of ASC 740, Income Taxes, which requires recognition of deferred tax assets and liabilities for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax credit carry forwards. 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 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. An allowance for the deferred tax asset is established if it is more likely than not that the asset will not be realized. | ||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock Based Compensation | |||
All share-based payments to employees, including grants of employee stock options, are expensed based on their estimated fair values at the grant date, in accordance with ASC 718. Compensation expense for stock options is recorded over the vesting period using the estimated fair value on the date of grant, as calculated by the Company using the Black-Scholes model. The Company classifies all share-based awards as equity instruments. | ||||
See Note 12 for a description of the Company’s share-based compensation plans and information related to awards granted under the plans. | ||||
Non-employee stock-based compensation is accounted for based on the fair value of the related stock or options or the fair value of the goods or services on the grant date, whichever is more readily determinable. | ||||
Reclassification, Policy [Policy Text Block] | Reclassification of Prior Year Amounts | |||
Certain prior year numbers have been reclassified to conform to the current year presentation. These reclassifications have not affected the net loss as previously reported. | ||||
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements | |||
There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our consolidated financial position, operations or cash flows. |
NOTE_2_Basis_of_Presentation_a1
NOTE 2 - Basis of Presentation and Summary of Significant Accounting Policies (Tables) (Property, Plant and Equipment, Useful Lives [Member]) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Property, Plant and Equipment, Useful Lives [Member] | ||||
NOTE 2 - Basis of Presentation and Summary of Significant Accounting Policies (Tables) [Line Items] | ||||
Property, Plant and Equipment [Table Text Block] | For purposes of computing depreciation, the useful lives of property and equipment are: | |||
Leasehold improvements | 5 years | |||
Machinery and Equipment | 3-25 years |
NOTE_3_Accounts_Receivable_Tab
NOTE 3 - Accounts Receivable (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | |||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The following table summarizes activity for the allowance for doubtful accounts: | ||||||||
2013 | 2012 | ||||||||
Beginning balance as of January 1, | $ | 4,892 | - | ||||||
Bad debt expense | 44,198 | 4,892 | |||||||
Charge offs, net | (1,163 | ) | - | ||||||
Ending balance as of December 31, | $ | 47,927 | 4,892 |
NOTE_4_Inventory_Tables
NOTE 4 - Inventory (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Current [Table Text Block] | As of December 31, 2013 and 2012, the Company’s total inventories were $268,191 and $58,719, respectively. | ||||||||
December 31, | 2013 | 2012 | |||||||
Raw materials | $ | 76,165 | $ | 18,039 | |||||
Work in process | 47,106 | 31,569 | |||||||
Finished goods | 144,920 | 9,111 | |||||||
Total inventories | $ | 268,191 | $ | 58,719 |
NOTE_5_Equipment_Tables
NOTE 5 - Equipment (Tables) (Property, Plant and Equipment Table [Member]) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment Table [Member] | |||||||||
NOTE 5 - Equipment (Tables) [Line Items] | |||||||||
Property, Plant and Equipment [Table Text Block] | As of December 31, 2013 and 2012, the property, plant and equipment is being reflected net of accumulated depreciation as $5,515,183 and $685,406, respectively. | ||||||||
December 31, | 2013 | 2012 | |||||||
Machinery and equipment | $ | 3,719,344 | $ | 756,047 | |||||
Leasehold improvements | 7,641 | - | |||||||
Accumulated depreciation | (328,803 | ) | (70,641 | ) | |||||
3,398,182 | 685,406 | ||||||||
Construction in process | 2,117,001 | - | |||||||
Total property, plant and equipment | $ | 5,515,183 | $ | 685,406 |
NOTE_6_Acquisitions_Goodwill_a1
NOTE 6 - Acquisitions, Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the aggregate consideration paid during 2013 for the Transactions and resolution of previous contingent consideration, and the amounts of the assets acquired and liabilities assumed at the effective acquisition date: | ||||||||||||||||||||||
Cash | $ | 539,304 | |||||||||||||||||||||
Equity instruments (635,810 common shares of the Company) issued | 894,173 | ||||||||||||||||||||||
Assets acquired under capital lease | 1,714,974 | ||||||||||||||||||||||
Equity instruments held in escrows (200,000 common shares of the Company) | 224,000 | ||||||||||||||||||||||
Fair value of total consideration transferred | $ | 3,372,451 | |||||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||||||
Financial assets (primarily accounts receivable) | $ | 92,320 | |||||||||||||||||||||
Inventory | 24,234 | ||||||||||||||||||||||
Property, plant, and equipment | 2,377,521 | ||||||||||||||||||||||
Identifiable intangible assets | 356,500 | ||||||||||||||||||||||
Financial liabilities | (97,943 | ) | |||||||||||||||||||||
Total identifiable net assets | 2,752,632 | ||||||||||||||||||||||
Goodwill | 619,819 | ||||||||||||||||||||||
$ | 3,372,451 | ||||||||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | The amounts of the Transactions’ revenue and earnings included in the Company's consolidated statement of operations for the year ended December 31, 2013, and the revenue and earnings of the combined entity had the acquisition date been done on January 1, 2012, are: | ||||||||||||||||||||||
Revenue | Earnings (Loss) | ||||||||||||||||||||||
Actual from date of Transaction 12/31/2013 | $ | 3,057,071 | $ | 569,697 | |||||||||||||||||||
Pro forma (unaudited) supplemental information as if the | |||||||||||||||||||||||
Transactions had occurred at the beginning of the period | |||||||||||||||||||||||
is approximately, as shown below: | |||||||||||||||||||||||
Supplemental (unaudited) pro forma for 1/1/2013 - 12/31/13 | $ | 6,420,000 | $ | (3,420,000 | ) | ||||||||||||||||||
Supplemental (unaudited) pro forma for 1/1/2012 - 12/31/12 | $ | 5,200,000 | $ | (1,275,000 | ) | ||||||||||||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | Goodwill and Intangible Assets | ||||||||||||||||||||||
Balance at | Balance at | ||||||||||||||||||||||
Estimated | December 31, | Current Year | December 31, | Accumulated | |||||||||||||||||||
Useful Life | 2012 | Additions | 2013 | Amortization | Net | ||||||||||||||||||
Finite live intangible assets: | |||||||||||||||||||||||
Customer list and tradename | 5 years | $ | - | $ | 24,500 | $ | 24,500 | $ | 1,810 | $ | 22,690 | ||||||||||||
Non-compete agreements | 5 years | - | 332,000 | 332,000 | 41,500 | 290,500 | |||||||||||||||||
Intellectual property | 25 years | 3,500,000 | - | 3,500,000 | 140,000 | 3,360,000 | |||||||||||||||||
Total intangible assets | $ | 3,500,000 | $ | 356,500 | $ | 3,856,500 | $ | 183,310 | $ | 3,673,190 | |||||||||||||
Goodwill | Indefinite | $ | 159,484 | $ | 619,819 | $ | 779,303 | $ | - | $ | 779,303 | ||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following table represents the total estimated amortization of intangible assets for the five succeeding years and thereafter: | ||||||||||||||||||||||
For the Year Ending December 31, | Estimated Amortization Expense | ||||||||||||||||||||||
2014 | $ | 209,380 | |||||||||||||||||||||
2015 | 209,380 | ||||||||||||||||||||||
2016 | 209,380 | ||||||||||||||||||||||
2017 | 209,380 | ||||||||||||||||||||||
2018 | 166,355 | ||||||||||||||||||||||
Thereafter | 2,669,315 | ||||||||||||||||||||||
$ | 3,673,190 |
NOTE_7_Income_Taxes_Tables
NOTE 7 - Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The deferred tax assets, including a valuation allowance, are as follows at December 31: | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Deferred tax assets – NOL | $ | 3,480,000 | $ | 2,250,000 | |||||
Valuation allowance | (3,480,000 | ) | (2,250,000 | ) | |||||
Net deferred tax assets | $ | - | $ | - | |||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Reconciliation between the statutory rate and the effective tax rate is as follows at December 31, 2013 and 2012: | ||||||||
Federal statutory tax rate | 35 | % | |||||||
Permanent difference and valuation allowance | (35 | )% | |||||||
Effective tax rate | 0 | % |
NOTE_8_Capital_Lease_Tables
NOTE 8 - Capital Lease (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Future minimum lease payments are due as follow: | ||||||||
Year Ended December 31, | Principal | Interest | |||||||
2014 | $ | 285,363 | $ | 109,437 | |||||
2015 | 312,125 | 82,675 | |||||||
2016 | 341,396 | 53,404 | |||||||
2017 | 373,413 | 21,387 | |||||||
2018 | 162,640 | 245 | |||||||
Total minimum lease payments | $ | 1,474,937 | $ | 267,148 |
NOTE_9_Note_Payable_Tables
NOTE 9 - Note Payable (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Disclosure Text Block [Abstract] | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | Future minimum note payments due are as follows: | ||||
Year Ended December 31, | |||||
2014 | $ | 6,504 | |||
2015 | 6,905 | ||||
2016 | 2,972 | ||||
Total minimum note payments | $ | 16,381 |
NOTE_11_Stockholders_Equity_Ta
NOTE 11 - Stockholders' Equity (Tables) (Stock Transactions [Member]) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Stock Transactions [Member] | |||||||||
NOTE 11 - Stockholders' Equity (Tables) [Line Items] | |||||||||
Schedule of Stockholders Equity [Table Text Block] | For the year ended December 31, 2013, the Company issued the following common stock: | ||||||||
Number of Common | Value of Common | ||||||||
Shares Issued | Shares as Recorded | ||||||||
Common Shares for Acquisition | 835,810 | $ | 1,118,173 | ||||||
Common Shares for Goods and Services | 793,679 | $ | 553,360 | ||||||
Common Shares for Convertible Note | 940,000 | $ | 470,000 | ||||||
Common Shares for Cash | 9,357,578 | $ | 8,178,471 | ||||||
Warrants and Options Exercised | 757,864 | $ | - |
NOTE_12_Options_and_Warrants_T
NOTE 12 - Options and Warrants (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||
Schedule of Stock Options Roll Forward [Table Text Block] | The following are details related to options issued by the Company: | ||||||||||||||||||||||
Weighted | |||||||||||||||||||||||
Options for | Average | ||||||||||||||||||||||
Shares | Exercise Price | ||||||||||||||||||||||
Outstanding as of December 31, 2011 | 3,717,606 | $ | 0.6 | ||||||||||||||||||||
Granted | 3,285,000 | 0.59 | |||||||||||||||||||||
Exercised | (165,000 | ) | 0.5 | ||||||||||||||||||||
Forfeited | - | - | |||||||||||||||||||||
Cancelled | - | - | |||||||||||||||||||||
Expired | - | - | |||||||||||||||||||||
Outstanding as of December 31, 2012 | 6,837,606 | $ | 0.59 | ||||||||||||||||||||
Outstanding as of December 31, 2012 | 6,837,606 | $ | 0.59 | ||||||||||||||||||||
Granted | 3,445,900 | 1 | |||||||||||||||||||||
Exercised | (150,000 | ) | 0.5 | ||||||||||||||||||||
Forfeited | - | - | |||||||||||||||||||||
Cancelled | - | - | |||||||||||||||||||||
Expired | - | - | |||||||||||||||||||||
Outstanding as of December 31, 2013 | 10,133,506 | $ | 0.74 | ||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The estimated value of employee stock options granted during the years ended December 31, 2013 and 2012 were estimated using the BSM option pricing model with the following assumptions: | ||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
Expected volatility | 40 | % | 10 | % | |||||||||||||||||||
Risk-free interest rate | 0.16 | – | 0.70 | % | 0.6 | – | 0.70 | % | |||||||||||||||
Expected dividends | 0 | % | 0 | % | |||||||||||||||||||
Expected term in years | 3 | – | 5 | 5 | – | 10 | |||||||||||||||||
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | The following are details related to warrants issued by the Company: | ||||||||||||||||||||||
Weighted | |||||||||||||||||||||||
Warrants for | Average | ||||||||||||||||||||||
Shares | Exercise Price | ||||||||||||||||||||||
Outstanding as of December 31, 2011 | 4,410,991 | $ | 0.64 | ||||||||||||||||||||
Granted | 7,946,500 | 1 | |||||||||||||||||||||
Exercised | (35,000 | ) | 0.5 | ||||||||||||||||||||
Forfeited | - | - | |||||||||||||||||||||
Cancelled | (14,933 | ) | 2.5 | ||||||||||||||||||||
Expired | - | - | |||||||||||||||||||||
Outstanding as of December 31, 2012 | 12,307,558 | $ | 0.86 | ||||||||||||||||||||
Outstanding as of December 31, 2012 | 12,307,558 | 0.86 | |||||||||||||||||||||
Granted | 8,187,817 | 1.31 | |||||||||||||||||||||
Exercised | (680,000 | ) | 0.03 | ||||||||||||||||||||
Forfeited | (284,934 | ) | 0.48 | ||||||||||||||||||||
Cancelled | - | - | |||||||||||||||||||||
Expired | - | - | |||||||||||||||||||||
Outstanding as of December 31, 2013 | 19,530,441 | 1.08 | |||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | The weighted-average estimated fair value of warrants granted as stock based compensation during the years ended December 31, 2013 and 2012 were estimated using the BSM option pricing model with the following assumptions: | ||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
Expected volatility | 40 | % | 10 | % | |||||||||||||||||||
Risk-free interest rate | 0.6 | – | 0.7 | % | 0.6 | – | 0.70 | % | |||||||||||||||
Expected dividends | 0 | % | 0 | % | |||||||||||||||||||
Expected term in years | 3 | – | 5 | 3 | – | 5 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Table Text Block] | Warrants and Options Outstanding | Warrants and Options Exercisable | |||||||||||||||||||||
Range of Exercise Price | Number Outstanding | Weighted Average Remaining Contractual Life (years) | Range of Exercise Price | Number Exercisable | Weighted Average Exercise Price | ||||||||||||||||||
$ | 0.0001 | 1,000,000 | 2.5 | $ | 0.0001 | 1,000,000 | $ | 0.0001 | |||||||||||||||
$ | 0.025 | 680,000 | 0.3 | $ | 0.025 | 680,000 | $ | 0.025 | |||||||||||||||
$ | 0.5 | 6,360,000 | 9 | $ | 0.5 | 3,975,000 | $ | 0.5 | |||||||||||||||
$ | 0.625 | 220,000 | 0.1 | $ | 0.625 | 220,000 | $ | 0.625 | |||||||||||||||
$ | 1 | 10,420,230 | 9 | $ | 1 | 10,370,230 | $ | 1 | |||||||||||||||
$ | 1.5 | 300,000 | 2.5 | $ | 1.5 | 300,000 | $ | 1.5 | |||||||||||||||
$ | 2.45 | 100,000 | 5 | $ | 2.45 | 20,000 | $ | 2.45 | |||||||||||||||
$ | 2.5 | 64,934 | 0.5 | $ | 2.5 | 64,934 | $ | 2.5 | |||||||||||||||
19,145,164 | 16,630,164 | ||||||||||||||||||||||
Warrants and Options Outstanding | Warrants and Options Exercisable | ||||||||||||||||||||||
Range of Exercise Price | Number Outstanding | Weighted Average Remaining Contractual Life (years) | Range of Exercise Price | Number Exercisable | Weighted Average Exercise Price | ||||||||||||||||||
$ | 0.0001 | 1,000,000 | 1.4 | $ | 0.0001 | 1,000,000 | 0.0001 | ||||||||||||||||
$ | 0.5 | 6,410,800 | 8.1 | $ | 0.5 | 5,182,300 | 0.5 | ||||||||||||||||
$ | 1 | 15,036,830 | 4.2 | $ | 1 | 13,414,330 | 1 | ||||||||||||||||
$ | 1.25 | 2,912,716 | 2.2 | $ | 1.25 | 2,912,716 | 1.25 | ||||||||||||||||
$ | 1.5 | 4,203,601 | 4.7 | $ | 1.5 | 4,203,601 | 1.5 | ||||||||||||||||
$ | 2.45 | 100,000 | 8.5 | $ | 2.45 | 40,000 | 2.45 | ||||||||||||||||
29,663,947 | 26,752,947 |
NOTE_13_Related_Party_Transact1
NOTE 13 - Related Party Transactions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Related Party Transactions [Abstract] | |||||||||
Schedule of Related Party Transactions [Table Text Block] | 2013 | 2012 | |||||||
Beginning balance as of December 31, 2012 | $ | 211,800 | $ | 278,800 | |||||
Monies owed | 87,069 | 12,500 | |||||||
Monies paid | (184,435 | ) | (79,500 | ) | |||||
Ending balance as of December 31, 2013 | $ | 114,434 | $ | 211,800 | |||||
2013 | 2012 | ||||||||
Beginning balance as of December 31, 2012 | $ | - | $ | 41,000 | |||||
Monies owed | 145,011 | 77,000 | |||||||
Monies paid | (128,953 | ) | (118,000 | ) | |||||
Ending balance as of December 31, 2013 | $ | 16,058 | $ | - | |||||
2013 | 2012 | ||||||||
Beginning balance as of December 31, 2012 | $ | - | $ | - | |||||
Monies owed | 57,272 | - | |||||||
Monies paid | (41,134 | ) | - | ||||||
Ending balance as of December 31, 2013 | $ | 16,138 | $ | - | |||||
2013 | 2012 | ||||||||
Beginning balance as of December 31, 2012 | $ | - | $ | - | |||||
Monies owed | 2,832,046 | - | |||||||
Monies paid | (2,405,994 | ) | - | ||||||
Ending balance as of December 31, 2013 | $ | 426,052 | $ | - | |||||
2013 | 2012 | ||||||||
Beginning balance as of December 31, 2012 | $ | - | $ | - | |||||
Monies owed | 10,000 | - | |||||||
Monies paid | - | - | |||||||
Ending balance as of December 31, 2013 | $ | 10,000 | $ | - |
NOTE_14_Commitments_and_Contin1
NOTE 14 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum lease payments due are as follows: | ||||
Year Ended December 31, | |||||
2014 | $ | 652,670 | |||
2015 | 645,687 | ||||
2016 | 650,652 | ||||
2017 | 564,251 | ||||
2018 | 73,097 | ||||
Total minimum lease payments | $ | 2,586,357 |
NOTE_16_Subsequent_Events_Tabl
NOTE 16 - Subsequent Events (Tables) (Subsequent Event [Member]) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Subsequent Event [Member] | |||||||||
NOTE 16 - Subsequent Events (Tables) [Line Items] | |||||||||
Schedule of Stockholders Equity [Table Text Block] | Summary of subsequent stock issuances as of March 21, 2014: | ||||||||
Number of Common | Value of Common | ||||||||
Shares Issued | Shares | ||||||||
Common Shares for Acquisition | 204,750 | $ | 210,893 | ||||||
Common Shares for Performance Plan | 204,689 | $ | 212,877 | ||||||
Common Shares for Conversion of Series AA Preferred Shares | 2,605,513 | $ | 1,302,757 | ||||||
Warrants and Options Exercised | 24,167 | $ | 26,100 |
NOTE_1_Organization_and_Nature1
NOTE 1 - Organization and Nature of Business (Details) (Global Recycling [Member]) | 12 Months Ended |
Dec. 31, 2011 | |
Global Recycling [Member] | |
NOTE 1 - Organization and Nature of Business (Details) [Line Items] | |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 11,591,958 |
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% |
NOTE_2_Basis_of_Presentation_a2
NOTE 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
NOTE 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Advertising Expense | $86,000 | $4,000 |
Property, Plant and Equipment, Estimated Useful Lives | five to twenty-five years | |
Property, Plant, and Equipment, Salvage Value | 0 | |
Construction in Progress, Gross | 2,117,001 | 0 |
Estimated Cost to be Incurred to Complete Contstruction | 2,000,000,000,000 | |
Depreciation | $258,162 | $70,641 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 29,663,947 | 19,145,164 |
Warrant [Member] | ||
NOTE 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 19,530,441 | 12,307,558 |
Equity Option [Member] | ||
NOTE 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 10,133,506 | 6,837,606 |
Series AA Preferred Stock [Member] | ||
NOTE 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,342,740 |
NOTE_2_Basis_of_Presentation_a3
NOTE 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details) - Property, Plant and Equipment, Useful LIves | 12 Months Ended |
Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |
Useful lives | five to twenty-five years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 5 years |
Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 3-25 years |
NOTE_3_Accounts_Receivable_Det
NOTE 3 - Accounts Receivable (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Receivables [Abstract] | ||
Accounts Receivable, Net, Current | $898,934 | $116,963 |
NOTE_3_Accounts_Receivable_Det1
NOTE 3 - Accounts Receivable (Details) - Schedule of Accounts, Notes, Loans and Financing Receivable (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Abstract] | ||
Beginning balance as of January 1, | $4,892 | $0 |
Bad debt expense | 44,198 | 4,892 |
Charge offs, net | -1,163 | 0 |
Ending balance as of December 31, | $47,927 | $4,892 |
NOTE_4_Inventory_Details
NOTE 4 - Inventory (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Inventory Disclosure [Abstract] | ||
Inventory, Gross | $268,191 | $58,719 |
NOTE_4_Inventory_Details_Sched
NOTE 4 - Inventory (Details) - Schedule of Inventory (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Inventory [Abstract] | ||
Raw materials | $76,165 | $18,039 |
Work in process | 47,106 | 31,569 |
Finished goods | 144,920 | 9,111 |
Total inventories | $268,191 | $58,719 |
NOTE_5_Equipment_Details
NOTE 5 - Equipment (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Abstract] | ||
Property, Plant and Equipment, Net | $5,515,183 | $685,406 |
Depreciation | $258,162 | $70,641 |
NOTE_5_Equipment_Details_Sched
NOTE 5 - Equipment (Details) - Schedule of Property, Plant and Equipment (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $3,398,182 | $685,406 |
Construction in process | 2,117,001 | 0 |
Total property, plant and equipment | 5,515,183 | 685,406 |
Accumulated depreciation | -328,803 | -70,641 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,719,344 | 756,047 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $7,641 | $0 |
NOTE_6_Acquisitions_Goodwill_a2
NOTE 6 - Acquisitions, Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | 3 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Mar. 21, 2014 | |
NOTE 6 - Acquisitions, Goodwill and Intangible Assets (Details) [Line Items] | |||
Payments to Acquire Businesses, Gross | $539,304 | $0 | |
Operating Leases, Rent Expense | 516,952 | 44,100 | |
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $0.00 | $0.00 | |
Goodwill | 779,303 | 159,484 | |
Business Acquisition, Shares Held in Escrow (in Shares) | 200,000 | ||
Business Combination, Acquisition Related Costs | 35,000 | 25,000 | |
Amortization of Intangible Assets | 183,310 | 0 | |
Subsequent Event [Member] | MMT Technologies [Member] | |||
NOTE 6 - Acquisitions, Goodwill and Intangible Assets (Details) [Line Items] | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 204,750 | ||
Business Acquisition, Share Price (in Dollars per share) | $1.03 | ||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $0.00 | ||
Evergreen Recycling Co., Inc. [Member] | |||
NOTE 6 - Acquisitions, Goodwill and Intangible Assets (Details) [Line Items] | |||
Payments to Acquire Businesses, Gross | 59,304 | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 377,372 | ||
Business Acquisition, Share Price (in Dollars per share) | $1.57 | ||
Business Combination, Consideration Transferred, Liabilities Incurred | 10,010 | ||
Full Circle Manufacturing Group, Inc. [Member] | Intellectual Property [Member] | |||
NOTE 6 - Acquisitions, Goodwill and Intangible Assets (Details) [Line Items] | |||
Payments to Acquire Businesses, Gross | 2,000,000 | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 3,000,000 | ||
Business Acquisition, Share Price (in Dollars per share) | $0.50 | ||
Full Circle Manufacturing Group, Inc. [Member] | |||
NOTE 6 - Acquisitions, Goodwill and Intangible Assets (Details) [Line Items] | |||
Description of Lessee Leasing Arrangements, Operating Leases | lease certain real property owned by NY Terminals for a five-year term | ||
Operating Leases, Rent Expense | 30,000 | ||
Description of Lessee Leasing Arrangements, Capital Leases | lease Full Circle's equipment for $32,900 a month for a term of five years | ||
Capital Lease Obligations Incurred | 32,900 | ||
MMT Technologies [Member] | |||
NOTE 6 - Acquisitions, Goodwill and Intangible Assets (Details) [Line Items] | |||
Payments to Acquire Businesses, Gross | 50,000 | ||
Business Combination, Separately Recognized Transactions, Description | Pursuant to the Interim Management Agreement, the Company (through Acquisition Sub #3) purchased two vehicles and assumed control of MMT Technologies’ business and all of the assets to be assigned to Acquisition Sub #3 pursuant to the MMT Agreement in exchange for $50,000 in cash, which will be deducted from the aggregate purchase price outlined in the MMT Agreement. | ||
GSS Automotive Recycling, Inc. [Member] | |||
NOTE 6 - Acquisitions, Goodwill and Intangible Assets (Details) [Line Items] | |||
Payments to Acquire Businesses, Gross | 430,000 | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 455,000 | ||
Business Acquisition, Share Price (in Dollars per share) | $1.12 | ||
Business Combination, Contingent Consideration Arrangements, Description | The acquisition of GSS includes a contingent consideration arrangement that requires the provision of $1.00 credit to the GSS Shareholders towards the purchase of additional shares of the Company for each additional $1.00 of Gross Profits (as defined in the GSS Agreement) that Acquisition Sub #7 earns in excess of $72,000 through December 31, 2014. The range of the undiscounted amounts the Company could owe under this arrangement is estimated to be between $0 and $38,000. The fair value of the contingent consideration on the acquisition date of approximately $0 was estimated based on the present value of projected payments, which were based on projected gross profit through 2014. These calculations and projections are based on significant inputs not observable in the market, which ASC 820 refers to as Level 3 inputs. Key assumptions include a discount rate of 25 percent as well as an increasing level of revenues and expenses based on probability factors at the acquisition date. | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | 0 | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 38,000 | ||
Business Combination, Contingent Consideration Arrangements, Basis for Amount | The fair value of the contingent consideration on the acquisition date of approximately $0 was estimated based on the present value of projected payments, which were based on projected gross profit through 2014. These calculations and projections are based on significant inputs not observable in the market, which ASC 820 refers to as Level 3 inputs. Key assumptions include a discount rate of 25 percent as well as an increasing level of revenues and expenses based on probability factors at the acquisition date. | ||
2013 Acquisitions [Member] | |||
NOTE 6 - Acquisitions, Goodwill and Intangible Assets (Details) [Line Items] | |||
Payments to Acquire Businesses, Gross | 539,304 | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 200,000 | ||
Goodwill | $619,819 |
NOTE_6_Acquisitions_Goodwill_a3
NOTE 6 - Acquisitions, Goodwill and Intangible Assets (Details) - Schedule of Business Acquisition, by Acquisition (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Business Acquisition [Line Items] | ||
Cash | $539,304 | $0 |
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||
Goodwill | 779,303 | 159,484 |
2013 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 539,304 | |
Equity instruments (635,810 common shares of the Company) issued | 894,173 | |
Assets acquired under capital lease | 1,714,974 | |
Equity instruments held in escrows (200,000 common shares of the Company) | 224,000 | |
Fair value of total consideration transferred | 3,372,451 | |
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||
Financial assets (primarily accounts receivable) | 92,320 | |
Inventory | 24,234 | |
Property, plant, and equipment | 2,377,521 | |
Identifiable intangible assets | 356,500 | |
Financial liabilities | -97,943 | |
Total identifiable net assets | 2,752,632 | |
Goodwill | 619,819 | |
$3,372,451 |
NOTE_6_Acquisitions_Goodwill_a4
NOTE 6 - Acquisitions, Goodwill and Intangible Assets (Details) - Schedule of Business Acquisition, by Acquisition (Parentheticals) (2013 Acquisitions [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
2013 Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Equity instruments issued | 635,810 |
Equity instruments held in escrows | 200,000 |
NOTE_6_Acquisitions_Goodwill_a5
NOTE 6 - Acquisitions, Goodwill and Intangible Assets (Details) - Business Acquisition, Pro Forma Information (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
NOTE 6 - Acquisitions, Goodwill and Intangible Assets (Details) - Business Acquisition, Pro Forma Information [Line Items] | ||
Earnings (Loss) | ($4,013,127) | ($1,869,831) |
Scenario, Actual [Member] | 2013 Acquisitions [Member] | ||
NOTE 6 - Acquisitions, Goodwill and Intangible Assets (Details) - Business Acquisition, Pro Forma Information [Line Items] | ||
Revenue | 3,057,071 | |
Earnings (Loss) | 569,697 | |
Pro Forma [Member] | 2013 Acquisitions [Member] | ||
NOTE 6 - Acquisitions, Goodwill and Intangible Assets (Details) - Business Acquisition, Pro Forma Information [Line Items] | ||
Revenue | 6,420,000 | 5,200,000 |
Earnings (Loss) | ($3,420,000) | ($1,275,000) |
NOTE_6_Acquisitions_Goodwill_a6
NOTE 6 - Acquisitions, Goodwill and Intangible Assets (Details) - Schedule of Intangible Assets and Goodwill (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
NOTE 6 - Acquisitions, Goodwill and Intangible Assets (Details) - Schedule of Intangible Assets and Goodwill [Line Items] | ||
Balance | $3,856,500 | $3,500,000 |
Current Year Additions | 356,500 | |
Accumulated Amortization | 183,310 | |
Net | 3,673,190 | 3,500,000 |
Goodwill | five to twenty-five years | |
Goodwill [Member] | ||
NOTE 6 - Acquisitions, Goodwill and Intangible Assets (Details) - Schedule of Intangible Assets and Goodwill [Line Items] | ||
Goodwill | Indefinite | |
Goodwill | 779,303 | 159,484 |
Goodwill | 619,819 | |
Goodwill | 0 | |
Goodwill | 779,303 | |
Customer Lists and Trade Names [Member] | ||
NOTE 6 - Acquisitions, Goodwill and Intangible Assets (Details) - Schedule of Intangible Assets and Goodwill [Line Items] | ||
Estimated Useful Life | 5 years | |
Balance | 24,500 | 0 |
Current Year Additions | 24,500 | |
Accumulated Amortization | 1,810 | |
Net | 22,690 | |
Noncompete Agreements [Member] | ||
NOTE 6 - Acquisitions, Goodwill and Intangible Assets (Details) - Schedule of Intangible Assets and Goodwill [Line Items] | ||
Estimated Useful Life | 5 years | |
Balance | 332,000 | 0 |
Current Year Additions | 332,000 | |
Accumulated Amortization | 41,500 | |
Net | 290,500 | |
Intellectual Property [Member] | ||
NOTE 6 - Acquisitions, Goodwill and Intangible Assets (Details) - Schedule of Intangible Assets and Goodwill [Line Items] | ||
Estimated Useful Life | 25 years | |
Balance | 3,500,000 | 3,500,000 |
Current Year Additions | 0 | |
Accumulated Amortization | 140,000 | |
Net | $3,360,000 |
NOTE_6_Acquisitions_Goodwill_a7
NOTE 6 - Acquisitions, Goodwill and Intangible Assets (Details) - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (USD $) | Dec. 31, 2013 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |
2014 | $209,380 |
2015 | 209,380 |
2016 | 209,380 |
2017 | 209,380 |
2018 | 166,355 |
Thereafter | 2,669,315 |
$3,673,190 |
NOTE_7_Income_Taxes_Details
NOTE 7 - Income Taxes (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | ||
Operating Loss Carryforwards | $9,980,000 | $6,400,000 |
Deferred Tax Assets, Net of Valuation Allowance | 0 | 0 |
Valuation Allowance, Deferred Tax Asset, Change in Amount | $1,230,000 | $605,000 |
NOTE_7_Income_Taxes_Details_Sc
NOTE 7 - Income Taxes (Details) - Schedule of Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Deferred Tax Assets and Liabilities [Abstract] | ||
Deferred tax assets b NOL | $3,480,000 | $2,250,000 |
Valuation allowance | -3,480,000 | -2,250,000 |
Net deferred tax assets | $0 | $0 |
NOTE_7_Income_Taxes_Details_Sc1
NOTE 7 - Income Taxes (Details) - Schedule of Effective Income Tax Rate Reconciliation | 12 Months Ended |
Dec. 31, 2013 | |
Schedule of Effective Income Tax Rate Reconciliation [Abstract] | |
Federal statutory tax rate | 35.00% |
Permanent difference and valuation allowance | -35.00% |
Effective tax rate | 0.00% |
NOTE_8_Capital_Lease_Details
NOTE 8 - Capital Lease (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
NOTE 8 - Capital Lease (Details) [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | five to twenty-five years | |
Property, Plant, and Equipment, Salvage Value | $0 | |
Depreciation | 258,162 | 70,641 |
Assets Held under Capital Leases [Member] | ||
NOTE 8 - Capital Lease (Details) [Line Items] | ||
Captial lease, monthly rental amount | 32,900 | |
Description of Lessee Leasing Arrangements, Capital Leases | term of five years with an option to purchase the equipment at the end of the lease for $200,000 | |
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments | 1,714,974 | |
Fair Value Inputs, Discount Rate | 9.00% | |
Capital Lease, Amortization Description | The lease is amortized over the five year term at a rate of 9%. | |
Property, Plant and Equipment, Estimated Useful Lives | five to twenty-five years | |
Property, Plant, and Equipment, Salvage Value | 0 | |
Capital Leased Assets, Gross | 1,637,101 | |
Depreciation | $77,873 |
NOTE_8_Capital_Lease_Details_S
NOTE 8 - Capital Lease (Details) - Schedule of Future Minimum Lease Payments for Capital Leases (USD $) | Dec. 31, 2013 |
Principal [Member] | |
NOTE 8 - Capital Lease (Details) - Schedule of Future Minimum Lease Payments for Capital Leases [Line Items] | |
2014 | $285,363 |
2015 | 312,125 |
2016 | 341,396 |
2017 | 373,413 |
2018 | 162,640 |
Total minimum lease payments | 1,474,937 |
Interest [Member] | |
NOTE 8 - Capital Lease (Details) - Schedule of Future Minimum Lease Payments for Capital Leases [Line Items] | |
2014 | 109,437 |
2015 | 82,675 |
2016 | 53,404 |
2017 | 21,387 |
2018 | 245 |
Total minimum lease payments | $267,148 |
NOTE_9_Note_Payable_Details
NOTE 9 - Note Payable (Details) (Security State Bank of Marine [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Security State Bank of Marine [Member] | |
NOTE 9 - Note Payable (Details) [Line Items] | |
Debt Instrument, Face Amount | $20,000 |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% |
Debt Instrument, Term | 3 years |
Debt Instrument, Maturity Date | 2-May-16 |
Debt Instrument, Collateral | vehicle |
NOTE_9_Note_Payable_Details_Sc
NOTE 9 - Note Payable (Details) - Schedule of Maturities of Long-term Debt (USD $) | Dec. 31, 2013 |
Schedule of Maturities of Long-term Debt [Abstract] | |
2014 | $6,504 |
2015 | 6,905 |
2016 | 2,972 |
Total minimum note payments | $16,381 |
NOTE_10_Convertible_Note_Payab1
NOTE 10 - Convertible Note Payable (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Mar. 14, 2014 | Dec. 31, 2008 | Feb. 15, 2013 | |
NOTE 10 - Convertible Note Payable (Details) [Line Items] | |||||
Proceeds from Issuance or Sale of Equity (in Dollars) | $5,000,000 | ||||
Interest Expense, Other (in Dollars) | 392,170 | 0 | |||
Subsequent Event [Member] | Conversion of Series AA Preferred Shares March 14, 2014 [Member] | |||||
NOTE 10 - Convertible Note Payable (Details) [Line Items] | |||||
Shares Issued, Price Per Share (in Dollars per share) | $0.50 | ||||
Convertible Preferred Stock, Shares Issued upon Conversion | 2,342,750 | ||||
Subsequent Event [Member] | Shares Issued for Extension of Debt [Member] | |||||
NOTE 10 - Convertible Note Payable (Details) [Line Items] | |||||
Shares Issued, Price Per Share (in Dollars per share) | $0.50 | ||||
Stock Issued During Period, Shares, Other | 262,763 | ||||
Subsequent Event [Member] | Shares Issued for Extension of Debt and Conversion of Series AA Preferred Stock [Member] | Mr. Frenkel [Member] | |||||
NOTE 10 - Convertible Note Payable (Details) [Line Items] | |||||
Class of Warrant or Rights Granted | 2,605,513 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item) | 1 | ||||
Stock Issued During Period, Shares, Other | 1,946,280 | ||||
Class of Warrant or Right, Term | 3 years | ||||
Subsequent Event [Member] | Shares Issued for Extension of Debt and Conversion of Series AA Preferred Stock [Member] | Triage Capital Management L.P. [Member] | |||||
NOTE 10 - Convertible Note Payable (Details) [Line Items] | |||||
Stock Issued During Period, Shares, Other | 659,233 | ||||
Debt Conversion February 15, 2013 [Member] | Series AA Preferred Stock [Member] | Frenkel Convertible Note [Member] | |||||
NOTE 10 - Convertible Note Payable (Details) [Line Items] | |||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 2,342,750 | ||||
Shares Issued, Price Per Share (in Dollars per share) | $0.50 | ||||
Convertible Preferred Stock, Terms of Conversion | Upon conversion of the Series AA preferred stock to Common Stock, the Company will issue warrants at a price of $1.00 per share for each share of the Series AA preferred stock that is converted. | ||||
Debt Conversion February 15, 2013 [Member] | Frenkel Convertible Note [Member] | |||||
NOTE 10 - Convertible Note Payable (Details) [Line Items] | |||||
Class of Warrant or Rights Granted | 940,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item) | 1 | ||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 940,000 | ||||
Shares Issued, Price Per Share (in Dollars per share) | $0.50 | ||||
Interest Expense, Other (in Dollars) | 392,170 | ||||
Interest Expense, Debt (in Dollars) | 24,913 | ||||
Series AA Preferred Stock [Member] | |||||
NOTE 10 - Convertible Note Payable (Details) [Line Items] | |||||
Preferred Stock, Redemption Terms | (i) the Series AA preferred stock shall accrue a dividend of 12.5% per year, compounded semi-annually; (ii) the Series AA preferred stock shall have priority in payment upon liquidation over common stock to the extent of the $1,171,375 and all accrued but unpaid dividends; (iii) the Series AA preferred stock shall automatically convert into common stock at the rate of one share of common stock for each $1 of the Series AA preferred stock plus accrued but unpaid dividends if the closing price on the common stock on the OTC/BB is $5.00 per share for 20 consecutive trading days, or if the stock is listed on NYSE or NASDAQ; (iv) the original issue price of $1,171,375 plus all accrued but unpaid dividends shall be due and payable on December 31, 2013 if the Series AA preferred stock is not converted to common stock under the terms herein by such date; and (v) the Series AA preferred stock shall provide that the holder may not voluntarily convert into common stock to the extent that the holder will beneficially own in excess of 9.99% of the then issued and outstanding common stock of the Company | ||||
Frenkel Convertible Note [Member] | |||||
NOTE 10 - Convertible Note Payable (Details) [Line Items] | |||||
Debt Instrument, Face Amount (in Dollars) | 1,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||||
Debt Instrument, Convertible, Terms of Conversion Feature | The Conversion Agreement further stated that Mr. Frenkel would convert all money owed into a combination of common and Series AA preferred stock on the date that the Company had received an aggregate of $5,000,000 in equity investment following the date of the Conversion Agreement and warrants. Of the debt converted, $470,000 would be converted into common stock at $1.00 per share or the price offered to any investor subsequent to the Conversion Agreement, if lower. The remainder would be converted into Series AA preferred stock at $1.00 per share or the price offered to any investor subsequent to the Conversion Agreement, if lower. | convertible into 575,350 shares, at any time prior to maturity, at the option of the holder, into Global Recycling common stock | |||
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | $2.50 | ||||
Debt Instrument, Collateral | secured by a lien on Global Recycling’s provisional patent application, including the GlyEco TechnologyTM Patent | ||||
Class of Warrant or Rights Granted | 480,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item) | 0.025 | ||||
Debt Instrument, Maturity Date, Description | The terms of the Conversion Agreement extended the maturity date for the convertible note (the “Frenkel Convertible Note”) to December 31, 2013 | ||||
Debt Instrument, Interest Rate Terms | 12.5% compounding semi-annually | ||||
Convertible Notes Payable (in Dollars) | $1,641,375 |
NOTE_11_Stockholders_Equity_De
NOTE 11 - Stockholders' Equity (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
NOTE 11 - Stockholders' Equity (Details) [Line Items] | ||
Preferred Stock, Shares Authorized | 40,000,000 | 40,000,000 |
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $0.00 | $0.00 |
Common Stock, Shares, Outstanding | 48,834,916 | 36,149,985 |
Common Stock, Shares Authorized | 300,000,000 | 300,000,000 |
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $0.00 | $0.00 |
Common Stock, Voting Rights | one vote for each share on matters submitted to a vote to shareholders | |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable Fair Value Method | average closing price from the preceding five days up to the transaction closing date on the OTCQB Market | |
Proceeds from Issuance of Private Placement (in Dollars) | $8,178,471 | |
Payments of Stock Issuance Costs (in Dollars) | 367,915 | 0 |
Common Stock, Capital Shares Reserved for Future Issuance | 2,794,100 | |
Series AA Preferred Stock [Member] | ||
NOTE 11 - Stockholders' Equity (Details) [Line Items] | ||
Preferred Stock, Shares Authorized | 3,000,000 | |
Preferred Stock, Shares Issued | 2,342,740 | 0 |
Preferred Stock, Shares Outstanding | 2,342,740 | 0 |
Series A Preferred Stock [Member] | ||
NOTE 11 - Stockholders' Equity (Details) [Line Items] | ||
Dividends Payable (in Dollars) | $30 |
NOTE_11_Stockholders_Equity_De1
NOTE 11 - Stockholders' Equity (Details) - Schedule of Stockholders Equity (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
NOTE 11 - Stockholders' Equity (Details) - Schedule of Stockholders Equity [Line Items] | ||
Common Shares for Acquisition (in Dollars) | $1,118,173 | $2,357,750 |
Common Shares for Goods and Services (in Dollars) | 553,360 | |
Common Shares for Convertible Note (in Dollars) | 470,000 | |
Number of Shares Issued [Member] | ||
NOTE 11 - Stockholders' Equity (Details) - Schedule of Stockholders Equity [Line Items] | ||
Common Shares for Acquisition | 835,810 | |
Common Shares for Goods and Services | 793,679 | |
Common Shares for Convertible Note | 940,000 | |
Common Shares for Cash | 9,357,578 | |
Warrants and Options Exercised | 757,864 | |
Value of Common Shares [Member] | ||
NOTE 11 - Stockholders' Equity (Details) - Schedule of Stockholders Equity [Line Items] | ||
Common Shares for Acquisition (in Dollars) | 1,118,173 | |
Common Shares for Goods and Services (in Dollars) | 553,360 | |
Common Shares for Convertible Note (in Dollars) | 470,000 | |
Common Shares for Cash (in Dollars) | $8,178,471 |
NOTE_12_Options_and_Warrants_D
NOTE 12 - Options and Warrants (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
NOTE 12 - Options and Warrants (Details) [Line Items] | ||
Class of Warrant or Rights, Outstanding Intrinsic Value (in Dollars) | $3,835,245 | |
Class of Warrant or Rights, Exercisable Intrinsic Value (in Dollars) | 3,835,245 | |
Adjustments to Additional Paid in Capital, Warrant Issued (in Dollars) | 392,170 | |
Common Stock, Shares, Outstanding | 48,834,916 | 36,149,985 |
Stockholders Meeting, March 14, 2012 [Member] | 2012 Equity Incentive Plan [Member] | ||
NOTE 12 - Options and Warrants (Details) [Line Items] | ||
Subsidiary or Equity Method Investee, Cumulative Number of Shares Issued for All Transactions | 14,398,402 | |
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 66.10% | |
Common Stock, Shares, Outstanding | 23,551,991 | |
Stockholders Meeting, July 27, 2012 [Member] | 2012 Equity Incentive Plan [Member] | ||
NOTE 12 - Options and Warrants (Details) [Line Items] | ||
Subsidiary or Equity Method Investee, Cumulative Number of Shares Issued for All Transactions | 12,676,202 | |
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 51.80% | |
Common Stock, Shares, Outstanding | 24,451,991 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 3,000,000 | |
Employee Stock Option [Member] | ||
NOTE 12 - Options and Warrants (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $0.44 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value (in Dollars) | 4,859,581 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value (in Dollars) | 6,310,476 | |
Compensatory Warrants [Member] | ||
NOTE 12 - Options and Warrants (Details) [Line Items] | ||
Class of Warrant or Rights Granted | 1,439,560 | |
Warrants, Grants in Period, Weighted-Average Grant Date Fair Value, Per Warrant (in Dollars per share) | $0.37 | |
Adjustments to Additional Paid in Capital, Warrant Issued (in Dollars) | $526,393 | |
2007 Stock Incentive Plan [Member] | ||
NOTE 12 - Options and Warrants (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 6,742,606 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 6,647,606 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 95,000 | |
2012 Equity Incentive Plan [Member] | ||
NOTE 12 - Options and Warrants (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 6,500,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,699,100 | |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 3,800,900 |
NOTE_12_Options_and_Warrants_D1
NOTE 12 - Options and Warrants (Details) - Schedule of Stock Options Roll Forward (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Number of Options for Shares [Member] | ||
NOTE 12 - Options and Warrants (Details) - Schedule of Stock Options Roll Forward [Line Items] | ||
Options Outstanding at Begining of Period | 6,837,606 | 3,717,606 |
Options Granted | 3,445,900 | 3,285,000 |
Options Exercised | -150,000 | -165,000 |
Options Forfeited | 0 | 0 |
Options Cancelled | 0 | 0 |
Options Expired | 0 | 0 |
Options Outstanding at End of Period | 10,133,506 | 6,837,606 |
Weighted Average Exercise Price [Member] | ||
NOTE 12 - Options and Warrants (Details) - Schedule of Stock Options Roll Forward [Line Items] | ||
Options Outstanding at Begining of Period | 0.59 | 0.6 |
Options Granted | 1 | 0.59 |
Options Exercised | 0.5 | 0.5 |
Options Forfeited | 0 | 0 |
Options Cancelled | 0 | 0 |
Options Expired | 0 | 0 |
Options Outstanding at End of Period | 0.74 | 0.59 |
NOTE_12_Options_and_Warrants_D2
NOTE 12 - Options and Warrants (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Minimum [Member] | ||
NOTE 12 - Options and Warrants (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items] | ||
Expected volatility | 40.00% | 10.00% |
Risk-free interest rate | 0.16% | 0.60% |
Expected dividends | 0.00% | 0.00% |
Expected term in years | 3 years | 5 years |
Maximum [Member] | ||
NOTE 12 - Options and Warrants (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items] | ||
Risk-free interest rate | 0.70% | 0.70% |
Expected term in years | 5 years | 10 years |
NOTE_12_Options_and_Warrants_D3
NOTE 12 - Options and Warrants (Details) - Schedule of Stockholders' Equity Note, Warrants or Rights (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Warrants for Shares [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants Oustanding at Begining of Period (in Shares) | 12,307,558 | 4,410,991 |
Warrants Granted | $8,187,817 | $7,946,500 |
Warrants Exercised (in Shares) | -680,000 | -35,000 |
Warrants Forfeited (in Shares) | -284,934 | 0 |
Warrants Cancelled (in Shares) | 0 | -14,933 |
Warrants Expired (in Shares) | 0 | 0 |
Warrants Oustanding at End of Period (in Shares) | 19,530,441 | 12,307,558 |
Weighted Average Exercise Price [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants Oustanding at Begining of Period | $0.86 | $0.64 |
Warrants Granted | $1.31 | $1 |
Warrants Exercised | $0.03 | $0.50 |
Warrants Forfeited | $0.48 | $0 |
Warrants Cancelled | $0 | $2.50 |
Warrants Expired | $0 | $0 |
Warrants Oustanding at End of Period | $1.08 | $0.86 |
NOTE_12_Options_and_Warrants_D4
NOTE 12 - Options and Warrants (Details) - Schedule of Assumptions Used | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Minimum [Member] | ||
NOTE 12 - Options and Warrants (Details) - Schedule of Assumptions Used [Line Items] | ||
Expected volatility | 40.00% | 10.00% |
Risk-free interest rate | 0.60% | 0.60% |
Expected dividends | 0.00% | 0.00% |
Expected term in years | 3 years | 3 years |
Maximum [Member] | ||
NOTE 12 - Options and Warrants (Details) - Schedule of Assumptions Used [Line Items] | ||
Risk-free interest rate | 0.70% | 0.70% |
Expected term in years | 5 years | 5 years |
NOTE_12_Options_and_Warrants_D5
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Warrants and Options Outstanding Range of Exercise Price [Member] | Warrants and Options at $0.0001 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Outstanding Range of Exercise Price | 0.0001 | 0.0001 |
Warrants and Options Outstanding Range of Exercise Price [Member] | Warrants and Options at $0.025 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Outstanding Range of Exercise Price | 0.025 | |
Warrants and Options Outstanding Range of Exercise Price [Member] | Warrants and Options at $0.50 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Outstanding Range of Exercise Price | 0.5 | 0.5 |
Warrants and Options Outstanding Range of Exercise Price [Member] | Warrants and Options at $0.625 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Outstanding Range of Exercise Price | 0.625 | |
Warrants and Options Outstanding Range of Exercise Price [Member] | Warrants and Options at $1.00 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Outstanding Range of Exercise Price | 1 | 1 |
Warrants and Options Outstanding Range of Exercise Price [Member] | Warrants and Options at $1.50 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Outstanding Range of Exercise Price | 1.5 | 1.5 |
Warrants and Options Outstanding Range of Exercise Price [Member] | Warrants and Options at $2.45 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Outstanding Range of Exercise Price | 2.45 | 2.45 |
Warrants and Options Outstanding Range of Exercise Price [Member] | Warrants and Options at $2.50 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Outstanding Range of Exercise Price | 2.5 | |
Warrants and Options Outstanding Range of Exercise Price [Member] | Warrants and Options at $1.25 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Outstanding Range of Exercise Price | 1.25 | |
Warrants and Options Outstanding Number Outstanding [Member] | Warrants and Options at $0.0001 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Outstanding Number Outstanding (in Shares) | 1,000,000 | 1,000,000 |
Warrants and Options Outstanding Number Outstanding [Member] | Warrants and Options at $0.025 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Outstanding Number Outstanding (in Shares) | 680,000 | |
Warrants and Options Outstanding Number Outstanding [Member] | Warrants and Options at $0.50 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Outstanding Number Outstanding (in Shares) | 6,410,800 | 6,360,000 |
Warrants and Options Outstanding Number Outstanding [Member] | Warrants and Options at $0.625 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Outstanding Number Outstanding (in Shares) | 220,000 | |
Warrants and Options Outstanding Number Outstanding [Member] | Warrants and Options at $1.00 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Outstanding Number Outstanding (in Shares) | 15,036,830 | 10,420,230 |
Warrants and Options Outstanding Number Outstanding [Member] | Warrants and Options at $1.50 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Outstanding Number Outstanding (in Shares) | 4,203,601 | 300,000 |
Warrants and Options Outstanding Number Outstanding [Member] | Warrants and Options at $2.45 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Outstanding Number Outstanding (in Shares) | 100,000 | 100,000 |
Warrants and Options Outstanding Number Outstanding [Member] | Warrants and Options at $2.50 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Outstanding Number Outstanding (in Shares) | 64,934 | |
Warrants and Options Outstanding Number Outstanding [Member] | Warrants and Options at $1.25 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Outstanding Number Outstanding (in Shares) | 2,912,716 | |
Warrants and Options Outstanding Number Outstanding [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Outstanding Number Outstanding (in Shares) | 29,663,947 | 19,145,164 |
Warrants and Options Weighted Average Remaining Contractual Life [Member] | Warrants and Options at $0.0001 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Outstanding Weighted Average Remaining Contractual Life | 1 year 146 days | 2 years 6 months |
Warrants and Options Weighted Average Remaining Contractual Life [Member] | Warrants and Options at $0.025 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Outstanding Weighted Average Remaining Contractual Life | 109 days | |
Warrants and Options Weighted Average Remaining Contractual Life [Member] | Warrants and Options at $0.50 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Outstanding Weighted Average Remaining Contractual Life | 8 years 36 days | 9 years |
Warrants and Options Weighted Average Remaining Contractual Life [Member] | Warrants and Options at $0.625 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Outstanding Weighted Average Remaining Contractual Life | 36 days | |
Warrants and Options Weighted Average Remaining Contractual Life [Member] | Warrants and Options at $1.00 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Outstanding Weighted Average Remaining Contractual Life | 4 years 73 days | 9 years |
Warrants and Options Weighted Average Remaining Contractual Life [Member] | Warrants and Options at $1.50 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Outstanding Weighted Average Remaining Contractual Life | 4 years 255 days | 2 years 6 months |
Warrants and Options Weighted Average Remaining Contractual Life [Member] | Warrants and Options at $2.45 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Outstanding Weighted Average Remaining Contractual Life | 8 years 6 months | 5 years |
Warrants and Options Weighted Average Remaining Contractual Life [Member] | Warrants and Options at $2.50 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Outstanding Weighted Average Remaining Contractual Life | 6 months | |
Warrants and Options Weighted Average Remaining Contractual Life [Member] | Warrants and Options at $1.25 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Outstanding Weighted Average Remaining Contractual Life | 2 years 73 days | |
Warrants and Options Exercisable Range of Exercise Price [Member] | Warrants and Options at $0.0001 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Exercisable Range of Exercise Price | 0.0001 | 0.0001 |
Warrants and Options Exercisable Range of Exercise Price [Member] | Warrants and Options at $0.025 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Exercisable Range of Exercise Price | 0.025 | |
Warrants and Options Exercisable Range of Exercise Price [Member] | Warrants and Options at $0.50 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Exercisable Range of Exercise Price | 0.5 | 0.5 |
Warrants and Options Exercisable Range of Exercise Price [Member] | Warrants and Options at $0.625 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Exercisable Range of Exercise Price | 0.625 | |
Warrants and Options Exercisable Range of Exercise Price [Member] | Warrants and Options at $1.00 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Exercisable Range of Exercise Price | 1 | 1 |
Warrants and Options Exercisable Range of Exercise Price [Member] | Warrants and Options at $1.50 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Exercisable Range of Exercise Price | 1.5 | 1.5 |
Warrants and Options Exercisable Range of Exercise Price [Member] | Warrants and Options at $2.45 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Exercisable Range of Exercise Price | 2.45 | 2.45 |
Warrants and Options Exercisable Range of Exercise Price [Member] | Warrants and Options at $2.50 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Exercisable Range of Exercise Price | 2.5 | |
Warrants and Options Exercisable Range of Exercise Price [Member] | Warrants and Options at $1.25 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Exercisable Range of Exercise Price | 1.25 | |
Warrants and Options Exercisable Number Exercisable [Member] | Warrants and Options at $0.0001 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Exercisable Number Exercisable (in Shares) | 1,000,000 | 1,000,000 |
Warrants and Options Exercisable Number Exercisable [Member] | Warrants and Options at $0.025 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Exercisable Number Exercisable (in Shares) | 680,000 | |
Warrants and Options Exercisable Number Exercisable [Member] | Warrants and Options at $0.50 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Exercisable Number Exercisable (in Shares) | 5,182,300 | 3,975,000 |
Warrants and Options Exercisable Number Exercisable [Member] | Warrants and Options at $0.625 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Exercisable Number Exercisable (in Shares) | 220,000 | |
Warrants and Options Exercisable Number Exercisable [Member] | Warrants and Options at $1.00 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Exercisable Number Exercisable (in Shares) | 13,414,330 | 10,370,230 |
Warrants and Options Exercisable Number Exercisable [Member] | Warrants and Options at $1.50 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Exercisable Number Exercisable (in Shares) | 4,203,601 | 300,000 |
Warrants and Options Exercisable Number Exercisable [Member] | Warrants and Options at $2.45 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Exercisable Number Exercisable (in Shares) | 40,000 | 20,000 |
Warrants and Options Exercisable Number Exercisable [Member] | Warrants and Options at $2.50 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Exercisable Number Exercisable (in Shares) | 64,934 | |
Warrants and Options Exercisable Number Exercisable [Member] | Warrants and Options at $1.25 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Exercisable Number Exercisable (in Shares) | 2,912,716 | |
Warrants and Options Exercisable Number Exercisable [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Exercisable Number Exercisable (in Shares) | 26,752,947 | 16,630,164 |
Warrants and Options Exercisable Weighted Average Exercise Price [Member] | Warrants and Options at $0.0001 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Exercisable Weighted Average Exercise Price | 0.0001 | 0.0001 |
Warrants and Options Exercisable Weighted Average Exercise Price [Member] | Warrants and Options at $0.025 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Exercisable Weighted Average Exercise Price | 0.025 | |
Warrants and Options Exercisable Weighted Average Exercise Price [Member] | Warrants and Options at $0.50 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Exercisable Weighted Average Exercise Price | 0.5 | 0.5 |
Warrants and Options Exercisable Weighted Average Exercise Price [Member] | Warrants and Options at $0.625 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Exercisable Weighted Average Exercise Price | 0.625 | |
Warrants and Options Exercisable Weighted Average Exercise Price [Member] | Warrants and Options at $1.00 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Exercisable Weighted Average Exercise Price | 1 | 1 |
Warrants and Options Exercisable Weighted Average Exercise Price [Member] | Warrants and Options at $1.50 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Exercisable Weighted Average Exercise Price | 1.5 | 1.5 |
Warrants and Options Exercisable Weighted Average Exercise Price [Member] | Warrants and Options at $2.45 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Exercisable Weighted Average Exercise Price | 2.45 | 2.45 |
Warrants and Options Exercisable Weighted Average Exercise Price [Member] | Warrants and Options at $2.50 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Exercisable Weighted Average Exercise Price | 2.5 | |
Warrants and Options Exercisable Weighted Average Exercise Price [Member] | Warrants and Options at $1.25 [Member] | ||
NOTE 12 - Options and Warrants (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Warrants and Options, Outstanding and Exercisable [Line Items] | ||
Warrants and Options Exercisable Weighted Average Exercise Price | 1.25 |
NOTE_13_Related_Party_Transact2
NOTE 13 - Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
NOTE 13 - Related Party Transactions (Details) [Line Items] | |||
Due to Related Parties, Current | $582,682 | $470,443 | |
Consulting Services [Member] | Shareholder [Member] | |||
NOTE 13 - Related Party Transactions (Details) [Line Items] | |||
Accounts Payable, Related Parties, Current | 230,000 | ||
Chief Executive Officer [Member] | |||
NOTE 13 - Related Party Transactions (Details) [Line Items] | |||
Stock Issued During Period, Shares, New Issues (in Shares) | 156,000 | ||
Shares Issued, Price Per Share (in Dollars per share) | $0.65 | ||
Due to Related Parties, Current | 114,434 | 211,800 | 278,800 |
Former Chief Financial Officer [Member] | |||
NOTE 13 - Related Party Transactions (Details) [Line Items] | |||
Due to Related Parties, Current | $17,455 |
NOTE_13_Related_Party_Transact3
NOTE 13 - Related Party Transactions (Details) - Schedule of Related Party Transactions (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | ||
Ending balance as of December 31, 2013 | $582,682 | $470,443 |
Chief Executive Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Beginning balance as of December 31, 2012 | 211,800 | 278,800 |
Monies owed | 87,069 | 12,500 |
Monies paid | -184,435 | -79,500 |
Ending balance as of December 31, 2013 | 114,434 | 211,800 |
Chief Business Development Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Beginning balance as of December 31, 2012 | 0 | 41,000 |
Monies owed | 145,011 | 77,000 |
Monies paid | -128,953 | -118,000 |
Ending balance as of December 31, 2013 | 16,058 | 0 |
Chief Financial Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Beginning balance as of December 31, 2012 | 0 | 0 |
Monies owed | 57,272 | 0 |
Monies paid | -41,134 | 0 |
Ending balance as of December 31, 2013 | 16,138 | 0 |
Director [Member] | ||
Related Party Transaction [Line Items] | ||
Beginning balance as of December 31, 2012 | 0 | 0 |
Monies owed | 2,832,046 | 0 |
Monies paid | -2,405,994 | 0 |
Ending balance as of December 31, 2013 | 426,052 | 0 |
General Manager [Member] | ||
Related Party Transaction [Line Items] | ||
Beginning balance as of December 31, 2012 | 0 | 0 |
Monies owed | 10,000 | 0 |
Monies paid | 0 | 0 |
Ending balance as of December 31, 2013 | $10,000 | $0 |
NOTE_14_Commitments_and_Contin2
NOTE 14 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
NOTE 14 - Commitments and Contingencies (Details) [Line Items] | ||
Operating Leases, Rent Expense | $516,952 | $44,100 |
Loss Contingency, Number of Disputes | 2 | |
Dispute with Entity Contracted to Assist in Raising Capital [Member] | Minimum [Member] | ||
NOTE 14 - Commitments and Contingencies (Details) [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | 0 | |
Dispute with Entity Contracted to Assist in Raising Capital [Member] | Maximum [Member] | ||
NOTE 14 - Commitments and Contingencies (Details) [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | 100,000 | |
Dispute with Entity Contracted to Provide Project Management Services [Member] | Minimum [Member] | ||
NOTE 14 - Commitments and Contingencies (Details) [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | 0 | |
Dispute with Entity Contracted to Provide Project Management Services [Member] | Maximum [Member] | ||
NOTE 14 - Commitments and Contingencies (Details) [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | $129,000 |
NOTE_14_Commitments_and_Contin3
NOTE 14 - Commitments and Contingencies (Details) - Schedule of Future Minimum Rental Payments for Operating Leases (USD $) | Dec. 31, 2013 |
Schedule of Future Minimum Rental Payments for Operating Leases [Abstract] | |
2014 | $652,670 |
2015 | 645,687 |
2016 | 650,652 |
2017 | 564,251 |
2018 | 73,097 |
Total minimum lease payments | $2,586,357 |
NOTE_15_Concentration_of_Credi1
NOTE 15 - Concentration of Credit Risk (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
NOTE 15 - Concentration of Credit Risk (Details) [Line Items] | ||
Cash, Uninsured Amount (in Dollars) | 3,828,685 | |
Major Customer 1 [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||
NOTE 15 - Concentration of Credit Risk (Details) [Line Items] | ||
Concentration Risk, Percentage | 23.00% | |
Major Customer 1 [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | ||
NOTE 15 - Concentration of Credit Risk (Details) [Line Items] | ||
Concentration Risk, Percentage | 23.00% | |
Major Customer 2 [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||
NOTE 15 - Concentration of Credit Risk (Details) [Line Items] | ||
Concentration Risk, Percentage | 29.00% | |
Major Customer 2 [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | ||
NOTE 15 - Concentration of Credit Risk (Details) [Line Items] | ||
Concentration Risk, Percentage | 7.00% | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||
NOTE 15 - Concentration of Credit Risk (Details) [Line Items] | ||
Concentration Risk, Customer | two customers | one customer |
Concentration Risk, Percentage | 62.00% |
NOTE_16_Subsequent_Events_Deta
NOTE 16 - Subsequent Events (Details) (Subsequent Event [Member], USD $) | 0 Months Ended | |||
Jan. 24, 2014 | Feb. 10, 2014 | Mar. 14, 2014 | Mar. 21, 2014 | |
Cashless Exercise of Options, January 24, 2014 [Member] | ||||
NOTE 16 - Subsequent Events (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 24,167 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Other Increases (Decreases) in Period | -45,000 | |||
Share Based Compensation, Options, Exercise Price | $0.50 | |||
Share Price | $1.08 | |||
Shares Issued for Performance Incentive Plan [Member] | ||||
NOTE 16 - Subsequent Events (Details) [Line Items] | ||||
Stock Issued During Period, Shares, Other | 204,689 | |||
Number Of Individuals To Whom Stock Issued | 4 | |||
Shares Issued, Price Per Share | $1.04 | |||
Conversion of Series AA Preferred Stock [Member] | ||||
NOTE 16 - Subsequent Events (Details) [Line Items] | ||||
Number Of Individuals To Whom Stock Issued | 2 | |||
Shares Issued, Price Per Share | $0.50 | |||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 2,605,513 | |||
Asset Purchase Agreement with MMT Technologies [Member] | ||||
NOTE 16 - Subsequent Events (Details) [Line Items] | ||||
Shares Issued, Price Per Share | $1.03 | |||
Stock Issued During Period, Shares, Acquisitions | 204,750 |
NOTE_16_Subsequent_Events_Deta1
NOTE 16 - Subsequent Events (Details) - Schedule of Stockholders Equity (USD $) | 12 Months Ended | 3 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Mar. 21, 2014 | |
NOTE 16 - Subsequent Events (Details) - Schedule of Stockholders Equity [Line Items] | |||
Common Shares for Acquisition | $1,118,173 | $2,357,750 | |
Common Shares for Performance Plan | 553,360 | ||
Common Shares for Conversion of Series AA Preferred Shares | 470,000 | ||
Warrants and Options Exercised | 100,000 | ||
Subsequent Event [Member] | Number of Shares Issued [Member] | |||
NOTE 16 - Subsequent Events (Details) - Schedule of Stockholders Equity [Line Items] | |||
Common Shares for Acquisition | 204,750 | ||
Common Shares for Performance Plan | 204,689 | ||
Common Shares for Conversion of Series AA Preferred Shares | 2,605,513 | ||
Warrants and Options Exercised | 24,167 | ||
Subsequent Event [Member] | Value of Common Shares [Member] | |||
NOTE 16 - Subsequent Events (Details) - Schedule of Stockholders Equity [Line Items] | |||
Common Shares for Acquisition | 210,893 | ||
Common Shares for Performance Plan | 212,877 | ||
Common Shares for Conversion of Series AA Preferred Shares | 1,302,757 | ||
Warrants and Options Exercised | 26,100 | ||
Number of Shares Issued [Member] | |||
NOTE 16 - Subsequent Events (Details) - Schedule of Stockholders Equity [Line Items] | |||
Common Shares for Acquisition | 835,810 | ||
Common Shares for Performance Plan | 793,679 | ||
Common Shares for Conversion of Series AA Preferred Shares | 940,000 | ||
Warrants and Options Exercised | 757,864 | ||
Value of Common Shares [Member] | |||
NOTE 16 - Subsequent Events (Details) - Schedule of Stockholders Equity [Line Items] | |||
Common Shares for Acquisition | 1,118,173 | ||
Common Shares for Performance Plan | 553,360 | ||
Common Shares for Conversion of Series AA Preferred Shares | $470,000 |