2014 Q1 Form 10-Q Financial Statement

#000114420414030424 Filed on May 14, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $1.062M $371.3K
YoY Change 186.05% 2098.13%
Cost Of Revenue $662.5K $253.5K
YoY Change 161.34% 370.86%
Gross Profit $399.6K $117.8K
YoY Change 239.19% -3360.07%
Gross Profit Margin 37.62% 31.73%
Selling, General & Admin $1.081M $613.2K
YoY Change 76.22% 127.55%
% of Gross Profit 270.38% 520.43%
Research & Development $236.8K $704.1K
YoY Change -66.37% 11.26%
% of Gross Profit 59.25% 597.65%
Depreciation & Amortization $20.00K $10.00K
YoY Change 100.0% 0.0%
% of Gross Profit 5.0% 8.49%
Operating Expenses $1.554M $1.540M
YoY Change 0.89% 44.79%
Operating Profit -$1.154M -$1.422M
YoY Change -18.85% 33.26%
Interest Expense -$137.1K -$206.7K
YoY Change -33.68% -42.48%
% of Operating Profit
Other Income/Expense, Net $179.1K -$206.7K
YoY Change -186.65% -42.48%
Pretax Income -$975.1K -$1.629M
YoY Change -40.14% 14.18%
Income Tax
% Of Pretax Income
Net Earnings -$975.1K -$1.629M
YoY Change -40.14% 14.18%
Net Earnings / Revenue -91.8% -438.68%
Basic Earnings Per Share
Diluted Earnings Per Share -$83.83K -$182.7K
COMMON SHARES
Basic Shares Outstanding 298.6M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.20M $1.400M
YoY Change 700.0% -22.22%
Cash & Equivalents $6.416M $1.365M
Short-Term Investments $4.700M
Other Short-Term Assets $200.0K $100.0K
YoY Change 100.0%
Inventory $146.5K $555.3K
Prepaid Expenses
Receivables $300.0K $100.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $11.83M $2.129M
YoY Change 455.46% -9.71%
LONG-TERM ASSETS
Property, Plant & Equipment $155.4K $139.8K
YoY Change 11.19% -5.71%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $409.7K $257.5K
YoY Change 59.07% -7.16%
Total Long-Term Assets $565.1K $397.3K
YoY Change 42.23% -6.66%
TOTAL ASSETS
Total Short-Term Assets $11.83M $2.129M
Total Long-Term Assets $565.1K $397.3K
Total Assets $12.39M $2.527M
YoY Change 390.48% -9.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $527.6K $704.7K
YoY Change -25.13% 8.83%
Accrued Expenses $400.0K $300.0K
YoY Change 33.33% -40.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.700M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $3.299M $993.4K
YoY Change 232.05% -55.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.299M $993.4K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $3.300M $993.4K
YoY Change 232.18% -55.82%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $299.0K $228.9K
YoY Change 30.61% 20.6%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$7.259M -$11.94M
YoY Change
Total Liabilities & Shareholders Equity $12.39M $2.527M
YoY Change 390.48% -9.25%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$975.1K -$1.629M
YoY Change -40.14% 14.18%
Depreciation, Depletion And Amortization $20.00K $10.00K
YoY Change 100.0% 0.0%
Cash From Operating Activities -$800.1K -$809.5K
YoY Change -1.16% -24.51%
INVESTING ACTIVITIES
Capital Expenditures $21.37K $2.186K
YoY Change 877.58%
Acquisitions
YoY Change
Other Investing Activities -$4.750M
YoY Change
Cash From Investing Activities -$4.771M -$2.186K
YoY Change 218148.44% -80.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $9.451M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $9.803M $450.0K
YoY Change 2078.49% -73.53%
NET CHANGE
Cash From Operating Activities -$800.1K -$809.5K
Cash From Investing Activities -$4.771M -$2.186K
Cash From Financing Activities $9.803M $450.0K
Net Change In Cash $4.232M -$361.6K
YoY Change -1270.26% -158.67%
FREE CASH FLOW
Cash From Operating Activities -$800.1K -$809.5K
Capital Expenditures $21.37K $2.186K
Free Cash Flow -$821.5K -$811.6K
YoY Change 1.21% -24.31%

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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"><strong>1.</strong></td> <td><strong>BASIS OF PRESENTATION</strong></td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of Form 10-Q of the Securities and Exchange Commission (the "Commission") and include the results of CytoSorbents Corporation (the "Parent"), CytoSorbents, Inc., its wholly-owned operating subsidiary (the "Subsidiary"), and CytoSorbents Europe GmbH, its wholly-owned European subsidiary (the "European Subsidiary"), collectively referred to as "the Company."</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Accordingly, certain information and footnote disclosures required in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. Interim statements are subject to possible adjustments in connection with the annual audit of the Company&#39;s accounts for the year ended December 31, 2014. In the opinion of the Company&#39;s management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) which the Company considers necessary for the fair presentation of the Company&#39;s consolidated financial position as of March 31, 2014 and the results of its operations and cash flows for the three month periods ended March 31, 2014 and 2013, and for the period January 22, 1997 (date of inception) to March 31, 2014. Results for the three months ended are not necessarily indicative of results that may be expected for the entire year. The unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements of the Company and the notes thereto as of and for the year ended December 31, 2013 as included in the Company&#39;s Form 10-K filed with the Commission on March 31, 2014.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has experienced negative cash flows from operations since inception and has a deficit accumulated during the development stage at March 31, 2014 of $107,895,374. The Company is not currently generating significant revenue and is dependent on the proceeds of present and future financings to fund its research, development and commercialization program. The Company currently has adequate funding for more than the next twelve months of operations, however, it may have to raise additional capital to fund future operations. Although the Company has historically been successful in raising additional capital through equity and debt financings, there can be no assurance that the Company will be successful in raising additional capital in the future or that it will be on favorable terms. Furthermore, if the Company is successful in raising the additional financing, there can be no assurance that the amount will be sufficient to complete the Company&#39;s plans. These matters raise substantial doubt about the Company&#39;s ability to continue as a going concern. These consolidated financial statements do not include any adjustments related to the outcome of this uncertainty.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company is a development stage company and has not yet generated significant revenues. Since inception, the Company&#39;s expenses relate primarily to research and development, organizational activities, clinical manufacturing, regulatory compliance and operational strategic planning. Although the Company has made advances on these matters, there can be no assurance that the Company will continue to be successful regarding these issues, nor can there be any assurance that the Company will successfully implement its long-term strategic plans.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <!--EndFragment--></div> </div>
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CY2014Q1 us-gaap Concentration Risk Credit Risk
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>Concentration of Credit Risk</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company maintains cash balances, at times, with financial institutions in excess of amounts insured by the Federal Deposit Insurance Corporation. Management monitors the soundness of these institutions in an effort to minimize its collection risk of these balances.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> As of March 31, 2014, one U.S. Government agency accounted for approximately 18.2% of outstanding grant and accounts receivable. At December 31, 2013, one U.S. Government agency accounted for approximately 66 percent of outstanding accounts receivable. For the three months ended March 31, 2014, approximately 46.2% of revenues were from two U.S. government agencies, and no other agency, distributor, or direct customer represented more than 10% of the Company&#39;s revenue. For the three months ended March 31, 2013, approximately 52.6% of revenue was from one U.S. government grant agency.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <!--EndFragment--></div> </div>
CY2014Q1 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
USD
CY2013Q1 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
USD
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
559 USD
CY2014Q1 us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
USD
CY2013Q1 us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
USD
us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
399395 USD
CY2014Q1 us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
40800000 shares
CY2014Q1 us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
20400000 shares
CY2013Q4 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
1511883 USD
CY2014Q1 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
1727000 USD
CY2014Q1 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
1727137 USD
CY2013Q4 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
1644356 USD
CY2014Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
662537 USD
CY2013Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
253511 USD
CY2013Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
USD
us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
74938 USD
CY2014Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
409687 USD
CY2013Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
414375 USD
CY2013Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
USD
us-gaap Cost Of Goods Sold
CostOfGoodsSold
3407973 USD
CY2014Q1 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
USD
CY2013Q1 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
1226042 USD
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
13175491 USD
CY2014Q1 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
10200000 USD
CY2013Q2 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
8784000 shares
CY2013Q3 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
7450000 shares
CY2013 us-gaap Debt Instrument Convertible Beneficial Conversion Feature
DebtInstrumentConvertibleBeneficialConversionFeature
160105 USD
CY2013Q2 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.125
CY2013Q3 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.125
CY2013Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
1098000 USD
CY2013Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
745000 USD
CY2013Q2 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.08 pure
CY2013Q3 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.08 pure
CY2014Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
116000 USD
CY2014Q1 us-gaap Deferred Revenue Current
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117364 USD
CY2013Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
272359 USD
CY2014Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
19591 USD
CY2013Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
14145 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
2587962 USD
CY2014Q1 us-gaap Development Stage Enterprise Deficit Accumulated During Development Stage
DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage
107895374 USD
CY2013Q4 us-gaap Development Stage Enterprise Deficit Accumulated During Development Stage
DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage
105805775 USD
CY2014Q1 us-gaap Dividends Preferred Stock
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USD
CY2014Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.01
CY2013Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.01
CY2014Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
186000 USD
CY2014Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-316200 USD
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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-975083 USD
CY2013Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-1628942 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-94860656 USD
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
USD
CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1397353 USD
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-316200 USD
CY2014Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
USD
CY2013Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
21663 USD
CY2014Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
USD
CY2013Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
216617 USD
CY2014Q1 us-gaap Gross Profit
GrossProfit
399635 USD
CY2013Q1 us-gaap Gross Profit
GrossProfit
117819 USD
us-gaap Gross Profit
GrossProfit
2456325 USD
CY2014Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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-240736 USD
CY2013Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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-36035 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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2983816 USD
CY2014Q1 us-gaap Increase Decrease In Accounts Receivable
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-125696 USD
CY2013Q1 us-gaap Increase Decrease In Accounts Receivable
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62825 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
327321 USD
CY2014Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-154995 USD
CY2014Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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-412281 USD
CY2013Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-381851 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
464579 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
117364 USD
CY2014Q1 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
USD
CY2013Q1 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
USD
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
1823103 USD
CY2014Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-99085 USD
CY2013Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-127112 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
146523 USD
CY2014Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
USD
CY2013Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
9442 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
53895 USD
CY2014Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
83000 USD
CY2013Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
179000 USD
CY2014Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-137089 USD
CY2013Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-206712 USD
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-7861482 USD
CY2014Q1 us-gaap Interest Paid
InterestPaid
USD
CY2013Q1 us-gaap Interest Paid
InterestPaid
USD
us-gaap Interest Paid
InterestPaid
590189 USD
CY2014Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
16863 USD
CY2013Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
107098 USD
CY2014Q1 us-gaap Inventory Net
InventoryNet
146523 USD
CY2013Q4 us-gaap Inventory Net
InventoryNet
245608 USD
CY2014Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
30205 USD
CY2013Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
37982 USD
CY2014Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
99455 USD
CY2013Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
100528 USD
CY2014Q1 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
90100 USD
CY2013Q1 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
USD
us-gaap Issuance Of Stock And Warrants For Services Or Claims
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185568 USD
CY2014Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
12393022 USD
CY2013Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
4045735 USD
CY2014Q1 us-gaap Liabilities Current
LiabilitiesCurrent
3298702 USD
CY2013Q4 us-gaap Liabilities Current
LiabilitiesCurrent
3064932 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
9803215 USD
CY2013Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
450000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
86460765 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4770911 USD
CY2013Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2186 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-9506268 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-800108 USD
CY2013Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-809461 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-70483284 USD
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-975083 USD
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
-1628942 USD
us-gaap Net Income Loss
NetIncomeLoss
-93463303 USD
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2089599 USD
CY2013Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2215359 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-107895374 USD
CY2014Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
179111 USD
CY2013Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-206712 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-7668497 USD
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
1553829 USD
CY2013Q1 us-gaap Operating Expenses
OperatingExpenses
1540049 USD
us-gaap Operating Expenses
OperatingExpenses
89648484 USD
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1154194 USD
CY2013Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1422230 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-87192159 USD
CY2014Q1 us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
USD
CY2013Q1 us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
833 USD
CY2013Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2402 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-55154 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
833 USD
CY2014Q1 us-gaap Other Noncash Expense
OtherNoncashExpense
USD
CY2013Q1 us-gaap Other Noncash Expense
OtherNoncashExpense
USD
us-gaap Other Noncash Expense
OtherNoncashExpense
361496 USD
CY2014Q1 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
USD
CY2013Q1 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
USD
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
361495 USD
CY2014Q1 us-gaap Other Operating Income
OtherOperatingIncome
USD
CY2013Q1 us-gaap Other Operating Income
OtherOperatingIncome
USD
us-gaap Other Operating Income
OtherOperatingIncome
6055483 USD
CY2014Q1 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
1667 USD
CY2013Q1 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
USD
us-gaap Other Sales Revenue Net
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1667 USD
CY2014Q1 us-gaap Paid In Kind Interest
PaidInKindInterest
USD
CY2013Q1 us-gaap Paid In Kind Interest
PaidInKindInterest
USD
us-gaap Paid In Kind Interest
PaidInKindInterest
3147 USD
CY2014Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
4541 USD
CY2013Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
680727 USD
CY2014Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
4745000 USD
CY2013Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
5138607 USD
CY2014Q1 us-gaap Payments To Acquire Loans Receivable
PaymentsToAcquireLoansReceivable
USD
CY2013Q1 us-gaap Payments To Acquire Loans Receivable
PaymentsToAcquireLoansReceivable
USD
us-gaap Payments To Acquire Loans Receivable
PaymentsToAcquireLoansReceivable
1632168 USD
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
21370 USD
CY2013Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2186 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2480864 USD
CY2014Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
1114516 USD
CY2013Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
586417 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
14432071 USD
CY2014Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2013Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2014Q1 us-gaap Preferred Stock Value
PreferredStockValue
1804 USD
CY2013Q4 us-gaap Preferred Stock Value
PreferredStockValue
1760 USD
CY2014Q1 us-gaap Prepaid Expense And Other Assets Current
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193031 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
605312 USD
CY2014Q1 us-gaap Proceeds From Contributed Capital
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9751455 USD
CY2013Q1 us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
450000 USD
us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
62423223 USD
us-gaap Professional Fees
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9804087 USD
CY2014Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
9451000 USD
CY2014Q1 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
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CY2013Q1 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
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us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
9579040 USD
CY2014Q1 us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
USD
CY2013Q1 us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
USD
us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
13731881 USD
CY2013 us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
1843000 USD
CY2014Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
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CY2013Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
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us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
499395 USD
CY2014Q1 us-gaap Proceeds From Sale Maturity And Collections Of Investments
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CY2013Q1 us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
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us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
393607 USD
CY2014Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
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CY2013Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
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us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
32491 USD
CY2014Q1 us-gaap Proceeds From Stock Options Exercised
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51760 USD
CY2013Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
87700 USD
CY2014Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
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CY2013Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
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us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
139526 USD
CY2014Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
546720 USD
CY2013Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
USD
CY2014Q1 us-gaap Professional Fees
ProfessionalFees
310308 USD
CY2013Q1 us-gaap Professional Fees
ProfessionalFees
222746 USD
CY2014Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
155401 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
144393 USD
CY2014Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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CY2013Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
255882 USD
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
236774 USD
CY2013Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
704141 USD
CY2013Q1 us-gaap Sales Revenue Goods Net
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176098 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1578682 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
55905171 USD
CY2014Q1 us-gaap Revenue From Grants
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491262 USD
CY2013Q1 us-gaap Revenue From Grants
RevenueFromGrants
195232 USD
us-gaap Revenue From Grants
RevenueFromGrants
4283949 USD
CY2014Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
569243 USD
CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
1062172 USD
CY2013Q1 us-gaap Sales Revenue Net
SalesRevenueNet
371330 USD
us-gaap Sales Revenue Net
SalesRevenueNet
5864298 USD
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1006747 USD
CY2013Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
613162 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
29994709 USD
CY2014Q1 us-gaap Service Management Costs
ServiceManagementCosts
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CY2013Q1 us-gaap Service Management Costs
ServiceManagementCosts
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CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0173 pure
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0162 pure
us-gaap Service Management Costs
ServiceManagementCosts
1334285 USD
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
0.3125
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
0.3125
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
0.3125
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y11M12D
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.283 pure
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.283 pure
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1441300 shares
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y1M2D
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
14675000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
55762092 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
47923642 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.21
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.20
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.04
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0.12
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.19
CY2014Q1 us-gaap Share Price
SharePrice
0.2020
CY2014Q1 us-gaap Share Price
SharePrice
0.2400
CY2014Q1 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
24000 USD
CY2013Q1 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
10000 USD
CY2014Q1 us-gaap Short Term Investments
ShortTermInvestments
4745000 USD
CY2013Q4 us-gaap Short Term Investments
ShortTermInvestments
USD
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
-7258811 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
-14265547 USD
CY2014Q1 us-gaap Stock Issued1
StockIssued1
7137 USD
CY2013Q1 us-gaap Stock Issued1
StockIssued1
10413 USD
us-gaap Stock Issued1
StockIssued1
640270 USD
CY2014Q1 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
750000 shares
CY2014Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1441300 shares
CY2014Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
90100 USD
CY2014Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
300000 USD
CY2014Q1 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
-748545 USD
CY2014Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
51760 USD
CY2014Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
57372 USD
CY2013Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
225900 USD
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
3082497 USD
CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>Use of Estimates</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities. Actual results could differ from these estimates. Significant estimates in these financials are the valuation of options granted, the valuation of preferred shares issued as stock dividends, valuation methods used to determine the fair value of the warrant liability, and valuation methods used in determining any debt discount associated with convertible securities.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <!--EndFragment--></div> </div>
CY2013Q4 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
WarrantsNotSettleableInCashFairValueDisclosure
171012 USD
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
265479874 shares
CY2013Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
222968576 shares

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